N-CSRS 1 nvg.txt NVG UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09475 --------------------- Nuveen Insured Dividend Advantage Municipal Fund ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: October 31 ------------------ Date of reporting period: April 30, 2010 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. LOGO: NUVEEN INVESTMENTS Closed-End Funds Nuveen Investments Municipal Closed-End Funds IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Semi-Annual Report April 30, 2010 --------------------- --------------------- --------------------- NUVEEN INSURED NUVEEN INSURED NUVEEN PREMIER QUALITY MUNICIPAL MUNICIPAL OPPORTUNITY INSURED MUNICIPAL FUND, INC. FUND, INC. INCOME FUND, INC. NQI NIO NIF --------------------- --------------------- --------------------- NUVEEN INSURED NUVEEN INSURED NUVEEN INSURED PREMIUM INCOME DIVIDEND ADVANTAGE TAX-FREE ADVANTAGE MUNICIPAL FUND 2 MUNICIPAL FUND MUNICIPAL FUND NPX NVG NEA APRIL 10 LIFE IS COMPLEX. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! WWW.INVESTORDELIVERY.COM If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS If you receive your Nuveen Fund dividends and statements directly from Nuveen. LOGO: NUVEEN INVESTMENTS Chairman's Letter to Shareholders [PHOTO OF ROBERT P. BREMNER] DEAR SHAREHOLDER, The economic environment in which your Fund operates reflects continuing but uneven economic recovery. The U.S. and other major industrial countries are experiencing steady but comparatively low levels of economic growth, while emerging market countries are seeing a resumption of relatively strong economic expansion. The potential impact of steps being considered by many governments to counteract the extraordinary governmental spending and credit expansion to deal with the recent financial and economic crisis is injecting uncertainty into global financial markets. The implications for future tax rates, government spending, interest rates and the pace of economic recovery in the U.S. and other leading economies are extremely difficult to predict at the present time. The long term health of the global economy depends on restoring some measure of fiscal discipline around the world, but since all of the corrective steps require economic pain, it is not surprising that governments are reluctant to undertake them. In the near term, governments remain committed to furthering economic recovery and realizing a meaningful reduction in their national unemployment rates. Such an environment should produce continued economic growth and, consequently, attractive investment opportunities. Over the longer term, the larger uncertainty mentioned earlier carries the risk of unexpected potholes in the road to sustained recovery. For this reason, Nuveen's investment management teams are working hard to balance return and risk by building well-diversified portfolios, among other strategies. I encourage you to read the following commentary on the management of your Fund. As always, I also encourage you to contact your financial consultant if you have any questions about your Nuveen Fund investment. Please consult the Nuveen web site for the most recent information on your Nuveen Funds at: www.nuveen.com. On behalf of the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Robert P. Bremner ----------------------------------- Robert P. Bremner Chairman of the Board June 21, 2010 Nuveen Investments 1 Portfolio Manager's Comments NUVEEN INSURED QUALITY MUNICIPAL FUND, INC. (NQI) NUVEEN INSURED MUNICIPAL OPPORTUNITY FUND, INC. (NIO) NUVEEN PREMIER INSURED MUNICIPAL INCOME FUND, INC. (NIF) NUVEEN INSURED PREMIUM INCOME MUNICIPAL FUND 2 (NPX) NUVEEN INSURED DIVIDEND ADVANTAGE MUNICIPAL FUND (NVG) NUVEEN INSURED TAX-FREE ADVANTAGE MUNICIPAL FUND (NEA) Portfolio manager Paul Brennan reviews key investment strategies and the six-month performance of these six national Funds. With 20 years of industry experience, including twelve years at Nuveen, Paul assumed portfolio management responsibility for NQI, NIO, NIF, NPX, NVG and NEA in 2006. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED APRIL 30, 2010? Municipal market conditions began to show general signs of improvement throughout most of the period. This trend was bolstered by the reduced issuance of tax-exempt municipal debt, due in part to the introduction of the Build America Bond program in April 2009. Build America Bonds are a new class of taxable municipal debt created as part of the February 2009 economic stimulus package. These bonds currently offer municipal issuers a federal subsidy equal to 35% of the bonds' interest payments and therefore provide issuers with an attractive alternative to traditional tax-exempt debt. For the six-month period ended April 30, 2010, taxable Build America Bond issuance totaled $48.9 billion, accounting for almost 24% of new bonds in the municipal market-place nationwide. The tighter supply situation was compounded for these Funds by the severe decline in issuance of AAA rated insured bonds. Over the six-month period, new insured paper accounted for approximately 6% of national issuance, compared with about 12% during the same period a year earlier and historical levels of approximately 50%. In response to this situation, the Funds' Board of Directors/Trustees approved changes to the Funds' investment policies that increased their investment flexibility while retaining the insured nature of their portfolios. These six Funds can now invest at least 80% of their net assets in municipal securities that are covered by insurance from insurers with a claims-paying ability rated at least BBB- at the time of purchase. In addition, the Funds may invest up CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGER AS OF THE DATE OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS, AND THE VIEWS EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN. 2 Nuveen Investments to 20% of their net assets in uninsured investment-grade credits rated BBB- or higher. The investment policy changes are discussed in more detail on page seven. Despite the constrained issuance of tax-exempt municipal bonds, we continued to find attractive value opportunities, taking a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform relatively well over the long term. Areas of the market where we found value during this period included essential services bonds such as general obligation (GO) and other tax-supported credits, transportation (specifically tollroads and airports) and water and sewer. The impact of the Build America Bond program was evident especially in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of at least 30 years or more. Even though this significantly reduced the availability of tax-exempt bonds with longer maturities, we continued to focus on finding and purchasing attractive longer-term bonds for these Funds. Cash for new purchases during this period was generated primarily by the proceeds from bond redemptions and calls. In addition, we took advantage of attractive sell opportunities to trim the Funds' holdings of pre-refunded bonds. Shortly before the beginning of this reporting period, the Nuveen Insured Florida Premium Income Municipal Fund (NFL) was reorganized into NIO, and the Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) was reorganized into NEA (the "Reorganizations"). In the Reorganizations, NIO and NEA acquired substantially all of the assets and liabilities of the two Florida funds in a tax-free transaction in exchange for an equal aggregate value of newly-issued common shares. In general, the securities acquired through the Reorganizations matched the investment parameters and strategies of NIO and NEA and required little immediate portfolio activity. As a result of the Reorganizations, NIO and NEA's exposures to Florida bonds rose. During this period, we began reducing these exposures to bring them more in line with our standard investment parameters. We intend to continue reducing these exposures over time as appropriate opportunities arise. As of April 30, 2010, all six of these Funds continued to use inverse floating rate securities. (1) We employ inverse floaters for a variety of reasons, including leverage, duration management and both income and total return enhancement. (1) AN INVERSE FLOATING RATE SECURITY, ALSO KNOWN AS AN INVERSE FLOATER, IS A FINANCIAL INSTRUMENT DESIGNED TO PAY LONG-TERM TAX-EXEMPT INTEREST AT A RATE THAT VARIES INVERSELY WITH A SHORT-TERM TAX-EXEMPT INTEREST RATE INDEX. FOR THE NUVEEN FUNDS, THE INDEX TYPICALLY USED IS THE SECURITIES INDUSTRY AND FINANCIAL MARKETS (SIFM) MUNICIPAL SWAP INDEX (PREVIOUSLY REFERRED TO AS THE BOND MARKET ASSOCIATION INDEX OR BMA). INVERSE FLOATERS, INCLUDING THOSE INVERSE FLOATING RATE SECURITIES IN WHICH THE FUNDS INVESTED DURING THIS REPORTING PERIOD, ARE FURTHER DEFINED WITHIN THE NOTES TO FINANCIAL STATEMENTS AND GLOSSARY OF TERMS USED IN THIS REPORT SECTIONS OF THIS REPORT. Nuveen Investments 3 HOW DID THE FUNDS PERFORM? Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table. AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE* FOR PERIODS ENDED 4/30/10

6-MONTH 1-YEAR 5-YEAR 10-YEAR --------------------------------------------------------------------------------------------- NQI 6.12% 16.89% 3.34% 6.21% NIO 5.24% 14.13% 3.64% 6.26% NIF 5.00% 12.26% 3.82% 6.23% NPX 4.85% 13.55% 3.48% 6.20% NVG 4.25% 12.61% 4.48% N/A NEA 4.67% 14.42% 4.89% N/A Standard & Poor's (S&P) Insured Municipal Bond Index(2) 3.76% 9.34% 4.24% 5.93% Lipper Insured Municipal Debt Funds Average(3) 5.33% 15.40% 3.81% 6.32% ---------------------------------------------------------------------------------------------

For the six months ended April 30, 2010, the cumulative returns on common share net asset value (NAV) for all six of these Funds exceeded the return for the Standard & Poor's (S&P) Insured Municipal Bond Index. For the same period, NQI outperformed the return for the Lipper Insured Municipal Debt Funds Average, while NIO, NIF, NPX, NVG and NEA trailed the Lipper average. Key management factors that influenced the Funds' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. In addition, the use of leverage was an important factor affecting the Funds' performance over this period. The impact of leverage is discussed in more detail on page five. During this period, bonds with longer maturities generally outperformed credits with shorter maturities, with bonds at the longest end of the yield curve posting the strongest returns. The outperformance of longer bonds was due in part to the decline in interest rates, particularly at the longer end of the curve. The scarcity of tax-exempt bonds with longer maturities also drove up their prices. Overall, yield curve positioning and duration proved positive for the performance of these Funds. NQI and NIO, which had the longest durations, were relatively better positioned for the interest rate environment of the past six months. Credit exposure also played a role in performance of these Funds. The demand for municipal bonds increased during the period, driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for additional risk. At the same time, the supply of issuance of new tax-exempt municipal securities declined. As investors bid up municipal bond prices, bonds rated BBB or below generally outperformed those rated AAA. While these six Funds remained heavily weighted in insured and higher quality credits, their performance benefited from their holdings of lower-rated credits. (*) Six-month returns are cumulative; returns for one-year, five-year, and ten-year are annualized. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. (1) For additional information, see the individual Performance Overview for your Fund in this report. (2) The Standard & Poor's (S&P) Insured Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the insured U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (3) The Lipper Insured Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 8 funds; 1-year, 8 funds; 5-year, 7 funds; and 10-year, 7 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment. 4 Nuveen Investments Sectors that generally contributed to performance during this period included industrial development revenue, health care and housing bonds. In particular, the Funds had exposure to lower-rated health care credits that helped to enhance their returns. Revenue bonds as a whole performed well, with transportation, leasing and special tax among the sectors outperforming the general municipal market for this period. Zero coupon bonds also were among the strongest performers. Pre-refunded bonds, which are often backed by U.S. Treasury securities, performed relatively poorly during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2010, NVG and NEA had the largest exposures to pre-refunded bonds, while NQI and NPX had the smallest allocations. On the whole, general obligation (GO) bonds lagged the overall municipal market by a small margin, while water and sewer, education, electric utilities and resource recovery bonds trailed the other revenue sectors for the six months. IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE One important factor impacting the returns of most of these Funds relative to the comparative index was the Funds' use of financial leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when bond prices generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period. RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE Shortly after their inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create financial leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely non-existent since late February 2008. This means that these auctions have "failed to clear," and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS Nuveen Investments 5 shareholders unable to sell their shares continued to receive distributions at the "maximum rate" applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short-term rates at multi-generational lows, those maximum rates also have been low. One continuing implication for common shareholders from the auction failures is that each Fund's cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund's common share earnings likely have been incrementally lower at times than they otherwise might have been. As noted in past shareholder reports, the Nuveen funds' Board of Directors/Trustees authorized several methods to refinance a portion of the Nuveen funds' outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund's portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred Shares (VRDP), but these issuances have been limited since it has been difficult to find liquidity providers on economically viable terms given the constrained credit environment. Some funds have issued MuniFund Term Preferred Shares (MTP), a fixed rate form of preferred stock with a mandatory redemption period of five years. While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the Funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed. On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NQI, NVG, NEA and NIF, received a demand letter from a law firm on behalf of each fund's common shareholders, alleging that Nuveen and the fund's officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the fund's ARPS. The funds' independent Board is evaluating the demand letter for each fund. As of April 30, 2010, the amounts of ARPS redeemed at par by the following Funds are as shown in the accompanying table. AUCTION RATE % OF ORIGINAL PREFERRED SHARES AUCTION RATE FUND REDEEMED PREFERRED SHARES -------------------------------------------------------------------------------- NQI $ 78,800,000 24.8% NIO $ 126,175,000 16.0% NIF $ 30,875,000 19.2% NPX $ 268,900,000 100.0% NVG $ 141,050,000 60.5% NEA $ 105,625,000 61.1% -------------------------------------------------------------------------------- 6 Nuveen Investments As of April 30, 2010, NVG and NEA had issued and outstanding $108 million and $83 million of MTP, respectively, and NPX had issued and outstanding $219 million VRDP. (Refer to Notes to Financial Statements, Footnote 1 - General Information and Significant Accounting Policies and Footnote 4 - Fund Shares for further details on MTP and VRDP.) As of April 30, 2010, 83 out of the 84 Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS redemptions to approximately $4.4 billion of the approximately $11.0 billion originally outstanding. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps. RECENT CHANGES TO INVESTMENT POLICIES OF NUVEEN INSURED FUNDS As a result of the "credit crunch" that began in 2007 and that led to the financial crisis that peaked in late 2008, the financial strength ratings assigned to most municipal bond insurers have been downgraded by the primary ratings agencies. These ratings downgrades generally have reduced, and any additional ratings downgrades may further reduce, the effective rating of many of the bonds insured by those bond insurers, including bonds held by the Funds. This in turn has sharply reduced, and in some cases may have eliminated, the value provided by such insurance. Nonetheless, the Fund's holdings continue to be well diversified and on the whole, the underlying credit quality of its holdings are of medium to high quality. It is also important to note that municipal bonds historically have had a very low rate of default. On May 3, 2010, after the close of this reporting period, the Funds' Board of Directors/Trustees approved changes to each Fund's investment policies. The Board of Directors/Trustees took this action in response to the continuing challenges faced by municipal bond insurers. The changes to each Fund's investment policies are intended to increase the Funds' investment flexibility in pursuing their investment objective, while retaining the insured nature of its portfolio. The changes, effective immediately, provide that under normal circumstances, the Funds invest at least 80% of their managed assets (as defined in Footnote 7 - Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. In addition, the municipal securities in which each Fund invests will be rated investment grade at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by Nuveen Asset Management (the "Adviser"), or are backed by an escrow or trust account containing sufficient U.S. government or U.S. government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure timely payment of principal and interest. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%. Nuveen Investments 7 Common Share Dividend and Share Price Information During the six-month reporting period ended April 30, 2010, NIO and NIF each had two monthly dividend increases and NQI, NPX and NEA each had one monthly dividend increase. The dividend of NVG remained stable throughout the reporting period. Due to normal portfolio activity, common shareholders of NVG received a long-term capital gains distribution of $0.0409 per share at the end of December 2009. All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2010, all six of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes. COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION As of April 30, 2010, and since the inception of the Funds' repurchase program, NIO, NVG and NEA have cumulatively repurchased common shares as shown in the accompanying table. Since the inception of the Funds' repurchase program, NQI, NIF, and NPX have not repurchased any of their outstanding common shares. COMMON SHARES % OF OUTSTANDING FUND REPURCHASED COMMON SHARES -------------------------------------------------------------------------------- NIO 2,900 0.0% NVG 10,400 0.0% NEA 19,300 0.1% -------------------------------------------------------------------------------- During the six-month reporting period, NIO repurchased common shares at a weighted average price and a weighted average discount per common share as shown in the accompanying table. NVG and NEA did not repurchase any of their outstanding common shares during the six-month reporting period. WEIGHTED AVERAGE WEIGHTED AVERAGE COMMON SHARES PRICE PER SHARE DISCOUNT PER SHARE FUND REPURCHASED REPURCHASED REPURCHASED -------------------------------------------------------------------------------- NIO 2,900 $12.93 8.57% -------------------------------------------------------------------------------- 8 Nuveen Investments As of April 30, 2010, the Funds' common share prices were trading at (+) premiums or (-) discounts to their common share NAVs as shown in the accompanying table. 4/30/10 SIX-MONTH AVERAGE FUND (+) PREMIUM/(-) DISCOUNT (+) PREMIUM/(-) DISCOUNT -------------------------------------------------------------------------------- NQI +1.36% -0.43% NIO -3.99% -5.92% NIF -0.00% -3.49% NPX -4.09% -5.13% NVG -2.87% -4.89% NEA -1.09% -3.16% -------------------------------------------------------------------------------- Nuveen Investments 9 NQI Performance OVERVIEW | Nuveen Insured Quality Municipal Fund, Inc. as of April 30, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.20 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.01 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 1.36% -------------------------------------------------------------------------------- Market Yield 6.00% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.33% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 537,251 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.25 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 9.24 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/19/90) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.08% 6.12% -------------------------------------------------------------------------------- 1-Year 24.24% 16.89% -------------------------------------------------------------------------------- 5-Year 3.97% 3.34% -------------------------------------------------------------------------------- 10-Year 6.94% 6.21% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- California 19.6% -------------------------------------------------------------------------------- Texas 11.1% -------------------------------------------------------------------------------- Illinois 8.6% -------------------------------------------------------------------------------- Washington 8.2% -------------------------------------------------------------------------------- New York 6.4% -------------------------------------------------------------------------------- Florida 5.9% -------------------------------------------------------------------------------- Kentucky 4.0% -------------------------------------------------------------------------------- Massachusetts 2.8% -------------------------------------------------------------------------------- Arizona 2.7% -------------------------------------------------------------------------------- Louisiana 2.5% -------------------------------------------------------------------------------- Ohio 2.4% -------------------------------------------------------------------------------- Hawaii 2.2% -------------------------------------------------------------------------------- Colorado 2.2% -------------------------------------------------------------------------------- Nevada 1.9% -------------------------------------------------------------------------------- Other 19.5% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 22.0% -------------------------------------------------------------------------------- Transportation 19.5% -------------------------------------------------------------------------------- Tax Obligation/General 14.6% -------------------------------------------------------------------------------- U.S. Guaranteed 14.5% -------------------------------------------------------------------------------- Health Care 9.1% -------------------------------------------------------------------------------- Utilities 7.6% -------------------------------------------------------------------------------- Water and Sewer 5.8% -------------------------------------------------------------------------------- Other 6.9% -------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) -------------------------------------------------------------------------------- NPFG(3) 31.1% -------------------------------------------------------------------------------- AGM 25.5% -------------------------------------------------------------------------------- AMBAC 21.3% -------------------------------------------------------------------------------- FGIC 20.0% -------------------------------------------------------------------------------- Other 2.1% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4) [PIE CHART] AAA/U.S. Guaranteed 38% AA 28% A 31% BB or Lower 1% N/R 2% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.0625 Jun 0.0625 Jul 0.0625 Aug 0.0625 Sep 0.068 Oct 0.068 Nov 0.068 Dec 0.071 Jan 0.071 Feb 0.071 Mar 0.071 Apr 0.071 COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.05 12.08 12.18 12.5 12.53 12.23 12.0299 12.26 12.32 12.46 12.67 12.59 12.8 12.98 12.85 12.55 12.93 12.72 13.1 13.24 13.46 13.54 13.75 13.64 13 13.38 13.3 13.61 13.15 13.16 13.34 13.39 13.49 13.29 13.46 13.6 13.74 13.83 13.95 13.79 13.59 13.76 13.91 14 13.95 14 14.11 14.27 14.34 14.2 14.2 14.33 4/30/10 14.2 (1) The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. As of April 30, 2010, the Fund includes 94% (as a % of total investments) of Insured securities. (2) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (3) MBIA's public finance subsidiary. (4) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 10 Nuveen Investments NIO Performance OVERVIEW | Nuveen Insured Municipal Opportunity Fund, Inc. as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4) [PIE CHART] AAA/U.S. Guaranteed 42% AA 27% A 25% BBB 1% BB or Lower 1% N/R 4% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.0605 Jun 0.0605 Jul 0.0605 Aug 0.0605 Sep 0.0665 Oct 0.0665 Nov 0.0665 Dec 0.0675 Jan 0.0675 Feb 0.0675 Mar 0.069 Apr 0.069 COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.15 12.31 12.4 12.54 12.58 12.4 11.99 12.09 12.3 12.14 12.55 12.42 12.7 12.68 12.69 12.72 12.96 13.22 13.4 13.41 13.55 13.65 13.89 13.64 13 13.22 12.98 13.15 13 13.07 13.23 13.38 13.49 13.34 13.4 13.44 13.54 13.53 13.55 13.55 13.63 13.57 13.5 13.58 13.69 13.68 13.85 13.89 13.9 13.93 13.86 13.92 4/30/10 13.97 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 13.97 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.55 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -3.99% -------------------------------------------------------------------------------- Market Yield 5.93% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.24% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $1,391,133 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.38 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 9.40 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 9/19/91) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.88% 5.24% -------------------------------------------------------------------------------- 1-Year 21.93% 14.13% -------------------------------------------------------------------------------- 5-Year 4.44% 3.64% -------------------------------------------------------------------------------- 10-Year 7.49% 6.26% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- Florida 16.8% -------------------------------------------------------------------------------- California 16.7% -------------------------------------------------------------------------------- Texas 5.8% -------------------------------------------------------------------------------- Nevada 4.4% -------------------------------------------------------------------------------- New York 4.4% -------------------------------------------------------------------------------- Colorado 3.8% -------------------------------------------------------------------------------- Illinois 3.7% -------------------------------------------------------------------------------- South Carolina 3.6% -------------------------------------------------------------------------------- Massachusetts 3.4% -------------------------------------------------------------------------------- Alabama 3.2% -------------------------------------------------------------------------------- Louisiana 2.9% -------------------------------------------------------------------------------- Washington 2.8% -------------------------------------------------------------------------------- New Jersey 2.6% -------------------------------------------------------------------------------- Ohio 2.4% -------------------------------------------------------------------------------- Indiana 2.3% -------------------------------------------------------------------------------- Kentucky 1.9% -------------------------------------------------------------------------------- Other 19.3% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 24.7% -------------------------------------------------------------------------------- U.S. Guaranteed 18.8% -------------------------------------------------------------------------------- Transportation 14.4% -------------------------------------------------------------------------------- Tax Obligation/General 11.6% -------------------------------------------------------------------------------- Water and Sewer 11.1% -------------------------------------------------------------------------------- Utilities 8.0% -------------------------------------------------------------------------------- Health Care 5.1% -------------------------------------------------------------------------------- Other 6.3% -------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) -------------------------------------------------------------------------------- NPFG(3) 30.5% -------------------------------------------------------------------------------- FGIC 24.0% -------------------------------------------------------------------------------- AGM 18.8% -------------------------------------------------------------------------------- AMBAC 17.8% -------------------------------------------------------------------------------- Other 8.9% -------------------------------------------------------------------------------- (1) The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. As of April 30, 2010, the Fund includes 96% (as a % of total investments) of Insured securities. (2) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (3) MBIA's public finance subsidiary. (4) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. Nuveen Investments 11 NIF Performance OVERVIEW | Nuveen Premier Insured Municipal Income Fund, Inc. as of April 30, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.66 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.66 -------------------------------------------------------------------------------- Premium/(Discount) to NAV 0.00% -------------------------------------------------------------------------------- Market Yield 6.06% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.42% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 284,746 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.43 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.87 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/19/91) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 15.34% 5.00% -------------------------------------------------------------------------------- 1-Year 22.59% 12.26% -------------------------------------------------------------------------------- 5-Year 5.11% 3.82% -------------------------------------------------------------------------------- 10-Year 7.38% 6.23% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- California 17.0% -------------------------------------------------------------------------------- Washington 11.3% -------------------------------------------------------------------------------- Illinois 8.7% -------------------------------------------------------------------------------- Texas 8.4% -------------------------------------------------------------------------------- Colorado 6.4% -------------------------------------------------------------------------------- New York 4.5% -------------------------------------------------------------------------------- Nevada 4.0% -------------------------------------------------------------------------------- Massachusetts 2.9% -------------------------------------------------------------------------------- Florida 2.9% -------------------------------------------------------------------------------- Oregon 2.7% -------------------------------------------------------------------------------- Indiana 2.7% -------------------------------------------------------------------------------- Pennsylvania 2.5% -------------------------------------------------------------------------------- Hawaii 2.4% -------------------------------------------------------------------------------- Michigan 2.4% -------------------------------------------------------------------------------- Georgia 2.1% -------------------------------------------------------------------------------- Other 19.1% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/General 22.2% -------------------------------------------------------------------------------- Transportation 20.0% -------------------------------------------------------------------------------- Tax Obligation/Limited 16.3% -------------------------------------------------------------------------------- U.S. Guaranteed 15.7% -------------------------------------------------------------------------------- Water and Sewer 7.5% -------------------------------------------------------------------------------- Utilities 6.4% -------------------------------------------------------------------------------- Education and Civic Organizations 5.7% -------------------------------------------------------------------------------- Health Care 5.0% -------------------------------------------------------------------------------- Other 1.2% -------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) -------------------------------------------------------------------------------- NPFG(3) 32.4% -------------------------------------------------------------------------------- FGIC 28.5% -------------------------------------------------------------------------------- AGM 21.7% -------------------------------------------------------------------------------- AMBAC 15.3% -------------------------------------------------------------------------------- Other 2.1% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4) [PIE CHART] AAA/U.S. Guaranteed 41% AA 24% A 33% BBB 1% N/R 1% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.0635 Jun 0.0635 Jul 0.0635 Aug 0.0635 Sep 0.066 Oct 0.066 Nov 0.066 Dec 0.072 Jan 0.072 Feb 0.072 Mar 0.074 Apr 0.074 COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.73 12.81 12.78 12.9 12.76 12.75 12.34 12.56 12.71 12.55 12.96 12.85 13.08 13.18 13.26 13.23 13.37 13.4616 13.51 13.61 13.72 13.79 13.9901 13.71 13.1 13.38 13.1 13.41 13.08 13.206 13.43 13.54 13.88 13.73 13.75 13.876 14.13 13.9705 13.91 14.06 14.26 14.32 14.02 14.17 14.39 14.35 14.25 14.39 14.38 14.32 14.37 14.58 4/30/10 14.6582 (1) The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. As of April 30, 2010, the Fund includes 88% (as a % of total investments) of Insured securities. (2) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (3) MBIA's public finance subsidiary. (4) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 12 Nuveen Investments NPX Performance OVERVIEW | Nuveen Insured Premium Income Municipal Fund 2 as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4) [PIE CHART] AAA/U.S. Guaranteed 43% AA 21% A 29% BBB 5% N/R 2% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.0595 Jun 0.0595 Jul 0.0595 Aug 0.0595 Sep 0.061 Oct 0.061 Nov 0.061 Dec 0.062 Jan 0.062 Feb 0.062 Mar 0.062 Apr 0.062 COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 11.16 11.3 11.39 11.51 11.36 11.42 10.98 11.22 11.34 11.2 11.57 11.41 11.54 11.65 11.83 11.77 11.96 12 12.11 12.25 12.41 12.32 12.54 12.34 11.96 12.05 11.86 12.21 11.85 11.86 11.93 12.25 12.15 12.23 12.24 12.32 12.45 12.52 12.45 12.55 12.45 12.49 12.34 12.39 12.56 12.53 12.65 12.72 12.73 12.78 12.7 12.73 4/30/10 12.67 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 12.67 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 13.21 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.09% -------------------------------------------------------------------------------- Market Yield 5.87% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.15% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 493,539 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.63 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.94 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 7/22/93) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.04% 4.85% -------------------------------------------------------------------------------- 1-Year 21.20% 13.55% -------------------------------------------------------------------------------- 5-Year 4.54% 3.48% -------------------------------------------------------------------------------- 10-Year 7.52% 6.20% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- California 13.1% -------------------------------------------------------------------------------- Texas 9.4% -------------------------------------------------------------------------------- Pennsylvania 6.8% -------------------------------------------------------------------------------- Colorado 6.2% -------------------------------------------------------------------------------- Hawaii 5.1% -------------------------------------------------------------------------------- Washington 4.9% -------------------------------------------------------------------------------- New York 4.8% -------------------------------------------------------------------------------- New Jersey 4.5% -------------------------------------------------------------------------------- Wisconsin 4.0% -------------------------------------------------------------------------------- Louisiana 3.4% -------------------------------------------------------------------------------- Indiana 3.2% -------------------------------------------------------------------------------- Illinois 3.1% -------------------------------------------------------------------------------- Georgia 2.6% -------------------------------------------------------------------------------- Arizona 2.5% -------------------------------------------------------------------------------- North Dakota 2.5% -------------------------------------------------------------------------------- Nevada 2.4% -------------------------------------------------------------------------------- Alabama 2.4% -------------------------------------------------------------------------------- Other 19.1% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Utilities 18.2% -------------------------------------------------------------------------------- Tax Obligation/Limited 16.1% -------------------------------------------------------------------------------- Transportation 14.6% -------------------------------------------------------------------------------- U.S. Guaranteed 13.2% -------------------------------------------------------------------------------- Tax Obligation/General 11.3% -------------------------------------------------------------------------------- Water and Sewer 10.2% -------------------------------------------------------------------------------- Education and Civic Organizations 7.5% -------------------------------------------------------------------------------- Health Care 7.1% -------------------------------------------------------------------------------- Other 1.8% -------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) -------------------------------------------------------------------------------- NPFG(3) 25.4% -------------------------------------------------------------------------------- FGIC 22.8% -------------------------------------------------------------------------------- AMBAC 22.8% -------------------------------------------------------------------------------- AGM 22.5% -------------------------------------------------------------------------------- Other 6.5% -------------------------------------------------------------------------------- (1) The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. As of April 30, 2010, the Fund includes 97% (as a % of total investments) of Insured securities. (2) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (3) MBIA's public finance subsidiary. (4) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. Nuveen Investments 13 NVG Performance OVERVIEW | Nuveen Insured Dividend Advantage Municipal Fund as of April 30, 2010 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.53 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.96 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -2.87% -------------------------------------------------------------------------------- Market Yield 5.78% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 8.03% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 445,904 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 12.87 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.27 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 8.35% 4.25% -------------------------------------------------------------------------------- 1-Year 21.77% 12.61% -------------------------------------------------------------------------------- 5-Year 6.12% 4.48% -------------------------------------------------------------------------------- Since Inception 5.81% 6.42% -------------------------------------------------------------------------------- STATES (as a % of total municipal bonds) -------------------------------------------------------------------------------- Texas 15.3% -------------------------------------------------------------------------------- Indiana 10.5% -------------------------------------------------------------------------------- Washington 10.5% -------------------------------------------------------------------------------- California 9.2% -------------------------------------------------------------------------------- Florida 7.8% -------------------------------------------------------------------------------- Illinois 7.4% -------------------------------------------------------------------------------- Tennessee 6.6% -------------------------------------------------------------------------------- New York 4.0% -------------------------------------------------------------------------------- Colorado 3.7% -------------------------------------------------------------------------------- Pennsylvania 3.0% -------------------------------------------------------------------------------- Alaska 2.5% -------------------------------------------------------------------------------- Other 19.5% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- U.S. Guaranteed 23.9% -------------------------------------------------------------------------------- Transportation 16.6% -------------------------------------------------------------------------------- Tax Obligation/Limited 16.3% -------------------------------------------------------------------------------- Tax Obligation/General 11.3% -------------------------------------------------------------------------------- Utilities 9.1% -------------------------------------------------------------------------------- Health Care 7.6% -------------------------------------------------------------------------------- Water and Sewer 6.2% -------------------------------------------------------------------------------- Investment Companies 0.2% -------------------------------------------------------------------------------- Other 8.8% -------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) -------------------------------------------------------------------------------- NPFG(4) 32.2% -------------------------------------------------------------------------------- AMBAC 25.6% -------------------------------------------------------------------------------- AGM 22.5% -------------------------------------------------------------------------------- FGIC 16.2% -------------------------------------------------------------------------------- Other 3.5% -------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL MUNICIPAL BONDS)(1,5) [PIE CHART] AAA/U.S. Guaranteed 48% AA 17% A 29% BBB 4% N/R 2% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(3) [BAR CHART] May $ 0.0645 Jun 0.0645 Jul 0.0645 Aug 0.0645 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Feb 0.07 Mar 0.07 Apr 0.07 COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.62 12.84 13.01 13.05 13.07 12.99 12.55 12.89 12.9 12.8 12.98 13.12 13.28 13.42 13.33 13.32 13.59 13.64 13.73 13.95 14.12 14.19 14.39 14.23 13.68 13.89 13.85 13.78 13.66 13.69 13.86 13.93 14.18 13.9699 14 14.3 14.32 14.13 14.11 14.24 14.24 14.24 14.3 14.27 14.31 14.252 14.17 14.25 14.35 14.39 14.26 14.47 4/30/10 14.5299 (1) The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. As of April 30, 2010, the Fund includes 92% (as a % of total investments) of Insured securities. (2) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (3) The Fund paid shareholders a capital gains distribution in December 2009 of $0.0409 per share. (4) MBIA's public finance subsidiary. (5) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. 14 Nuveen Investments NEA Performance OVERVIEW | Nuveen Insured Tax-Free Advantage Municipal Fund as of April 30, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,4) [PIE CHART] AAA/U.S. Guaranteed 41% AA 23% A 26% BBB 7% BB or Lower 1% N/R 2% 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] May $ 0.062 Jun 0.062 Jul 0.062 Aug 0.062 Sep 0.065 Oct 0.065 Nov 0.065 Dec 0.068 Jan 0.068 Feb 0.068 Mar 0.068 Apr 0.068 COMMON SHARE PRICE PERFORMANCE - WEEKLY CLOSING PRICE [LINE CHART] 5/01/09 $ 12.56 12.82 12.75 12.66 12.97 12.9 12.42 12.75 12.75 12.73 12.82 12.81 12.79 13.05 13.1 13.04 13.2399 13.3406 13.48 13.57 13.75 14.11 14.45 14.28 13.48 13.5999 13.48 13.56 13.2 13.4 13.5 13.62 13.744 13.8 13.85 13.904 14.14 14.18 14.12 14.18 14.39 14.16 14.19 14.32 14.17 14.18 14.32 14.343 14.095 14.63 14.72 14.86 4/30/10 14.52 FUND SNAPSHOT -------------------------------------------------------------------------------- Common Share Price $ 14.52 -------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.68 -------------------------------------------------------------------------------- Premium/(Discount) to NAV -1.09% -------------------------------------------------------------------------------- Market Yield 5.62% -------------------------------------------------------------------------------- Taxable-Equivalent Yield(2) 7.81% -------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 326,413 -------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.81 -------------------------------------------------------------------------------- Leverage-Adjusted Duration 8.28 -------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) -------------------------------------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------------------------------------- 6-Month (Cumulative) 10.84% 4.67% -------------------------------------------------------------------------------- 1-Year 22.67% 14.42% -------------------------------------------------------------------------------- 5-Year 6.10% 4.89% -------------------------------------------------------------------------------- Since Inception 5.27% 5.89% -------------------------------------------------------------------------------- STATES (as a % of total investments) -------------------------------------------------------------------------------- Florida 15.8% -------------------------------------------------------------------------------- California 14.1% -------------------------------------------------------------------------------- New York 6.8% -------------------------------------------------------------------------------- Texas 6.7% -------------------------------------------------------------------------------- Michigan 6.5% -------------------------------------------------------------------------------- Washington 6.4% -------------------------------------------------------------------------------- Pennsylvania 4.9% -------------------------------------------------------------------------------- Indiana 4.9% -------------------------------------------------------------------------------- Alabama 4.8% -------------------------------------------------------------------------------- South Carolina 3.8% -------------------------------------------------------------------------------- Wisconsin 3.7% -------------------------------------------------------------------------------- Colorado 3.3% -------------------------------------------------------------------------------- Other 18.3% -------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) -------------------------------------------------------------------------------- Tax Obligation/Limited 26.3% -------------------------------------------------------------------------------- U.S. Guaranteed 23.9% -------------------------------------------------------------------------------- Tax Obligation/General 10.8% -------------------------------------------------------------------------------- Water and Sewer 8.7% -------------------------------------------------------------------------------- Health Care 8.3% -------------------------------------------------------------------------------- Transportation 8.3% -------------------------------------------------------------------------------- Utilities 8.1% -------------------------------------------------------------------------------- Education and Civic Organizations 5.0% -------------------------------------------------------------------------------- Other 0.6% -------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) -------------------------------------------------------------------------------- NPFG(3) 32.5% -------------------------------------------------------------------------------- AMBAC 26.6% -------------------------------------------------------------------------------- AGM 21.7% -------------------------------------------------------------------------------- FGIC 10.9% -------------------------------------------------------------------------------- Other 8.3% -------------------------------------------------------------------------------- (1) The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. As of April 30, 2010, the Fund includes 88% (as a % of total investments) of Insured securities. (2) Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. (3) MBIA's public finance subsidiary. (4) Ratings shown are the highest rating given by one or more national rating agencies. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Holdings designated N/R are not rated by a national rating agency. Nuveen Investments 15 NQI | Nuveen Insured Quality Municipal Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 1.6% (1.0% OF TOTAL INVESTMENTS) $ 1,135 Birmingham Waterworks and Sewerage Board, Alabama, Water and 1/13 at 100.00 AAA $ 1,260,940 Sewerage Revenue Bonds, Series 2002B, 5.250%, 1/01/20 (Pre-refunded 1/01/13) - NPFG Insured 7,000 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/15 at 100.00 A 7,074,830 Series 2005A, 5.000%, 6/01/24 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,135 Total Alabama 8,335,770 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 4.1% (2.7% OF TOTAL INVESTMENTS) Arizona State, Certificates of Participation, Series 2010A: 1,200 5.250%, 10/01/28 - AGM Insured 10/19 at 100.00 AAA 1,248,792 1,500 5.000%, 10/01/29 - AGM Insured 10/19 at 100.00 AAA 1,524,735 2,750 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 2,449,865 Longs, Series 11033, 14.719%, 7/01/31 - AGM Insured (IF) 9,200 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/12 at 100.00 AA- 9,203,036 Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 - FGIC Insured (Alternative Minimum Tax) 8,755 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 7,673,320 Plaza, Series 2005B, 0.000%, 7/01/39 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 23,405 Total Arizona 22,099,748 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 0.4% (0.3% OF TOTAL INVESTMENTS) 2,250 University of Arkansas, Fayetteville, Revenue Bonds, Medical 11/14 at 100.00 Aa3 2,365,808 Sciences Campus, Series 2004B, 5.000%, 11/01/24 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 29.5% (19.6% OF TOTAL INVESTMENTS) California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: 4,010 5.000%, 12/01/24 - NPFG Insured (UB) 12/14 at 100.00 AAA 4,276,545 3,965 5.000%, 12/01/26 - NPFG Insured (UB) 12/14 at 100.00 AAA 4,167,651 12,925 California Pollution Control Financing Authority, Revenue 9/10 at 100.50 A 13,024,910 Refunding Bonds, Southern California Edison Company, Series 1999A, 5.450%, 9/01/29 - NPFG Insured 13,445 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 A1 13,502,948 5.000%, 4/01/27 - AMBAC Insured 7,055 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 AAA 7,633,087 5.000%, 4/01/27 (Pre-refunded 4/01/12) - AMBAC Insured 5 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 A1 5,012 5.000%, 4/01/31 - AMBAC Insured 3,745 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 AAA 4,272,783 5.000%, 4/01/31 (Pre-refunded 4/01/14) - AMBAC Insured 8,000 California, General Obligation Bonds, Series 2002, 5.000%, 10/12 at 100.00 A1 8,008,720 10/01/32 - NPFG Insured 2,340 Cerritos Public Financing Authority, California, Tax 11/17 at 102.00 A- 2,302,092 Allocation Revenue Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/24 - AMBAC Insured 5,000 Clovis Unified School District, Fresno County, California, No Opt. Call AA (4) 2,680,250 General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 - FGIC Insured (ETM) Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999: 22,985 0.000%, 1/15/24 - NPFG Insured 7/10 at 45.75 A 9,202,734 22,000 0.000%, 1/15/31 - NPFG Insured 7/10 at 29.93 A 5,421,020 50,000 0.000%, 1/15/37 - NPFG Insured 7/10 at 20.76 A 8,105,000 5,000 Garden Grove, California, Certificates of Participation, 3/12 at 101.00 A 5,026,400 Financing Project, Series 2002A, 5.125%, 3/01/32 - AMBAC Insured 8,500 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 7,935,940 Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 - FGIC Insured 5,795 Kern Community College District, California, General No Opt. Call AAA 2,464,498 Obligation Bonds, Series 2006, 0.000%, 11/01/25 - AGM Insured 5,288 Moreno Valley Public Finance Authority, California, GNMA 1/12 at 105.00 Aaa 5,743,297 Collateralized Assisted Living Housing Revenue Bonds, CDC Assisted Living Project, Series 2000A, 7.500%, 1/20/42

16 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 4,940 Ontario Redevelopment Financing Authority, San Bernardino 8/10 at 100.00 A (4) $ 5,458,206 County, California, Revenue Bonds, Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 - NPFG Insured (ETM) 2,590 Riverside County Public Financing Authority, California, Tax 10/14 at 100.00 BBB 2,469,358 Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/25 - SYNCORA GTY Insured 2,000 San Diego Redevelopment Agency, California, Subordinate Lien 9/14 at 100.00 A 2,022,380 Tax Allocation Bonds, Centre City Project, Series 2004A, 5.000%, 9/01/21 - SYNCORA GTY Insured San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A: 7,200 5.125%, 5/01/21 - NPFG Insured (Alternative Minimum Tax) 5/11 at 100.00 A1 7,217,712 12,690 5.250%, 5/01/31 - NPFG Insured (Alternative Minimum Tax) 5/11 at 100.00 A1 12,674,011 San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2005A: 2,000 5.000%, 7/01/21 - NPFG Insured 7/15 at 100.00 AA+ 2,127,800 3,655 5.000%, 7/01/22 - NPFG Insured 7/15 at 100.00 AA+ 3,872,107 3,840 5.000%, 7/01/23 - NPFG Insured 7/15 at 100.00 AA+ 4,077,389 8,965 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 7,515,987 Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 - NPFG Insured 3,500 Saugus Union School District, Los Angeles County, California, No Opt. Call Aa2 1,667,820 General Obligation Bonds, Series 2006, 0.000%, 8/01/23 - FGIC Insured 1,000 Sierra Joint Community College District, Tahoe Truckee, 8/14 at 100.00 Aa2 1,026,090 California, General Obligation Bonds, School Facilities Improvement District 1, Series 2005A, 5.000%, 8/01/27 - FGIC Insured 1,525 Sierra Joint Community College District, Western Nevada, 8/14 at 100.00 Aa2 1,564,787 California, General Obligation Bonds, School Facilities Improvement District 2, Series 2005A, 5.000%, 8/01/27 - FGIC Insured 3,170 Ventura County Community College District, California, 8/15 at 100.00 AA 3,273,120 General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 237,133 Total California 158,739,654 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 3.3% (2.2% OF TOTAL INVESTMENTS) 2,015 Board of Trustees of the University of Northern Colorado, 6/15 at 100.00 AAA 2,134,127 Revenue Bonds, Series 2005, 5.000%, 6/01/22 - AGM Insured Denver City and County, Colorado, Airport Revenue Bonds, Series 2006: 5,365 5.000%, 11/15/23 - FGIC Insured (UB) 11/16 at 100.00 A+ 5,668,820 1,000 5.000%, 11/15/24 - FGIC Insured 11/16 at 100.00 A+ 1,050,580 1,085 13.717%, 11/15/25 - FGIC Insured (IF) 11/16 at 100.00 A+ 1,281,732 9,780 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 2,239,327 Bonds, Series 2000B, 0.000%, 9/01/32 - NPFG Insured 10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 3,277,100 Series 2004A, 0.000%, 9/01/27 - NPFG Insured 1,250 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 1,446,336 Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) - AGM Insured (UB) 500 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 518,710 Series 2005, 5.000%, 6/01/30 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 30,995 Total Colorado 17,616,732 ----------------------------------------------------------------------------------------------------------------------------------- CONNECTICUT - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,000 Connecticut Health and Educational Facilities Authority, 7/20 at 100.00 AA 1,060,920 Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/39 (WI/DD, Settling 5/18/10) ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.9% (0.6% OF TOTAL INVESTMENTS) 1,335 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 1,322,745 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) 3,920 Washington District of Columbia Convention Center Authority, 10/16 at 100.00 AA+ 3,794,207 Dedicated Tax Revenue Bonds, Residual Series 1730,1731, 1736, 11.269%, 10/01/36 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 5,255 Total District of Columbia 5,116,952 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 17 NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 9.0% (5.9% OF TOTAL INVESTMENTS) $ 3,000 Citizens Property Insurance Corporation, Florida, High-Risk No Opt. Call AAA $ 3,188,670 Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 3,450 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AA 3,591,209 Series 2005, 5.000%, 10/01/24 - NPFG Insured 2,750 Florida State Board of Education, Full Faith and Credit 6/13 at 101.00 AAA 2,948,550 Public Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 - AMBAC Insured 2,550 Florida State Board of Education, Public Education Capital 6/18 at 101.00 AAA 3,058,470 Outlay Bonds, Series 2008, Trust 2929, 16.817%, 6/01/38 - AGC Insured (IF) 20,000 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 20,287,400 5.750%, 10/01/25 - AGM Insured (Alternative Minimum Tax) 4,115 Miami-Dade County Housing Finance Authority, Florida, 7/11 at 100.00 AAA 4,148,825 Multifamily Housing Revenue Bonds, Monterey Pointe Apartments, Series 2001-2A, 5.850%, 7/01/37 - AGM Insured (Alternative Minimum Tax) 7,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 A 7,014,560 International Airport, Series 2002, 5.375%, 10/01/32 - FGIC Insured (Alternative Minimum Tax) 3,730 Palm Beach County School Board, Florida, Certificates of 8/13 at 100.00 AA- 3,946,900 Participation, Series 2003A, 5.000%, 8/01/16 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 46,595 Total Florida 48,184,584 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 1.6% (1.0% OF TOTAL INVESTMENTS) 1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,036,040 2004, 5.000%, 11/01/22 - AGM Insured 7,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 7,315,140 2009B, 5.375%, 11/01/39 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,000 Total Georgia 8,351,180 ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 3.3% (2.2% OF TOTAL INVESTMENTS) 1,620 Hawaii County, Hawaii, General Obligation Bonds, Series 7/13 at 100.00 AAA 1,759,028 2003A, 5.000%, 7/15/21 - AGM Insured Hawaii Department of Transportation, Airport System Revenue Refunding Bonds, Series 2000B: 8,785 6.625%, 7/01/18 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 8,909,220 7,000 6.000%, 7/01/19 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 7,090,510 ----------------------------------------------------------------------------------------------------------------------------------- 17,405 Total Hawaii 17,758,758 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 11.2% (7.4% OF TOTAL INVESTMENTS) 9,500 Chicago, Illinois, Second Lien General Airport Revenue 7/10 at 101.00 AA- 9,620,555 Refunding Bonds, O'Hare International Airport, Series 1999, 5.500%, 1/01/15 - AMBAC Insured (Alternative Minimum Tax) 1,775 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 1,854,396 O'Hare International Airport, Series 2005A, 5.250%, 1/01/24 - NPFG Insured 13,275 Illinois, General Obligation Bonds, Illinois FIRST Program, 5/11 at 100.00 AAA 13,558,687 Series 2001, 5.250%, 5/01/26 - AGM Insured 15,785 Illinois, General Obligation Bonds, Illinois FIRST Program, 4/12 at 100.00 AAA 16,081,127 Series 2002, 5.250%, 4/01/27 - AGM Insured 18,000 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 8,387,640 Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/24 - NPFG Insured 10,000 University of Illinois, Certificates of Participation, 8/11 at 100.00 AA- (4) 10,589,400 Utility Infrastructure Projects, Series 2001B, 5.250%, 8/15/21 (Pre-refunded 8/15/11) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 68,335 Total Illinois 60,091,805 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 2.3% (1.5% OF TOTAL INVESTMENTS) 3,680 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 3,698,400 Series 2007A, 5.000%, 1/01/42 - NPFG Insured 7,380 Indiana Transportation Finance Authority, Highway Revenue No Opt. Call AA+ 8,467,369 Bonds, Series 1990A, 7.250%, 6/01/15 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,060 Total Indiana 12,165,769 -----------------------------------------------------------------------------------------------------------------------------------

18 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.4% (0.3% OF TOTAL INVESTMENTS) $ 2,000 Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, 10/13 at 100.00 Aa2 $ 2,084,960 Series 2003, 5.000%, 10/01/21 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 6.0% (4.0% OF TOTAL INVESTMENTS) 3,015 Kentucky Asset/Liability Commission, General Fund Revenue 5/15 at 100.00 Aa2 3,135,238 Project Notes, First Series 2005, 5.000%, 5/01/25 - NPFG Insured Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C: 2,530 6.150%, 10/01/27 - NPFG Insured 10/13 at 101.00 A 2,617,639 12,060 6.150%, 10/01/28 - NPFG Insured 10/13 at 101.00 A 12,487,286 Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000C: 3,815 6.150%, 10/01/27 (Pre-refunded 10/01/13) - NPFG Insured 10/13 at 101.00 A (4) 4,424,370 6,125 6.150%, 10/01/28 (Pre-refunded 10/01/13) - NPFG Insured 10/13 at 101.00 A (4) 7,103,346 2,230 Kentucky State Property and Buildings Commission, Revenue 8/15 at 100.00 AAA 2,583,165 Bonds, Project 85, Series 2005, 5.000%, 8/01/23 (Pre-refunded 8/01/15) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 29,775 Total Kentucky 32,351,044 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 3.8% (2.5% OF TOTAL INVESTMENTS) Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 11,325 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 11,351,387 8,940 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 8,807,599 10 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 9,408 Residuals 660-1, 15.661%, 5/01/41 - FGIC Insured (IF) 5 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 4,705 Residuals 660-3, 16.535%, 5/01/41 - FGIC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 20,280 Total Louisiana 20,173,099 ----------------------------------------------------------------------------------------------------------------------------------- MAINE - 0.1% (0.1% OF TOTAL INVESTMENTS) 555 Maine Health and Higher Educational Facilities Authority, 7/11 at 100.00 Aaa 561,976 Revenue Bonds, Series 1999B, 6.000%, 7/01/29 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 1.8% (1.2% OF TOTAL INVESTMENTS) 2,100 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A 1,997,226 Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 - NPFG Insured 7,335 Maryland Transportation Authority, Airport Parking Revenue 3/12 at 101.00 A2 7,574,708 Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.500%, 3/01/18 - AMBAC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 9,435 Total Maryland 9,571,934 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 4.3% (2.8% OF TOTAL INVESTMENTS) 5,000 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/12 at 100.00 AAA 5,454,650 Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) - FGIC Insured 4,000 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 4,214,520 Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 3,335 Massachusetts Health and Educational Facilities Authority, 7/17 at 100.00 AAA 3,930,064 Revenue Bonds, Massachusetts Institute of Technology, Tender Option Bond Trust 11824, 13.379%, 7/01/38 (IF) 3,465 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 3,381,251 Bonds, Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB) Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: 1,250 5.250%, 1/01/21 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 1,406,463 1,000 5.250%, 1/01/22 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 1,125,170 1,195 5.250%, 1/01/23 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 1,344,578 2,000 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 2,250,340 ----------------------------------------------------------------------------------------------------------------------------------- 21,245 Total Massachusetts 23,107,036 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 19 NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 1.2% (0.8% OF TOTAL INVESTMENTS) $ 1,825 Marysville Public School District, St Claire County, 5/17 at 100.00 AAA $ 1,891,485 Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/28 - AGM Insured 4,750 Michigan Strategic Fund, Collateralized Limited Obligation 9/10 at 101.00 A 4,750,190 Pollution Control Revenue Refunding Bonds, Detroit Edison Company, Series 1999A, 5.550%, 9/01/29 - NPFG Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 6,575 Total Michigan 6,641,675 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,000 Minneapolis-Saint Paul Housing and Redevelopment Authority, 8/20 at 100.00 AAA 990,490 Minnesota, Health Care Revenue Bonds, Children's Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI - 1.2% (0.8% OF TOTAL INVESTMENTS) 2,715 Harrison County Wastewater Management District, Mississippi, No Opt. Call A (4) 3,343,061 Revenue Refunding Bonds, Wastewater Treatment Facilities, Series 1991B, 7.750%, 2/01/14 - FGIC Insured (ETM) 2,545 Harrison County Wastewater Management District, Mississippi, No Opt. Call N/R (4) 2,935,072 Wastewater Treatment Facilities Revenue Refunding Bonds, Series 1991A, 8.500%, 2/01/13 - FGIC Insured (ETM) ----------------------------------------------------------------------------------------------------------------------------------- 5,260 Total Mississippi 6,278,133 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 2.2% (1.5% OF TOTAL INVESTMENTS) 12,155 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 12,040,986 2007A, 4.500%, 9/01/37 - FGIC Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 2.8% (1.9% OF TOTAL INVESTMENTS) 27,700 Director of Nevada State Department of Business and 7/10 at 100.00 Caa2 8,896,963 Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 - AMBAC Insured (5) 5,720 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 Baa3 (4) 6,222,674 Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/32 (Pre-refunded 6/01/12) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 33,420 Total Nevada 15,119,637 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 2.3% (1.6% OF TOTAL INVESTMENTS) New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: 1,700 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A 1,763,614 1,700 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 1,758,650 6,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 6,851,520 Series 2005D-1, 5.250%, 1/01/26 - AGM Insured 2,100 New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 7/13 at 100.00 A+ 2,258,277 5.000%, 1/01/19 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,500 Total New Jersey 12,632,061 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 1.2% (0.8% OF TOTAL INVESTMENTS) New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C: 1,345 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AA+ 1,410,811 3,290 5.000%, 6/01/23 - AMBAC Insured 6/14 at 100.00 AA+ 3,439,531 1,330 New Mexico State University, Revenue Bonds, Series 2004, 4/14 at 100.00 AA 1,393,242 5.000%, 4/01/23 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 5,965 Total New Mexico 6,243,584 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 9.6% (6.4% OF TOTAL INVESTMENTS) 15,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 A+ 16,228,050 School Districts Financing Program, Series 2002D, 5.500%, 10/01/17 - NPFG Insured 4,080 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 3,797,542 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 2,890 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A 3,000,340 General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 - FGIC Insured 3,300 Long Island Power Authority, New York, Electric System 11/16 at 100.00 A 3,061,872 Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG Insured 7,800 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 8,168,706 Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC Insured

20 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK (continued) $ 1,740 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AA+ $ 1,974,378 Unit Fee Revenue Bonds, Series 2005, 16.925%, 11/15/44 - AMBAC Insured (IF) 595 New York State Housing Finance Agency, Mortgage Revenue 5/10 at 100.00 AAA 595,738 Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 - AGM Insured 4,200 New York State Mortgage Agency, Homeowner Mortgage Revenue 10/10 at 100.00 Aa1 4,203,486 Bonds, Series 82, 5.550%, 10/01/19 - NPFG Insured (Alternative Minimum Tax) New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B: 2,460 5.000%, 3/15/24 - AGM Insured (UB) 3/15 at 100.00 AAA 2,679,530 2,465 5.000%, 3/15/25 - AGM Insured (UB) 3/15 at 100.00 AAA 2,664,985 5,000 Triborough Bridge and Tunnel Authority, New York, 11/13 at 100.00 Aa3 5,126,950 Subordinate Lien General Purpose Revenue Bonds, Series 2003A, 5.000%, 11/15/32 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 49,530 Total New York 51,501,577 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 3.6% (2.4% OF TOTAL INVESTMENTS) 7,000 Cleveland State University, Ohio, General Receipts Bonds, 6/14 at 100.00 A+ 7,630,210 Series 2004, 5.250%, 6/01/19 - FGIC Insured 9,045 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 8,434,191 Series 2006, 4.250%, 12/01/32 - AMBAC Insured 3,065 Oak Hills Local School District, Hamilton County, Ohio, 12/15 at 100.00 AAA 3,291,044 General Obligation Bonds, Refunding Series 2005, 5.000%, 12/01/24 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 19,110 Total Ohio 19,355,445 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 2.2% (1.5% OF TOTAL INVESTMENTS) 3,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 3,069,090 Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - NPFG Insured 1,600 Delaware County Authority, Pennsylvania, Revenue Bonds, 8/16 at 100.00 A1 1,683,120 Villanova University, Series 2006, 5.000%, 8/01/24 - AMBAC Insured 5,400 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 5,152,356 Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - AGM Insured (UB) 2,000 Pittsburgh Public Parking Authority, Pennsylvania, Parking 12/15 at 100.00 A 2,065,980 Revenue Bonds, Series 2005B, 5.000%, 12/01/23 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,000 Total Pennsylvania 11,970,546 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 2.2% (1.5% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 A 2,576,100 Series 2005RR, 5.000%, 7/01/22 - FGIC Insured 25,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 3,742,250 Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - NPFG Insured 5,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call A2 5,457,550 Transportation Authority, Series 2003AA, 5.500%, 7/01/16 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 32,500 Total Puerto Rico 11,775,900 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 2.3% (1.5% OF TOTAL INVESTMENTS) 2,425 Charleston County School District, South Carolina, General 2/14 at 100.00 Aa1 2,585,171 Obligation Bonds, Series 2004A, 5.000%, 2/01/22 - AMBAC Insured 9,950 South Carolina Transportation Infrastructure Bank, Revenue 10/16 at 100.00 Aa3 9,550,707 Bonds, Series 2007A, 4.500%, 10/01/34 - SYNCORA GTY Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,375 Total South Carolina 12,135,878 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 1.3% (0.8% OF TOTAL INVESTMENTS) Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series 2002A: 7,500 0.000%, 1/01/24 - AGM Insured 1/13 at 52.75 AAA 3,481,125 5,000 0.000%, 1/01/25 - AGM Insured 1/13 at 49.71 AAA 2,182,600 2,750 0.000%, 1/01/26 - AGM Insured 1/13 at 46.78 AAA 1,127,005 ----------------------------------------------------------------------------------------------------------------------------------- 15,250 Total Tennessee 6,790,730 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 21 NQI | Nuveen Insured Quality Municipal Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 16.8% (11.1% OF TOTAL INVESTMENTS) $ 3,135 Corpus Christi, Texas, Utility System Revenue Bonds, Series 7/14 at 100.00 AAA $ 3,467,307 2004, 5.250%, 7/15/20 - AGM Insured (UB) 3,000 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 A+ 3,176,070 Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 - FGIC Insured (Alternative Minimum Tax) 3,735 Grand Prairie Independent School District, Dallas County, 2/13 at 100.00 AAA 4,146,597 Texas, General Obligation Bonds, Series 2003, 5.125%, 2/15/31 (Pre-refunded 2/15/13) - AGM Insured 4,700 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 5,038,917 Bonds, Series 2004A, 5.250%, 5/15/24 - FGIC Insured 4,500 Houston, Texas, General Obligation Public Improvement Bonds, 3/11 at 100.00 AAA 4,627,215 Series 2001A, 5.000%, 3/01/22 - AGM Insured 17,000 Houston, Texas, Junior Lien Water and Sewerage System No Opt. Call AAA 21,148,510 Revenue Refunding Bonds, Series 2002A, 5.750%, 12/01/32 - AGM Insured (ETM) 4,685 Houston, Texas, Subordinate Lien Airport System Revenue 7/10 at 100.00 AAA 4,707,207 Bonds, Series 2000A, 5.500%, 7/01/19 - AGM Insured (Alternative Minimum Tax) 19,200 Jefferson County Health Facilities Development Corporation, 8/11 at 100.00 N/R 19,441,920 Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.400%, 8/15/31 - AMBAC Insured 2,000 Laredo Independent School District Public Facilities 8/11 at 100.00 A 2,017,000 Corporation, Texas, Lease Revenue Bonds, Series 2004A, 5.000%, 8/01/24 - AMBAC Insured 22,045 North Central Texas Health Facilities Development 8/12 at 101.00 Aa3 22,483,255 Corporation, Revenue Bonds, Children's Medical Center of Dallas, Series 2002, 5.250%, 8/15/32 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 84,000 Total Texas 90,253,998 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 0.7% (0.5% OF TOTAL INVESTMENTS) 3,615 Utah Transit Authority, Sales Tax Revenue Bonds, Tender 6/18 at 100.00 AAA 3,920,034 Option Bond Trust R-11752-1, 12.536%, 6/15/32 - AGM Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 12.4% (8.2% OF TOTAL INVESTMENTS) 10,730 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 10,809,509 Consolidated System Revenue Refunding Bonds, Series 2001C, 5.650%, 7/01/32 - NPFG Insured (Alternative Minimum Tax) (UB) 5,825 King County, Washington, Sewer Revenue Bonds, Series 2007, 7/17 at 100.00 AAA 6,068,485 5.000%, 1/01/42 - AGM Insured 1,665 King County, Washington, Sewer Revenue Bonds, Tender Option 7/17 at 100.00 AAA 1,883,182 Bond Trust 3090, 13.264%, 1/01/39 - AGM Insured (IF) 15,025 Seattle Housing Authority, Washington, GNMA Collateralized 11/11 at 105.00 AA+ 15,987,802 Mortgage Loan Low Income Housing Assistance Revenue Bonds, Park Place Project, Series 2000A, 7.000%, 5/20/42 4,475 Seattle Housing Authority, Washington, GNMA Collateralized 9/11 at 102.00 AA+ 4,621,377 Mortgage Loan Low Income Housing Assistance Revenue Bonds, RHF/Esperanza Apartments Project, Series 2000A, 6.125%, 3/20/42 (Alternative Minimum Tax) 5,000 Seattle, Washington, Municipal Light and Power Revenue 12/10 at 100.00 AAA 5,117,850 Bonds, Series 2000, 5.250%, 12/01/21 - AGM Insured 10,000 Washington State, General Obligation Bonds, Series 1/12 at 100.00 AA+ 10,573,000 2002A-R-03, 5.000%, 1/01/19 - NPFG Insured 21,510 Washington State, Motor Vehicle Fuel Tax General Obligation No Opt. Call AA+ 9,501,612 Bonds, Series 2002-03C, 0.000%, 6/01/28 - NPFG Insured (UB) 2,000 Washington, Certificates of Participation, Washington 7/10 at 100.00 AA 2,006,620 Convention and Trade Center, Series 1999, 5.250%, 7/01/14 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 76,230 Total Washington 66,569,437 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 2.4% (1.6% OF TOTAL INVESTMENTS) 12,845 West Virginia Water Development Authority, Infrastructure 10/10 at 100.00 AAA 13,127,718 Revenue Bonds, Infrastructure and Jobs Development Council Program, Series 2000A, 5.500%, 10/01/39 (Pre-refunded 10/01/10) - AGM Insured -----------------------------------------------------------------------------------------------------------------------------------

22 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 0.5% (0.4% OF TOTAL INVESTMENTS) $ 1,635 Green Bay, Wisconsin, Water System Revenue Bonds, Series 11/14 at 100.00 Aa2 (4) $ 1,887,427 2004, 5.000%, 11/01/26 (Pre-refunded11/01/14) - AGM Insured 1,000 Wisconsin Public Power Incorporated System, Power Supply 7/15 at 100.00 A+ 1,013,560 System Revenue Bonds, Series 2005A, 5.000%, 7/01/30 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 2,635 Total Wisconsin 2,900,987 ----------------------------------------------------------------------------------------------------------------------------------- $ 938,823 Total Long-Term Investments (cost $795,309,244) - 148.9% 799,986,545 ===============-------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 1.9% (1.2% OF TOTAL INVESTMENTS) ILLINOIS - 1.9% (1.2% OF TOTAL INVESTMENTS) $ 10,000 Chicago, Illinois, General Obligation Bonds, Variable Rate 1/17 at 100.00 A-1+ 10,000,000 Demand Obligations, Tender Option Bond Trust Series 26W, 0.310%, 1/01/37 (6) ===============-------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $10,000,000) 10,000,000 ----------------------------------------------------------------------------------------------------------------- Total Investments (cost $805,309,244) - 150.8% 809,986,545 ----------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (11.0)% (59,275,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 4.7% 25,739,605 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (44.5)% (7) (239,200,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 537,251,150 =================================================================================================================

The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See notes to Financial Statements, Footnote 1 - Insurance, for more information. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (7) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.5%. N/R Not rated. WI/DD Purchased on a when-issued or delayed delivery basis. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 23 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 5.0% (3.2% OF TOTAL INVESTMENTS) $ 10,500 Birmingham Waterworks and Sewerage Board, Alabama, Water and 1/17 at 100.00 AA+ $ 10,133,550 Sewerage Revenue Bonds, Series 2007A, 4.500%, 1/01/43 - AMBAC Insured (UB) 11,175 Hoover Board of Education, Alabama, Capital Outlay Tax 2/11 at 100.00 AA 11,484,771 Anticipation Warrants, Series 2001, 5.250%, 2/15/22 - NPFG Insured 2,500 Jefferson County, Alabama, Sewer Revenue Capital Improvement 8/12 at 100.00 AAA 2,727,825 Warrants, Series 2002B, 5.125%, 2/01/42 (Pre-refunded 8/01/12) - FGIC Insured Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D: 425 5.000%, 2/01/38 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 454,181 14,800 5.000%, 2/01/42 (Pre-refunded 8/01/12) - FGIC Insured 8/12 at 100.00 AAA 16,107,580 18,760 Jefferson County, Alabama, Sewer Revenue Capitol Improvement 2/11 at 101.00 AAA 19,447,929 Warrants, Series 2001A, 5.000%,2/01/41 (Pre-refunded 2/01/11) - FGIC Insured 10,195 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 8/10 at 100.00 Caa3 3,699,664 Series 1997A, 5.375%, 2/01/27 - FGIC Insured 5,240 Jefferson County, Alabama, Sewer Revenue Refunding Warrants, 2/11 at 101.00 AAA 5,456,098 Series 2003B, 5.000%, 2/01/41(Pre-refunded 2/01/11) - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 73,595 Total Alabama 69,511,598 ----------------------------------------------------------------------------------------------------------------------------------- ALASKA - 0.2% (0.1% OF TOTAL INVESTMENTS) 2,425 Alaska Housing Finance Corporation, Collateralized Veterans 6/10 at 100.00 AAA 2,427,086 Mortgage Program Bonds, First Series 1999A-1, 6.150%, 6/01/39 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 1.9% (1.2% OF TOTAL INVESTMENTS) Arizona State University, Certificates of Participation, Resh Infrastructure Projects, Series 2005A: 2,000 5.000%, 9/01/25 - AMBAC Insured 3/15 at 100.00 AA- 2,054,280 2,000 5.000%, 9/01/27 - AMBAC Insured 3/15 at 100.00 AA- 2,040,300 1,000 Arizona State University, System Revenue Bonds, Series 2005, 7/15 at 100.00 N/R 1,005,810 5.000%, 7/01/27 - AMBAC Insured 1,000 Maricopa County Union High School District 210, Phoenix, 7/14 at 100.00 AAA 1,146,820 Arizona, General Obligation Bonds, Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) - AGM Insured 5,200 Mesa, Arizona, Utility System Revenue Bonds, Reset Option 7/17 at 100.00 AAA 4,632,472 Longs, Series 11032- 11034, 14.719%, 7/01/31 - AGM Insured (IF) 1,150 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/14 at 100.00 AA+ 1,183,017 Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/27 - NPFG Insured 13,490 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 13,960,801 Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 25,840 Total Arizona 26,023,500 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 0.2% (0.1% OF TOTAL INVESTMENTS) 2,660 Arkansas State University, Student Fee Revenue Bonds, Beebe 9/15 at 100.00 A2 2,712,189 Campus, Series 2006, 5.000%, 9/01/35 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 25.9% (16.7% OF TOTAL INVESTMENTS) 5,600 Alameda Corridor Transportation Authority, California, No Opt. Call A- 3,090,248 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 - AMBAC Insured 10,000 California Department of Veterans Affairs, Home Purchase 6/12 at 101.00 AA- 10,257,300 Revenue Bonds, Series 2002A, 5.300%, 12/01/21 - AMBAC Insured California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 30,000 5.375%, 5/01/17 (Pre-refunded 5/01/12) - SYNCORA GTY 5/12 at 101.00 Aaa 33,070,800 Insured 20,000 5.375%, 5/01/18 (Pre-refunded 5/01/12) - AMBAC Insured 5/12 at 101.00 Aaa 22,047,200 California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: 30 5.000%, 12/01/24 (Pre-refunded 12/01/14) - NPFG Insured 12/14 at 100.00 AAA 34,749 25 5.000%, 12/01/27 (Pre-refunded 12/01/14) - NPFG Insured 12/14 at 100.00 AAA 28,958

24 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, Series 2005AC: $ 3,670 5.000%, 12/01/24 - NPFG Insured (UB) 12/14 at 100.00 AAA $ 3,913,945 2,795 5.000%, 12/01/27 - NPFG Insured (UB) 12/14 at 100.00 AAA 2,927,061 10,150 California, General Obligation Bonds, Series 2004, 5.000%, 12/14 at 100.00 A1 10,178,420 6/01/31 - AMBAC Insured 3,500 Coachella Valley Unified School District, Riverside County, 8/15 at 100.00 A1 3,528,665 California, General Obligation Bonds, Series 2005A, 5.000%, 8/01/26 - FGIC Insured 20,000 Cucamonga County Water District, San Bernardino County, 9/11 at 101.00 AA- 20,083,600 California, Certificates of Participation, Water Shares Purchase, Series 2001, 5.125%, 9/01/35 - FGIC Insured 5,750 East Bay Municipal Utility District, Alameda and Contra Costa 6/15 at 100.00 AAA 6,092,125 Counties, California, Water System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 - NPFG Insured 10,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 9,288,500 Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 - FGIC Insured 1,520 Hayward Redevelopment Agency, California, Downtown 3/16 at 100.00 A- 1,348,818 Redevelopment Project Tax Allocation Bonds, Series 2006, 5.000%, 3/01/36 - SYNCORA GTY Insured 5,600 Kern Community College District, California, General No Opt. Call AAA 2,550,184 Obligation Bonds, Series 2006, 0.000%, 11/01/24 - AGM Insured 5,000 Long Beach Bond Financing Authority, California, Lease 11/11 at 101.00 BBB 4,701,200 Revenue Refunding Bonds, Long Beach Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 - AMBAC Insured 2,740 Los Angeles Harbors Department, California, Revenue Bonds, 8/16 at 102.00 AA 2,824,611 Series 2006A, 5.000%, 8/01/22 - FGIC Insured (Alternative Minimum Tax) 20,000 Los Angeles Unified School District, California, General 7/13 at 100.00 AAA 21,451,200 Obligation Bonds, Series 2003A, 5.000%, 7/01/21 - AGM Insured 3,000 Los Angeles Unified School District, California, General 7/16 at 100.00 Aa2 3,169,140 Obligation Bonds, Series 2006F, 5.000%, 7/01/24 - FGIC Insured 5,200 Palomar Pomerado Health, California, General Obligation 8/29 at 100.00 AAA 3,201,692 Bonds, Series 2009A, 0.000%, 8/01/38 - AGC Insured 5,515 Port of Oakland, California, Revenue Bonds, Series 2002L, 11/12 at 100.00 A 5,487,149 5.000%, 11/01/22 - FGIC Insured (Alternative Minimum Tax) 690 Port of Oakland, California, Revenue Bonds, Series 2002L, 11/12 at 100.00 A (4) 754,550 5.000%, 11/01/22 (Pre-refunded 11/01/12) - FGIC Insured Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, Series 2001: 15,000 5.200%, 6/15/30 - AMBAC Insured 12/11 at 101.00 N/R 14,022,600 5,000 5.125%, 6/15/33 - AMBAC Insured 12/11 at 101.00 N/R 4,519,900 2,035 Redding, California, Electric System Revenue Certificates of 6/15 at 100.00 A 1,891,085 Participation, Series 2005, 5.000%, 6/01/30 - FGIC Insured 6,000 Redlands Unified School District, San Bernardino County, 7/13 at 100.00 AAA 6,115,740 California, General Obligation Bonds, Series 2003, 5.000%, 7/01/26 - AGM Insured 2,970 Riverside Community College District, California, General 8/15 at 100.00 AAA 3,179,415 Obligation Bonds, Series 2005, 5.000%, 8/01/22 - AGM Insured 2,500 Sacramento County Sanitation District Financing Authority, 12/15 at 100.00 AA 2,636,725 California, Revenue Bonds, Series 2005B, 4.750%, 12/01/21 - FGIC Insured 13,710 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 A1 13,651,321 Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/26 - NPFG Insured (Alternative Minimum Tax) 3,030 San Francisco Bay Area Rapid Transit District, California, 7/11 at 100.00 AA+ 3,113,204 Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 - AMBAC Insured 8,470 San Francisco Bay Area Rapid Transit District, California, 7/11 at 100.00 AA+ (4) 8,933,817 Sales Tax Revenue Bonds, Series 2001, 5.125%, 7/01/36 (Pre-refunded 7/01/11) - AMBAC Insured 1,220 San Francisco Bay Area Rapid Transit District, California, 7/15 at 100.00 AA+ 1,292,468 Sales Tax Revenue Bonds, Series 2005A, 5.000%, 7/01/22 - NPFG Insured 2,105 San Francisco Unified School District, California, General 6/17 at 100.00 AAA 1,710,965 Obligation Bonds, Series 2007A, 3.000%, 6/15/27 - AGM Insured

Nuveen Investments 25 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 66,685 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call AAA $ 45,476,503 County, California, Senior Lien Toll Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: 31,615 5.250%, 1/15/30 - NPFG Insured 7/10 at 100.00 A 26,666,936 21,500 0.000%, 1/15/32 - NPFG Insured No Opt. Call A 3,883,975 12,525 San Jose Redevelopment Agency, California, Tax Allocation 8/10 at 101.00 A (4) 12,799,548 Bonds, Merged Area Redevelopment Project, Series 2002, 5.000%, 8/01/20 (Pre-refunded 8/01/10) - NPFG Insured 19,595 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 16,427,860 Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 - NPFG Insured 11,250 Santa Ana Financing Authority, California, Lease Revenue No Opt. Call A 12,236,513 Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 - NPFG Insured 6,785 Santa Clara Valley Water District, California, Water Revenue 6/16 at 100.00 AAA 6,586,607 Bonds, Series 2006A, 3.750%, 6/01/25 - AGM Insured 5,000 Walnut Energy Center Authority, California, Electric Revenue 1/14 at 100.00 A+ 4,992,750 Bonds, Turlock Irrigation District, Series 2004A, 5.000%, 1/01/34 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 407,780 Total California 360,168,047 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 5.8% (3.7% OF TOTAL INVESTMENTS) 1,080 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 981,256 Bonds, Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured 1,900 Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open 11/15 at 100.00 AAA 2,037,883 Space, Series 2005B, 5.250%, 11/01/24 - AGM Insured 1,000 Colorado Department of Transportation, Certificates of 6/14 at 100.00 AA- 1,043,050 Participation, Series 2004, 5.000%, 6/15/25 - NPFG Insured 4,950 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 5,549,841 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) - SYNCORA GTY Insured 1,740 Douglas County School District RE1, Douglas and Elbert 12/14 at 100.00 Aa1 1,810,487 Counties, Colorado, General Obligation Bonds, Series 2005B, 5.000%, 12/15/28 - AGM Insured 35,995 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 15,753,572 Bonds, Series 1997B, 0.000%, 9/01/23 - NPFG Insured 30,800 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 102.00 AAA 31,975,020 Bonds, Series 2000A, 5.750%, 9/01/35 (Pre-refunded 9/01/10) - NPFG Insured 11,800 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 65.63 Aaa 8,813,538 Bonds, Series 2000B, 0.000%, 9/01/17(Pre-refunded 9/01/10) - NPFG Insured 10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 3,277,100 Series 2004A, 0.000%, 9/01/27 - NPFG Insured 4,520 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 5,229,952 Obligation Bonds, Series 2004, 5.000%, 12/15/24 (Pre-refunded 12/15/14) - AGM Insured (UB) 2,500 Summit County School District RE-1, Summit, Colorado, General 12/14 at 100.00 Aa2 2,647,425 Obligation Bonds, Series 2004B, 5.000%, 12/01/24 - FGIC Insured 1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,037,420 Series 2005, 5.000%, 6/01/30 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 107,285 Total Colorado 80,156,544 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.9% (0.6% OF TOTAL INVESTMENTS) District of Columbia Water and Sewerage Authority, Subordinate Lien Public Utility Revenue Bonds, Series 2003: 5,000 5.125%, 10/01/24 - FGIC Insured 10/13 at 100.00 AA- 5,300,950 5,000 5.125%, 10/01/25 - FGIC Insured 10/13 at 100.00 AA- 5,281,050 2,670 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 2,645,489 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 12,670 Total District of Columbia 13,227,489 -----------------------------------------------------------------------------------------------------------------------------------

26 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 26.1% (16.8% OF TOTAL INVESTMENTS) $ 1,250 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 A1 $ 1,293,663 5.000%, 9/01/24 - AMBAC Insured 975 Broward County Housing Finance Authority, Florida, GNMA 6/10 at 100.00 Aaa 976,073 Collateralized Multifamily Housing Revenue Refunding Bonds, Pompano Oaks Apartments, Series 1997, 6.000%, 12/01/27 (Alternative Minimum Tax) 3,820 Broward County School Board, Florida, Certificates of 7/13 at 100.00 Aa3 4,138,168 Participation, Series 2003, 5.250%, 7/01/19 - NPFG Insured 2,150 Broward County, Florida, Airport System Revenue Bonds, Series 10/14 at 100.00 A+ 2,239,333 2004L, 5.000%, 10/01/23 - AMBAC Insured 4,500 Broward County, Florida, Water and Sewer Utility Revenue 10/13 at 100.00 AA 4,649,175 Bonds, Series 2003, 5.000%, 10/01/24 - NPFG Insured 190 City of Gulf Breeze, Florida, Local Government Loan Program 12/10 at 100.00 N/R 192,578 Bonds, Series 1985-FG&H, 5.000%, 12/01/20 (Mandatory put 12/01/10) Clay County, Florida, Utility System Revenue Bonds, Series 2007: 5,110 5.000%, 11/01/27 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 5,384,254 12,585 5.000%, 11/01/32 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 12,996,530 Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon Manor Isles Project, Series 1998B: 1,260 5.350%, 9/01/18 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,260,832 1,000 5.400%, 9/01/23 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,000,540 Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1: 1,040 5.350%, 9/01/18 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,040,686 1,400 5.400%, 9/01/23 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,400,756 1,500 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AA 1,568,505 Series 2005, 5.000%, 10/01/23 - NPFG Insured 3,000 Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 6/15 at 100.00 A1 3,094,620 5.000%, 6/01/22 - AMBAC Insured Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A: 1,230 5.650%, 9/01/17 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,231,328 1,890 5.750%, 9/01/29 - AGM Insured (Alternative Minimum Tax) 9/10 at 100.00 AAA 1,891,077 1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, Series 10/10 at 100.00 A 1,104,477 1995, 5.750%, 10/01/15 - NPFG Insured Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003: 910 5.250%, 10/01/17 - AMBAC Insured 10/13 at 100.00 N/R 1,002,092 475 5.250%, 10/01/18 - AMBAC Insured 10/13 at 100.00 N/R 497,140 Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003: 1,250 5.250%, 10/01/22 - NPFG Insured 10/13 at 100.00 A1 1,290,838 1,095 5.000%, 10/01/23 - NPFG Insured 10/13 at 100.00 A1 1,130,522 1,225 5.000%, 10/01/24 - NPFG Insured 10/13 at 100.00 A1 1,261,775 1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 A1 1,664,954 Series 2002, 5.250%, 10/01/20 - NPFG Insured 2,500 Escambia County School Board, Florida, Certificates of 2/15 at 100.00 A 2,542,825 Participation, Series 2004, 5.000%, 2/01/22 - NPFG Insured 2,500 Flagler County School Board, Florida, Certificates of 8/15 at 100.00 AAA 2,546,025 Participation, Master Lease Revenue Program, Series 2005A, 5.000%, 8/01/30 - AGM Insured 1,200 Flagler County, Florida, Capital Improvement Revenue Bonds, 10/15 at 100.00 A 1,215,852 Series 2005, 5.000%, 10/01/30 - NPFG Insured 3,945 Florida Governmental Utility Authority, Utility System 10/13 at 100.00 N/R (4) 4,450,670 Revenue Bonds, Citrus Project, Series 2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) - AMBAC Insured 1,000 Florida Governmental Utility Authority, Utility System 7/10 at 100.50 N/R 931,060 Revenue Bonds, Golden Gate Project, Series 1999, 5.000%, 7/01/29 - AMBAC Insured 2,690 Florida Housing Finance Corporation, Homeowner Mortgage 7/10 at 25.53 Aa1 700,799 Revenue Bonds, Series 2000-4 , 0.000%,7/01/30 - AGM Insured (Alternative Minimum Tax)

Nuveen Investments 27 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 4,750 Florida Housing Finance Corporation, Housing Revenue Bonds, 10/10 at 102.00 Aaa $ 4,953,823 Augustine Club Apartments, Series 2000D-1, 5.750%, 10/01/30 (Pre-refunded 10/01/10) - NPFG Insured Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 3,365 5.375%, 11/01/25 - NPFG Insured 11/10 at 101.00 A 3,415,408 3,345 5.375%, 11/01/30 - NPFG Insured 11/10 at 101.00 A 3,367,746 1,000 Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 11/11 at 101.00 A 1,036,030 5.250%, 11/01/18 - NPFG Insured 2,230 Florida Ports Financing Commission, Revenue Bonds, State 10/10 at 100.50 AA+ 2,245,454 Transportation Trust Fund - Intermodal Program, Series 1999, 5.500%, 10/01/23 - FGIC Insured (Alternative Minimum Tax) 940 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 957,155 Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/29 - FGIC Insured 2,000 Greater Orlando Aviation Authority, Florida, Airport 10/13 at 100.00 AAA 2,122,000 Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 - AGM Insured 5,200 Gulf Breeze, Florida, Local Government Loan Program, 12/11 at 101.00 N/R 5,256,940 Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 (Mandatory put 12/01/11) - FGIC Insured 380 Gulf Breeze, Florida, Local Government Loan Program, 6/10 at 100.00 N/R 381,113 Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15 (Mandatory put 12/01/10) - FGIC Insured 360 Gulf Breeze, Florida, Local Government Loan Program, 6/10 at 100.00 N/R 360,500 Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15 - FGIC Insured 1,500 Gulf Breeze, Florida, Local Government Loan Program, 12/10 at 101.00 N/R 1,514,760 Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20 (Mandatory put 12/01/19) - FGIC Insured 1,915 Halifax Hospital Medical Center, Florida, Revenue Bonds, 6/18 at 100.00 AAA 1,939,818 Series 2006, 5.500%, 6/01/38 - AGM Insured 2,500 Hillsborough County Industrial Development Authority, No Opt. Call A 2,667,725 Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 - NPFG Insured 1,000 Hillsborough County School Board, Florida, Certificates of 7/15 at 100.00 Aa2 1,029,280 Participation, Master Lease Program, Series 2005A, 5.000%, 7/01/26 - NPFG Insured 6,000 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 Aa2 6,073,200 Participation, Series 2003, 5.000%, 7/01/29 - NPFG Insured 2,000 Hillsborough County, Florida, Community Investment Tax 11/13 at 101.00 AA+ 2,093,600 Revenue Bonds, Series 2004, 5.000%, 5/01/23 - AMBAC Insured 1,000 Hillsborough County, Florida, Revenue Refunding Bonds, Tampa 10/15 at 100.00 AA+ 1,049,750 Bay Arena, Series 2005, 5.000%, 10/01/25 - FGIC Insured 2,595 Indian River County School Board, Florida, Certificates of 7/15 at 100.00 Aa3 2,673,992 Participation, Series 2005, 5.000%, 7/01/22 - NPFG Insured Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, Series 2005: 1,645 5.000%, 5/01/25 - NPFG Insured 5/15 at 102.00 Baa1 1,528,353 1,830 5.000%, 5/01/27 - NPFG Insured 5/15 at 102.00 Baa1 1,662,024 4,425 Jacksonville Economic Development Commission, Florida, 11/12 at 100.00 Aa2 4,520,447 Healthcare Facilities Revenue Bonds, Mayo Clinic, Series 2001C, 5.500%, 11/15/36 - NPFG Insured 1,480 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 Aa2 1,567,986 Bonds, Series 2003, 5.250%, 10/01/20 - NPFG Insured 3,160 Jacksonville, Florida, GNMA Collateralized Housing Revenue 9/10 at 100.00 AAA 3,162,844 Refunding Bonds, Windermere Manor Apartments, Series 1993A, 5.875%, 3/20/28 1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/14 at 100.00 Aa2 1,561,710 Crossover Refunding Series 2007B, 5.000%, 10/01/24 - NPFG Insured 1,000 JEA, Florida, Water and Sewerage System Revenue Bonds, Series 10/13 at 100.00 Aa2 1,108,390 2004A, 5.000%, 10/01/14 - FGIC Insured 1,450 Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/13 at 100.00 AA+ 1,514,148 10/01/22 - AMBAC Insured Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B: 1,730 5.000%, 10/01/18 - AMBAC Insured 10/12 at 100.00 N/R 1,755,898 2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 N/R 2,023,760

28 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 1,230 Lee County, Florida, Local Option Gas Tax Revenue Bonds, 10/14 at 100.00 A2 $ 1,264,379 Series 2004, 5.000%, 10/01/20 - FGIC Insured 1,505 Lee County, Florida, Transportation Facilities Revenue 10/14 at 100.00 A- 1,549,021 Bonds, Series 2004B, 5.000%, 10/01/21 - AMBAC Insured 1,000 Lee Memorial Health System, Florida, Hospital Revenue Bonds, 4/17 at 100.00 A 965,100 Series 2007A, 5.000%, 4/01/32 - NPFG Insured 3,000 Leesburg, Florida, Utility Revenue Bonds, Series 2007, 10/17 at 100.00 Aa3 3,001,710 5.000%, 10/01/37 - NPFG Insured 2,000 Manatee County, Florida, Public Utilities Revenue Bonds, 10/13 at 100.00 Aa2 2,165,600 Series 2003, 5.125%, 10/01/20 - NPFG Insured Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003: 1,350 5.250%, 10/01/17 - NPFG Insured 10/13 at 100.00 Aa3 1,505,048 1,000 5.250%, 10/01/18 - NPFG Insured 10/13 at 100.00 Aa3 1,099,360 2,000 5.000%, 10/01/27 - NPFG Insured 10/13 at 100.00 Aa3 2,031,300 1,425 Miami-Dade County Housing Finance Authority, Florida, 6/11 at 100.00 AAA 1,438,196 Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 - AGM Insured (Alternative Minimum Tax) 2,200 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/12 at 100.00 AAA 2,167,616 International Airport, Series 2002A, 5.125%, 10/01/35 - AGM Insured (Alternative Minimum Tax) Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002: 5,615 5.750%, 10/01/19 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 5,768,121 35,920 5.375%, 10/01/32 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 35,994,714 12,930 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 12/15 at 100.00 Aa3 12,526,196 Jackson Health System, Series 2005A, 5.000%, 6/01/32 - NPFG Insured 5,320 Miami-Dade County, Florida, Public Facilities Revenue Bonds, 6/15 at 100.00 Aa3 5,309,732 Jackson Health System, Series 2005B, 5.000%, 6/01/25 - NPFG Insured 18,000 Miami-Dade County, Florida, Subordinate Special Obligation 10/10 at 56.28 A 9,189,360 Bonds, Series 1997A, 0.000%, 10/01/21 - NPFG Insured 3,000 Miami-Dade County, Florida, Transit System Sales Surtax 7/18 at 100.00 AAA 3,066,420 Revenue Bonds, Series 2008, 5.000%, 7/01/35 - AGM Insured 2,000 Miami-Dade County, Florida, Water and Sewer System Revenue No Opt. Call AAA 2,244,220 Bonds, Refunding Series 2008B, 5.250%, 10/01/22 - AGM Insured Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and Improvement Development Unit 9B, Series 2005: 1,290 5.000%, 8/01/23 - NPFG Insured 8/15 at 102.00 A 1,357,828 2,145 5.000%, 8/01/29 - NPFG Insured 8/15 at 102.00 A 2,194,592 2,000 Okaloosa County, Florida, Water and Sewer Revenue Bonds, 7/16 at 100.00 AAA 2,032,760 Series 2006, 5.000%, 7/01/36 - AGM Insured 1,000 Orange County School Board, Florida, Certificates of 8/17 at 100.00 AA- 1,024,980 Participation, Series 2007A, 5.000%, 8/01/27 - FGIC Insured 3,180 Orange County, Florida, Sales Tax Revenue Bonds, Series 1/13 at 100.00 AA 3,428,358 2002B, 5.125%, 1/01/19 - FGIC Insured 2,500 Orange County, Florida, Tourist Development Tax Revenue 10/16 at 100.00 A+ 2,550,775 Bonds, Series 2006, 5.000%, 10/01/31 - SYNCORA GTY Insured Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004: 2,500 5.000%, 4/01/21 - NPFG Insured 4/14 at 100.00 Aa3 2,582,900 7,820 5.000%, 4/01/23 - NPFG Insured 4/14 at 100.00 Aa3 8,037,396 1,750 Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay 10/13 at 100.00 Aa3 1,797,583 Utility Corporation, Series 2003, 5.000%, 10/01/20 - NPFG Insured 1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA 1,076,896 Multifamily Housing Revenue Bonds, Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 - AGM Insured (Alternative Minimum Tax) 2,150 Palm Beach County School Board, Florida, Certificates of 8/14 at 100.00 AA- 2,213,683 Participation, Series 2004A, 5.000%, 8/01/24 - FGIC Insured 3,000 Palm Beach County School Board, Florida, Certificates of 8/17 at 100.00 AA- 3,097,380 Participation, Series 2007E, 5.000%, 8/01/27 - NPFG Insured

Nuveen Investments 29 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AA $ 7,204,160 Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured 2,825 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call Aa1 2,879,325 Refunding Bonds, Series 1993, 5.250%, 6/01/11 - FGIC Insured 4,000 Palm Beach County, Florida, Revenue Refunding Bonds, No Opt. Call Aa1 4,017,160 Criminal Justice Facilities, Series 1993, 5.375%, 6/01/10 - FGIC Insured Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003: 1,000 5.250%, 10/01/19 - NPFG Insured 10/13 at 100.00 Aa3 1,081,990 500 5.250%, 10/01/20 - NPFG Insured 10/13 at 100.00 Aa3 538,300 500 5.250%, 10/01/21 - NPFG Insured 10/13 at 100.00 Aa3 533,690 3,000 Pasco County, Florida, Water and Sewer Revenue Bonds, Series 4/16 at 100.00 AAA 3,088,080 2006 Refunding, 5.000%, 10/01/36 - AGM Insured Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003: 2,225 5.000%, 8/15/18 - AGM Insured 8/13 at 100.00 Aa3 2,305,011 1,300 5.000%, 8/15/21 - AGM Insured 8/13 at 100.00 Aa3 1,329,900 1,170 Polk County, Florida, Utility System Revenue Bonds, Series 10/14 at 100.00 Aa3 1,204,503 2004A, 5.000%, 10/01/24 - FGIC Insured 1,000 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 A 918,940 Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 - NPFG Insured Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002: 1,190 5.250%, 5/01/15 - NPFG Insured 5/12 at 100.00 Aa3 1,269,111 1,980 5.250%, 5/01/17 - NPFG Insured 5/12 at 100.00 Aa3 2,111,630 Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009: 3,775 5.250%, 9/01/35 - AGC Insured 9/18 at 100.00 AAA 3,945,743 3,500 5.000%, 9/01/35 - AGC Insured 9/18 at 100.00 AAA 3,615,395 10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 A (4) 3,463,100 Series 2001, 0.000%, 9/01/29 (Pre-refunded 9/01/11) - NPFG Insured 1,830 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 A (4) 2,060,617 Series 2003, 5.000%, 9/01/21(Pre-refunded 9/01/13) - NPFG Insured 1,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/14 at 100.00 Aa3 1,020,900 Series 2004, 5.000%, 9/01/21 - NPFG Insured 1,895 Reedy Creek Improvement District, Orange and Osceola 6/15 at 100.00 Aa3 1,940,177 Counties, Florida, General Obligation Bonds, Series 2005B, 5.000%, 6/01/25 - AMBAC Insured Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002: 1,360 5.250%, 1/01/17 - FGIC Insured 1/13 at 100.00 A 1,472,458 770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 A 829,706 500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 A 534,765 5,715 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call A (4) 6,876,288 and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - NPFG Insured (ETM) 3,530 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call A 4,100,519 and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - NPFG Insured 4,260 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,357,767 Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 - AGM Insured St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993: 5,000 5.500%, 10/01/15 - FGIC Insured (ETM) No Opt. Call N/R (4) 5,676,200 1,200 5.500%, 10/01/21 - FGIC Insured (ETM) No Opt. Call N/R (4) 1,443,492 St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003: 1,475 5.125%, 10/01/20 - AGM Insured 10/13 at 100.00 Aa3 1,612,824 1,555 5.125%, 10/01/21 - AGM Insured 10/13 at 100.00 Aa3 1,687,424 1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/10 at 100.00 N/R 1,304,784 Series 1996, 5.800%, 10/01/11 - AMBAC Insured 2,500 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA 2,564,275 2005, 5.000%, 10/01/29 - NPFG Insured 1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 A+ 1,287,492 5.000%, 4/01/22 - FGIC Insured

30 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 400 Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 10/19 at 100.00 AAA $ 406,292 5.000%, 10/01/39 1,500 Tampa, Florida, Healthcare System Revenue Bonds, Allegany 6/10 at 100.00 Aaa 1,522,350 Health System - St. Joseph's Hospital, Series 1993, 5.125%, 12/01/23 - NPFG Insured (ETM) 10,255 Tampa, Florida, Revenue Bonds, University of Tampa, Series 4/16 at 100.00 N/R 9,550,276 2006, 5.000%, 4/01/35 - CIFG Insured 1,390 Venice, Florida, General Obligation Bonds, Series 2004, 2/14 at 100.00 Aa2 1,438,886 5.000%, 2/01/24 - AMBAC Insured 4,275 Volusia County School Board, Florida, Certificates of 8/15 at 100.00 Aa3 4,383,756 Participation, Series 2005B, 5.000%, 8/01/24 - AGM Insured 2,000 Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 10/14 at 100.00 AAA 2,092,600 5.000%, 10/01/21 - AGM Insured 12,000 Volusia County, Florida, School Board Certificates of 8/17 at 100.00 Aa3 12,211,560 Participation, Series 2007, 5.000%, 8/01/32 - AGM Insured (UB) 1,785 Volusia County, Florida, Tax Revenue Bonds, Tourist 12/14 at 100.00 Aa3 1,846,208 Development, Series 2004, 5.000%, 12/01/24 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 371,245 Total Florida 362,649,879 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 1.9% (1.3% OF TOTAL INVESTMENTS) 1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,036,040 2004, 5.000%, 11/01/22 - AGM Insured 10,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 10,450,200 2009B, 5.375%, 11/01/39 - AGM Insured 2,825 Cherokee County Water and Sewerage Authority, Georgia, 8/20 at 100.00 Aa2 2,804,830 Revenue Bonds, Refunding Series 2007, 4.000%, 8/01/26 1,520 College Park Business and Industrial Development Authority, 9/14 at 102.00 AA- 1,613,206 Georgia, Revenue Bonds, Public Safety Project, Series 2004, 5.250%, 9/01/23 - NPFG Insured Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004: 1,695 5.250%, 5/01/19 - NPFG Insured 5/14 at 100.00 Aa3 1,880,230 1,135 5.250%, 5/01/20 - NPFG Insured 5/14 at 100.00 Aa3 1,256,332 4,500 5.000%, 5/01/36 - NPFG Insured 5/14 at 100.00 Aa3 4,583,205 1,250 Glynn-Brunswick Memorial Hospital Authority, Georgia, 8/10 at 100.00 A 1,252,413 Revenue Bonds, Southeast Georgia Health Systems, Series 1996, 5.250%, 8/01/13 - NPFG Insured 2,250 Gwinnett County Hospital Authority, Georgia, Revenue 7/19 at 100.00 Aa3 2,310,120 Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 - AGM Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 26,175 Total Georgia 27,186,576 ----------------------------------------------------------------------------------------------------------------------------------- IDAHO - 0.2% (0.1% OF TOTAL INVESTMENTS) 150 Idaho Housing Agency, Single Family Mortgage Senior Bonds, No Opt. Call Aaa 157,260 Series 1994B-1, 6.750%, 7/01/22 110 Idaho Housing Agency, Single Family Mortgage Senior Bonds, No Opt. Call Aaa 111,910 Series 1994B-2, 6.900%, 7/01/26 (Alternative Minimum Tax) 125 Idaho Housing Agency, Single Family Mortgage Senior Bonds, 7/10 at 100.00 Aaa 125,764 Series 1995B, 6.600%, 7/01/27(Alternative Minimum Tax) Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006: 1,000 5.000%, 7/15/23 - NPFG Insured 7/16 at 100.00 Aa2 1,071,410 1,065 5.000%, 7/15/24 - NPFG Insured 7/16 at 100.00 Aa2 1,134,971 ----------------------------------------------------------------------------------------------------------------------------------- 2,450 Total Idaho 2,601,315 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 5.7% (3.7% OF TOTAL INVESTMENTS) 1,050 Bedford Park, Illinois, General Obligation Bonds, Series 12/14 at 100.00 AAA 1,146,012 2004A, 5.250%, 12/15/20 - AGM Insured 7,000 Chicago, Illinois, General Airport Revenue Bonds, O'Hare No Opt. Call AAA 7,268,380 International Airport, Third Lien Series 2010C, 5.250%, 1/01/35 - AGC Insured

Nuveen Investments 31 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS (continued) Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Refunding Bonds, O'Hare International Airport, Series 2001E: $ 4,615 5.500%, 1/01/17 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 $ 4,763,511 4,870 5.500%, 1/01/18 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 5,026,717 7,200 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 7,522,056 O'Hare International Airport, Series 2005A, 5.250%, 1/01/24 - NPFG Insured 7,025 De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell 12/17 at 100.00 Aa2 5,695,027 Community College District 540, Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 - AGM Insured 10,000 Illinois Development Finance Authority, Revenue Bonds, 5/10 at 100.00 A 10,002,200 Provena Health, Series 1998A, 5.500%, 5/15/21 - NPFG Insured 2,095 Illinois Educational Facilities Authority, Revenue Bonds, 6/10 at 100.00 Baa1 2,095,042 Robert Morris College, Series 2000, 5.800%, 6/01/30 - NPFG Insured 22,510 Illinois, General Obligation Bonds, Illinois FIRST Program, 2/12 at 100.00 Aa3 22,776,969 Series 2002, 5.125%, 2/01/27 - FGIC Insured 20,045 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call AAA 4,450,591 Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/35 - NPFG Insured Schaumburg, Illinois, General Obligation Bonds, Series 2004B: 4,260 5.000%, 12/01/22 - FGIC Insured 12/14 at 100.00 Aaa 4,508,443 2,365 5.000%, 12/01/23 - FGIC Insured 12/14 at 100.00 Aaa 2,493,727 4,000 Southwestern Illinois Development Authority, School Revenue No Opt. Call A+ 1,870,680 Bonds, Triad School District 2, Madison County, Illinois, Series 2006, 0.000%, 10/01/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 97,035 Total Illinois 79,619,355 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 3.6% (2.3% OF TOTAL INVESTMENTS) 2,030 Decatur Township-Marion County Multi-School Building 7/13 at 100.00 AA+ (4) 2,266,800 Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) - FGIC Insured 8,000 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 8,040,000 Series 2007A, 5.000%, 1/01/42 - NPFG Insured 20,000 Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AA 8,858,800 Series 1999E, 0.000%, 2/01/28 - AMBAC Insured 5,300 Indianapolis Local Public Improvement Bond Bank, Indiana, 1/19 at 100.00 AAA 5,729,989 Waterworks Project Series 2009A, 5.500%, 1/01/38 - AGC Insured 3,250 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 3,554,135 Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) - NPFG Insured 1,340 Monroe-Gregg Grade School Building Corporation, Morgan 1/14 at 100.00 AAA 1,516,974 County, Indiana, First Mortgage Bonds, Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) - AGM Insured 5,000 Noblesville Redevelopment Authority, Indiana, Economic 7/13 at 100.00 AA- 5,100,500 Development Lease Rental Bonds, Exit 10 Project, Series 2003, 5.000%, 1/15/28 - AMBAC Insured 10,000 Purdue University, Indiana, Student Fee Bonds, Series 2002O, 1/12 at 100.00 Aa1 10,320,400 5.000%, 7/01/19 - NPFG Insured 3,705 Whitley County Middle School Building Corporation, Columbia 7/13 at 100.00 Aa3 (4) 4,159,604 City, Indiana, First Mortgage Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 58,625 Total Indiana 49,547,202 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.7% (0.4% OF TOTAL INVESTMENTS) 2,055 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 9/14 at 101.00 AAA 2,210,399 5.000%, 9/01/23 - AGM Insured Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006: 2,145 5.000%, 9/01/27 - AGM Insured 9/14 at 100.00 Aa3 2,268,445 4,835 5.000%, 9/01/29 - AGM Insured 9/14 at 100.00 Aa3 5,083,471 ----------------------------------------------------------------------------------------------------------------------------------- 9,035 Total Kansas 9,562,315 ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 2.9% (1.9% OF TOTAL INVESTMENTS) 3,870 Kenton County School District Finance Corporation, Kentucky, 6/14 at 100.00 Aa2 4,143,299 School Building Revenue Bonds, Series 2004, 5.000%, 6/01/20 - NPFG Insured

32 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY (continued) Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009: $ 3,860 5.250%, 2/01/20 - AGC Insured 2/19 at 100.00 AAA $ 4,367,436 10,000 5.250%, 2/01/24 - AGC Insured 2/19 at 100.00 AAA 11,014,200 7,500 Kentucky Turnpike Authority, Economic Development Road 7/16 at 100.00 AA+ 7,952,325 Revenue Bonds, Revitalization Project, Series 2006B, 5.000%, 7/01/25 - AMBAC Insured 12,980 Louisville and Jefferson County Metropolitan Sewer District, 11/11 at 101.00 AA- 13,635,490 Kentucky, Sewer and Drainage System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 38,210 Total Kentucky 41,112,750 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 4.6% (2.9% OF TOTAL INVESTMENTS) 5,000 DeSoto Parish, Louisiana, Pollution Control Revenue 9/10 at 101.00 BBB 5,014,450 Refunding Bonds, Cleco Utility Group Inc. Project, Series 1999, 5.875%, 9/01/29 - AMBAC Insured 3,025 Lafayette City and Parish, Louisiana, Utilities Revenue 11/14 at 100.00 A1 3,235,056 Bonds, Series 2004, 5.250%, 11/01/22 - NPFG Insured 4,540 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 4,633,252 Rouge General Hospital, Series 2004, 5.250%, 7/01/24 - NPFG Insured Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: 2,400 5.000%, 5/01/25 - FGIC Insured 5/15 at 100.00 Aa1 2,484,720 4,415 5.000%, 5/01/26 - FGIC Insured 5/15 at 100.00 Aa1 4,554,779 5,000 5.000%, 5/01/27 - FGIC Insured 5/15 at 100.00 Aa1 5,165,150 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 3,300 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 3,307,689 35,725 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 35,195,913 38 Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, 5/16 at 100.00 AA 36,066 Residuals 660-1, 15.661%, 5/01/41 - FGIC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 63,443 Total Louisiana 63,627,075 ----------------------------------------------------------------------------------------------------------------------------------- MAINE - 0.2% (0.2% OF TOTAL INVESTMENTS) 3,000 Maine Health and Higher Educational Facilities Authority, 7/13 at 100.00 AAA 3,313,440 Revenue Bonds, Series 2003B, 5.000%, 7/01/28 (Pre-refunded 7/01/13) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 0.3% (0.2% OF TOTAL INVESTMENTS) 5,345 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 4,665,757 Revenue Bonds, Series 2006A, 5.250%, 9/01/28 - SYNCORA GTY Insured ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 5.3% (3.4% OF TOTAL INVESTMENTS) 4,500 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 4,741,335 Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 22,500 Massachusetts Development Finance Authority, Revenue Bonds, 1/12 at 101.00 N/R (4) 24,447,150 WGBH Educational Foundation, Series 2002A, 5.375%, 1/01/42 (Pre-refunded 1/01/12) - AMBAC Insured 5,330 Massachusetts Health and Educational Facilities Authority, 12/19 at 100.00 AAA 6,682,861 Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.073%, 12/15/34 (IF) 11,000 Massachusetts School Building Authority, Dedicated Sales Tax 8/15 at 100.00 AAA 11,870,100 Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - AGM Insured (UB) 7,255 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 7,079,647 Bonds, Series 2007A, 4.500%, 8/01/46- AGM Insured (UB) 15,000 Massachusetts, Special Obligation Dedicated Tax Revenue 1/14 at 100.00 A1 (4) 16,877,550 Bonds, Series 2004, 5.250%, 1/01/23 (Pre-refunded 1/01/14) - FGIC Insured 1,500 University of Massachusetts Building Authority, Senior Lien 11/14 at 100.00 A+ (4) 1,756,020 Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 67,085 Total Massachusetts 73,454,663 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 2.6% (1.7% OF TOTAL INVESTMENTS) 5,490 Detroit City School District, Wayne County, Michigan, No Opt. Call AAA 6,058,380 Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 6.000%, 5/01/29 - AGM Insured (UB) 6,000 Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 10/11 at 100.00 A 5,468,940 5.375%, 4/01/18 - NPFG Insured

Nuveen Investments 33 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN (continued) $ 7,420 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/10 at 100.00 Aa3 $ 7,419,481 Bonds, Series 1997A, 5.000%, 7/01/27 - NPFG Insured 1,085 Grand Rapids Community College, Kent County, Michigan, 5/13 at 100.00 Aa1 1,190,733 General Obligation Refunding Bonds, Series 2003, 5.250%, 5/01/20 - AMBAC Insured 6,850 Wayne County, Michigan, Airport Revenue Bonds, Detroit 12/10 at 100.00 A 6,931,926 Metropolitan Wayne County Airport, Series 1998A, 5.375%, 12/01/15 - NPFG Insured (Alternative Minimum Tax) 10,000 Wayne County, Michigan, Limited Tax General Obligation 12/11 at 101.00 A 9,822,100 Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 36,845 Total Michigan 36,891,560 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 1.8% (1.1% OF TOTAL INVESTMENTS) 5,000 Minneapolis, Minnesota, Health Care System Revenue Bonds,S 11/18 at 100.00 AAA 5,623,300 Fairview Health Services, Series 2008B, 6.500%, 11/15/38 - AGC Insured 4,000 Northern Municipal Power Agency, Minnesota, Electric System No Opt. Call AAA 4,475,440 Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 - AGC Insured 13,020 Saint Paul Housing and Redevelopment Authority, Minnesota, 12/11 at 102.00 N/R (4) 14,500,114 Multifamily Housing Revenue Bonds, Marian Center Project, Series 2001A, 6.450%, 6/20/43 (Pre-refunded 12/20/11) ----------------------------------------------------------------------------------------------------------------------------------- 22,020 Total Minnesota 24,598,854 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 2.4% (1.5% OF TOTAL INVESTMENTS) 27,125 Lincoln, Nebraska, Electric System Revenue Bonds, Series 9/17 at 100.00 AA 26,870,568 2007A, 4.500%, 9/01/37 - FGIC Insured (UB) 5,000 Municipal Energy Agency of Nebraska, Power Supply System 4/19 at 100.00 AA+ 5,367,700 Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 - BHAC Insured 1,000 Nebraska Public Power District, General Revenue Bonds, 1/15 at 100.00 AAA 1,036,980 Series 2005A, 5.000%, 1/01/25 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 33,125 Total Nebraska 33,275,248 ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 6.9% (4.4% OF TOTAL INVESTMENTS) 8,475 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 Aaa 8,554,411 Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 - NPFG Insured 3,630 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 AA+ (4) 4,007,411 Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) - NPFG Insured 14,140 Clark County, Nevada, Passenger Facility Charge Revenue 1/20 at 100.00 AAA 14,440,051 Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 - AGM Insured 7,370 Clark County, Nevada, Subordinate Lien Airport Revenue 7/14 at 100.00 Aa3 7,534,425 Bonds, Series 2004A-2, 5.125%, 7/01/25 - FGIC Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 15,000 5.625%, 1/01/34 - AMBAC Insured (5) 1/12 at 100.00 Caa2 4,817,550 11,400 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 3,661,566 14,985 Reno, Nevada, Capital Improvement Revenue Bonds, Series 6/12 at 100.00 A 14,304,381 2002, 5.375%, 6/01/32 - FGIC Insured 25,300 Reno, Nevada, Capital Improvement Revenue Bonds, Series 6/12 at 100.00 A3 (4) 27,681,236 2002, 5.375%, 6/01/32 (Pre-refunded 6/01/12) - FGIC Insured 10,000 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 Baa3 (4) 10,878,800 Reno Transportation Rail Access Corridor Project, Series 2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 110,300 Total Nevada 95,879,831 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 4.1% (2.6% OF TOTAL INVESTMENTS) Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004: 2,000 5.125%, 10/01/21 - NPFG Insured 10/14 at 100.00 Aa2 2,108,060 2,250 5.125%, 10/01/22 - NPFG Insured 10/14 at 100.00 Aa2 2,361,488

34 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY (continued) New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: $ 3,850 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A $ 3,994,067 3,850 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 3,982,825 26,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 29,689,920 Series 2005D-1, 5.250%, 1/01/26 - AGM Insured New Jersey Turnpike Authority, Revenue Bonds, Series 2003A: 8,250 5.000%, 1/01/19 - FGIC Insured 7/13 at 100.00 A+ 8,871,803 2,000 5.000%, 1/01/23 - AGM Insured (UB) 7/13 at 100.00 AAA 2,083,060 3,320 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 3,572,685 5.000%, 1/01/21 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 51,520 Total New Jersey 56,663,908 ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 1.3% (0.8% OF TOTAL INVESTMENTS) 3,660 San Juan County, New Mexico, Subordinate Gross Receipts Tax 6/15 at 100.00 Aa3 3,802,118 Revenue Bonds, Series 2005, 5.000%, 6/15/25 - NPFG Insured 13,600 University of New Mexico, System Improvement Subordinated 6/17 at 100.00 AAA 14,058,184 Lien Revenue Bonds, Series 2007A, 5.000%, 6/01/36 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 17,260 Total New Mexico 17,860,302 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 6.8% (4.4% OF TOTAL INVESTMENTS) 1,880 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,940,630 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured 3,335 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 3,555,143 Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 - AMBAC Insured 3,820 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 3,555,541 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 12,500 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A 12,977,250 General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 - FGIC Insured 6,900 Long Island Power Authority, New York, Electric System 11/16 at 100.00 A 6,402,096 Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 1,500 5.000%, 7/01/21 - FGIC Insured 7/12 at 100.00 AA- 1,591,875 5,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 5,236,350 2,615 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 3,026,340 Revenue Bonds, Yankee Stadium Project Pilot, Series 2009A, 7.000%, 3/01/49 - AGC Insured 5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AA 5,383,900 Series 2005F-1, 5.000%, 9/01/21 - AMBAC Insured 10,000 New York City, New York, General Obligation Bonds, Fiscal 4/15 at 100.00 AA 10,437,700 Series 2005M, 5.000%, 4/01/26 - FGIC Insured 5,000 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 A+ 5,193,500 Series 2005F, 5.000%, 1/01/26 - AMBAC Insured 14,000 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 14,495,040 Series 2005G, 5.000%, 1/01/30 - AGM Insured 3,650 New York State Urban Development Corporation, Service 3/15 at 100.00 AAA 3,946,125 Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 - AGM Insured (UB) New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2004A-1: 1,000 5.000%, 3/15/23 - FGIC Insured 3/14 at 100.00 AAA 1,066,690 5,000 5.000%, 3/15/25 - FGIC Insured 3/14 at 100.00 AAA 5,302,150 10,000 Triborough Bridge and Tunnel Authority, New York, 11/12 at 100.00 Aa3 10,266,700 Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/32 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 91,200 Total New York 94,377,030 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 35 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 1.2% (0.8% OF TOTAL INVESTMENTS) Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004: $ 2,115 5.000%, 5/01/22 - FGIC Insured 5/14 at 100.00 AA- $ 2,188,792 2,575 5.000%, 5/01/26 - FGIC Insured 5/14 at 100.00 AA- 2,647,306 5,250 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 AAA 5,722,763 Revenue Bonds, Series 2003A, 5.250%, 1/01/16 - AGM Insured Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A: 3,205 5.000%, 5/01/23 - AMBAC Insured 5/15 at 100.00 Aa3 3,353,904 3,295 5.000%, 5/01/24 - AMBAC Insured 5/15 at 100.00 Aa3 3,429,403 ----------------------------------------------------------------------------------------------------------------------------------- 16,440 Total North Carolina 17,342,168 ----------------------------------------------------------------------------------------------------------------------------------- NORTH DAKOTA - 0.5% (0.3% OF TOTAL INVESTMENTS) Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A: 2,195 5.000%, 12/15/22 - NPFG Insured 12/15 at 100.00 Aa3 2,329,224 1,355 5.000%, 12/15/23 - NPFG Insured 12/15 at 100.00 Aa3 1,423,360 3,000 5.000%, 12/15/24 - NPFG Insured 12/15 at 100.00 Aa3 3,139,020 ----------------------------------------------------------------------------------------------------------------------------------- 6,550 Total North Dakota 6,891,604 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 3.7% (2.4% OF TOTAL INVESTMENTS) 2,650 Cleveland State University, Ohio, General Receipts Bonds, 6/14 at 100.00 A+ 2,776,803 Series 2004, 5.250%, 6/01/24 - FGIC Insured 2,000 Columbus City School District, Franklin County, Ohio, 12/14 at 100.00 AAA 2,327,780 General Obligation Bonds, Series 2004, 5.250%, 12/01/25 (Pre-refunded 12/01/14) - AGM Insured 2,385 Columbus, Ohio, Tax Increment Financing Bonds, Easton 6/14 at 100.00 BBB+ 2,454,237 Project, Series 2004A, 5.000%, 12/01/22 - AMBAC Insured 2,205 Hamilton City School District, Ohio, General Obligation 6/15 at 100.00 Baa1 2,288,018 Bonds, Series 2005, 5.000%, 12/01/24 - NPFG Insured 19,595 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 18,271,750 Series 2006, 4.250%, 12/01/32 - AMBAC Insured 20,100 Lucas County, Ohio, Hospital Revenue Bonds, ProMedica 5/10 at 101.00 N/R 20,174,571 Healthcare Obligated Group, Series 1999, 5.375%, 11/15/39 - AMBAC Insured 3,000 Ross Local School District, Butler County, Ohio, General 12/13 at 100.00 Aa2 (4) 3,400,650 Obligation Bonds, Series 2003, 5.000%, 12/01/28 (Pre-refunded 12/01/13) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 51,935 Total Ohio 51,693,809 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 2.6% (1.6% OF TOTAL INVESTMENTS) 3,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 3,631,985 Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC Insured 1,925 Oklahoma Housing Finance Agency, GNMA Collateralized Single No Opt. Call AAA 2,011,664 Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax) 21,000 Oklahoma Municipal Power Authority, Power Supply System 1/17 at 100.00 A 19,615,470 Revenue Bonds, Series 2007, 4.500%, 1/01/47 - FGIC Insured 5,245 Oklahoma State Industries Authority, Revenue Bonds, 2/11 at 100.00 A1 5,283,813 Oklahoma Medical Research Foundation, Series 2001, 5.250%, 2/01/21 - AMBAC Insured 50 Tulsa Airports Improvement Trust, Oklahoma, General Airport 6/10 at 100.00 A 50,237 Revenue Bonds, Tulsa International Airport, Series 1999A, 6.000%, 6/01/21 - FGIC Insured 4,880 University of Oklahoma, Student Housing Revenue Bonds, 7/14 at 100.00 A1 5,008,832 Series 2004, 5.000%, 7/01/22 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 36,600 Total Oklahoma 35,602,001 ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 0.2% (0.2% OF TOTAL INVESTMENTS) 2,535 Oregon Department of Administrative Services, Certificates 5/15 at 100.00 AAA 2,664,158 of Participation, Series 2005A, 5.000%, 5/01/25 - AGM Insured 715 Oregon Housing and Community Services Department, Single 7/10 at 100.00 Aa2 715,879 Family Mortgage Revenue Bonds, Series 1995A, 6.450%, 7/01/26 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 3,250 Total Oregon 3,380,037 -----------------------------------------------------------------------------------------------------------------------------------

36 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 2.7% (1.8% OF TOTAL INVESTMENTS) $ 7,925 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA $ 8,344,708 Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 - AGM Insured (UB) 1,800 Pennsylvania Higher Educational Facilities Authority, 5/15 at 100.00 A+ 1,839,114 Revenue Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 - NPFG Insured 11,740 Pennsylvania Public School Building Authority, Lease 12/16 at 100.00 AAA 11,201,604 Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - AGM Insured (UB) 2,625 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 2,756,801 Series 2006A, 5.000%, 12/01/26 - AMBAC Insured 6,335 Radnor Township School District, Delaware County, 8/15 at 100.00 Aa2 6,657,198 Pennsylvania, General Obligation Bonds, Series 2005B, 5.000%, 2/15/30 - AGM Insured Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005: 3,285 5.000%, 1/15/22 - AGM Insured (UB) 1/16 at 100.00 AAA 3,516,560 3,450 5.000%, 1/15/23 - AGM Insured (UB) 1/16 at 100.00 AAA 3,674,871 ----------------------------------------------------------------------------------------------------------------------------------- 37,160 Total Pennsylvania 37,990,856 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.9% (0.6% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 2,905,900 Series 2005RR, 5.000%, 7/01/30 (Pre-refunded 7/01/15) - SYNCORA GTY Insured 2,000 Puerto Rico Highway and Transportation Authority, Highway 7/13 at 100.00 A3 2,045,500 Revenue Bonds, Series 2003G, 5.250%, 7/01/19 - FGIC Insured 1,550 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call A3 1,621,378 8/01/21 - CIFG Insured 36,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 5,388,840 Revenue Bonds, Series 2007A, 0.000%,8/01/42 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 42,050 Total Puerto Rico 11,961,618 ----------------------------------------------------------------------------------------------------------------------------------- RHODE ISLAND - 1.8% (1.2% OF TOTAL INVESTMENTS) 2,195 Providence Housing Development Corporation, Rhode Island, 7/10 at 100.00 A 2,197,963 FHA-Insured Section 8 Assisted Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 - NPFG Insured 20,475 Rhode Island Depositors Economic Protection Corporation, 2/11 at 100.00 A (4) 21,227,047 Special Obligation Refunding Bonds, Series 1993B, 5.250%, 8/01/21 (Pre-refunded 2/01/11) - NPFG Insured 1,405 Rhode Island Health & Educational Building Corporation, 9/14 at 100.00 A2 1,497,393 Higher Education Auxiliary Enterprise Revenue Bonds, Series 2004A, 5.500%, 9/15/24 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 24,075 Total Rhode Island 24,922,403 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 5.5% (3.6% OF TOTAL INVESTMENTS) 14,650 Anderson County School District 5, South Carolina, General 2/18 at 100.00 AAA 16,151,186 Obligation Bonds, Series 2008, Trust 1181, 9.658%, 2/01/38 - AGM Insured (IF) 10,000 Beaufort County, South Carolina, Tax Increment Bonds, New 12/12 at 100.00 A 10,120,400 River Redevelopment Project, Series 2002, 5.000%, 6/01/27 - NPFG Insured Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds, Series 2004A: 2,000 5.250%, 8/15/22 - NPFG Insured 8/14 at 100.00 A 2,086,180 2,605 5.250%, 8/15/23 - NPFG Insured 8/14 at 100.00 A 2,708,523 2,385 5.250%, 8/15/25 - NPFG Insured 8/14 at 100.00 A 2,467,116 1,795 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call Aaa 1,503,151 Revenue Bonds, Series 1988A, 0.000%, 1/01/13 - AMBAC Insured (ETM) 7,955 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call N/R 6,971,921 Revenue Bonds, Series 1988A, 0.000%, 1/01/13 - AMBAC Insured 8,000 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- 8,335,440 Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 - AMBAC Insured

Nuveen Investments 37 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA (continued) $ 10,000 South Carolina JOBS Economic Development Authority, 11/12 at 100.00 A- $ 10,000,000 Industrial Revenue Bonds, South Carolina Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 - AMBAC Insured (Alternative Minimum Tax) 17,500 South Carolina Transportation Infrastructure Bank, Revenue 10/16 at 100.00 Aa3 16,797,725 Bonds, Series 2007A, 4.500%, 10/01/34 - SYNCORA GTY Insured ----------------------------------------------------------------------------------------------------------------------------------- 76,890 Total South Carolina 77,141,642 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 0.5% (0.3% OF TOTAL INVESTMENTS) 6,455 Memphis-Shelby County Airport Authority, Tennessee, Airport 3/11 at 100.00 AAA 6,535,817 Revenue Bonds, Series 2001A, 5.500%, 3/01/18 - AGM Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 9.0% (5.8% OF TOTAL INVESTMENTS) 521 Capital Area Housing Finance Corporation, Texas, FNMA Backed 4/12 at 106.00 Aaa 539,019 Single Family Mortgage Revenue Refunding Bonds, Series 2002A-2, 6.300%, 4/01/35 - AMBAC Insured (Alternative Minimum Tax) 12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 5/10 at 100.00 A+ 12,512,125 Bonds, Series 2000A, 6.125%,11/01/35 - FGIC Insured (Alternative Minimum Tax) 25,000 Harris County-Houston Sports Authority, Texas, Junior Lien 11/11 at 100.00 A 23,517,750 Revenue Refunding Bonds, Series 2001B, 5.250%, 11/15/40 - NPFG Insured 4,671 Houston Housing Finance Corporation, Texas, GNMA 9/11 at 105.00 Aaa 4,843,967 Collateralized Mortgage Multifamily Housing Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42 Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A: 4,000 5.250%, 5/15/24 - FGIC Insured 5/14 at 100.00 AA 4,288,440 5,000 5.250%, 5/15/25 - NPFG Insured 5/14 at 100.00 AA 5,344,550 17,500 Houston, Texas, Hotel Occupancy Tax and Special Revenue 9/11 at 100.00 A2 17,619,875 Bonds, Convention and Entertainment Project, Series 2001B, 5.250%, 9/01/33 - AMBAC Insured 900 Houston, Texas, Subordinate Lien Airport System Revenue 7/10 at 100.00 AAA 900,450 Bonds, Series 2000A, 5.625%, 7/01/30 - AGM Insured (Alternative Minimum Tax) 23,865 Jefferson County Health Facilities Development Corporation, 8/11 at 100.00 N/R 23,892,206 Texas, FHA-Insured Mortgage Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41 - AMBAC Insured 140 Lower Colorado River Authority, Texas, Revenue Refunding and 5/11 at 100.00 A1 (4) 146,563 Improvement Bonds, Series 2001A, 5.000%, 5/15/21 (Pre-refunded 5/15/11) - NPFG Insured 8,065 Lower Colorado River Authority, Texas, Revenue Refunding and 5/11 at 100.00 A1 8,294,933 Improvement Bonds, Series 2001A, 5.000%, 5/15/21 - NPFG Insured Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds, Series 2001B: 3,205 5.500%, 10/01/18 - FGIC Insured (Alternative Minimum Tax) 10/11 at 100.00 AAA 3,272,690 3,375 5.500%, 10/01/19 - FGIC Insured (Alternative Minimum Tax) 10/11 at 100.00 AAA 3,439,159 7,205 San Antonio, Texas, Airport System Improvement Revenue 7/11 at 101.00 A+ 7,433,687 Bonds, Series 2001, 5.375%, 7/01/15 - FGIC Insured (Alternative Minimum Tax) 7,550 Waco Health Facilities Development Corporation, Texas, 8/16 at 100.00 A 7,328,181 Hillcrest Health System Project, FHA Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 - NPFG Insured 1,840 Ysleta Independent School District Public Facility 5/10 at 100.00 AA- 1,877,481 Corporation, Texas, Lease Revenue Refunding Bonds, Series 2001, 5.375%, 11/15/24 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 125,337 Total Texas 125,251,076 -----------------------------------------------------------------------------------------------------------------------------------

38 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 1.3% (0.8% OF TOTAL INVESTMENTS) $ 2,000 Clearfield City, Utah, Sales Tax Revenue Bonds, Series 7/13 at 100.00 AA- (4) $ 2,235,300 2003, 5.000%, 7/01/28 (Pre-refunded 7/01/13) - FGIC Insured 15,000 Utah Transit Authority, Sales Tax Revenue Bonds, Series 6/18 at 100.00 AAA 15,950,850 2008A, 5.000%, 6/15/32 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 17,000 Total Utah 18,186,150 ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 1.2% (0.8% OF TOTAL INVESTMENTS) 1,035 Loudoun County Industrial Development Authority, Virginia, 6/14 at 100.00 AAA 1,158,765 Lease Revenue Bonds, Public Safety Facilities, Series 2003A, 5.250%, 12/15/20 - AGM Insured 4,840 Metropolitan Washington D.C. Airports Authority, Airport 10/11 at 101.00 AA- 5,028,421 System Revenue Bonds, Series 2001A, 5.500%, 10/01/19 - NPFG Insured (Alternative Minimum Tax) 10,000 Virginia Housing Development Authority, Commonwealth 7/11 at 100.00 AAA 10,079,800 Mortgage Bonds, Series 2001H-1, 5.375%, 7/01/36 - NPFG Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 15,875 Total Virginia 16,266,986 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 4.4% (2.8% OF TOTAL INVESTMENTS) 2,500 Grant County Public Utility District 2, Washington, Revenue 1/15 at 100.00 AA- 2,565,724 Bonds, Wanapum Hydroelectric Development, Series 2005A, 5.000%, 1/01/29 - FGIC Insured 3,500 King County School District 401, Highline, Washington, 12/14 at 100.00 AA+ 3,728,200 General Obligation Bonds, Series 2004, 5.000%, 10/01/24 - FGIC Insured 5,000 King County, Washington, General Obligation Sewer Bonds, 1/19 at 100.00 AAA 6,105,600 Series 2009, Trust 1W, 13.689%, 1/01/39 - AGC Insured (IF) 15,000 King County, Washington, Sewer Revenue Bonds, Series 2007, 7/17 at 100.00 AAA 15,627,000 5.000%, 1/01/42 - AGM Insured 4,345 King County, Washington, Sewer Revenue Bonds, Tender Option 7/17 at 100.00 AAA 4,914,368 Bond Trust 3090, 13.264%, 1/01/39 - AGM Insured (IF) 3,195 Kitsap County, Washington, Limited Tax General Obligation 7/10 at 100.00 AA- (4) 3,223,083 Bonds, Series 2000, 5.500%, 7/01/25 (Pre-refunded 7/01/10) - AMBAC Insured 4,250 Snohomish County Public Utility District 1, Washington, No Opt. Call Aaa 5,279,094 Generation System Revenue Bonds, Series 1989, 6.650%, 1/01/16 - FGIC Insured (ETM) Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006: 3,890 5.000%, 12/01/24 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,117,760 4,085 5.000%, 12/01/25 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,304,812 4,290 5.000%, 12/01/26 - SYNCORA GTY Insured 12/16 at 100.00 AA 4,500,637 5,945 Washington State, General Obligation Bonds, Series 2009, 7/16 at 100.00 AAA 6,895,726 Trust 1212, 13.292%, 7/01/31 - AGM Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 56,000 Total Washington 61,262,004 ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 2.2% (1.4% OF TOTAL INVESTMENTS) 15,000 Wisconsin Health and Educational Facilities Authority, 8/10 at 100.00 A 15,000,600 Revenue Bonds, Marshfield Clinic, Series 1997, 5.750%, 2/15/27 - NPFG Insured 290 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/14 at 100.00 AA 313,097 5/01/20 - FGIC Insured 2,600 Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/14 at 100.00 Aa2 (4) 2,993,275 5/01/20 (Pre-refunded 5/01/14) - FGIC Insured 10,945 Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/14 at 100.00 AA 11,710,272 5/01/20 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 28,835 Total Wisconsin 30,017,244 ----------------------------------------------------------------------------------------------------------------------------------- $ 2,280,625 Total Long-Term Investments (cost $2,104,078,094) - 155.0% 2,155,558,928 ===============--------------------------------------------------------------------------------------------------------------------

Nuveen Investments 39 NIO | Nuveen Insured Municipal Opportunity Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.4% (0.3% OF TOTAL INVESTMENTS) COLORADO - 0.1% (0.1% OF TOTAL INVESTMENTS) $ 1,400 Colorado Health Facilities Authority, Colorado, Revenue No Opt. Call A-1+ $ 1,400,000 Bonds, Catholic Health Initiatives, Variable Rate Demand Obligations, Tender Option Bond Trust 2906Z, 0.270%, 3/01/16 (6) ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 0.1% (0.1% OF TOTAL INVESTMENTS) 1,882 Metropolitan Atlanta Rapid Transit Authority, Georgia, 7/17 at 100.00 A-1 1,882,000 Sales Tax Revenue Bonds, Variable Rate Demand Obligations, Tender Option Bond Trust 2008-1061, 0.300%, 7/01/34 (6) ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 0.2% (0.1% OF TOTAL INVESTMENTS) $ 2,500 Sampson County, North Carolina, Certificates of No Opt. Call A-1 2,500,000 Participation, Series 2006, Variable Rate Demand Obligations, Series 112, 0.330%, 6/01/34 (6) ===============-------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $5,782,000) 5,782,000 ----------------------------------------------------------------------------------------------------------------- Total Investments (cost $2,109,860,094) - 155.4% 2,161,340,928 ----------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (9.7)% (134,833,333) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 29,450,374 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (47.8)% (7) (664,825,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 1,391,132,969 =================================================================================================================

The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (7) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.8%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 40 Nuveen Investments NIF | Nuveen Premier Insured Municipal Income Fund, Inc. | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 0.8% (0.5% OF TOTAL INVESTMENTS) $ 2,200 Auburn, Alabama, General Obligation Warrants, Series 2005, 8/15 at 100.00 AA+ $ 2,278,892 5.000%, 8/01/30 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 3.1% (2.0% OF TOTAL INVESTMENTS) 4,370 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 4,522,513 Water System Revenue Bonds, Series 2005, 4.750%, 7/01/25 - NPFG Insured 5,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 4,377,100 Plaza, Series 2005B, 0.000%, 7/01/40 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 9,370 Total Arizona 8,899,613 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 1.5% (1.0% OF TOTAL INVESTMENTS) 4,020 Northwest Community College District, Arkansas, General 5/15 at 100.00 A 4,236,155 Obligation Bonds, Series 2005, 5.000%, 5/15/23 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 25.9% (17.0% OF TOTAL INVESTMENTS) 10 California Department of Water Resources, Water System 12/14 at 100.00 AAA 11,583 Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 (Pre-refunded 12/01/14) - NPFG Insured 990 California Department of Water Resources, Water System 12/14 at 100.00 AAA 1,040,599 Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/26 - NPFG Insured (UB) 1,250 California Pollution Control Financing Authority, 4/11 at 102.00 A 1,303,163 Remarketed Revenue Bonds, Pacific Gas and Electric Company, Series 1996A, 5.350%, 12/01/16 - NPFG Insured (Alternative Minimum Tax) 4,775 Clovis Unified School District, Fresno County, California, No Opt. Call AA (4) 2,559,639 General Obligation Bonds, Series 2001A, 0.000%, 8/01/25 - FGIC Insured (ETM) 1,005 Folsom Cordova Unified School District, Sacramento County, 10/14 at 100.00 AAA 1,040,406 California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 - AGM Insured 1,150 Kern Community College District, California, General No Opt. Call AAA 571,596 Obligation Bonds, Series 2006, 0.000%, 11/01/23 - AGM Insured 45 Kern County Housing Authority, California, GNMA Guaranteed No Opt. Call AAA 46,729 Tax-Exempt Mortgage Obligation Bonds, Series 1994A-I, 7.150%, 12/30/24 (Alternative Minimum Tax) 35 Kern County Housing Authority, California, GNMA Guaranteed No Opt. Call AAA 36,429 Tax-Exempt Mortgage Obligation Bonds, Series 1994A-III, 7.450%, 6/30/25 (Alternative Minimum Tax) 3,760 La Verne-Grand Terrace Housing Finance Agency, California, No Opt. Call AAA 4,928,157 Single Family Residential Mortgage Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM) 5,000 Ontario Redevelopment Financing Authority, San Bernardino No Opt. Call A 5,820,350 County, California, Revenue Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 - NPFG Insured 8,880 Pomona, California, GNMA/FHLMC Collateralized Single Family No Opt. Call AAA 11,692,115 Mortgage Revenue Refunding Bonds, Series 1990B, 7.500%, 8/01/23 (ETM) 8,075 San Bernardino County, California, GNMA Mortgage-Backed No Opt. Call AAA 9,338,576 Securities Program Single Family Home Mortgage Revenue Bonds, Series 1988A, 8.300%, 9/01/14 (Alternative Minimum Tax) (ETM) 8,770 San Bernardino, California, GNMA Mortgage-Backed Securities No Opt. Call AAA 11,493,524 Program Single Family Mortgage Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM) 4,300 San Francisco Airports Commission, California, Revenue 5/11 at 100.00 A1 4,323,005 Refunding Bonds, San Francisco International Airport, Second Series 2001, Issue 27A, 5.125%, 5/01/19 - NPFG Insured (Alternative Minimum Tax) 29,000 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call A 5,668,630 County, California, Toll Road Revenue Refunding Bonds, Series 1997A, 0.000%, 1/15/31 - NPFG Insured 2,000 San Jose Redevelopment Agency, California, Tax Allocation 8/14 at 100.00 A 2,068,520 Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 - NPFG Insured 4,475 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 3,751,706 Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 - NPFG Insured 4,455 San Mateo County Community College District, California, No Opt. Call Aaa 2,601,230 General Obligation Bonds, Series 2006B, 0.000%, 9/01/21 - NPFG Insured

Nuveen Investments 41 NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 1,815 University of California, General Revenue Bonds, Series 5/13 at 101.00 Aa1 $ 1,823,240 2005G, 4.750%, 5/15/31 - NPFG Insured 3,600 Ventura County Community College District, California, 8/15 at 100.00 AA 3,717,108 General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 93,390 Total California 73,836,305 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 9.8% (6.4% OF TOTAL INVESTMENTS) 3,000 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 3,091,410 Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.902%, 10/01/41 - AGM Insured (IF) 2,500 Denver City and County, Colorado, Airport System Revenue 11/12 at 100.00 A+ 2,588,075 Refunding Bonds, Series 2002E, 5.500%, 11/15/18 - FGIC Insured (Alternative Minimum Tax) 6,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 102.00 AAA 6,228,900 Bonds, Series 2000A, 5.750%, 9/01/29 (Pre-refunded 9/01/10) - NPFG Insured 20,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 5,256,600 Bonds, Series 2000B, 0.000%, 9/01/30 - NPFG Insured 4,405 Garfield, Eagle and Pitkin Counties School District RE-1, 12/14 at 100.00 AAA 4,638,729 Roaring Fork, Colorado, General Obligation Bonds, Series 2005A, 5.000%, 12/15/24 - AGM Insured 2,065 Jefferson County School District R1, Colorado, General 12/14 at 100.00 AAA 2,389,350 Obligation Bonds, Series 2004, 5.000%, 12/15/24 - AGM Insured (UB) 1,390 Teller County School District RE-2, Woodland Park, 12/14 at 100.00 Aa2 1,487,022 Colorado, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 - NPFG Insured 1,000 University of Colorado, Enterprise System Revenue Bonds, 6/12 at 100.00 AA- (4) 1,087,390 Series 2002A, 5.000%, 6/01/19 (Pre-refunded 6/01/12) - FGIC Insured 1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,037,420 Series 2005, 5.000%, 6/01/30 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 41,360 Total Colorado 27,804,896 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS) 665 Washington Convention Center Authority, District of 10/16 at 100.00 AA+ 658,895 Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 3.7% (2.5% OF TOTAL INVESTMENTS) 2,285 Florida Municipal Loan Council, Revenue Bonds, Series 2/15 at 100.00 A 2,361,685 2005A, 5.000%, 2/01/23 - NPFG Insured 1,500 JEA, Florida, Water and Sewerage System Revenue Bonds, 10/13 at 100.00 Aa2 1,629,330 Series 2004A, 5.000%, 10/01/19 - FGIC Insured 4,240 Reedy Creek Improvement District, Florida, Utility Revenue 10/13 at 100.00 A1 4,630,250 Bonds, Series 2003-1, 5.250%, 10/01/17 - NPFG Insured 2,000 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA 2,058,200 2005, 5.000%, 10/01/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 10,025 Total Florida 10,679,465 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 3.3% (2.1% OF TOTAL INVESTMENTS) 2,700 Atlanta, Georgia, Airport General Revenue Bonds, Series 1/15 at 100.00 AAA 2,812,644 2004G, 5.000%, 1/01/25 - AGM Insured 6,500 Medical Center Hospital Authority, Georgia, Revenue 8/10 at 101.00 A 6,500,000 Anticipation Certificates, Columbus Regional Healthcare System, Inc. Project, Series 1999, 5.500%, 8/01/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 9,200 Total Georgia 9,312,644 ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 3.7% (2.4% OF TOTAL INVESTMENTS) 2,250 Hawaii Department of Budget and Finance, Special Purpose 7/10 at 100.00 Baa1 2,253,218 Revenue Bonds, Hawaiian Electric Company Inc., Series 1999D, 6.150%, 1/01/20 - AMBAC Insured (Alternative Minimum Tax) 8,030 Hawaii Department of Transportation, Airport System Revenue 7/10 at 101.00 A 8,157,757 Refunding Bonds, Series 2000B, 6.500%, 7/01/15 - FGIC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 10,280 Total Hawaii 10,410,975 -----------------------------------------------------------------------------------------------------------------------------------

42 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 13.2% (8.7% OF TOTAL INVESTMENTS) $ 4,000 Bridgeview, Illinois, General Obligation Bonds, Series 12/12 at 100.00 A $ 4,100,360 2002, 5.000%, 12/01/22 - FGIC Insured 8,200 Chicago Board of Education, Illinois, General Obligation No Opt. Call Aa2 9,063,460 Lease Certificates, Series 1992A, 6.250%, 1/01/15 - NPFG Insured 1,450 Chicago, Illinois, Third Lien General Airport Revenue 1/16 at 100.00 A1 1,514,859 Bonds, O'Hare International Airport, Series 2005A, 5.250%, 1/01/24 - NPFG Insured 21,860 Illinois Development Finance Authority, Local Government No Opt. Call Aa3 17,492,372 Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 - Elgin, Series 2002, 0.000%, 1/01/17 - AGM Insured 2,500 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 A+ 2,521,200 Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC Insured 175 Metropolitan Pier and Exposition Authority, Illinois, 6/12 at 101.00 AAA 177,403 Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 5.250%, 6/15/42 - NPFG Insured 5,010 Metropolitan Pier and Exposition Authority, Illinois, No Opt. Call A1 2,863,916 Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 43,195 Total Illinois 37,733,570 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 4.1% (2.7% OF TOTAL INVESTMENTS) 2,130 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 2,140,650 Series 2007A, 5.000%, 1/01/42 - NPFG Insured Indiana University, Parking Facility Revenue Bonds, Series 2004: 1,015 5.250%, 11/15/19 - AMBAC Insured 11/14 at 100.00 Aa1 1,135,836 1,060 5.250%, 11/15/20 - AMBAC Insured 11/14 at 100.00 Aa1 1,182,229 1,100 5.250%, 11/15/21 - AMBAC Insured 11/14 at 100.00 Aa1 1,219,020 9,255 Indianapolis Local Public Improvement Bond Bank, Indiana, No Opt. Call AA 4,827,963 Series 1999E, 0.000%, 2/01/25 - AMBAC Insured 1,000 Metropolitan School District Steuben County K-5 Building 7/14 at 102.00 AAA 1,083,880 Corporation, Indiana, First Mortgage Bonds, Series 2003, 5.250%, 1/15/21 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 15,560 Total Indiana 11,589,578 ----------------------------------------------------------------------------------------------------------------------------------- IOWA - 1.2% (0.8% OF TOTAL INVESTMENTS) 3,345 Ames, Iowa, Hospital Revenue Refunding Bonds, Mary Greeley 6/13 at 100.00 N/R 3,370,288 Medical Center, Series 2003, 5.000%, 6/15/17 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.4% (0.2% OF TOTAL INVESTMENTS) 985 Neosho County Unified School District 413, Kansas, General 9/14 at 100.00 Aa3 1,030,793 Obligation Bonds, Series 2006, 5.000%, 9/01/31 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 2.8% (1.9% OF TOTAL INVESTMENTS) 885 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 903,178 Rouge General Hospital, Series 2004, 5.250%, 7/01/24 - NPFG Insured 7,160 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, 5/16 at 100.00 AAA 7,176,683 Series 2006A, 4.750%, 5/01/39 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 8,045 Total Louisiana 8,079,861 ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 2.2% (1.4% OF TOTAL INVESTMENTS) 1,200 Maryland Economic Development Corporation, Student Housing 6/16 at 100.00 Baa2 1,148,976 Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 - CIFG Insured 5,000 Maryland Transportation Authority, Airport Parking Revenue 3/12 at 101.00 A2 5,048,150 Bonds, Baltimore-Washington International Airport Passenger Facility, Series 2002B, 5.125%, 3/01/21 - AMBAC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 6,200 Total Maryland 6,197,126 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 4.4% (2.9% OF TOTAL INVESTMENTS) 2,500 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 2,634,075 Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 3,335 Massachusetts Health and Education Facilities Authority, 7/19 at 100.00 AA 3,570,918 Revenue Bonds, Partners HealthCare System, Tender Option Bond Trust 3627, 13.456%, 7/01/34 (IF)

Nuveen Investments 43 NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS (continued) $ 4,400 Massachusetts School Building Authority, Dedicated Sales 8/15 at 100.00 AAA $ 4,748,040 Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/23 - AGM Insured (UB) 1,725 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 1,683,307 Bonds, Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 11,960 Total Massachusetts 12,636,340 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 3.6% (2.4% OF TOTAL INVESTMENTS) 6,500 Michigan Higher Education Student Loan Authority, Revenue No Opt. Call AA 6,463,145 Bonds, Series 2000 XII-T, 5.300%, 9/01/10 - AMBAC Insured (Alternative Minimum Tax) 3,810 Michigan Housing Development Authority, GNMA Collateralized 8/12 at 102.00 Aaa 3,872,370 Limited Obligation Multifamily Housing Revenue Bonds, Cranbrook Apartments, Series 2001A, 5.500%, 2/20/43 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 10,310 Total Michigan 10,335,515 ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 1.8% (1.2% OF TOTAL INVESTMENTS) 4,860 Minneapolis-St. Paul Metropolitan Airports Commission, 1/11 at 100.00 AA- 4,954,235 Minnesota, Airport Revenue Bonds, Series 2001B, 5.750%, 1/01/15 - FGIC Insured (Alternative Minimum Tax) 130 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/10 at 100.00 AA+ 130,547 Series 1995D, 5.950%, 2/01/18 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,990 Total Minnesota 5,084,782 ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 0.7% (0.5% OF TOTAL INVESTMENTS) 2,000 Missouri Western State College, Auxiliary System Revenue 10/13 at 100.00 A 2,116,080 Bonds, Series 2003, 5.000%, 10/01/21 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 6.1% (4.0% OF TOTAL INVESTMENTS) 2,100 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 Aaa 2,119,677 Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 - NPFG Insured 900 Clark County, Nevada, General Obligation Bank Bonds, 12/12 at 100.00 AA+ (4) 993,573 Southern Nevada Water Authority Loan, Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) - NPFG Insured 4,715 Clark County, Nevada, Passenger Facility Charge Revenue 1/20 at 100.00 AAA 4,815,052 Bonds, Las Vegas-McCarran International Airport, series 2010A, 5.250%, 7/01/39 - AGM Imsured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 160 0.000%, 1/01/28 - AMBAC Insured No Opt. Call Caa2 17,627 2,000 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 642,380 7,990 Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, 6/12 at 100.00 Baa3 (4) 8,712,696 Reno Transportation Rail Access Corridor Project, Series 2002, 5.250%, 6/01/41 (Pre-refunded 6/01/12) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 17,865 Total Nevada 17,301,005 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 2.5% (1.6% OF TOTAL INVESTMENTS) New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: 1,200 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A 1,244,904 1,200 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 1,241,400 4,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 4,567,680 Series 2005D-1, 5.250%, 1/01/26 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,400 Total New Jersey 7,053,984 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 6.8% (4.5% OF TOTAL INVESTMENTS) 1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,032,250 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured 2,185 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 2,033,732 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 5,000 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A 5,190,900 General Revenue Bonds, Series 2006A, 5.000%, 12/01/25 - FGIC Insured

44 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK (continued) $ 10,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA $ 11,106,700 Transportation Revenue Refunding Bonds, Series 2002F, 5.250%, 11/15/27 (Pre-refunded 11/15/12) - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 18,185 Total New York 19,363,582 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 3.0% (1.9% OF TOTAL INVESTMENTS) 1,775 Charlotte, North Carolina, Water and Sewer System Refunding 7/20 at 100.00 AAA 2,199,882 Bonds, Tender Option Bond Trust 2009-43W, 13.225%, 7/01/38 (IF) 3,100 North Carolina Medical Care Commission, FHA-Insured 10/13 at 100.00 AAA 3,085,554 Mortgage Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.125%, 10/01/32 - AGM Insured 3,050 Raleigh Durham Airport Authority, North Carolina, Airport 5/15 at 100.00 Aa3 3,194,082 Revenue Bonds, Series 2005A, 5.000%, 5/01/22 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 7,925 Total North Carolina 8,479,518 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 1.5% (1.0% OF TOTAL INVESTMENTS) 4,605 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 4,294,024 Series 2006, 4.250%, 12/01/32 - AMBAC Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 1.4% (0.9% OF TOTAL INVESTMENTS) 3,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 3,631,985 Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC Insured 410 Oklahoma Housing Finance Agency, GNMA Collateralized Single No Opt. Call AAA 428,458 Family Mortgage Revenue Bonds, Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 3,910 Total Oklahoma 4,060,443 ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 4.2% (2.7% OF TOTAL INVESTMENTS) Oregon Health Sciences University, Revenue Bonds, Series 2002A: 5,000 5.000%, 7/01/26 - NPFG Insured 1/13 at 100.00 A 5,021,950 7,000 5.000%, 7/01/32 - NPFG Insured 1/13 at 100.00 A 6,843,550 ----------------------------------------------------------------------------------------------------------------------------------- 12,000 Total Oregon 11,865,500 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 3.3% (2.2% OF TOTAL INVESTMENTS) 1,500 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 1,534,545 Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - NPFG Insured 4,000 Commonwealth Financing Authority, Pennsylvania, State 6/16 at 100.00 AAA 4,211,840 Appropriation Lease Bonds, Series 2006A, 5.000%, 6/01/26 - AGM Insured (UB) 2,680 Pennsylvania Public School Building Authority, Lease 12/16 at 100.00 AAA 2,557,095 Revenue Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - AGM Insured (UB) 1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,102,721 Series 2006A, 5.000%, 12/01/26 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 9,230 Total Pennsylvania 9,406,201 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 2.3% (1.5% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 A 2,576,100 Series 2005RR, 5.000%, 7/01/22 - FGIC Insured 1,000 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call A3 1,046,050 8/01/21 - CIFG Insured 5,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 748,450 Revenue Bonds, Series 2007A, 0.000%, 8/01/42 - NPFG Insured 2,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call A 2,189,180 Transportation Authority, Series 2003AA, 5.500%, 7/01/17 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 10,500 Total Puerto Rico 6,559,780 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 45 NIF | Nuveen Premier Insured Municipal Income Fund, Inc. (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 1.9% (1.2% OF TOTAL INVESTMENTS) $ 3,000 Blount County Public Building Authority, Tennessee, Local 6/15 at 100.00 Aa2 $ 3,177,780 Government Improvement Loans, Oak Ridge General Obligation, 2005 Series B9A, Variable Rate Demand Obligations, 5.000%, 6/01/24 - AMBAC Insured 2,055 Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, 10/14 at 100.00 AAA 2,207,132 Series 2004, 5.000%, 10/01/22 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 5,055 Total Tennessee 5,384,912 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 12.8% (8.4% OF TOTAL INVESTMENTS) 12,500 Dallas-Ft. Worth International Airport, Texas, Joint 11/10 at 100.00 A+ 12,502,750 Revenue Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 - FGIC Insured (Alternative Minimum Tax) 4,040 Harris County, Texas, Subordinate Lien Unlimited Tax Toll No Opt. Call AAA 5,989,502 Road Revenue Bonds, Tender Options Bond Trust 3028, 13.970%, 8/15/28 - AGM Insured (IF) North Harris County Regional Water Authority, Texas, Senior Water Revenue Bonds, Series 2003: 4,565 5.250%, 12/15/20 - FGIC Insured 12/13 at 100.00 A+ 4,940,471 4,800 5.250%, 12/15/21 - FGIC Insured 12/13 at 100.00 A+ 5,150,400 7,600 San Antonio, Texas, Airport System Improvement Revenue 7/11 at 101.00 A+ 7,803,072 Bonds, Series 2001, 5.375%, 7/01/16 - FGIC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 33,505 Total Texas 36,386,195 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 2.1% (1.4% OF TOTAL INVESTMENTS) 5,760 Central Weber Sewer Improvement District, Utah, Sewer 3/20 at 100.00 AAA 6,014,477 Revenue Bonds, Refunding Series 2010A, 5.000%, 3/01/33 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 17.3% (11.3% OF TOTAL INVESTMENTS) 5,000 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 5,021,850 Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 - NPFG Insured (Alternative Minimum Tax) (UB) King County School District 405, Bellevue, Washington, General Obligation Bonds, Series 2002: 9,285 5.000%, 12/01/19 - FGIC Insured 12/12 at 100.00 Aaa 10,094,559 12,785 5.000%, 12/01/20 - FGIC Insured 12/12 at 100.00 Aaa 13,899,724 Pierce County School District 343, Dieringer, Washington, General Obligation Refunding Bonds, Series 2003: 2,755 5.250%, 12/01/18 - FGIC Insured 6/13 at 100.00 Aa1 3,024,935 2,990 5.250%, 12/01/19 - FGIC Insured 6/13 at 100.00 Aa1 3,280,120 4,715 Port of Seattle, Washington, Revenue Bonds, Series 2001B, 10/11 at 100.00 Aa2 4,968,761 5.625%, 4/01/17 - FGIC Insured (Alternative Minimum Tax) (UB) 895 Port of Seattle, Washington, Special Facility Revenue 9/10 at 101.00 A 896,504 Bonds, Terminal 18, Series 1999C, 6.000%, 9/01/29 - NPFG Insured (Alternative Minimum Tax) 1,265 Tacoma, Washington, General Obligation Bonds, Series 2002, 12/12 at 100.00 AA 1,365,087 5.000%, 12/01/18 - FGIC Insured 1,250 University of Washington, General Revenue Bonds, Tender 6/17 at 100.00 Aaa 1,424,625 Option Bond Tust 3005, 17.305%, 6/01/37 - AMBAC Insured (IF) 5,000 Washington State, General Obligation Bonds, Series 2001C, 1/11 at 100.00 AAA 5,166,250 5.250%, 1/01/26 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 45,940 Total Washington 49,142,415 ----------------------------------------------------------------------------------------------------------------------------------- $ 467,980 Total Long-Term Investments (cost $418,286,500) - 151.6% 431,603,809 ===============--------------------------------------------------------------------------------------------------------------------

46 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 1.0% (0.7% OF TOTAL INVESTMENTS) FLORIDA - 0.6% (0.4% OF TOTAL INVESTMENTS) $ 1,760 Pinellas County, Florida, Sewer Revenue Bonds, Variable No Opt. Call N/R $ 1,760,000 Rate Demand Obligations, Tender Option Bond Trust 2917Z, 0.350%, 4/01/12 (6) ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 0.4% (0.3% OF TOTAL INVESTMENTS) 1,125 State Public School Building Authority, Pennsylvania, Lease No Opt. Call A-1+ 1,125,000 Revenue Bonds, Philadelphia School District, Variable Rate Demand Obligations, Tender Option Trust 371, 0.300%, 6/01/11 (6) ----------------------------------------------------------------------------------------------------------------------------------- $ 2,885 Total Short-Term Investments (cost $2,885,000) 2,885,000 ===============-------------------------------------------------------------------------------------------------------------------- Total Investments (cost $421,171,500) - 152.6% 434,488,809 ----------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (9.0)% (25,665,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.1% 6,047,212 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (130,125,000) (45.7)% (7) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 284,746,021 =================================================================================================================

The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (7) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.9%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 47 NPX | Nuveen Insured Premium Income Municipal Fund 2 | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 3.6% (2.4% OF TOTAL INVESTMENTS) $ 3,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/15 at 100.00 A $ 3,790,088 Series 2005A, 5.000%, 6/01/24 - NPFG Insured Jefferson County, Alabama, General Obligation Warrants, Series 2004A: 1,395 5.000%, 4/01/22 - NPFG Insured 4/14 at 100.00 A 1,055,806 1,040 5.000%, 4/01/23 - NPFG Insured 4/14 at 100.00 A 773,729 11,135 Limestone County Water and Sewer Authority, Alabama, Water 3/17 at 100.00 N/R 9,521,093 Revenue Bonds, Series 2007, 4.500%, 12/01/37 - SYNCORA GTY Insured 2,590 Montgomery Water and Sewerage Board, Alabama, Water and 3/15 at 100.00 AAA 2,717,817 Sewerage Revenue Bonds, Series 2005, 5.000%, 3/01/25 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 19,910 Total Alabama 17,858,533 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 3.9% (2.5% OF TOTAL INVESTMENTS) Arizona State, Certificates of Participation, Series 2010A: 2,800 5.250%, 10/01/28 - AGM Insured 10/19 at 100.00 AAA 2,913,848 3,500 5.000%, 10/01/29 - AGM Insured 10/19 at 100.00 AAA 3,557,715 12,365 Phoenix Civic Improvement Corporation, Arizona, Junior Lien 7/15 at 100.00 AAA 12,703,418 Water System Revenue Bonds, Series 2005, 4.750%, 7/01/27 - NPFG Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 18,665 Total Arizona 19,174,981 ----------------------------------------------------------------------------------------------------------------------------------- ARKANSAS - 2.6% (1.7% OF TOTAL INVESTMENTS) 5,745 Arkansas Development Finance Authority, State Facility 6/14 at 100.00 AAA 6,213,160 Revenue Bonds, Donaghey Plaza Project, Series 2004, 5.250%, 6/01/25 - AGM Insured University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B: 2,000 5.000%, 11/01/27 - NPFG Insured 11/14 at 100.00 Aa3 2,084,180 2,000 5.000%, 11/01/28 - NPFG Insured 11/14 at 100.00 Aa3 2,070,820 2,480 University of Arkansas, Monticello Campus, Revenue Bonds, 12/13 at 100.00 Aa3 2,532,080 Series 2005, 5.000%, 12/01/35 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 12,225 Total Arkansas 12,900,240 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 20.0% (13.1% OF TOTAL INVESTMENTS) 22,880 Alameda Corridor Transportation Authority, California, No Opt. Call A 5,397,621 Senior Lien Revenue Bonds, Series 1999A, 0.000%, 10/01/32 - NPFG Insured 20 California Department of Water Resources, Water System 12/14 at 100.00 AAA 23,166 Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 (Pre-refunded 12/01/14) - NPFG Insured 1,980 California Department of Water Resources, Water System 12/14 at 100.00 AAA 2,111,611 Revenue Bonds, Central Valley Project, Series 2005AC, 5.000%, 12/01/24 - NPFG Insured 1,300 California Educational Facilities Authority, Revenue Bonds, 10/15 at 100.00 Aa3 1,307,293 Occidental College, Series 2005A, 5.000%, 10/01/33 - NPFG Insured 31,200 Foothill/Eastern Transportation Corridor Agency, 7/10 at 24.91 A 6,204,432 California, Toll Road Revenue Refunding Bonds, Series 1999, 0.000%, 1/15/34 - NPFG Insured 1,735 Fullerton Public Financing Authority, California, Tax 9/15 at 100.00 A- 1,653,629 Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 - AMBAC Insured 7,000 Golden State Tobacco Securitization Corporation, 6/15 at 100.00 A2 6,535,480 California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 - FGIC Insured 1,870 Kern Community College District, California, General No Opt. Call AAA 929,465 Obligation Bonds, Series 2006, 0.000%,11/01/23 - AGM Insured 6,520 Los Angeles Unified School District, California, General 7/15 at 100.00 Aa2 6,902,594 Obligation Bonds, Series 2005E, 5.000%, 7/01/22 - AMBAC Insured 4,000 Los Angeles Unified School District, California, General 7/16 at 100.00 Aa2 4,225,520 Obligation Bonds, Series 2006F, 5.000%, 7/01/24 - FGIC Insured

48 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 15,000 Orange County Sanitation District, California, Certificates 8/13 at 100.00 AAA $ 17,002,952 of Participation, Series 2003, 5.250%, 2/01/30 (Pre-refunded 8/01/13) - FGIC Insured 1,750 Orange County Water District, California, Revenue 8/13 at 100.00 AAA 1,949,798 Certificates of Participation, Series 2003B, 5.000%, 8/15/34 - NPFG Insured (ETM) 8,250 Orange County Water District, California, Revenue 8/13 at 100.00 AAA 8,344,133 Certificates of Participation, Series 2003B, 5.000%, 8/15/34 - NPFG Insured 1,435 Pasadena Area Community College District, Los Angeles 6/13 at 100.00 AA+ (4) 1,607,975 County, California, General Obligation Bonds, Series 2003A, 5.000%, 6/01/22 (Pre-refunded 6/01/13) - FGIC Insured 735 Sacramento City Financing Authority, California, Capital 6/10 at 102.00 N/R 741,858 Improvement Revenue Bonds, Solid Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 - AMBAC Insured San Diego County, California, Certificates of Participation, Edgemoor Facility Project and Regional System, Series 2005: 1,675 5.000%, 2/01/24 - AMBAC Insured 2/15 at 100.00 AA+ 1,726,121 720 5.000%, 2/01/25 - AMBAC Insured 2/15 at 100.00 AA+ 738,605 San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: 3,825 0.000%, 1/15/32 - NPFG Insured No Opt. Call A 690,986 26,900 0.000%, 1/15/34 - NPFG Insured No Opt. Call A 4,150,670 2,000 San Jose Redevelopment Agency, California, Tax Allocation 8/14 at 100.00 A 2,068,520 Bonds, Merged Area Redevelopment Project, Series 2004A, 5.250%, 8/01/19 - NPFG Insured 7,845 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 6,577,013 Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 - NPFG Insured 5,000 Torrance, California, Certificates of Participation, No Opt. Call AA 5,056,800 Refunding Series 2005B, 5.000%, 6/01/24 - AMBAC Insured 12,500 University of California, Revenue Bonds, Multi-Purpose 5/13 at 100.00 Aa1 12,755,625 Projects, Series 2003A, 5.000%, 5/15/33 - AMBAC Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 166,140 Total California 98,701,867 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 9.4% (6.2% OF TOTAL INVESTMENTS) 1,940 Colorado Educational and Cultural Facilities Authority, 6/13 at 100.00 A 1,962,582 Charter School Revenue Bonds, Adams School District 12 - Pinnacle School, Series 2003, 5.250%, 6/01/23 - SYNCORA GTY Insured 3,405 Colorado Educational and Cultural Facilities Authority, 12/13 at 100.00 A 3,449,401 Revenue Bonds, Classical Academy Charter School, Series 2003, 5.250%, 12/01/23 - SYNCORA GTY Insured 16,095 Denver Convention Center Hotel Authority, Colorado, Senior 12/13 at 100.00 N/R (4) 18,045,392 Revenue Bonds, Convention Center Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) - SYNCORA GTY Insured 5,725 Denver School District 1, Colorado, General Obligation 12/13 at 100.00 AAA 6,350,399 Bonds, Series 2004, 5.000%, 12/01/18 - AGM Insured 12,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 3,153,960 Bonds, Series 2000B, 0.000%, 9/01/30 - NPFG Insured 1,325 El Paso County, Colorado, Certificates of Participation, 12/12 at 100.00 AA- 1,371,534 Detention Facility Project, Series 2002B, 5.000%, 12/01/27 - AMBAC Insured Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004: 2,500 5.000%, 12/15/22 - AGM Insured (UB) 12/14 at 100.00 AAA 2,892,675 5,125 5.000%, 12/15/23 - AGM Insured (UB) 12/14 at 100.00 AAA 5,929,984 2,000 5.000%, 12/15/24 - AGM Insured (UB) 12/14 at 100.00 AAA 2,314,140 1,000 University of Colorado, Enterprise System Revenue Bonds, 6/15 at 100.00 AA- 1,037,420 Series 2005, 5.000%, 6/01/30 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 51,115 Total Colorado 46,507,487 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.2% (0.1% OF TOTAL INVESTMENTS) 1,065 Washington Convention Center Authority, District of 10/16 at 100.00 AA+ 1,055,223 Columbia, Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 49 NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 2.3% (1.5% OF TOTAL INVESTMENTS) $ 1,000 Citizens Property Insurance Corporation, Florida, High-Risk No Opt. Call AAA $ 1,062,890 Account Senior Secured Bonds Series 2010A-1, 5.000%, 6/01/16 4,000 Florida State Board of Education, Full Faith and Credit Public 6/13 at 101.00 AAA 4,288,800 Education Capital Outlay Bonds, Series 2003J, 5.000%, 6/01/22 - AMBAC Insured 5,720 Miami-Dade County, Florida, General Obligation Bonds, Series 7/15 at 100.00 AAA 5,842,294 2005, 5.000%, 7/01/33 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 10,720 Total Florida 11,193,984 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 4.0% (2.6% OF TOTAL INVESTMENTS) 1,535 Cherokee County Water and Sewerage Authority, Georgia, Revenue 8/20 at 100.00 Aa2 1,524,040 Bonds, Refunding Series 2007, 4.000%, 8/01/26 4,000 Cobb County Development Authority, Georgia, Parking Revenue 7/14 at 100.00 A1 4,142,320 Bonds, Kennesaw State University, Series 2004, 5.000%, 7/15/24 - NPFG Insured 1,475 Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 5/14 at 100.00 Aa2 1,550,107 2005, 5.000%, 5/01/23 - NPFG Insured Municipal Electric Authority of Georgia, Combustion Turbine Revenue Bonds, Series 2003A: 1,775 5.000%, 11/01/21 - NPFG Insured 11/13 at 100.00 A1 1,867,194 2,580 5.000%, 11/01/22 - NPFG Insured 11/13 at 100.00 A1 2,679,872 4,500 South Fulton Municipal Regional Water and Sewerage Authority, 1/13 at 100.00 N/R (4) 4,969,755 Georgia, Water and Sewerage Revenue Bonds, Series 2003, 5.000%, 1/01/33 (Pre-refunded 1/01/13) - NPFG Insured 3,000 Valdosta and Lowndes County Hospital Authority, Georgia, 10/12 at 101.00 A+ 3,059,100 Revenue Certificates, South Georgia Medical Center, Series 2002, 5.200%, 10/01/22 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 18,865 Total Georgia 19,792,388 ----------------------------------------------------------------------------------------------------------------------------------- HAWAII - 7.8% (5.1% OF TOTAL INVESTMENTS) 2,375 Hawaii County, Hawaii, General Obligation Bonds, Series 2003A, 7/13 at 100.00 AAA 2,608,415 5.000%, 7/15/19 - AGM Insured 20,000 Hawaii Department of Budget and Finance, Special Purpose 7/10 at 101.00 Baa1 20,146,600 Revenue Refunding Bonds, Hawaiian Electric Company Inc., Series 2000, 5.700%, 7/01/20 - AMBAC Insured (Alternative Minimum Tax) Hawaii Department of Transportation, Airport System Revenue Refunding Bonds, Series 2000B: 6,105 6.100%, 7/01/16 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 6,192,973 9,500 6.625%, 7/01/17 - FGIC Insured (Alternative Minimum Tax) 7/10 at 101.00 A 9,639,840 ----------------------------------------------------------------------------------------------------------------------------------- 37,980 Total Hawaii 38,587,828 ----------------------------------------------------------------------------------------------------------------------------------- IDAHO - 0.1% (0.0% OF TOTAL INVESTMENTS) 245 Idaho Housing and Finance Association, Single Family Mortgage 7/10 at 100.00 Aaa 250,961 Bonds, Series 1998E, 5.450%, 7/01/18 - AMBAC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 4.7% (3.1% OF TOTAL INVESTMENTS) 1,015 Chicago Park District, Illinois, Limited Tax General 7/11 at 100.00 AA 1,063,141 Obligation Park Bonds, Series 2001C, 5.500%, 1/01/18 - FGIC Insured 8,000 Chicago, Illinois, General Airport Revenue Bonds, O'Hare No Opt. Call AAA 8,306,720 International Airport, Third Lien Series 2010C, 5.250%, 1/01/35 - AGC Insured Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series 1993A: 1,295 6.125%, 4/01/12 - AGM Insured (ETM) No Opt. Call AAA 1,381,286 5,000 6.250%, 4/01/18 - AGM Insured (ETM) No Opt. Call AAA 6,066,250 1,950 Illinois Health Facilities Authority, Revenue Refunding Bonds, No Opt. Call AA- (4) 2,331,654 SSM Healthcare System, Series 1992AA, 6.550%, 6/01/14 - NPFG Insured (ETM) 4,000 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 A+ 4,033,920 Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC Insured 130 Peoria, Moline and Freeport, Illinois, GNMA Collateralized 10/10 at 100.00 AA+ 132,194 Single Family Mortgage Revenue Bonds, Series 1995A, 7.600%, 4/01/27 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 21,390 Total Illinois 23,315,165 -----------------------------------------------------------------------------------------------------------------------------------

50 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 4.9% (3.2% OF TOTAL INVESTMENTS) Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004: $ 2,105 5.000%, 8/01/23 - AGM Insured 8/14 at 100.00 AAA $ 2,248,561 2,215 5.000%, 8/01/24 - AGM Insured 8/14 at 100.00 AAA 2,359,617 10,000 Indiana Finance Authority, Revenue Bonds, Trinity Health Care 12/19 at 100.00 AA 10,373,200 Group, Refunding Series 2009A, 5.250%, 12/01/38 3,730 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 3,748,650 Series 2007A, 5.000%, 1/01/42 - NPFG Insured 5,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 1/19 at 100.00 AAA 5,405,650 Waterworks Project Series 2009A, 5.500%, 1/01/38 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- 23,050 Total Indiana 24,135,678 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,250 Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 9/14 at 101.00 AAA 1,326,963 5.000%, 9/01/27 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 1.1% (0.7% OF TOTAL INVESTMENTS) 6,010 Kentucky Economic Development Finance Authority, Health No Opt. Call A 1,972,843 System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 - NPFG Insured 3,040 Kentucky Turnpike Authority, Economic Development Road 7/15 at 100.00 AA+ 3,196,469 Revenue Bonds, Revitalization Project, Series 2005B, 5.000%, 7/01/25 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 9,050 Total Kentucky 5,169,312 ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 5.1% (3.4% OF TOTAL INVESTMENTS) 3,940 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 4,020,928 Rouge General Hospital, Series 2004, 5.250%, 7/01/24 - NPFG Insured Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A: 1,010 5.000%, 5/01/25 - FGIC Insured 5/15 at 100.00 Aa1 1,045,653 2,210 5.000%, 5/01/26 - FGIC Insured 5/15 at 100.00 Aa1 2,279,969 2,500 5.000%, 5/01/27 - FGIC Insured 5/15 at 100.00 Aa1 2,582,575 Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 1,320 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 1,323,076 14,265 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 14,053,735 ----------------------------------------------------------------------------------------------------------------------------------- 25,245 Total Louisiana 25,305,936 ----------------------------------------------------------------------------------------------------------------------------------- MARYLAND - 0.8% (0.5% OF TOTAL INVESTMENTS) 1,865 Baltimore, Maryland, Senior Lien Convention Center Hotel 9/16 at 100.00 Baa3 1,651,532 Revenue Bonds, Series 2006A, 5.250%, 9/01/26 - SYNCORA GTY Insured 2,580 Maryland Health and Higher Educational Facilities Authority, 7/16 at 100.00 A 2,453,735 Revenue Bonds, Western Maryland Health, Series 2006A, 4.750%, 7/01/36 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,445 Total Maryland 4,105,267 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 3.4% (2.2% OF TOTAL INVESTMENTS) 3,000 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 3,160,890 Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 3,000 Massachusetts Development Finance Authority, Revenue Bonds, No Opt. Call N/R 3,244,770 WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 - AMBAC Insured 290 Massachusetts Port Authority, Special Facilities Revenue 1/11 at 101.00 N/R 228,375 Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 - AMBAC Insured (Alternative Minimum Tax) 3,335 Massachusetts School Building Authority, Dedicated Sales Tax 8/17 at 100.00 AAA 3,803,601 Revenue Bonds, Tender Option Bond Trust 3091, 13.218%, 8/15/37 - AMBAC Insured (IF) Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004: 3,650 5.250%, 1/01/22 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 4,106,871 2,000 5.250%, 1/01/24 (Pre-refunded 1/01/14) - FGIC Insured 1/14 at 100.00 A1 (4) 2,250,340 ----------------------------------------------------------------------------------------------------------------------------------- 15,275 Total Massachusetts 16,794,847 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 0.6% (0.4% OF TOTAL INVESTMENTS) 3,170 Michigan Housing Development Authority, Rental Housing 10/10 at 100.00 AA 3,175,357 Revenue Bonds, Series 1997A, 6.000%, 4/01/16 - AMBAC Insured (Alternative Minimum Tax) -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 51 NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 0.2% (0.1% OF TOTAL INVESTMENTS) $ 795 Minnesota Housing Finance Agency, Rental Housing Bonds, 8/10 at 100.00 AA+ $ 798,347 Series 1995D, 5.950%, 2/01/18 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,000 Jackson County Reorganized School District R-7, Lees Summit, 3/16 at 100.00 Aa1 1,098,080 Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/25 - NPFG Insured 405 Missouri Housing Development Commission, Multifamily Housing 6/10 at 100.00 AAA 405,539 Revenue Bonds, Brookstone Village Apartments, Series 1996A, 6.000%, 12/01/16 - AGM Insured (Alternative Minimum Tax) 750 Missouri Western State College, Auxiliary System Revenue 10/13 at 100.00 A 758,415 Bonds, Series 2003, 5.000%, 10/01/33 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 2,155 Total Missouri 2,262,034 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 2.9% (1.9% OF TOTAL INVESTMENTS) 1,000 Nebraska Public Power District, General Revenue Bonds, Series 1/15 at 100.00 AAA 1,036,980 2005A, 5.000%, 1/01/25 - AGM Insured 11,520 Nebraska Public Power District, Power Supply System Revenue 1/16 at 100.00 A1 11,769,984 Bonds, Series 2006A, 5.000%, 1/01/41 - FGIC Insured 865 Omaha Public Power District, Nebraska, Separate Electric 2/17 at 100.00 AA+ 1,348,743 System Revenue Bonds, Nebraska City 2, Series 2006A, 19.751%, 2/01/49 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 13,385 Total Nebraska 14,155,707 ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 3.7% (2.4% OF TOTAL INVESTMENTS) 5,000 Clark County, Nevada, Industrial Development Revenue Bonds, 7/10 at 102.00 Baa3 4,999,750 Southwest Gas Corporation, Series 2000C, 5.950%, 12/01/38 - AMBAC Insured (Alternative Minimum Tax) 7,545 Clark County, Nevada, Passenger Facility Charge Revenue 1/20 at 100.00 AAA 7,705,105 Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 - AGM Insured 3,280 Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, 7/14 at 100.00 Aa3 3,355,702 Series 2004A-2, 5.125%, 7/01/24 - FGIC Insured Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000: 5,055 0.000%, 1/01/27 - AMBAC Insured No Opt. Call Caa2 582,134 5,500 5.625%, 1/01/32 - AMBAC Insured (5) 1/12 at 100.00 Caa2 1,766,490 ----------------------------------------------------------------------------------------------------------------------------------- 26,380 Total Nevada 18,409,181 ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 7.0% (4.5% OF TOTAL INVESTMENTS) Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project Consolidation, Series 2004: 1,275 5.125%, 10/01/21 - NPFG Insured 10/14 at 100.00 Aa2 1,343,888 2,250 5.125%, 10/01/22 - NPFG Insured 10/14 at 100.00 Aa2 2,361,488 1,560 Mount Olive Township Board of Education, Morris County, New 1/15 at 100.00 Aa2 1,652,274 Jersey, General Obligation Bonds, Series 2004, 5.000%, 1/15/22 - NPFG Insured New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A: 1,475 5.000%, 7/01/22 - NPFG Insured 7/14 at 100.00 A 1,530,195 1,475 5.000%, 7/01/23 - NPFG Insured 7/14 at 100.00 A 1,525,888 3,075 New Jersey Transit Corporation, Certificates of Participation No Opt. Call AAA 3,535,235 Refunding, Series 2003, 5.500%, 10/01/15 - AGM Insured New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 25,000 0.000%, 12/15/35 - AMBAC Insured No Opt. Call AA- 5,414,500 10,000 0.000%, 12/15/36 - AMBAC Insured No Opt. Call AA- 2,029,700 10,000 New Jersey Turnpike Authority, Revenue Bonds, Refunding No Opt. Call AAA 11,419,200 Series 2005D-1, 5.250%, 1/01/26 - AGM Insured 3,315 New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 1/15 at 100.00 AAA 3,522,950 5.000%, 1/01/25 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 59,425 Total New Jersey 34,335,318 -----------------------------------------------------------------------------------------------------------------------------------

52 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 0.9% (0.6% OF TOTAL INVESTMENTS) New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C: $ 1,415 5.000%, 6/01/22 - AMBAC Insured 6/14 at 100.00 AA+ $ 1,484,236 1,050 5.000%, 6/01/24 - AMBAC Insured 6/14 at 100.00 AA+ 1,093,691 2,000 New Mexico Finance Authority, Public Project Revolving Fund 6/15 at 100.00 Aa3 2,086,100 Revenue Bonds, Series 2005E, 5.000%, 6/15/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 4,465 Total New Mexico 4,664,027 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 7.4% (4.8% OF TOTAL INVESTMENTS) 1,120 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,156,120 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured 1,000 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,066,010 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/24 - AMBAC Insured 4,055 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 3,774,272 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A: 10,675 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 11,188,681 5,000 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 5,190,900 2,700 Long Island Power Authority, New York, Electric System 11/16 at 100.00 A 2,505,168 Revenue Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG Insured 5,000 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 5,396,850 Series 2004E, 5.000%, 11/01/21 - AGM Insured 1,540 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AA+ 1,747,438 Unit Fee Revenue Bonds, Series 2005, Trust 2364, 16.925%, 11/15/44 - AMBAC Insured (IF) 495 New York State Housing Finance Agency, Mortgage Revenue 5/10 at 100.00 AAA 495,614 Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 - AGM Insured 3,770 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 3,971,280 Series 2005G, 5.000%, 1/01/25 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 35,355 Total New York 36,492,333 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 2.3% (1.5% OF TOTAL INVESTMENTS) 1,250 Appalachian State University, North Carolina, Revenue Bonds, 7/15 at 100.00 A1 1,278,650 Series 2005, 5.000%, 7/15/30 - NPFG Insured 1,780 Charlotte, North Carolina, Water and Sewer System Refunding 7/20 at 100.00 AAA 2,206,079 Bonds, Tender Option Bond Trust 2009-43W, 13.225%, 7/01/38 (IF) Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004: 2,225 5.000%, 5/01/23 - FGIC Insured 5/14 at 100.00 AA- 2,310,129 2,335 5.000%, 5/01/24 - FGIC Insured 5/14 at 100.00 AA- 2,414,460 2,900 Raleigh Durham Airport Authority, North Carolina, Airport 5/15 at 100.00 Aa3 3,058,949 Revenue Bonds, Series 2005A, 5.000%, 5/01/21 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 10,490 Total North Carolina 11,268,267 ----------------------------------------------------------------------------------------------------------------------------------- NORTH DAKOTA - 3.8% (2.5% OF TOTAL INVESTMENTS) 10,715 Fargo, North Dakota, Health System Revenue Bonds, MeritCare 6/10 at 101.00 AAA 10,834,472 Obligated Group, Series 2000A, 5.600%, 6/01/21 - AGM Insured 8,000 North Dakota, Student Loan Trust Revenue Bonds, Series 2000B, 12/10 at 100.00 Aaa 8,030,160 5.850%, 12/01/25 - AMBAC Insured (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 18,715 Total North Dakota 18,864,632 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 1.6% (1.1% OF TOTAL INVESTMENTS) 7,825 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, 12/16 at 100.00 A1 7,296,578 Series 2006, 4.250%, 12/01/32 - AMBAC Insured 700 Shaker Heights, Ohio, General Obligation Bonds, Series 2003, 12/13 at 100.00 AA+ 747,747 5.250%, 12/01/26 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,525 Total Ohio 8,044,325 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 53 NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS) $ 1,500 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA $ 1,556,565 Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 1.5% (1.0% OF TOTAL INVESTMENTS) 1,520 Portland Housing Authority, Oregon, Multifamily Housing 7/10 at 100.00 Baa1 1,522,128 Revenue Bonds, Lovejoy Station Apartments, Series 2000, 6.000%, 7/01/33 - NPFG Insured (Alternative Minimum Tax) Portland, Oregon, Airport Way Urban Renewal and Redevelopment Bonds, Series 2000A: 4,265 5.750%, 6/15/19 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 4,336,951 1,375 5.750%, 6/15/20 (Pre-refunded 6/15/10) - AMBAC Insured 6/10 at 101.00 Aa3 (4) 1,398,196 ----------------------------------------------------------------------------------------------------------------------------------- 7,160 Total Oregon 7,257,275 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 10.4% (6.8% OF TOTAL INVESTMENTS) 12,620 Allegheny County Hospital Development Authority, 11/10 at 102.00 AAA 13,289,743 Pennsylvania, Insured Revenue Bonds, West Penn Allegheny Health System, Series 2000A, 6.500%, 11/15/30 (Pre-refunded 11/15/10) - NPFG Insured 2,000 Allegheny County Sanitary Authority, Pennsylvania, Sewerage 12/15 at 100.00 A 2,046,060 Revenue Bonds, Series 2005A, 5.000%, 12/01/23 - NPFG Insured 4,235 Delaware County Authority, Pennsylvania, Revenue Bonds, 8/16 at 100.00 A1 4,455,008 Villanova University, Series 2006, 5.000%, 8/01/24 - AMBAC Insured 5,235 Pennsylvania Higher Educational Facilities Authority, Revenue 5/15 at 100.00 A+ 5,348,757 Bonds, Drexel University, Series 2005A, 5.000%, 5/01/28 - NPFG Insured 4,585 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 4,374,732 Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - AGM Insured (UB) 1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,102,721 Series 2006A, 5.000%, 12/01/26 - AMBAC Insured Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1: 5,235 5.000%, 9/01/24 - AGM Insured 9/14 at 100.00 AAA 5,426,444 3,000 5.000%, 9/01/25 - AGM Insured 9/14 at 100.00 AAA 3,100,080 2,360 Philadelphia, Pennsylvania, Water and Wastewater Revenue 8/10 at 100.00 A1 (4) 2,428,393 Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured (ETM) 3,785 Reading School District, Berks County, Pennsylvania, General 1/16 at 100.00 AAA 4,001,956 Obligation Bonds, Series 2005, 5.000%, 1/15/25 - AGM Insured (UB) 1,455 Solebury Township, Pennsylvania, General Obligation Bonds, 6/15 at 100.00 Aa2 1,532,086 Series 2005, 5.000%, 12/15/25 - AMBAC Insured 3,650 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 4,078,145 Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/29 (Pre-refunded 6/01/13) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 49,210 Total Pennsylvania 51,184,125 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.5% (0.3% OF TOTAL INVESTMENTS) 2,500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 A 2,576,100 Series 2005RR, 5.000%, 7/01/22 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 0.4% (0.3% OF TOTAL INVESTMENTS) 1,955 Greenville County School District, South Carolina, 12/16 at 100.00 AAA 2,045,243 Installment Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 14.4% (9.4% OF TOTAL INVESTMENTS) Corpus Christi, Texas, Utility System Revenue Bonds, Series 2004: 3,475 5.000%, 7/15/22 - AGM Insured (UB) 7/14 at 100.00 AAA 3,634,051 3,645 5.000%, 7/15/23 - AGM Insured (UB) 7/14 at 100.00 AAA 3,800,313 10,000 Dallas, Texas, Waterworks and Sewer System Revenue Bonds, 10/17 at 100.00 AAA 9,971,300 Series 2007, 4.375%, 10/01/32 - AMBAC Insured (UB)

54 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (continued) $ 12,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/10 at 100.00 A+ $ 12,502,750 Refunding and Improvement Bonds, Series 2001A, 5.500%, 11/01/35 - FGIC Insured (Alternative Minimum Tax) 5,000 Harris County Hospital District, Texas, Revenue Bonds, Series 2/17 at 100.00 A1 4,834,650 2007A, 5.250%, 2/15/42 - NPFG Insured 4,485 Lower Colorado River Authority, Texas, Contract Revenue 5/12 at 100.00 AAA 4,737,102 Refunding Bonds, Transmission Services Corporation, Series 2003B, 5.000%, 5/15/21 - AGM Insured 10,000 Lower Colorado River Authority, Texas, Contract Revenue 5/13 at 100.00 A 10,109,300 Refunding Bonds, Transmission Services Corporation, Series 2003C, 5.000%, 5/15/33 - AMBAC Insured 4,151 Panhandle Regional Housing Finance Corporation, Texas, GNMA 7/12 at 105.00 Aaa 4,366,810 Collateralized Multifamily Housing Mortgage Revenue Bonds, Renaissance of Amarillo Apartments, Series 2001A, 6.650%, 7/20/42 Tarrant County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Cook Children's Healthcare System, Series 2000A: 6,725 5.750%, 12/01/17 (Pre-refunded 12/01/10) - AGM Insured 12/10 at 101.00 AAA 7,001,868 1,170 5.750%, 12/01/24 (Pre-refunded 12/01/10) - AGM Insured 12/10 at 101.00 AAA 1,218,169 6,330 5.750%, 12/01/24 (Pre-refunded 12/01/10) - AGM Insured 12/10 at 101.00 AAA 6,590,606 2,300 Texas State University System, Financing Revenue Refunding 3/12 at 100.00 AAA 2,453,318 Bonds, Series 2002, 5.000%, 3/15/18 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 69,781 Total Texas 71,220,237 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 2.4% (1.5% OF TOTAL INVESTMENTS) 8,600 Intermountain Power Agency, Utah, Power Supply Revenue 7/13 at 100.00 AAA 9,305,544 Refunding Bonds, Series 2003A, 5.000%, 7/01/18 - AGM Insured (UB) 2,385 Mountain Regional Water Special Service District, Utah, Water 12/13 at 100.00 A+ 2,333,102 Revenue Bonds, Series 2003, 5.000%, 12/15/33 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 10,985 Total Utah 11,638,646 ----------------------------------------------------------------------------------------------------------------------------------- VERMONT - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,320 Vermont Educational and Health Buildings Financing Agency, 12/10 at 101.00 Baa1 1,334,005 Revenue Bonds, Fletcher Allen Health Care Inc., Series 2000A, 6.000%, 12/01/23 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 2.7% (1.7% OF TOTAL INVESTMENTS) Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005: 5,880 5.000%, 6/15/20 - NPFG Insured 6/15 at 100.00 A 6,165,592 5,000 5.000%, 6/15/22 - NPFG Insured 6/15 at 100.00 A 5,190,900 Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety Facilities, Series 2003A: 1,150 5.250%, 12/15/22 - AGM Insured 6/14 at 100.00 AAA 1,263,988 500 5.250%, 12/15/23 - AGM Insured 6/14 at 100.00 AAA 547,555 ----------------------------------------------------------------------------------------------------------------------------------- 12,530 Total Virginia 13,168,035 ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 7.4% (4.9% OF TOTAL INVESTMENTS) 10,000 Chelan County Public Utility District 1, Washington, Hydro 7/11 at 101.00 AA 10,043,700 Consolidated System Revenue Bonds, Series 2001B, 5.600%, 1/01/36 - NPFG Insured (Alternative Minimum Tax) 1,370 Clark County School District 101, La Center, Washington, 12/12 at 100.00 Aa1 1,459,406 General Obligation Bonds, Series 2002, 5.000%, 12/01/22 - AGM Insured 5,230 Douglas County Public Utility District 1, Washington, Revenue 9/10 at 101.00 AA 5,297,258 Bonds, Wells Hydroelectric, Series 1999A, 6.125%, 9/01/29 - NPFG Insured (Alternative Minimum Tax) 1,545 Tacoma, Washington, General Obligation Bonds, Series 2004, 12/14 at 100.00 AA 1,652,841 5.000%, 12/01/19 - NPFG Insured 3,950 Washington State Healthcare Facilities Authority, Revenue 5/10 at 100.50 A2 3,954,582 Bonds, Swedish Health Services, Series 1998, 5.125%, 11/15/22 - AMBAC Insured 6,200 Washington State, General Obligation Purpose Bonds, Series 7/12 at 100.00 AA+ 6,657,250 2003A, 5.000%, 7/01/20 - FGIC Insured 10,855 Washington, General Obligation Bonds, Series 2000S-5, 0.000%, No Opt. Call AA+ 7,629,545 1/01/20 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 39,150 Total Washington 36,694,582 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 55 NPX | Nuveen Insured Premium Income Municipal Fund 2 (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 1.6% (1.1% OF TOTAL INVESTMENTS) $ 8,000 Pleasants County, West Virginia, Pollution Control Revenue 5/10 at 100.00 BBB- $ 8,010,320 Bonds, Monongahela Power Company Pleasants Station Project, Series 1995C, 6.150%, 5/01/15 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 6.1% (4.0% OF TOTAL INVESTMENTS) 7,000 La Crosse, Wisconsin, Resource Recovery Revenue Refunding No Opt. Call Aaa 7,654,850 Bonds, Northern States Power Company Project, Series 1996, 6.000%, 11/01/21 - NPFG Insured (Alternative Minimum Tax) 12,750 Milwaukee County, Wisconsin, Airport Revenue Bonds, Series 12/10 at 100.00 A1 12,819,998 2000A, 5.750%, 12/01/25 - FGIC Insured (Alternative Minimum Tax) 5,615 Wisconsin Health and Educational Facilities Authority, 8/10 at 100.00 A 5,620,503 Revenue Bonds, Sinai Samaritan Medical Center Inc., Series 1996, 5.750%, 8/15/16 - NPFG Insured 3,775 Wisconsin State, General Obligation Bonds, Series 2006A, 5/16 at 100.00 AA 3,960,692 4.750%, 5/01/25 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 29,140 Total Wisconsin 30,056,043 ----------------------------------------------------------------------------------------------------------------------------------- $ 852,726 Total Investments (cost $747,769,212) - 153.1% 755,387,364 ===============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (11.7)% (57,980,000) ----------------------------------------------------------------------------------------------------------------- Variable Rate Demand Preferred Shares, at Liquidation Value - (219,000,000) (44.4)% (6) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.0% 15,131,965 ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 493,539,329 =================================================================================================================

The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) The Fund's Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund's custodian to cease accruing additional income on the Fund's records. (6) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.0%. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 56 Nuveen Investments NVG | Nuveen Insured Dividend Advantage Municipal Fund | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS - 148.6% (99.8% OF TOTAL INVESTMENTS) ALABAMA - 2.0% (1.3% OF TOTAL INVESTMENTS) $ 5,310 Athens, Alabama, Water and Sewerage Revenue Warrants, Series 5/12 at 101.00 A+ $ 5,444,131 2002, 5.300%, 5/01/32 - NPFG Insured 3,045 Hoover, Alabama, General Obligation Bonds, Series 2003, 3/12 at 101.00 AA+ 3,265,883 5.000%, 3/01/20 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 8,355 Total Alabama 8,710,014 ----------------------------------------------------------------------------------------------------------------------------------- ALASKA - 3.7% (2.5% OF TOTAL INVESTMENTS) 15,000 Alaska, International Airport System Revenue Bonds, Series 10/12 at 100.00 Aa3 (4) 16,502,850 2002B, 5.250%, 10/01/27 (Pre-refunded 10/01/12) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 2.3% (1.5% OF TOTAL INVESTMENTS) 5,000 Phoenix, Arizona, Civic Improvement Corporation, Senior Lien 7/12 at 100.00 AA- 5,001,650 Airport Revenue Bonds, Series 2002B, 5.250%, 7/01/32 - FGIC Insured (Alternative Minimum Tax) 6,000 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 5,269,740 Plaza, Series 2005B, 0.000%, 7/01/37 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,000 Total Arizona 10,271,390 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 13.7% (9.2% OF TOTAL INVESTMENTS) 2,000 Alameda Corridor Transportation Authority, California, No Opt. Call A- 1,103,660 Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/20 - AMBAC Insured 6,160 Alhambra Unified School District, Los Angeles County, No Opt. Call AAA 1,886,192 California, General Obligation Bonds, Capital Appreciation Series 2009B, 0.000%, 8/01/30 - AGC Insured California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A: 1,485 5.000%, 10/01/26 - NPFG Insured 10/15 at 100.00 Aa3 1,531,822 1,565 5.000%, 10/01/27 - NPFG Insured 10/15 at 100.00 Aa3 1,608,257 190 California, General Obligation Bonds, Series 2000, 5.250%, 9/10 at 100.00 A1 (4) 193,133 9/01/17 (Pre-refunded 9/01/10) - NPFG Insured 3,000 California, General Obligation Veterans Welfare Bonds, Series 6/10 at 100.00 AA- 3,000,120 2001BZ, 5.375%, 12/01/24 - NPFG Insured (Alternative Minimum Tax) 2,425 Fullerton Public Financing Authority, California, Tax 9/15 at 100.00 A- 2,311,268 Allocation Revenue Bonds, Series 2005, 5.000%, 9/01/27 - AMBAC Insured 18,665 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 17,426,391 Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 - FGIC Insured Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: 1,000 5.750%, 6/01/47 6/17 at 100.00 BBB 770,830 365 5.125%, 6/01/47 6/17 at 100.00 BBB 254,912 1,990 Kern Community College District, California, General No Opt. Call AAA 846,307 Obligation Bonds, Series 2006, 0.000%, 11/01/25 - AGM Insured 7,935 Los Angeles, California, Certificates of Participation, 4/12 at 100.00 A+ 7,977,690 Series 2002, 5.300%, 4/01/32 - AMBAC Insured 2,220 Northern California Power Agency, Revenue Refunding Bonds, 7/10 at 100.00 A 2,219,933 Hydroelectric Project 1, Series 1998A, 5.200%, 7/01/32 - NPFG Insured Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Series 2008A and 2008B: 5,905 0.000%, 8/01/26 - AGC Insured No Opt. Call AAA 2,368,732 2,220 0.000%, 8/01/28 - AGC Insured No Opt. Call AAA 779,087 2,600 Palomar Pomerado Health, California, General Obligation 8/29 at 100.00 AAA 1,600,846 Bonds, Series 2009A, 0.000%, 8/01/38 - AGC Insured 2,320 Sacramento Municipal Utility District, California, Electric 8/11 at 100.00 AAA 2,385,192 Revenue Bonds, Series 2001P, 5.250%, 8/15/18 - AGM Insured

Nuveen Investments 57 NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) San Francisco Unified School District, California, General Obligation Bonds, Series 2007A: $ 1,000 3.000%, 6/15/25 - AGM Insured 6/17 at 100.00 AAA $ 848,510 1,180 3.000%, 6/15/26 - AGM Insured 6/17 at 100.00 AAA 979,742 6,720 San Jose Redevelopment Agency, California, Tax Allocation 8/17 at 100.00 A 5,633,846 Bonds, Merged Area Redevelopment Project, Series 2006C, 4.250%, 8/01/30 - NPFG Insured 4,275 Sequoia Union High School District, San Mateo County, 7/14 at 102.00 Aa1 3,607,245 California, General Obligation Bonds, Series 2006, 3.500%, 7/01/29 - AGM Insured 1,690 Ventura County Community College District, California, 8/15 at 100.00 AA 1,744,975 General Obligation Bonds, Series 2005B, 5.000%, 8/01/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 76,910 Total California 61,078,690 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 5.6% (3.7% OF TOTAL INVESTMENTS) 17,300 Adams County, Colorado, FHA-Insured Mortgage Revenue Bonds, 8/15 at 100.00 A 17,586,142 Platte Valley Medical Center, Series 2005, 5.000%, 8/01/24 - NPFG Insured 750 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB 703,943 Bonds, Series 2006, 5.250%, 10/01/32 - SYNCORA GTY Insured 17,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 6,440,620 Bonds, Series 2000B, 0.000%, 9/01/25 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 35,050 Total Colorado 24,730,705 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 1.7% (1.1% OF TOTAL INVESTMENTS) 6,805 District of Columbia, Revenue Bonds, Georgetown University, 4/17 at 100.00 A- 6,559,135 Series 2007A, 4.500%, 4/01/42 - AMBAC Insured 935 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 926,417 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 7,740 Total District of Columbia 7,485,552 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 11.6% (7.8% OF TOTAL INVESTMENTS) Florida Municipal Loan Council, Revenue Bonds, Series 2003B: 2,305 5.250%, 12/01/17 - NPFG Insured 12/13 at 100.00 A 2,459,642 1,480 5.250%, 12/01/18 - NPFG Insured 12/13 at 100.00 A 1,570,014 11,600 Greater Orlando Aviation Authority, Florida, Airport 10/12 at 100.00 AAA 11,720,292 Facilities Revenue Bonds, Series 2002B, 5.125%, 10/01/21 - AGM Insured (Alternative Minimum Tax) 8,155 Lee County, Florida, Solid Waste System Revenue Refunding 10/11 at 100.00 A3 8,508,356 Bonds, Series 2001, 5.625%, 10/01/13 - NPFG Insured (Alternative Minimum Tax) Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002: 7,165 5.625%, 10/01/15 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 7,519,811 5,600 5.750%, 10/01/16 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 5,837,048 10,000 5.125%, 10/01/21 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 10,064,400 2,000 5.250%, 10/01/22 - FGIC Insured (Alternative Minimum Tax) 10/12 at 100.00 A 2,016,060 1,000 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 982,620 Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 1,000 Tallahassee, Florida, Energy System Revenue Bonds, Series 10/15 at 100.00 AA 1,029,100 2005, 5.000%, 10/01/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 50,305 Total Florida 51,707,343 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 2.2% (1.5% OF TOTAL INVESTMENTS) 6,925 Atlanta and Fulton County Recreation Authority, Georgia, 12/15 at 100.00 Aa2 7,170,145 Guaranteed Revenue Bonds, Park Improvement, Series 2005A, 5.000%, 12/01/30 - NPFG Insured 1,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/14 at 100.00 AAA 1,036,040 2004, 5.000%, 11/01/22 - AGM Insured 1,695 Georgia Housing and Finance Authority, Single Family Mortgage 12/11 at 100.00 AAA 1,706,662 Bonds, Series 2002B-2, 5.500%, 6/01/32 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------------------------------------- 9,620 Total Georgia 9,912,847 -----------------------------------------------------------------------------------------------------------------------------------

58 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- IDAHO - 1.0% (0.7% OF TOTAL INVESTMENTS) Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway Trust Funds, Series 2006: $ 3,000 5.000%, 7/15/23 - NPFG Insured 7/16 at 100.00 Aa2 $ 3,214,230 1,130 5.000%, 7/15/24 - NPFG Insured 7/16 at 100.00 Aa2 1,204,241 ----------------------------------------------------------------------------------------------------------------------------------- 4,130 Total Idaho 4,418,471 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 11.0% (7.4% OF TOTAL INVESTMENTS) 10,000 Bolingbrook, Illinois, General Obligation Bonds, Series 1/12 at 100.00 Aa3 (4) 10,778,800 2002A, 5.375%, 1/01/38 (Pre-refunded 1/01/12) - FGIC Insured 1,305 Chicago, Illinois, General Obligation Bonds, Series 2001A, 1/11 at 101.00 Aa2 1,339,817 5.500%, 1/01/38 - NPFG Insured Chicago, Illinois, General Obligation Bonds, Series 2001A: 50 5.500%, 1/01/38 (Pre-refunded 1/01/11) - NPFG Insured 1/11 at 101.00 AA- (4) 52,200 3,645 5.500%, 1/01/38 (Pre-refunded 1/01/11) - NPFG Insured 1/11 at 101.00 AA- (4) 3,805,344 Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O'Hare International Airport, Series 2001C: 4,250 5.500%, 1/01/16 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 4,386,765 4,485 5.500%, 1/01/17 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 4,629,327 4,730 5.500%, 1/01/18 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 4,882,211 2,930 5.500%, 1/01/19 - AMBAC Insured (Alternative Minimum Tax) 1/11 at 101.00 A2 3,019,277 3,600 Chicago, Illinois, Third Lien General Airport Revenue Bonds, 1/16 at 100.00 A1 3,761,028 O'Hare International Airport, Series 2005A, 5.250%, 1/01/24 - NPFG Insured 3,000 Chicago, Illinois, Third Lien General Airport Revenue 1/12 at 100.00 A1 3,112,830 Refunding Bonds, O'Hare International Airport, Series 2002A, 5.750%, 1/01/17 - NPFG Insured (Alternative Minimum Tax) 4,000 Cicero, Cook County, Illinois, General Obligation Corporate 12/12 at 101.00 A 4,049,800 Purpose Bonds, Series 2002, 5.000%, 12/01/21 - NPFG Insured 480 DuPage County Community School District 200, Wheaton, 10/13 at 100.00 Aa2 531,322 Illinois, General Obligation Bonds, Series 2003C, 5.250%, 10/01/22 - AGM Insured DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003C: 770 5.250%, 10/01/22 (Pre-refunded 10/01/13) - AGM Insured 10/13 at 100.00 Aa2 (4) 871,809 250 5.250%, 10/01/22 (Pre-refunded 10/01/13) - AGM Insured 10/13 at 100.00 Aa2 (4) 283,055 3,500 Illinois Municipal Electric Agency, Power Supply System 2/17 at 100.00 A+ 3,529,680 Revenue Bonds, Series 2007A, 5.000%, 2/01/35 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 46,995 Total Illinois 49,033,265 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 15.7% (10.5% OF TOTAL INVESTMENTS) 3,380 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, 7/13 at 100.00 A1 3,424,210 Series 2003A, 5.000%, 7/01/20 - AMBAC Insured Indiana Bond Bank, Special Program Bonds, Hendricks County Redevelopment District, Series 2002D: 5,075 5.250%, 4/01/26 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AA (4) 5,513,937 7,000 5.250%, 4/01/30 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AA (4) 7,605,430 10,000 Indiana Health Facility Financing Authority, Hospital Revenue 7/12 at 100.00 A+ 9,947,400 Bonds, Marion General Hospital, Series 2002, 5.250%, 7/01/32 - AMBAC Insured 3,200 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 3,216,000 Series 2007A, 5.000%, 1/01/42 - NPFG Insured 5,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 1/19 at 100.00 AAA 5,405,650 Waterworks Project Series 2009A, 5.500%, 1/01/38 - AGC Insured 25,000 Indianapolis Local Public Improvement Bond Bank, Indiana, 7/12 at 100.00 AAA 27,339,500 Waterworks Project, Series 2002A, 5.250%, 7/01/33 (Pre-refunded 7/01/12) - NPFG Insured 6,960 Valparaiso Middle School Building Corporation, Indiana, First 1/13 at 100.00 AA+ 7,410,382 Mortgage Refunding Bonds, Series 2002, 5.000%, 7/15/24 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 65,615 Total Indiana 69,862,509 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 59 NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 0.6% (0.4% OF TOTAL INVESTMENTS) $ 2,415 Kentucky State Property and Buildings Commission, Revenue 2/19 at 100.00 AAA $ 2,732,476 Bonds, Project 93, Refunding Series 2009, 5.250%, 2/01/20 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 3.0% (2.0% OF TOTAL INVESTMENTS) 1,325 Louisiana Public Facilities Authority, Revenue Bonds, Baton 7/14 at 100.00 A 1,352,216 Rouge General Hospital, Series 2004, 5.250%, 7/01/24 - NPFG Insured Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A: 770 4.750%, 5/01/39 - AGM Insured (UB) 5/16 at 100.00 AAA 771,794 8,270 4.500%, 5/01/41 - FGIC Insured (UB) 5/16 at 100.00 Aa1 8,147,522 3 Louisiana State, Gasoline Tax Revenue, Series 2006, Residuals 5/16 at 100.00 Aa1 3,136 600-5, 16.535%, 5/01/41 - FGIC Insured (IF) 3,085 New Orleans, Louisiana, General Obligation Refunding Bonds, 9/12 at 100.00 A 3,126,216 Series 2002, 5.125%, 9/01/21 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 13,453 Total Louisiana 13,400,884 ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 0.8% (0.6% OF TOTAL INVESTMENTS) 1,000 Massachusetts Department of Transportation, Metropolitan 1/20 at 100.00 AA 1,053,630 Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 2,775 Massachusetts Water Resources Authority, General Revenue 2/17 at 100.00 AAA 2,707,928 Bonds, Series 2007A, 4.500%, 8/01/46 - AGM Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 3,775 Total Massachusetts 3,761,558 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,500 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 1,486,245 Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) ----------------------------------------------------------------------------------------------------------------------------------- MINNESOTA - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,970 Northern Municipal Power Agency, Minnesota, Electric System No Opt. Call AAA 2,204,154 Revenue Bonds, Refunding Series 2009A, 5.000%, 1/01/15 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 0.4% (0.3% OF TOTAL INVESTMENTS) 1,600 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 1,783,968 General Obligation Bonds, Series 2004, 5.250%, 3/01/19 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 2.0% (1.3% OF TOTAL INVESTMENTS) 6,360 Lincoln, Nebraska, Electric System Revenue Bonds, Series 2005, 9/15 at 100.00 AA 6,539,352 5.000%, 9/01/32 Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Series 2003A: 1,000 5.250%, 4/01/20 - AGM Insured 4/13 at 100.00 AAA 1,093,730 1,000 5.250%, 4/01/21 - AGM Insured 4/13 at 100.00 AAA 1,064,090 ----------------------------------------------------------------------------------------------------------------------------------- 8,360 Total Nebraska 8,697,172 ----------------------------------------------------------------------------------------------------------------------------------- NEVADA - 1.5% (1.0% OF TOTAL INVESTMENTS) 6,600 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 AAA 6,740,052 Las Vegas-McCarran International Airport, Series 2010A, 5.250%, 7/01/39 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- NEW JERSEY - 0.8% (0.6% OF TOTAL INVESTMENTS) 2,150 New Jersey Transportation Trust Fund Authority, Transportation No Opt. Call AA- 2,416,751 System Bonds, Refunding Series 2006A, 5.250%, 12/15/20 1,200 New Jersey Turnpike Authority, Revenue Bonds, Refunding Series No Opt. Call AAA 1,370,304 2005D-1, 5.250%, 1/01/26 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 3,350 Total New Jersey 3,787,055 ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 5.9% (4.0% OF TOTAL INVESTMENTS) 1,120 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,156,120 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/23 - FGIC Insured 3,660 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AA- 3,827,701 Mental Health Services Facilities Improvements, Series 2005B, 5.000%, 2/15/23 - AMBAC Insured

60 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK (continued) Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender Option Bond Trust 3518: $ 2,000 13.246%, 2/15/39 (IF) 2/19 at 100.00 AAA $ 2,358,540 1,335 13.235%, 2/15/39 (IF) 2/19 at 100.00 AAA 1,574,085 3,130 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 2,913,310 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 2,400 Long Island Power Authority, New York, Electric System Revenue 11/16 at 100.00 A 2,226,816 Bonds, Series 2006F, 4.250%, 5/01/33 - NPFG Insured 480 Metropolitan Transportation Authority, New York, 11/15 at 100.00 A 490,939 Transportation Revenue Bonds, Series 2005B, 5.000%, 11/15/30 - AMBAC Insured 10,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 10,279,600 Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/30 - AGM Insured 1,435 New York City Industrial Development Agency, New York, Revenue 3/19 at 100.00 AAA 1,660,726 Bonds, Yankee Stadium Project Pilot, Series 2009A, 7.000%, 3/01/49 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- 25,560 Total New York 26,487,837 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 0.6% (0.4% OF TOTAL INVESTMENTS) 2,090 North Carolina Medical Care Commission, FHA-Insured Mortgage 10/13 at 100.00 AAA 2,145,281 Revenue Bonds, Betsy Johnson Regional Hospital Project, Series 2003, 5.375%, 10/01/24 - AGM Insured 540 Oak Island, North Carolina, Enterprise System Revenue Bonds, 6/19 at 100.00 AAA 589,734 Series 2009A, 6.000%, 6/01/34 - AGC Insured ----------------------------------------------------------------------------------------------------------------------------------- 2,630 Total North Carolina 2,735,015 ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 0.5% (0.4% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: 65 5.125%, 6/01/24 6/17 at 100.00 BBB 60,047 710 5.875%, 6/01/30 6/17 at 100.00 BBB 601,221 685 5.750%, 6/01/34 6/17 at 100.00 BBB 538,965 1,570 5.875%, 6/01/47 6/17 at 100.00 BBB 1,178,473 ----------------------------------------------------------------------------------------------------------------------------------- 3,030 Total Ohio 2,378,706 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 0.4% (0.3% OF TOTAL INVESTMENTS) 2,000 Oklahoma Development Finance Authority, Revenue Bonds, Saint 2/17 at 100.00 A 1,889,940 John Health System, Series 2007, 5.000%, 2/15/37 ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 1.9% (1.3% OF TOTAL INVESTMENTS) 3,000 Oregon State Department of Transportation, Highway User Tax 5/19 at 100.00 AAA 3,198,720 Revenue Bonds, Series 2009A., 5.000%, 11/15/33 Oregon, General Obligation Veterans Welfare Bonds, Series 82: 3,580 5.375%, 12/01/31 12/11 at 100.00 Aa1 3,637,423 1,680 5.500%, 12/01/42 12/11 at 100.00 Aa1 1,704,209 ----------------------------------------------------------------------------------------------------------------------------------- 8,260 Total Oregon 8,540,352 ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 4.4% (3.0% OF TOTAL INVESTMENTS) 4,500 Allegheny County, Pennsylvania, Airport Revenue Refunding No Opt. Call A 4,773,375 Bonds, Pittsburgh International Airport, Series 1997A, 5.750%, 1/01/13 - NPFG Insured (Alternative Minimum Tax) 4,130 Pennsylvania Public School Building Authority, Lease Revenue 12/16 at 100.00 AAA 3,940,598 Bonds, School District of Philadelphia, Series 2006B, 4.500%, 6/01/32 - AGM Insured (UB) 1,050 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 6/16 at 100.00 Aa3 1,102,721 Series 2006A, 5.000%, 12/01/26 - AMBAC Insured 6,000 Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue 6/26 at 100.00 AAA 4,516,380 Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured

Nuveen Investments 61 NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA (continued) $ 2,000 Philadelphia Municipal Authority, Pennsylvania, Lease Revenue 11/13 at 100.00 AAA $ 2,187,560 Bonds, Series 2003B, 5.250%, 11/15/18 - AGM Insured 2,000 Reading School District, Berks County, Pennsylvania, General 1/16 at 100.00 AAA 2,182,880 Obligation Bonds, Series 2005, 5.000%, 1/15/19 - AGM Insured (UB) 1,000 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 1,117,300 Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/23 (Pre-refunded 6/01/13) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 20,680 Total Pennsylvania 19,820,814 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,225 Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, No Opt. Call A3 1,281,411 8/01/21 - CIFG Insured 5,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue No Opt. Call Aa2 748,450 Bonds, Series 2007A, 0.000%, 8/01/42 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,225 Total Puerto Rico 2,029,861 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 1.5% (1.0% OF TOTAL INVESTMENTS) 1,950 Greenville County School District, South Carolina, Installment 12/16 at 100.00 AAA 2,040,012 Purchase Revenue Bonds, Series 2006, 5.000%, 12/01/28 - AGM Insured Greenville, South Carolina, Tax Increment Revenue Improvement Bonds, Series 2003: 1,000 5.500%, 4/01/17 - NPFG Insured 4/13 at 100.00 A 1,106,350 2,300 5.000%, 4/01/21 - NPFG Insured 4/13 at 100.00 A 2,428,731 1,000 Scago Educational Facilities Corporation, South Carolina, 10/15 at 100.00 AAA 1,060,410 Installment Purchase Revenue Bonds, Spartanburg County School District 5, Series 2005, 5.000%, 4/01/21 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,250 Total South Carolina 6,635,503 ----------------------------------------------------------------------------------------------------------------------------------- TENNESSEE - 9.9% (6.6% OF TOTAL INVESTMENTS) Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Series 2004: 1,495 5.000%, 10/01/19 - AGM Insured 10/14 at 100.00 AAA 1,645,292 1,455 5.000%, 10/01/20 - AGM Insured 10/14 at 100.00 AAA 1,594,142 1,955 5.000%, 10/01/21 - AGM Insured 10/14 at 100.00 AAA 2,125,965 10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue 11/12 at 100.00 AA- (4) 11,012,100 Bonds, Memphis Arena, Series 2002A, 5.125%, 11/01/28 (Pre-refunded 11/01/12) - AMBAC Insured 10,000 Memphis-Shelby County Sports Authority, Tennessee, Revenue 11/12 at 100.00 AA- (4) 11,012,100 Bonds, Memphis Arena, Series 2002B, 5.125%, 11/01/29 (Pre-refunded 11/01/12) - AMBAC Insured 15,195 Tennessee State School Bond Authority, Higher Educational 5/12 at 100.00 AAA 16,537,326 Facilities Second Program Bonds, Series 2002A, 5.250%, 5/01/32 (Pre-refunded 5/01/12) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 40,100 Total Tennessee 43,926,925 ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 22.8% (15.3% OF TOTAL INVESTMENTS) 3,500 Dallas-Ft. Worth International Airport, Texas, Joint Revenue 11/11 at 100.00 A+ 3,705,415 Refunding and Improvement Bonds, Series 2001A, 5.750%, 11/01/13 - FGIC Insured (Alternative Minimum Tax) 10,000 Gainesville Hospital District, Texas, Limited Tax General 8/11 at 100.00 A3 (4) 10,605,500 Obligation Bonds, Series 2002, 5.375%, 8/15/32 (Pre-refunded 8/15/11) - NPFG Insured 1,210 Galveston, Texas, General Obligation Bonds, Series 2001, 5/11 at 100.00 Aa3 1,249,579 5.250%, 5/01/21 - AMBAC Insured Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds, TECO Project, Series 2003: 2,240 5.000%, 11/15/16 - NPFG Insured 11/13 at 100.00 AA 2,363,424 2,355 5.000%, 11/15/17 - NPFG Insured 11/13 at 100.00 AA 2,458,502 4,080 Harris County, Texas, General Obligation Toll Road Revenue No Opt. Call AAA 5,889,194 Bonds, Series 2009, Trust 3418, 13.791%, 8/15/32 - AGM Insured (IF) 13,000 Houston Area Water Corporation, Texas, Contract Revenue Bonds, 3/12 at 100.00 N/R (4) 13,994,110 Northeast Water Purification Plant, Series 2002, 5.125%, 3/01/32 (Pre-refunded 3/01/12) - FGIC Insured 1,000 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 1,072,110 Bonds, Series 2004A, 5.250%, 5/15/24 - FGIC Insured

62 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS (continued) $ 4,345 San Antonio, Texas, Water System Senior Lien Revenue Refunding 5/12 at 100.00 AAA $ 4,697,640 Bonds, Series 2002, 5.500%, 5/15/17 - AGM Insured 5,205 Texas Department of Housing and Community Affairs, Residential 7/11 at 100.00 AAA 5,150,035 Mortgage Revenue Bonds, Series 2001A, 5.350%, 7/01/33 (Alternative Minimum Tax) 7,270 Texas Department of Housing and Community Affairs, Single 3/12 at 100.00 AAA 7,330,268 Family Mortgage Bonds, Series 2002B, 5.550%, 9/01/33 - NPFG Insured (Alternative Minimum Tax) Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System, Series 2002: 3,520 5.125%, 11/01/20 - NPFG Insured 5/12 at 100.00 Baa1 3,200,666 3,520 5.125%, 11/01/21 - NPFG Insured 5/12 at 100.00 Baa1 3,158,496 Texas Student Housing Authority, Revenue Bonds, Austin Project, Senior Series 2001A: 9,400 5.375%, 1/01/23 - NPFG Insured 1/12 at 102.00 Baa1 6,571,070 11,665 5.500%, 1/01/33 - NPFG Insured 1/12 at 102.00 Baa1 7,151,578 5,000 Texas Water Development Board, Senior Lien State Revolving 7/10 at 100.00 AAA 5,018,400 Fund Revenue Bonds, Series 1999B, 5.250%, 7/15/17 9,145 Texas, General Obligation Bonds, Veterans Housing Assistance 6/12 at 100.00 Aaa 9,220,172 Program Fund II, Series 2002A-1, 5.250%, 12/01/22 (Alternative Minimum Tax) (UB) Williamson County, Texas, General Obligation Bonds, Series 2002: 3,000 5.250%, 2/15/22 (Pre-refunded 2/15/12) - AGM Insured 2/12 at 100.00 AAA 3,243,150 5,000 5.250%, 2/15/25 (Pre-refunded 2/15/12) - AGM Insured 2/12 at 100.00 AAA 5,405,250 ----------------------------------------------------------------------------------------------------------------------------------- 104,455 Total Texas 101,484,559 ----------------------------------------------------------------------------------------------------------------------------------- UTAH - 1.3% (0.8% OF TOTAL INVESTMENTS) 4,865 Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008, 6/18 at 100.00 AAA 5,645,687 Trust 1193, 13.266%, 6/15/36 - AGM Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 15.6% (10.5% OF TOTAL INVESTMENTS) 5,265 Energy Northwest, Washington Public Power, Nine Canyon Wind 7/16 at 100.00 A- 5,075,197 Project Revenue Bonds, Series 2006A, 4.500%, 7/01/30 - AMBAC Insured 6,600 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 AAA 7,122,588 Bonds, Columbia Generating Station - Nuclear Project 2, Series 2002B, 5.350%, 7/01/18 - AGM Insured 7,675 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 8,355,312 Bonds, Nuclear Project 1, Series 2002A, 5.500%, 7/01/15 - NPFG Insured 2,500 Port of Seattle, Washington, Revenue Refunding Bonds, Series 11/12 at 100.00 Aa2 2,669,750 2002D, 5.750%, 11/01/15 - FGIC Insured (Alternative Minimum Tax) 2,200 Snohomish County School District 2, Everett, Washington, 12/13 at 100.00 AAA 2,447,610 General Obligation Bonds, Series 2003B, 5.000%, 6/01/17 - AGM Insured 3,255 Thurston and Pierce Counties School District, Washington, 6/13 at 100.00 Aa1 3,570,833 General Obligation Bonds, Yelm Community Schools, Series 2003, 5.250%, 12/01/16 - AGM Insured 10,000 University of Washington, General Revenue Bonds, Refunding 6/17 at 100.00 Aaa 10,349,200 Series 2007, 5.000%, 6/01/37 - AMBAC Insured (UB) Washington State Economic Development Finance Authority, Wastewater Revenue Bonds, LOTT Project, Series 2002: 2,000 5.500%, 6/01/17 - AMBAC Insured 6/12 at 100.00 Aa3 2,165,300 4,325 5.125%, 6/01/22 - AMBAC Insured 6/12 at 100.00 Aa3 4,463,227 15,000 Washington State Healthcare Facilities Authority, Revenue 8/13 at 102.00 N/R 13,815,600 Bonds, Harrison Memorial Hospital, Series 1998, 5.000%, 8/15/28 - AMBAC Insured 3,335 Washington State, General Obligation Bonds, Series 2009, Trust 7/16 at 100.00 AAA 3,868,333 1212, 13.292%, 7/01/31 - AGM Insured (IF) 5,170 Whitman County School District 267, Pullman, Washington, 6/12 at 100.00 Aa1 5,616,585 General Obligation Bonds, Series 2002, 5.000%, 12/01/20 - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 67,325 Total Washington 69,519,535 -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 63 NVG | Nuveen Insured Dividend Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ---------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 2.9% (2.0% OF TOTAL INVESTMENTS) $ 11,950 Wisconsin, Transportation Revenue Refunding Bonds, Series 7/12 at 100.00 AA+ (4) $ 13,060,633 2002-1, 5.125%, 7/01/18 (Pre-refunded 7/01/12) - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- $ 677,073 Total Municipal Bonds (cost $638,633,210) 662,462,567 ===============-------------------------------------------------------------------------------------------------------------------- SHARES DESCRIPTION (1) VALUE ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT COMPANIES - 0.3% (0.2% OF TOTAL INVESTMENTS) 8,134 BlackRock MuniHoldings Fund Inc. $ 127,704 13,600 BlackRock MuniEnhanced Fund Inc. 147,016 7,920 Dreyfus Strategic Municipal Fund 67,082 3,500 DWS Municipal Income Trust 42,630 9,668 Morgan Stanley Quality Municipal Income Trust 122,010 26,280 PIMCO Municipal Income Fund II 291,182 9,500 Van Kampen Advantage Municipal Income Fund II 113,050 28,980 Van Kampen Investment Grade Municipal Trust 410,357 ----------------------------------------------------------------------------------------------------------------------------------- Total Investment Companies (cost $1,353,712) 1,321,031 ----------------------------------------------------------------------------------------------------------------- Total Investments (cost $639,987,022) - 148.9% 663,783,598 ----------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (6.4)% (28,413,334) ----------------------------------------------------------------------------------------------------------------- MuniFund Term Preferred Shares, at Liquidation Value - (108,000,000) (24.2)% (5) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 10,483,580 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (91,950,000) (20.6)% (5) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 445,903,844 =================================================================================================================

The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 16.3% and 13.9%, respectively. N/R Not rated. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 64 Nuveen Investments NEA | Nuveen Insured Tax-Free Advantage Municipal Fund | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- ALABAMA - 7.1% (4.8% OF TOTAL INVESTMENTS) $ 1,000 Alabama Special Care Facilities Financing Authority, Revenue 11/16 at 100.00 Aa1 $ 1,013,330 Bonds, Ascension Health, Series 2006C-2, 5.000%, 11/15/36 (UB) 5,655 Colbert County-Northwest Health Care Authority, Alabama, 6/13 at 101.00 Baa3 5,332,043 Revenue Bonds, Helen Keller Hospital, Series 2003, 5.750%, 6/01/27 3,100 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 5/12 at 102.00 A (4) 3,415,084 Series 1998A, 5.400%, 6/01/22 (Pre-refunded 5/14/12) - NPFG Insured 6,280 Jefferson County, Alabama, Sewer Revenue Capital Improvement 8/12 at 100.00 AAA 6,834,838 Warrants, Series 2002D, 5.000%, 2/01/32 (Pre-refunded 8/01/12) - FGIC Insured 1,750 Montgomery, Alabama, General Obligation Warrants, Series 5/12 at 101.00 AA+ 1,885,835 2003, 5.000%, 5/01/21 - AMBAC Insured 4,500 Sheffield, Alabama, Electric Revenue Bonds, Series 2003, 7/13 at 100.00 Aa3 4,724,910 5.500%, 7/01/29 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 22,285 Total Alabama 23,206,040 ----------------------------------------------------------------------------------------------------------------------------------- ARIZONA - 4.6% (3.1% OF TOTAL INVESTMENTS) 10,000 Maricopa County Pollution Control Corporation, Arizona, 11/12 at 100.00 Baa2 9,372,800 Revenue Bonds, Arizona Public Service Company - Palo Verde Project, Series 2002A, 5.050%, 5/01/29 - AMBAC Insured 6,545 Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic No Opt. Call AA 5,748,408 Plaza, Series 2005B, 0.000%, 7/01/37 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- 16,545 Total Arizona 15,121,208 ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA - 20.8% (14.1% OF TOTAL INVESTMENTS) 26,300 California State Public Works Board, Lease Revenue Bonds, 12/12 at 100.00 A2 25,667,748 Department of General Services, Capital East End Project, Series 2002A, 5.000%, 12/01/27 - AMBAC Insured 250 California State, General Obligation Bonds, Series 2002, 4/12 at 100.00 A1 251,575 5.250%, 4/01/30 - SYNCORA GTY Insured 5 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 A1 5,012 5.000%, 4/01/31 - AMBAC Insured 7,495 California State, General Obligation Bonds, Series 2004, 4/14 at 100.00 AAA 8,551,270 5.000%, 4/01/31 (Pre-refunded 4/01/14) - AMBAC Insured 2,910 Cathedral City Public Financing Authority, California, Tax 8/12 at 102.00 A 2,827,793 Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 - NPFG Insured 8,000 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 7,469,120 Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 - FGIC Insured 250 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 174,598 Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.125%, 6/01/47 2,500 Irvine Public Facilities and Infrastructure Authority, 9/13 at 100.00 N/R 2,432,700 California, Assessment Revenue Bonds, Series 2003C, 5.000%, 9/02/23 - AMBAC Insured 4,000 Montara Sanitation District, California, General Obligation 8/11 at 101.00 AA- 4,067,520 Bonds, Series 2003, 5.000%, 8/01/28 - FGIC Insured Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A: 1,130 5.250%, 6/01/19 - AMBAC Insured 6/13 at 101.00 A- 1,160,804 1,255 5.250%, 6/01/21 - AMBAC Insured 6/13 at 101.00 A- 1,274,980 1,210 Redding Joint Powers Financing Authority, California, Lease 3/13 at 100.00 A 1,233,559 Revenue Bonds, Capital Improvement Projects, Series 2003A, 5.000%, 3/01/23 - AMBAC Insured 3,750 Sacramento Municipal Utility District, California, Electric 8/13 at 100.00 A+ 3,801,938 Revenue Bonds, Series 2003R, 5.000%, 8/15/28 - NPFG Insured 1,500 San Diego Community College District, California, General 5/13 at 100.00 AAA 1,557,405 Obligation Bonds, Series 2003A, 5.000%, 5/01/28 - AGM Insured

Nuveen Investments 65 NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- CALIFORNIA (continued) $ 1,055 Turlock Irrigation District, California, Certificates of 1/13 at 100.00 A $ 1,062,786 Participation, Series 2003A, 5.000%, 1/01/28 - NPFG Insured 6,300 University of California, Revenue Bonds, Multi-Purpose 5/13 at 100.00 Aa1 6,428,835 Projects, Series 2003A, 5.000%, 5/15/33 - AMBAC Insured (UB) ----------------------------------------------------------------------------------------------------------------------------------- 67,910 Total California 67,967,643 ----------------------------------------------------------------------------------------------------------------------------------- COLORADO - 4.9% (3.3% OF TOTAL INVESTMENTS) Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003: 4,300 5.500%, 12/01/23 - AGM Insured 12/13 at 100.00 AAA 4,509,238 3,750 5.500%, 12/01/28 - AGM Insured 12/13 at 100.00 AAA 3,879,038 1,450 Colorado Educational and Cultural Facilities Authority, 8/14 at 100.00 A 1,465,965 Charter School Revenue Bonds, Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 - SYNCORA GTY Insured 4,500 Colorado Health Facilities Authority, Colorado, Revenue 4/18 at 100.00 AAA 4,637,115 Bonds, Catholic Health Initiatives, Series 2006C-1, Trust 1090, 14.902%, 10/01/41 - AGM Insured (IF) 3,000 E-470 Public Highway Authority, Colorado, Senior Revenue No Opt. Call A 788,490 Bonds, Series 2000B, 0.000%, 9/01/30 - NPFG Insured 2,900 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, No Opt. Call A 573,330 Series 2004A, 0.000%, 9/01/34 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 19,900 Total Colorado 15,853,176 ----------------------------------------------------------------------------------------------------------------------------------- DISTRICT OF COLUMBIA - 0.6% (0.4% OF TOTAL INVESTMENTS) 7,000 Metropolitan Washington DC Airports Authority, Virginia, No Opt. Call AAA 1,475,810 Dulles Toll Road Revenue Bonds, Capital Appreciation Series 2009B-2, 0.000%, 10/01/36 - AGC Insured 665 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 AA+ 658,895 Senior Lien Dedicated Tax Revenue Bonds, Series 2007, Residuals 1606, 11.356%, 10/01/30 - AMBAC Insured (IF) ----------------------------------------------------------------------------------------------------------------------------------- 7,665 Total District of Columbia 2,134,705 ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA - 23.3% (15.8% OF TOTAL INVESTMENTS) 1,000 Bay County, Florida, Water System Revenue Bonds, Series 2005, 9/15 at 100.00 A1 1,031,080 5.000%, 9/01/25 - AMBAC Insured Clay County, Florida, Utility System Revenue Bonds, Series 2007: 1,500 5.000%, 11/01/27 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 1,580,505 3,000 5.000%, 11/01/32 - SYNCORA GTY Insured (UB) 11/17 at 100.00 AAA 3,098,100 400 Collier County, Florida, Capital Improvement Revenue Bonds, 10/14 at 100.00 AA 418,267 Series 2005, 5.000%, 10/01/23 - NPFG Insured 1,000 Escambia County, Florida, Sales Tax Revenue Refunding Bonds, 10/12 at 101.00 A+ 1,098,280 Series 2002, 5.250%, 10/01/17 - AMBAC Insured 1,525 Fernandina Beach, Florida, Utility Acquisition and 9/13 at 100.00 A 1,564,771 Improvement Revenue Bonds, Series 2003, 5.000%, 9/01/23 - FGIC Insured 500 Flagler County, Florida, Capital Improvement Revenue Bonds, 10/15 at 100.00 A 506,604 Series 2005, 5.000%, 10/01/30 - NPFG Insured 205 Florida Housing Finance Agency, GNMA Collateralized Home No Opt. Call AAA 222,611 Ownership Revenue Refunding Bonds, Series 1987G-1, 8.595%, 11/01/17 2,500 Florida State Board of Education, Public Education Capital 6/18 at 101.00 AAA 2,998,500 Outlay Bonds, Series 2008, Trust 2929, 16.817%, 6/01/38 - AGC Insured (IF) 2,240 FSU Financial Assistance Inc., Florida, General Revenue No Opt. Call A1 2,478,313 Bonds, Educational and Athletic Facilities Improvements, Series 2004, 5.000%, 10/01/14 - AMBAC Insured 2,000 Greater Orlando Aviation Authority, Florida, Airport 10/12 at 100.00 AAA 2,026,120 Facilities Revenue Bonds, Series 2002A, 5.125%, 10/01/32 - AGM Insured 105 Greater Orlando Aviation Authority, Florida, Airport 10/13 at 100.00 AAA 111,404 Facilities Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 - AGM Insured 350 Halifax Hospital Medical Center, Florida, Revenue Bonds, 6/18 at 100.00 AAA 354,535 Series 2006, 5.500%, 6/01/38 - AGM Insured

66 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 1,300 Highlands County Health Facilities Authority, Florida, 11/15 at 100.00 A1 $ 1,279,694 Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 - NPFG Insured 180 Highlands County Health Facilities Authority, Florida, 11/15 at 100.00 A1 (4) 208,172 Hospital Revenue Bonds, Adventist Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) - NPFG Insured 3,500 Highlands County Health Facilities Authority, Florida, 11/13 at 100.00 N/R (4) 3,993,675 Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2003D, 5.875%, 11/15/29 (Pre-refunded 11/15/13) 1,500 Hillsborough County School Board, Florida, Certificates of 7/13 at 100.00 Aa2 1,518,300 Participation, Series 2003, 5.000%, 7/01/29 - NPFG Insured 2,270 Jacksonville, Florida, Local Government Sales Tax Revenue 10/12 at 100.00 AA+ 2,444,722 Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/18 - FGIC Insured 2,265 Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 10/12 at 100.00 N/R 2,283,482 5.000%, 10/01/20 - AMBAC Insured 1,730 Lee County, Florida, Transportation Facilities Revenue 10/14 at 100.00 A- 1,778,215 Bonds, Series 2004B, 5.000%, 10/01/22 - AMBAC Insured 500 Lee Memorial Health System, Florida, Hospital Revenue Bonds, 4/17 at 100.00 A 482,550 Series 2007A, 5.000%, 4/01/32 - NPFG Insured 3,000 Marco Island, Florida, Water Utility System Revenue Bonds, 10/13 at 100.00 Aa3 3,046,950 Series 2003, 5.000%, 10/01/27 - NPFG Insured 500 Miami-Dade County, Florida, Water and Sewer System Revenue No Opt. Call AAA 561,055 Bonds, Refunding Series 2008B, 5.250%, 10/01/22 - AGM Insured 2,000 Miami-Dade County, Florida, Water and Sewer System Revenue 10/10 at 100.50 Aa2 2,017,080 Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured 500 North Port, Florida, Utility System Revenue Bonds, Series 10/10 at 101.00 Aa3 (4) 514,825 2000, 5.000%, 10/01/25 (Pre-refunded 10/01/10) - AGM Insured 2,000 Orange County, Florida, Sales Tax Revenue Bonds, Series 1/13 at 100.00 AA 2,148,100 2002A, 5.125%, 1/01/17 - FGIC Insured 1,500 Orange County, Florida, Sales Tax Revenue Bonds, Series 1/13 at 100.00 AA 1,515,720 2002B, 5.125%, 1/01/32 - FGIC Insured 3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aa3 (4) 3,685,938 Participation, Series 2002A, 5.125%, 6/01/20 (Pre-refunded 6/01/12) - AMBAC Insured 3,335 Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, 10/14 at 100.00 AA- 3,646,956 Series 2004, 5.250%, 10/01/20 - NPFG Insured 1,095 Palm Bay, Florida, Utility System Revenue Bonds, Series 10/14 at 100.00 Aa3 1,197,426 2004, 5.250%, 10/01/20 - NPFG Insured 2,670 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,697,554 Participation, Series 2002D, 5.000%, 8/01/28 - AGM Insured 1,950 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 2,137,707 Participation, Series 2002D, 5.250%, 8/01/20 (Pre-refunded 8/01/12) - AGM Insured Pinellas County Health Facilities Authority, Florida, Revenue Bonds, Baycare Health System, Series 2003: 2,800 5.750%, 11/15/27 (Pre-refunded 5/15/13) 5/13 at 100.00 Aa3 (4) 3,180,828 3,000 5.500%, 11/15/27 (Pre-refunded 5/15/13) 5/13 at 100.00 Aa3 (4) 3,385,680 1,000 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 A 918,940 Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 - NPFG Insured 2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 9/13 at 100.00 A+ 2,174,939 2003, 5.000%, 9/01/23 - NPFG Insured 1,500 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 Aa3 1,529,640 Refunding Bonds, Series 2002, 5.000%, 5/01/23 - NPFG Insured 225 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/18 at 100.00 AAA 235,177 Refunding Series 2009, 5.250%, 9/01/35 - AGC Insured

Nuveen Investments 67 NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- FLORIDA (continued) $ 1,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 Aaa $ 1,666,200 Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 (Pre-refunded 2/01/13) 1,730 St. John's County, Florida, Sales Tax Revenue Bonds, Series 10/14 at 100.00 A+ 1,787,350 2004A, 5.000%, 10/01/24 - AMBAC Insured 4,000 St. Lucie County School Board, Florida, Certificates of 7/14 at 100.00 AAA 4,091,800 Participation, Master Lease Program, Series 2004A, 5.000%, 7/01/24 - AGM Insured 1,200 Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 10/19 at 100.00 AAA 1,218,876 5.000%, 10/01/39 1,250 Volusia County Educational Facilities Authority, Florida, 10/13 at 100.00 Baa3 1,182,000 Revenue Refunding Bonds, Embry-Riddle Aeronautical University, Series 2003, 5.200%, 10/15/33 - RAAI Insured ----------------------------------------------------------------------------------------------------------------------------------- 71,810 Total Florida 76,018,641 ----------------------------------------------------------------------------------------------------------------------------------- GEORGIA - 2.0% (1.4% OF TOTAL INVESTMENTS) 3,000 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 3,135,060 2009B, 5.375%, 11/01/39 - AGM Insured 1,410 DeKalb County, Georgia, Water and Sewer Revenue Bonds, 10/16 at 100.00 AAA 1,479,725 Series 2006A, 5.000%, 10/01/35 - AGM Insured 1,825 Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales 1/13 at 100.00 AA+ (4) 2,015,512 Tax Revenue Bonds, Second Indenture Series 2002, 5.000%, 7/01/32 (Pre-refunded 1/01/13) - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 6,235 Total Georgia 6,630,297 ----------------------------------------------------------------------------------------------------------------------------------- ILLINOIS - 4.4% (3.0% OF TOTAL INVESTMENTS) 5,000 Chicago, Illinois, General Airport Revenue Bonds, O'Hare No Opt. Call AAA 5,191,700 International Airport, Third Lien Series 2010C, 5.250%, 1/01/35 - AGC Insured Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004: 1,635 5.125%, 12/01/20 - AGM Insured 12/14 at 100.00 Aa3 1,737,580 1,465 5.125%, 12/01/23 - AGM Insured 12/14 at 100.00 Aa3 1,539,144 Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004: 1,650 5.125%, 12/01/20 - AGM Insured (ETM) 12/14 at 100.00 Aa3 (4) 1,777,281 1,475 5.125%, 12/01/23 - AGM Insured (ETM) 12/14 at 100.00 Aa3 (4) 1,573,574 2,500 Illinois Health Facilities Authority, Revenue Bonds, Lake 7/13 at 100.00 AA+ 2,548,725 Forest Hospital, Series 2003, 5.250%, 7/01/23 ----------------------------------------------------------------------------------------------------------------------------------- 13,725 Total Illinois 14,368,004 ----------------------------------------------------------------------------------------------------------------------------------- INDIANA - 7.2% (4.9% OF TOTAL INVESTMENTS) 2,500 Evansville, Indiana, Sewerage Works Revenue Refunding Bonds, 7/13 at 100.00 A1 2,543,775 Series 2003A, 5.000%, 7/01/23 - AMBAC Insured 2,190 Indiana Bond Bank, Advance Purchase Funding Bonds, Common 8/13 at 100.00 A 2,253,006 School Fund, Series 2003B, 5.000%, 8/01/19 - NPFG Insured 1,860 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 1,869,300 Series 2007A, 5.000%, 1/01/42 - NPFG Insured 1,000 Indiana University, Student Fee Revenue Bonds, Series 2003O, 8/13 at 100.00 Aa1 1,072,960 5.000%, 8/01/22 - FGIC Insured IPS Multi-School Building Corporation, Indiana, First Mortgage Revenue Bonds, Series 2003: 11,020 5.000%, 7/15/19 (Pre-refunded 7/15/13) - NPFG Insured 7/13 at 100.00 AA (4) 12,346,147 3,000 5.000%, 7/15/20 (Pre-refunded 7/15/13) - NPFG Insured 7/13 at 100.00 AA (4) 3,361,020 ----------------------------------------------------------------------------------------------------------------------------------- 21,570 Total Indiana 23,446,208 ----------------------------------------------------------------------------------------------------------------------------------- KANSAS - 1.6% (1.1% OF TOTAL INVESTMENTS) 5,000 Kansas Development Finance Authority, Board of Regents, 4/13 at 102.00 AA 5,256,200 Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/22 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- KENTUCKY - 0.3% (0.2% OF TOTAL INVESTMENTS) 985 Kentucky State Property and Buildings Commission, Revenue 8/13 at 100.00 Aa3 (4) 1,105,988 Refunding Bonds, Project 77, Series 2003, 5.000%, 8/01/23 (Pre-refunded 8/01/13) - NPFG Insured -----------------------------------------------------------------------------------------------------------------------------------

68 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- LOUISIANA - 1.8% (1.2% OF TOTAL INVESTMENTS) $ 5,785 New Orleans, Louisiana, General Obligation Refunding Bonds, 12/12 at 100.00 A3 $ 5,812,421 Series 2002, 5.300%, 12/01/27 - FGIC Insured ----------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS - 0.4% (0.2% OF TOTAL INVESTMENTS) 1,125 Massachusetts Development Finance Authority, Revenue Bonds, 9/13 at 100.00 A1 1,164,566 Middlesex School, Series 2003, 5.125%, 9/01/23 ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN - 9.6% (6.5% OF TOTAL INVESTMENTS) 6,130 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 A+ (4) 6,838,996 Bonds, Series 2003A, 5.000%, 7/01/23 (Pre-refunded 7/01/13) - NPFG Insured 4,465 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 Aa3 4,526,037 Refunding Bonds, Series 2003C, 5.000%, 7/01/22 - NPFG Insured 1,000 Michigan State Hospital Finance Authority, Revenue Bonds, 12/16 at 100.00 AA 990,830 Trinity Health Care Group, Series 2006A, 5.000%, 12/01/31 (UB) 10,800 Michigan Strategic Fund, Limited Obligation Resource 12/12 at 100.00 Baa1 10,817,604 Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%, 12/15/32 - SYNCORA GTY Insured 2,250 Romulus Community Schools, Wayne County, Michigan, General 5/11 at 100.00 Aa2 2,285,753 Obligation Refunding Bonds, Series 2001, 5.250%, 5/01/25 6,500 Wayne County, Michigan, Limited Tax General Obligation 12/11 at 101.00 A 5,989,360 Airport Hotel Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 31,145 Total Michigan 31,448,580 ----------------------------------------------------------------------------------------------------------------------------------- MISSOURI - 1.0% (0.7% OF TOTAL INVESTMENTS) 240 Clay County Public School District 53, Liberty, Missouri, 3/14 at 100.00 AAA 261,238 General Obligation Bonds, Series 2004, 5.250%, 3/01/24 - AGM Insured 215 Clay County Public School District 53, Liberty, Missouri, 3/14 at 100.00 AAA 234,335 General Obligation Bonds, Series 2004, 5.250%, 3/01/23 - AGM Insured Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2004: 1,110 5.250%, 3/01/23 (Pre-refunded 3/01/14) - AGM Insured 3/14 at 100.00 AAA 1,271,516 1,260 5.250%, 3/01/24 (Pre-refunded 3/01/14) - AGM Insured 3/14 at 100.00 AAA 1,443,343 ----------------------------------------------------------------------------------------------------------------------------------- 2,825 Total Missouri 3,210,432 ----------------------------------------------------------------------------------------------------------------------------------- NEBRASKA - 1.6% (1.1% OF TOTAL INVESTMENTS) 5,000 Lincoln, Nebraska, Sanitary Sewerage System Revenue 6/13 at 100.00 AA+ 5,235,850 Refunding Bonds, Series 2003, 5.000%, 6/15/28 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO - 0.7% (0.5% OF TOTAL INVESTMENTS) 1,975 New Mexico State University, Revenue Bonds, Series 2004, 4/14 at 100.00 AA 2,164,561 5.000%, 4/01/19 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- NEW YORK - 10.1% (6.8% OF TOTAL INVESTMENTS) 2,020 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 1,880,155 Bonds, Series 2006A, 4.500%, 2/15/47 - NPFG Insured 25,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 25,254,750 Transportation Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 - NPFG Insured 1,850 New York State Urban Development Corporation, Service 3/15 at 100.00 AAA 2,000,091 Contract Revenue Bonds, Series 2005B, 5.000%, 3/15/25 - AGM Insured (UB) 3,335 New York State Urban Development Corporation, State Personal 3/17 at 100.00 AAA 3,783,924 Income Tax Revenue Bonds, Tender Option Bond Trust 09-6W, 12.772%, 3/15/37 (IF) ----------------------------------------------------------------------------------------------------------------------------------- 32,205 Total New York 32,918,920 ----------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA - 2.1% (1.5% OF TOTAL INVESTMENTS) 8,700 North Carolina Medical Care Commission, Revenue Bonds, Maria 10/13 at 100.00 BB 7,031,949 Parham Medical Center, Series 2003, 5.375%, 10/01/33 - RAAI Insured -----------------------------------------------------------------------------------------------------------------------------------

Nuveen Investments 69 NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- OHIO - 0.7% (0.5% OF TOTAL INVESTMENTS) Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: $ 65 5.125%, 6/01/24 6/17 at 100.00 BBB $ 60,047 710 5.875%, 6/01/30 6/17 at 100.00 BBB 601,221 685 5.750%, 6/01/34 6/17 at 100.00 BBB 538,965 1,570 5.875%, 6/01/47 6/17 at 100.00 BBB 1,178,473 ----------------------------------------------------------------------------------------------------------------------------------- 3,030 Total Ohio 2,378,706 ----------------------------------------------------------------------------------------------------------------------------------- OKLAHOMA - 0.3% (0.2% OF TOTAL INVESTMENTS) 1,000 Oklahoma Capitol Improvement Authority, State Facilities 7/15 at 100.00 AA 1,037,710 Revenue Bonds, Series 2005F, 5.000%, 7/01/24 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- OREGON - 2.5% (1.7% OF TOTAL INVESTMENTS) 8,350 Oregon Health Sciences University, Revenue Bonds, Series 1/13 at 100.00 A 8,163,378 2002A, 5.000%, 7/01/32 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA - 7.2% (4.9% OF TOTAL INVESTMENTS) 3,000 Lehigh County General Purpose Authority, Pennsylvania, 8/13 at 100.00 AAA 3,396,870 Hospital Revenue Bonds, St. Luke's Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13) 3,500 Pennsylvania Turnpike Commission, Turnpike Subordinate 6/26 at 100.00 AAA 2,634,555 Revenue Bonds, Series 2009C, 0.000%, 6/01/33 - AGM Insured 2,000 Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General 8/13 at 100.00 AAA 2,014,160 Ordinance, Fourth Series 1998, 5.000%, 8/01/32 - AGM Insured 925 Philadelphia, Pennsylvania, Water and Wastewater Revenue 8/10 at 100.00 A1 (4) 951,807 Bonds, Series 1997A, 5.125%, 8/01/27 - AMBAC Insured (ETM) 13,000 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 14,524,900 Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) - AGM Insured ----------------------------------------------------------------------------------------------------------------------------------- 22,425 Total Pennsylvania 23,522,292 ----------------------------------------------------------------------------------------------------------------------------------- PUERTO RICO - 0.8% (0.5% OF TOTAL INVESTMENTS) 1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 1,104,140 Series 2002II, 5.125%, 7/01/26 (Pre-refunded 7/01/12) - AGM Insured 10,350 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 1,441,962 Revenue Bonds, Series 2007A, 0.000%, 8/01/43 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 11,350 Total Puerto Rico 2,546,102 ----------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA - 5.6% (3.8% OF TOTAL INVESTMENTS) 5,000 Florence County, South Carolina, Hospital Revenue Bonds, 11/14 at 100.00 AAA 5,199,200 McLeod Regional Medical Center, Series 2004A, 5.250%, 11/01/23 - AGM Insured Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 2003: 3,000 5.000%, 12/01/22 (UB) 12/13 at 100.00 AA 3,115,650 1,785 5.000%, 12/01/23 (UB) 12/13 at 100.00 AA 1,849,581 8,000 South Carolina Transportation Infrastructure Bank, Revenue 10/12 at 100.00 Aa3 8,048,559 Bonds, Series 2002A, 5.000%, 10/01/33 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 17,785 Total South Carolina 18,212,990 -----------------------------------------------------------------------------------------------------------------------------------

70 Nuveen Investments

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- TEXAS - 9.9% (6.7% OF TOTAL INVESTMENTS) $ 7,975 Fort Bend Independent School District, Fort Bend County, 8/10 at 100.00 AAA $ 8,062,725 Texas, General Obligation Bonds, Series 2000, 5.000%, 8/15/25 Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2003: 1,660 5.375%, 2/15/26 (Pre-refunded 2/15/13) - AGM Insured 2/13 at 100.00 AAA 1,854,303 12,500 5.125%, 2/15/31 (Pre-refunded 2/15/13) - AGM Insured 2/13 at 100.00 AAA 13,877,500 2,000 Houston, Texas, First Lien Combined Utility System Revenue 5/14 at 100.00 AA 2,137,820 Bonds, Series 2004A, 5.250%, 5/15/25 - NPFG Insured 1,160 Houston, Texas, General Obligation Refunding Bonds, Series 3/12 at 100.00 AA 1,234,611 2002, 5.250%, 3/01/20 - NPFG Insured 4,355 Houston, Texas, General Obligation Refunding Bonds, Series 3/12 at 100.00 AA (4) 4,706,231 2002, 5.250%, 3/01/20 (Pre-refunded 3/01/12) - NPFG Insured 465 Katy Independent School District, Harris, Fort Bend and 2/12 at 100.00 AAA 501,391 Waller Counties, Texas, General Obligation Bonds, Series 2002A, 5.125%, 2/15/18 ----------------------------------------------------------------------------------------------------------------------------------- 30,115 Total Texas 32,374,581 ----------------------------------------------------------------------------------------------------------------------------------- VIRGINIA - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,500 Hampton, Virginia, Revenue Bonds, Convention Center Project, 1/13 at 100.00 Aa3 1,527,765 Series 2002, 5.125%, 1/15/28 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- WASHINGTON - 9.5% (6.4% OF TOTAL INVESTMENTS) 4,945 Broadway Office Properties, King County, Washington, Lease 12/12 at 100.00 AAA 5,022,637 Revenue Bonds, Washington Project, Series 2002, 5.000%, 12/01/31 - NPFG Insured 5,250 Chelan County Public Utility District 1, Washington, Hydro 7/12 at 100.00 AA 5,323,290 Consolidated System Revenue Bonds, Series 2002C, 5.125%, 7/01/33 - AMBAC Insured 5,000 King County, Washington, Sewer Revenue Bonds, Series 2006-2, 1/17 at 100.00 AAA 5,811,300 Trust 1200, 13.351%, 1/01/31 - AGM Insured (IF) 2,135 Kitsap County Consolidated Housing Authority, Washington, 7/13 at 100.00 Aa3 2,188,247 Revenue Bonds, Bremerton Government Center, Series 2003, 5.000%, 7/01/23 - NPFG Insured 1,935 Pierce County School District 343, Dieringer, Washington, 6/13 at 100.00 Aa1 2,139,297 General Obligation Refunding Bonds, Series 2003, 5.250%, 12/01/17 - FGIC Insured 9,670 Washington State, General Obligation Bonds, Series 2003D, 6/13 at 100.00 AA+ 10,391,866 5.000%, 12/01/21 - NPFG Insured ----------------------------------------------------------------------------------------------------------------------------------- 28,935 Total Washington 30,876,637 ----------------------------------------------------------------------------------------------------------------------------------- WEST VIRGINIA - 1.0% (0.7% OF TOTAL INVESTMENTS) 3,000 West Virginia State Building Commission, Lease Revenue No Opt. Call N/R 3,247,470 Refunding Bonds, Regional Jail and Corrections Facility, Series 1998A, 5.375%, 7/01/21 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN - 5.5% (3.7% OF TOTAL INVESTMENTS) 1,190 Sun Prairie Area School District, Dane County, Wisconsin, 3/14 at 100.00 Aa2 1,321,578 General Obligation Bonds, Series 2004C, 5.250%, 3/01/24 - AGM Insured 4,605 Wisconsin Health and Educational Facilities Authority, 9/13 at 100.00 BBB+ (4) 5,280,968 Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) 3,000 Wisconsin Health and Educational Facilities Authority, No Opt. Call A1 3,307,110 Revenue Bonds, Meriter Hospital Inc., Series 1992A, 6.000%, 12/01/22 - FGIC Insured

Nuveen Investments 71 NEA | Nuveen Insured Tax-Free Advantage Municipal Fund (continued) | Portfolio of Investments April 30, 2010 (Unaudited)

PRINCIPAL OPTIONAL CALL AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE ----------------------------------------------------------------------------------------------------------------------------------- WISCONSIN (continued) $ 3,600 Wisconsin Health and Educational Facilities Authority, 8/13 at 100.00 BBB+ $ 3,223,728 Revenue Bonds, Wheaton Franciscan Services Inc., Series 2003A, 5.125%, 8/15/33 4,750 Wisconsin Health and Educational Facilities Authority, 8/10 at 100.00 A 4,756,840 Revenue Refunding Bonds, Wausau Hospital Inc., Series 1998A, 5.125%, 8/15/20 - AMBAC Insured ----------------------------------------------------------------------------------------------------------------------------------- 17,145 Total Wisconsin 17,890,224 ----------------------------------------------------------------------------------------------------------------------------------- $ 487,025 Total Investments (cost $465,581,882) - 147.6% 481,873,244 ===============-------------------------------------------------------------------------------------------------------------------- Floating Rate Obligations - (4.0)% (13,040,000) ----------------------------------------------------------------------------------------------------------------- MuniFund Term Preferred Shares, at Liquidation Value - (25.4)% (5) (83,000,000) ----------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.4% 7,954,448 ----------------------------------------------------------------------------------------------------------------- Auction Rate Preferred Shares, at Liquidation Value - (20.6)% (5) (67,375,000) ----------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 326,412,692 =================================================================================================================

The Fund intends to invest at least 80% of its net assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and debt service thereon. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. (3) Ratings: Using the higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) MuniFund Term Preferred Shares and Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments are 17.2% and 14.0%, respectively. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 72 Nuveen Investments | Statement of | Assets & Liabilities April 30, 2010 (Unaudited)

INSURED INSURED PREMIER QUALITY OPPORTUNITY INSURED INCOME (NQI) (NIO) (NIF) --------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $805,309,244, $2,109,860,094 and $421,171,500, respectively) $ 809,986,545 $ 2,161,340,928 $ 434,488,809 Cash 955,908 4,366,952 772,780 Receivables: Dividends and interest 11,677,465 32,503,899 6,637,510 Investments sold 17,038,711 50,000 210,000 Deferred offering costs -- -- -- Other assets 187,333 524,326 98,816 --------------------------------------------------------------------------------------------------------------------------- Total assets 839,845,962 2,198,786,105 442,207,915 --------------------------------------------------------------------------------------------------------------------------- LIABILITIES Floating rate obligations 59,275,000 134,833,333 25,665,000 Payables: Investments purchased 1,052,700 -- -- Auction Rate Preferred share dividends 10,799 21,272 4,937 Common share dividends 2,321,769 5,866,861 1,274,300 Interest -- -- -- Offering costs -- -- -- MuniFund Term Preferred shares, at liquidation value -- -- -- Variable Rate Demand Preferred shares, at liquidation value -- -- -- Accrued expenses: Management fees 409,462 1,052,267 222,971 Other 325,082 1,054,403 169,686 --------------------------------------------------------------------------------------------------------------------------- Total liabilities 63,394,812 142,828,136 27,336,894 --------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares, at liquidation value 239,200,000 664,825,000 130,125,000 --------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $537,251,150 $ 1,391,132,969 $ 284,746,021 =========================================================================================================================== Common shares outstanding 38,342,447 95,586,903 19,419,608 =========================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.01 $ 14.55 $ 14.66 =========================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: --------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 383,424 $ 955,869 $ 194,196 Paid-in surplus 537,777,193 1,333,624,165 270,100,139 Undistributed (Over-distribution of) net investment income 7,521,049 20,120,528 4,244,501 Accumulated net realized gain (loss) (13,107,817) (15,048,427) (3,110,124) Net unrealized appreciation (depreciation) 4,677,301 51,480,834 13,317,309 --------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 537,251,150 $ 1,391,132,969 $ 284,746,021 =========================================================================================================================== Authorized shares: Common 200,000,000 200,000,000 200,000,000 Auction Rate Preferred 1,000,000 1,000,000 1,000,000 MuniFund Term Preferred -- -- -- Variable Rate Demand Preferred -- -- -- ===========================================================================================================================

See accompanying notes to financial statements. Nuveen Investments 73 | Statement of | Assets & Liabilities (continued) April 30, 2010 (Unaudited)

INSURED INSURED INSURED DIVIDEND TAX-FREE PREMIUM INCOME 2 ADVANTAGE ADVANTAGE (NPX) (NVG) (NEA) --------------------------------------------------------------------------------------------------------------------------- ASSETS Investments, at value (cost $747,769,212, $639,987,022 and $465,581,882, respectively) $ 755,387,364 $ 663,783,598 $ 481,873,244 Cash 2,535,510 2,086,984 1,142,850 Receivables: Dividends and interest 12,721,844 9,858,677 7,573,577 Investments sold -- 50,892 -- Deferred offering costs 2,425,465 1,677,310 1,516,027 Other assets 75,344 121,377 157,929 --------------------------------------------------------------------------------------------------------------------------- Total assets 773,145,527 677,578,838 492,263,627 --------------------------------------------------------------------------------------------------------------------------- LIABILITIES Floating rate obligations 57,980,000 28,413,334 13,040,000 Payables: Investments purchased -- -- -- Auction Rate Preferred share dividends -- 6,303 4,139 Common share dividends 2,096,990 2,025,694 1,468,952 Interest -- 265,511 209,000 Offering costs -- 502,907 308,932 MuniFund Term Preferred shares, at liquidation value -- 108,000,000 83,000,000 Variable Rate Demand Preferred shares, at liquidation value 219,000,000 -- -- Accrued expenses: Management fees 380,706 286,565 221,227 Other 148,502 224,680 223,685 --------------------------------------------------------------------------------------------------------------------------- Total liabilities 279,606,198 139,724,994 98,475,935 --------------------------------------------------------------------------------------------------------------------------- Auction Rate Preferred shares, at liquidation value -- 91,950,000 67,375,000 --------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 493,539,329 $ 445,903,844 $326,412,692 =========================================================================================================================== Common shares outstanding 37,353,512 29,802,900 22,234,602 =========================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 13.21 $ 14.96 $ 14.68 =========================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: --------------------------------------------------------------------------------------------------------------------------- Common shares, $.01 par value per share $ 373,535 $ 298,029 $ 222,346 Paid-in surplus 500,123,375 424,844,389 316,226,919 Undistributed (Over-distribution of) net investment income 4,339,866 5,188,899 3,663,710 Accumulated net realized gain (loss) (18,915,599) (8,224,049) (9,991,645) Net unrealized appreciation (depreciation) 7,618,152 23,796,576 16,291,362 --------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares $ 493,539,329 $ 445,903,844 $ 326,412,692 =========================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Auction Rate Preferred Unlimited Unlimited Unlimited MuniFund Term Preferred -- Unlimited -- Variable Rate Demand Preferred Unlimited -- -- ===========================================================================================================================

See accompanying notes to financial statements. 74 Nuveen Investments | Statement of | Operations Six Months Ended April 30, 2010 (Unaudited)

INSURED INSURED PREMIER QUALITY OPPORTUNITY INSURED INCOME (NQI) (NIO) (NIF) ----------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 22,079,483 $ 54,485,195 $ 11,092,667 ----------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 2,467,268 6,354,729 1,348,473 Auction fees 181,833 500,773 96,792 Dividend disbursing agent fees 24,795 44,635 14,877 Shareholders' servicing agent fees and expenses 29,931 53,346 12,093 Interest expense and amortization of offering costs 184,602 425,909 82,697 Liquidity fees -- -- -- Custodian's fees and expenses 64,915 164,331 37,097 Directors'/Trustees' fees and expenses 12,542 31,934 6,698 Professional fees 36,891 86,079 21,961 Shareholders' reports - printing and mailing expenses 66,882 149,843 36,975 Stock exchange listing fees 6,467 14,947 4,529 Investor relations expense 31,094 80,541 16,931 Other expenses 25,394 45,252 23,105 ----------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 3,132,614 7,952,319 1,702,228 Custodian fee credit (4,728) (11,289) (2,907) Expense reimbursement -- -- -- ----------------------------------------------------------------------------------------------------------------------- Net expenses 3,127,886 7,941,030 1,699,321 ----------------------------------------------------------------------------------------------------------------------- Net investment income 18,951,597 46,544,165 9,393,346 ----------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments (1,205,476) 1,262,206 575,182 Change in net unrealized appreciation (depreciation) of investments 14,463,528 24,694,438 4,061,364 ----------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 13,258,052 25,956,644 4,636,546 ----------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income (461,629) (1,270,109) (245,054) From accumulated net realized gains -- -- -- ----------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders (461,629) (1,270,109) (245,054) ----------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 31,748,020 $ 71,230,700 $ 13,784,838 =======================================================================================================================

See accompanying notes to financial statements. Nuveen Investments 75 | Statement of | Operations (continued) Six Months Ended April 30, 2010 (Unaudited)

INSURED INSURED INSURED DIVIDEND TAX-FREE PREMIUM INCOME 2 ADVANTAGE ADVANTAGE (NPX) (NVG) (NEA) ------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 19,111,140 $ 17,156,337 $ 12,338,275 ------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 2,300,665 2,066,256 1,540,997 Auction fees 110,108 73,793 84,369 Dividend disbursing agent fees -- 14,877 14,879 Shareholders' servicing agent fees and expenses 17,171 2,964 2,145 Interest expense and amortization of offering costs 538,320 1,873,329 810,785 Liquidity fees 844,562 -- -- Custodian's fees and expenses 59,113 55,214 43,606 Directors'/Trustees' fees and expenses 10,312 10,697 8,050 Professional fees 15,352 29,493 21,113 Shareholders' reports - printing and mailing expenses 67,345 48,257 40,466 Stock exchange listing fees 6,293 2,088 1,458 Investor relations expense 28,359 25,059 17,649 Other expenses 15,157 16,603 17,167 ------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 4,012,757 4,218,630 2,602,684 Custodian fee credit (5,218) (1,893) (1,219) Expense reimbursement -- (474,723) (228,458) ------------------------------------------------------------------------------------------------------------------------- Net expenses 4,007,539 3,742,014 2,373,007 ------------------------------------------------------------------------------------------------------------------------- Net investment income 15,103,601 13,414,323 9,965,268 ------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from investments 641,313 2,973 (4,671) Change in net unrealized appreciation (depreciation) of investments 7,583,831 5,233,535 5,086,795 ------------------------------------------------------------------------------------------------------------------------- Net realized and unrealized gain (loss) 8,225,144 5,236,508 5,082,124 ------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO AUCTION RATE PREFERRED SHAREHOLDERS From net investment income -- (134,751) (216,560) From accumulated net realized gains -- (83,568) -- ------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Auction Rate Preferred shareholders -- (218,319) (216,560) ------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations $ 23,328,745 $ 18,432,512 $ 14,830,832 =========================================================================================================================

See accompanying notes to financial statements. 76 Nuveen Investments | Statement of | Changes in Net Assets(Unaudited)

INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO) ---------------------------- -------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 18,951,597 $ 38,050,658 $ 46,544,165 $ 80,351,687 Net realized gain (loss) from: Investments (1,205,476) (3,961,756) 1,262,206 1,491,035 Forward swaps -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 14,463,528 70,606,759 24,694,438 128,404,860 Forward swaps -- -- -- -- Distributions to Auction Rate Preferred Shareholders: From net investment income (461,629) (2,175,313) (1,270,109) (4,883,766) From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from operations 31,748,020 102,520,348 71,230,700 205,363,816 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (16,208,887) (28,915,237) (38,904,068) (59,230,779) From accumulated net realized gains -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (16,208,887) (28,915,237) (38,904,068) (59,230,779) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Issued in the Reorganization(1) -- -- -- 207,492,882 Net proceeds from shares issued to shareholders due to 495,557 148,339 -- -- reinvestment of distributions Repurchased and retired -- -- (37,551) -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 495,557 148,339 (37,551) 207,492,882 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 16,034,690 73,753,450 32,289,081 353,625,919 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the beginning of period 521,216,460 447,463,010 1,358,843,888 1,005,217,969 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $ 537,251,150 $ 521,216,460 $ 1,391,132,969 $ 1,358,843,888 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 7,521,049 $ 5,239,968 $ 20,120,528 $ 13,750,540 ====================================================================================================================================

(1) Common shares issued in the Reorganization of Nuveen Florida Premium Income Municipal Fund (NFL). See accompanying notes to financial statements. Nuveen Investments 77 | Statement of | Changes in Net Assets (Unaudited) (continued)

PREMIER INSURED INSURED PREMIUM INCOME (NIF) INCOME 2 (NPX) ------------------------------ ----------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ---------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 9,393,346 $ 19,238,723 $ 15,103,601 $ 29,853,041 Net realized gain (loss) from: Investments 575,182 (28,901) 641,313 (3,699,493) Forward swaps -- -- -- -- Change in net unrealized appreciation (depreciation) of: Investments 4,061,364 31,808,470 7,583,831 57,348,025 Forward swaps -- -- -- -- Distributions to Auction Rate Preferred Shareholders: From net investment income (245,054) (1,158,067) -- -- From accumulated net realized gains -- -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 13,784,838 49,860,225 23,328,745 83,501,573 ---------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (8,350,431) (14,137,477) (13,858,154) (24,989,504) From accumulated net realized gains -- -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (8,350,431) (14,137,477) (13,858,154) (24,989,504) ---------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Issued in the Reorganization -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- Repurchased and retired -- -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 5,434,407 35,722,748 9,470,591 58,512,069 ---------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the beginning of period 279,311,614 243,588,866 484,068,738 425,556,669 ---------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 284,746,021 $ 279,311,614 $ 493,539,329 $ 484,068,738 ============================================================================================================================ Undistributed (Over-distribution of) net investment income at the end of period $ 4,244,501 $ 3,446,640 $ 4,339,866 $ 3,094,419 ============================================================================================================================

See accompanying notes to financial statements. 78 Nuveen Investments

INSURED DIVIDEND INSURED TAX-FREE ADVANTAGE (NVG) ADVANTAGE (NEA) ------------------------------ ----------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ---------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 13,414,323 $ 29,671,614 $ 9,965,268 $ 18,590,630 Net realized gain (loss) from: Investments 2,973 (5,791,986) (4,671) (1,232,542) Forward swaps -- 5,000,000 -- -- Change in net unrealized appreciation (depreciation) of: Investments 5,233,535 54,873,147 5,086,795 34,689,209 Forward swaps -- (1,124,391) -- -- Distributions to Auction Rate Preferred Shareholders: From net investment income (134,751) (1,745,832) (216,560) (1,057,458) From accumulated net realized gains (83,568) -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from operations 18,432,512 80,882,552 14,830,832 50,989,839 ---------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (12,517,218) (22,593,095) (9,005,014) (13,551,237) From accumulated net realized gains (1,218,939) -- -- -- ---------------------------------------------------------------------------------------------------------------------------- Decrease in net assets applicable to Common shares from distributions to Common shareholders (13,736,157) (22,593,095) (9,005,014) (13,551,237) ---------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Issued in the Reorganization(2) -- -- -- 54,285,213 Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- Repurchased and retired -- (117,163) -- (212,353) ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- (117,163) -- 54,072,860 ---------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets applicable to Common shares 4,696,355 58,172,294 5,825,818 91,511,462 Net assets applicable to Common shares at the beginning of period 441,207,489 383,035,195 320,586,874 229,075,412 ---------------------------------------------------------------------------------------------------------------------------- Net assets applicable to Common shares at the end of period $ 445,903,844 $ 441,207,489 $ 326,412,692 $ 320,586,874 ============================================================================================================================ Undistributed (Over-distribution of) net investment income at the end of period $ 5,188,899 $ 4,426,545 $ 3,663,710 $ 2,920,016 ============================================================================================================================

(2) Common shares issued in the Reorganization of Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF). See accompanying notes to financial statements. Nuveen Investments 79 | Statement of | Cash Flows Six Months Ended April 30, 2010 (Unaudited)

INSURED INSURED QUALITY OPPORTUNITY (NQI) (NIO) ----------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES: NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 31,748,020 $ 71,230,700 Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities: Purchases of investments (30,756,530) (81,933,936) Proceeds from sales and maturities of investments 57,833,503 70,636,404 Proceeds from (Purchases of) short-term investments, net (10,000,000) 7,585,000 Amortization (Accretion) of premiums and discounts, net (1,459,124) (2,367,174) (Increase) Decrease in receivable for dividends and interest 210,230 92,902 (Increase) Decrease in receivable for investments sold (14,128,711) 4,970,542 (Increase) Decrease in other assets 10,417 (79,077) Increase (Decrease) in payable for investments purchased 1,052,700 -- Increase (Decrease) in payable for Auction Rate Preferred share dividends (1,864) (5,590) Increase (Decrease) in interest payable -- -- Increase (Decrease) in accrued management fees (15,827) (53,091) Increase (Decrease) in accrued other liabilities 35,002 (103,217) Net realized (gain) loss from investments 1,205,476 (1,262,206) Change in net unrealized (appreciation) depreciation of investments (14,463,528) (24,694,438) Taxes paid on undistributed capital gains (118) (16,773) ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) operating activities 21,269,646 44,000,046 ----------------------------------------------------------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES: Increase (Decrease) in floating rate obligations 130,000 -- Increase (Decrease) in cash overdraft balance -- -- (Increase) Decrease in cash equivalents -- -- Cash distributions paid to Common shareholders (15,605,115) (39,719,431) Cost of Common shares repurchased and retired -- (37,551) Increase (Decrease) in Auction Rate Preferred shares noticed for redemption, at liquidation value -- -- (Increase) Decrease in deferred offering costs -- -- Increase (Decrease) in payable for offering costs -- -- Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value -- -- Increase (Decrease) in Auction Rate Preferred shares, at liquidation value (6,650,000) (10,650,000) ----------------------------------------------------------------------------------------------------------------------------- Net cash provided by (used in) financing activities (22,125,115) (50,406,982) ----------------------------------------------------------------------------------------------------------------------------- NET INCREASE (DECREASE) IN CASH (855,469) (6,406,936) Cash at the beginning of period 1,811,377 10,773,888 ----------------------------------------------------------------------------------------------------------------------------- Cash at the End of Period 955,908 4,366,952 =============================================================================================================================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Non-cash financing activities not included herein consist of reinvestments of Common share distributions of $495,557 for Insured Quality (NQI). Cash paid for interest (excluding amortization of offering costs, where applicable) was as follows:

INSURED INSURED QUALITY OPPORTUNITY (NQI) (NIO) ----------------------------------------------------------------------------------------------------------------------------- $ 184,602 $ 425,909 =============================================================================================================================

See accompanying notes to financial statements. 80 Nuveen Investments

INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE INCOME 2 ADVANTAGE ADVANTAGE (NPX) (NVG) (NEA) ------------------------------------------------------------------------------------------------------------------------------ CASH FLOWS FROM OPERATING ACTIVITIES: NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 23,328,745 $ 18,432,512 $ 14,830,832 Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities: Purchases of investments (48,778,688) (10,086,178) (5,190,360) Proceeds from sales and maturities of investments 51,115,022 10,033,347 55,692 Proceeds from (Purchases of) short-term investments, net -- -- 3,790,000 Amortization (Accretion) of premiums and discounts, net (685,271) (430,266) (100,907) (Increase) Decrease in receivable for dividends and interest 612,736 147,356 (83,988) (Increase) Decrease in receivable for investments sold 9,679,732 1,388,647 -- (Increase) Decrease in other assets (25,287) 7,255 (18,712) Increase (Decrease) in payable for investments purchased (9,639,100) -- -- Increase (Decrease) in payable for Auction Rate Preferred share dividends -- (2,186) (1,802) Increase (Decrease) in interest payable -- 159,311 209,000 Increase (Decrease) in accrued management fees (17,201) 9,197 19,288 Increase (Decrease) in accrued other liabilities (23,280) 9,434 (82,734) Net realized (gain) loss from investments (641,313) (2,973) 4,671 Change in net unrealized (appreciation) depreciation of investments (7,583,831) (5,233,535) (5,086,795) Taxes paid on undistributed capital gains (26) (2,815) (8) ------------------------------------------------------------------------------------------------------------------------------ Net cash provided by (used in) operating activities 17,339,238 14,429,106 8,344,177 ------------------------------------------------------------------------------------------------------------------------------ CASH FLOWS FROM FINANCING ACTIVITIES: Increase (Decrease) in floating rate obligations -- -- -- Increase (Decrease) in cash overdraft balance (1,033,897) -- -- (Increase) Decrease in cash equivalents -- 106,158,035 -- Cash distributions paid to Common shareholders (13,810,108) (13,734,905) (9,184,835) Cost of Common shares repurchased and retired -- -- -- Increase (Decrease) in Auction Rate Preferred shares noticed for redemption, at liquidation value -- (106,125,000) -- (Increase) Decrease in deferred offering costs 40,277 184,560 (1,516,027) Increase (Decrease) in payable for offering costs -- (21,730) 308,932 Increase (Decrease) in MuniFund Term Preferred shares, at liquidation value -- -- 83,000,000 Increase (Decrease) in Auction Rate Preferred shares, at liquidation value -- -- (81,375,000) ------------------------------------------------------------------------------------------------------------------------------ Net cash provided by (used in) financing activities (14,803,728) (13,539,040) (8,766,930) ------------------------------------------------------------------------------------------------------------------------------ NET INCREASE (DECREASE) IN CASH 2,535,510 890,066 (422,753) Cash at the beginning of period -- 1,196,918 1,565,603 ------------------------------------------------------------------------------------------------------------------------------ Cash at the End of Period 2,535,510 2,086,984 1,142,850 ==============================================================================================================================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest (excluding amortization of offering costs, where applicable) was as follows:

INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE INCOME 2 ADVANTAGE ADVANTAGE (NPX) (NVG) (NEA) ------------------------------------------------------------------------------------------------------------------------------ $ 496,426 $ 1,688,769 $ 721,812 ==============================================================================================================================

See accompanying notes to financial statements. Nuveen Investments 81 | Notes to Financial Statements(Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The funds covered in this report and their corresponding Common share stock exchange symbols are Nuveen Insured Quality Municipal Fund, Inc. (NQI), Nuveen Insured Municipal Opportunity Fund, Inc. (NIO), Nuveen Premier Insured Municipal Income Fund, Inc. (NIF), Nuveen Insured Premium Income Municipal Fund 2 (NPX), Nuveen Insured Dividend Advantage Municipal Fund (NVG) and Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) (collectively, the "Funds"). Common shares of Insured Quality (NQI), Insured Opportunity (NIO), Premier Insured Income (NIF) and Insured Premium Income 2 (NPX) are traded on the New York Stock Exchange ("NYSE") while Common shares of Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) are traded on the NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, management investment companies. During the fiscal year ended October 31, 2009, the following Nuveen Florida closed-end municipal funds were reorganized into the following existing Nuveen national municipal closed-end funds, as follows (collectively, the "Reorganizations"): o Nuveen Insured Florida Premium Income Municipal Fund (NFL) into Insured Opportunity (NIO); o Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) into Insured Tax-Free Advantage (NEA). Each of these Funds called a special meeting of shareholders, originally scheduled in each case for May 15, 2009, to vote on the Reorganizations. Those meetings were subsequently adjourned to and reconvened in June and July, at which time, shareholders of each of Insured Florida Premium Income (NFL), Insured Florida Tax-Free Advantage (NWF), Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) approved its respective Reorganization, with more than 80% of participating shares of each fund voting in favor of the Reorganization. After the close of business on October 16, 2009, Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) acquired all the net assets of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF), respectively, pursuant to the plan of Reorganizations described above. The acquisition was accomplished by a tax-free exchange of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) Common shares for Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) Common shares, respectively. On October 16, 2009, the net assets of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) were $207,492,882 and $54,285,213, respectively. Insured Florida Premium Income's (NFL) and Insured Florida Tax-Free Advantage's (NWF) net assets applicable to Common shares at that date included $8,234,921 and $3,171,992 of net unrealized appreciation, respectively. Each Fund's net unrealized appreciation was combined with that of Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA), respectively. The combined net assets applicable to Common shares of Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) immediately after the acquisitions were $1,372,440,081 and $323,751,223, respectively. For accounting and performance reporting purposes, Insured Opportunity (NIO) and Insured Tax-Free Advantage (NEA) are the survivors. Prior to the Reorganizations, each of Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) established a reserve for certain costs and expenses associated with the Reorganizations, including amounts estimated for the advancement of legal costs in connection with legal proceedings brought by a shareholder of the funds challenging the Reorganizations. The amount of such reserve is included as a component of Insured Opportunity's (NIO) and Insured Tax-Free Advantage's (NEA) "Accrued other expenses" on the Statement of Assets and Liabilities. Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of Insured Tax-Free Advantage (NEA) the alternative minimum tax applicable to individuals, by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with US generally accepted accounting principles ("U.S. GAAP"). 82 Nuveen Investments Investment Valuation Exchange-listed securities are generally valued at the last sales price on the security exchange on which such securities are primarily traded. Securities traded on a securities exchange for which there are no transactions on a given day or securities not listed on a securities exchange are valued at the mean of the closing bid and asked prices. Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. Prices of forward swap contracts are also provided by an independent pricing service approved by each Fund's Board of Directors/Trustees. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment or derivative instrument, the Board of Directors/Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At April 30, 2010, Insured Quality (NQI) had outstanding when-issued/delayed delivery purchase commitments of $1,052,700. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Dividend income is recorded on the ex-dividend date. Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of Insured Tax-Free Advantage (NEA) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Nuveen Investments 83 | Notes to Financial Statements (Unaudited) (continued) Auction Rate Preferred Shares The following Funds have issued and outstanding Auction Rate Preferred Shares ("ARPS"), $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's ARPS are issued in more than one Series. The dividend rate paid by the Funds on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable at the end of each rate period. As of April 30, 2010, the number of ARPS outstanding, by Series and in total, for each Fund is as follows: PREMIER INSURED INSURED INSURED INSURED INSURED DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NVG) (NEA) -------------------------------------------------------------------------------- Number of shares: Series M 1,954 3,319 -- 1,247 -- Series T 1,956 3,319 -- 1,217 1,104 Series W 1,957 3,320 678 -- 1,105 Series W2 -- 2,655 -- -- 486** Series W3 -- 1,486* -- -- -- Series TH 1,745 3,319 2,263 1,214 -- Series TH2 -- 3,321 -- -- -- Series TH3 -- 2,536* -- -- -- Series F 1,956 3,318 2,264 -- -- -------------------------------------------------------------------------------- Total 9,568 26,593 5,205 3,678 2,695 ================================================================================ * ARPS issued in the Reorganization of Insured Florida Premium Income (NFL). ** ARPS issued in the Reorganization of Insured Florida Tax-Free Advantage (NWF). Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the ARPS issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear,'' and that many ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. ARPS shareholders unable to sell their shares received distributions at the "maximum rate'' applicable to failed auctions as calculated in accordance with the pre-established terms of the ARPS. As of April 30, 2010, the aggregate amount of outstanding ARPS redeemed by each Fund is as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) ---------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed, at liquidation value $ 78,800,000 $ 126,175,000 $ 30,875,000 $ 268,900,000 $ 141,050,000 $ 105,625,000 ==================================================================================================================================

MuniFund Term Preferred Shares The following Funds have issued and outstanding MuniFund Term Preferred ("MTP") Shares, with a $10 stated value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem a portion of each Fund's outstanding ARPS. Each Fund's MTP Shares are issued in one Series. Dividends, which are recognized as interest expense for financial reporting purposes, will be paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of April 30, 2010, the number of MTP Shares outstanding, annual interest rate and the NYSE "ticker" symbol for each Fund are as follows: INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA) ---------------------------------- --------------------------------- ANNUAL ANNUAL SHARES INTEREST NYSE SHARES INTEREST NYSE OUTSTANDING RATE TICKER OUTSTANDING RATE TICKER -------------------------------------------------------------------------------- Series: 2014 10,800,000 2.95% NVG Pr C -- --% -- 2015 -- -- -- 8,300,000 2.85 NEA Pr C ================================================================================ 84 Nuveen Investments Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document ("Term Redemption"), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund ("Optional Redemption Date"), subject to a payment of premium for one year following the Optional Redemption Date ("Premium Expiration Date"), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption, Optional Redemption Date and Premium Expiration Date for each Fund's MTP Shares are as follows: INSURED INSURED DIVIDEND TAX-FREE ADVANTAGE ADVANTAGE (NVG) (NEA) SERIES 2014 SERIES 2015 -------------------------------------------------------------------------------- Term Redemption November 1, 2014 February 1, 2015 Optional Redemption Date November 1, 2010 February 1, 2011 Premium Expiration Date November 1, 2011 January 31, 2012 ================================================================================ The average amount of MTP Shares outstanding during the six months ended April 30, 2010, was as follows: INSURED INSURED DIVIDEND TAX-FREE ADVANTAGE ADVANTAGE (NVG) (NEA)* -------------------------------------------------------------------------------- Average amount of MTP Shares outstanding $ 108,000,000 $ 82,215,686 ================================================================================ * For the period January 19, 2010 (first issuance date of shares) through April 30, 2010. For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Net amounts earned by Nuveen Investments, Inc. ("Nuveen") as underwriter of each Fund's MTP Share offering were passed directly to the Funds and are recognized as a component of "Investment Income" on the Statement of Operations. For the six months ended April 30, 2010, the net amounts earned by Nuveen were as follows: INSURED INSURED DIVIDEND TAX-FREE ADVANTAGE ADVANTAGE (NVG) (NEA)* -------------------------------------------------------------------------------- Net amounts earned by Nuveen $ 2,916 $ 6,029 ================================================================================ * For the period January 19, 2010 (first issuance date of shares) through April 30, 2010. Variable Rate Demand Preferred Shares Insured Premium Income 2 (NPX) has issued and outstanding 2,190 Series 1 Variable Rate Demand Preferred ("VRDP") Shares, $100,000 liquidation value per share. The Fund issued its VRDP Shares in a privately negotiated offering in August 2008. Proceeds of the Fund's offering were used to redeem a portion of the Fund's outstanding ARPS. The VRDP Shares were offered to institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933 and have a maturity date of August 1, 2038. VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom the Fund has contracted in the event that purchase orders for VRDP Shares in a remarketing are not sufficient in number to be matched with the sale orders in that remarketing. The terms of the Fund's VRDP Shares presently do not provide the liquidity provider with the right to cause the Fund to redeem VRDP Shares after six months of continuous, unsuccessful remarketing. The Fund's Board of Directors/Trustees has approved, in connection with renewing its liquidity provider contract in June 2010, the issuance of replacement VRDP Shares that would provide the liquidity provider with a right of redemption after six months of continuous unsuccessful remarketing. Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation value. If remarketings for VRDP Shares are Nuveen Investments 85 | Notes to Financial Statements (Unaudited) (continued) continuously unsuccessful for six months, the maximum rate is designed to escalate according to a specified schedule in order to enhance the remarketing agent's ability to successfully remarket the VRDP Shares. Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. Insured Premium Income 2 (NPX) had all $219,000,000 of its VRDP Shares outstanding during the six months ended April 30, 2010, with an annualized interest rate of 0.31%. For financial reporting purposes only, the liquidation value of VRDP Shares is recognized as a liability on the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of "Interest payable" on the Statement of Assets and Liabilities. Dividends paid on the VRDP Shares are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to this interest expense, the Funds also pay a per annum liquidity fee to the liquidity provider, which is recognized as "Liquidity fees" on the Statement of Operations. Insurance Under normal circumstances and during the six months ended April 30, 2010, each Fund invests at least 80% of their net assets, (as defined in Footnote 7 - Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. For purposes of this 80%, insurers must have a claims paying ability rated at least "A" at the time of purchase by at least one independent rating agency. In addition, each Fund invests at least 80% of its net assets in municipal securities that are rated at least "BBB" at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen, or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure timely payment of principal and interest. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%. Each Fund may also invest up to 20% of its net assets in municipal securities rated at least "BBB" (based on the higher rating of the insurer, if any, or the underlying bond) or are unrated but judged to be of comparable quality by the Adviser. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance, in contrast, is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Funds include value, if any, attributable to the Portfolio insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Inverse Floating Rate Securities Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond. A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as "(IF) - Inverse floating rate investment." An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as "(UB) - Underlying bond of an 86 Nuveen Investments inverse floating rate trust reflected as a financing transaction," with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in "Investment Income" the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. During the six months ended April 30, 2010, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters. Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") (such agreements referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund's inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities. At April 30, 2010, each Fund's maximum exposure to externally-deposited Recourse Trusts, is as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) ----------------------------------------------------------------------------------------------------------------------------- Maximum exposure to Recourse Trusts $ 26,606,650 $ 31,095,000 $ 15,375,000 $ 14,845,000 $ -- $ 6,665,000 =============================================================================================================================

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2010, were as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) ----------------------------------------------------------------------------------------------------------------------------------- Average floating rate obligations outstanding $ 59,253,453 $ 134,833,333 $ 25,665,000 $ 57,980,000 $ 28,413,334 $ 13,040,000 Average annual interest rate and fees 0.63% 0.64% 0.65% 0.56% 0.68% 0.71% ===================================================================================================================================

Forward Swap Contracts Each Fund is authorized to enter into forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality). Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Each Fund's use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund's interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve each Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond's maturity). The value of the Fund's swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap's termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as "Unrealized appreciation or depreciation on forward swaps" with the change during the fiscal period recognized on the Statement of Operations as "Change in net unrealized appreciation (depreciation) of forward swaps." The Funds may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as "Net realized gain (loss) from forward swaps." Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. The Funds did not invest in forward interest rate swap transactions during the six months ended April 30, 2010. Nuveen Investments 87 | Notes to Financial Statements (Unaudited) (continued) Market and Counterparty Credit Risk In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default. Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount. Zero Coupon Securities Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. Offering Costs Costs incurred by Insured Premium Income 2 (NPX) in connection with its offering of VRDP Shares ($2,535,000) were recorded as a deferred charge which will be amortized over the 30-year life of the shares. Costs incurred by Insured Dividend Advantage (NVG) and Insured Tax-Free Advantage (NEA) in connection with their offerings of MTP Shares ($1,875,000 and $1,605,000, respectively) were recorded as a deferred charge which will be amortized over the 5-year life of the shares. Each Fund's amortized deferred charges are recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank. Indemnifications Under the Funds' organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 88 Nuveen Investments 2. FAIR VALUE MEASUREMENTS In determining the value of each Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of April 30, 2010:

INSURED QUALITY (NQI) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL --------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 799,986,545 $ -- $ 799,986,545 Short-Term Investments -- 10,000,000 -- 10,000,000 --------------------------------------------------------------------------------------------------- Total $ -- $ 809,986,545 $ -- $ 809,986,545 ===================================================================================================

INSURED OPPORTUNITY (NIO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL --------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 2,155,558,928 $ -- $ 2,155,558,928 Short-Term Investments -- 5,782,000 -- 5,782,000 --------------------------------------------------------------------------------------------------- Total $ -- $ 2,161,340,928 $ -- $ 2,161,340,928 ===================================================================================================

PREMIER INSURED INCOME (NIF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL --------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 431,603,809 $ -- $ 431,603,809 Short-Term Investments -- 2,885,000 -- 2,885,000 --------------------------------------------------------------------------------------------------- Total $ -- $ 434,488,809 $ -- $ 434,488,809 ===================================================================================================

INSURED PREMIUM INCOME 2 (NPX) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL --------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 755,387,364 $ -- $ 755,387,364 ===================================================================================================

INSURED DIVIDEND ADVANTAGE (NVG) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL --------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 662,462,567 $ -- $ 662,462,567 Investment Companies 1,321,031 -- -- 1,321,031 --------------------------------------------------------------------------------------------------- Total $ 1,321,031 $ 662,462,567 $ -- $ 663,783,598 ===================================================================================================

INSURED TAX-FREE ADVANTAGE (NEA) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL --------------------------------------------------------------------------------------------------- Investments: Municipal Bonds $ -- $ 481,873,244 $ -- $ 481,873,244 ===================================================================================================

3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended April 30, 2010. Nuveen Investments 89 | Notes to Financial Statements (Unaudited) (continued) 4. FUND SHARES Common Shares Transactions in Common shares were as follows:

INSURED INSURED PREMIER INSURED QUALITY (NQI) OPPORTUNITY (NIO) INCOME (NIF) ------------------------ ------------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 -------------------------------------------------------------------------------------------------------------------------------- Common shares: Issued in the Reorganization -- -- -- 14,451,767* -- -- Issued to shareholders due to reinvestment of distributions 35,617 11,552 -- -- -- -- Repurchased and retired -- -- (2,900) -- -- -- ================================================================================================================================ Weighted average Common share: Price per share repurchased and retired -- -- $ 12.93 -- -- -- Discount per share repurchased and retired -- -- 8.57% -- -- -- ================================================================================================================================

INSURED INSURED INSURED PREMIUM INCOME 2 (NPX) DIVIDEND ADVANTAGE (NVG) TAX-FREE ADVANTAGE (NEA) ------------------------ ------------------------- ------------------------ SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED ENDED ENDED 4/30/10 10/31/09 4/30/10 10/31/09 4/30/10 10/31/09 ------------------------------------------------------------------------------------------------------------------------------------ Common shares: Issued in the Reorganization -- -- -- -- -- 3,728,205** Issued to shareholders due to reinvestment of distributions -- -- -- -- -- -- Repurchased and retired -- -- -- (10,400) -- (19,300) ------------------------------------------------------------------------------------------------------------------------------------ -- -- -- (10,400) -- 3,708,905 ==================================================================================================================================== Weighted average Common share: Price per share repurchased and retired -- -- -- $ 11.53 -- $ 10.98 Discount per share repurchased and retired -- -- -- 16.82% -- 18.03% ====================================================================================================================================

* Common shares issued in the Reorganization of Insured Florida Premium Income (NFL). ** Common shares issued in the Reorganization of Insured Florida Tax-Free Advantage (NWF). Preferred Shares Transactions in ARPS were as follows:

INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO) ---------------------------------------------- ----------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ----------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------------------------- ARPS issued in the Reorganization: Series W3 -- $ -- -- $ -- -- $ -- 1,510* $ 37,750,000* Series TH3 -- -- -- -- -- -- 2,577* 64,425,000* ----------------------------------------------------------------------------------------------------------------------------------- -- -- -- -- -- -- 4,087 102,175,000 ----------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed/and or noticed for redemption: Series M (55) (1,375,000) (431) (10,775,000) (53) (1,325,000) (294) (7,350,000) Series T (54) (1,350,000) (430) (10,750,000) (53) (1,325,000) (294) (7,350,000) Series W (54) (1,350,000) (429) (10,725,000) (53) (1,325,000) (294) (7,350,000) Series W2 -- -- -- -- (43) (1,075,000) (236) (5,900,000) Series W3 -- -- -- -- (41) (1,025,000) -- -- Series TH (49) (1,225,000) (383) (9,575,000) (53) (1,325,000) (295) (7,375,000) Series TH2 -- -- -- -- (53) (1,325,000) (294) (7,350,000) Series TH3 -- -- -- -- (24) (600,000) -- -- Series F (54) (1,350,000) (430) (10,750,000) (53) (1,325,000) (295) (7,375,000) ----------------------------------------------------------------------------------------------------------------------------------- (266) (6,650,000) (2,103) (52,575,000) (426) (10,650,000) (2,002) (50,050,000) ----------------------------------------------------------------------------------------------------------------------------------- Total (266) $ (6,650,000) (2,103) $ (52,575,000) (426) $ (10,650,000) 2,085 $ 52,125,000 ===================================================================================================================================

90 Nuveen Investments

PREMIER INSURED INCOME (NIF) INSURED PREMIUM INCOME 2 (NPX) ---------------------------------------------- ----------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ----------------------------------------------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ----------------------------------------------------------------------------------------------------------------------------------- ARPS redeemed/and or noticed for redemption: Series M -- $ -- -- $ -- N/A N/A N/A N/A Series T -- -- -- -- N/A N/A N/A N/A Series W -- -- (130) (3,250,000) N/A N/A N/A N/A Series TH -- -- (432) (10,800,000) N/A N/A N/A N/A Series F -- -- (431) (10,775,000) N/A N/A N/A N/A ----------------------------------------------------------------------------------------------------------------------------------- Total -- $ -- (993) $ (24,825,000) N/A N/A N/A N/A ===================================================================================================================================

INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA) -------------------------------------------- ------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 4/30/10 10/31/09 4/30/10 10/31/09 ------------------------------------------------------------------------------------------------ SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT ------------------------------------------------------------------------------------------------------------------------------------ ARPS issued in the Reorganization: Series W2 -- $ -- -- $ -- -- $ -- 1,070** $ 26,750,000** ------------------------------------------------------------------------------------------------------------------------------------ ARPS redeemed/and or noticed for redemption: Series M -- -- (1,832) (45,800,000) -- -- -- -- Series T -- -- (1,783) (44,575,000) (1,336) (33,400,000) (216) (5,400,000) Series W -- -- -- -- (1,335) (33,375,000) (216) (5,400,000) Series W2 -- -- -- -- (584) (14,600,000) -- -- Series TH -- -- (1,786) (44,650,000) -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ -- -- (5,401) (135,025,000) (3,255) (81,375,000) (432) (10,800,000) ------------------------------------------------------------------------------------------------------------------------------------ Total -- $ -- (5,401) $ (135,025,000) (3,255) $ (81,375,000) 638 $ 15,950,000 ====================================================================================================================================

* ARPS issued in the Reorganization of Insured Florida Premium Income (NFL). Prior to the Reorganization, Insured Florida Premium Income (NFL) redeemed 130 and 233 Series W and TH shares, respectively, in the amounts of $3,250,000 and $5,575,000, respectively. ** ARPS issued in the Reorganization of Insured Florida Tax-Free Advantage (NWF). Prior to the Reorganization, Insured Florida Tax-Free Advantage (NWF) redeemed 90 Series W shares in the amount of $2,250,000. N/A Insured Premium Income 2 (NPX) redeemed all $268,900,000 of its outstanding ARPS during the fiscal year ended October 31, 2008. Transactions in MTP Shares were as follows: INSURED DIVIDEND ADVANTAGE (NVG) ----------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED 4/30/10 10/31/09 ----------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------- MTP Shares issued: Series 2014 -- $ -- 10,800,000 $ 108,000,000 ================================================================================ INSURED TAX-FREE ADVANTAGE (NEA) ----------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED 4/30/10 10/31/09 ----------------------------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------- MTP Shares issued: Series 2015 8,300,000 $ 83,000,000 -- $ -- ================================================================================ Nuveen Investments 91 | Notes to Financial Statements (Unaudited) (continued) 5. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments) during the six months ended April 30, 2010, were as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) --------------------------------------------------------------------------------------------------------------- Purchases $ 30,756,530 $ 81,933,936 $ 24,593,873 $ 48,778,688 $ 10,086,178 $ 5,190,360 Sales and maturities 57,833,503 70,636,404 21,330,000 51,115,022 10,033,347 55,692 ===============================================================================================================

6. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At April 30, 2010, the cost and unrealized appreciation (depreciation) of investments as determined on a federal income tax basis, were as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) ----------------------------------------------------------------------------------------------------------------------------------- Cost of investments $ 749,663,196 $ 1,976,647,888 $ 395,881,456 $ 692,941,469 $ 617,951,529 $ 454,137,143 ----------------------------------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation 33,491,635 $ 99,029,425 $ 22,193,453 $ 30,403,521 $ 39,198,636 $ 23,569,607 Depreciation (32,441,626) (49,163,931) (9,252,405) (25,940,200) (21,778,806) (8,870,991) ----------------------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) of investments $ 1,050,009 $ 49,865,494 $ 12,941,048 $ 4,463,321 $ 17,419,830 $ 14,698,616 ===================================================================================================================================

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2009, the Funds' last tax year end, were as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) ------------------------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $ 7,130,915 $ 19,121,578 $ 4,578,949 $ 5,048,068 $ 6,280,025 $ 4,510,076 Undistributed net ordinary income ** 746 -- 96 157 -- 54 Undistributed net long-term capital gains -- -- -- -- 1,311,770 -- ===============================================================================================================================

* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2009, paid on November 2, 2009. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the Funds' last tax year ended October 31, 2009, was designated for purposes of the dividends paid deduction as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED INSURED PREMIUM DIVIDEND TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE ADVANTAGE (NQI) (NIO) (NIF) (NPX) (NVG) (NEA) ----------------------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $ 30,908,983 $ 61,377,271 $ 15,125,146 $ 26,240,993 $ 24,084,927 $ 14,021,812 Distributions from net ordinary income ** -- 118,143 -- -- -- -- Distributions from net long-term capital gains -- -- -- -- -- -- ===================================================================================================================================

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 92 Nuveen Investments At October 31, 2009, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

PREMIER INSURED INSURED INSURED INSURED INSURED PREMIUM TAX-FREE QUALITY OPPORTUNITY INCOME INCOME 2 ADVANTAGE (NQI) (NIO)* (NIF) (NPX) (NEA)* --------------------------------------------------------------------------------------------------- Expiration: October 31, 2010 $ -- $ -- $ -- $ -- $ 772,428 October 31, 2011 -- -- -- -- 97,429 October 31, 2012 -- -- -- -- 236,625 October 31, 2013 -- -- -- -- 4,418,633 October 31, 2014 731,585 -- -- -- -- October 31, 2015 -- 1,075,228 52,137 -- 174,026 October 31, 2016 3,901,375 7,511,676 2,437,248 6,922,132 1,917,479 October 31, 2017 217,917 -- -- 456,587 -- --------------------------------------------------------------------------------------------------- Total $ 4,850,877 $ 8,586,904 $ 2,489,385 $ 7,378,719 $ 7,616,620 ===================================================================================================

* A portion of Insured Opportunity's (NIO) and Insured Tax-Free Advantage's (NEA) capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. 7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser. The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule: INSURED QUALITY (NQI) INSURED OPPORTUNITY (NIO) PREMIER INSURED INCOME (NIF) INSURED PREMIUM INCOME 2 (NPX) AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE -------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For the next $3 billion .3875 For net assets over $5 billion .3750 ================================================================================ INSURED DIVIDEND ADVANTAGE (NVG) INSURED TAX-FREE ADVANTAGE (NEA) AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE -------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For net assets over $2 billion .3750 ================================================================================ Nuveen Investments 93 | Notes to Financial Statements (Unaudited) (continued) The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule: COMPLEX-LEVEL ASSET BREAKPOINT LEVEL* EFFECTIVE RATE AT BREAKPOINT LEVEL -------------------------------------------------------------------------------- $55 billion .2000% $56 billion .1996 $57 billion .1989 $60 billion .1961 $63 billion .1931 $66 billion .1900 $71 billion .1851 $76 billion .1806 $80 billion .1773 $91 billion .1691 $125 billion .1599 $200 billion .1505 $250 billion .1469 $300 billion .1445 ================================================================================ * The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily managed assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed assets in certain circumstances. As of April 30, 2010, the complex-level fee rate was .1852%. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds. For the first ten years of Insured Dividend Advantage's (NVG) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, -------------------------------------------------------------------------------- 2002* .30% 2008 .25% 2003 .30 2009 .20 2004 .30 2010 .15 2005 .30 2011 .10 2006 .30 2012 .05 2007 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured Dividend Advantage (NVG) for any portion of its fees and expenses beyond March 31, 2012. For the first eight years of Insured Tax-Free Advantage's (NEA) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, -------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured Tax-Free Advantage (NEA) for any portion of its fees and expenses beyond November 30, 2010. 94 Nuveen Investments 8. NEW ACCOUNTING STANDARDS Accounting for Transfers of Financial Assets During June 2009, the Financial Accounting Standards Board ("FASB") issued changes to the authoritative guidance under U.S. GAAP on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any. Fair Value Measurements On January 21, 2010, FASB issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of this guidance is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any. 9. SUBSEQUENT EVENTS Investment Policy Changes - Insurance On May 3, 2010, the Funds' Board of Directors/Trustees approved changes to each Fund's insurance investment policies in response to the continuing challenges faced by municipal bond insurers. The changes to each Fund's investment policies are intended to increase the Fund's investment flexibility in pursuing its investment objective, while retaining the insured nature of its portfolio. The changes, effective immediately, provide that under normal circumstances, the Funds invest at least 80% of their managed assets (as defined in Footnote 7 - Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. In addition, the municipal securities in which each Fund invests will be rated investment grade at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by the Adviser, or are backed by an escrow or trust account containing sufficient U.S. government or U.S. government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure timely payment of principal and interest. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%. Nuveen Investments 95 | Financial | Highlights(Unaudited) Selected data for a Common share outstanding throughout each period:

INVESTMENT OPERATIONS ---------------------------------------------------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM BEGINNING INVESTMENT CAPITAL COMMON NET INCOME TO GAINS TO SHARE NET REALIZED/ AUCTION RATE AUCTION RATE NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL ------------------------------------------------------------------------------------------------------------ INSURED QUALITY (NQI) ------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) $ 13.61 $ .49 $ .34 $ (.01) $ -- $ .82 2009 11.68 .99 1.76 (.06) -- 2.69 2008 14.88 .99 (3.16) (.30) -- (2.47) 2007 15.40 .99 (.49) (.29) -- .21 2006 15.31 .99 .24 (.25) (.01) .97 2005 15.85 1.03 (.39) (.16) -- .48 INSURED OPPORTUNITY (NIO) ------------------------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) 14.22 .49 .26 (.01) -- .74 2009 12.39 .96 1.66 (.06) -- 2.56 2008 15.04 .97 (2.62) (.30) --** (1.95) 2007 15.57 .98 (.45) (.30) (.01) .22 2006 15.46 .98 .34 (.24) (.03) 1.05 2005 16.06 1.01 (.50) (.16) -- .35 ============================================================================================================

LESS DISTRIBUTIONS ---------------------------------- DISCOUNT NET FROM INVESTMENT CAPITAL COMMON ENDING INCOME TO GAINS TO SHARES COMMON COMMON COMMON REPURCHASED SHARE ENDING SHARE- SHARE- AND NET ASSET MARKET HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE ------------------------------------------------------------------------------------------------- INSURED QUALITY (NQI) ------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ (.42) $ -- $ (.42) $ -- $ 14.01 $ 14.20 2009 (.76) -- (.76) -- 13.61 13.30 2008 (.73) -- (.73) -- 11.68 11.15 2007 (.73) -- (.73) -- 14.88 13.61 2006 (.80) (.08) (.88) -- 15.40 14.83 2005 (.97) (.05) (1.02) -- 15.31 15.31 INSURED OPPORTUNITY (NIO) ------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) (.41) -- (.41) --** 14.55 13.97 2009 (.73) -- (.73) -- 14.22 12.98 2008 (.70) --** (.70) -- 12.39 11.15 2007 (.73) (.02) (.75) -- 15.04 13.56 2006 (.80) (.14) (.94) -- 15.57 14.75 2005 (.92) (.03) (.95) -- 15.46 14.52 =================================================================================================

AUCTION RATE PREFERRED SHARES AT END OF PERIOD --------------------------------------- AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE -------------------------------------------------------------------------------- INSURED QUALITY (NQI) -------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ 239,200 $ 25,000 $ 81,151 2009 245,850 25,000 78,001 2008 298,425 25,000 62,485 2007 318,000 25,000 69,808 2006 318,000 25,000 71,378 2005 318,000 25,000 71,052 INSURED OPPORTUNITY (NIO) -------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 664,825 25,000 77,312 2009 675,475 25,000 75,292 2008 623,350 25,000 65,315 2007 680,000 25,000 69,864 2006 680,000 25,000 71,440 2005 680,000 25,000 71,126 ================================================================================ 96 Nuveen Investments

RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b) ----------------------- --------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- 10.08% 6.12% $ 537,251 1.19%* 1.12%* 7.20%* 4% 26.98 23.65 521,216 1.32 1.21 7.86 4 (13.35) (17.24) 447,463 1.49 1.23 7.03 7 (3.48) 1.38 569,958 1.52 1.18 6.53 5 2.76 6.53*** 589,928 1.20 1.20 6.49 13 2.11 3.09 585,777 1.19 1.19 6.58 21 --------------------------------------------------------------------------------------------------- 10.88 5.24 1,391,133 1.17* 1.10* 6.82* 3 23.62 21.18 1,358,844 1.29 1.18 7.36 8 (13.17) (13.45) 1,005,218 1.43 1.19 6.76 9 (3.18) 1.49 1,220,297 1.41 1.16 6.39 5 8.26 7.05*** 1,263,172 1.17 1.17 6.38 13 (3.72) 2.21 1,254,638 1.16 1.16 6.35 25 ===================================================================================================

* Annualized. ** Rounds to less than $.01 per share. *** During the fiscal year ended October 31, 2006, Insured Quality (NQI) and Insured Opportunity (NIO) received payments from the Adviser or $27,762 and $42,338, respectively, to offset losses realized on the disposal of investments purchased in violation of each Fund's investment restrictions. This reimbursement did not have an impact on the Fund's Total Return on Common Share Net Asset Value. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares. (a) Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. (b) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 - Inverse Floating Rate Securities. (d) For the six months ended April 30, 2010. See accompanying notes to financial statements. Nuveen Investments 97 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:

INVESTMENT OPERATIONS -------------------------------------------------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM BEGINNING INVESTMENT CAPITAL COMMON NET INCOME TO GAINS TO SHARE NET REALIZED/ AUCTION RATE AUCTION RATE NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL --------------------------------------------------------------------------------------------------------- PREMIER INSURED INCOME (NIF) --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ 14.38 $ .48 $ .24 $ (.01) $ -- $ .71 2009 12.54 .99 1.64 (.06) -- 2.57 2008 14.90 .96 (2.37) (.31) -- (1.72) 2007 15.40 .97 (.47) (.29) -- .21 2006 15.33 .98 .25 (.25) (.02) .96 2005 16.00 1.01 (.49) (.16) (.01) .35 INSURED PREMIUM INCOME 2 (NPX) --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 12.96 .40 .22 -- -- .62 2009 11.39 .80 1.44 -- -- 2.24 2008 13.73 .80 (2.32) (.20) -- (1.72) 2007 14.16 .86 (.39) (.26) -- .21 2006 13.93 .86 .28 (.23) -- .91 2005 14.45 .89 (.44) (.14) -- .31 =========================================================================================================

LESS DISTRIBUTIONS ---------------------------------- NET DISCOUNT INVESTMENT CAPITAL FROM COMMON ENDING INCOME TO GAINS TO SHARES COMMON COMMON COMMON REPURCHASED SHARE ENDING SHARE- SHARE- AND NET ASSET MARKET HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE -------------------------------------------------------------------------------------------------- PREMIER INSURED INCOME (NIF) -------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ (.43) $ -- $ (.43) $ -- $ 14.66 $ 14.66 2009 (.73) -- (.73) -- 14.38 13.10 2008 (.64) -- (.64) -- 12.54 11.19 2007 (.71) -- (.71) -- 14.90 13.25 2006 (.79) (.10) (.89) -- 15.40 14.60 2005 (.93) (.09) (1.02) -- 15.33 14.40 INSURED PREMIUM INCOME 2 (NPX) -------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) (.37) -- (.37) -- 13.21 12.67 2009 (.67) -- (.67) -- 12.96 11.86 2008 (.62) -- (.62) -- 11.39 9.56 2007 (.64) -- (.64) -- 13.73 12.18 2006 (.68) -- (.68) -- 14.16 13.03 2005 (.83) -- (.83) -- 13.93 12.83 ==================================================================================================

AUCTION RATE PREFERRED SHARES VARIABLE RATE DEMAND PREFERRED SHARES AT END OF PERIOD AT END OF PERIOD -------------------------------------- -------------------------------------- AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE (000) PER SHARE PER SHARE ---------------------------------------------------------------------------------------------------- PREMIER INSURED INCOME (NIF) ---------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ 130,125 $ 25,000 $ 79,706 $ -- $ -- $ -- 2009 130,125 25,000 78,662 -- -- -- 2008 154,950 25,000 64,301 -- -- -- 2007 161,000 25,000 69,938 -- -- -- 2006 161,000 25,000 71,429 -- -- -- 2005 161,000 25,000 71,215 -- -- -- INSURED PREMIUM INCOME 2 (NPX) ---------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) -- -- -- 219,000 100,000 325,360 2009 -- -- -- 219,000 100,000 321,036 2008 -- -- -- 219,000 100,000 294,318 2007 268,900 25,000 72,696 -- -- -- 2006 268,900 25,000 74,180 -- -- -- 2005 268,900 25,000 73,392 -- -- -- ====================================================================================================

98 Nuveen Investments

RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------- RATIOS TO AVERAGE NET ASSETS TOTAL RETURNS APPLICABLE TO COMMON SHARES++(b) ----------------------- --------------------------------------- BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME RATE --------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- 15.34% 5.00% $ 284,746 1.22%* 1.16%* 6.71%* 5% 24.07 20.90 279,312 1.30 1.23 7.25 2 (11.12) (11.92) 243,589 1.42 1.25 6.72 6 (4.66) 1.40 289,400 1.38 1.21 6.41 9 7.68 6.46 299,001 1.22 1.22 6.44 8 (1.66) 2.16 297,624 1.20 1.20 6.39 20 -------------------------------------------------------------------------------------------------- 10.04 4.85 493,539 1.66* 1.43* 6.23* 7 31.78 20.15 484,069 1.98 1.47 6.56 7 (17.17) (12.98) 425,557 2.13 1.25 6.12 8 (1.77) 1.55 513,021 1.76 1.16 6.19 5 7.11 6.75 528,984 1.16 1.16 6.14 15 (3.32) 2.14 520,508 1.16 1.16 6.20 23 ===================================================================================================

* Annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or Variable Rate Demand Preferred shares, where applicable. (a) Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. (b) Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (c) The expense ratios reflect, among other things, payments to Variable Rate Demand Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 - Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively. (d) For the six months ended April 30, 2010. See accompanying notes to financial statements. Nuveen Investments 99 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:

INVESTMENT OPERATIONS ---------------------------------------------------------------------- DISTRIBUTIONS DISTRIBUTIONS FROM NET FROM BEGINNING INVESTMENT CAPITAL COMMON NET INCOME TO GAINS TO SHARE NET REALIZED/ AUCTION RATE AUCTION RATE NET ASSET INVESTMENT UNREALIZED PREFERRED PREFERRED VALUE INCOME GAIN (LOSS) SHAREHOLDERS+ SHAREHOLDERS+ TOTAL ---------------------------------------------------------------------------------------------------------- INSURED DIVIDEND ADVANTAGE (NVG) ---------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ 14.80 $ .45 $ .17 $ --** $ --** $ .62 2009 12.85 1.00 1.77 (.06) -- 2.71 2008 15.09 1.00 (2.25) (.29) -- (1.54) 2007 15.50 1.00 (.38) (.28) -- .34 2006 15.23 1.01 .33 (.25) -- 1.09 2005 15.78 1.00 (.38) (.15) (.01) .46 INSURED TAX-FREE ADVANTAGE (NEA) --------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 14.42 .45 .23 (.01) -- .67 2009 12.37 .98 1.86 (.06) -- 2.78 2008 14.71 .95 (2.31) (.27) -- (1.63) 2007 14.93 .97 (.21) (.27) -- .49 2006 14.56 .97 .38 (.24) -- 1.11 2005 14.75 .97 (.19) (.15) -- .63 ==========================================================================================================

LESS DISTRIBUTIONS --------------------------------- DISCOUNT NET FROM INVESTMENT CAPITAL COMMON ENDING INCOME TO GAINS TO SHARES COMMON COMMON COMMON REPURCHASED SHARE ENDING SHARE- SHARE- AND NET ASSET MARKET HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE ------------------------------------------------------------------------------------------- INSURED DIVIDEND ADVANTAGE (NVG) ------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ (.42) $ (.04) $ (.46) $ -- $ 14.96 $ 14.53 2009 (.76) -- (.76) --** 14.80 13.85 2008 (.70) -- (.70) -- 12.85 11.42 2007 (.75) -- (.75) -- 15.09 13.71 2006 (.82) -- (.82) -- 15.50 14.89 2005 (.89) (.12) (1.01) -- 15.23 14.17 INSURED TAX-FREE ADVANTAGE (NEA) ------------------------------------------------------------------------------------------ Year Ended 10/31: 2010(d) (.41) -- (.41) -- 14.68 14.52 2009 (.73) -- (.73) --** 14.42 13.48 2008 (.71) -- (.71) -- 12.37 11.40 2007 (.71) -- (.71) -- 14.71 14.30 2006 (.74) -- (.74) -- 14.93 14.35 2005 (.81) (.01) (.82) -- 14.56 13.41 ===========================================================================================

AUCTION RATE PREFERRED SHARESAND MUNIFUND AUCTION RATE PREFERRED SHARES MUNIFUND TERM PREFERRED SHARES TERM PREFERRED SHARES AT END OF PERIOD AT END OF PERIOD AT END OF PERIOD ---------------------------------- ------------------------------------------------- ---------------------- AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION AVERAGE AMOUNT AND MARKET ASSET AMOUNT AND MARKET MARKET ASSET OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE VALUE COVERAGE ASSET COVERAGE PER $1 (000) PER SHARE PER SHARE (000) PER SHARE PER SHARE PER SHARE LIQUIDATION PREFERENCE ----------------------------------------------------------------------------------------------------------------------------------- INSURED DIVIDEND ADVANTAGE (NVG) ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) $ 91,950 $ 25,000 $ 80,752 $ 108,000 $ 10 $ 10.16**** $ 32.30 $ 3.23 2009 91,950 25,000 80,165 108,000 10 10.03 32.00 3.21 2008 226,975 25,000 67,189 -- -- -- -- -- 2007 233,000 25,000 73,281 -- -- -- -- -- 2006 233,000 25,000 74,575 -- -- -- -- -- 2005 233,000 25,000 73,714 -- -- -- -- -- INSURED TAX-FREE ADVANTAGE (NEA) ----------------------------------------------------------------------------------------------------------------------------------- Year Ended 10/31: 2010(d) 67,375 25,000 79,266 83,000 10 10.09***** 31.71 3.17 2009 148,750 25,000 78,880 -- -- -- -- -- 2008 132,800 25,000 68,124 -- -- -- -- -- 2007 144,000 25,000 72,290 -- -- -- -- -- 2006 144,000 25,000 73,005 -- -- -- -- -- 2005 144,000 25,000 71,808 -- -- -- -- -- ===================================================================================================================================

100 Nuveen Investments

RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------------------------------------ RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b) ---------------------- ----------------------------------- ------------------------------------ BASED ENDING ON NET BASED COMMON ASSETS ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE ------------------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------------- 8.35% 4.25% $ 445,904 1.92%* 1.07%* 5.89%* 1.70%* .85%* 6.10%* 2% 28.72 21.54 441,207 1.25 1.17 6.86 .98 .91 7.12 9 (12.11) (10.64) 383,035 1.32 1.17 6.48 .98 .83 6.82 7 (3.12) 2.25 449,982 1.31 1.14 6.15 .90 .73 6.56 12 11.09 7.39 462,037 1.15 1.15 6.15 .70 .70 6.60 15 2.00 2.93 454,018 1.15 1.15 5.96 .70 .70 6.42 2 ------------------------------------------------------------------------------------------------------------------------------- 10.84 4.67 326,413 1.62* 1.12* 6.08* 1.48* .98* 6.22* --*** 25.41 23.05 320,587 1.24 1.19 7.14 .99 .94 7.39 6 (15.97) (11.56) 229,075 1.26 1.19 6.27 .87 .81 6.66 8 4.59 3.35 272,391 1.19 1.17 6.04 .70 .68 6.53 6 12.82 7.82 276,506 1.19 1.19 6.12 .69 .69 6.61 -- (4.68) 4.33 269,614 1.19 1.19 6.06 .70 .70 6.55 1 ===============================================================================================================================

* Annualized. ** Rounds to less than $.01 per share. *** Calculates to less than 1%. **** For the period October 19, 2009 (first issuance dates of shares) through October 31, 2009. ***** For the period January 19, 2010 (first issuance dates of shares) through April 30, 2010. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or MuniFund Term Preferred shares, were applicable. (a) Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. (b) After expense reimbursement from Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (c) The expense ratios reflect, among other things, payments to MuniFund Term Preferred shareholders and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 - MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively. (d) For the six months ended April 30, 2010. See accompanying notes to financial statements. Nuveen Investments 101 Reinvest Automatically Easily and Conveniently Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price 102 Nuveen Investments per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. Nuveen Investments 103 Glossary of Terms Used in this Report o AUCTION RATE BOND: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed", with current holders receiving a formula-based interest rate until the next scheduled auction. o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (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 unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. 104 Nuveen Investments o LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value. o 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. o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. Nuveen Investments 105 Notes 106 Nuveen Investments Notes Nuveen Investments 107 Notes 108 Nuveen Investments Other Useful Information BOARD OF DIRECTORS/TRUSTEES John P. Amboian Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth FUND MANAGER Nuveen Asset Management 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Company Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Company Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 100 F Street NE, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange ("NYSE") the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. COMMON AND PREFERRED SHARE INFORMATION Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table. AUCTION RATE COMMON SHARES PREFERRED SHARES REPURCHASED REDEEMED NQI -- 266 NIO 2,900 426 NIF -- -- NPX -- -- NVG -- -- NEA -- 3,255 Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report. Nuveen Investments 109 Nuveen Investments: Serving Investors for Generations Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, longterm investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. FOCUSED ON MEETING INVESTOR NEEDS. Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on March 31, 2010. FIND OUT HOW WE CAN HELP YOU. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com ESA-D-0410D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. (a) See Portfolio of Investments in Item 1. (b) Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Insured Dividend Advantage Municipal Fund ----------------------------------------------------------- By (Signature and Title) /s/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy (Vice President and Secretary) Date: July 8, 2010 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: July 8, 2010 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: July 8, 2010 -------------------------------------------------------------------