nio.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-06379

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

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

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: October 31

Date of reporting period: October 31, 2010

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.
 
 

 
 

 

 
NUVEEN INVESTMENTS ANNOUNCES STRATEGIC COMBINATION WITH FAF ADVISORS
 
On July 29, 2010, Nuveen Investments announced that U.S. Bancorp will receive a 9.5% stake in Nuveen Investments and cash consideration in exchange for the long-term asset business of U.S. Bancorp’s FAF Advisors. Nuveen Investments is the parent of Nuveen Asset Management (NAM), the investment adviser for the Funds included in this report.
 
FAF Advisors, which currently manages about $25 billion of long-term assets and serves as the advisor of the First American Funds, will be combined with NAM, which currently manages about $75 billion in municipal fixed income assets. Upon completion of the transaction, Nuveen Investments, which currently manages about $160 billion of assets across several high-quality affiliates, will manage a combined total of about $185 billion in institutional and retail assets.
 
This combination will not affect the investment objectives, strategies or policies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at Hyde Park, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital.
 
The transaction is expected to close late in 2010, subject to customary conditions.

 
 

 

 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholder,
 
Recent months have revealed the fragility and disparity of the global economic recovery. In the U.S., the rate of economic growth has slowed as various stimulus programs wind down, exposing weakness in the underlying economy. In contrast, many emerging market countries are experiencing a return to comparatively high rates of growth. Confidence in global financial markets has been undermined by concerns about high sovereign debt levels in Europe and the U.S. Until these countries can begin credible programs to reduce their budgetary deficits, market unease and hesitation will remain. On a more encouraging note, while the global recovery is expanding existing trade imbalances, policy makers in the leading economies are making a sustained effort to create a global framework through which various countries can take complimentary actions that should reduce those imbalances over time.
 
The U.S. economy is subject to unusually high levels of uncertainty as it struggles to recover from a devastating financial crisis. Unemployment remains stubbornly high, due to what appears to be both cyclical and structural forces. Federal Reserve policy makers are implementing another round of quantitative easing, a novel approach to provide support to the economy. However, the high levels of debt owed both by U.S. consumers and the U.S. government limit the Fed’s ability to engineer a stronger economic recovery.
 
The U.S. financial markets reflect the crosscurrents now impacting the U.S. economy. Today’s historically low interest rates reflect the Fed’s intervention in the financial markets and the demand for U.S. government debt by U.S. and overseas investors looking for a safe haven for investment. The continued corporate earnings recovery and recent electoral results are giving a boost to equity markets. Encouragingly, financial institutions are rebuilding their balance sheets and the financial reform legislation enacted last summer has the potential to address many of the most significant contributors to the financial crisis, although the details still have to be worked out.
 
In this difficult environment your Nuveen investment team continues to seek sustainable investment opportunities and, at the same time, remains alert for potential risks that may result from a recovery still facing many headwinds. As your representative, the Nuveen Fund Board monitors the activities of each investment team to assure that all maintain their investment disciplines. 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 22, 2010
 
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Portfolio Manager’s 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 manager Paul Brennan discusses U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these six national insured Funds. With 20 years of investment experience, including 12 years at Nuveen, Paul assumed portfolio management responsibility for NQI, NIO, NIF, NPX, NVG and NEA in 2006.
 
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2010?
 
During this reporting period, the U.S. economy remained under considerable stress, and both the Federal Reserve (Fed) and the federal government continued their efforts to improve the overall economic environment. For its part, the Fed held the benchmark fed funds rate in a target range of zero to 0.25% since cutting it to this record low level in December 2008. At its November 2010 meeting (shortly after the end of this reporting period), the central bank renewed its commitment to keeping the fed funds rate at “exceptionally low levels” for an “extended period.” The Fed also announced a second round of quantitative easing, in which it plans to purchase $600 billion in U.S. Treasury bonds by June 30, 2011. The goal of this plan is to lower long-term interest rates and thereby stimulate economic activity and create jobs. The federal government continued to focus on implementing the economic stimulus package passed in early 2009 and aimed at providing job creation, tax relief, fiscal assistance to state and local governments and expansion of unemployment benefits and other federal social welfare programs.
 
These and other measures produced some signs of economic improvement. In the third quarter of 2010, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.5%, marking the first time the economy had strung together five consecutive quarters of growth since 2007-2008. Inflation remained relatively tame, as the Consumer Price Index (CPI) rose just 1.2% year-over-year as of October 2010. The core CPI (which excludes food and energy) rose 0.6% over this period, the smallest twelve-month increase in the 53-year history of this index. Housing prices also continued to recover from their April 2009 lows, although growth rates moderated from previous periods. For the twelve months ended September 2010 (the most recent data available at the time this report was produced), the average home price in the Standard &
 
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 manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s, Moody’s or Fitch. AAA, AA, A, and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
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Poor’s/Case-Shiller Index rose 0.6%. Unemployment remained persistently high, with the jobless rate hovering at or above 9.5% over the past 15 months. As of October 31, 2010, national unemployment stood at 9.6% for the third consecutive month, down from its 26-year high of 10.1% in October 2009.
 
Municipal bond prices generally rose during this period, as the combination of strong demand and tight supply of new tax-exempt issuance created favorable market conditions. One reason for the decrease in new tax-exempt supply was the heavy issuance of taxable municipal debt under the Build America Bond program. Build America Bonds, which were created as part of the February 2009 economic stimulus package, currently offer municipal issuers a federal subsidy equal to 35% of a bond’s interest payments, providing issuers with an alternative to traditional tax-exempt debt that often proves to be lower in cost. For the twelve months ended October 31, 2010, taxable Build America Bonds issuance totaled $100.3 billion, accounting for 24% of new bonds issued in the municipal market.
 
Over the twelve months ended October 31, 2010, municipal bond issuance nationwide—both tax-exempt and taxable—totaled $418.0 billion, an increase of 9% compared with the twelve-month period ended October 31, 2009. However, if taxable Build America Bond issuance were removed from the equation, the supply of tax-exempt bonds alone actually fell 15%. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as appropriate investment opportunities for the tax-exempt Nuveen municipal closed-end funds.
 
What key strategies were used to manage these Funds?
 
As previously mentioned, the supply of tax-exempt municipal bonds declined nationally during this period, due largely to the continued issuance of taxable municipal bonds under the Build America Bond program. In this environment of constrained issuance of tax-exempt municipal bonds, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, we found value in several areas of the market, including health care, tax-supported sectors and other essential services such as roads and airports. In general, the bonds we purchased had maturities of at least 20 years.
 
Overall, our focus remained on quality investments, although the continuing decline in insured issuance made finding appropriate insured bonds more of a challenge. During the first ten months of 2010, new insured paper accounted for less than 7% of national issuance, compared with 10% during the first ten months of 2009 and relatively recent historical levels of approximately 50%. The investment policy changes that were implemented in the Nuveen insured funds during the first half of 2010 mean that all of these Funds now can invest up to 20% of their net assets in uninsured investment-grade credits. (At least 80% of the Funds’ net assets must be invested in municipal securities that, at the time of purchase, are covered by insurance guaranteeing the timely payment of principal and interest thereon.) Along with providing greater portfolio management flexibility, these changes enable us to better diversify the Funds and keep them fully invested during times when the supply of insured bonds is limited. During this period, we added both insured and high-quality uninsured (AAA and AA rated) credits to the Funds’ portfolios.
 
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Some of this investment activity resulted from opportunities created by the provisions of the Build America Bond program. For example, tax-exempt supply was more plentiful in the health care sector because, as 501(c)(3) (nonprofit) organizations, hospitals generally do not qualify for the Build America Bond program and must continue to issue bonds in the tax-exempt municipal market. Bonds with proceeds earmarked for refundings, working capital and private activities also are not covered by the Build America Bond program, and this resulted in attractive opportunities in various other sectors of the market.
 
The impact of the Build America Bond program also was evident in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of at least 30 years. Even though this significantly reduced the availability of tax-exempt credits with longer maturities and made locating appropriate longer bonds more challenging, we continued to find good opportunities to purchase attractive longer-term bonds for these Funds.
 
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds fully invested. On the whole, active selling was minimal, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of October 31, 2010, all six of these Funds continued to use inverse floating rate securities.1 We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
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 10/31/10
 
Fund
 
1-Year
 
5-Year
 
10-Year
NQI
 
11.30%
 
4.23%
 
5.97%
NIO
 
11.08%
 
4.83%
 
6.17%
NIF
 
10.74%
 
4.95%
 
6.14%
NPX
 
10.39%
 
4.58%
 
6.00%
NVG
 
8.89%
 
5.36%
 
N/A
NEA
 
9.76%
 
5.88%
 
N/A
             
Standard & Poor’s (S&P) National Insured Municipal Bond Index2
 
8.05%
 
4.96%
 
5.70%
             
Lipper Insured Municipal Debt Funds Average3
 
11.49%
 
4.93%
 
6.20%
 
For the twelve months ended October 31, 2010, the total returns on common share net asset value (NAV) for all six of these Nuveen Funds exceeded the return for the Standard & Poor’s (S&P) National Insured Municipal Bond Index. For this same period, all of the Funds lagged the average return for the Lipper Insured Municipal Debt Funds Average.
 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
 
For additional information, see the individual Performance Overview for your Fund in this report.
1
An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term interest at a rate that varies inversely with a short-term interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report.
2
The Standard & Poor’s (S&P) National Insured Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, insured U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
3
The Lipper Insured Municipal Debt Funds Average is calculated using the returns of all insured closed-end funds in this category for each period as follows: 1-year, 23 funds; 5-year, 21 funds; and 10-year, 16 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.
 
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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 use of structural leverage was an important positive factor affecting the Funds’ performances over this period. The impact of structural leverage is discussed in more detail on page six.
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities, with credits at the longest end of the municipal yield curve posting the strongest returns. The outperformance of longer term bonds was due in part to the decline in interest rates, particularly in the intermediate and longer segments of the curve. The scarcity of tax-exempt bonds with longer maturities also drove up the prices of these bonds. Overall, the impact of duration and yield curve positioning ranged from positive to neutral in these Funds, with Funds having the longest durations benefiting the most from the interest rate environment of the past twelve months. During this period, NQI cycled through a number of bond calls, and we reinvested call proceeds in bonds with longer maturities, extending NQI’s duration and providing this Fund with more exposure to the outperforming longer end of the curve. In contrast, NVG and NEA had the shortest durations among these six Funds, which detracted from their performance compared with the other four Funds.
 
Credit exposure also played a role in performance. The demand for municipal bonds increased during this period driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for higher yields and additional risk. At the same time, the supply of new tax-exempt municipal paper declined, due largely to Build America Bond issuance. As investors bid up municipal bond prices, bonds rated BBB or below and non-rated bonds generally outperformed those rated AAA. As of October 31, 2010, all of these Funds had some exposure to bonds rated BBB and non-rated bonds, which generally added to their performance.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included health care bonds. Revenue bonds as a whole performed well, with transportation, housing, and special tax credits among the other sectors that outperformed the general municipal market. Zero coupon bonds also were among the strongest performers.
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities continued to trail the general municipal market during this period. While these securities continued to provide attractive tax-free income, the underperformance of these bonds can be attributed primarily to the muted investment performance associated with their shorter effective maturities and higher credit quality. Although allocations of pre-refunded bonds fell in all of these Funds (with the exception of NEA) over the past twelve months due to calls, the Funds continued to hold a substantial amount of these bonds. While these holdings detracted from the Funds’ performance, they continued to provide attractive income. As of October 31, 2010, NVG and NEA had the heaviest weightings of pre-refunded bonds, while NQI held the fewest pre-refunded bonds. Among the revenue sectors, resource recovery trailed the overall municipal market by the widest margin, and water and sewer bonds also turned in relatively weak performance. In general, General
 
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Obligation (GO) and other tax-supported bonds struggled to keep pace with the municipal market return during the past twelve months.
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of most of these Funds relative to the comparative indexes was the Funds’ use of financial leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total 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’ LEVERAGED CAPITAL STRUCTURE
 
Shortly after their inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create financial 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 non-existent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short-term rates at multi-generational lows, those maximum rates also have been low.
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance 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, a floating rate form of preferred stock. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of five years.
 
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While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed.
 
During 2010, and as of the time this report was prepared, 36 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, 26 of the funds that received demand letters (including NQI, NIF, NVG and NEA) were named as nominal defendants in a putative shareholder derivative action complaint captioned Safier and Smith 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 July 27, 2010. Three additional funds were named as nominal defendants in a similar complaint captioned Curbow v. Nuveen Asset Management, et al. filed in the Cook County Chancery Court on August 12, 2010, and three additional funds were named as nominal defendants in a similar complaint captioned Beidler v. Nuveen Asset Management, et al. filed in the Cook County Chancery Court on September 21, 2010 (collectively, the “Complaints”). The Complaints, filed on behalf of purported holders of each fund’s common shares, also name Nuveen Asset Management 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 Complaints contain the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. Nuveen Asset Management believes that the Complaints are without merit, and intends to defend vigorously against these charges.
 
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As of October 31, 2010, the amounts of ARPS redeemed by the Funds are as shown in the accompanying table.
 
Fund
 
Auction Rate
Preferred Shares
Redeemed
 
% of Original
Auction Rate
Preferred Share
NQI
 
$
78,800,000
   
24.8
%
NIO
 
$
126,175,000
   
16.0
%
NIF
 
$
30,875,000
   
19.2
%
NPX
 
$
268,900,000
   
100.0
%
NVG
 
$
141,050,000
   
60.5
%
NEA
 
$
105,625,000
   
61.1
%
MTP
             
 
During the current reporting period, NEA completed the issuance of $83.0 million of 2.85% Series 2015 MTP. The net proceeds from this offering was used to refinance a portion of the Fund’s outstanding ARPS at par. The newly-issued MTP shares trade on the New York Stock Exchange (NYSE) under the symbols “NEA Pr C.” MTP is a fixed-rate form of preferred stock with a mandatory redemption period, in this case, of five years. By issuing MTP, the Fund seeks to take advantage of the current historically low interest rate environment to lock in an attractive federally tax-exempt cost of leverage for a period as long as the term of the MTP. The Fund’s managers believe that issuing MTP may help the Fund mitigate the risk of a significant increase in its cost of leverage should short term interest rates rise sharply in the coming years.
 
As noted in past shareholder reports, and as of October 31, 2010, NVG had $108.0 million MTP issued and outstanding.
 
VRDP
 
As noted in past shareholder reports, and as of October 31, 2010, NPX had $219.0 million VRDP issued and outstanding.
 
Subsequent to the reporting period, NIF issued $130.9 million of VRDP to redeem at par the Fund’s outstanding ARPS. As noted previously, VRDP is a newly-developed instrument that essentially replaces all or a portion of the ARPS used as leverage and potentially could be used to refinance all or a portion of the ARPS of other Funds. VRDP shares include a liquidity feature that allows holders of VRDP to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. VRDP dividends will be set weekly at a rate established by the remarketing agent. VRDPs offer interest rates that are reset frequently on a regular schedule and generally reflect current short-term municipal market interest rates. VRDP is offered only to qualified institutional buyers, defined pursuant to Rule 144A under the Securities Act of 1933. Immediately following its VRDP issuance, NIF noticed for redemption at par its remaining $130.125 million APRS using the VRDP proceeds.
 
Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP and VRDP Shares.
 
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As of October 31, 2010, 83 out of the 84 Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen’s municipal closed-end funds’ ARPS redemptions to approximately $5.7 billion of the approximately $11.0 billion outstanding.
 
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
RECENT CHANGES TO INVESTMENT POLICIES OF NUVEEN INSURED FUNDS
 
As a result of the “credit crunch” that began in 2007 and that led to the financial crisis that peaked in late 2008, the financial strength ratings assigned to most municipal bond insurers have been downgraded by the primary ratings agencies. These ratings downgrades generally have reduced, and any additional ratings downgrades may further reduce, the effective rating of many of the bonds insured by those bond insurers, including bonds held by the Funds. This in turn has sharply reduced, and in some cases may have eliminated, the value provided by such insurance. Nonetheless, the Funds’ holdings continue to be well diversified and on the whole, the underlying credit quality of its holdings are of medium to high quality. It is also important to note that municipal bonds historically have had a very low rate of default.
 
On May 3, 2010, the Nuveen funds’ Board of Directors/Trustees approved changes to the investment policies of all of the Nuveen insured municipal bond closed-end funds. The Board took this action in response to the continuing challenges faced by municipal bond insurers. The changes to each Fund’s investment policies are intended to increase the Fund’s investment flexibility in pursuing its investment objective, while retaining the insured nature of its portfolio.
 
The changes, effective immediately, provide that under normal circumstances, the Funds invest at least 80% of their 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 rated investment grade at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by Nuveen Asset Management, or are backed by an escrow or trust account containing sufficient U.S. government or U.S. government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure timely payment of principal and interest thereon. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%.
 
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Common Share Dividend and
 
Share Price Information
 
During the twelve-month reporting period ended October 31, 2010, NIO had three increases in its monthly dividend, NIF had two monthly dividend increases, and NQI, NPX and NEA each had one monthly dividend increase. The monthly dividend of NVG remained stable throughout the reporting period.
 
Due to normal portfolio activity, common shareholders of NVG received a long-term capital gains distribution of $0.0409 per share at the end of December 2009.
 
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, 2010, 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, 2010, and since the inception of the Funds’ repurchase program, NIO, NVG and NEA have cumulatively repurchased and retired their common shares as shown in the accompanying table. Since the inception of the Funds’ repurchase program, NQI, NIF, and NPX have not repurchased any of their outstanding common shares.
 
   
Common Shares
   
 
Fund
 
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, NIO repurchased and retired common shares at a weighted average price and a weighted average discount per common share as shown in the accompanying table. NVG and NEA did not repurchase and retire any of their outstanding common shares during the twelve-month reporting period.
 
         
Weighted Average
   
Weighted Average
   
Common Shares
   
Price Per Share
   
Discount Per Share
Fund
 
Repurchased and Retired
   
Repurchased and Retired
   
Repurchased
and Retired
NIO
    2,900     $ 12.93       8.57 %
 
10 Nuveen Investments

 
 

 

 
As of October 31, 2010, the Funds’ common share prices were trading at (+) premiums and (-) discounts to their common share NAVs as shown in the accompanying table.
 
   
10/31/10
 
12-Month Average
Fund
 
(+) Premium/(-)Discount
 
(+) Premium/(-)Discount
NQI
 
+0.98%
 
+0.93%
NIO
 
-0.60%
 
-3.83%
NIF
 
+3.26%
 
-0.58%
NPX
 
-0.96%
 
-3.86%
NVG
 
-2.63%
 
-3.59%
NEA
 
-0.20%
 
-1.05%
 
Nuveen Investments 11

 
 

 

NQI
 
Nuveen Insured
Performance
 
Quality Municipal
OVERVIEW
 
Fund, Inc.
   
as of October 31, 2010
 

 
Fund Snapshot
       
Common Share Price
 
$
14.40
 
Common Share Net Asset Value (NAV)
 
$
14.26
 
Premium/(Discount) to NAV
   
0.98
%
Market Yield
   
5.92
%
Taxable-Equivalent Yield2
   
8.22
%
Net Assets Applicable to Common Shares ($000)
 
$
547,598
 
Average Effective Maturity on Securities (Years)
   
16.66
 
Leverage-Adjusted Duration
   
8.20
 

Average Annual Total Return
(Inception 12/19/90)
             
   
On Share Price
 
On NAV
 
1-Year
   
15.03
%
 
11.30
%
5-Year
   
4.65
%
 
4.23
%
10-Year
   
6.82
%
 
5.97
%

States5
(as a % of total investments)
       
California
   
17.9
%
Texas
   
11.6
%
Washington
   
8.3
%
Illinois
   
8.1
%
New York
   
6.4
%
Florida
   
6.4
%
Pennsylvania
   
4.0
%
Kentucky
   
3.9
%
Arizona
   
3.6
%
Massachusetts
   
2.8
%
New Jersey
   
2.5
%
Louisiana
   
2.4
%
Ohio
   
2.4
%
Other
   
19.7
%

Portfolio Composition5
(as a % of total investments)
       
Tax Obligation/Limited
   
23.7
%
Transportation
   
19.7
%
U.S. Guaranteed
   
14.0
%
Tax Obligation/General
   
13.9
%
Health Care
   
8.2
%
Water and Sewer
   
6.8
%
Utilities
   
5.9
%
Other
   
7.8
%

Insurers5
(as a % of total Insured investments)
       
NPFG3
   
30.7
%
AGM
   
27.6
%
AMBAC
   
20.0
%
FGIC
   
17.2
%
Other
   
4.5
%
 
 
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, 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 of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
 
12 Nuveen Investments

 
 

 
 

NIO
 
Nuveen Insured
Performance
 
Municipal Opportunity
OVERVIEW
 
Fund, Inc.
   
as of October 31, 2010
 
 
Fund Snapshot
       
Common Share Price
 
$
14.83
 
Common Share Net Asset Value (NAV)
 
$
14.92
 
Premium/(Discount) to NAV
   
-0.60
%
Market Yield
   
5.83
%
Taxable-Equivalent Yield2
   
8.10
%
Net Assets Applicable to Common Shares ($000)
 
$
1,426,419
 
Average Effective Maturity on Securities (Years)
   
15.84
 
Leverage-Adjusted Duration
   
8.27
 

Average Annual Total Return
(Inception 9/19/91)
             
   
On Share Price
 
On NAV
 
1-Year
   
21.20
%
 
11.08
%
5-Year
   
6.39
%
 
4.83
%
10-Year
   
7.62
%
 
6.17
%

States5
(as a % of total investments)
       
California
   
16.3
%
Florida
   
16.1
%
Texas
   
5.8
%
New York
   
4.5
%
Nevada
   
4.2
%
Illinois
   
3.8
%
South Carolina
   
3.5
%
Massachusetts
   
3.4
%
Pennsylvania
   
3.2
%
Alabama
   
3.2
%
Louisiana
   
2.9
%
Washington
   
2.8
%
Indiana
   
2.8
%
New Jersey
   
2.6
%
Ohio
   
2.5
%
Colorado
   
2.2
%
Kentucky
   
1.9
%
Other
   
18.3
%

Portfolio Composition5
(as a % of total investments)
       
Tax Obligation/Limited
   
25.8
%
U.S. Guaranteed
   
18.0
%
Transportation
   
15.0
%
Tax Obligation/General
   
11.4
%
Water and Sewer
   
11.2
%
Utilities
   
8.1
%
Other
   
10.5
%

Insurers5
(as a % of total Insured investments)
       
NPFG3
   
29.1
%
FGIC
   
23.3
%
AGM
   
20.5
%
AMBAC
   
17.9
%
Other
   
9.2
%
 
 
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, 94% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
MBIA’s public finance subsidiary.
4
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
 
Nuveen Investments 13

 
 

 
 
NIF
 
Nuveen Premier
Performance
 
Insured Municipal
OVERVIEW
 
Income Fund, Inc.
   
as of October 31, 2010
 

 
Fund Snapshot
       
Common Share Price
 
$
15.50
 
Common Share Net Asset Value (NAV)
 
$
15.01
 
Premium/(Discount) to NAV
   
3.26
%
Market Yield
   
5.73
%
Taxable-Equivalent Yield2
   
7.96
%
Net Assets Applicable to Common Shares ($000)
 
$
292,018
 
Average Effective Maturity on Securities (Years)
   
14.18
 
Leverage-Adjusted Duration
   
8.47
 

Average Annual Total Return
(Inception 12/19/91)
             
   
On Share Price
 
On NAV
 
1-Year
   
25.60
%
 
10.74
%
5-Year
   
7.29
%
 
4.95
%
10-Year
   
7.59
%
 
6.14
%

States5
(as a % of total investments)
       
California
   
17.2
%
Washington
   
11.4
%
Illinois
   
8.9
%
Texas
   
8.5
%
Colorado
   
5.1
%
Pennsylvania
   
4.6
%
New York
   
4.5
%
Nevada
   
3.9
%
Florida
   
3.4
%
Massachusetts
   
3.0
%
Indiana
   
2.8
%
Oregon
   
2.8
%
Arizona
   
2.6
%
North Carolina
   
2.0
%
Other
   
19.3
%

Portfolio Composition5
(as a % of total investments)
       
U.S. Guaranteed
   
23.6
%
Transportation
   
18.6
%
Tax Obligation/Limited
   
17.3
%
Tax Obligation/General
   
14.5
%
Water and Sewer
   
8.4
%
Utilities
   
6.4
%
Health Care
   
5.1
%
Other
   
6.1
%

Insurers5
(as a % of total Insured investments)
       
NPFG3
   
33.7
%
AGM
   
25.2
%
FGIC
   
23.8
%
AMBAC
   
13.9
%
Other
   
3.4
%
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 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 of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
 
14 Nuveen Investments

 
 

 
 

NPX
 
Nuveen Insured
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund 2
   
as of October 31, 2010
 
 
Fund Snapshot
       
Common Share Price
 
$
13.40
 
Common Share Net Asset Value (NAV)
 
$
13.53
 
Premium/(Discount) to NAV
   
-0.96
%
Market Yield
   
5.55
%
Taxable-Equivalent Yield2
   
7.71
%
Net Assets Applicable to Common Shares ($000)
 
$
505,332
 
Average Effective Maturity on Securities (Years)
   
15.91
 
Leverage-Adjusted Duration
   
8.18
 

Average Annual Total Return
(Inception 7/22/93)
             
   
On Share Price
 
On NAV
 
1-Year
   
19.70
%
 
10.39
%
5-Year
   
6.56
%
 
4.58
%
10-Year
   
7.79
%
 
6.00
%

States5
(as a % of total investments)
       
California
   
13.3
%
Texas
   
9.4
%
Pennsylvania
   
7.5
%
Colorado
   
6.1
%
New York
   
4.9
%
New Jersey
   
4.7
%
Washington
   
4.6
%
Wisconsin
   
3.9
%
Illinois
   
3.9
%
Louisiana
   
3.4
%
Arizona
   
3.2
%
Indiana
   
3.2
%
Hawaii
   
3.0
%
Georgia
   
2.6
%
Alabama
   
2.5
%
North Dakota
   
2.5
%
Nevada
   
2.3
%
Other
   
19.0
%

Portfolio Composition5
(as a % of total investments)
       
Tax Obligation/Limited
   
17.8
%
Utilities
   
17.5
%
U.S. Guaranteed
   
16.4
%
Transportation
   
11.2
%
Water and Sewer
   
10.8
%
Tax Obligation/General
   
10.3
%
Education and Civic Organizations
   
7.9
%
Health Care
   
6.4
%
Other
   
1.7
%

Insurers5
(as a % of total Insured investments)
       
NPFG3
   
27.1
%
AGM
   
25.1
%
AMBAC
   
21.4
%
FGIC
   
18.3
%
Other
   
8.1
%
 
 
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, 97% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
MBIA’s public finance subsidiary.
4
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
 
Nuveen Investments 15

 
 

 


 
NVG
 
Nuveen Insured
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund
   
as of October 31, 2010
 

 
Fund Snapshot
       
Common Share Price
 
$
14.80
 
Common Share Net Asset Value (NAV)
 
$
15.20
 
Premium/(Discount) to NAV
   
-2.63
%
Market Yield
   
5.68
%
Taxable-Equivalent Yield2
   
7.89
%
Net Assets Applicable to Common Shares ($000)
 
$
452,908
 
Average Effective Maturity on Securities (Years)
   
12.75
 
Leverage-Adjusted Duration
   
7.19
 

Average Annual Total Return
(Inception 3/25/02)
             
   
On Share Price
 
On NAV
 
1-Year
   
13.51
%
 
8.89
%
5-Year
   
6.68
%
 
5.36
%
Since Inception
   
6.03
%
 
6.57
%

States6
(as a % of total municipal bonds)
       
Texas
   
15.1
%
Washington
   
10.4
%
Indiana
   
10.4
%
California
   
9.0
%
Florida
   
7.8
%
Illinois
   
7.2
%
Tennessee
   
6.5
%
New York
   
4.0
%
Colorado
   
3.8
%
Pennsylvania
   
3.2
%
Alaska
   
2.4
%
Louisiana
   
2.0
%
Other
   
18.2
%

Portfolio Composition6
(as a % of total investments)
       
U.S. Guaranteed
   
25.7
%
Transportation
   
16.8
%
Tax Obligation/Limited
   
16.6
%
Tax Obligation/General
   
9.2
%
Utilities
   
9.0
%
Health Care
   
8.1
%
Water and Sewer
   
5.4
%
Investment Companies
   
0.2
%
Other
   
9.0
%

Insurers6
(as a % of total Insured investments)
       
NPFG4
   
32.1
%
AMBAC
   
25.4
%
AGM
   
22.9
%
FGIC
   
15.8
%
Other
   
3.8
%
 
 
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
The Fund paid shareholders a capital gains distribution in December 2009 of $0.0409 per share.
4
MBIA’s public finance subsidiary.
5
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
6
Holdings are subject to change.
 
16 Nuveen Investments

 
 

 
 

NEA
 
Nuveen Insured
Performance
 
Tax-Free Advantage
OVERVIEW
 
Municipal Fund
   
as of October 31, 2010
 
 
Fund Snapshot
       
Common Share Price
 
$
14.95
 
Common Share Net Asset Value (NAV)
 
$
14.98
 
Premium/(Discount) to NAV
   
-0.20
%
Market Yield
   
5.46
%
Taxable-Equivalent Yield2
   
7.58
%
Net Assets Applicable to Common Shares ($000)
 
$
333,074
 
Average Effective Maturity on Securities (Years)
   
14.60
 
Leverage-Adjusted Duration
   
6.82
 

Average Annual Total Return
(Inception 11/21/02)
             
   
On Share Price
 
On NAV
 
1-Year
   
17.27
%
 
9.76
%
5-Year
   
7.84
%
 
5.88
%
Since Inception
   
5.68
%
 
6.14
%

States5
(as a % of total investments)
       
Florida
   
15.7
%
California
   
14.3
%
New York
   
6.9
%
Michigan
   
6.6
%
Washington
   
6.5
%
Pennsylvania
   
5.2
%
Texas
   
5.0
%
Indiana
   
4.8
%
Alabama
   
4.8
%
South Carolina
   
3.8
%
Wisconsin
   
3.7
%
Arizona
   
3.5
%
Other
   
19.2
%

Portfolio Composition5
(as a % of total investments)
       
Tax Obligation/Limited
   
27.6
%
U.S. Guaranteed
   
26.2
%
Health Care
   
8.8
%
Water and Sewer
   
8.8
%
Transportation
   
8.4
%
Utilities
   
8.2
%
Tax Obligation/General
   
6.5
%
Education and Civic Organizations
   
5.0
%
Other
   
0.5
%

Insurers5
(as a % of total Insured investments)
       
NPFG3
   
32.1
%
AMBAC
   
26.2
%
AGM
   
21.9
%
FGIC
   
10.8
%
Other
   
9.0
%
 
 
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, 89% of the Fund’s total investments are invested in Insured securities.
2
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
3
MBIA’s public finance subsidiary.
4
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
5
Holdings are subject to change.
 
Nuveen Investments 17

 
 

 


 
NQI
 
Shareholder Meeting Report
NIO
   
NIF
 
The annual meeting of shareholders was held on July 27, 2010, in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL 60606; at this meeting the shareholders were asked to vote on the election of Board Members.

   
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
 
30,613,830
 
 
78,404,051
 
 
16,487,290
 
Withhold
 
717,945
 
 
1,763,615
 
 
289,391
 
Total
 
31,331,775
 
 
80,167,666
 
 
16,776,681
 
Robert P. Bremner
                       
For
 
30,611,131
 
 
78,336,691
 
 
16,470,007
 
Withhold
 
720,644
 
 
1,830,975
 
 
306,674
 
Total
 
31,331,775
 
 
80,167,666
 
 
16,776,681
 
Jack B. Evans
                       
For
 
30,612,334
 
 
78,377,439
 
 
16,487,389
 
Withhold
 
719,441
 
 
1,790,227
 
 
289,292
 
Total
 
31,331,775
 
 
80,167,666
 
 
16,776,681
 
William C. Hunter
                       
For
 
 
3,276
 
 
9,260
 
 
2,315
Withhold
 
 
735
 
 
3,314
 
 
496
Total
 
 
4,011
 
 
12,574
 
 
2,811
David J. Kundert
                       
For
 
30,606,757
 
 
78,417,667
 
 
16,469,210
 
Withhold
 
725,018
 
 
1,749,999
 
 
307,471
 
Total
 
31,331,775
 
 
80,167,666
 
 
16,776,681
 
William J. Schneider
                       
For
 
 
3,265
 
 
9,253
 
 
2,315
Withhold
 
 
746
 
 
3,321
 
 
496
Total
 
 
4,011
 
 
12,574
 
 
2,811
Judith M. Stockdale
                       
For
 
30,566,893
 
 
78,334,063
 
 
16,496,748
 
Withhold
 
764,882
 
 
1,833,603
 
 
279,933
 
Total
 
31,331,775
 
 
80,167,666
 
 
16,776,681
 
Carole E. Stone
                       
For
 
30,550,601
 
 
78,358,144
 
 
16,453,411
 
Withhold
 
781,174
 
 
1,809,522
 
 
323,270
 
Total
 
31,331,775
 
 
80,167,666
 
 
16,776,681
 
Terence J. Toth
                       
For
 
30,616,677
 
 
78,433,218
 
 
16,498,870
 
Withhold
 
715,098
 
 
1,734,448
 
 
277,811
 
Total
 
31,331,775
 
 
80,167,666
 
 
16,776,681
 
 
18 Nuveen Investments

 
 

 

NPX
 
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
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
Robert P. Bremner
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
Jack B. Evans
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
William C. Hunter
                       
For
 
 
1,095
 
 
7,486,242
 
 
5,937,133
Withhold
 
 
995
 
 
314,604
 
 
766,332
Total
 
 
2,090
 
 
7,800,846
 
 
6,703,465
David J. Kundert
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
William J. Schneider
                       
For
 
 
1,095
 
 
7,486,242
 
 
5,932,133
Withhold
 
 
995
 
 
314,604
 
 
771,332
Total
 
 
2,090
 
 
7,800,846
 
 
6,703,465
Judith M. Stockdale
                       
For
 
31,674,789
 
 
32,499,469
 
 
24,360,029
 
Withhold
 
604,819
 
 
1,000,128
 
 
1,349,707
 
Total
 
32,279,608
 
 
33,499,597
 
 
25,709,736
 
Carole E. Stone
                       
For
 
31,653,772
 
 
32,501,997
 
 
24,396,787
 
Withhold
 
625,836
 
 
997,600
 
 
1,312,949
 
Total
 
32,279,608
 
 
33,499,597
 
 
25,709,736
 
Terence J. Toth
                       
For
 
 
 
 
 
 
Withhold
 
 
 
 
 
 
Total
 
 
 
 
 
 
 
Nuveen Investments 19

 
 

 

 
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, 2010, and the related statements of operations and cash flows (Nuveen Insured Quality Municipal Fund, Inc., Nuveen Insured Premium Income Municipal Fund 2, Nuveen Insured Dividend Advantage Municipal Fund and Nuveen Insured Tax-Free Advantage Municipal Fund only) 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, 2010, 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, 2010, the results of their operations and cash flows (Nuveen Insured Quality Municipal Fund, Inc., Nuveen Insured Premium Income Municipal Fund 2, Nuveen Insured Dividend Advantage Municipal Fund and Nuveen Insured Tax-Free Advantage Municipal Fund only) 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, 2010
 
20 Nuveen Investments

 
 

 
 
   
Nuveen Insured Quality Municipal Fund, Inc.
NQI
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 1.5% (1.0% of Total Investments)
         
$
1,135
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
AAA
$
1,249,113
 
 
7,000
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24 – NPFG Insured
6/15 at 100.00
A1
 
7,160,860
 
 
8,135
 
Total Alabama
     
8,409,973
 
     
Arizona – 5.5% (3.6% 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+
 
1,272,732
 
 
1,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA+
 
1,553,445
 
 
7,065
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA+
 
7,381,653
 
 
2,750
 
Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11033, 14.520%,
7/01/26 – AGM Insured (IF)
7/17 at 100.00
AA+
 
2,696,980
 
 
9,200
 
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA–
 
9,248,208
 
 
8,755
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/39 – FGIC Insured
No Opt. Call
AA
 
8,113,083
 
 
30,470
 
Total Arizona
     
30,266,101
 
     
Arkansas – 0.5% (0.3% of Total Investments)
         
 
2,250
 
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B, 5.000%, 11/01/24 – NPFG Insured
11/14 at 100.00
Aa2
 
2,482,020
 
     
California – 27.3% (17.9% 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
 
4,489,556
 
 
3,965
 
5.000%, 12/01/26 – NPFG Insured (UB)
12/14 at 100.00
AAA
 
4,368,518
 
 
13,445
 
California State, General Obligation Bonds, Series 2002, 5.000%, 4/01/27 – AMBAC Insured
4/12 at 100.00
A1
 
13,534,275
 
 
7,055
 
California State, General Obligation Bonds, Series 2002, 5.000%, 4/01/27 (Pre-refunded 4/01/12) – AMBAC Insured
4/12 at 100.00
AAA
 
7,518,443
 
 
8,000
 
California, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured
10/12 at 100.00
A1
 
8,035,280
 
 
5
 
California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
 
5,048
 
 
3,745
 
California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
AAA
 
4,276,266
 
 
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–
 
2,374,749
 
 
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)
 
3,022,750
 
     
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
         
 
22,985
 
0.000%, 1/15/24 – NPFG Insured
1/11 at 47.20
A
 
10,012,726
 
 
22,000
 
0.000%, 1/15/31 – NPFG Insured
1/11 at 30.88
A
 
5,875,760
 
 
50,000
 
0.000%, 1/15/37 – NPFG Insured
1/11 at 21.42
A
 
8,469,500
 
 
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
 
5,065,400
 
 
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
 
8,185,330
 
 
5,795
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
AA+
 
2,717,449
 
 
5,268
 
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
 
5,738,222
 
 
Nuveen Investments 21

 
 

 

   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
4,675
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM)
1/11 at 100.00
A (4)
$
5,212,251
 
 
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
 
2,468,089
 
 
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
 
2,054,280
 
     
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A:
         
 
7,200
 
5.125%, 5/01/21 – NPFG Insured (Alternative Minimum Tax)
5/11 at 100.00
A1
 
7,247,160
 
 
12,690
 
5.250%, 5/01/31 – NPFG Insured (Alternative Minimum Tax)
5/11 at 100.00
A1
 
12,696,472
 
     
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+
 
2,196,880
 
 
3,655
 
5.000%, 7/01/22 – NPFG Insured
7/15 at 100.00
AA+
 
4,016,004
 
 
3,840
 
5.000%, 7/01/23 – NPFG Insured
7/15 at 100.00
AA+
 
4,191,936
 
 
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
A
 
8,149,633
 
 
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
 
1,763,440
 
 
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
 
1,054,580
 
 
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
 
1,608,235
 
 
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
 
3,311,033
 
 
223,923
 
Total California
     
149,659,265
 
     
Colorado – 3.5% (2.3% 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+
 
2,183,555
 
     
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+
 
5,762,117
 
 
1,000
 
5.000%, 11/15/24 – FGIC Insured
11/16 at 100.00
A+
 
1,069,260
 
 
1,085
 
Denver City and County, Colorado, Airport Revenue Bonds, Trust 2365, 13.476%, 11/15/25 – FGIC Insured (IF)
11/16 at 100.00
A+
 
1,363,845
 
 
9,780
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/32 – NPFG Insured
No Opt. Call
A
 
2,328,716
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
A
 
3,456,100
 
 
1,250
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
1,452,563
 
 
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+
 
1,117,380
 
 
500
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
532,290
 
 
32,095
 
Total Colorado
     
19,265,826
 
     
Connecticut – 0.2% (0.1% of Total Investments)
         
 
1,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39
7/20 at 100.00
AA
 
1,080,750
 
     
District of Columbia – 1.0% (0.6% of Total Investments)
         
 
1,335
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.401%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
1,392,071
 
 
3,920
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Residual Series 1731, 1736, 11.373%, 10/01/36 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
3,977,271
 
 
5,255
 
Total District of Columbia
     
5,369,342
 
 
22 Nuveen Investments

 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Florida – 9.7% (6.4% 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+
$
4,603,574
 
 
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+
 
3,271,050
 
 
3,450
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/24 – NPFG Insured
10/14 at 100.00
AA–
 
3,626,399
 
 
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
 
3,008,253
 
 
2,550
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 16.750%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AA+
 
3,265,734
 
 
20,000
 
Lee County, Florida, Airport Revenue Bonds, Series 2000A, 5.750%,
10/01/25 – AGM Insured (Alternative Minimum Tax)
10/11 at 100.00
AA+
 
20,222,800
 
 
4,115
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Monterey Pointe Apartments, Series 2001-2A, 5.850%, 7/01/37 – AGM Insured (Alternative Minimum Tax)
7/11 at 100.00
AA+
 
4,142,118
 
 
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
A
 
7,040,250
 
 
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–
 
4,028,960
 
 
51,050
 
Total Florida
     
53,209,138
 
     
Georgia – 1.6% (1.0% 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+
 
1,054,460
 
 
7,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA+
 
7,413,280
 
 
8,000
 
Total Georgia
     
8,467,740
 
     
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+
 
1,770,044
 
     
Illinois – 11.0% (7.2% of Total Investments)
         
 
9,500
 
Chicago, Illinois, Second Lien General Airport Revenue Refunding Bonds, O’Hare International Airport, Series 1999, 5.500%, 1/01/15 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 100.50
AA–
 
9,622,740
 
 
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
 
1,876,796
 
 
13,275
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 5.250%, 5/01/26 – AGM Insured
5/11 at 100.00
AA+
 
13,338,720
 
 
15,785
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.250%, 4/01/27 – AGM Insured
4/12 at 100.00
AA+
 
15,973,946
 
 
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
 
607,650
 
 
18,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 – NPFG Insured
No Opt. Call
AAA
 
8,620,200
 
 
10,000
 
University of Illinois, Certificates of Participation, Utility Infrastructure Projects, Series 2001B, 5.250%, 8/15/21 (Pre-refunded 8/15/11) – AMBAC Insured
8/11 at 100.00
Aa2 (4)
 
10,392,400
 
 
73,335
 
Total Illinois
     
60,432,452
 
     
Indiana – 2.1% (1.4% of Total Investments)
         
 
3,680
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
3,756,102
 
 
6,905
 
Indiana Transportation Finance Authority, Highway Revenue Bonds, Series 1990A, 7.250%, 6/01/15 – AMBAC Insured
No Opt. Call
AA+
 
7,910,161
 
 
10,585
 
Total Indiana
     
11,666,263
 
 
Nuveen Investments 23

 
 

 

   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
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
$
5,671,105
 
 
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
 
2,147,040
 
 
7,500
 
Total Kansas
     
7,818,145
 
     
Kentucky – 6.0% (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
Aa2
 
3,173,740
 
     
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
A
 
2,636,968
 
 
12,060
 
6.150%, 10/01/28 – NPFG Insured
10/13 at 101.00
A
 
12,569,897
 
     
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
A (4)
 
4,441,194
 
 
6,125
 
6.150%, 10/01/28 (Pre-refunded 10/01/13) – NPFG Insured
10/13 at 101.00
A (4)
 
7,130,358
 
 
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)
 
2,647,791
 
 
29,775
 
Total Kentucky
     
32,599,948
 
     
Louisiana – 3.7% (2.4% of Total Investments)
         
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
11,325
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
11,541,874
 
 
8,940
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
8,946,437
 
 
10
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.415%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
AA
 
10,029
 
 
5
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.301%, 5/01/34, FGIC Insured (IF)
5/16 at 100.00
AA
 
5,014
 
 
20,280
 
Total Louisiana
     
20,503,354
 
     
Maine – 0.1% (0.1% of Total Investments)
         
 
555
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%, 7/01/29 – NPFG Insured
7/11 at 100.00
Aaa
 
559,784
 
     
Maryland – 1.8% (1.1% of Total Investments)
         
 
2,030
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured
7/16 at 100.00
A
 
2,001,702
 
 
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
 
7,627,520
 
 
9,365
 
Total Maryland
     
9,629,222
 
     
Massachusetts – 4.3% (2.8% 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
 
5,383,350
 
 
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
 
4,274,280
 
 
3,335
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.157%, 1/01/16 (IF)
No Opt. Call
AAA
 
4,093,779
 
 
3,465
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB)
2/17 at 100.00
AA+
 
3,485,994
 
     
Massachusetts, 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)
 
1,415,663
 
 
1,000
 
5.250%, 1/01/22 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
1,132,530
 
 
1,195
 
5.250%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
1,353,373
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
2,265,060
 
 
21,245
 
Total Massachusetts
     
23,404,029
 
 
24 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Michigan – 1.2% (0.8% 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+
$
1,919,553
 
 
4,750
 
Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 – NPFG Insured (Alternative Minimum Tax)
3/11 at 101.00
A
 
4,764,868
 
 
6,575
 
Total Michigan
     
6,684,421
 
     
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+
 
1,044,820
 
     
Mississippi – 2.2% (1.5% of Total Investments)
         
 
2,715
 
Harrison County Wastewater Management District, Mississippi, Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 – FGIC Insured (ETM)
No Opt. Call
A (4)
 
3,311,757
 
 
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)
 
2,863,761
 
 
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+
 
6,069,051
 
 
10,705
 
Total Mississippi
     
12,244,569
 
     
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
 
12,293,445
 
     
Nevada – 2.2% (1.4% 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)
1/11 at 100.00
D
 
5,820,601
 
 
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
Baa3 (4)
 
6,137,960
 
 
33,420
 
Total Nevada
     
11,958,561
 
     
New Jersey – 3.8% (2.5% of Total Investments)
         
     
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
         
 
1,700
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
 
1,790,083
 
 
1,700
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
1,782,892
 
 
7,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/23
No Opt. Call
AA–
 
7,725,760
 
 
6,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
7,095,120
 
 
2,100
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
2,277,954
 
 
18,500
 
Total New Jersey
     
20,671,809
 
     
New Mexico – 1.2% (0.8% of Total Investments)
         
     
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
         
 
1,345
 
5.000%, 6/01/22 – AMBAC Insured
6/14 at 100.00
AA+
 
1,490,946
 
 
3,290
 
5.000%, 6/01/23 – AMBAC Insured
6/14 at 100.00
AA+
 
3,633,706
 
 
1,330
 
New Mexico State University, Revenue Bonds, Series 2004, 5.000%,
4/01/23 – AMBAC Insured
4/14 at 100.00
AA
 
1,402,791
 
 
5,965
 
Total New Mexico
     
6,527,443
 
     
New York – 9.7% (6.4% 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+
 
16,088,100
 
 
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
 
3,917,045
 
 
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
 
3,090,075
 
 
Nuveen Investments 25

 
 

 

   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI  
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
New York (continued)
         
$
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
$
3,292,410
 
 
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–
 
8,133,606
 
 
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 (WI/DD, Settling 11/05/10)
2/21 at 100.00
Aa2
 
1,387,550
 
 
1,740
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, 16.664%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
 
2,024,316
 
 
595
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/10 at 100.00
AA+
 
595,976
 
 
4,200
 
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 5.550%, 10/01/19 – NPFG Insured (Alternative Minimum Tax)
4/11 at 100.00
Aa1
 
4,205,544
 
     
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
 
2,676,062
 
 
2,465
 
5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
 
2,662,619
 
 
5,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Bonds, Series 2003A, 5.000%, 11/15/32 – FGIC Insured
11/13 at 100.00
Aa3
 
5,222,800
 
 
50,820
 
Total New York
     
53,296,103
 
     
Ohio – 3.6% (2.4% 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+
 
7,650,370
 
 
9,045
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
 
8,866,814
 
 
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+
 
3,321,357
 
 
19,110
 
Total Ohio
     
19,838,541
 
     
Pennsylvania – 6.2% (4.0% of Total Investments)
         
 
3,000
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/23 – NPFG Insured
12/15 at 100.00
A1
 
3,119,700
 
 
1,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010, 5.000%, 6/01/40 – AGM Insured
No Opt. Call
AA+
 
1,212,730
 
 
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
 
6,202,320
 
 
1,600
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A1
 
1,711,136
 
 
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+
 
2,565,469
 
 
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
 
776,946
 
 
5,400
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
5,370,300
 
 
8,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 (WI/DD, Settling 11/15/10)
6/20 at 100.00
AA+
 
8,196,160
 
 
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+
 
2,561,900
 
 
2,000
 
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured
12/15 at 100.00
A
 
2,098,520
 
 
32,850
 
Total Pennsylvania
     
33,815,181
 
 
26 Nuveen Investments
 
 
 

 
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Puerto Rico – 2.2% (1.4% of Total Investments)
         
$
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
A
$
2,608,700
 
 
25,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
No Opt. Call
Aa2
 
3,775,750
 
 
5,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/16 – FGIC Insured
No Opt. Call
A2
 
5,579,600
 
 
32,500
 
Total Puerto Rico
     
11,964,050
 
     
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
 
2,647,494
 
 
9,950
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
Aa3
 
9,985,621
 
 
12,375
 
Total South Carolina
     
12,633,115
 
     
Tennessee – 1.3% (0.8% 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+
 
3,609,225
 
 
5,000
 
0.000%, 1/01/25 – AGM Insured
1/13 at 49.71
AA+
 
2,263,300
 
 
2,750
 
0.000%, 1/01/26 – AGM Insured
1/13 at 46.78
AA+
 
1,166,935
 
 
15,250
 
Total Tennessee
     
7,039,460
 
     
Texas – 16.7% (10.9% of Total Investments)
         
 
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+
 
3,491,763
 
 
3,000
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
3,141,690
 
 
3,735
 
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
 
4,114,999
 
 
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
 
5,079,290
 
 
4,500
 
Houston, Texas, General Obligation Public Improvement Bonds, Series 2001A, 5.000%, 3/01/22 – AGM Insured
3/11 at 100.00
AA+
 
4,561,515
 
 
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)
 
21,999,870
 
 
4,685
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.500%, 7/01/19 – AGM Insured (Alternative Minimum Tax)
1/11 at 100.00
AA+
 
4,697,322
 
 
19,200
 
Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.400%, 8/15/31 – AMBAC Insured
8/11 at 100.00
N/R
 
19,896,192
 
 
2,000
 
Laredo Independent School District Public Facilities Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 – AMBAC Insured
8/11 at 100.00
A
 
2,016,700
 
 
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
 
22,606,927
 
 
84,000
 
Total Texas
     
91,606,268
 
 
Nuveen Investments 27

 
 

 
 
   
Nuveen Insured Quality Municipal Fund, Inc. (continued)
NQI  
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Utah – 0.8% (0.5% of Total Investments)
         
$
3,615
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust R-11752-1, 12.492%, 6/15/27 – AGM Insured (IF)
6/18 at 100.00
AAA
$
4,133,825
 
     
Washington – 12.7% (8.3% of Total Investments)
         
 
10,730
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Refunding Bonds, Series 2001C, 5.650%, 7/01/32 – NPFG Insured (Alternative Minimum Tax) (UB)
7/11 at 101.00
AA
 
10,845,669
 
 
8,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
 
8,380,480
 
 
1,665
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.061%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
AA+
 
1,908,456
 
 
15,025
 
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+
 
15,997,869
 
 
4,455
 
Seattle Housing Authority, Washington, GNMA Collateralized Mortgage Loan Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax)
9/11 at 102.00
AA+
 
4,591,457
 
 
5,000
 
Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2000, 5.250%, 12/01/21 – AGM Insured
12/10 at 100.00
AA+
 
5,022,150
 
 
10,000
 
Washington State, General Obligation Bonds, Series 2002A-R-03, 5.000%, 1/01/19 – NPFG Insured
1/12 at 100.00
AA+
 
10,442,000
 
 
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+
 
10,184,770
 
 
2,000
 
Washington, Certificates of Participation, Washington Convention and Trade Center, Series 1999, 5.250%, 7/01/14 – NPFG Insured
1/11 at 100.00
AA
 
2,006,860
 
 
78,385
 
Total Washington
     
69,379,711
 
     
Wisconsin – 0.5% (0.4% of Total Investments)
         
 
1,635
 
Green Bay, Wisconsin, Water System Revenue Bonds, Series 2004, 5.000%, 11/01/26 (Pre-refunded 11/01/14) – AGM Insured
11/14 at 100.00
Aa2 (4)
 
1,899,134
 
 
1,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 – AMBAC Insured
7/15 at 100.00
A+
 
1,027,160
 
 
2,635
 
Total Wisconsin
     
2,926,294
 
$
956,298
 
Total Long-Term Investments (cost $812,182,335) – 150.6%
     
824,651,012
 
 
28 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Short-Term Investments – 2.4% (1.6% of Total Investments)
         
     
Illinois – 1.3% (0.9% of Total Investments)
         
$
7,000
 
Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Obligations,Tender Option Bond Trust Series 26W, 0.290%, 1/01/37 (6)
1/17 at 100.00
A–1+
$
7,000,000
 
     
Texas – 1.1% (0.7% of Total Investments)
         
 
5,990
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 3181, 0.290%, 1/01/12 (6)
No Opt. Call
A–1
 
5,990,000
 
$
12,990
 
Total Short-Term Investments (cost $12,990,000)
     
12,990,000
 
     
Total Investments (cost $825,172,335) – 153.0%
     
837,641,012
 
     
Floating Rate Obligations – (10.8)%
     
(59,405,000
)
     
Other Assets Less Liabilities – 1.5%
     
8,562,357
 
     
Auction Rate Preferred Shares, at Liquidation Value – (43.7)% (7)
     
(239,200,000
)
     
Net Assets Applicable to Common Shares – 100%
   
$
547,598,369
 

   
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 Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
The Fund’s Adviser has concluded this 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 has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(7)
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.6%.
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 29

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc.
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 4.9% (3.2% of Total Investments)
         
$
10,500
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 – AMBAC Insured (UB)
1/17 at 100.00
AA+
$
10,367,385
 
 
11,175
 
Hoover Board of Education, Alabama, Capital Outlay Tax Anticipation Warrants, Series 2001, 5.250%, 2/15/22 – NPFG Insured
2/11 at 100.00
AA
 
11,340,167
 
 
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
 
2,698,050
 
     
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
 
455,570
 
 
14,800
 
5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
AAA
 
15,940,192
 
 
18,760
 
Jefferson County, Alabama, Sewer Revenue Capitol Improvement Warrants, Series 2001A, 5.000%, 2/01/41 (Pre-refunded 2/01/11) – FGIC Insured
2/11 at 101.00
AAA
 
19,121,318
 
 
10,195
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – FGIC Insured
1/11 at 100.00
Caa3
 
4,099,715
 
 
5,240
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2003B, 5.000%, 2/01/41 (Pre-refunded 2/01/11) – FGIC Insured
2/11 at 101.00
AAA
 
5,355,385
 
 
73,595
 
Total Alabama
     
69,377,782
 
     
Alaska – 0.1% (0.1% of Total Investments)
         
 
1,630
 
Alaska Housing Finance Corporation, Collateralized Veterans Mortgage Program Bonds, First Series 1999A-1, 6.150%, 6/01/39
12/10 at 100.00
AAA
 
1,631,809
 
     
Arizona – 2.1% (1.4% 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–
 
2,083,700
 
 
2,000
 
5.000%, 9/01/27 – AMBAC Insured
3/15 at 100.00
AA–
 
2,067,560
 
 
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
Aa3
 
1,021,640
 
 
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+
 
3,111,720
 
 
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)
 
1,152,660
 
 
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11033, 14.520%, 7/01/26 – AGM Insured (IF)
7/17 at 100.00
AA+
 
5,099,744
 
 
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+
 
1,201,037
 
 
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
 
14,284,966
 
 
28,840
 
Total Arizona
     
30,023,027
 
     
Arkansas – 0.2% (0.1% of Total Investments)
         
 
2,660
 
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%, 9/01/35 – AMBAC Insured
9/15 at 100.00
A1
 
2,738,071
 
     
California – 25.2% (16.3% 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–
 
3,169,992
 
 
10,000
 
California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%, 12/01/21 – AMBAC Insured
6/12 at 101.00
AA
 
10,285,800
 
     
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
 
32,532,300
 
 
20,000
 
5.375%, 5/01/18 (Pre-refunded 5/01/12) – AMBAC Insured
5/12 at 101.00
Aaa
 
21,688,200
 
 
30 Nuveen Investments
 
 
 

 
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
     
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC:
         
$
30
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
$
34,973
 
 
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
 
29,144
 
     
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
 
4,108,895
 
 
2,795
 
5.000%, 12/01/27 – NPFG Insured (UB)
12/14 at 100.00
AAA
 
3,079,447
 
 
10,150
 
California, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
12/14 at 100.00
A1
 
10,263,579
 
 
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
 
3,589,005
 
 
20,000
 
Cucamonga County Water District, San Bernardino County, California, Certificates of Participation, Water Shares Purchase, Series 2001, 5.125%, 9/01/35 – FGIC Insured
9/11 at 101.00
AA–
 
20,145,000
 
 
5,750
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured
6/15 at 100.00
AAA
 
6,202,813
 
 
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
 
9,595,100
 
 
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–
 
1,398,172
 
 
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/24 – AGM Insured
No Opt. Call
AA+
 
2,796,472
 
 
5,000
 
Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured
11/11 at 101.00
BBB
 
4,828,900
 
 
2,740
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – FGIC Insured (Alternative Minimum Tax)
8/16 at 102.00
AA
 
2,903,742
 
 
20,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 5.000%, 7/01/21 – AGM Insured
7/13 at 100.00
AA+
 
21,588,400
 
 
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
 
3,188,280
 
 
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA+
 
3,425,032
 
 
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
 
5,562,594
 
 
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)
 
752,438
 
     
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
 
14,612,100
 
 
5,000
 
5.125%, 6/15/33 – AMBAC Insured
12/11 at 101.00
N/R
 
4,675,800
 
 
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
A
 
1,971,895
 
 
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+
 
6,174,060
 
 
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+
 
3,250,309
 
 
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
 
2,701,550
 
 
13,710
 
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/26 – NPFG Insured (Alternative Minimum Tax)
5/11 at 100.00
A1
 
13,771,284
 
 
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+
 
1,340,499
 
 
3,030
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 – AMBAC Insured
7/11 at 100.00
AA+
 
3,091,994
 
 
Nuveen Investments 31

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
8,470
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 (Pre-refunded 7/01/11) – AMBAC Insured
7/11 at 100.00
AA+ (4)
$
8,742,141
 
 
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+
 
1,828,929
 
 
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
 
49,555,624
 
     
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
1/11 at 100.00
A
 
29,756,670
 
 
21,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
A
 
4,207,550
 
 
19,595
 
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
A
 
17,812,835
 
 
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
A
 
12,515,063
 
 
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+
 
6,827,406
 
 
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+
 
5,144,300
 
 
395,255
 
Total California
     
359,148,287
 
     
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
 
1,047,470
 
 
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+
 
2,060,531
 
 
1,000
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 6/15/25 – NPFG Insured
6/14 at 100.00
AA–
 
1,049,430
 
 
4,950
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
 
5,524,745
 
 
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
 
1,841,146
 
 
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 – NPFG Insured
No Opt. Call
A
 
17,083,227
 
 
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured
No Opt. Call
A
 
3,456,100
 
 
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)
 
5,252,466
 
 
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+
 
4,403,493
 
 
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
 
2,672,700
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
1,064,580
 
 
69,020
 
Total Colorado
     
45,455,888
 
     
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–
 
5,465,900
 
 
5,000
 
5.125%, 10/01/25 – FGIC Insured
10/13 at 100.00
AA–
 
5,443,650
 
 
2,670
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.401%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
2,784,143
 
 
12,670
 
Total District of Columbia
     
13,693,693
 
 
32 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Florida – 24.9% (16.1% 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
$
1,313,975
 
 
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)
12/10 at 100.00
Aaa
 
976,277
 
 
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
 
4,143,439
 
 
2,150
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – AMBAC Insured
10/14 at 100.00
A+
 
2,260,725
 
 
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
 
4,772,970
 
 
190
 
City of Gulf Breeze, Florida, Local Government Loan Program Bonds, Series 1985-FG&H, 5.000%, 12/01/20
1/11 at 100.00
N/R
 
190,401
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
         
 
5,110
 
5.000%, 11/01/27 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
 
5,443,632
 
 
12,585
 
5.000%, 11/01/32 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
 
13,157,114
 
     
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)
3/11 at 100.00
AAA
 
1,261,462
 
 
1,000
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
 
1,000,830
 
     
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)
3/11 at 100.00
AAA
 
1,041,206
 
 
1,400
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
 
1,401,162
 
 
1,500
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – NPFG Insured
10/14 at 100.00
AA–
 
1,581,750
 
 
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured
6/15 at 100.00
A1
 
3,143,760
 
     
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)
3/11 at 100.00
AAA
 
1,231,882
 
 
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
 
1,891,531
 
 
1,100
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – NPFG Insured
4/11 at 100.00
A
 
1,104,499
 
     
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
 
1,000,882
 
 
475
 
5.250%, 10/01/18 – AMBAC Insured
10/13 at 100.00
N/R
 
510,193
 
     
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
 
1,300,000
 
 
1,095
 
5.000%, 10/01/23 – NPFG Insured
10/13 at 100.00
A1
 
1,137,902
 
 
1,225
 
5.000%, 10/01/24 – NPFG Insured
10/13 at 100.00
A1
 
1,269,210
 
 
1,555
 
DeSoto County, Florida, Capital Improvement Revenue Bonds, Series 2002, 5.250%, 10/01/20 – NPFG Insured
4/12 at 101.00
A1
 
1,644,521
 
 
2,500
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 2/01/22 – NPFG Insured
2/15 at 100.00
A
 
2,584,925
 
 
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+
 
2,568,425
 
 
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
 
1,231,776
 
 
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)
 
4,437,849
 
 
1,000
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 – AMBAC Insured
1/11 at 100.50
N/R
 
972,140
 
 
2,630
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-4, 0.000%, 7/01/30 – AGM Insured (Alternative Minimum Tax)
1/11 at 26.43
Aa1
 
743,264
 
 
Nuveen Investments 33

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
     
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
         
$
3,365
 
5.375%, 11/01/25 – NPFG Insured
11/10 at 101.00
A
$
3,402,251
 
 
3,345
 
5.375%, 11/01/30 – NPFG Insured
11/10 at 101.00
A
 
3,371,158
 
 
1,000
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured
11/11 at 101.00
A
 
1,034,100
 
 
2,230
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund – Intermodal Program, Series 1999, 5.500%, 10/01/23 – NPFG Insured (Alternative Minimum Tax)
4/11 at 100.50
AA+
 
2,242,889
 
 
940
 
Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/29 – FGIC Insured
6/11 at 101.00
AAA
 
975,917
 
 
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+
 
2,183,160
 
 
5,200
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 (Mandatory put 12/01/11) – FGIC Insured
12/11 at 101.00
BBB
 
5,250,180
 
 
380
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15 – FGIC Insured
1/11 at 100.00
BBB
 
381,235
 
 
360
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15 – FGIC Insured
12/10 at 100.00
N/R
 
360,850
 
 
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
12/10 at 101.00
N/R
 
1,516,920
 
 
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA+
 
1,981,489
 
 
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
A
 
3,121,800
 
 
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
 
1,043,480
 
 
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
 
6,115,200
 
 
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+
 
2,152,200
 
 
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+
 
1,057,430
 
 
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+
 
2,722,492
 
     
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
 
1,594,663
 
 
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
Baa1
 
1,736,322
 
 
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
 
4,523,633
 
 
1,480
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa2
 
1,572,678
 
 
3,110
 
Jacksonville, Florida, GNMA Collateralized Housing Revenue Refunding Bonds, Windermere Manor Apartments, Series 1993A, 5.875%, 3/20/28
3/11 at 100.00
N/R
 
3,113,825
 
 
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
 
1,581,810
 
 
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
 
1,103,380
 
 
1,450
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured
10/13 at 100.00
AA+
 
1,550,703
 
     
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
         
 
1,730
 
5.000%, 10/01/18 – AMBAC Insured
10/12 at 100.00
N/R
 
1,772,921
 
 
2,000
 
5.000%, 10/01/19 – AMBAC Insured
10/12 at 100.00
N/R
 
2,041,780
 
 
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
 
1,285,559
 
 
34 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – AMBAC Insured
10/14 at 100.00
A–
$
1,581,620
 
 
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
 
989,590
 
 
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
Aa3
 
3,064,980
 
 
2,000
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa2
 
2,188,460
 
     
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:
         
 
1,350
 
5.250%, 10/01/17 – NPFG Insured
10/13 at 100.00
Aa3
 
1,502,820
 
 
1,000
 
5.250%, 10/01/18 – NPFG Insured
10/13 at 100.00
Aa3
 
1,097,770
 
 
2,000
 
5.000%, 10/01/27 – NPFG Insured
10/13 at 100.00
Aa3
 
2,048,480
 
 
1,425
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 – AGM Insured (Alternative Minimum Tax)
6/11 at 100.00
AA+
 
1,435,816
 
 
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+
 
2,206,292
 
     
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
A
 
5,887,215
 
 
35,920
 
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A
 
36,126,540
 
 
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
 
12,966,204
 
 
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
 
5,387,617
 
 
18,000
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 10/01/21 – NPFG Insured
1/11 at 57.14
A
 
9,892,620
 
 
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+
 
3,054,300
 
 
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+
 
2,356,900
 
     
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
A
 
1,382,183
 
 
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
A
 
2,235,905
 
 
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+
 
2,059,040
 
 
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–
 
1,046,570
 
 
3,180
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured
1/13 at 100.00
AA
 
3,404,890
 
 
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+
 
2,548,000
 
     
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
 
2,617,425
 
 
7,820
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
 
8,134,833
 
 
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
 
1,821,523
 
 
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
AAA
 
1,080,677
 
 
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–
 
2,261,693
 
 
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–
 
3,139,710
 
 
Nuveen Investments 35

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/14 – AMBAC Insured
No Opt. Call
AA
$
7,444,000
 
 
1,470
 
Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993, 5.250%, 6/01/11 – FGIC Insured
No Opt. Call
Aa1
 
1,496,783
 
     
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:
         
 
1,000
 
5.250%, 10/01/19 – NPFG Insured
10/13 at 100.00
Aa3
 
1,091,190
 
 
500
 
5.250%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa3
 
545,595
 
 
500
 
5.250%, 10/01/21 – NPFG Insured
10/13 at 100.00
Aa3
 
543,755
 
 
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+
 
3,107,100
 
     
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
 
2,342,413
 
 
1,300
 
5.000%, 8/15/21 – AGM Insured
8/13 at 100.00
Aa3
 
1,344,161
 
 
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – FGIC Insured
10/14 at 100.00
Aa3
 
1,219,374
 
 
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
A
 
987,240
 
     
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002:
         
 
1,190
 
5.250%, 5/01/15 – NPFG Insured
5/12 at 100.00
Aa3
 
1,255,034
 
 
1,980
 
5.250%, 5/01/17 – NPFG Insured
5/12 at 100.00
Aa3
 
2,088,207
 
     
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
         
 
3,775
 
5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
 
3,984,286
 
 
3,500
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
 
3,653,090
 
 
10,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) – NPFG Insured
9/11 at 34.97
A (4)
 
3,482,400
 
 
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
A (4)
 
2,052,876
 
 
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
 
1,056,900
 
 
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
 
1,978,513
 
     
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002:
         
 
1,360
 
5.250%, 1/01/17 – FGIC Insured
1/13 at 100.00
A
 
1,464,312
 
 
770
 
5.250%, 1/01/18 – FGIC Insured
1/13 at 100.00
A
 
822,067
 
 
500
 
5.250%, 1/01/20 – FGIC Insured
1/13 at 100.00
A
 
533,810
 
 
5,730
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
No Opt. Call
A (4)
 
6,876,917
 
 
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
A
 
4,165,612
 
 
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+
 
4,409,824
 
     
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)
 
5,642,350
 
 
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
 
1,494,336
 
     
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
 
1,618,400
 
 
1,555
 
5.125%, 10/01/21 – AGM Insured
10/13 at 100.00
Aa3
 
1,706,177
 
 
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
AA
 
2,588,025
 
 
1,245
 
Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 5.000%, 4/01/22 – FGIC Insured
4/12 at 100.00
A+
 
1,298,709
 
 
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA+
 
410,996
 
 
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)
12/10 at 100.00
AAA
 
1,521,780
 
 
36 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
10,255
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
4/16 at 100.00
N/R
$
9,897,101
 
 
1,390
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
2/14 at 100.00
Aa2
 
1,449,631
 
 
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
 
4,392,007
 
 
2,000
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA+
 
2,110,660
 
 
12,000
 
Volusia County, Florida, School Board Certificates of Participation, Series 2007, 5.000%, 8/01/32 – AGM Insured (UB)
8/17 at 100.00
Aa3
 
12,132,720
 
 
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
 
1,869,484
 
 
359,745
 
Total Florida
     
355,705,235
 
     
Georgia – 1.9% (1.2% 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+
 
1,054,460
 
 
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured
11/19 at 100.00
AA+
 
10,590,400
 
 
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
Aa2
 
2,878,647
 
 
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–
 
1,655,098
 
     
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
 
1,866,924
 
 
1,135
 
5.250%, 5/01/20 – NPFG Insured
5/14 at 100.00
Aa3
 
1,250,123
 
 
4,500
 
5.000%, 5/01/36 – NPFG Insured
5/14 at 100.00
Aa3
 
4,600,755
 
 
960
 
Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health Systems, Series 1996, 5.250%, 8/01/13 – NPFG Insured
1/11 at 100.00
A
 
962,102
 
 
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured (Alternative Minimum Tax)
7/19 at 100.00
Aa3
 
2,368,643
 
 
25,885
 
Total Georgia
     
27,227,152
 
     
Idaho – 0.2% (0.1% of Total Investments)
         
 
130
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-1, 6.750%, 7/01/22
No Opt. Call
Aaa
 
136,215
 
 
90
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax)
No Opt. Call
Aaa
 
91,482
 
 
125
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27 (Alternative Minimum Tax)
1/11 at 100.00
Aaa
 
125,728
 
     
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
 
1,079,890
 
 
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
 
1,142,372
 
 
2,410
 
Total Idaho
     
2,575,687
 
     
Illinois – 5.8% (3.7% 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+
 
1,171,727
 
 
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+
 
7,363,650
 
     
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Refunding Bonds, O’Hare International Airport, Series 2001E:
         
 
4,615
 
5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 101.00
A2
 
4,687,594
 
 
4,870
 
5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 101.00
A2
 
4,944,462
 
 
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
 
7,612,920
 
 
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
 
6,034,897
 
 
Nuveen Investments 37

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
10,000
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 5/15/21 – NPFG Insured
11/10 at 100.00
A
$
10,005,200
 
 
2,095
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 5.800%, 6/01/30 – NPFG Insured
12/10 at 100.00
Baa1
 
2,095,629
 
 
22,510
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 – FGIC Insured
2/12 at 100.00
A+
 
22,705,612
 
 
20,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45
No Opt. Call
AAA
 
2,430,600
 
 
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured
No Opt. Call
AAA
 
4,461,215
 
     
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
         
 
4,260
 
5.000%, 12/01/22 – FGIC Insured
12/14 at 100.00
Aaa
 
4,549,723
 
 
2,365
 
5.000%, 12/01/23 – FGIC Insured
12/14 at 100.00
Aaa
 
2,515,485
 
 
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+
 
1,749,320
 
 
117,035
 
Total Illinois
     
82,328,034
 
     
Indiana – 4.3% (2.8% of Total Investments)
         
 
2,030
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured
7/13 at 100.00
AA+ (4)
 
2,256,974
 
 
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
 
5,172,050
 
 
8,000
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
8,165,440
 
 
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+
 
5,307,450
 
 
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 – AMBAC Insured
No Opt. Call
AA
 
9,614,800
 
 
5,300
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA+
 
5,831,749
 
 
3,250
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
7/12 at 100.00
AAA
 
3,511,008
 
 
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)
 
1,517,135
 
 
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–
 
5,133,450
 
 
10,000
 
Purdue University, Indiana, Student Fee Bonds, Series 2002O, 5.000%, 7/01/19 – NPFG Insured
1/12 at 100.00
Aaa
 
10,287,300
 
 
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)
 
4,138,337
 
 
68,625
 
Total Indiana
     
60,935,693
 
     
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
9/14 at 101.00
AA+
 
2,219,523
 
     
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
         
 
2,145
 
5.000%, 9/01/27 – AGM Insured
9/14 at 100.00
Aa3
 
2,224,773
 
 
4,835
 
5.000%, 9/01/29 – AGM Insured
9/14 at 100.00
Aa3
 
4,981,791
 
 
9,035
 
Total Kansas
     
9,426,087
 
     
Kentucky – 2.9% (1.9% 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
Aa2
 
4,247,635
 
     
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+
 
4,517,821
 
 
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA+
 
11,299,900
 
 
38 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Kentucky (continued)
         
$
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+
$
8,207,100
 
 
12,980
 
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 – NPFG Insured
11/11 at 101.00
AA–
 
13,603,429
 
 
38,210
 
Total Kentucky
     
41,875,885
 
     
Louisiana – 4.5% (2.9% 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
3/11 at 101.00
BBB
 
5,024,700
 
 
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+
 
3,331,705
 
 
4,535
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
A
 
4,688,963
 
     
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
 
2,529,912
 
 
4,415
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
 
4,637,163
 
 
5,000
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
Aa1
 
5,228,400
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
3,300
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
3,363,195
 
 
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
35,750,722
 
 
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.415%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
AA
 
38,444
 
 
63,438
 
Total Louisiana
     
64,593,204
 
     
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
 
3,302,610
 
     
Maryland – 0.4% (0.2% of Total Investments)
         
 
5,345
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/28 – SYNCORA GTY Insured
9/16 at 100.00
Baa3
 
5,193,950
 
     
Massachusetts – 5.2% (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
 
4,808,565
 
 
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)
 
24,027,525
 
 
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.198%, 12/15/34 (IF)
12/19 at 100.00
AAA
 
6,907,947
 
 
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+
 
12,213,300
 
 
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB)
2/17 at 100.00
AA+
 
7,298,958
 
 
15,000
 
Massachusetts, 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)
 
16,987,950
 
 
1,500
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured
11/14 at 100.00
A+ (4)
 
1,759,875
 
 
67,085
 
Total Massachusetts
     
74,004,120
 
     
Michigan – 2.6% (1.7% of Total Investments)
         
 
5,490
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
No Opt. Call
AA+
 
6,225,770
 
 
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
10/11 at 100.00
A
 
5,857,200
 
 
7,420
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%, 7/01/27 – NPFG Insured
1/11 at 100.00
Aa3
 
7,421,781
 
 
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
 
1,183,844
 
 
Nuveen Investments 39

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Michigan (continued)
         
$
6,850
 
Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 1998A, 5.375%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
12/10 at 100.00
A
$
6,862,536
 
 
10,000
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
12/11 at 101.00
A
 
10,055,400
 
 
36,845
 
Total Michigan
     
37,606,531
 
     
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+
 
5,706,600
 
 
5,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AAA
 
6,053,700
 
 
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+
 
4,544,960
 
 
13,005
 
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)
 
14,162,445
 
 
27,005
 
Total Minnesota
     
30,467,705
 
     
Nebraska – 2.4% (1.5% of Total Investments)
         
 
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC Insured (UB)
9/17 at 100.00
AA
 
27,433,954
 
 
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+
 
5,429,600
 
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA+
 
1,077,070
 
 
33,125
 
Total Nebraska
     
33,940,624
 
     
Nevada – 6.5% (4.2% of Total Investments)
         
 
8,475
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
12/12 at 100.00
Aaa
 
8,605,515
 
 
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)
 
3,970,676
 
 
14,140
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA+
 
14,681,138
 
 
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
 
7,627,213
 
     
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
D
 
3,152,550
 
 
11,400
 
5.375%, 1/01/40 – AMBAC Insured (5)
1/11 at 100.00
D
 
2,395,482
 
 
14,985
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured
6/12 at 100.00
A
 
14,833,202
 
 
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)
 
27,269,605
 
 
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
Baa3 (4)
 
10,730,700
 
 
110,300
 
Total Nevada
     
93,266,081
 
     
New Jersey – 4.1% (2.6% 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
 
2,161,120
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
 
2,406,870
 
     
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
 
4,054,012
 
 
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
4,037,726
 
 
40 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey (continued)
         
$
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
$
30,745,520
 
     
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
         
 
8,250
 
5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
 
8,949,105
 
 
2,000
 
5.000%, 1/01/23 – AGM Insured (UB)
7/13 at 100.00
AA+
 
2,161,840
 
 
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured (UB)
1/15 at 100.00
AA+
 
3,629,557
 
 
51,520
 
Total New Jersey
     
58,145,750
 
     
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
 
3,891,568
 
 
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+
 
14,216,080
 
 
17,260
 
Total New Mexico
     
18,107,648
 
     
New York – 7.0% (4.5% 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
A
 
1,966,029
 
 
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
 
3,627,913
 
 
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
 
3,667,429
 
 
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
 
13,365,375
 
 
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
 
6,884,130
 
     
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–
 
1,585,965
 
 
5,000
 
5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
AA–
 
5,213,850
 
 
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 (WI/DD, Settling 11/05/10)
2/21 at 100.00
Aa2
 
3,253,751
 
 
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+
 
3,062,400
 
 
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
 
5,498,400
 
 
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
 
10,784,000
 
 
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+
 
5,273,650
 
 
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+
 
14,770,560
 
 
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
 
3,942,621
 
     
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
 
1,096,810
 
 
5,000
 
5.000%, 3/15/25 – FGIC Insured
3/14 at 100.00
AAA
 
5,371,750
 
 
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
 
10,443,000
 
 
94,225
 
Total New York
     
99,807,633
 
 
Nuveen Investments 41

 
 

 
 
   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
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–
$
2,240,589
 
 
2,575
 
5.000%, 5/01/26 – FGIC Insured
5/14 at 100.00
AA–
 
2,672,103
 
 
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+
 
5,683,230
 
     
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
 
3,435,119
 
 
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
Aa3
 
3,514,941
 
 
16,440
 
Total North Carolina
     
17,545,982
 
     
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
 
2,385,482
 
 
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
Aa3
 
1,468,319
 
 
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
Aa3
 
3,234,690
 
 
6,550
 
Total North Dakota
     
7,088,491
 
     
Ohio – 3.9% (2.5% of Total Investments)
         
 
2,650
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 – FGIC Insured
6/14 at 100.00
A+
 
2,830,783
 
 
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)
 
2,349,180
 
 
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+
 
2,480,090
 
 
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
 
2,321,093
 
 
19,595
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
 
19,208,979
 
 
20,100
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999, 5.375%, 11/15/39 – AMBAC Insured
11/10 at 100.50
N/R
 
20,207,937
 
 
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)
 
3,395,670
 
 
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+
 
2,129,260
 
 
53,935
 
Total Ohio
     
54,922,992
 
     
Oklahoma – 2.6% (1.7% 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
 
3,727,430
 
 
1,685
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
No Opt. Call
AAA
 
1,731,118
 
 
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
 
20,820,660
 
 
5,245
 
Oklahoma State Industries Authority, Revenue Bonds, Oklahoma Medical Research Foundation, Series 2001, 5.250%, 2/01/21 – AMBAC Insured
2/11 at 100.00
A1
 
5,305,160
 
 
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 – AMBAC Insured
7/14 at 100.00
Aa3
 
5,104,431
 
 
36,310
 
Total Oklahoma
     
36,688,799
 
     
Oregon – 0.2% (0.1% 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+
 
2,687,354
 
 
42 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania – 5.0% (3.2% 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+
$
2,253,700
 
 
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+
 
8,442,661
 
 
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+
 
5,497,433
 
 
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
 
1,654,315
 
 
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+
 
1,863,036
 
 
11,740
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
11,675,430
 
 
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
2,797,148
 
 
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 (WI/DD, Settling 11/15/10)
6/20 at 100.00
AA+
 
10,245,200
 
 
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+
 
7,229,682
 
 
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+
 
5,445,009
 
 
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
 
6,700,593
 
     
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
         
 
3,285
 
5.000%, 1/15/22 – AGM Insured (UB)
1/16 at 100.00
AA+
 
3,567,083
 
 
3,450
 
5.000%, 1/15/23 – AGM Insured (UB)
1/16 at 100.00
AA+
 
3,730,761
 
 
68,375
 
Total Pennsylvania
     
71,102,051
 
     
Puerto Rico – 0.8% (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
AAA
 
2,945,925
 
 
2,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%, 7/01/19 – FGIC Insured
7/13 at 100.00
A3
 
2,076,540
 
 
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
A3
 
1,654,284
 
 
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
 
5,437,080
 
 
42,050
 
Total Puerto Rico
     
12,113,829
 
     
Rhode Island – 1.7% (1.1% 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
1/11 at 100.00
A
 
2,199,697
 
 
20,475
 
Rhode Island Depositors Economic Protection Corporation, Special Obligation Refunding Bonds, Series 1993B, 5.250%, 8/01/21 (Pre-refunded 2/01/11) – NPFG Insured
2/11 at 100.00
A (4)
 
20,734,418
 
 
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
 
1,532,138
 
 
24,075
 
Total Rhode Island
     
24,466,253
 
     
South Carolina – 5.4% (3.5% of Total Investments)
         
 
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008, Trust 1181, 9.496%, 8/01/15 – AGM Insured (IF)
No Opt. Call
AA+
 
16,545,710
 
 
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+
 
10,176,100
 
 
Nuveen Investments 43

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
South Carolina (continued)
         
     
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
A
$
2,145,760
 
 
2,605
 
5.250%, 8/15/23 – NPFG Insured
8/14 at 100.00
A
 
2,790,893
 
 
2,385
 
5.250%, 8/15/25 – NPFG Insured
8/14 at 100.00
A
 
2,520,945
 
 
375
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%, 1/01/13 – AMBAC Insured (ETM)
No Opt. Call
Aaa
 
332,273
 
 
7,955
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%, 1/01/13 – AMBAC Insured
No Opt. Call
N/R
 
7,136,112
 
 
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
 
8,423,520
 
 
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
 
10,055,500
 
 
17,500
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%, 10/01/34 – SYNCORA GTY Insured
10/16 at 100.00
Aa3
 
17,562,650
 
 
75,470
 
Total South Carolina
     
77,689,463
 
     
Tennessee – 0.5% (0.3% of Total Investments)
         
 
6,455
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2001A, 5.500%, 3/01/18 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AA+
 
6,504,833
 
     
Texas – 8.9% (5.8% of Total Investments)
         
 
435
 
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
 
461,664
 
 
12,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
11/10 at 100.00
A+
 
12,516,000
 
 
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
A
 
24,412,250
 
 
4,671
 
Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage Multifamily Housing Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42
9/11 at 105.00
Aaa
 
4,901,654
 
     
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
 
4,322,800
 
 
5,000
 
5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
 
5,385,650
 
 
17,500
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B, 5.250%, 9/01/33 – AMBAC Insured
9/11 at 100.00
A2
 
17,212,825
 
 
900
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 – AGM Insured (Alternative Minimum Tax)
1/11 at 100.00
AA+
 
900,468
 
 
23,865
 
Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41 – AMBAC Insured
8/11 at 100.00
N/R
 
24,749,198
 
 
140
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 (Pre-refunded 5/15/11) – NPFG Insured
5/11 at 100.00
A1 (4)
 
143,562
 
 
8,065
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A, 5.000%, 5/15/21 – NPFG Insured
5/11 at 100.00
A1
 
8,210,170
 
     
Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds, Series 2001B:
         
 
3,205
 
5.500%, 10/01/18 – FGIC Insured (Alternative Minimum Tax)
10/11 at 100.00
AAA
 
3,276,664
 
 
3,375
 
5.500%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)
10/11 at 100.00
AAA
 
3,438,113
 
 
7,205
 
San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 2001, 5.375%, 7/01/15 – FGIC Insured (Alternative Minimum Tax)
7/11 at 101.00
A+
 
7,413,080
 
 
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
A
 
7,706,436
 
 
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
11/10 at 100.00
AA–
 
1,879,118
 
 
125,251
 
Total Texas
     
126,929,652
 
 
44 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Utah – 1.3% (0.8% 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)
$
2,226,980
 
 
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
 
16,155,900
 
 
17,000
 
Total Utah
     
18,382,880
 
     
Virginia – 1.2% (0.8% of Total Investments)
         
 
1,035
 
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 – AGM Insured
6/14 at 100.00
AA+
 
1,159,448
 
 
4,840
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2001A, 5.500%, 10/01/19 – NPFG Insured (Alternative Minimum Tax)
10/11 at 101.00
AA–
 
5,056,300
 
 
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+
 
1,027,340
 
 
10,000
 
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2001H-1, 5.375%, 7/01/36 – NPFG Insured (UB)
7/11 at 100.00
AAA
 
10,199,900
 
 
16,875
 
Total Virginia
     
17,442,988
 
     
Washington – 4.3% (2.8% of Total Investments)
         
 
2,500
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 – FGIC Insured
1/15 at 100.00
AA–
 
2,588,725
 
 
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+
 
3,753,715
 
 
5,000
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 13.493%, 1/01/39 – AGC Insured (IF)
1/19 at 100.00
AA+
 
6,333,350
 
 
17,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
 
17,808,520
 
 
4,345
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.061%, 7/01/32 – AGM Insured (IF)
7/17 at 100.00
AA+
 
4,980,326
 
 
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
 
5,364,988
 
     
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
 
4,187,468
 
 
4,085
 
5.000%, 12/01/25 – SYNCORA GTY Insured
12/16 at 100.00
AA
 
4,378,916
 
 
4,290
 
5.000%, 12/01/26 – SYNCORA GTY Insured
12/16 at 100.00
AA
 
4,576,958
 
 
5,945
 
Washington State, General Obligation Bonds, Series 2006, Trust 1212, 13.126%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
 
7,115,868
 
 
54,805
 
Total Washington
     
61,088,834
 
     
West Virginia – 0.7% (0.5% of Total Investments)
         
 
10,000
 
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 5.000%, 6/15/40
6/20 at 100.00
AAA
 
10,466,300
 
     
Wisconsin – 2.1% (1.4% of Total Investments)
         
 
15,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%, 2/15/27 – NPFG Insured
2/11 at 100.00
A
 
15,004,800
 
 
290
 
Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured
5/14 at 100.00
AA
 
315,161
 
 
2,600
 
Wisconsin, 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)
 
2,993,796
 
 
10,946
 
Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 – NPFG Insured
5/14 at 100.00
AA
 
11,791,155
 
 
28,836
 
Total Wisconsin
     
30,104,912
 
$
2,298,725
 
Total Long-Term Investments (cost $2,114,348,889) – 154.0%
     
2,195,803,799
 
 
Nuveen Investments 45

 
 

 

   
Nuveen Insured Municipal Opportunity Fund, Inc. (continued)
NIO
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Short-Term Investments – 0.6% (0.4% of Total Investments)
         
     
Colorado – 0.1% (0.1% of Total Investments)
         
$
1,400
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Variable Rate Demand Obligations, Tender Option Bond Trust 2906Z, 0.290%, 3/01/16 (6)
No Opt. Call
A–1+
$
1,400,000
 
     
Georgia – 0.1% (0.1% of Total Investments)
         
 
1,882
 
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2008-1061, 0.300%, 7/01/34 (6)
7/17 at 100.00
A–1
 
1,882,000
 
     
Illinois – 0.2% (0.1% of Total Investments)
         
 
3,000
 
Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust Series 26W, 0.290%, 1/01/37 (6)
1/17 at 100.00
A–1+
 
3,000,000
 
     
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, 0.330%, 6/01/34 (6)
No Opt. Call
A–1
 
2,500,000
 
$
8,782
 
Total Short-Term Investments (cost $8,782,000)
     
8,782,000
 
     
Total Investments (cost $2,123,130,889) – 154.6%
     
2,204,585,799
 
     
Floating Rate Obligations – (9.5)%
     
(134,833,333
     
Other Assets Less Liabilities – 1.5%
     
21,491,843
 
     
Auction Rate Preferred Shares, at Liquidation Value – (46.6)% (7)
     
(664,825,000
     
Net Assets Applicable to Common Shares – 100%
   
$
1,426,419,309
 

   
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 Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
The Fund’s Adviser has concluded this 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 has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(7)
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.2%.
N/R
 
Not rated.
WI/DD
 
Purchased on a when-issued or delayed delivery basis.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
46 Nuveen Investments
 
 
 

 

   
Nuveen Premier Insured Municipal Income Fund, Inc.
NIF
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
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+
$
2,297,680
 
     
Arizona – 3.9% (2.6% 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+
 
2,089,640
 
 
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
 
4,627,524
 
 
5,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/40 – FGIC Insured
No Opt. Call
AA
 
4,630,200
 
 
11,370
 
Total Arizona
     
11,347,364
 
     
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+
 
4,280,818
 
     
California – 25.6% (17.2% 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
 
11,658
 
 
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
 
1,090,752
 
 
1,250
 
California Pollution Control Financing Authority, Remarketed Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 – NPFG Insured (Alternative Minimum Tax)
4/11 at 102.00
A
 
1,289,275
 
 
1,890
 
Ceres Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002B, 0.000%, 8/01/30 – FGIC Insured
8/12 at 34.89
A+
 
532,092
 
 
4,775
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
No Opt. Call
AA (4)
 
2,886,726
 
 
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+
 
1,071,049
 
 
1,150
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
AA+
 
607,695
 
 
45
 
Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt Mortgage Obligation Bonds, Series 1994A-I, 7.150%, 12/30/24 (Alternative Minimum Tax)
No Opt. Call
AAA
 
46,685
 
 
35
 
Kern County Housing Authority, California, GNMA Guaranteed Tax-Exempt Mortgage Obligation Bonds, Series 1994A-III, 7.450%, 6/30/25 (Alternative Minimum Tax)
No Opt. Call
AAA
 
36,392
 
 
3,590
 
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
 
4,660,718
 
 
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
A
 
5,931,350
 
 
8,880
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM)
No Opt. Call
AAA
 
11,789,887
 
 
7,315
 
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
 
8,357,973
 
 
8,565
 
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
 
11,272,225
 
 
4,300
 
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.125%, 5/01/19 – NPFG Insured (Alternative Minimum Tax)
5/11 at 100.00
A1
 
4,337,324
 
 
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
A
 
6,188,890
 
 
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
A
 
2,099,280
 
 
Nuveen Investments 47

 
 

 

   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
4,475
 
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
A
$
4,067,999
 
 
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
 
2,762,813
 
 
1,815
 
University of California, General Revenue Bonds, Series 2005G, 4.750%, 5/15/31 – NPFG Insured
5/13 at 101.00
Aa1
 
1,844,240
 
 
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
 
3,760,164
 
 
94,145
 
Total California
     
74,645,187
 
     
Colorado – 7.6% (5.1% of Total Investments)
         
 
3,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.988%, 10/01/41 – AGM Insured (IF)
4/18 at 100.00
AA+
 
3,297,900
 
 
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+
 
2,609,500
 
 
20,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
A
 
5,515,200
 
 
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+
 
4,709,870
 
 
2,065
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
2,399,633
 
 
1,390
 
Teller County School District RE-2, Woodland Park, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 – NPFG Insured
12/14 at 100.00
Aa2
 
1,530,890
 
 
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)
 
1,072,700
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
1,064,580
 
 
35,360
 
Total Colorado
     
22,200,273
 
     
District of Columbia – 0.2% (0.2% of Total Investments)
         
 
665
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.401%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
693,429
 
     
Florida – 5.1% (3.4% 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
 
2,391,847
 
 
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
 
1,627,845
 
 
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+
 
4,108,520
 
 
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
 
4,630,080
 
 
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
 
2,078,520
 
 
14,025
 
Total Florida
     
14,836,812
 
     
Georgia – 1.5% (1.0% 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+
 
2,837,079
 
 
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%, 2/01/27 – BHAC Insured
No Opt. Call
AA+
 
1,623,159
 
 
4,050
 
Total Georgia
     
4,460,238
 
     
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)
1/11 at 100.00
Baa1
 
2,254,500
 
 
48 Nuveen Investments
 
 
 

 
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois – 13.1% (8.9% 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
$
4,112,800
 
 
8,200
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A, 6.250%, 1/01/15 – NPFG Insured
No Opt. Call
Aa2
 
9,067,150
 
 
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
 
1,533,158
 
 
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
 
18,002,803
 
 
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+
 
2,560,475
 
 
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
 
202,014
 
 
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
A
 
2,905,650
 
 
43,220
 
Total Illinois
     
38,384,050
 
     
Indiana – 4.1% (2.8% of Total Investments)
         
 
2,130
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
2,174,048
 
     
Indiana University, Parking Facility Revenue Bonds, Series 2004:
         
 
1,015
 
5.250%, 11/15/19 – AMBAC Insured
11/14 at 100.00
Aaa
 
1,145,488
 
 
1,060
 
5.250%, 11/15/20 – AMBAC Insured
11/14 at 100.00
Aaa
 
1,196,274
 
 
1,100
 
5.250%, 11/15/21 – AMBAC Insured
11/14 at 100.00
Aaa
 
1,241,416
 
 
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
AA
 
5,240,274
 
 
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+
 
1,094,580
 
 
15,560
 
Total Indiana
     
12,092,080
 
     
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
 
3,431,937
 
     
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
 
1,009,280
 
     
Louisiana – 2.8% (1.9% of Total Investments)
         
 
885
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
A
 
915,046
 
 
7,160
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
7,297,114
 
 
8,045
 
Total Louisiana
     
8,212,160
 
     
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
Baa2
 
1,209,840
 
 
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
 
5,133,950
 
 
6,200
 
Total Maryland
     
6,343,790
 
     
Massachusetts – 4.5% (3.0% of Total Investments)
         
 
2,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
1/20 at 100.00
AA
 
2,671,425
 
 
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.266%, 7/01/29 (IF)
7/19 at 100.00
AA
 
3,712,189
 
 
Nuveen Investments 49

 
 

 

   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
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+
$
4,885,320
 
 
1,725
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB)
2/17 at 100.00
AA+
 
1,735,452
 
 
11,960
 
Total Massachusetts
     
13,004,386
 
     
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
 
3,901,516
 
     
Minnesota – 2.1% (1.4% of Total Investments)
         
 
4,860
 
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2001B, 5.750%, 1/01/15 – FGIC Insured (Alternative Minimum Tax)
1/11 at 100.00
AA–
 
4,897,859
 
 
130
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – NPFG Insured
2/11 at 100.00
AA+
 
130,546
 
 
1,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 5.000%, 8/01/18
No Opt. Call
AAA
 
1,210,740
 
 
5,990
 
Total Minnesota
     
6,239,145
 
     
Missouri – 0.7% (0.5% of Total Investments)
         
 
2,000
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/21 – NPFG Insured
10/13 at 100.00
A
 
2,160,740
 
     
Nevada – 5.8% (3.9% of Total Investments)
         
 
2,100
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 – NPFG Insured
12/12 at 100.00
Aaa
 
2,132,340
 
 
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)
 
984,465
 
 
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+
 
4,895,443
 
     
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
D
 
12,342
 
 
2,000
 
5.375%, 1/01/40 – AMBAC Insured (5)
1/11 at 100.00
D
 
420,260
 
 
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
Baa3 (4)
 
8,589,570
 
 
17,865
 
Total Nevada
     
17,034,420
 
     
New Jersey – 2.5% (1.7% 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
 
1,263,588
 
 
1,200
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
1,258,512
 
 
4,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
4,730,080
 
 
6,400
 
Total New Jersey
     
7,252,180
 
     
New Mexico – 1.1% (0.7% of Total Investments)
         
 
2,725
 
Rio Rancho, New Mexico, Water and Wastewater Revenue Bonds, Refunding Series 2009, 5.000%, 5/15/21 – AGM Insured
5/19 at 100.00
AA+
 
3,138,165
 
 
50 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
New York – 6.7% (4.5% of Total Investments)
         
$
1,000
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
A
$
1,045,760
 
 
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
 
2,097,731
 
 
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
 
5,346,150
 
 
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
AAA
 
10,984,300
 
 
18,185
 
Total New York
     
19,473,941
 
     
North Carolina – 3.0% (2.0% of Total Investments)
         
 
1,775
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2009-43W, 13.037%, 7/01/38 (IF)
7/20 at 100.00
AAA
 
2,285,614
 
 
3,100
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 – AGM Insured
10/13 at 100.00
AA+
 
3,127,466
 
 
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
 
3,283,966
 
 
7,925
 
Total North Carolina
     
8,697,046
 
     
Ohio – 1.5% (1.0% of Total Investments)
         
 
4,605
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
A1
 
4,514,282
 
     
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
 
3,727,430
 
 
360
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
No Opt. Call
AAA
 
369,853
 
 
3,860
 
Total Oklahoma
     
4,097,283
 
     
Oregon – 4.1% (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
 
5,051,900
 
 
7,000
 
5.000%, 7/01/32 – NPFG Insured
1/13 at 100.00
A1
 
7,020,930
 
 
12,000
 
Total Oregon
     
12,072,830
 
     
Pennsylvania – 6.8% (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
 
1,559,850
 
 
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
 
6,202,320
 
 
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+
 
4,261,280
 
 
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+
 
1,832,478
 
 
2,680
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
2,665,260
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
1,118,859
 
 
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+
 
2,170,645
 
 
19,045
 
Total Pennsylvania
     
19,810,692
 
 
Nuveen Investments 51

 
 

 
 
   
Nuveen Premier Insured Municipal Income Fund, Inc. (continued)
NIF
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Puerto Rico – 2.7% (1.8% of Total Investments)
         
$
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/22 – FGIC Insured
7/15 at 100.00
A
$
2,608,700
 
 
1,000
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
A3
 
1,067,280
 
 
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+
 
1,238,086
 
 
5,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/42 – NPFG Insured
No Opt. Call
Aa2
 
755,150
 
 
2,000
 
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/17 – NPFG Insured
No Opt. Call
A
 
2,226,020
 
 
11,675
 
Total Puerto Rico
     
7,895,236
 
     
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
Aa2
 
3,210,150
 
 
2,055
 
Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004, 5.000%, 10/01/22 – AGM Insured
10/14 at 100.00
AA+
 
2,271,268
 
 
5,055
 
Total Tennessee
     
5,481,418
 
     
Texas – 12.7% (8.5% of Total Investments)
         
 
12,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
1/11 at 100.00
A+
 
12,505,500
 
 
4,040
 
Harris County, Texas, Subordinate Lien Unlimited Tax Toll Road Revenue Bonds, Tender Options Bond Trust 3028, 13.772%, 8/15/28 – AGM Insured (IF)
No Opt. Call
AAA
 
6,428,246
 
     
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+
 
5,024,239
 
 
4,800
 
5.250%, 12/15/21 – FGIC Insured
12/13 at 100.00
A+
 
5,275,632
 
 
7,600
 
San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 2001, 5.375%, 7/01/16 – FGIC Insured (Alternative Minimum Tax)
7/11 at 101.00
A+
 
7,800,108
 
 
33,505
 
Total Texas
     
37,033,725
 
     
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+
 
6,147,014
 
     
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+
 
256,835
 
     
Washington – 16.9% (11.4% of Total Investments)
         
 
5,000
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 – NPFG Insured (Alternative Minimum Tax) (UB)
7/11 at 101.00
AA
 
5,035,600
 
     
King County School District 405, Bellevue, Washington, General Obligation Bonds, Series 2002:
         
 
9,285
 
5.000%, 12/01/19 – FGIC Insured
12/12 at 100.00
Aaa
 
10,156,397
 
 
12,785
 
5.000%, 12/01/20 – FGIC Insured
12/12 at 100.00
Aaa
 
13,984,872
 
     
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003:
         
 
2,755
 
5.250%, 12/01/18 – FGIC Insured
6/13 at 100.00
Aa1
 
3,079,208
 
 
2,990
 
5.250%, 12/01/19 – FGIC Insured
6/13 at 100.00
Aa1
 
3,341,863
 
 
4,715
 
Port of Seattle, Washington, Revenue Bonds, Series 2001B, 5.625%,
4/01/17 – FGIC Insured (Alternative Minimum Tax)
10/11 at 100.00
Aa2
 
4,884,646
 
 
895
 
Port of Seattle, Washington, Special Facility Revenue Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/29 – NPFG Insured (Alternative Minimum Tax)
3/11 at 100.00
A
 
896,557
 
 
52 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Washington (continued)
         
$
1,265
 
Tacoma, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/18 – FGIC Insured
12/12 at 100.00
AA
$
1,356,648
 
 
1,250
 
University of Washington, General Revenue Bonds, Tender Option Bond Trust 3005, 10.703%, 6/01/31 – AMBAC Insured (IF)
6/17 at 100.00
Aaa
 
1,479,450
 
 
5,000
 
Washington State, General Obligation Bonds, Series 2001C, 5.250%, 1/01/26 (Pre-refunded 1/01/11) – AGM Insured
1/11 at 100.00
AA+ (4)
 
5,043,200
 
 
45,940
 
Total Washington
     
49,258,441
 
$
463,995
 
Total Investments (cost $414,983,125) – 148.6%
     
433,958,893
 
     
Floating Rate Obligations – (7.7)%
     
(22,365,000
     
Other Assets Less Liabilities – 3.7%
     
10,548,915
 
     
Auction Rate Preferred Shares, at Liquidation Value – (44.6)% (6)
     
(130,125,000
)
     
Net Assets Applicable to Common Shares – 100%
   
$
292,017,808
 

   
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 Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
The Fund’s Adviser has concluded this 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)
 
Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.0%.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments 53

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2
NPX
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 3.7% (2.5% 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
$
3,836,175
 
     
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
         
 
1,395
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
A
 
1,065,250
 
 
1,040
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
A
 
780,312
 
 
11,135
 
Limestone County Water and Sewer Authority, Alabama, Water Revenue Bonds, Series 2007, 4.500%, 12/01/37 – SYNCORA GTY Insured
3/17 at 100.00
A+
 
10,510,327
 
 
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
 
2,740,194
 
 
19,910
 
Total Alabama
     
18,932,258
 
     
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+
 
2,969,708
 
 
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA+
 
3,624,705
 
 
5,000
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%,
7/01/29 – AGC Insured
1/20 at 100.00
AA+
 
5,224,100
 
 
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
 
12,962,724
 
 
23,665
 
Total Arizona
     
24,781,237
 
     
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+
 
6,384,189
 
     
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
 
2,152,420
 
 
2,000
 
5.000%, 11/01/28 – NPFG Insured
11/14 at 100.00
Aa2
 
2,109,680
 
 
2,480
 
University of Arkansas, Monticello Campus, Revenue Bonds, Series 2005, 5.000%, 12/01/35 – AMBAC Insured
12/13 at 100.00
Aa2
 
2,550,581
 
 
12,225
 
Total Arkansas
     
13,196,870
 
     
California – 20.1% (13.3% 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
 
5,598,278
 
 
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
 
23,315
 
 
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
 
2,216,788
 
 
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
 
1,329,237
 
 
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+
 
628,650
 
 
31,200
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 – NPFG Insured
1/11 at 25.70
A
 
6,623,136
 
 
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
 
1,728,043
 
 
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
 
6,740,860
 
 
1,870
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/23 – AGM Insured
No Opt. Call
AA+
 
988,164
 
 
54 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
6,520
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2005E, 5.000%, 7/01/22 – AMBAC Insured
7/15 at 100.00
Aa2
$
6,949,994
 
 
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
 
4,251,040
 
 
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
 
16,917,300
 
 
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
 
1,987,790
 
 
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
 
8,402,213
 
 
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)
 
1,598,088
 
 
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
12/10 at 101.00
N/R
 
744,482
 
     
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+
 
1,755,350
 
 
720
 
5.000%, 2/01/25 – AMBAC Insured
2/15 at 100.00
AA+
 
751,169
 
     
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
A
 
748,553
 
 
26,900
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
A
 
4,544,217
 
 
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
A
 
2,099,280
 
 
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
A
 
7,131,497
 
 
5,000
 
Torrance, California, Certificates of Participation, Refunding Series 2005B, 5.000%, 6/01/24 – AMBAC Insured
No Opt. Call
AA
 
5,112,550
 
 
12,500
 
University of California, Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 – AMBAC Insured (UB)
5/13 at 100.00
AA
 
12,722,125
 
 
169,315
 
Total California
     
101,592,119
 
     
Colorado – 9.2% (6.1% 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
 
1,979,751
 
 
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
 
3,485,426
 
 
16,095
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
12/13 at 100.00
N/R (4)
 
17,963,790
 
 
5,725
 
Denver School District 1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 – AGM Insured
12/13 at 100.00
AA+
 
6,355,036
 
 
12,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
A
 
3,309,120
 
 
1,325
 
El Paso County, Colorado, Certificates of Participation, Detention Facility Project, Series 2002B, 5.000%, 12/01/27 – AMBAC Insured
12/12 at 100.00
AA–
 
1,396,033
 
     
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004:
         
 
2,500
 
5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
2,905,125
 
 
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
5,955,506
 
 
2,000
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
12/14 at 100.00
AA+ (4)
 
2,324,100
 
 
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – FGIC Insured
6/15 at 100.00
Aa2
 
1,064,580
 
 
51,115
 
Total Colorado
     
46,738,467
 
 
Nuveen Investments 55

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
District of Columbia – 0.2% (0.1% of Total Investments)
         
$
1,065
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.401%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
$
1,110,529
 
     
Florida – 2.2% (1.5% of Total Investments)
         
 
1,000
 
Citizens Property Insurance Corporation, Florida, High-Risk Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 – AGM Insured
No Opt. Call
AA+
 
1,090,350
 
 
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
 
4,375,640
 
 
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 – AGM Insured
7/15 at 100.00
AA+
 
5,889,941
 
 
10,720
 
Total Florida
     
11,355,931
 
     
Georgia – 3.9% (2.6% of Total Investments)
         
 
1,535
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26
8/20 at 100.00
Aa2
 
1,564,150
 
 
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
 
4,182,800
 
 
1,475
 
Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 5/01/23 – NPFG Insured
5/14 at 100.00
Aa2
 
1,559,975
 
     
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
 
1,902,339
 
 
2,580
 
5.000%, 11/01/22 – NPFG Insured
11/13 at 100.00
A1
 
2,745,275
 
 
4,500
 
South Fulton Municipal Regional Water and Sewerage Authority, Georgia, Water and Sewerage Revenue Bonds, Series 2003, 5.000%, 1/01/33 (Pre-refunded 1/01/13) – NPFG Insured
1/13 at 100.00
N/R (4)
 
4,928,175
 
 
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+
 
3,077,850
 
 
18,865
 
Total Georgia
     
19,960,564
 
     
Hawaii – 4.5% (3.0% of Total Investments)
         
 
2,375
 
Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 5.000%, 7/15/19 – AGM Insured
7/13 at 100.00
AA+
 
2,594,973
 
 
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)
1/11 at 101.00
Baa1
 
20,211,400
 
 
22,375
 
Total Hawaii
     
22,806,373
 
     
Idaho – 0.0% (0.0% of Total Investments)
         
 
235
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 1998E, 5.450%, 7/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 100.00
Aaa
 
242,915
 
     
Illinois – 5.9% (3.9% of Total Investments)
         
 
1,015
 
Chicago Park District, Illinois, Limited Tax General Obligation Park Bonds, Series 2001C, 5.500%, 1/01/18 – FGIC Insured
7/11 at 100.00
AA
 
1,043,349
 
 
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+
 
8,415,600
 
     
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A:
         
 
1,295
 
6.125%, 4/01/12 – AGM Insured (ETM)
No Opt. Call
AA+ (4)
 
1,354,609
 
 
5,045
 
6.250%, 4/01/18 – AGM Insured (ETM)
No Opt. Call
AA+ (4)
 
6,167,311
 
 
1,950
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 – NPFG Insured (ETM)
No Opt. Call
AAA
 
2,323,776
 
 
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+
 
4,096,760
 
 
56 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois (continued)
         
$
15,000
 
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
$
1,822,950
 
 
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
 
4,323,577
 
 
130
 
Peoria, Moline and Freeport, Illinois, GNMA Collateralized Single Family Mortgage Revenue Bonds, Series 1995A, 7.600%, 4/01/27 (Alternative Minimum Tax)
4/11 at 100.00
AA+
 
132,170
 
 
42,160
 
Total Illinois
     
29,680,102
 
     
Indiana – 4.9% (3.2% 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
 
2,330,698
 
 
2,215
 
5.000%, 8/01/24 – AGM Insured
8/14 at 100.00
Aaa
 
2,445,050
 
 
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
 
10,584,600
 
 
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+
 
3,807,136
 
 
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+
 
5,501,650
 
 
23,050
 
Total Indiana
     
24,669,134
 
     
Kansas – 0.3% (0.2% of Total Investments)
         
 
1,250
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%,
9/01/27 – AGM Insured
9/14 at 101.00
AA+
 
1,335,363
 
     
Kentucky – 1.1% (0.7% of Total Investments)
         
 
6,010
 
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
No Opt. Call
A
 
2,149,537
 
 
3,040
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2005B, 5.000%, 7/01/25 – AMBAC Insured
7/15 at 100.00
AA+
 
3,315,302
 
 
9,050
 
Total Kentucky
     
5,464,839
 
     
Louisiana – 5.1% (3.4% of Total Investments)
         
 
3,940
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004, 5.250%, 7/01/24 – NPFG Insured
7/14 at 100.00
A
 
4,073,763
 
     
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
 
1,064,671
 
 
2,210
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
 
2,321,207
 
 
2,500
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
Aa1
 
2,614,200
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
1,320
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
1,345,278
 
 
14,265
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
14,275,271
 
 
25,245
 
Total Louisiana
     
25,694,390
 
     
Maryland – 0.8% (0.6% of Total Investments)
         
 
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
Baa3
 
1,815,969
 
 
2,495
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 – NPFG Insured
7/16 at 100.00
A
 
2,460,220
 
 
4,360
 
Total Maryland
     
4,276,189
 
 
Nuveen Investments 57

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Massachusetts – 3.4% (2.2% 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
$
3,205,710
 
 
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
No Opt. Call
A
 
3,434,130
 
 
290
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 101.00
N/R
 
240,233
 
 
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond Trust 3091, 13.034%, 8/15/37 – AMBAC Insured (IF)
8/17 at 100.00
AA+
 
3,915,390
 
     
Massachusetts, 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)
 
4,133,735
 
 
2,000
 
5.250%, 1/01/24 (Pre-refunded 1/01/14) – FGIC Insured
1/14 at 100.00
A1 (4)
 
2,265,060
 
 
15,275
 
Total Massachusetts
     
17,194,258
 
     
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)
4/11 at 100.00
AA
 
3,178,337
 
     
Minnesota – 0.2% (0.1% of Total Investments)
         
 
795
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.950%, 2/01/18 – NPFG Insured
2/11 at 100.00
AA+
 
798,339
 
     
Missouri – 0.5% (0.3% of Total Investments)
         
 
1,000
 
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 – NPFG Insured
3/16 at 100.00
Aa1
 
1,125,270
 
 
405
 
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Brookstone Village Apartments, Series 1996A, 6.000%, 12/01/16 – AGM Insured (Alternative Minimum Tax)
12/10 at 100.00
AAA
 
405,753
 
 
750
 
Missouri Western State College, Auxiliary System Revenue Bonds, Series 2003, 5.000%, 10/01/33 – NPFG Insured
10/13 at 100.00
A
 
762,390
 
 
2,155
 
Total Missouri
     
2,293,413
 
     
Nebraska – 2.8% (1.9% of Total Investments)
         
 
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA+
 
1,077,070
 
 
11,520
 
Nebraska Public Power District, Power Supply System Revenue Bonds, Series 2006A, 5.000%, 1/01/41 – FGIC Insured
1/16 at 100.00
A1
 
11,889,677
 
 
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, Series 2006A, 19.418%, 8/01/40 – AMBAC Insured (IF)
2/17 at 100.00
AA+
 
1,397,935
 
 
13,385
 
Total Nebraska
     
14,364,682
 
     
Nevada – 3.5% (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)
1/11 at 102.00
Baa2
 
5,048,250
 
 
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+
 
7,833,747
 
 
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
 
3,403,558
 
     
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000:
         
 
5,055
 
0.000%, 1/01/27 – AMBAC Insured
No Opt. Call
D
 
413,701
 
 
5,500
 
5.625%, 1/01/32 – AMBAC Insured (5)
1/12 at 100.00
D
 
1,156,045
 
 
26,380
 
Total Nevada
     
17,855,301
 
 
58 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
New Jersey – 7.1% (4.7% 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
$
1,377,714
 
 
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
 
2,406,870
 
 
1,560
 
Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds, Series 2004, 5.000%, 1/15/22 – NPFG Insured
1/15 at 100.00
Aa2
 
1,667,390
 
     
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
 
1,553,160
 
 
1,475
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
 
1,546,921
 
 
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%, 10/01/15 – AGM Insured
No Opt. Call
AA+
 
3,577,855
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
         
 
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
AA–
 
5,893,750
 
 
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
AA–
 
2,214,500
 
 
10,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
11,825,200
 
 
3,315
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured (UB)
1/15 at 100.00
AA+
 
3,571,017
 
 
59,425
 
Total New Jersey
     
35,634,377
 
     
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
AA+
 
1,568,542
 
 
1,050
 
5.000%, 6/01/24 – AMBAC Insured
6/14 at 100.00
AA+
 
1,106,175
 
 
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
Aa3
 
2,169,320
 
 
4,465
 
Total New Mexico
     
4,844,037
 
     
New York – 7.5% (4.9% of Total Investments)
         
 
1,120
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
2/15 at 100.00
A
 
1,171,251
 
 
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
 
1,087,830
 
 
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
 
3,893,043
 
     
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
 
11,533,484
 
 
5,000
 
5.000%, 12/01/25 – FGIC Insured
6/16 at 100.00
A
 
5,346,150
 
 
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
 
2,693,790
 
 
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+
 
5,632,800
 
 
1,540
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005, Trust 2364, 16.664%, 11/15/44 – AMBAC Insured (IF)
11/15 at 100.00
AA+
 
1,791,636
 
 
495
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 – AGM Insured
11/10 at 100.00
AA+
 
495,812
 
 
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+
 
4,041,025
 
 
35,355
 
Total New York
     
37,686,821
 
 
Nuveen Investments 59

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
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
$
1,289,300
 
 
1,780
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust 2009-43W, 13.037%, 7/01/38 (IF)
7/20 at 100.00
AAA
 
2,292,053
 
     
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
         
 
2,225
 
5.000%, 5/01/23 – FGIC Insured
5/14 at 100.00
AA–
 
2,329,486
 
 
2,335
 
5.000%, 5/01/24 – FGIC Insured
5/14 at 100.00
AA–
 
2,436,269
 
 
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
 
3,135,103
 
 
10,490
 
Total North Carolina
     
11,482,211
 
     
North Dakota – 3.7% (2.5% of Total Investments)
         
 
10,715
 
Fargo, North Dakota, Health System Revenue Bonds, MeritCare Obligated Group, Series 2000A, 5.600%, 6/01/21 – AGM Insured
12/10 at 101.00
AA+
 
10,839,080
 
 
8,000
 
North Dakota, Student Loan Trust Revenue Bonds, Series 2000B, 5.850%, 12/01/25 – AMBAC Insured (Alternative Minimum Tax)
12/10 at 100.00
Aaa
 
8,033,440
 
 
18,715
 
Total North Dakota
     
18,872,520
 
     
Ohio – 1.7% (1.1% of Total Investments)
         
 
7,825
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A1
 
7,670,848
 
 
700
 
Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/26 – AMBAC Insured
12/13 at 100.00
AA+
 
762,902
 
 
8,525
 
Total Ohio
     
8,433,750
 
     
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
 
1,597,470
 
     
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)
1/11 at 100.00
Baa1
 
1,521,368
 
     
Pennsylvania – 11.3% (7.5% of Total Investments)
         
 
12,620
 
Allegheny County Hospital Development Authority, Pennsylvania, Insured Revenue Bonds, West Penn Allegheny Health System, Series 2000A, 6.500%, 11/15/30 (Pre-refunded 11/15/10) – NPFG Insured
11/10 at 102.00
AAA
 
12,907,610
 
 
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
 
2,079,800
 
 
4,235
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006, 5.000%, 8/01/24 – AMBAC Insured
8/16 at 100.00
A1
 
4,529,163
 
 
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+
 
1,832,478
 
 
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
 
1,072,926
 
 
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+
 
5,418,330
 
 
4,585
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
4,559,783
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
1,118,859
 
     
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+
 
5,414,613
 
 
3,000
 
5.000%, 9/01/25 – AGM Insured
9/14 at 100.00
AA+
 
3,094,290
 
 
60 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
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
$
3,078,669
 
 
2,360
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27 – AMBAC Insured (ETM)
1/11 at 100.00
AAA
 
2,428,747
 
 
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+
 
4,048,474
 
 
1,455
 
Solebury Township, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 12/15/25 – AMBAC Insured
6/15 at 100.00
Aa3
 
1,545,850
 
 
3,650
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AAA
 
4,050,040
 
 
54,960
 
Total Pennsylvania
     
57,179,632
 
     
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
A
 
2,608,700
 
 
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+
 
4,957,611
 
 
7,205
 
Total Puerto Rico
     
7,566,311
 
     
South Carolina – 0.4% (0.3% of Total Investments)
         
 
1,955
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 – AGM Insured
12/16 at 100.00
AA+
 
2,073,219
 
     
Texas – 14.3% (9.4% of Total Investments)
         
     
Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004:
         
 
3,475
 
5.000%, 7/15/22 – AGM Insured (UB)
7/14 at 100.00
AA+
 
3,835,358
 
 
3,645
 
5.000%, 7/15/23 – AGM Insured (UB)
7/14 at 100.00
AA+
 
4,016,932
 
 
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
 
10,106,900
 
 
12,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 – NPFG Insured (Alternative Minimum Tax)
1/11 at 100.00
A+
 
12,505,500
 
 
5,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
A1
 
5,029,950
 
 
500
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000B, 5.450%, 7/01/24 – AGM Insured
No Opt. Call
AA+
 
560,100
 
 
4,485
 
Lower Colorado River Authority, Texas, Contract Revenue Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/21 – AGM Insured
5/12 at 100.00
AA+
 
4,711,896
 
 
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
 
10,116,300
 
 
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
 
4,419,362
 
     
Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Cook Children’s Healthcare System, Series 2000A:
         
 
6,725
 
5.750%, 12/01/17 (Pre-refunded 12/01/10) – AGM Insured
12/10 at 101.00
AA+ (4)
 
6,824,194
 
 
1,170
 
5.750%, 12/01/24 (Pre-refunded 12/01/10) – AGM Insured
12/10 at 101.00
AA+ (4)
 
1,187,258
 
 
6,330
 
5.750%, 12/01/24 (Pre-refunded 12/01/10) – AGM Insured
12/10 at 101.00
AA+ (4)
 
6,423,368
 
 
85
 
Texas State University System, Financing Revenue Refunding Bonds, Series 2002, 5.000%, 3/15/18 – AGM Insured
No Opt. Call
AA+
 
89,498
 
 
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)
 
2,347,147
 
 
70,281
 
Total Texas
     
72,173,763
 
 
Nuveen Investments 61

 
 

 

   
Nuveen Insured Premium Income Municipal Fund 2 (continued)
NPX
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
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+
$
9,328,764
 
 
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+
 
2,397,187
 
 
10,985
 
Total Utah
     
11,725,951
 
     
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
12/10 at 101.00
Baa1
 
1,346,902
 
     
Virginia – 2.7% (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
 
6,296,422
 
 
5,000
 
5.000%, 6/15/22 – NPFG Insured
6/15 at 100.00
A
 
5,274,600
 
     
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+
 
1,281,411
 
 
500
 
5.250%, 12/15/23 – AGM Insured
6/14 at 100.00
AA+
 
557,135
 
 
12,530
 
Total Virginia
     
13,409,568
 
     
Washington – 7.0% (4.6% of Total Investments)
         
 
10,000
 
Chelan County Public Utility District 1, Washington, Hydro Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 – NPFG Insured (Alternative Minimum Tax)
7/11 at 101.00
AA
 
10,071,200
 
 
1,370
 
Clark County School District 101, La Center, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/22 – AGM Insured
12/12 at 100.00
Aa1
 
1,498,575
 
 
3,000
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured
7/17 at 100.00
AA+
 
3,142,680
 
 
1,545
 
Tacoma, Washington, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – NPFG Insured
12/14 at 100.00
AA
 
1,675,862
 
 
3,950
 
Washington State Health Care Facilities Authority, Revenue Bonds, Swedish Health Services, Series 1998, 5.125%, 11/15/22 – AMBAC Insured
11/10 at 100.00
A2
 
3,960,902
 
 
6,200
 
Washington State, General Obligation Purpose Bonds, Series 2003A, 5.000%, 7/01/20 – FGIC Insured
7/12 at 100.00
AA+
 
6,667,790
 
 
10,855
 
Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured
No Opt. Call
AA+
 
8,120,083
 
 
36,920
 
Total Washington
     
35,137,092
 
     
West Virginia – 1.6% (1.0% of Total Investments)
         
 
8,000
 
Pleasants County, West Virginia, Pollution Control Revenue Bonds, Monongahela Power Company Pleasants Station Project, Series 1995C, 6.150%, 5/01/15 – AMBAC Insured
11/10 at 100.00
BBB–
 
8,015,280
 
 
62 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Wisconsin – 5.9% (3.9% 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
$
8,028,090
 
 
12,750
 
Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 2000A, 5.750%, 12/01/25 – FGIC Insured (Alternative Minimum Tax)
12/10 at 100.00
A1
 
12,802,145
 
 
4,940
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Sinai Samaritan Medical Center Inc., Series 1996, 5.750%, 8/15/16 – NPFG Insured
2/11 at 100.00
A
 
4,946,815
 
 
3,775
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 – FGIC Insured
5/16 at 100.00
AA
 
4,033,814
 
 
28,465
 
Total Wisconsin
     
29,810,864
 
$
868,381
 
Total Investments (cost $747,004,953) – 151.6%
     
766,032,746
 
     
Floating Rate Obligations – (11.5)%
     
(57,980,000
     
Variable Rate Demand Preferred Shares, at Liquidation Value – (43.3%) (6)
     
(219,000,000
)
     
Other Assets Less Liabilities – 3.2%
     
16,279,076
 
     
Net Assets Applicable to Common Shares – 100%
   
$
505,331,822
 

   
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 Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
The Fund’s Adviser has concluded this 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)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.6%.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
Nuveen Investments 63

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund
NVG
 
Portfolio of Investments October 31, 2010
   
 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Municipal Bonds – 148.2% (99.8% of Total Investments)
         
     
Alabama – 2.0% (1.3% of Total Investments)
         
$
5,310
 
Athens, Alabama, Water and Sewerage Revenue Warrants, Series 2002, 5.300%, 5/01/32 – NPFG Insured
5/12 at 101.00
A+
$
5,581,182
 
 
3,045
 
Hoover, Alabama, General Obligation Bonds, Series 2003, 5.000%, 3/01/20 – NPFG Insured
3/12 at 101.00
AA+
 
3,225,690
 
 
8,355
 
Total Alabama
     
8,806,872
 
     
Alaska – 3.6% (2.4% of Total Investments)
         
 
15,000
 
Alaska, International Airport System Revenue Bonds, Series 2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) – AMBAC Insured
10/12 at 100.00
Aa3 (4)
 
16,326,450
 
     
Arizona – 2.3% (1.6% of Total Investments)
         
 
5,000
 
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)
7/12 at 100.00
AA–
 
5,026,200
 
 
6,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
 
5,565,900
 
 
11,000
 
Total Arizona
     
10,592,100
 
     
California – 13.3% (9.0% 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–
 
1,132,140
 
 
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+
 
1,915,883
 
     
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
 
1,552,389
 
 
1,565
 
5.000%, 10/01/27 – NPFG Insured
10/15 at 100.00
Aa3
 
1,629,635
 
 
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+
 
454,360
 
 
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
 
2,415,276
 
 
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
 
17,974,022
 
     
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
BBB
 
799,850
 
 
365
 
5.125%, 6/01/47
6/17 at 100.00
BBB
 
263,059
 
 
1,990
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%, 11/01/25 – AGM Insured
No Opt. Call
AA+
 
933,171
 
 
7,935
 
Los Angeles, California, Certificates of Participation, Series 2002, 5.300%, 4/01/32 – AMBAC Insured
4/12 at 100.00
A+
 
7,999,432
 
 
2,220
 
Northern California Power Agency, Revenue Refunding Bonds, Hydroelectric Project 1, Series 1998A, 5.200%, 7/01/32 – NPFG Insured
1/11 at 100.00
A
 
2,220,444
 
     
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+
 
2,511,692
 
 
2,220
 
0.000%, 8/01/28 – AGC Insured
No Opt. Call
AA+
 
821,222
 
 
2,600
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
AA+
 
1,712,516
 
 
2,320
 
Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2001P, 5.250%, 8/15/18 – AGM Insured
8/11 at 100.00
AA+
 
2,390,992
 
     
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+
 
908,200
 
 
1,180
 
3.000%, 6/15/26 – AGM Insured
6/17 at 100.00
AA+
 
1,048,265
 
 
64 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
California (continued)
         
$
6,720
 
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
A
$
6,108,816
 
 
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
 
3,821,081
 
 
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
 
1,765,188
 
 
75,720
 
Total California
     
60,377,633
 
     
Colorado – 5.6% (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
A
 
17,840,971
 
 
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
 
743,700
 
 
17,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/25 – NPFG Insured
No Opt. Call
A
 
6,879,900
 
 
35,050
 
Total Colorado
     
25,464,571
 
     
District of Columbia – 1.7% (1.2% 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–
 
6,793,432
 
 
935
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.401%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
974,971
 
 
7,740
 
Total District of Columbia
     
7,768,403
 
     
Florida – 11.6% (7.8% of Total Investments)
         
     
Florida Municipal Loan Council, Revenue Bonds, Series 2003B:
         
 
2,305
 
5.250%, 12/01/17 – NPFG Insured
12/13 at 100.00
A
 
2,490,829
 
 
1,480
 
5.250%, 12/01/18 – NPFG Insured
12/13 at 100.00
A
 
1,587,226
 
 
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+
 
11,822,604
 
 
8,155
 
Lee County, Florida, Solid Waste System Revenue Refunding Bonds, Series 2001, 5.625%, 10/01/13 – NPFG Insured (Alternative Minimum Tax)
10/11 at 100.00
A3
 
8,428,600
 
     
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
A
 
7,640,756
 
 
5,600
 
5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A
 
5,945,576
 
 
10,000
 
5.125%, 10/01/21 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A
 
10,294,600
 
 
2,000
 
5.250%, 10/01/22 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A
 
2,057,320
 
 
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
 
1,011,990
 
 
1,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
 
1,039,260
 
 
50,305
 
Total Florida
     
52,318,761
 
     
Georgia – 2.2% (1.5% of Total Investments)
         
 
6,925
 
Atlanta and Fulton County Recreation Authority, Georgia, Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 – NPFG Insured
12/15 at 100.00
Aa2
 
7,235,863
 
 
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 – AGM Insured
11/14 at 100.00
AA+
 
1,054,460
 
 
1,695
 
Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2002B-2, 5.500%, 6/01/32 (Alternative Minimum Tax)
12/11 at 100.00
AAA
 
1,708,441
 
 
9,620
 
Total Georgia
     
9,998,764
 
     
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
 
3,239,670
 
 
1,130
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
 
1,212,095
 
 
4,130
 
Total Idaho
     
4,451,765
 
 
Nuveen Investments 65

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois – 10.8% (7.2% 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)
$
10,587,900
 
 
1,305
 
Chicago, Illinois, General Obligation Bonds, Series 2001A, 5.500%, 1/01/38 – NPFG Insured
1/11 at 101.00
AA–
 
1,325,397
 
     
Chicago, Illinois, General Obligation Bonds, Series 2001A:
         
 
50
 
5.500%, 1/01/38 (Pre-refunded 1/01/11) – NPFG Insured
1/11 at 101.00
AA– (4)
 
50,951
 
 
1,645
 
5.500%, 1/01/38 (Pre-refunded 1/01/11) – NPFG Insured
1/11 at 101.00
AA– (4)
 
1,676,288
 
     
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)
1/11 at 101.00
A2
 
4,321,400
 
 
4,485
 
5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 101.00
A2
 
4,558,330
 
 
4,730
 
5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 101.00
A2
 
4,807,336
 
 
2,930
 
5.500%, 1/01/19 – AMBAC Insured (Alternative Minimum Tax)
1/11 at 101.00
A2
 
2,977,906
 
 
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
 
3,806,460
 
 
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
 
3,107,400
 
 
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
A
 
4,097,360
 
 
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
Aa2
 
526,282
 
     
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
Aa2 (4)
 
870,085
 
 
250
 
5.250%, 10/01/22 (Pre-refunded 10/01/13) – AGM Insured
10/13 at 100.00
Aa2 (4)
 
282,495
 
 
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+
 
3,584,665
 
 
17,465
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45
No Opt. Call
AAA
 
2,122,521
 
 
62,460
 
Total Illinois
     
48,702,776
 
     
Indiana – 15.4% (10.4% 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
 
3,615,113
 
     
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)
 
5,427,104
 
 
7,000
 
5.250%, 4/01/30 (Pre-refunded 4/01/12) – AMBAC Insured
4/12 at 100.00
AA (4)
 
7,485,660
 
 
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+
 
10,043,700
 
 
3,200
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
A+
 
3,266,176
 
 
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+
 
5,501,650
 
 
25,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
7/12 at 100.00
AAA
 
27,007,750
 
 
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+
 
7,415,323
 
 
65,615
 
Total Indiana
     
69,762,476
 
     
Kansas – 0.8% (0.5% of Total Investments)
         
 
3,500
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
No Opt. Call
AA
 
3,608,885
 
 
66 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
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+
$
2,826,564
 
     
Louisiana – 3.0% (2.0% of Total Investments)
         
 
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
A
 
1,369,984
 
     
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
         
 
770
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
 
784,746
 
 
8,270
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
 
8,275,955
 
 
3
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 600-5, 16.301%, 5/01/34 – FGIC Insured (IF)
5/16 at 100.00
Aa1
 
3,343
 
 
3,085
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.125%, 9/01/21 – NPFG Insured
9/12 at 100.00
A
 
3,150,433
 
 
13,453
 
Total Louisiana
     
13,584,461
 
     
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
 
1,068,570
 
 
2,775
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46 – AGM Insured (UB)
2/17 at 100.00
AA+
 
2,791,814
 
 
3,775
 
Total Massachusetts
     
3,860,384
 
     
Michigan – 0.3% (0.2% of Total Investments)
         
 
1,500
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
 
1,546,755
 
     
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+
 
2,238,393
 
     
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+
 
1,792,544
 
     
Nebraska – 2.0% (1.3% of Total Investments)
         
 
6,360
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 5.000%, 9/01/32
9/15 at 100.00
AA
 
6,684,106
 
     
Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A:
         
 
1,000
 
5.250%, 4/01/20 – AGM Insured
4/13 at 100.00
AA+
 
1,085,370
 
 
1,000
 
5.250%, 4/01/21 – AGM Insured
4/13 at 100.00
AA+
 
1,077,200
 
 
8,360
 
Total Nebraska
     
8,846,676
 
     
Nevada – 1.5% (1.0% of Total Investments)
         
 
6,600
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
1/20 at 100.00
AA+
 
6,852,582
 
     
New Jersey – 0.9% (0.6% of Total Investments)
         
 
2,150
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.250%, 12/15/20
No Opt. Call
AA–
 
2,481,122
 
 
1,200
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – AGM Insured
No Opt. Call
AA+
 
1,419,024
 
 
3,350
 
Total New Jersey
     
3,900,146
 
     
New York – 6.0% (4.0% 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
A
 
1,171,251
 
 
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–
 
3,890,470
 
 
Nuveen Investments 67

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
New York (continued)
         
     
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518:
         
$
2,000
 
13.061%, 2/15/33 (IF)
2/19 at 100.00
AAA
$
2,373,920
 
 
1,335
 
13.049%, 2/15/33 (IF)
2/19 at 100.00
AAA
 
1,584,592
 
 
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
 
3,004,988
 
 
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
 
2,394,480
 
 
480
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 – AMBAC Insured
11/15 at 100.00
A
 
497,947
 
 
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+
 
10,533,224
 
 
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+
 
1,680,514
 
 
25,825
 
Total New York
     
27,131,386
 
     
North Carolina – 0.6% (0.4% of Total Investments)
         
 
2,080
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 – AGM Insured
10/13 at 100.00
AA+
 
2,152,842
 
 
540
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A, 6.000%, 6/01/34 – AGC Insured
6/19 at 100.00
AA+
 
597,154
 
 
2,620
 
Total North Carolina
     
2,749,996
 
     
Ohio – 0.5% (0.4% 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
BBB
 
56,798
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
BBB
 
598,232
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
BBB
 
546,274
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
BBB
 
1,201,458
 
 
3,030
 
Total Ohio
     
2,402,762
 
     
Oklahoma – 0.4% (0.3% of Total Investments)
         
 
2,000
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007, 5.000%, 2/15/37
2/17 at 100.00
A
 
2,004,140
 
     
Oregon – 1.9% (1.3% 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
 
3,238,920
 
     
Oregon, General Obligation Veterans Welfare Bonds, Series 82:
         
 
3,580
 
5.375%, 12/01/31
12/11 at 100.00
Aa1
 
3,630,084
 
 
1,680
 
5.500%, 12/01/42
12/11 at 100.00
Aa1
 
1,701,235
 
 
8,260
 
Total Oregon
     
8,570,239
 
     
Pennsylvania – 4.7% (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
A
 
4,739,220
 
 
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+
 
1,099,487
 
 
4,130
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
12/16 at 100.00
AA+
 
4,107,285
 
 
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 – AMBAC Insured
6/16 at 100.00
Aa3
 
1,118,859
 
 
6,000
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
4,912,560
 
 
68 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
2,000
 
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/18 – AGM Insured
11/13 at 100.00
AA+
$
2,172,200
 
 
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+
 
2,233,480
 
 
1,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AAA
 
1,109,600
 
 
21,730
 
Total Pennsylvania
     
21,492,691
 
     
Puerto Rico – 0.5% (0.3% of Total Investments)
         
 
1,225
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
A3
 
1,307,418
 
 
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
 
755,150
 
 
6,225
 
Total Puerto Rico
     
2,062,568
 
     
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+
 
2,067,917
 
     
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
 
1,098,260
 
 
2,300
 
5.000%, 4/01/21 – NPFG Insured
4/13 at 100.00
A
 
2,467,969
 
 
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+
 
1,076,630
 
 
6,250
 
Total South Carolina
     
6,710,776
 
     
Tennessee – 9.6% (6.5% 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+
 
1,670,543
 
 
1,455
 
5.000%, 10/01/20 – AGM Insured
10/14 at 100.00
AA+
 
1,625,846
 
 
1,955
 
5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA+
 
2,176,482
 
 
10,000
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
Aa2 (4)
 
10,915,000
 
 
10,000
 
Memphis-Shelby County Sports Authority, Tennessee, Revenue Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29 (Pre-refunded 11/01/12) – AMBAC Insured
11/12 at 100.00
Aa2 (4)
 
10,915,000
 
 
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)
 
16,294,814
 
 
40,100
 
Total Tennessee
     
43,597,685
 
     
Texas – 22.5% (15.1% of Total Investments)
         
 
3,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 – NPFG Insured (Alternative Minimum Tax)
11/11 at 100.00
A+
 
3,665,305
 
 
10,000
 
Gainesville Hospital District, Texas, Limited Tax General Obligation Bonds, Series 2002, 5.375%, 8/15/32 (Pre-refunded 8/15/11) – NPFG Insured
8/11 at 100.00
A3 (4)
 
10,393,300
 
 
1,210
 
Galveston, Texas, General Obligation Bonds, Series 2001, 5.250%, 5/01/21 – AMBAC Insured
5/11 at 100.00
Aa3
 
1,232,663
 
     
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
 
2,405,402
 
 
2,355
 
5.000%, 11/15/17 – NPFG Insured
11/13 at 100.00
AA
 
2,503,954
 
 
4,080
 
Harris County, Texas, General Obligation Toll Road Revenue Bonds, Series 2009, Trust 3418, 13.596%, 8/15/27 – AGM Insured (IF)
No Opt. Call
AAA
 
6,340,361
 
 
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)
 
13,827,970
 
 
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
 
1,080,700
 
 
4,345
 
San Antonio, Texas, Water System Senior Lien Revenue Refunding Bonds, Series 2002, 5.500%, 5/15/17 – AGM Insured
5/12 at 100.00
AA+
 
4,626,339
 
 
Nuveen Investments 69

 
 

 

   
Nuveen Insured Dividend Advantage Municipal Fund (continued)
NVG
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Texas (continued)
         
$
5,055
 
Texas Department of Housing and Community Affairs, Residential Mortgage Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax)
7/11 at 100.00
AAA
$
5,135,071
 
 
7,090
 
Texas Department of Housing and Community Affairs, Single Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 – NPFG Insured (Alternative Minimum Tax)
3/12 at 100.00
AAA
 
7,157,639
 
     
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
 
3,298,346
 
 
3,520
 
5.125%, 11/01/21 – NPFG Insured
5/12 at 100.00
Baa1
 
3,258,429
 
     
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
 
6,759,822
 
 
11,665
 
5.500%, 1/01/33 – NPFG Insured
1/12 at 102.00
Baa1
 
7,326,670
 
 
5,000
 
Texas Water Development Board, Senior Lien State Revolving Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17
1/11 at 100.00
AAA
 
5,019,000
 
 
9,145
 
Texas, General Obligation Bonds, Veterans Housing Assistance Program Fund II, Series 2002A-1, 5.250%, 12/01/22 (Alternative Minimum Tax) (UB)
6/12 at 100.00
Aaa
 
9,265,074
 
     
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
 
3,184,830
 
 
5,000
 
5.250%, 2/15/25 (Pre-refunded 2/15/12) – AGM Insured
2/12 at 100.00
AAA
 
5,308,050
 
 
104,125
 
Total Texas
     
101,788,925
 
     
Utah – 1.3% (0.9% of Total Investments)
         
 
4,865
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, Trust 1193, 13.210%, 12/15/15 – AGM Insured (IF)
No Opt. Call
AAA
 
5,860,233
 
     
Washington – 15.5% (10.4% 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–
 
5,357,032
 
 
6,600
 
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
Aaa
 
7,098,300
 
 
7,675
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 – NPFG Insured
7/12 at 100.00
Aaa
 
8,238,882
 
 
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
 
2,679,875
 
 
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+
 
2,445,652
 
 
3,255
 
Thurston and Pierce Counties School District, Washington, General Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 – AGM Insured
6/13 at 100.00
Aa1
 
3,638,048
 
 
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
 
10,458,900
 
     
Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT Project, Series 2002:
         
 
2,000
 
5.500%, 6/01/17 – AMBAC Insured
6/12 at 100.00
Aa3
 
2,133,060
 
 
4,325
 
5.125%, 6/01/22 – AMBAC Insured
6/12 at 100.00
Aa3
 
4,524,858
 
 
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
 
13,977,150
 
 
3,335
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.126%, 7/01/14 – AGM Insured (IF)
No Opt. Call
AA+
 
3,991,828
 
 
5,170
 
Whitman County School District 267, Pullman, Washington, General Obligation Bonds, Series 2002, 5.000%, 12/01/20 – AGM Insured
6/12 at 100.00
Aa1
 
5,541,824
 
 
67,325
 
Total Washington
     
70,085,409
 
     
Wisconsin – 2.8% (1.9% of Total Investments)
         
 
11,950
 
Wisconsin, Transportation Revenue Refunding Bonds, Series 2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) – AMBAC Insured
7/12 at 100.00
AA+ (4)
 
12,884,849
 
$
695,823
 
Total Municipal Bonds (cost $640,911,127)
     
670,969,620
 
 
70 Nuveen Investments
 
 
 

 

 
Shares
 
Description (1)
 
Value
 
     
Investment Companies – 0.3% (0.2% of Total Investments)
     
 
8,134
 
BlackRock MuniHoldings Fund Inc.
$
135,675
 
 
13,600
 
BlackRock MuniEnhanced Fund Inc.
 
153,136
 
 
7,920
 
Dreyfus Strategic Municipal Fund
 
70,963
 
 
3,500
 
DWS Municipal Income Trust
 
44,450
 
 
9,668
 
Morgan Stanley Quality Municipal Income Trust
 
129,164
 
 
26,280
 
PIMCO Municipal Income Fund II
 
305,899
 
 
9,500
 
Van Kampen Advantage Municipal Income Fund II
 
120,175
 
 
28,980
 
Van Kampen Investment Grade Municipal Trust
 
434,700
 
     
Total Investment Companies (cost $1,353,712)
 
1,394,162
 
     
Total Investments (cost $642,264,839) – 148.5%
 
672,363,782
 
     
Floating Rate Obligations – (6.3)%
 
(28,413,334
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (23.8)% (5)
 
(108,000,000
)
     
Other Assets Less Liabilities – 1.9%
 
8,907,233
 
     
Auction Rate Preferred Shares, at Liquidation Value – (20.3)% (5)
 
(91,950,000
)
     
Net Assets Applicable to Common Shares – 100%
$
452,907,681
 

   
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 Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.1% and 13.7%, respectively.
N/R
 
Not rated.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
 Nuveen Investments 71

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund
NEA
 
Portfolio of Investments October 31, 2010
   
 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Alabama – 7.0% (4.8% of Total Investments)
         
$
1,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB)
11/16 at 100.00
Aa1
$
1,030,720
 
 
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
 
5,524,765
 
 
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
A (4)
 
3,382,131
 
 
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
 
6,763,811
 
 
1,750
 
Montgomery, Alabama, General Obligation Warrants, Series 2003, 5.000%, 5/01/21 – AMBAC Insured
5/12 at 101.00
AA+
 
1,856,138
 
 
4,500
 
Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 5.500%, 7/01/29 – AMBAC Insured
7/13 at 100.00
Aa3
 
4,781,565
 
 
22,285
 
Total Alabama
     
23,339,130
 
     
Arizona – 5.1% (3.5% of Total Investments)
         
 
10,000
 
Maricopa County Pollution Control Corporation, Arizona, Revenue Bonds, Arizona Public Service Company – Palo Verde Project, Series 2002A, 5.050%, 5/01/29 – AMBAC Insured
11/12 at 100.00
Baa2
 
9,782,400
 
 
6,545
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 0.000%, 7/01/37 – FGIC Insured
No Opt. Call
AA
 
6,071,469
 
 
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+
 
1,272,775
 
 
17,795
 
Total Arizona
     
17,126,644
 
     
California – 20.8% (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
 
26,404,937
 
 
250
 
California State, General Obligation Bonds, Series 2002, 5.250%, 4/01/30 – SYNCORA GTY Insured
4/12 at 100.00
A1
 
252,598
 
   5   California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC
   Insured
4/14 at 100.00
A1
  5,048  
 
7,495
 
California, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
AAA
 
8,558,241
 
 
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
 
2,923,124
 
 
8,000
 
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
 
7,703,840
 
 
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
BBB
 
180,178
 
 
2,500
 
Irvine Public Facilities and Infrastructure Authority, California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 – AMBAC Insured
9/13 at 100.00
N/R
 
2,483,700
 
 
4,000
 
Montara Sanitation District, California, General Obligation Bonds, Series 2003, 5.000%, 8/01/28 – FGIC Insured
8/11 at 101.00
AA–
 
4,124,520
 
     
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–
 
1,177,889
 
 
1,255
 
5.250%, 6/01/21 – AMBAC Insured
6/13 at 101.00
A–
 
1,293,290
 
 
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
 
1,258,182
 
 
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+
 
3,865,013
 
 
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+
 
1,593,540
 
 
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%, 1/01/28 – NPFG Insured
1/13 at 100.00
A
 
1,076,575
 
 
6,300
 
University of California, General Revenue Bonds, Multi-Purpose Projects, Series 2003A, 5.000%, 5/15/33 – AMBAC Insured (UB)
5/13 at 100.00
AA
 
6,411,951
 
 
67,910
 
Total California
     
69,312,626
 
 
72 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
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+
$
4,532,544
 
 
3,750
 
5.500%, 12/01/28 – AGM Insured
12/13 at 100.00
AA+
 
3,900,150
 
 
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
 
1,484,148
 
 
4,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.988%, 10/01/41 – AGM Insured (IF)
4/18 at 100.00
AA+
 
4,946,850
 
 
3,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/30 – NPFG Insured
No Opt. Call
A
 
827,280
 
 
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
A
 
587,192
 
 
19,900
 
Total Colorado
     
16,278,164
 
     
District of Columbia – 0.7% (0.4% of Total Investments)
         
 
7,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured
No Opt. Call
AA+
 
1,474,480
 
 
665
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.401%, 10/01/30 – AMBAC Insured (IF)
10/16 at 100.00
AA+
 
693,429
 
 
7,665
 
Total District of Columbia
     
2,167,909
 
     
Florida – 22.9% (15.7% 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
 
1,047,580
 
     
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
         
 
1,500
 
5.000%, 11/01/27 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
 
1,597,928
 
 
3,000
 
5.000%, 11/01/32 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
 
3,136,380
 
 
400
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 – NPFG Insured
10/14 at 100.00
AA–
 
421,800
 
 
1,000
 
Escambia County, Florida, Sales Tax Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/17 – AMBAC Insured
10/12 at 101.00
A+
 
1,086,940
 
 
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
A
 
1,541,699
 
 
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 – NPFG Insured
10/15 at 100.00
A
 
513,240
 
 
160
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17
No Opt. Call
AAA
 
173,709
 
 
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2008, Trust 2929, 16.750%, 12/01/16 – AGC Insured (IF)
No Opt. Call
AA+
 
3,201,700
 
 
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
 
2,543,946
 
 
2,000
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 – AGM Insured
10/12 at 100.00
AA+
 
2,029,800
 
 
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+
 
114,616
 
 
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA+
 
362,152
 
 
1,300
 
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
Aa3
 
1,311,492
 
 
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
Aa3 (4)
 
211,770
 
 
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)
 
3,988,950
 
 
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
 
1,528,800
 
 
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+
 
2,425,745
 
 
Nuveen Investments 73

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Florida (continued)
         
$
2,265
 
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 5.000%, 10/01/20 – AMBAC Insured
10/12 at 100.00
N/R
$
2,303,505
 
 
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 – AMBAC Insured
10/14 at 100.00
A–
 
1,811,033
 
 
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – NPFG Insured
4/17 at 100.00
A
 
494,795
 
 
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
 
3,072,720
 
 
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+
 
589,225
 
 
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1999A, 5.000%, 10/01/29 – FGIC Insured
4/11 at 100.50
Aa2
 
2,011,140
 
 
2,000
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/17 – FGIC Insured
1/13 at 100.00
AA
 
2,141,440
 
 
1,500
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 – FGIC Insured
1/13 at 100.00
AA
 
1,545,000
 
 
3,370
 
Osceola County School Board, Florida, Certificates of Participation, Series 2002A, 5.125%, 6/01/20 (Pre-refunded 6/01/12) – AMBAC Insured
6/12 at 101.00
Aa3 (4)
 
3,646,846
 
 
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–
 
3,723,161
 
 
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
Aa3
 
1,222,447
 
 
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+
 
2,708,315
 
 
1,950
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) – AGM Insured
8/12 at 100.00
AA+ (4)
 
2,113,761
 
     
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)
 
3,159,380
 
 
3,000
 
5.500%, 11/15/27 (Pre-refunded 5/15/13)
5/13 at 100.00
Aa3 (4)
 
3,366,150
 
 
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
A
 
987,240
 
 
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+
 
2,233,757
 
 
1,500
 
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002, 5.000%, 5/01/23 – NPFG Insured
5/12 at 100.00
Aa3
 
1,567,095
 
 
225
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
 
237,474
 
 
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
 
1,652,025
 
 
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+
 
1,808,784
 
 
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+
 
4,140,680
 
 
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA+
 
1,232,988
 
 
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
 
1,255,063
 
 
71,265
 
Total Florida
     
76,262,271
 
     
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+
 
3,177,120
 
 
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+
 
1,489,355
 
 
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)
 
1,998,649
 
 
6,235
 
Total Georgia
     
6,665,124
 
 
74 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Illinois – 4.7% (3.2% 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+
$
5,259,750
 
     
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
 
1,759,358
 
 
1,465
 
5.125%, 12/01/23 – AGM Insured
12/14 at 100.00
Aa3
 
1,553,779
 
     
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)
 
1,803,483
 
 
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
12/14 at 100.00
Aa3 (4)
 
1,589,844
 
 
2,500
 
Illinois Health Facilities Authority, Revenue Bonds, Lake Forest Hospital, Series 2003, 5.250%, 7/01/23
7/13 at 100.00
AA+
 
2,566,175
 
 
10,000
 
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
 
1,215,300
 
 
23,725
 
Total Illinois
     
15,747,689
 
     
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
 
2,601,875
 
 
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
A
 
2,255,875
 
 
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+
 
1,898,465
 
 
1,000
 
Indiana University, Student Fee Revenue Bonds, Series 2003O, 5.000%, 8/01/22 – FGIC Insured
8/13 at 100.00
Aaa
 
1,088,390
 
     
IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003:
         
 
11,020
 
5.000%, 7/15/19 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA (4)
 
12,286,749
 
 
3,000
 
5.000%, 7/15/20 (Pre-refunded 7/15/13) – NPFG Insured
7/13 at 100.00
AA (4)
 
3,344,850
 
 
21,570
 
Total Indiana
     
23,476,204
 
     
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, 5.000%, 10/01/22 – AMBAC Insured
4/13 at 102.00
AA
 
5,346,550
 
     
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)
 
1,101,880
 
     
Louisiana – 2.4% (1.6% 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
 
2,113,880
 
 
5,785
 
New Orleans, Louisiana, General Obligation Refunding Bonds, Series 2002, 5.300%, 12/01/27 – FGIC Insured
12/12 at 100.00
A3
 
5,863,965
 
 
7,785
 
Total Louisiana
     
7,977,845
 
     
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
 
1,173,566
 
     
Michigan – 9.6% (6.6% 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)
 
6,806,691
 
 
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
Aa3
 
4,572,294
 
 
1,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB)
12/16 at 100.00
AA
 
1,031,170
 
 
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
Baa1
 
10,873,764
 
 
2,250
 
Romulus Community Schools, Wayne County, Michigan, General Obligation Refunding Bonds, Series 2001, 5.250%, 5/01/25
5/11 at 100.00
Aa2
 
2,281,005
 
 
Nuveen Investments 75

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Michigan (continued)
         
$
6,500
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured
12/11 at 101.00
A
$
6,256,510
 
 
31,145
 
Total Michigan
     
31,821,434
 
     
Missouri – 1.0% (0.7% of Total Investments)
         
 
240
 
Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 – AGM Insured
3/14 at 100.00
AA+
 
265,310
 
 
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+
 
237,674
 
     
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)
 
1,271,028
 
 
1,260
 
5.250%, 3/01/24 (Pre-refunded 3/01/14) – AGM Insured
3/14 at 100.00
AA+ (4)
 
1,442,788
 
 
2,825
 
Total Missouri
     
3,216,800
 
     
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+
 
5,344,700
 
     
New Mexico – 0.7% (0.5% 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
 
2,181,743
 
     
New York – 10.1% (6.9% of Total Investments)
         
 
2,020
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
A
 
1,939,321
 
 
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
 
25,705,750
 
 
1,850
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 – AGM Insured (UB)
3/15 at 100.00
AAA
 
1,998,315
 
 
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 12.814%, 3/15/37 (IF)
3/17 at 100.00
AAA
 
3,878,472
 
 
32,205
 
Total New York
     
33,521,858
 
     
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
 
7,269,981
 
     
Ohio – 0.7% (0.5% of Total Investments)
         
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
         
 
65
 
5.125%, 6/01/24
6/17 at 100.00
BBB
 
56,798
 
 
710
 
5.875%, 6/01/30
6/17 at 100.00
BBB
 
598,232
 
 
685
 
5.750%, 6/01/34
6/17 at 100.00
BBB
 
546,274
 
 
1,570
 
5.875%, 6/01/47
6/17 at 100.00
BBB
 
1,201,458
 
 
3,030
 
Total Ohio
     
2,402,762
 
     
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
 
1,064,980
 
     
Oregon – 2.5% (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
 
8,374,967
 
     
Pennsylvania – 7.5% (5.2% of Total Investments)
         
 
3,000
 
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)
8/13 at 100.00
AAA
 
3,384,720
 
 
3,500
 
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured
6/26 at 100.00
AA+
 
2,865,660
 
 
76 Nuveen Investments
 
 
 

 

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Pennsylvania (continued)
         
$
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+
$
2,017,500
 
 
925
 
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 1997A, 5.125%, 8/01/27– AMBAC Insured (ETM)
1/11 at 100.00
A1 (4)
 
951,945
 
 
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+
 
1,419,066
 
 
13,000
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
6/13 at 100.00
AAA
 
14,424,800
 
 
23,775
 
Total Pennsylvania
     
25,063,691
 
     
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)
 
1,087,450
 
 
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
 
1,456,556
 
 
11,350
 
Total Puerto Rico
     
2,544,006
 
     
South Carolina – 5.5% (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+
 
5,269,300
 
     
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
 
3,139,080
 
 
1,785
 
5.000%, 12/01/23 (UB)
12/13 at 100.00
AA
 
1,861,791
 
 
8,000
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2002A, 5.000%, 10/01/33 – AMBAC Insured
10/12 at 100.00
Aa3
 
8,180,240
 
 
17,785
 
Total South Carolina
     
18,450,411
 
     
Texas – 7.2% (5.0% of Total Investments)
         
     
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)
 
1,838,317
 
 
12,500
 
5.125%, 2/15/31 (Pre-refunded 2/15/13) – AGM Insured
2/13 at 100.00
AA+ (4)
 
13,771,750
 
 
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
 
2,154,260
 
 
1,160
 
Houston, Texas, General Obligation Refunding Bonds, Series 2002, 5.250%, 3/01/20 – NPFG Insured
3/12 at 100.00
AA
 
1,219,322
 
 
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)
 
4,622,049
 
 
465
 
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.125%, 2/15/18
2/12 at 100.00
AAA
 
493,463
 
 
22,140
 
Total Texas
     
24,099,161
 
     
Virginia – 0.5% (0.3% of Total Investments)
         
 
1,500
 
Hampton, Virginia, Revenue Bonds, Convention Center Project, Series 2002, 5.125%, 1/15/28 – AMBAC Insured
1/13 at 100.00
Aa3
 
1,534,965
 
     
Washington – 9.4% (6.5% of Total Investments)
         
 
4,945
 
Broadway Office Properties, King County, Washington, Lease Revenue Bonds, Washington Project, Series 2002, 5.000%, 12/01/31 – NPFG Insured
12/12 at 100.00
AAA
 
5,035,543
 
 
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
 
5,329,590
 
 
5,000
 
King County, Washington, Sewer Revenue Bonds, Series 2006-2, Trust 1200, 13.123%, 1/01/26 – AGM Insured (IF)
1/17 at 100.00
AA+
 
5,943,050
 
 
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
 
2,203,256
 
 
Nuveen Investments 77

 
 

 

   
Nuveen Insured Tax-Free Advantage Municipal Fund (continued)
NEA
 
Portfolio of Investments October 31, 2010

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
 
Value
 
     
Washington (continued)
         
$
1,935
 
Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 – FGIC Insured
6/13 at 100.00
Aa1
$
2,162,711
 
 
9,670
 
Washington State, General Obligation Bonds, Series 2003D, 5.000%, 12/01/21 – NPFG Insured
6/13 at 100.00
AA+
 
10,735,441
 
 
28,935
 
Total Washington
     
31,409,591
 
     
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
 
3,405,570
 
     
Wisconsin – 5.4% (3.7% of Total Investments)
         
 
1,190
 
Sun Prairie Area School District, Dane County, Wisconsin, General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 – AGM Insured
3/14 at 100.00
Aa2
 
1,313,831
 
 
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)
 
5,248,180
 
 
3,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 – FGIC Insured
No Opt. Call
A1
 
3,392,550
 
 
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+
 
3,367,872
 
 
4,750
 
Wisconsin Health and Educational Facilities Authority, Revenue Refunding Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 – AMBAC Insured
1/11 at 100.00
A
 
4,754,086
 
 
17,145
 
Total Wisconsin
     
18,076,519
 
$
493,105
 
Total Investments (cost $463,169,664) – 145.8%
     
485,758,741
 
     
Floating Rate Obligations – (3.9)%
     
(13,040,000
)
     
MuniFund Term Preferred Shares, at Liquidation Value – (24.9)% (5)
     
(83,000,000
)
     
Other Assets Less Liabilities – 3.2%
     
10,729,769
 
     
Auction Rate Preferred Shares, at Liquidation Value – (20.2)% (5)
     
(67,375,000
)
     
Net Assets Applicable to Common Shares – 100%
   
$
333,073,510
 

   
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 Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.
(5)
 
MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.1% and 13.9%, respectively.
N/R
 
Not rated.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
 
78 Nuveen Investments
 
 
 

 
 
   
Statement of
   
Assets & Liabilities
   
October 31, 2010

   
Insured
Quality
(NQI
)
Insured
Opportunity
(NIO
)
Premier
Insured Income
(NIF
)
Assets
                   
Investments, at value (cost $825,172,335, $2,123,130,889 and $414,983,125, respectively)
 
$
837,641,012
 
$
2,204,585,799
 
$
433,958,893
 
Cash
   
9,551,577
   
10,159,554
   
5,325,113
 
Receivables:
                   
Dividends and interest
   
11,474,842
   
32,497,074
   
6,601,620
 
Investments sold
   
   
55,000
   
215,000
 
Deferred offering costs
   
   
   
 
Other assets
   
205,016
   
491,180
   
110,014
 
Total assets
   
858,872,447
   
2,247,788,607
   
446,210,640
 
Liabilities
                   
Floating rate obligations
   
59,405,000
   
134,833,333
   
22,365,000
 
Payables:
                   
Investments purchased
   
9,559,627
   
13,456,757
   
 
Auction Rate Preferred share dividends
   
15,705
   
35,229
   
7,583
 
Common share dividends
   
2,347,075
   
6,137,523
   
1,288,637
 
Interest
   
   
   
 
Offering costs
   
   
   
 
MuniFund Term Preferred shares, at liquidation value
   
   
   
 
Variable Rate Demand Preferred shares, at liquidation value
   
   
   
 
Accrued expenses:
                   
Management fees
   
428,241
   
1,106,114
   
234,696
 
Other
   
318,430
   
975,342
   
171,916
 
Total liabilities
   
72,074,078
   
156,544,298
   
24,067,832
 
Auction Rate Preferred shares, at liquidation value
   
239,200,000
   
664,825,000
   
130,125,000
 
Net assets applicable to Common shares
 
$
547,598,369
 
$
1,426,419,309
 
$
292,017,808
 
Common shares outstanding
   
38,409,649
   
95,586,903
   
19,455,763
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
14.26
 
$
14.92
 
$
15.01
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
384,096
 
$
955,869
 
$
194,558
 
Paid-in surplus
   
538,727,339
   
1,333,624,161
   
270,637,597
 
Undistributed (Over-distribution of) net investment income
   
8,242,801
   
23,443,212
   
4,681,453
 
Accumulated net realized gain (loss)
   
(12,224,544
)
 
(13,058,843
)
 
(2,471,568
)
Net unrealized appreciation (depreciation)
   
12,468,677
   
81,454,910
   
18,975,768
 
Net assets applicable to Common shares
 
$
547,598,369
 
$
1,426,419,309
 
$
292,017,808
 
Authorized shares:
                   
Common
   
200,000,000
   
200,000,000
   
200,000,000
 
Auction Rate Preferred
   
1,000,000
   
1,000,000
   
1,000,000
 
MuniFund Term Preferred
   
   
   
 
Variable Rate Demand Preferred
   
   
   
 
 
See accompanying notes to financial statements.
 
Nuveen Investments 79

 
 

 

   
Statement of
   
Assets & Liabilities (continued)
   
October 31, 2010

   
Insured
Premium Income 2
(NPX
)
Insured
Dividend
Advantage
(NVG
)
Insured
Tax-Free
Advantage
(NEA
)
Assets
                   
Investments, at value (cost $747,004,953, $642,264,839 and $463,169,664, respectively)
 
$
766,032,746
 
$
672,363,782
 
$
485,758,741
 
Cash
   
3,847,391
   
867,750
   
3,982,207
 
Receivables:
                   
Dividends and interest
   
12,637,136
   
9,881,286
   
7,603,654
 
Investments sold
   
   
55,981
   
5,000
 
Deferred offering costs
   
2,385,018
   
1,489,810
   
1,355,528
 
Other assets
   
260,919
   
154,840
   
157,695
 
Total assets
   
785,163,210
   
684,813,449
   
498,862,825
 
Liabilities
                   
Floating rate obligations
   
57,980,000
   
28,413,334
   
13,040,000
 
Payables:
                   
Investments purchased
   
   
297,649
   
 
Auction Rate Preferred share dividends
   
   
8,247
   
5,577
 
Common share dividends
   
2,107,614
   
2,027,579
   
1,471,466
 
Interest
   
   
265,518
   
208,999
 
Offering costs
   
113,518
   
444,707
   
273,863
 
MuniFund Term Preferred shares, at liquidation value
   
   
108,000,000
   
83,000,000
 
Variable Rate Demand Preferred shares, at liquidation value
   
219,000,000
   
   
 
Accrued expenses:
                   
Management fees
   
400,145
   
298,860
   
231,888
 
Other
   
230,111
   
199,874
   
182,522
 
Total liabilities
   
279,831,388
   
139,955,768
   
98,414,315
 
Auction Rate Preferred shares, at liquidation value
   
   
91,950,000
   
67,375,000
 
Net assets applicable to Common shares
 
$
505,331,822
 
$
452,907,681
 
$
333,073,510
 
Common shares outstanding
   
37,353,512
   
29,802,900
   
22,240,032
 
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)
 
$
13.53
 
$
15.20
 
$
14.98
 
Net assets applicable to Common shares consist of:
                   
Common shares, $.01 par value per share
 
$
373,535
 
$
298,029
 
$
222,400
 
Paid-in surplus
   
499,321,192
   
424,477,357
   
315,330,111
 
Undistributed (Over-distribution of) net investment income
   
5,204,926
   
6,171,515
   
4,146,478
 
Accumulated net realized gain (loss)
   
(18,595,624
)
 
(8,138,163
)
 
(9,214,556
)
Net unrealized appreciation (depreciation)
   
19,027,793
   
30,098,943
   
22,589,077
 
Net assets applicable to Common shares
 
$
505,331,822
 
$
452,907,681
 
$
333,073,510
 
Authorized shares:
                   
Common
   
Unlimited
   
Unlimited
   
Unlimited
 
Auction Rate Preferred
   
Unlimited
   
Unlimited
   
Unlimited
 
MuniFund Term Preferred
   
   
Unlimited
   
Unlimited
 
Variable Rate Demand Preferred
   
Unlimited
   
   
 
 
See accompanying notes to financial statements.
 
80 Nuveen Investments

 
 

 

   
Statement of
   
Operations
   
Year Ended October 31, 2010

   
Insured
Quality
(NQI
)
Insured
Opportunity
(NIO
)
Premier
Insured Income
(NIF
)
Investment Income
 
$
42,943,675
 
$
108,249,772
 
$
22,186,302
 
Expenses
                   
Management fees
   
4,998,695
   
12,887,166
   
2,732,977
 
Auction fees
   
362,707
   
1,003,491
   
195,187
 
Dividend disbursing agent fees
   
50,000
   
90,000
   
30,000
 
Shareholders’ servicing agent fees and expenses
   
62,120
   
107,360
   
25,121
 
Interest expense and amortization of offering costs
   
384,131
   
884,374
   
169,134
 
Liquidity fees
   
   
   
 
Custodian’s fees and expenses
   
130,238
   
343,733
   
75,645
 
Directors’/Trustees’ fees and expenses
   
24,956
   
58,550
   
13,359
 
Professional fees
   
213,851
   
263,896
   
101,487
 
Shareholders’ reports – printing and mailing expenses
   
127,378
   
282,342
   
71,643
 
Stock exchange listing fees
   
13,016
   
31,239
   
9,111
 
Other expenses
   
6,007
   
22,634
   
21,041
 
Total expenses before custodian fee credit and expense reimbursement
   
6,373,099
   
15,974,785
   
3,444,705
 
Custodian fee credit
   
(8,647
)
 
(22,659
)
 
(6,085
)
Expense reimbursement
   
   
   
 
Net expenses
   
6,364,452
   
15,952,126
   
3,438,620
 
Net investment income
   
36,579,223
   
92,297,646
   
18,747,682
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
(365,237
)
 
3,248,061
   
1,205,612
 
Change in net unrealized appreciation (depreciation) of investments
   
22,254,904
   
54,668,514
   
9,719,823
 
Net realized and unrealized gain (loss)
   
21,889,667
   
57,916,575
   
10,925,435
 
Distributions to Auction Rate Preferred Shareholders
                   
From net investment income
   
(972,939
)
 
(2,690,399
)
 
(522,384
)
From accumulated net realized gains
   
   
   
 
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
   
(972,939
)
 
(2,690,399
)
 
(522,384
)
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
57,495,951
 
$
147,523,822
 
$
29,150,733
 
 
See accompanying notes to financial statements.
 
 Nuveen Investments 81

 
 

 
 
   
Statement of
   
Operations (continued)
   
Year Ended October 31, 2010

   
Insured
Premium Income 2
(NPX
)
Insured
Dividend
Advantage
(NVG
)
Insured
Tax-Free
Advantage
(NEA
)
Investment Income
 
$
38,072,977
 
$
34,394,093
 
$
24,754,075
 
Expenses
                   
Management fees
   
4,662,949
   
4,184,758
   
3,116,833
 
Auction fees
   
208,370
   
143,323
   
135,315
 
Dividend disbursing agent fees
   
   
30,000
   
30,000
 
Shareholders’ servicing agent fees and expenses
   
35,517
   
7,529
   
4,341
 
Interest expense and amortization of offering costs
   
1,949,577
   
3,756,544
   
2,203,308
 
Liquidity fees
   
1,830,036
   
   
 
Custodian’s fees and expenses
   
122,099
   
112,331
   
86,153
 
Directors’/Trustees’ fees and expenses
   
19,219
   
21,040
   
15,927
 
Professional fees
   
45,836
   
111,719
   
94,504
 
Shareholders’ reports – printing and mailing expenses
   
130,232
   
105,436
   
65,176
 
Stock exchange listing fees
   
12,659
   
4,169
   
2,570
 
Other expenses
   
   
   
20,188
 
Total expenses before custodian fee credit and expense reimbursement
   
9,016,494
   
8,476,849
   
5,774,315
 
Custodian fee credit
   
(8,355
)
 
(2,813
)
 
(4,140
)
Expense reimbursement
   
   
(820,666
)
 
(432,427
)
Net expenses
   
9,008,139
   
7,653,370
   
5,337,748
 
Net investment income
   
29,064,838
   
26,740,723
   
19,416,327
 
Realized and Unrealized Gain (Loss)
                   
Net realized gain (loss) from investments
   
958,435
   
91,467
   
44,055
 
Change in net unrealized appreciation (depreciation) of investments
   
18,993,472
   
11,535,902
   
11,384,510
 
Net realized and unrealized gain (loss)
   
19,951,907
   
11,627,369
   
11,428,565
 
Distributions to Auction Rate Preferred Shareholders
                   
From net investment income
   
   
(330,957
)
 
(361,303
)
From accumulated net realized gains
   
   
(83,568
)
 
 
Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders
   
   
(414,525
)
 
(361,303
)
Net increase (decrease) in net assets applicable to Common shares from operations
 
$
49,016,745
 
$
37,953,567
 
$
30,483,589
 
 
See accompanying notes to financial statements.
 
82 Nuveen Investments

 
 

 
 
   
Statement of
   
Changes in Net Assets

   
Insured Quality (NQI)
 
Insured Opportunity (NIO)
 
   
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Operations
                         
Net investment income
 
$
36,579,223
 
$
38,050,658
 
$
92,297,646
 
$
80,351,687
 
Net realized gain (loss) from:
                         
Investments
   
(365,237
)
 
(3,961,756
)
 
3,248,061
   
1,491,035
 
Forward swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
22,254,904
   
70,606,759
   
54,668,514
   
128,404,860
 
Forward swaps
   
   
   
   
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(972,939
)
 
(2,175,313
)
 
(2,690,399
)
 
(4,883,766
)
From accumulated net realized gains
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
57,495,951
   
102,520,348
   
147,523,822
   
205,363,816
 
Distributions to Common Shareholders
                         
From net investment income
   
(32,559,670
)
 
(28,915,237
)
 
(79,910,850
)
 
(59,230,779
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(32,559,670
)
 
(28,915,237
)
 
(79,910,850
)
 
(59,230,779
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the Reorganization(1)
   
   
   
   
207,492,882
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
1,445,628
   
148,339
   
   
 
Repurchased and retired
   
   
   
(37,551
)
 
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
1,445,628
   
148,339
   
(37,551
)
 
207,492,882
 
Net increase (decrease) in net assets applicable to Common shares
   
26,381,909
   
73,753,450
   
67,575,421
   
353,625,919
 
Net assets applicable to Common shares at the beginning of year
   
521,216,460
   
447,463,010
   
1,358,843,888
   
1,005,217,969
 
Net assets applicable to Common shares at the end of year
 
$
547,598,369
 
$
521,216,460
 
$
1,426,419,309
 
$
1,358,843,888
 
Undistributed (Over-distribution of) net investment income at the end of year
 
$
8,242,801
 
$
5,239,968
 
$
23,443,212
 
$
13,750,540
 
 
(1) Common shares issued in the Reorganization of Nuveen Florida Premium Income Municipal Fund (NFL).
 
See accompanying notes to financial statements.
 
Nuveen Investments 83

 
 

 
 
   
Statement of
   
Changes in Net Assets (continued)

   
Premier Insured
Income (NIF)
 
Insured Premium
Income 2 (NPX)
 
   
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Operations
                         
Net investment income
 
$
18,747,682
 
$
19,238,723
 
$
29,064,838
 
$
29,853,041
 
Net realized gain (loss) from:
                         
Investments
   
1,205,612
   
(28,901
)
 
958,435
   
(3,699,493
)
Forward swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
9,719,823
   
31,808,470
   
18,993,472
   
57,348,025
 
Forward swaps
   
   
   
   
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(522,384
)
 
(1,158,067
)
 
   
 
From accumulated net realized gains
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
29,150,733
   
49,860,225
   
49,016,745
   
83,501,573
 
Distributions to Common Shareholders
                         
From net investment income
   
(16,982,257
)
 
(14,137,477
)
 
(27,753,661
)
 
(24,989,504
)
From accumulated net realized gains
   
   
   
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(16,982,257
)
 
(14,137,477
)
 
(27,753,661
)
 
(24,989,504
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the Reorganization
   
   
   
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
537,718
   
   
   
 
Repurchased and retired
   
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
537,718
   
   
   
 
Net increase (decrease) in net assets applicable to Common shares
   
12,706,194
   
35,722,748
   
21,263,084
   
58,512,069
 
Net assets applicable to Common shares at the beginning of year
   
279,311,614
   
243,588,866
   
484,068,738
   
425,556,669
 
Net assets applicable to Common shares at the end of year
 
$
292,017,808
 
$
279,311,614
 
$
505,331,822
 
$
484,068,738
 
Undistributed (Over-distribution of) net investment income at the end of year
 
$
4,681,453
 
$
3,446,640
 
$
5,204,926
 
$
3,094,419
 
 
See accompanying notes to financial statements.
 
84 Nuveen Investments

 
 

 
 
   
Insured Dividend
Advantage (NVG)
 
Insured Tax-Free
Advantage (NEA)
 
   
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Operations
                         
Net investment income
 
$
26,740,723
 
$
29,671,614
 
$
19,416,327
 
$
18,590,630
 
Net realized gain (loss) from:
                         
Investments
   
91,467
   
(5,791,986
)
 
44,055
   
(1,232,542
)
Forward swaps
   
   
5,000,000
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
11,535,902
   
54,873,147
   
11,384,510
   
34,689,209
 
Forward swaps
   
   
(1,124,391
)
 
   
 
Distributions to Auction Rate Preferred Shareholders:
                         
From net investment income
   
(330,957
)
 
(1,745,832
)
 
(361,303
)
 
(1,057,458
)
From accumulated net realized gains
   
(83,568
)
 
   
   
 
Net increase (decrease) in net assets applicable to Common shares from operations
   
37,953,567
   
80,882,552
   
30,483,589
   
50,989,839
 
Distributions to Common Shareholders
                         
From net investment income
   
(25,034,436
)
 
(22,593,095
)
 
(18,077,924
)
 
(13,551,237
)
From accumulated net realized gains
   
(1,218,939
)
 
   
   
 
Decrease in net assets applicable to Common shares from distributions to Common shareholders
   
(26,253,375
)
 
(22,593,095
)
 
(18,077,924
)
 
(13,551,237
)
Capital Share Transactions
                         
Common shares:
                         
Issued in the Reorganization(2)
   
   
   
   
54,285,213
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
   
   
80,971
   
 
Repurchased and retired
   
   
(117,163
)
 
   
(212,353
)
Net increase (decrease) in net assets applicable to Common shares from capital share transactions
   
   
(117,163
)
 
80,971
   
54,072,860
 
Net increase (decrease) in net assets applicable to Common shares
   
11,700,192
   
58,172,294
   
12,486,636
   
91,511,462
 
Net assets applicable to Common shares at the beginning of year
   
441,207,489
   
383,035,195
   
320,586,874
   
229,075,412
 
Net assets applicable to Common shares at the end of year
 
$
452,907,681
 
$
441,207,489
 
$
333,073,510
 
$
320,586,874
 
Undistributed (Over-distribution of) net investment income at the end of year
 
$
6,171,515
 
$
4,426,545
 
$
4,146,478
 
$
2,920,016
 
 
(2) Common shares issued in the Reorganization of Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF).
 
See accompanying notes to financial statements.
 
Nuveen Investments 85

 
 

 
 
   
Statement of
   
Cash Flows
   
Year Ended October 31, 2010

   
Insured
Quality
(NQI
)
Insured
Premium Income 2
(NPX
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common shares from Operations
 
$
57,495,951
 
$
49,016,745
 
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
   
(87,966,646
)
 
(74,417,733
)
Proceeds from sales and maturities of investments
   
100,460,978
   
78,624,772
 
Proceeds from (Purchases of) short-term investments, net
   
(12,990,000
)
 
 
Amortization (Accretion) of premiums and discounts, net
   
(2,909,335
)
 
(1,477,595
)
(Increase) Decrease in receivable for dividends and interest
   
412,853
   
697,444
 
(Increase) Decrease in receivable for investments sold
   
2,910,000
   
9,679,732
 
(Increase) Decrease in other assets
   
(7,266
)
 
(210,862
)
Increase (Decrease) in payable for investments purchased
   
9,559,627
   
(9,639,100
)
Increase (Decrease) in payable for Auction Rate Preferred share dividends
   
3,042
   
 
Increase (Decrease) in payable for interest
   
   
 
Increase (Decrease) in accrued management fees
   
2,952
   
2,238
 
Increase (Decrease) in accrued other liabilities
   
28,350
   
58,329
 
Net realized (gain) loss from investments
   
365,237
   
(958,435
)
Change in net unrealized (appreciation) depreciation of investments
   
(22,254,904
)
 
(18,993,472
)
Taxes paid on undistributed capital gains
   
(118
)
 
(26
)
Net cash provided by (used in) operating activities
   
45,110,721
   
32,382,037
 
Cash Flows from Financing Activities:
             
Increase (Decrease) in floating rate obligations
   
260,000
   
 
Increase (Decrease) in cash overdraft balance
   
   
(1,033,897
)
(Increase) Decrease in cash equivalents
   
   
 
Increase (Decrease) in Auction Rate Preferred shares noticed for redemption, at liquidation value
   
   
 
(Increase) Decrease in deferred offering costs
   
   
80,724
 
Increase (Decrease) in payable for offering costs
   
   
113,518
 
Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value
   
   
 
Increase (Decrease) in Auction Rate Preferred shares, at liquidation value
   
(6,650,000
)
 
 
Cash distributions paid to Common shareholders
   
(30,980,521
)
 
(27,694,991
)
Net cash provided by (used in) financing activities
   
(37,370,521
)
 
(28,534,646
)
Net Increase (Decrease) in Cash
   
7,740,200
   
3,847,391
 
Cash at the beginning of year
   
1,811,377
   
 
Cash at the End of Year
   
9,551,577
   
3,847,391
 
 
Supplemental Disclosure of Cash Flow Information
 
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $1,445,628 for Insured Quality (NQI).
 
   
Insured
Quality
(NQI
)
Insured
Premium Income 2
(NPX
)
Cash paid for interest (excluding amortization of offering costs, where applicable)
 
$
384,131
 
$
1,147,236
 
 
See accompanying notes to financial statements.
 
86 Nuveen Investments

 
 

 

   
Insured
Dividend
Advantage
(NVG
)
Insured
Tax-Free
Advantage
(NEA
)
Cash Flows from Operating Activities:
             
Net Increase (Decrease) in Net Assets Applicable to Common shares from Operations
 
$
37,953,567
 
$
30,483,589
 
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
   
(17,412,699
)
 
(11,245,321
)
Proceeds from sales and maturities of investments
   
15,646,427
   
8,685,778
 
Proceeds from (Purchases of) short-term investments, net
   
   
3,790,000
 
Amortization (Accretion) of premiums and discounts, net
   
(904,865
)
 
(215,088
)
(Increase) Decrease in receivable for dividends and interest
   
124,747
   
(114,065
)
(Increase) Decrease in receivable for investments sold
   
1,383,558
   
(5,000
)
(Increase) Decrease in other assets
   
(26,208
)
 
(18,478
)
Increase (Decrease) in payable for investments purchased
   
297,649
   
 
Increase (Decrease) in payable for Auction Rate Preferred share dividends
   
(242
)
 
(364
)
Increase (Decrease) in payable for interest
   
159,318
   
208,999
 
Increase (Decrease) in accrued management fees
   
21,492
   
29,949
 
Increase (Decrease) in accrued other liabilities
   
(15,372
)
 
(123,897
)
Net realized (gain) loss from investments
   
(91,467
)
 
(44,055
)
Change in net unrealized (appreciation) depreciation of investments
   
(11,535,902
)
 
(11,384,510
)
Taxes paid on undistributed capital gains
   
(4,098
)
 
(8
)
Net cash provided by (used in) operating activities
   
25,595,905
   
20,047,529
 
Cash Flows from Financing Activities:
             
Increase (Decrease) in floating rate obligations
   
   
 
Increase (Decrease) in cash overdraft balance
   
   
 
(Increase) Decrease in cash equivalents (1)
   
106,158,035
   
 
Increase (Decrease) in Auction Rate Preferred shares noticed for redemption, at liquidation value
   
(106,125,000
)
 
 
(Increase) Decrease in deferred offering costs
   
372,060
   
(1,355,528
)
Increase (Decrease) in payable for offering costs
   
(79,930
)
 
273,863
 
Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value
   
   
83,000,000
 
Increase (Decrease) in Auction Rate Preferred shares, at liquidation value
   
   
(81,375,000
)
Cash distributions paid to Common shareholders
   
(26,250,238
)
 
(18,174,260
)
Net cash provided by (used in) financing activities
   
(25,925,073
)
 
(17,630,925
)
Net Increase (Decrease) in Cash
   
(329,168
)
 
2,416,604
 
Cash at the beginning of year
   
1,196,918
   
1,565,603
 
Cash at the End of Year
   
867,750
   
3,982,207
 
 
Supplemental Disclosure of Cash Flow Information
 
Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $80,971 for Insured Tax-Free Advantage (NEA).

   
Insured
Dividend
Advantage
(NVG
)
Insured
Tax-Free
Advantage
(NEA
)
Cash paid for interest (excluding amortization of offering costs, where applicable)
 
$
3,225,166
 
$
1,744,837
 
 
(1) Segregated for the payment of Auction Rate Preferred shares noticed for redemption at October 31,2009.
 
See accompanying notes to financial statements.
 
Nuveen Investments 87

 
 

 
 
   
Notes to
   
Financial Statements
 
1. General Information and Significant Accounting Policies
The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Insured Quality Municipal Fund, Inc. (NQI), Nuveen Insured Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Insured Municipal Income Fund, Inc. (NIF), Nuveen Insured Premium Income Municipal Fund 2 (NPX), Nuveen Insured Dividend Advantage Municipal Fund (NVG) and Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) (collectively, the “Funds”). Common shares of Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) are traded on the New York Stock Exchange (“NYSE”) while Common shares of Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered investment companies.
 
During the fiscal year ended October 31, 2009, the following Nuveen Florida closed-end municipal funds were reorganized into the following existing Nuveen national municipal closed-end funds, as follows (collectively, the “Reorganizations”):

 
Nuveen Insured Florida Premium Income Municipal Fund (NFL) into Insured Opportunity (NIO);
     
 
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) into Insured Tax-Free Advantage (NEA).
 
Each of these Funds called a special meeting of shareholders, originally scheduled in each case for May 15, 2009, to vote on the Reorganizations. Those meetings were subsequently adjourned to and reconvened in June and July, at which time, shareholders of each of Insured Florida Premium Income (NFL), Insured Florida Tax-Free Advantage (NWF), Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) approved its respective Reorganization, with more than 80% of participating shares of each fund voting in favor of the Reorganization.
 
After the close of business on October 16, 2009, Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) acquired all the net assets of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF), respectively, pursuant to the plan of Reorganizations described above. The acquisition was accomplished by a tax-free exchange of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) Common shares for Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) Common shares, respectively. On October 16, 2009, the net assets of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) were $207,492,882 and $54,285,213, respectively. Insured Florida Premium Income’s (NFL) and Insured Florida Tax-Free Advantage’s (NWF) net assets applicable to Common shares at that date included $8,234,921 and $3,171,992 of net unrealized appreciation, respectively. Each Fund’s net unrealized appreciation was combined with that of Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA), respectively. The combined net assets applicable to Common shares of Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) immediately after the acquisitions were $1,372,440,081 and $323,751,223, respectively. For accounting and performance reporting purposes, Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) are the survivors. Prior to the Reorganizations, each of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) established a reserve for certain costs and expenses associated with the Reorganizations, including amounts estimated for the advancement of legal costs in connection with legal proceedings brought by a shareholder of the funds challenging the Reorganizations. The amount of such reserve is included as a component of Insured Opportunity’s (NIO) and Insured Tax-Free Advantage’s (NEA) “Accrued other expenses” on the Statement of Assets and Liabilities.
 
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.
 
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
Investment Valuation
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the mean between the quoted bid and ask prices.
 
Prices of municipal bonds and forward swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing
 
88 Nuveen Investments

 
 

 

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 Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
 
Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. These securities are generally classified as Level 1 or Level 2, which is usually the case for municipal bonds.
 
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. 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. 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, 2010, Insured Quality (NQI) and Insured Opportunity (NIO) had outstanding when-issued/delayed delivery purchase commitments of $9,559,627 and $13,456,757, respectively. There were no such outstanding purchase commitments in any of the other Funds.
 
Investment Income
Dividend income is recorded on the ex-dividend date. Interest 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.
 
 Nuveen Investments 89

 
 

 
 
   
Notes to
   
Financial Statements (continued)
 
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
Auction Rate Preferred Shares
Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). The following Funds have issued and outstanding ARPS, $25,000 stated value per share, which approximates market value, as a means of effecting financial leverage. Each Fund’s ARPS are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of October 31, 2010, the number of ARPS outstanding, by Series and in total, for each Fund is as follows:

   
Insured
Quality
 (NQI
)
Insured
Opportunity (NIO
)
Premier
Insured
Income
 (NIF
)
Insured
Dividend
Advantage (NVG
)
Insured
Tax-Free
Advantage
(NEA
)
Number of shares:
                               
Series M
   
1,954
   
3,319
   
   
1,247
   
 
Series T
   
1,956
   
3,319
   
   
1,217
   
1,104
 
Series W
   
1,957
   
3,320
   
678
   
   
1,105
 
Series W2
   
   
2,655
   
   
   
486
** 
Series W3
   
   
1,486
 
   
   
 
Series TH
   
1,745
   
3,319
   
2,263
   
1,214
   
 
Series TH2
   
   
3,321
   
   
   
 
Series TH3
   
   
2,536
 
   
   
 
Series F
   
1,956
   
3,318
   
2,264
   
   
 
Total
   
9,568
   
26,593
   
5,205
   
3,678
   
2,695
 
 
*
ARPS issued in the Reorganization of Insured Florida Premium Income (NFL).
**
ARPS issued in the Reorganization of Insured Florida Tax-Free Advantage (NWF).
 
Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions “failed to clear,’’ and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the “maximum rate’’ applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of October 31, 2010, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:
 
   
Insured
Quality
(NQI
)
 
Insured
Opportunity (NIO
)
Premier
Insured
Income (NIF
)
Insured
Premium
Income 2 (NPX
)
Insured
Dividend
Advantage (NVG
)
Insured
Tax-Free
Advantage (NEA
)
ARPS redeemed, at liquidation value
 
$
78,800,000
 
$
126,175,000
 
$
30,875,000
 
$
268,900,000
 
$
141,050,000
 
$
105,625,000
 
 
During the fiscal year ended October 31, 2010, lawsuits pursuing claims made in a demand letter alleging that Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage’s (NEA) Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of their ARPS had been filed on behalf of shareholders of Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA), against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested director/trustee, and current and former officers of Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA). Nuveen and the other named defendants believe these lawsuits to be without merit, and all named parties intend to defend themselves vigorously. Insured Quality (NQI), Premier Insured Income (NIF), Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) believe that these lawsuits will not have a material effect on them or on the Adviser’s ability to serve as investment adviser to them.
 
90 Nuveen Investments

 
 

 
 
MuniFund Term Preferred Shares
The following Funds have issued and outstanding MuniFund Term Preferred (“MTP”) Shares, with a $10 stated value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem a portion of each Fund’s outstanding ARPS. Each Fund’s MTP Shares are issued in one Series. Dividends, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of October 31, 2010, the number of MTP Shares outstanding, fixed annual rate and the NYSE “ticker” symbol for each Fund are as follows:
 
   
Insured Dividend Advantage (NVG)
 
Insured Tax-Free Advantage (NEA)
 
   
Shares
Outstanding
 
Fixed
Annual
Rate
 
NYSE
Ticker
 
Shares
Outstanding
 
Fixed
Annual
Rate
 
NYSE
Ticker
 
Series:
                                     
2014
   
10,800,000
   
2.95
%
 
NVG Pr C
   
   
%
 
 
2015
   
   
   
   
8,300,000
   
2.85
   
NEA Pr C
 
 
Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. 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 MTP Shares are as follows:
 
   
Insured
Dividend
Advantage
(NVG
)
Insured
Tax-Free
Advantage
(NEA
)
   
Series 2014
 
Series 2015
 
Term Redemption Date
   
November 1, 2014
   
February 1, 2015
 
Optional Redemption Date
   
November 1, 2010
   
February 1, 2011
 
Premium Expiration Date
   
November 1, 2011
   
January 31, 2012
 
 
The average liquidation value of MTP Shares outstanding for each Fund during the fiscal year ended October 31, 2010, was as follows:
 
   
Insured
Dividend
Advantage (NVG
)
 
Insured
Tax-Free
Advantage (NEA
)*
Average liquidation value of MTP Shares outstanding
 
$
108,000,000
 
$
82,720,280
 
 
* For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
 
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.
 
Net amounts earned by Nuveen as underwriter of each Fund’s MTP Share offering are recorded as reductions of offering costs recognized by the Funds. During the fiscal year ended October 31, 2010, the net amounts earned by Nuveen were as follows:
 
   
Insured
Dividend
Advantage
(NVG
)
Insured
Tax-Free
Advantage (NEA
)*
Net amounts earned by Nuveen
 
$
2,916
 
$
6,029
 
 
* For the period January 19, 2010 (first issuance date of shares) through October 31, 2010.
 
Variable Rate Demand Preferred Shares
Insured Premium Income 2 (NPX) has issued and outstanding 2,190 Series 2 Variable Rate Demand Preferred (“VRDP”) Shares, $100,000 liquidation value per share. The Fund issued its 2,190 Series 1 VRDP Shares in a privately negotiated offering in August 2008. Concurrent with renewing agreements with the liquidity provider for its VRDP Shares in June 2010, the Fund 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
 
 Nuveen Investments 91

 
 

 
 
   
Notes to
   
Financial Statements (continued)
 
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 the Fund’s offering were used to redeem all of the Fund’s outstanding ARPS. The VRDP Shares were offered to institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933 and have a maturity date of August 1, 2038.
 
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the 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. The Fund is required to redeem any VRDP Shares that are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing.
 
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
 
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends.
 
Insured Premium Income 2 (NPX) had all $219,000,000 of its VRDP Shares issued and outstanding during the fiscal year ended October 31, 2010, with an annualized dividend rate of 0.37%.
 
For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense, each Fund also pays a per annum liquidity fee to the liquidity provider, which is recognized as “Liquidity fees” on the Statement of Operations.
 
Insurance
Under normal circumstances, and during the period November 1, 2009 through May 2, 2010, the Funds’ investment policies provided that each Fund would invest at least 80% of their 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. For purposes of this 80%, insurers must have a claims paying ability rated at least “A” at the time of purchase by at least one independent rating agency. In addition, each Fund would invest at least 80% of its net assets in municipal securities that are rated at least “AA” at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by the Adviser, or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure timely payment of principal and interest. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%. Each Fund may have also invested up to 20% of its net assets in municipal securities rated at least “BBB” (based on the higher rating of the insurer, if any, or the underlying bond) or are unrated but judged to be of comparable quality by the Adviser.
 
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. On May 3, 2010, the Funds’ Board of Directors/Trustees approved changes to each Fund’s insurance investment policies in response to the continuing challenges faced by municipal bond insurers. The changes to each Fund’s investment policies are intended to increase the Funds’ investment flexibility in pursuing their investment objective, while retaining the insured nature of their portfolios. The changes, which were effective immediately, provide that under normal circumstances, each Fund invests at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. In addition, the municipal securities in each Fund invests will be investment grade at the time of purchase (including (i) bonds insured by investment grade rated insurers or are rated investment grade; (ii) unrated bonds that are judged to be investment grade by the Adviser; and (iii) escrowed bonds). Ratings below BBB 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. 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.
 
92 Nuveen Investments

 
 

 
 
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, 2010, 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, 2010, each Fund’s maximum exposure to externally-deposited Recourse Trusts, is as follows:
 
   
Insured
Quality
(NQI
)
Insured
Opportunity (NIO
)
Premier
Insured
Income
(NIF
)
Insured
Premium
Income 2 (NPX
)
Insured
Dividend
Advantage (NVG
)
Insured
Tax-Free
Advantage (NEA
)
Maximum exposure to Recourse Trusts
 
$
26,606,650
 
$
31,095,000
 
$
15,375,000
 
$
14,845,000
 
$
 
$
6,665,000
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2010, were as follows:
 
   
 
Insured
Quality
(NQI
)
Insured
Opportunity (NIO
)
Premier
Insured
Income
 (NIF
)
Insured
Premium
Income 2
 (NPX
)
Insured
Dividend
Advantage
 (NVG
)
Insured
Tax-Free
Advantage
 (NEA
)
Average floating rate obligations outstanding
 
$
59,318,808
 
$
134,833,333
 
$
25,384,726
 
$
57,980,000
 
$
28,413,334
 
$
13,040,000
 
Average annual interest rate and fees
   
0.65
%
 
0.66
%
 
0.67
%
 
0.58
%
 
0.70
%
 
0.73
%
 
Forward Swap Contracts
Each Fund is authorized to enter into forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).
 
Each Fund’s use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align a Fund’s interest rate sensitivity with that of the broader market. Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s
 
 Nuveen Investments 93

 
 

 
 
   
Notes to
   
Financial Statements (continued)
 
swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on forward swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of forward swaps.”
 
Each Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. The Funds did not enter into forward interest rate swap transactions during the fiscal year ended October 31, 2010.
 
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 Premium Income 2 (NPX) in connection with its offering of VRDP Shares ($2,535,000) were recorded as a deferred charge and will be amortized over the 30-year life of the shares. Costs incurred by Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) in connection with their offerings of MTP Shares ($1,875,000 and $1,605,000, respectively) were recorded as deferred charges and will be amortized over the 5-year life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
94 Nuveen Investments

 
 

 
 
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
In determining the fair value of each Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 – Quoted prices in active markets for identical securities.
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or 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, 2010:
                           
Insured Quality (NQI)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
824,651,012
 
$
 
$
824,651,012
 
Short-Term Investments
   
   
12,990,000
   
   
12,990,000
 
Total
 
$
 
$
837,641,012
 
$
 
$
837,641,012
 
                           
Insured Opportunity (NIO)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
2,195,803,799
 
$
 
$
2,195,803,799
 
Short-Term Investments
   
   
8,782,000
   
   
8,782,000
 
Total
 
$
 
$
2,204,585,799
 
$
 
$
2,204,585,799
 
                           
Premier Insured Income (NIF)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
433,958,893
 
$
 
$
433,958,893
 
 
                         
Insured Premium Income 2 (NPX)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
766,032,746
 
$
 
$
766,032,746
 
                           
Insured Dividend Advantage (NVG)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
670,969,620
 
$
 
$
670,969,620
 
Investment Companies
   
1,394,162
   
   
   
1,394,162
 
Total
 
$
1,394,162
 
$
670,969,620
 
$
 
$
672,363,782
 
                           
Insured Tax-Free Advantage (NEA)
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments:
                         
Municipal Bonds
 
$
 
$
485,758,741
 
$
 
$
485,758,741
 
 
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, 2010.
 
 Nuveen Investments 95

 
 

 

   
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
Ended
10/31/10
 
Year
Ended
10/31/09
 
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Year
Ended
10/31/10
 
Year
Ended
10/ 31/09
 
Common shares:
                                   
Issued in the Reorganization
 
   
   
   
14,451,767
*
 
   
 
Issued to shareholders due to reinvestment of distributions
 
102,819
   
11,552
   
   
   
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
Ended
10/31/10
 
Year
Ended
10/31/09
 
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Year
Ended
10/31/10
 
Year
Ended
10/31/09
 
Common shares:
                                     
Issued in the Reorganization
   
   
   
   
   
   
3,728,205**
 
Issued to shareholders due to reinvestment of distributions
   
   
   
   
   
5,430
   
 
Repurchased and retired
   
   
   
   
(10,400
)
 
   
(19,300
)
     
   
   
   
(10,400
)
 
   
3,708,905
 
Weighted average Common share:
                                     
Price per share repurchased and retired
   
   
   
 
$
11.53
   
 
$
10.98
 
Discount per share repurchased and retired
   
   
   
   
16.82
%
 
   
18.03
%
 
*
Common shares issued in the Reorganization of Insured Florida Premium Income (NFL).
**
Common shares issued in the Reorganization of Insured Florida Tax-Free Advantage (NWF).
 
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
10/31/10
 
Year Ended
10/31/09
 
Year Ended
10/31/10
 
Year Ended
10/31/09
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
ARPS issued in the
                                                 
Reorganization:                                                   
Series W3
   
 
$
   
 
$
   
 
$
   
1,510
*
$
37,750,000
*
Series TH3
   
   
   
   
   
   
   
2,577
*
 
64,425,000
*
                                                   
     
   
   
   
   
   
   
4,087
   
102,175,000
 
ARPS redeemed/and or
                                                 
noticed for redemption:                                                   
Series M
   
(55
)
 
(1,375,000
)
 
(431
)
 
(10,775,000
)
 
(53
)
 
(1,325,000
)
 
(294
)
 
(7,350,000
)
Series T
   
(54
)
 
(1,350,000
)
 
(430
)
 
(10,750,000
)
 
(53
)
 
(1,325,000
)
 
(294
)
 
(7,350,000
)
Series W
   
(54
)
 
(1,350,000
)
 
(429
)
 
(10,725,000
)
 
(53
)
 
(1,325,000
)
 
(294
)
 
(7,350,000
)
Series W2
   
   
   
   
   
(43
)
 
(1,075,000
)
 
(236
)
 
(5,900,000
)
Series W3
   
   
   
   
   
(24
)
 
(600,000
)
 
   
 
Series TH
   
(49
)
 
(1,225,000
)
 
(383
)
 
(9,575,000
)
 
(53
)
 
(1,325,000
)
 
(295
)
 
(7,375,000
)
Series TH2
   
   
   
   
   
(53
)
 
(1,325,000
)
 
(294
)
 
(7,350,000
)
Series TH3
   
   
   
   
   
(41
)
 
(1,025,000
)
 
   
 
Series F
   
(54
)
 
(1,350,000
)
 
(430
)
 
(10,750,000
)
 
(53
)
 
(1,325,000
)
 
(295
)
 
(7,375,000
)
     
(266
)
 
(6,650,000
)
 
(2,103
)
 
(52,575,000
)
 
(426
)
 
(10,650,000
)
 
(2,002
)
 
(50,050,000
)
Total
   
(266
)
$
(6,650,000
)
 
(2,103
)
$
(52,575,000
)
 
(426
)
$
(10,650,000
)
 
2,085
 
$
52,125,000
 
 
96 Nuveen Investments

 
 

 

   
Premier Insured Income (NIF)
 
   
Year Ended
10/31/10
 
Year Ended
10/31/09
 
   
Shares
 
Amount
 
Shares
 
Amount
 
ARPS redeemed/and or noticed for redemption:
                         
Series M
   
 
$
   
 
$
 
Series T
   
   
   
   
 
Series W
   
   
   
(130
)
 
(3,250,000
)
Series TH
   
   
   
(432
)
 
(10,800,000
)
Series F
   
   
   
(431
)
 
(10,775,000
)
Total
   
 
$
   
(993
)
$
(24,825,000
)

   
Insured Dividend Advantage (NVG)
 
Insured Tax-Free Advantage (NEA)
 
   
Year Ended
10/31/10
 
Year Ended
10/31/09
 
Year Ended
10/31/10
 
Year Ended
10/31/09
 
   
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
ARPS issued in the Reorganization:
                                                 
Series W2
   
 
$
   
 
$
   
 
$
   
1,070
**
$
26,750,000
**
ARPS redeemed/and or noticed for redemption:
                                                 
Series M
   
   
   
(1,832
)
 
(45,800,000
)
 
   
   
   
 
Series T
   
   
   
(1,783
)
 
(44,575,000
)
 
(1,336
)
 
(33,400,000
)
 
(216
)
 
(5,400,000
)
Series W
   
   
   
   
   
(1,335
)
 
(33,375,000
)
 
(216
)
 
(5,400,000
)
Series W2
   
   
   
   
   
(584
)
 
(14,600,000
)
 
   
 
Series TH
   
   
   
(1,786
)
 
(44,650,000
)
 
   
   
   
 
     
   
   
(5,401
)
 
(135,025,000
)
 
(3,255
)
 
(81,375,000
)
 
(432
)
 
(10,800,000
)
Total
   
 
$
   
(5,401
)
$
 (135,025,000
)
 
(3,255
)
$
(81,375,000
)
 
638
 
$
15,950,000
 
 
*
ARPS issued in the Reorganization of Insured Florida Premium Income (NFL). Prior to the Reorganization, Insured Florida Premium Income (NFL) redeemed 130 and 233 Series W and TH shares, respectively, in the amounts of $3,250,000 and $5,575,000, respectively.
**
ARPS issued in the Reorganization of Insured Florida Tax-Free Advantage (NWF). Prior to the Reorganization, Insured Florida Tax-Free Advantage (NWF) redeemed 90 Series W shares in the amount of $2,250,000.
 
Transactions in MTP Shares were as follows:
 
   
Insured Dividend Advantage (NVG)
 
   
Year Ended
10/31/10
 
Year Ended
10/31/09
 
   
Shares
 
Amount
 
Shares
 
Amount
 
MTP Shares issued:
                         
Series 2014
   
 
$
   
10,800,000
    $
108,000,000
 

   
Insured Tax-Free Advantage (NEA)
 
   
Year Ended
10/31/10
 
Year Ended
10/31/09
 
   
Shares
 
Amount
 
Shares
 
Amount
 
MTP Shares issued:
                         
Series 2015
   
8,300,000
 
$
83,000,000
   
 
$
 
 
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 97

 
 

 
 
   
Notes to
   
Financial Statements (continued)
 
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments) during the fiscal year ended October 31, 2010, were as follows:
 
   
Insured
Quality
(NQI
)
Insured
Opportunity (NIO
)
Premier
Insured
Income
(NIF
)
Insured
Premium
Income 2 (NPX
)
Insured
Dividend
Advantage (NVG
)
Insured
Tax-Free
Advantage (NEA
)
Purchases
 
$
87,966,646
 
$
159,080,400
 
$
53,378,430
 
$
74,417,733
 
$
17,412,699
 
$
11,245,321
 
Sales and maturities
   
100,460,978
   
141,699,719
   
54,840,051
   
78,624,772
   
15,646,427
   
8,685,778
 
 
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, 2010, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
 
   
Insured
Quality
(NQI
)
Insured
Opportunity (NIO
)
Premier
Insured
Income
(NIF
)
Insured
Premium
Income 2
 (NPX
)
Insured
Dividend
Advantage
 (NVG
)
Insured
Tax-Free
Advantage
 (NEA
)
Cost of investments
 
$
769,298,760
 
$
1,989,605,663
 
$
392,967,513
 
$
692,016,216
 
$
620,116,083
 
$
451,691,391
 
Gross unrealized:
                                     
Appreciation
   
42,309,142
   
122,222,971
   
27,029,934
   
40,637,993
   
43,307,061
   
27,405,101
 
Depreciation
   
(33,369,137
)
 
(42,071,577
)
 
(8,404,247
)
 
(24,603,122
)
 
(19,472,527
)
 
(6,375,516
)
Net unrealized appreciation (depreciation) of investments
 
$
8,940,005
 
$
80,151,394
 
$
18,625,687
 
$
16,034,871
 
$
23,834,534
 
$
21,029,585
 
 
Permanent differences, primarily due to expired capital loss carryforwards, federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at October 31, 2010, the Funds’ tax year end, as follows:
 
   
Insured
Quality
 (NQI
)
Insured
Opportunity
 (NIO
)
Premier
Insured
Income
 (NIF
)
Insured
Premium
Income 2
 (NPX
)
Insured
Dividend
Advantage
 (NVG
)
Insured
Tax-Free
Advantage
 (NEA
)
Paid-in surplus
 
$
629
 
$
(16,777
)
$
88
 
$
(802,209
)
$
(369,847
)
$
(977,733
)
Undistributed (Over-distribution of) net investment income
   
(43,781
)
 
(3,725
)
 
(8,228
)
 
799,330
   
369,640
   
249,362
 
Accumulated net realized gain (loss)
   
43,152
   
20,502
   
8,140
   
2,879
   
207
   
728,371
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ tax year end, were as follows:
 
   
 
Insured
Quality
 (NQI
)
 
Insured
Opportunity
(NIO
)
Premier
Insured
Income
 (NIF
)
 
Insured
Premium
Income 2
 (NPX
)
Insured
Dividend
Advantage
 (NVG
)
Insured
Tax-Free
Advantage
 (NEA
)
Undistributed net tax-exempt income*
 
$
10,060,777
 
$
27,624,417
 
$
5,917,120
 
$
6,876,370
 
$
7,963,302
 
$
5,686,189
 
Undistributed net ordinary income **
   
309
   
428,114
   
   
179
   
4,493
   
5,353
 
Undistributed net long-term capital gains
   
   
   
   
   
99,027
   
 

*
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2010, paid on November 1, 2010.
**
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
98 Nuveen Investments

 
 

 
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2010 and October 31, 2009, was designated for purposes of the dividends paid deduction as follows:
 
2010
 
Insured
Quality
 (NQI
)
Insured
Opportunity (NIO
)
Premier
Insured
Income
 (NIF
)
Insured
Premium
Income 2
 (NPX
)
Insured
Dividend
Advantage
 (NVG
)
Insured
Tax-Free
Advantage
 (NEA
)
Distributions from net tax-exempt income ***
 
$
33,407,345
 
$
83,231,805
 
$
17,344,874
 
$
28,528,827
 
$
28,392,303
 
$
20,278,475
 
Distributions from net ordinary income **
   
   
   
   
   
   
 
Distributions from net long-term capital gains ****
   
   
   
   
   
1,302,507
   
 

2009
 
Insured
Quality
 (NQI
)
Insured
Opportunity (NIO
)
Premier
Insured
Income
 (NIF
)
Insured
Premium
Income 2
 (NPX
)
Insured
Dividend
Advantage
 (NVG
)
Insured
Tax-Free
Advantage
 (NEA
)
Distributions from net tax-exempt income
 
$
30,908,983
 
$
61,377,271
 
$
15,125,146
 
$
26,240,993
 
$
24,084,927
 
$
14,021,812
 
Distributions from net ordinary income **
   
   
118,143
   
   
   
   
 
Distributions from net long-term capital gains
   
   
   
   
   
   
 
 
**
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, 2010, 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, 2010.
 
At October 31, 2010, 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:
 
   
Insured
Quality
 (NQI
)
Insured
Opportunity
 (NIO
)*
Premier
Insured
Income
 (NIF
)
Insured
Premium
Income 2
 (NPX
)
Insured
Tax-Free
Advantage
 (NEA
)*
Expiration:
                               
October 31, 2011
 
$
 
$
 
$
 
$
 
$
97,429
 
October 31, 2012
   
   
   
   
   
236,625
 
October 31, 2013
   
   
   
   
   
4,418,633
 
October 31, 2014
   
731,585
   
   
   
   
 
October 31, 2015
   
   
   
   
   
174,026
 
October 31, 2016
   
3,901,374
   
5,318,344
   
1,275,634
   
5,960,817
   
1,917,479
 
October 31, 2017
   
217,918
   
   
   
456,587
   
 
October 31, 2018
   
322,087
   
   
   
   
 
Total
 
$
5,172,964
 
$
5,318,344
 
$
1,275,634
 
$
6,417,404
 
$
6,844,192
 
 
*
A portion of Insured Opportunity’s (NIO) and Insured Tax-Free Advantage’s (NEA) capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations.
 
During the tax year ended October 31, 2010, the following Funds utilized capital loss carryforwards as follows:
 
   
Insured
Opportunity
 (NIO
)
Premier
Insured
Income
 (NIF
)
Insured
Premium
Income 2
 (NPX
)
Insured
Tax-Free
Advantage
 (NEA
)
Utilized capital loss carryforwards
 
$
3,268,560
 
$
1,213,751
 
$
961,315
 
$
44,123
 
 
At October 31, 2010, $728,305 of Insured Tax-Free Advantage’s (NEA) capital loss carryforward expired.
 
Nuveen Investments 99

 
 

 
 
   
Notes to
   
Financial Statements (continued)
 
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee is separated into two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund’s 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.
 
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
 
Average Daily Managed Assets*
 
Insured Quality (NQI)
Insured Opportunity (NIO)
Premier Insured Income (NIF)
Insured Premium Income 2 (NPX)
Fund-Level Fee Rate
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For the next $3 billion
   
.3875
 
For managed assets over $5 billion
   
.3750
 

Average Daily Managed Assets*
 
Insured Dividend Advantage (NVG)
Insured Tax-Free Advantage (NEA)
Fund-Level Fee Rate
For the first $125 million
   
.4500
%
For the next $125 million
   
.4375
 
For the next $250 million
   
.4250
 
For the next $500 million
   
.4125
 
For the next $1 billion
   
.4000
 
For managed assets over $2 billion
   
.3750
 
 
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, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. As of October 31, 2010, the complex-level fee rate was .1809%.
 
100 Nuveen Investments

 
 

 
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.
 
For the first ten years of Insured Dividend Advantage’s (NVG) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
 
Year Ending
March 31,
   
Year Ending
March 31,
   
2002*
.30
%
2008
.25
%
2003
.30
 
2009
.20
 
2004
.30
 
2010
.15
 
2005
.30
 
2011
.10
 
2006
.30
 
2012
.05
 
2007
.30
       
 
* From the commencement of operations.
 
The Adviser has not agreed to reimburse Insured Dividend Advantage (NVG) for any portion of its fees and expenses beyond March 31, 2012.
 
For the first eight years of Insured Tax-Free Advantage’s (NEA) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:
 
Year Ending
November 30,
   
Year Ending
November 30,
   
2002*
.32
%
2007
.32
%
2003
.32
 
2008
.24
 
2004
.32
 
2009
.16
 
2005
.32
 
2010
.08
 
2006
.32
       
 
* From the commencement of operations.
 
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 Standards
Fair Value Measurements
On January 21, 2010, Financial Accounting Standards Board issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities disclose Level 3 activity for purchases, sales, issuances and settlements in the Level 3 roll-forward on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the footnote disclosures, if any.
 
9. Subsequent Events
Other Matters
During November 2010, Insured Opportunity (NIO) received a demand letter alleging that its Board of Directors breached their fiduciary duties related to the redemption at par of its ARPS. The demand letter has been filed on behalf of shareholders of Insured Opportunity (NIO), against the Adviser, the Nuveen holding company, the majority owner of the holding company, the lone interested trustee, and current and former officers of Insured Opportunity (NIO).
 
Preferred Shares
During December 2010, Premier Insured Income (NIF) issued $130.9 million of VRDP shares. Immediately following its VRDP issuance, Premier Insured Income (NIF) noticed for redemption at par its remaining $130.125 million ARPS using the VRDP proceeds.
 
 Nuveen Investments 101

 
 

 

   
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
 
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:
                                                                         
2010
 
$
13.61
 
$
.95
 
$
.58
 
$
(.03
)
$
 
$
1.50
 
$
(.85
)
$
 
$
(.85
)
$
 
$
14.26
 
$
14.40
 
2009
   
11.68
   
.99
   
1.76
   
(.06
)
 
   
2.69
   
(.76
)
 
   
(.76
)
 
   
13.61
   
13.30
 
2008
   
14.88
   
.99
   
(3.16
)
 
(.30
)
 
   
(2.47
)
 
(.73
)
 
   
(.73
)
 
   
11.68
   
11.15
 
2007
   
15.40
   
.99
   
(.49
)
 
(.29
)
 
   
.21
   
(.73
)
 
   
(.73
)
 
   
14.88
   
13.61
 
2006
   
15.31
   
.99
   
.24
   
(.25
)
 
(.01
)
 
.97
   
(.80
)
 
(.08
)
 
(.88
)
 
   
15.40
   
14.83
 
Insured Opportunity (NIO)
                                                             
Year Ended 10/31:
                                                                         
2010
   
14.22
   
.97
   
.60
   
(.03
)
 
   
1.54
   
(.84
)
 
   
(.84
)
 
*
 
14.92
   
14.83
 
2009
   
12.39
   
.96
   
1.66
   
(.06
)
 
   
2.56
   
(.73
)
 
   
(.73
)
 
   
14.22
   
12.98
 
2008
   
15.04
   
.97
   
(2.62
)
 
(.30
)
 
*
 
(1.95
)
 
(.70
)
 
 
(.70
)
 
   
12.39
   
11.15
 
2007
   
15.57
   
.98
   
(.45
)
 
(.30
)
 
(.01
)
 
.22
   
(.73
)
 
(.02
)
 
(.75
)
 
   
15.04
   
13.56
 
2006
   
15.46
   
.98
   
.34
   
(.24
)
 
(.03
)
 
1.05
   
(.80
)
 
(.14
)
 
(.94
)
 
   
15.57
   
14.75
 

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

 
 

 

   
Ratios/Supplemental Data
 
Total Returns
       
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
       
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000
)
Expenses
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                           
15.03
%
 
11.30
%
$
547,598
   
1.19
%
 
1.12
%
 
6.81
%
 
11
%
26.98
   
23.65
   
521,216
   
1.32
   
1.21
   
7.86
   
4
 
(13.35
)
 
(17.24
)
 
447,463
   
1.49
   
1.23
   
7.03
   
7
 
(3.48
)
 
1.38
   
569,958
   
1.52
   
1.18
   
6.53
   
5
 
2.76
   
6.53
**
 
589,928
   
1.20
   
1.20
   
6.49
   
13
 
                                       
                                       
21.20
   
11.08
   
1,426,419
   
1.14
   
1.08
   
6.61
   
7
 
23.62
   
21.18
   
1,358,844
   
1.29
   
1.18
   
7.36
   
8
 
(13.17
)
 
(13.45
)
 
1,005,218
   
1.43
   
1.19
   
6.76
   
9
 
(3.18
)
 
1.49
   
1,220,297
   
1.41
   
1.16
   
6.39
   
5
 
8.26
   
7.05
**   
1,263,172
   
1.17
   
1.17
   
6.38
   
13
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares.
(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, 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, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
*
Rounds to less than $.01 per share.
**
During the fiscal year ended October 31, 2006, Insured Quality (NQI) and Insured Opportunity (NIO) received payments from the Adviser of $27,762 and $42,338, respectively, to offset losses realized on the disposal of investments purchased in violation of each Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on Common Share Net Asset Value.
 
See accompanying notes to financial statements.
 
 Nuveen Investments 103

 
 

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

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

 
 

 

       
Ratios/Supplemental Data
 
Total Returns
     
Ratios to Average Net Assets
Applicable to Common Shares(c)(d)
     
Based
on
Market
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000
)
Expenses
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                           
25.60
%
 
10.74
%
$
292,018
   
1.20
%
 
1.15
%
 
6.56
%
 
12
%
24.07
   
20.90
   
279,312
   
1.30
   
1.23
   
7.25
   
2
 
(11.12
)
 
(11.92
)
 
243,589
   
1.42
   
1.25
   
6.72
   
6
 
(4.66
)
 
1.40
   
289,400
   
1.38
   
1.21
   
6.41
   
9
 
7.68
   
6.46
   
299,001
   
1.22
   
1.22
   
6.44
   
8
 
                                       
                                       
19.70
   
10.39
   
505,332
   
1.82
   
1.59
   
5.87
   
10
 
31.78
   
20.15
   
484,069
   
1.98
   
1.47
   
6.56
   
7
 
(17.17
)
 
(12.98
)
 
425,557
   
2.13
   
1.25
   
6.12
   
8
 
(1.77
)
 
1.55
   
513,021
   
1.76
   
1.16
   
6.19
   
5
 
7.11
   
6.75
   
528,984
   
1.16
   
1.16
   
6.14
   
15
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.Total returns are not annualized.
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or Variable Rate Demand Preferred shares, where applicable.
(d)
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(e)
The expense ratios reflect, among other things, payments to Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accouting Policies, Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively.
 
See accompanying notes to financial statements.
 
 Nuveen Investments 105

 
 

 

   
Financial
   
Highlights (continued)
     
    Selected data for a Common share outstanding throughout each period: 
 
       
Investment Operations
 
Less Distributions
             
   
Beginning
Common
Share
Net Asset
Value
 
Net
Investment
Income
 
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 Dividend Advantage (NVG)
                                                       
Year Ended 10/31:
                                                                         
2010
 
$
14.80
 
$
.90
 
$
.39
 
$
(.01
)
$
*
$
1.28
 
$
(.84
)
$
(.04
)
$
(.88
)
$
 
$
15.20
 
$
14.80
 
2009
   
12.85
   
1.00
   
1.77
   
(.06
)
 
   
2.71
   
(.76
)
 
   
(.76
)
 
*
 
14.80
   
13.85
 
2008
   
15.09
   
1.00
   
(2.25
)
 
(.29
)
 
   
(1.54
)
 
(.70
)
 
   
(.70
)
 
   
12.85
   
11.42
 
2007
   
15.50
   
1.00
   
(.38
)
 
(.28
)
 
   
.34
   
(.75
)
 
   
(.75
)
 
   
15.09
   
13.71
 
2006
   
15.23
   
1.01
   
.33
   
(.25
)
 
   
1.09
   
(.82
)
 
   
(.82
)
 
   
15.50
   
14.89
 
Insured Tax-Free Advantage (NEA)
                                                 
Year Ended 10/31:
                                                                         
2010
   
14.42
   
.87
   
.52
   
(.02
)
 
   
1.37
   
(.81
)
 
   
(.81
)
 
   
14.98
   
14.95
 
2009
   
12.37
   
.98
   
1.86
   
(.06
)
 
   
2.78
   
(.73
)
 
   
(.73
)
 
*
 
14.42
   
13.48
 
2008
   
14.71
   
.95
   
(2.31
)
 
(.27
)
 
   
(1.63
)
 
(.71
)
 
   
(.71
)
 
   
12.37
   
11.40
 
2007
   
14.93
   
.97
   
(.21
)
 
(.27
)
 
   
.49
   
(.71
)
 
   
(.71
)
 
   
14.71
   
14.30
 
2006
   
14.56
   
.97
   
.38
   
(.24
)
 
   
1.11
   
(.74
)
 
   
(.74
)
 
   
14.93
   
14.35
 

   
Auction Rate Preferred Shares
at End of Period
 
MuniFund Term Preferred Shares
at End of Period
 
Auction Rate Preferred Shares
and MuniFund Term Preferred Shares
at End of Period
 
   
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Asset
Coverage
Per Share
 
Aggregate
Amount
Outstanding
(000
)
Liquidation
Value
Per Share
 
Ending
Market
Value
Per Share
 
Average
Market
Value
Per Share
 
Asset
Coverage
Per Share
 
Asset Coverage Per $1
Liquidation Preference
 
Insured Dividend Advantage (NVG)
                                     
Year Ended 10/31:
                                                       
2010
 
$
91,950
 
$
25,000
 
$
148,140
 
$
108,000
 
$
10
 
$
10.22
 
$
10.19
 
$
32.65
 
$
3.27
 
2009
   
91,950
   
25,000
   
80,165
   
108,000
   
10
   
   
10.03
**   
32.00
   
3.21
 
2008
   
226,975
   
25,000
   
67,189
   
   
   
   
   
   
 
2007
   
233,000
   
25,000
   
73,281
   
   
   
   
   
   
 
2006
   
233,000
   
25,000
   
74,575
   
   
   
   
   
   
 
Insured Tax-Free Advantage (NEA)
                                           
Year Ended 10/31:
                                                       
2010
   
67,375
   
25,000
   
148,589
   
83,000
   
10
   
10.14
   
10.15
***   
32.15
   
3.21
 
2009
   
148,750
   
25,000
   
78,880
   
   
   
   
   
   
 
2008
   
132,800
   
25,000
   
68,124
   
   
   
   
   
   
 
2007
   
144,000
   
25,000
   
72,290
   
   
   
   
   
   
 
2006
   
144,000
   
25,000
   
73,005
   
   
   
   
   
   
 
 
106 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
Value
(b)
Based
on
Common
Share Net
Asset
Value
(b)
Ending
Net
Assets
Applicable
to Common
Shares (000
)
Expenses
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Expenses
Including
Interest
(e)
Expenses
Excluding
Interest
 
Net
Investment
Income
 
Portfolio
Turnover
Rate
 
                                                         
13.51
%
 
8.89
%
$
452,908
   
1.89
%
 
1.14
%
 
5.79
%
 
1.71
%
 
.95
%
 
5.98
%
 
2
%
28.72
   
21.54
   
441,207
   
1.25
   
1.17
   
6.86
   
.98
   
.91
   
7.12
   
9
 
(12.11
)
 
(10.64
)
 
383,035
   
1.32
   
1.17
   
6.48
   
.98
   
.83
   
6.82
   
7
 
(3.12
)
 
2.25
   
449,982
   
1.31
   
1.14
   
6.15
   
.90
   
.73
   
6.56
   
12
 
11.09
   
7.39
   
462,037
   
1.15
   
1.15
   
6.15
   
.70
   
.70
   
6.60
   
15
 
                                                         
                                                         
17.27
   
9.76
   
333,074
   
1.76
   
1.17
   
5.80
   
1.63
   
1.04
   
5.93
   
2
 
25.41
   
23.05
   
320,587
   
1.24
   
1.19
   
7.14
   
.99
   
.94
   
7.39
   
6
 
(15.97
)
 
(11.56
)
 
229,075
   
1.26
   
1.19
   
6.27
   
.87
   
.81
   
6.66
   
8
 
4.59
   
3.35
   
272,391
   
1.19
   
1.17
   
6.04
   
.70
   
.68
   
6.53
   
6
 
12.82
   
7.82
   
276,506
   
1.19
   
1.19
   
6.12
   
.69
   
.69
   
6.61
   
 
 
(a)
The amounts shown are based on Common share equivalents.
(b)
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
 
 
Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(c)
Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or MuniFund Term Preferred shares, where applicable.
(d)
After expense reimbursement from 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.
(e)
The expense ratios reflect, among other things, payments to MuniFund Term Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively.
*
Rounds to less than $.01 per share.
**
For the period October 19, 2009 (issuance date of shares) through October 31, 2009.
***
For the period January 19, 2010 (issuance date of shares) through October 31, 2010.
 
See accompanying notes to financial statements.
 
 Nuveen Investments 107

 
 

 
 
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 Fund is currently set at nine. 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
 
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.
 
 
 
206
   
 
             
JACK B. EVANS
10/22/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1999
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; President Pro Tem of the Board of Regents for the State of Iowa University System; Director, Gazette Companies; 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.
 
 
 
206
                   
WILLIAM C. HUNTER
3/6/48
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2004
 
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; 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.
 
 
 
206
                   
DAVID J. KUNDERT(2)
10/28/42
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2005
 
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.
 
 
 
206
                   
WILLIAM J. SCHNEIDER(2)
9/24/44
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
1997
 
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.
 
 
 
206
 
108 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
 
Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 
 
206
   
 
             
CAROLE E. STONE(2)
6/28/47
333 W. Wacker Drive
Chicago, IL 60606
 
 
Board Member
 
 
2007
 
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
 
 
206
                   
TERENCE J. TOTH(2)
9/29/59
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
 
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 Boards (since 2005), University of Illinois Leadership Council Board (since 2007) 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).
 
 
 
206
                   
Interested Board Member:
         
JOHN P. AMBOIAN(3)
6/14/61
333 W. Wacker Drive
Chicago, IL 60606
 
 
 
Board Member
 
 
 
2008
 
Chief Executive Officer (since July 2007), Director (since 1999) and Chairman (since 2007) of Nuveen Investments, Inc.; Chief Executive Officer (since 2007) of Nuveen Asset Management, Nuveen Investments Advisors, Inc.
 
 
 
206
                   
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 Investments, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director, Associate General Counsel and Assistant Secretary, of Nuveen Asset Management (since 2002) and 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.
 
 
 
206
 
Nuveen Investments 109

 
 

 
 
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:
           
WILLIAM ADAMS IV
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
2007
 
Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, U.S. Structured Products of Nuveen Investments, LLC, (since 1999),; Managing Director (since 2010) of Nuveen Commodities Asset Management, LLC.
 
131
                   
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.; 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.
 
206
                   
LORNA C. FERGUSON
10/24/45
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
1998
 
Managing Director (since 2004) of Nuveen Investments, LLC and Managing Director (since 2005) of Nuveen Asset Management.
 
206
                   
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 (1993-2010) and Funds Controller (since 1998) of Nuveen Investments, LLC; Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Asset Management; Certified Public Accountant.
 
206
                   
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 Investments, LLC; Managing Director and Treasurer of Nuveen Asset Management (since 2009); Nuveen Investment Solutions, Inc., Nuveen Investments Advisers, Inc., and Nuveen Investments Holdings, Inc.; 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.
 
 
 
206
                   
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), Vice President (2006-2008) formerly, Assistant Vice President and Assistant General Counsel (2003-2006) of Nuveen Investments, LLC; Senior Vice President (since 2008), formerly, Vice President (2006-2008) and Assistant Secretary (since 2008) of Nuveen Asset Management.
 
206
                   
TINA M. LAZAR
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
 
Vice President
 
2002
 
Senior Vice President (since 2009), formerly, Vice President of Nuveen Investments, LLC (1999-2009); Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Asset Management.
 
206
 
110 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:
           
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 Investments, LLC; Managing Director (since 2008), formerly, Vice President, and Assistant Secretary, Nuveen Asset Management, and Nuveen Investments Holdings, Inc.; Vice President (since 2007) and Assistant Secretary, Nuveen Investment 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 and 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).
 
 
 
206
 
(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 Nuveen Asset Management.
(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.
 
Nuveen Investments 111

 
 

 
 
Annual Investment Management
Agreement Approval Process (Unaudited)
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Directors or Trustees (as the case may be) (each, a “Board” and each Director or Trustee, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreements (each, an “Advisory Agreement”) between each Fund and Nuveen Asset Management (the “Adviser”) for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2010 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.
 
In addition, in evaluating the Advisory Agreements, the Independent Board Members reviewed a broad range of information relating to the Funds and the Adviser, including absolute and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the Advisory Agreements. 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 Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead
 
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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 Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Adviser’s organization and business; the types of services that the Adviser or its affiliates provide and are expected to 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, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen’s efforts in refinancing preferred shares. In addition to the foregoing, the Independent Board Members also noted the additional services that the Adviser or its affiliates provide to closed-end funds, including, in particular, Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.
 
As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.
 
In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by the Adviser and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members also considered the Adviser’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Advisory Agreements were satisfactory.
 
B. The Investment Performance of the Funds and the Adviser
The Board considered the performance results 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
 
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Annual Investment Management
Agreement Approval Process (Unaudited) (continued)
 
funds (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks. 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, 2009 and for the same periods ending March 31, 2010. 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, 2009 and for the same periods ending March 31, 2010. Moreover, the Board reviewed the peer ranking of the Nuveen municipal funds advised by the Adviser in the aggregate. The Independent Board Members also reviewed historic premium and discount levels. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings. In reviewing peer comparison information, the Independent Board Members recognized that the Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund’s performance with that of its Performance Peer Group.
 
Based on their review, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory. In this regard, the Independent Board Members noted that the performance of the Nuveen Insured Quality Municipal Fund, Inc. (the “Quality Fund”), the Nuveen Insured Municipal Opportunity Fund, Inc. (the “Municipal Opportunity Fund”) and the Nuveen Insured Premium Income Municipal Fund 2 (the “Premium Income Fund 2”) over time was satisfactory compared to peers, falling within the second or third quartile over various periods. Further, they noted that although the Nuveen Insured Tax-Free Advantage Municipal Fund (the “Tax-Free Advantage Fund”), the Nuveen Insured Dividend Advantage Municipal Fund (the “Dividend Advantage Fund”) and the Nuveen Premier Insured Municipal Income Fund, Inc. (the “Premier Fund”) lagged their peers somewhat in the short-term one-year period, they demonstrated more favorable performance in the longer three-and five-year periods.
 
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/or Peer Group. 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
 
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a meaningful comparison with peers, including, in particular, for the Tax-Free Advantage Fund and the Dividend 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). The Independent Board Members recognized that the Municipal Opportunity Fund, the Premium Income Fund 2, the Quality Fund and the Premier Fund each had net management fees and net expense ratios above the peer averages; however, the Independent Board Members recognized that limited peers were available for comparison. Each other Fund had management fees and/or a net expense ratio below, at or near (within 5 basis points or less) the peer average of its Peer Group or Peer Universe.
 
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 Adviser to other clients, including municipal separately managed accounts and passively managed municipal bond exchange traded funds (ETFs) that are sub-advised by the Adviser. 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.
 
3. Profitability of Nuveen
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 2009. 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 had also appointed an Independent Board Member as
 
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Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
a point person to 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 Nuveen’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 the Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the 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 the 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.
 
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
 
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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 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 Adviser 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 Adviser 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 Adviser in managing the assets of the Funds and other clients. The Independent Board Members noted that the Adviser does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” the Adviser intends to comply with the applicable safe harbor provisions.
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by the 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 the Advisory Agreements are fair and reasonable, that the Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
 
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Reinvest Automatically
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
Nuveen Closed-End Funds Dividend Reinvestment Plan
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares.
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested.
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
Easy and convenient
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
How shares are purchased
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price
 
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per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
Flexible
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
Call today to start reinvesting dividends and/or distributions
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
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Glossary of Terms
Used in this Report
 
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
   
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
   
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
 
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Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
   
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
   
Net Asset Value (NAV): A Fund’s NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day.
   
Pre-refunding: Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
   
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.
 
Nuveen Investments 121

 
 

 
 
Notes
 
122 Nuveen Investments

 
 

 
 
Notes
 
Nuveen Investments 123
 
 
 

 
 
Notes
 
124 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
Terence J. Toth
 
Fund Manager
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
 
Custodian
State Street Bank & Trust
Company
Boston, MA
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
CEO Certification Disclosure
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
Common and Preferred Share Information
 
Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table.
 
Fund
Common Shares
Repurchased
 
Auction Rate
Preferred Shares
Redeemed
NQI
 
266
NIO
2,900
 
426
NIF
 
NPX
 
NVG
 
NEA
 
3,255
 
Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report.
 
Nuveen Investments 125

 
 

 
 
Nuveen Investments:
Serving Investors for Generations
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
Focused on meeting investor needs.
 
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed more than $160 billion of assets on September 30, 2010.
 
Find out how we can help you.
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Nuveen makes things e-simple.
 
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Investments Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
 
Free e-Reports right to your e-mail!
 
www.investordelivery.com
 
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
 
OR
 
www.nuveen.com/accountaccess
 
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
 
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
 
EAN-D-1010D

 
 

 
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. As of December 30, 2010, the registrant's audit committee financial expert is Jack B. Evans, who is "independent" for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Insured 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, 2010
  $ 75,634     $ 3,150     $ 0     $ 3,400  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2009
  $ 65,632     $ 342     $ 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"), 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
   
Adviser and
   
Billed to Adviser
 
   
and Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
   
Service Providers
   
Service Providers
   
Service Providers
 
October 31, 2010
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       
October 31, 2009
  $ 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, 2010
 $                      3,400
 $                                  0
 $                                0
 $           3,400
October 31, 2009
 $                      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)). As of December 30, 2010, the members of the audit committee are Robert P. Bremner, Jack B. Evans, Terence J. Toth, William J. Schneider 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.

The registrant invests its assets primarily in municipal bonds and cash management securities.  The registrant also may invest in shares of investment companies that in turn invest primarily in municipal bonds.

The registrant has adopted the proxy voting policies and procedures of Nuveen Asset Management to govern the voting of proxies with respect to that fund.  In the event that a municipal issuer were to issue a proxy or that the registrant were to receive a proxy issued by the issuer of a cash management security or municipal bond-oriented investment company, Nuveen Asset Management (as defined below) has approved and adopted the proxy voting policies of an independent third party, Institutional Shareholder Services, Inc. (“ISS”) to determine how the proxy should be voted.  It has also engaged ISS to apprise Nuveen Asset Management of shareholder meeting dates, to provide research on proxy proposals and voting recommendations and to cast the actual proxy votes.  In addition, ISS also serves as Nuveen Asset Management’s proxy voting record keeper.  Nuveen Asset Management’s Investment Policy Committee (“IPC”), comprised of the firm’s most senior investment professionals, is charged with the overall oversight of proxy voting policies and procedures, including the activities of the firm’s Proxy Voting Committee (“PVC”), which is responsible for providing an administrative framework to facilitate and monitor proxy voting, including oversight of the firm’s relationship with ISS.

From time to time, a portfolio manager may initiate action to override an ISS recommendation for a particular vote.  Such override will be reviewed by Nuveen Asset Management’s legal department for material conflicts and if it is determined that no material conflicts exist, the approval of one investment professional on the IPC or Nuveen Asset Management’s Head of Equity Research shall authorize the override.

Nuveen Asset Management recognizes that there are circumstances where it may have a perceived or real conflict of interest in voting proxies and will vote proxies in the best interest of its clients regardless of any such real or perceived conflicts of interest.  By adopting ISS policies, Nuveen Asset Management believes the risk related to conflicts will be minimized.  To further minimize this risk, the IPC will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest the proxy voting service may face.

In the event ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote after receiving voting direction from the Head of Research, who will seek voting direction from the appropriate investment personnel, after confirming that Nuveen Asset Management faces no material conflicts of its own with respect to the specific proxy vote.  If the PVC concludes that a material conflict does exist, it will recommend to the IPC a course of action designed to address the conflict. Such actions could include, but are not limited to: (1) obtaining instructions from the affected client(s) on how to vote the proxy; (2) disclosing the conflict to the affected client(s) and seeking their consent to permit Nuveen Asset Management to vote the proxy; (3) voting in proportion to the other shareholders; (4) recusing an IPC member from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or (5) following the recommendation of a different independent third party.

In addition to all of the above-mentioned and other conflicts, members of the IPC and the PVC must notify Nuveen Asset Management’s Chief Compliance Officer of any direct, indirect or perceived improper influence exerted by any employee, officer or director within Nuveen Asset Management, its affiliates or the Fund complex with regard to how Nuveen Asset Management should vote proxies. The Chief Compliance Officer will investigate the allegations and will report the findings to Nuveen Asset Management’s President and the General Counsel. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, the IPC shall not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.

On rare occasions the registrant may acquire, directly or through a special purpose vehicle, equity securities of a municipal bond issuer whose bonds the registrant already owns when such bonds have deteriorated or are expected shortly to deteriorate significantly in credit quality.  The purpose of acquiring such equity securities generally will be to acquire control of the municipal bond issuer and to seek to prevent the credit deterioration or facilitate the liquidation or other workout of the distressed issuer’s credit problem.  In the course of exercising control of a distressed municipal issuer, Nuveen Asset Management may pursue the registrant’s interests in a variety of ways, which may entail negotiating and executing consents, agreements and other arrangements, and otherwise influencing the management of the issuer. Neither the registrant nor Nuveen Asset Management considers such control activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but nevertheless provides reports to the registrant’s Board on any such control activities on a quarterly basis.

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 Insured 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
22
$13.12 billion
 
 Other Pooled Investment Vehicles
0
$0
 
 Other Accounts
2
$1.38 million
*
Assets are as of December 31, 2010.  None of the assets in these accounts are subject to an advisory fee based on performance.

Compensation. Each portfolio manager’s compensation consists of three basic elements—base salary, cash bonus and long-term incentive compensation. The compensation strategy is to annually compare overall compensation, including these three elements, to the market in order to create a compensation structure that is competitive and consistent with similar financial services companies. As discussed below, several factors are considered in determining each portfolio manager’s total compensation. In any year these factors may include, among others, the effectiveness of the investment strategies recommended by the portfolio manager’s investment team, the investment performance of the accounts managed by the portfolio manager, and the overall performance of Nuveen Investments, Inc. (the parent company of Nuveen Asset Management). Although investment performance is a factor in determining the portfolio manager’s compensation, it is not necessarily a decisive factor. The portfolio manager’s performance is evaluated in part by comparing manager’s performance against a specified investment benchmark.  This fund-specific benchmark is a 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, 2010, the S&P/Investortools Municipal Bond index was comprised of 56,510 securities with an aggregate current market value of $1,248 billion.

Base salary. Each portfolio manager is paid a base salary that is set at a level determined by Nuveen Asset Management in accordance with its overall compensation strategy discussed above. Nuveen Asset Management is not under any current contractual obligation to increase a portfolio manager’s base salary.

Cash bonus. Each portfolio manager is also eligible to receive an annual cash bonus. The level of this bonus is based upon evaluations and determinations made by each portfolio manager’s supervisors, along with reviews submitted by his peers. These reviews and evaluations often take into account a number of factors, including the effectiveness of the investment strategies recommended to the Nuveen Asset Management’s investment team, the performance of the accounts for which he serves as portfolio manager relative to any benchmarks established for those accounts, his effectiveness in communicating investment performance to stockholders and their representatives, and his contribution to the Nuveen Asset Management’s investment process and to the execution of investment strategies. The cash bonus component is also impacted by the overall performance of Nuveen Investments, Inc. in achieving its business objectives.

Long-term incentive compensation.    In connection with the acquisition of Nuveen Investments, Inc., by a group of investors lead by Madison Dearborn Partners in November 2007, certain employees, including portfolio managers, received profit interests in Nuveen’s parent.  These profit interests entitle the holders to participate in the appreciation in the value of Nuveen beyond the issue date and vest over five to seven years, or earlier in the case of a liquidity event.  In addition, in July 2009, Nuveen Investments created and funded a trust, as part of a newly-established incentive program, which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain employees, including portfolio managers.

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. Nuveen Asset Management, however, believes that such potential conflicts are mitigated by the fact that the Nuveen Asset Management 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, Nuveen Asset Management has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of December 31, 2010, 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 Insured 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.

Period*
(a)
(b)
(c)
(d)*
 
TOTAL NUMBER OF
AVERAGE
TOTAL NUMBER OF SHARES
MAXIMUM NUMBER (OR
 
SHARES (OR
PRICE
(OR UNITS) PURCHASED AS
APPROXIMATE DOLLAR VALUE) OF
 
UNITS)
PAID PER
PART OF PUBLICLY
SHARES (OR UNITS) THAT MAY YET
 
PURCHASED
SHARE (OR
ANNOUNCED PLANS OR
BE PURCHASED UNDER THE PLANS OR
   
UNIT)
PROGRAMS
PROGRAMS
         
NOVEMBER 1-30, 2009
2,900
$12.93
2,900
8,112,100
         
DECEMBER 1-31, 2009
0
 
0
8,112,100
         
JANUARY 1-31, 2010
0
 
0
8,112,100
         
FEBRUARY 1-28, 2010
0
 
0
8,112,100
         
MARCH 1-31, 2010
0
 
0
8,112,100
         
APRIL 1-30, 2010
0
 
0
8,112,100
         
MAY 1-31, 2010
0
 
0
8,112,100
         
JUNE 1-30, 2010
0
 
0
8,112,100
         
JULY 1-31, 2010
0
 
0
8,112,100
         
AUGUST 1-31, 2010
0
 
0
8,112,100
         
SEPTEMBER 1-30, 2010
0
 
0
8,112,100
         
OCTOBER 1-31, 2010
0
 
0
8,112,100
         
         
TOTAL
2,900
     

* The registrant's repurchase program, which authorized the repurchase of 8,115,000 shares, was announced October 3, 2009.  Any repurchases made by the registrant pursuant to the program were made through open-market transactions.

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 Insured Municipal Opportunity Fund, Inc.

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

Date: January 7, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: January 7, 2011
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2011