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, 2006
------------------
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, 2006
Nuveen Investments
Municipal 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
Photo of: Woman and man at the beach.
Photo of: A child.
DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
Photo of: Woman
Photo of: Woman
Photo of: Man and child
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Logo: NUVEEN Investments
Photo: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the six-month period
covered by this 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 read the
Portfolio Managers' Comments, the Dividend and Share Price
Information, and the Performance Overview sections of this report.
For some time, I've used these letters to remind you that municipal
bonds can be an important building block in a well balanced investment
portfolio. In addition to providing attractive tax-free monthly
income, a municipal bond investment like your Fund may help you
achieve and benefit from greater portfolio diversification. Portfolio
diversification is a recognized way to try to reduce some of the risk
that comes with investing. For more information about this important
investment strategy, I encourage you to contact your personal
financial advisor.
"IN ADDITION TO PROVIDING ATTRACTIVE TAX-FREE MONTHLY INCOME, A MUNICIPAL BOND
INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER
PORTFOLIO DIVERSIFICATION."
We also are pleased to be able to offer you a choice concerning how
you receive your shareholder reports and other Fund information. As an
alternative to mailed copies, you can sign up to receive future Fund
reports and other Fund information by e-mail and the Internet. The
inside front cover of this report contains information on how you can
sign up.
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. 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.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
January 15, 2007
Nuveen Investments Municipal Closed-End Funds
NTC, NFC, NGK, NGO, NMT, NMB, NGX, NOM
Portfolio Managers'
COMMENTS
Portfolio managers Cathryn Steeves and Scott Romans discuss key investment
strategies and the six-month performance of these eight Funds. Cathryn, who
joined Nuveen in 1996, assumed portfolio management responsibility for the
Connecticut and Massachusetts Funds in July 2006. Scott, who joined Nuveen in
2000, has managed NOM since 2003.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THIS REPORTING
PERIOD?
As the yield curve flattened during this six-month period, we continued to
emphasize careful management of the Funds' underlying portfolios in line with
our established targets. This included a disciplined approach to duration1
management and yield curve positioning. In selecting new additions for our
portfolios, our purchase activity focused mainly on attractively priced bonds in
the longer range of the yield curve. We believed that bonds in this part of the
curve generally offered better value and reward opportunities more commensurate
with their risk levels. In the Connecticut Funds, we also bought Puerto Rico
zero coupon bonds to lengthen duration. In addition, to help us maintain the
Funds' durations within our preferred strategic range, we also were selectively
selling holdings with shorter durations in all the funds.
Over the six month period, our duration management strategies also included the
use of U.S. Treasury futures, a type of derivative financial instrument, in NTC,
NFC, NGK and NGO. As discussed in previous shareholder reports, we began using
derivatives (including Treasury futures and interest rate swaps) in late 2004 in
an effort to reduce the interest rate risk in these 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 manage the durations
(and resulting pricing sensitivity) of these Funds in relation to our internal
benchmarks without having a negative impact on their income streams or common
share dividends over the short term.
In all the Funds, we also purchased single family housing bonds. These bonds
generally had good supply and attractive prices over this period. At the same
time, we continued to maintain the Funds' weightings of lower-quality bonds.
Since these types of bonds performed well over this period, we generally found
fewer attractive opportunities in the market place. The Missouri market was an
exception to this, where we added three non-rated holdings, including
tax-increment finance (TIF) bonds for Kansas City and for Fulton County and a
Cottleville COP (Certificate of Participation) bond.
1 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.
4
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen Connecticut, Massachusetts and Missouri
Funds, as well as relevant benchmark and peer group information, are presented
in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 11/30/06
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
CONNECTICUT FUNDS
--------------------------------------------------------------------------------
NTC 5.59% 6.86% 6.62% 6.77%
--------------------------------------------------------------------------------
NFC 5.64% 7.19% 7.29% NA
--------------------------------------------------------------------------------
NGK 5.74% 7.02% NA NA
--------------------------------------------------------------------------------
NGO 6.02% 7.20% NA NA
--------------------------------------------------------------------------------
MASSACHUSETTS FUNDS
--------------------------------------------------------------------------------
NMT 6.20% 8.04% 6.55% 6.48%
--------------------------------------------------------------------------------
NMB 5.88% 7.63% 7.87% NA
--------------------------------------------------------------------------------
NGX 6.09% 7.71% NA NA
--------------------------------------------------------------------------------
MISSOURI FUND
--------------------------------------------------------------------------------
NOM 5.13% 6.85% 6.63% 6.46%
--------------------------------------------------------------------------------
Lehman Brothers Municipal
Bond Index2 4.53% 6.12% 5.40% 5.75%
--------------------------------------------------------------------------------
Lehman Brothers Insured
Municipal Bond Index2 4.90% 6.53% 5.68% 5.95%
--------------------------------------------------------------------------------
Lipper Other States Municipal
Debt Funds Average3 5.93% 7.95% 7.29% 6.59%
--------------------------------------------------------------------------------
*Six-month returns are cumulative; returns for one, five and ten-years are
annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended November 30, 2006, the total return on NAV for all the
Funds exceeded the average return for their respective Lehman Brothers Municipal
Bond Index and Lehman Brothers Insured Municipal Bond Index. NGO, NMT and NGX
outperformed the Lipper Other States peer group, while the rest of the Funds
trailed this group average. Shareholders should note that the performance of the
Lipper Other States category represents the overall average of returns for funds
from 10 different states with a wide variety of municipal market conditions,
making direct comparisons less meaningful.
2 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.
3 The Lipper Other States Municipal Debt Funds category average is calculated
using the returns of all closed-end funds in this category for each period
as follows: 1 year, 46; 5 years, 27; and 10 years, 18. Fund and Lipper
returns assume reinvestment of dividends.
5
As the yield curve continued to flatten over the course of this period, bonds
with shorter maturities generally underperformed longer maturity bonds. In
general, the Funds benefited from their yield curve positioning, since they had
limited exposure to the shortest maturities, which was a positive, and generally
had an emphasis on intermediate duration bonds, which was also favorable. On the
other hand, the Funds had limited exposure to the very longest part of the yield
curve, which had a slight countervailing negative impact. One exception was NOM,
which had comparatively greater exposure to the short end of the curve, this had
a negative impact on the Fund's relative performance.
Health care sector bonds, in particular hospital bonds, were also among some of
the best performing credits in the Funds' portfolios. On the other hand, despite
our view of their relative value and long term potential, single family housing
bonds underperformed during this six-month period.
Another factor in the six-month performance of these Funds, especially relative
to that of the unleveraged Lehman Brothers Municipal Bond Index, was the use of
financial leverage. While leveraging can add volatility to a Fund's NAV and
share price, this can also provide opportunities for additional income and total
return for common shareholders. The Funds' leveraging strategy positively
impacted their results over this period, although not to the same extent as in
the past.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
NOVEMBER 30, 2006?
We continued to believe that maintaining overall strong credit quality was an
important technique. As of November 30, 2006, all eight of these Funds continued
to offer excellent overall credit quality, with allocations of bonds rated
AAA/U.S. guaranteed AA ranging from 79% in NOM, 80% in NMT, 84% in NFC and NMB,
85% in NGO, 91% in NTC and NGK to 96% in NGX. 87% of NGX's portfolio is invested
in Insured or U.S. Guaranteed Securities.
As of November 30, 2006, potential call exposure for the period November 2006
through the end of 2007 ranged from 2% in NGK, NMB and NGX, 3% in NFC and NGO,
4% in NOM, 8% in NMT and 10% in NTC. The number of actual bond calls in all of
these Funds depends largely on future market interest rates.
6
Dividend and Share Price
INFORMATION
As previously noted, all of the Funds in this report use leverage to potentially
enhance opportunities for additional income for common shareholders. While
leverage continued to produce incremental income during this period, rising
short-term interest rates reduced the extent of the benefit. The Funds' income
streams were also impacted as the proceeds from older, higher-yielding bonds
that matured or were called were reinvested into bonds generally offering lower
yields, especially in the older Funds. These factors resulted in one monthly
dividend reduction in NFC, NGK, NMT, NMB and NOM over the six-month period ended
November 30, 2006. NGX had one monthly dividend increase, while the monthly
dividend for NTC and NGO was not affected.
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, 2006, NMB and
NOM had positive UNII balances for financial statement purposes and positive
UNII balances, based on our best estimates, for tax purposes. NTC, NFC, NGK,
NGO, NMT and NGX had negative UNII balances for financial statement purposes and
positive UNII balances, based on our best estimates, for tax 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:
11/30/06 12-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM/DISCOUNT
--------------------------------------------------------------------------------
NTC -3.36% -0.43%
--------------------------------------------------------------------------------
NFC 2.89% 9.02%
--------------------------------------------------------------------------------
NGK 1.83% 7.08%
--------------------------------------------------------------------------------
NGO -4.42% -1.35%
--------------------------------------------------------------------------------
NMT -2.60% 2.37%
--------------------------------------------------------------------------------
NMB 2.81% 5.15%
--------------------------------------------------------------------------------
NGX -7.83% -4.56%
--------------------------------------------------------------------------------
NOM 14.43% 13.78%
--------------------------------------------------------------------------------
7
Nuveen Connecticut Premium Income Municipal Fund
NTC
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 78%
AA 13%
BBB 8%
N/R 1%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.0605
Jan 0.0605
Feb 0.0605
Mar 0.0575
Apr 0.0575
May 0.0575
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.0545
Oct 0.0545
Nov 0.0545
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 14.58
14.61
14.47
14.68
14.69
14.72
14.62
14.57
14.26
14.27
14.41
14.47
14.17
14.22
14.08
14.06
14.5
14.39
14.5
14.63
14.9
14.9
14.76
14.8
14.75
15.09
15.09
15.2
15
15.43
15.34
15.3
15.16
15.04
15.05
14.99
15
15.1
15.18
15.32
15.4
15.21
14.84
14.7
15.1499
14.95
15.1
15.2
15.2
15.15
14.88
14.75
14.95
15
15
15.1
14.95
14.95
15.1
15.17
15.3
15.32
15.36
15.15
14.85
14.85
14.88
14.94
15.2
15.2
15.33
15.35
15.43
15.1
15.1
15.27
15.39
15.25
15.3
15.3
15.03
15.15
15.15
15.08
15.2
15.15
15.05
15.01
14.86
14.861
15.2
15
15.25
15.15
15.15
15.35
15.4
15.45
15.2
14.88
14.85
14.8
14.76
14.76
14.46
14.49
14.32
14.51
14.22
14.2
14.185
14.39
14.13
14.09
13.99
14.04
13.97
14.01
14.01
14.01
14.1
14.017
13.99
14.02
13.95
13.95
14.1
14.21
14.01
13.9
13.71
13.73
13.7
14.2
14.34
13.85
13.7801
13.89
13.72
13.68
13.72
13.58
13.58
13.5
13.59
13.73
13.55
13.81
13.85
13.64
13.67
13.91
13.79
13.68
13.63
13.66
13.8
13.79
13.8
13.88
13.72
13.8
13.85
13.9
13.72
13.8212
13.76
14.01
13.96
14.05
13.88
14.2401
14.16
14.26
14.26
14.3
14.26
14.26
14.15
14.3
14.33
14.22
14.22
14.22
14.3
14.38
14.21
14.29
14.27
14.38
14.42
14.53
14.55
14.32
14.32
14.24
14.5
14.6
14.72
14.75
14.55
14.64
14.69
14.47
14.47
14.52
14.74
14.85
14.63
14.88
14.57
14.57
14.53
14.68
14.59
14.6
14.54
14.53
14.6489
14.54
14.68
14.54
14.41
14.51
14.45
14.4
14.49
14.4
14.4
14.34
14.6
14.39
14.39
14.39
14.38
14.6
14.47
14.47
14.39
14.54
14.52
14.46
14.37
14.48
14.42
14.37
14.37
14.31
14.37
14.37
14.37
14.35
14.36
14.37
11/30/06 14.39
FUND SNAPSHOT
------------------------------------
Common Share Price $14.39
------------------------------------
Common Share
Net Asset Value $14.89
------------------------------------
Premium/(Discount) to NAV -3.36%
------------------------------------
Market Yield 4.54%
------------------------------------
Taxable-Equivalent Yield1 6.63%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $79,815
------------------------------------
Average Effective Maturity
on Securities (Years) 16.26
------------------------------------
Leverage-Adjusted Duration 7.58
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.54% 5.59%
------------------------------------
1-Year 5.20% 6.86%
------------------------------------
5-Year 3.49% 6.62%
------------------------------------
10-Year 6.04% 6.77%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Education and Civic
Organizations 22.1%
------------------------------------
Tax Obligation/General 20.5%
------------------------------------
Tax Obligation/Limited 11.1%
------------------------------------
Water and Sewer 11.0%
------------------------------------
U.S. Guaranteed 9.1%
------------------------------------
Health Care 8.6%
------------------------------------
Long-Term Care 4.8%
------------------------------------
Other 12.8%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a 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 paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.2241 per share.
8
Nuveen Connecticut Dividend Advantage Municipal Fund
NFC
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 67%
AA 17%
A 4%
BBB 11%
N/R 1%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0715
Jan 0.0715
Feb 0.0715
Mar 0.068
Apr 0.068
May 0.068
Jun 0.0635
Jul 0.0635
Aug 0.0635
Sep 0.0605
Oct 0.0605
Nov 0.0605
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 15.94
16.02
16.02
15.98
16.01
15.87
15.86
15.75
15.67
15.45
15.54
15.49
16.16
15.86
15.95
16.01
16.1
16.23
16.23
16.2538
16.01
16.01
16.1
16.34
16.7
16.49
16.72
16.48
16.43
16.43
16.43
16.31
16.31
16.56
16.7
16.74
16.65
16.7
16.7
16.79
16.85
16.7533
16.81
16.99
17.18
17.29
17.17
17.3
17.42
17.31
17.31
17.16
17.16
17.71
17.71
17.56
17.5
17.5
17.3
17.3
17.49
17.26
17.279
17.1
16.9601
16.67
16.85
17.29
17.06
17.08
17.14
17.39
17.39
17.39
17.07
16.8
16.96
16.95
16.81
16.81
16.65
16.81
16.95
17.03
17.2
17.12
16.76
16.75
16.6
16.55
16.56
16.36
16.7
16.7
16.7
16.58
16.58
16.58
16.58
16.71
16.73
16.9
17.05
17.05
16.91
16.9
16.26
16.14
16.35
16
15.69
15.77
15.6
15.62
15.94
16.33
16.08
16.3
16.1
15.9
15.85
15.75
16.15
16.3
16.3
16.26
16.6
16.56
15.75
15.75
15.9
15.99
16.03
15.88
15.88
15.8
15.8
15.5
15.41
15.21
15.39
15.15
15.15
15.47
15.2
15.23
15.23
15.37
15.68
15.79
15.8
16.15
16.07
16.07
16
16
16.09
16.09
16.0899
16.43
16.15
16.04
16.25
16.18
16.01
16.22
15.71
15.95
15.88
15.8
15.72
15.77
15.75
15.8
15.8
15.7
15.8
15.8
15.97
15.9
15.95
16.05
16.32
16.54
16.62
16.4
16.14
16.05
16.22
16.22
16.39
16.48
16.4422
16.11
16.11
16.09
16.08
16.22
16.22
16.1
16.21
16.1951
16.26
16.29
16.15
15.94
15.92
16.21
16.4
16.26
16.43
16.43
16.2
16.26
15.9
16.09
15.87
15.9
16.13
15.61
15.17
15.27
15.62
15.72
15.72
15.73
15.73
15.6
15.81
15.94
15.94
15.72
15.72
15.73
15.9
15.63
15.6
15.6
15.85
16.24
15.97
15.92
15.51
15.84
15.81
15.81
15.38
15.4
15.75
15.26
15.508
15.4
15.5
15.5
11/30/06 15.64
FUND SNAPSHOT
------------------------------------
Common Share Price $15.64
------------------------------------
Common Share
Net Asset Value $15.20
------------------------------------
Premium/(Discount) to NAV 2.89%
------------------------------------
Market Yield 4.64%
------------------------------------
Taxable-Equivalent Yield1 6.77%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $39,110
------------------------------------
Average Effective Maturity
on Securities (Years) 16.35
------------------------------------
Leverage-Adjusted Duration 7.18
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/26/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -1.55% 5.64%
------------------------------------
1-Year 3.54% 7.19%
------------------------------------
5-Year 5.02% 7.29%
------------------------------------
Since
Inception 6.17% 6.85%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 21.1%
------------------------------------
Education and Civic
Organizations 17.7%
------------------------------------
Tax Obligation/Limited 12.5%
------------------------------------
Tax Obligation/General 10.7%
------------------------------------
Water and Sewer 9.5%
------------------------------------
Utilities 6.3%
------------------------------------
Health Care 5.7%
------------------------------------
Transportation 4.5%
------------------------------------
Other 12.0%
------------------------------------
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.
9
Nuveen Connecticut Dividend Advantage Municipal Fund 2
NGK
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 73%
AA 18%
A 1%
BBB 8%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.067
Jan 0.067
Feb 0.067
Mar 0.067
Apr 0.067
May 0.067
Jun 0.0635
Jul 0.0635
Aug 0.0635
Sep 0.0605
Oct 0.0605
Nov 0.0605
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 15.78
15.75
15.7
15.75
16.06
16.01
16.02
16.14
16.14
15.77
15.78
16.19
15.7
15.8
15.8
15.81
16.2
16.2
16.33
16.38
16.48
16.48
16.2
16.04
16.16
16.16
16.16
16.16
16.06
15.97
16.2
15.92
15.92
16.28
16.65
16.65
16.5
16.18
16.1
15.93
15.85
15.98
16.03
15.62
15.85
16.15
16.15
16.3
16.02
16.02
15.95
15.95
16.22
16.22
16.22
16.55
16.3
16.3
16.5
16.5
16.62
16.75
16.29
16.29
16.46
16.46
16.46
16.9
16.85
16.6
16.64
16.76
16.76
16.68
16.3
16.26
16.26
16.51
16.51
16.42
16.42
16.42
16.53
16.72
16.75
16.75
16.45
16.52
16.29
16.26
16.62
16.37
16.28
16.26
16.26
16.26
16.61
16.45
16.45
16.26
16.3
16.3
16.55
16.55
16.65
16.58
16.44
16.58
16.5
16.5
16.55
16.55
16.35
15.95
16.18
16.23
16.2
16.02
16.24
16.17
16.35
16.29
16.45
16.5
16.5
16.6
16.68
16.78
16.4
16.51
16.35
16.16
16.49
16.04
16.04
16
15.99
16.1
16.2
16.1
16.27
16.1
15.9
16
15.76
15.76
15.55
15.75
15.99
15.87
15.87
16
16.01
16.19
15.95
15.95
15.95
15.95
15.95
15.95
15.95
15.6
15.75
15.85
16.11
16.2178
16.2
16
16.0266
16.06
15.95
16.09
16.09
15.85
15.85
15.85
15.68
15.68
16.15
15.99
15.82
16.23
16.1
15.95
15.86
15.88
15.88
15.85
15.8282
15.82
15.95
15.93
15.77
15.54
15.7
15.77
15.78
15.95
15.89
15.96
15.82
15.81
15.81
15.85
15.85
15.85
15.81
15.81
16.03
15.85
15.85
15.85
15.96
16.2
16.2
16.37
16.2
16.0001
16.0001
16.0001
15.65
15.64
15.64
15.5201
15.5201
15.5201
15.7
15.86
15.86
15.75
15.9
15.77
15.85
16
15.78
16.09
15.67
15.71
15.71
15.85
15.7
15.71
15.65
15.6
15.75
15.55
15.46
15.5
15.58
15.58
15.58
15.53
15.53
15.52
11/30/06 15.61
FUND SNAPSHOT
------------------------------------
Common Share Price $15.61
------------------------------------
Common Share
Net Asset Value $15.33
------------------------------------
Premium/(Discount) to NAV 1.83%
------------------------------------
Market Yield 4.65%
------------------------------------
Taxable-Equivalent Yield1 6.79%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $35,460
------------------------------------
Average Effective Maturity
on Securities (Years) 15.50
------------------------------------
Leverage-Adjusted Duration 7.59
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -3.74% 5.74%
------------------------------------
1-Year 4.86% 7.02%
------------------------------------
Since
Inception 6.67% 7.48%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
U.S. Guaranteed 20.7%
------------------------------------
Tax Obligation/General 20.6%
------------------------------------
Education and Civic
Organizations 18.3%
------------------------------------
Water and Sewer 8.0%
------------------------------------
Health Care 6.9%
------------------------------------
Tax Obligation/Limited 6.2%
------------------------------------
Utilities 4.5%
------------------------------------
Other 14.8%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a 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 paid shareholders a capital gains distribution in December 2005 of
$0.0827 per share.
10
Nuveen Connecticut Dividend Advantage Municipal Fund 3
NGO
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 73%
AA 12%
A 2%
BBB 13%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0585
Jan 0.0585
Feb 0.0585
Mar 0.0585
Apr 0.0585
May 0.0585
Jun 0.054
Jul 0.054
Aug 0.054
Sep 0.054
Oct 0.054
Nov 0.054
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 14.87
14.8
14.68
14.89
14.72
14.95
14.95
14.65
14.26
14.18
14.18
14.35
14.35
14.48
14.4
14.5
14.65
14.5
14.35
14.12
14.12
14.12
13.86
14.08
14.23
14.33
14.32
14.32
14.21
14.19
14.06
14.08
14.26
14.51
14.6
14.3
14.27
14.28
14.2
14.23
14.4
14.25
14.28
14.15
14.24
14.32
14.2
14.19
14.25
14.45
14.55
14.4
14.52
14.57
14.64
14.62
14.93
14.75
14.75
14.8
14.78
14.7901
14.52
14.85
14.5
14.35
14.52
14.85
14.76
14.99
14.52
14.8
14.7
14.55
14.55
14.65
14.65
14.51
14.51
14.47
14.3
14.3
14.25
14.17
14.1
14.21
14.25
14.27
14.13
14.06
14.35
14.16
13.95
14.12
13.77
13.61
13.7
13.7
13.65
13.71
13.72
13.61
13.87
13.87
13.85
14.03
14.09
13.75
13.9
13.98
13.9
14.05
14.0499
14.09
14.1
14.14
14.13
14.2
14.09
14.1
14.2
14
14.02
14.03
14.03
14.09
14.37
14.16
14.18
14.15
13.84
14.14
14.14
13.9
14
14.03
13.79
13.81
13.87
13.81
13.81
13.57
13.34
13.4
13.36
13.35
13.35
13.28
13.36
13.46
13.45
13.33
13.33
13.33
13.35
13.29
13.29
13.24
13.275
13.44
13.52
13.75
13.68
13.68
13.85
14.01
13.91
13.96
14.14
14.02
14.1
13.97
14.25
14.25
14.15
14.2
14.11
14.11
14.02
14.25
14.25
14.37
14.2
14.2
14.2
14.11
14.05
14.09
14.2212
14.3
14.37
14.4
14.34
13.97
14.1924
14.26
14.32
14.32
14.19
14.15
14.2
14.3
14.24
14.3
14.35
14.55
14.44
14.55
14.49
14.5
14.58
14.58
14.58
14.5
14.5
14.36
14.34
14.27
14.3
14.35
14.35
14.16
14.2
14.21
13.92
14.09
14.1
14.06
14
14.1
13.96
14.02
14.03
14
14.1
14
14
14.13
14
14.09
14.06
14.17
13.97
13.95
14
14.08
14
13.99
14.04
13.97
14.02
14.09
14.05
14.05
11/30/06 14.05
FUND SNAPSHOT
------------------------------------
Common Share Price $14.05
------------------------------------
Common Share
Net Asset Value $14.70
------------------------------------
Premium/(Discount) to NAV -4.42%
------------------------------------
Market Yield 4.61%
------------------------------------
Taxable-Equivalent Yield1 6.73%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $64,086
------------------------------------
Average Effective Maturity
on Securities (Years) 15.38
------------------------------------
Leverage-Adjusted Duration 7.68
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 9/26/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.03% 6.02%
------------------------------------
1-Year -0.58% 7.20%
------------------------------------
Since
Inception 3.61% 5.82%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/General 19.5%
------------------------------------
U.S. Guaranteed 16.7%
------------------------------------
Education and Civic
Organizations 14.7%
------------------------------------
Tax Obligation/Limited 12.5%
------------------------------------
Water and Sewer 9.4%
------------------------------------
Long-Term Care 8.2%
------------------------------------
Utilities 5.5%
------------------------------------
Other 13.5%
------------------------------------
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 31.5%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
11
Nuveen Massachusetts Premium Income Municipal Fund
NMT
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 63%
AA 17%
A 9%
BBB 8%
BB or Lower 1%
N/R 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.067
Jan 0.067
Feb 0.067
Mar 0.0635
Apr 0.0635
May 0.0635
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.056
Oct 0.056
Nov 0.056
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 16.24
16.2
16.01
16.07
16
15.9
15.85
15.81
15.87
15.58
15.53
15.4
15.45
15.33
15.5
15.45
15.65
15.67
15.69
15.7
15.7
15.7
15.61
15.65
15.71
15.81
15.94
15.85
15.96
16.15
16.15
16
16.01
16.03
16.03
16
15.74
15.54
15.45
15.43
15.86
15.9
15.88
15.85
15.85
15.81
15.651
15.85
16.15
15.9
15.63
15.52
15.8
15.85
15.68
16.05
16.05
15.95
16.2
16.25
16.56
16.7
16.73
16.53
16.6
16.4
16.45
16.35
16.47
16.5
16.26
16.15
16.25
16.05
16
16.05
16
15.67
15.11
14.95
14.96
15.05
15.11
15.14
15.15
15.3
15.3
15.4
15.16
15.1
14.93
14.42
14.3
14.45
14.52
14.35
14.29
14.25
14.31
14.34
14.34
14.4
14.65
14.65
14.62
14.37
14.39
14.35
14.48
14.43
14.37
14.3
14.3
14.2
14.19
14.21
14.29
14.37
14.23
14.25
14.34
14.33
14.22
14.2801
14.31
14.3501
14.53
14.5
14.5
14.58
14.31
14.5
14.3
14.13
14.07
14.17
14.09
13.95
14.1
14.22
13.9
13.9
13.9096
13.9
14.05
14.17
14.16
14.16
14.03
14.18
14.11
14.17
14.09
14.09
14.2
14.1
14.05
14.11
14.11
14.38
14.05
14.4
14.17
14.17
14.18
14.4
14.27
14.36
14.41
14.36
14.22
14.35
14.47
14.32
14.38
14.7
14.45
14.29
14.74
14.65
14.65
14.46
14.52
14.47
14.65
14.88
14.9
14.84
14.7
14.64
14.88
14.67
14.7
14.58
14.69
14.77
14.82
14.7
14.89
14.72
14.83
14.87
14.77
14.62
14.98
14.65
14.692
14.87
14.87
14.67
14.7
14.7
14.78
14.74
14.78
14.69
14.79
14.79
14.62
14.74
14.73
14.7
14.71
14.71
14.61
14.68
14.68
14.55
14.5
14.5535
14.49
14.59
14.69
14.74
14.71
14.8
14.81
14.7
14.7
14.44
14.45
14.77
14.6
14.64
14.56
14.59
14.51
14.63
14.85
14.62
14.72
14.87
14.66
14.63
11/30/06 14.6
FUND SNAPSHOT
------------------------------------
Common Share Price $14.60
------------------------------------
Common Share
Net Asset Value $14.99
------------------------------------
Premium/(Discount) to NAV -2.60%
------------------------------------
Market Yield 4.60%
------------------------------------
Taxable-Equivalent Yield1 6.76%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $71,381
------------------------------------
Average Effective Maturity
on Securities (Years) 17.15
------------------------------------
Leverage-Adjusted Duration 8.03
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/18/93)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 4.17% 6.20%
------------------------------------
1-Year -5.04% 8.04%
------------------------------------
5-Year 3.67% 6.55%
------------------------------------
10-Year 5.97% 6.48%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Education and Civic
Organizations 22.0%
------------------------------------
Tax Obligation/General 13.1%
------------------------------------
Health Care 11.4%
------------------------------------
Tax Obligation/Limited 11.2%
------------------------------------
Water and Sewer 10.2%
------------------------------------
Transportation 7.7%
------------------------------------
U.S. Guaranteed 6.6%
------------------------------------
Long-Term Care 6.4%
------------------------------------
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 32%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.0516 per share.
12
Nuveen Massachusetts Dividend Advantage Municipal Fund
NMB
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 60%
AA 24%
A 4%
BBB 9%
BB or Lower 3%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.071
Jan 0.071
Feb 0.071
Mar 0.0675
Apr 0.0675
May 0.0675
Jun 0.065
Jul 0.065
Aug 0.065
Sep 0.062
Oct 0.062
Nov 0.062
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 16.41
16.01
16
16.1
16.1
15.95
16.01
16.37
15.9
15.78
15.98
16.11
16.5
16.47
16.15
16.15
16.15
16.18
16.18
16.33
16.4
16.4
16.65
16.4
16.69
16.54
16.54
16.5
16.5
16.5
16.5
16.5
16.6
16.57
16.32
16.32
16.4899
16.32
16.33
16.32
16.32
16.4
16.5
16.5
16.5
16.36
16.36
16.45
16.65
16.65
16.64
16.51
16.6
16.6
16.65
16.55
16.6
16.71
16.7
16.65
16.4
16.45
16.69
16.69
16.55
16.55
16.52
16.44
16.4
16.2
16.25
16.29
16.29
16.4
16.3
16
15.85
15.85
16.24
16.15
16.14
16
15.96
16
16.06
16.16
16.1
16.1
16
16.04
15.95
15.83
15.83
15.8
16.29
15.9
15.65
15.65
15.65
15.65
15.6
15.55
15.7
15.7
15.67
15.74
15.74
15.74
15.74
15.78
15.7
15.65
15.62
15.58
15.58
15.58
15.58
15.63
15.68
15.63
15.59
15.59
15.55
15.55
15.53
15.53
15.51
15.56
15.59
15.6
15.56
15.48
15.51
15.48
15.33
15.29
15.28
15.15
15.12
15.12
15.09
15.2
14.75
14.75
14.75
14.85
14.89
15.1
15.1
15.16
15.02
15.06
15
15.1
15.11
15.15
15.2
15.1
15
15.19
15.24
15.15
15.13
15.13
15.1
15.19
15.15
15.14
15.24
15.3
15.35
15.24
15.27
15.3
15.3
15.4
15.29
15.34
15.4
15.45
15.45
15.4
15.35
15.32
15.32
15.4
15.58
15.58
15.47
15.49
15.43
15.52
15.55
15.5
15.5
15.46
15.35
15.3
15.3
15.28
15.34
15.35
15.39
15.32
15.4
15.26
15.4
15.35
15.4
15.4
15.4
15.4
15.4
15.45
15.6
15.51
15.51
15.51
15.56
15.56
15.53
15.45
15.55
15.55
15.55
15.52
15.52
15.32
15.35
15.35
15.44
15.44
15.35
15.4
15.41
15.42
15.44
15.44
15.44
15.57
15.54
15.54
15.59
15.6
15.55
15.55
15.64
15.64
15.55
15.6
15.55
15.5514
15.55
15.5
11/30/06 15.74
FUND SNAPSHOT
------------------------------------
Common Share Price $15.74
------------------------------------
Common Share
Net Asset Value $15.31
------------------------------------
Premium/(Discount) to NAV 2.81%
------------------------------------
Market Yield 4.73%
------------------------------------
Taxable-Equivalent Yield1 6.96%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $29,958
------------------------------------
Average Effective Maturity
on Securities (Years) 18.09
------------------------------------
Leverage-Adjusted Duration 7.94
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 1/30/01)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 3.89% 5.88%
------------------------------------
1-Year 3.01% 7.63%
------------------------------------
5-Year 6.42% 7.87%
------------------------------------
Since
Inception 6.85% 7.59%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/General 19.7%
------------------------------------
Education and Civic
Organizations 16.6%
------------------------------------
Health Care 13.3%
------------------------------------
Tax Obligation/Limited 10.7%
------------------------------------
Water and Sewer 9.3%
------------------------------------
Housing/Multifamily 6.7%
------------------------------------
U.S. Guaranteed 5.2%
------------------------------------
Housing/Single Family 4.3%
------------------------------------
Other 14.2%
------------------------------------
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 32%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.1945 per share.
13
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund
NGX
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 64%
U.S. Guaranteed 20%
GNMA/FNMA/FHA Guaranteed 3%
AAA (Uninsured) 1%
AA (Uninsured) 8%
A (Uninsured) 2%
BBB (Uninsured) 2%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0585
Jan 0.0585
Feb 0.0585
Mar 0.0555
Apr 0.0555
May 0.0555
Jun 0.051
Jul 0.051
Aug 0.051
Sep 0.051
Oct 0.051
Nov 0.0525
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 15.3
15.16
15
15.05
15.05
14.83
14.66
14.6
14.78
14.62
14.411
14.38
14.4
14.37
14.32
14.44
14.53
14.6199
14.63
14.78
14.9999
14.9999
14.85
14.74
14.74
14.65
14.62
14.84
14.64
14.8
14.82
14.83
14.72
14.72
14.77
14.6
14.6
14.58
14.49
14.4801
14.34
14.48
14.5
14.44
14.3301
14.37
14.37
14.28
14.34
14.38
14.3
14.35
14.25
14.15
14.24
14.14
14.14
14.08
14.29
14.25
14.26
14.15
14.25
14.09
13.97
13.93
13.83
13.88
13.86
13.86
13.7
13.78
13.89
13.96
13.82
13.92
13.86
13.97
13.88
13.85
13.98
13.9
13.81
13.93
13.71
13.81
13.84
13.83
13.74
13.7
13.65
13.52
13.4801
13.5
13.6
13.83
13.82
13.8
13.7
13.62
13.67
13.67
13.69
13.69
13.67
13.58
13.7201
13.7
13.59
13.61
13.6301
13.73
13.61
13.63
13.73
13.82
13.92
13.64
13.63
13.68
13.62
13.68
13.79
13.55
13.34
13.43
13.71
13.7401
13.61
13.71
13.7
13.82
13.78
13.6501
13.78
13.78
13.65
13.49
13.49
13.49
13.45
13.35
13.17
13.08
13.05
13.13
13.09
13.1301
13.27
13.2899
13.23
13.28
13.29
13.29
13.24
13.32
13.32
13.32
13.38
13.28
13.28
13.28
13.25
13.4
13.31
13.37
13.44
13.45
13.38
13.25
13.31
13.35
13.57
13.42
13.44
13.46
13.36
13.46
13.46
13.53
13.64
13.66
13.75
13.72
13.76
13.76
13.83
13.84
13.8
13.75
13.8
13.8
13.62
13.52
13.5
13.7
13.62
13.77
13.83
13.73
13.77
13.73
13.8
13.85
13.84
13.84
13.85
13.92
13.9612
14.1
14.13
14.13
13.95
14
14.15
14.11
14.02
13.99
13.94
13.91
13.83
13.73
13.74
13.74
13.74
13.58
13.57
13.54
13.68
13.65
13.65
13.71
13.81
13.81
13.81
13.93
13.85
13.8
13.8
13.73
13.76
13.88
13.88
13.9
13.9
13.96
13.9218
13.91
13.92
13.91
13.9
13.75
13.75
13.75
11/30/06 13.78
FUND SNAPSHOT
------------------------------------
Common Share Price $13.78
------------------------------------
Common Share
Net Asset Value $14.95
------------------------------------
Premium/(Discount) to NAV -7.83%
------------------------------------
Market Yield 4.57%
------------------------------------
Taxable-Equivalent Yield1 6.72%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $40,689
------------------------------------
Average Effective Maturity
on Securities (Years) 18.00
------------------------------------
Leverage-Adjusted Duration 8.39
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 4.92% 6.09%
------------------------------------
1-Year -6.26% 7.71%
------------------------------------
Since
Inception 2.98% 6.53%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/General 24.0%
------------------------------------
U.S. Guaranteed 20.1%
------------------------------------
Tax Obligation/Limited 16.8%
------------------------------------
Education and Civic
Organizations 10.1%
------------------------------------
Water and Sewer 9.0%
------------------------------------
Health Care 6.0%
------------------------------------
Housing/Multifamily 5.5%
------------------------------------
Other 8.5%
------------------------------------
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.
14
Nuveen Missouri Premium Income Municipal Fund
NOM
Performance
OVERVIEW As of November 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
AAA/U.S. Guaranteed 66%
AA 13%
A 2%
BBB 9%
N/R 10%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.07
Jan 0.07
Feb 0.07
Mar 0.0665
Apr 0.0665
May 0.0665
Jun 0.063
Jul 0.063
Aug 0.063
Sep 0.06
Oct 0.06
Nov 0.06
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/01/05 17.3201
17.5
17.55
17.87
17.87
17.85
18.14
18.14
18.05
18.11
17.95
17.7999
17.7999
17.5
17.45
17.4
17.3001
17.55
17.55
17.55
17.5
17.5
17.59
17.61
17.9
18.1
18.1
18.2
17.95
17.95
17.85
17.35
17.36
17.2
17.3
17.35
17.35
17.23
17.15
17.15
17.02
17.05
17.1
17.19
17.19
17.4
17.4
17.54
17.54
17.54
17.54
17.54
17.21
17.12
17.2501
17.107
17.07
17.17
17.1
17.02
17.05
17.05
17.23
17.15
17.05
17.05
17.15
17.15
17.14
17
17.05
17.1
17.1
17.3
17.21
17.15
17.15
17.15
17.15
17.09
17.05
17.05
17.15
17.15
17.2
17.05
17.08
16.7
16.85
16.75
16.82
16.75
16.75
16.75
16.8
16.7
16.6
16.75
16.771
16.92
16.76
16.76
16.8756
16.8756
16.8756
17.15
17.15
17.15
17.2
17
16.95
16.95
16.9
16.9
16.9
16.85
16.514
16.5
16.31
16.31
16.3599
16.29
16.21
16.2
16.25
16.35
16.25
16.15
16.3
16.15
16.15
16.2
16.24
16.24
16.05
15.88
15.9
15.83
15.65
15.45
15.01
15
15.24
15.23
15.2
15.44
15.44
15.44
15.25
15.44
15.7
15.7
15.6
15.6
15.35
15.35
15.35
14.93
14.7
14.66
14.66
14.7
14.9
14.85
14.56
14.66
14.61
14.95
14.65
14.83
14.89
15.04
15.04
15.13
15.07
15.08
15.02
14.99
15.05
15.1401
16.15
16.15
16.1
16.02
15.81
15.86
15.9767
16
15.81
15.89
16
16
16.1
16.1
16.17
16.17
16.15
16.15
15.95
16.2
16.24
16.24
16.2
16.2
16.25
16.29
16.21
16.25
16.05
16.05
16.04
16.04
15.99
16
15.95
16.22
16.25
16.2
16.2
16.15
16.15
16.14
16.14
16.14
16.14
16.38
16.4015
16.4015
16.4015
16.15
16.33
16.6
16.55
16.52
16.5
16.55
16.55
16.75
16.75
16.75
16.75
16.75
16.79
16.7
16.7
16.7
16.65
16.65
16.6
16.55
16.55
16.55
16.74
16.78
11/30/06 16.89
FUND SNAPSHOT
------------------------------------
Common Share Price $16.89
------------------------------------
Common Share
Net Asset Value $14.76
------------------------------------
Premium/(Discount) to NAV 14.43%
------------------------------------
Market Yield 4.26%
------------------------------------
Taxable-Equivalent Yield1 6.31%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $33,904
------------------------------------
Average Effective Maturity
on Securities (Years) 13.87
------------------------------------
Leverage-Adjusted Duration 7.39
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.73% 5.13%
------------------------------------
1-Year 2.23% 6.85%
------------------------------------
5-Year 7.47% 6.63%
------------------------------------
10-Year 8.58% 6.46%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/General 22.7%
------------------------------------
U.S. Guaranteed 22.2%
------------------------------------
Tax Obligation/Limited 19.2%
------------------------------------
Health Care 10.4%
------------------------------------
Housing/Multifamily 4.6%
------------------------------------
Water and Sewer 4.4%
------------------------------------
Long-Term Care 3.9%
------------------------------------
Other 12.6%
------------------------------------
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.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.1002 per share.
15
Shareholder
MEETING REPORT
The shareholder meeting was held in the offices of Nuveen Investments on
November 14, 2006.
NTC NFC NGK
------------------------------------------------------------------------------------------------------------------------------------
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 4,937,292 -- 2,407,582 -- 2,106,093 --
Withhold 48,750 -- 22,398 -- 110,906 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,986,042 -- 2,429,980 -- 2,216,999 --
====================================================================================================================================
Lawrence H. Brown
For 4,881,325 -- 2,392,080 -- 2,106,093 --
Withhold 104,717 -- 37,900 -- 110,906 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,986,042 -- 2,429,980 -- 2,216,999 --
====================================================================================================================================
Jack B. Evans
For 4,936,550 -- 2,407,782 -- 2,106,593 --
Withhold 49,492 -- 22,198 -- 110,406 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,986,042 -- 2,429,980 -- 2,216,999 --
====================================================================================================================================
William C. Hunter
For 4,935,550 -- 2,407,582 -- 2,106,093 --
Withhold 50,492 -- 22,398 -- 110,906 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,986,042 -- 2,429,980 -- 2,216,999 --
====================================================================================================================================
David J. Kundert
For 4,936,892 -- 2,406,382 -- 2,106,593 --
Withhold 49,150 -- 23,598 -- 110,406 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,986,042 -- 2,429,980 -- 2,216,999 --
====================================================================================================================================
William J. Schneider
For -- 1,511 -- 774 -- 642
Withhold -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,511 -- 774 -- 642
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,511 -- 774 -- 642
Withhold -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,511 -- 774 -- 642
====================================================================================================================================
Judith M. Stockdale
For 4,929,400 -- 2,406,382 -- 2,106,593 --
Withhold 56,642 -- 23,598 -- 110,406 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,986,042 -- 2,429,980 -- 2,216,999 --
====================================================================================================================================
Eugene S. Sunshine
For 4,937,292 -- 2,407,582 -- 2,106,093 --
Withhold 48,750 -- 22,398 -- 110,906 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,986,042 -- 2,429,980 -- 2,216,999 --
====================================================================================================================================
16
NGO NMT NMB
------------------------------------------------------------------------------------------------------------------------------------
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 4,174,584 -- 4,426,520 -- 1,903,813 --
Withhold 33,598 -- 54,497 -- 7,097 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,208,182 -- 4,481,017 -- 1,910,910 --
====================================================================================================================================
Lawrence H. Brown
For 4,125,584 -- 4,418,343 -- 1,903,813 --
Withhold 82,598 -- 62,674 -- 7,097 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,208,182 -- 4,481,017 -- 1,910,910 --
====================================================================================================================================
Jack B. Evans
For 4,168,336 -- 4,422,064 -- 1,903,402 --
Withhold 39,846 -- 58,953 -- 7,508 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,208,182 -- 4,481,017 -- 1,910,910 --
====================================================================================================================================
William C. Hunter
For 4,174,584 -- 4,422,064 -- 1,903,813 --
Withhold 33,598 -- 58,953 -- 7,097 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,208,182 -- 4,481,017 -- 1,910,910 --
====================================================================================================================================
David J. Kundert
For 4,174,584 -- 4,426,520 -- 1,903,813 --
Withhold 33,598 -- 54,497 -- 7,097 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,208,182 -- 4,481,017 -- 1,910,910 --
====================================================================================================================================
William J. Schneider
For -- 1,255 -- 1,291 -- 576
Withhold -- -- -- -- -- 13
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,255 -- 1,291 -- 589
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,255 -- 1,291 -- 576
Withhold -- -- -- -- -- 13
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,255 -- 1,291 -- 589
====================================================================================================================================
Judith M. Stockdale
For 4,172,884 -- 4,424,389 -- 1,903,813 --
Withhold 35,298 -- 56,628 -- 7,097 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,208,182 -- 4,481,017 -- 1,910,910 --
====================================================================================================================================
Eugene S. Sunshine
For 4,174,584 -- 4,422,389 -- 1,903,813 --
Withhold 33,598 -- 58,628 -- 7,097 --
------------------------------------------------------------------------------------------------------------------------------------
Total 4,208,182 -- 4,481,017 -- 1,910,910 --
====================================================================================================================================
17
Shareholder
MEETING REPORT (continued)
NGX NOM
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 2,603,280 -- 2,119,721 --
Withhold 77,485 -- 45,539 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,680,765 -- 2,165,260 --
====================================================================================================================================
Lawrence H. Brown
For 2,599,518 -- 2,113,442 --
Withhold 81,247 -- 51,818 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,680,765 -- 2,165,260 --
====================================================================================================================================
Jack B. Evans
For 2,603,180 -- 2,120,652 --
Withhold 77,585 -- 44,608 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,680,765 -- 2,165,260 --
====================================================================================================================================
William C. Hunter
For 2,603,180 -- 2,114,641 --
Withhold 77,585 -- 50,619 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,680,765 -- 2,165,260 --
====================================================================================================================================
David J. Kundert
For 2,603,280 -- 2,117,966 --
Withhold 77,485 -- 47,294 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,680,765 -- 2,165,260 --
====================================================================================================================================
William J. Schneider
For -- 792 -- 579
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 792 -- 579
====================================================================================================================================
Timothy R. Schwertfeger
For -- 792 -- 579
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 792 -- 579
====================================================================================================================================
Judith M. Stockdale
For 2,603,280 -- 2,114,788 --
Withhold 77,485 -- 50,472 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,680,765 -- 2,165,260 --
====================================================================================================================================
Eugene S. Sunshine
For 2,603,280 -- 2,114,641 --
Withhold 77,485 -- 50,619 --
------------------------------------------------------------------------------------------------------------------------------------
Total 2,680,765 -- 2,165,260 --
====================================================================================================================================
18
Nuveen Connecticut Premium Income Municipal Fund (NTC)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.8% (1.9% OF TOTAL INVESTMENTS)
$ 600 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 $ 622,266
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
1,535 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 1,617,614
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
2,135 Total Consumer Staples 2,239,880
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 32.4% (22.1% OF TOTAL INVESTMENTS)
1,100 Connecticut Health and Education Facilities Authority, 7/16 at 100.00 AA 1,200,771
University of Hartford Revenue Bonds, Series 2006G,
5.250%, 7/01/36 - RAAI Insured
925 Connecticut Health and Educational Facilities Authority, 7/13 at 100.00 AAA 982,739
Revenue Bonds, Brunswick School, Series 2003B,
5.000%, 7/01/33 - MBIA Insured
200 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AA 211,784
Revenue Bonds, Canterbury School, Series 2006B,
5.000%, 7/01/36 - RAAI Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 1,030,500
Revenue Bonds, Connecticut College, Series 1997C-1,
5.500%, 7/01/20 - MBIA Insured
500 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 546,300
Revenue Bonds, Connecticut State University System,
Series 2003F, 5.000%, 11/01/13 - FSA Insured
2,115 Connecticut Health and Educational Facilities Authority, 11/15 at 100.00 AAA 2,325,231
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 751,789
Revenue Bonds, Fairfield University, Series 1998H,
5.000%, 7/01/23 - MBIA Insured
450 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 473,414
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
750 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 793,425
Revenue Bonds, Horace Bushnell Memorial Hall,
Series 1999A, 5.625%, 7/01/29 - MBIA Insured
640 Connecticut Health and Educational Facilities Authority, 1/07 at 101.00 AAA 647,290
Revenue Bonds, Loomis Chaffee School, Series 1996C,
5.500%, 7/01/16 - MBIA Insured
800 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 912,152
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/19 - AMBAC Insured
500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 527,710
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 1,486,114
Revenue Bonds, Trinity College, Series 2004H,
5.000%, 7/01/21 - MBIA Insured
2,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 2,135,340
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 1,550,340
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 1,591,395
Revenue Bonds, Yale University, Series 2003X-1,
5.000%, 7/01/42
315 Connecticut Higher Education Supplemental Loan Authority, 11/09 at 102.00 AAA 315,765
Revenue Bonds, Family Education Loan Program, Series 1999A,
6.000%, 11/15/18 - AMBAC Insured (Alternative Minimum Tax)
755 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 794,622
Revenue Bonds, Family Education Loan Program, Series 2001A,
5.250%, 11/15/18 - MBIA Insured (Alternative Minimum Tax)
1,100 University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,182,390
Series 2003A, 5.125%, 2/15/21 - MBIA Insured
19
Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) 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 $ 1,082,360
2,000 5.000%, 1/15/19 - MBIA Insured 1/14 at 100.00 AAA 2,159,500
1,220 University of Connecticut, General Obligation Bonds, 2/15 at 100.00 AAA 1,335,217
Series 2005A, 5.000%, 2/15/17 - FSA Insured
685 University of Connecticut, General Obligation Bonds, 2/16 at 100.00 AAA 746,383
Series 2006A, 5.000%, 2/15/23 - FGIC Insured
1,000 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 1,093,310
Bonds, Series 2002A, 5.250%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
24,155 Total Education and Civic Organizations 25,875,841
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.6% (8.6% OF TOTAL INVESTMENTS)
500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 544,215
Revenue Bonds, Bristol Hospital, Series 2002B,
5.500%, 7/01/21 - RAAI Insured
695 Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 AA 750,760
Revenue Bonds, Eastern Connecticut Health Network,
Series 2000A, 6.000%, 7/01/25 - 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 857,328
500 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 532,835
1,100 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 Aaa 1,183,655
Revenue Bonds, Middlesex Hospital, Series 2006,
5.000%, 7/01/32 (WI/DD, Settling 12/07/06) - FSA Insured
2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 2,068,660
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/24 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AAA 1,084,330
Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
5.000%, 7/01/31 - AMBAC Insured
3,000 Connecticut Health and Educational Facilities Authority, 7/07 at 101.00 Aaa 3,051,029
Revenue Refunding Bonds, Middlesex Health Services,
Series 1997H, 5.125%, 7/01/27 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
9,595 Total Health Care 10,072,812
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.6% (1.8% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 12/09 at 100.00 AAA 1,038,770
Finance Program Bonds, Series 1999D-2, 6.200%, 11/15/41
(Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA 1,024,340
Mortgage Finance Program Bonds, Series 2006G-2,
4.800%, 11/15/27 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Housing/Multifamily 2,063,110
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.5% (3.1% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,029,240
Finance Program Bonds, Series 2001C, 5.300%, 11/15/33
(Alternative Minimum Tax)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2006-A1:
205 4.700%, 11/15/26 (Alternative Minimum Tax) 11/15 at 100.00 AAA 208,370
220 4.800%, 11/15/31 (Alternative Minimum Tax) 11/15 at 100.00 AAA 224,215
2,100 Connecticut Housing Finance Authority, Housing Mortgage 5/16 at 100.00 AAA 2,166,633
Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
------------------------------------------------------------------------------------------------------------------------------------
3,525 Total Housing/Single Family 3,628,458
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.3% (1.6% OF TOTAL INVESTMENTS)
1,750 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,819,703
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 7.0% (4.8% OF TOTAL INVESTMENTS)
750 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 767,632
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE (continued)
$ 615 Connecticut Development Authority, First Mortgage Gross 9/09 at 102.00 AA $ 652,718
Revenue Refunding Healthcare Bonds, Connecticut Baptist
Homes Inc., Series 1999, 5.500%, 9/01/15 - RAAI Insured
700 Connecticut Development Authority, Health Facilities Revenue 2/07 at 100.00 N/R 701,855
Refunding Bonds, Alzheimer's Resource Center of Connecticut
Inc., Series 1994A, 7.000%, 8/15/09
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 1,053,970
1,000 5.375%, 8/01/24 - RAAI Insured 2/10 at 102.00 AA 1,059,520
1,300 Connecticut Health and Educational Facilities Authority, 8/08 at 102.00 AAA 1,349,491
FHA-Insured Mortgage Revenue Bonds, Hebrew Home and
Hospital, Series 1999B, 5.200%, 8/01/38
------------------------------------------------------------------------------------------------------------------------------------
5,365 Total Long-Term Care 5,585,186
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 29.7% (20.2% OF TOTAL INVESTMENTS)
500 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 554,115
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
750 Bridgeport, Connecticut, General Obligation Refunding Bonds, 8/12 at 100.00 Aaa 816,285
Series 2002A, 5.375%, 8/15/19 - FGIC Insured
1,520 Capitol Region Education Council, Connecticut, Revenue 4/07 at 101.00 BBB 1,537,906
Bonds, Series 1995, 6.700%, 10/15/10
1,110 Connecticut, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AAA 1,191,951
5.000%, 4/01/23 - FGIC Insured
2,000 Connecticut, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 2,125,560
4.750%, 12/15/24
1,300 Connecticut, General Obligation Bonds, Series 2006C, 6/16 at 100.00 AAA 1,419,665
5.000%, 6/01/23 - FSA Insured
1,385 Danbury, Connecticut, General Obligation Bonds, Series 2004, No Opt. Call AAA 1,520,010
5.000%, 8/01/14 - FGIC Insured
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
775 5.000%, 8/01/20 - FSA Insured 8/15 at 100.00 AAA 842,805
525 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 533,311
500 North Haven, Connecticut, General Obligation Bonds, No Opt. Call Aa2 572,025
Series 2006, 5.000%, 7/15/24
400 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 423,428
Series 2000A, 6.000%, 6/01/20 - ACA Insured
1,500 Puerto Rico, General Obligation and Public Improvement Bonds, No Opt. Call AAA 1,769,490
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 373,506
350 5.625%, 3/15/19 - FSA Insured 3/10 at 101.00 Aaa 374,850
350 5.700%, 3/15/20 - FSA Insured 3/10 at 101.00 Aaa 375,659
1,420 Regional School District 16, Connecticut, General Obligation 3/13 at 101.00 Aaa 1,544,903
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 2,152,910
4.000%, 2/15/15 - FSA Insured
Suffield, Connecticut, General Obligation Bonds, Series 2005:
465 5.000%, 6/15/17 No Opt. Call AA 518,912
460 5.000%, 6/15/19 No Opt. Call AA 517,840
1,000 5.000%, 6/15/21 No Opt. Call AA 1,134,900
1,500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 1,656,105
Series 2005B, 5.000%, 10/01/18
1,630 Westport, Connecticut, General Obligation Bonds, 2/12 at 100.00 Aaa 1,710,098
Series 2003, 4.750%, 2/01/19
------------------------------------------------------------------------------------------------------------------------------------
21,895 Total Tax Obligation/General 23,666,234
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.2% (11.1% OF TOTAL INVESTMENTS)
2,000 Connecticut Health and Educational Facilities Authority, 7/09 at 102.00 AAA 2,134,020
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 2,142,700
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,064,970
500 Connecticut, Special Tax Obligation Transportation Infrastructure 1/14 at 100.00 AAA 535,190
Purpose Bonds, Series 2003B, 5.000%, 1/01/23 - FGIC Insured
21
Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Puerto Rico Infrastructure Financing Authority, Special Tax
Revenue Bonds, Series 2005A:
$ 960 0.000%, 7/01/32 - FGIC Insured No Opt. Call AAA $ 325,430
2,615 0.000%, 7/01/33 - FGIC Insured No Opt. Call AAA 848,672
2,000 Puerto Rico Municipal Finance Agency, Series 2002A, 8/12 at 100.00 AAA 2,162,440
5.250%, 8/01/21 - FSA Insured
2,400 Puerto Rico Municipal Finance Agency, Series 2005C, 8/15 at 100.00 AAA 2,645,016
5.000%, 8/01/16 - FSA Insured
1,000 Virgin Islands Public Finance Authority, Gross Receipts 10/14 at 100.00 AAA 1,106,700
Taxes Loan Note, Series 2003, 5.250%, 10/01/19 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
14,475 Total Tax Obligation/Limited 12,965,138
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.9% (0.6% OF TOTAL INVESTMENTS)
750 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 785,700
International Airport, Series 2001A, 5.125%, 10/01/26 -
FGIC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 13.4% (9.1% OF TOTAL INVESTMENTS) (4)
1,305 Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 AA (4) 1,422,998
Revenue Bonds, Eastern Connecticut Health Network,
Series 2000A, 6.000%, 7/01/25 (Pre-refunded 7/01/10) -
RAAI Insured
650 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 (4) 710,021
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.500%, 7/01/23 (Pre-refunded 7/01/11)
1,000 Connecticut, Clean Water Fund Revenue Bonds, 10/11 at 100.00 AAA 1,088,920
Series 2001, 5.500%, 10/01/20 (Pre-refunded 10/01/11)
40 Connecticut, General Obligation Bonds, Series 1993E, No Opt. Call AA (4) 44,759
6.000%, 3/15/12 (ETM)
2,000 Connecticut, General Obligation Bonds, Series 2002B, 6/12 at 100.00 AA (4) 2,198,300
5.500%, 6/15/21 (Pre-refunded 6/15/12)
1,000 Hartford, Connecticut, Parking System Revenue Bonds, 7/10 at 100.00 Baa2 (4) 1,092,990
Series 2000A, 6.400%, 7/01/20 (Pre-refunded 7/01/10)
1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,080,100
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
800 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 835,568
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded 7/01/10)
1,000 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ (4) 1,111,510
Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded
10/01/10)
1,000 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,089,730
Series 2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
9,795 Total U.S. Guaranteed 10,674,896
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.6% (3.8% OF TOTAL INVESTMENTS)
1,575 Bristol Resource Recovery Facility Operating Committee, No Opt. Call AAA 1,688,510
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 1,054,720
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) 1/07 at 100.00 BBB 397,587
1,290 5.500%, 1/01/20 (Alternative Minimum Tax) 1/07 at 100.00 BBB 1,290,955
------------------------------------------------------------------------------------------------------------------------------------
4,260 Total Utilities 4,431,772
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 16.1% (11.0% OF TOTAL INVESTMENTS)
2,550 Connecticut Development Authority, Water Facilities Revenue 3/07 at 102.00 AAA 2,605,743
Bonds, Bridgeport Hydraulic Company, Series 1996,
6.000%, 9/01/36 - AMBAC Insured (Alternative Minimum Tax)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 1,285,429
Series 2003A, 5.000%, 10/01/16
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 990,522
1,520 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 1,642,390
2,260 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 2,433,116
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
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 $ 1,077,690
1,525 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,621,212
1,100 Stamford, Connecticut, Water Pollution Control System 11/13 at 100.00 AA+ 1,171,720
and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
------------------------------------------------------------------------------------------------------------------------------------
12,040 Total Water and Sewer 12,827,822
------------------------------------------------------------------------------------------------------------------------------------
$ 111,740 Total Long-Term Investments (cost $111,796,385) - 146.1% 116,636,552
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.4% (0.3% OF TOTAL INVESTMENTS)
300 Puerto Rico Government Development Bank, Adjustable A-1+ 300,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 3.290%, 12/01/15 - MBIA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 300 Total Short-Term Investments (cost $300,000) 300,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $112,096,385) - 146.5% 116,936,552
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 1,178,557
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.0)% (38,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 79,815,109
====================================================================================================================
FUTURES CONTRACTS OUTSTANDING AT NOVEMBER 30, 2006:
UNREALIZED
CONTRACT NUMBER OF CONTRACT VALUE AT APPRECIATION
TYPE POSITION CONTRACTS EXPIRATION NOVEMBER 30, 2006 (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds Long 21 3/07 $2,401,875 $15,312
====================================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment has a maturity of more than one year, but
has variable rate and demand features which qualify it
as a short-term investment. The rate disclosed is that
in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
23
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.9% (3.3% OF TOTAL INVESTMENTS)
Guam Economic Development Authority, Tobacco Settlement
Asset-Backed Bonds, Series 2001A:
$ 65 5.000%, 5/15/22 5/11 at 100.00 Baa3 $ 65,855
500 5.400%, 5/15/31 5/11 at 100.00 Baa3 516,660
1,270 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 1,317,130
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
1,835 Total Consumer Staples 1,899,645
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 26.1% (17.7% OF TOTAL INVESTMENTS)
500 Connecticut Health and Education Facilities Authority, 7/16 at 100.00 AA 545,805
University of Hartford Revenue Bonds, Series 2006G,
5.250%, 7/01/36 - RAAI Insured
100 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AA 105,892
Revenue Bonds, Canterbury School, Series 2006B,
5.000%, 7/01/36 - RAAI Insured
500 Connecticut Health and Educational Facilities Authority, No Opt. Call AAA 546,300
Revenue Bonds, Connecticut State University System,
Series 2003F, 5.000%, 11/01/13 - FSA Insured
625 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 657,519
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
440 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 499,110
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/18 - AMBAC Insured
50 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AA 51,132
Revenue Bonds, Sacred Heart University, Series 1998E,
5.000%, 7/01/28 - RAAI Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 1,583,130
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 381,175
Revenue Bonds, Trinity College, Series 2004H,
5.000%, 7/01/17 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,067,670
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 1,033,560
Revenue Bonds, Yale University, Series 2002W,
5.125%, 7/01/27
585 Connecticut Higher Education Supplemental Loan Authority, 11/11 at 100.00 Aaa 615,701
Revenue Bonds, Family Education Loan Program, Series 2001A,
5.250%, 11/15/18 - MBIA Insured (Alternative Minimum Tax)
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- 128,295
270 5.375%, 2/01/29 2/09 at 101.00 BBB- 277,179
University of Connecticut, General Obligation Bonds,
Series 2001A:
1,000 4.750%, 4/01/20 4/11 at 101.00 AA 1,043,240
1,000 4.750%, 4/01/21 4/11 at 101.00 AA 1,040,790
585 University of Connecticut, General Obligation Bonds, 2/16 at 100.00 AAA 637,422
Series 2006A, 5.000%, 2/15/23 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
9,630 Total Education and Civic Organizations 10,213,920
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 8.5% (5.7% OF TOTAL INVESTMENTS)
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,086,590
Revenue Bonds, Bristol Hospital, Series 2002B,
5.500%, 7/01/32 - RAAI Insured
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
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 $ 535,830
250 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 266,417
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hospital for Special Care, Series 1997B:
135 5.375%, 7/01/17 7/07 at 102.00 Baa3 138,195
75 5.500%, 7/01/27 7/07 at 102.00 Baa3 76,744
125 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 129,291
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/24 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AAA 1,084,330
Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
5.000%, 7/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
3,085 Total Health Care 3,317,397
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.3% (2.2% OF TOTAL INVESTMENTS)
500 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA 512,170
Mortgage Finance Program Bonds, Series 2006G-2,
4.800%, 11/15/27 (Alternative Minimum Tax)
750 Stamford Housing Authority, Connecticut, Multifamily No Opt. Call A- 760,650
Housing Revenue Bonds, Fairfield Apartments, Series 1998,
4.750%, 12/01/28 (Mandatory put 12/01/08) (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,250 Total Housing/Multifamily 1,272,820
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 4.5% (3.0% OF TOTAL INVESTMENTS)
1,000 Connecticut Housing Finance Authority, Housing Mortgage 11/10 at 100.00 AAA 1,029,240
Finance Program Bonds, Series 2001C, 5.300%, 11/15/33
(Alternative Minimum Tax)
700 Connecticut Housing Finance Authority, Housing Mortgage 5/16 at 100.00 AAA 722,211
Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
------------------------------------------------------------------------------------------------------------------------------------
1,700 Total Housing/Single Family 1,751,451
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.6% (1.8% OF TOTAL INVESTMENTS)
1,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,039,830
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.3% (1.7% OF TOTAL INVESTMENTS)
300 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 323,046
Revenue Healthcare Bonds, Elim Park Baptist Home Inc.,
Series 2003, 5.750%, 12/01/23
110 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 112,462
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.800%, 4/01/21
500 Connecticut Development Authority, Health Facilities Revenue 2/07 at 100.00 N/R 501,310
Refunding Bonds, Alzheimer's Resource Center of
Connecticut Inc., Series 1994A, 7.250%, 8/15/21
------------------------------------------------------------------------------------------------------------------------------------
910 Total Long-Term Care 936,818
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.8% (10.7% OF TOTAL INVESTMENTS)
500 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 554,115
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
560 Connecticut, General Obligation Bonds, Series 2004C, 4/14 at 100.00 AAA 601,345
5.000%, 4/01/23 - FGIC Insured
700 Connecticut, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 743,946
4.750%, 12/15/24
400 Connecticut, General Obligation Bonds, Series 2006C, 6/16 at 100.00 AAA 436,820
5.000%, 6/01/23 - FSA Insured
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 390,391
240 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 243,799
780 New Haven, Connecticut, General Obligation Bonds, 11/10 at 101.00 AAA 824,437
Series 2001A, 5.000%, 11/01/20 - FGIC Insured
400 North Haven, Connecticut, General Obligation Bonds, No Opt. Call Aa2 457,620
Series 2006, 5.000%, 7/15/24
250 Northern Mariana Islands, General Obligation Bonds, 6/10 at 100.00 A 264,643
Series 2000A, 6.000%, 6/01/20 - ACA Insured
25
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
Suffield, Connecticut, General Obligation Bonds, Series 2005:
$ 335 5.000%, 6/15/17 No Opt. Call AA $ 373,840
335 5.000%, 6/15/19 No Opt. Call AA 377,123
810 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 894,297
Series 2005B, 5.000%, 10/01/18
------------------------------------------------------------------------------------------------------------------------------------
5,670 Total Tax Obligation/General 6,162,376
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 18.5% (12.5% OF TOTAL INVESTMENTS)
1,000 Connecticut Health and Educational Facilities Authority, 7/08 at 105.00 A 1,084,920
Revenue Bonds, New Opportunities for Waterbury Inc.,
Series 1998A, 6.750%, 7/01/28
Connecticut, Certificates of Participation, Juvenile Training
School, Series 2001:
600 5.000%, 12/15/20 12/11 at 101.00 AA- 635,298
1,000 5.000%, 12/15/30 12/11 at 101.00 AA- 1,052,910
1,475 Connecticut, Special Tax Obligation Transportation No Opt. Call AAA 1,632,692
Infrastructure Purpose Bonds, Series 1998B,
5.500%, 11/01/12 - FSA Insured
470 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call AAA 159,325
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC Insured
1,200 Puerto Rico Municipal Finance Agency, Series 2005C, 8/15 at 100.00 AAA 1,322,508
5.000%, 8/01/16 - FSA Insured
750 Virgin Islands Public Finance Authority, Gross Receipts Taxes 10/10 at 101.00 BBB+ 825,203
Loan Note, Series 1999A, 6.375%, 10/01/19
500 Virgin Islands Public Finance Authority, Senior Lien Revenue 10/08 at 101.00 AA 517,995
Refunding Bonds, Matching Fund Loan Note, Series 1998A,
5.500%, 10/01/18 - RAAI Insured
------------------------------------------------------------------------------------------------------------------------------------
6,995 Total Tax Obligation/Limited 7,230,851
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.7% (4.5% OF TOTAL INVESTMENTS)
2,500 Connecticut, General Airport Revenue Bonds, Bradley 4/11 at 101.00 AAA 2,618,999
International Airport, Series 2001A, 5.125%, 10/01/26 -
FGIC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 31.1% (21.1% OF TOTAL INVESTMENTS) (4)
1,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 (4) 1,092,340
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.500%, 7/01/23 (Pre-refunded 7/01/11)
2,000 Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 10/11 at 100.00 AAA 2,177,840
5.500%, 10/01/20 (Pre-refunded 10/01/11)
750 Connecticut, General Obligation Bonds, Series 2002B, 6/12 at 100.00 AA (4) 824,363
5.500%, 6/15/21 (Pre-refunded 6/15/12)
500 East Lyme, Connecticut, General Obligation Bonds, 7/11 at 102.00 Aaa 542,800
Series 2001, 5.125%, 7/15/20 (Pre-refunded 7/15/11) -
FGIC Insured
700 Farmington, Connecticut, General Obligation Bonds, 3/11 at 101.00 Aa1 (4) 743,897
Series 2001, 4.875%, 3/15/20 (Pre-refunded 3/15/11)
Hamden, Connecticut, General Obligation Bonds, Series 2001:
640 5.250%, 8/15/18 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 699,507
635 5.000%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 687,203
300 5.000%, 8/15/20 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 102.00 AAA 324,663
220 New Haven, Connecticut, General Obligation Bonds, 11/11 at 100.00 AAA 233,528
Series 2001A, 5.000%, 11/01/20 (Pre-refunded 11/01/11) -
FGIC Insured
1,425 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,541,280
Obligation Bonds, Series 2000A, 5.500%, 10/01/32
1,300 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,404,130
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
390 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 407,339
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded 7/01/10)
1,000 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,089,730
Series 2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) -
FSA Insured
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 370 Windsor, Connecticut, General Obligation Bonds, 7/09 at 100.00 Aa2 (4) $ 383,461
Series 2001, 5.000%, 7/15/20 (Pre-refunded 7/15/09)
------------------------------------------------------------------------------------------------------------------------------------
11,230 Total U.S. Guaranteed 12,152,081
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.3% (6.3% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 Baa1 527,360
Revenue Refunding Bonds, Connecticut Light and Power
Company, Series 1993A, 5.850%, 9/01/28
1,000 Eastern Connecticut Resource Recovery Authority, 1/07 at 100.00 BBB 1,006,550
Solid Waste 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 2,095,554
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
3,475 Total Utilities 3,629,464
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 14.0% (9.5% OF TOTAL INVESTMENTS)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 1,285,429
Series 2003A, 5.000%, 10/01/16
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 493,821
720 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 777,974
1,110 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 1,195,026
140 Guam Government Waterworks Authority, Water and 7/15 at 100.00 Ba2 154,760
Wastewater System Revenue Bonds, Series 2005,
6.000%, 7/01/25
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 808,268
720 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 765,425
------------------------------------------------------------------------------------------------------------------------------------
5,075 Total Water and Sewer 5,480,703
------------------------------------------------------------------------------------------------------------------------------------
$ 54,355 Total Investments (cost $54,937,556) - 147.6% 57,706,355
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 903,238
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.9)% (19,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 39,109,593
====================================================================================================================
FUTURES CONTRACTS OUTSTANDING AT NOVEMBER 30, 2006:
UNREALIZED
CONTRACT NUMBER OF CONTRACT VALUE AT APPRECIATION
TYPE POSITION CONTRACTS EXPIRATION NOVEMBER 30, 2006 (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds Long 15 3/07 $1,715,625 $9,564
------------------------------------------------------------------------------------------------------------------------------------
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
See accompanying notes to financial statements.
27
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.0% (2.0% OF TOTAL INVESTMENTS)
$ 250 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 $ 259,278
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
770 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 811,441
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
1,020 Total Consumer Staples 1,070,719
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 27.1% (18.3% OF TOTAL INVESTMENTS)
500 Connecticut Health and Education Facilities Authority, 7/16 at 100.00 AA 545,805
University of Hartford Revenue Bonds, Series 2006G,
5.250%, 7/01/36 - RAAI Insured
100 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AA 105,892
Revenue Bonds, Canterbury School, Series 2006B,
5.000%, 7/01/36 - RAAI Insured
2,250 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 2,385,065
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21 - FSA Insured
95 Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 98,510
Revenue Bonds, Fairfield University, Series 1998H,
5.000%, 7/01/23 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 1,052,030
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32 - FSA Insured
500 Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AAA 514,900
Revenue Bonds, Hopkins School, Series 1998A,
5.000%, 7/01/20 - AMBAC Insured
215 Connecticut Health and Educational Facilities Authority, 1/15 at 100.00 Aaa 235,395
Revenue Bonds, Kent School, Series 2004D, 5.000%, 7/01/15 -
MBIA Insured
310 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 353,459
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/19 - AMBAC 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 645,596
1,000 5.250%, 7/01/32 - RAAI Insured 7/12 at 101.00 AA 1,067,670
1,000 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,033,560
Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
University of Connecticut, General Obligation Bonds, Series 2006A:
450 5.000%, 2/15/19 - FGIC Insured 2/16 at 100.00 AAA 493,583
490 5.000%, 2/15/23 - FGIC Insured 2/16 at 100.00 AAA 533,909
500 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 545,390
Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
9,000 Total Education and Civic Organizations 9,610,764
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 10.2% (6.9% OF TOTAL INVESTMENTS)
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Eastern Connecticut Health Network,
Series 2000A:
50 6.125%, 7/01/20 - RAAI Insured 7/10 at 101.00 AA 54,219
70 6.000%, 7/01/25 - RAAI Insured 7/10 at 101.00 AA 75,616
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 321,498
300 5.000%, 7/01/23 - RAAI Insured 7/15 at 100.00 Aa3 319,701
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hospital for Special Care, Series 1997B:
$ 105 5.375%, 7/01/17 7/07 at 102.00 Baa3 $ 107,485
45 5.500%, 7/01/27 7/07 at 102.00 Baa3 46,047
500 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 Aaa 538,025
Revenue Bonds, Middlesex Hospital, Series 2006,
5.000%, 7/01/32 (WI/DD, Settling 12/07/06) - FSA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,053,520
Revenue Bonds, St. Francis Hospital and Medical Center,
Series 2002D, 5.000%, 7/01/22 - RAAI Insured
25 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 25,980
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/18 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AAA 1,084,330
Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
5.000%, 7/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
3,395 Total Health Care 3,626,421
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.0% (2.0% OF TOTAL INVESTMENTS)
500 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA 512,170
Mortgage Finance Program Bonds, Series 2006G-2,
4.800%, 11/15/27 (Alternative Minimum Tax)
500 Stamford Housing Authority, Connecticut, Multifamily No Opt. Call A- 507,100
Housing Revenue Bonds, Fairfield Apartments, Series 1998,
4.750%, 12/01/28 (Mandatory put 12/01/08) (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,000 Total Housing/Multifamily 1,019,270
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.6% (2.4% OF TOTAL INVESTMENTS)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2006-A1:
305 4.700%, 11/15/26 (Alternative Minimum Tax) 11/15 at 100.00 AAA 310,014
330 4.800%, 11/15/31 (Alternative Minimum Tax) 11/15 at 100.00 AAA 336,323
600 Connecticut Housing Finance Authority, Housing Mortgage 5/16 at 100.00 AAA 619,038
Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
------------------------------------------------------------------------------------------------------------------------------------
1,235 Total Housing/Single Family 1,265,375
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 2.9% (2.0% OF TOTAL INVESTMENTS)
1,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 1,037,000
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)
320 Connecticut Development Authority, First Mortgage 12/11 at 102.00 BBB+ 344,582
Gross Revenue Healthcare Bonds, Elim Park Baptist Home
Inc., Series 2003, 5.750%, 12/01/23
325 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 332,641
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
450 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AAA 482,814
Revenue Bonds, Village for Families and Children Inc.,
Series 2002A, 5.000%, 7/01/19 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
1,095 Total Long-Term Care 1,160,037
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 30.5% (20.6% OF TOTAL INVESTMENTS)
875 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 969,701
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
600 Connecticut, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 637,668
4.750%, 12/15/24
400 Connecticut, General Obligation Bonds, Series 2006C, 6/16 at 100.00 AAA 436,820
5.000%, 6/01/23 - FSA Insured
Farmington, Connecticut, General Obligation Bonds, Series 2002:
1,000 5.000%, 9/15/20 9/12 at 101.00 Aa1 1,081,500
1,450 5.000%, 9/15/21 9/12 at 101.00 Aa1 1,552,834
1,305 Hartford County Metropolitan District, Connecticut, General 4/12 at 101.00 AA+ 1,391,913
Obligation Bonds, Series 2002, 5.000%, 4/01/22
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
360 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 390,391
240 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 243,799
29
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
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 $ 1,480,976
1,535 5.000%, 5/01/22 - FSA Insured 5/11 at 101.00 Aaa 1,624,168
400 Suffield, Connecticut, General Obligation Bonds, No Opt. Call AA 453,960
Series 2005, 5.000%, 6/15/21
500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 553,355
Series 2005B, 5.000%, 10/01/17
------------------------------------------------------------------------------------------------------------------------------------
10,055 Total Tax Obligation/General 10,817,085
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 9.2% (6.2% OF TOTAL INVESTMENTS)
500 Connecticut, Special Tax Obligation Transportation 10/11 at 100.00 AAA 539,735
Infrastructure Purpose Bonds, Series 2001B, 5.375%, 10/01/13 -
FSA Insured
1,625 Connecticut, Special Tax Obligation Transportation 7/12 at 100.00 AAA 1,765,871
Infrastructure Purpose Bonds, Series 2002A, 5.375%, 7/01/20 -
FSA Insured
430 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call AAA 145,766
Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC Insured
750 Puerto Rico Municipal Finance Agency, Series 2005C, 8/15 at 100.00 AAA 826,568
5.000%, 8/01/16 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
3,305 Total Tax Obligation/Limited 3,277,940
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.2% (4.2% OF TOTAL INVESTMENTS)
1,950 New Haven, Connecticut, Revenue Refunding Bonds, No Opt. Call AAA 2,208,863
Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 30.7% (20.7% OF TOTAL INVESTMENTS) (4)
1,000 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 1,080,460
Series 2001C, 5.375%, 8/15/18 (Pre-refunded 8/15/11) -
FGIC Insured
Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Eastern Connecticut Health Network,
Series 2000A:
100 6.125%, 7/01/20 (Pre-refunded 7/01/10) - RAAI Insured 7/10 at 101.00 AA (4) 109,441
130 6.000%, 7/01/25 (Pre-refunded 7/01/10) - RAAI Insured 7/10 at 101.00 AA (4) 141,755
1,000 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 (4) 1,081,830
Revenue Bonds, Loomis Chaffee School, Series 2001D,
5.250%, 7/01/31 (Pre-refunded 7/01/11)
1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA (4) 1,090,340
5.375%, 4/15/19 (Pre-refunded 4/15/12)
2,105 Fairfield, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 2,255,781
Series 2002A, 5.000%, 4/01/16 (Pre-refunded 4/01/12)
1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 1,081,600
Obligation Bonds, Series 2000A, 5.500%, 10/01/32
2,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,160,200
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,230 University of Connecticut, General Obligation Bonds, 4/12 at 100.00 AA (4) 1,340,368
Series 2002A, 5.375%, 4/01/19 (Pre-refunded 4/01/12)
500 Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 544,865
Series 2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
10,065 Total U.S. Guaranteed 10,886,640
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.6% (4.5% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, Pollution Control 10/08 at 102.00 Baa1 527,360
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) 1/15 at 100.00 BBB 252,813
510 5.500%, 1/01/20 (Alternative Minimum Tax) 1/07 at 100.00 BBB 510,377
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA $ 1,061,040
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
2,260 Total Utilities 2,351,590
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.9% (8.0% OF TOTAL INVESTMENTS)
70 Connecticut Development Authority, Water Facilities 3/07 at 102.00 AAA 71,530
Revenue Bonds, Bridgeport Hydraulic Company, Series 1996,
6.000%, 9/01/36 - AMBAC Insured (Alternative Minimum Tax)
785 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 851,529
Series 2003A, 5.000%, 10/01/16
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 550,290
690 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 745,559
320 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 344,512
130 Guam Government Waterworks Authority, Water and 7/15 at 100.00 Ba2 143,706
Wastewater System Revenue Bonds, Series 2005,
6.000%, 7/01/25
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 808,268
660 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 701,639
------------------------------------------------------------------------------------------------------------------------------------
3,905 Total Water and Sewer 4,217,033
------------------------------------------------------------------------------------------------------------------------------------
$ 49,285 Total Investments (cost $49,788,724) - 148.2% 52,548,737
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 411,738
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.4)% (17,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 35,460,475
====================================================================================================================
FUTURES CONTRACTS OUTSTANDING AT NOVEMBER 30, 2006:
UNREALIZED
CONTRACT NUMBER OF CONTRACT VALUE AT APPRECIATION
TYPE POSITION CONTRACTS EXPIRATION NOVEMBER 30, 2006 (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds Long 8 3/07 $915,000 $5,398
------------------------------------------------------------------------------------------------------------------------------------
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
WI/DD Purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
31
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.0% (2.7% OF TOTAL INVESTMENTS)
$ 2,460 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 2,592,397
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.9% (14.7% OF TOTAL INVESTMENTS)
650 Connecticut Health and Education Facilities Authority, 7/16 at 100.00 AA 709,547
University of Hartford Revenue Bonds, Series 2006G,
5.250%, 7/01/36 - RAAI Insured
150 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AA 158,838
Revenue Bonds, Canterbury School, Series 2006B,
5.000%, 7/01/36 - RAAI Insured
1,595 Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 1,690,748
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21 - FSA Insured
1,700 Connecticut Health and Educational Facilities Authority, 11/15 at 100.00 AAA 1,868,980
Revenue Bonds, Connecticut State University System,
Series 2005H, 5.000%, 11/01/17 - FSA Insured
285 Connecticut Health and Educational Facilities Authority, 1/15 at 100.00 Aaa 312,035
Revenue Bonds, Kent School, Series 2004D,
5.000%, 7/01/15 - MBIA Insured
400 Connecticut Health and Educational Facilities Authority, No Opt. Call Aaa 456,076
Revenue Bonds, Loomis Chaffee School, Series 2005F,
5.250%, 7/01/19 - AMBAC Insured
3,100 Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 3,285,224
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 820,673
Revenue Bonds, University of Hartford, Series 2002E,
5.500%, 7/01/22 - RAAI Insured
1,500 Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,550,340
Revenue Bonds, Yale University, Series 2002W,
5.125%, 7/01/27
1,100 University of Connecticut, General Obligation Bonds, 2/13 at 100.00 AAA 1,182,390
Series 2003A, 5.125%, 2/15/21 - MBIA Insured
University of Connecticut, General Obligation Bonds,
Series 2006A:
850 5.000%, 2/15/19 - FGIC Insured 2/16 at 100.00 AAA 932,323
490 5.000%, 2/15/23 - FGIC Insured 2/16 at 100.00 AAA 533,909
500 University of Connecticut, Student Fee Revenue Refunding 11/12 at 101.00 AAA 545,390
Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
13,070 Total Education and Civic Organizations 14,046,473
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 6.2% (4.2% OF TOTAL INVESTMENTS)
500 Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 544,215
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 857,328
Revenue Bonds, Griffin Hospital, Series 2005B,
5.000%, 7/01/20 - RAAI Insured
Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Hospital for Special Care, Series 1997B:
235 5.375%, 7/01/17 7/07 at 102.00 Baa3 240,562
95 5.500%, 7/01/27 7/07 at 102.00 Baa3 97,210
900 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 Aaa 968,445
Revenue Bonds, Middlesex Hospital, Series 2006,
5.000%, 7/01/32 (WI/DD, Settling 12/07/06) - FSA Insured
200 Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 207,842
Revenue Bonds, Stamford Hospital, Series 1999G,
5.000%, 7/01/18 - MBIA Insured
1,000 Connecticut Health and Educational Facilities Authority, 7/16 at 100.00 AAA 1,084,330
Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
5.000%, 7/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
3,730 Total Health Care 3,999,932
------------------------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.8% (1.9% OF TOTAL INVESTMENTS)
$ 1,000 Connecticut Housing Finance Authority, Multifamily Housing 11/15 at 100.00 AAA $ 1,024,340
Mortgage Finance Program Bonds, Series 2006G-2,
4.800%, 11/15/27 (Alternative Minimum Tax)
750 Stamford Housing Authority, Connecticut, Multifamily No Opt. Call A- 760,650
Housing Revenue Bonds, Fairfield Apartments, Series 1998,
4.750%, 12/01/28 (Mandatory put 12/01/08) (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,750 Total Housing/Multifamily 1,784,990
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.2% (2.1% OF TOTAL INVESTMENTS)
Connecticut Housing Finance Authority, Housing Mortgage
Finance Program Bonds, Series 2006-A1:
435 4.700%, 11/15/26 (Alternative Minimum Tax) 11/15 at 100.00 AAA 442,151
465 4.800%, 11/15/31 (Alternative Minimum Tax) 11/15 at 100.00 AAA 473,909
1,100 Connecticut Housing Finance Authority, Housing Mortgage 5/16 at 100.00 AAA 1,134,903
Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Housing/Single Family 2,050,963
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 3.2% (2.2% OF TOTAL INVESTMENTS)
2,000 Connecticut Resource Recovery Authority, Revenue Bonds, 12/11 at 102.00 Baa2 2,079,660
American Ref-Fuel Company of Southeastern Connecticut LP,
Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 12.3% (8.2% OF TOTAL INVESTMENTS)
500 Connecticut Development Authority, First Mortgage Gross 12/11 at 102.00 BBB+ 538,410
Revenue Healthcare Bonds, Elim Park Baptist Home Inc.,
Series 2003, 5.750%, 12/01/23
600 Connecticut Development Authority, First Mortgage Gross 4/07 at 102.00 BBB- 614,106
Revenue Refunding Healthcare Bonds, Church Homes Inc. -
Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
Connecticut Development Authority, Revenue Bonds,
Duncaster Inc., Series 2002:
650 5.125%, 8/01/22 - RAAI Insured 8/12 at 101.00 AA 690,053
1,025 4.750%, 8/01/32 - RAAI Insured 8/12 at 101.00 AA 1,058,395
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 461,356
475 5.000%, 7/01/20 - AMBAC Insured 7/12 at 101.00 AAA 509,637
260 5.000%, 7/01/23 - AMBAC Insured 7/12 at 101.00 AAA 276,736
1,000 5.000%, 7/01/32 - AMBAC Insured 7/12 at 101.00 AAA 1,063,180
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 1,069,830
1,500 5.000%, 6/15/32 - AMBAC Insured 6/12 at 101.00 AAA 1,597,305
------------------------------------------------------------------------------------------------------------------------------------
7,440 Total Long-Term Care 7,879,008
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 29.2% (19.5% OF TOTAL INVESTMENTS)
Bethel, Connecticut, General Obligation Bonds, Series 2002:
525 5.000%, 11/01/18 - FGIC Insured 11/12 at 100.00 Aaa 561,976
525 5.000%, 11/01/19 - FGIC Insured 11/12 at 100.00 Aaa 561,976
525 5.000%, 11/01/20 - FGIC Insured 11/12 at 100.00 Aaa 561,976
525 5.000%, 11/01/21 - FGIC Insured 11/12 at 100.00 Aaa 561,976
525 5.000%, 11/01/22 - FGIC Insured 11/12 at 100.00 Aaa 557,529
1,000 Bridgeport, Connecticut, General Obligation Bonds, No Opt. Call AAA 1,108,230
Series 2004C, 5.250%, 8/15/14 - MBIA Insured
1,200 Connecticut, General Obligation Bonds, Series 2006A, 12/16 at 100.00 AA 1,275,336
4.750%, 12/15/24
700 Connecticut, General Obligation Bonds, Series 2006C, 6/16 at 100.00 AAA 764,435
5.000%, 6/01/23 - FSA Insured
450 Farmington, Connecticut, General Obligation Bonds, 9/12 at 101.00 Aa1 486,675
Series 2002, 5.000%, 9/15/20
Hartford, Connecticut, General Obligation Bonds, Series 2005A:
600 5.000%, 8/01/21 - FSA Insured 8/15 at 100.00 AAA 650,652
400 4.375%, 8/01/24 - FSA Insured 8/15 at 100.00 AAA 406,332
33
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New Canaan, Connecticut, General Obligation Bonds,
Series 2002A:
$ 950 4.500%, 5/01/19 5/11 at 100.00 Aaa $ 976,486
900 4.600%, 5/01/20 5/11 at 100.00 Aaa 928,233
500 4.700%, 5/01/21 5/11 at 100.00 Aaa 517,085
1,405 New Haven, Connecticut, General Obligation Bonds, 11/11 at 101.00 AAA 1,519,423
Series 2002A, 5.250%, 11/01/17 - AMBAC Insured
Southbury, Connecticut, General Obligation Bonds, Series 2002:
500 4.250%, 12/15/14 12/11 at 101.00 Aa3 519,040
500 4.375%, 12/15/15 12/11 at 101.00 Aa3 521,305
500 4.375%, 12/15/16 12/11 at 101.00 Aa3 519,380
500 4.500%, 12/15/17 12/11 at 101.00 Aa3 520,810
500 4.625%, 12/15/18 12/11 at 101.00 Aa3 523,035
500 4.625%, 12/15/19 12/11 at 101.00 Aa3 520,840
500 4.875%, 12/15/20 12/11 at 101.00 Aa3 528,225
500 4.875%, 12/15/21 12/11 at 101.00 Aa3 526,970
500 5.000%, 12/15/22 12/11 at 101.00 Aa3 532,130
Stratford, Connecticut, General Obligation Bonds, Series 2002:
1,375 4.000%, 2/15/19 - FSA Insured 2/12 at 100.00 AAA 1,386,138
630 4.125%, 2/15/20 - FSA Insured 2/12 at 100.00 AAA 637,629
500 West Hartford, Connecticut, General Obligation Bonds, 10/15 at 100.00 AAA 552,035
Series 2005B, 5.000%, 10/01/18
------------------------------------------------------------------------------------------------------------------------------------
17,735 Total Tax Obligation/General 18,725,857
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 18.7% (12.5% OF TOTAL INVESTMENTS)
60 Connecticut, Special Tax Obligation Transportation Infrastructure No Opt. Call AA 66,202
Purpose Bonds, Series 1992B, 6.125%, 9/01/12
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 3,010,493
1,000 5.000%, 12/01/21 - AMBAC Insured 12/12 at 100.00 AAA 1,064,970
1,000 5.000%, 12/01/22 - AMBAC Insured 12/12 at 100.00 AAA 1,062,770
500 Connecticut, Special Tax Obligation Transportation Infrastructure 1/14 at 100.00 AAA 535,190
Purpose Bonds, Series 2003B, 5.000%, 1/01/23 - FGIC Insured
Puerto Rico Infrastructure Financing Authority, Special Tax
Revenue Bonds, Series 2005A:
780 0.000%, 7/01/32 - FGIC Insured No Opt. Call AAA 264,412
2,120 0.000%, 7/01/33 - FGIC Insured No Opt. Call AAA 688,025
Puerto Rico Public Buildings Authority, Guaranteed Government
Facilities Revenue Bonds, Series 2002G:
890 5.250%, 7/01/17 7/12 at 100.00 BBB 948,144
1,000 5.250%, 7/01/20 7/12 at 100.00 BBB 1,067,920
1,045 5.250%, 7/01/21 7/12 at 100.00 BBB 1,114,890
1,010 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,152,723
Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 -
AMBAC Insured
195 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 BBB- 208,057
Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
750 Virgin Islands Public Finance Authority, Senior Lien 10/08 at 101.00 BBB 775,102
Revenue Refunding Bonds, Matching Fund Loan Note,
Series 1998A, 5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
13,160 Total Tax Obligation/Limited 11,958,898
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 0.8% (0.4% OF TOTAL INVESTMENTS)
415 New Haven, Connecticut, Revenue Refunding Bonds, No Opt. Call AAA 470,091
Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 25.0% (16.7% OF TOTAL INVESTMENTS) (4)
3,510 Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 3,792,414
Series 2001C, 5.375%, 8/15/18 (Pre-refunded 8/15/11) -
FGIC Insured
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 500 Bridgeport, Connecticut, General Obligation Bonds, 9/13 at 100.00 AAA $ 551,665
Series 2003A, 5.250%, 9/15/23 (Pre-refunded 9/15/13) -
FSA Insured
1,000 Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA (4) 1,072,120
5.000%, 4/15/21 (Pre-refunded 4/15/12)
2,500 Connecticut, General Obligation Bonds, Series 2002D, 11/12 at 100.00 AA (4) 2,747,975
5.375%, 11/15/21 (Pre-refunded 11/15/12)
400 Connecticut, Special Tax Obligation Transportation 10/11 at 100.00 AAA 422,840
Infrastructure Purpose Bonds, Series 2001A,
4.800%, 10/01/18 (Pre-refunded 10/01/11) - FSA Insured
40 New Haven, Connecticut, General Obligation Bonds, 11/11 at 101.00 AAA 43,560
Series 2002A, 5.250%, 11/01/17 - AMBAC Insured (ETM)
3,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 3,240,299
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
2,000 Puerto Rico Infrastructure Financing Authority, Special 1/08 at 101.00 AAA 2,052,300
Tax Revenue Bonds, Series 1997A, 5.000%, 7/01/28
(Pre-refunded 1/01/08) - AMBAC Insured
570 Puerto Rico Public Finance Corporation, Commonwealth 2/12 at 100.00 Aaa 622,748
Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
(Pre-refunded 2/01/12)
1,410 Puerto Rico, General Obligation and Public Improvement 7/08 at 101.00 AAA 1,457,094
Refunding Bonds, Series 1998B, 5.000%, 7/01/24
(Pre-refunded 7/01/08) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
14,930 Total U.S. Guaranteed 16,003,015
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.3% (5.5% OF TOTAL INVESTMENTS)
720 Connecticut Development Authority, Pollution Control 10/08 at 102.00 Baa1 759,398
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:
1,000 5.500%, 1/01/14 (Alternative Minimum Tax) 1/07 at 100.00 BBB 1,006,550
305 5.500%, 1/01/20 (Alternative Minimum Tax) 1/07 at 100.00 BBB 305,226
3,050 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 3,236,171
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,075 Total Utilities 5,307,345
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 14.0% (9.4% OF TOTAL INVESTMENTS)
765 Connecticut Development Authority, Water Facilities 3/07 at 102.00 A 781,516
Revenue Bonds, Bridgeport Hydraulic Company, Series 1996,
6.000%, 9/01/36 (Alternative Minimum Tax)
1,185 Connecticut, State Revolving Fund General Revenue Bonds, 10/13 at 100.00 AAA 1,285,429
Series 2003A, 5.000%, 10/01/16
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 847,447
1,230 5.000%, 11/15/30 - MBIA Insured 11/15 at 100.00 AAA 1,329,040
640 5.000%, 8/15/35 - MBIA Insured 11/15 at 100.00 AAA 689,024
230 Guam Government Waterworks Authority, Water and 7/15 at 100.00 Ba2 254,249
Wastewater System Revenue Bonds, Series 2005,
6.000%, 7/01/25
35
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
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 $ 2,209,265
1,140 5.000%, 8/01/33 - MBIA Insured 8/13 at 100.00 AAA 1,211,923
350 Stamford, Connecticut, Water Pollution Control System 11/13 at 100.00 AA+ 372,820
and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
------------------------------------------------------------------------------------------------------------------------------------
8,360 Total Water and Sewer 8,980,713
------------------------------------------------------------------------------------------------------------------------------------
$ 92,125 Total Investments (cost $92,444,055) - 149.6% 95,879,342
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.3% 206,311
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.9)% (32,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 64,085,653
====================================================================================================================
FUTURES CONTRACTS OUTSTANDING AT NOVEMBER 30, 2006:
UNREALIZED
CONTRACT NUMBER OF CONTRACT VALUE AT APPRECIATION
TYPE POSITION CONTRACTS EXPIRATION NOVEMBER 30, 2006 (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bonds Long 12 3/07 $1,372,500 $7,745
------------------------------------------------------------------------------------------------------------------------------------
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
36
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 2.2% (1.5% OF TOTAL INVESTMENTS)
$ 1,485 Boston Industrial Development Financing Authority, 9/12 at 102.00 Ba3 $ 1,547,682
Massachusetts, Senior Revenue Bonds, Crosstown Center
Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 0.7% (0.6% OF TOTAL INVESTMENTS)
550 Guam Economic Development Authority, Tobacco Settlement 5/11 at 100.00 Baa3 570,411
Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 32.4% (22.0% OF TOTAL INVESTMENTS)
750 Massachusetts Development Finance Agency, Revenue 9/15 at 100.00 AAA 800,033
Bonds, Western New England College, Series 2005A,
5.000%, 9/01/33 - AGC Insured
500 Massachusetts Development Finance Authority, Revenue 9/11 at 101.00 A 534,610
Bonds, Belmont Hills School, Series 2001, 5.375%, 9/01/23
890 Massachusetts Development Finance Authority, Revenue 3/09 at 101.00 A 934,580
Bonds, Curry College, Series 2000A, 6.000%, 3/01/20 -
ACA Insured
1,000 Massachusetts Development Finance Authority, Revenue 7/13 at 101.00 BBB+ 1,082,740
Bonds, Massachusetts College of Pharmacy and Allied
Health Sciences, Series 2003C, 5.750%, 7/01/33
1,745 Massachusetts Development Finance Authority, Revenue 7/15 at 100.00 AAA 1,850,503
Bonds, Massachusetts College of Pharmacy and Allied
Health Sciences, Series 2005D, 5.000%, 7/01/27 -
AGC Insured
750 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 817,755
Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19
1,090 Massachusetts Development Finance Authority, Revenue No Opt. Call A3 1,341,659
Refunding Bonds, Boston University, Series 1999P,
6.000%, 5/15/29
85 Massachusetts Education Loan Authority, Student Loan 1/07 at 100.00 AAA 85,113
Revenue Bonds, Issue E, Series 1995, 6.150%, 7/01/10 -
AMBAC Insured (Alternative Minimum Tax)
1,550 Massachusetts Educational Finance Authority, Educational 1/12 at 100.00 AAA 1,610,884
Loan Revenue Bonds, Series 2002E, 5.000%, 1/01/13 -
AMBAC Insured (Alternative Minimum Tax)
2,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,179,520
Revenue Bonds, Boston College, Series 2003N,
5.250%, 6/01/18
1,500 Massachusetts Health and Educational Facilities Authority, 10/11 at 100.00 AAA 1,597,905
Revenue Bonds, University of Massachusetts - Worcester
Campus, Series 2001B, 5.250%, 10/01/31 - FGIC Insured
500 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 531,060
Revenue Bonds, Wellesley College, Series 2003H,
5.000%, 7/01/26
555 Massachusetts Health and Educational Facilities Authority, 7/13 at 100.00 AA+ 596,980
Revenue Bonds, Williams College, Series 2003H,
5.000%, 7/01/21
500 Massachusetts Health and Educational Facilities Authority, 11/12 at 100.00 AAA 529,080
Revenue Bonds, Worcester State College, Series 2002,
5.000%, 11/01/32 - AMBAC Insured
2,300 Massachusetts Industrial Finance Agency, Revenue Bonds, 9/08 at 101.00 A 2,362,215
Belmont Hill School, Series 1998, 5.250%, 9/01/28
1,645 Massachusetts Industrial Finance Agency, Revenue Bonds, 1/07 at 100.00 Aa1 1,646,711
Whitehead Institute for Biomedical Research, Series 1993,
5.125%, 7/01/26
4,000 New England Education Loan Marketing Corporation, No Opt. Call A3 4,220,958
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- 384,885
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, Ana G. Mendez
University System, Series 1999, 5.375%, 2/01/19
------------------------------------------------------------------------------------------------------------------------------------
21,735 Total Education and Civic Organizations 23,107,191
------------------------------------------------------------------------------------------------------------------------------------
37
Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.8% (11.4% OF TOTAL INVESTMENTS)
$ 1,250 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ $ 1,360,075
Revenue Bonds, Berkshire Health System, Series 2001E,
6.250%, 10/01/31
1,000 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 AA 1,057,670
Revenue Bonds, Cape Cod Health Care Inc., Series 2001C,
5.250%, 11/15/31 - RAAI Insured
1,000 Massachusetts Health and Educational Facilities Authority, 7/12 at 101.00 BBB 1,093,080
Revenue Bonds, Caritas Christi Obligated Group, Series 2002B,
6.250%, 7/01/22
935 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AA 980,329
Revenue Bonds, Emerson Hospital, Series 2005E,
5.000%, 8/15/35 - RAAI Insured
1,000 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AAA 1,081,660
Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
5.000%, 8/15/21 - FGIC Insured
1,000 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 1,047,080
Revenue Bonds, Milton Hospital Project, Series 2005D,
5.250%, 7/01/30
1,500 Massachusetts Health and Educational Facilities Authority, 1/07 at 100.00 AAA 1,501,755
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 647,250
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 2,179,040
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 414,450
Revenue Bonds, UMass Memorial Health Care, Series 2001C,
6.625%, 7/01/32
615 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB 634,686
Revenue Bonds, UMass Memorial Health Care, Series 2005D,
5.000%, 7/01/33
------------------------------------------------------------------------------------------------------------------------------------
11,275 Total Health Care 11,997,075
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.0% (4.1% OF TOTAL INVESTMENTS)
1,890 Massachusetts Development Financing Authority, Assisted 12/09 at 102.00 N/R 1,958,286
Living Revenue Bonds, Prospect House Apartments,
Series 1999, 7.000%, 12/01/31
335 Massachusetts Housing Finance Agency, Housing Bonds, 6/15 at 100.00 AA- 348,233
Series 2006A, 5.100%, 12/01/37 (Alternative Minimum Tax)
500 Massachusetts Housing Finance Agency, Housing Revenue 6/13 at 100.00 AA- 511,255
Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative
Minimum Tax)
390 Massachusetts Housing Finance Agency, Rental Housing 7/10 at 101.00 AAA 408,599
Mortgage Revenue Bonds, Series 1999D, 5.500%, 7/01/13 -
AMBAC Insured (Alternative Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, GNMA 5/12 at 103.00 AAA 1,071,620
Collateralized Mortgage Revenue Bonds, Clarendon Hill
Towers, Series 2002, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
4,115 Total Housing/Multifamily 4,297,993
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.5% (2.4% OF TOTAL INVESTMENTS)
1,000 Massachusetts Housing Finance Authority, Single Family 6/15 at 100.00 AA 1,018,110
Housing Revenue Bonds, Series 2006-122, 4.875%, 12/01/37
(Alternative Minimum Tax)
1,500 Massachusetts Housing Finance Authority, Single Family 6/16 at 100.00 AA 1,513,215
Housing Revenue Bonds, Series 2006-126, 4.625%, 6/01/32
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,500 Total Housing/Single Family 2,531,325
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.2% (0.8% OF TOTAL INVESTMENTS)
415 Massachusetts Development Finance Agency, Pioneer Valley No Opt. Call N/R 422,902
Resource Recovery Revenue Bonds, Eco/Springfield LLC,
Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
400 Massachusetts Development Finance Agency, Solid Waste No Opt. Call BBB 429,576
Disposal Revenue Bonds, Waste Management Inc.,
Series 2003, 5.450%, 6/01/14
------------------------------------------------------------------------------------------------------------------------------------
815 Total Industrials 852,478
------------------------------------------------------------------------------------------------------------------------------------
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 9.4% (6.4% OF TOTAL INVESTMENTS)
$ 1,270 Boston, Massachusetts, FHA-Insured Mortgage Revenue 10/08 at 105.00 AAA $ 1,377,125
Bonds, Deutsches Altenheim Inc., Series 1998A,
6.125%, 10/01/31
1,500 Massachusetts Development Finance Authority, GNMA 3/12 at 105.00 AAA 1,681,860
Collateralized Assisted Living Facility Revenue Bonds,
Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42
(Alternative Minimum Tax)
2,500 Massachusetts Development Finance Authority, GNMA 10/11 at 105.00 AAA 2,825,450
Collateralized Revenue Bonds, VOA Concord Assisted Living
Inc., Series 2000A, 6.900%, 10/20/41
415 Massachusetts Industrial Finance Agency, FHA-Insured 2/07 at 101.00 AAA 423,528
Project Revenue Bonds, Heights Crossing LP, Series 1995,
6.000%, 2/01/15 (Alternative Minimum Tax)
400 Massachusetts Industrial Finance Agency, First Mortgage 1/11 at 101.00 BBB- 404,668
Revenue Bonds, Berkshire Retirement Community,
Series 1994B, 4.750%, 7/01/17
------------------------------------------------------------------------------------------------------------------------------------
6,085 Total Long-Term Care 6,712,631
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 19.3% (13.1% OF TOTAL INVESTMENTS)
500 Ashland, Massachusetts, General Obligation Bonds, 5/15 at 100.00 Aaa 554,115
Series 2004, 5.250%, 5/15/23 - AMBAC Insured
1,250 Boston, Massachusetts, General Obligation Bonds, 1/15 at 100.00 Aa1 1,366,750
Series 2005A, 5.000%, 1/01/17
1,000 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 1,077,040
Series 2003, 5.000%, 2/01/21 - FSA Insured
2,500 Massachusetts Bay Transportation Authority, General No Opt. Call AAA 3,155,125
Obligation Transportation System Bonds, Series 1991A,
7.000%, 3/01/21
1,275 Massachusetts, General Obligation Bonds, Consolidated Loan, No Opt. Call AAA 1,462,425
Series 2001D, 6.000%, 11/01/13 - MBIA Insured
980 Monson, Massachusetts, General Obligation Bonds, 5/12 at 101.00 Aaa 1,061,957
Series 2002, 5.250%, 5/15/22 - AMBAC Insured
1,260 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,426,257
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 578,882
1,615 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 1,752,840
1,220 Worcester, Massachusetts, General Obligation Bonds, 7/15 at 100.00 AAA 1,325,432
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
12,130 Total Tax Obligation/General 13,760,823
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.4% (11.2% OF TOTAL INVESTMENTS)
210 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/14 at 100.00 AAA 225,101
Series 2004, 5.000%, 5/01/26 - AMBAC Insured
940 Massachusetts Bay Transportation Authority, Assessment 7/15 at 100.00 AAA 1,024,826
Bonds, Series 2005A, 5.000%, 7/01/18
385 Massachusetts Bay Transportation Authority, Senior Lien No Opt. Call AAA 444,948
Sales Tax Revenue Refunding Bonds, Series 2004C,
5.250%, 7/01/21
1,000 Massachusetts Bay Transportation Authority, Senior Sales 7/18 at 100.00 AAA 1,099,270
Tax Revenue Bonds, Series 2006, 5.000%, 7/01/26
550 Massachusetts College Building Authority, Project Revenue 5/14 at 100.00 AAA 592,009
Bonds, Series 2004A, 5.000%, 5/01/19 - MBIA Insured
325 Massachusetts College Building Authority, Project Revenue 5/16 at 100.00 AAA 350,951
Bonds, Series 2006A, 5.000%, 5/01/31 - AMBAC Insured
1,000 Massachusetts College Building Authority, Project Revenue No Opt. Call AAA 1,170,260
Refunding Bonds, Series 2003B, 5.375%, 5/01/23 -
XLCA Insured
1,300 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 1,412,151
Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 -
FSA Insured
540 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 606,609
Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured
3,000 Massachusetts, Special Obligation Refunding Notes, No Opt. Call Aaa 3,252,540
Federal Highway Grant Anticipation Note Program,
Series 2003A, 5.000%, 12/15/13 - FSA Insured
39
Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,300 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA $ 1,522,976
Transportation Authority, Series 2003AA, 5.500%, 7/01/19 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
10,550 Total Tax Obligation/Limited 11,701,641
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.3% (7.7% OF TOTAL INVESTMENTS)
2,000 Massachusetts Port Authority, Revenue Bonds, 7/13 at 100.00 AAA 2,126,640
Series 2003A, 5.000%, 7/01/33 - MBIA Insured
1,700 Massachusetts Port Authority, Revenue Bonds, 7/15 at 100.00 AAA 1,833,348
Series 2005A, 5.000%, 7/01/23 - AMBAC Insured
4,000 Massachusetts Port Authority, Special Facilities Revenue 3/07 at 102.00 AAA 4,086,760
Bonds, US Airways Group Inc., Series 1996A,
5.750%, 9/01/16 - MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
7,700 Total Transportation 8,046,748
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.8% (6.6% OF TOTAL INVESTMENTS) (4)
410 Massachusetts Health and Educational Facilities Authority, 7/21 at 100.00 AAA 461,988
Revenue Bonds, CareGroup Inc., Series 1998A,
5.000%, 7/01/25 (Pre-refunded 7/01/21) - MBIA Insured
780 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/07 at 100.00 AAA 1,040,107
13.000%, 7/01/13 (ETM)
1,250 Massachusetts, General Obligation Bonds, Consolidated Loan, 8/14 at 100.00 AA (4) 1,366,488
Series 2004B, 5.000%, 8/01/24 (Pre-refunded 8/01/14)
1,500 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 1,656,000
Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded
1/01/14) - FGIC Insured
1,200 University of Massachusetts Building Authority, Senior Lien 11/13 at 100.00 AAA 1,325,316
Project Revenue Bonds, Series 2003-1, 5.250%, 11/01/18
(Pre-refunded 11/01/13) - AMBAC Insured
1,000 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 1,116,070
Project Revenue Bonds, Series 2004-1, 5.250%, 11/01/24
(Pre-refunded 11/01/14) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,140 Total U.S. Guaranteed 6,965,969
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.0% (2.0% OF TOTAL INVESTMENTS)
1,000 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,096,280
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 1,040,960
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Utilities 2,137,240
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 15.0% (10.2% OF TOTAL INVESTMENTS)
2,000 Boston Water and Sewerage Commission, Massachusetts, 11/14 at 100.00 AA 2,147,880
General Revenue Bonds, Senior Series 2004A,
5.000%, 11/01/25
1,500 Massachusetts Water Pollution Abatement Trust, 8/14 at 100.00 AAA 1,604,790
Pooled Loan Program Bonds, Series 10, 5.000%, 8/01/26
750 Massachusetts Water Pollution Abatement Trust, 8/15 at 100.00 AAA 763,170
Pooled Loan Program Bonds, Series 11, 4.500%, 8/01/29
1,000 Massachusetts Water Pollution Abatement Trust, 8/16 at 100.00 AAA 1,005,280
Pooled Loan Program Bonds, Series 12, 4.375%, 8/01/31
(WI/DD, Settling 12/14/06)
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,500 Massachusetts Water Pollution Abatement Trust, 8/13 at 100.00 AAA $ 1,599,630
Pooled Loan Program Bonds, Series 9, 5.000%, 8/01/22
1,250 Massachusetts Water Pollution Abatement Trust, Revenue 8/12 at 100.00 AAA 1,350,525
Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
1,500 Massachusetts Water Resources Authority, General Revenue 8/17 at 100.00 AAA 1,635,285
Bonds, Series 2005A, 5.000%, 8/01/28 - MBIA Insured
625 Massachusetts Water Resources Authority, General Revenue 8/16 at 100.00 AA 583,131
Bonds, Series 2006A, 4.000%, 8/01/46
------------------------------------------------------------------------------------------------------------------------------------
10,125 Total Water and Sewer 10,689,691
------------------------------------------------------------------------------------------------------------------------------------
$ 97,205 Total Investments (cost $99,669,256) - 147.0% 104,918,898
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.6% 461,740
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.6)% (34,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 71,380,638
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
41
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER DISCRETIONARY - 1.8% (1.2% OF TOTAL INVESTMENTS)
$ 495 Boston Industrial Development Financing Authority, 9/12 at 102.00 Ba3 $ 515,894
Massachusetts, Senior Revenue Bonds, Crosstown Center
Project, Series 2002, 6.500%, 9/01/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.8% (16.6% OF TOTAL INVESTMENTS)
450 Massachusetts Development Finance Agency, Revenue 9/15 at 100.00 AAA 480,020
Bonds, Western New England College, Series 2005A,
5.000%, 9/01/33 - AGC Insured
495 Massachusetts Development Finance Authority, Revenue 7/15 at 100.00 AAA 524,928
Bonds, Massachusetts College of Pharmacy and Allied
Health Sciences, Series 2005D, 5.000%, 7/01/27 -
AGC Insured
500 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 AA- 545,170
Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19
1,000 Massachusetts Development Finance Authority, Revenue 5/29 at 105.00 A3 1,251,810
Refunding Bonds, Boston University, Series 1999P,
6.000%, 5/15/59
1,085 Massachusetts Educational Finance Authority, Educational 7/10 at 100.00 AAA 1,118,841
Loan Revenue Bonds, Series 2001E, 5.300%, 1/01/16 -
AMBAC Insured (Alternative Minimum Tax)
1,000 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 1,089,760
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- 2,137,377
Revenue Bonds, Tufts University, Series 2001I,
5.500%, 2/15/36
250 University of Massachusetts Building Authority, No Opt. Call AAA 274,990
Senior Lien Project Revenue Bonds, Series 2005-1,
5.000%, 5/01/15 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,780 Total Education and Civic Organizations 7,422,896
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 19.8% (13.3% OF TOTAL INVESTMENTS)
500 Massachusetts Health and Educational Facilities Authority, 10/11 at 101.00 BBB+ 544,030
Revenue Bonds, Berkshire Health System, Series 2001E,
6.250%, 10/01/31
250 Massachusetts Health and Educational Facilities Authority, 1/09 at 101.00 BBB 260,270
Revenue Bonds, Caritas Christi Obligated Group,
Series 1999A, 5.625%, 7/01/20
375 Massachusetts Health and Educational Facilities Authority, 1/12 at 101.00 A 410,719
Revenue Bonds, Covenant Health Systems Obligated
Group, Series 2002, 6.000%, 7/01/31
315 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AA 330,271
Revenue Bonds, Emerson Hospital, Series 2005E,
5.000%, 8/15/35 - RAAI Insured
600 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 AAA 648,996
Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
5.000%, 8/15/21 - FGIC Insured
500 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 523,540
Revenue Bonds, Milton Hospital Project, Series 2005D,
5.250%, 7/01/30
500 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB- 533,895
Revenue Bonds, Northern Berkshire Community Services
Inc., Series 2004B, 6.375%, 7/01/34
1,000 Massachusetts Health and Educational Facilities Authority, 7/09 at 101.00 AA 1,038,370
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 1,089,520
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 552,600
Revenue Bonds, UMass Memorial Health Care, Series 2001C,
6.625%, 7/01/32
------------------------------------------------------------------------------------------------------------------------------------
5,540 Total Health Care 5,932,211
------------------------------------------------------------------------------------------------------------------------------------
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 10.0% (6.7% OF TOTAL INVESTMENTS)
$ 135 Massachusetts Housing Finance Agency, Housing Bonds, 6/15 at 100.00 AA- $ 140,333
Series 2006A, 5.100%, 12/01/37 (Alternative Minimum Tax)
500 Massachusetts Housing Finance Agency, Housing Revenue 6/13 at 100.00 AA- 511,255
Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative
Minimum Tax)
1,215 Massachusetts Housing Finance Agency, Rental Housing 1/11 at 100.00 AAA 1,267,573
Mortgage Revenue Bonds, Series 2001A, 5.850%, 7/01/35 -
AMBAC Insured (Alternative Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, GNMA 5/12 at 103.00 AAA 1,071,620
Collateralized Mortgage Revenue Bonds, Clarendon Hill
Towers, Series 2002, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
2,850 Total Housing/Multifamily 2,990,781
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.4% (4.3% OF TOTAL INVESTMENTS)
840 Massachusetts Housing Finance Agency, Single Family 6/10 at 100.00 AAA 864,671
Housing Revenue Bonds, Series 82, 5.375%, 12/01/20 -
FSA Insured (Alternative Minimum Tax)
400 Massachusetts Housing Finance Authority, Single Family 6/15 at 100.00 AA 407,244
Housing Revenue Bonds, Series 2006-122, 4.875%, 12/01/37
(Alternative Minimum Tax)
650 Massachusetts Housing Finance Authority, Single Family 6/16 at 100.00 AA 655,727
Housing Revenue Bonds, Series 2006-126, 4.625%, 6/01/32
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,890 Total Housing/Single Family 1,927,642
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.5% (0.9% OF TOTAL INVESTMENTS)
195 Massachusetts Development Finance Agency, Pioneer Valley No Opt. Call N/R 198,713
Resource Recovery Revenue Bonds, Eco/Springfield LLC,
Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
200 Massachusetts Development Finance Agency, Solid Waste No Opt. Call BBB 214,788
Disposal Revenue Bonds, Waste Management Inc.,
Series 2003, 5.450%, 6/01/14
------------------------------------------------------------------------------------------------------------------------------------
395 Total Industrials 413,501
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.1% (4.1% OF TOTAL INVESTMENTS)
655 Massachusetts Development Finance Authority, 7/11 at 102.00 BBB- 713,701
First Mortgage Revenue Bonds, Berkshire Retirement
Community - Edgecombe Project, Series 2001A,
6.750%, 7/01/21
1,000 Massachusetts Development Finance Authority, 3/12 at 105.00 AAA 1,121,240
GNMA Collateralized Assisted Living Facility Revenue
Bonds, Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,655 Total Long-Term Care 1,834,941
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 29.4% (19.7% OF TOTAL INVESTMENTS)
310 Ashland, Massachusetts, General Obligation Bonds, 5/15 at 100.00 Aaa 343,551
Series 2004, 5.250%, 5/15/23 - AMBAC Insured
1,000 Boston, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aa1 1,053,110
Series 2001A, 5.000%, 2/01/20
2,000 Brookline, Massachusetts, General Obligation Bonds, 4/10 at 101.00 Aaa 2,129,940
Series 2000, 5.375%, 4/01/17
500 East Longmeadow, Massachusetts, General Obligation Bonds, 8/11 at 101.00 Aaa 535,920
Series 2001, 5.000%, 8/01/14 - AMBAC Insured
440 Fall River, Massachusetts, General Obligation Bonds, 2/13 at 101.00 AAA 473,898
Series 2003, 5.000%, 2/01/21 - FSA Insured
1,675 Lawrence, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aaa 1,753,725
Series 2001, 5.000%, 2/01/21 - AMBAC Insured
750 Massachusetts, General Obligation Bonds, Consolidated No Opt. Call AA 872,700
Loan, Series 2002D, 5.500%, 8/01/19
500 Norwell, Massachusetts, General Obligation Bonds, No Opt. Call AAA 565,975
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 546,115
500 5.250%, 1/15/23 - MBIA Insured 1/13 at 100.00 AAA 542,675
------------------------------------------------------------------------------------------------------------------------------------
8,175 Total Tax Obligation/General 8,817,609
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 16.0% (10.7% OF TOTAL INVESTMENTS)
395 Martha's Vineyard Land Bank, Massachusetts, Revenue 5/14 at 100.00 AAA 423,404
Bonds, Series 2004, 5.000%, 5/01/26 - AMBAC Insured
210 Massachusetts Bay Transportation Authority, Assessment 7/10 at 100.00 AAA 220,758
Bonds, Series 2000A, 5.250%, 7/01/30
43
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 450 Massachusetts Bay Transportation Authority, Assessment 7/15 at 100.00 AAA $ 490,608
Bonds, Series 2005A, 5.000%, 7/01/18
385 Massachusetts Bay Transportation Authority, Senior Lien No Opt. Call AAA 444,948
Sales Tax Revenue Refunding Bonds, Series 2004C,
5.250%, 7/01/21
230 Massachusetts College Building Authority, Project Revenue 5/14 at 100.00 AAA 247,567
Bonds, Series 2004A, 5.000%, 5/01/19 - MBIA Insured
250 Massachusetts College Building Authority, Project Revenue 5/16 at 100.00 AAA 269,963
Bonds, Series 2006A, 5.000%, 5/01/31 - AMBAC Insured
500 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 543,135
Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 -
FSA Insured
230 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 258,370
Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured
1,250 Massachusetts, Special Obligation Refunding Notes, No Opt. Call Aaa 1,355,225
Federal Highway Grant Anticipation Note Program,
Series 2003A, 5.000%, 12/15/13 - FSA Insured
500 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB+ 550,135
Taxes Loan Note, Series 1999A, 6.375%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
4,400 Total Tax Obligation/Limited 4,804,113
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.3% (4.2% OF TOTAL INVESTMENTS)
800 Massachusetts Port Authority, Revenue Bonds, 7/15 at 100.00 AAA 862,752
Series 2005A, 5.000%, 7/01/23 - AMBAC Insured
1,000 Massachusetts Port Authority, Special Facilities Revenue 7/07 at 102.00 AAA 1,029,080
Bonds, BOSFUEL Corporation, Series 1997,
5.500%, 7/01/18 - MBIA Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,800 Total Transportation 1,891,832
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 7.7% (5.2% OF TOTAL INVESTMENTS) (4)
500 Massachusetts, General Obligation Bonds, Consolidated 8/14 at 100.00 AA (4) 546,595
Loan, Series 2004B, 5.000%, 8/01/24 (Pre-refunded 8/01/14)
750 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 828,000
Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) -
FGIC Insured
600 University of Massachusetts Building Authority, Senior Lien 11/13 at 100.00 AAA 662,658
Project Revenue Bonds, Series 2003-1, 5.250%, 11/01/18
(Pre-refunded 11/01/13) - AMBAC Insured
250 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 279,018
Project Revenue Bonds, Series 2004-1, 5.250%, 11/01/24
(Pre-refunded 11/01/14) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
2,100 Total U.S. Guaranteed 2,316,271
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.6% (3.8% OF TOTAL INVESTMENTS)
1,070 Massachusetts Development Finance Agency, Resource 1/12 at 101.00 AAA 1,171,982
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 520,480
Revenue Refunding Bonds, Ogden Haverhill Project,
Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,570 Total Utilities 1,692,462
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.9% (9.3% OF TOTAL INVESTMENTS)
530 Boston Water and Sewerage Commission, Massachusetts, 11/14 at 100.00 AA 569,188
General Revenue Bonds, Senior Series 2004A,
5.000%, 11/01/25
125 Guam Government Waterworks Authority, Water and 7/15 at 100.00 Ba2 138,179
Wastewater System Revenue Bonds, Series 2005,
6.000%, 7/01/25
500 Massachusetts Water Pollution Abatement Trust, 8/15 at 100.00 AAA 508,780
Pooled Loan Program Bonds, Series 11, 4.500%, 8/01/29
400 Massachusetts Water Pollution Abatement Trust, 8/16 at 100.00 AAA 402,112
Pooled Loan Program Bonds, Series 12, 4.375%, 8/01/31
(WI/DD, Settling 12/14/06)
500 Massachusetts Water Pollution Abatement Trust, Revenue 8/12 at 100.00 AAA 540,210
Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,405 Massachusetts Water Pollution Abatement Trust, Revenue 8/09 at 101.00 AAA $ 1,491,703
Bonds, MWRA Loan Program, Subordinate Series 1999A,
5.750%, 8/01/29
250 Massachusetts Water Resources Authority, General Revenue 8/17 at 100.00 AAA 272,548
Bonds, Series 2005A, 5.000%, 8/01/28 - MBIA Insured
250 Massachusetts Water Resources Authority, General Revenue 8/16 at 100.00 AA 233,253
Bonds, Series 2006A, 4.000%, 8/01/46
------------------------------------------------------------------------------------------------------------------------------------
3,960 Total Water and Sewer 4,155,973
------------------------------------------------------------------------------------------------------------------------------------
$ 41,610 Total Investments (cost $42,481,294) - 149.3% 44,716,126
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 242,222
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.1)% (15,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 29,958,348
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
45
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.0% (10.1% OF TOTAL INVESTMENTS)
$ 500 Massachusetts Development Finance Authority, Revenue 7/13 at 101.00 BBB+ $ 567,950
Bonds, Massachusetts College of Pharmacy and Allied
Health Sciences, Series 2003C, 6.375%, 7/01/23
1,250 Massachusetts Development Finance Authority, Revenue 9/13 at 100.00 A1 1,310,812
Bonds, Middlesex School, Series 2003, 5.000%, 9/01/33
2,500 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,653,475
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 1,587,240
Revenue Bonds, Worcester State College, Series 2002,
5.000%, 11/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
5,750 Total Education and Civic Organizations 6,119,477
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 8.9% (6.0% OF TOTAL INVESTMENTS)
500 Massachusetts Health and Educational Facilities Authority, 7/08 at 102.00 AAA 518,210
Revenue Bonds, CareGroup Inc., Series 1998A,
5.000%, 7/01/25 - MBIA Insured
200 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB- 209,416
Revenue Bonds, Milton Hospital Project, Series 2005D,
5.250%, 7/01/30
2,500 Massachusetts Health and Educational Facilities Authority, 5/12 at 100.00 AAA 2,636,500
Revenue Bonds, New England Medical Center Hospitals,
Series 2002H, 5.000%, 5/15/25 - FGIC Insured
250 Massachusetts Health and Educational Facilities Authority, 7/15 at 100.00 BBB 258,002
Revenue Bonds, UMass Memorial Health Care,
Series 2005D, 5.000%, 7/01/33
------------------------------------------------------------------------------------------------------------------------------------
3,450 Total Health Care 3,622,128
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 8.3% (5.5% OF TOTAL INVESTMENTS)
2,000 Massachusetts Housing Finance Agency, Housing Bonds, 12/12 at 100.00 AA- 2,054,520
Series 2003H, 5.125%, 6/01/43
1,265 Massachusetts Housing Finance Agency, Rental Housing 7/12 at 100.00 AAA 1,306,176
Mortgage Revenue Bonds, Series 2002H, 5.200%, 7/01/42 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
3,265 Total Housing/Multifamily 3,360,696
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.9% (3.3% OF TOTAL INVESTMENTS)
1,750 Massachusetts Development Finance Authority, 12/12 at 105.00 AAA 1,980,790
GNMA Collateralized Revenue Bonds, Neville Communities,
Series 2002A, 6.000%, 6/20/44
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 34.8% (23.3% OF TOTAL INVESTMENTS)
1,280 Littleton, Massachusetts, General Obligation Bonds, 1/13 at 101.00 AAA 1,378,074
Series 2003, 5.000%, 1/15/21 - FGIC Insured
1,000 Malden, Massachusetts, General Obligation Bonds, No Opt. Call AAA 1,111,090
Series 2005, 5.000%, 8/01/16 - FGIC Insured
3,000 Massachusetts, General Obligation Bonds, Consolidated No Opt. Call AAA 3,469,051
Loan, Series 2004B, 5.250%, 8/01/21 - FSA Insured
1,025 Maynard, Massachusetts, General Obligation Bonds, 2/13 at 101.00 Aaa 1,137,350
Series 2003, 5.500%, 2/01/19 - MBIA Insured
1,705 North Attleborough, Massachusetts, General Obligation 7/14 at 101.00 Aaa 1,877,529
Bonds, Series 2004, 5.000%, 7/15/15 - FGIC Insured
1,500 Pittsfield, Massachusetts, General Obligation Bonds, 4/12 at 101.00 AAA 1,607,655
Series 2002, 5.000%, 4/15/18 - MBIA Insured
3,000 Springfield, Massachusetts, General Obligation Bonds, 1/13 at 100.00 AAA 3,256,050
Series 2003, 5.250%, 1/15/22 - MBIA Insured
300 Woburn, Massachusetts, General Obligation Bonds, 11/15 at 100.00 Aaa 328,209
Series 2005, 5.000%, 11/15/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
12,810 Total Tax Obligation/General 14,165,008
------------------------------------------------------------------------------------------------------------------------------------
46
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 25.1% (16.8% OF TOTAL INVESTMENTS)
$ 3,000 Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, 5/13 at 100.00 AAA $ 3,185,730
Series 2002, 5.000%, 5/01/32 - AMBAC Insured
2,790 Massachusetts College Building Authority, Project Revenue 5/13 at 100.00 AAA 3,002,821
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 1,558,780
1,500 5.125%, 2/01/34 - MBIA Insured 2/12 at 100.00 AAA 1,585,200
500 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA 543,135
Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 -
FSA Insured
300 Massachusetts, Special Obligation Dedicated Tax Revenue No Opt. Call AAA 337,005
Bonds, Series 2005, 5.000%, 1/01/20 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
9,565 Total Tax Obligation/Limited 10,212,671
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.6% (1.7% OF TOTAL INVESTMENTS)
1,000 Massachusetts Port Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 AAA 1,063,320
5.000%, 7/01/33 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 30.1% (20.1% OF TOTAL INVESTMENTS) (4)
3,000 Massachusetts Bay Transportation Authority, Senior Sales 7/12 at 100.00 AAA 3,222,510
Tax Revenue Refunding Bonds, Series 2002A,
5.000%, 7/01/27 (Pre-refunded 7/01/12) - FGIC Insured
780 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/07 at 100.00 AAA 1,040,107
13.000%, 7/01/13 (ETM)
2,000 Massachusetts, General Obligation Bonds, Consolidated Loan, 11/11 at 100.00 AAA 2,128,400
Series 2001D, 5.000%, 11/01/20 (Pre-refunded 11/01/11) -
MBIA Insured
2,145 Massachusetts, General Obligation Bonds, Consolidated Loan, 1/13 at 100.00 AAA 2,339,895
Series 2003A, 5.250%, 1/01/18 (Pre-refunded 1/01/13) -
AMBAC Insured
1,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 AAA 1,104,000
Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) -
FGIC Insured
2,140 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 AAA 2,406,708
Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/21
(Pre-refunded 11/01/14) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
11,065 Total U.S. Guaranteed 12,241,620
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.2% (3.5% OF TOTAL INVESTMENTS)
1,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,591,560
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 536,315
Series 2002II, 5.125%, 7/01/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Utilities 2,127,875
------------------------------------------------------------------------------------------------------------------------------------
47
Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NGX) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 13.5% (9.0% OF TOTAL INVESTMENTS)
$ 1,900 Lynn Water and Sewer Commission, Massachusetts, General 12/13 at 100.00 AAA $ 2,026,996
Revenue Bonds, Series 2003A, 5.000%, 12/01/32 -
MBIA Insured
600 Massachusetts Water Pollution Abatement Trust, Pooled 8/16 at 100.00 AAA 603,168
Loan Program Bonds, Series 12, 4.375%, 8/01/31
(WI/DD, Settling 12/14/06)
1,000 Massachusetts Water Resources Authority, General Revenue No Opt. Call AAA 1,147,400
Bonds, Series 2002J, 5.250%, 8/01/19 - FSA Insured
1,000 Massachusetts Water Resources Authority, General Revenue 8/13 at 100.00 AAA 1,066,420
Bonds, Series 2004D, 5.000%, 8/01/24 - MBIA Insured
125 Massachusetts Water Resources Authority, General Revenue 8/16 at 100.00 AA 116,626
Bonds, Series 2006A, 4.000%, 8/01/46
495 Springfield Water and Sewerage Commission, 7/14 at 100.00 AAA 538,065
Massachusetts, General Revenue Bonds, Series 2003A,
5.000%, 7/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,120 Total Water and Sewer 5,498,675
------------------------------------------------------------------------------------------------------------------------------------
$ 55,775 Total Long-Term Investments (cost $57,309,038) - 148.4% 60,392,260
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.0% (0.7% OF TOTAL INVESTMENTS)
400 Puerto Rico Government Development Bank, Adjustable A-1+ 400,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 3.290%, 12/01/15 - MBIA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 400 Total Short-Term Investments (cost $400,000) 400,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $57,709,038) - 149.4% 60,792,260
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 396,796
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.4)% (20,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 40,689,056
====================================================================================================================
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) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
(5) Investment has a maturity of more than one year, but
has variable rate and demand features which qualify it
as a short-term investment. The rate disclosed is that
in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
48
Nuveen Missouri Premium Income Municipal Fund (NOM)
Portfolio of
INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (2.3% OF TOTAL INVESTMENTS)
$ 1,000 Missouri Development Finance Board, Solid Waste Disposal No Opt. Call AA- $ 1,147,710
Revenue Bonds, Procter and Gamble Inc., Series 1999,
5.200%, 3/15/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 4.7% (3.2% OF TOTAL INVESTMENTS)
625 Missouri Health and Educational Facilities Authority, 6/10 at 100.00 Baa2 671,288
Revenue Bonds, Maryville University of St. Louis,
Series 2000, 6.750%, 6/15/30
500 Missouri Health and Educational Facilities Authority, 2/08 at 101.00 A3 514,545
Revenue Bonds, St. Louis Priory School, Series 2000,
5.650%, 2/01/25
365 Missouri Health and Educational Facilities Authority, 4/11 at 100.00 Aaa 392,061
Revenue Bonds, Webster University, Series 2001,
5.500%, 4/01/18 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
1,490 Total Education and Civic Organizations 1,577,894
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.2% (10.4% OF TOTAL INVESTMENTS)
750 Joplin Industrial Development Authority, Missouri, 2/15 at 102.00 BBB+ 816,495
Health Facilities Revenue Bonds, Freeman Health System,
Series 2004, 5.500%, 2/15/29
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 1,585,125
1,155 5.250%, 5/15/32 5/13 at 100.00 AA 1,232,235
425 Missouri Health and Educational Facilities Authority, 2/07 at 101.00 BBB+ 434,244
Revenue Bonds, Lake Regional Health System,
Series 1996, 6.500%, 2/15/21
500 Missouri Health and Educational Facilities Authority, 2/14 at 100.00 BBB+ 541,025
Revenue Bonds, Lake Regional Health System,
Series 2003, 5.700%, 2/15/34
500 Missouri Health and Educational Facilities Authority, 6/11 at 101.00 AAA 529,810
Revenue Bonds, St. Luke's Health System, Series 2001,
5.250%, 12/01/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,830 Total Health Care 5,138,934
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.7% (4.6% OF TOTAL INVESTMENTS)
550 Missouri Housing Development Commission, Multifamily 12/11 at 100.00 AA 577,511
Housing Revenue Bonds, Series 2001II, 5.250%, 12/01/16
500 St. Charles County Industrial Development Authority, 4/08 at 102.00 AAA 513,355
Missouri, FHA-Insured Multifamily Housing Revenue Bonds,
Ashwood Apartments, Series 1998A, 5.600%, 4/01/30 -
FSA Insured (Alternative Minimum Tax)
545 St. Louis County Industrial Development Authority, 4/07 at 102.00 AAA 559,590
Missouri, GNMA Collateralized Multifamily Housing
Revenue Refunding Bonds, South Summit Apartments,
Series 1997A, 5.950%, 4/20/17
600 St. Louis County Industrial Development Authority, 4/07 at 102.00 AAA 615,936
Missouri, GNMA Collateralized Multifamily Housing
Revenue Refunding Bonds, South Summit Apartments,
Series 1997B, 6.000%, 10/20/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,195 Total Housing/Multifamily 2,266,392
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.1% (2.2% OF TOTAL INVESTMENTS)
60 Missouri Housing Development Commission, 3/07 at 104.00 AAA 60,932
Single Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 1995C, 7.250%, 9/01/26
(Alternative Minimum Tax)
65 Missouri Housing Development Commission, 3/07 at 105.00 AAA 66,118
Single Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 1996B, 7.550%, 9/01/27
(Alternative Minimum Tax)
120 Missouri Housing Development Commission, 3/10 at 100.00 AAA 122,495
Single Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 2000B-1, 6.250%, 3/01/31
(Alternative Minimum Tax)
49
Nuveen Missouri Premium Income Municipal Fund (NOM) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY (continued)
$ 750 Missouri Housing Development Commission, 3/16 at 104.50 AAA $ 818,723
Single Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 2006E-1, 5.600%, 3/01/37
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
995 Total Housing/Single Family 1,068,268
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 5.7% (3.9% OF TOTAL INVESTMENTS)
1,750 Cole County Industrial Development Authority, Missouri, 2/14 at 100.00 N/R 1,870,365
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 52,706
Health Facilities Revenue Bonds, John Knox Village,
Series 1999, 6.000%, 8/15/17
------------------------------------------------------------------------------------------------------------------------------------
1,800 Total Long-Term Care 1,923,071
------------------------------------------------------------------------------------------------------------------------------------
MATERIALS - 2.3% (1.7% OF TOTAL INVESTMENTS)
750 Sugar Creek, Missouri, Industrial Development 6/13 at 101.00 BBB 801,720
Revenue Bonds, Lafarge North America Inc.,
Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 30.6% (21.0% OF TOTAL INVESTMENTS)
300 Branson Reorganized School District R-4, Taney County, 3/15 at 100.00 AAA 322,530
Missouri, General Obligation Bonds, Series 2005,
5.000%, 3/01/25 - FSA Insured
1,500 Camdenton Reorganized School District R3, Camden County, No Opt. Call AAA 1,652,190
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 537,525
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+ 1,732,266
Obligation Bonds, Series 2003A, 5.000%, 3/01/23
1,000 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 1,179,660
Bonds, Series 2001A, 5.500%, 7/01/20 - MBIA Insured
2,020 Ritenour Consolidated School District, St. Louis County, No Opt. Call AAA 2,327,545
Missouri, General Obligation Bonds, Series 1995,
7.375%, 2/01/12 - FGIC Insured
785 St. Charles County Francis Howell School District, Missouri, No Opt. Call AAA 808,589
General Obligation Refunding Bonds, Series 1994A,
7.800%, 3/01/08 - FGIC Insured
1,405 St. Louis Board of Education, Missouri, General Obligation 4/13 at 100.00 AAA 1,508,492
Refunding Bonds, Series 2003A, 5.000%, 4/01/19 -
FSA Insured
270 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 295,493
General Obligation Bonds, Series 2004, 5.250%, 3/01/20 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
9,410 Total Tax Obligation/General 10,364,290
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 28.0% (19.2% OF TOTAL INVESTMENTS)
600 Chesterfield, Missouri, Certificates of Participation, 12/15 at 100.00 Aaa 645,222
Series 2005, 5.000%, 12/01/24 - FGIC Insured
80 Cottleville, Missouri, Certificates of Participation, 8/14 at 100.00 N/R 82,514
Series 2006, 5.250%, 8/01/31
530 Fenton, Missouri, Tax Increment Revenue Bonds, 4/14 at 100.00 N/R 540,123
Gravois Bluffs Redevelopment Project, Series 2006,
4.500%, 4/01/21
315 Fulton, Missouri, Tax Increment Revenue Bonds, Fulton 6/16 at 100.00 N/R 313,151
Commons Redevelopment Project, Series 2006,
5.000%, 6/01/28
475 Kansas City Tax Increment Financing District, Missouri, 6/14 at 102.00 N/R 490,865
Tax Increment Revenue Bonds, Briarcliff West Project,
Series 2006A, 5.400%, 6/01/24
415 Missouri Development Finance Board, Independence, 3/16 at 100.00 A+ 438,091
Infrastructure Facilities Revenue Bonds, Crackerneck Creek
Project, Series 2006C, 5.000%, 3/01/28
360 Missouri Development Finance Board, Infrastructure Facilities 6/15 at 100.00 BBB+ 373,759
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 483,210
Missouri, Levee District Improvement Bonds, Series 1999,
5.750%, 3/01/19 - MBIA Insured
50
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,135 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA $ 1,457,442
Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 -
AGC Insured
600 Riverside, Missouri, L-385 Levee Redevelopment Plan Tax 5/15 at 100.00 BBB 626,736
Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
1,380 Springfield Center City Development Corporation, Missouri, 11/11 at 100.00 Aaa 1,451,732
Lease Revenue Bonds, Jordan Valley Park Parking Garage,
Series 2002D, 5.000%, 11/01/22 - AMBAC Insured
2,000 Springfield Public Building Corporation, Missouri, Lease 6/10 at 100.00 AAA 2,165,820
Revenue Bonds, Jordan Valley Park Projects, Series 2000A,
6.125%, 6/01/21 - AMBAC Insured
400 St. Joseph Industrial Development Authority, Missouri, Tax 11/14 at 100.00 N/R 411,480
Increment Bonds, Shoppes at North Village Project,
Series 2005A, 5.500%, 11/01/27
------------------------------------------------------------------------------------------------------------------------------------
8,740 Total Tax Obligation/Limited 9,480,145
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.7% (3.2% OF TOTAL INVESTMENTS)
500 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 521,470
Bonds, Kansas City International Airport, Series 2001,
5.000%, 4/01/23 - AMBAC Insured (Alternative Minimum Tax)
1,000 St. Louis Land Clearance Redevelopment Authority, Missouri, 9/09 at 102.00 N/R 1,059,820
Revenue Refunding and Improvement Bonds, LCRA Parking
Facilities, Series 1999C, 7.000%, 9/01/19
------------------------------------------------------------------------------------------------------------------------------------
1,500 Total Transportation 1,581,290
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 32.3% (22.2% OF TOTAL INVESTMENTS) (4)
685 Fenton, Missouri, Tax Increment Refunding and Improvement 10/12 at 100.00 N/R (4) 775,660
Revenue Bonds, Gravois Bluffs Redevelopment Project,
Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12)
750 Howard Bend Levee District, St. Louis County, Missouri, 3/09 at 101.00 N/R (4) 793,830
Levee District Improvement Bonds, Series 1999,
5.850%, 3/01/19 (Pre-refunded 3/01/09)
1,800 Johnson County, Missouri, Hospital Revenue Bonds, Western 6/10 at 100.00 AA (4) 1,942,524
Missouri Medical Center, Series 2000, 6.000%, 6/01/20
(Pre-refunded 6/01/10) - RAAI Insured
2,500 Missouri Health and Educational Facilities Authority, Revenue 6/11 at 101.00 AAA 2,694,050
Bonds, SSM Healthcare System, Series 2001A,
5.250%, 6/01/28 (Pre-refunded 6/01/11) - AMBAC Insured
1,000 Missouri Health and Educational Facilities Authority, Revenue 12/10 at 101.00 A (4) 1,106,440
Bonds, St. Anthony's Medical Center, Series 2000,
6.250%, 12/01/30 (Pre-refunded 12/01/10)
750 St. Louis County Pattonville School District R3, Missouri, 3/10 at 101.00 AAA 807,750
General Obligation Bonds, Series 2000, 5.750%, 3/01/17
(Pre-refunded 3/01/10) - FGIC Insured
80 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 88,544
General Obligation Bonds, Series 2004, 5.250%, 3/01/20
(Pre-refunded 3/01/14) - FSA Insured
500 St. Louis County, Missouri, GNMA Collateralized Mortgage No Opt. Call AAA 566,405
Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative
Minimum Tax) (ETM)
1,000 St. Louis Municipal Finance Corporation, Missouri, Leasehold 2/12 at 100.00 Aaa 1,101,970
Revenue Bonds, Carnahan Courthouse, Series 2002A,
5.750%, 2/15/16 (Pre-refunded 2/15/12) - FGIC Insured
950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R (4) 1,060,466
County Memorial Hospital, Series 2000, 7.250%, 6/15/25
(Pre-refunded 6/15/10)
------------------------------------------------------------------------------------------------------------------------------------
10,015 Total U.S. Guaranteed 10,937,639
------------------------------------------------------------------------------------------------------------------------------------
51
Nuveen Missouri Premium Income Municipal Fund (NOM) (continued)
Portfolio of INVESTMENTS November 30, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.4% (4.4% OF TOTAL INVESTMENTS)
$ 640 Metropolitan St. Louis Sewerage District, Missouri, Revenue 5/14 at 100.00 AAA $ 689,875
Bonds, Wastewater System, Series 2004A,
5.000%, 5/01/20 - MBIA Insured
1,000 Missouri Environmental Improvement and Energy Resources 1/13 at 100.00 Aaa 1,077,840
Authority, Water Pollution Control and Drinking Water
Revenue Bonds, Series 2003B, 5.125%, 1/01/21
350 Missouri Environmental Improvement and Energy Resources No Opt. Call Aaa 401,072
Authority, Water Pollution Control Revenue Bonds, State
Revolving Fund Program - Kansas City Project, Series 1997C,
6.750%, 1/01/12
------------------------------------------------------------------------------------------------------------------------------------
1,990 Total Water and Sewer 2,168,787
------------------------------------------------------------------------------------------------------------------------------------
$ 44,715 Total Long-Term Investments (cost $45,538,249) - 143.0% 48,456,140
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.3% (1.7% OF TOTAL INVESTMENTS)
800 Puerto Rico Government Development Bank, Adjustable A-1+ 800,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 3.290%, 12/01/15 - MBIA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 800 Total Short-Term Investments (cost $800,000) 800,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $46,338,249) - 145.3% 49,256,140
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 647,428
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (47.2)% (16,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 33,903,568
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates. Certain mortgage-backed securities may be
subject to periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's or
Moody's rating. Ratings below BBB by Standard & Poor's
Group or Baa by Moody's Investor Service, Inc. are
considered to be below investment grade.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which
ensure the timely payment of principal and interest.
Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment has a maturity of more than one year, but
has variable rate and demand features which qualify it
as a short-term investment. The rate disclosed is that
in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a
specified market index.
N/R Not rated.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
52
Statement of
ASSETS AND LIABILITIES November 30, 2006 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $112,096,385, $54,937,556,
$49,788,724 and $92,444,055, respectively) $116,936,552 $57,706,355 $52,548,737 $95,879,342
Cash 777,248 183,278 331,235 --
Receivables:
Interest 1,656,718 746,360 633,216 1,288,122
Investments sold -- -- -- --
Variation margin on futures contracts 14,438 10,313 5,500 8,250
Other assets 9,605 3,160 4,832 843
------------------------------------------------------------------------------------------------------------------------------------
Total assets 119,394,561 58,649,466 53,523,520 97,176,557
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- -- 74,557
Payable for investments purchased 1,171,379 -- 532,445 958,401
Accrued expenses:
Management fees 61,340 18,455 14,515 24,751
Other 22,940 18,212 14,743 23,379
Preferred share dividends payable 23,793 3,206 1,342 9,816
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,279,452 39,873 563,045 1,090,904
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 38,300,000 19,500,000 17,500,000 32,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 79,815,109 $39,109,593 $35,460,475 $64,085,653
====================================================================================================================================
Common shares outstanding 5,358,793 2,573,528 2,313,264 4,359,370
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 14.89 $ 15.20 $ 15.33 $ 14.70
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 53,588 $ 25,735 $ 23,133 $ 43,594
Paid-in surplus 74,452,638 36,501,481 32,753,015 61,520,567
Undistributed (Over-distribution of) net investment income (4,604) (17,279) (12,242) (155,032)
Accumulated net realized gain (loss) from investments
and derivative transactions 458,008 (178,707) (68,842) (766,508)
Net unrealized appreciation (depreciation) of investments
and derivative transactions 4,855,479 2,778,363 2,765,411 3,443,032
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 79,815,109 $39,109,593 $35,460,475 $64,085,653
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
53
Statement of
ASSETS AND LIABILITIES November 30, 2006 (Unaudited) (continued)
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $99,669,256, $42,481,294,
$57,709,038 and $46,338,249, respectively) $104,918,898 $44,716,126 $60,792,260 $49,256,140
Cash -- -- 120,881 --
Receivables:
Interest 1,537,638 704,025 904,180 775,354
Investments sold 50,000 -- -- --
Variation margin on futures contracts -- -- -- --
Other assets 7,600 3,072 1,532 8,194
------------------------------------------------------------------------------------------------------------------------------------
Total assets 106,514,136 45,423,223 61,818,853 50,039,688
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 47,052 36,837 -- 91,520
Payable for investments purchased 991,750 396,700 595,050 --
Accrued expenses:
Management fees 54,699 14,147 15,749 25,935
Other 18,944 14,438 17,144 10,076
Preferred share dividends payable 21,053 2,753 1,854 8,589
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,133,498 464,875 629,797 136,120
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 34,000,000 15,000,000 20,500,000 16,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 71,380,638 $29,958,348 $40,689,056 $33,903,568
====================================================================================================================================
Common shares outstanding 4,762,396 1,957,034 2,722,095 2,296,314
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 14.99 $ 15.31 $ 14.95 $ 14.76
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 47,624 $ 19,570 $ 27,221 $ 22,963
Paid-in surplus 66,129,816 27,708,755 38,358,609 30,774,764
Undistributed (Over-distribution of) net investment income (44,192) 9,690 (87,269) 24,504
Accumulated net realized gain (loss) from investments
and derivative transactions (2,252) (14,499) (692,727) 163,446
Net unrealized appreciation (depreciation) of investments
and derivative transactions 5,249,642 2,234,832 3,083,222 2,917,891
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 71,380,638 $29,958,348 $40,689,056 $33,903,568
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
54
Statement of
OPERATIONS Six Months Ended November 30, 2006 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $2,700,712 $1,356,065 $1,203,991 $2,098,716
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 371,347 184,339 166,574 301,728
Preferred shares -- auction fees 48,006 24,441 21,934 40,110
Preferred shares -- dividend disbursing agent fees 5,014 5,014 5,014 5,014
Shareholders' servicing agent fees and expenses 6,011 843 674 534
Custodian's fees and expenses 18,406 14,026 14,919 19,030
Trustees' fees and expenses 1,769 864 712 1,204
Professional fees 6,891 5,846 5,747 6,385
Shareholders' reports -- printing and mailing expenses 9,304 5,261 6,067 10,367
Stock exchange listing fees 4,957 110 99 186
Investor relations expense 8,032 3,782 3,475 6,213
Other expenses 6,888 7,602 6,770 6,960
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 486,625 252,128 231,985 397,731
Custodian fee credit (10,615) (4,832) (2,520) (6,307)
Expense reimbursement -- (72,377) (78,483) (151,639)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 476,010 174,919 150,982 239,785
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,224,702 1,181,146 1,053,009 1,858,931
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 45,333 71,866 50,831 (171,279)
Net realized gain (loss) from forward swaps -- -- -- --
Net realized gain (loss) from futures 121,700 49,390 32,870 39,444
Change in net unrealized appreciation (depreciation) of investments 2,445,647 1,072,237 1,052,094 2,413,425
Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- --
Change in net unrealized appreciation (depreciation) of futures 15,312 9,564 5,398 7,745
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 2,627,992 1,203,057 1,141,193 2,289,335
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (563,654) (274,488) (246,034) (476,167)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (563,654) (274,488) (246,034) (476,167)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares
from operations $4,289,040 $2,109,715 $1,948,168 $3,672,099
====================================================================================================================================
See accompanying notes to financial statements.
55
Statement of
OPERATIONS Six Months Ended November 30, 2006 (Unaudited) (continued)
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $2,521,497 $1,051,282 $1,380,968 $1,245,578
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 330,586 141,275 191,946 157,127
Preferred shares -- auction fees 42,617 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 3,470 209 163 2,157
Custodian's fees and expenses 15,929 10,715 10,736 10,518
Trustees' fees and expenses 1,357 614 812 561
Professional fees 6,722 5,641 5,851 5,615
Shareholders' reports -- printing and mailing expenses 8,931 5,193 7,053 6,011
Stock exchange listing fees 4,955 83 116 97
Investor relations expense 7,131 2,870 3,928 3,477
Other expenses 7,645 7,248 7,670 6,455
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 434,357 197,663 258,984 217,087
Custodian fee credit (1,384) (2,572) (4,087) (3,712)
Expense reimbursement -- (55,469) (96,466) --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 432,973 139,622 158,431 213,375
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,088,524 911,660 1,222,537 1,032,203
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments (30,956) (8,506) -- 158,394
Net realized gain (loss) from forward swaps -- -- 27,938 --
Net realized gain (loss) from futures -- -- -- --
Change in net unrealized appreciation (depreciation) of investments 2,708,593 1,003,572 1,543,547 723,687
Change in net unrealized appreciation (depreciation) of forward swaps -- -- (117,661) --
Change in net unrealized appreciation (depreciation) of futures -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 2,677,637 995,066 1,453,824 882,081
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (553,060) (235,026) (329,066) (254,532)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (553,060) (235,026) (329,066) (254,532)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common shares
from operations $4,213,101 $1,671,700 $2,347,295 $1,659,752
====================================================================================================================================
See accompanying notes to financial statements.
56
Statement of
CHANGES IN NET ASSETS (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) DIVIDEND ADVANTAGE 2 (NGK)
---------------------------- ----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/06 5/31/06 11/30/06 5/31/06 11/30/06 5/31/06
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 2,224,702 $ 4,510,683 $ 1,181,146 $ 2,376,879 $ 1,053,009 $ 2,100,792
Net realized gain (loss)
from investments 45,333 1,038,893 71,866 162,050 50,831 168,414
Net realized gain (loss) from
forward swaps -- -- -- (31,610) -- (54,360)
Net realized gain (loss)
from futures 121,700 -- 49,390 -- 32,870 --
Change in net unrealized
appreciation (depreciation)
of investments 2,445,647 (3,933,261) 1,072,237 (1,588,460) 1,052,094 (1,580,479)
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- 33,381 -- 74,208
Change in net unrealized
appreciation (depreciation)
of futures 15,312 -- 9,564 -- 5,398 --
Distributions to
Preferred Shareholders:
From net investment income (563,654) (768,349) (274,488) (435,046) (246,034) (388,712)
From accumulated net
realized gains -- (136,473) -- -- -- (21,427)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 4,289,040 711,493 2,109,715 517,194 1,948,168 298,436
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,752,326) (3,998,729) (956,861) (2,175,963) (860,330) (1,906,258)
From accumulated net realized gains -- (1,198,895) -- -- -- (191,089)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,752,326) (5,197,624) (956,861) (2,175,963) (860,330) (2,097,347)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 235,372 51,756 99,657 20,820 45,455
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions -- 235,372 51,756 99,657 20,820 45,455
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets applicable
to Common shares 2,536,714 (4,250,759) 1,204,610 (1,559,112) 1,108,658 (1,753,456)
Net assets applicable to
Common shares at the
beginning of period 77,278,395 81,529,154 37,904,983 39,464,095 34,351,817 36,105,273
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $79,815,109 $77,278,395 $39,109,593 $37,904,983 $35,460,475 $34,351,817
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ (4,604) $ 86,674 $ (17,279) $ 32,924 $ (12,242) $ 41,113
====================================================================================================================================
See accompanying notes to financial statements.
57
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
CONNECTICUT MASSACHUSETTS PREMIUM MASSACHUSETTS
DIVIDEND ADVANTAGE 3 (NGO) INCOME (NMT) DIVIDEND ADVANTAGE (NMB)
---------------------------- ----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/06 5/31/06 11/30/06 5/31/06 11/30/06 5/31/06
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,858,931 $ 3,661,633 $ 2,088,524 $ 4,204,930 $ 911,660 $ 1,857,558
Net realized gain (loss)
from investments (171,279) 142,433 (30,956) 555,694 (8,506) 339,371
Net realized gain (loss) from
forward swaps -- (181,623) -- -- -- (71,318)
Net realized gain (loss)
from futures 39,444 -- -- -- -- --
Change in net unrealized
appreciation (depreciation)
of investments 2,413,425 (2,545,916) 2,708,593 (2,946,941) 1,003,572 (1,392,484)
Change in net unrealized
appreciation (depreciation)
of forward swaps -- 233,665 -- -- -- 70,423
Change in net unrealized
appreciation (depreciation)
of futures 7,745 -- -- -- -- --
Distributions to
Preferred Shareholders:
From net investment income (476,167) (798,637) (553,060) (838,696) (235,026) (323,165)
From accumulated net
realized gains -- -- -- (21,978) -- (37,056)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 3,672,099 511,555 4,213,101 953,009 1,671,700 443,329
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (1,412,435) (3,135,629) (1,642,561) (3,856,188) (745,354) (1,664,118)
From accumulated net realized gains -- -- -- (211,089) -- (379,860)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (1,412,435) (3,135,629) (1,642,561) (4,067,277) (745,354) (2,043,978)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 125,585 33,603 243,110 27,767 65,523
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions -- 125,585 33,603 243,110 27,767 65,523
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares 2,259,664 (2,498,489) 2,604,143 (2,871,158) 954,113 (1,535,126)
Net assets applicable to
Common shares at the
beginning of period 61,825,989 64,324,478 68,776,495 71,647,653 29,004,235 30,539,361
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $64,085,653 $61,825,989 $71,380,638 $68,776,495 $29,958,348 $29,004,235
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ (155,032) $ (125,361) $ (44,192) $ 62,905 $ 9,690 $ 78,410
====================================================================================================================================
See accompanying notes to financial statements.
58
INSURED MASSACHUSETTS MISSOURI PREMIUM
TAX-FREE ADVANTAGE (NGX) INCOME (NOM)
----------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
11/30/06 5/31/06 11/30/06 5/31/06
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,222,537 $ 2,456,151 $ 1,032,203 $ 2,085,068
Net realized gain (loss) from investments -- 143,049 158,394 65,625
Net realized gain (loss) from
forward swaps 27,938 (256,863) -- --
Net realized gain (loss) from futures -- -- -- --
Change in net unrealized appreciation
(depreciation) of investments 1,543,547 (1,806,995) 723,687 (1,267,962)
Change in net unrealized appreciation
(depreciation) of forward swaps (117,661) 477,230 -- --
Change in net unrealized appreciation
(depreciation) of futures -- -- -- --
Distributions to Preferred Shareholders:
From net investment income (329,066) (544,231) (254,532) (388,654)
From accumulated net realized gains -- -- -- (26,592)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 2,347,295 468,341 1,659,752 467,485
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (837,045) (1,943,091) (845,855) (1,919,195)
From accumulated net realized gains -- -- -- (220,543)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (837,045) (1,943,091) (845,855) (2,139,738)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 42,322 155,203 387,418
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions -- 42,322 155,203 387,418
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 1,510,250 (1,432,428) 969,100 (1,284,835)
Net assets applicable to Common
shares at the beginning of period 39,178,806 40,611,234 32,934,468 34,219,303
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $40,689,056 $39,178,806 $33,903,568 $32,934,468
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ (87,269) $ (143,695) $ 24,504 $ 92,688
====================================================================================================================================
See accompanying notes to financial statements.
59
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 may establish fair 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. Futures
contracts are valued using the closing settlement price, or, in the absence of
such a price, at the mean of the bid and asked prices. If the pricing service is
unable to supply a price for a municipal bond or futures contract, 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.
Exchange-listed securities are generally valued at the last sales price on the
securities exchange on which such securities are primarily traded. Securities
traded on a securities exchange for which there are no transactions on a given
day or securities not listed on a securities exchange are valued at the mean of
the closing bid and asked prices. Securities traded on Nasdaq are valued at the
Nasdaq Official Closing Price. 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/delayed delivery purchase commitments. At November 30, 2006,
Connecticut Premium Income (NTC), Connecticut Dividend Advantage 2 (NGK),
Connecticut Dividend Advantage 3 (NGO), Massachusetts Premium Income (NMT),
Massachusetts Dividend Advantage (NMB) and Insured Massachusetts Tax-Free
Advantage (NGX) had outstanding when-issued/delayed delivery purchase
commitments of $1,171,379, $532,445, $958,401, $991,750, $396,700 and $595,050,
respectively. There were no such outstanding purchase commitments in Connecticut
Dividend Advantage (NFC) or Missouri Premium Income (NOM).
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.
60
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.
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 help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date").
61
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The amount of the payment obligation is based on the notional amount of the
forward swap contract and the termination date of the swap (which is akin to a
bond's maturity). The value of the Fund's swap commitment would increase or
decrease based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swap's termination date increases or decreases.
The Funds may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. 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 reduce such credit risk, all counterparties are
required to pledge collateral daily (based on the daily valuation of each swap)
on behalf of each Fund with a value approximately equal to the amount of any
unrealized gain above a pre-determined threshold. Reciprocally, when any of the
Funds have an unrealized loss on a swap contract, the Funds have instructed the
custodian to pledge assets of the Funds as collateral with a value approximately
equal to the amount of the unrealized loss above a pre-determined threshold.
Collateral pledges are monitored and subsequently adjusted if and when the swap
valuations fluctuate, either up or down, by at least the predetermined threshold
amount. At November 30, 2006, the Funds did not have any forward swap contracts
outstanding.
Futures Contracts
The Funds are authorized to invest in futures contracts. Upon entering into a
futures contract, a Fund is required to deposit with the broker an amount of
cash or liquid securities equal to a specified percentage of the contract
amount. This is known as the "initial margin." Subsequent payments ("variation
margin") are made or received by a Fund each day, depending on the daily
fluctuation of the value of the contract.
During the period the futures contract is open, changes in the value of the
contract are recognized as an unrealized gain or loss by "marking-to-market" on
a daily basis to reflect the changes in market value of the contract. When the
contract is closed or expired, a Fund records a realized gain or loss equal to
the difference between the value of the contract on the closing date and value
of the contract when originally entered into. Cash held by the broker to cover
initial margin requirements on open futures contracts, if any, is noted in the
Statement of Assets and Liabilities. Additionally, the Statement of Assets and
Liabilities reflects a receivable or payable for the variation margin when
applicable.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices.
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.
62
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 YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/06 5/31/06 11/30/06 5/31/06 11/30/06 5/31/06
----------------------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 14,913 3,210 6,035 1,296 2,780
============================================================================================================================
CONNECTICUT DIVIDEND MASSACHUSETTS MASSACHUSETTS DIVIDEND
ADVANTAGE 3 (NGO) PREMIUM INCOME (NMT) ADVANTAGE (NMB)
------------------------ ----------------------- ------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
11/30/06 5/31/06 11/30/06 5/31/06 11/30/06 5/31/06
----------------------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 8,575 2,282 15,179 1,808 3,933
============================================================================================================================
INSURED
MASSACHUSETTS TAX-FREE MISSOURI
ADVANTAGE (NGX) PREMIUM INCOME (NOM)
----------------------- ------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
11/30/06 5/31/06 11/30/06 5/31/06
----------------------------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 2,688 9,857 22,403
============================================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended November 30, 2006, were
as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Purchases $10,166,891 $3,931,828 $4,812,206 $8,270,305
Sales and maturities 7,246,653 3,859,228 4,560,377 7,060,578
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Purchases $3,538,680 $1,046,700 $1,445,050 $2,765,164
Sales and maturities 2,481,163 569,035 850,000 3,373,008
==============================================================================================================
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. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their Federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.
63
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
At November 30, 2006, 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 $112,075,306 $54,965,488 $49,920,228 $92,556,058
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Cost of investments $99,601,602 $42,464,458 $57,861,115 $46,325,032
==============================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 2006, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $4,865,525 $2,806,140 $2,788,193 $3,473,923
Depreciation (4,279) (65,273) (159,684) (150,639)
--------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $4,861,246 $2,740,867 $2,628,509 $3,323,284
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $5,328,075 $2,257,662 $3,132,018 $2,934,716
Depreciation (10,779) (5,994) (200,873) (3,608)
--------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
of investments $5,317,296 $2,251,668 $2,931,145 $2,931,108
==============================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at May 31, 2006, the Funds' last tax 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* $392,378 $176,495 $185,335 $113,672
Undistributed net ordinary income ** -- -- 2,020 --
Undistributed net long-term capital gains 290,974 -- -- --
==============================================================================================================
64
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income* $302,954 $191,271 $20,692 $239,921
Undistributed net ordinary income ** 15,666 -- -- 7
Undistributed net long-term capital gains 28,705 -- -- 5,045
==============================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on May 1, 2006, paid on June 1, 2006.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
May 31, 2006, 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 $4,827,926 $2,623,472 $2,298,314 $3,958,800
Distributions from net ordinary income ** 775 -- 27,100 --
Distributions from net long-term capital gains 1,335,368 -- 185,416 --
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $4,681,999 $2,003,840 $2,512,850 $2,310,010
Distributions from net ordinary income ** 37,794 -- -- 8,293
Distributions from net long-term capital gains 233,067 409,848 -- 247,249
==============================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At May 31, 2006, the Funds' last tax year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
INSURED
CONNECTICUT CONNECTICUT MASSACHUSETTS
DIVIDEND DIVIDEND TAX-FREE
ADVANTAGE ADVANTAGE 3 ADVANTAGE
(NFC) (NGO) (NGX)
------------------------------------------------------------------------------------------------------------
Expiration year:
2011 $ -- $ 69,710 $ --
2012 201,750 106,107 16,123
2013 -- 79,696 125,264
2014 -- 111,331 427,135
------------------------------------------------------------------------------------------------------------
Total $201,750 $366,844 $568,522
============================================================================================================
The following Funds elected to defer net realized losses from investments
incurred from November 1, 2005 through May 31, 2006 ("post-October losses") in
accordance with Federal income tax regulations. Post-October losses are treated
as having arisen on the first day of the current fiscal year.
CONNECTICUT CONNECTICUT
DIVIDEND DIVIDEND
ADVANTAGE ADVANTAGE 3
(NFC) (NGO)
------------------------------------------------------------------------------------------------------------
$33,623 $131,436
============================================================================================================
5. MANAGEMENT FEES 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., ("Nuveen") 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.
65
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, 2006, the complex-level fee rate was .1845%.
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.
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 its 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.
66
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.
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.
67
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
6. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Interpretation No. 48
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 Accounting for Uncertainty in Income Taxes (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. At this time, management is
evaluating the implications of FIN 48 and does not expect the adoption of FIN 48
will have a significant impact on the net assets or results of operations of the
Funds.
Financial Accounting Standards Board Statement on Financial Accounting Standards
No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of November 30, 2006, the Funds do not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
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 29, 2006, to shareholders of
record on December 15, 2006, as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------------------------------------
Dividend per share $.0545 $.0605 $.0605 $.0540
==============================================================================================================
INSURED
MASSACHUSETTS MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND TAX-FREE PREMIUM
INCOME ADVANTAGE ADVANTAGE INCOME
(NMT) (NMB) (NGX) (NOM)
--------------------------------------------------------------------------------------------------------------
Dividend per share $.0535 $.0620 $.0525 $.0600
==============================================================================================================
At the same time, the following Funds declared capital gains and/or ordinary
income distributions as follows:
CONNECTICUT CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM PREMIUM
INCOME ADVANTAGE 2 INCOME INCOME
(NTC) (NGK) (NMT) (NOM)
--------------------------------------------------------------------------------------------------------------
Capital gains distributions per share $.0652 $.0363 $.0049 $.0048
Ordinary income distributions per share* .0043 .0008 .0027 --
==============================================================================================================
* Ordinary income consist of taxable market discount income and net
short-term capital gains, if any.
68
Financial
HIGHLIGHTS (Unaudited)
69
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from 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:
2007(c) $14.42 $ .42 $ .49 $(.11) $ -- $ .80 $(.33) $ -- $(.33)
2006 15.26 .84 (.54) (.14) (.03) .13 (.75) (.22) (.97)
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)
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 14.75 .46 .47 (.11) -- .82 (.37) -- (.37)
2006 15.39 .93 (.55) (.17) -- .21 (.85) -- (.85)
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)
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 14.86 .46 .49 (.11) -- .84 (.37) -- (.37)
2006 15.64 .91 (.60) (.17) (.01) .13 (.83) (.08) (.91)
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(a) 14.33 .08 .30 -- -- .38 (.07) -- (.07)
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 14.18 .43 .52 (.11) -- .84 (.32) -- (.32)
2006 14.78 .84 (.54) (.18) -- .12 (.72) -- (.72)
2005 13.97 .86 .83 (.10) -- 1.59 (.78) -- (.78)
2004 15.06 .88 (1.14) (.05) -- (.31) (.78) -- (.78)
2003(b) 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:
2007(c) $ -- $14.89 $14.39 5.54% 5.59%
2006 -- 14.42 13.95 (6.00) .88
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
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) -- 15.20 15.64 (1.55) 5.64
2006 -- 14.75 16.26 8.79 1.38
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
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) -- 15.33 15.61 (3.74) 5.74
2006 -- 14.86 16.60 9.78 .84
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(a) (.16) 14.48 15.05 .79 1.53
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) -- 14.70 14.05 2.03 6.02
2006 -- 14.18 14.09 1.84 .83
2005 -- 14.78 14.54 18.17 11.60
2004 -- 13.97 13.00 (8.92) (2.08)
2003(b) (.21) 15.06 15.09 3.71 8.46
============================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
---------------------------- -----------------------------
Ending
Net
Assets
Applicable Net Net Portfolio
to Common Investment Investment Turnover
Shares (000) Expenses++ Income++ Expenses++ Income++ Rate
====================================================================================================================
CONNECTICUT PREMIUM
INCOME (NTC)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) $79,815 1.24%* 5.66%* 1.22%* 5.68%* 6%
2006 77,278 1.25 5.66 1.23 5.68 16
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
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 39,110 1.31* 5.76* .91* 6.16* 7
2006 37,905 1.29 5.70 .84 6.14 14
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
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 35,460 1.33* 5.59* .87* 6.05* 9
2006 34,352 1.29 5.51 .83 5.97 11
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(a) 33,408 1.06* 2.90* .73* 3.23* --
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 64,086 1.27* 5.42* .76* 5.93* 8
2006 61,826 1.24 5.30 .74 5.80 9
2005 64,324 1.24 5.40 .76 5.89 9
2004 60,774 1.24 5.58 .74 6.08 14
2003(b) 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:
2007(c) $38,300 $25,000 $77,099
2006 38,300 25,000 75,443
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
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
--------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 19,500 25,000 75,141
2006 19,500 25,000 73,596
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
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 17,500 25,000 75,658
2006 17,500 25,000 74,074
2005 17,500 25,000 76,579
2004 17,500 25,000 74,495
2003 17,500 25,000 78,487
2002(a) 17,500 25,000 72,726
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------
Year Ended 5/31:
2007(c) 32,000 25,000 75,067
2006 32,000 25,000 73,302
2005 32,000 25,000 75,253
2004 32,000 25,000 72,480
2003(b) 32,000 25,000 76,034
==========================================================================
* Annualized.
** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period March 25, 2002 (commencement of operations) through May 31,
2002.
(b) For the period September 26, 2002 (commencement of operations) through May
31, 2003.
(c) For the six months ended November 30, 2006.
See accompanying notes to financial statements.
70-71 spread
FINANCIAL HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from 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:
2007(b) $14.45 $ .44 $ .57 $(.12) $ -- $ .89 $(.35) $ -- $ (.35)
2006 15.10 .88 (.50) (.18) -- .20 (.81) (.04) (.85)
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)
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 14.83 .47 .51 (.12) -- .86 (.38) -- (.38)
2006 15.65 .95 (.54) (.17) (.02) .22 (.85) (.19) (1.04)
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)
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 14.39 .45 .54 (.12) -- .87 (.31) -- (.31)
2006 14.93 .90 (.53) (.20) -- .17 (.71) -- (.71)
2005 14.04 .92 .90 (.09) -- 1.73 (.84) -- (.84)
2004 15.25 .94 (1.22) (.06) -- (.34) (.86) (.01) (.87)
2003(a) 14.33 .35 1.21 (.03) -- 1.53 (.37) -- (.37)
MISSOURI PREMIUM
INCOME (NOM)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 14.40 .45 .39 (.11) -- .73 (.37) -- (.37)
2006 15.11 .92 (.51) (.17) (.01) .23 (.84) (.10) (.94)
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)
=================================================================================================================================
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:
2007(b) $ -- $14.99 $14.60 4.17% 6.20%
2006 -- 14.45 14.35 (6.14) 1.41
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
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
---------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) -- 15.31 15.74 3.89 5.88
2006 -- 14.83 15.53 (5.23) 1.49
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
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
---------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) -- 14.95 13.78 4.92 6.09
2006 -- 14.39 13.43 (11.62) 1.20
2005 -- 14.93 15.94 20.95 12.62
2004 -- 14.04 13.90 (6.83) (2.18)
2003(a) (.24) 15.25 15.78 7.69 9.07
MISSOURI PREMIUM
INCOME (NOM)
---------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) -- 14.76 16.89 5.73 5.13
2006 -- 14.40 16.35 (3.53) 1.57
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
=============================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
---------------------------- -----------------------------
Ending
Net
Assets
Applicable Net Net Portfolio
to Common Investment Investment Turnover
Shares (000) Expenses++ Income++ Expenses++ Income++ Rate
=====================================================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
---------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) $71,381 1.24%* 5.98%* 1.24%* 5.99%* 2%
2006 68,776 1.25 5.98 1.24 6.00 13
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
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
---------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 29,958 1.35* 5.82* .95* 6.21* 1
2006 29,004 1.29 5.79 .83 6.24 13
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
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
---------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 40,689 1.30* 5.64* .80* 6.15* 1
2006 39,179 1.29 5.66 .79 6.16 5
2005 40,611 1.27 5.83 .79 6.31 2
2004 38,121 1.28 5.94 .75 6.46 97
2003(a) 41,297 1.14* 4.17* .68* 4.64* 19
MISSOURI PREMIUM
INCOME (NOM)
---------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 33,904 1.30* 6.17* 1.28* 6.20* 6
2006 32,934 1.29 6.20 1.27 6.22 9
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
=====================================================================================================================
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:
2007(b) $34,000 $25,000 $77,486
2006 34,000 25,000 75,571
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
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
---------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 15,000 25,000 74,931
2006 15,000 25,000 73,340
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
INSURED MASSACHUSETTS
TAX-FREE
ADVANTAGE (NGX)
---------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 20,500 25,000 74,621
2006 20,500 25,000 72,779
2005 20,500 25,000 74,526
2004 20,500 25,000 71,489
2003(a) 20,500 25,000 75,362
MISSOURI PREMIUM
INCOME (NOM)
---------------------------------------------------------------------------
Year Ended 5/31:
2007(b) 16,000 25,000 77,974
2006 16,000 25,000 76,460
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
===========================================================================
* Annualized.
** Total 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 November 21, 2002 (commencement of operations) through May
31, 2003.
(b) For the six months ended November 30, 2006.
See accompanying notes to financial statements.
72-73 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 CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
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.
74
Automatic Dividend
REINVESTMENT PLAN
NOTICE OF AMENDMENT TO THE TERMS AND CONDITIONS
These Funds are amending the terms and conditions of their Automatic Dividend
Reinvestment Plan (the "Plan") as further described below effective with the
close of business on March 1, 2007. THESE CHANGES ARE INTENDED TO ENABLE PLAN
PARTICIPANTS UNDER CERTAIN CIRCUMSTANCES TO REINVEST FUND DISTRIBUTIONS AT A
LOWER AGGREGATE COST THAN IS POSSIBLE UNDER THE EXISTING PLAN. Shareholders who
do not wish to continue as participants under the amended Plan may withdraw from
the Plan by notifying the Plan Agent prior to the effective date of the
amendments. Participants should refer to their Plan document for notification
instructions, or may simply call Nuveen at (800) 257-8787.
Fund shareholders who elect to participate in the Plan are able to have Fund
distributions consisting of income dividends, realized capital gains and returns
of capital automatically reinvested in additional Fund shares. Under the Plan's
existing terms, the Plan Agent purchases Fund shares in the open market if the
Fund's shares are trading at a discount to their net asset value on the payable
date for the distribution. If the Fund's shares are trading at or above their
net asset value on the payable date for the distribution, the Plan Agent
purchases newly-issued Fund shares directly from the Fund at a price equal to
the greater of the shares' net asset value or 95% of the shares' market value.
Under the Plan's amended terms, if the Plan Agent begins purchasing Fund shares
on the open market while shares are trading below net asset value, but the
Fund's shares subsequently trade at or above their net asset value before the
Plan Agent is able to complete its purchases, the Plan Agent may cease
open-market purchases and may invest the uninvested portion of the distribution
in newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value. This change will permit Plan
participants under these circumstances to reinvest Fund distributions at a lower
aggregate cost than is possible under the existing Plan.
75
Notes
76
Notes
77
Notes
78
Other Useful
INFORMATION
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, 2006, 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.
INVERSE FLOATERS: Inverse floating rate securities are created by depositing a
municipal bond, typically with a fixed interest rate, into a special purpose
trust created by a broker-dealer. This trust, in turn, (a) issues floating rate
certificates typically paying short-term tax-exempt interest rates to third
parties in amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate (sometimes
referred to as an "inverse floater") to an investor (such as a Fund) interested
in gaining investment exposure to a long-term municipal bond. The income
received by the holder of the inverse floater varies inversely with the
short-term rate paid to the floating rate certificates' holders, and in most
circumstances the holder of the inverse floater bears substantially all of the
underlying bond's downside investment risk. The holder of the inverse floater
typically also benefits disproportionately from any potential appreciation of
the underlying bond's value. Hence, an inverse floater essentially represents an
investment in the underlying bond on a leveraged basis.
LEVERAGE-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.
79
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 $160 billion in assets, as of December 2006, 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
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/CEF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
ESA-B-1106D
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 to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board 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
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date: February 8, 2007
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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
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Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: February 8, 2007
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By (Signature and Title)* /s/ Stephen D. Foy
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Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: February 8, 2007
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* Print the name and title of each signing officer under his or her signature.