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 811-09451
---------------------
Nuveen Massachusetts Dividend Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: May 31
------------------
Date of reporting period: November 30, 2005
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT November 30, 2005
Nuveen Investments
Municipal Exchange-Traded
Closed-End Funds
NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND
NTC
NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND
NFC
NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 2
NGK
NUVEEN CONNECTICUT DIVIDEND ADVANTAGE MUNICIPAL FUND 3
NGO
NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND
NMT
NUVEEN MASSACHUSETTS DIVIDEND ADVANTAGE MUNICIPAL FUND
NMB
NUVEEN INSURED MASSACHUSETTS TAX-FREE ADVANTAGE MUNICIPAL FUND
NGX
NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND
NOM
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KEEP.(R)
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
I am pleased to report that over the six-month period covered by this report
your Fund continued to provide you with attractive monthly tax-free income. For
more details about the management strategy and performance of your Fund, please
see the Portfolio Managers' Comments and Performance Overview sections of this
report.
As we enter a new year, many are trying to determine how to best position their
investments to take advantage of the opportunities that may lie ahead. Nobody
knows what the market will do in the future or what investments will turn out to
be tomorrow's best performers. But from our experience, we do know that a
well-balanced portfolio, structured and carefully monitored with the help of a
trusted investment professional, can be an important component in helping you
achieve your long-term financial goals. In fact, a well-diversified portfolio
may actually help to reduce your
"IN FACT, A WELL-DIVERSIFIED PORTFOLIO MAY ACTUALLY HELP TO REDUCE YOUR OVERALL
INVESTMENT RISK OVER THE LONG TERM."
overall investment risk over the long term. That is one reason why we believe
that a municipal bond investment like your Fund can be an important building
block in a comprehensive investment program designed to perform well in a
variety of market conditions.
As an added convenience for you, I urge you to consider receiving future Fund
reports and other Fund information by e-mail and the Internet. Not only will you
be able to receive the information faster, but this also may help lower your
Fund's expenses. Sign up is quick and easy - see the inside front cover of this
report for instructions.
As we noted in our last shareholder report, The St. Paul Travelers Companies,
Inc., which had owned 79% of Nuveen Investments, Inc. (the parent of your Fund's
investment adviser), had sold a substantial portion of its stake in Nuveen.
Since then, St. Paul has sold the balance of its shares to Nuveen Investments or
to others. Please be assured that these transactions only affected Nuveen's
corporate structure, and they do not have any impact on the investment
objectives or management of your Fund.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can help you
to secure your financial objectives. We are grateful that you have chosen us as
a partner as you pursue your financial goals, and we look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
January 17, 2006
Nuveen Investments Municipal Exchange-Traded Closed-End Funds
NTC, NFC, NGK, NGO, NMT, NMB, NGX, NOM
Portfolio Managers'
COMMENTS
Portfolio managers Paul Brennan and Scott Romans discuss key investment
strategies and the six-month performance of these eight Funds. Paul, who has
more than 16 years of investment experience, including more than 14 with Nuveen,
has managed NTC since 1999, NFC since 2001, NGK and NGO since 2002, and NMT and
NMB since 2003. In May 2005 he assumed portfolio management responsibility for
NGX. Scott, who joined Nuveen in 2000, has managed NOM since 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED NOVEMBER 30, 2005?
Over this period, shorter-term interest rates rose faster than longer-term
rates. As a result, bond valuations generally declined and the yield curve
flattened, meaning shorter-term rates approached the levels of longer-term
rates. In this environment, one of our key strategies continued to be careful
duration management. (Duration is a measure of a bond's price sensitivity as
interest rates change, with longer duration bonds displaying more sensitivity to
these changes than bonds with shorter durations.)
To help us maintain the Funds' durations within our preferred range, we
selectively sold holdings with shorter durations, including pre-refunded bonds.
When we sold these shorter duration bonds, we tried to reinvest the proceeds
further out on the yield curve. For the Connecticut and Massachusetts Funds,
this meant looking for bonds that mature in 10 to 20 years while for the
Missouri Fund we looked for bonds that mature in 20 to 30 years. We believed
that bonds with these maturities generally offered more attractive opportunities
and the best values, and these purchases also helped to improve the Funds'
overall call protection.
As longer-term yields rose, especially during the latter part of this reporting
period, we also found opportunities to sell some of our holdings that were
purchased at relatively low yields and replace them with securities offering
higher yields that could help to strengthen the Funds' income streams. While our
main focus in redeploying proceeds in Connecticut and Massachusetts was on the
10 to 20 year area of the yield curve, we also
4
kept an opportunistic eye out for attractively priced longer-term bonds with
maturities between 20 and 30 years.
In NFC, NGK, NGO, NMB and NGX, our duration management strategies also included
the use of forward interest rate swaps, a type of derivative financial
instrument. As discussed in our last shareholder report, we began using these
swaps in late 2004 in an effort to reduce the interest rate risk in these five
Funds. These hedges were not an attempt to profit from correctly predicting the
timing and direction of interest rate movements. Instead, our sole objective was
to reduce the duration of these Funds (and their resulting price sensitivity)
without having a negative impact on their income streams or common share
dividends over the short term. This hedging strategy was effective in achieving
the intended goal of helping to reduce net asset value (NAV) volatility in NFC
and NMB, and in June 2005 we removed the hedges from these two Funds. The hedges
on NGK, NGO and NGX remained in place as of November 30, 2005. During this
reporting period, the hedges had a positive impact on the performance of these
three Funds. As long-term interest rates rose, the value of the hedges increased
while valuations of the Funds' holdings generally declined.
In addition to duration management, we continued to maintain weightings of bonds
rated BBB or lower. These lower-rated credits generally performed well during
this period. However, as a result of higher demand, there were fewer
opportunities to purchase additional lower-rated bonds for these Funds at
attractive prices. For NGX, we did add a Baa2/BBB rated credit issued for
University of Massachusetts Memorial Health, which helped to diversify the
Fund's lower-rated holdings. In NOM, one lower-rated credit that met our
purchase criteria was a Baa1/BBB+ rated issue from the Missouri Development
Finance Board for Branson Landing.
In general, however, the majority of our new purchases over this time were rated
AAA or AA, reflecting the overall high credit quality of new issue supply. One
of the largest offerings during this period was a $2.5 billion, AAA rated issue
from the newly-created
5
Massachusetts School Building Authority. These bonds were added to all three of
the Massachusetts Funds. Overall, the increase in municipal supply in all three
states during this period helped us to further diversify their portfolios with
purchases in the public infrastructure and educational and healthcare facilities
sectors.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as for relevant indexes and group
averages, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 11/30/05
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
CONNECTICUT FUNDS
--------------------------------------------------------------------------------
NTC -0.32% 4.41% 7.50% 6.73%
--------------------------------------------------------------------------------
NFC -0.08% 5.28% NA NA
--------------------------------------------------------------------------------
NGK -0.37% 4.54% NA NA
--------------------------------------------------------------------------------
NGO -0.29% 4.58% NA NA
--------------------------------------------------------------------------------
MASSACHUSETTS FUNDS
--------------------------------------------------------------------------------
NMT -0.32% 5.09% 7.01% 6.32%
--------------------------------------------------------------------------------
NMB -0.16% 5.12% NA NA
--------------------------------------------------------------------------------
MISSOURI FUND
--------------------------------------------------------------------------------
NOM -0.07% 4.70% 7.67% 6.37%
--------------------------------------------------------------------------------
Lehman Brothers Municipal
Bond Index1 0.36% 3.88% 5.93% 5.73%
--------------------------------------------------------------------------------
INSURED MASSACHUSETTS FUND
--------------------------------------------------------------------------------
NGX -0.33% 6.08% NA NA
--------------------------------------------------------------------------------
Lehman Brothers Insured
Municipal Bond Index1 0.23% 4.04% 6.20% 5.89%
--------------------------------------------------------------------------------
Lipper Other States
Municipal Debt Funds
Average2 -0.17% 5.49% 7.76% 6.43%
--------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
1 The Lehman Brothers Municipal Bond Index is an unleveraged, unmanaged
national index comprising a broad range of investment-grade municipal
bonds, while the Lehman Brothers Insured Municipal Bond Index is an
unleveraged, unmanaged national index containing a broad range of insured
municipal bonds. Results for the Lehman indexes do not reflect any
expenses.
2 The Lipper Other States Municipal Debt Funds category average is calculated
using the returns of all closed-end exchange-traded funds in this category
for each period as follows: 6 months, 43 funds; 1 year, 43 funds; 5 years,
18 funds; and 10 years, 18 funds. Fund and Lipper returns assume
reinvestment of dividends.
6
For the six months ended November 30, 2005, the cumulative returns on NAV for
all seven of the noninsured Funds in this report underperformed the return on
the Lehman Brothers Municipal Bond Index. For the same period, NGX
underperformed the Lehman Brothers Insured Municipal Bond Index. Each Fund
outperformed its respective Lehman index over the 12-month period ended November
30. NFC, NMB and NOM exceeded the average return for the Lipper Other States
peer group, while NTC, NGK, NGO, NMT and NGX trailed this group average. Please
keep in mind that the Lipper Other States average represents the overall average
of returns for funds from 10 different states displaying a variety of economic
and municipal market conditions. We believe that makes direct comparisons
between the returns of specific state funds with a multi-state group average
less meaningful.
One of the factors affecting the Funds' six-month performance relative to that
of the unleveraged Lehman Brothers index was the Funds' use of financial
leverage. While leveraging provides opportunities for additional income and
total returns for common shareholders when interest rates fall or remain
consistently low (as has been the case over the past several years), this
benefit is reduced when interest rates rise. With the increase in both
short-term and long-term rates over this six-month period, the decline in value
of the bonds in these Funds' portfolios was exacerbated by the effect of
leveraging. In addition, the extent of the leverage benefit is tied in part to
the short-term rates the Funds pay their MuniPreferred(R) shareholders. During
periods of low short-term rates, leveraged Funds generally pay lower dividends
to their MuniPreferred shareholders, which can leave more earnings to support
common share dividends. When short-term interest rates rise, as they did during
this reporting period, the Funds' borrowing costs also rise, impacting the
Funds' expenses, income streams and total returns. However, we remain convinced
that leveraging is likely to benefit the performance of these Funds over the
long term.
During this reporting period, all of the Funds benefited from their allocations
of lower-quality credits, as bonds rated BBB or lower generally outperformed
higher-rated bonds. As of November 30, 2005, the Connecticut Funds had
weightings of BBB, sub-investment grade, and non-rated bonds ranging from 9% to
14%, while NOM had
7
20% allocated to BBB and non-rated credits. In Massachusetts, the two noninsured
Funds--NMT and NMB--had weightings of 11% and 10%, respectively, in bonds rated
BBB or lower, or in non-rated bonds. The insured NGX, which can invest up to 20%
of its assets in uninsured investment-grade quality securities, held 2% of its
portfolio in bonds rated BBB as of November 30, 2005.
Among the lower-rated credits making contributions to the cumulative returns of
NTC, NFC, NGK, NGO and NMT for this period were tobacco bonds backed by the 1998
master tobacco settlement agreement. Generally, supply/demand dynamics and an
improved litigation environment drove tobacco bond prices higher. As of November
30, 2005, the Connecticut Funds held approximately 2% to 3% of their portfolios
in unenhanced, uninsured tobacco bonds. NMT held less than 1% of its portfolio
in these bonds.
Housing bonds and lower-rated hospital credits also contributed to the Funds'
returns, with the housing and healthcare sectors ranking second and third,
respectively, in terms of performance among the Lehman Brothers municipal
revenue sectors for the period. Housing bonds, particularly those issued for
multifamily housing, were among the best performing credits in the Funds'
portfolios, as rising interest rates lessened the incidence and impact of
prepayments and bond calls on these bonds.
NOM benefited from the pre-refunding of a large position in bonds issued for SSM
Healthcare System, which accounted for approximately 6% of the Fund's holdings.
At the same time, however, many of the Funds' holdings of older pre-refunded
bonds tended to underperform the general municipal market in the rising interest
rate environment of this period. Non-callable bonds and bonds with more than 10
years of call protection also generally did not perform well.
8
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
NOVEMBER 30, 2005?
As November 30, 2005, the seven noninsured Funds continued to offer excellent
credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA in
the Connecticut Funds ranging from 85% to 91%, and from 80% to 87% in the two
uninsured Massachusetts Funds. NGX, which can invest up to 20% of its assets in
uninsured investment-grade quality securities, held 96% of its portfolio in
insured bonds or uninsured bonds rated AAA or AA as of November 30, 2005. NOM's
allocation of AAA/U.S. guaranteed and AA bonds accounted for 77% of its
portfolio.
At the end of November 2005, potential call exposure for the period from
December 2005 through the end of 2007 ranged from 2% in NGK, NMB and NGX to 3%
in NFC and NGO, 5% in NOM, 11% in NMT and 14% in NTC. NMT and NTC continued to
hold most of these callable bonds during the period, in part due to their
performance potential. The number of actual bond calls in all of these Funds
depends largely on future market interest rates.
9
Dividend and Share Price
INFORMATION
As noted, all eight of these Funds use leverage to potentially enhance
opportunities for additional income for common shareholders. During periods of
rising short-term interest rates, as was the case during this reporting period,
leveraging expenses increase. This resulted in a single monthly dividend
reduction in NTC, NMT, NMB, NGX and NOM over the six-months ended November 30,
2005. The dividends of NFC, NGK, and NGO remained stable throughout this
reporting period. (On December 1, 2005, NTC, NGK, NGO and NGX all announced
monthly dividend reductions.)
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders.
As of November 30, 2005, all of the Funds in this report except NGX had positive
UNII balances for both financial statement and tax purposes. NGX had a positive
UNII balance for tax purposes and a negative UNII balance for financial
statement purposes.
At the end of the reporting period, the Funds' share prices were trading at
premiums or discounts to their NAVs as shown in the accompanying chart:
11/30/05 6-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM
--------------------------------------------------------------------------------
NTC -1.82% +7.21%
--------------------------------------------------------------------------------
NFC +6.02% +7.19%
--------------------------------------------------------------------------------
NGK +3.50% +5.36%
--------------------------------------------------------------------------------
NGO +3.13% +0.03%
--------------------------------------------------------------------------------
NMT +10.66% +7.60%
--------------------------------------------------------------------------------
NMB +7.04% +11.64%
--------------------------------------------------------------------------------
NGX +6.13% +6.42%
--------------------------------------------------------------------------------
NOM +18.75% +17.01%
--------------------------------------------------------------------------------
10
Nuveen Connecticut Premium Income Municipal Fund
NTC
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 81%
AA 9%
BBB 9%
N/R 1%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.0735
Jan 0.0735
Feb 0.0735
Mar 0.0705
Apr 0.0705
May 0.0705
Jun 0.067
Jul 0.067
Aug 0.067
Sep 0.064
Oct 0.064
Nov 0.064
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 15.64
15.7
15.63
15.62
15.62
15.61
15.74
15.67
15.72
15.84
15.96
15.85
15.58
15.6
15.58
15.52
15.5
15.41
15.2
15.16
15.1
15.21
15.45
15.45
15.45
15.56
15.74
15.69
15.7
15.41
15.62
15.7
15.53
15.55
15.36
15.49
15.5
15.52
15.41
15.43
15.39
15.44
15.47
15.51
15.55
15.61
15.71
15.61
15.97
15.85
16
16.11
16.5
16.36
16.39
16.15
16.08
16.3
16.37
16.39
16.4
16.4
16.45
16.52
16.41
16.33
16.48
16.13
16.05
15.92
16.2
15.73
15.75
16.22
16.49
15.93
15.65
15.64
15.85
15.33
15
14.9
15.35
15.35
15.66
15.64
15.75
15.96
15.76
15.75
15.51
15.45
15.7
15.85
15.66
15.7
15.55
15.6
16
15.83
15.68
15.78
15.7
15.69
15.69
15.58
15.55
15.61
15.67
15.86
16
15.82
15.81
15.81
15.79
15.91
16
15.92
16.19
15.92
15.96
15.89
15.86
15.74
15.81
15.81
15.83
15.84
15.88
15.8
15.99
15.98
15.95
15.95
15.87
15.85
15.84
16.11
16.05
15.96
16.01
15.83
16.01
16.07
16.17
16.2
16.19
16.25
16.13
16.15
16.05
16.26
16.14
16
16.12
16.07
15.95
16.24
16.15
16.29
16.55
16.59
16.74
16.58
16.63
16.75
16.77
16.34
16.34
16.26
16.22
16.35
16.35
16.13
16.2
16.12
16.21
16.16
16.24
16.18
16.4
16.5
16.66
16.8
17
16.83
16.3
16.65
16.65
16.59
16.73
16.7
16.77
16.98
16.95
16.7
16.89
16.72
16.72
16.72
16.77
16.7
16.7
16.6
16.59
16.51
16.4
16.5
16.6
16.35
16.35
16.49
16.59
16.73
16.59
16.5
16.5
16.18
16.15
16.15
16.15
16
16
16
16
16.21
16.05
16.35
16.1
16.1
15.9
16.3
16.3
16.21
16.25
16.22
15.9
15.89
16.04
16.22
15.98
15.98
15.68
15.61
15.18
15.12
15.31
15
15.1
14.78
14.67
14.51
14.63
14.59
11/30/05 14.55
FUND SNAPSHOT
------------------------------------
Common Share Price $14.55
------------------------------------
Common Share
Net Asset Value $14.82
------------------------------------
Premium/(Discount) to NAV -1.82%
------------------------------------
Market Yield 5.28%
------------------------------------
Taxable-Equivalent Yield1 7.71%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $79,342
------------------------------------
Average Effective Maturity
on Securities (Years) 15.77
------------------------------------
Leverage-Adjusted Duration 7.62
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -5.70% -0.32%
------------------------------------
1-Year -1.30% 4.41%
------------------------------------
5-Year 5.57% 7.50%
------------------------------------
10-Year 6.38% 6.73%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Education and Civic
Organizations 21.8%
------------------------------------
Tax Obligation/General 19.2%
------------------------------------
U.S. Guaranteed 14.0%
------------------------------------
Water and Sewer 11.4%
------------------------------------
Tax Obligation/Limited 9.4%
------------------------------------
Healthcare 7.9%
------------------------------------
Long-Term Care 4.9%
------------------------------------
Other 11.4%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 31.5%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.0114 per share.
11
Nuveen Connecticut Dividend Advantage Municipal Fund
NFC
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 68%
AA 17%
A 2%
BBB 12%
N/R 1%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0745
Jan 0.0745
Feb 0.0745
Mar 0.0715
Apr 0.0715
May 0.0715
Jun 0.0715
Jul 0.0715
Aug 0.0715
Sep 0.0715
Oct 0.0715
Nov 0.0715
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 15.34
15.49
15.43
15.44
15.57
15.72
15.56
15.64
15.54
15.45
15.32
15.29
15.1
15.19
15.25
15.26
15.36
15.33
15
15.19
15.59
15.83
15.82
15.85
15.75
15.75
15.75
16.71
16.3
16.07
16.39
16.18
16.18
15.93
15.69
15.7
15.75
15.52
15.52
15.6
15.53
15.61
15.66
15.89
15.89
15.89
15.82
15.85
15.85
16.1
15.91
16.04
16.36
16.48
16.48
16.45
16.47
16.28
16.22
16.35
16.45
16.27
16.26
16.39
16.44
16.78
16.8
16.74
16.16
15.88
16.36
16.2
16.48
16.82
16.52
16.29
16.18
16.1
16.1
16.02
15.59
15.47
15.5
15.56
15.44
15.44
15.7
15.6
15.8
15.73
15.54
15.69
15.6
15.9
15.61
15.65
15.65
15.5
16.11
15.93
15.77
15.94
15.9
15.87
15.87
16
15.94
16
16.1
16.15
16.15
16.25
16.04
15.83
15.83
15.96
16.35
16.69
15.91
16
15.71
15.81
15.8
15.61
15.65
15.73
15.8
15.88
16
15.8
15.95
16.12
16.12
15.97
15.96
15.95
15.91
15.92
15.98
16.2
16.09
15.95
16
15.97
15.97
15.92
16
16.17
16.3
16.4
16.2
16.26
16.35
16.28
16.3
16.25
16.3
16.2
16.25
16.3
16.36
16.35
16.25
16.36
16.28
16.38
16.45
16.45
16.45
16.49
16.5
16.57
16.44
16.22
16.25
16.25
16.32
16.47
16.8
16.86
16.82
16.82
16.82
16.73
16.85
16.84
16.82
16.58
16.58
16.68
16.54
16.71
16.67
16.82
16.56
16.72
16.95
17.01
16.9
16.99
16.86
16.84
16.72
16.58
16.44
16.45
16.39
16.39
16.24
16.1
16.2
16.28
16.38
16.48
16.48
16.48
16.17
16.15
16.15
16.2
16.16
16.03
16.1
16.15
16.14
16.1
16.12
16.16
15.96
16.03
16.06
16.16
16.29
16.07
16.25
16.07
16.1
16.04
16.23
16.41
16.1
15.94
16.2
16.01
16.15
16.08
16.33
16.01
16.23
16.18
16.18
16.05
16.06
16
11/30/05 15.85
FUND SNAPSHOT
------------------------------------
Common Share Price $15.85
------------------------------------
Common Share
Net Asset Value $14.95
------------------------------------
Premium/(Discount) to NAV 6.02%
------------------------------------
Market Yield 5.41%
------------------------------------
Taxable-Equivalent Yield1 7.90%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $38,378
------------------------------------
Average Effective Maturity
on Securities (Years) 15.71
------------------------------------
Leverage-Adjusted Duration 7.80
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/26/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 3.44% -0.08%
------------------------------------
1-Year 9.18% 5.28%
------------------------------------
Since
Inception 6.72% 6.78%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
U.S. Guaranteed 26.0%
------------------------------------
Education and Civic
Organizations 17.5%
------------------------------------
Tax Obligation/General 12.0%
------------------------------------
Tax Obligation/Limited 11.3%
------------------------------------
Water and Sewer 9.2%
------------------------------------
Utilities 6.4%
------------------------------------
Transportation 4.5%
------------------------------------
Other 13.1%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 31.5%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
12
Nuveen Connecticut Dividend Advantage Municipal Fund 2
NGK
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 70%
AA 21%
BBB 9%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.0735
Jan 0.0735
Feb 0.0735
Mar 0.0705
Apr 0.0705
May 0.0705
Jun 0.0705
Jul 0.0705
Aug 0.0705
Sep 0.0705
Oct 0.0705
Nov 0.0705
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 15.62
15.75
15.84
15.84
15.84
15.91
16.1
16.11
15.8
15.5
15.36
15.52
15.34
15.28
15.32
15.32
15.36
15.38
15.27
15.28
15.4
15.7
15.76
15.9
15.89
16.05
16.08
16.28
16.28
16.12
16.06
15.91
16
15.97
15.75
15.76
15.68
15.68
15.4
15.39
15.4
15.43
15.64
15.8
15.83
15.83
15.77
15.86
15.9
15.9
15.85
15.75
15.8
15.73
15.73
15.62
15.67
15.66
15.76
15.74
15.8
15.9
16.2
16.01
16.16
16.45
16.28
16.43
15.8
15.69
16.21
16.49
16.55
16.49
16.49
16.14
16
15.62
15.65
15.65
16.1
15.85
15.9
16
16
15.82
16.2
16.19
16.07
16.19
16.19
16.15
16.09
15.98
15.91
15.91
15.91
15.45
15.48
15.48
15.83
15.83
15.72
15.95
15.95
15.82
15.82
16
15.86
15.86
15.94
16.07
16.07
16.15
16.15
16.31
16.31
16.2
16.2
16.38
16.18
16.18
16.09
15.97
15.97
15.98
16.03
16
15.92
16.05
16.2
16.2
16.15
16.15
16.15
16.3
16.25
16.35
16.2
15.9
16.04
15.97
16.02
16
16.04
16.09
16.09
16.14
16.14
16.28
16.25
16.25
16.15
16.3
16.3
16.14
16.11
16
16.1
15.99
16.02
16.01
16.01
16.23
16.39
16.39
16.59
16.82
16.82
16.64
16.8
16.8
16.8
16.68
16.47
16.67
16.7
16.82
16.65
16.95
16.97
16.97
16.85
16.9
16.9
16.9
16.58
16.33
16.45
16.24
16.27
16.33
16.35
16.38
16.32
16.41
16.38
16.55
16.5
16.46
16.37
16.09
15.97
15.9
15.91
16.09
16.08
16.07
15.98
16.11
16.4
16.2
16.35
16.45
16.35
15.89
16.08
16.09
16.09
16.09
16.01
15.9
15.9
16
16.01
16.11
15.9
15.99
15.99
16
15.87
15.9
16.14
15.9
16
16.25
16.35
16.2
15.98
16.33
16.16
16.16
16.16
16
16
16.31
16.31
16.14
16.2
16.2
16.2
16.2
15.97
15.8
11/30/05 15.69
FUND SNAPSHOT
------------------------------------
Common Share Price $15.69
------------------------------------
Common Share
Net Asset Value $15.16
------------------------------------
Premium/(Discount) to NAV 3.50%
------------------------------------
Market Yield 5.39%
------------------------------------
Taxable-Equivalent Yield1 7.87%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $35,026
------------------------------------
Average Effective Maturity
on Securities (Years) 14.50
------------------------------------
Leverage-Adjusted Duration 8.10
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 0.78% -0.37%
------------------------------------
1-Year 5.84% 4.54%
------------------------------------
Since
Inception 7.17% 7.60%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/General 22.8%
------------------------------------
U.S. Guaranteed 22.6%
------------------------------------
Education and Civic
Organizations 20.1%
------------------------------------
Water and Sewer 8.8%
------------------------------------
Tax Obligation/Limited 5.7%
------------------------------------
Utilities 4.6%
------------------------------------
Transportation 4.2%
------------------------------------
Other 11.2%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 31.5%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.0663 per share.
13
Nuveen Connecticut Dividend Advantage Municipal Fund 3
NGO
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 70%
AA 15%
A 1%
BBB 14%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.065
Jan 0.065
Feb 0.065
Mar 0.065
Apr 0.065
May 0.065
Jun 0.0615
Jul 0.0615
Aug 0.0615
Sep 0.0615
Oct 0.0615
Nov 0.0615
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 13.55
13.48
13.66
13.7
13.73
13.79
13.79
13.79
13.8
13.71
13.78
13.71
13.56
13.53
13.58
13.55
13.66
13.46
13.46
13.44
13.47
13.63
13.69
13.74
13.73
13.94
13.99
14.01
14.03
13.97
13.92
13.84
13.81
13.79
13.89
13.89
13.9
13.94
13.92
13.87
13.97
13.9
14.24
14.24
14.23
14.57
14.52
14.38
14.3
14.35
14.32
14.34
14.38
14.41
14.41
14.41
14.57
14.25
14.46
14.53
14.6
14.81
14.87
14.73
14.6
14.65
14.72
14.71
14.45
14.38
14.53
14.63
14.57
14.55
14.45
14.51
14.61
14.45
14.49
14.5
14.6
14.35
14.13
14.17
14.29
14.28
14.54
14.5
14.4
14.45
14.35
14.31
14.44
14.64
14.85
14.58
14.3
14.39
14.39
14.18
14.1
14.35
14.4
14.29
14.29
14.25
14.26
14.37
14.37
14.2
14.2
14.18
14.15
14.3
14.38
14.65
14.67
15.01
14.91
14.85
14.75
14.71
14.35
14.32
14.35
14.54
14.62
14.66
14.72
14.74
14.98
14.73
14.5
14.49
14.46
14.34
14.24
14.28
14.29
14.29
14.36
14.33
14.46
14.4
14.5
14.49
14.44
14.7
15.05
14.87
14.72
14.85
14.95
14.8
14.77
14.51
14.45
14.6
14.51
14.52
14.53
14.56
14.5
14.39
14.3
14.32
14.38
14.44
14.44
14.51
14.75
14.81
14.83
14.65
14.62
14.85
14.79
14.8
14.84
14.73
14.73
14.77
14.83
14.91
14.91
14.7
14.8
15
14.88
14.8
14.8
14.72
14.79
14.9
14.91
14.8
14.88
14.76
14.91
14.82
14.71
14.55
14.75
14.62
14.55
14.49
14.3
14.23
14.56
14.45
14.54
14.4
14.58
14.59
14.48
14.6
14.72
14.83
14.83
14.83
14.59
14.51
14.61
14.45
15.13
14.83
14.76
14.85
14.69
14.62
14.62
14.87
14.87
14.48
14.66
14.58
14.58
14.54
14.6
14.59
14.41
14.28
14.12
14.11
14.26
14.46
14.5
14.46
14.5
14.16
14.35
14.5
14.7
14.9
11/30/05 14.82
FUND SNAPSHOT
------------------------------------
Common Share Price $14.82
------------------------------------
Common Share
Net Asset Value $14.37
------------------------------------
Premium/(Discount) to NAV 3.13%
------------------------------------
Market Yield 4.98%
------------------------------------
Taxable-Equivalent Yield1 7.27%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $62,569
------------------------------------
Average Effective Maturity
on Securities (Years) 14.96
------------------------------------
Leverage-Adjusted Duration 8.07
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 9/26/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 4.51% -0.29%
------------------------------------
1-Year 15.47% 4.58%
------------------------------------
Since
Inception 4.96% 5.39%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/General 24.7%
------------------------------------
U.S. Guaranteed 15.7%
------------------------------------
Education and Civic
Organizations 14.0%
------------------------------------
Tax Obligation/Limited 13.0%
------------------------------------
Water and Sewer 10.5%
------------------------------------
Long-Term Care 8.2%
------------------------------------
Utilities 5.7%
------------------------------------
Other 8.2%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 31.5%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
14
Nuveen Massachusetts Premium Income Municipal Fund
NMT
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 67%
AA 13%
A 9%
BBB 8%
BB or Lower 1%
N/R 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.0735
Jan 0.0735
Feb 0.0735
Mar 0.0705
Apr 0.0705
May 0.0705
Jun 0.0705
Jul 0.0705
Aug 0.0705
Sep 0.067
Oct 0.067
Nov 0.067
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 16
15.63
15.84
15.8
15.79
15.89
15.64
15.69
15.61
15.49
15.5
15.5
15.53
15.45
15.45
15.55
15.58
15.58
15.5
15.55
15.69
15.82
15.99
15.89
15.89
16.1
16.18
16.18
15.86
15.76
15.72
15.77
16.15
16.5
16.45
16.73
16.9
16.9
17.04
16.7
16.69
16.54
16.34
16.27
16.33
16.37
16.18
16.27
16.25
16.36
16.66
17.25
17.29
17.15
17.2
17.2
17.05
16.9
17.18
16.9
16.86
16.84
16.73
16.44
16.3
16.41
16.41
16.1
15.9
15.6
15.51
15.34
15.25
15.21
15.16
15.06
14.88
14.75
14.57
14.7
14.89
15
15.61
15.75
15.51
15.33
15.25
15.25
15.25
15.17
15.21
15.26
15.09
15.08
15.06
15.15
15.15
15.06
15.1
15.38
15.27
15.46
15.69
15.45
15.45
15.57
16.25
15.74
16.16
15.92
15.6
15.67
15.76
16.03
15.93
15.88
15.85
16
16.24
16.45
16.31
16.5
16.4
16.41
16.15
16.14
16.21
15.66
15.9
15.9
16
15.81
15.63
15.63
15.51
15.62
15.5
15.6
15.59
15.56
15.61
15.7
15.8
15.72
16
15.99
16.05
16.06
16.04
16.04
15.99
15.99
15.87
15.85
15.99
16.07
16.1
16.2
16.25
16.25
16.2
15.72
15.83
16.24
16.39
16.43
16.3
16.19
16.19
15.84
15.95
15.96
15.89
15.89
15.71
15.72
15.79
15.85
15.92
15.97
16.1
16.11
16.3
16.12
16.15
16.14
15.96
15.83
15.78
15.88
16
16.33
16.47
16.69
16.31
16.84
16.53
16.55
16.35
16.37
16.38
16.13
16.3
16.31
16
15.99
16.35
16.47
16.7
16.64
16.42
16.42
16.5
16.45
16.5
16.5
16.5
16.2
16.1
16.25
16.03
15.75
16
15.45
15.54
15.6
15.72
15.62
15.67
15.45
15.74
16
16.25
16.22
15.74
15.8
15.91
15.93
15.94
16.12
16.12
16.05
16
16.09
16
15.85
15.75
15.7
16.04
16.3
15.95
15.95
16.2
15.9
11/30/05 16.2
FUND SNAPSHOT
------------------------------------
Common Share Price $16.20
------------------------------------
Common Share
Net Asset Value $14.64
------------------------------------
Premium/(Discount) to NAV 10.66%
------------------------------------
Market Yield 4.96%
------------------------------------
Taxable-Equivalent Yield1 7.29%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $69,591
------------------------------------
Average Effective Maturity
on Securities (Years) 17.20
------------------------------------
Leverage-Adjusted Duration 9.08
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/18/93)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.97% -0.32%
------------------------------------
1-Year 5.84% 5.09%
------------------------------------
5-Year 8.29% 7.01%
------------------------------------
10-Year 7.63% 6.32%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Education and Civic
Organizations 25.2%
------------------------------------
Tax Obligation/General 13.3%
------------------------------------
Healthcare 12.4%
------------------------------------
Tax Obligation/Limited 10.0%
------------------------------------
Water and Sewer 8.7%
------------------------------------
Housing/Multifamily 8.1%
------------------------------------
Transportation 8.0%
------------------------------------
U.S. Guaranteed 7.8%
------------------------------------
Other 6.5%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders a net ordinary income distribution in
December 2004 of $0.0107 per share.
15
Nuveen Massachusetts Dividend Advantage Municipal Fund
NMB
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 66%
AA 21%
A 3%
BBB 8%
BB or Lower 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.0775
Jan 0.0775
Feb 0.0775
Mar 0.0745
Apr 0.0745
May 0.0745
Jun 0.0745
Jul 0.0745
Aug 0.0745
Sep 0.071
Oct 0.071
Nov 0.071
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 16
16.08
16.06
16.05
15.98
16.08
15.93
16.11
15.8
15.6
15.55
15.73
15.7
15.8
15.81
15.89
15.94
15.94
16.04
16.05
16.08
16.14
16.1
16.32
16.05
16.06
16.08
16.05
16.2
16.25
16.39
16.47
16.56
16.97
17.15
17.2
17.21
17.18
17.4
17.38
17.41
17.41
17.4
17.16
17.16
17.35
17.35
17.35
17.35
17.23
17.15
17.49
17.33
17.33
17.37
17.28
17.6
17.8
18.11
18.08
17.78
17.4
17.45
17.06
16.87
17.17
16.75
16.83
16.45
16.54
16.54
16.95
17.03
17.03
16.85
16.5
16.42
16.41
15.47
15.42
15.41
16
16.43
16.5
16.5
16.72
16.25
16.4
16.4
16.36
16.31
16.06
15.78
16.38
16.37
16.37
16.37
16.38
16.38
16.6
16.6
16.55
16.55
16.8
16.8
17
18.3
17.35
17.35
17.7
17.7
17.85
17.65
18
17.9
17.68
17.55
17.55
17.5
17.5
17.5
17.5
17.29
17.26
17.23
17.45
17.3
17.2
17.9
17.65
17.65
17.65
17.64
17.45
17.19
17.19
16.83
17.05
17.05
16.65
16.55
16.8
16.8
16.8
16.75
16.96
17.2
17.2
17.06
17.06
17.11
17.11
17.11
17.35
17.35
17.22
17.22
17.1
16.95
16.95
16.95
16.95
17.1
17.2
17
17.05
17.19
17.55
17.55
17.5
17.5
17.32
17.32
17.32
17.32
17.5
17.7
17.78
17.78
17.95
18
18.01
18.15
18.05
18.05
18.1
18.03
18.03
18.2
18.45
18.6
18.51
18.5
18.5
18.6
18.41
18.25
18.25
18.25
18.28
18.2
18.2
18.2
18.2
18.2
18.2
17.84
17.45
17.32
17.54
17.58
17.65
17.5
17.6
17.65
17.65
17.55
17.55
17.55
17.68
17.5
17.25
17.25
17.03
16.6
16.75
16.7
16.7
16.41
16.29
16.1
16.1
15.91
15.83
16.1
16.18
16.18
16
16
16.49
16.49
16.04
16.29
16.29
16.25
16.25
16.45
16.3
16.4
16.4
16.25
16.45
16.45
16.45
11/30/05 16.26
FUND SNAPSHOT
------------------------------------
Common Share Price $16.26
------------------------------------
Common Share
Net Asset Value $15.19
------------------------------------
Premium/(Discount) to NAV 7.04%
------------------------------------
Market Yield 5.24%
------------------------------------
Taxable-Equivalent Yield1 7.71%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $29,659
------------------------------------
Average Effective Maturity
on Securities (Years) 17.96
------------------------------------
Leverage-Adjusted Duration 8.91
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/30/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -4.42% -0.16%
------------------------------------
1-Year 7.86% 5.12%
------------------------------------
Since
Inception 7.67% 7.58%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/General 22.7%
------------------------------------
Education and Civic
Organizations 18.3%
------------------------------------
Tax Obligation/Limited 12.6%
------------------------------------
Healthcare 12.6%
------------------------------------
Housing/Multifamily 8.9%
------------------------------------
Water and Sewer 7.0%
------------------------------------
U.S. Guaranteed 4.6%
------------------------------------
Other 13.3%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.1177 per share.
16
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund
NGX
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 83%
AAA (Uninsured) 5%
AA (Uninsured) 8%
A (Uninsured) 2%
BBB (Uninsured) 2%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.072
Jan 0.072
Feb 0.072
Mar 0.072
Apr 0.072
May 0.072
Jun 0.0695
Jul 0.0695
Aug 0.0695
Sep 0.0665
Oct 0.0665
Nov 0.0665
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 16.32
16.34
16.22
16.1
16.23
16.09
16.48
16.9
16.73
16.73
16.65
16.6
16.6
16.3
16.25
16.23
16.1
15.66
15.41
15.56
15.57
15.61
15.62
16.39
16.25
16.32
16.45
16.45
16.32
15.66
15.88
15.85
15.85
16.09
16.1
16.25
16.5
16.85
16.32
16.31
16.3
16.4
16.42
16.24
16.24
16.31
16.4
16.5
16.7
16.6
16.7
16.74
16.72
16.5
16.52
16.52
16.7
16.75
16.81
16.5
16.5
16.3
16.28
16
16.16
16.17
16.28
16.04
15.82
15.83
15.78
15.7
15.65
15.65
15.66
15.6
15.69
15.61
15.61
15.78
15.65
15.95
15.74
15.6
15.65
15.74
15.75
15.75
15.7
15.6
15.61
15.6
15.6
15.8
15.64
15.64
15.73
15.61
15.7
15.67
15.7
15.96
15.8
15.9
15.9
15.89
15.89
16.25
16.25
16.01
15.95
16.55
16.45
16.95
17
16.87
16.68
16.62
16.15
16.3
15.85
15.83
15.83
15.82
15.86
15.94
15.85
15.85
16.02
16.01
15.92
15.91
15.87
15.87
15.68
15.68
15.36
15.39
15.39
15.3
15.25
15.26
15.44
15.48
15.48
15.39
15.45
15.4
15.29
15.36
15.46
15.47
15.35
15.52
15.53
15.57
15.69
15.95
16.75
16.88
16.45
16.66
16.82
16.8
16.71
16.78
16.9
16.95
16.95
17
16.6
16.38
16.38
15.68
15.9
15.87
15.87
16.3
16.39
16.32
15.83
15.7
16.01
15.99
15.99
16.05
16.25
16.25
16.1
16.11
16.03
16.02
16.2
16.53
16.53
16.66
16.45
16.04
16.1
16.2
16.1
15.85
15.85
15.85
15.53
15.55
15.38
15.55
16.05
15.86
15.9
15.84
15.93
15.95
15.99
15.99
15.99
15.98
15.98
16
15.88
15.88
15.88
15.75
15.5
15.4
15.4
15.08
15.08
14.92
14.77
14.66
14.77
14.66
14.66
14.6
14.6
14.42
14.5
14.64
14.8
14.4
14.56
14.6
14.6
14.81
15
14.95
14.85
14.9
14.9
14.65
15.05
15.35
11/30/05 15.4
FUND SNAPSHOT
------------------------------------
Common Share Price $15.40
------------------------------------
Common Share
Net Asset Value $14.51
------------------------------------
Premium/(Discount) to NAV 6.13%
------------------------------------
Market Yield 4.71%
------------------------------------
Taxable-Equivalent Yield1 6.93%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $39,500
------------------------------------
Average Effective Maturity
on Securities (Years) 19.21
------------------------------------
Leverage-Adjusted Duration 7.97
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -1.08% -0.33%
------------------------------------
1-Year -0.94% 6.08%
------------------------------------
Since
Inception 6.22% 6.14%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/General 23.7%
------------------------------------
Tax Obligation/Limited 17.0%
------------------------------------
U.S. Guaranteed 16.9%
------------------------------------
Education and Civic
Organizations 14.1%
------------------------------------
Housing/Multifamily 8.9%
------------------------------------
Water and Sewer 7.9%
------------------------------------
Healthcare 6.1%
------------------------------------
Other 5.4%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
17
Nuveen Missouri Premium Income Municipal Fund
NOM
Performance
OVERVIEW As of November 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 60%
AA 17%
A 3%
BBB 9%
N/R 11%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0735
Jan 0.0735
Feb 0.0735
Mar 0.0735
Apr 0.0735
May 0.0735
Jun 0.0735
Jul 0.0735
Aug 0.0735
Sep 0.07
Oct 0.07
Nov 0.07
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/04 17.7
17.69
17.7
17.7
17.65
17.59
17.54
17.45
17.8
17.57
17.64
17.75
17.87
17.95
17.95
17.95
18.5
18.56
18.66
18.66
18.95
19
18.8
18.6
18.45
18.2
18
17.58
17.25
17.18
17.15
17
17.05
17.05
17.35
17.4
17.4
17.3
17.3
17.3
17.3
17.24
17.16
17.15
17.05
17.04
17.08
17.2
17.11
16.96
16.85
16.85
16.85
16.95
16.86
16.92
16.95
16.91
16.67
16.74
16.8
16.9
16.95
16.99
16.82
17.25
17.15
17
16.84
16.84
16.8
16.72
16.72
16.51
16.5
16.63
16.76
16.75
16.8
16.8
16.8
16.8
16.8
16.8
16.9
16.9
16.95
17.2
17.3
17.3
17.3
17.07
17.02
17.1
17.18
17.06
17.38
17.3
17.1
17.3
17.65
17.65
17.49
17.42
17.42
17.52
17.7
17.54
17.54
17.42
17.42
17.63
17.81
17.98
17.94
17.82
17.79
17.99
17.99
17.99
17.82
17.67
17.67
17.9
17.88
17.9
18
17.87
17.87
18.1
17.9
17.44
17.66
17.65
17.49
17.49
17.52
17.6
17.28
17.15
17.15
17.2
17.2
17.38
17.33
17.25
17.25
17.12
17.01
17.21
16.99
16.85
16.85
17.18
17.37
17.37
17.18
17.04
17.11
17.24
17.35
17.35
17.32
17.18
17.21
17.29
17.35
17.35
17.35
17.23
17.23
17.23
17.23
17.22
17.16
17.16
17.2
17.22
17.43
17.43
17.29
17.38
17.32
18.23
18.1
18.05
17.97
17.97
17.85
17.85
17.85
17.75
17.67
17.73
17.93
18.15
17.95
18.1
18.1
17.95
17.95
17.95
17.95
17.85
17.7
17.7
17.7
17.55
17.46
17.46
17.55
17.48
17.35
17.35
17.45
17.3
17.34
17.34
17.32
17.39
17.39
17.45
17.5
17.5
17.25
17.25
17.29
17.29
17.12
17.1
17
17
16.8
16.92
16.92
16.99
16.81
17.15
17.5
17.46
17.54
17.4
17.5
17.46
17.46
17.8
17.8
17.9
17.9
17.8
17.8
17.8
17.9
17.55
11/30/05 17.42
FUND SNAPSHOT
------------------------------------
Common Share Price $17.42
------------------------------------
Common Share
Net Asset Value $14.67
------------------------------------
Premium/(Discount) to NAV 18.75%
------------------------------------
Market Yield 4.82%
------------------------------------
Taxable-Equivalent Yield1 7.14%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $33,360
------------------------------------
Average Effective Maturity
on Securities (Years) 15.64
------------------------------------
Leverage-Adjusted Duration 7.87
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -0.23% -0.07%
------------------------------------
1-Year 2.59% 4.70%
------------------------------------
5-Year 11.62% 7.67%
------------------------------------
10-Year 9.84% 6.37%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 25.5%
------------------------------------
Tax Obligation/General 20.1%
------------------------------------
Healthcare 16.6%
------------------------------------
U.S. Guaranteed 10.7%
------------------------------------
Housing/Multifamily 4.9%
------------------------------------
Education and Civic
Organizations 4.3%
------------------------------------
Utilities 3.9%
------------------------------------
Long-Term Care 3.9%
------------------------------------
Other 10.1%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.5%. When comparing this Fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
18
Shareholder
MEETING REPORT
Approval of the new investment management agreement was the proposal voted upon
at the July 26, 2005 shareholder meeting held at The Northern Trust Bank.
Approval of the Board Members was the proposal voted upon at the November 15,
2005 shareholder meeting held at the offices of Nuveen Investments.
NTC NFC NGK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE NEW INVESTMENT MANAGEMENT
AGREEMENT WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting
together together together
as a class as a class as a class
====================================================================================================================================
For 4,823,107 2,407,736 2,171,304
Against 13,507 6,655 24,123
Abstain 104,988 22,083 16,966
Total 4,941,602 2,436,474 2,212,393
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 4,921,649 -- 2,422,248 -- 2,178,703 --
Withhold 33,628 -- 10,307 -- 5,252 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,955,277 -- 2,432,555 -- 2,183,955 --
====================================================================================================================================
Lawrence H. Brown
For 4,875,699 -- 2,422,396 -- 2,176,211 --
Withhold 79,578 -- 10,159 -- 7,744 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,955,277 -- 2,432,555 -- 2,183,955 --
====================================================================================================================================
Jack B. Evans
For 4,921,649 -- 2,422,898 -- 2,178,378 --
Withhold 33,628 -- 9,657 -- 5,577 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,955,277 -- 2,432,555 -- 2,183,955 --
====================================================================================================================================
William C. Hunter
For 4,921,649 -- 2,422,898 -- 2,178,703 --
Withhold 33,628 -- 9,657 -- 5,252 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,955,277 -- 2,432,555 -- 2,183,955 --
====================================================================================================================================
David J. Kundert
For 4,921,649 -- 2,422,248 -- 2,178,378 --
Withhold 33,628 -- 10,307 -- 5,577 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,955,277 -- 2,432,555 -- 2,183,955 --
====================================================================================================================================
William J. Schneider
For -- 1,497 -- 778 -- 652
Withhold -- -- -- -- -- 40
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,497 -- 778 -- 692
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,497 -- 778 -- 652
Withhold -- -- -- -- -- 40
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,497 -- 778 -- 692
====================================================================================================================================
Judith M. Stockdale
For 4,921,649 -- 2,422,898 -- 2,177,036 --
Withhold 33,628 -- 9,657 -- 6,919 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,955,277 -- 2,432,555 -- 2,183,955 --
====================================================================================================================================
Eugene S. Sunshine
For 4,921,649 -- 2,422,898 -- 2,178,703 --
Withhold 33,628 -- 9,657 -- 5,252 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,955,277 -- 2,432,555 -- 2,183,955 --
====================================================================================================================================
19
Shareholder
MEETING REPORT (continued)
NGO NMT NMB
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE NEW INVESTMENT MANAGEMENT
AGREEMENT WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting
together together together
as a class as a class as a class
====================================================================================================================================
For 4,174,208 4,372,515 1,901,392
Against 27,161 80,718 3,670
Abstain 30,791 35,937 12,731
------------------------------------------------------------------------------------------------------------------------------------
Total 4,232,160 4,489,170 1,917,793
====================================================================================================================================
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 4,198,332 -- 4,430,842 -- 1,900,082 --
Withhold 12,410 -- 59,134 -- 8,030 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,210,742 -- 4,489,976 -- 1,908,112 --
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown
For 4,163,185 -- 4,427,942 -- 1,900,082 --
Withhold 47,557 -- 62,034 -- 8,030 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,210,742 -- 4,489,976 -- 1,908,112 --
===================================================================================================================================
Jack B. Evans
For 4,198,332 -- 4,430,842 -- 1,900,082 --
Withhold 12,410 -- 59,134 -- 8,030 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,210,742 -- 4,489,976 -- 1,908,112 --
===================================================================================================================================
William C. Hunter
For 4,198,332 -- 4,433,842 -- 1,898,582 --
Withhold 12,410 -- 56,134 -- 9,530 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,210,742 -- 4,489,976 -- 1,908,112 --
===================================================================================================================================
David J. Kundert
For 4,198,332 -- 4,430,842 -- 1,900,032 --
Withhold 12,410 -- 59,134 -- 8,080 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,210,742 -- 4,489,976 -- 1,908,112 --
===================================================================================================================================
William J. Schneider
For -- 1,250 -- 1,310 -- 550
Withhold -- 26 -- 1 -- 13
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,276 -- 1,311 -- 563
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,250 -- 1,310 -- 550
Withhold -- 26 -- 1 -- 13
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,276 -- 1,311 -- 563
====================================================================================================================================
Judith M. Stockdale
For 4,196,999 -- 4,430,842 -- 1,902,266 --
Withhold 13,743 -- 59,134 -- 5,846 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,210,742 -- 4,489,976 -- 1,908,112 --
====================================================================================================================================
Eugene S. Sunshine
For 4,192,896 -- 4,433,517 -- 1,900,082 --
Withhold 17,846 -- 56,459 -- 8,030 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,210,742 -- 4,489,976 -- 1,908,112 --
====================================================================================================================================
20
NGX NOM
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE NEW INVESTMENT MANAGEMENT
AGREEMENT WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred
shares voting shares voting
together together
as a class as a class
====================================================================================================================================
For 2,629,694 2,078,135
Against 40,184 8,010
Abstain 21,047 19,336
------------------------------------------------------------------------------------------------------------------------------------
Total 2,690,925 2,105,481
====================================================================================================================================
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 2,668,553 -- 2,044,781 --
Withhold 21,153 -- 13,985 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,689,706 -- 2,058,766 --
====================================================================================================================================
Lawrence H. Brown
For 2,668,549 -- 2,035,739 --
Withhold 21,157 -- 23,027 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,689,706 -- 2,058,766 --
====================================================================================================================================
Jack B. Evans
For 2,668,553 -- 2,043,701 --
Withhold 21,153 -- 15,065 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,689,706 -- 2,058,766 --
====================================================================================================================================
William C. Hunter
For 2,668,553 -- 2,043,701 --
Withhold 21,153 -- 15,065 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,689,706 -- 2,058,766 --
====================================================================================================================================
David J. Kundert
For 2,668,553 -- 2,043,112 --
Withhold 21,153 -- 15,654 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,689,706 -- 2,058,766 --
====================================================================================================================================
William J. Schneider
For -- 810 -- 573
Withhold -- 4 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 814 -- 573
====================================================================================================================================
Timothy R. Schwertfeger
For -- 810 -- 573
Withhold -- 4 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 814 -- 573
====================================================================================================================================
Judith M. Stockdale
For 2,668,553 -- 2,043,818 --
Withhold 21,153 -- 14,948 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,689,706 -- 2,058,766 --
====================================================================================================================================
Eugene S. Sunshine
For 2,668,453 -- 2,043,701 --
Withhold 21,253 -- 15,065 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,689,706 -- 2,058,766 --
====================================================================================================================================
21
Nuveen Connecticut Premium Income Municipal Fund (NTC)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.8% (1.9% OF TOTAL INVESTMENTS)
$ 1,565 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,586,159
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
600 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 599,520
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 31.7% (21.8% OF TOTAL INVESTMENTS)
Connecticut Higher Education Supplemental Loan Authority,
Revenue Bonds, Family Education Loan Program, Series 1996A:
675 5.800%, 11/15/14 (Alternative Minimum Tax) - AMBAC Insured 11/06 at 102.00 AAA 681,413
425 5.875%, 11/15/17 (Alternative Minimum Tax) - AMBAC Insured 11/06 at 102.00 AAA 429,182
335 Connecticut Higher Education Supplemental Loan Authority, 11/09 at 102.00 AAA 335,851
Revenue Bonds, Family Education Loan Program, Series 1999A,
6.000%, 11/15/18 (Alternative Minimum Tax) - AMBAC Insured
860 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 893,592
Revenue Bonds, Family Education Loan Program, Series 2001A,
5.250%, 11/15/18 (Alternative Minimum Tax) - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 1,049,890
Revenue Bonds, Connecticut College, Series 1997C-1,
5.500%, 7/01/20 - MBIA Insured
2,115 Connecticut Health and Educational Facilities Authority, 11/15 at 100.00 AAA 2,278,616
Revenue Bonds, Connecticut State University System,
Series 2005H, 5.000%, 11/01/17 - FSA Insured
725 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 756,465
Revenue Bonds, Fairfield University, Series 1998H,
5.000%, 7/01/23 - MBIA Insured
800 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 888,456
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/19 - AMBAC Insured
750 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 803,317
Revenue Bonds, Horace Bushnell Memorial Hall, Series 1999A,
5.625%, 7/01/29 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 1,084,580
Revenue Bonds, Connecticut State University System,
Series 2003F, 5.000%, 11/01/13 - FSA Insured
500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 517,735
Revenue Bonds, Trinity College, Series 2001G,
5.000%, 7/01/31 - AMBAC Insured
1,375 Connecticut Health and Educational Facilities Authority, 7/14 at 100.00 AAA 1,452,041
Revenue Bonds, Trinity College, Series 2004H,
5.000%, 7/01/21 - MBIA Insured
450 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 463,473
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
2,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 2,079,220
Revenue Bonds, University of Hartford, Series 2002E,
5.250%, 7/01/32 - RAAI Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,561,905
Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
1,500 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 1,543,320
Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42
925 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 957,116
Revenue Bonds, Brunswick School, Series 2003B,
5.000%, 7/01/33 - MBIA Insured
640 Connecticut Health and Educational Facilities Authority, 7/06 at 101.00 AAA 653,894
Revenue Bonds, Loomis Chaffee School, Series 1996C,
5.500%, 7/01/16 - MBIA Insured
1,000 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 1,089,520
Bonds, Series 2002A, 5.250%, 11/15/19 - FGIC Insured
1,100 University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,173,931
Series 2003A, 5.125%, 2/15/21 - MBIA Insured
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
University of Connecticut, General Obligation Bonds, Series 2004A:
$ 1,000 5.000%, 1/15/18 - MBIA Insured 1/14 at 100.00 AAA $ 1,064,810
2,000 5.000%, 1/15/19 - MBIA Insured 1/14 at 100.00 AAA 2,122,520
1,220 University of Connecticut, General Obligation Bonds, 2/15 at 100.00 AAA 1,310,695
Series 2005A, 5.000%, 2/15/17 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 11.5% (7.9% OF TOTAL INVESTMENTS)
2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 2,053,100
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/24 - MBIA Insured
3,000 Connecticut Health and Educational Facilities Authority, 7/07 at 101.00 Aaa 3,055,320
Revenue Refunding Bonds, Middlesex Health Services,
Series 1997H, 5.125%, 7/01/27 - MBIA Insured
2,000 Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 AA 2,169,120
Revenue Bonds, Eastern Connecticut Health Network,
Series 2000A, 6.000%, 7/01/25 - RAAI Insured
500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 534,885
Revenue Bonds, Bristol Hospital, Series 2002B,
5.500%, 7/01/21 - RAAI Insured
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Griffin Hospital, Series 2005B:
800 5.000%, 7/01/20 - RAAI Insured 7/15 at 100.00 Aa3 831,472
500 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 515,345
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.8% (2.6% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 12/09 at 100.00 AAA 1,037,730
Finance Program Bonds, Series 1999D-2, 6.200%, 11/15/41
(Alternative Minimum Tax)
1,855 Willimantic Housing Authority, Connecticut, GNMA 4/06 at 105.00 AAA 1,950,050
Collateralized Multifamily Housing Mortgage Revenue
Bonds, Village Heights Apartments, Series 1995A,
8.000%, 10/20/30
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.3% (0.9% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,017,970
Finance Program Bonds, Series 2001C, 5.300%, 11/15/33
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.3% (1.5% OF TOTAL INVESTMENTS)
1,750 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,804,460
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.1% (4.9% OF TOTAL INVESTMENTS)
1,300 Connecticut Health and Educational Facilities Authority, 8/08 at 102.00 AAA 1,334,112
FHA-Insured Mortgage Revenue Bonds, Hebrew Home and
Hospital, Series 1999B, 5.200%, 8/01/38
750 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 773,040
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
615 Connecticut Development Authority, First Mortgage Gross 9/09 at 102.00 AA 652,773
Revenue Refunding Healthcare Bonds, Connecticut Baptist
Homes Inc., Series 1999, 5.500%, 9/01/15 - RAAI Insured
Connecticut Development Authority, Revenue Refunding Bonds,
Duncaster Inc., Series 1999A:
1,000 5.250%, 8/01/19 - RAAI Insured 2/10 at 102.00 AA 1,041,160
1,000 5.375%, 8/01/24 - RAAI Insured 2/10 at 102.00 AA 1,043,800
800 Connecticut Development Authority, Health Facilities Revenue 2/06 at 101.00 N/R 807,032
Refunding Bonds, Alzheimer's Resource Center of Connecticut
Inc., Series 1994A, 7.000%, 8/15/09
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 27.9% (19.2% OF TOTAL INVESTMENTS)
500 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 548,245
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
750 Bridgeport, Connecticut, General Obligation Refunding Bonds, 8/12 at 100.00 Aaa 812,625
Series 2002A, 5.375%, 8/15/19 - FGIC Insured
1,000 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 1,078,740
Series 2003A, 5.250%, 9/15/23 - FSA Insured
1,900 Capitol Region Education Council, Connecticut, Revenue 4/06 at 102.00 BBB 1,941,306
Bonds, Series 1995, 6.700%, 10/15/10
1,110 Connecticut, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AAA 1,166,666
5.000%, 4/01/23 - FGIC Insured
820 Connecticut, General Obligation Bonds, Series 2004D, No Opt. Call AAA 889,003
5.000%, 12/01/13 - MBIA Insured
1,385 Danbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 1,502,656
Series 2004, 5.000%, 8/01/14 - FGIC Insured
23
Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
$ 775 5.000%, 8/01/20 - FSA Insured 8/15 at 100.00 AAA $ 824,127
525 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 513,818
500 Hartford, Connecticut, General Obligation Bonds, No Opt. Call AAA 544,285
Series 2005C, 5.000%, 9/01/17 - MBIA Insured
400 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 420,964
Series 2000A, 6.000%, 6/01/20 - ACA Insured
1,500 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 1,713,660
Bonds, Series 2001A, 5.500%, 7/01/20 - MBIA Insured
Regional School District 16, Beacon Falls and Prospect,
Connecticut, General Obligation Bonds, Series 2000:
350 5.500%, 3/15/18 - FSA Insured 3/10 at 101.00 Aaa 377,398
350 5.625%, 3/15/19 - FSA Insured 3/10 at 101.00 Aaa 379,117
350 5.700%, 3/15/20 - FSA Insured 3/10 at 101.00 Aaa 380,657
1,420 Regional School District 16, Connecticut, General Obligation 3/13 at 101.00 Aaa 1,526,599
Bonds, Series 2003, 5.000%, 3/15/16 - AMBAC Insured
2,105 Stratford, Connecticut, General Obligation Bonds, Series 2002, 2/12 at 100.00 AAA 2,117,567
4.000%, 2/15/15 - FSA Insured
Suffield, Connecticut, General Obligation Bonds, Series 2005:
465 5.000%, 6/15/17 No Opt. Call AA 506,520
460 5.000%, 6/15/19 No Opt. Call AA 502,936
1,000 Waterbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 1,076,480
Series 2004B, 5.000%, 4/01/13 - FSA Insured
1,500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 1,617,750
Series 2005B, 5.000%, 10/01/18
1,630 Westport, Connecticut, General Obligation Bonds, 2/12 at 100.00 Aaa 1,687,604
Series 2003, 4.750%, 2/01/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 13.7% (9.4% OF TOTAL INVESTMENTS)
2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 102.00 AAA 2,159,680
Revenue Bonds, Child Care Facilities Program, Series 1999C,
5.625%, 7/01/29 - AMBAC Insured
Connecticut, Special Tax Obligation Transportation Infrastructure
Purpose Bonds, Series 2002B:
2,000 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA 2,117,460
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,056,670
500 Connecticut, Special Tax Obligation Transportation 1/14 at 100.00 AAA 523,850
Infrastructure Purpose Bonds, Series 2003B,
5.000%, 1/01/23 - FGIC Insured
625 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 670,350
Series 2004A, 5.000%, 6/30/11
2,000 Puerto Rico Municipal Finance Agency, Series 2002A, 8/12 at 100.00 AAA 2,156,620
5.250%, 8/01/21 - FSA Insured
1,000 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 1,109,910
Taxes Loan Note, Series 1999A, 6.500%, 10/01/24
1,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/14 at 100.00 AAA 1,089,500
Loan Note, Series 2003, 5.250%, 10/01/19 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 1.0% (0.7% OF TOTAL INVESTMENTS)
750 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 766,958
International Airport, Series 2001A, 5.125%, 10/01/26
(Alternative Minimum Tax) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 20.4% (14.0% OF TOTAL INVESTMENTS)
935 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 990,530
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded to 7/01/10)
40 Connecticut, General Obligation Bonds, Series 1993E, No Opt. Call AA*** 45,165
6.000%, 3/15/12
2,000 Connecticut, General Obligation Bonds, Series 2002B, 6/12 at 100.00 AA*** 2,208,540
5.500%, 6/15/21 (Pre-refunded to 6/15/12)
1,500 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA*** 1,643,415
5.375%, 4/15/19 (Pre-refunded to 4/15/12)
1,175 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 1,244,031
Revenue Bonds, Fairfield University, Series 1998H,
5.000%, 7/01/23 (Pre-refunded to 7/01/08) - MBIA Insured
2,525 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 2,708,088
Revenue Bonds, Connecticut State University System,
Series 2003E, 5.000%, 11/01/15 (Pre-refunded to 11/01/12) -
FGIC Insured
1,250 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 AAA 1,336,962
Revenue Bonds, Fairfield University, Series 1999I,
5.250%, 7/01/25 (Pre-refunded to 7/01/09) - MBIA Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 650 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2*** $ 713,661
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.500%, 7/01/23 (Pre-refunded to 7/01/11)
860 Connecticut Health and Educational Facilities Authority, 7/06 at 101.00 AAA 879,832
Revenue Bonds, Loomis Chaffee School, Series 1996C,
5.500%, 7/01/16 (Pre-refunded to 7/01/06) - MBIA Insured
1,000 Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 10/11 at 100.00 AAA 1,099,990
5.500%, 10/01/20 (Pre-refunded to 10/01/11)
1,000 Hartford, Connecticut, Parking System Revenue Bonds, 7/10 at 100.00 Baa2*** 1,115,350
Series 2000A, 6.400%, 7/01/20 (Pre-refunded to 7/01/10)
1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,076,530
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,000 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,095,260
Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12) -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.6% (3.8% OF TOTAL INVESTMENTS)
1,575 Bristol Resource Recovery Facility Operating Committee, No Opt. Call AAA 1,691,282
Connecticut, Solid Waste Revenue Bonds, Covanta
Bristol Inc., Series 2005, 5.000%, 7/01/12 - AMBAC Insured
1,000 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 1,065,420
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
Eastern Connecticut Resource Recovery Authority, Solid
Waste Revenue Bonds, Wheelabrator Lisbon Project,
Series 1993A:
395 5.500%, 1/01/14 (Alternative Minimum Tax) 1/06 at 100.00 BBB 398,239
1,290 5.500%, 1/01/20 (Alternative Minimum Tax) 1/06 at 100.00 BBB 1,289,097
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 16.5% (11.4% OF TOTAL INVESTMENTS)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 1,262,096
Series 2003A, 5.000%, 10/01/16
1,500 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 1,620,525
Series 2003B, 5.000%, 10/01/12
2,550 Connecticut Development Authority, Water Facilities Revenue 9/06 at 102.00 AAA 2,647,538
Bonds, Bridgeport Hydraulic Company, Series 1996,
6.000%, 9/01/36 (Alternative Minimum Tax) - AMBAC Insured
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds, Series
2005A:
900 5.000%, 11/15/16 - MBIA Insured 11/15 at 100.00 AAA 972,162
570 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA
2,260 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 2,350,760
South Central Connecticut Regional Water Authority, Water
System Revenue Bonds, Eighteenth Series 2003A:
1,000 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 1,056,770
1,525 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,581,410
1,000 Stamford, Connecticut, Water Pollution Control System 11/13 at 100.00 AA+ 1,032,100
and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
------------------------------------------------------------------------------------------------------------------------------------
$ 109,285 Total Long-Term Investments (cost $112,129,313) - 145.6% 115,497,819
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.7% 2,144,454
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.3)% (38,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 79,342,273
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
25
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.9% (3.3% OF TOTAL INVESTMENTS)
Guam Economic Development Authority, Tobacco Settlement
Asset-Backed Bonds, Series 2001A:
$ 90 5.000%, 5/15/22 5/11 at 100.00 Baa3 $ 90,986
500 5.400%, 5/15/31 5/11 at 100.00 Baa3 505,750
1,270 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 1,268,984
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 25.9% (17.5% OF TOTAL INVESTMENTS)
670 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 696,170
Revenue Bonds, Family Education Loan Program, Series 2001A,
5.250%, 11/15/18 (Alternative Minimum Tax) - MBIA Insured
50 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AA 50,569
Revenue Bonds, Sacred Heart University, Series 1998E,
5.000%, 7/01/28 - RAAI Insured
440 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 486,834
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/18 - AMBAC Insured
500 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 542,290
Revenue Bonds, Connecticut State University System,
Series 2003F, 5.000%, 11/01/13 - FSA Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 1,553,205
Revenue Bonds, Trinity College, Series 2001G,
5.000%, 7/01/31 - AMBAC Insured
350 Connecticut Health and Educational Facilities Authority, 4/14 at 100.00 AAA 374,031
Revenue Bonds, Trinity College, Series 2004H,
5.000%, 7/01/17 - MBIA Insured
625 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 643,713
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,039,610
Revenue Bonds, University of Hartford, Series 2002E,
5.250%, 7/01/32 - RAAI Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,041,270
Revenue Bonds, Yale University, Series 2002W,
5.125%, 7/01/27
Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Financing Authority, Higher
Education Revenue Bonds, Ana G. Mendez University System,
Series 1999:
125 5.375%, 2/01/19 2/09 at 101.00 BBB- 127,445
270 5.375%, 2/01/29 2/09 at 101.00 BBB- 271,369
University of Connecticut, General Obligation Bonds,
Series 2001A:
1,000 4.750%, 4/01/20 4/11 at 101.00 AA 1,027,740
1,000 5.250%, 4/01/20 4/11 at 101.00 AA 1,072,150
1,000 4.750%, 4/01/21 4/11 at 101.00 AA 1,025,510
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 5.2% (3.5% OF TOTAL INVESTMENTS)
125 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 128,319
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/24 - MBIA Insured
25 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 BB+ 24,818
Revenue Bonds, Hospital for Special Care, Series 1997B,
5.375%, 7/01/17
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,057,720
Revenue Bonds, Bristol Hospital, Series 2002B,
5.500%, 7/01/32 - RAAI Insured
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Griffin Hospital, Series 2005B:
500 5.000%, 7/01/20 - RAAI Insured 7/15 at 100.00 Aa3 519,670
250 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 257,673
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.0% (1.3% OF TOTAL INVESTMENTS)
$ 750 Stamford Housing Authority, Connecticut, Multifamily Housing No Opt. Call BBB+ $ 767,790
Revenue Bonds, Fairfield Apartments, Series 1998,
4.750%, 12/01/28 (Alternative Minimum Tax)
(Mandatory put 12/01/08)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.7% (1.8% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,017,970
Finance Program Bonds, Series 2001C, 5.300%, 11/15/33
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.7% (1.8% OF TOTAL INVESTMENTS)
1,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,031,120
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.1% (1.4% OF TOTAL INVESTMENTS)
300 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 315,396
Revenue Healthcare Bonds, Elim Park Baptist Home Inc.,
Series 2003, 5.750%, 12/01/23
500 Connecticut Development Authority, Health Facilities Revenue 2/06 at 101.00 N/R 503,545
Refunding Bonds, Alzheimer's Resource Center of
Connecticut Inc., Series 1994A, 7.250%, 8/15/21
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.8% (12.0% OF TOTAL INVESTMENTS)
500 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 548,245
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
560 Connecticut, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AAA 588,588
5.000%, 4/01/23 - FGIC Insured
545 Connecticut, General Obligation Bonds, Series 2004D, No Opt. Call AAA 590,862
5.000%, 12/01/13 - MBIA Insured
400 Hartford, Connecticut, General Obligation Bonds, Series 2004, No Opt. Call AAA 439,700
5.500%, 8/15/11 - MBIA Insured
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 381,643
240 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 234,888
1,000 New Haven, Connecticut, General Obligation Bonds, 11/10 at 101.00 AAA 1,053,720
Series 2001A, 5.000%, 11/01/20 - FGIC Insured
565 Newtown, Connecticut, General Obligation Bonds, No Opt. Call Aa2 577,622
Series 2004, 4.000%, 6/15/11
250 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 263,103
Series 2000A, 6.000%, 6/01/20 - ACA Insured
Suffield, Connecticut, General Obligation Bonds, Series 2005:
335 5.000%, 6/15/17 No Opt. Call AA 364,912
335 5.000%, 6/15/19 No Opt. Call AA 366,269
500 Waterbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 538,240
Series 2004B, 5.000%, 4/01/13 - FSA Insured
810 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 873,585
Series 2005B, 5.000%, 10/01/18
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.7% (11.3% OF TOTAL INVESTMENTS)
1,000 Connecticut Health and Educational Facilities Authority, 7/08 at 105.00 A 1,089,130
Revenue Bonds, New Opportunities for Waterbury Inc.,
Series 1998A, 6.750%, 7/01/28
1,475 Connecticut, Special Tax Obligation Transportation Infrastructure No Opt. Call AAA 1,639,050
Purpose Bonds, Series 1998B, 5.500%, 11/01/12 - FSA Insured
625 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 670,350
Series 2004A, 5.000%, 6/30/11
Connecticut, Certificates of Participation, Juvenile Training
School, Series 2001:
600 5.000%, 12/15/20 12/11 at 101.00 AA- 626,568
1,000 5.000%, 12/15/30 12/11 at 101.00 AA- 1,028,960
500 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 AA 522,785
Refunding Bonds, Matching Fund Loan Note, Series 1998A,
5.500%, 10/01/18 - RAAI Insured
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB 835,688
Loan Note, Series 1999A, 6.375%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.7% (4.5% OF TOTAL INVESTMENTS)
2,500 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 2,556,525
International Airport, Series 2001A, 5.125%, 10/01/26
(Alternative Minimum Tax) - FGIC Insured
27
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 38.4% (26.0% OF TOTAL INVESTMENTS)
$ 455 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA $ 482,022
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded to 7/01/10)
750 Connecticut, General Obligation Bonds, Series 2002B, 6/12 at 100.00 AA*** 828,203
5.500%, 6/15/21 (Pre-refunded to 6/15/12)
1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA*** 1,095,610
5.375%, 4/15/19 (Pre-refunded to 4/15/12)
750 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 804,383
Revenue Bonds, Connecticut State University System,
Series 2003E, 5.000%, 11/01/15 (Pre-refunded to 11/01/12) -
FGIC Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2*** 1,097,940
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.500%, 7/01/23 (Pre-refunded to 7/01/11)
500 Connecticut, Special Tax Obligation Transportation 7/12 at 100.00 AAA 548,690
Infrastructure Purpose Bonds, Series 2002A, 5.375%, 7/01/18
(Pre-refunded to 7/01/12) - FSA Insured
2,000 Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 10/11 at 100.00 AAA 2,199,980
5.500%, 10/01/20 (Pre-refunded to 10/01/11)
500 East Lyme, Connecticut, General Obligation Bonds, Series 2001, 7/11 at 102.00 Aaa 546,540
5.125%, 7/15/20 (Pre-refunded to 7/15/11) - FGIC Insured
700 Farmington, Connecticut, General Obligation Bonds, Series 2001, 3/11 at 101.00 Aa1*** 749,427
4.875%, 3/15/20 (Pre-refunded to 3/15/11)
Hamden, Connecticut, General Obligation Bonds, Series 2001:
640 5.250%, 8/15/18 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 704,979
635 5.000%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 691,344
300 5.000%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 326,619
275 Norwich, Connecticut, General Obligation Bonds, Series 2001A, 4/09 at 100.00 Aaa 288,621
5.000%, 4/01/20 (Pre-refunded to 4/01/09) - FGIC Insured
Puerto Rico Infrastructure Financing Authority, Special
Obligation Bonds, Series 2000A:
1,425 5.500%, 10/01/32 10/10 at 101.00 AAA 1,534,055
1,300 5.500%, 10/01/40 10/10 at 101.00 AAA 1,399,489
1,000 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,095,260
Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12) -
FSA Insured
370 Windsor, Connecticut, General Obligation Bonds, Series 2001, 7/09 at 100.00 Aa2*** 387,982
5.000%, 7/15/20 (Pre-refunded to 7/15/09)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.5% (6.4% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 532,710
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
1,000 Eastern Connecticut Resource Recovery Authority, Solid Waste 1/06 at 100.00 BBB 1,008,200
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
1,975 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,103,217
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.7% (9.2% OF TOTAL INVESTMENTS)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 1,262,096
Series 2003A, 5.000%, 10/01/16
500 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 540,175
Series 2003B, 5.000%, 10/01/12
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds, Series
2005A:
450 5.000%, 11/15/17 - MBIA Insured 11/15 at 100.00 AAA 484,169
270 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 281,726
1,110 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 1,154,578
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
South Central Connecticut Regional Water Authority, Water
System Revenue Bonds, Eighteenth Series 2003A:
$ 750 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA $ 792,573
720 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 746,633
------------------------------------------------------------------------------------------------------------------------------------
$ 53,750 Total Long-Term Investments (cost $54,848,081) - 148.3% 56,919,301
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 958,950
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.8)% (19,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 38,378,251
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
29
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.0% (2.0% OF TOTAL INVESTMENTS)
$ 785 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 795,613
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
250 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 249,800
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 29.8% (20.1% OF TOTAL INVESTMENTS)
500 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AAA 520,170
Revenue Bonds, Hopkins School, Series 1998A,
5.000%, 7/01/20 - AMBAC Insured
165 Connecticut Health and Educational Facilities Authority, 11/07 at 101.00 AAA 172,011
Revenue Bonds, State University System, Series 1997B,
5.250%, 11/01/17 - AMBAC Insured
95 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 99,123
Revenue Bonds, Fairfield University, Series 1998H,
5.000%, 7/01/23 - MBIA Insured
310 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 344,277
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/19 - AMBAC Insured
500 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 542,290
Revenue Bonds, Connecticut State University System,
Series 2003F, 5.000%, 11/01/13 - FSA Insured
215 Connecticut Health and Educational Facilities Authority, 1/15 at 100.00 Aaa 231,493
Revenue Bonds, Kent School, Series 2004D,
5.000%, 7/01/15 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 1,029,940
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, University of Hartford, Series 2002E:
590 5.500%, 7/01/22 - RAAI Insured 7/12 at 101.00 AA 635,619
1,000 5.250%, 7/01/32 - RAAI Insured 7/12 at 101.00 AA 1,039,610
2,250 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 2,366,145
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21 - FSA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,041,270
Revenue Bonds, Yale University, Series 2002W,
5.125%, 7/01/27
500 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 540,440
Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured
1,230 University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA 1,327,687
Series 2002A, 5.375%, 4/01/19
500 University of Connecticut, General Obligation Bonds, No Opt. Call AAA 540,720
Series 2004A, 5.000%, 1/15/13 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 6.0% (4.0% OF TOTAL INVESTMENTS)
25 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 26,162
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/18 - MBIA Insured
30 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 BB+ 29,782
Revenue Bonds, Hospital for Special Care, Series 1997B,
5.375%, 7/01/17
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Eastern Connecticut Health Network,
Series 2000A:
150 6.125%, 7/01/20 - RAAI Insured 7/10 at 101.00 AA 163,460
200 6.000%, 7/01/25 - RAAI Insured 7/10 at 101.00 AA 216,912
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,027,910
Revenue Bonds, St. Francis Hospital and Medical Center,
Series 2002D, 5.000%, 7/01/22 - RAAI Insured
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Griffin Hospital, Series 2005B:
300 5.000%, 7/01/20 - RAAI Insured 7/15 at 100.00 Aa3 311,802
300 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 309,207
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS)
$ 500 Stamford Housing Authority, Connecticut, Multifamily Housing No Opt. Call BBB+ $ 511,860
Revenue Bonds, Fairfield Apartments, Series 1998,
4.750%, 12/01/28 (Alternative Minimum Tax)
(Mandatory put 12/01/08)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.9% (2.0% OF TOTAL INVESTMENTS)
1,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,028,000
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.3% (2.2% OF TOTAL INVESTMENTS)
450 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AAA 473,013
Revenue Bonds, Village for Families and Children Inc.,
Series 2002A, 5.000%, 7/01/19 - AMBAC Insured
325 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 334,984
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
320 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 336,422
Revenue Healthcare Bonds, Elim Park Baptist Home Inc.,
Series 2003, 5.750%, 12/01/23
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 33.7% (22.8% OF TOTAL INVESTMENTS)
875 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 959,429
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
1,500 Connecticut, General Obligation Bonds, Series 2001C, No Opt. Call AA 1,662,870
5.500%, 12/15/12
Farmington, Connecticut, General Obligation Bonds, Series 2002:
1,000 5.000%, 9/15/20 9/12 at 101.00 Aa1 1,061,390
1,450 5.000%, 9/15/21 9/12 at 101.00 Aa1 1,536,362
400 Hartford, Connecticut, General Obligation Bonds, Series 2004, No Opt. Call AAA 439,700
5.500%, 8/15/11 - MBIA Insured
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 381,643
240 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 234,888
1,305 Hartford County Metropolitan District, Connecticut, General 4/12 at 101.00 AA+ 1,379,750
Obligation Bonds, Series 2002, 5.000%, 4/01/22
Regional School District 8, Andover, Hebron and Marlborough,
Connecticut, General Obligation Bonds, Series 2002:
1,390 5.000%, 5/01/20 - FSA Insured 5/11 at 101.00 Aaa 1,467,409
1,535 5.000%, 5/01/22 - FSA Insured 5/11 at 101.00 Aaa 1,614,175
500 Waterbury, Connecticut, General Obligation Bonds, No Opt. Call AAA 538,240
Series 2004B, 5.000%, 4/01/13 - FSA Insured
500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 541,360
Series 2005B, 5.000%, 10/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 8.5% (5.7% OF TOTAL INVESTMENTS)
1,625 Connecticut, Special Tax Obligation Transportation Infrastructure 7/12 at 100.00 AAA 1,760,525
Purpose Bonds, Series 2002A, 5.375%, 7/01/20 - FSA Insured
500 Connecticut, Special Tax Obligation Transportation Infrastructure 10/11 at 100.00 AAA 541,990
Purpose Bonds, Series 2001B, 5.375%, 10/01/13 - FSA Insured
625 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 670,350
Series 2004A, 5.000%, 6/30/11
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.2% (4.2% OF TOTAL INVESTMENTS)
1,950 New Haven, Connecticut, Revenue Refunding Bonds, No Opt. Call AAA 2,170,448
Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 33.5% (22.6% OF TOTAL INVESTMENTS)
1,000 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 1,090,530
Series 2001C, 5.375%, 8/15/18 (Pre-refunded to 8/15/11) -
FGIC Insured
1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA*** 1,095,610
5.375%, 4/15/19 (Pre-refunded to 4/15/12)
155 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 164,106
Revenue Bonds, Fairfield University, Series 1998H,
5.000%, 7/01/23 (Pre-refunded to 7/01/08) - MBIA Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2*** 1,628,145
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.250%, 7/01/31 (Pre-refunded to 7/01/11)
2,105 Fairfield, Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AAA 2,250,224
5.000%, 4/01/16 (Pre-refunded to 4/01/12)
31
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
Puerto Rico Infrastructure Financing Authority, Special Obligation
Bonds, Series 2000A:
$ 1,000 5.500%, 10/01/32 10/10 at 101.00 AAA $ 1,076,530
2,000 5.500%, 10/01/40 10/10 at 101.00 AAA 2,153,060
1,605 Stamford, Connecticut, General Obligation Bonds, Series 2002, 8/12 at 100.00 AAA 1,729,837
5.000%, 8/15/16 (Pre-refunded to 8/15/12)
500 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 547,630
Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12) -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.7% (4.6% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 Baa1 532,710
Revenue Refunding Bonds, Connecticut Light and Power
Company, Series 1993A, 5.850%, 9/01/28
Eastern Connecticut Resource Recovery Authority, Solid Waste
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
250 5.500%, 1/01/15 (Alternative Minimum Tax) No Opt. Call BBB 254,275
510 5.500%, 1/01/20 (Alternative Minimum Tax) 1/06 at 100.00 BBB 509,643
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,064,920
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.1% (8.8% OF TOTAL INVESTMENTS)
785 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 836,072
Series 2003A, 5.000%, 10/01/16
1,000 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 1,080,350
Series 2003B, 5.000%, 10/01/12
70 Connecticut Development Authority, Water Facilities Revenue 9/06 at 102.00 AAA 72,678
Bonds, Bridgeport Hydraulic Company, Series 1996,
6.000%, 9/01/36 (Alternative Minimum Tax) - AMBAC Insured
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds, Series
2005A:
500 5.000%, 11/15/16 - MBIA Insured 11/15 at 100.00 AAA 540,090
240 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA
320 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 332,850
South Central Connecticut Regional Water Authority,
Water System Revenue Bonds, Eighteenth Series 2003A:
750 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 792,578
660 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 684,413
------------------------------------------------------------------------------------------------------------------------------------
$ 48,695 Total Long-Term Investments (cost $49,755,313) - 148.2% 51,892,925
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 632,623
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.0)% (17,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 35,025,548
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT NOVEMBER 30, 2005:
FIXED RATE FIXED RATE FLOATING RATE FLOATING RATE UNREALIZED
NOTIONAL PAID BY THE FUND PAYMENT RECEIVED BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(2) DATE (DEPRECIATION)
====================================================================================================================================
Citigroup $200,000 4.699% Semi-annually 3-month USD-LIBOR Quarterly 2/27/06 2/27/26 $12,861
JPMorgan 200,000 4.833% Semi-annually 3-month USD-LIBOR Quarterly 2/09/06 2/09/36 12,536
------------------------------------------------------------------------------------------------------------------------------------
$25,397
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
See accompanying notes to financial statements.
32
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.1% (2.7% OF TOTAL INVESTMENTS)
$ 2,505 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 2,538,868
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.9% (14.0% OF TOTAL INVESTMENTS)
1,700 Connecticut Health and Educational Facilities Authority, 11/15 at 100.00 AAA 1,831,512
Revenue Bonds, Connecticut State University System,
Series 2005H, 5.000%, 11/01/17 - FSA Insured
335 Connecticut Health and Educational Facilities Authority, 11/07 at 101.00 AAA 349,234
Revenue Bonds, State University System, Series 1997B,
5.250%, 11/01/17 - AMBAC Insured
400 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 444,228
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/19 - AMBAC Insured
285 Connecticut Health and Educational Facilities Authority, 1/15 at 100.00 Aaa 306,862
Revenue Bonds, Kent School, Series 2004D, 5.000%, 7/01/15 -
MBIA Insured
3,100 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 3,271,864
Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/21 -
AMBAC Insured
750 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 807,990
Revenue Bonds, University of Hartford, Series 2002E,
5.500%, 7/01/22 - RAAI Insured
1,595 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 1,677,334
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21 - FSA Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,561,905
Revenue Bonds, Yale University, Series 2002W,
5.125%, 7/01/27
500 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 540,440
Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured
1,100 University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,173,931
Series 2003A, 5.125%, 2/15/21 - MBIA Insured
1,000 University of Connecticut, General Obligation Bonds, No Opt. Call AAA 1,081,440
Series 2004A, 5.000%, 1/15/13 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 2.6% (1.9% OF TOTAL INVESTMENTS)
200 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 209,298
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/18 - MBIA Insured
75 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 BB+ 74,454
Revenue Bonds, Hospital for Special Care, Series 1997B,
5.375%, 7/01/17
500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 534,885
Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%, 7/01/21 -
RAAI Insured
800 Connecticut Health and Educational Facilities Authority, 7/15 at 100.00 Aa3 831,472
Revenue Bonds, Griffin Hospital, Series 2005B,
5.000%, 7/01/20 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.2% (0.9% OF TOTAL INVESTMENTS)
750 Stamford Housing Authority, Connecticut, Multifamily Housing No Opt. Call BBB+ 767,790
Revenue Bonds, Fairfield Apartments, Series 1998,
4.750%, 12/01/28 (Alternative Minimum Tax) (Mandatory
put 12/01/08)
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 3.3% (2.2% OF TOTAL INVESTMENTS)
2,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 2,062,240
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 12.2% (8.2% OF TOTAL INVESTMENTS)
Connecticut Housing Finance Authority, Special Needs Housing
Mortgage Finance Program Special Obligation Bonds,
Series 2002SNH-1:
1,000 5.000%, 6/15/22 - AMBAC Insured 6/12 at 101.00 AAA 1,047,030
1,500 5.000%, 6/15/32 - AMBAC Insured 6/12 at 101.00 AAA 1,546,770
33
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Village for Families and Children Inc., Series 2002A:
$ 430 5.000%, 7/01/18 - AMBAC Insured 7/12 at 101.00 AAA $ 453,134
475 5.000%, 7/01/20 - AMBAC Insured 7/12 at 101.00 AAA 498,726
260 5.000%, 7/01/23 - AMBAC Insured 7/12 at 101.00 AAA 271,185
1,000 5.000%, 7/01/32 - AMBAC Insured 7/12 at 101.00 AAA 1,029,530
600 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 618,432
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
500 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 525,660
Revenue Healthcare Bonds, Elim Park Baptist Home Inc.,
Series 2003, 5.750%, 12/01/23
Connecticut Development Authority, Revenue Bonds, Duncaster
Inc., Series 2002:
650 5.125%, 8/01/22 - RAAI Insured 8/12 at 101.00 AA 677,209
1,000 4.750%, 8/01/32 - RAAI Insured 8/12 at 101.00 AA 979,780
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 36.7% (24.7% OF TOTAL INVESTMENTS)
Bethel, Connecticut, General Obligation Bonds, Series 2002:
525 5.000%, 11/01/18 - FGIC Insured 11/12 at 100.00 Aaa 555,534
525 5.000%, 11/01/19 - FGIC Insured 11/12 at 100.00 Aaa 554,395
525 5.000%, 11/01/20 - FGIC Insured 11/12 at 100.00 Aaa 553,361
525 5.000%, 11/01/21 - FGIC Insured 11/12 at 100.00 Aaa 552,164
525 5.000%, 11/01/22 - FGIC Insured 11/12 at 100.00 Aaa 550,137
1,000 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 1,096,490
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
500 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA 539,370
Series 2003A, 5.250%, 9/15/23 - FSA Insured
2,500 Connecticut, General Obligation Bonds, Series 2002D, 11/12 at 100.00 AA 2,713,100
5.375%, 11/15/21
1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA 1,050,450
5.000%, 4/15/21
545 Connecticut, General Obligation Bonds, Series 2004D, No Opt. Call AAA 590,862
5.000%, 12/01/13 - MBIA Insured
450 Farmington, Connecticut, General Obligation Bonds, 9/12 at 101.00 Aa1 477,626
Series 2002, 5.000%, 9/15/20
1,000 Hartford, Connecticut, General Obligation Bonds, Series 2004, No Opt. Call AAA 1,099,250
5.500%, 8/15/11 - MBIA Insured
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
600 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 636,072
400 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 391,480
New Canaan, Connecticut, General Obligation Bonds,
Series 2002A:
950 4.500%, 5/01/19 5/11 at 100.00 Aaa 965,732
900 4.600%, 5/01/20 5/11 at 100.00 Aaa 916,164
500 4.700%, 5/01/21 5/11 at 100.00 Aaa 510,895
1,445 New Haven, Connecticut, General Obligation Bonds, 11/11 at 101.00 AAA 1,557,002
Series 2002A, 5.250%, 11/01/17 - AMBAC Insured
500 Newtown, Connecticut, General Obligation Bonds, No Opt. Call Aa2 511,170
Series 2004, 4.000%, 6/15/11
Southbury, Connecticut, General Obligation Bonds, Series 2002:
500 4.250%, 12/15/14 12/11 at 101.00 Aa3 512,135
500 4.375%, 12/15/15 12/11 at 101.00 Aa3 513,440
500 4.375%, 12/15/16 12/11 at 101.00 Aa3 512,170
500 4.500%, 12/15/17 12/11 at 101.00 Aa3 512,580
500 4.625%, 12/15/18 12/11 at 101.00 Aa3 514,825
500 4.625%, 12/15/19 12/11 at 101.00 Aa3 512,370
500 4.875%, 12/15/20 12/11 at 101.00 Aa3 519,300
500 4.875%, 12/15/21 12/11 at 101.00 Aa3 518,065
500 5.000%, 12/15/22 12/11 at 101.00 Aa3 526,490
Stratford, Connecticut, General Obligation Bonds, Series 2002:
1,375 4.000%, 2/15/19 - FSA Insured 2/12 at 100.00 AAA 1,345,218
630 4.125%, 2/15/20 - FSA Insured 2/12 at 100.00 AAA 619,983
500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 539,250
Series 2005B, 5.000%, 10/01/18
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 19.4% (13.0% OF TOTAL INVESTMENTS)
Connecticut, Special Tax Obligation Transportation Infrastructure
Purpose Bonds, Series 2002B:
$ 2,810 5.000%, 12/01/20 - AMBAC Insured 12/12 at 100.00 AAA $ 2,975,031
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,056,670
1,000 5.000%, 12/01/22 - AMBAC Insured 12/12 at 100.00 AAA 1,048,040
500 Connecticut, Special Tax Obligation Transportation Infrastructure 1/14 at 100.00 AAA 523,850
Purpose Bonds, Series 2003B, 5.000%, 1/01/23 - FGIC Insured
60 Connecticut, Special Tax Obligation Transportation Infrastructure No Opt. Call AA- 67,434
Purpose Bonds, Series 1992B, 6.125%, 9/01/12
1,245 Connecticut, Special Obligation Rate Reduction Bonds, No Opt. Call AAA 1,335,337
Series 2004A, 5.000%, 6/30/11
Puerto Rico Public Buildings Authority, Guaranteed Government
Facilities Revenue Bonds, Series 2002G:
890 5.250%, 7/01/17 7/12 at 100.00 BBB 927,131
1,000 5.250%, 7/01/20 7/12 at 100.00 BBB 1,037,110
1,045 5.250%, 7/01/21 7/12 at 100.00 BBB 1,083,174
1,010 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,108,101
Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 -
AMBAC Insured
195 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 BBB- 202,517
Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
750 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 BBB 769,545
Refunding Bonds, Matching Fund Loan Note, Series 1998A,
5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.7% (0.5% OF TOTAL INVESTMENTS)
415 New Haven, Connecticut, Revenue Refunding Bonds, No Opt. Call AAA 461,916
Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 23.4% (15.7% OF TOTAL INVESTMENTS)
3,510 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 3,827,760
Series 2001C, 5.375%, 8/15/18 (Pre-refunded to 8/15/11) -
FGIC Insured
1,000 Connecticut Health and Educational Facilities Authority, 11/12 at 100.00 AAA 1,072,510
Revenue Bonds, Connecticut State University System,
Series 2003E, 5.000%, 11/01/15 (Pre-refunded to 11/01/12) -
FGIC Insured
500 Connecticut, Special Tax Obligation Transportation Infrastructure 7/12 at 100.00 AAA 548,690
Purpose Bonds, Series 2002A, 5.375%, 7/01/18 (Pre-refunded
to 7/01/12) - FSA Insured
400 Connecticut, Special Tax Obligation Transportation Infrastructure 10/11 at 100.00 AAA 424,936
Purpose Bonds, Series 2001A,4.800%, 10/01/18 (Pre-refunded
to 10/01/11) - FSA Insured
1,410 Puerto Rico, General Obligation and Public Improvement 7/08 at 101.00 AAA 1,482,404
Refunding Bonds, Series 1998B, 5.000%, 7/01/24 (Pre-refunded
to 7/01/08) - MBIA Insured
3,000 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 3,229,590
Bonds, Series 2000A, 5.500%, 10/01/40
2,000 Puerto Rico Infrastructure Financing Authority, Special Tax 1/08 at 101.00 AAA 2,088,480
Revenue Bonds, Series 1997A, 5.000%, 7/01/28 (Pre-refunded
to 1/01/08) - AMBAC Insured
570 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 Aaa 624,720
Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
(Pre-refunded to 2/01/12)
1,220 University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA*** 1,336,217
Series 2002A, 5.375%, 4/01/17 (Pre-refunded to 4/01/12)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.5% (5.7% OF TOTAL INVESTMENTS)
720 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 Baa1 767,102
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
Eastern Connecticut Resource Recovery Authority, Solid Waste
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
1,000 5.500%, 1/01/14 (Alternative Minimum Tax) 1/06 at 100.00 BBB 1,008,200
305 5.500%, 1/01/20 (Alternative Minimum Tax) 1/06 at 100.00 BBB 304,787
3,050 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 3,248,006
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
35
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 15.7% (10.5% OF TOTAL INVESTMENTS)
$ 1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA $ 1,262,096
Series 2003A, 5.000%, 10/01/16
2,000 Connecticut, State Revolving Fund General Revenue Bonds, No Opt. Call AAA 2,160,700
Series 2003B, 5.000%, 10/01/12
765 Connecticut Development Authority, Water Facilities Revenue 9/06 at 102.00 A 787,973
Bonds, Bridgeport Hydraulic Company, Series 1996,
6.000%, 9/01/36 (Alternative Minimum Tax)
Greater New Haven Water Pollution Control Authority,
Connecticut, Regional Wastewater System Revenue Bonds, Series
2005A:
770 5.000%, 11/15/16 - MBIA Insured 11/15 at 100.00 AAA 831,739
480 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA
640 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 665,700
South Central Connecticut Regional Water Authority, Water
System Revenue Bonds, Eighteenth Series 2003A:
2,050 5.000%, 8/01/20 - MBIA Insured 8/13 at 100.00 AAA 2,166,379
1,140 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,182,169
250 Stamford, Connecticut, Water Pollution Control System and 11/13 at 100.00 AA+ 258,025
Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
------------------------------------------------------------------------------------------------------------------------------------
$ 88,315 Total Long-Term Investments (cost $91,388,710) - 148.7% 93,055,168
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 1,513,770
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.1)% (32,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 62,568,938
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT NOVEMBER 30, 2005:
FIXED RATE FIXED RATE FLOATING RATE FLOATING RATE UNREALIZED
NOTIONAL PAID BY THE FUND PAYMENT RECEIVED BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(2) DATE (DEPRECIATION)
====================================================================================================================================
Citigroup $500,000 4.699% Semi-annually 3-month USD-LIBOR Quarterly 2/27/06 2/27/26 $32,153
JPMorgan 800,000 4.833% Semi-annually 3-month USD-LIBOR Quarterly 2/09/06 2/09/36 50,145
------------------------------------------------------------------------------------------------------------------------------------
$82,298
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Effective date represents the date on which both the
Fund and counterparty commence interest payment
accruals on each forward swap contract.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
See accompanying notes to financial statements.
36
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.2% (1.5% OF TOTAL INVESTMENTS)
$ 1,500 Boston Industrial Development Financing Authority, 9/12 at 102.00 Ba3 $ 1,499,220
Massachusetts, Senior Revenue Bonds, Crosstown Center
Project, Series 2002, 6.500%, 9/01/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 0.8% (0.6% OF TOTAL INVESTMENTS)
550 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 549,560
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 36.9% (25.2% OF TOTAL INVESTMENTS)
200 Massachusetts Education Loan Authority, Student Loan Revenue 1/06 at 100.50 AAA 201,264
Bonds, Issue E, Series 1995, 6.150%, 7/01/10 (Alternative
Minimum Tax) - AMBAC Insured
1,550 Massachusetts Educational Finance Authority, Educational 1/12 at 100.00 AAA 1,586,239
Loan Revenue Bonds, Series 2002E, 5.000%, 1/01/13
(Alternative Minimum Tax) - AMBAC Insured
1,745 Massachusetts Development Finance Authority, Revenue Bonds, 7/15 at 100.00 AAA 1,778,207
Massachusetts College of Pharmacy and Allied Health
Sciences, Series 2005D, 5.000%, 7/01/27 - AGC Insured
1,090 Massachusetts Development Finance Authority, Revenue No Opt. Call A3 1,250,241
Refunding Bonds, Boston University, Series 1999P,
6.000%, 5/15/29
1,000 Massachusetts Development Finance Authority, Revenue Bonds, 7/13 at 101.00 Baa1 1,051,790
Massachusetts College of Pharmacy and Allied Health
Sciences, Series 2003C, 5.750%, 7/01/33
890 Massachusetts Development Finance Authority, Revenue 3/09 at 101.00 A 944,406
Bonds, Curry College, Series 2000A, 6.000%, 3/01/20 -
ACA Insured
750 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 796,088
Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19
500 Massachusetts Development Finance Authority, Revenue 9/11 at 101.00 A 527,875
Bonds, Belmont Hills School, Series 2001, 5.375%, 9/01/23
750 Massachusetts Development Finance Agency, Revenue Bonds, 9/15 at 100.00 AAA 766,500
Western New England College, Series 2005A,
5.000%, 9/01/33 - AGC Insured
2,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,134,620
Revenue Bonds, Boston College, Series 2003N,
5.250%, 6/01/18
500 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 AAA 515,755
Revenue Bonds, Worcester State College, Series 2002,
5.000%, 11/01/32 - AMBAC Insured
1,500 Massachusetts Health and Educational Facilities Authority, 10/11 at 100.00 AAA 1,580,205
Revenue Bonds, University of Massachusetts - Worcester
Campus, Series 2001B, 5.250%, 10/01/31 - FGIC Insured
555 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 585,303
Revenue Bonds, Williams College, Series 2003H,
5.000%, 7/01/21
500 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 518,990
Revenue Bonds, Wellesley College, Series 2003H,
5.000%, 7/01/26
1,000 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 1,108,350
Revenue Bonds, Massachusetts Institute of Technology,
Series 2004M, 5.250%, 7/01/15
1,645 Massachusetts Industrial Finance Agency, Revenue Bonds, 1/06 at 100.00 Aa1 1,646,859
Whitehead Institute for Biomedical Research, Series 1993,
5.125%, 7/01/26
2,300 Massachusetts Industrial Finance Agency, Revenue Bonds, 9/08 at 101.00 A 2,345,793
Belmont Hill School, Series 1998, 5.250%, 9/01/28
4,000 New England Education Loan Marketing Corporation, No Opt. Call A3 4,174,920
Massachusetts Student Loan Revenue Bonds, Subordinate
Series 1992H, 6.900%, 11/01/09 (Alternative Minimum Tax)
375 Puerto Rico Industrial, Tourist, Educational, Medical and 2/09 at 101.00 BBB- 382,335
Environmental Control Facilities Financing Authority, Higher
Education Revenue Bonds, Ana G. Mendez University System,
Series 1999, 5.375%, 2/01/19
37
Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 725 University of Massachusetts Building Authority, Senior Lien No Opt. Call AAA $ 782,710
Project Revenue Bonds, Series 2005-1, 5.000%, 5/01/15 -
AMBAC Insured
1,000 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 1,074,710
Project Revenue Bonds, Series 2004-1, 5.250%, 11/01/24 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 18.2% (12.4% OF TOTAL INVESTMENTS)
1,500 Massachusetts Health and Educational Facilities Authority, 1/06 at 101.00 AAA 1,514,040
Revenue Bonds, New England Medical Center Hospitals,
Series 1993G-1, 5.375%, 7/01/24 - MBIA Insured
600 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 642,834
Revenue Bonds, New England Medical Center Hospitals,
Series 2002H, 5.375%, 5/15/19 - FGIC Insured
2,000 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 2,171,300
Revenue Bonds, Partners HealthCare System Inc.,
Series 2001C, 5.750%, 7/01/32
375 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 405,307
Revenue Bonds, UMass Memorial Health Care,
Series 2001C, 6.625%, 7/01/32
1,000 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 AA 1,032,120
Revenue Bonds, Cape Cod Health Care Inc., Series 2001C,
5.250%, 11/15/31 - RAAI Insured
1,250 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 1,317,075
Revenue Bonds, Berkshire Health System, Series 2001E,
6.250%, 10/01/31
1,000 Massachusetts Health and Educational Facilities Authority, 7/12 at 101.00 BBB 1,072,800
Revenue Bonds, Caritas Christi Obligated Group, Series 2002B,
6.250%, 7/01/22
1,400 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AAA 1,465,702
Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
5.000%, 8/15/21 - FGIC Insured
1,115 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB 1,104,240
Revenue Bonds, UMass Memorial Health Care, Series 2005D,
5.000%, 7/01/33
935 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AA 944,247
Revenue Bonds, Emerson Hospital, Series 2005E,
5.000%, 8/15/35 - RAAI Insured
1,000 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 985,020
Revenue Bonds, Milton Hospital Project, Series 2005D,
5.250%, 7/01/30 (WI, settling 12/01/05)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 11.9% (8.1% OF TOTAL INVESTMENTS)
2,500 Massachusetts Development Finance Authority, GNMA 10/11 at 105.00 AAA 2,781,425
Collateralized Revenue Bonds, VOA Concord Assisted Living
Inc., Series 2000A, 6.900%, 10/20/41
1,920 Massachusetts Development Financing Authority, Assisted 12/09 at 102.00 N/R 1,868,544
Living Revenue Bonds, Prospect House Apartments,
Series 1999, 7.000%, 12/01/31
1,500 Massachusetts Development Finance Authority, GNMA 3/12 at 105.00 AAA 1,644,150
Collateralized Assisted Living Facility Revenue Bonds,
Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42
(Alternative Minimum Tax)
400 Massachusetts Housing Finance Agency, Rental Housing 7/10 at 101.00 AAA 418,300
Mortgage Revenue Bonds, Series 1999D, 5.500%, 7/01/13
(Alternative Minimum Tax) - AMBAC Insured
500 Massachusetts Housing Finance Agency, Housing Revenue 6/13 at 100.00 AA- 506,005
Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative
Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, GNMA 5/12 at 103.00 AAA 1,054,120
Collateralized Mortgage Revenue Bonds, Clarendon Hill
Towers, Series 2002, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.6% (0.4% OF TOTAL INVESTMENTS)
400 Massachusetts Development Finance Agency, Solid Waste No Opt. Call BBB 424,340
Disposal Revenue Bonds, Waste Management Inc.,
Series 2003, 5.450%, 6/01/14
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.8% (1.9% OF TOTAL INVESTMENTS)
1,270 Boston, Massachusetts, FHA-Insured Mortgage Revenue 10/08 at 105.00 AAA 1,378,991
Bonds, Deutsches Altenheim Inc., Series 1998A,
6.125%, 10/01/31
540 Massachusetts Industrial Finance Agency, FHA-Insured 2/06 at 102.00 AAA 552,458
Project Revenue Bonds, Heights Crossing LP, Series 1995,
6.000%, 2/01/15 (Alternative Minimum Tax)
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 19.5% (13.3% OF TOTAL INVESTMENTS)
$ 500 Ashland, Massachusetts, General Obligation Bonds, 5/15 at 100.00 Aaa $ 540,015
Series 2004, 5.250%, 5/15/23 - AMBAC Insured
1,250 Boston, Massachusetts, General Obligation Bonds, 1/15 at 100.00 Aa1 1,341,938
Series 2005A, 5.000%, 1/01/17
1,000 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 1,059,400
Series 2003, 5.000%, 2/01/21 - FSA Insured
2,500 Massachusetts Bay Transportation Authority, General No Opt. Call AAA 3,110,850
Obligation Transportation System Bonds, Series 1991A,
7.000%, 3/01/21
1,275 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AAA 1,458,205
Series 2001D, 6.000%, 11/01/13 - MBIA Insured
980 Monson, Massachusetts, General Obligation Bonds, 5/12 at 101.00 Aaa 1,054,255
Series 2002, 5.250%, 5/15/22 - AMBAC Insured
1,260 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,374,761
Series 2003, 5.000%, 11/15/20 - FGIC Insured
Springfield, Massachusetts, General Obligation Bonds, Series 2003:
530 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 577,207
1,615 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 1,748,367
1,220 Worcester, Massachusetts, General Obligation Bonds, 7/15 at 100.00 AAA 1,297,812
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 14.7% (10.0% OF TOTAL INVESTMENTS)
210 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/14 at 100.00 AAA 219,757
Series 2004, 5.000%, 5/01/26 - AMBAC Insured
940 Massachusetts Bay Transportation Authority, Assessment 7/15 at 100.00 AAA 1,003,779
Bonds, Series 2005A, 5.000%, 7/01/18
385 Massachusetts Bay Transportation Authority, Senior Lien Sales No Opt. Call AAA 428,775
Tax Revenue Bonds, Series 2004C, 5.250%, 7/01/21
1,000 Massachusetts College Building Authority, Project Revenue No Opt. Call AAA 1,122,290
Refunding Bonds, Series 2003B, 5.375%, 5/01/23 -
XLCA Insured
550 Massachusetts College Building Authority, Project Revenue 5/14 at 100.00 AAA 581,515
Bonds, Series 2004A, 5.000%, 5/01/19 - MBIA Insured
1,300 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 1,380,535
Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 -
FSA Insured
540 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 585,263
Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured
3,000 Massachusetts, Special Obligation Refunding Notes, No Opt. Call Aaa 3,219,000
Federal Highway Grant Anticipation Note Program,
Series 2003A, 5.000%, 12/15/13 - FSA Insured
1,500 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA 1,709,460
Transportation Authority, Series 2003AA, 5.500%, 7/01/19 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.8% (8.0% OF TOTAL INVESTMENTS)
2,000 Massachusetts Port Authority, Revenue Bonds, 7/13 at 100.00 AAA 2,056,460
Series 2003A, 5.000%, 7/01/33 - MBIA Insured
1,900 Massachusetts Port Authority, Revenue Bonds, Series 2005A, 7/15 at 100.00 AAA 1,990,573
5.000%, 7/01/23 - AMBAC Insured
4,000 Massachusetts Port Authority, Special Facilities Revenue 9/06 at 102.00 AAA 4,139,560
Bonds, US Airways Group Inc., Series 1996A,
5.750%, 9/01/16 (Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 11.4% (7.8% OF TOTAL INVESTMENTS)
1,250 Massachusetts, General Obligation Bonds, Consolidated Loan, 8/14 at 100.00 AA*** 1,340,938
Series 2004B, 5.000%, 8/01/24 (Pre-refunded to 8/01/14)
2,000 Massachusetts Health and Educational Facilities Authority, 7/06 at 100.00 Aaa 2,022,140
Revenue Bonds, Daughters of Charity National Health System -
Carney Hospital, Series 1994D, 6.100%, 7/01/14
(Pre-refunded to 7/01/06)
410 Massachusetts Health and Educational Facilities Authority, 7/21 at 100.00 AAA 442,583
Revenue Bonds, CareGroup Inc., Series 1998A,
5.000%, 7/01/25 (Pre-refunded to 7/01/21) - MBIA Insured
845 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/06 at 100.00 AAA 1,165,306
13.000%, 7/01/13
1,500 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 1,638,690
Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded
to 1/01/14) - FGIC Insured
1,200 University of Massachusetts Building Authority, Senior Lien 11/13 at 100.00 AAA 1,319,028
Project Revenue Bonds, Series 2003-1, 5.250%, 11/01/18
(Pre-refunded to 11/01/13) - AMBAC Insured
39
Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.0% (2.1% OF TOTAL INVESTMENTS)
$ 1,000 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA $ 1,088,900
Recovery Revenue Bonds, SEMass System, Series 2001A,
5.625%, 1/01/16 - MBIA Insured
1,000 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 1,021,130
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 12.8% (8.7% OF TOTAL INVESTMENTS)
2,000 Boston Water and Sewerage Commission, Massachusetts, 11/14 at 100.00 AA 2,092,920
General Revenue Bonds, Senior Series 2004A,
5.000%, 11/01/25
1,500 Massachusetts Water Resources Authority, General Revenue 8/17 at 100.00 AAA 1,570,890
Bonds, Series 2005A, 5.000%, 8/01/28 - MBIA Insured
1,250 Massachusetts Water Pollution Abatement Trust, Revenue 8/12 at 100.00 AAA 1,340,300
Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
1,500 Massachusetts Water Pollution Abatement Trust, Pooled 8/13 at 100.00 AAA 1,580,220
Loan Program Bonds, Series 9, 5.000%, 8/01/22
1,500 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/14 at 100.00 AAA 1,565,850
Program Bonds, Series 10, 5.000%, 8/01/26
750 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/15 at 100.00 AAA 737,614
Program Bonds, Series 11, 4.500%, 8/01/29
------------------------------------------------------------------------------------------------------------------------------------
$ 95,990 Total Long-Term Investments (cost $99,032,883) - 146.6% 102,011,244
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 1,579,453
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.9)% (34,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 69,590,697
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
40
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.7% (1.1% OF TOTAL INVESTMENTS)
$ 500 Boston Industrial Development Financing Authority, 9/12 at 102.00 Ba3 $ 499,740
Massachusetts, Senior Revenue Bonds, Crosstown Center
Project, Series 2002, 6.500%, 9/01/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 27.1% (18.3% OF TOTAL INVESTMENTS)
1,085 Massachusetts Educational Finance Authority, Educational 7/10 at 100.00 AAA 1,110,584
Loan Revenue Bonds, Series 2001E, 5.300%, 1/01/16
(Alternative Minimum Tax) - AMBAC Insured
495 Massachusetts Development Finance Authority, Revenue 7/15 at 100.00 AAA 504,420
Bonds, Massachusetts College of Pharmacy and Allied Health
Sciences, Series 2005D, 5.000%, 7/01/27 - AGC Insured
1,000 Massachusetts Development Finance Authority, Revenue 5/29 at 105.00 A3 1,136,810
Refunding Bonds, Boston University, Series 1999P,
6.000%, 5/15/59
500 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 530,725
Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19
450 Massachusetts Development Finance Agency, Revenue Bonds, 9/15 at 100.00 AAA 459,900
Western New England College, Series 2005A,
5.000%, 9/01/33 - AGC Insured
1,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 1,067,310
Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18
2,000 Massachusetts Health and Educational Facilities Authority, 2/11 at 100.00 AA- 2,139,660
Revenue Bonds, Tufts University, Series 2001I, 5.500%, 2/15/36
500 Massachusetts Health and Educational Facilities Authority, No Opt. Call AAA 554,175
Revenue Bonds, Massachusetts Institute of Technology,
Series 2004M, 5.250%, 7/01/15
250 University of Massachusetts Building Authority, Senior Lien No Opt. Call AAA 269,900
Project Revenue Bonds, Series 2005-1, 5.000%, 5/01/15 -
AMBAC Insured
250 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 268,678
Project Revenue Bonds, Series 2004-1, 5.250%, 11/01/24 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 18.7% (12.6% OF TOTAL INVESTMENTS)
1,000 Massachusetts Health and Educational Facilities Authority, 7/09 at 101.00 AA- 1,034,350
Revenue Bonds, Partners HealthCare System Inc., Series 1999B,
5.125%, 7/01/19
1,000 Massachusetts Health and Educational Facilities Authority, 7/11 at 101.00 AA- 1,085,650
Revenue Bonds, Partners HealthCare System Inc., Series 2001C,
5.750%, 7/01/32
500 Massachusetts Health and Educational Facilities Authority, 7/11 at 100.00 BBB 540,410
Revenue Bonds, UMass Memorial Health Care, Series 2001C,
6.625%, 7/01/32
375 Massachusetts Health and Educational Facilities Authority, 1/12 at 101.00 A 398,138
Revenue Bonds, Covenant Health Systems Obligated Group,
Series 2002, 6.000%, 7/01/31
500 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 526,830
Revenue Bonds, Berkshire Health System, Series 2001E,
6.250%, 10/01/31
500 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB- 523,495
Revenue Bonds, Northern Berkshire Community Services Inc.,
Series 2004B, 6.375%, 7/01/34
600 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AAA 628,158
Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
5.000%, 8/15/21 - FGIC Insured
315 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AA 318,115
Revenue Bonds, Emerson Hospital, Series 2005E,
5.000%, 8/15/35 - RAAI Insured
500 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 492,510
Revenue Bonds, Milton Hospital Project, Series 2005D,
5.250%, 7/01/30
41
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 13.2% (8.9% OF TOTAL INVESTMENTS)
$ 1,000 Massachusetts Development Finance Authority, GNMA 3/12 at 105.00 AAA $ 1,096,100
Collateralized Assisted Living Facility Revenue Bonds,
Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42
(Alternative Minimum Tax)
1,215 Massachusetts Housing Finance Agency, Rental Housing 1/11 at 100.00 AAA 1,261,206
Mortgage Revenue Bonds, Series 2001A, 5.850%, 7/01/35
(Alternative Minimum Tax) - AMBAC Insured
500 Massachusetts Housing Finance Agency, Housing Revenue 6/13 at 100.00 AA- 506,005
Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative
Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, GNMA 5/12 at 103.00 AAA 1,054,120
Collateralized Mortgage Revenue Bonds, Clarendon Hill
Towers, Series 2002, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.9% (2.0% OF TOTAL INVESTMENTS)
840 Massachusetts Housing Finance Agency, Single Family Housing 6/10 at 100.00 AAA 862,084
Revenue Bonds, Series 82, 5.375%, 12/01/20 (Alternative
Minimum Tax) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.7% (0.5% OF TOTAL INVESTMENTS)
200 Massachusetts Development Finance Agency, Solid Waste No Opt. Call BBB 212,170
Disposal Revenue Bonds, Waste Management Inc.,
Series 2003, 5.450%, 6/01/14
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.6% OF TOTAL INVESTMENTS)
655 Massachusetts Development Finance Authority, First 7/11 at 102.00 BBB- 697,457
Mortgage Revenue Bonds, Berkshire Retirement Community -
Edgecombe Project, Series 2001A, 6.750%, 7/01/21
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 33.6% (22.7% OF TOTAL INVESTMENTS)
310 Ashland, Massachusetts, General Obligation Bonds, 5/15 at 100.00 Aaa 334,809
Series 2004, 5.250%, 5/15/23 - AMBAC Insured
1,000 Boston, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aa1 1,048,180
Series 2001A, 5.000%, 2/01/20
2,000 Brookline, Massachusetts, General Obligation Bonds, 4/10 at 101.00 Aaa 2,148,780
Series 2000, 5.375%, 4/01/17
500 East Longmeadow, Massachusetts, General Obligation Bonds, 8/11 at 101.00 Aaa 537,220
Series 2001, 5.000%, 8/01/14 - AMBAC Insured
440 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 466,136
Series 2003, 5.000%, 2/01/21 - FSA Insured
1,675 Lawrence, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aaa 1,762,904
Series 2001, 5.000%, 2/01/21 - AMBAC Insured
1,095 Lynn, Massachusetts, General Obligation Bonds, 8/11 at 101.00 Aaa 1,197,656
Series 2001, 5.375%, 8/15/12 - FGIC Insured
750 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AA 850,155
Series 2002D, 5.500%, 8/01/19
500 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 545,540
Series 2003, 5.000%, 11/15/20 - FGIC Insured
Springfield, Massachusetts, General Obligation Bonds,
Series 2003:
500 5.250%, 1/15/15 - MBIA Insured 1/13 at 100.00 AAA 544,535
500 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 541,290
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 18.8% (12.6% OF TOTAL INVESTMENTS)
395 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/14 at 100.00 AAA 413,352
Series 2004, 5.000%, 5/01/26 - AMBAC Insured
210 Massachusetts Bay Transportation Authority, Assessment 7/10 at 100.00 AAA 221,613
Bonds, Series 2000A, 5.250%, 7/01/30
450 Massachusetts Bay Transportation Authority, Assessment 7/15 at 100.00 AAA 480,533
Bonds, Series 2005A, 5.000%, 7/01/18
385 Massachusetts Bay Transportation Authority, Senior Lien No Opt. Call AAA 428,775
Sales Tax Revenue Bonds, Series 2004C, 5.250%, 7/01/21
230 Massachusetts College Building Authority, Project Revenue 5/14 at 100.00 AAA 243,179
Bonds, Series 2004A, 5.000%, 5/01/19 - MBIA Insured
500 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 530,975
Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 -
FSA Insured
230 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 249,279
Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured
1,250 Massachusetts, Special Obligation Refunding Notes, No Opt. Call Aaa 1,341,250
Federal Highway Grant Anticipation Note Program,
Series 2003A, 5.000%, 12/15/13 - FSA Insured
42
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA $ 1,096,860
6.000%, 8/01/16 - FSA Insured
500 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 557,125
Taxes Loan Note, Series 1999A, 6.375%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.3% (4.3% OF TOTAL INVESTMENTS)
800 Massachusetts Port Authority, Revenue Bonds, Series 2005A, 7/15 at 100.00 AAA 838,136
5.000%, 7/01/23 - AMBAC Insured
1,000 Massachusetts Port Authority, Special Facilities Revenue 7/07 at 102.00 AAA 1,042,440
Bonds, BOSFUEL Corporation, Series 1997, 5.500%, 7/01/18
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 6.8% (4.6% OF TOTAL INVESTMENTS)
500 Massachusetts, General Obligation Bonds, Consolidated Loan, 8/14 at 100.00 AA*** 536,375
Series 2004B, 5.000%, 8/01/24 (Pre-refunded to 8/01/14)
750 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 819,345
Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded
to 1/01/14) - FGIC Insured
600 University of Massachusetts Building Authority, Senior Lien 11/13 at 100.00 AAA 659,514
Project Revenue Bonds, Series 2003-1, 5.250%, 11/01/18
(Pre-refunded to 11/01/13) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.7% (3.8% OF TOTAL INVESTMENTS)
1,070 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,174,817
Recovery Revenue Bonds, SEMass System, Series 2001A,
5.625%, 1/01/14 - MBIA Insured
500 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 510,565
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.4% (7.0% OF TOTAL INVESTMENTS)
530 Boston Water and Sewerage Commission, Massachusetts, 11/14 at 100.00 AA 554,624
General Revenue Bonds, Senior Series 2004A,
5.000%, 11/01/25
1,405 Massachusetts Water Pollution Abatement Trust, Revenue 8/09 at 101.00 AAA 1,513,675
Bonds, MWRA Loan Program, Subordinate Series 1999A,
5.750%, 8/01/29
500 Massachusetts Water Pollution Abatement Trust, Revenue 8/12 at 100.00 AAA 536,120
Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
500 Massachusetts Water Pollution Abatement Trust, Pooled 8/15 at 100.00 AAA 491,745
Loan Program Bonds, Series 11, 4.500%, 8/01/29
------------------------------------------------------------------------------------------------------------------------------------
$ 41,305 Total Long-Term Investments (cost $42,502,353) - 148.3% 43,996,202
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 662,508
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.6)% (15,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 29,658,710
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
See accompanying notes to financial statements.
43
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.0% (14.1% OF TOTAL INVESTMENTS)
$ 500 Massachusetts Development Finance Authority, Revenue Bonds, 7/13 at 101.00 Baa1 $ 558,280
Massachusetts College of Pharmacy and Allied Health
Sciences, Series 2003C, 6.375%, 7/01/23
1,250 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 A1 1,271,600
Middlesex School, Series 2003, 5.000%, 9/01/33
2,500 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,582,325
Revenue Bonds, Boston College, Series 2003N,
5.125%, 6/01/37
1,500 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 AAA 1,547,265
Revenue Bonds, Worcester State College, Series 2002,
5.000%, 11/01/32 - AMBAC Insured
2,140 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 2,336,195
Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/21 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 9.0% (6.1% OF TOTAL INVESTMENTS)
2,500 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 2,601,025
Revenue Bonds, New England Medical Center Hospitals,
Series 2002H, 5.000%, 5/15/25 - FGIC Insured
500 Massachusetts Health and Educational Facilities Authority, 7/08 at 102.00 AAA 518,200
Revenue Bonds, CareGroup Inc., Series 1998A,
5.000%, 7/01/25 - MBIA Insured
250 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB 247,588
Revenue Bonds, UMass Memorial Health Care, Series 2005D,
5.000%, 7/01/33
200 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 197,004
Revenue Bonds, Milton Hospital Project, Series 2005D,
5.250%, 7/01/30
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 13.3% (8.9% OF TOTAL INVESTMENTS)
1,750 Massachusetts Development Finance Authority, GNMA 12/12 at 105.00 AAA 1,943,288
Collateralized Revenue Bonds, Neville Communities,
Series 2002A, 6.000%, 6/20/44
1,265 Massachusetts Housing Finance Agency, Rental Housing 7/12 at 100.00 AAA 1,286,227
Mortgage Revenue Bonds, Series 2002H, 5.200%, 7/01/42 -
FSA Insured
2,000 Massachusetts Housing Finance Agency, Housing Bonds, 12/12 at 100.00 AA- 2,018,740
Series 2003H, 5.125%, 6/01/43
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 35.1% (23.7% OF TOTAL INVESTMENTS)
1,280 Littleton, Massachusetts, General Obligation Bonds, 1/13 at 101.00 AAA 1,357,235
Series 2003, 5.000%, 1/15/21 - FGIC Insured
1,000 Malden, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,084,750
Series 2005, 5.000%, 8/01/16 - FGIC Insured
3,000 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AAA 3,342,300
Series 2004B, 5.250%, 8/01/21 - FSA Insured
1,025 Maynard, Massachusetts, General Obligation Bonds, 2/13 at 101.00 Aaa 1,130,370
Series 2003, 5.500%, 2/01/19 - MBIA Insured
1,705 North Attleborough, Massachusetts, General Obligation Bonds, 7/14 at 101.00 Aaa 1,849,993
Series 2004, 5.000%, 7/15/15 - FGIC Insured
1,500 Pittsfield, Massachusetts, General Obligation Bonds, 4/12 at 101.00 AAA 1,584,405
Series 2002, 5.000%, 4/15/18 - MBIA Insured
3,000 Springfield, Massachusetts, General Obligation Bonds, 1/13 at 100.00 AAA 3,247,740
Series 2003, 5.250%, 1/15/22 - MBIA Insured
300 Woburn, Massachusetts, General Obligation Bonds, 11/15 at 100.00 Aaa 321,000
Series 2005, 5.000%, 11/15/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 25.3% (17.0% OF TOTAL INVESTMENTS)
3,000 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/13 at 100.00 AAA 3,086,940
Series 2002, 5.000%, 5/01/32 - AMBAC Insured
2,790 Massachusetts College Building Authority, Project Revenue 5/13 at 100.00 AAA 2,957,651
Refunding Bonds, Series 2003A, 5.250%, 5/01/22 -
XLCA Insured
Massachusetts Development Finance Authority, Revenue
Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project,
Series 2002A:
1,475 5.125%, 8/01/28 - MBIA Insured 2/12 at 100.00 AAA 1,534,000
1,500 5.125%, 2/01/34 - MBIA Insured 2/12 at 100.00 AAA 1,548,120
500 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 530,975
Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 -
FSA Insured
300 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 325,146
Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured
44
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.6% (1.8% OF TOTAL INVESTMENTS)
$ 1,000 Massachusetts Port Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AAA $ 1,028,230
5.000%, 7/01/33 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 25.2% (16.9% OF TOTAL INVESTMENTS)
3,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 3,226,920
Tax Revenue Refunding Bonds, Series 2002A,
5.000%, 7/01/27 (Pre-refunded to 7/01/12) - FGIC Insured
2,000 Massachusetts, General Obligation Bonds, Consolidated 11/11 at 100.00 AAA 2,133,520
Loan, Series 2001D, 5.000%, 11/01/20 (Pre-refunded to
11/01/11) - MBIA Insured
2,145 Massachusetts, General Obligation Bonds, Consolidated 1/13 at 100.00 AAA 2,328,934
Loan, Series 2003A, 5.250%, 1/01/18 (Pre-refunded to
1/01/13) - AMBAC Insured
845 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/06 at 100.00 AAA 1,165,306
13.000%, 7/01/13
1,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 1,092,460
Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded to
1/01/14) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.4% (3.6% OF TOTAL INVESTMENTS)
1,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,597,380
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 526,410
Series 2002II, 5.125%, 7/01/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.8% (7.9% OF TOTAL INVESTMENTS)
1,900 Lynn Water and Sewer Commission, Massachusetts, General 12/13 at 100.00 AAA 1,958,748
Revenue Bonds, Series 2003A, 5.000%, 12/01/32 -
MBIA Insured
1,000 Massachusetts Water Resources Authority, General Revenue 8/13 at 100.00 AAA 1,048,460
Bonds, Series 2004D, 5.000%, 8/01/24 -MBIA Insured
1,000 Massachusetts Water Resources Authority, General Revenue No Opt. Call AAA 1,111,050
Bonds, Series 2002J, 5.250%, 8/01/19 - FSA Insured
495 Springfield Water and Sewerage Commission, Massachusetts, 7/14 at 100.00 AAA 529,357
General Revenue Bonds, Series 2003A, 5.000%, 7/01/16 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 55,115 Total Long-Term Investments (cost $56,858,392) - 148.7% 58,755,137
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.2% 1,245,076
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.9)% (20,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 39,500,213
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT NOVEMBER 30, 2005:
FIXED RATE FIXED RATE FLOATING RATE FLOATING RATE UNREALIZED
NOTIONAL PAID BY THE FUND PAYMENT RECEIVED BY THE FUND PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT (ANNUALIZED) FREQUENCY BASED ON FREQUENCY DATE(2) DATE (DEPRECIATION)
====================================================================================================================================
Citigroup $2,000,000 4.652% Semi-annually 3-month USD-LIBOR Quarterly 2/22/06 2/22/26 $140,095
JPMorgan 1,000,000 5.075% Semi-annually 3-month USD-LIBOR Quarterly 2/22/06 2/22/26 18,057
------------------------------------------------------------------------------------------------------------------------------------
$158,152
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates)
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in
municipal securities that are (i) either backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) rated, at the
time of investment, within the four highest grades (Baa or
BBB or better by Moody's, S&P or Fitch) or unrated but
judged to be of comparable quality by the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Effective date represents the date on which both the Fund
and counterparty commence interest payment accruals on each
forward swap contract.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
See accompanying notes to financial statements.
45
Nuveen Missouri Premium Income Municipal Fund (NOM)
Portfolio of
INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.2% (2.2% OF TOTAL INVESTMENTS)
$ 1,000 Missouri Development Finance Board, Solid Waste Disposal No Opt. Call AA- $ 1,073,950
Revenue Bonds, Procter and Gamble Inc., Series 1999,
5.200%, 3/15/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 6.2% (4.3% OF TOTAL INVESTMENTS)
625 Missouri Health and Educational Facilities Authority, Revenue 6/10 at 100.00 Baa2 664,631
Bonds, Maryville University of St. Louis, Series 2000,
6.750%, 6/15/30
500 Missouri Health and Educational Facilities Authority, Revenue 2/08 at 101.00 A3 517,525
Bonds, St. Louis Priory School, Series 2000, 5.650%, 2/01/25
365 Missouri Health and Educational Facilities Authority, Revenue 4/11 at 100.00 Aaa 394,419
Bonds, Webster University, Series 2001, 5.500%, 4/01/18 -
MBIA Insured
500 St. Louis County Industrial Development Authority, Missouri, 12/05 at 100.00 N/R 508,100
Revenue Bonds, Kiel Center Multipurpose Arena, Series 1992,
7.875%, 12/01/24 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 24.0% (16.6% OF TOTAL INVESTMENTS)
1,800 Johnson County, Missouri, Hospital Revenue Bonds, Western 6/10 at 100.00 AA 1,930,518
Missouri Medical Center, Series 2000, 6.000%, 6/01/20 -
RAAI Insured
750 Joplin Industrial Development Authority, Missouri, Health 2/15 at 102.00 BBB+ 771,758
Facilities Revenue Bonds, Freeman Health System,
Series 2004, 5.500%, 2/15/29
500 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AAA 523,375
Bonds, St. Luke's Health System, Series 2001,
5.250%, 12/01/26 - FSA Insured
Missouri Health and Educational Facilities Authority, Revenue
Bonds, BJC Health System, Series 2003:
1,500 5.125%, 5/15/25 5/13 at 100.00 AA 1,553,040
1,155 5.250%, 5/15/32 5/13 at 100.00 AA 1,199,410
500 Missouri Health and Educational Facilities Authority, Revenue 2/14 at 100.00 BBB+ 523,870
Bonds, Lake Regional Health System, Series 2003,
5.700%, 2/15/34
425 Missouri Health and Educational Facilities Authority, Revenue 2/06 at 102.00 BBB+ 434,813
Bonds, Lake Regional Health System, Series 1996,
6.500%, 2/15/21
1,000 Missouri Health and Educational Facilities Authority, Revenue 12/10 at 101.00 A 1,065,960
Bonds, St. Anthony's Medical Center, Series 2000,
6.250%, 12/01/30
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 7.0% (4.9% OF TOTAL INVESTMENTS)
615 Missouri Housing Development Commission, Multifamily 12/11 at 100.00 AA 638,370
Housing Revenue Bonds, Series 2001II, 5.250%, 12/01/16
500 St. Charles County Industrial Development Authority, Missouri, 4/08 at 102.00 AAA 509,715
FHA-Insured Multifamily Housing Revenue Bonds, Ashwood
Apartments, Series 1998A, 5.600%, 4/01/30 (Alternative
Minimum Tax) - FSA Insured
545 St. Louis County Industrial Development Authority, Missouri, 4/07 at 102.00 AAA 569,133
GNMA Collateralized Multifamily Housing Revenue Refunding
Bonds, South Summit Apartments, Series 1997A,
5.950%, 4/20/17
600 St. Louis County Industrial Development Authority, Missouri, 4/07 at 102.00 AAA 626,136
GNMA Collateralized Multifamily Housing Revenue Refunding
Bonds, South Summit Apartments, Series 1997B,
6.000%, 10/20/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.2% (0.8% OF TOTAL INVESTMENTS)
110 Missouri Housing Development Commission, Single Family 3/06 at 105.00 AAA 110,944
Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1995C, 7.250%, 9/01/26 (Alternative Minimum Tax)
135 Missouri Housing Development Commission, Single Family 9/06 at 105.00 AAA 136,157
Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1996B, 7.550%, 9/01/27 (Alternative Minimum Tax)
46
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY (continued)
$ 140 Missouri Housing Development Commission, Single Family 3/10 at 100.00 AAA $ 141,589
Mortgage Revenue Bonds, Homeownership Loan Program,
Series 2000B-1, 6.250%, 3/01/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.6% (3.9% OF TOTAL INVESTMENTS)
1,750 Cole County Industrial Development Authority, Missouri, 2/14 at 100.00 N/R 1,810,568
Revenue Bonds, Lutheran Senior Services - Heisinger Project,
Series 2004, 5.500%, 2/01/35
50 Lees Summit Industrial Development Authority, Missouri, 8/09 at 101.00 N/R 52,861
Health Facilities Revenue Bonds, John Knox Village,
Series 1999, 6.000%, 8/15/17
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.3% (1.6% OF TOTAL INVESTMENTS)
750 Sugar Creek, Missouri, Industrial Development Revenue 6/13 at 101.00 BBB 774,255
Bonds, Lafarge North America Inc., Series 2003A,
5.650%, 6/01/37 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 29.1% (20.1% OF TOTAL INVESTMENTS)
300 Branson Reorganized School District R-4, Taney County, 3/15 at 100.00 AAA 313,890
Missouri, General Obligation Bonds, Series 2005,
5.000%, 3/01/25 - FSA Insured
500 Camdenton Reorganized School District R3, Camden County, No Opt. Call AAA 540,075
Missouri, General Obligation Bonds, Series 2005,
5.250%, 3/01/24 - FSA Insured
500 Jackson County School District R-7, Lees Summit, Missouri, 3/12 at 100.00 AAA 535,530
General Obligation Refunding and Improvement Bonds,
Series 2002, 5.250%, 3/01/18 - FSA Insured
1,630 North Kansas City School District, Missouri, General 3/13 at 100.00 AA+ 1,714,972
Obligation Bonds, Series 2003A, 5.000%, 3/01/23
1,000 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 1,142,440
Series 2001A, 5.500%, 7/01/20 - MBIA Insured
2,020 Ritenour Consolidated School District, St. Louis County, No Opt. Call AAA 2,377,237
Missouri, General Obligation Bonds, Series 1995,
7.375%, 2/01/12 - FGIC Insured
1,145 St. Charles County Francis Howell School District, Missouri, No Opt. Call AAA 1,206,807
General Obligation Refunding Bonds, Series 1994A,
7.800%, 3/01/08 - FGIC Insured
350 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 377,538
General Obligation Bonds, Series 2004, 5.250%, 3/01/20 -
FSA Insured
1,405 St. Louis Board of Education, Missouri, General Obligation 4/13 at 100.00 AAA 1,489,820
Refunding Bonds, Series 2003A, 5.000%, 4/01/19 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.1% (25.5% OF TOTAL INVESTMENTS)
600 Chesterfield, Missouri, Certificates of Participation, Series 2005, 12/15 at 100.00 Aaa 631,110
5.000%, 12/01/24 - FGIC Insured
750 Fenton, Missouri, Tax Increment Refunding and Improvement 10/12 at 100.00 N/R 767,985
Revenue Bonds, Gravois Bluffs Redevelopment Project,
Series 2002, 6.125%, 10/01/21
750 Howard Bend Levee District, St. Louis County, Missouri, 3/09 at 101.00 N/R 782,003
Levee District Improvement Bonds, Series 1999,
5.850%, 3/01/19
2,000 Missouri Development Finance Board, Kansas City, 4/10 at 100.00 AAA 2,162,160
Infrastructure Facilities Revenue Bonds, Midtown
Redevelopment Project, Series 2000A, 5.750%, 4/01/22 -
MBIA Insured
360 Missouri Development Finance Board, Infrastructure Facilities 6/15 at 100.00 BBB+ 361,350
Revenue Bonds, Branson Landing Project, Series 2005A,
5.000%, 6/01/35
450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101.00 AAA 489,906
Missouri, Levee District Improvement Bonds, Series 1999,
5.750%, 3/01/19 - MBIA Insured
1,135 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,382,396
Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 -
AGC Insured
600 Riverside, Missouri, L-385 Levee Redevelopment Plan 5/15 at 100.00 BBB 612,714
Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
400 St. Joseph Industrial Development Authority, Missouri, 11/14 at 100.00 N/R 396,712
Tax Increment Bonds, Shoppes at North Village Project,
Series 2005A, 5.500%, 11/01/27
1,000 St. Louis Municipal Finance Corporation, Missouri, Leasehold 2/12 at 100.00 Aaa 1,107,400
Revenue Bonds, Carnahan Courthouse, Series 2002A,
5.750%, 2/15/16 - FGIC Insured
47
Nuveen Missouri Premium Income Municipal Fund (NOM) (continued)
Portfolio of INVESTMENTS November 30, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Springfield Public Building Corporation, Missouri, Lease 6/10 at 100.00 AAA $ 2,198,420
Revenue Bonds, Jordan Valley Park Projects,
Series 2000A, 6.125%, 6/01/21 - AMBAC Insured
1,380 Springfield Center City Development Corporation, Missouri, 11/11 at 100.00 Aaa 1,445,826
Lease Revenue Bonds, Jordan Valley Park Parking Garage,
Series 2002D, 5.000%, 11/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.7% (3.3% OF TOTAL INVESTMENTS)
500 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 509,340
Bonds, Kansas City International Airport, Series 2001,
5.000%, 4/01/23 (Alternative Minimum Tax) - AMBAC Insured
1,000 St. Louis Land Clearance Redevelopment Authority, Missouri, 9/09 at 102.00 N/R 1,068,020
Revenue Refunding and Improvement Bonds, LCRA Parking
Facilities, Series 1999C, 7.000%, 9/01/19
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 15.5% (10.7% OF TOTAL INVESTMENTS)
2,500 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AAA 2,709,825
Bonds, SSM Healthcare System, Series 2001A,
5.250%, 6/01/28 (Pre-refunded to 6/01/11) - AMBAC Insured
500 St. Louis County, Missouri, GNMA Collateralized Mortgage No Opt. Call AAA 564,140
Revenue Bonds, Series 1993D, 5.650%, 7/01/20
(Alternative Minimum Tax)
750 St. Louis County Pattonville School District R3, Missouri, 3/10 at 101.00 AAA 822,945
General Obligation Bonds, Series 2000, 5.750%, 3/01/17
(Pre-refunded to 3/01/10) - FGIC Insured
950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R*** 1,087,779
County Memorial Hospital, Series 2000, 7.250%, 6/15/25
(Pre-refunded to 6/15/10)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.7% (3.9% OF TOTAL INVESTMENTS)
1,800 Springfield Public Utilities Board, Missouri, Certificates 12/09 at 100.00 AAA 1,886,652
of Participation, Series 2001, 5.000%, 12/01/17 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.2% (2.2% OF TOTAL INVESTMENTS)
640 Metropolitan St. Louis Sewerage District, Missouri, Revenue 5/14 at 100.00 AAA 676,672
Bonds, Wastewater System, Series 2004A, 5.000%, 5/01/20 -
MBIA Insured
350 Missouri Environmental Improvement and Energy Resources No Opt. Call Aaa 406,956
Authority, Water Pollution Control Revenue Bonds, State
Revolving Fund Program - Kansas City Project, Series 1997C,
6.750%, 1/01/12
------------------------------------------------------------------------------------------------------------------------------------
$ 45,080 Total Long-Term Investments (cost $45,837,205) - 144.8% 48,299,717
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.2% 1,060,478
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.0)% (16,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 33,360,195
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
48
Statement of
ASSETS AND LIABILITIES November 30, 2005 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $112,129,313, $54,848,081,
$49,755,313 and $91,388,710, respectively) $115,497,819 $56,919,301 $51,892,925 $93,055,168
Cash 597,014 261,678 -- 172,902
Receivables:
Interest 1,651,256 725,282 663,839 1,312,792
Investments sold -- -- -- --
Unrealized appreciation on forward swaps -- -- 25,397 82,298
Other assets 9,559 3,147 4,818 767
------------------------------------------------------------------------------------------------------------------------------------
Total assets 117,755,648 57,909,408 52,586,979 94,623,927
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 24,922 --
Payable for investments purchased -- -- -- --
Accrued expenses:
Management fees 61,776 16,164 14,658 24,832
Other 33,149 13,603 12,646 22,268
Preferred share dividends payable 18,450 1,390 9,205 7,889
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 113,375 31,157 61,431 54,989
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 38,300,000 19,500,000 17,500,000 32,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 79,342,273 $38,378,251 $35,025,548 $62,568,938
====================================================================================================================================
Common shares outstanding 5,352,945 2,567,291 2,310,385 4,354,319
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 14.82 $ 14.95 $ 15.16 $ 14.37
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 53,529 $ 25,673 $ 23,104 $ 43,543
Paid-in surplus 74,365,255 36,399,226 32,706,554 61,444,991
Undistributed (Over-distribution of) net investment income 175,589 178,773 136,575 38,248
Accumulated net realized gain (loss) from investments
and forward swaps 1,379,394 (296,641) (3,694) (706,600)
Net unrealized appreciation (depreciation) of investments
and forward swaps 3,368,506 2,071,220 2,163,009 1,748,756
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 79,342,273 $38,378,251 $35,025,548 $62,568,938
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
49
Statement of
ASSETS AND LIABILITIES November 30, 2005 (Unaudited) (continued)
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $99,032,883, $42,502,353,
$56,858,392, $45,837,205, respectively) $102,011,244 $43,996,202 $58,755,137 $48,299,717
Cash 557,514 -- -- 275,224
Receivables:
Interest 1,529,741 701,299 887,505 815,322
Investments sold 563,119 -- 530,936 10,156
Unrealized appreciation on forward swaps -- -- 158,152 --
Other assets 7,535 3,072 1,528 8,276
------------------------------------------------------------------------------------------------------------------------------------
Total assets 104,669,153 44,700,573 60,333,258 49,408,695
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 7,616 291,133 --
Payable for investments purchased 979,660 -- -- --
Accrued expenses:
Management fees 54,378 12,463 15,751 25,921
Other 28,716 21,784 13,131 17,318
Preferred share dividends payable 15,702 -- 13,030 5,261
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,078,456 41,863 333,045 48,500
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 34,000,000 15,000,000 20,500,000 16,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 69,590,697 $29,658,710 $39,500,213 $33,360,195
====================================================================================================================================
Common shares outstanding 4,753,021 1,952,741 2,721,728 2,274,341
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 14.64 $ 15.19 $ 14.51 $ 14.67
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 47,530 $ 19,527 $ 27,217 $ 22,743
Paid-in surplus 65,983,574 27,647,651 38,352,990 30,410,946
Undistributed (Over-distribution of) net investment income 353,932 140,623 (122,314) 217,021
Accumulated net realized gain (loss) from investments
and forward swaps 227,300 357,060 (812,577) 246,973
Net unrealized appreciation (depreciation) of investments
and forward swaps 2,978,361 1,493,849 2,054,897 2,462,512
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 69,590,697 $29,658,710 $39,500,213 $33,360,195
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
50
Statement of
OPERATIONS Six Months Ended November 30, 2005 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 2,773,269 $ 1,349,583 $ 1,196,979 $ 2,059,553
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 381,515 187,823 170,452 306,835
Preferred shares -- auction fees 48,006 24,442 21,935 40,110
Preferred shares -- dividend disbursing agent fees 5,014 5,014 5,014 5,014
Shareholders' servicing agent fees and expenses 7,442 910 814 683
Custodian's fees and expenses 18,685 10,884 10,773 15,464
Trustees' fees and expenses 1,117 723 639 874
Professional fees 6,638 5,404 5,215 6,258
Shareholders' reports -- printing and mailing expenses 11,021 5,826 6,415 8,992
Stock exchange listing fees 5,240 110 99 186
Investor relations expense 7,729 3,716 3,444 6,141
Other expenses 6,264 6,182 6,326 6,737
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 498,671 251,034 231,126 397,294
Custodian fee credit (6,537) (5,043) (2,808) (7,955)
Expense reimbursement -- (88,032) (79,890) (153,399)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 492,134 157,959 148,428 235,940
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,281,135 1,191,624 1,048,551 1,823,613
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 792,479 165,372 124,427 132,679
Net realized gain (loss) from forward swaps -- (31,610) (73,737) (243,796)
Change in net unrealized appreciation (depreciation) of investments (2,959,276) (1,213,802) (1,150,786) (1,901,320)
Change in net unrealized appreciation (depreciation) of forward swaps -- 33,381 99,605 315,963
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (2,166,797) (1,046,659) (1,000,491) (1,696,474)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (346,913) (179,066) (170,186) (328,684)
From accumulated net realized gains from investments -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (346,913) (179,066) (170,186) (328,684)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares
from operations $ (232,575) $ (34,101) $ (122,126) $ (201,545)
====================================================================================================================================
See accompanying notes to financial statements.
51
Statement of
OPERATIONS Six Months Ended November 30, 2005 (Unaudited) (continued)
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 2,539,824 $ 1,053,860 $ 1,392,117 $1,260,679
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 336,147 145,020 194,474 160,003
Preferred shares -- auction fees 42,616 18,801 25,695 20,055
Preferred shares -- dividend disbursing agent fees 5,014 5,014 5,014 5,014
Shareholders' servicing agent fees and expenses 4,383 466 226 2,627
Custodian's fees and expenses 18,800 9,520 9,428 8,911
Trustees' fees and expenses 1,056 620 535 550
Professional fees 6,175 5,191 5,362 5,212
Shareholders' reports -- printing and mailing expenses 10,609 5,146 7,046 5,733
Stock exchange listing fees 5,238 83 116 96
Investor relations expense 5,793 2,876 3,892 3,294
Other expenses 7,119 8,894 6,246 5,059
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 442,950 201,631 258,034 216,554
Custodian fee credit (6,247) (3,575) (2,362) (2,125)
Expense reimbursement -- (67,970) (97,225) --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 436,703 130,086 158,447 214,429
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,103,121 923,774 1,233,670 1,046,250
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 538,185 292,576 168,951 60,488
Net realized gain (loss) from forward swaps -- (71,318) (374,677) --
Change in net unrealized appreciation (depreciation) of investments (2,509,628) (1,129,896) (1,449,925) (999,654)
Change in net unrealized appreciation (depreciation) of forward swaps -- 70,423 517,721 --
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (1,971,443) (838,215) (1,137,930) (939,166)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (359,769) (139,188) (231,327) (167,525)
From accumulated net realized gains from investments -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (359,769) (139,188) (231,327) (167,525)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares
from operations $ (228,091) $ (53,629) $ (135,587) $ (60,441)
====================================================================================================================================
See accompanying notes to financial statements.
52
Statement of
CHANGES IN NET ASSETS (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) DIVIDEND ADVANTAGE 2 (NGK)
---------------------------- ----------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 2,281,135 $ 4,674,454 $ 1,191,624 $ 2,424,250 $ 1,048,551 $ 2,132,536
Net realized gain (loss)
from investments 792,479 695,966 165,372 201,225 124,427 165,154
Net realized gain (loss) from
forward swaps -- -- (31,610) (178,890) (73,737) (182,494)
Change in net unrealized
appreciation (depreciation)
of investments (2,959,276) 3,288,927 (1,213,802) 2,203,567 (1,150,786) 1,771,598
Change in net unrealized appreciation
(depreciation) of forward swaps -- -- 33,381 (33,381) 99,605 (74,208)
Distributions to Preferred Shareholders:
From net investment income (346,913) (466,107) (179,066) (217,938) (170,186) (197,732)
From accumulated net realized
gains from investments -- (2,895) -- -- -- (6,485)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (232,575) 8,190,345 (34,101) 4,398,833 (122,126) 3,608,369
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,102,237) (4,656,228) (1,100,839) (2,266,762) (977,081) (2,016,610)
From accumulated net realized gains
from investments -- (60,815) -- -- -- (151,747)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (2,102,237) (4,717,043) (1,100,839) (2,266,762) (977,081) (2,168,357)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 147,931 330,723 49,096 94,487 19,482 18,782
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions 147,931 330,723 49,096 94,487 19,482 18,782
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (2,186,881) 3,804,025 (1,085,844) 2,226,558 (1,079,725) 1,458,794
Net assets applicable to Common
shares at the beginning
of period 81,529,154 77,725,129 39,464,095 37,237,537 36,105,273 34,646,479
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $79,342,273 $81,529,154 $38,378,251 $39,464,095 $35,025,548 $36,105,273
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 175,589 $ 343,604 $ 178,773 $ 267,054 $ 136,575 $ 235,291
====================================================================================================================================
See accompanying notes to financial statements.
53
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
CONNECTICUT MASSACHUSETTS PREMIUM MASSACHUSETTS
DIVIDEND ADVANTAGE 3 (NGO) INCOME (NMT) DIVIDEND ADVANTAGE (NMB)
---------------------------- ----------------------------- ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,823,613 $ 3,727,307 $ 2,103,121 $ 4,327,814 $ 923,774 $ 1,891,521
Net realized gain (loss)
from investments 132,679 189,726 538,185 796,541 292,576 235,780
Net realized gain (loss) from
forward swaps (243,796) (508,058) -- -- (71,318) --
Change in net unrealized
appreciation (depreciation)
of investments (1,901,320) 4,159,129 (2,509,628) 3,016,551 (1,129,896) 1,711,138
Change in net unrealized appreciation
(depreciation) of forward swaps 315,963 (233,665) -- -- 70,423 (70,423)
Distributions to Preferred Shareholders:
From net investment income (328,684) (418,929) (359,769) (388,132) (139,188) (154,728)
From accumulated net realized
gains from investments -- -- -- -- -- (7,909)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (201,545) 6,915,510 (228,091) 7,752,774 (53,629) 3,605,379
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,605,877) (3,392,359) (1,959,241) (4,185,695) (852,098) (1,800,825)
From accumulated net realized gains
from investments -- -- -- -- -- (224,126)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,605,877) (3,392,359) (1,959,241) (4,185,695) (852,098) (2,024,951)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 51,882 27,499 130,376 274,885 25,076 55,345
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions 51,882 27,499 130,376 274,885 25,076 55,345
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,755,540) 3,550,650 (2,056,956) 3,841,964 (880,651) 1,635,773
Net assets applicable to Common
shares at the beginning
of period 64,324,478 60,773,828 71,647,653 67,805,689 30,539,361 28,903,588
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $62,568,938 $64,324,478 $69,590,697 $71,647,653 $29,658,710 $30,539,361
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 38,248 $ 149,196 $ 353,932 $ 569,821 $ 140,623 $ 208,135
====================================================================================================================================
See accompanying notes to financial statements.
54
INSURED MASSACHUSETTS MISSOURI PREMIUM
TAX-FREE ADVANTAGE (NGX) INCOME (NOM)
----------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
11/30/05 5/31/05 11/30/05 5/31/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,233,670 $ 2,499,796 $ 1,046,250 $ 2,115,551
Net realized gain (loss) from investments 168,951 (22,105) 60,488 250,201
Net realized gain (loss) from
forward swaps (374,677) (568,647) -- --
Change in net unrealized appreciation
(depreciation) of investments (1,449,925) 3,400,879 (999,654) 1,460,500
Change in net unrealized appreciation
(depreciation) of forward swaps 517,721 (359,569) -- --
Distributions to Preferred Shareholders:
From net investment income (231,327) (256,987) (167,525) (211,843)
From accumulated net realized
gains from investments -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (135,587) 4,693,367 (60,441) 3,614,409
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,012,133) (2,282,215) (977,250) (1,988,388)
From accumulated net realized gains
from investments -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,012,133) (2,282,215) (977,250) (1,988,388)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 36,699 79,000 178,583 362,566
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions 36,699 79,000 178,583 362,566
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,111,021) 2,490,152 (859,108) 1,988,587
Net assets applicable to Common
shares at the beginning of period 40,611,234 38,121,082 34,219,303 32,230,716
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $39,500,213 $40,611,234 $33,360,195 $34,219,303
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ (122,314) $ (112,524) $ 217,021 $ 315,546
====================================================================================================================================
See accompanying notes to financial statements.
55
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds (the "Funds") covered in this report and their corresponding Common
share stock exchange symbols are Nuveen Connecticut Premium Income Municipal
Fund (NTC), Nuveen Connecticut Dividend Advantage Municipal Fund (NFC), Nuveen
Connecticut Dividend Advantage Municipal Fund 2 (NGK), Nuveen Connecticut
Dividend Advantage Municipal Fund 3 (NGO), Nuveen Massachusetts Premium Income
Municipal Fund (NMT), Nuveen Massachusetts Dividend Advantage Municipal Fund
(NMB), Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX) and
Nuveen Missouri Premium Income Municipal Fund (NOM). Common shares of
Connecticut Premium Income (NTC) and Massachusetts Premium Income (NMT) are
traded on the New York Stock Exchange while Common shares of Connecticut
Dividend Advantage (NFC), Connecticut Dividend Advantage 2 (NGK), Connecticut
Dividend Advantage 3 (NGO), Massachusetts Dividend Advantage (NMB), Insured
Massachusetts Tax-Free Advantage (NGX) and Missouri Premium Income (NOM) are
traded on the American Stock Exchange. The Funds are registered under the
Investment Company Act of 1940, as amended, as closed-end management investment
companies.
Each Fund seeks to provide current income exempt from both regular federal and
designated state income taxes, and in the case of Insured Massachusetts Tax-Free
Advantage (NGX) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within a single state 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.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When market price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. Prices of
derivative investments are also provided by an independent pricing service
approved by each Fund's Board of Trustees. If the pricing service is unable to
supply a price for a municipal bond or derivative investment, each Fund may use
a market price or fair market value quote provided by a major broker/dealer in
such investments. If it is determined that the market price or fair market value
for an investment is unavailable or inappropriate, the Board of Trustees of the
Funds, or its designee, may establish a fair value for the investment. Temporary
investments in securities that have variable rate and demand features qualifying
them as short-term investments are valued at amortized cost, which approximates
market value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or 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 and delayed delivery purchase commitments. At November 30, 2005,
Massachusetts Premium Income (NMT) had outstanding when-issued purchase
commitments of $979,660. There were no such outstanding purchase commitments in
any of the other Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and designated state
income taxes, and in the case of Insured Massachusetts Tax-Free Advantage (NGX)
the alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. Net realized capital gains
and ordinary income distributions paid by the Funds are subject to federal
taxation.
56
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in 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. The number of
Preferred shares outstanding for each Fund is as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Number of shares:
Series T -- 780 -- --
Series W -- -- 700 --
Series TH 1,532 -- -- --
Series F -- -- -- 1,280
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Number of shares:
Series T -- 600 -- --
Series W -- -- 820 --
Series TH 1,360 -- -- 640
Series F -- -- -- --
==============================================================================================================
Insurance
Insured Massachusetts Tax-Free Advantage (NGX) invests at least 80% of its net
assets (including net assets attributable to Preferred shares) in municipal
securities that are covered by insurance. The Fund may also invest up to 20% of
its net assets (including net assets attributable to Preferred shares) in
municipal securities which are either (i) backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government agency securities, or
(ii) rated, at the time of investment, within the four highest grades (Baa or
BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of
comparable quality by the Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Fund's Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Fund
ultimately disposes of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Fund. Accordingly, neither the prices used in determining the market
value of the underlying municipal securities nor the Common share net asset
value of the Fund includes value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Fund
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Forward Swap Transactions
The Funds are authorized to invest in certain derivative financial instruments.
The Funds' use of forward interest rate swap transactions is intended to
mitigate the negative impact that an increase in long-term interest rates could
have on Common share net asset value. Forward interest rate swap transactions
involve each Fund's agreement with the counterparty to pay, in the future, a
fixed rate payment in exchange for the counterparty paying the Fund a variable
rate payment, the 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 forward swap contract, and would increase or decrease
in value based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swaps' termination date were to increase or
decrease. The Funds may close out a contract prior to the effective date, at
which point a realized gain or loss would be recognized. When a forward swap is
terminated, it ordinarily does not involve the delivery of securities or other
underlying assets or principal, but rather is settled in cash on a net basis.
Each Fund intends, but is not obligated to, terminate its forward swaps before
the effective date. Accordingly, the risk of loss with respect to the swap
counterparty on such transactions is limited to the credit risk associated with
a counterparty failing to honor its commitment to pay any realized gain to the
Fund upon termination. To minimize such credit risk, all counterparties are
required to pledge collateral daily (based on the daily valuation of each swap)
on behalf of each Fund with a value approximately equal to the amount of any
unrealized gain above a pre-determined threshold. Reciprocally, when any of the
Funds have an unrealized loss on a swap contract, the Funds have instructed the
57
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
custodian to pledge assets of the Funds as collateral with a value approximately
equal to the amount of the unrealized loss above a pre-determined threshold.
Collateral pledges are monitored and subsequently adjusted if and when the swap
valuations fluctuate, either up or down, by at least the pre-determined
threshold amount.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, their Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Funds. In addition, in the normal course of business, the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds' maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common shares were as follows:
CONNECTICUT CONNECTICUT DIVIDEND CONNECTICUT DIVIDEND
PREMIUM INCOME (NTC) ADVANTAGE (NFC) ADVANTAGE 2 (NGK)
------------------------ ----------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05
-----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of
distributions 9,065 21,189 3,008 6,069 1,197 1,180
===========================================================================================================
CONNECTICUT DIVIDEND MASSACHUSETTS MASSACHUSETTS DIVIDEND
ADVANTAGE 3 (NGO) PREMIUM INCOME (NMT) ADVANTAGE (NMB)
------------------------ ----------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
11/30/05 5/31/05 11/30/05 5/31/05 11/30/05 5/31/05
-----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of
distributions 3,524 1,940 8,086 17,594 1,448 3,397
===========================================================================================================
58
INSURED
MASSACHUSETTS TAX-FREE MISSOURI
ADVANTAGE (NGX) PREMIUM INCOME (NOM)
----------------------- -------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
11/30/05 5/31/05 11/30/05 5/31/05
-----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of
distributions 2,321 5,040 10,287 21,455
===========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended November 30, 2005, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Purchases $10,731,266 $4,615,832 $2,376,744 $5,829,478
Sales and maturities 9,961,551 4,515,126 2,486,754 5,904,401
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Purchases $10,415,685 $3,702,427 $2,742,971 $1,776,824
Sales and maturities 10,450,734 3,710,223 3,157,733 2,113,153
==============================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investment transactions.
At November 30, 2005, the cost of investments was as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Cost of investments $112,111,656 $54,985,964 $49,920,277 $91,790,821
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Cost of investments $98,957,635 $42,484,098 $57,283,914 $45,825,515
==============================================================================================================
59
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 2005, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $3,845,067 $2,240,460 $2,310,152 $2,028,764
Depreciation (458,904) (307,123) (337,504) (764,417)
--------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $3,386,163 $1,933,337 $1,972,648 $1,264,347
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $3,448,031 $1,620,003 $1,987,732 $2,529,069
Depreciation (394,422) (107,899) (516,509) (54,867)
--------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $3,053,609 $1,512,104 $1,471,223 $2,474,202
==============================================================================================================
The tax components of undistributed net investment income and net realized gains
at May 31, 2005, the Funds' last fiscal year end, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income* $714,640 $430,212 $388,524 $417,233
Undistributed net ordinary income ** 775 -- -- 1,924
Undistributed net long-term capital gains 586,914 -- 128,110 --
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income* $785,878 $341,991 $77,412 $466,347
Undistributed net ordinary income ** 27,169 -- -- 8,293
Undistributed net long-term capital gains -- 135,802 -- 186,485
==============================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on May 2, 2005, paid on June 1, 2005. ** Net
ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
60
The tax character of distributions paid during the fiscal year ended May 31,
2005, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $5,128,525 $2,489,695 $2,217,152 $3,816,540
Distributions from net ordinary income ** -- -- 1,368 --
Distributions from net long-term capital gains 63,711 -- 158,232 --
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $4,526,406 $1,952,384 $2,546,211 $2,195,758
Distributions from net ordinary income ** 53,097 5,522 -- --
Distributions from net long-term capital gains -- 232,035 -- --
==============================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At May 31, 2005, the Funds' last fiscal year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
INSURED
CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS
DIVIDEND DIVIDEND PREMIUM TAX-FREE
ADVANTAGE ADVANTAGE 3 INCOME ADVANTAGE
(NFC) (NGO) (NMT) (NGX)
-------------------------------------------------------------------------------------------------------------
Expiration year:
2009 $ -- $ -- $310,885 $ --
2010 -- -- -- --
2011 -- 69,711 -- --
2012 263,224 106,107 -- 16,123
2013 -- -- -- 8,250
-------------------------------------------------------------------------------------------------------------
Total $263,224 $175,818 $310,885 $24,373
=============================================================================================================
At May 31, 2005, the Funds' last fiscal year-end, Insured Massachusetts Tax-Free
Advantage (NGX) elected to defer $156,912 of net realized losses from
investments incurred from November 1, 2004 through May 31, 2005 ("post-October
losses") in accordance with Federal income tax regulations. The post-October
losses were treated as having arisen on the first day of the current fiscal
year.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc., and a specific fund-level component, based only on the amount
of assets within each individual fund. This pricing structure enables Nuveen
fund shareholders to benefit from growth in the assets within each individual
fund as well as from growth in the amount of complex-wide assets managed by the
Adviser.
61
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets (including net assets attributable to Preferred shares)
of each Fund as follows:
CONNECTICUT PREMIUM INCOME (NTC)
AVERAGE DAILY NET ASSETS MASSACHUSETTS PREMIUM INCOME (NMT)
(INCLUDING NET ASSETS MISSOURI PREMIUM INCOME (NOM)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
AVERAGE DAILY NET ASSETS MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
(INCLUDING NET ASSETS INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of November 30, 2005, the complex-level fee rate was .1898%.
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
62
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of Trustees
has adopted a deferred compensation plan for independent Trustees that enables
Trustees to elect to defer receipt of all or a portion of the annual
compensation they are entitled to receive from certain Nuveen advised Funds.
Under the plan, deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised Funds.
For the first ten years of Connecticut Dividend Advantage's (NFC) and
Massachusetts Dividend Advantage's (NMB) operations, the Adviser has agreed to
reimburse the Funds, as a percentage of average daily net assets (including net
assets attributable to Preferred shares), for fees and expenses in the amounts
and for the time periods set forth below:
YEAR ENDING YEAR ENDING
JANUARY 31, JANUARY 31,
--------------------------------------------------------------------------------
2001* .30% 2007 .25%
2002 .30 2008 .20
2003 .30 2009 .15
2004 .30 2010 .10
2005 .30 2011 .05
2006 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Connecticut Dividend Advantage (NFC) and
Massachusetts Dividend Advantage (NMB) for any portion of its fees and expenses
beyond January 31, 2011.
For the first ten years of Connecticut Dividend Advantage 2's (NGK) operations,
the Adviser has agreed to reimburse the Fund, as a percentage of average daily
net assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Connecticut Dividend Advantage 2 (NGK)
for any portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Connecticut Dividend Advantage 3's (NGO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
SEPTEMBER 30, SEPTEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Connecticut Dividend Advantage 3 (NGO)
for any portion of its fees and expenses beyond September 30, 2010.
63
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
For the first eight years of Insured Massachusetts Tax-Free Advantage's (NGX)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured Massachusetts Tax-Free Advantage
(NGX) for any portion of its fees and expenses beyond November 30, 2010.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. Transactions (C) and (D) above were settled in late July,
which effectively reduced St. Paul Travelers' controlling stake in Nuveen and
was deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which resulted in the
automatic termination of each agreement under the 1940 Act. In anticipation of
such deemed assignment, the Board of Trustees had approved new ongoing
investment management agreements for each Fund and the submission of those
agreements for approval by each respective Fund's shareholders, which
shareholder approval was received prior to the settlement of transactions (C)
and (D). The new ongoing management agreements took effect upon such settlement.
64
7. SUBSEQUENT EVENTS -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on December 30, 2005, to shareholders of
record on December 15, 2005, as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Dividend per share $.0605 $.0715 $.0670 $.0585
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Dividend per share $.0670 $.0710 $.0585 $.0700
==============================================================================================================
At the same time, the following Funds declared capital gains and/or ordinary
income distributions as follows:
CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE 2 INCOME ADVANTAGE INCOME
(NTC) (NGK) (NMT) (NMB) (NOM)
----------------------------------------------------------------------------------------------------------------
Capital gains distributions per share .2240 .0827 .0444 .1945 .0969
Ordinary income distributions per share* .0001 -- .0072 -- .0033
================================================================================================================
* Ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
65
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
--------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) $15.26 $ .43 $ (.42) $(.06) $ -- $ (.05) $(.39) $ -- $(.39)
2005 14.60 .88 .75 (.09) -- 1.54 (.87) (.01) (.88)
2004 15.56 .93 (.96) (.05) -- (.08) (.88) -- (.88)
2003 14.46 .98 1.07 (.07) -- 1.98 (.88) -- (.88)
2002 14.20 1.00 .20 (.10) -- 1.10 (.84) -- (.84)
2001 12.92 1.02 1.32 (.24) -- 2.10 (.82) -- (.82)
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 15.39 .46 (.40) (.07) -- (.01) (.43) -- (.43)
2005 14.56 .95 .86 (.09) -- 1.72 (.89) -- (.89)
2004 15.53 .97 (1.00) (.05) -- (.08) (.89) -- (.89)
2003 14.24 1.00 1.19 (.07) -- 2.12 (.84) -- (.84)
2002 13.88 1.00 .31 (.11) -- 1.20 (.84) -- (.84)
2001(a) 14.33 .21 (.23) (.05) -- (.07) (.21) -- (.21)
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 15.64 .45 (.44) (.07) -- (.06) (.42) -- (.42)
2005 15.01 .92 .74 (.09) -- 1.57 (.87) (.07) (.94)
2004 16.23 .96 (1.13) (.04) (.01) (.22) (.87) (.12) (.99)
2003 14.48 .98 1.74 (.07) (.01) 2.64 (.83) (.06) (.89)
2002(b) 14.33 .08 .30 -- -- .38 (.07) -- (.07)
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 14.78 .42 (.38) (.08) -- (.04) (.37) -- (.37)
2005 13.97 .86 .83 (.10) -- 1.59 (.78) -- (.78)
2004 15.06 .88 (1.14) (.05) -- (.31) (.78) -- (.78)
2003(c) 14.33 .51 .93 (.04) -- 1.40 (.46) -- (.46)
====================================================================================================================================
Total Returns
-------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
============================================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) $ -- $14.82 $14.55 (5.70)% (.32)%
2005 -- 15.26 15.81 15.61 10.82
2004 -- 14.60 14.47 (10.80) (.51)
2003 -- 15.56 17.14 12.63 14.08
2002 -- 14.46 16.05 5.01 7.87
2001 -- 14.20 16.10 25.91 16.57
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) -- 14.95 15.85 3.44 (.08)
2005 -- 15.39 15.73 17.89 12.06
2004 -- 14.56 14.12 (8.64) (.56)
2003 .01 15.53 16.35 9.19 15.38
2002 -- 14.24 15.79 8.61 8.81
2001(a) (.17) 13.88 15.34 3.71 (1.67)
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) -- 15.16 15.69 0.78 (.37)
2005 -- 15.64 15.98 19.92 10.70
2004 (.01) 15.01 14.14 (4.65) (1.48)
2003 -- 16.23 15.80 11.16 18.77
2002(b) (.16) 14.48 15.05 .79 1.53
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) -- 14.37 14.82 4.51 (.29)
2005 -- 14.78 14.54 18.17 11.60
2004 -- 13.97 13.00 (8.92) (2.08)
2003(c) (.21) 15.06 15.09 3.71 8.46
============================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=============================================================================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) $79,342 1.23%* 5.63%* 1.22%* 5.65%* 8%
2005 81,529 1.24 5.81 1.24 5.82 12
2004 77,725 1.23 6.16 1.23 6.16 15
2003 82,492 1.27 6.57 1.26 6.58 23
2002 76,327 1.34 6.90 1.34 6.91 12
2001 74,642 1.33 7.36 1.31 7.39 8
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 38,378 1.28* 5.62* .81* 6.09* 8
2005 39,464 1.29 5.81 .83 6.27 9
2004 37,238 1.26 5.97 .80 6.44 4
2003 39,625 1.27 6.29 .81 6.76 7
2002 36,233 1.38 6.56 .88 7.06 20
2001(a) 35,255 1.22* 4.10* .80* 4.52* 29
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 35,026 1.29* 5.41* .83* 5.87* 5
2005 36,105 1.28 5.52 .82 5.98 12
2004 34,646 1.25 5.73 .80 6.18 10
2003 37,441 1.31 5.94 .82 6.43 13
2002(b) 33,408 1.06* 2.90* .73* 3.23* --
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 62,569 1.25* 5.21* .74* 5.72* 6
2005 64,324 1.24 5.40 .76 5.89 9
2004 60,774 1.24 5.58 .74 6.08 14
2003(c) 65,324 1.19* 4.72* .71* 5.20* 18
=============================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=========================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
-------------------------------------------------------------------------
Year Ended 5/31:
2006(d) $38,300 $25,000 $76,790
2005 38,300 25,000 78,217
2004 38,300 25,000 75,734
2003 38,300 25,000 78,846
2002 38,300 25,000 74,822
2001 38,300 25,000 73,722
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
-------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 19,500 25,000 74,203
2005 19,500 25,000 75,595
2004 19,500 25,000 72,740
2003 19,500 25,000 75,801
2002 19,500 25,000 71,453
2001(a) 19,500 25,000 70,198
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
-------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 17,500 25,000 75,036
2005 17,500 25,000 76,579
2004 17,500 25,000 74,495
2003 17,500 25,000 78,487
2002(b) 17,500 25,000 72,726
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
-------------------------------------------------------------------------
Year Ended 5/31:
2006(d) 32,000 25,000 73,882
2005 32,000 25,000 75,253
2004 32,000 25,000 72,480
2003(c) 32,000 25,000 76,034
=========================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common share net asset value,
reinvested dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period January 26, 2001 (commencement of operations) through May
31, 2001.
(b) For the period March 25, 2002 (commencement of operations) through May 31,
2002.
(c) For the period September 26, 2002 (commencement of operations) through May
31, 2003.
(d) For the six months ended November 30, 2005.
See accompanying notes to financial statements.
66-67 SPREAD
FINANCIAL HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
--------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) $15.10 $ .44 $ (.41) $(.08) $ -- $ (.05) $(.41) $ -- $ (.41)
2005 14.34 .91 .81 (.08) -- 1.64 (.88) -- (.88)
2004 15.30 .94 (.97) (.05) -- (.08) (.88) -- (.88)
2003 14.48 .98 .78 (.07) -- 1.69 (.87) -- (.87)
2002 14.26 1.03 .13 (.11) -- 1.05 (.83) -- (.83)
2001 13.17 1.05 1.10 (.24) -- 1.91 (.82) -- (.82)
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 15.65 .47 (.42) (.07) -- (.02) (.44) -- (.44)
2005 14.84 .97 .95 (.08) -- 1.84 (.92) (.11) (1.03)
2004 16.00 1.00 (1.11) (.04) (.01) (.16) (.92) (.08) (1.00)
2003 14.16 1.04 1.74 (.07) -- 2.71 (.88) -- (.88)
2002 13.88 1.03 .25 (.12) -- 1.16 (.88) -- (.88)
2001(a) 14.33 .24 (.24) (.05) -- (.05) (.22) -- (.22)
INSURED MASSACHUSETTS
TAX-FREE ADVANTAGE (NGX)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 14.93 .45 (.41) (.09) -- (.05) (.37) -- (.37)
2005 14.04 .92 .90 (.09) -- 1.73 (.84) -- (.84)
2004 15.25 .94 (1.22) (.06) -- (.34) (.86) (.01) (.87)
2003(b) 14.33 .35 1.21 (.03) -- 1.53 (.37) -- (.37)
MISSOURI PREMIUM
INCOME (NOM)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 15.11 .46 (.40) (.07) -- (.01) (.43) -- (.43)
2005 14.37 .94 .77 (.09) -- 1.62 (.88) -- (.88)
2004 15.40 .96 (1.05) (.06) -- (.15) (.88) -- (.88)
2003 14.35 .97 1.02 (.07) -- 1.92 (.87) -- (.87)
2002 13.97 1.01 .31 (.13) -- 1.19 (.81) -- (.81)
2001 12.77 1.02 1.18 (.26) -- 1.94 (.74) -- (.74)
====================================================================================================================================
Total Returns
-------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
============================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) $ -- $14.64 $16.20 2.97% (.32)%
2005 -- 15.10 16.14 18.97 11.74
2004 -- 14.34 14.35 (9.51) (.51)
2003 -- 15.30 16.80 12.98 12.02
2002 -- 14.48 15.70 8.04 7.51
2001 -- 14.26 15.33 15.71 14.72
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) -- 15.19 16.26 (4.42) (.16)
2005 -- 15.65 17.45 24.96 12.76
2004 -- 14.84 14.88 (3.74) (1.03)
2003 .01 16.00 16.45 8.76 19.74
2002 -- 14.16 15.95 14.15 8.46
2001(a) (.18) 13.88 14.80 .13 (1.61)
INSURED MASSACHUSETTS
TAX-FREE ADVANTAGE (NGX)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) -- 14.51 15.40 (1.08) (.33)
2005 -- 14.93 15.94 20.95 12.62
2004 -- 14.04 13.90 (6.83) (2.18)
2003(b) (.24) 15.25 15.78 7.69 9.07
MISSOURI PREMIUM
INCOME (NOM)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) -- 14.67 17.42 (.23) (.07)
2005 -- 15.11 17.90 24.38 11.54
2004 -- 14.37 15.15 (5.35) (1.00)
2003 -- 15.40 16.87 15.39 13.75
2002 -- 14.35 15.41 14.11 8.65
2001 -- 13.97 14.25 17.41 15.48
============================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
===========================================================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) $69,591 1.25%* 5.91%* 1.23%* 5.93%* 10%
2005 71,648 1.24 6.15 1.24 6.16 18
2004 67,806 1.24 6.37 1.23 6.38 22
2003 72,003 1.28 6.61 1.27 6.63 18
2002 67,856 1.31 7.11 1.30 7.12 13
2001 66,579 1.37 7.46 1.35 7.48 14
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 29,659 1.33* 5.63* .86* 6.11* 8
2005 30,539 1.31 5.83 .86 6.28 12
2004 28,904 1.27 6.05 .81 6.51 26
2003 31,134 1.29 6.49 .83 6.95 8
2002 27,519 1.47 6.70 .94 7.24 9
2001(a) 26,951 1.28* 4.84* .84* 5.28* 18
INSURED MASSACHUSETTS
TAX-FREE ADVANTAGE (NGX)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 39,500 1.28* 5.64* .79* 6.14* 5
2005 40,611 1.27 5.83 .79 6.31 2
2004 38,121 1.28 5.94 .75 6.46 97
2003(b) 41,297 1.14* 4.17* .68* 4.64* 19
MISSOURI PREMIUM
INCOME (NOM)
---------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 33,360 1.28* 6.15* 1.26* 6.17* 4
2005 34,219 1.29 6.29 1.28 6.30 17
2004 32,231 1.27 6.44 1.26 6.45 24
2003 34,228 1.34 6.56 1.32 6.58 15
2002 31,619 1.38 7.08 1.36 7.10 8
2001 30,508 1.39 7.48 1.38 7.50 31
===========================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
========================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
------------------------------------------------------------------------
Year Ended 5/31:
2006(c) $34,000 $25,000 $76,170
2005 34,000 25,000 77,682
2004 34,000 25,000 74,857
2003 34,000 25,000 77,943
2002 34,000 25,000 74,894
2001 34,000 25,000 73,955
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 15,000 25,000 74,431
2005 15,000 25,000 75,899
2004 15,000 25,000 73,173
2003 15,000 25,000 76,891
2002 15,000 25,000 70,865
2001(a) 15,000 25,000 69,919
INSURED MASSACHUSETTS
TAX-FREE ADVANTAGE (NGX)
------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 20,500 25,000 73,171
2005 20,500 25,000 74,526
2004 20,500 25,000 71,489
2003(b) 20,500 25,000 75,362
MISSOURI PREMIUM
INCOME (NOM)
------------------------------------------------------------------------
Year Ended 5/31:
2006(c) 16,000 25,000 77,125
2005 16,000 25,000 78,468
2004 16,000 25,000 75,360
2003 16,000 25,000 78,481
2002 16,000 25,000 74,405
2001 16,000 25,000 72,669
========================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common share net asset value,
reinvested dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period January 30, 2001 (commencement of operations) through May
31, 2001.
(b) For the period November 21, 2002 (commencement of operations) through May
31, 2003.
(c) For the six months ended November 30, 2005.
See accompanying notes to financial statements.
68-69 SPREAD
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded 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
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
70
Other Useful
INFORMATION
In April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers")
sold the majority of its controlling equity interest in Nuveen Investments, Inc.
("Nuveen") to the general public. Nuveen is the parent of Nuveen Asset
Management ("NAM"), which is each Fund's investment manager. This sale was
deemed to be an "assignment" of the investment management agreement between each
Fund and NAM and, if applicable, of the sub-advisory agreement between NAM and
the Fund's sub-adviser. As required by law, the shareholders of each Fund were
asked to approve a new investment management agreement and, if applicable, a new
subadvisory agreement that reflected this change in ownership. The shareholders
of each Fund voted this approval at a Shareholders' Meeting on July 26, 2005.
There were no changes to the investment objectives or management of any Fund as
a result of these actions.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2005, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust 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
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
71
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $130 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/ETF o Interactive planning tools
Logo: NUVEEN Investments
ESA-B-1105D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Massachusetts Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: February 3, 2006
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: February 3, 2006
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: February 3, 2006
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.