SEMIANNUAL REPORT November 30, 2002
Nuveen
Municipal Closed-End
Exchange-Traded
Funds
CONNECTICUT
NTC
NFC
NGK
NGO
MASSACHUSETTS
NMT
NMB
MISSOURI
NOM
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Timothy R. Schwertfeger
Chairman of the Board
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Dear
SHAREHOLDER
Once again, I am pleased to write that during the period covered by this report
your Nuveen Fund continued to meet its objective of providing attractive monthly
income free from federal income taxes and, where applicable, state income taxes.
Detailed information on your Fund's performance can be found in the Portfolio
Managers' Comments and on the Performance Overview pages within this report.
Please take the time to read them.
In addition to providing regular tax-free income, we believe that a municipal
bond investment like your Nuveen Fund also may offer opportunities to reduce the
risk of your overall investment portfolio. This is because the prices of
municipal bonds may move differently than the prices of the common stocks,
mutual funds or other investments you may own. Since one part of your portfolio
may be going up when another is going down, portfolio diversification may reduce
your overall risk. Your financial advisor can explain the advantages of
portfolio diversification in more detail. I urge you to contact him or her soon
for more information on this important investment strategy.
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For more than 100 years, Nuveen has specialized in offering quality investments
such as your Nuveen Fund to those seeking to accumulate and preserve wealth. Our
commitment to careful research, constant surveillance and judicious trading by
our seasoned portfolio management team has never been stronger. Our mission
continues to be to assist you and your financial advisor by offering the
investment solutions and services that can help you meet your financial
objectives. We thank you for choosing us as a partner as you work toward that
goal.
Sincerely,
/s/ TIMOTHY R. SCHWERTFEGER
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
January 15, 2003
1
Nuveen Municipal Closed-End Exchange-Traded Funds
(NTC, NFC, NGK, NGO, NMT, NMB, NOM)
Portfolio Managers'
COMMENTS
Portfolio managers Paul Brennan and Tom Futrell discuss U.S. and state economic
conditions, key investment strategies, and the recent performance of the Funds.
Paul, who has eleven years of investment experience, including five with Nuveen,
assumed portfolio management responsibility for NTC in 1999, NFC in 2001, and
NGK and NGO upon their inceptions in March and September 2002, respectively. A
19-year veteran of Nuveen, Tom has managed NMT since 1998 and NMB and NOM since
2001. (In January 2003, as part of a general realignment of portfolio management
assignments, Paul Brennan assumed primary responsibility for NMT and NMB. Rick
Huber, who has 17 years' investment management experience, took over NOM. There
were no changes in the investment objectives or general investment strategies of
these Funds.)
WHAT WERE THE MAJOR FACTORS AFFECTING THE U.S. ECONOMY AND THE MUNICIPAL MARKET
DURING THIS REPORTING PERIOD?
In many ways, economic and market conditions did not significantly change since
the last shareholder report dated May 2002. We believe the most influential
factors affecting the U.S. economy and the municipal market continued to be the
slow pace of economic growth and interest rates that remained at 40-year lows.
The ongoing threat of terrorism and continued geopolitical uncertainty also had
an economic impact during this reporting period.
In the municipal market, the sluggish economic recovery and lack of inflationary
pressures helped many bonds perform well during much of 2002. However, during
October and, to a lesser degree, November 2002, the market environment for all
fixed income investments was negatively impacted by a rebound in the equity
markets, which appeared to prompt some investors to sell fixed income products
and purchase common stocks.
During the first eleven months of 2002, new municipal supply nationwide reached
a record $328 billion, a 27% increase over January-November 2001 levels. Demand
for municipal bonds also remained strong over most of this period, as many
individual investors continued to seek investments offering tax-free income and
diversification for their portfolios. Institutional investors, especially
traditional municipal bond purchasers such as property/casualty insurance
companies, also were active buyers.
WHAT ABOUT ECONOMIC AND MARKET CONDITIONS IN THESE STATES?
Despite weaker employment trends and a heavy debt load, Connecticut remained a
very affluent state, with the highest per capita income in the nation. While the
main drivers of the state's diverse economy - manufacturing, financial services,
and insurance - continued to be weak, biopharmaceutical firms exhibited some
growth, and housing construction remained strong. As of November 2002, the
state's unemployment rate was 4.4%, up from 3.9% a year ago, but still well
below the national average of 6.0%. Due to a steep drop in tax collections based
on personal income and capital gains, Connecticut experienced budgetary
pressures, exhausted its reserves and employed a number of one-time sources to
close the gap in its fiscal 2003 budget. As a result, the state has few
remaining resources to resolve its current $500 million shortfall or offset any
continued revenue erosion. Reflecting the state's continued budgetary issues,
Moody's and Standard & Poor's in August revised their outlooks for Connecticut
to negative from
2
stable, while the state's credit ratings remained at Aa2/AA, respectively.
During the first eleven months of 2002, Connecticut went against the general
trend toward increased supply, issuing $4.8 billion in new municipal bonds, down
7% from January-November 2001.
Both Massachusetts and Missouri maintained their Moody's and S&P credit ratings
at Aa2/AA- and Aaa/AAA, respectively, although Moody's revised its outlook for
Massachusetts to negative from stable in December 2001. As of November 30, 2002,
Massachusetts had issued more than $13 billion in municipal debt in 2002, up 50%
over the first 11 months of 2001, while new supply in Missouri totaled $5
billion, a decline of 22% from 2001 levels. Traditionally a small issuer,
Missouri is expected to see increased supply over the next few years, with a
$2.3 billion highway issue and a number of general obligation issues on the
municipal schedule.
Looking at the Massachusetts economy, the commonwealth continued to struggle
with budget pressures brought on by a drop in tax revenues. The $2.3 billion
shortfall in the fiscal 2003 budget was addressed by freezing a scheduled tax
cut, reinstating taxes on capital gains, drawing on rainy day reserves, and
further cutting expenses. However, since the 2003 budget was passed, an
additional $99 million gap has emerged, and the projected deficit for fiscal
2004 is currently pegged at $2 billion. In November 2002, unemployment in
Massachusetts stood at 5.0%, as the manufacturing sector continued to shed jobs.
Healthcare, education, financial services, and technology remained the
commonwealth's primary economic drivers, while its defense contractors stand to
gain from increased government spending over the next few years.
In Missouri, the state economy continued to slow, with job losses in
construction and wholesale trade and a long-running decline in manufacturing,
particularly in old-line sectors such as auto-making. Although the state offers
diversity from an industrial perspective, the Missouri job market is expected to
show continued weakness, with little new job creation in manufacturing over the
short term. New job growth in the non-manufacturing sectors has also been
relatively flat in past years. As of November 2002, Missouri's jobless rate
remained relatively stable at 5.1%. On the plus side, the state's financial
operations continued to be well managed, and debt levels remained relatively
low. The combination of well-managed fiscal operations and a good reserve
position has provided Missouri with some degree of financial flexibility and a
potential cushion against further erosion in tax collections.
HOW DID THESE FUNDS PERFORM OVER THE TWELVE MONTHS ENDED NOVEMBER 30, 2002?
Individual results for the Funds are presented in the accompanying table.
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2
------------------------------------------------------------------------------
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
11/30/02 EQUIVALENT3 11/30/02 11/30/02 11/30/02
------------------------------------------------------------------------------
NTC 5.37% 8.01% 7.68% 6.32% 7.80%
------------------------------------------------------------------------------
NFC 5.60% 8.36% 8.75% 6.32% 7.80%
------------------------------------------------------------------------------
NGK 5.48% 8.18% NA - -
------------------------------------------------------------------------------
NGO 5.36% 8.00% NA - -
------------------------------------------------------------------------------
NMT 5.68% 8.54% 6.92% 6.32% 7.80%
------------------------------------------------------------------------------
NMB 5.27% 7.92% 8.98% 6.32% 7.80%
------------------------------------------------------------------------------
NOM 5.51% 8.35% 7.08% 6.32% 7.80%
------------------------------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
1 The total annual returns on common share net asset value (NAV) for these
Nuveen Funds are compared with the total annual return of the Lehman
Brothers Municipal Bond Index, an unleveraged national index comprising a
broad range of investment-grade municipal bonds. Results for the Lehman
index do not reflect any expenses.
2 The total returns of these Funds are compared with the average annualized
return of the 31 funds in the Lipper Other States Municipal Debt Funds
category. Fund and Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a federal income tax rate of 30% plus the
applicable state income tax rate. The combined federal and state tax rates
used in this report are as follows: Connecticut 33%, Massachusetts 33.5%,
and Missouri 34%.
3
For the twelve months ended November 30, 2002, each of the five Funds in this
report having at least one year of performance history outperformed the
unleveraged, unmanaged Lehman Brothers Municipal Bond Index. We believe that
much of this outperformance can be attributed to the leveraged structure of
these Funds, which provides the opportunity for additional income for common
shareholders while adding volatility to the Fund's NAV and share price. We think
it can also be attributed in some cases to the relatively long leverage-adjusted
durations4 of these Funds, which should help the Funds to perform well during
periods of declining interest rates.
It is difficult to compare the performance of these Funds with the Lipper
Average shown in the table because Lipper combines the performance of many
different funds from different states into one overall multi-state average.
Looking specifically at the Connecticut and Massachusetts Funds, we believe that
their respective durations were the primary reasons for the performance
differences. The older Funds, NTC and NMT, had significantly shorter durations
as of November 30, 2002, than NFC and NMB. In a falling interest rate
environment, as was the case over most of the reporting period, longer-duration
Funds generally would be expected to outperform shorter-duration Funds.
In addition, the performance of each of these Funds was also influenced by other
factors, including call exposure, portfolio trading activity, and the price
movement of specific sectors. For example, NMT also held $2.5 million in
resource recovery bonds issued for the Ogden Haverhill project in Massachusetts,
which were negatively impacted when the parent company declared bankruptcy.
While this event hurt the price performance of the bonds, the issue continues to
make coupon payments.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
As the Federal Reserve continued to keep short-term interest rates relatively
low, the dividend-paying capabilities of these Funds benefited from their use of
leverage, a strategy that can potentially enhance the dividends paid to common
shareholders. The amount of this benefit is tied in part to the short-term rates
the Funds pay their MuniPreferred, shareholders. Low short-term rates, such as
those currently in effect, can enable the Funds to reduce the amount of income
they pay preferred shareholders, which can leave more earnings to support common
share dividends.
During the year ended November 30, 2002, the relatively low level of short-term
interest rates enabled us to implement three dividend increases in NOM and two
in both NTC and NMT. NFC and NMB, which were introduced in 2001, and NGK, which
debuted in March 2002, continued to pay attractive monthly dividends during this
period, while NGO, which was introduced in September 2002, paid its first
dividend in November 2002.
Over the course of the entire reporting period, the share prices of NTC, NGK,
NMB, and NOM rose.
4 Duration is a measure of a Fund's NAV volatility in reaction to interest
rate movements. Fund duration, also known as leverage-adjusted duration,
takes into account the leveraging process for a Fund and therefore is
generally longer than the duration of the actual portfolio of individual
bonds that make up the Fund. References to duration in this commentary are
intended to indicate Fund duration unless otherwise noted.
4
For NFC, NGO and NMT, however, the general weakening of bond prices during
October and November 2002 resulted in share prices that ended the reporting
period lower than where they were six months earlier. All of the Funds covered
in this report were trading at premiums to their common share net asset values
as of the end of this reporting period (see charts on individual Performance
Overview pages).
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE YEAR ENDED
NOVEMBER 30, 2002?
Over the period, our strategic focus continued to be on working to diversify
Fund holdings, enhance call protection, and position the Funds more defensively
in anticipation of potential changes in the interest rate environment.
Specifically, that included purchasing a number of high-quality and insured
bonds as well as bonds in the 15- to 20-year part of the yield curve. We
believed bonds in this maturity range offered yields similar to those of longer
bonds, but with less overall risk. We think the addition of these
long-intermediate bonds should help to moderate the Funds' durations over time,
making the portfolios less sensitive to interest rate changes while still
allowing the Funds to provide competitive yields and returns.
The addition of bonds with 15- to 20-year maturities resulted in a shortening of
the durations for all of the Funds except the older NTC and NMT, where the
reinvestment of call proceeds into this part of the yield curve actually led to
a modest lengthening of duration.
In addition to an emphasis on yield curve positioning and risk reduction, we
also continued to look for individual issues that we believed could perform well
regardless of the future direction of interest rates. As supply remained tight
in Connecticut, we took full advantage of new issues as they came to market,
concentrating our trading activity on general obligation and higher education
issues. In Massachusetts, where supply was more plentiful, our focus was on
finding attractive bonds in sectors that we believed were undervalued, including
general obligation bonds.
In Missouri, tight supply in both the primary and secondary markets kept trading
activity relatively low. One transaction of note was the sale of bonds issued
for privatized student housing at Mineral Area College, which at one time
represented almost 5% of NOM's portfolio. Based on our assessment of the
long-term prospects of this credit, we methodically sold more than 85% of our
position over the past twelve months, and we anticipate completely eliminating
this position in the near future.
In the current geopolitical and economic climate, we believe that maintaining
strong credit quality remains a key requirement. As of November 30, 2002, each
of these Funds continued to offer excellent credit quality, with allocations of
bonds rated AAA/U.S. guaranteed and AA ranging from 75% to 91%.
In September 2002, we introduced the new Nuveen Connecticut Dividend Advantage
Municipal Fund 3 (NGO). As of November 30, 2002, this Fund
5
had completed the initial investment phase and was in the process of investing
proceeds from its MuniPreferred offering. As mentioned earlier, NGO paid its
first dividend in November 2002.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THESE FUNDS IN
PARTICULAR?
In general, our outlook for the fixed income markets remains positive. We
believe the U.S. economy is headed for an eventual recovery, but one that may be
less robust and slower to arrive than some are predicting. We expect inflation
and interest rates to remain relatively low over the near term, while new
municipal volume nationally should continue to be strong, though probably below
the record levels seen in 2002, as issuers take advantage of the low rate
environment for both new issues and refinancings. Given the continued need for
Connecticut and Massachusetts to address budgetary imbalances, issuance should
remain strong in these states, while Missouri, as mentioned earlier, also is
expected to see an increase in supply. Demand for tax-exempt municipal bonds
should remain solid, as investors continue to look for ways to rebalance their
portfolios and reduce overall investment risk.
Over the next two years, we believe that these Funds generally will offer good
levels of call protection, with call exposure ranging from 1% in NGK and NGO to
26% in NMT during 2003 and 2004. During the past twelve months, we worked to
mitigate the call risk and improve the positions of all the Funds, particularly
NTC, NMT, and NOM, which mark their 10-year anniversaries in 2003. In
Connecticut, in particular, this was an incremental process due to the sporadic
nature of issuance in the state. While the number of actual calls in each Fund
will depend largely on market interest rates over this time, we believe the
short-term call exposure of these Funds is manageable.
In the months ahead, we will attempt to manage Fund durations through additional
purchases of high-quality bonds in the 15- to 20-year part of the yield curve.
While the projected budget deficits in Connecticut and Massachusetts could
result in heavy issuance and increased trading opportunities for us, we will
continue to monitor the potential impact on the states' fiscal health and
position our portfolios accordingly. If Missouri supply improves during 2003,
our plans include looking for opportunities to sell bonds with call dates of
2005-2007 and reinvesting the proceeds further out on the yield curve. In
general, we plan to remain focused on strategies that can add value for our
shareholders and provide support for the Funds' long-term dividend-paying
capabilities.
6
Nuveen Connecticut Premium Income Municipal Fund
Performance
OVERVIEW As of November 30, 2002
NTC
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 71%
AA 18%
A 4%
BBB 6%
NR 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $16.10
--------------------------------------------------
Common Share Net Asset Value $14.71
--------------------------------------------------
Market Yield 5.37%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.67%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.01%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $77,827
--------------------------------------------------
Average Effective Maturity (Years) 18.70
--------------------------------------------------
Leverage-Adjusted Duration 8.43
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/93)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 6.12% 7.68%
--------------------------------------------------
5-Year 6.54% 6.64%
--------------------------------------------------
Since Inception 6.20% 6.27%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Education and Civic Organizations 22%
--------------------------------------------------
Tax Obligation/General 17%
--------------------------------------------------
Tax Obligation/Limited 12%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
Housing/Single Family 7%
--------------------------------------------------
Bar chart:
2001-2002 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Dec 0.070
Jan 0.070
Feb 0.070
Mar 0.071
Apr 0.071
May 0.071
Jun 0.071
Jul 0.071
Aug 0.071
Sep 0.072
Oct 0.072
Nov 0.072
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/01 16.11
15.98
15.80
15.75
15.90
15.94
16.30
16.32
16.35
16.52
16.61
16.57
16.78
16.74
16.10
15.80
15.92
15.74
15.68
15.61
15.90
16.10
16.20
16.20
16.05
16.05
16.45
16.52
16.78
16.70
17.56
16.70
17.10
16.70
16.60
17.05
16.95
16.46
16.25
16.31
16.65
16.40
16.56
16.75
16.47
16.15
15.85
15.73
16.12
16.19
16.00
11/30/02 16.10
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 33%.
2 The Fund also paid shareholders a net ordinary income distribution in
December 2001 of $0.0019 per share.
7
Nuveen Connecticut Dividend Advantage Municipal Fund
Performance
OVERVIEW As of November 30, 2002
NFC
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 55%
AA 20%
A 16%
BBB 7%
NR 2%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.99
--------------------------------------------------
Common Share Net Asset Value $14.58
--------------------------------------------------
Market Yield 5.60%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.00%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.36%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $37,143
--------------------------------------------------
Average Effective Maturity (Years) 20.77
--------------------------------------------------
Leverage-Adjusted Duration 11.32
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 1/01)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -1.12% 8.75%
--------------------------------------------------
Since Inception 5.25% 6.74%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 23%
--------------------------------------------------
Education and Civic Organizations 20%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Tax Obligation/Limited 10%
--------------------------------------------------
Housing/Single Family 10%
--------------------------------------------------
Bar chart:
2001-2002 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0700
Jan 0.0700
Feb 0.0700
Mar 0.0700
Apr 0.0700
May 0.0700
Jun 0.0700
Jul 0.0700
Aug 0.0700
Sep 0.0700
Oct 0.0700
Nov 0.0700
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/01 16.04
15.87
15.72
15.80
15.98
16.10
16.26
16.46
16.10
16.60
16.36
16.34
15.92
15.59
15.25
14.91
14.97
14.90
14.90
14.97
15.20
15.50
15.68
15.54
15.70
15.79
15.77
16.00
16.08
16.05
16.00
16.41
16.25
15.58
15.82
15.83
16.00
16.05
15.54
15.60
15.74
15.60
15.70
16.00
16.10
15.60
15.50
15.51
15.80
15.85
14.93
11/30/02 14.99
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 33%.
8
Nuveen Connecticut Dividend Advantage Municipal Fund 2
Performance
OVERVIEW As of November 30, 2002
NGK
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 69%
AA 20%
A 7%
BBB 4%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.10
--------------------------------------------------
Common Share Net Asset Value $14.93
--------------------------------------------------
Market Yield 5.48%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.83%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.18%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $34,451
--------------------------------------------------
Average Effective Maturity (Years) 20.82
--------------------------------------------------
Leverage-Adjusted Duration 11.72
--------------------------------------------------
CUMULATIVE TOTAL RETURN (Inception 3/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception 3.86% 7.59%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 37%
--------------------------------------------------
Education and Civic Organizations 24%
--------------------------------------------------
Tax Obligation/Limited 10%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
U.S. Guaranteed 6%
--------------------------------------------------
Bar chart:
2002 MONTHLY TAX-FREE DIVIDENDS PER SHARE
May 0.0690
Jun 0.0690
Jul 0.0690
Aug 0.0690
Sep 0.0690
Oct 0.0690
Nov 0.0690
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
3/28/02 15.10
15.02
15.01
15.01
15.05
15.05
15.10
15.20
15.10
15.05
15.37
15.35
15.80
15.65
15.60
15.75
15.45
15.65
16.15
15.70
15.93
15.90
15.60
15.50
15.38
15.39
15.46
15.58
15.49
14.71
15.00
15.15
15.30
15.20
15.05
11/30/02 15.10
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 33%.
9
Nuveen Connecticut Dividend Advantage Municipal Fund 3
Performance
OVERVIEW As of November 30, 2002
NGO
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 84%
AA 7%
A 6%
BBB 3%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.56
--------------------------------------------------
Common Share Net Asset Value $13.86
--------------------------------------------------
Market Yield 5.36%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.66%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.00%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $59,834
--------------------------------------------------
Average Effective Maturity (Years) 22.04
--------------------------------------------------
Leverage-Adjusted Duration 17.31
--------------------------------------------------
CUMULATIVE TOTAL RETURN (Inception 9/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception -2.50% -2.83%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 28%
--------------------------------------------------
Tax Obligation/General 26%
--------------------------------------------------
Education and Civic Organizations 19%
--------------------------------------------------
Long-Term Care 7%
--------------------------------------------------
Housing Single Family 5%
--------------------------------------------------
THE FUND PAID ITS FIRST REGULAR MONTHLY DIVIDEND OF $0.0650 PER SHARE ON
DECEMBER 2, 2002.
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
9/27/02 15.00
15.06
15.25
15.06
15.00
15.00
15.05
14.90
14.65
11/30/02 14.56
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 33%.
10
Nuveen Massachusetts Premium Income Municipal Fund
Performance
OVERVIEW As of November 30, 2002
NMT
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 69%
AA 8%
A 14%
BBB 7%
NR 2%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.32
--------------------------------------------------
Common Share Net Asset Value $14.69
--------------------------------------------------
Market Yield 5.68%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.11%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.54%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $68,982
--------------------------------------------------
Average Effective Maturity (Years) 18.00
--------------------------------------------------
Leverage-Adjusted Duration 9.60
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/93)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 0.95% 6.92%
--------------------------------------------------
5-Year 5.07% 6.08%
--------------------------------------------------
Since Inception 5.86% 6.35%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Housing/Multifamily 20%
--------------------------------------------------
U.S. Guaranteed 20%
--------------------------------------------------
Education and Civic Organizations 18%
--------------------------------------------------
Healthcare 14%
--------------------------------------------------
Tax Obligation/General 12%
--------------------------------------------------
Bar chart:
2001-2002 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0700
Jan 0.0700
Feb 0.0700
Mar 0.0700
Apr 0.0700
May 0.0700
Jun 0.0710
Jul 0.0710
Aug 0.0710
Sep 0.0725
Oct 0.0725
Nov 0.0725
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/01 15.88
15.70
15.76
15.67
15.51
15.66
15.76
15.83
15.83
15.73
15.90
15.85
16.04
15.90
15.71
15.25
14.95
14.99
15.10
15.30
15.46
15.65
15.71
15.90
15.56
15.70
15.93
16.02
15.75
15.90
16.25
16.43
16.27
16.23
16.40
16.06
15.91
16.12
16.12
16.45
16.63
16.41
16.51
16.76
16.09
15.90
15.38
15.85
15.98
15.94
15.26
11/30/02 15.32
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 33.5%.
11
Nuveen Massachusetts Dividend Advantage Municipal Fund
Performance
OVERVIEW As of November 30, 2002
NMB
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 66%
AA 15%
A 6%
BBB 13%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $16.63
--------------------------------------------------
Common Share Net Asset Value $14.73
--------------------------------------------------
Market Yield 5.27%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.53%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 7.92%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $28,641
--------------------------------------------------
Average Effective Maturity (Years) 24.37
--------------------------------------------------
Leverage-Adjusted Duration 12.69
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 1/01)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 13.45% 8.98%
--------------------------------------------------
Since Inception 11.66% 7.60%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Education and Civic Organizations 19%
--------------------------------------------------
Tax Obligation/General 14%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
Transportation 10%
--------------------------------------------------
Water and Sewer 10%
--------------------------------------------------
Bar chart:
2001-2002 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0730
Jan 0.0730
Feb 0.0730
Mar 0.0730
Apr 0.0730
May 0.0730
Jun 0.0730
Jul 0.0730
Aug 0.0730
Sep 0.0730
Oct 0.0730
Nov 0.0730
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/01 15.62
15.20
15.08
15.22
15.47
15.54
15.60
15.36
15.50
15.20
15.20
15.31
15.36
15.51
15.32
15.57
15.70
15.74
15.72
15.78
15.80
15.92
15.90
15.90
15.85
15.95
16.25
16.29
16.68
16.69
17.05
16.75
16.70
16.40
16.95
16.80
16.43
16.39
16.62
16.78
16.73
16.65
16.83
17.22
16.64
16.95
16.61
16.50
16.50
16.45
16.35
11/30/02 16.63
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 33.5%.
12
Nuveen Missouri Premium Income Municipal Fund
Performance
OVERVIEW As of November 30, 2002
NOM
Pie chart:
CREDIT QUALITY
AAA/U.S. Guaranteed 73%
AA 11%
A 3%
BBB 4%
NR 9%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.80
--------------------------------------------------
Common Share Net Asset Value $14.52
--------------------------------------------------
Market Yield 5.51%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 7.87%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 8.35%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $32,124
--------------------------------------------------
Average Effective Maturity (Years) 15.58
--------------------------------------------------
Leverage-Adjusted Duration 8.91
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/93)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 8.96% 7.08%
--------------------------------------------------
5-Year 8.03% 6.18%
--------------------------------------------------
Since Inception 6.06% 5.85%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/General 21%
--------------------------------------------------
Healthcare 18%
--------------------------------------------------
Tax Obligation/Limited 17%
--------------------------------------------------
U.S. Guaranteed 15%
--------------------------------------------------
Housing/Multifamily 7%
--------------------------------------------------
Bar chart:
2001-2002 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Dec 0.0675
Jan 0.0675
Feb 0.0675
Mar 0.0695
Apr 0.0695
May 0.0695
Jun 0.0715
Jul 0.0715
Aug 0.0715
Sep 0.0725
Oct 0.0725
Nov 0.0725
Line chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
12/1/01 15.30
15.26
15.07
15.08
15.07
15.12
15.19
15.37
15.29
15.41
15.30
15.25
15.25
15.56
15.52
15.45
15.45
15.30
15.25
15.21
15.45
15.50
15.50
15.41
15.55
15.41
15.50
15.75
16.00
16.40
16.44
16.45
16.41
16.50
16.68
16.61
16.75
16.66
16.63
16.69
16.77
16.67
16.65
17.22
17.20
16.05
15.53
15.67
16.14
15.79
15.78
11/30/02 15.80
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 34%.
13
Shareholder
MEETING REPORT
The Shareholder Meeting was held October 23, 2002 in Chicago at Nuveen's
headquarters.
NTC NFC NMT
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred
Common Shares Common Shares Common Shares
Shares Series-TH Shares Series-T Shares Series-TH
====================================================================================================================================
Robert P. Bremner
For 4,823,132 1,501 2,498,721 769 4,417,905 1,264
Withhold 33,870 -- 9,558 -- 29,256 9
------------------------------------------------------------------------------------------------------------------------------------
Total 4,857,002 1,501 2,508,279 769 4,447,161 1,273
====================================================================================================================================
Lawrence H. Brown
For 4,824,466 1,501 2,498,721 769 4,416,955 1,264
Withhold 32,536 -- 9,558 -- 30,206 9
------------------------------------------------------------------------------------------------------------------------------------
Total 4,857,002 1,501 2,508,279 769 4,447,161 1,273
====================================================================================================================================
Anne E. Impellizzeri
For 4,824,466 1,501 2,498,721 769 4,417,905 1,264
Withhold 32,536 -- 9,558 -- 29,256 9
------------------------------------------------------------------------------------------------------------------------------------
Total 4,857,002 1,501 2,508,279 769 4,447,161 1,273
====================================================================================================================================
Peter R. Sawers
For 4,824,466 1,501 2,498,721 769 4,416,955 1,264
Withhold 32,536 -- 9,558 -- 30,206 9
------------------------------------------------------------------------------------------------------------------------------------
Total 4,857,002 1,501 2,508,279 769 4,447,161 1,273
====================================================================================================================================
Judith M. Stockdale
For 4,822,642 1,501 2,498,721 769 4,415,305 1,264
Withhold 34,360 -- 9,558 -- 31,856 9
------------------------------------------------------------------------------------------------------------------------------------
Total 4,857,002 1,501 2,508,279 769 4,447,161 1,273
====================================================================================================================================
William J. Schneider
For -- 1,501 -- 769 -- 1,264
Withhold -- -- -- -- -- 9
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,501 -- 769 -- 1,273
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,501 -- 769 -- 1,264
Withhold -- -- -- -- -- 9
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,501 -- 769 -- 1,273
====================================================================================================================================
14
NMB NOM
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS
REACHED AS FOLLOWS:
Preferred Preferred
Common Shares Common Shares
Shares Series-T Shares Series-TH
====================================================================================================================================
Robert P. Bremner
For 1,943,829 598 2,087,859 621
Withhold -- -- 29,376 --
------------------------------------------------------------------------------------------------------------------------------------
Total 1,943,829 598 2,117,235 621
====================================================================================================================================
Lawrence H. Brown
For 1,943,829 598 2,087,684 621
Withhold -- -- 29,551 --
------------------------------------------------------------------------------------------------------------------------------------
Total 1,943,829 598 2,117,235 621
====================================================================================================================================
Anne E. Impellizzeri
For 1,943,829 598 2,087,095 621
Withhold -- -- 30,140 --
------------------------------------------------------------------------------------------------------------------------------------
Total 1,943,829 598 2,117,235 621
====================================================================================================================================
Peter R. Sawers
For 1,943,829 598 2,088,359 621
Withhold -- -- 28,876 --
------------------------------------------------------------------------------------------------------------------------------------
Total 1,943,829 598 2,117,235 621
====================================================================================================================================
Judith M. Stockdale
For 1,943,829 598 2,087,559 621
Withhold -- -- 29,676 --
------------------------------------------------------------------------------------------------------------------------------------
Total 1,943,829 598 2,117,235 621
====================================================================================================================================
William J. Schneider
For -- 598 -- 621
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 598 -- 621
====================================================================================================================================
Timothy R. Schwertfeger
For -- 598 -- 621
Withhold -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 598 -- 621
====================================================================================================================================
15
Nuveen Connecticut Premium Income Municipal Fund (NTC)
Portfolio of
INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.1%
$ 1,720 Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed 5/12 at 100.00 A1 $ 1,664,908
Bonds, Series 2002 Refunding, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 32.6%
Connecticut Higher Education Supplemental Loan Authority,
Revenue Bonds (Family Education Loan Program), 1996 Series A:
1,130 5.800%, 11/15/14 (Alternative Minimum Tax) 11/06 at 102.00 AAA 1,194,568
725 5.875%, 11/15/17 (Alternative Minimum Tax) at 102.00 AAA 757,335
780 Connecticut Higher Education Supplemental Loan Authority, Revenue 11/09 at 102.00 AAA 826,862
Bonds (Family Education Loan Program), 1999 Series A, 6.000%,
11/15/18 (Alternative Minimum Tax)
980 Connecticut Higher Education Supplemental Loan Authority, Revenue 11/11 at 100.00 Aaa 995,729
Bonds (Family Education Loan Program), 2001 Series A, 5.250%,
11/15/18 (Alternative Minimum Tax)
1,540 State of Connecticut Health and Educational Facilities Authority, 7/03 at 102.00 BBB 1,548,485
Revenue Bonds, Quinnipiac College Issue Series D,
6.000%, 7/01/23
2,000 State of Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 AAA 2,160,580
Revenue Bonds, Trinity College Issue, Series E, 5.875%, 7/01/26
1,500 State of Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 AAA 1,558,125
Revenue Bonds, Loomis Chaffee School Issue, Series C,
5.500%, 7/01/16
1,900 State of Connecticut Health and Educational Facilities Authority, 7/08 at 102.00 AAA 1,912,445
Revenue Bonds, Fairfield University Issue, Series H,
5.000%, 7/01/23
2,920 State of Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 3,053,444
Revenue Bonds, Connecticut College Issue, Series C-1,
5.500%, 7/01/20
1,250 State of Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 AAA 1,284,288
Revenue Bonds, Fairfield University, Series I, 5.250%, 7/01/25
750 State of Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 785,505
Revenue Bonds, Horace Bushnell Memorial Hall Issue,
Series A, 5.625%, 7/01/29
500 State of Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 503,455
Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/31
650 State of Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 679,777
Revenue Bonds, Loomis Chaffee School, Series D, 5.500%, 7/01/23
450 State of Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 452,781
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32
2,000 State of Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 2,028,540
Revenue Bonds, University of Hartford Issue, Series 2002E,
5.250%, 7/01/32
1,500 State of Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,520,595
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
3,060 University of Connecticut, Student Fee Revenue Bonds, 1998 11/08 at 101.00 AAA 2,983,928
Series A, 4.750%, 11/15/27
1,000 University of Connecticut, Student Fee Revenue Refunding Bonds, 11/12 at 101.00 AAA 1,058,540
2002 Series A, 5.250%, 11/15/19
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.9%
1,000 State of Connecticut Health and Educational Facilities Authority, 7/04 at 102.00 AAA 1,077,160
Revenue Bonds, Newington Children's Hospital, Series A,
6.050%, 7/01/10
2,000 State of Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 1,988,160
Revenue Bonds, Stamford Hospital Issue, Series G,
5.000%, 7/01/24
1,000 State of Connecticut Health and Educational Facilities Authority, 7/07 at 102.00 AAA 1,052,380
Revenue Bonds, The William W. Backus Hospital Issue,
Series D, 5.750%, 7/01/27
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 3,000 State of Connecticut Health and Educational Facilities Authority, 7/07 at 101.00 Aaa $ 3,011,160
Revenue Bonds, Middlesex Health Services Issue,
Series 1997H Refunding, 5.125%, 7/01/27
2,000 State of Connecticut Health and Educational Facilities Authority, 7/10 at 101.00 AA 2,176,300
Revenue Bonds, Eastern Connecticut Health Network Issue,
Series A, 6.000%, 7/01/25
2,000 Connecticut Development Authority, Solid Waste Disposal Facilities 7/05 at 102.00 AAA 2,226,020
Revenue Bonds, Pfizer, Inc. Project, 1994 Series, 7.000%,
7/01/25 (Alternative Minimum Tax)
1,500 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental 8/05 at 101.50 AAA 1,642,860
Control Facilities Financing Authority, Hospital Revenue Refunding
Bonds (FHA-Insured Mortgage - Pila Hospital Project), 1995
Series A, 6.125%, 8/01/25
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.5%
1,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 12/09 at 100.00 AAA 1,047,430
Program Bonds, 1999 Series D2, 6.200%, 11/15/41
(Alternative Minimum Tax)
1,000 Housing Authority of the City of Waterbury, Connecticut, Mortgage 1/03 at 100.00 AAA 1,000,240
Refunding Revenue Bonds, Series 1998C (FHA-Insured Mortgage
Loan - Waterbury NSA-II Section 8 Assisted Project),
5.450%, 7/01/23
900 Waterbury Nonprofit Housing Corporation, Connecticut Taxable 1/03 at 101.00 AAA 908,883
Mortgage Revenue Refunding Bonds (FHA-Insured Mortgage
Loan - Fairmont Height Section 8 Assisted Project),
Series 1993A, 6.500%, 7/01/07
1,915 Housing Authority of the City of Willimantic, Connecticut, 10/05 at 105.00 AAA 2,093,114
Multifamily Housing Revenue Bonds (GNMA Collateralized
Mortgage Loan - Village Heights Apartments Project),
Series 1995A, 8.000%, 10/20/30
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 10.1%
3,175 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/03 at 102.00 AAA 3,268,917
Program Bonds, 1993 Series B, 6.200%, 5/15/12
1,250 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/06 at 102.00 AAA 1,303,663
Program Bonds, 1996 Series E (Subseries E-2), 6.150%, 11/15/27
(Alternative Minimum Tax)
190 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/10 at 100.00 AAA 200,784
Program Bonds, 2000 Series A (Subseries A-1), 6.000%, 11/15/28
500 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/10 at 100.00 AAA 505,365
Program Bonds, 2001 Series A-1, 5.250%, 11/15/28
525 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/10 at 100.00 AAA 534,445
Program Bonds, 2001 Series A (Subseries A-2), 5.450%, 5/15/32
(Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/10 at 100.00 AAA 1,008,240
Program Bonds, 2001 Series C, 5.300%, 11/15/33
(Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/12 at 100.00 AAA 1,010,780
Program Bonds, 2001 Series D (Subseries D-2), 5.350%,
11/15/32 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 9.7%
1,300 State of Connecticut Health and Educational Facilities Authority, 8/08 at 102.00 AAA 1,307,657
Revenue Bonds, Hebrew Home and Hospital Issue, Series B
(FHA-Insured Mortgage), 5.200%, 8/01/38
2,000 State of Connecticut Health and Educational Facilities Authority, 11/03 at 102.00 AAA 2,098,960
Revenue Bonds, Nursing Home Program Issue, Series 1993,
Mansfield Center for Nursing and Rehabilitation Project,
5.875%, 11/01/12
615 Connecticut Development Authority, First Mortgage Gross Revenue 9/09 at 102.00 AA 659,286
Healthcare Project Refunding Bonds (Connecticut Baptist
Homes, Inc. Project), Series 1999, 5.500%, 9/01/15
Connecticut Development Authority, Revenue Refunding Bonds
(Duncaster, Inc. Project), Series 1999A:
1,000 5.250%, 8/01/19 2/10 at 102.00 AA 1,024,060
1,000 5.375%, 8/01/24 2/10 at 102.00 AA 1,020,060
Connecticut Development Authority, Health Facility Refunding
Revenue Bonds, Alzheimer's Resource Center of Connecticut, Inc.
Project, Series 1994A:
475 6.875%, 8/15/04 No Opt. Call N/R 475,124
1,000 7.000%, 8/15/09 8/04 at 102.00 N/R 1,001,470
17
Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued)
Portfolio of INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 25.9%
$ 750 City of Bridgeport, Connecticut, General Obligation Bonds, 8/12 at 100.00 Aaa $ 790,553
Series 2002A Refunding, 5.375%, 8/15/19
Town of Cheshire, Connecticut, General Obligation Bonds,
Issue of 1999:
660 5.625%, 10/15/16 10/09 at 101.00 Aa3 722,462
660 5.625%, 10/15/17 10/09 at 101.00 Aa3 713,414
1,000 State of Connecticut, General Obligation Bonds, 1999 Series B, 11/09 at 101.00 AA 1,068,990
5.500%, 11/01/18
2,000 State of Connecticut, General Obligation Bonds, 2002 Series B, 6/12 at 100.00 AA 2,133,760
5.500%, 6/15/21
1,960 State of Connecticut, General Obligation Bonds, 1993 Series E, No Opt. Call AA 2,289,006
6.000%, 3/15/12
1,500 State of Connecticut, General Obligation Bonds, 2002 Series A, 4/12 at 100.00 AA 1,592,940
5.375%, 4/15/19
1,650 State of Connecticut, General Fund Obligation Bonds, 1994 Series A, 10/04 at 102.00 AA 1,811,436
Issued By Connecticut Development Authority, 6.375%, 10/15/14
1,000 City of Hartford, Connecticut, General Obligation Bonds, 6/10 at 102.00 AAA 1,072,460
5.500%, 6/15/20
400 Northern Mariana Islands Commonwealth, General Obligation Bonds, 6/10 at 100.00 A 415,524
Series 2000A, 6.000%, 6/01/20
500 Commonwealth of Puerto Rico, Public Improvement Refunding General 7/11 at 100.00 AAA 506,980
Obligation Bonds, Series of 2001, 5.125%, 7/01/30
1,500 Commonwealth of Puerto Rico, Public Improvement Refunding General No Opt. Call AAA 1,656,735
Obligation Bonds, Series of 2002A, 5.500%, 7/01/20
Regional School District No. 16, Towns of Beacon Falls and Prospect,
Connecticut, General Obligation Bonds, Issue of 2000:
350 5.500%, 3/15/18 3/10 at 101.00 Aaa 372,610
350 5.625%, 3/15/19 3/10 at 101.00 Aaa 376,530
350 5.700%, 3/15/20 3/10 at 101.00 Aaa 378,760
2,105 Town of Stratford, Connecticut, General Obligation Bonds, 2/12 at 100.00 AAA 2,064,016
Series 2002, 4.000%, 2/15/15
1,000 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,069,600
Series 2002A, 5.375%, 4/01/17
965 City of Waterbury, Connecticut, General Obligation Tax Revenue 2/09 at 101.00 AA 1,032,019
Intercept Bonds, 2000 Issue, 6.000%, 2/01/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 17.3%
1,900 Capitol Region Education Council, Connecticut, Revenue Bonds, 10/05 at 102.00 BBB 2,021,049
Series 1995, 6.700%, 10/15/10
2,000 State of Connecticut Health and Educational Facilities Authority, 7/09 at 102.00 AAA 2,107,020
Revenue Bonds, Child Care Facilities Program, Series C,
5.625%, 7/01/29
State of Connecticut, Special Tax Obligation Bonds,
Transportation Infrastructure Purpose, 2002 Series B:
2,000 5.000%, 12/01/20 12/12 at 100.00 AAA 2,048,260
1,000 5.000%, 12/01/21 12/12 at 100.00 AAA 1,017,730
1,000 State of Connecticut, Special Tax Obligation Bonds, Transportation 12/09 at 101.00 AAA 1,082,110
Infrastructure Purposes, 1999 Series A, 5.625%, 12/01/19
1,700 State of Connecticut, Special Tax Obligation Bonds, Transportation No Opt. Call AA- 2,021,232
Infrastructure Purposes, 1991 Series B, 6.500%, 10/01/10
2,000 Puerto Rico Municipal Finance Agency, General Obligation Bonds, 2002 8/12 at 100.00 AAA 2,085,360
Series A, 5.250%, 8/01/21 (WI, settling 12/05/02)
1,000 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin 10/10 at 101.00 BBB- 1,110,210
Islands Gross Receipts Tax Loan Note), Series 1999A,
6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.2%
750 State of Connecticut, Bradley International Airport, General Airport 4/11 at 101.00 AAA 744,848
Revenue Bonds, Series 2001A, 5.125%, 10/01/26
(Alternative Minimum Tax)
2,075 State of Connecticut, Bradley International Airport, Airport Revenue 10/04 at 100.00 AAA 2,280,197
Refunding Bonds, Series 1992, 7.650%, 10/01/12
1,000 City of Hartford, Connecticut, Parking System Revenue Bonds, 2000 7/10 at 100.00 BBB 1,038,590
Series A, 6.400%, 7/01/20
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 6.4%
$ 1,500 City of Bridgeport, Connecticut, General Obligation Bonds, 2000 7/10 at 101.00 AAA $ 1,751,250
Series A, 6.000%, 7/15/19 (Pre-refunded to 7/15/10)
1,415 Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed 7/10 at 100.00 AAA 1,558,240
Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10)
40 State of Connecticut, General Obligation Bonds, 1993 No Opt. Call AA*** 46,714
Series E, 6.000%, 3/15/12
1,000 State of Connecticut, Second Injury Fund Special Assessment Revenue 1/11 at 101.00 AAA 1,110,090
Bonds, Series 2000A, 5.250%, 1/01/14 (Pre-refunded to 1/01/11)
500 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 533,280
Bonds, 2000 Series A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.0%
1,500 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 A3 1,567,575
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
2,450 Connecticut Resources Recovery Authority, Resource Recovery 5/03 at 101.50 AAA 2,550,328
Revenue Bonds, American Ref-Fuel Company of Southeastern
Connecticut Project, 1989 Series A, 7.700%, 11/15/11
1,000 Connecticut Resources Recovery Authority, Corporate Credit Resource 12/11 at 102.00 Baa2 980,030
Recovery Revenue Bonds, American Ref-Fuel Company of
Southeastern Connecticut, Series A, 5.500%, 11/15/15
(Alternative Minimum Tax)
395 Eastern Connecticut Resource Recovery Authority, Solid Waste 1/03 at 102.00 BBB 385,698
Revenue Bonds (Wheelabrator Lisbon Project), Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.1%
1,400 Connecticut Development Authority, Water Facilities Refunding 6/03 at 102.00 AAA 1,418,955
Revenue Bonds (Bridgeport Hydraulic Company Project, 1993B
Series, 5.500%, 6/01/28
2,500 Connecticut Development Authority, Water Facilities Revenue Bonds 9/06 at 102.00 AAA 2,739,400
(Bridgeport Hydraulic Company Project), 1996 Series, 6.000%,
9/01/36 (Alternative Minimum Tax)
1,000 State of Connecticut, Clean Water Fund Revenue Bonds, Series 2001, 10/11 at 100.00 AAA 1,071,820
5.500%, 10/01/20
1,795 South Central Connecticut Regional Water Authority, Water System 8/03 at 102.00 AAA 1,872,040
Revenue Bonds, Eleventh Series, 5.570%, 8/01/12
------------------------------------------------------------------------------------------------------------------------------------
$ 110,320 Total Long-Term Investments (cost $110,763,720) - 148.8% 115,822,229
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.4% 305,185
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.2)% (38,300,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 77,827,414
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
19
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)
Portfolio of
INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.2%
Guam Economic Development Authority, Asset-Backed Bonds,
Series 2001A:
$ 210 5.000%, 5/15/22 5/11 at 100.00 A2 $ 210,643
500 5.400%, 5/15/31 5/11 at 100.00 A2 508,305
1,270 Guam Economic Development Authority, Asset-Backed Bonds, 5/11 at 100.00 A2 1,218,146
Series 2001B, 5.500%, 5/15/41
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 29.6%
775 Connecticut Higher Education Supplemental Loan Authority, Revenue 11/11 at 100.00 Aaa 787,439
Bonds, Family Education Loan Program, 2001 Series A, 5.250%,
11/15/18 (Alternative Minimum Tax)
50 State of Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AA 49,008
Revenue Bonds, Sacred Heart University Issue, Series E,
5.000%, 7/01/28
500 State of Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 516,160
Revenue Bonds, University of New Haven Issue, Series D,
6.700%, 7/01/26
2,500 State of Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 2,517,275
Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/31
1,000 State of Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 1,045,810
Revenue Bonds, Loomis Chaffee School, Series D, 5.500%, 7/01/23
625 State of Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 628,863
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32
1,000 State of Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,014,270
Revenue Bonds, University of Hartford Issue, Series 2002E,
5.250%, 7/01/32
1,000 State of Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,013,730
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental
Control Facilities Financing Authority, Higher Education Revenue
Bonds, Series 1999 (Ana G. Mendez University System Project):
125 5.375%, 2/01/19 2/09 at 101.00 BBB 125,811
270 5.375%, 2/01/29 2/09 at 101.00 BBB 264,044
University of Connecticut, General Obligation Bonds, 2001 Series A:
1,000 5.250%, 4/01/20 4/11 at 101.00 AA 1,046,130
1,000 4.750%, 4/01/20 4/11 at 101.00 AA 1,002,560
1,000 4.750%, 4/01/21 4/11 at 101.00 AA 994,490
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 3.1%
125 State of Connecticut Health and Educational Facilities Authority, 7/09 at 101.00 Aaa 124,260
Revenue Bonds, Stamford Hospital Issue, Series G,
5.000%, 7/01/24
1,000 State of Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,040,400
Revenue Bonds, Bristol Hospital Issue, Series 2002B,
5.500%, 7/01/32
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.3%
2,000 Housing Authority of the City of Stamford, Connecticut, Multifamily No Opt. Call A3 1,972,300
Housing Revenue Refunding Bonds (The Fairfield Apartments
Project), Series 1998, 4.750%, 12/01/28 (Alternative Minimum
Tax) (Mandatory put 12/01/08)
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 14.4%
$ 1,855 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/05 at 102.00 AAA $ 1,981,863
Program Bonds, 1995 Series F (Subseries F-1), 6.000%, 5/15/17
1,265 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/10 at 100.00 AAA 1,278,573
Program Bonds, 2001 Series A-1, 5.250%, 11/15/28
1,065 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/10 at 100.00 AAA 1,084,159
Program Bonds, 2001 Series A (Subseries A-2), 5.450%, 5/15/32
(Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/10 at 100.00 AAA 1,008,240
Program Bonds, 2001 Series C, 5.300%, 11/15/33
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3%
500 Connecticut Development Authority, Health Facility Refunding 8/04 at 102.00 N/R 467,965
Revenue Bonds, Alzheimer's Resource Center of Connecticut, Inc.
Project, Series 1994A, 7.250%, 8/15/21
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 33.6%
750 State of Connecticut, General Obligation Bonds, Series 2002B, 6/12 at 100.00 AA 800,160
5.500%, 6/15/21
1,000 State of Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA 1,061,960
5.375%, 4/15/19
500 Town of East Lyme, Connecticut, General Obligation Bonds, 7/11 at 102.00 Aaa 520,010
Series 2001, 5.125%, 7/15/20
700 Farmington, Connecticut, General Obligation Bonds, 3/11 at 101.00 Aa1 714,644
Series 2001, 4.875%, 3/15/20
Town of Hamden, Connecticut, General Obligation Bonds:
640 5.250%, 8/15/18 8/11 at 102.00 AAA 684,045
635 5.000%, 8/15/19 8/11 at 102.00 AAA 655,974
300 5.000%, 8/15/20 8/11 at 102.00 AAA 308,886
1,000 City of Hartford, Connecticut, General Obligation Bonds, Series 1998, 1/08 at 102.00 AAA 1,030,170
4.700%, 1/15/15
375 City of New Haven, Connecticut, General Obligation Bonds, 2/08 at 101.00 AAA 382,039
Series 1999, 4.700%, 2/01/15
1,000 City of New Haven, Connecticut, General Obligation Bonds, 11/10 at 101.00 AAA 1,025,650
Series 2001A, 5.000%, 11/01/20
250 Northern Mariana Islands Commonwealth, General Obligation Bonds, 6/10 at 100.00 A 259,703
Series 2000A, 6.000%, 6/01/20
Town of Norwich, Connecticut, General Obligation Bonds,
Series 2001A:
585 5.000%, 4/01/15 4/09 at 100.00 Aaa 610,945
245 5.000%, 4/01/16 4/09 at 100.00 Aaa 254,207
575 5.000%, 4/01/17 4/09 at 100.00 Aaa 593,711
475 5.000%, 4/01/18 4/09 at 100.00 Aaa 487,811
575 5.000%, 4/01/19 4/09 at 100.00 Aaa 587,328
275 5.000%, 4/01/20 4/09 at 100.00 Aaa 279,535
1,000 City of Waterbury, Connecticut, General Obligation Bonds, 4/12 at 100.00 AAA 1,069,600
Series 2002A, 5.375%, 4/01/17
Town of Windsor, Connecticut, General Obligation Bonds, Series 2001:
390 5.000%, 7/15/18 7/09 at 100.00 Aa2 400,936
390 5.000%, 7/15/19 7/09 at 100.00 Aa2 398,693
370 5.000%, 7/15/20 7/09 at 100.00 Aa2 376,346
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 15.4%
1,000 State of Connecticut Health and Educational Facilities Authority, 7/08 at 105.00 A 1,077,190
Revenue Bonds, New Opportunities for Waterbury, Inc., Issue,
Series 1998A, 6.750%, 7/01/28
1,475 State of Connecticut, Special Tax Obligation Bonds, Transportation No Opt. Call AAA 1,676,043
Infrastructure Purposes, 1998 Series B, 5.500%, 11/01/12
State of Connecticut, Certificates of Participation, Juvenile
Training School, Series 2001:
600 5.000%, 12/15/20 12/11 at 101.00 AA- 608,382
1,000 5.000%, 12/15/30 12/11 at 101.00 AA- 990,300
500 Virgin Islands Public Finance Authority, Revenue and Refunding 10/08 at 101.00 AA 518,680
Bonds (Virgin Islands Matching Fund Loan Notes), Series 1998A
(Senior Lien/Refunding), 5.500%, 10/01/18
750 Virgin Islands Public Finance Authority Revenue Bonds (Virgin 10/10 at 101.00 BBB- 834,383
Islands Gross Receipts Tax Loan Note), Series 1999A,
6.375%, 10/01/19
21
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) (continued)
Portfolio of INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.7%
$ 2,500 State of Connecticut, General Airport Revenue Bonds, Series 2001A, 4/11 at 101.00 AAA $ 2,482,825
Bradley International Airport, 5.125%, 10/01/26
(Alternative Minimum Tax)
1,000 Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, 4/11 at 101.00 N/R 735,890
Special Facilities Revenue Bonds, Northwest Airlines, Inc. Project,
Series 2001A, 7.000%, 4/01/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.9%
685 Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed 7/10 at 100.00 AAA 754,343
Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10)
Puerto Rico Infrastructure Financing Authority, Special Obligation
Bonds, 2000 Series A:
1,425 5.500%, 10/01/32 10/10 at 101.00 AAA 1,523,054
1,300 5.500%, 10/01/40 10/10 at 101.00 AAA 1,386,528
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 17.1%
1,500 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 A3 1,567,574
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
1,000 Connecticut Resources Recovery Authority, Corporate Credit Resource 12/11 at 102.00 Baa2 980,030
Recovery Revenue Bonds, American Ref-Fuel Company of
Southeastern Connecticut, Series A, 5.500%, 11/15/15
(Alternative Minimum Tax)
1,000 Eastern Connecticut Resource Recovery Authority, Solid Waste 1/03 at 102.00 BBB 976,450
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 2,029,172
Series HH, 5.250%, 7/01/29
790 Puerto Rico Electric Power Authority, Power Revenue Refunding 7/05 at 100.00 A- 810,412
Bonds, Series Z, 5.250%, 7/01/21
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.8%
2,000 State of Connecticut, Clean Water Fund Revenue Bonds, 10/11 at 100.00 AAA 2,143,640
Series 2001, 5.500%, 10/01/20
------------------------------------------------------------------------------------------------------------------------------------
$ 54,165 Total Long-Term Investments (cost $54,456,724) - 149.4% 55,497,693
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.1% 1,145,486
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.5)% (19,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 37,143,179
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
N/R Investment is not rated.
See accompanying notes to financial statements.
22
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)
Portfolio of
INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.4%
$ 860 Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed 5/12 at 100.00 A1 $ 832,454
Bonds, Series 2002 Refunding, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 35.4%
500 State of Connecticut Health and Educational Facilities Authority, 7/06 at 102.00 BBB- 516,160
Revenue Bonds, University of New Haven Issue, Series D,
6.700%, 7/01/26
500 State of Connecticut Health and Educational Facilities Authority, 7/08 at 101.00 AAA 505,800
Revenue Bonds, Hopkins School Issue, Series 1998A,
5.000%, 7/01/20
2,000 State of Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 A2 2,033,820
Revenue Bonds, Loomis Chaffee School, Series D,
5.250%, 7/01/31
1,000 State of Connecticut Health and Educational Facilities Authority, 3/11 at 101.00 AAA 1,006,180
Revenue Bonds, Greenwich Academy, Series 2001B,
5.000%, 3/01/32
1,000 State of Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 1,014,270
Revenue Bonds, University of Hartford Issue, Series 2002E,
5.250%, 7/01/32
2,250 State of Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 2,266,830
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21
1,000 State of Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,013,730
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
University of Connecticut, Student Fee Revenue Refunding Bonds,
Series 2002A:
500 5.250%, 11/15/22 11/12 at 101.00 AAA 520,510
2,000 5.000%, 11/15/29 11/12 at 101.00 AAA 2,014,240
1,230 University of Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA 1,305,953
5.375%, 4/01/19
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 2.9%
1,000 State of Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AA 995,630
Revenue Bonds, Saint Francis Hospital and Medical Center,
Series 2002D, 5.000%, 7/01/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.9%
1,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/11 at 100.00 AAA 1,023,960
Program Bonds, 2002 Series A (Subseries A-1), 5.450%, 11/15/28
1,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/11 at 100.00 AAA 1,030,940
Program Bonds, 2002 Series A (Subseries A-2), 5.600%,
11/15/28 (Alternative Minimum Tax)
1,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/12 at 100.00 AAA 1,010,780
Program Bonds, 2001 Series D (Subseries D-2), 5.350%,
11/15/32 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3%
450 State of Connecticut Health and Educational Facilities Authority, 7/12 at 101.00 AAA 460,575
Revenue Bonds, The Village for Families and Children, Inc. Issue,
Series A, 5.000%, 7/01/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 54.7%
1,000 City of Bridgeport, Connecticut, General Obligation Bonds, Series C, 8/11 at 100.00 AAA 1,059,090
5.375%, 8/15/18
2,000 State of Connecticut, General Obligation Bonds, Series 2001C, No Opt. Call AA 2,266,480
5.500%, 12/15/12
1,000 State of Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA 1,061,960
5.375%, 4/15/19
East Hartford, Connecticut, General Obligation Bonds, Series 2002:
750 4.875%, 5/01/20 5/10 at 100.00 Aaa 759,758
750 5.000%, 5/01/21 5/10 at 100.00 Aaa 760,410
750 5.000%, 5/01/22 5/10 at 100.00 Aaa 759,008
2,105 Fairfield, Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AAA 2,214,755
5.000%, 4/01/16
23
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK) (continued)
Portfolio of INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
Farmington, Connecticut, General Obligation Bonds, Series 2002:
$ 1,000 5.000%, 9/15/20 9/12 at 101.00 Aa1 $ 1,031,890
1,450 5.000%, 9/15/21 9/12 at 101.00 Aa1 1,485,641
1,305 Hartford County Metropolitan District, Connecticut, General 4/12 at 101.00 AA+ 1,326,963
Obligation Bonds, Series 2002, 5.000%, 4/01/22
Regional School District No. 008, Towns of Andover, Hebron and
Marlborough, County of Tolland, Connecticut, General Obligation
Bonds, Series 2002:
1,390 5.000%, 5/01/20 5/11 at 101.00 Aaa 1,427,252
1,535 5.000%, 5/01/22 5/11 at 101.00 Aaa 1,557,411
2,105 City of Stamford, Connecticut, General Obligation Bonds, 8/12 at 100.00 AAA 2,218,270
Series 2002, 5.000%, 8/15/16
City of Waterbury, Connecticut, General Obligation Bonds,
Series 2002A:
500 5.375%, 4/01/17 4/12 at 100.00 AAA 534,800
400 5.000%, 4/01/20 4/12 at 100.00 AAA 405,488
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 14.5%
1,625 State of Connecticut, Special Tax Obligation Bonds, Transportation 7/12 at 100.00 AAA 1,722,338
Infrastructure Purposes, 2002 Series A, 5.375%, 7/01/20
500 State of Connecticut, Special Tax Obligation Bonds, Transportation 10/11 at 100.00 AAA 552,105
Infrastructure Purposes, 2001 Series B, 5.375%, 10/01/13
500 State of Connecticut, Special Tax Obligation Bonds, Transportation 11/07 at 101.00 AAA 521,340
Infrastructure Purposes, 1997 Series A, 5.000%, 11/01/15
2,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call AAA 2,184,500
Bonds, 2002 Series E, 5.500%, 8/01/27
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.3%
1,950 City of New Haven, Connecticut, Air Rights Parking Facility Revenue 12/12 at 101.00 AAA 2,162,297
Bonds, Series 2002 Refunding, 5.375%, 12/01/15
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.3%
Puerto Rico Infrastructure Financing Authority, Special Obligation
Bonds, 2000 Series A:
1,000 5.500%, 10/01/32 10/10 at 101.00 AAA 1,068,810
2,000 5.500%, 10/01/40 10/10 at 101.00 AAA 2,133,120
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.9%
750 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 A3 783,788
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
1,000 Connecticut Resources Recovery Authority, Corporate Credit Resource 12/11 at 102.00 Baa2 980,030
Recovery Revenue Bonds, America Ref-Fuel Company of
Southeastern Connecticut Project, Series A, 5.500%, 11/15/15
(Alternative Minimum Tax)
500 Eastern Connecticut Resource Recovery Authority, Solid Waste 1/03 at 102.00 BBB 467,273
Revenue Bonds (Wheelabrator Lisbon Project), Series 1993A,
5.500%, 1/01/15 (Alternative Minimum Tax)
1,000 Guam Power Authority, Revenue Bonds, 1999 Series A, 10/09 at 101.00 AAA 1,012,290
5.125%, 10/01/29
1,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 1,541,144
Series HH, 5.250%, 7/01/29
------------------------------------------------------------------------------------------------------------------------------------
$ 49,655 Total Long-Term Investments (cost $50,050,320) - 149.6% 51,550,043
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 401,052
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.8)% (17,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 34,451,095
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
24
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)
Portfolio of
INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.4%
$ 2,750 Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed 5/12 at 100.00 A1 $ 2,661,918
Bonds, Series 2002 Refunding, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 11.4%
3,100 State of Connecticut Health and Educational Facilities Authority, 7/11 at 101.00 AAA 3,170,246
Revenue Bonds, Trinity College, Series 2001G, 5.000%, 7/01/21
1,595 State of Connecticut Health and Educational Facilities Authority, 11/11 at 100.00 AAA 1,606,931
Revenue Bonds, Connecticut State University System,
Series 2002D-2, 5.000%, 11/01/21
1,500 State of Connecticut Health and Educational Facilities Authority, 7/09 at 100.00 AAA 1,520,595
Revenue Bonds, Yale University Issue, Series 2002W,
5.125%, 7/01/27
500 University of Connecticut, Student Fee Revenue Refunding Bonds, 11/12 at 101.00 AAA 520,510
Series 2002A, 5.250%, 11/15/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.5%
1,075 Connecticut Housing Finance Authority, Housing Mortgage Finance 5/08 at 101.50 AAA 1,095,414
Program Bonds, 1997 Series D (Subseries D-2), 5.450%, 11/15/24
1,860 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/05 at 102.00 AAA 1,987,205
Program Bonds, 1995 Series F (Subseries F-1), 6.000%, 5/15/17
2,000 Connecticut Housing Finance Authority, Housing Mortgage Finance 11/10 at 100.00 AAA 2,005,920
Program Bonds, 2001 Series D (Subseries D-2), 5.150%,
11/15/22 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 10.6%
Connecticut Housing Finance Authority, Special Needs Housing
Mortgage Finance Program, Special Obligation Bonds, Series
SNH-1:
1,000 5.000%, 6/15/22 (WI, settling 12/10/02) 6/12 at 101.00 AAA 1,001,190
1,000 5.000%, 6/15/32 (WI, settling 12/10/02) 6/12 at 101.00 AAA 985,550
State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, The Village for Families and Children, Inc.
Issue, Series A:
430 5.000%, 7/01/18 7/12 at 101.00 AAA 443,364
475 5.000%, 7/01/20 7/12 at 101.00 AAA 482,201
260 7/01/23 7/12 at 101.00 AAA 260,517
1,000 5.000%, 7/01/32 7/12 at 101.00 AAA 993,080
Connecticut Development Authority, Revenue Bonds, Duncaster, Inc.
Project, Series 2002:
650 5.125%, 8/01/22 8/12 at 101.00 AA 646,763
1,665 4.750%, 8/01/32 8/12 at 101.00 AA 1,544,154
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 40.9%
Bethel, Connecticut, General Obligation Bonds, Series 2002:
525 5.000%, 11/01/18 11/12 at 100.00 Aaa 542,194
525 5.000%, 11/01/19 11/12 at 100.00 Aaa 539,243
525 5.000%, 11/01/20 11/12 at 100.00 Aaa 536,729
525 5.000%, 11/01/21 11/12 at 100.00 Aaa 533,815
525 5.000%, 11/01/22 11/12 at 100.00 Aaa 530,917
3,510 City of Bridgeport, Connecticut, General Obligation Bonds, 8/11 at 100.00 AAA 3,717,406
Series C, 5.375%, 8/15/18
2,500 State of Connecticut, General Obligation Bonds, Series 2002D, 11/12 at 100.00 AA 2,638,050
5.375%, 11/15/21
1,000 State of Connecticut, General Obligation Bonds, Series 2002A, 4/12 at 100.00 AA 1,016,800
5.000%, 4/15/21
450 Farmington, Connecticut, General Obligation Bonds, Series 2002, 9/12 at 101.00 Aa1 464,351
5.000%, 9/15/20
25
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO) (continued)
Portfolio of INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New Canaan, Connecticut, General Obligation Bonds,
Series 2002, Lot A:
$ 950 4.240%, 5/01/18 (WI, settling 12/05/02) 5/11 at 100.00 Aaa $ 917,092
950 4.500%, 5/01/19 (WI, settling 12/05/02) 5/11 at 100.00 Aaa 937,489
900 4.600%, 5/01/20 (WI, settling 12/05/02) 5/11 at 100.00 Aaa 892,620
500 4.700%, 5/01/21 (WI, settling 12/05/02) 5/11 at 100.00 Aaa 496,995
755 4.750%, 5/01/22 (WI, settling 12/05/02) 5/11 at 100.00 Aaa 747,888
1,445 New Haven, Connecticut, General Obligation Bonds, Series 2002A, 11/11 at 101.00 AAA 1,550,658
5.250%, 11/01/17
2,910 Commonwealth of Puerto Rico, Public Improvement Refunding General 7/08 at 101.00 AAA 2,932,727
Obligation Bonds, Series 1998B, 5.000%, 7/01/24
2,250 Commonwealth of Puerto Rico, Public Improvement Refunding General 7/11 at 100.00 AAA 2,281,410
Obligation Bonds, Series 2001, 5.125%, 7/01/30
Town of Stratford, Connecticut, General Obligation Bonds, Series 2002:
1,445 4.000%, 2/15/18 2/12 at 100.00 AAA 1,339,284
1,375 4.000%, 2/15/19 2/12 at 100.00 AAA 1,261,728
630 4.125%, 2/15/20 2/12 at 100.00 AAA 583,670
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.7%
State of Connecticut, Special Tax Obligation Bonds,
Transportation Infrastructure Purpose, 2002 Series B:
2,810 5.000%, 12/01/20 12/12 at 100.00 AAA 2,877,805
1,000 5.000%, 12/01/21 12/12 at 100.00 AAA 1,017,730
1,000 5.000%, 12/01/22 12/12 at 100.00 AAA 1,011,380
400 State of Connecticut, Special Tax Obligation Bonds, Transportation 10/11 at 100.00 AAA 406,752
Infrastructure Purposes, 2001 Series A, 4.800%, 10/01/18
2,500 Puerto Rico Highway and Transportation Authority, Transportation 7/12 at 100.00 AAA 2,512,175
Revenue Bonds, Series D, 5.000%, 7/01/32
3,500 Puerto Rico Infrastructure Financing Authority, Special Tax Revenue 1/08 at 101.00 AAA 3,518,515
Bonds, Series 1997A, 5.000%, 7/01/28
1,000 Puerto Rico Public Buildings Authority, Guaranteed Government 7/07 at 101.50 AAA 1,005,530
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/27
Puerto Rico Public Buildings Authority, Guaranteed Government
Facilities Revenue Bonds, Series 2002G:
890 5.250%, 7/01/17 7/12 at 100.00 A- 934,758
1,000 5.250%, 7/01/20 7/12 at 100.00 A- 1,030,720
1,045 5.250%, 7/01/21 7/12 at 100.00 A- 1,070,665
2,500 Puerto Rico Municipal Finance Agency, General Obligation Bonds, 8/12 at 100.00 AAA 2,516,800
2002 Series A, 5.000%, 8/01/27 (WI, settling 12/05/02)
3,010 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call AAA 3,117,728
Bonds, 1998 Series A, 5.125%, 6/01/24
765 Puerto Rico Public Finance Corporation, Commonwealth Appropriation 2/12 at 100.00 BBB+ 793,091
Bonds, 2002 Series E, 5.500%, 8/01/29
750 Virgin Islands Public Finance Authority, Revenue and Refunding 10/08 at 101.00 BBB- 742,350
Bonds (Virgin Islands Matching Fund Loan Notes), Series 1998A
(Senior Lien/Refunding), 5.500%, 10/01/22
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.3%
220 Connecticut Development Authority, Pollution Control Revenue 10/08 at 102.00 A3 229,911
Refunding Bonds, Connecticut Light and Power Company,
Series 1993A, 5.850%, 9/01/28
1,000 Eastern Connecticut Resource Recovery Authority, Solid Waste 1/03 at 102.00 BBB 976,450
Revenue Bonds (Wheelabrator Lisbon Project), Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
3,050 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 3,133,662
Series HH, 5.250%, 7/01/29
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3%
$ 2,000 Birmingham, Alabama, Waterworks and Sewer Board, Water and 1/13 at 100.00 AAA $ 1,947,238
Sewer Revenue Bonds, Series 2002B, 5.000%, 1/01/37
------------------------------------------------------------------------------------------------------------------------------------
$ 73,495 Total Long-Term Investments (cost $75,110,836) - 124.1% 74,229,884
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 34.3%
4,000 Chester County Industrial Development Authority, Pennsylvania, VMIG-1 4,000,000
Revenue Bonds, Archdiocese of Philadelphia, Variable Rate
Demand Bonds, Series 2001, 1.200%, 7/01/31+
5,000 Connecticut Health and Educational Facilities Authority, Revenue VMIG-1 5,000,000
Bonds, Yale University Issue, Variable Rate Demand Bonds,
Series 1997, 1.200%, 7/01/29+
4,000 Idaho Health Facilities Authority, Revenue Bonds, St. Luke's Regional VMIG-1 4,000,000
Medical Center, Variable Rate Demand Bonds, Series 1995,
1.250%, 5/01/22+
1,000 Health and Educational Facilities Authority of the State of Missouri, VMIG-1 1,000,000
Health Facilities Revenue Bonds, Series 2001A, Variable Rate
Demand Bonds, Bethesda Health Group, 1.300%, 8/01/31+
4,000 New York City Transitional Finance Authority, New York, Recovery VMIG-1 4,000,000
Revenue Bonds, Fiscal 2003 (Subseries 3-H), Variable Rate
Demand Obligations, 1.250%, 11/01/22+
2,000 Ohio Higher Educational Facilities, Revenue Bonds, Case Western VMIG-1 2,000,000
Reserve University Project, Series 2002A, Variable Rate Demand
Obligations, 1.300%, 10/01/31+
500 Puerto Rico Government Development Bank, Adjustable Refunding VMIG-1 500,000
Bonds, Series 1985, Variable Rate Demand Bonds,
1.020%, 12/01/15+
------------------------------------------------------------------------------------------------------------------------------------
$ 20,500 Total Short-Term Investments (cost $20,500,000) 20,500,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (4.9)% (2,895,834)
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.5)% (32,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 59,834,050
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
27
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
Portfolio of
INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 2.1%
$ 1,500 Boston, Massachusetts, Industrial Development Financing Authority, 9/12 at 102.00 Baa3 $ 1,455,360
Senior Revenue Bonds, Crosstown Center Project, Series 2002,
6.500%, 9/01/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 26.8%
540 Massachusetts Educational Financing Authority, Education Loan 7/04 at 102.00 AAA 561,551
Revenue Bonds, Issue E, Series 1995, 6.150%, 7/01/10
(Alternative Minimum Tax)
1,730 Massachusetts Educational Financing Authority, Educational Loan 1/12 at 100.00 AAA 1,791,917
Revenue Bonds, 2002 Series E, 5.000%, 1/01/13
(Alternative Minimum Tax)
2,090 Massachusetts Development Finance Authority, Revenue Bonds, No Opt. Call A3 2,224,115
Series 1999P, Boston University Refunding, 6.000%, 5/15/29
890 Massachusetts Development Finance Authority, Revenue Bonds, 3/09 at 101.00 A 925,520
Curry College Issue, Series A, 6.000%, 3/01/20
500 Massachusetts Development Finance Authority, Revenue Bonds, 9/11 at 101.00 A 512,275
Belmont Hills School, Series 2001, 5.375%, 9/01/23
1,500 Massachusetts Health and Educational Facilities Authority, Revenue 10/11 at 100.00 AAA 1,524,810
Bonds, UMASS-Worcester Campus, Series 2001B, 5.250%, 10/01/31
2,645 Massachusetts Industrial Finance Agency, Revenue Bonds (Whitehead 7/03 at 102.00 Aa1 2,651,401
Institute for Biomedical Research) Series 1993, 5.125%, 7/01/26
1,500 Massachusetts Industrial Finance Agency, Revenue Bonds, Phillips 9/08 at 102.00 AAA 1,550,775
Academy Issue, Series 1993, 5.375%, 9/01/23
2,300 Massachusetts Industrial Finance Agency, Education Revenue Bonds 9/08 at 101.00 A 2,234,979
(Belmont Hill School Issue), Series 1998, 5.250%, 9/01/28
4,000 New England Education Loan Marketing Corporation, Massachusetts, No Opt. Call A3 4,532,360
Student Loan Revenue Bonds, 1992 Subordinated Issue H,
6.900%, 11/01/09 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 21.3%
3,000 Massachusetts Health and Educational Facilities Authority, Revenue 7/04 at 102.00 AAA 3,030,990
Bonds, New England Medical Center Hospitals Issue,
Series G-1, 5.375%, 7/01/24
3,000 Massachusetts Health and Educational Facilities Authority, Revenue 7/03 at 102.00 AAA 3,093,450
Bonds, Lahey Clinic Medical Center Issue, Series B,
5.625%, 7/01/15
600 Massachusetts Health and Educational Facilities Authority, Revenue 5/12 at 100.00 AAA 622,506
Bonds, New England Medical Center Hospitals, Series 2002H,
5.375%, 5/15/19
2,500 Massachusetts Health and Educational Facilities Authority, Revenue 7/11 at 101.00 AA- 2,559,975
Bonds, Partners HealthCare System Issue, Series C,
5.750%, 7/01/32
1,395 Massachusetts Health and Educational Facilities Authority, Revenue 7/08 at 102.00 AAA 1,371,759
Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25
1,000 Massachusetts Health and Educational Facilities Authority, Revenue 11/11 at 101.00 AA 991,740
Bonds, Cape Cod Health Care, Inc., Series 2001C,
5.250%, 11/15/31
2,000 Massachusetts Health and Educational Facilities Authority, Revenue 10/11 at 101.00 BBB+ 2,014,660
Bonds, Berkshire Health System Issue, Series 2001E,
6.250%, 10/01/31
1,000 Massachusetts Health and Educational Facilities Authority, Revenue 7/12 at 101.00 BBB 993,790
Bonds, Caritas Christi Obligated Group, Series 2002B,
6.250%, 7/01/22
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 30.0%
$ 3,000 Massachusetts Development Finance Agency, Assisted Living Facility 9/10 at 105.00 AAA $ 3,549,450
Revenue Bonds, GNMA Collateralized, The Monastery at West
Springfield Project, Series 1999A, 7.625%, 3/20/41
(Alternative Minimum Tax)
2,500 Massachusetts Development Finance Agency, Revenue Bonds, GNMA 10/11 at 105.00 AAA 2,866,800
Collateralized, VOA Concord Assisted Living, Inc. Project,
Series 2000A, 6.900%, 10/20/41
1,980 Massachusetts Development Finance Agency, Assisted Living 12/09 at 102.00 N/R 1,989,167
Revenue Bonds (Prospect House Apartments), Series 1999,
7.000%, 12/01/31
2,000 Massachusetts Development Finance Agency, Assisted Living Facility 6/11 at 105.00 AAA 2,218,380
Revenue Bonds, GNMA Collateralized, Haskell House on Parker Hill
Project, Series 2000A, 6.500%, 12/20/41 (Alternative Minimum Tax)
1,500 Massachusetts Development Finance Agency, Assisted Living Facility 3/12 at 105.00 AAA 1,608,045
Revenue Bonds, GNMA Collateralized, The Arbors at Chicopee
Project, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax)
3,800 Massachusetts Housing Finance Agency, Housing Project Revenue 4/03 at 102.00 A+ 3,931,518
Bonds, Series 1993A Refunding, 6.300%, 10/01/13
1,460 Massachusetts Housing Finance Agency, Rental Housing Mortgage 7/10 at 101.00 AAA 1,524,065
Revenue Bonds, Series 1999D, 5.500%, 7/01/13
(Alternative Minimum Tax)
1,865 Massachusetts Housing Finance Agency, Rental Housing Mortgage 1/05 at 102.00 AAA 1,957,075
Revenue Bonds, Series 1995A (FHA Insured Mortgage Loans),
7.350%, 1/01/35 (Alternative Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, Mortgage Revenue 5/12 at 103.00 AAA 1,012,910
Bonds, Clarendon Hill Towers Project, GNMA Collateralized,
Series 2002 Refunding, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 6.1%
1,270 City of Boston, Massachusetts, Revenue Bonds (Deutsches Altenheim, 10/08 at 105.00 AAA 1,353,820
Inc. Project - FHA Insured Mortgage), Series 1998A,
6.125%, 10/01/31
2,000 Massachusetts Industrial Finance Agency, Healthcare Facilities 5/07 at 102.00 A-1 1,953,960
Revenue Bonds, Series 1997B (Jewish Geriatric Services, Inc.
Obligated Group), 5.500%, 5/15/27
845 Massachusetts Industrial Finance Agency, Revenue Bonds, Heights 2/06 at 102.00 AAA 885,180
Crossing Limited Partnership Issue (FHA-Insured Project),
Series 1995, 6.000%, 2/01/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.9%
2,500 Massachusetts Bay Transportation Authority, General Transportation No Opt. Call AAA 3,141,000
System Bonds, 1991 Series A, 7.000%, 3/01/21
4,275 Commonwealth of Massachusetts, General Obligation Bonds, No Opt. Call AAA 4,978,067
Consolidated Loan of 2001, Series D, 6.000%, 11/01/13
980 Monson, Massachusetts, General Obligation Bonds, Series 2002, 5/12 at 101.00 Aaa 1,014,692
5.250%, 5/15/22
1,000 Narragansett Regional School District, Massachusetts, General 6/10 at 101.00 Aaa 1,177,040
Obligation Bonds, Series 2000, 6.500%, 6/01/16
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.0%
1,300 Massachusetts Development Finance Agency, Revenue Bonds, 6/09 at 101.00 AA 1,365,000
Worcester Redevelopment Authority Issue, Series 1999,
6.000%, 6/01/24 (Mandatory put 6/01/04)
4,000 Massachusetts Port Authority, Special Facilities Revenue Bonds 9/06 at 102.00 AAA 4,171,440
(US Air Project), Series 1996A, 5.750%, 9/01/16
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 29.2%
Town of Barnstable, Massachusetts, General Obligation Bonds,
Series 1994:
1,020 5.750%, 9/15/10 (Pre-refunded to 9/15/04) 9/04 at 102.00 AA*** 1,112,351
1,020 5.750%, 9/15/11 (Pre-refunded to 9/15/04) 9/04 at 102.00 AA*** 1,112,351
4,375 City of Lowell, Massachusetts, General Obligation State Qualified 11/03 at 102.00 AAA 4,630,588
Bonds, 5.600%, 11/01/12 (Pre-refunded to 11/01/03)
1,250 Commonwealth of Massachusetts, General Obligation Bonds, 2/10 at 101.00 AAA 1,448,188
Consolidated Loan, Series 2000A, 6.000%, 2/01/14
(Pre-refunded to 2/01/10)
29
Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued)
Portfolio of INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 2,500 Massachusetts Health and Educational Facilities Authority, Revenue No Opt. Call AAA $ 2,679,350
Bonds, Malden Hospital Issue (FHA-Insured Project), Series A,
5.000%, 8/01/16
2,000 Massachusetts Health and Educational Facilities Authority, Revenue 7/06 at 100.00 Aaa 2,152,000
Bonds (Daughters of Charity National Health System - The Carney
Hospital), Series D, 6.100%, 7/01/14 (Pre-refunded to 7/01/06)
Massachusetts Health and Educational Facilities Authority,
Revenue Refunding Bonds, Youville Hospital Issue (FHA-Insured
Project), Series B:
1,435 6.125%, 2/15/15 (Pre-refunded to 2/15/04) 2/04 at 102.00 Aa2*** 1,540,975
1,000 6.000%, 2/15/25 (Pre-refunded to 2/15/04) 2/04 at 102.00 Aa2*** 1,072,360
1,000 Massachusetts Health and Educational Facilities Authority, Revenue 2/07 at 102.00 Aa2*** 1,158,230
Refunding Bonds, Youville Hospital Issue (FHA-Insured Project),
Series A, 6.250%, 2/15/41 (Pre-refunded to 2/15/07)
410 Massachusetts Health and Educational Facilities Authority, Revenue 7/08 at 102.00 AAA 417,712
Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25
1,000 Massachusetts Port Authority, Revenue Bonds, Series 1982, 1/03 at 100.00 AAA 1,539,970
13.000%, 7/01/13
1,175 Massachusetts Industrial Finance Agency, Revenue Bonds (Brooks 7/03 at 102.00 A3*** 1,230,002
School Issue), Series 1993, 5.950%, 7/01/23
(Pre-refunded to 7/01/03)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.7%
1,000 Massachusetts Development Finance Agency, Resource Recovery 1/12 at 101.00 AAA 1,069,860
Revenue Bonds, SEMASS System, 2001 Series A,
5.625%, 1/01/16
2,500 Massachusetts Industrial Finance Agency, Resource Recovery 12/08 at 102.00 BBB 2,184,375
Revenue Refunding Bonds (Ogden Haverhill Project), Series
1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.1%
750 Massachusetts Water Resources Authority, General Revenue 3/03 at 100.00 AA 749,931
Refunding Bonds, 1993 Series B, 5.000%, 3/01/22
(Pre-refunded to 3/01/03)
------------------------------------------------------------------------------------------------------------------------------------
$ 93,400 Total Long-Term Investments (cost $94,481,801) - 144.2% 99,439,785
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.9%
2,000 The Commonwealth of Massachusetts, General Obligation Bonds, VMIG-1 2,000,000
Central Artery Ted Williams Infrastructure Loan Act of 2000,
Series A, Variable Rate Demand Bonds, 1.250%, 12/01/30+
------------------------------------------------------------------------------------------------------------------------------------
$ 2,000 Total Short-Term Investments (cost $2,000,000) 2,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 1,542,260
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.3)% (34,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 68,982,045
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that
currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
30
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB)
Portfolio of
INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER CYCLICALS - 1.7%
$ 500 Boston, Massachusetts, Industrial Development Financing Authority, 9/12 at 102.00 Baa3 $ 485,120
Senior Revenue Bonds, Crosstown Center Project, Series 2002,
6.500%, 9/01/35 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 28.7%
1,500 Massachusetts Educational Financing Authority, Educational Loan 7/10 at 100.00 AAA 1,541,985
Revenue Bonds, Issue E, Series 2001, 5.300%, 1/01/16
(Alternative Minimum Tax)
2,000 Massachusetts Development Finance Authority, Revenue Bonds, 5/29 at 105.00 A3 2,107,540
Series 1999P, Boston University Refunding, 6.000%, 5/15/59
1,250 Massachusetts Health and Educational Facilities Authority, Revenue 10/09 at 101.00 Aaa 1,245,600
Bonds, Brandeis University, Series J, 5.000%, 10/01/26
2,000 Massachusetts Health and Educational Facilities Authority, Revenue 2/11 at 100.00 AA- 2,075,240
Bonds, Tufts University, Series 2001-I, 5.500%, 2/15/36
1,250 University of Massachusetts Building Authority, Project Revenue 11/10 at 100.00 AAA 1,289,563
Bonds, Senior Series 2000-2, 5.250%, 11/01/20
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.3%
1,000 Massachusetts Health and Educational Facilities Authority, Revenue 7/09 at 101.00 AA- 994,430
Bonds, Partners HealthCare System Issue, Series B,
5.125%, 7/01/19
1,000 Massachusetts Health and Educational Facilities Authority, Revenue 7/11 at 101.00 AA- 1,023,990
Bonds, Partners HealthCare System Issue, Series C,
5.750%, 7/01/32
1,250 Massachusetts Health and Educational Facilities Authority, Revenue 7/11 at 100.00 BBB 1,272,813
Bonds, UMass Memorial Health Care, Series 2001C,
6.625%, 7/01/32
375 Massachusetts Health and Educational Facilities Authority, Revenue 1/12 at 101.00 A- 382,433
Bonds, Covenant Health Systems Obligated Group, Series 2002,
6.000%, 7/01/31
1,000 Massachusetts Health and Educational Facilities Authority, Revenue 10/11 at 101.00 BBB+ 1,007,330
Bonds, Berkshire Health System Issue, Series 2001E,
6.250%, 10/01/31
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 11.8%
1,000 Massachusetts Development Finance Agency, Assisted Living Facility 3/12 at 105.00 AAA 1,072,030
Revenue Bonds, The Arbors at Chicopee Project, GNMA
Collateralized, Series 2001A, 6.250%, 9/20/42
(Alternative Minimum Tax)
1,250 Massachusetts Housing Finance Agency, Rental Housing Mortgage 1/11 at 100.00 AAA 1,295,188
Revenue Bonds, Series 2001A, 5.850%, 7/01/35
(Alternative Minimum Tax)
1,000 Somerville Housing Authority, Massachusetts, Mortgage Revenue 5/12 at 103.00 AAA 1,012,910
Bonds, Clarendon Hill Towers Project, GNMA Collateralized,
Series 2002 Refunding, 5.200%, 11/20/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 11.7%
1,095 Massachusetts Housing Finance Agency, Single Family Housing 12/04 at 102.00 AA 1,137,048
Revenue Bonds, Series 36, 6.600%, 12/01/26
(Alternative Minimum Tax)
2,175 Massachusetts Housing Finance Agency, Single Family Housing 6/10 at 100.00 AAA 2,205,146
Revenue Bonds, Series 82, 5.375%, 12/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.3%
655 Massachusetts Development Finance Agency, First Mortgage Revenue 7/11 at 102.00 BBB- 666,639
Bonds, Edgecombe Project, Series 2001A, 6.750%, 7/01/21
31
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) (continued)
Portfolio of INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 20.5%
$ 1,000 City of Boston, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aa2 $ 1,022,480
Series 2001A, 5.000%, 2/01/20
2,000 Town of Brookline, Massachusetts, General Obligation Bonds, 4/10 at 101.00 Aaa 2,128,460
Series 2000, 5.375%, 4/01/17
1,675 City of Lawrence, Massachusetts, General Obligation Bonds, 2/11 at 100.00 Aaa 1,703,542
Series 2001, 5.000%, 2/01/21
1,020 Massachusetts Bay Transportation Authority, General Transportation 3/07 at 101.00 AAA 1,014,665
System Bonds, 1997 Series A, 5.000%, 3/01/27
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 11.4%
1,000 Massachusetts Bay Transportation Authority, Assessment Bonds, 2000 7/10 at 100.00 AAA 1,015,900
Series A, 5.250%, 7/01/30
1,000 Puerto Rico Municipal Finance Agency, 1999 Series A Bonds, 8/09 at 101.00 AAA 1,127,170
6.000%, 8/01/16
1,000 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin 10/10 at 101.00 BBB- 1,112,510
Islands Gross Receipts Tax Loan Note), Series 1999A,
6.375%, 10/01/19
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.8%
2,000 Massachusetts Port Authority, Revenue Bonds, Series 1998-D, 7/08 at 101.00 AAA 1,971,500
5.000%, 7/01/28
1,000 Massachusetts Port Authority, Special Facilities Revenue Bonds 7/07 at 102.00 AAA 1,031,970
(BOSFUEL Project), Series 1997, 5.500%, 7/01/18
(Alternative Minimum Tax)
1,250 Massachusetts Turnpike Authority, Metropolitan Highway System 1/07 at 102.00 AAA 1,222,913
Revenue Bonds, 1997 Series A (Senior), 5.000%, 1/01/37
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.8%
1,000 Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed 7/10 at 100.00 AAA 1,165,680
Bonds, Series 2000, 6.000%, 7/01/26 (Pre-refunded to 7/01/10)
1,250 Commonwealth of Massachusetts, General Obligation Bonds, 10/10 at 100.00 AAA 1,432,525
Consolidated Loan Series 2000C, 5.750%, 10/01/19
(Pre-refunded to 10/01/10)
1,000 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 1,066,560
Bonds, 2000 Series A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.1%
1,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue 12/08 at 102.00 BBB 873,750
Refunding Bonds (Ogden Haverhill Project), Series 1998A, 5.600%,
12/01/19 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 14.6%
2,000 Boston Water and Sewer Commission, Massachusetts, General 11/08 at 101.00 AAA 1,981,840
Revenue Bonds (Senior Series), 1998 Series D, 5.000%, 11/01/28
1,750 Massachusetts Water Pollution Abatement Trust, Water Pollution 8/09 at 101.00 AAA 1,875,736
Abatement Revenue Bonds (MWRA Program), Subordinate
Series 1999A, 5.750%, 8/01/29
300 Massachusetts Water Resources Authority, General Revenue Bonds, 8/10 at 101.00 AAA 320,870
2000 Series A, 5.750%, 8/01/30
------------------------------------------------------------------------------------------------------------------------------------
$ 41,545 Total Long-Term Investments (cost $41,789,282) - 149.7% 42,883,076
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.7% 757,507
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.4)% (15,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 28,640,583
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
32
Nuveen Missouri Premium Income Municipal Fund (NOM)
Portfolio of
INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.1%
$ 1,000 Missouri State Development Finance Board, Solid Waste Disposal No Opt. Call AA- $ 1,000,630
Revenue Bonds (Procter & Gamble Paper Products Company
Project), Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 8.2%
250 Junior College District of Mineral Area, Missouri, Mineral Area 9/10 at 102.00 N/R 250,393
College, Student Housing System Revenue Bonds,
Series 2000, 7.200%, 9/01/20
1,400 Health and Educational Facilities Authority of the State of Missouri, 6/10 at 100.00 Baa2 1,475,922
Educational Facilities Revenue Bonds (Maryville University of
Saint Louis Project), Series 2000, 6.750%, 6/15/30
500 Health and Educational Facilities Authority of the State of Missouri, 2/08 at 101.00 A3 513,805
Educational Facilities Revenue Bonds (Saint Louis Priory School
Project), 5.650%, 2/01/25
365 Health and Educational Facilities Authority of the State of Missouri, 4/11 at 100.00 Aaa 387,645
Educational Facilities Revenue Bonds (Webster University),
Series 2001, 5.500%, 4/01/18
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 26.0%
1,800 Johnson County, Missouri, Hospital Revenue Bonds, Western Missouri 6/10 at 100.00 AA 1,914,390
Medical Center Project, Series 2000, 6.000%, 6/01/20
2,500 Health and Educational Facilities Authority of the State of Missouri, 6/11 at 101.00 AAA 2,522,525
Revenue Bonds, SSM Health Care, Series 2001A, 5.250%, 6/01/28
500 Health and Educational Facilities Authority of the State of Missouri, 6/11 at 101.00 AAA 505,030
Health Facilities Revenue Bonds, Saint Luke's Episcopal-Presbyterian
Hospitals, Series 2001, 5.250%, 12/01/26
425 Health and Educational Facilities Authority of the State of Missouri, 2/06 at 102.00 BBB+ 436,326
Health Facilities Revenue Bonds (Lake of the Ozarks General
Hospital, Inc.), Series 1996, 6.500%, 2/15/21
1,000 Health and Educational Facilities Authority of the State of Missouri, 12/10 at 101.00 A 1,044,400
Health Facilities Revenue Bonds (Saint Anthony's Medical Center),
Series 2000, 6.250%, 12/01/30
1,000 Ray County, Missouri, Hospital Revenue Bonds (Ray County Memorial 5/05 at 101.50 N/R 986,280
Hospital), Series 1997, 5.750%, 11/15/12
950 Texas County, Missouri, Hospital Revenue Bonds (Texas County 6/10 at 100.00 N/R 951,587
Memorial Hospital), Series 2000, 7.250%, 6/15/25
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 10.9%
995 Missouri Housing Development Commission, Multifamily Housing 12/11 at 100.00 AA 1,032,949
Revenue Bonds, 2001 Series II, 5.250%, 12/01/16
1,250 Industrial Development Authority of St. Charles County, Missouri, 4/08 at 102.00 AAA 1,260,063
Multifamily Housing Revenue Bonds (Ashwood Apartments Project),
Series 1998A, 5.600%, 4/01/30 (Alternative Minimum Tax)
545 Industrial Development Authority of the County of St. Louis, Missouri, 4/07 at 102.00 AAA 572,114
Multifamily Housing Revenue Refunding Bonds (GNMA
Collateralized - South Summit Apartments Project),
Series 1997A, 5.950%, 4/20/17
600 Industrial Development Authority of the County of St. Louis, Missouri, 4/07 at 102.00 AAA 620,514
Multifamily Housing Revenue Refunding Bonds (GNMA
Collateralized - South Summit Apartments Project), Series
1997B, 6.000%, 10/20/15 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 9.3%
710 Missouri Housing Development Commission, Single Family Mortgage 3/06 at 105.00 AAA 759,026
Revenue Bonds (Homeownership Loan Program), 1995 Series C,
7.250%, 9/01/26 (Alternative Minimum Tax)
1,380 Missouri Housing Development Commission, Single Family Mortgage 9/06 at 105.00 AAA 1,446,212
Revenue Bonds (Homeownership Loan Program), 1996 Series B,
7.550%, 9/01/27 (Alternative Minimum Tax)
735 Missouri Housing Development Commission, Single Family Mortgage 3/10 at 100.00 AAA 769,773
Revenue Bonds (Homeownership Loan Program), 2000 Series B-1,
6.250%, 3/01/31 (Alternative Minimum Tax)
33
Nuveen Missouri Premium Income Municipal Fund (NOM) (continued)
Portfolio of INVESTMENTS November 30, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 30.7%
$ 500 Lees Summit Reorganized School District No.7 of Jackson County, 3/12 at 100.00 AAA $ 525,200
Missouri, General Obligation Bonds, Series 2002 Refunding and
Improvement, 5.250%, 3/01/18
1,000 State of Missouri, General Obligation Bonds, Series 2002A, Fourth 10/12 at 100.00 AAA 1,038,130
State Building Refunding, 5.000%, 10/01/18
2,020 Ritenour Consolidated School District of Saint Louis County, Missouri, No Opt. Call AAA 2,513,466
General Obligation Bonds, Series 1995, 7.375%, 2/01/12
1,500 Francis Howell School District, Saint Charles County, Missouri, No Opt. Call AAA 1,767,015
General Obligation Bonds, Series 1994A Refunding,
7.800%, 3/01/08
1,000 School District of the City of Saint Charles, Missouri, General 3/06 at 100.00 AA+ 1,079,470
Obligation Bonds, Series 1996A, 5.625%, 3/01/14
1,000 Pattonville R-3 School District, Saint Louis County, Missouri, 3/10 at 101.00 AAA 1,086,070
General Obligation Bonds, Series 2000, 5.750%, 3/01/17
895 Board of Education of the City of St. Louis, Missouri, General No Opt. Call AAA 1,099,132
Obligation School Refunding Bonds, Series 1993A,
8.500%, 4/01/07
625 Reorganized School District No. R-IV of Stone County, Reeds Spring, No Opt. Call AAA 786,750
Missouri, General Obligation School Building Refunding and
Improvement Bonds, Series 1995, 7.600%, 3/01/10
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 24.2%
750 Fenton, Missouri, Tax Increment Bonds, Gravois Bluffs Project, 10/12 at 100.00 N/R 743,130
Series 2002 Refunding and Improvement, 6.125%, 10/01/21
1,000 Land Clearance for Redevelopment Authority of Kansas City, 12/05 at 102.00 AAA 1,095,930
Missouri, Lease Revenue Bonds, Municipal Auditorium and
Muehlebach Hotel Redevelopment Projects, Series 1995A,
5.900%, 12/01/18
2,000 Missouri Development Finance Board, Infrastructure Facilities 4/10 at 100.00 AAA 2,139,820
Revenue Bonds, Kansas City, Missouri (Midtown Redevelopment
Projects), Series 2000A, 5.750%, 4/01/22
450 Monarch-Chesterfield Levee District, St. Louis County, Missouri, 3/10 at 101.00 AAA 482,945
Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19
1,000 St. Louis Municipal Finance Corporation, Missouri, Carnahan 2/12 at 100.00 Aaa 1,107,250
Courthouse Leasehold Revenue Bonds, Series 2002A,
5.750%, 2/15/16
2,000 Public Building Corporation of the City of Springfield, Missouri, 6/10 at 100.00 AAA 2,209,760
Leasehold Revenue Bonds, Series 2000A, Jordan Valley Park
Projects, 6.125%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.9%
500 Kansas City, Missouri, Passenger Facility Charge Revenue Bonds, 4/11 at 101.00 AAA 488,425
Series 2001, Kansas City International Airport, 5.000%, 4/01/23
(Alternative Minimum Tax)
1,000 Land Clearance for Redevelopment Authority of the City of St. Louis, 9/09 at 102.00 N/R 1,073,650
Missouri, Tax-Exempt Parking Facility Revenue Refunding and
Improvement Bonds (LCRA Parking Facilities Project),
Series of 1999C, 7.000%, 9/01/19
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.3%
675 Health and Educational Facilities Authority of the State of Missouri, 2/06 at 102.00 BBB+*** 770,249
Health Facilities Revenue Bonds (Lake of the Ozarks General
Hospital, Inc.), Series 1996, 6.500%, 2/15/21
(Pre-refunded to 2/15/06)
825 Health and Educational Facilities Authority of the State of Missouri, 3/10 at 101.00 Aaa 955,903
Educational Facilities Revenue Bonds (The Washington University),
Series 2000A, 6.000%, 3/01/30 (Pre-refunded to 3/01/10)
530 State Environmental Improvement and Energy Resources Authority, 7/04 at 102.00 AAA 576,433
Missouri, Water Pollution Control Revenue Bonds (State Revolving
Fund Program - City of Branson Project), Series 1995A, 6.050%,
7/01/16 (Pre-refunded to 7/01/04)
540 State Environmental Improvement and Energy Resources Authority, 1/06 at 101.00 Aaa 601,663
Missouri, Water Pollution Control Revenue Bonds, State Revolving
Fund, Multi-Participant Program, Series 1996D, 5.875%,
1/01/15 (Pre-refunded to 1/01/06)
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 1,000 St. Louis County, Missouri, Certificates of Receipt, Series 1993D No Opt. Call AAA $ 1,087,070
GNMA Collateralized Mortgage Revenue Bonds, 5.650%,
7/01/20 (Alternative Minimum Tax)
1,275 St. Louis Municipal Finance Corporation, Leasehold Revenue 2/05 at 100.00 AAA 1,393,040
Improvement and Refunding Bonds (City of St. Louis, Missouri,
Lessee), Series 1992, 6.250%, 2/15/12 (Pre-refunded to 2/15/05)
1,600 St. Louis Municipal Finance Corporation, City Justice Center, 2/06 at 102.00 AAA 1,794,272
Leasehold Revenue Improvement Bonds (City of St. Louis, Missouri,
Lessee), Series 1996A, 5.750%, 2/15/11 (Pre-refunded to 2/15/06)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.2%
600 City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, No Opt. Call AAA 697,908
1996 Series, 6.000%, 6/01/13
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.6%
350 State Environmental Improvement and Energy Resources Authority, No Opt. Call Aaa 424,360
Missouri, Water Pollution Control Revenue Bonds (State Revolving
Fund Program - Kansas City Project), Series 1997C,
6.750%, 1/01/12
470 State Environmental Improvement and Energy Resources Authority, 7/04 at 102.00 AAA 504,891
Missouri, Water Pollution Control Revenue Bonds (State Revolving
Fund Program - City of Branson Project), Series 1995A,
6.050%, 7/01/16
210 State Environmental Improvement and Energy Resources Authority, 1/06 at 101.00 Aaa 229,235
Missouri, Water Pollution Control Revenue Bonds, State Revolving
Fund, Multi-Participant Program, Series 1996D, 5.875%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
$ 43,220 Total Long-Term Investments (cost $43,828,746) - 145.4% 46,720,751
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.4% 1,403,541
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.8)% (16,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 32,124,292
====================================================================================================================
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares.
* 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.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
35
Statement of
ASSETS AND LIABILITIES November 30, 2002 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in municipal securities, at market value $115,822,229 $55,497,693 $51,550,043 $ 74,229,884
Temporary investments in short-term securities, at
amortized cost, which approximates market value -- -- -- 20,500,000
Cash 141,602 345,908 -- 8,216,240
Receivables:
Interest 1,647,709 733,361 726,557 836,866
Investments sold 699,034 145,822 -- 140,793
Other assets 7,288 5,110 31,372 160
-----------------------------------------------------------------------------------------------------------------------------------
Total assets 118,317,862 56,727,894 52,307,972 103,923,943
-----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 316,035 --
Payable for investments purchased 2,091,947 -- -- 11,787,916
Accrued expenses:
Management fees 62,396 16,378 15,057 19,996
Organization and offering costs -- 7,713 4,674 140,830
Other 33,273 58,489 20,589 135,852
Preferred share dividends payable 2,832 2,135 522 5,299
-----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 2,190,448 84,715 356,877 12,089,893
-----------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 38,300,000 19,500,000 17,500,000 32,000,000
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 77,827,414 $37,143,179 $34,451,095 $ 59,834,050
===================================================================================================================================
Common shares outstanding 5,289,257 2,547,563 2,307,073 4,318,000
===================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 14.71 $ 14.58 $ 14.93 $ 13.86
===================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-----------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 52,893 $ 25,476 $ 23,071 $ 43,180
Paid-in surplus 73,326,245 36,058,937 32,676,236 60,921,340
Undistributed net investment income 786,651 95,818 98,796 12,698
Accumulated net realized gain (loss) from investments (1,396,884) (78,021) 153,269 (262,216)
Net unrealized appreciation (depreciation) of investments 5,058,509 1,040,969 1,499,723 (880,952)
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 77,827,414 $37,143,179 $34,451,095 $ 59,834,050
===================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
===================================================================================================================================
See accompanying notes to financial statements.
36
MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME
(NMT) (NMB) (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in municipal securities, at market value $ 99,439,785 $42,883,076 $46,720,751
Temporary investments in short-term securities, at
amortized cost, which approximates market value 2,000,000 -- --
Cash 77,047 85,263 500,975
Receivables:
Interest 1,517,574 692,282 850,818
Investments sold 30,000 56,513 86,405
Other assets 1,423 4,897 7,717
-----------------------------------------------------------------------------------------------------------------------------------
Total assets 103,065,829 43,722,031 48,166,666
-----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- --
Payable for investments purchased -- -- --
Accrued expenses:
Management fees 55,337 12,632 25,860
Organization and offering costs -- 7,713 --
Other 27,250 59,049 15,914
Preferred share dividends payable 1,197 2,054 600
-----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 83,784 81,448 42,374
-----------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 34,000,000 15,000,000 16,000,000
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 68,982,045 $28,640,583 $32,124,292
===================================================================================================================================
Common shares outstanding 4,696,845 1,944,324 2,212,834
===================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 14.69 $ 14.73 $ 14.52
===================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-----------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 46,968 $ 19,443 $ 22,128
Paid-in surplus 65,109,548 27,481,596 30,439,166
Undistributed net investment income 767,525 79,952 310,444
Accumulated net realized gain (loss) from investments (1,899,980) (34,202) (1,539,451)
Net unrealized appreciation (depreciation) of investments 4,957,984 1,093,794 2,892,005
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 68,982,045 $28,640,583 $32,124,292
===================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
===================================================================================================================================
See accompanying notes to financial statements.
37
Statement of
OPERATIONS Six Months Ended November 30, 2002 (Unaudited)
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)*
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $3,120,608 $1,433,480 $1,282,836 $ 367,336
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 380,049 185,423 170,327 77,431
Preferred shares - auction fees 48,006 26,486 21,935 3,507
Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 438
Shareholders' servicing agent fees and expenses 11,677 1,329 1,554 638
Custodian's fees and expenses 22,939 17,040 26,950 5,857
Trustees' fees and expenses 703 501 501 135
Professional fees 4,822 5,086 4,612 2,985
Shareholders' reports - printing and mailing expenses 12,614 6,509 5,677 5,156
Stock exchange listing fees 6,065 187 -- --
Investor relations expense 6,974 3,621 -- --
Other expenses 6,327 4,073 2,942 254
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 505,190 255,269 239,512 96,401
Custodian fee credit (3,893) (1,266) (15,478) (2,105)
Expense reimbursement -- (85,580) (78,613) (38,120)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 501,297 168,423 145,421 56,176
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,619,311 1,265,057 1,137,415 311,160
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 902,736 24,134 155,656 (262,216)
Change in net unrealized appreciation (depreciation) of investments 264,157 749,673 810,528 (880,952)
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments 1,166,893 773,807 966,184 (1,143,168)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (206,174) (104,675) (104,109) (17,792)
From accumulated net realized gains from investments -- -- (2,387) --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (206,174) (104,675) (106,496) (17,792)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations $3,580,030 $1,934,189 $1,997,103 $ (849,800)
===================================================================================================================================
* For the period September 26, 2002 (commencement of operations) through
November 30, 2002.
See accompanying notes to financial statements.
38
MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME
(NMT) (NMB) (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $2,805,794 $1,134,801 $1,305,045
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 337,377 142,332 157,907
Preferred shares - auction fees 42,616 20,374 20,055
Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014
Shareholders' servicing agent fees and expenses 6,290 1,096 4,608
Custodian's fees and expenses 20,828 14,170 17,498
Trustees' fees and expenses 651 375 375
Professional fees 5,739 4,467 4,269
Shareholders' reports - printing and mailing expenses 11,862 6,910 6,758
Stock exchange listing fees 11,306 143 161
Investor relations expense 6,391 1,361 2,945
Other expenses 6,125 3,951 4,791
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 454,199 200,193 224,381
Custodian fee credit (2,994) (929) (3,293)
Expense reimbursement -- (65,692) --
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 451,205 133,572 221,088
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,354,589 1,001,229 1,083,957
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 212,247 60,103 23,982
Change in net unrealized appreciation (depreciation) of investments 596,179 974,249 284,982
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments 808,426 1,034,352 308,964
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (173,783) (76,200) (93,893)
From accumulated net realized gains from investments -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares
from distributions to Preferred shareholders (173,783) (76,200) (93,893)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable
to Common shares from operations $2,989,232 $1,959,381 $1,299,028
===================================================================================================================================
See accompanying notes to financial statements.
39
Statement of
CHANGES IN NET ASSETS (Unaudited)
CONNECTICUT CONNECTICUT
PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC)
---------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
11/30/02 5/31/02 11/30/02 5/31/02
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 2,619,311 $ 5,259,938 $ 1,265,057 $ 2,549,084
Net realized gain (loss) from investments 902,736 544,946 24,134 (44,913)
Change in net unrealized appreciation
(depreciation) of investments 264,157 474,512 749,673 840,819
Distributions to Preferred Shareholders:
From net investment income (206,174) (546,694) (104,675) (291,100)
From accumulated net realized gains from investments -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 3,580,030 5,732,702 1,934,189 3,053,890
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,267,025) (4,403,107) (1,069,436) (2,135,321)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 187,556 355,425 45,120 60,234
Preferred shares offering costs -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from capital
share transactions 187,556 355,425 45,120 60,234
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares 1,500,561 1,685,020 909,873 978,803
Net assets applicable to Common
shares at the beginning of period 76,326,853 74,641,833 36,233,306 35,254,503
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $77,827,414 $76,326,853 $37,143,179 $36,233,306
===================================================================================================================================
Undistributed net investment income
at the end of period $ 786,651 $ 645,815 $ 95,818 $ 6,243
===================================================================================================================================
See accompanying notes to financial statements.
40
CONNECTICUT
CONNECTICUT DIVIDEND MASSACHUSETTS PREMIUM
DIVIDEND ADVANTAGE 2 (NGK) ADVANTAGE 3 (NGO) INCOME (NMT)
------------------------------ ----------------- ------------------------------
FOR THE FOR THE
PERIOD 3/26/02 PERIOD 9/26/02
SIX (COMMENCEMENT (COMMENCEMENT SIX
MONTHS ENDED OF OPERATIONS) OF OPERATIONS) MONTHS ENDED YEAR ENDED
11/30/02 THROUGH 5/31/02 THROUGH 11/30/02 11/30/02 5/31/02
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,137,415 $ 188,643 $ 311,160 $ 2,354,589 $ 4,829,981
Net realized gain (loss) from investments 155,656 -- (262,216) 212,247 511,753
Change in net unrealized appreciation
(depreciation) of investments 810,528 689,408 (880,952) 596,179 56,519
Distributions to Preferred Shareholders:
From net investment income (104,109) (9,064) (17,792) (173,783) (513,588)
From accumulated net realized gains
from investments (2,387) -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from operations 1,997,103 868,987 (849,800) 2,989,232 4,884,665
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (955,119) (159,183) (280,670) (2,020,250) (3,887,315)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- 32,878,500 61,625,745 -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 1,142 -- -- 156,604 280,344
Preferred shares offering costs -- (280,610) (761,500) -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from capital
share transactions 1,142 32,597,890 60,864,245 156,604 280,344
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares 1,043,126 33,307,694 59,733,775 1,125,586 1,277,694
Net assets applicable to Common
shares at the beginning of period 33,407,969 100,275 100,275 67,856,459 66,578,765
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $34,451,095 $33,407,969 $59,834,050 $68,982,045 $67,856,459
===================================================================================================================================
Undistributed net investment income
at the end of period $ 98,796 $ 20,396 $ 12,698 $ 767,525 $ 659,569
===================================================================================================================================
See accompanying notes to financial statements.
41
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
MASSACHUSETTS MISSOURI PREMIUM
DIVIDEND ADVANTAGE (NMB) INCOME (NOM)
------------------------------ ----------------------------
SIX SIX
MONTHS ENDED YEAR ENDED MONTHS ENDED YEAR ENDED
11/30/02 5/31/02 11/30/02 5/31/02
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 1,001,229 $ 2,001,715 $ 1,083,957 $ 2,228,230
Net realized gain (loss) from investments 60,103 (68,781) 23,982 (29,238)
Change in net unrealized appreciation
(depreciation) of investments 974,249 555,011 284,982 669,418
Distributions to Preferred Shareholders:
From net investment income (76,200) (238,070) (93,893) (283,065)
From accumulated net realized gains from investments -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
Common shares from operations 1,959,381 2,249,875 1,299,028 2,585,345
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (851,433) (1,701,593) (954,175) (1,770,473)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 13,460 19,714 160,114 296,123
Preferred shares offering costs -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
to Common shares from capital
share transactions 13,460 19,714 160,114 296,123
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares 1,121,408 567,996 504,967 1,110,995
Net assets applicable to Common
shares at the beginning of period 27,519,175 26,951,179 31,619,325 30,508,330
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $28,640,583 $27,519,175 $32,124,292 $31,619,325
===================================================================================================================================
Undistributed net investment income
at the end of period $ 79,952 $ 9,113 $ 310,444 $ 286,262
===================================================================================================================================
See accompanying notes to financial statements.
42
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state 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) and Nuveen Missouri Premium Income Municipal Fund (NOM).
Connecticut Premium Income (NTC) and Massachusetts Premium Income (NMT) are
traded on the New York Stock Exchange while Connecticut Dividend Advantage
(NFC), Connecticut Dividend Advantage 2 (NGK), Connecticut Dividend Advantage 3
(NGO), Massachusetts Dividend Advantage (NMB) and Missouri Premium Income (NOM)
are traded on the American Stock Exchange.
Prior to the commencement of operations of Connecticut Dividend Advantage 2
(NGK) and Connecticut Dividend Advantage 3 (NGO) each Fund had no operations
other than those related to organizational matters, the initial capital
contribution of $100,275 by Nuveen Advisory Corp. (the "Adviser"), a wholly
owned subsidiary of The John Nuveen Company, and the recording of the
organization expenses ($11,500 per Fund) and their reimbursement by Nuveen
Investments, also a wholly owned subsidiary of The John Nuveen Company.
Each Fund seeks to provide current income exempt from both regular federal and
designated state income taxes by investing primarily in a diversified portfolio
of municipal obligations issued by state and local government authorities within
a single state. The Funds are registered under the Investment Company Act of
1940 as closed-end management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities 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 price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service establishes fair market value based on yields or prices of
municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications of value from securities dealers and general market
conditions. If it is determined that market prices for a security are
unavailable or inappropriate, the Board of Trustees of the Funds or its designee
may establish a fair value for the security. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
securities are valued at amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
November 30, 2002, Connecticut Premium Income (NTC) and Connecticut Dividend
Advantage 3 (NGO) had outstanding when-issued purchase commitments of $2,091,947
and $8,565,858, respectively. There were no such outstanding purchase
commitments in any of the other Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
43
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. 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, to retain such tax-exempt status when distributed
to shareholders of the Funds.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared and paid 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 accounting
principles generally accepted in the United States. Accordingly, temporary
over-distributions as a result of these differences may occur and will be
classified as either distributions in excess of net investment income,
distributions in excess of net realized gains and/or distributions in excess of
net ordinary taxable income from investment transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one Series. The dividend rate on each
Series may change every seven days, as set pursuant to a dutch auction process
by the auction agent, and is payable at or near 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
=========================================================================================================
MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME
(NMT) (NMB) (NOM)
---------------------------------------------------------------------------------------------------------
Number of shares:
Series T -- 600 --
Series W -- -- --
Series TH 1,360 -- 640
Series F -- -- --
=========================================================================================================
Effective November 15, 2002, Connecticut Dividend Advantage 3 (NGO) issued 1,280
Series F $25,000 stated value Preferred shares.
44
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the period ended November 30, 2002.
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.
Offering Costs
Nuveen Investments has agreed to pay all offering costs (other than the sales
load) that exceed $.03 per Common share for Connecticut Dividend Advantage 2
(NGK) and Connecticut Dividend Advantage 3 (NGO). Connecticut Dividend Advantage
2's (NGK) and Connecticut Dividend Advantage 3's (NGO) share of offering costs
($69,000 and $129,330, respectively) were recorded as a reduction of the
proceeds from the sale of Common shares.
Costs incurred by Connecticut Dividend Advantage 2 (NGK) and Connecticut
Dividend Advantage 3 (NGO) in connection with their offering of Preferred shares
($280,610 and $761,500, respectively) were recorded as a reduction to paid-in
surplus.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
CONNECTICUT
DIVIDEND
CONNECTICUT CONNECTICUT DIVIDEND CONNECTICUT DIVIDEND ADVANTAGE 3
PREMIUM INCOME (NTC) ADVANTAGE (NFC) ADVANTAGE 2 (NGK) (NGO)
---------------------------- ------------------------------ ---------------------------- ----------------
FOR THE
FOR THE PERIOD 9/26/02
PERIOD 3/26/02 (COMMENCE-
SIX MONTHS (COMMENCEMENT MENT OF
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED OF OPERATIONS) OPERATIONS)
ENDED 11/30/02 5/31/02 ENDED 11/30/02 5/31/02 11/30/02 THROUGH 5/31/02 THROUGH 11/30/02
------------------------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- -- -- 2,300,000 4,311,000
Shares issued to shareholders
due to reinvestment of
distributions 11,505 22,147 3,074 3,869 73 -- --
------------------------------------------------------------------------------------------------------------------------------------
11,505 22,147 3,074 3,869 73 2,300,000 4,311,000
====================================================================================================================================
Preferred shares sold -- -- -- -- -- 700 1,280
====================================================================================================================================
MASSACHUSETTS MASSACHUSETTS DIVIDEND MISSOURI
PREMIUM INCOME (NMT) ADVANTAGE (NMB) PREMIUM INCOME (NOM)
---------------------------- ----------------------------- ---------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/02 5/31/02 ENDED 11/30/02 5/31/02 ENDED 11/30/02 5/31/02
----------------------------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- -- -- --
Shares issued to shareholders
due to reinvestment of
distributions 9,822 18,094 1,022 1,301 9,879 19,877
----------------------------------------------------------------------------------------------------------------------------
9,822 18,094 1,022 1,301 9,879 19,877
============================================================================================================================
Preferred shares sold -- -- -- -- -- --
============================================================================================================================
45
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term securities for the six months ended November 30, 2002,
were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)*
------------------------------------------------------------------------------------------------------------
Purchases:
Long-term municipal securities $16,709,525 $1,294,823 $4,046,168 $80,060,019
Short-term securities -- -- -- 23,900,000
Sales and maturities:
Long-term municipal securities 14,262,145 1,427,833 4,882,766 4,663,530
Short-term securities -- -- 1,900,000 3,400,000
============================================================================================================
* For the period September 26, 2002 (commencement of operations) through
November 30, 2002.
MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME
(NMT) (NMB) (NOM)
-------------------------------------------------------------------------------------------------------------
Purchases:
Long-term municipal securities $5,585,228 $1,857,280 $4,693,274
Short-term securities 4,000,000 -- 2,000,000
Sales and maturities:
Long-term municipal securities 7,076,050 1,901,105 4,998,501
Short-term securities 2,000,000 -- 2,000,000
=============================================================================================================
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 timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At November 30, 2002, the cost of investments were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
---------------------------------------------------------------------------------------------------------
Cost of investments $110,733,975 $54,445,373 $50,047,484 $95,610,817
=========================================================================================================
MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME
(NMT) (NMB) (NOM)
---------------------------------------------------------------------------------------------------------
Cost of investments $96,288,133 $41,777,663 $43,813,205
=========================================================================================================
46
Gross unrealized appreciation and gross unrealized depreciation on investments
at November 30, 2002, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $5,324,221 $1,353,097 $1,507,763 $ 133,270
Depreciation (235,967) (300,777) (5,204) (1,014,203)
----------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
on investments $5,088,254 $1,052,320 $1,502,559 $ (880,933)
==========================================================================================================
MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME
(NMT) (NMB) (NOM)
----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $5,478,609 $1,202,501 $3,021,326
Depreciation (326,957) (97,088) (113,780)
----------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation)
on investments $5,151,652 $1,105,413 $2,907,546
==========================================================================================================
The tax components of undistributed net investment income and net realized gains
at May 31, 2002, the Fund's last fiscal year end, were as follows:
CONNECTICUT CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND DIVIDEND PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE ADVANTAGE 2 INCOME ADVANTAGE INCOME
(NTC) (NFC) (NGK) (NMT) (NMB) (NOM)
-------------------------------------------------------------------------------------------------------------------
Undistributed tax-exempt income $897,969 $176,278 $188,577 $750,534 $141,123 $409,490
Undistributed ordinary income * 34,265 -- -- -- -- --
Undistributed net long-term
capital gains -- -- -- -- -- --
===================================================================================================================
The tax character of distributions paid during the period ended May 31, 2002,
the Fund's last fiscal year end, were designated for purposes of the dividends
paid deduction as follows:
CONNECTICUT CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND DIVIDEND PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE ADVANTAGE 2 INCOME ADVANTAGE INCOME
(NTC) (NFC) (NGK) (NMT) (NMB) (NOM)
------------------------------------------------------------------------------------------------------------------------------------
Distributions from tax-exempt income $4,936,883 $2,427,472 $-- $4,408,553 $1,940,760 $2,047,062
Distributions from ordinary income * 12,951 -- -- -- -- --
Distributions from net long-term
capital gains -- -- -- -- -- --
====================================================================================================================================
* Ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
47
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
At May 31, 2002, the Funds' last fiscal year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
CONNECTICUT CONNECTICUT MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME ADVANTAGE INCOME
(NTC) (NFC) (NMT) (NMB) (NOM)
------------------------------------------------------------------------------------------------------------------
Expiration year:
2003 $ 170,060 $ -- $ 41,189 $ -- $ 768,346
2004 1,105,901 -- 945,779 -- 708,417
2005 847,914 -- 195,761 -- --
2006 -- -- -- -- --
2007 -- -- -- -- --
2008 7,281 -- 210,989 -- 57,432
2009 168,464 57,242 718,509 25,524 --
2010 -- 42,027 -- 31,957 6,599
------------------------------------------------------------------------------------------------------------------
Total $2,299,620 $99,269 $2,112,227 $57,481 $1,540,794
==================================================================================================================
The following Funds have elected to defer net realized losses from investments
incurred from November 1, 2001 through May 31, 2002 ("post-October losses") in
accordance with Federal income tax regulations. The following post-October
losses are treated as having arisen in the following year:
CONNECTICUT MASSACHUSETTS MISSOURI
DIVIDEND DIVIDEND PREMIUM
ADVANTAGE ADVANTAGE INCOME
(NFC) (NMB) (NOM)
--------------------------------------------------------------------------------
$2,886 $36,824 $22,638
================================================================================
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under Connecticut Premium Income's (NTC), Massachusetts Premium Income's (NMB)
and Missouri Premium Income's (NOM) investment management agreements with the
Adviser, each Fund pays an annual management fee, payable monthly, at the rates
set forth below, which are based upon the average daily net assets (including
net assets attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
48
Under Connecticut Dividend Advantage's (NFC), Connecticut Dividend Advantage 2's
(NGK), Connecticut Dividend Advantage 3's (NGO) and Massachusetts Dividend
Advantage's (NMB) investment management agreements with the Adviser, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
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.
49
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on December 30, 2002, to shareholders of
record on December 15, 2002, as follows:
CONNECTICUT CONNECTICUT CONNECTICUT CONNECTICUT
PREMIUM DIVIDEND DIVIDEND DIVIDEND
INCOME ADVANTAGE ADVANTAGE 2 ADVANTAGE 3
(NTC) (NFC) (NGK) (NGO)
--------------------------------------------------------------------------------
Dividend per share $.0720 $.0700 $.0690 $.0650
================================================================================
MASSACHUSETTS MASSACHUSETTS MISSOURI
PREMIUM DIVIDEND PREMIUM
INCOME ADVANTAGE INCOME
(NMT) (NMB) (NOM)
--------------------------------------------------------------------------------
Dividend per share $.0735 $.0730 $.0725
================================================================================
At the same time, Connecticut Premium Income (NTC) declared an ordinary taxable
income distribution of $.0127 per share and Connecticut Dividend Advantage 2
(NGK) declared a capital gains distribution of $.0124 per share.
50
Financial
HIGHLIGHTS (Unaudited)
51
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 Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
===================================================================================================================================
CONNECTICUT
PREMIUM INCOME (NTC)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) $14.46 $ .50 $ .22 $(.04) $-- $ .68 $(.43) $-- $(.43)
2002 14.20 1.00 .20 (.10) -- 1.10 (.84) -- (.84)
2001 12.92 1.02 1.32 (.24) -- 2.10 (.82) -- (.82)
2000 14.44 1.06 (1.54) (.22) -- (.70) (.82) -- (.82)
1999 14.49 1.00 (.05) (.20) -- .75 (.80) -- (.80)
1998 13.63 1.00 .89 (.23) -- 1.66 (.80) -- (.80)
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 14.24 .50 .30 (.04) -- .76 (.42) -- (.42)
2002 13.88 1.00 .31 (.11) -- 1.20 (.84) -- (.84)
2001(a) 14.33 .21 (.23) (.05) -- (.07) (.21) -- (.21)
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 14.48 .49 .42 (.05) -- .86 (.41) -- (.41)
2002(b) 14.33 .08 .30 -- -- .38 (.07) -- (.07)
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 14.33 .07 (.26) -- -- (.19) (.07) -- (.07)
===================================================================================================================================
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:
2003(c) $-- $14.71 $16.1000 2.98% 4.70%
2002 -- 14.46 16.0500 5.01 7.87
2001 -- 14.20 16.1000 25.91 16.57
2000 -- 12.92 13.5000 (14.85) (4.87)
1999 -- 14.44 16.7500 13.50 5.22
1998 -- 14.49 15.5000 15.61 12.39
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) -- 14.58 14.9900 (2.49) 5.35
2002 -- 14.24 15.7900 8.61 8.81
2001(a) (.17) 13.88 15.3400 3.71 (1.67)
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) -- 14.93 15.1000 3.05 5.97
2002(b) (.16) 14.48 15.0500 .79 1.53
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) (.21) 13.86 14.5600 (2.50) (2.83)
====================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
--------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================
CONNECTICUT
PREMIUM INCOME (NTC)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) $77,827 1.29%* 6.66%* 1.28%* 6.67%* 12%
2002 76,327 1.34 6.90 1.34 6.91 12
2001 74,642 1.33 7.36 1.31 7.39 8
2000 67,579 1.36 7.87 1.32 7.91 19
1999 75,165 1.32 6.83 1.30 6.84 7
1998 75,084 1.33 7.02 1.33 7.02 13
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 37,143 1.36* 6.28* .90* 6.74* 2
2002 36,233 1.38 6.56 .88 7.06 20
2001(a) 35,255 1.22* 4.10* .80* 4.52* 29
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(c) 34,451 1.37* 5.98* .83* 6.52* 8
2002(b) 33,408 1.06* 2.90* .73* 3.23* --
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2003(d) 59,834 .92* 2.58* .53* 2.96* 9
====================================================================================================================
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:
2003(c) $38,300 $25,000 $75,801
2002 38,300 25,000 74,822
2001 38,300 25,000 73,722
2000 38,300 25,000 69,112
1999 38,300 25,000 74,063
1998 38,300 25,000 74,010
CONNECTICUT DIVIDEND
ADVANTAGE (NFC)
------------------------------------------------------------
Year Ended 5/31:
2003(c) 19,500 25,000 72,619
2002 19,500 25,000 71,453
2001(a) 19,500 25,000 70,198
CONNECTICUT DIVIDEND
ADVANTAGE 2 (NGK)
------------------------------------------------------------
Year Ended 5/31:
2003(c) 17,500 25,000 74,216
2002(b) 17,500 25,000 72,726
CONNECTICUT DIVIDEND
ADVANTAGE 3 (NGO)
------------------------------------------------------------
Year Ended 5/31:
2003(d) 32,000 25,000 71,745
============================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period January 26, 2001 (commencement of operations) through May
31, 2001.
(b) For the period March 26, 2002 (commencement of operations) through May 31,
2002.
(c) For the six months ended November 30, 2002.
(d) For the period September 26, 2002 (commencement of operations) through
November 30, 2002.
See accompanying notes to financial statements.
52-53 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 Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
===================================================================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) $14.48 $ .50 $ .18 $(.04) $-- $ .64 $(.43) $-- $(.43)
2002 14.26 1.03 .13 (.11) -- 1.05 (.83) -- (.83)
2001 13.17 1.05 1.10 (.24) -- 1.91 (.82) -- (.82)
2000 14.72 1.05 (1.54) (.21) -- (.70) (.85) -- (.85)
1999 14.91 1.02 (.16) (.20) -- .66 (.85) -- (.85)
1998 14.11 1.06 .83 (.24) -- 1.65 (.85) -- (.85)
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) 14.16 .52 .53 (.04) -- 1.01 (.44) -- (.44)
2002 13.88 1.03 .25 (.12) -- 1.16 (.88) -- (.88)
2001(a) 14.33 .24 (.24) (.05) -- (.05) (.22) -- (.22)
MISSOURI PREMIUM
INCOME (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) 14.35 .49 .15 (.04) -- .60 (.43) -- (.43)
2002 13.97 1.01 .31 (.13) -- 1.19 (.81) -- (.81)
2001 12.77 1.02 1.18 (.26) -- 1.94 (.74) -- (.74)
2000 14.20 .99 (1.39) (.26) -- (.66) (.77) -- (.77)
1999 14.44 .97 (.22) (.22) -- .53 (.77) -- (.77)
1998 13.68 .99 .78 (.25) -- 1.52 (.76) -- (.76)
===================================================================================================================================
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:
2002(b) $-- $14.69 $15.3200 .25% 4.43%
2002 -- 14.48 15.7000 8.04 7.51
2001 -- 14.26 15.3300 15.71 14.72
2000 -- 13.17 14.0000 (7.66) (4.79)
1999 -- 14.72 16.0625 2.48 4.47
1998 -- 14.91 16.5000 18.08 11.91
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) -- 14.73 16.6300 7.05 7.15
2002 -- 14.16 15.9500 14.15 8.46
2001(a) (.18) 13.88 14.8000 .13 (1.61)
MISSOURI PREMIUM
INCOME (NOM)
------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) -- 14.52 15.8000 5.29 4.19
2002 -- 14.35 15.4100 14.11 8.65
2001 -- 13.97 14.2500 17.41 15.48
2000 -- 12.77 12.8125 (4.35) (4.63)
1999 -- 14.20 14.1875 5.24 3.64
1998 -- 14.44 14.1875 14.53 11.31
====================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
--------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================================
MASSACHUSETTS PREMIUM
INCOME (NMT)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) $68,982 1.30%* 6.74%* 1.29%* 6.75%* 6%
2002 67,856 1.31 7.11 1.30 7.12 13
2001 66,579 1.37 7.46 1.35 7.48 14
2000 61,323 1.32 7.71 1.31 7.73 11
1999 68,288 1.30 6.87 1.30 6.88 11
1998 68,936 1.31 7.22 1.31 7.22 17
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) 28,641 1.39* 6.50* .93* 6.96* 4
2002 27,519 1.47 6.70 .94 7.24 9
2001(a) 26,951 1.28* 4.84* .84* 5.28* 18
MISSOURI PREMIUM
INCOME (NOM)
--------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2002(b) 32,124 1.38* 6.64* 1.36* 6.66* 10
2002 31,619 1.38 7.08 1.36 7.10 8
2001 30,508 1.39 7.48 1.38 7.50 31
2000 27,701 1.48 7.49 1.47 7.51 23
1999 30,603 1.44 6.72 1.43 6.72 10
1998 30,935 1.47 7.03 1.47 7.03 25
====================================================================================================================
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:
2002(b) $34,000 $25,000 $75,722
2002 34,000 25,000 74,894
2001 34,000 25,000 73,955
2000 34,000 25,000 70,091
1999 34,000 25,000 75,212
1998 34,000 25,000 75,688
MASSACHUSETTS DIVIDEND
ADVANTAGE (NMB)
---------------------------------------------------------------
Year Ended 5/31:
2002(b) 15,000 25,000 72,734
2002 15,000 25,000 70,865
2001(a) 15,000 25,000 69,919
MISSOURI PREMIUM
INCOME (NOM)
---------------------------------------------------------------
Year Ended 5/31:
2002(b) 16,000 25,000 75,194
2002 16,000 25,000 74,405
2001 16,000 25,000 72,669
2000 16,000 25,000 68,282
1999 16,000 25,000 72,817
1998 16,000 25,000 73,336
===============================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. 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, where applicable.
(a) For the period January 31, 2001 (commencement of operations) through May
31, 2001.
(b) For the six months ended November 30, 2002.
See accompanying notes to financial statements.
54-55 SPREAD
Build Your Wealth
AUTOMATICALLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded 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
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.
FLEXIBILITY
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.
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.
56
Fund
INFORMATION
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
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 (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond 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 generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A fund's NAV is calculated by subtracting the liabilities
of 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.
---------
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 ended November 30, 2002. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
57
Serving Investors
FOR GENERATIONS
Photo of: John Nuveen, Sr.
For over a century, generations of Americans have relied on Nuveen Investments
to help them grow and keep the money they've earned. Financial advisors,
investors and their families have associated Nuveen Investments with quality,
expertise and dependability since 1898. That is why financial advisors have
entrusted the assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisors and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
To find out more about how Nuveen Investments' products and services can help
you preserve your financial security, talk with your financial advisor, or call
us at (800) 257-8787 for more information, including a prospectus where
applicable. Please read that information carefully before you invest.
Logo: NUVEEN Investments
Nuveen Investments o 333 West Wacker Drive
Chicago, IL 60606 o www.nuveen.com ESA-C-1102D