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 811-7484
                                                     ---------------------

               Nuveen Massachusetts Premium Income 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: May 31
                                           ------------------

                  Date of reporting period: November 30, 2008
                                            ------------------

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.


SEMI-ANNUAL REPORT | Nuveen Investments
 November 30, 2008 | MUNICIPAL CLOSED-END FUNDS

[PHOTO OF: SMALL CHILD]

                        NUVEEN CONNECTICUT
                        PREMIUM INCOME
                        MUNICIPAL FUND
                        NTC

                        NUVEEN CONNECTICUT
                        DIVIDEND ADVANTAGE
                        MUNICIPAL FUND
                        NFC

                        NUVEEN CONNECTICUT
                        DIVIDEND ADVANTAGE
                        MUNICIPAL FUND 2
                        NGK

                        NUVEEN CONNECTICUT
                        DIVIDEND ADVANTAGE
                        MUNICIPAL FUND 3
                        NGO

                        NUVEEN MASSACHUSETTS
                        PREMIUM INCOME
                        MUNICIPAL FUND
                        NMT

                        NUVEEN MASSACHUSETTS
                        DIVIDEND ADVANTAGE
                        MUNICIPAL FUND
                        NMB

                        NUVEEN INSURED
                        MASSACHUSETTS
                        TAX-FREE ADVANTAGE
                        MUNICIPAL FUND
                        NGX

                        NUVEEN MISSOURI
                        PREMIUM INCOME
                        MUNICIPAL FUND
                        NOM

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Chairman's
LETTER TO SHAREHOLDERS

[PHOTO OF ROBERT P. BREMNER] | Robert P. Bremner | Chairman of the Board

Dear Shareholders,

I write this letter in a time of continued  uncertainty  about the current state
of the U.S.  financial  system  and  pessimism  about the  future of the  global
economy.  Many have  observed  that the  conditions  that led to the crisis have
built up over time and will complicate and extend the course of recovery. At the
same time,  government  officials in the U.S. and abroad have implemented a wide
range of programs to restore  stability to the  financial  system and  encourage
economic  recovery.  History  teaches us that these  efforts  will  moderate the
extent of the downturn  and hasten the  inevitable  recovery,  even though it is
hard to envision that outcome in the current environment.

As you will read in this report, the continuing  financial and economic problems
are  weighing  heavily  on asset  values  for  equities  and fixed  income,  and
unfortunately the performance of the Nuveen Funds has been similarly affected. I
hope that you will carefully review the Portfolio Managers' Comments, the Common
Share Dividend and Share Price Information and the Performance Overview sections
of this report.  These comments  highlight the individual  manager's  pursuit of
investment   strategies  that  depend  on  thoroughly   researched   securities,
diversified  portfolio holdings and well established  investment  disciplines to
achieve your Fund's  investment goals. The Fund Board believes that a consistent
focus on long term investment goals provides the basis for successful investment
over time and we monitor your Fund with that objective in mind.

Nuveen  continues  to  work on  resolving  the  auction  rate  preferred  shares
situation,  but the  unsettled  conditions  in the credit  markets  have  slowed
progress.  Nuveen is actively pursuing a number of solutions,  all with the goal
of providing liquidity for preferred shareholders while preserving the potential
benefits of leverage for common  shareholders.  We  appreciate  the patience you
have shown as we have worked  through the many issues  involved.  Please consult
the Nuveen website: www.Nuveen.com, for the most recent information.

On behalf of myself and 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 Nuveen Fund Board
January 20, 2009



Portfolio Managers' COMMENTS

Nuveen Investments Municipal Closed-End Funds | NTC, NFC, NGK, NGO,
                                                NMT, NMB, NGX, NOM

Portfolio  managers  Cathryn  Steeves and Scott  Romans  discuss key  investment
strategies and the six-month  performance of these eight Nuveen Funds.  Cathryn,
who joined Nuveen in 1996, has managed the Connecticut and  Massachusetts  Funds
since 2006.  Scott,  who has been with  Nuveen  since  2000,  assumed  portfolio
management responsibility for NOM in 2003.

WHAT KEY  STRATEGIES  WERE USED TO  MANAGE  THESE  FUNDS  DURING  THE  SIX-MONTH
REPORTING PERIOD ENDED NOVEMBER 30, 2008?

During this period,  stress in the financial and credit markets led to increased
price volatility for many securities,  reduced liquidity and a general flight to
quality.  In this  environment,  we took a defensive  approach to managing these
Funds, focusing on preserving and enhancing liquidity, managing duration(1) risk
and continuing to invest for the long term.

As  events  unfolded,  we  carefully  watched  the  municipal  bond  market  for
attractive  purchase  opportunities,  using a  fundamental  approach to discover
undervalued  sectors and  individual  credits with the potential to perform well
over the long term. One area of the market that we found attractive  during this
period was higher  education and we purchased  several issues in this sector for
the  Connecticut  Funds.  All  of  the  Connecticut  Funds  also  added  general
obligation  bonds issued by the state.  For all eight Funds,  a top priority was
preserving or enhancing liquidity when we found appropriate  opportunities to do
so.

To provide  liquidity for purchases,  we monitored the types of credits and bond
structures  that were  attractive  to the retail  market and took  advantage  of
strong bids to sell such bonds into solid  retail  demand.  This was  especially
true in Missouri,  where a  substantial  decline in issuance  during this period
meant fewer bonds available in the primary market. Given the market environment,
retail  demand  was  strongest  for  higher  credit  quality  bonds,  especially
tax-backed  securities  (e.g.,  state and local general  obligation  bonds) with
intermediate  maturities.  Some of the Funds also selectively sold holdings with
shorter durations.

As a key dimension of risk  management,  we employed a  disciplined  approach to
duration positioning as an important component of our overall strategy.  As part
of this approach, we used inverse floating rate securities(2) in the Connecticut
Funds and NOM throughout the six-month period. We also added inverse floaters to
all three of the  Massachusetts  Funds  during  this  period.  Inverse  floaters
typically  provide the dual benefit of bringing the Funds'  durations  closer to
our strategic target and enhancing their income-generation capabilities. NMT and
NMB also invested in certain types of derivative(3)  instruments in an effort to
lengthen duration and help us manage common

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  managers 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.

(1)   Duration is a measure of a bond's  price  sensitivity  as  interest  rates
      change,  with longer duration bonds  displaying more  sensitivity to these
      changes than bonds with shorter durations.

(2)   An inverse  floating rate security  also known as inverse  floaters,  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 shareholder report.

(3)   Each Fund may invest in derivatives instruments such as forwards, futures,
      option and swap  transactions.  For  additional  information on derivative
      instruments  in which each Fund was invested  during and at the end of the
      reporting period, please refer to the Portfolio of Investments,  Financial
      Statements and Notes to Financial  Statements sections of this shareholder
      report.

4



share net asset value (NAV) while  trying to  minimize  any  negative  impact on
income streams or common share dividends over the short term. As of November 30,
2008,  we continued to use inverse  floaters in all eight of these Funds,  while
the derivatives had been removed from NMT and NMB

HOW DID THE FUNDS PERFORM?

Individual  results for these Nuveen 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 11/30/08

                                        Six-Month    1-Year   5-Year    10-Year
Connecticut Funds
NTC                                      -12.29%    -11.45%    1.07%       3.81%
NFC                                      -11.13%     -9.53%    1.88%        N/A
NGK                                      -10.41%     -9.27%    1.71%        N/A
NGO                                      -11.80%    -11.18%    1.18%        N/A

Massachusetts Funds
NMT                                      -14.34%    -14.29%    0.74%       3.19%
NMB                                      -13.45%    -13.76%    0.96%        N/A

Missouri Fund
NOM                                      -13.36%    -13.93%    0.31%       3.24%

Lipper Other States
Municipal Debt Funds
Average(4)                               -14.13%    -14.38%    0.64%       3.22%

Barclays Capital
Municipal Bond Index(5)                  - 4.98%     -3.61%    2.59%       4.14%

S&P National Municipal
Bond Index(6)                             -5.48%     -4.43%    2.55%        N/A

Insured Massachusetts Fund
NGX                                      -10.62%    -10.55%    1.81%        N/A

Lipper Single-State Insured
Municipal Debt Funds
Average(7)                               -15.41%    -15.55%    0.23%       3.42%

Barclays Capital
Insured Municipal
Bond Index(5)                            - 5.66%     -4.76%    2.43%       4.15%

S&P National Municipal
Bond Index(6)                             -5.48%     -4.43%    2.55%        N/A

* 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.

For additional  information,  see the individual  Performance  Overview for your
Fund in this report.

(4)   The Lipper Other States  Municipal Debt Funds Average is calculated  using
      the returns of all  closed-end  funds in this  category for each period as
      follows:  6 months,  46; 1 year,  46; 5 years,  27; and 10 years,  18. The
      performance  of the Lipper  Other  States  Municipal  Debt  Funds  Average
      represents  the overall  average of returns  for funds from ten  different
      states with a wide variety of municipal market conditions. Fund and Lipper
      returns assume reinvestment of dividends.

(5)   The Barclays Capital (formerly Lehman Brothers) Municipal Bond Index is an
      unleveraged,   unmanaged  national  index  comprising  a  broad  range  of
      investment-grade  municipal bonds,  while the Barclays  Capital  (formerly
      Lehman Brothers) Insured Municipal Bond Index is an unleveraged, unmanaged
      national  index  containing  a broad  range of  insured  municipal  bonds.
      Results for the Lehman indexes do not reflect any expenses.

(6)   The Standard & Poor's  National  Municipal  Bond Index is an  unleveraged,
      market  value-weighted  index  designed to measure the  performance of the
      investment-grade U.S. municipal bond market.

(7)   The Lipper Single-State Insured Municipal Debt Funds Average is calculated
      using the returns of all closed-end funds in this category for each period
      as follows:  6 months,  44; 1 year, 44 funds;  5 years,  44 funds;  and 10
      years,  24 funds.  The  performance  of the  Lipper  Single-State  Insured
      Municipal Debt Funds Average represents the overall average of returns for
      funds from eight different  states with a wide variety of municipal market
      conditions. Fund and Lipper returns assume reinvestment of dividends.

                                                                               5



For the six months ended  November 30, 2008,  the  cumulative  returns on common
share NAV for NTC, NFC,  NGK,  NGO, NMB and NOM exceeded the average  return for
the Lipper  Other State  Municipal  Debt Funds  Average,  while NMT trailed this
average by a slight  margin.  At the same time,  NGX  outperformed  the  average
return for the Lipper  Single-State  Insured  Municipal Debt Funds Average.  The
seven  uninsured  Funds  underperformed  the national  Barclays  Capital and S&P
National  Municipal  Bond  Indexes.  NGX lagged the  national  Barclays  Capital
Insured  Municipal  Bond  Index  and  the S&P  National  Municipal  Bond  Index.
Shareholders  should note the Lipper Other States  Municipal  Debt Funds Average
and the  Barclay  Capital  Municipal  Bond Index  include  bonds from states not
covered in this report,  which may make direct comparisons between the funds and
these benchmarks less meaningful.

Key  management  factors that  influenced  the Funds' returns during this period
included duration and yield curve  positioning,  the use of derivatives,  credit
exposure  and  sector  allocations.  In  addition,  the use of  leverage  was an
important factor affecting each Fund's  performance over this period. The impact
of leverage is discussed in more detail on page 7.

Over this period, we saw the yield curve steepen, as interest rates at the short
end of the curve  declined  and longer  rates rose.  Given these  changes in the
interest rate  environment,  bonds in the Barclays Capital  Municipal Bond Index
with  maturities  of ten years or less  generally  outperformed  the market as a
whole,  with bonds maturing in two to four years  benefiting  the most.  Because
they were less sensitive to interest rate changes, these shorter bonds generally
outperformed  credits with longer maturities,  with the biggest losses posted by
bonds with the longest maturities (twenty-two years and longer). In general, the
Connecticut and Massachusetts Funds had less exposure to the outperforming short
end of the yield  curve than the  market as a whole,  and more  exposure  to the
underperforming  longer part of the curve.  Although this  positioning was a net
negative for the performance of these seven Funds,  the Funds received  positive
contributions   from  their  heavier   allocation  to  bonds  with  intermediate
maturities,  which performed well. In NOM,  duration  positioning was a relative
positive during this period,  due to an underweighting of bonds with the longest
maturities (twelve years and longer) and an overweighting in some of the shorter
maturity  categories,  especially in bonds maturing in two to four years,  which
were the best performers.

As mentioned  earlier,  all of these Funds used  inverse  floaters to help bring
their  durations  closer to our strategic  target and enhance  income-generation
capabilities.  In  general,  these  inverse  floaters  had a negative  impact on
performance.  This resulted from the fact that the inverse floaters  effectively
increased the Funds'  exposure to longer  maturity  bonds at a time when shorter
maturities were in favor in the market.  The derivative  instruments used in NMT
and NMB were not in place long enough  during this period to have a  significant
impact on performance.

6



Credit  exposure was also an important  factor in  performance  during these six
months.   Because   risk-averse   investors   generally  sought  higher  quality
investments as disruptions in the financial markets deepened,  bonds with higher
credit  quality  typically  performed  very  well.  At the  same  time,  as many
investors avoided high-yield securities,  bonds rated BBB or below and non-rated
bonds generally posted poor returns.  Insured bonds with underlying credits that
were rated BBB or non-rated,  originally  purchased because of the higher yields
they  offered,  were  disproportionately  impacted  (compared  with  bonds  with
underlying  credits  rated  AA  or  A) if  the  insurer  backing  the  bond  was
downgraded.  While exposure to lower-rated  credits had a negative impact on the
Funds for this period, the six-month performances of NFC, NGK and especially NGX
benefited on a relative basis from their overall higher credit quality.

During this period,  pre-refunded  bonds(8),  which are backed by U.S.  Treasury
securities, were one of the top performing segments of the market, due primarily
to their  shorter  effective  maturities,  higher  credit  quality and perceived
safety.  Among these  Funds,  NGX,  NFC and NGK had the largest  allocations  of
pre-refunded  bonds as of November  30, 2008.  Additional  sectors of the market
that  generally   contributed  to  the  Funds'  performances   included  general
obligation and other  tax-backed bonds and water and sewer,  electric  utilities
and education credits.  The Connecticut and Massachusetts  Funds, in particular,
benefited  relatively  from their heavier  allocations to the education  sector.
This was offset to some degree by their lower allocations to tax-backed  credits
as compared to the market as a whole,  which lessened the positive  contribution
from this sector.

In  general,  bonds that were lower  rated,  regardless  of sector,  posted weak
performance.  Revenue bonds as a whole, and the industrial  development,  health
care and housing  sectors in particular,  underperformed  the general  municipal
market.  Next to the industrial  development  revenue sector,  zero coupon bonds
were among the worst performing  categories in the municipal  market.  While the
Funds had  relatively  small  exposures to the  industrial  development  revenue
sector,  their  performances  were  hurt by their  overexposure  to the  housing
sector.  NMT,  NMB and NOM  also  were  negatively  impacted  by  their  heavier
allocations to the health care sector during this period.

IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE

In addition to the factors previously discussed, one of the primary factors
impacting the six-month returns of these Funds relative to the market indexes
was the Funds' use of financial leverage. While leverage offers opportunities to
generate additional income and total returns for common shareholders, the
benefits provided by leveraging are

(8)   Pre-refundings,  also known as advance  refundings or refinancings,  occur
      when an issuer sells new bonds and uses the proceeds to fund principal and
      interest  payments of older existing bonds.  This process often results in
      lower borrowing costs for bond issuers.

                                                                               7



influenced by the price movements of the bonds in each Fund's portfolio.  During
this   period,   as  yields  on   longer-term   bonds  rose  and  their   prices
correspondingly  fell, declining valuations had a negative effect on performance
that was magnified by the use of leverage. In addition, at various points during
the  six-month  period,   the  Funds'  borrowing  costs  were  relatively  high,
negatively impacting their total returns.

RECENT MARKET DEVELOPMENTS

Beginning  in  October,  the  nation's  financial   institutions  and  financial
markets--including the municipal bond  market--experienced  significant turmoil.
Reductions in demand  decreased  valuations of municipal bonds across all credit
ratings,  especially those with lower credit ratings, and this generally reduced
the Funds' common share net asset values.  The municipal  market is one in which
dealer firms make markets in bonds on a principal basis using their  proprietary
capital,  and during the recent market turmoil these firms' capital was severely
constrained.  As a result,  some firms were unwilling to commit their capital to
purchase and to serve as a dealer for municipal bonds.  This reduction in dealer
involvement in the market was accompanied by significant net selling pressure by
investors,   particularly  with  respect  to  lower-rated  municipal  bonds,  as
institutional  investors generally removed money from the municipal bond market,
at least in part  because  of  their  need to  reduce  the  leveraging  of their
municipal  investments.  This  deleveraging  was in part  driven by the  overall
reduction in the amount of financing available for such leverage,  the increased
costs of such leverage  financing,  and the need to reduce  leverage levels that
had recently increased due to the decline in municipal bond prices.

Municipal bond prices were further negatively impacted by concerns that the need
for further  deleveraging  and a supply  overhang (a large amount of new issues
that were  postponed)  would cause  selling  pressure to persist for a period of
time. In addition to falling prices, the following market conditions resulted in
greater price volatility of municipal bonds - wider credit spreads (i.e.,  lower
quality  bonds  fell in price more than  higher  quality  bonds);  significantly
reduced  liquidity  (i.e.,  the  ability to sell bonds at a price close to their
carrying  value),  particularly  for lower  quality  bonds;  and a lack of price
transparency  (i.e.,  the ability to  accurately  determine the price at which a
bond would likely trade).  Reduced liquidity was most pronounced in mid-October,
although it improved considerably after that period.

RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES

Another  factor that had an impact on the  performance  of these Funds was their
position in bonds backed by municipal bond insurers that experienced  downgrades
in their credit ratings. During the period covered by this report, ACA, AMBAC,

8



FGIC,  MBIA,  RAAI and SYNCORA  (formerly  XLCA)  experienced one or more rating
reductions  by at least one or more rating  agencies  while AGC and FSA received
their first rating  reductions by at least one rating  agency.  At the time this
report  was  prepared,  at least one  rating  agency  has  placed  each of these
insurers except AGC on "negative  outlook" or "negative credit watch," which may
presage  one or more  rating  reductions  for such  insurer or  insurers  in the
future. As concern increased about the balance sheets of these insurers,  prices
on bonds  insured by these  companies  -  especially  those  bonds  with  weaker
underlying credits - declined,  detracting from the Funds'  performance.  By the
end of this  period,  most insured  bonds were being  valued  according to their
fundamentals as if they were uninsured. On the whole, the holdings of all of our
Funds  continued to be well  diversified  not only between insured and uninsured
bonds,  but also within the insured bond category.  It is important to note that
municipal bonds historically have had a very low rate of default.

RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES MARKETS

Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled  auctions for the auction rate preferred  shares issued by these Funds
than there were offers to buy. This meant that these auctions  "failed to clear"
and that many or all  auction  rate  preferred  shareholders  who wanted to sell
their shares in these  auctions  were unable to do so. This decline in liquidity
in auction  rate  preferred  shares  did not lower the  credit  quality of these
shares,  and auction  rate  preferred  shareholder  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 auction rate
preferred  shares.  At the time this report was  prepared,  the Funds'  managers
could not predict when future  auctions  might succeed in attracting  sufficient
buyers  for the  shares  offered,  if ever.  The  Funds'  managers  are  working
diligently to refund the auction rate preferred  shares,  and have made progress
in these  efforts  (at least for  certain  funds),  but at  present  there is no
assurance that these efforts will succeed. These developments have generally not
affected  the  portfolio  management  or  investment  policies  of these  Funds.
However,  one implication of these auction  failures for common  shareholders is
that the Funds' cost of leverage  will likely be higher,  at least  temporarily,
than it otherwise  would have been had the auctions  continued to be successful.
As a result,  the Funds'  future  common  share  earnings may be lower than they
otherwise would have been.

On June 11, 2008,  Nuveen  announced  the Fund Board's  approval of plans to use
tender option bonds (TOBs), also known as floating rate securities, to refinance
a portion of the municipal Funds' outstanding auction rate preferred shares, for
which

                                                                               9



auctions  have been failing for several  months.  This plan  included an initial
phase of  approximately  $1 billion in forty-one Funds. As of November 30, 2008,
none of the Funds included in this shareholder  report had issued par redemption
notices for their auction rate preferred shares.

On August 7, 2008,  four Nuveen  municipal  Funds (none of which are included in
this  shareholder  report)  issued par  redemption  notices for all  outstanding
shares of their auction rate preferred  shares totaling  $569.9  million.  These
redemptions were achieved through the issuance of variable rate demand preferred
shares (VRDP) in conjunction with the proceeds from the creation of TOBs.

For current,  up-to-date  information,  please visit the Nuveen CEF Auction Rate
Preferred Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.

10



Common Share
Dividend and Share Price INFORMATION

During the  six-month  period ended  November  30, 2008,  there was one dividend
increase  in each of the  following  Funds:  NTC,  NGO,  NMT,  NMB and NGX.  The
dividends of NFC, NGK and NOM remained stable throughout the reporting period.

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 Funds  NAV.  Each Fund  will,  over  time,  pay all of its net
investment income as dividends to shareholders.  As of November 30, 2008, all of
the  Funds in this  report  had  positive  UNII  balances,  based  upon our best
estimate, for tax purposes and all of the Fund's in this report except NOM had a
negative UNII balances for financial statement purposes.

The Funds' Board of Trustees approved an open-market share repurchase program on
July 30,  2008,  under  which each Fund may  repurchase  up to 10% of its common
shares.  As of November  30, 2008 the Funds' have not  repurchased  any of their
outstanding common shares.

As of November 30, 2008, the Funds' common share prices were trading at premiums
or discounts to their common share NAVs as shown in the accompanying chart:

                              11/30/08   Six-Month Average
                              Discount    Premium/Discount
NTC                             -14.98%              -5.73%
NFC                              -8.40%              +1.19%
NGK                              -8.60%              -0.32%
NGO                              -5.27%              -4.56%
NMT                             -15.90%              -9.26%
NMB                              -8.42%              -0.75%
NGX                              -6.91%              -0.46%
NOM                              -3.59%              +3.60%

                                                                              11



NTC Performance  OVERVIEW | Nuveen Connecticut  Premium Income Municipal Fund as
of November 30, 2008

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   10.39
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   12.22
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                -14.98%
--------------------------------------------------------------------------------
Market Yield                                                               5.77%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2)                                                8.44%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  65,552
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          16.66
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                13.94
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
--------------------------------------------------------------------------------
                                                        ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -24.42%  -12.29%
--------------------------------------------------------------------------------
1-Year                                                          -18.51%  -11.45%
--------------------------------------------------------------------------------
5-Year                                                           -3.52%    1.07%
--------------------------------------------------------------------------------
10-Year                                                           0.79%    3.81%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations                                          25.4%
--------------------------------------------------------------------------------
Tax Obligation/General                                                     15.6%
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     14.7%
--------------------------------------------------------------------------------
Health Care                                                                10.0%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                             9.2%
--------------------------------------------------------------------------------
Water and Sewer                                                             7.7%
--------------------------------------------------------------------------------
Housing/Single Family                                                       4.7%
--------------------------------------------------------------------------------
Other                                                                      12.7%
--------------------------------------------------------------------------------

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1)

AAA/U.S. Guaranteed                                                          42%
AA                                                                           33%
A                                                                            11%
BBB                                                                          13%
BB or Lower                                                                   1%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share(3)

Dec                                                                        0.052
Jan                                                                        0.052
Feb                                                                        0.052
Mar                                                                        0.049
Apr                                                                        0.049
May                                                                        0.049
Jun                                                                        0.049
Jul                                                                        0.049
Aug                                                                        0.049
Sep                                                                         0.05
Oct                                                                         0.05
Nov                                                                         0.05

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                   13.53
                                                                           13.58
                                                                            13.6
                                                                           13.55
                                                                           13.62
                                                                           13.67
                                                                           13.56
                                                                           13.58
                                                                           13.59
                                                                           13.59
                                                                          13.149
                                                                           13.29
                                                                           13.02
                                                                            13.1
                                                                           13.03
                                                                           13.06
                                                                           13.17
                                                                           13.17
                                                                           13.33
                                                                           13.35
                                                                           13.46
                                                                           13.81
                                                                           14.08
                                                                            14.1
                                                                           14.14
                                                                           14.06
                                                                           13.97
                                                                            13.9
                                                                           13.85
                                                                           13.91
                                                                          14.003
                                                                           13.97
                                                                           13.76
                                                                           13.93
                                                                           14.09
                                                                         13.9601
                                                                          14.054
                                                                           14.06
                                                                           13.99
                                                                           14.03
                                                                           13.91
                                                                           13.87
                                                                           13.83
                                                                           13.93
                                                                           14.03
                                                                           14.03
                                                                           14.08
                                                                           14.14
                                                                           14.19
                                                                           13.93
                                                                           13.53
                                                                           13.27
                                                                           13.43
                                                                           13.39
                                                                           13.36
                                                                            13.3
                                                                          13.452
                                                                           13.69
                                                                           13.48
                                                                           13.44
                                                                           13.22
                                                                           13.55
                                                                           13.65
                                                                           13.85
                                                                           13.77
                                                                           13.86
                                                                           13.86
                                                                           13.91
                                                                           13.82
                                                                           13.73
                                                                           13.61
                                                                           13.22
                                                                           13.34
                                                                           13.13
                                                                            13.1
                                                                           13.21
                                                                           13.25
                                                                           13.33
                                                                           13.36
                                                                           13.36
                                                                           13.29
                                                                           13.41
                                                                           13.31
                                                                           13.38
                                                                           13.31
                                                                           13.34
                                                                           13.33
                                                                           13.39
                                                                           13.48
                                                                         13.4501
                                                                           13.45
                                                                           13.37
                                                                           13.36
                                                                           13.44
                                                                           13.41
                                                                           13.45
                                                                           13.45
                                                                           13.52
                                                                           13.51
                                                                           13.65
                                                                           13.58
                                                                           13.58
                                                                            13.7
                                                                           13.97
                                                                           13.93
                                                                           14.13
                                                                           14.17
                                                                           13.98
                                                                           13.89
                                                                           13.95
                                                                           14.02
                                                                              14
                                                                           14.04
                                                                              14
                                                                            14.1
                                                                           14.12
                                                                           14.13
                                                                          14.118
                                                                           14.05
                                                                           13.95
                                                                           13.88
                                                                           13.97
                                                                           13.97
                                                                           14.08
                                                                           14.08
                                                                           14.06
                                                                           14.03
                                                                         14.0899
                                                                           14.17
                                                                           14.22
                                                                          14.156
                                                                           14.06
                                                                           13.82
                                                                            13.5
                                                                           13.75
                                                                           13.77
                                                                           13.68
                                                                            13.7
                                                                           13.65
                                                                           13.68
                                                                          13.767
                                                                           13.77
                                                                           13.63
                                                                           13.48
                                                                           13.52
                                                                           13.54
                                                                           13.54
                                                                           13.57
                                                                          13.572
                                                                           13.46
                                                                           13.62
                                                                           13.66
                                                                           13.56
                                                                           13.47
                                                                           13.46
                                                                           13.31
                                                                           13.28
                                                                           13.33
                                                                           13.28
                                                                           13.25
                                                                           13.33
                                                                           13.37
                                                                           13.32
                                                                           13.32
                                                                           13.33
                                                                           13.32
                                                                           13.35
                                                                           13.46
                                                                           13.49
                                                                         13.4601
                                                                           13.51
                                                                           13.56
                                                                           13.61
                                                                           13.59
                                                                            13.8
                                                                           13.85
                                                                           13.86
                                                                           13.87
                                                                         14.0501
                                                                           14.04
                                                                           14.01
                                                                          13.836
                                                                           13.76
                                                                            13.7
                                                                            13.7
                                                                           13.82
                                                                           13.78
                                                                           13.84
                                                                           13.84
                                                                           13.84
                                                                           13.75
                                                                           13.74
                                                                           13.74
                                                                           13.71
                                                                           13.77
                                                                           13.69
                                                                           13.59
                                                                           13.48
                                                                            13.4
                                                                            13.3
                                                                           13.17
                                                                            12.6
                                                                           12.36
                                                                           12.67
                                                                           12.44
                                                                           12.29
                                                                           12.45
                                                                            12.4
                                                                           12.34
                                                                              12
                                                                           11.75
                                                                           11.74
                                                                           11.68
                                                                           11.23
                                                                           10.51
                                                                           10.38
                                                                            10.2
                                                                            9.18
                                                                            9.02
                                                                           10.07
                                                                           10.22
                                                                            9.89
                                                                            9.89
                                                                           10.25
                                                                           10.65
                                                                           10.75
                                                                           10.99
                                                                           11.43
                                                                           11.38
                                                                         11.4201
                                                                            11.3
                                                                            11.6
                                                                           11.68
                                                                           11.77
                                                                           11.59
                                                                           12.04
                                                                           12.29
                                                                           12.15
                                                                           11.89
                                                                           11.76
                                                                           11.85
                                                                            11.5
                                                                           11.28
                                                                          11.072
                                                                           10.64
                                                                           10.64
                                                                           10.95
                                                                           10.95
                                                                           10.41
                                                                           10.45
                                                                           10.22
                                                                           10.21
                                                                           10.39
11/30/08                                                                   10.39

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(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 combined  federal and state income tax
      rate of 31.6%.  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 2007
      of $0.0288 per share.

12



NFC Performance  OVERVIEW | Nuveen Connecticut Dividend Advantage Municipal Fund
as of November 30, 2008

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1)

AAA/U.S.
Guaranteed                                                                   51%
AA                                                                           28%
A                                                                            10%
BBB                                                                           9%
BB or Lower                                                                   2%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share(3)

Dec                                                                       0.0555
Jan                                                                       0.0555
Feb                                                                       0.0555
Mar                                                                       0.0555
Apr                                                                       0.0555
May                                                                       0.0555
Jun                                                                       0.0555
Jul                                                                       0.0555
Aug                                                                       0.0555
Sep                                                                       0.0555
Oct                                                                       0.0555
Nov                                                                       0.0555

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                   14.03
                                                                           14.29
                                                                            14.3
                                                                            14.3
                                                                           14.13
                                                                            14.2
                                                                           14.26
                                                                           14.13
                                                                              14
                                                                           14.03
                                                                            13.8
                                                                           13.82
                                                                            13.7
                                                                           13.84
                                                                           13.72
                                                                           13.84
                                                                           13.75
                                                                           13.85
                                                                           13.88
                                                                           14.14
                                                                           14.14
                                                                           14.33
                                                                           14.56
                                                                           14.61
                                                                           14.68
                                                                           14.71
                                                                           14.68
                                                                           14.64
                                                                           14.71
                                                                           14.81
                                                                            14.8
                                                                         14.6701
                                                                           14.85
                                                                            14.8
                                                                           14.85
                                                                           14.78
                                                                           14.85
                                                                           14.81
                                                                           14.55
                                                                           14.49
                                                                           14.48
                                                                           14.84
                                                                            14.8
                                                                           14.83
                                                                           14.85
                                                                           14.85
                                                                           14.85
                                                                           14.85
                                                                           14.92
                                                                           14.87
                                                                           14.59
                                                                            14.3
                                                                           14.37
                                                                           14.28
                                                                           14.25
                                                                           14.25
                                                                           14.24
                                                                            14.1
                                                                           14.05
                                                                           14.01
                                                                           14.06
                                                                           14.14
                                                                           14.27
                                                                           14.36
                                                                           14.36
                                                                            14.6
                                                                           14.53
                                                                           14.51
                                                                           14.32
                                                                           14.26
                                                                           14.28
                                                                           14.02
                                                                           14.33
                                                                            14.3
                                                                           14.26
                                                                           14.32
                                                                            14.2
                                                                            14.2
                                                                            14.2
                                                                           14.25
                                                                           14.24
                                                                          14.223
                                                                           14.49
                                                                           14.31
                                                                           14.37
                                                                         14.3001
                                                                         14.3001
                                                                           14.32
                                                                         14.3101
                                                                         14.3101
                                                                           14.19
                                                                           14.25
                                                                           14.25
                                                                           14.41
                                                                           14.45
                                                                           14.57
                                                                           14.57
                                                                           14.57
                                                                           14.52
                                                                           14.52
                                                                           14.52
                                                                           14.56
                                                                           14.56
                                                                           14.61
                                                                           14.71
                                                                           14.83
                                                                           14.52
                                                                           14.36
                                                                           14.41
                                                                           14.88
                                                                           14.83
                                                                           14.79
                                                                          14.755
                                                                          14.755
                                                                           14.67
                                                                           14.79
                                                                           15.13
                                                                           15.26
                                                                           15.22
                                                                           15.03
                                                                           15.11
                                                                           15.21
                                                                           15.11
                                                                           14.93
                                                                           14.93
                                                                           14.94
                                                                           15.65
                                                                          15.841
                                                                           16.24
                                                                            16.2
                                                                           15.57
                                                                           15.46
                                                                            15.3
                                                                           15.25
                                                                            15.2
                                                                           15.27
                                                                           15.12
                                                                           15.12
                                                                           15.04
                                                                           14.67
                                                                           14.64
                                                                           14.64
                                                                            14.4
                                                                           14.32
                                                                           14.32
                                                                           14.32
                                                                           14.33
                                                                           14.33
                                                                           14.46
                                                                            14.5
                                                                            14.5
                                                                           14.76
                                                                              15
                                                                           14.83
                                                                           14.68
                                                                           14.55
                                                                           14.55
                                                                            14.8
                                                                            14.7
                                                                           14.64
                                                                           14.45
                                                                            14.6
                                                                           14.53
                                                                           14.38
                                                                           14.35
                                                                           14.35
                                                                           14.48
                                                                           14.64
                                                                            14.8
                                                                           14.87
                                                                           15.06
                                                                           14.87
                                                                           15.14
                                                                           15.14
                                                                           15.33
                                                                            15.3
                                                                           15.24
                                                                            15.3
                                                                           15.27
                                                                           15.27
                                                                            15.1
                                                                            15.1
                                                                           15.04
                                                                           15.04
                                                                            14.8
                                                                            14.8
                                                                           14.81
                                                                           14.59
                                                                            14.4
                                                                            14.4
                                                                           14.49
                                                                           14.53
                                                                           15.16
                                                                           14.99
                                                                           14.89
                                                                            14.8
                                                                            14.7
                                                                           14.51
                                                                           14.52
                                                                           14.52
                                                                           14.63
                                                                           14.94
                                                                           14.55
                                                                           14.65
                                                                           14.65
                                                                           14.51
                                                                         14.2501
                                                                           14.21
                                                                           14.13
                                                                         14.0001
                                                                           14.35
                                                                              14
                                                                           13.82
                                                                           14.46
                                                                           13.94
                                                                           13.46
                                                                           11.14
                                                                            10.5
                                                                             9.6
                                                                           11.44
                                                                           14.27
                                                                           14.27
                                                                           13.32
                                                                           12.32
                                                                           11.93
                                                                           12.56
                                                                            11.6
                                                                          12.315
                                                                           12.15
                                                                            12.8
                                                                           11.94
                                                                              12
                                                                           11.74
                                                                           12.05
                                                                          12.362
                                                                           12.49
                                                                           13.06
                                                                           12.77
                                                                            12.9
                                                                           13.02
                                                                           12.57
                                                                           12.53
                                                                            12.5
                                                                           12.18
                                                                            12.1
                                                                            12.1
                                                                           11.94
                                                                           11.69
                                                                           11.42
                                                                           11.44
                                                                           11.45
                                                                           11.49
                                                                           11.67
11/30/08                                                                   11.67

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   11.67
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   12.74
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -8.40%
--------------------------------------------------------------------------------
Market Yield                                                               5.71%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2)                                                8.35%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  32,873
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          15.86
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                13.33
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 1/26/01)
--------------------------------------------------------------------------------
                                                        ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -19.86%  -11.13%
--------------------------------------------------------------------------------
1-Year                                                          -12.84%   -9.53%
--------------------------------------------------------------------------------
5-Year                                                           -1.31%    1.88%
--------------------------------------------------------------------------------
Since Inception                                                   2.00%    4.02%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations                                          24.0%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            21.5%
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     17.4%
--------------------------------------------------------------------------------
Water and Sewer                                                             8.3%
--------------------------------------------------------------------------------
Tax Obligation/General                                                      7.4%
--------------------------------------------------------------------------------
Health Care                                                                 6.8%
--------------------------------------------------------------------------------
Other                                                                      14.6%
--------------------------------------------------------------------------------

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(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 combined  federal and state income tax
      rate of 31.6%.  When  comparing  this Fund to  investments  that  generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

(3)   The  Fund  paid  shareholders   capital  gains  and  net  ordinary  income
      distributions in December 2007 of $0.0664 per share.

                                                                              13



NGK Performance  OVERVIEW | Nuveen Connecticut Dividend Advantage Municipal Fund
2 as of November 30, 2008

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   11.80
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   12.91
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -8.60%
--------------------------------------------------------------------------------
Market Yield                                                               5.59%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2)                                                8.17%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  29,919
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          15.80
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                13.23
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
                                                        ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -19.39%  -10.41%
--------------------------------------------------------------------------------
1-Year                                                          -12.43%   -9.27%
--------------------------------------------------------------------------------
5-Year                                                            0.01%    1.71%
--------------------------------------------------------------------------------
Since Inception                                                   1.87%    4.07%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations                                          22.5%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            20.1%
--------------------------------------------------------------------------------
Tax Obligation/General                                                     14.5%
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     11.0%
--------------------------------------------------------------------------------
Health Care                                                                 8.2%
--------------------------------------------------------------------------------
Water and Sewer                                                             6.6%
--------------------------------------------------------------------------------
Transportation                                                              4.3%
--------------------------------------------------------------------------------
Other                                                                      12.8%
--------------------------------------------------------------------------------

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1)

AAA/U.S.
Guaranteed                                                                   51%
AA                                                                           25%
A                                                                            14%
BBB                                                                           8%
BB or Lower                                                                   2%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share(3)

Dec                                                                        0.055
Jan                                                                        0.055
Feb                                                                        0.055
Mar                                                                        0.055
Apr                                                                        0.055
May                                                                        0.055
Jun                                                                        0.055
Jul                                                                        0.055
Aug                                                                        0.055
Sep                                                                        0.055
Oct                                                                        0.055
Nov                                                                        0.055

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                   14.14
                                                                         14.1901
                                                                           14.29
                                                                           14.13
                                                                           14.18
                                                                           14.37
                                                                           14.28
                                                                           14.23
                                                                            14.2
                                                                           14.24
                                                                         14.0199
                                                                          14.039
                                                                            14.2
                                                                            14.3
                                                                          14.082
                                                                           13.78
                                                                           13.64
                                                                           13.72
                                                                           13.72
                                                                           13.81
                                                                           13.98
                                                                         14.4799
                                                                           14.46
                                                                           14.59
                                                                            14.8
                                                                           14.79
                                                                           14.77
                                                                            14.7
                                                                            14.9
                                                                           14.85
                                                                           14.85
                                                                           14.82
                                                                              15
                                                                            14.8
                                                                           15.01
                                                                           14.94
                                                                           14.78
                                                                           15.03
                                                                            14.8
                                                                            14.8
                                                                           14.58
                                                                           14.84
                                                                           14.92
                                                                           14.96
                                                                           14.95
                                                                           14.95
                                                                           15.12
                                                                           15.12
                                                                           15.07
                                                                         15.0099
                                                                            14.4
                                                                         14.1301
                                                                           14.43
                                                                           14.21
                                                                           14.41
                                                                           14.41
                                                                           14.41
                                                                           14.34
                                                                            14.3
                                                                           14.02
                                                                           13.76
                                                                           13.82
                                                                           14.14
                                                                           14.32
                                                                           14.21
                                                                         14.4656
                                                                           14.71
                                                                           14.65
                                                                           14.65
                                                                            14.7
                                                                            14.7
                                                                           14.31
                                                                           14.22
                                                                           13.91
                                                                           13.91
                                                                           13.91
                                                                            13.8
                                                                           13.93
                                                                           13.93
                                                                           14.19
                                                                           14.18
                                                                           14.17
                                                                           14.22
                                                                           14.22
                                                                           14.21
                                                                           14.21
                                                                           14.22
                                                                           14.28
                                                                           14.28
                                                                           14.26
                                                                           14.26
                                                                           14.33
                                                                           14.38
                                                                            14.4
                                                                           14.37
                                                                           14.33
                                                                           14.41
                                                                           14.44
                                                                           14.44
                                                                           14.44
                                                                           14.48
                                                                           14.48
                                                                           14.52
                                                                           14.46
                                                                           14.54
                                                                           14.72
                                                                            14.9
                                                                            14.9
                                                                           15.08
                                                                           15.15
                                                                           14.96
                                                                           14.89
                                                                           14.74
                                                                           14.62
                                                                           14.62
                                                                           14.64
                                                                              15
                                                                              15
                                                                              15
                                                                           14.92
                                                                           14.92
                                                                           15.14
                                                                           15.14
                                                                              15
                                                                              15
                                                                           15.18
                                                                           15.42
                                                                           15.78
                                                                          16.232
                                                                          16.484
                                                                           16.18
                                                                           16.23
                                                                           16.23
                                                                           15.64
                                                                           15.64
                                                                           15.64
                                                                           15.24
                                                                           14.51
                                                                         14.5079
                                                                         14.5079
                                                                           14.45
                                                                           14.46
                                                                           14.46
                                                                          14.401
                                                                           14.37
                                                                           14.37
                                                                           14.78
                                                                           15.02
                                                                           15.02
                                                                           15.02
                                                                           15.02
                                                                           15.55
                                                                            15.8
                                                                           16.09
                                                                           15.74
                                                                           15.47
                                                                           15.33
                                                                            15.3
                                                                            15.3
                                                                            15.1
                                                                              15
                                                                           15.57
                                                                           15.57
                                                                           15.32
                                                                           15.32
                                                                           15.32
                                                                           15.32
                                                                           15.32
                                                                            15.6
                                                                           15.42
                                                                           15.42
                                                                           15.42
                                                                            15.9
                                                                           15.64
                                                                           15.58
                                                                           15.47
                                                                           15.18
                                                                           15.02
                                                                           15.02
                                                                           14.76
                                                                           14.72
                                                                           14.76
                                                                           14.78
                                                                           14.78
                                                                           14.82
                                                                           14.82
                                                                           14.82
                                                                           14.97
                                                                              15
                                                                              15
                                                                         14.9301
                                                                           15.16
                                                                           15.16
                                                                           15.03
                                                                           14.98
                                                                           14.88
                                                                           14.82
                                                                         14.7799
                                                                         14.7799
                                                                            14.6
                                                                           14.82
                                                                           14.86
                                                                           14.69
                                                                           14.69
                                                                           14.69
                                                                           14.75
                                                                           14.75
                                                                           14.06
                                                                           13.95
                                                                            13.2
                                                                              13
                                                                            12.6
                                                                         12.3901
                                                                           12.06
                                                                           12.19
                                                                           11.24
                                                                           10.83
                                                                           10.73
                                                                             8.3
                                                                            9.45
                                                                           10.59
                                                                           10.65
                                                                           11.08
                                                                           11.26
                                                                           11.76
                                                                         11.9499
                                                                           12.29
                                                                           12.29
                                                                           11.22
                                                                            11.4
                                                                            12.1
                                                                           12.18
                                                                           12.06
                                                                           12.06
                                                                           12.51
                                                                           12.75
                                                                           13.23
                                                                          13.195
                                                                           12.98
                                                                           12.88
                                                                           12.88
                                                                         12.7899
                                                                         12.2915
                                                                           12.29
                                                                           12.27
                                                                            12.3
                                                                           11.69
                                                                           12.16
                                                                           11.78
                                                                           11.51
                                                                           11.48
                                                                            11.5
                                                                            11.8
11/30/08                                                                    11.8

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(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 combined  federal and state income tax
      rate of 31.6%.  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 2007
      of $0.0738 per share.

14



NGO Performance  OVERVIEW | Nuveen Connecticut Dividend Advantage Municipal Fund
3 as of November 30, 2008

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1)

AAA/U.S.
Guaranteed                                                                   41%
AA                                                                           32%
A                                                                            11%
BBB                                                                          14%
BB or Lower                                                                   2%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share

Dec                                                                       0.0505
Jan                                                                       0.0505
Feb                                                                       0.0505
Mar                                                                       0.0485
Apr                                                                       0.0485
May                                                                       0.0485
Jun                                                                       0.0485
Jul                                                                       0.0485
Aug                                                                       0.0485
Sep                                                                         0.05
Oct                                                                         0.05
Nov                                                                         0.05

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                 13.4899
                                                                           13.44
                                                                            13.5
                                                                           13.52
                                                                           13.52
                                                                           13.42
                                                                           13.52
                                                                           13.45
                                                                           13.45
                                                                           13.35
                                                                           13.12
                                                                           13.39
                                                                           13.22
                                                                           13.04
                                                                           12.63
                                                                         12.8999
                                                                         12.7501
                                                                           12.85
                                                                           13.15
                                                                           13.22
                                                                           13.28
                                                                         13.4999
                                                                           13.77
                                                                            13.9
                                                                           13.95
                                                                           13.98
                                                                           13.98
                                                                           13.95
                                                                           13.99
                                                                           13.86
                                                                           13.86
                                                                           13.74
                                                                           13.82
                                                                            13.7
                                                                           13.84
                                                                         13.7501
                                                                           13.75
                                                                           13.78
                                                                            13.6
                                                                           13.52
                                                                           13.56
                                                                           13.52
                                                                           13.67
                                                                           13.65
                                                                           13.76
                                                                           13.75
                                                                          13.728
                                                                           13.72
                                                                           13.78
                                                                           13.78
                                                                           13.25
                                                                            12.9
                                                                           13.16
                                                                           13.16
                                                                           13.21
                                                                           13.11
                                                                           13.08
                                                                           13.14
                                                                         13.0401
                                                                           12.85
                                                                           12.75
                                                                           13.35
                                                                           12.92
                                                                           13.22
                                                                            13.2
                                                                         13.6999
                                                                           13.31
                                                                            13.3
                                                                            13.3
                                                                            13.2
                                                                         13.2301
                                                                           12.96
                                                                           12.79
                                                                           12.83
                                                                            12.7
                                                                           12.71
                                                                         12.7899
                                                                            12.9
                                                                           12.92
                                                                            12.9
                                                                           13.03
                                                                            13.1
                                                                            13.2
                                                                           13.15
                                                                         13.2199
                                                                           13.18
                                                                           13.07
                                                                           12.91
                                                                           13.05
                                                                           13.07
                                                                              13
                                                                           13.05
                                                                           13.07
                                                                           13.11
                                                                          13.178
                                                                           13.22
                                                                           13.27
                                                                           13.31
                                                                           13.32
                                                                            13.3
                                                                           13.35
                                                                           13.22
                                                                            13.3
                                                                           13.25
                                                                           13.13
                                                                           13.13
                                                                           13.22
                                                                           13.22
                                                                           13.45
                                                                           13.52
                                                                           13.48
                                                                           13.48
                                                                           13.54
                                                                           13.49
                                                                            13.5
                                                                            13.5
                                                                           13.46
                                                                           13.51
                                                                           13.51
                                                                           13.48
                                                                          13.554
                                                                           13.58
                                                                           13.61
                                                                           13.63
                                                                           13.63
                                                                           13.66
                                                                            13.7
                                                                            13.8
                                                                           14.01
                                                                           13.82
                                                                          14.014
                                                                           14.11
                                                                           13.81
                                                                           14.02
                                                                           14.04
                                                                           14.05
                                                                           13.88
                                                                           13.55
                                                                         13.4701
                                                                           13.43
                                                                          13.517
                                                                           13.55
                                                                            13.4
                                                                           13.49
                                                                            13.6
                                                                            13.6
                                                                           13.68
                                                                           13.57
                                                                           13.34
                                                                           13.44
                                                                           13.32
                                                                           13.32
                                                                           13.45
                                                                           13.35
                                                                            13.4
                                                                           13.31
                                                                           13.25
                                                                            13.4
                                                                           13.36
                                                                           13.71
                                                                           13.58
                                                                           13.58
                                                                           13.58
                                                                           13.17
                                                                            13.2
                                                                            13.2
                                                                           13.29
                                                                           13.45
                                                                            13.4
                                                                           13.38
                                                                           13.38
                                                                          13.366
                                                                          13.592
                                                                           13.73
                                                                           13.73
                                                                           13.88
                                                                           13.65
                                                                           13.49
                                                                           13.32
                                                                           13.27
                                                                           13.26
                                                                          13.199
                                                                           13.45
                                                                           13.35
                                                                            13.5
                                                                            13.4
                                                                            13.4
                                                                            13.3
                                                                           13.46
                                                                           13.46
                                                                           13.29
                                                                           13.27
                                                                           13.25
                                                                           13.23
                                                                           13.37
                                                                           13.37
                                                                         13.2001
                                                                            13.2
                                                                            13.2
                                                                            13.2
                                                                           12.99
                                                                           12.81
                                                                           12.71
                                                                           13.02
                                                                           12.67
                                                                           12.98
                                                                           12.52
                                                                           12.66
                                                                           12.89
                                                                           12.12
                                                                           12.01
                                                                              12
                                                                           11.82
                                                                              12
                                                                            11.4
                                                                         10.1501
                                                                             9.8
                                                                            9.55
                                                                             8.7
                                                                           11.47
                                                                           11.15
                                                                           11.15
                                                                           10.93
                                                                            11.1
                                                                            11.4
                                                                            11.4
                                                                            11.1
                                                                           11.38
                                                                            11.7
                                                                         11.1901
                                                                           11.14
                                                                           10.99
                                                                          11.438
                                                                            11.5
                                                                           11.66
                                                                           11.66
                                                                            12.1
                                                                              12
                                                                              12
                                                                           11.73
                                                                         11.9999
                                                                           11.58
                                                                           11.02
                                                                          10.884
                                                                          10.856
                                                                           10.65
                                                                            10.6
                                                                            10.5
                                                                           11.05
                                                                            11.5
                                                                           11.29
                                                                           11.25
                                                                            11.5
11/30/08                                                                    11.5

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   11.50
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   12.14
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -5.27%
--------------------------------------------------------------------------------
Market Yield                                                               5.22%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2)                                                7.63%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  53,004
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          16.53
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                13.50
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 9/26/02)
--------------------------------------------------------------------------------
                                                        ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -13.62%  -11.80%
--------------------------------------------------------------------------------
1-Year                                                          -10.24%  -11.18%
--------------------------------------------------------------------------------
5-Year                                                            1.48%    1.18%
--------------------------------------------------------------------------------
Since Inception                                                   0.62%    2.17%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations                                          18.6%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            15.5%
--------------------------------------------------------------------------------
Tax Obligation/General                                                     15.1%
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     14.9%
--------------------------------------------------------------------------------
Water and Sewer                                                             9.8%
--------------------------------------------------------------------------------
Long-Term Care                                                              8.0%
--------------------------------------------------------------------------------
Health Care                                                                 6.2%
--------------------------------------------------------------------------------
Other                                                                      11.9%
--------------------------------------------------------------------------------

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(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 combined  federal and state income tax
      rate of 31.6%.  When  comparing  this Fund to  investments  that  generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

                                                                              15



NMT Performance OVERVIEW | Nuveen Massachusetts Premium Income Municipal Fund as
of November 30, 2008

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   10.00
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   11.89
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                -15.90%
--------------------------------------------------------------------------------
Market Yield                                                               6.42%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2)                                                9.41%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  56,640
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          15.41
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                13.22
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 3/18/93)
--------------------------------------------------------------------------------
                                                        ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -24.50%  -14.34%
--------------------------------------------------------------------------------
1-Year                                                          -19.71%  -14.29%
--------------------------------------------------------------------------------
5-Year                                                           -3.70%    0.74%
--------------------------------------------------------------------------------
10-Year                                                           0.30%    3.19%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations                                          20.2%
--------------------------------------------------------------------------------
Health Care                                                                15.1%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            13.1%
--------------------------------------------------------------------------------
Tax Obligation/General                                                     12.7%
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                      9.6%
--------------------------------------------------------------------------------
Water and Sewer                                                             7.7%
--------------------------------------------------------------------------------
Transportation                                                              6.4%
--------------------------------------------------------------------------------
Housing/Multifamily                                                         5.0%
--------------------------------------------------------------------------------
Other                                                                      10.2%
--------------------------------------------------------------------------------

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1)

AAA/U.S.
Guaranteed                                                                   44%
AA                                                                           35%
A                                                                             7%
BBB                                                                          10%
BB or Lower                                                                   1%
N/R                                                                           3%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share(3)

Dec                                                                       0.0515
Jan                                                                       0.0515
Feb                                                                       0.0515
Mar                                                                       0.0515
Apr                                                                       0.0515
May                                                                       0.0515
Jun                                                                       0.0515
Jul                                                                       0.0515
Aug                                                                       0.0515
Sep                                                                       0.0535
Oct                                                                       0.0535
Nov                                                                       0.0535

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                   13.17
                                                                           13.25
                                                                           13.39
                                                                           13.44
                                                                           13.25
                                                                           13.32
                                                                           13.17
                                                                           12.96
                                                                           13.01
                                                                           13.04
                                                                           12.92
                                                                           13.04
                                                                           12.78
                                                                           12.72
                                                                           12.61
                                                                         12.7918
                                                                           12.63
                                                                           12.61
                                                                           12.67
                                                                         12.7999
                                                                           12.89
                                                                           13.12
                                                                           13.47
                                                                           13.51
                                                                           13.53
                                                                            13.7
                                                                            13.7
                                                                           13.72
                                                                           13.74
                                                                           13.73
                                                                           13.83
                                                                           13.75
                                                                           13.79
                                                                          13.971
                                                                           13.87
                                                                              14
                                                                           13.78
                                                                           13.82
                                                                           13.81
                                                                           13.81
                                                                           13.93
                                                                           13.97
                                                                           13.94
                                                                              14
                                                                              14
                                                                              14
                                                                           14.09
                                                                            14.2
                                                                           14.14
                                                                           13.73
                                                                            13.3
                                                                           13.04
                                                                          13.296
                                                                          13.509
                                                                           13.45
                                                                           12.98
                                                                          13.077
                                                                           13.35
                                                                           13.29
                                                                           13.03
                                                                              13
                                                                              13
                                                                           12.95
                                                                           13.28
                                                                           13.06
                                                                           13.08
                                                                           13.65
                                                                           13.73
                                                                          13.672
                                                                           13.29
                                                                           13.12
                                                                           12.94
                                                                              13
                                                                           13.33
                                                                            13.3
                                                                           13.75
                                                                           13.65
                                                                           13.57
                                                                            13.5
                                                                           13.45
                                                                           13.37
                                                                            13.5
                                                                           13.38
                                                                           13.38
                                                                           13.28
                                                                            13.4
                                                                           13.41
                                                                           13.41
                                                                          13.408
                                                                           13.24
                                                                           13.19
                                                                           13.18
                                                                            13.1
                                                                           13.06
                                                                           13.08
                                                                           13.14
                                                                           13.18
                                                                           13.24
                                                                           13.27
                                                                           13.25
                                                                           13.26
                                                                           13.23
                                                                           13.13
                                                                           13.13
                                                                           13.14
                                                                           13.15
                                                                           13.35
                                                                            13.4
                                                                           13.35
                                                                           13.35
                                                                           13.44
                                                                          13.335
                                                                           13.29
                                                                          13.191
                                                                           13.12
                                                                            13.3
                                                                            13.5
                                                                           13.46
                                                                           13.41
                                                                           13.33
                                                                            13.6
                                                                           13.69
                                                                           13.81
                                                                           13.61
                                                                           13.61
                                                                           13.56
                                                                          13.754
                                                                          13.838
                                                                           13.69
                                                                           13.58
                                                                           13.52
                                                                           13.44
                                                                            13.2
                                                                            13.2
                                                                          13.234
                                                                           13.24
                                                                           13.26
                                                                           13.12
                                                                           13.11
                                                                           12.74
                                                                           12.77
                                                                            12.7
                                                                          12.806
                                                                           12.84
                                                                           12.85
                                                                           12.83
                                                                           12.83
                                                                           12.89
                                                                           12.89
                                                                            13.1
                                                                           12.97
                                                                           12.93
                                                                           13.04
                                                                           12.96
                                                                          12.961
                                                                           12.94
                                                                           13.26
                                                                           13.21
                                                                           13.22
                                                                         13.1301
                                                                           12.91
                                                                            12.9
                                                                           12.89
                                                                           12.89
                                                                           13.08
                                                                           12.71
                                                                           12.72
                                                                           12.75
                                                                           12.83
                                                                         12.8799
                                                                           12.85
                                                                           12.77
                                                                          12.617
                                                                           12.76
                                                                          12.697
                                                                            12.8
                                                                           12.88
                                                                           12.95
                                                                          13.124
                                                                          13.124
                                                                          13.124
                                                                          13.124
                                                                          13.142
                                                                          13.142
                                                                           13.35
                                                                           12.89
                                                                            12.9
                                                                           12.99
                                                                           13.01
                                                                           13.01
                                                                           13.05
                                                                           13.03
                                                                           12.94
                                                                           13.07
                                                                            12.9
                                                                           12.93
                                                                           12.96
                                                                           12.91
                                                                            12.9
                                                                            12.8
                                                                           12.97
                                                                           12.97
                                                                          12.596
                                                                           12.58
                                                                         12.4701
                                                                            12.5
                                                                           12.36
                                                                          12.409
                                                                           12.42
                                                                           11.93
                                                                         11.8231
                                                                           11.78
                                                                           11.57
                                                                         11.5901
                                                                           10.47
                                                                           10.66
                                                                            9.95
                                                                           9.538
                                                                            8.82
                                                                              10
                                                                          10.027
                                                                            9.59
                                                                            9.46
                                                                            9.62
                                                                            9.93
                                                                           10.05
                                                                           10.25
                                                                           10.42
                                                                           10.39
                                                                           10.89
                                                                            10.7
                                                                           10.85
                                                                            10.5
                                                                            10.4
                                                                           10.59
                                                                            10.8
                                                                           10.95
                                                                           10.82
                                                                           10.88
                                                                              11
                                                                            10.9
                                                                           10.98
                                                                            10.6
                                                                         10.4401
                                                                           10.48
                                                                         10.0599
                                                                            9.85
                                                                            9.75
                                                                             9.4
                                                                            9.77
                                                                            9.61
                                                                             9.6
                                                                              10
11/30/08                                                                      10

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(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 combined  federal and state income tax
      rate of 31.8%.  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 2007
      of $0.0166 per share.

16



NMB Performance  OVERVIEW | Nuveen  Massachusetts  Dividend Advantage  Municipal
Fund as of November 30, 2008

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1)

AAA/U.S.
Guaranteed                                                                   44%
AA                                                                           31%
A                                                                            10%
BBB                                                                          11%
BB or Lower                                                                   2%
N/R                                                                           2%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share(3)

Dec                                                                       0.0565
Jan                                                                       0.0565
Feb                                                                       0.0565
Mar                                                                       0.0565
Apr                                                                       0.0565
May                                                                       0.0565
Jun                                                                       0.0565
Jul                                                                       0.0565
Aug                                                                       0.0565
Sep                                                                        0.058
Oct                                                                        0.058
Nov                                                                        0.058

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                   13.93
                                                                           13.95
                                                                           13.88
                                                                         13.6499
                                                                           13.61
                                                                           13.61
                                                                           13.66
                                                                           13.55
                                                                           13.55
                                                                            13.5
                                                                           13.44
                                                                            13.4
                                                                           13.37
                                                                           13.42
                                                                           13.32
                                                                           13.31
                                                                           13.37
                                                                           13.38
                                                                           13.48
                                                                           13.57
                                                                           13.57
                                                                           13.77
                                                                            13.9
                                                                            13.9
                                                                           14.07
                                                                            14.1
                                                                           14.14
                                                                           14.24
                                                                           14.32
                                                                          14.312
                                                                           14.37
                                                                           14.35
                                                                         14.2799
                                                                           13.85
                                                                           14.05
                                                                           14.04
                                                                           14.09
                                                                         14.0399
                                                                           14.16
                                                                            14.5
                                                                           14.48
                                                                         14.3801
                                                                           14.38
                                                                            14.4
                                                                            14.4
                                                                            14.4
                                                                           14.52
                                                                           14.52
                                                                           14.48
                                                                            14.2
                                                                           13.63
                                                                            13.5
                                                                           13.84
                                                                           13.84
                                                                           14.03
                                                                           13.98
                                                                         13.9899
                                                                           13.92
                                                                           13.84
                                                                           13.81
                                                                           13.73
                                                                           13.53
                                                                            13.5
                                                                           13.57
                                                                         13.5999
                                                                           13.62
                                                                           13.67
                                                                           13.93
                                                                           13.86
                                                                           14.29
                                                                           14.29
                                                                           14.05
                                                                         13.9185
                                                                           13.97
                                                                           14.28
                                                                           14.28
                                                                           14.28
                                                                          14.109
                                                                          14.109
                                                                          14.109
                                                                           14.11
                                                                           14.21
                                                                           14.31
                                                                           14.59
                                                                            14.5
                                                                           14.81
                                                                           14.85
                                                                           14.85
                                                                           14.69
                                                                           14.96
                                                                           14.96
                                                                            14.8
                                                                            14.6
                                                                            14.7
                                                                           14.49
                                                                          14.489
                                                                          14.489
                                                                           14.28
                                                                           14.28
                                                                         14.2899
                                                                           14.29
                                                                           14.39
                                                                            14.2
                                                                            14.2
                                                                           14.16
                                                                           14.45
                                                                           14.45
                                                                           14.42
                                                                           14.43
                                                                           14.45
                                                                           14.38
                                                                           14.02
                                                                            14.3
                                                                           14.15
                                                                           14.35
                                                                           14.34
                                                                           14.15
                                                                         14.2199
                                                                           14.11
                                                                           14.14
                                                                           14.07
                                                                           14.25
                                                                           14.45
                                                                           14.61
                                                                           14.61
                                                                           14.66
                                                                           14.91
                                                                           14.91
                                                                           14.91
                                                                           14.81
                                                                           14.81
                                                                           14.76
                                                                           14.71
                                                                           14.71
                                                                           14.94
                                                                           14.94
                                                                           15.15
                                                                              15
                                                                              15
                                                                         14.9563
                                                                            14.9
                                                                           14.74
                                                                           14.74
                                                                           14.69
                                                                           14.69
                                                                           14.36
                                                                           14.29
                                                                           14.31
                                                                           14.31
                                                                           14.31
                                                                           14.31
                                                                           14.21
                                                                           14.31
                                                                           14.21
                                                                           14.21
                                                                           14.11
                                                                           14.01
                                                                           14.01
                                                                           13.91
                                                                           14.01
                                                                           13.95
                                                                           13.95
                                                                            14.2
                                                                           14.25
                                                                           13.92
                                                                           13.84
                                                                           13.84
                                                                           13.74
                                                                           13.74
                                                                           13.71
                                                                           13.71
                                                                           13.75
                                                                           13.59
                                                                           13.59
                                                                           13.43
                                                                           13.48
                                                                           13.38
                                                                           13.49
                                                                           13.45
                                                                           13.45
                                                                           13.45
                                                                            13.5
                                                                           13.55
                                                                            13.5
                                                                           13.51
                                                                           13.51
                                                                            13.5
                                                                            13.5
                                                                           13.55
                                                                           13.55
                                                                         13.5899
                                                                           13.77
                                                                           13.67
                                                                           13.75
                                                                            13.7
                                                                           13.89
                                                                           13.89
                                                                           13.89
                                                                           13.81
                                                                           13.64
                                                                           13.75
                                                                            13.6
                                                                           13.44
                                                                           13.32
                                                                            13.3
                                                                            13.3
                                                                            13.5
                                                                            13.5
                                                                            13.6
                                                                           12.62
                                                                           12.86
                                                                           12.85
                                                                           12.85
                                                                           12.85
                                                                          12.143
                                                                          12.143
                                                                           11.83
                                                                           10.81
                                                                            8.68
                                                                            9.32
                                                                           10.01
                                                                           10.63
                                                                            11.8
                                                                           12.15
                                                                           11.95
                                                                           11.95
                                                                           11.95
                                                                           12.24
                                                                           12.24
                                                                           12.43
                                                                           12.21
                                                                           12.43
                                                                            12.9
                                                                            12.8
                                                                            12.8
                                                                            12.8
                                                                            12.8
                                                                              13
                                                                              13
                                                                           13.02
                                                                           13.05
                                                                           12.94
                                                                           12.32
                                                                           13.25
                                                                           12.55
                                                                            12.3
                                                                           11.95
                                                                           11.01
                                                                              11
                                                                           11.01
                                                                           11.26
                                                                           11.05
                                                                         11.0919
11/30/08                                                                 11.0919

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   11.09
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   12.11
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -8.42%
--------------------------------------------------------------------------------
Market Yield                                                               6.28%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2)                                                9.21%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  23,746
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          17.49
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                13.46
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 1/30/01)
--------------------------------------------------------------------------------
                                                        ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -22.05%  -13.45%
--------------------------------------------------------------------------------
1-Year                                                          -17.12%  -13.76%
--------------------------------------------------------------------------------
5-Year                                                           -1.50%    0.96%
--------------------------------------------------------------------------------
Since Inception                                                   1.76%    3.78%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Education and Civic Organizations                                          24.6%
-------------------------------------------------------------------------------
Health Care                                                                16.5%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            10.6%
--------------------------------------------------------------------------------
Tax Obligation/General                                                      9.7%
--------------------------------------------------------------------------------
Water and Sewer                                                             9.7%
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                      8.0%
--------------------------------------------------------------------------------
Housing/Multifamily                                                         7.7%
--------------------------------------------------------------------------------
Other                                                                      13.2%
--------------------------------------------------------------------------------

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(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 combined  federal and state income tax
      rate of 31.8%.  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 2007
      of $0.0248 per share.

                                                                              17



NGX  Performance  OVERVIEW | Nuveen  Insured  Massachusetts  Tax-Free  Advantage
Municipal Fund as of November 30, 2008

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   11.59
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   12.45
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -6.91%
--------------------------------------------------------------------------------
Market Yield                                                               5.75%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(3)                                                8.43%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  33,910
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          16.93
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                14.99
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
--------------------------------------------------------------------------------
                                                        ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -15.94%  -10.62%
--------------------------------------------------------------------------------
1-Year                                                          -12.97%  -10.55%
--------------------------------------------------------------------------------
5-Year                                                           -1.24%    1.81%
--------------------------------------------------------------------------------
Since Inception                                                   0.64%    2.74%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            25.8%
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     16.9%
--------------------------------------------------------------------------------
Education and Civic Organizations                                          14.8%
--------------------------------------------------------------------------------
Tax Obligation/General                                                     11.3%
--------------------------------------------------------------------------------
Water and Sewer                                                            11.3%
--------------------------------------------------------------------------------
Health Care                                                                 8.4%
--------------------------------------------------------------------------------
Housing/Multifamily                                                         6.1%
--------------------------------------------------------------------------------
Other                                                                       5.4%
--------------------------------------------------------------------------------

INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
MBIA                                                                       32.9%
--------------------------------------------------------------------------------
AMBAC                                                                      21.0%
--------------------------------------------------------------------------------
FGIC                                                                       16.3%
--------------------------------------------------------------------------------
FSA                                                                        11.4%
--------------------------------------------------------------------------------
AGC                                                                        10.2%
--------------------------------------------------------------------------------
SYNCORA                                                                     8.2%
--------------------------------------------------------------------------------

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1,2)

Insured                                                                      60%
U.S. Guaranteed                                                              26%
GNMA Guaranteed                                                               3%
AAA (Uninsured)                                                               2%
AA (Uninsured)                                                                6%
A (Uninsured)                                                                 2%
BBB (Uninsured)                                                               1%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share

Dec                                                                       0.0545
Jan                                                                       0.0545
Feb                                                                       0.0545
Mar                                                                       0.0545
Apr                                                                       0.0545
May                                                                       0.0545
Jun                                                                       0.0545
Jul                                                                       0.0545
Aug                                                                       0.0545
Sep                                                                       0.0555
Oct                                                                       0.0555
Nov                                                                       0.0555

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                   13.97
                                                                           14.05
                                                                            13.8
                                                                           13.55
                                                                           13.74
                                                                           13.57
                                                                           13.54
                                                                         13.3401
                                                                           13.26
                                                                           13.26
                                                                           13.23
                                                                            13.3
                                                                           13.35
                                                                           13.37
                                                                           13.31
                                                                           13.43
                                                                         13.4899
                                                                           13.46
                                                                           13.74
                                                                           13.76
                                                                           13.75
                                                                           13.97
                                                                           14.33
                                                                            14.2
                                                                            14.1
                                                                           14.07
                                                                           14.08
                                                                           14.14
                                                                           14.24
                                                                         14.3001
                                                                           14.56
                                                                           14.85
                                                                           14.76
                                                                          14.548
                                                                            14.6
                                                                           14.27
                                                                            14.2
                                                                           14.24
                                                                            14.2
                                                                            14.2
                                                                           14.26
                                                                            14.3
                                                                           14.34
                                                                           14.29
                                                                           14.29
                                                                           14.24
                                                                           14.28
                                                                            14.4
                                                                           14.92
                                                                           14.66
                                                                           14.06
                                                                            14.2
                                                                           14.01
                                                                           14.11
                                                                           14.17
                                                                            14.2
                                                                           14.26
                                                                           14.33
                                                                           14.57
                                                                           14.26
                                                                           13.69
                                                                         13.6799
                                                                           13.55
                                                                         13.7899
                                                                         13.9896
                                                                           14.15
                                                                         14.1501
                                                                           14.29
                                                                           14.28
                                                                            14.3
                                                                         14.1799
                                                                           13.87
                                                                            14.1
                                                                              14
                                                                         13.9088
                                                                            14.1
                                                                           13.86
                                                                           13.86
                                                                           14.05
                                                                           14.04
                                                                         13.8801
                                                                           13.89
                                                                           13.89
                                                                         13.8545
                                                                         13.9154
                                                                           13.97
                                                                           13.89
                                                                           13.93
                                                                         14.1001
                                                                           14.25
                                                                           14.25
                                                                           14.13
                                                                           14.13
                                                                           14.14
                                                                           14.06
                                                                           14.06
                                                                           14.11
                                                                           14.07
                                                                            14.1
                                                                            14.1
                                                                           14.05
                                                                           13.99
                                                                           13.95
                                                                           13.96
                                                                              14
                                                                           13.94
                                                                           13.95
                                                                           13.95
                                                                           14.25
                                                                           14.09
                                                                           14.09
                                                                            14.1
                                                                            14.2
                                                                           14.24
                                                                            14.2
                                                                           14.34
                                                                           14.35
                                                                          14.369
                                                                           14.32
                                                                           14.06
                                                                           14.04
                                                                           14.08
                                                                           14.07
                                                                           14.14
                                                                           14.14
                                                                            14.1
                                                                           14.25
                                                                           14.25
                                                                           14.25
                                                                           14.17
                                                                         14.3422
                                                                            14.3
                                                                           14.26
                                                                           14.26
                                                                           14.17
                                                                           14.17
                                                                           14.16
                                                                           13.85
                                                                            13.7
                                                                           14.23
                                                                          14.119
                                                                           13.86
                                                                           13.86
                                                                              14
                                                                              14
                                                                            13.9
                                                                           13.85
                                                                           14.07
                                                                            14.1
                                                                              14
                                                                              14
                                                                           14.07
                                                                            14.1
                                                                           13.96
                                                                           14.04
                                                                              14
                                                                              14
                                                                         14.0001
                                                                           14.37
                                                                           14.15
                                                                          14.186
                                                                         14.1599
                                                                           13.88
                                                                            13.9
                                                                            13.9
                                                                         13.7699
                                                                           13.73
                                                                           13.85
                                                                           13.44
                                                                           13.52
                                                                           13.52
                                                                         13.4399
                                                                           13.42
                                                                           13.49
                                                                           13.49
                                                                           13.52
                                                                           13.66
                                                                           13.66
                                                                         13.8099
                                                                           13.75
                                                                           13.95
                                                                           13.78
                                                                           13.78
                                                                         13.7401
                                                                           13.92
                                                                           13.92
                                                                           13.92
                                                                           13.83
                                                                           14.17
                                                                           14.17
                                                                            14.3
                                                                           14.36
                                                                           14.46
                                                                           14.42
                                                                           14.55
                                                                           14.32
                                                                           14.33
                                                                            14.2
                                                                            14.4
                                                                            14.4
                                                                           14.18
                                                                           14.14
                                                                           13.55
                                                                           13.51
                                                                            13.5
                                                                           13.03
                                                                           12.72
                                                                           13.15
                                                                           13.55
                                                                            12.2
                                                                            12.7
                                                                            12.7
                                                                            12.9
                                                                           13.65
                                                                           12.53
                                                                           12.46
                                                                          12.024
                                                                           12.01
                                                                           11.06
                                                                           11.99
                                                                            11.5
                                                                            11.5
                                                                              11
                                                                          11.705
                                                                         11.9269
                                                                         11.9269
                                                                            12.2
                                                                           13.21
                                                                           13.45
                                                                         13.5001
                                                                           13.85
                                                                           13.05
                                                                           13.02
                                                                           12.81
                                                                          12.728
                                                                           12.81
                                                                         12.6001
                                                                           12.52
                                                                           13.41
                                                                              13
                                                                            13.3
                                                                          13.232
                                                                           13.34
                                                                              13
                                                                            13.1
                                                                           12.26
                                                                            11.9
                                                                           11.13
                                                                            11.4
                                                                          11.722
                                                                           11.75
                                                                           11.55
                                                                           11.59
11/30/08                                                                   11.59

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(2)   At least 80% of the Fund's net assets  (including net assets  attributable
      to Preferred shares) are invested in municipal securities that are covered
      by insurance or 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 the
      timely  payment  of  principal  and  interest.   See  Notes  to  Financial
      Statements, Footnote 1 - Insurance, for more information.

(3)   Taxable-Equivalent  Yield  represents  the yield  that must be earned on a
      fully  taxable  investment  in order to equal  the yield of the Fund on an
      after-tax  basis.  It is based on a combined  federal and state income tax
      rate of 31.8%.  When  comparing  this Fund to  investments  that  generate
      qualified dividend income, the Taxable-Equivalent Yield is lower.

18



NOM Performance  OVERVIEW | Nuveen Missouri  Premium Income Municipal Fund as of
November 30, 2008

                                   [PIE CHART]

Credit Quality (as a % of total investments)(1)

AAA/U.S.
Guaranteed                                                                   41%
AA                                                                           18%
A                                                                            19%
BBB                                                                           5%
N/R                                                                          17%

                                   [BAR CHART]

2007-2008 Monthly Tax-Free Dividends Per Common Share(3)

Dec                                                                       0.0545
Jan                                                                       0.0545
Feb                                                                       0.0545
Mar                                                                       0.0545
Apr                                                                       0.0545
May                                                                       0.0545
Jun                                                                       0.0545
Jul                                                                       0.0545
Aug                                                                       0.0545
Sep                                                                       0.0545
Oct                                                                       0.0545
Nov                                                                       0.0545

                                  [LINE CHART]

Common Share Price Performance -- Weekly Closing Price

12/01/07                                                                    14.2
                                                                           14.17
                                                                           14.05
                                                                           14.06
                                                                           14.04
                                                                              14
                                                                           14.19
                                                                           14.01
                                                                           13.97
                                                                            13.9
                                                                           14.02
                                                                           13.68
                                                                           13.62
                                                                            13.7
                                                                           13.62
                                                                           13.75
                                                                           13.93
                                                                           14.05
                                                                         14.1399
                                                                           14.02
                                                                           13.96
                                                                           14.08
                                                                           14.08
                                                                            14.2
                                                                           14.63
                                                                           14.85
                                                                              15
                                                                           15.02
                                                                           14.95
                                                                              15
                                                                           14.83
                                                                           14.82
                                                                           14.82
                                                                           14.82
                                                                            14.4
                                                                            14.6
                                                                            14.6
                                                                           14.52
                                                                           14.99
                                                                           15.08
                                                                           15.11
                                                                           15.25
                                                                           15.35
                                                                           15.35
                                                                           15.35
                                                                           15.35
                                                                           15.44
                                                                           15.64
                                                                           15.64
                                                                           15.64
                                                                            15.3
                                                                              15
                                                                            15.1
                                                                            15.1
                                                                            14.6
                                                                            14.6
                                                                           14.08
                                                                           13.85
                                                                            13.6
                                                                           13.35
                                                                           13.28
                                                                           13.52
                                                                           13.44
                                                                           13.49
                                                                            13.8
                                                                           13.65
                                                                           13.65
                                                                           13.64
                                                                            13.5
                                                                           13.46
                                                                           13.45
                                                                           13.44
                                                                           13.34
                                                                            13.4
                                                                            13.5
                                                                            13.6
                                                                           13.67
                                                                           13.67
                                                                           13.85
                                                                           13.85
                                                                           13.77
                                                                           13.77
                                                                            13.8
                                                                         13.8999
                                                                         13.8999
                                                                            13.9
                                                                            13.9
                                                                            13.9
                                                                           13.77
                                                                            13.8
                                                                            13.8
                                                                            13.8
                                                                           13.85
                                                                              14
                                                                              14
                                                                              14
                                                                              14
                                                                           14.36
                                                                              14
                                                                           13.94
                                                                           13.95
                                                                            13.8
                                                                           13.85
                                                                           13.85
                                                                           13.96
                                                                            14.2
                                                                           14.04
                                                                           14.04
                                                                           13.89
                                                                           13.82
                                                                           14.35
                                                                           14.35
                                                                           13.96
                                                                           13.95
                                                                           13.85
                                                                           13.98
                                                                           14.04
                                                                           14.03
                                                                            14.3
                                                                           14.51
                                                                           14.76
                                                                           14.92
                                                                           14.71
                                                                           14.76
                                                                           14.76
                                                                           15.09
                                                                           14.48
                                                                           14.48
                                                                           14.14
                                                                           14.14
                                                                           14.15
                                                                           14.15
                                                                            13.9
                                                                           13.99
                                                                           14.35
                                                                            14.3
                                                                           13.91
                                                                           14.23
                                                                           14.05
                                                                           13.59
                                                                           13.74
                                                                           13.74
                                                                           13.74
                                                                              14
                                                                            13.9
                                                                            13.9
                                                                            13.9
                                                                              14
                                                                              14
                                                                              14
                                                                              14
                                                                           13.95
                                                                           13.95
                                                                              14
                                                                            13.7
                                                                            13.7
                                                                            13.7
                                                                            13.7
                                                                           13.59
                                                                            13.5
                                                                            13.5
                                                                           13.78
                                                                           13.89
                                                                           14.09
                                                                           14.09
                                                                           13.52
                                                                           13.55
                                                                           13.56
                                                                           13.61
                                                                            13.7
                                                                           13.62
                                                                            13.8
                                                                            14.3
                                                                            14.3
                                                                           14.15
                                                                            14.4
                                                                           14.34
                                                                           14.38
                                                                           14.16
                                                                           14.18
                                                                           13.88
                                                                           13.88
                                                                            13.9
                                                                            13.9
                                                                            13.9
                                                                            13.9
                                                                         13.8799
                                                                           13.98
                                                                           13.65
                                                                           13.65
                                                                           13.52
                                                                            13.6
                                                                            13.7
                                                                           13.68
                                                                            13.8
                                                                            13.8
                                                                           13.56
                                                                           13.46
                                                                           13.46
                                                                           13.46
                                                                         13.6501
                                                                           13.75
                                                                           13.48
                                                                            13.8
                                                                            13.8
                                                                            13.8
                                                                            13.8
                                                                              13
                                                                            12.2
                                                                            12.2
                                                                           12.25
                                                                            12.3
                                                                            12.4
                                                                           12.41
                                                                          12.252
                                                                           11.55
                                                                           11.55
                                                                           11.55
                                                                         11.3501
                                                                              12
                                                                              12
                                                                              12
                                                                              12
                                                                            11.6
                                                                           11.25
                                                                           11.25
                                                                           11.15
                                                                           11.29
                                                                           10.81
                                                                           12.06
                                                                           12.07
                                                                         12.0792
                                                                           11.52
                                                                            12.5
                                                                            12.9
                                                                         12.7999
                                                                            12.8
                                                                         12.3201
                                                                         12.3201
                                                                         12.0686
                                                                            11.7
                                                                            11.7
                                                                           11.45
                                                                            11.6
                                                                           11.24
                                                                           11.09
                                                                              11
                                                                            10.6
                                                                            10.5
                                                                           10.75
                                                                           10.99
                                                                              11
                                                                              11
11/30/08                                                                      11

FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price                                                    $   11.00
--------------------------------------------------------------------------------
Common Share Net Asset Value                                          $   11.41
--------------------------------------------------------------------------------
Premium/(Discount) to NAV                                                 -3.59%
--------------------------------------------------------------------------------
Market Yield                                                               5.95%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(2)                                                8.79%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000)                         $  26,328
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years)                          13.38
--------------------------------------------------------------------------------
Leverage-Adjusted Duration                                                 9.05
--------------------------------------------------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 5/20/93)
--------------------------------------------------------------------------------
                                                         ON SHARE PRICE   ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative)                                            -23.50%  -13.36%
--------------------------------------------------------------------------------
1-Year                                                          -17.82%  -13.93%
--------------------------------------------------------------------------------
5-Year                                                           -3.45%    0.31%
--------------------------------------------------------------------------------
10-Year                                                           1.97%    3.24%
--------------------------------------------------------------------------------

INDUSTRIES
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited                                                     19.2%
--------------------------------------------------------------------------------
Tax Obligation/General                                                     18.8%
--------------------------------------------------------------------------------
U.S. Guaranteed                                                            18.1%
--------------------------------------------------------------------------------
Health Care                                                                13.5%
--------------------------------------------------------------------------------
Water and Sewer                                                             6.1%
--------------------------------------------------------------------------------
Housing/Multifamily                                                         5.3%
--------------------------------------------------------------------------------
Housing/Single Family                                                       5.2%
--------------------------------------------------------------------------------
Other                                                                      13.8%
--------------------------------------------------------------------------------

(1)   The  percentages  shown in the foregoing  chart may reflect the ratings on
      certain  bonds insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and
      SYNCORA  as of  November  30,  2008.  Please see the  Portfolio  Managers'
      Commentary for an expanded discussion of the affect on the Fund of changes
      to the ratings of certain bonds in the portfolio resulting from changes to
      the ratings of the  underlying  insurers  both during the period and after
      period end.

(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 combined  federal and state income tax
      rate of 32.3%.  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 2007
      of $0.1265 per share.

                                                                              19



NTC  | Nuveen Connecticut Premium Income Municipal Fund
     | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                           
                 CONSUMER STAPLES - 1.6% (1.0% OF TOTAL INVESTMENTS)
$         1,430  Puerto Rico, The Children's Trust Fund, Tobacco Settlement
                    Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33        5/12 at 100.00            BBB    $ 1,036,750
----------------------------------------------------------------------------------------------------------------------------------
                 EDUCATION AND CIVIC ORGANIZATIONS - 39.9% (25.4% OF TOTAL
                 INVESTMENTS)
          1,595  Connecticut Health and Education Facilities Authority, Revenue       7/17 at 100.00             AA      1,461,706
                    Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25
                    - MBIA Insured
          1,050  Connecticut Health and Education Facilities Authority,               7/16 at 100.00             A3        827,285
                    University of Hartford Revenue Bonds, Series 2006G, 5.250%,
                    7/01/36 - RAAI Insured
            925  Connecticut Health and Educational Facilities Authority,             7/13 at 100.00             AA        890,747
                    Revenue Bonds, Brunswick School, Series 2003B, 5.000%,
                    7/01/33 - MBIA Insured
            200  Connecticut Health and Educational Facilities Authority,             7/16 at 100.00           BBB+        148,790
                    Revenue Bonds, Canterbury School, Series 2006B, 5.000%,
                    7/01/36 - RAAI Insured
            305  Connecticut Health and Educational Facilities Authority,             7/17 at 100.00             A3        249,063
                    Revenue Bonds, Chase Collegiate School, Series 2007A,
                    5.000%, 7/01/27 - RAAI Insured
            725  Connecticut Health and Educational Facilities Authority,             1/09 at 102.00             AA        700,908
                    Revenue Bonds, Fairfield University, Series 1998H, 5.000%,
                    7/01/23 - MBIA Insured
            750  Connecticut Health and Educational Facilities Authority,             7/09 at 101.00           Baa1        729,908
                    Revenue Bonds, Horace Bushnell Memorial Hall, Series 1999A,
                    5.625%, 7/01/29 - MBIA Insured
            800  Connecticut Health and Educational Facilities Authority,               No Opt. Call             A2        843,520
                    Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%,
                    7/01/19 - AMBAC Insured
            270  Connecticut Health and Educational Facilities Authority,             7/17 at 100.00             AA        222,191
                    Revenue Bonds, Renbrook School, Series 2007A, 5.000%,
                    7/01/37 - AMBAC Insured
          1,375  Connecticut Health and Educational Facilities Authority,             7/14 at 100.00             AA      1,386,275
                    Revenue Bonds, Trinity College, Series 2004H, 5.000%,
                    7/01/21 - MBIA Insured
          2,000  Connecticut Health and Educational Facilities Authority,             7/12 at 101.00             A3      1,623,100
                    Revenue Bonds, University of Hartford, Series 2002E, 5.250%,
                    7/01/32 - RAAI Insured
          1,500  Connecticut Health and Educational Facilities Authority,             7/09 at 100.00            AAA      1,500,915
                    Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
          1,500  Connecticut Health and Educational Facilities Authority,             7/13 at 100.00            AAA      1,420,680
                    Revenue Bonds, Yale University, Series 2003X-1, 5.000%,
                    7/01/42
          3,550  Connecticut Health and Educational Facilities Authority,             7/16 at 100.00            AAA      3,362,273
                    Revenue Bonds, Yale University, Series 2007Z-1, 5.000%,
                    7/01/42
          6,150  Connecticut Health and Educational Facilities Authority,             7/17 at 100.00            AAA      5,872,574
                    Revenue Bonds, Yale University, Series 2007Z-3, 5.050%,
                    7/01/42 (UB)
            260  Connecticut Higher Education Supplemental Loan Authority,           11/09 at 102.00            AAA        260,816
                    Revenue Bonds, Family Education Loan Program, Series 1999A,
                    6.000%, 11/15/18 - AMBAC Insured (Alternative Minimum Tax)
            635  Connecticut Higher Education Supplemental Loan Authority,           11/11 at 100.00             A2        595,484
                    Revenue Bonds, Family Education Loan Program, Series 2001A,
                    5.250%, 11/15/18 - MBIA Insured (Alternative Minimum Tax)
          1,000  University of Connecticut, General Obligation Bonds, Series          1/14 at 100.00             AA      1,029,550
                    2004A, 5.000%, 1/15/18 -  MBIA Insured


20





     PRINCIPAL                                                                         OPTIONAL CALL
  AMOUNT (000)   DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                           
                 EDUCATION AND CIVIC ORGANIZATIONS (continued)
$        1,220   University of Connecticut, General Obligation Bonds, Series          2/15 at 100.00            AAA    $ 1,284,135
                    2005A, 5.000%, 2/15/17 - FSA Insured
           685   University of Connecticut, General Obligation Bonds, Series          2/16 at 100.00             AA        691,932
                    2006A, 5.000%, 2/15/23 - FGIC Insured
         1,000   University of Connecticut, Student Fee Revenue Refunding Bonds,     11/12 at 101.00             AA      1,032,120
                    Series 2002A, 5.250%, 11/15/19 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
        27,495   Total Education and Civic Organizations                                                                26,133,972
----------------------------------------------------------------------------------------------------------------------------------
                 HEALTH CARE - 15.7% (10.0% OF TOTAL INVESTMENTS)
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Bristol Hospital, Series 2002B:
           500      5.500%, 7/01/21 - RAAI Insured                                    7/12 at 101.00           BBB+        460,855
           700      5.500%, 7/01/32 - RAAI Insured                                    7/12 at 101.00           BBB+        535,136
           645   Connecticut Health and Educational Facilities Authority,             7/10 at 101.00           BBB+        541,871
                    Revenue Bonds, Eastern Connecticut Health Network, Series
                    2000A, 6.000%, 7/01/25 - RAAI Insured
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Griffin Hospital, Series 2005B:
           800      5.000%, 7/01/20 - RAAI Insured                                    7/15 at 100.00             A3        717,432
           500      5.000%, 7/01/23 - RAAI Insured                                    7/15 at 100.00             A3        426,800
           385   Connecticut Health and Educational Facilities Authority,             7/17 at 100.00             A3        265,908
                    Revenue Bonds, Hospital For Special Care, Series 2007C,
                    5.250%, 7/01/32 - RAAI Insured
         2,620   Connecticut Health and Educational Facilities Authority,             7/16 at 100.00            Aa3      2,367,851
                    Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%,
                    7/01/32 - FSA Insured
         2,000   Connecticut Health and Educational Facilities Authority,             7/09 at 101.00           Baa1      1,548,540
                    Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%,
                    7/01/24 - MBIA Insured
         1,395   Connecticut Health and Educational Facilities Authority,             7/16 at 100.00             AA      1,143,900
                    Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
                    5.000%, 7/01/31 - AMBAC Insured
         3,000   Connecticut Health and Educational Facilities Authority,             1/09 at 100.50             A3      2,268,150
                    Revenue Refunding Bonds, Middlesex Health Services, Series
                    1997H, 5.125%, 7/01/27 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
        12,545   Total Health Care                                                                                      10,276,443
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 2.6% (1.6% OF TOTAL INVESTMENTS)
         1,000   Connecticut Housing Finance Authority, Housing Mortgage Finance     12/09 at 100.00            AAA        894,000
                    Program Bonds, Series 1999D-2, 6.200%, 11/15/41 (Alternative
                    Minimum Tax)
         1,000   Connecticut Housing Finance Authority, Multifamily Housing          11/15 at 100.00            AAA        784,140
                    Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
                    11/15/27 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
         2,000   Total Housing/Multifamily                                                                               1,678,140
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/SINGLE FAMILY - 7.3% (4.7% OF TOTAL INVESTMENTS)
                 Connecticut Housing Finance Authority, Housing Mortgage Finance
                 Program Bonds, Series 2001C:
         1,000      5.300%, 11/15/33 (Alternative Minimum Tax)                       11/10 at 100.00            AAA        811,740
           500      5.450%, 11/15/43 (Alternative Minimum Tax)                       11/10 at 100.00            AAA        396,575
         1,675   Connecticut Housing Finance Authority, Housing Mortgage Finance      5/13 at 100.00            AAA      1,460,952
                    Program Bonds, Series 2004-A5, 5.050%, 11/15/34
                 Connecticut Housing Finance Authority, Housing Mortgage Finance
                 Program Bonds, Series 2006-A1:
           205      4.700%, 11/15/26 (Alternative Minimum Tax)                       11/15 at 100.00            AAA        159,841
           220      4.800%, 11/15/31 (Alternative Minimum Tax)                       11/15 at 100.00            AAA        163,123
         2,100   Connecticut Housing Finance Authority, Housing Mortgage Finance      5/16 at 100.00            AAA      1,807,911
                    Program Bonds, Series 2006D, 4.650%, 11/15/27
----------------------------------------------------------------------------------------------------------------------------------
         5,700   Total Housing/Single Family                                                                             4,800,142
----------------------------------------------------------------------------------------------------------------------------------


                                                                              21



NTC  | Nuveen Connecticut Premium Income Municipal Fund (continued)
     | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                           
                 INDUSTRIALS - 2.2% (1.4% OF TOTAL INVESTMENTS)
$         1,750  Connecticut Resource Recovery Authority, Revenue Bonds,             12/11 at 102.00            Ba1    $ 1,458,345
                    American Ref-Fuel Company of Southeastern Connecticut LP,
                    Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 LONG-TERM CARE - 6.3% (4.0% OF TOTAL INVESTMENTS)
            615  Connecticut Development Authority, First Mortgage Gross Revenue      4/09 at 100.00           BBB-        610,990
                    Refunding Healthcare Bonds, Church Homes Inc. -
                    Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
            615  Connecticut Development Authority, First Mortgage Gross Revenue      9/09 at 102.00           BBB+        570,044
                    Refunding Healthcare Bonds, Connecticut Baptist Homes Inc.,
                    Series 1999, 5.500%, 9/01/15 - RAAI Insured
                 Connecticut Development Authority, Revenue Refunding Bonds,
                 Duncaster Inc., Series 1999A:
          1,000     5.250%, 8/01/19 - RAAI Insured                                    2/10 at 102.00           BBB+        958,510
          1,000     5.375%, 8/01/24 - RAAI Insured                                    2/10 at 102.00           BBB+        901,700
          1,300  Connecticut Health and Educational Facilities Authority,             2/09 at 102.00             AA      1,104,324
                    FHA-Insured Mortgage Revenue Bonds, Hebrew Home and
                    Hospital, Series 1999B, 5.200%, 8/01/38
----------------------------------------------------------------------------------------------------------------------------------
          4,530  Total Long-Term Care                                                                                    4,145,568
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/GENERAL - 24.6% (15.6% OF TOTAL INVESTMENTS)          8/12 at 100.00           Baa1        755,198
            750  Bridgeport, Connecticut, General Obligation Refunding Bonds,
                    Series 2002A, 5.375%, 8/15/19 - FGIC Insured
            760  Capitol Region Education Council, Connecticut, Revenue Bonds,        4/09 at 100.00            BBB        761,254
                    Series 1995, 6.700%, 10/15/10
          1,110  Connecticut State, General Obligation Bonds, Series 2004C,           4/14 at 100.00             AA      1,119,135
                    5.000%, 4/01/23 - FGIC Insured
          2,000  Connecticut State, General Obligation Bonds, Series 2006A,          12/16 at 100.00             AA      1,958,180
                    4.750%, 12/15/24
          1,300  Connecticut State, General Obligation Bonds, Series 2006C,           6/16 at 100.00            AAA      1,315,899
                    5.000%, 6/01/23 - FSA Insured
                 Hartford, Connecticut, General Obligation Bonds, Series 2005A:
            775     5.000%, 8/01/20 - FSA Insured                                     8/15 at 100.00            AAA        787,695
            525     4.375%, 8/01/24 - FSA Insured                                     8/15 at 100.00            AAA        461,438
            500  New Haven, Connecticut, General Obligation Bonds, Series 2006,      11/16 at 100.00              A        520,585
                    5.000%, 11/01/17 - AMBAC Insured
            500  North Haven, Connecticut, General Obligation Bonds, Series             No Opt. Call            Aa2        505,935
                    2006, 5.000%, 7/15/24
          1,860  Puerto Rico, General Obligation and Public Improvement Bonds,          No Opt. Call             AA      1,711,479
                    Series 2001A, 5.500%, 7/01/20 - MBIA Insured
                 Regional School District 16, Beacon Falls and Prospect,
                 Connecticut, General Obligation Bonds, Series 2000:
            350     5.500%, 3/15/18 - FSA Insured                                     3/10 at 101.00            Aa3        363,353
            350     5.625%, 3/15/19 - FSA Insured                                     3/10 at 101.00            Aa3        363,906
            350     5.700%, 3/15/20 - FSA Insured                                     3/10 at 101.00            Aa3        364,371
          1,420  Regional School District 16, Connecticut, General Obligation         3/13 at 101.00             A3      1,518,221
                    Bonds, Series 2003, 5.000%, 3/15/16 - AMBAC Insured
                 Suffield, Connecticut, General Obligation Bonds, Series 2005:
            465     5.000%, 6/15/17                                                     No Opt. Call             AA        505,567
            460     5.000%, 6/15/19                                                     No Opt. Call             AA        487,747
          1,000     5.000%, 6/15/21                                                     No Opt. Call             AA      1,034,120
          1,500  West Hartford, Connecticut, General Obligation Bonds, Series        10/15 at 100.00            AAA      1,585,245
                    2005B, 5.000%, 10/01/18
----------------------------------------------------------------------------------------------------------------------------------
         15,975  Total Tax Obligation/General                                                                           16,119,328
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/LIMITED - 23.1% (14.7% OF TOTAL INVESTMENTS)
                 Connecticut Health and Educational Facilities Authority, Child
                 Care Facilities Program Revenue Bonds, Series 2006F:
          1,300     5.000%, 7/01/31 - AGC Insured                                     7/16 at 100.00            AAA      1,171,404
          1,000     5.000%, 7/01/36 - AGC Insured                                     7/16 at 100.00            AAA        881,770
          1,945  Connecticut Health and Educational Facilities Authority,             7/09 at 102.00              A      1,892,893
                    Revenue Bonds, Child Care Facilities Program, Series 1999C,
                    5.625%, 7/01/29 - AMBAC Insured


22





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 TAX OBLIGATION/LIMITED (continued)
                 Connecticut, Special Tax Obligation Transportation
                 Infrastructure Purpose Bonds, Series 2002B:
$         2,000     5.000%, 12/01/20 - AMBAC Insured                                 12/12 at 100.00             AA   $  2,004,300
          1,000     5.000%, 12/01/21 - AMBAC Insured                                 12/12 at 100.00             AA        980,330
            500  Connecticut, Special Tax Obligation Transportation                   1/14 at 100.00             AA        495,985
                    Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23
                    - FGIC Insured
          1,750  Connecticut, Special Tax Obligation Transportation                   8/17 at 100.00             AA      1,716,558
                    Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%,
                    8/01/27 - AMBAC Insured
                 Puerto Rico Infrastructure Financing Authority, Special Tax
                 Revenue Bonds, Series 2005A:
            960     0.000%, 7/01/32 - FGIC Insured                                      No Opt. Call           BBB+        169,046
          2,615     0.000%, 7/01/33 - FGIC Insured                                      No Opt. Call           BBB+        426,167
          2,000  Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%,          8/12 at 100.00            AAA      1,931,460
                    8/01/21 - FSA Insured
          2,400  Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%,          8/15 at 100.00            AAA      2,445,360
                    8/01/16 - FSA Insured
          1,000  Virgin Islands Public Finance Authority, Gross Receipts Taxes       10/14 at 100.00            AAA      1,037,050
                    Loan Note, Series 2003, 5.250%, 10/01/19 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
         18,470  Total Tax Obligation/Limited                                                                           15,152,323
----------------------------------------------------------------------------------------------------------------------------------
                 TRANSPORTATION - 0.9% (0.6% OF TOTAL INVESTMENTS)
            750  Connecticut, General Airport Revenue Bonds, Bradley                  4/11 at 101.00             AA        580,868
                    International Airport, Series 2001A, 5.125%, 10/01/26 - FGIC
                    Insured (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 U.S. GUARANTEED - 14.5% (9.2% OF TOTAL INVESTMENTS) (4)
             50  Connecticut Health and Educational Facilities Authority,             7/10 at 101.00       BBB+ (4)         53,819
                    Revenue Bonds, Eastern Connecticut Health Network, Series
                    2000A, 6.000%, 7/01/25 (Pre-refunded 7/01/10) - RAAI Insured
            650  Connecticut Health and Educational Facilities Authority,             7/11 at 101.00        N/R (4)        712,556
                    Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.500%,
                    7/01/23 (Pre-refunded 7/01/11)
             40  Connecticut, General Obligation Bonds, Series 1993E, 6.000%,           No Opt. Call         AA (4)         44,694
                    3/15/12 (ETM)
          1,500  Connecticut, General Obligation Bonds, Series 2002B, 5.500%,         6/12 at 100.00         AA (4)      1,660,650
                    6/15/21 (Pre-refunded 6/15/12)
            600  Guam Economic Development Authority, Tobacco Settlement              5/11 at 100.00       Baa3 (4)        647,226
                    Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
                    (Pre-refunded 5/15/11)
          1,000  Hartford, Connecticut, Parking System Revenue Bonds, Series          7/10 at 100.00       Baa2 (4)      1,072,250
                    2000A, 6.400%, 7/01/20 (Pre-refunded 7/01/10)
            400  Northern Mariana Islands, General Obligation Bonds, Series           6/10 at 100.00            AAA        425,412
                    2000A, 6.000%, 6/01/20 (Pre-refunded 6/01/10) - ACA Insured
          1,000  Puerto Rico Infrastructure Financing Authority, Special             10/10 at 101.00            AAA        993,970
                    Obligation Bonds, Series 2000A, 5.500%, 10/01/40
            485  Puerto Rico, The Children's Trust Fund, Tobacco Settlement           7/10 at 100.00            AAA        506,325
                    Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
                    (Pre-refunded 7/01/10)
          1,100  University of Connecticut, General Obligation Bonds, Series          2/13 at 100.00         AA (4)      1,212,453
                    2003A, 5.125%, 2/15/21 (Pre-refunded 2/15/13) - MBIA Insured
          1,000  Virgin Islands Public Finance Authority, Gross Receipts Taxes       10/10 at 101.00       BBB+ (4)      1,094,890
                    Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded
                    10/01/10)
          1,000  Waterbury, Connecticut, General Obligation Bonds, Series 2002A,      4/12 at 100.00            AAA      1,098,500
                    5.375%, 4/01/17 (Pre-refunded 4/01/12) - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
          8,825  Total U.S. Guaranteed                                                                                   9,522,745
----------------------------------------------------------------------------------------------------------------------------------


                                                                              23



NTC  | Nuveen Connecticut Premium Income Municipal Fund (continued)
     | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



     PRINCIPAL                                                                         OPTIONAL CALL
  AMOUNT (000)   DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)         VALUE
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 UTILITIES - 6.4% (4.1% OF TOTAL INVESTMENTS)
$        1,150   Bristol Resource Recovery Facility Operating Committee,                No Opt. Call             AA  $  1,209,099
                    Connecticut, Solid Waste Revenue Bonds, Covanta Bristol
                    Inc., Series 2005, 5.000%, 7/01/12 - AMBAC Insured
         1,000   Connecticut Development Authority, Pollution Control Revenue         4/09 at 102.00           Baa1       844,810
                    Refunding Bonds, Connecticut Light and Power Company,
                    Series 1993A, 5.850%, 9/01/28
         1,070   Connecticut Development Authority, Solid Waste Disposal             11/12 at 100.00           Baa1       816,999
                    Facilities Revenue Bonds, PSEG Power LLC Project, Series
                    2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
                 Eastern Connecticut Resource Recovery Authority, Solid Waste
                 Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
           355      5.500%, 1/01/14 (Alternative Minimum Tax)                         1/09 at 100.00            BBB       318,648
         1,290      5.500%, 1/01/20 (Alternative Minimum Tax)                         1/09 at 100.00            BBB       994,538
---------------------------------------------------------------------------------------------------------------------------------
         4,865   Total Utilities                                                                                        4,184,094
---------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 12.1% (7.7% OF TOTAL INVESTMENTS)
           500   Connecticut Development Authority, Water Facility Revenue            9/17 at 100.00           BBB-       350,025
                    Bonds, Aquarion Water Company Project, Series 200.7,
                    5.100%, 9/01/37 - SYNCORA GTY Insured (Alternative Minimum
                    Tax)
         1,185   Connecticut, State Revolving Fund General Revenue Bonds,            10/13 at 100.00            AAA     1,250,779
                    Series 2003A, 5.000%, 10/01/16
                 Greater New Haven Water Pollution Control Authority,
                 Connecticut, Regional Wastewater System Revenue Bonds,
                 Series 2005A:
         1,520      5.000%, 11/15/30 - MBIA Insured                                  11/15 at 100.00             AA     1,370,037
         2,260      5.000%, 8/15/35 - MBIA Insured                                   11/15 at 100.00             AA     1,968,867
                 South Central Connecticut Regional Water Authority, Water
                 System Revenue Bonds, Eighteenth Series 2003A:
         1,000      5.000%, 8/01/20 - MBIA Insured                                    8/13 at 100.00             AA       998,700
         1,075      5.000%, 8/01/33 - MBIA Insured                                    8/13 at 100.00             AA       971,940
         1,100   Stamford, Connecticut, Water Pollution Control System and           11/13 at 100.00            AA+     1,021,702
                    Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
---------------------------------------------------------------------------------------------------------------------------------
         8,640   Total Water and Sewer                                                                                  7,932,050
---------------------------------------------------------------------------------------------------------------------------------
$      112,975   Total Investments (cost $112,526,520) - 157.2%                                                       103,020,768
=================----------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (4.7)%                                                                    (3,075,000)
                 ----------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 5.9%                                                                   3,906,611
                 ----------------------------------------------------------------------------------------------------------------
                 Preferred Shares, at Liquidation Value - (58.4)% (5)                                                 (38,300,000)
                 ----------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                       $ 65,552,379
                 ================================================================================================================


(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.

      The  Portfolio  of  Investments  may reflect the ratings on certain  bonds
      insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and  SYNCORA as of
      November 30, 2008.  Please see the Portfolio  Managers'  Commentary for an
      expanded discussion of the affect on the Fund of changes to the ratings of
      certain  bonds in the portfolio  resulting  from changes to the ratings of
      the underlying insurers both during the period and after period end.

(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)   Preferred   Shares,   at  Liquidation  Value  as  a  percentage  of  Total
      Investments is 37.2%.

N/R   Not rated.

(ETM) Escrowed to maturity.

(UB)  Underlying bond of an inverse floating rate trust reflected as a financing
      transaction  pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

24



NFC   | Nuveen Connecticut Dividend Advantage Municipal Fund
      | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                       OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 EDUCATION AND CIVIC ORGANIZATIONS - 38.2% (24.0% OF TOTAL INVESTMENTS)
$           795  Connecticut Health and Education Facilities Authority, Revenue      7/17 at 100.00              AA  $     728,562
                    Bonds, Quinnipiac University, Series 2007-I, 5.000%,
                    7/01/25 - MBIA Insured
            500  Connecticut Health and Education Facilities Authority,              7/16 at 100.00              A3        393,945
                    University of Hartford Revenue Bonds, Series 2006G, 5.250%,
                    7/01/36 - RAAI Insured
            100  Connecticut Health and Educational Facilities Authority,            7/16 at 100.00            BBB+         74,395
                    Revenue Bonds, Canterbury School, Series 2006B, 5.000%,
                    7/01/36 - RAAI Insured
            150  Connecticut Health and Educational Facilities Authority,            7/17 at 100.00              A3        122,490
                    Revenue Bonds, Chase Collegiate School, Series 2007A,
                    5.000%, 7/01/27 - RAAI Insured
            440  Connecticut Health and Educational Facilities Authority,              No Opt. Call              A2        471,126
                    Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%,
                    7/01/18 - AMBAC Insured
            130  Connecticut Health and Educational Facilities Authority,            7/17 at 100.00              AA        106,981
                    Revenue Bonds, Renbrook School, Series 2007A, 5.000%,
                    7/01/37 - AMBAC Insured
             50  Connecticut Health and Educational Facilities Authority,            1/09 at 101.00              A3         40,356
                    Revenue Bonds, Sacred Heart University, Series 1998E,
                    5.000%, 7/01/28 - RAAI Insured
            350  Connecticut Health and Educational Facilities Authority,            7/14 at 100.00              AA        362,383
                    Revenue Bonds, Trinity College, Series 2004H, 5.000%,
                    7/01/17 - MBIA Insured
          1,000  Connecticut Health and Educational Facilities Authority,            7/12 at 101.00              A3        811,550
                    Revenue Bonds, University of Hartford, Series 2002E,
                    5.250%, 7/01/32 - RAAI Insured
          1,000  Connecticut Health and Educational Facilities Authority,            7/09 at 100.00             AAA      1,000,610
                    Revenue Bonds, Yale University, Series 2002W, 5.125%,
                    7/01/27
            500  Connecticut Health and Educational Facilities Authority,            7/13 at 100.00             AAA        473,560
                    Revenue Bonds, Yale University, Series 2003X-1, 5.000%,
                    7/01/42
          1,800  Connecticut Health and Educational Facilities Authority,            7/16 at 100.00             AAA      1,704,816
                    Revenue Bonds, Yale University, Series 2007Z-1, 5.000%,
                    7/01/42
          3,050  Connecticut Health and Educational Facilities Authority,            7/17 at 100.00             AAA      2,912,415
                    Revenue Bonds, Yale University, Series 2007Z-3, 5.050%,
                     7/01/42 (UB)
            500  Connecticut Higher Education Supplemental Loan Authority,          11/11 at 100.00              A2        468,885
                    Revenue Bonds, Family Education Loan Program, Series 2001A,
                    5.250%, 11/15/18 - MBIA Insured (Alternative Minimum Tax)
                 Puerto Rico Industrial, Tourist, Educational, Medical and
                 Environmental Control Facilities Financing Authority,
                 Higher Education Revenue Bonds, Ana G. Mendez University
                 System, Series 1999:
            125     5.375%, 2/01/19                                                  2/09 at 101.00            BBB-        105,878
            270     5.375%, 2/01/29                                                  2/09 at 101.00            BBB-        195,018
                 University of Connecticut, General Obligation Bonds, Series
                 2001A:
          1,000     4.750%, 4/01/20                                                  4/11 at 101.00              AA      1,007,560
          1,000     4.750%, 4/01/21 - MBIA Insured                                   4/11 at 101.00              AA      1,003,400
            585  University of Connecticut, General Obligation Bonds, Series         2/16 at 100.00              AA        590,920
                    2006A, 5.000%, 2/15/23 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
         13,345  Total Education and Civic Organizations                                                                12,574,850
----------------------------------------------------------------------------------------------------------------------------------


                                                                              25



NFC  | Nuveen Connecticut Dividend Advantage Municipal Fund (continued)
     | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



     PRINCIPAL                                                                        OPTIONAL CALL
  AMOUNT (000)   DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 HEALTH CARE - 10.8% (6.8% OF TOTAL INVESTMENTS)
$        1,400   Connecticut Health and Educational Facilities Authority,            7/12 at 101.00            BBB+  $    1,070,272
                    Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%,
                    7/01/32 - RAAI Insured
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Griffin Hospital, Series 2005B:
           500      5.000%, 7/01/20 - RAAI Insured                                   7/15 at 100.00              A3         448,395
           250      5.000%, 7/01/23 - RAAI Insured                                   7/15 at 100.00              A3         213,400
           185   Connecticut Health and Educational Facilities Authority,            7/17 at 100.00              A3         127,774
                    Revenue Bonds, Hospital For Special Care, Series 2007C,
                    5.250%, 7/01/32 - RAAI Insured
            60   Connecticut Health and Educational Facilities Authority,            7/16 at 100.00             Aa3          54,226
                    Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%,
                    7/01/32 - FSA Insured
           125   Connecticut Health and Educational Facilities Authority,            7/09 at 101.00            Baa1          96,784
                    Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%,
                    7/01/24 - MBIA Insured
         1,870   Connecticut Health and Educational Facilities Authority,            7/16 at 100.00              AA       1,533,400
                    Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
                    5.000%, 7/01/31 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
         4,390   Total Health Care                                                                                        3,544,251
-----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 1.2% (0.7% OF TOTAL INVESTMENTS)
           500   Connecticut Housing Finance Authority, Multifamily Housing         11/15 at 100.00             AAA         392,070
                    Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
                    11/15/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/SINGLE FAMILY - 7.0% (4.4% OF TOTAL INVESTMENTS)
                 Connecticut Housing Finance Authority, Housing Mortgage
                 Finance Program Bonds, Series 2001C:
         1,000      5.300%, 11/15/33 (Alternative Minimum Tax)                      11/10 at 100.00             AAA         811,740
           250      5.450%, 11/15/43 (Alternative Minimum Tax)                      11/10 at 100.00             AAA         198,288
           800   Connecticut Housing Finance Authority, Housing Mortgage             5/13 at 100.00             AAA         697,768
                    Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34
           700   Connecticut Housing Finance Authority, Housing Mortgage             5/16 at 100.00             AAA         602,637
                    Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
-----------------------------------------------------------------------------------------------------------------------------------
         2,750   Total Housing/Single Family                                                                              2,310,433
-----------------------------------------------------------------------------------------------------------------------------------
                 INDUSTRIALS - 2.5% (1.6% OF TOTAL INVESTMENTS)
         1,000   Connecticut Resource Recovery Authority, Revenue Bonds,
                    American Ref-Fuel Company of Southeastern Connecticut LP,
                    Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)      12/11 at 102.00             Ba1         833,340
-----------------------------------------------------------------------------------------------------------------------------------
                 LONG-TERM CARE - 1.6% (1.0% OF TOTAL INVESTMENTS)
           300   Connecticut Development Authority, First Mortgage Gross            12/11 at 102.00            BBB+         248,817
                    Revenue Healthcare Bonds, Elim Park Baptist Home Inc.,
                    Series 2003, 5.750%, 12/01/23
           110   Connecticut Development Authority, First Mortgage Gross             4/09 at 100.00            BBB-          99,240
                    Revenue Refunding Healthcare Bonds, Church Homes Inc. -
                    Congregational Avery Heights, Series 1997, 5.800%, 4/01/21
           250   Connecticut State Development Authority, Health Facilities          8/17 at 100.00             N/R         168,345
                    Revenue Bonds, Alzheimer's Resource Center of Connecticut,
                    Inc., Series 2007, 5.500%, 8/15/27
-----------------------------------------------------------------------------------------------------------------------------------
           660   Total Long-Term Care                                                                                       516,402
-----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/GENERAL - 11.9% (7.4% OF TOTAL INVESTMENTS)
           560   Connecticut State, General Obligation Bonds, Series 2004C,          4/14 at 100.00              AA         564,609
                    5.000%, 4/01/23 - FGIC Insured
           700   Connecticut State, General Obligation Bonds, Series 2006A,         12/16 at 100.00              AA         685,363
                    4.750%, 12/15/24
           100   Connecticut State, General Obligation Bonds, Series 2006C,          6/16 at 100.00             AAA         101,223
                    5.000%, 6/01/23 - FSA Insured


26





     PRINCIPAL                                                                        OPTIONAL CALL
  AMOUNT (000)   DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 TAX OBLIGATION/GENERAL (continued)
                 Hartford, Connecticut, General Obligation Bonds, Series 2005A:
$          360      5.000%, 8/01/21 - FSA Insured                                    8/15 at 100.00             AAA   $     363,229
           240      4.375%, 8/01/24 - FSA Insured                                    8/15 at 100.00             AAA         210,943
           400   North Haven, Connecticut, General Obligation Bonds, Series            No Opt. Call             Aa2         404,748
                    2006, 5.000%, 7/15/24
                 Suffield, Connecticut, General Obligation Bonds, Series 2005:
           335      5.000%, 6/15/17                                                    No Opt. Call              AA         364,225
           335      5.000%, 6/15/19                                                    No Opt. Call              AA         355,207
           810   West Hartford, Connecticut, General Obligation Bonds, Series       10/15 at 100.00             AAA         856,032
                    2005B, 5.000%, 10/01/18
-----------------------------------------------------------------------------------------------------------------------------------
         3,840   Total Tax Obligation/General                                                                             3,905,579
-----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/LIMITED - 27.7% (17.4% OF TOTAL INVESTMENTS)
                 Connecticut Health and Educational Facilities Authority, Child
                 Care Facilities Program Revenue Bonds, Series 2006F:
           650      5.000%, 7/01/31 - AGC Insured                                    7/16 at 100.00             AAA         585,702
           500      5.000%, 7/01/36 - AGC Insured                                    7/16 at 100.00             AAA         440,885
         1,000   Connecticut Health and Educational Facilities Authority,
                    Revenue Bonds, New Opportunities for Waterbury Inc., Series      1/09 at 105.00               A       1,015,240
                    1998A, 6.750%, 7/01/28
                 Connecticut, Certificates of Participation, Juvenile Training
                 School, Series 2001:
           600      5.000%, 12/15/20                                                12/11 at 101.00             AA-         605,298
         1,000      5.000%, 12/15/30                                                12/11 at 101.00             AA-         935,340
         1,475   Connecticut, Special Tax Obligation Transportation                    No Opt. Call             AAA       1,624,904
                    Infrastructure Purpose Bonds, Series 1998B, 5.500%,
                    11/01/12 - FSA Insured
           900   Connecticut, Special Tax Obligation Transportation                  8/17 at 100.00              AA         882,801
                    Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%,
                    8/01/27 - AMBAC Insured
           600   Puerto Rico Highway and Transportation Authority, Highway             No Opt. Call               A         469,776
                    Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC Insured
           470   Puerto Rico Infrastructure Financing Authority, Special Tax           No Opt. Call            BBB+          82,762
                    Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC Insured
         1,200   Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%,         8/15 at 100.00             AAA       1,222,680
                    8/01/16 - FSA Insured
           750   Virgin Islands Public Finance Authority, Gross Receipts Taxes      10/10 at 101.00            BBB+         758,048
                    Loan Note, Series 1999A, 6.375%, 10/01/19
           500   Virgin Islands Public Finance Authority, Senior Lien Revenue        4/09 at 101.00               A         486,820
                    Refunding Bonds, Matching Fund Loan Note, Series 1998A,
                    5.500%, 10/01/18 - RAAI Insured
-----------------------------------------------------------------------------------------------------------------------------------
         9,645   Total Tax Obligation/Limited                                                                             9,110,256
-----------------------------------------------------------------------------------------------------------------------------------
                 TRANSPORTATION - 5.9% (3.7% OF TOTAL INVESTMENTS)
         2,500   Connecticut, General Airport Revenue Bonds, Bradley                 4/11 at 101.00              AA       1,936,225
                    International Airport, Series 2001A, 5.125%, 10/01/26 -
                    FGIC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
                 U.S. GUARANTEED - 34.3% (21.5% OF TOTAL INVESTMENTS) (4)
         1,000   Connecticut Health and Educational Facilities Authority,            7/11 at 101.00         N/R (4)       1,096,240
                    Revenue Bonds, Loomis Chaffee School, Series 2001D, 5.500%,
                    7/01/23 (Pre-refunded 7/01/11)
         2,000   Connecticut, Clean Water Fund Revenue Bonds, Series 2001,          10/11 at 100.00             AAA       2,188,597
                    5.500%, 10/01/20 (Pre-refunded 10/01/11)
           500   Connecticut, General Obligation Bonds, Series 2002B, 5.500%,        6/12 at 100.00          AA (4)         553,550
                    6/15/21 (Pre-refunded 6/15/12)
           500   East Lyme, Connecticut, General Obligation Bonds, Series 2001,      7/11 at 102.00         Aa3 (4)         548,645
                    5.125%, 7/15/20 (Pre-refunded 7/15/11) - FGIC Insured


                                                                              27



NFC  |  Nuveen Connecticut Dividend Advantage Municipal Fund (continued)
     |  Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



PRINCIPAL                                                                             OPTIONAL CALL
AMOUNT (000)     DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 U.S. GUARANTEED (4) (continued)
                 Guam Economic Development Authority, Tobacco Settlement
                 Asset-Backed Bonds, Series 2001A:
$           25      5.000%, 5/15/22 (Pre-refunded 5/15/11)                           5/11 at 100.00        Baa3 (4)   $      26,620
           500      5.400%, 5/15/31 (Pre-refunded 5/15/11)                           5/11 at 100.00        Baa3 (4)         537,165
         1,270   Guam Economic Development Authority, Tobacco Settlement             5/11 at 100.00        Baa3 (4)       1,369,962
                    Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
                    (Pre-refunded 5/15/11)
           220   New Haven, Connecticut, General Obligation Bonds, Series           11/11 at 100.00          A- (4)         234,003
                    2001A, 5.000%, 11/01/20 (Pre-refunded 11/01/11) - FGIC
                    Insured
           250   Northern Mariana Islands, General Obligation Bonds, Series          6/10 at 100.00             AAA         265,883
                    2000A, 6.000%, 6/01/20 (Pre-refunded 6/01/10) - ACA Insured
                 Puerto Rico Infrastructure Financing Authority, Special
                 Obligation Bonds, Series 2000A:
         1,425      5.500%, 10/01/32                                                10/10 at 101.00             AAA       1,424,886
         1,300      5.500%, 10/01/40                                                10/10 at 101.00             AAA       1,292,161
           235   Puerto Rico, The Children's Trust Fund, Tobacco Settlement          7/10 at 100.00             AAA         245,333
                    Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
                    (Pre-refunded 7/01/10)
         1,000   Waterbury, Connecticut, General Obligation Bonds, Series            4/12 at 100.00             AAA       1,098,500
                    2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) - FSA Insured
           370   Windsor, Connecticut, General Obligation Bonds, Series 2001,        7/09 at 100.00         Aa2 (4)         379,076
                    5.000%, 7/15/20 (Pre-refunded 7/15/09)
-----------------------------------------------------------------------------------------------------------------------------------
        10,595   Total U.S. Guaranteed                                                                                   11,260,621
-----------------------------------------------------------------------------------------------------------------------------------
                 UTILITIES - 5.0% (3.2% OF TOTAL INVESTMENTS)
           500   Connecticut Development Authority, Pollution Control Revenue        4/09 at 102.00            Baa1         422,405
                    Refunding Bonds, Connecticut Light and Power Company,
                    Series 1993A, 5.850%, 9/01/28
           560   Connecticut Development Authority, Solid Waste Disposal            11/12 at 100.00            Baa1         427,588
                    Facilities Revenue Bonds, PSEG Power LLC Project, Series
                    2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
           900   Eastern Connecticut Resource Recovery Authority, Solid Waste        1/09 at 100.00             BBB         807,840
                    Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
                    5.500%, 1/01/14 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
         1,960   Total Utilities                                                                                          1,657,833
-----------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 13.2% (8.3% OF TOTAL INVESTMENTS)
           255   Connecticut Development Authority, Water Facility Revenue           9/17 at 100.00            BBB-         178,513
                    Bonds, Aquarion Water Company Project, Series 200.7,
                    5.100%, 9/01/37 - SYNCORA GTY Insured (Alternative Minimum
                    Tax)
         1,185   Connecticut, State Revolving Fund General Revenue Bonds,           10/13 at 100.00             AAA       1,250,779
                    Series 2003A, 5.000%, 10/01/16
                 Greater New Haven Water Pollution Control Authority,
                 Connecticut, Regional Wastewater System Revenue Bonds,
                 Series 2005A:
           720      5.000%, 11/15/30 - MBIA Insured                                 11/15 at 100.00              AA         648,965
         1,110      5.000%, 8/15/35 - MBIA Insured                                  11/15 at 100.00              AA         967,010


28





     PRINCIPAL                                                                        OPTIONAL CALL
  AMOUNT (000)   DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 WATER AND SEWER (continued)
$          140   Guam Government Waterworks Authority, Water and Wastewater          7/15 at 100.00             Ba2   $     110,568
                    System Revenue Bonds, Series 2005, 6.000%, 7/01/25
                 South Central Connecticut Regional Water Authority, Water
                 System Revenue Bonds, Eighteenth Series 2003A:
           750      5.000%, 8/01/20 - MBIA Insured                                   8/13 at 100.00              AA         749,025
           470      5.000%, 8/01/33 - MBIA Insured                                   8/13 at 100.00              AA         424,941
-----------------------------------------------------------------------------------------------------------------------------------
         4,630   Total Water and Sewer                                                                                    4,329,801
-----------------------------------------------------------------------------------------------------------------------------------
$       55,815   Total Investments (cost $56,432,776) - 159.3%                                                           52,371,661
=================------------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (4.6)%                                                                      (1,525,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 4.6%                                                                     1,526,623
                 ------------------------------------------------------------------------------------------------------------------
                 Preferred Shares, at Liquidation Value - (59.3)% (5)                                                   (19,500,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                        $  32,873,284
                 ==================================================================================================================


(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.

     The  Portfolio  of  Investments  may reflect  the ratings on certain  bonds
     insured  by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and  SYNCORA as of
     November 30, 2008.  Please see the Portfolio  Managers'  Commentary  for an
     expanded  discussion of the affect on the Fund of changes to the ratings of
     certain bonds in the portfolio resulting from changes to the ratings of the
     underlying insurers both during the period and after period end.

(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)  Preferred Shares, at Liquidation Value as a percentage of Total Investments
     is 37.2%.

N/R  Not rated.

(UB) Underlying bond of an inverse  floating rate trust reflected as a financing
     transaction pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

                                                                              29



NGK  | Nuveen Connecticut Dividend Advantage Municipal Fund 2
     | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                       OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 CONSUMER STAPLES - 1.7% (1.1% OF TOTAL INVESTMENTS)
$           720  Puerto Rico, The Children's Trust Fund, Tobacco Settlement
                    Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33       5/12 at 100.00             BBB   $     522,000
-----------------------------------------------------------------------------------------------------------------------------------
                 EDUCATION AND CIVIC ORGANIZATIONS - 35.7% (22.5% OF TOTAL
                 INVESTMENTS)
            715  Connecticut Health and Education Facilities Authority,              7/17 at 100.00              AA         655,247
                    Revenue Bonds, Quinnipiac University, Series 2007-I,
                    5.000%, 7/01/25 - MBIA Insured
            500  Connecticut Health and Education Facilities Authority,              7/16 at 100.00              A3         393,945
                    University of Hartford Revenue Bonds, Series 2006G,
                    5.250%, 7/01/36 - RAAI Insured
            100  Connecticut Health and Educational Facilities Authority,            7/16 at 100.00            BBB+          74,395
                    Revenue Bonds, Canterbury School, Series 2006B, 5.000%,
                    7/01/36 - RAAI Insured
            135  Connecticut Health and Educational Facilities Authority,            7/17 at 100.00              A3         110,241
                    Revenue Bonds, Chase Collegiate School, Series 2007A,
                    5.000%, 7/01/27 - RAAI Insured
             95  Connecticut Health and Educational Facilities Authority,            1/09 at 102.00              AA          91,843
                    Revenue Bonds, Fairfield University, Series 1998H, 5.000%,
                    7/01/23 - MBIA Insured
            500  Connecticut Health and Educational Facilities Authority,            7/09 at 100.50               A         496,075
                    Revenue Bonds, Hopkins School, Series 1998A, 5.000%,
                    7/01/20 - AMBAC Insured
            310  Connecticut Health and Educational Facilities Authority,              No Opt. Call              A2         326,864
                    Revenue Bonds, Loomis Chaffee School, Series 2005F,
                    5.250%, 7/01/19 - AMBAC Insured
            120  Connecticut Health and Educational Facilities Authority,            7/17 at 100.00              AA          98,752
                    Revenue Bonds, Renbrook School, Series 2007A, 5.000%,
                    7/01/37 - AMBAC Insured
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, University of Hartford, Series 2002E:
            590     5.500%, 7/01/22 - RAAI Insured                                   7/12 at 101.00              A3         542,487
          1,000     5.250%, 7/01/32 - RAAI Insured                                   7/12 at 101.00              A3         811,550
          1,000  Connecticut Health and Educational Facilities Authority,            7/09 at 100.00             AAA       1,000,610
                    Revenue Bonds, Yale University, Series 2002W, 5.125%,
                    7/01/27
            500  Connecticut Health and Educational Facilities Authority,            7/13 at 100.00             AAA         473,560
                    Revenue Bonds, Yale University, Series 2003X-1, 5.000%,
                    7/01/42
          1,600  Connecticut Health and Educational Facilities Authority,            7/16 at 100.00             AAA       1,515,392
                    Revenue Bonds, Yale University, Series 2007Z-1, 5.000%,
                    7/01/42
          2,750  Connecticut Health and Educational Facilities Authority,            7/17 at 100.00             AAA       2,625,948
                    Revenue Bonds, Yale University, Series 2007Z-3, 5.050%,
                    7/01/42 (UB)
                 University of Connecticut, General Obligation Bonds, Series
                 2006A:
            450     5.000%, 2/15/19 - FGIC Insured                                   2/16 at 100.00              AA         469,926
            490     5.000%, 2/15/23 - FGIC Insured                                   2/16 at 100.00              AA         494,959
            500  University of Connecticut, Student Fee Revenue Refunding           11/12 at 101.00              AA         506,585
                    Bonds, Series 2002A, 5.250%, 11/15/22 - FGIC Insured
-----------------------------------------------------------------------------------------------------------------------------------
         11,355  Total Education and Civic Organizations                                                                 10,688,379
-----------------------------------------------------------------------------------------------------------------------------------


30





      PRINCIPAL                                                                       OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 HEALTH CARE - 12.9% (8.2% OF TOTAL INVESTMENTS)
$           300  Connecticut Health and Educational Facilities Authority,            7/12 at 101.00            BBB+   $     229,344
                    Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%,
                    7/01/32 - RAAI Insured
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Eastern Connecticut Health Network,
                 Series 2000A:
             20     6.125%, 7/01/20 - RAAI Insured                                   7/10 at 101.00            BBB+          18,087
             65     6.000%, 7/01/25 - RAAI Insured                                   7/10 at 101.00            BBB+          54,607
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Griffin Hospital, Series 2005B:
            300     5.000%, 7/01/20 - RAAI Insured                                   7/15 at 100.00              A3         269,037
            300     5.000%, 7/01/23 - RAAI Insured                                   7/15 at 100.00              A3         256,080
            170  Connecticut Health and Educational Facilities Authority,            7/17 at 100.00              A3         117,414
                    Revenue Bonds, Hospital For Special Care, Series 2007C,
                    5.250%, 7/01/32 - RAAI Insured
          1,190  Connecticut Health and Educational Facilities Authority,            7/16 at 100.00             Aa3       1,075,474
                    Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%,
                    7/01/32 - FSA Insured
          1,000  Connecticut Health and Educational Facilities Authority,            7/12 at 101.00            BBB+         864,690
                    Revenue Bonds, St. Francis Hospital and Medical Center,
                    Series 2002D, 5.000%, 7/01/22 - RAAI Insured
             25  Connecticut Health and Educational Facilities Authority,            7/09 at 101.00            Baa1          21,970
                    Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%,
                    7/01/18 - MBIA Insured
          1,170  Connecticut Health and Educational Facilities Authority,            7/16 at 100.00              AA         959,400
                    Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
                    5.000%, 7/01/31 - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
          4,540  Total Health Care                                                                                        3,866,103
-----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 1.4% (0.9% OF TOTAL INVESTMENTS)
            500  Connecticut Housing Finance Authority, Multifamily Housing         11/15 at 100.00             AAA         392,070
                    Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
                    11/15/27 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/SINGLE FAMILY - 6.0% (3.8% OF TOTAL INVESTMENTS)
            250  Connecticut Housing Finance Authority, Housing Mortgage            11/10 at 100.00             AAA         198,288
                    Finance Program Bonds, Series 2001C, 5.450%, 11/15/43
                    (Alternative Minimum Tax)
            700  Connecticut Housing Finance Authority, Housing Mortgage             5/13 at 100.00             AAA         610,547
                    Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34
                 Connecticut Housing Finance Authority, Housing Mortgage
                 Finance Program Bonds, Series 2006-A1:
            305     4.700%, 11/15/26 (Alternative Minimum Tax)                      11/15 at 100.00             AAA         237,812
            330     4.800%, 11/15/31 (Alternative Minimum Tax)                      11/15 at 100.00             AAA         244,685
            600  Connecticut Housing Finance Authority, Housing Mortgage             5/16 at 100.00             AAA         516,546
                    Finance Program Bonds, Series 2006D, 4.650%, 11/15/27
-----------------------------------------------------------------------------------------------------------------------------------
          2,185  Total Housing/Single Family                                                                              1,807,878
-----------------------------------------------------------------------------------------------------------------------------------
                 INDUSTRIALS - 2.8% (1.8% OF TOTAL INVESTMENTS)
          1,000  Connecticut Resource Recovery Authority, Revenue Bonds,            12/11 at 102.00             Ba1         833,340
                    American Ref-Fuel Company of Southeastern Connecticut LP,
                    Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
                 LONG-TERM CARE - 3.6% (2.3% OF TOTAL INVESTMENTS)
            320  Connecticut Development Authority, First Mortgage Gross            12/11 at 102.00            BBB+         265,405
                    Revenue Healthcare Bonds, Elim Park Baptist Home Inc.,
                    Series 2003, 5.750%, 12/01/23
            265  Connecticut Development Authority, First Mortgage Gross             4/09 at 100.00            BBB-         263,272
                    Revenue Refunding Healthcare Bonds, Church Homes Inc. -
                    Congregational Avery Heights, Series 1997, 5.700%, 4/01/12


                                                                              31



NGK  | Nuveen Connecticut Dividend Advantage Municipal Fund 2 (continued)
     | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                       OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 LONG-TERM CARE (continued)
$           450  Connecticut Health and Educational Facilities Authority,            7/12 at 101.00               A   $     386,010
                    Revenue Bonds, Village for Families and Children Inc.,
                    Series 2002A, 5.000%, 7/01/19 - AMBAC Insured
            250  Connecticut State Development Authority, Health Facilities          8/17 at 100.00             N/R         168,345
                    Revenue Bonds, Alzheimer's Resource Center of
                    Connecticut, Inc., Series 2007, 5.500%, 8/15/27
-----------------------------------------------------------------------------------------------------------------------------------
          1,285  Total Long-Term Care                                                                                     1,083,032
-----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/GENERAL - 23.0% (14.5% OF TOTAL INVESTMENTS)
            600  Connecticut State, General Obligation Bonds, Series 2006A,         12/16 at 100.00              AA         587,454
                    4.750%, 12/15/24
            400  Connecticut State, General Obligation Bonds, Series 2006C,          6/16 at 100.00             AAA         404,892
                    5.000%, 6/01/23 - FSA Insured
                 Farmington, Connecticut, General Obligation Bonds,
                 Series 2002:
          1,000     5.000%, 9/15/20                                                  9/12 at 101.00             Aa1       1,023,660
          1,450     5.000%, 9/15/21                                                  9/12 at 101.00             Aa1       1,462,238
          1,305  Hartford County Metropolitan District, Connecticut, General         4/12 at 101.00             AA+       1,310,377
                    Obligation Bonds, Series 2002, 5.000%, 4/01/22
                 Hartford, Connecticut, General Obligation Bonds, Series
                 2005A:
            360     5.000%, 8/01/21 - FSA Insured                                    8/15 at 100.00             AAA         363,229
            140     4.375%, 8/01/24 - FSA Insured                                    8/15 at 100.00             AAA         123,050
            650  New Haven, Connecticut, General Obligation Bonds, Series           11/16 at 100.00               A         676,761
                    2006, 5.000%, 11/01/17 - AMBAC Insured
            400  Suffield, Connecticut, General Obligation Bonds, Series               No Opt. Call              AA         413,648
                    2005, 5.000%, 6/15/21
            500  West Hartford, Connecticut, General Obligation Bonds, Series       10/15 at 100.00             AAA         530,720
                    2005B, 5.000%, 10/01/17
-----------------------------------------------------------------------------------------------------------------------------------
          6,805  Total Tax Obligation/General                                                                             6,896,029
-----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/LIMITED - 17.4% (11.0% OF TOTAL INVESTMENTS)
                 Connecticut Health and Educational Facilities Authority,
                 Child Care Facilities Program Revenue Bonds, Series 2006F:
            575     5.000%, 7/01/31 - AGC Insured                                    7/16 at 100.00             AAA         518,121
            500     5.000%, 7/01/36 - AGC Insured                                    7/16 at 100.00             AAA         440,885
            500  Connecticut, Special Tax Obligation Transportation                 10/11 at 100.00             AAA         529,335
                    Infrastructure Purpose Bonds, Series 2001B, 5.375%,
                    10/01/13 - FSA Insured
          1,625  Connecticut, Special Tax Obligation Transportation                  7/12 at 100.00             AAA       1,662,407
                    Infrastructure Purpose Bonds, Series 2002A, 5.375%,
                    7/01/20 - FSA Insured
            850  Connecticut, Special Tax Obligation Transportation                  8/17 at 100.00              AA         833,757
                    Infrastructure Purpose Revenue Bonds, Series 2007A,
                    5.000%, 8/01/27 - AMBAC Insured
            500  Puerto Rico Highway and Transportation Authority, Highway             No Opt. Call               A         391,480
                    Revenue Bonds, Series 2007N, 5.250%, 7/01/31 - AMBAC
                    Insured
            430  Puerto Rico Infrastructure Financing Authority, Special Tax           No Opt. Call            BBB+          75,719
                    Revenue Bonds, Series 2005A, 0.000%, 7/01/32 - FGIC
                    Insured
            750  Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%,         8/15 at 100.00             AAA         764,175
                    8/01/16 - FSA Insured
-----------------------------------------------------------------------------------------------------------------------------------
          5,730  Total Tax Obligation/Limited                                                                             5,215,879
-----------------------------------------------------------------------------------------------------------------------------------
                 TRANSPORTATION - 6.9% (4.3% OF TOTAL INVESTMENTS)
          1,950  New Haven, Connecticut, Revenue Refunding Bonds, Air Rights           No Opt. Call               A       2,057,581
                    Parking Facility, Series 2002, 5.375%, 12/01/15 - AMBAC
                    Insured
-----------------------------------------------------------------------------------------------------------------------------------


32





      PRINCIPAL                                                                       OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 U.S. GUARANTEED - 31.9% (20.1% OF TOTAL INVESTMENTS) (4)
$         2,250  Connecticut Health and Educational Facilities Authority,           11/11 at 100.00             AAA   $   2,434,882
                    Revenue Bonds, Connecticut State University System,
                    Series 2002D-2, 5.000%, 11/01/21 (Pre-refunded 11/01/11)
                    - FSA Insured
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Eastern Connecticut Health Network, Series
                 2000A:
            100     6.125%, 7/01/20 (Pre-refunded 7/01/10) - RAAI Insured            7/10 at 101.00        BBB+ (4)         107,899
             30     6.125%, 7/01/20 (Pre-refunded 7/01/10) - RAAI Insured            7/10 at 101.00        BBB+ (4)          32,350
              5     6.000%, 7/01/25 (Pre-refunded 7/01/10) - RAAI Insured            7/10 at 101.00        BBB+ (4)           5,382
            400  Connecticut Health and Educational Facilities Authority,            3/11 at 101.00             AAA         430,236
                    Revenue Bonds, Greenwich Academy, Series 2001B, 5.000%,
                    3/01/32 (Pre-refunded 3/01/11) - FSA Insured
            250  Guam Economic Development Authority, Tobacco Settlement             5/11 at 100.00        Baa3 (4)         269,678
                    Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
                    (Pre-refunded 5/15/11)
          1,000  Puerto Rico Electric Power Authority, Power Revenue Bonds,          7/10 at 101.00             AAA       1,065,310
                    Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) -
                    FSA Insured
                 Puerto Rico Infrastructure Financing Authority, Special
                 Obligation Bonds, Series 2000A:
          1,000     5.500%, 10/01/32                                                10/10 at 101.00             AAA         999,920
          2,000     5.500%, 10/01/40                                                10/10 at 101.00             AAA       1,987,939
          1,535  Regional School District 8, Andover, Hebron and Marlborough,        5/11 at 101.00         Aa3 (4)       1,657,124
                    Connecticut, General Obligation Bonds, Series 2002,
                    5.000%, 5/01/22 (Pre-refunded 5/01/11) - FSA Insured
            500  Waterbury, Connecticut, General Obligation Bonds, Series            4/12 at 100.00             AAA         549,250
                    2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) - FSA
                    Insured
-----------------------------------------------------------------------------------------------------------------------------------
          9,070  Total U.S. Guaranteed                                                                                    9,539,970
-----------------------------------------------------------------------------------------------------------------------------------
                 UTILITIES - 4.7% (2.9% OF TOTAL INVESTMENTS)
            500  Connecticut Development Authority, Pollution Control Revenue        4/09 at 102.00            Baa1         422,405
                    Refunding Bonds, Connecticut Light and Power Company,
                    Series 1993A, 5.850%, 9/01/28
            470  Connecticut Development Authority, Solid Waste Disposal            11/12 at 100.00            Baa1         358,869
                    Facilities Revenue Bonds, PSEG Power LLC Project, Series
                    2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
                 Eastern Connecticut Resource Recovery Authority, Solid Waste
                 Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
            250     5.500%, 1/01/15 (Alternative Minimum Tax)                        1/09 at 100.00             BBB         218,823
            510     5.500%, 1/01/20 (Alternative Minimum Tax)                        1/09 at 100.00             BBB         393,190
-----------------------------------------------------------------------------------------------------------------------------------
          1,730  Total Utilities                                                                                          1,393,287
-----------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 10.4% (6.6% OF TOTAL INVESTMENTS)
            220  Connecticut Development Authority, Water Facility Revenue           9/17 at 100.00            BBB-         154,011
                    Bonds, Aquarion Water Company Project, Series 200.7,
                    5.100%, 9/01/37 - SYNCORA GTY Insured (Alternative
                    Minimum Tax)
            785  Connecticut, State Revolving Fund General Revenue Bonds,           10/13 at 100.00             AAA         828,575
                    Series 2003A, 5.000%, 10/01/16
                 Greater New Haven Water Pollution Control Authority,
                 Connecticut, Regional Wastewater System Revenue Bonds,
                 Series 2005A:
            690     5.000%, 11/15/30 - MBIA Insured                                 11/15 at 100.00              AA         621,925
            320     5.000%, 8/15/35 - MBIA Insured                                  11/15 at 100.00              AA         278,778
            130  Guam Government Waterworks Authority, Water and Wastewater          7/15 at 100.00             Ba2         102,670
                    System Revenue Bonds, Series 2005, 6.000%, 7/01/25


                                                                              33



NGK  |  Nuveen Connecticut Dividend Advantage Municipal Fund 2 (continued)
     |  Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



     PRINCIPAL                                                                        OPTIONAL CALL
  AMOUNT (000)   DESCRIPTION (1)                                                     PROVISIONS (2)     RATINGS (3)           VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 WATER AND SEWER (continued)

                 South Central Connecticut Regional Water Authority, Water
                 System Revenue Bonds, Eighteenth Series 2003A:
$           750     5.000%, 8/01/20 - MBIA Insured                                   8/13 at 100.00              AA   $     749,025
            410     5.000%, 8/01/33 - MBIA Insured                                   8/13 at 100.00              AA         370,693
------------------------------------------------------------------------------------------------------------------------------------
          3,305  Total Water and Sewer                                                                                    3,105,677
------------------------------------------------------------------------------------------------------------------------------------
$        50,175  Total Investments (cost $50,635,027) - 158.4%                                                           47,401,225
=================-------------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (4.6)%                                                                      (1,375,000)
                 -------------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 4.7%                                                                     1,393,085
                 -------------------------------------------------------------------------------------------------------------------
                 Preferred Shares, at Liquidation Value - (58.5)% (5)                                                   (17,500,000)
                 -------------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                        $  29,919,310
                 ===================================================================================================================


(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.

     The  Portfolio  of  Investments  may reflect  the ratings on certain  bonds
     insured  by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and  SYNCORA as of
     November 30, 2008.  Please see the Portfolio  Managers'  Commentary  for an
     expanded  discussion of the affect on the Fund of changes to the ratings of
     certain bonds in the portfolio resulting from changes to the ratings of the
     underlying insurers both during the period and after period end.

(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)  Preferred Shares, at Liquidation Value as a percentage of Total Investments
     is 36.9%.

N/R  Not rated.

(UB) Underlying bond of an inverse  floating rate trust reflected as a financing
     transaction pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

34



NGO | Nuveen Connecticut Dividend Advantage Municipal Fund 3
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 CONSUMER STAPLES - 3.1% (2.0% OF TOTAL INVESTMENTS)

$         2,295  Puerto Rico, The Children's Trust Fund, Tobacco Settlement
                    Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33        5/12 at 100.00            BBB  $   1,663,875
----------------------------------------------------------------------------------------------------------------------------------
                 EDUCATION AND CIVIC ORGANIZATIONS - 28.6% (18.6% OF TOTAL
                 INVESTMENTS)
          1,000  Connecticut Health and Education Facilities Authority, Revenue       7/17 at 100.00             AA        789,230
                    Bonds, Connecticut College, Series 2007G, 4.500%, 7/01/37 -
                    MBIA Insured
          1,300  Connecticut Health and Education Facilities Authority, Revenue       7/17 at 100.00             AA      1,191,359
                    Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25
                    - MBIA Insured
            650  Connecticut Health and Education Facilities Authority,               7/16 at 100.00             A3        512,129
                    University of Hartford Revenue Bonds, Series 2006G, 5.250%,
                    7/01/36 - RAAI Insured
            150  Connecticut Health and Educational Facilities Authority,             7/16 at 100.00           BBB+        111,593
                    Revenue Bonds, Canterbury School, Series 2006B, 5.000%,
                    7/01/36 - RAAI Insured
            250  Connecticut Health and Educational Facilities Authority,             7/17 at 100.00             A3        204,150
                    Revenue Bonds, Chase Collegiate School, Series 2007A,
                    5.000%, 7/01/27 - RAAI Insured
            400  Connecticut Health and Educational Facilities Authority,               No Opt. Call             A2        421,760
                    Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%,
                    7/01/19 - AMBAC Insured
            215  Connecticut Health and Educational Facilities Authority,             7/17 at 100.00             AA        176,930
                    Revenue Bonds, Renbrook School, Series 2007A, 5.000%,
                    7/01/37 - AMBAC Insured
            750  Connecticut Health and Educational Facilities Authority,             7/12 at 101.00             A3        689,603
                    Revenue Bonds, University of Hartford, Series 2002E, 5.500%,
                    7/01/22 - RAAI Insured
          1,500  Connecticut Health and Educational Facilities Authority,             7/09 at 100.00            AAA      1,500,915
                    Revenue Bonds, Yale University, Series 2002W, 5.125%, 7/01/27
          3,000  Connecticut Health and Educational Facilities Authority,             7/16 at 100.00            AAA      2,841,359
                    Revenue Bonds, Yale University, Series 2007Z-1, 5.000%,
                    7/01/42
          5,050  Connecticut Health and Educational Facilities Authority,             7/17 at 100.00            AAA      4,822,195
                    Revenue Bonds, Yale University, Series 2007Z-3, 5.050%,
                    7/01/42 (UB)
                 University of Connecticut, General Obligation Bonds, Series
                 2006A:
            850     5.000%, 2/15/19 - FGIC Insured                                    2/16 at 100.00             AA        887,638
            490     5.000%, 2/15/23 - FGIC Insured                                    2/16 at 100.00             AA        494,959
            500  University of Connecticut, Student Fee Revenue Refunding Bonds,     11/12 at 101.00             AA        506,585
                    Series 2002A, 5.250%, 11/15/22 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
         16,105  Total Education and Civic Organizations                                                                15,150,405
----------------------------------------------------------------------------------------------------------------------------------

                 HEALTH CARE - 9.5% (6.2% OF TOTAL INVESTMENTS)
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Bristol Hospital, Series 2002B:
            500     5.500%, 7/01/21 - RAAI Insured                                    7/12 at 101.00           BBB+        460,855
            600     5.500%, 7/01/32 - RAAI Insured                                    7/12 at 101.00           BBB+        458,688
            800  Connecticut Health and Educational Facilities Authority,             7/15 at 100.00             A3        717,432
                    Revenue Bonds, Griffin Hospital, Series 2005B, 5.000%,
                    7/01/20 - RAAI Insured
            310  Connecticut Health and Educational Facilities Authority,             7/17 at 100.00             A3        214,108
                    Revenue Bonds, Hospital For Special Care, Series 2007C,
                    5.250%, 7/01/32 - RAAI Insured


                                                                              35



NGO | Nuveen Connecticut Dividend Advantage Municipal Fund 3 (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 HEALTH CARE (continued)
$         2,130  Connecticut Health and Educational Facilities Authority,             7/16 at 100.00            Aa3  $   1,925,009
                    Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%,
                    7/01/32 - FSA Insured
            200  Connecticut Health and Educational Facilities Authority,             7/09 at 101.00           Baa1        175,760
                    Revenue Bonds, Stamford Hospital, Series 1999G, 5.000%,
                    7/01/18 - MBIA Insured
          1,325  Connecticut Health and Educational Facilities Authority,             7/16 at 100.00             AA      1,086,500
                    Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1,
                    5.000%, 7/01/31 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
          5,865  Total Health Care                                                                                       5,038,352
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 1.5% (1.0% OF TOTAL INVESTMENTS)
          1,000  Connecticut Housing Finance Authority, Multifamily Housing          11/15 at 100.00            AAA        784,140
                    Mortgage Finance Program Bonds, Series 2006G-2, 4.800%,
                    11/15/27 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/SINGLE FAMILY - 5.5% (3.6% OF TOTAL INVESTMENTS)
            750  Connecticut Housing Finance Authority, Housing Mortgage Finance     11/10 at 100.00            AAA        594,863
                    Program Bonds, Series 2001C, 5.450%, 11/15/43 (Alternative
                    Minimum Tax)
          1,300  Connecticut Housing Finance Authority, Housing Mortgage Finance      5/13 at 100.00            AAA      1,133,873
                    Program Bonds, Series 2004-A5, 5.050%, 11/15/34
                 Connecticut Housing Finance Authority, Housing Mortgage Finance
                 Program Bonds, Series 2006-A1:
            435     4.700%, 11/15/26 (Alternative Minimum Tax)                       11/15 at 100.00            AAA        339,174
            465     4.800%, 11/15/31 (Alternative Minimum Tax)                       11/15 at 100.00            AAA        344,784
            600  Connecticut Housing Finance Authority, Housing Mortgage Finance      5/16 at 100.00            AAA        516,546
                    Program Bonds, Series 2006D, 4.650%, 11/15/27
----------------------------------------------------------------------------------------------------------------------------------
          3,550  Total Housing/Single Family                                                                             2,929,240
----------------------------------------------------------------------------------------------------------------------------------
                 INDUSTRIALS - 3.1% (2.0% OF TOTAL INVESTMENTS)
          2,000  Connecticut Resource Recovery Authority, Revenue Bonds,             12/11 at 102.00            Ba1      1,666,680
                    American Ref-Fuel Company of Southeastern Connecticut LP,
                    Series 1998A-I, 5.500%, 11/15/15 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 LONG-TERM CARE - 12.3% (8.0% OF TOTAL INVESTMENTS)
            500  Connecticut Development Authority, First Mortgage Gross Revenue     12/11 at 102.00           BBB+        414,695
                    Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003,
                    5.750%, 12/01/23
            495  Connecticut Development Authority, First Mortgage Gross Revenue      4/09 at 100.00           BBB-        491,773
                    Refunding Healthcare Bonds, Church Homes Inc. -
                    Congregational Avery Heights, Series 1997, 5.700%, 4/01/12
                 Connecticut Development Authority, Revenue Bonds, Duncaster
                 Inc., Series 2002:
            650     5.125%, 8/01/22 - RAAI Insured                                    8/12 at 101.00           BBB+        584,201
          1,025     4.750%, 8/01/32 - RAAI Insured                                    8/12 at 101.00           BBB+        777,873
                 Connecticut Health and Educational Facilities Authority,
                 Revenue Bonds, Village for Families and Children Inc.,
                 Series 2002A:
            430     5.000%, 7/01/18 - AMBAC Insured                                   7/12 at 101.00              A        377,884
            475     5.000%, 7/01/20 - AMBAC Insured                                   7/12 at 101.00              A        396,725
            260     5.000%, 7/01/23 - AMBAC Insured                                   7/12 at 101.00              A        204,766
          1,000     5.000%, 7/01/32 - AMBAC Insured                                   7/12 at 101.00              A        697,940
                 Connecticut Housing Finance Authority, Special Needs Housing
                 Mortgage Finance Program Special Obligation Bonds, Series
                 2002SNH-1:
          1,000     5.000%, 6/15/22 - AMBAC Insured                                   6/12 at 101.00              A        944,440
          1,500     5.000%, 6/15/32 - AMBAC Insured                                   6/12 at 101.00              A      1,271,190
            500  Connecticut State Development Authority, Health Facilities           8/17 at 100.00            N/R        336,690
                    Revenue Bonds, Alzheimer's Resource Center of Connecticut,
                    Inc., Series 2007, 5.500%, 8/15/27
----------------------------------------------------------------------------------------------------------------------------------
          7,835  Total Long-Term Care                                                                                    6,498,177
----------------------------------------------------------------------------------------------------------------------------------


36





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 TAX OBLIGATION/GENERAL - 23.2% (15.1% OF TOTAL INVESTMENTS)
                 Bethel, Connecticut, General Obligation Bonds, Series 2002:
$           525     5.000%, 11/01/18 - FGIC Insured                                  11/12 at 100.00            Aa3  $     537,175
            525     5.000%, 11/01/19 - FGIC Insured                                  11/12 at 100.00            Aa3        533,951
            525     5.000%, 11/01/20 - FGIC Insured                                  11/12 at 100.00            Aa3        530,754
            525     5.000%, 11/01/21 - FGIC Insured                                  11/12 at 100.00            Aa3        528,134
            525     5.000%, 11/01/22 - FGIC Insured                                  11/12 at 100.00            Aa3        522,375
          1,200  Connecticut State, General Obligation Bonds, Series 2006A,          12/16 at 100.00             AA      1,174,908
                    4.750%, 12/15/24
            450  Farmington, Connecticut, General Obligation Bonds, Series 2002,      9/12 at 101.00            Aa1        460,647
                    5.000%, 9/15/20
            600  Hartford, Connecticut, General Obligation Bonds, Series 2005A,       8/15 at 100.00            AAA        605,382
                    5.000%, 8/01/21 - FSA Insured
                 New Canaan, Connecticut, General Obligation Bonds, Series 2002A:
            950     4.500%, 5/01/19                                                   5/11 at 100.00            Aaa        956,631
            900     4.600%, 5/01/20                                                   5/11 at 100.00            Aaa        903,924
            500     4.700%, 5/01/21                                                   5/11 at 100.00            Aaa        501,540
          1,000  New Haven, Connecticut, General Obligation Bonds, Series 2006,      11/16 at 100.00              A      1,041,170
                    5.000%, 11/01/17 - AMBAC Insured
                 Southbury, Connecticut, General Obligation Bonds, Series 2002:
            500     4.875%, 12/15/20                                                 12/11 at 101.00            Aa3        506,745
            500     4.875%, 12/15/21                                                 12/11 at 101.00            Aa3        504,315
            500     5.000%, 12/15/22                                                 12/11 at 101.00            Aa3        500,170
                 Stratford, Connecticut, General Obligation Bonds, Series 2002:
          1,375     4.000%, 2/15/19 - FSA Insured                                     2/12 at 100.00            AAA      1,350,154
            630     4.125%, 2/15/20 - FSA Insured                                     2/12 at 100.00            AAA        612,039
            500  West Hartford, Connecticut, General Obligation Bonds, Series        10/15 at 100.00            AAA        528,415
                    2005B, 5.000%, 10/01/18
----------------------------------------------------------------------------------------------------------------------------------
         12,230  Total Tax Obligation/General                                                                           12,298,429
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/LIMITED - 23.0% (14.9% OF TOTAL INVESTMENTS)
            930  Connecticut Health and Educational Facilities Authority, Child       7/16 at 100.00            AAA        820,046
                    Care Facilities Program Revenue Bonds, Series 2006F, 5.000%,
                    7/01/36 - AGC Insured
             60  Connecticut, Special Tax Obligation Transportation                     No Opt. Call             AA         65,170
                    Infrastructure Purpose Bonds, Series 1992B, 6.125%, 9/01/12
                 Connecticut, Special Tax Obligation Transportation
                 Infrastructure Purpose Bonds, Series 2002B:
          2,810     5.000%, 12/01/20 - AMBAC Insured                                 12/12 at 100.00             AA      2,816,041
          1,000     5.000%, 12/01/21 - AMBAC Insured                                 12/12 at 100.00             AA        980,330
          1,000     5.000%, 12/01/22 - AMBAC Insured                                 12/12 at 100.00             AA        972,520
            500  Connecticut, Special Tax Obligation Transportation
                    Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 -     1/14 at 100.00             AA        495,985
                    FGIC Insured
          1,500  Connecticut, Special Tax Obligation Transportation
                    Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%,       8/17 at 100.00             AA      1,471,335
                    8/01/27 - AMBAC Insured
          1,000  Puerto Rico Highway and Transportation Authority, Highway              No Opt. Call              A        782,960
                    Revenue Bonds, Series 2007N, 5.250%,7/01/31 - AMBAC Insured
                 Puerto Rico Infrastructure Financing Authority, Special Tax
                 Revenue Bonds, Series 2005A:
            780     0.000%, 7/01/32 - FGIC Insured                                      No Opt. Call           BBB+        137,350
          2,120     0.000%, 7/01/33 - FGIC Insured                                      No Opt. Call           BBB+        345,496
                 Puerto Rico Public Buildings Authority, Guaranteed Government
                 Facilities Revenue Bonds, Series 2002G:
            890     5.250%, 7/01/17                                                   7/12 at 100.00           BBB-        839,368
          1,000     5.250%, 7/01/20                                                   7/12 at 100.00           BBB-        900,000
          1,045     5.250%, 7/01/21                                                   7/12 at 100.00           BBB-        928,420
            750  Virgin Islands Public Finance Authority, Senior Lien Revenue         4/09 at 101.00            BBB        642,000
                    Refunding Bonds, Matching Fund Loan Note, Series 1998A,
                    5.500%, 10/01/22
----------------------------------------------------------------------------------------------------------------------------------
        15,385   Total Tax Obligation/Limited                                                                           12,197,021
----------------------------------------------------------------------------------------------------------------------------------


                                                                              37



NGO | Nuveen Connecticut Dividend Advantage Municipal Fund 3 (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 TRANSPORTATION - 0.8% (0.5% OF TOTAL INVESTMENTS)
$           415  New Haven, Connecticut, Revenue Refunding Bonds, Air Rights            No Opt. Call              A  $     437,896
                    Parking Facility, Series 2002, 5.375%, 12/01/15 - AMBAC
                    Insured
----------------------------------------------------------------------------------------------------------------------------------
                 U.S. GUARANTEED - 23.8% (15.5% OF TOTAL INVESTMENTS) (4)
  500            Bridgeport, Connecticut, General Obligation Bonds, Series            9/13 at 100.00            AAA        558,900
                    2003A, 5.250%, 9/15/23 (Pre-refunded9/15/13) - FSA Insured
          3,100  Connecticut Health and Educational Facilities Authority,             7/11 at 101.00          A (4)      3,359,438
                    Revenue Bonds, Trinity College, Series 2001G, 5.000%,
                    7/01/21 (Pre-refunded 7/01/11) - AMBAC Insured
             40  New Haven, Connecticut, General Obligation Bonds, Series 2002A,     11/11 at 101.00          A (4)         42,711
                    5.250%, 11/01/17 - AMBAC Insured (ETM)
          3,050  Puerto Rico Electric Power Authority, Power Revenue Bonds,
                    Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) - FSA       7/10 at 101.00            AAA      3,249,195
                    Insured
          3,000  Puerto Rico Infrastructure Financing Authority, Special             10/10 at 101.00            AAA      2,981,909
                    Obligation Bonds, Series 2000A, 5.500%, 10/01/40
          1,010  Puerto Rico Public Finance Corporation, Commonwealth                   No Opt. Call            AAA      1,018,615
                    Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC
                    Insured (ETM)
            195  Puerto Rico Public Finance Corporation, Commonwealth                 2/12 at 100.00            AAA        211,362
                    Appropriation Bonds, Series 2002E, 5.500%, 8/01/29
                    (Pre-refunded 2/01/12)
          1,100  University of Connecticut, General Obligation Bonds, Series          2/13 at 100.00         AA (4)      1,212,453
                    2003A, 5.125%, 2/15/21(Pre-refunded 2/15/13) - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
         11,995  Total U.S. Guaranteed                                                                                  12,634,583
----------------------------------------------------------------------------------------------------------------------------------
                 UTILITIES - 4.4% (2.8% OF TOTAL INVESTMENTS)
            720  Connecticut Development Authority, Pollution Control Revenue         4/09 at 102.00           Baa1        608,263
                    Refunding Bonds, Connecticut Light and Power Company, Series
                    1993A, 5.850%, 9/01/28
            860  Connecticut Development Authority, Solid Waste Disposal             11/12 at 100.00           Baa1        656,653
                    Facilities Revenue Bonds, PSEG Power LLC Project, Series
                    2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)
                 Eastern Connecticut Resource Recovery Authority, Solid Waste
                 Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
            900     5.500%, 1/01/14 (Alternative Minimum Tax)                         1/09 at 100.00            BBB        807,840
            305     5.500%, 1/01/20 (Alternative Minimum Tax)                         1/09 at 100.00            BBB        235,143
----------------------------------------------------------------------------------------------------------------------------------
          2,785  Total Utilities                                                                                         2,307,899
----------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 15.1% (9.8% OF TOTAL INVESTMENTS)
            400  Connecticut Development Authority, Water Facility Revenue            9/17 at 100.00           BBB-        280,020
                    Bonds, Aquarion Water Company Project, Series 200.7, 5.100%,
                    9/01/37 - SYNCORA GTY Insured (Alternative Minimum Tax)
          1,185  Connecticut, State Revolving Fund General Revenue Bonds, Series     10/13 at 100.00            AAA      1,250,779
                    2003A, 5.000%, 10/01/16
                 Greater New Haven Water Pollution Control Authority,
                 Connecticut, Regional Wastewater System Revenue Bonds,
                 Series 2005A:
          1,230     5.000%, 11/15/30 - MBIA Insured                                  11/15 at 100.00             AA      1,108,648
            640     5.000%, 8/15/35 - MBIA Insured                                   11/15 at 100.00             AA        557,555
            230  Guam Government Waterworks Authority, Water and Wastewater           7/15 at 100.00            Ba2        181,647
                    System Revenue Bonds, Series 2005, 6.000%, 7/01/25
                 South Central Connecticut Regional Water Authority, Water
                 System Revenue Bonds, Eighteenth Series 2003A:
          2,050     5.000%, 8/01/20 - MBIA Insured                                    8/13 at 100.00             AA      2,047,335
            590     5.000%, 8/01/33 - MBIA Insured                                    8/13 at 100.00             AA        533,437


38






      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 WATER AND SEWER (continued)
$         1,840  South Central Connecticut Regional Water Authority, Water            8/16 at 100.00             AA  $   1,693,591
                    System Revenue Bonds, Twentieth Series, 2007A, 5.000%,
                    8/01/30 - MBIA Insured
            350  Stamford, Connecticut, Water Pollution Control System and           11/13 at 100.00            AA+        325,087
                    Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32
-----------------------------------------------------------------------------------------------------------------------------------
          8,515  Total Water and Sewer                                                                                   7,978,099
-----------------------------------------------------------------------------------------------------------------------------------
$        89,975  Total Investments (cost $89,652,224) - 153.9%                                                          81,584,796
=================------------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (4.8)%                                                                     (2,525,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 11.3%                                                                   5,944,697
                 ------------------------------------------------------------------------------------------------------------------
                 Preferred Shares, at Liquidation Value - (60.4)% (5)                                                  (32,000,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                       $  53,004,493
                 ==================================================================================================================


(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.

      The  Portfolio  of  Investments  may reflect the ratings on certain  bonds
      insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and  SYNCORA as of
      November 30, 2008.  Please see the Portfolio  Managers'  Commentary for an
      expanded discussion of the affect on the Fund of changes to the ratings of
      certain  bonds in the portfolio  resulting  from changes to the ratings of
      the underlying insurers both during the period and after period end.

(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)  Preferred Shares, at Liquidation Value as a percentage of Total Investments
     is 39.2%.

N/R   Not rated.

(ETM) Escrowed to maturity.

(UB)  Underlying bond of an inverse floating rate trust reflected as a financing
      transaction pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

                                                                              39



NMT | Nuveen Massachusetts Premium Income Municipal Fund
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 CONSUMER DISCRETIONARY - 1.8% (1.1% OF TOTAL INVESTMENTS)
$         1,445  Boston Industrial Development Financing Authority,
                    Massachusetts, Senior Revenue Bonds, Crosstown Center
                    Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum
                    Tax)                                                              9/12 at 102.00            N/R  $     992,657
----------------------------------------------------------------------------------------------------------------------------------
                 EDUCATION AND CIVIC ORGANIZATIONS - 32.5% (20.2% OF TOTAL INVESTMENTS)
          1,045  Massachusetts Development Finance Agency, Revenue Bonds,             9/17 at 100.00             AA        915,441
                    Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37
                    - MBIA Insured
            890  Massachusetts Development Finance Authority, Revenue Bonds,          3/09 at 101.00            BBB        815,827
                    Curry College, Series 2000A, 6.000%, 3/01/20 - ACA Insured
          1,745  Massachusetts Development Finance Authority, Revenue Bonds,          7/15 at 100.00            AAA      1,646,059
                    Massachusetts College of Pharmacy and Allied Health Sciences,
                    Series 2005D, 5.000%, 7/01/27 - AGC Insured
            750  Massachusetts Development Finance Authority, Revenue Bonds,          9/13 at 100.00            AA-        772,523
                    Milton Academy, Series 2003A, 5.000%, 9/01/19
          4,900  Massachusetts Development Finance Authority, Revenue Bonds, WGBH     1/18 at 100.00            AAA      4,371,829
                    Educational Foundation, Series 2008A, 5.000%, 1/01/42 - AGC
                    Insured (UB)
          1,090  Massachusetts Development Finance Authority, Revenue Refunding         No Opt. Call             A2      1,104,116
                    Bonds, Boston University, Series 1999P, 6.000%, 5/15/29
          1,550  Massachusetts Educational Finance Authority, Educational Loan        1/12 at 100.00             AA      1,546,249
                    Revenue Bonds, Series 2002E, 5.000%, 1/01/13 - AMBAC Insured
                    (Alternative Minimum Tax)
          2,000  Massachusetts Health and Educational Facilities Authority,           6/13 at 100.00            AA-      2,072,959
                    Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18
            500  Massachusetts Health and Educational Facilities Authority,           3/09 at 100.00             AA        421,685
                    Revenue Bonds, Hebrew College, Series 1999A,, 4.000%,
                    7/01/31 (4)
            500  Massachusetts Health and Educational Facilities Authority,           7/13 at 100.00            Aaa        500,790
                    Revenue Bonds, Wellesley College, Series 2003H, 5.000%,
                    7/01/26
            555  Massachusetts Health and Educational Facilities Authority,           7/13 at 100.00            AAA        562,465
                    Revenue Bonds, Williams College, Series 2003H, 5.000%, 7/01/21
          1,380  Massachusetts Health and Educational Facilities Authority,           7/16 at 100.00            AAA      1,339,925
                    Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31
            500  Massachusetts Health and Educational Facilities Authority,          11/12 at 100.00              A        431,790
                    Revenue Bonds, Worcester State College, Series 2002, 5.000%,
                    11/01/32 - AMBAC Insured
          1,645  Massachusetts Industrial Finance Agency, Revenue Bonds,              1/09 at 100.00            Aa1      1,595,765
                    Whitehead Institute for Biomedical Research, Series 1993,
                    5.125%, 7/01/26
            375  Puerto Rico Industrial, Tourist, Educational, Medical and            2/09 at 101.00           BBB-        317,633
                    Environmental Control Facilities Financing Authority, Higher
                    Education Revenue Bonds, Ana G. Mendez University System,
                    Series 1999, 5.375%, 2/01/19
----------------------------------------------------------------------------------------------------------------------------------
         19,425  Total Education and Civic Organizations                                                                18,415,056
----------------------------------------------------------------------------------------------------------------------------------
                 HEALTH CARE - 24.3% (15.1% OF TOTAL INVESTMENTS)
          1,250  Massachusetts Health and Educational Facilities Authority,          10/11 at 101.00           BBB+      1,088,213
                    Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%,
                    10/01/31
          1,000  Massachusetts Health and Educational Facilities Authority,          11/11 at 101.00           BBB+        683,540
                    Revenue Bonds, Cape Cod Health Care Inc., Series 2001C,
                    5.250%, 11/15/31 - RAAI Insured


40





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 HEALTH CARE (continued)
                 Massachusetts Health and Educational Facilities Authority,
                 Revenue Bonds, Capital Asset Program, Series 1998B-1:
$         1,800     5.375%, 2/01/26 - MBIA Insured                                    8/18 at 100.00            AAA  $   1,427,202
            770     5.375%, 2/01/28 - MBIA Insured                                    8/18 at 100.00            AAA        594,248
          1,500  Massachusetts Health and Educational Facilities Authority,           8/18 at 100.00            AAA      1,173,270
                    Revenue Bonds, Capital Asset Program, Series 1998B-2, 5.375%,
                    2/01/27 - MBIA Insured
          1,000  Massachusetts Health and Educational Facilities Authority,           7/12 at 101.00            BBB        887,120
                    Revenue Bonds, Caritas Christi Obligated Group, Series 2002B,
                    6.250%, 7/01/22
            935  Massachusetts Health and Educational Facilities Authority,           8/15 at 100.00           BBB+        634,594
                    Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%,
                    8/15/35 - RAAI Insured
          1,000  Massachusetts Health and Educational Facilities Authority,           8/15 at 100.00             AA        859,940
                    Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
                    5.000%, 8/15/21 - FGIC Insured
          2,000  Massachusetts Health and Educational Facilities Authority,           8/17 at 100.00              A      1,703,460
                    Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%,
                    8/15/28
            585  Massachusetts Health and Educational Facilities Authority,           7/17 at 100.00           BBB-        369,609
                    Revenue Bonds, Milford Regional Medical Center, Series 2007E,
                    5.000%, 7/15/32
          1,000  Massachusetts Health and Educational Facilities Authority,           7/15 at 100.00           BBB-        692,890
                    Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%,
                    7/01/30
            750  Massachusetts Health and Educational Facilities Authority,           1/09 at 100.00            AAA        611,108
                    Revenue Bonds, New England Medical Center Hospitals, Series
                    1993G-1, 5.375%, 7/01/24 - MBIA Insured
             75  Massachusetts Health and Educational Facilities Authority,           7/11 at 101.00             AA         70,532
                    Revenue Bonds, Partners HealthCare System Inc., Series 2001C,
                    5.750%, 7/01/32
            375  Massachusetts Health and Educational Facilities Authority,           7/11 at 100.00            BBB        322,751
                    Revenue Bonds, UMass Memorial Health Care, Series 2001C,
                    6.625%, 7/01/32
          1,445  Massachusetts Health and Educational Facilities Authority,           7/15 at 100.00            BBB        926,187
                    Revenue Bonds, UMass Memorial Health Care, Series 2005D,
                    5.000%, 7/01/33
          2,000  Massachusetts State, Health and Educational Facilities               7/17 at 100.00             AA      1,696,800
                    Authority, Partners HealthCare System Inc., Series 2007G,
                    5.000%, 7/01/32
----------------------------------------------------------------------------------------------------------------------------------
         17,485  Total Health Care                                                                                      13,741,464
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 8.1% (5.0% OF TOTAL INVESTMENTS)
          1,335  Massachusetts Development Finance Authority, Multifamily Housing     7/17 at 100.00            AAA      1,030,927
                    Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%,
                    7/20/48
          1,830  Massachusetts Development Financing Authority, Assisted Living      12/09 at 102.00            N/R      1,560,276
                    Revenue Bonds, Prospect House Apartments, Series 1999,
                    7.000%, 12/01/31
            335  Massachusetts Housing Finance Agency, Housing Bonds, Series          6/15 at 100.00            AA-        255,756
                    2006A, 5.100%, 12/01/37(Alternative Minimum Tax)
            500  Massachusetts Housing Finance Agency, Housing Revenue Bonds,         6/13 at 100.00            AA-        421,610
                    Series 2003S, 5.050%, 12/01/23(Alternative Minimum Tax)
            355  Massachusetts Housing Finance Agency, Rental Housing Mortgage        7/10 at 101.00              A        361,042
                    Revenue Bonds, Series 1999D, 5.500%, 7/01/13 - AMBAC Insured
                    (Alternative Minimum Tax)
          1,000  Somerville Housing Authority, Massachusetts, GNMA Collateralized     5/12 at 103.00            AAA        963,530
                    Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002,
                    5.200%, 11/20/22
----------------------------------------------------------------------------------------------------------------------------------
          5,355  Total Housing/Multifamily                                                                               4,593,141
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/SINGLE FAMILY - 3.1% (2.0% OF TOTAL INVESTMENTS)
          1,500  Massachusetts Housing Finance Agency, Single Family Housing          6/16 at 100.00             AA      1,069,200
                    Revenue Bonds, Series 2006-126, 4.625%, 6/01/32 (Alternative
                    Minimum Tax)
            985  Massachusetts Housing Finance Agency, Single Family Housing          6/18 at 100.00             AA        708,048
                    Revenue Bonds, Series 2008, Trust3145, 12.452%, 12/01/28 (IF)
----------------------------------------------------------------------------------------------------------------------------------
          2,485  Total Housing/Single Family                                                                             1,777,248
----------------------------------------------------------------------------------------------------------------------------------


                                                                              41



NMT | Nuveen Massachusetts Premium Income Municipal Fund (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 INDUSTRIALS - 1.2% (0.7% OF TOTAL INVESTMENTS)
$           345  Massachusetts Development Finance Agency, Pioneer Valley               No Opt. Call            N/R  $     297,945
                    Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series
                    2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
            400  Massachusetts Development Finance Agency, Solid Waste Disposal         No Opt. Call            BBB        350,644
                    Revenue Bonds, Waste Management Inc., Series 2003, 5.450%,
                    6/01/14
----------------------------------------------------------------------------------------------------------------------------------
            745  Total Industrials                                                                                         648,589
----------------------------------------------------------------------------------------------------------------------------------
                 LONG-TERM CARE - 7.1% (4.4% OF TOTAL INVESTMENTS)
          1,270  Boston, Massachusetts, FHA-Insured Mortgage Revenue Bonds,           4/09 at 105.00            AAA      1,276,985
                    Deutsches Altenheim Inc., Series 1998A, 6.125%, 10/01/31
          1,685  Massachusetts Development Finance Agency, Revenue Bonds, Orchard    10/12 at 102.00            BB-      1,093,279
                    Cove, Series 2007, 5.250%, 10/01/26
          1,500  Massachusetts Development Finance Authority, GNMA Collateralized     3/12 at 105.00            AAA      1,247,745
                    Assisted Living Facility Revenue Bonds, Arbors at Chicopee,
                    Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax)
             75  Massachusetts Industrial Finance Agency, FHA-Insured Project         2/09 at 100.00            AAA         75,000
                    Revenue Bonds, Heights Crossing LP, Series 1995, 6.000%,
                    2/01/15 (Alternative Minimum Tax)
            400  Massachusetts Industrial Finance Agency, First Mortgage Revenue      1/11 at 101.00           BBB-        340,396
                    Bonds, Berkshire Retirement Community, Series 1994B, 4.750%,
                    7/01/17
----------------------------------------------------------------------------------------------------------------------------------
          4,930  Total Long-Term Care                                                                                    4,033,405
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/GENERAL - 20.3% (12.7% OF TOTAL INVESTMENTS)
            500  Ashland, Massachusetts, General Obligation Bonds, Series 2004,       5/15 at 100.00             A1        512,255
                    5.250%, 5/15/23 - AMBAC Insured
          1,250  Boston, Massachusetts, General Obligation Bonds, Series 2005A,       1/15 at 100.00            AA+      1,322,488
                    5.000%, 1/01/17
          1,000  Fall River, Massachusetts, General Obligation Bonds, Series          2/13 at 101.00            AAA      1,014,950
                    2003, 5.000%, 2/01/21 - FSA Insured
          2,500  Massachusetts Bay Transportation Authority, General Obligation         No Opt. Call            AAA      2,907,099
                    Transportation System Bonds, Series 1991A, 7.000%, 3/01/21
          1,275  Massachusetts, General Obligation Bonds, Consolidated Loan,            No Opt. Call             AA      1,435,816
                    Series 2001D, 6.000%, 11/01/13 - MBIA Insured
            980  Monson, Massachusetts, General Obligation Bonds, Series 2002,        5/12 at 101.00             A3        990,172
                    5.250%, 5/15/22 - AMBAC Insured
          1,260  Norwell, Massachusetts, General Obligation Bonds, Series 2003,         No Opt. Call            AA+      1,281,105
                    5.000%, 11/15/20 - FGIC Insured
          1,000  Puerto Rico, General Obligation and Public Improvement Bonds,          No Opt. Call           Baa3        849,160
                    Series 2001A, 5.500%, 7/01/29 - FGIC Insured
          1,220  Worcester, Massachusetts, General Obligation Bonds, Series           7/15 at 100.00             AA      1,188,634
                    2005A, 5.000%, 7/01/19 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
         10,985  Total Tax Obligation/General                                                                           11,501,679
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/LIMITED - 15.4% (9.6% OF TOTAL INVESTMENTS)
            210  Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds,           5/14 at 100.00              A        209,750
                    Series 2004, 5.000%, 5/01/26 - AMBAC Insured
            385  Massachusetts Bay Transportation Authority, Senior Lien Sales          No Opt. Call            AAA        403,815
                    Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21
            975  Massachusetts Bay Transportation Authority, Senior Sales Tax         7/18 at 100.00            AAA        967,073
                    Revenue Bonds, Series 2006, 5.000%, 7/01/26
            550  Massachusetts College Building Authority, Project Revenue Bonds,     5/14 at 100.00             AA        560,967
                    Series 2004A, 5.000%,5/01/19 - MBIA Insured
            325  Massachusetts College Building Authority, Project Revenue Bonds,     5/16 at 100.00             AA        294,863
                    Series 2006A, 5.000%,5/01/31 - AMBAC Insured
          1,200  Massachusetts College Building Authority, Project Revenue Bonds,     5/18 at 100.00            AAA      1,101,756
                    Series 2008A, 5.000%,5/01/33 - AGC Insured
          1,000  Massachusetts College Building Authority, Project Revenue
                    Refunding Bonds, Series 2003B, 5.375%, 5/01/23 - SYNCORA GTY        No Opt. Call             A1      1,004,140
                    Insured


42





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 TAX OBLIGATION/LIMITED (continued)
$         1,300  Massachusetts School Building Authority, Dedicated Sales Tax         8/15 at 100.00            AAA  $   1,325,818
                    Revenue Bonds, Series 2005A, 5.000%, 8/15/20 - FSA Insured
            540  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,         No Opt. Call             AA        539,973
                    Series 2005, 5.000%, 1/01/20 - FGIC Insured
          1,000  Massachusetts, Special Obligation Refunding Notes, Federal             No Opt. Call            Aa3      1,082,100
                    Highway Grant Anticipation Note Program, Series 2003A,
                    5.000%, 12/15/13 - FSA Insured
            240  Puerto Rico Infrastructure Financing Authority, Special Tax            No Opt. Call              A         18,660
                    Revenue Bonds, Series 2005A, 0.000%, 7/01/43 - AMBAC Insured
          1,300  Puerto Rico, Highway Revenue Bonds, Highway and Transportation         No Opt. Call             AA      1,220,895
                    Authority, Series 2003AA, 5.500%, 7/01/19 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
          9,025  Total Tax Obligation/Limited                                                                            8,729,810
----------------------------------------------------------------------------------------------------------------------------------
                 TRANSPORTATION - 10.3% (6.4% OF TOTAL INVESTMENTS)
          2,000  Massachusetts Port Authority, Revenue Bonds, Series 2003A,           7/13 at 100.00             AA      1,801,300
                    5.000%, 7/01/33 - MBIA Insured
          1,000  Massachusetts Port Authority, Special Facilities Revenue Bonds,      7/17 at 100.00             AA        719,680
                    BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 - FGIC
                    Insured (Alternative Minimum Tax)
            225  Massachusetts Port Authority, Special Facilities Revenue Bonds,      1/11 at 101.00              A        123,255
                    Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 - AMBAC
                    Insured (Alternative Minimum Tax)
          4,000  Massachusetts Port Authority, Special Facilities Revenue Bonds,      3/09 at 100.00             AA      3,215,878
                    US Airways Group Inc., Series 1996A, 5.750%, 9/01/16 - MBIA
                    Insured (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
          7,225  Total Transportation                                                                                    5,860,113
----------------------------------------------------------------------------------------------------------------------------------
                 U.S. GUARANTEED - 21.1% (13.1% OF TOTAL INVESTMENTS) (5)
            550  Guam Economic Development Authority, Tobacco Settlement              5/11 at 100.00       Baa3 (5)        593,291
                    Asset-Backed Bonds, Series 2001B, 5.500%, 5/15/41
                    (Pre-refunded 5/15/11)
             25  Massachusetts Bay Transportation Authority, Senior Sales Tax         7/18 at 100.00        Aa2 (5)         27,214
                    Revenue Bonds, Series 2006, 5.000%, 7/01/26 (Pre-refunded
                    7/01/18)
          2,500  Massachusetts Development Finance Authority, GNMA Collateralized    10/11 at 105.00            AAA      2,946,649
                    Revenue Bonds, VOA Concord Assisted Living Inc., Series
                    2000A, 6.900%, 10/20/41 (Pre-refunded 10/20/11)
            500  Massachusetts Development Finance Authority, Revenue Bonds,          9/11 at 101.00          A (5)        547,585
                    Belmont Hills School, Series 2001, 5.375%, 9/01/23
                    (Pre-refunded 9/01/11)
          1,000  Massachusetts Development Finance Authority, Revenue Bonds,          7/13 at 101.00         A- (5)      1,145,070
                    Massachusetts College of Pharmacy and Allied Health Sciences,
                    Series 2003C, 5.750%, 7/01/33 (Pre-refunded 7/01/13)
            410  Massachusetts Health and Educational Facilities Authority,           7/21 at 100.00            AAA        425,326
                    Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25
                    (Pre-refunded 7/01/21) - MBIA Insured
            600  Massachusetts Health and Educational Facilities Authority,           5/12 at 100.00        N/R (5)        654,408
                    Revenue Bonds, New England Medical Center Hospitals, Series
                    2002H, 5.375%, 5/15/19 (Pre-refunded 5/15/12) - FGIC Insured
          1,925  Massachusetts Health and Educational Facilities Authority,           7/11 at 101.00            AAA      2,117,730
                    Revenue Bonds, Partners HealthCare System Inc., Series 2001C,
                    5.750%, 7/01/32 (Pre-refunded 7/01/11)
          1,000  Massachusetts Health and Educational Facilities Authority,          10/11 at 100.00         A+ (5)      1,082,250
                    Revenue Bonds, University of Massachusetts - Worcester
                    Campus, Series 2001B, 5.250%, 10/01/31 (Pre-refunded
                    10/01/11) - FGIC Insured
            620  Massachusetts Port Authority, Revenue Bonds, Series 1982,            1/09 at 100.00            AAA        786,160
                    13.000%, 7/01/13 (ETM)
          1,500  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,       1/14 at 100.00          A (5)      1,633,440
                    Series 2004, 5.250%, 1/01/25(Pre-refunded 1/01/14) - FGIC
                    Insured
----------------------------------------------------------------------------------------------------------------------------------
         10,630  Total U.S. Guaranteed                                                                                  11,959,123
----------------------------------------------------------------------------------------------------------------------------------


                                                                              43



NMT | Nuveen Massachusetts Premium Income Municipal Fund (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 UTILITIES - 3.2% (2.0% OF TOTAL INVESTMENTS)
$         1,000  Massachusetts Development Finance Agency, Resource Recovery          1/12 at 101.00             AA  $     956,030
                    Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/16 -
                    MBIA Insured
          1,000  Massachusetts Industrial Finance Agency, Resource Recovery          12/08 at 102.00            BBB        846,970
                    Revenue Refunding Bonds, Ogden Haverhill Project, Series
                    1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
          2,000  Total Utilities                                                                                         1,803,000
-----------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 12.3% (7.7% OF TOTAL INVESTMENTS)
          2,000  Boston Water and Sewerage Commission, Massachusetts, General        11/14 at 100.00             AA      2,008,060
                    Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25
             60  Massachusetts Water Pollution Abatement Trust, Pooled Loan           8/13 at 100.00            AAA         60,538
                    Program Bonds, Series 2003-9, 5.000%, 8/01/22
            285  Massachusetts Water Pollution Abatement Trust, Pooled Loan           8/14 at 100.00            AAA        282,669
                    Program Bonds, Series 2004-10, 5.000%, 8/01/26
            750  Massachusetts Water Pollution Abatement Trust, Pooled Loan           8/15 at 100.00            AAA        656,573
                    Program Bonds, Series 2005-11, 4.500%, 8/01/29
          1,000  Massachusetts Water Pollution Abatement Trust, Pooled Loan           8/16 at 100.00            AAA        825,270
                    Program Bonds, Series 2006-12, 4.375%, 8/01/31
          1,250  Massachusetts Water Pollution Abatement Trust, Revenue Bonds,        8/12 at 100.00            AAA      1,280,800
                    MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
          1,500  Massachusetts Water Resources Authority, General Revenue Bonds,      8/17 at 100.00             AA      1,440,015
                    Series 2005A, 5.000%,8/01/28 - MBIA Insured
            625  Massachusetts Water Resources Authority, General Revenue Bonds,      8/16 at 100.00             AA        432,500
                    Series 2006A, 4.000%, 8/01/46
-----------------------------------------------------------------------------------------------------------------------------------
          7,470  Total Water and Sewer                                                                                   6,986,425
-----------------------------------------------------------------------------------------------------------------------------------
$        99,205  Total Investments (cost $100,871,010) - 160.7%                                                         91,041,710
=================------------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (4.3)%                                                                     (2,450,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 3.6%                                                                    2,048,649
                 ------------------------------------------------------------------------------------------------------------------
                 Preferred Shares, at Liquidation Value - (60.0)% (6)                                                  (34,000,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                       $  56,640,359
                 ==================================================================================================================


(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.

      The  Portfolio  of  Investments  may reflect the ratings on certain  bonds
      insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and  SYNCORA as of
      November 30, 2008.  Please see the Portfolio  Managers'  Commentary for an
      expanded discussion of the affect on the Fund of changes to the ratings of
      certain  bonds in the portfolio  resulting  from changes to the ratings of
      the underlying insurers both during the period and after period end.

(4)   Investment valued at fair value using methods determined in good faith by,
      or at the discretion of, the Board of Trustees.

(5)  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.

(6)  Preferred Shares, at Liquidation Value as a percentage of Total Investments
     is 37.3%.

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 pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

44



NMB | Nuveen Massachusetts Dividend Advantage Municipal Fund
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
                 CONSUMER DISCRETIONARY - 1.4% (0.9% OF TOTAL INVESTMENTS)
$           485  Boston Industrial Development Financing Authority,                   9/12 at 102.00            N/R  $     333,176
                    Massachusetts, Senior Revenue Bonds, Crosstown Center
                    Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum
                    Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 EDUCATION AND CIVIC ORGANIZATIONS - 40.3% (24.6% OF TOTAL INVESTMENTS)
            450  Massachusetts Development Finance Agency, Revenue Bonds,             9/17 at 100.00             AA        394,209
                    Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37
                    - MBIA Insured
            495  Massachusetts Development Finance Authority, Revenue Bonds,          7/15 at 100.00            AAA        466,934
                    Massachusetts College of Pharmacy and Allied Health Sciences,
                    Series 2005D, 5.000%, 7/01/27 - AGC Insured
            500  Massachusetts Development Finance Authority, Revenue Bonds,          9/13 at 100.00            AA-        515,015
                    Milton Academy, Series 2003A, 5.000%, 9/01/19
          2,100  Massachusetts Development Finance Authority, Revenue Bonds, WGBH     1/18 at 100.00            AAA      1,873,641
                    Educational Foundation, Series 2008A, 5.000%, 1/01/42 - AGC
                    Insured (UB)
          1,000  Massachusetts Development Finance Authority, Revenue Refunding       5/29 at 105.00             A2        960,290
                    Bonds, Boston University, Series 1999P, 6.000%, 5/15/59
            990  Massachusetts Educational Finance Authority, Educational Loan        7/10 at 100.00             AA        959,538
                    Revenue Bonds, Series 2001E, 5.300%, 1/01/16 - AMBAC Insured
                    (Alternative Minimum Tax)
          1,000  Massachusetts Health and Educational Facilities Authority,           6/13 at 100.00            AA-      1,036,480
                    Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18
          1,000  Massachusetts Health and Educational Facilities Authority,           3/09 at 100.00             AA        843,371
                    Revenue Bonds, Hebrew College, Series 1999A,, 4.000%,
                    7/01/31 (4)
          2,000  Massachusetts Health and Educational Facilities Authority,           2/11 at 100.00            Aa2      1,950,239
                    Revenue Bonds, Tufts University, Series 2001I, 5.500%, 2/15/36
            590  Massachusetts Health and Educational Facilities Authority,           7/16 at 100.00            AAA        572,866
                    Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31
----------------------------------------------------------------------------------------------------------------------------------
         10,125  Total Education and Civic Organizations                                                                 9,572,583
----------------------------------------------------------------------------------------------------------------------------------
                 HEALTH CARE - 27.0% (16.5% OF TOTAL INVESTMENTS)
            500  Massachusetts Health and Educational Facilities Authority            1/18 at 100.00            N/R        371,930
                    Revenue Bonds, Quincy Medical Center Issue, Series A (2008),
                    6.500%, 1/15/38
            500  Massachusetts Health and Educational Facilities Authority,          10/11 at 101.00           BBB+        435,285
                    Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%,
                    10/01/31
            775  Massachusetts Health and Educational Facilities Authority,           8/18 at 100.00            AAA        614,490
                    Revenue Bonds, Capital Asset Program, Series 1998B-1, 5.375%,
                    2/01/26 - MBIA Insured
            500  Massachusetts Health and Educational Facilities Authority,           8/18 at 100.00            AAA        391,090
                    Revenue Bonds, Capital Asset Program, Series 1998B-2, 5.375%,
                    2/01/27 - MBIA Insured
            250  Massachusetts Health and Educational Facilities Authority,           1/09 at 101.00            BBB        216,458
                    Revenue Bonds, Caritas Christi Obligated Group, Series 1999A,
                    5.625%, 7/01/20
            295  Massachusetts Health and Educational Facilities Authority,           1/12 at 101.00              A        269,674
                    Revenue Bonds, Covenant Health Systems Obligated Group,
                    Series 2002, 6.000%, 7/01/31
            315  Massachusetts Health and Educational Facilities Authority,           8/15 at 100.00           BBB+        213,794
                    Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%,
                    8/15/35 - RAAI Insured
            600  Massachusetts Health and Educational Facilities Authority,           8/15 at 100.00             AA        515,964
                    Revenue Bonds, Lahey Clinic Medical Center, Series 2005C,
                    5.000%, 8/15/21 - FGIC Insured


                                                                              45



NMB | Nuveen Massachusetts Dividend Advantage Municipal Fund (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 HEALTH CARE (continued)
$         1,000  Massachusetts Health and Educational Facilities Authority,           8/17 at 100.00              A  $     851,730
                    Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%,
                    8/15/28
            290  Massachusetts Health and Educational Facilities Authority,           7/17 at 100.00           BBB-        183,225
                    Revenue Bonds, Milford Regional Medical Center, Series 2007E,
                    5.000%, 7/15/32
            500  Massachusetts Health and Educational Facilities Authority,           7/15 at 100.00           BBB-        346,445
                    Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%,
                    7/01/30
            500  Massachusetts Health and Educational Facilities Authority,           7/14 at 100.00             BB        373,965
                    Revenue Bonds, Northern Berkshire Community Services Inc.,
                    Series 2004B, 6.375%, 7/01/34
          1,000  Massachusetts Health and Educational Facilities Authority,           7/09 at 101.00             AA        985,110
                    Revenue Bonds, Partners HealthCare System Inc., Series 1999B,
                    5.125%, 7/01/19
             35  Massachusetts Health and Educational Facilities Authority,           7/11 at 101.00             AA         32,915
                    Revenue Bonds, Partners HealthCare System Inc., Series 2001C,
                    5.750%, 7/01/32
            500  Massachusetts Health and Educational Facilities Authority,           7/11 at 100.00            BBB        430,335
                    Revenue Bonds, UMass Memorial Health Care, Series 2001C,
                    6.625%, 7/01/32
            285  Massachusetts Health and Educational Facilities Authority,           7/15 at 100.00            BBB        182,674
                    Revenue Bonds, UMass Memorial Health Care, Series 2005D,
                    5.000%, 7/01/33
----------------------------------------------------------------------------------------------------------------------------------
          7,845  Total Health Care                                                                                       6,415,084
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 12.5% (7.7% OF TOTAL INVESTMENTS)
            570  Massachusetts Development Finance Authority, Multifamily Housing     7/17 at 100.00            AAA        440,171
                    Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%,
                    7/20/48
            135  Massachusetts Housing Finance Agency, Housing Bonds, Series          6/15 at 100.00            AA-        103,066
                    2006A, 5.100%, 12/01/37 (Alternative Minimum Tax)
            500  Massachusetts Housing Finance Agency, Housing Revenue Bonds,         6/13 at 100.00            AA-        421,610
                    Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)
          1,215  Massachusetts Housing Finance Agency, Rental Housing Mortgage        1/11 at 100.00              A      1,044,742
                    Revenue Bonds, Series 2001A, 5.850%, 7/01/35 - AMBAC Insured
                    (Alternative Minimum Tax)
          1,000  Somerville Housing Authority, Massachusetts, GNMA Collateralized     5/12 at 103.00            AAA        963,530
                    Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002,
                    5.200%, 11/20/22
----------------------------------------------------------------------------------------------------------------------------------
          3,420  Total Housing/Multifamily                                                                               2,973,119
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/SINGLE FAMILY - 3.4% (2.1% OF TOTAL INVESTMENTS)
            650  Massachusetts Housing 4.625%, 6/01/32 (Alternative Minimum Tax)      6/16 at 100.00             AA        463,320
                    Finance Agency, Single Family Housing Revenue Bonds, Series
                    2006-126,
            480  Massachusetts Housing Finance Agency, Single Family Housing          6/18 at 100.00             AA        335,093
                    Revenue Bonds, Series 2008, Trust 3145, 13.437%, 12/01/33 (IF)
----------------------------------------------------------------------------------------------------------------------------------
          1,130  Total Housing/Single Family                                                                               798,413
----------------------------------------------------------------------------------------------------------------------------------
                 INDUSTRIALS - 1.3% (0.8% OF TOTAL INVESTMENTS)
            160  Massachusetts Development Finance Agency, Pioneer Valley               No Opt. Call            N/R        138,178
                    Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series
                    2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
            200  Massachusetts Development Finance Agency, Solid Waste Disposal         No Opt. Call            BBB        175,322
                    Revenue Bonds, Waste Management Inc., Series 2003, 5.450%,
                    6/01/14
----------------------------------------------------------------------------------------------------------------------------------
            360  Total Industrials                                                                                         313,500
----------------------------------------------------------------------------------------------------------------------------------
                 LONG-TERM CARE - 8.1% (4.9% OF TOTAL INVESTMENTS)
            725  Massachusetts Development Finance Agency, Revenue Bonds, Orchard    10/12 at 102.00            BB-        470,402
                    Cove, Series 2007, 5.250%, 10/01/26
            655  Massachusetts Development Finance Authority, First Mortgage          7/11 at 102.00           BBB-        613,087
                    Revenue Bonds, Berkshire Retirement Community - Edgecombe
                    Project, Series 2001A, 6.750%, 7/01/21


46





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 LONG-TERM CARE (continued)
$         1,000  Massachusetts Development Finance Authority, GNMA Collateralized     3/12 at 105.00            AAA  $     831,830
                    Assisted Living Facility Revenue Bonds, Arbors at Chicopee,
                    Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
          2,380  Total Long-Term Care                                                                                    1,915,319
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/GENERAL - 16.0% (9.7% OF TOTAL INVESTMENTS)
            310  Ashland, Massachusetts, General Obligation Bonds, Series 2004,       5/15 at 100.00             A1        317,598
                    5.250%, 5/15/23 - AMBAC Insured
          2,000  Brookline, Massachusetts, General Obligation Bonds, Series 2000,     4/10 at 101.00            Aaa      2,093,076
                    5.375%, 4/01/17
            440  Fall River, Massachusetts, General Obligation Bonds, Series          2/13 at 101.00            AAA        446,578
                    2003, 5.000%, 2/01/21 - FSA Insured
            500  Norwell, Massachusetts, General Obligation Bonds, Series 2003,         No Opt. Call            AA+        508,375
                    5.000%, 11/15/20 - FGIC Insured
            500  Puerto Rico, General Obligation and Public Improvement Bonds,          No Opt. Call           Baa3        424,580
                    Series 2001A, 5.500%, 7/01/29 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
          3,750  Total Tax Obligation/General                                                                            3,790,207
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/LIMITED - 13.0% (8.0% OF TOTAL INVESTMENTS)
            395  Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds,           5/14 at 100.00              A        394,530
                    Series 2004, 5.000%, 5/01/26 - AMBAC Insured
             85  Massachusetts Bay Transportation Authority, Assessment Bonds,        7/10 at 100.00            AAA         82,121
                    Series 2000A, 5.250%, 7/01/30
            385  Massachusetts Bay Transportation Authority, Senior Lien Sales          No Opt. Call            AAA        403,815
                    Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21
            230  Massachusetts College Building Authority, Project Revenue Bonds,     5/14 at 100.00             AA        234,586
                    Series 2004A, 5.000%, 5/01/19 - MBIA Insured
            250  Massachusetts College Building Authority, Project Revenue Bonds,     5/16 at 100.00             AA        226,818
                    Series 2006A, 5.000%, 5/01/31 - AMBAC Insured
            550  Massachusetts College Building Authority, Project Revenue Bonds,     5/18 at 100.00            AAA        504,972
                    Series 2008A, 5.000%, 5/01/33 - AGC Insured
            500  Massachusetts School Building Authority, Dedicated Sales Tax         8/15 at 100.00            AAA        509,930
                    Revenue Bonds, Series 2005A, 5.000%, 8/15/20 - FSA Insured
            230  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,         No Opt. Call             AA        229,989
                    Series 2005, 5.000%, 1/01/20 - FGIC Insured
            500  Virgin Islands Public Finance Authority, Gross Receipts Taxes       10/10 at 101.00           BBB+        505,365
                    Loan Note, Series 1999A, 6.375%, 10/01/19
----------------------------------------------------------------------------------------------------------------------------------
          3,125  Total Tax Obligation/Limited                                                                            3,092,126
----------------------------------------------------------------------------------------------------------------------------------
                 TRANSPORTATION - 1.2% (0.7% OF TOTAL INVESTMENTS)
            400  Massachusetts Port Authority, Special Facilities Revenue Bonds,      7/17 at 100.00             AA        287,872
                    BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 - FGIC
                    Insured (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 U.S. GUARANTEED - 17.3% (10.6% OF TOTAL INVESTMENTS) (5)
          1,000  Boston, Massachusetts, General Obligation Bonds, Series 2001A,       2/11 at 100.00        AA+ (5)      1,062,719
                    5.000%, 2/01/20(Pre-refunded 2/01/11)
          1,675  Lawrence, Massachusetts, General Obligation Bonds, Series 2001,      2/11 at 100.00        Aa3 (5)      1,780,055
                    5.000%, 2/01/21 (Pre-refunded 2/01/11) - AMBAC Insured
            125  Massachusetts Bay Transportation Authority, Assessment Bonds,        7/10 at 100.00        Aa1 (5)        131,988
                    Series 2000A, 5.250%, 7/01/30 (Pre-refunded 7/01/10)
             80  Massachusetts Health and Educational Facilities Authority,           1/12 at 101.00          A (5)         89,414
                    Revenue Bonds, Covenant Health Systems Obligated Group,
                    Series 2002, 6.000%, 7/01/31 (Pre-refunded 1/01/12)
            215  Massachusetts Health and Educational Facilities Authority,           7/11 at 101.00            AAA        236,526
                    Revenue Bonds, Partners HealthCare System Inc., Series 2001C,
                    5.750%, 7/01/32 (Pre-refunded 7/01/11)


                                                                              47



NMB | Nuveen Massachusetts Dividend Advantage Municipal Fund (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 U.S. GUARANTEED (5) (continued)
$           750  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,       1/14 at 100.00          A (5)  $     816,720
                    Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) - FGIC
                    Insured
-----------------------------------------------------------------------------------------------------------------------------------
          3,845  Total U.S. Guaranteed                                                                                   4,117,422
-----------------------------------------------------------------------------------------------------------------------------------
                 UTILITIES - 6.2% (3.8% OF TOTAL INVESTMENTS)
          1,070  Massachusetts Development Finance Agency, Resource Recovery          1/12 at 101.00             AA      1,052,784
                    Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/14 -
                    MBIA Insured
            500  Massachusetts Industrial Finance Agency, Resource Recovery          12/08 at 102.00            BBB        423,485
                    Revenue Refunding Bonds, Ogden Haverhill Project, Series
                    1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
          1,570  Total Utilities                                                                                         1,476,269
-----------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 15.8% (9.7% OF TOTAL INVESTMENTS)
            530  Boston Water and Sewerage Commission, Massachusetts, General        11/14 at 100.00             AA        532,136
                    Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25
            125  Guam Government Waterworks Authority, Water and Wastewater           7/15 at 100.00            Ba2         98,721
                    System Revenue Bonds, Series 2005, 6.000%, 7/01/25
            500  Massachusetts Water Pollution Abatement Trust, Pooled Loan           8/15 at 100.00            AAA        437,715
                    Program Bonds, Series 2005-11, 4.500%, 8/01/29
            400  Massachusetts Water Pollution Abatement Trust, Pooled Loan           8/16 at 100.00            AAA        330,108
                    Program Bonds, Series 2006-12, 4.375%, 8/01/31
            500  Massachusetts Water Pollution Abatement Trust, Revenue Bonds,        8/12 at 100.00            AAA        512,320
                    MWRA Loan Program, Series 2002A, 5.250%, 8/01/20
          1,405  Massachusetts Water Pollution Abatement Trust, Revenue Bonds,        8/09 at 101.00            AAA      1,427,718
                    MWRA Loan Program, Subordinate Series 1999A, 5.750%, 8/01/29
            250  Massachusetts Water Resources Authority, General Revenue Bonds,      8/17 at 100.00             AA        240,003
                    Series 2005A, 5.000%, 8/01/28 - MBIA Insured
            250  Massachusetts Water Resources Authority, General Revenue Bonds,      8/16 at 100.00             AA        173,000
                    Series 2006A, 4.000%, 8/01/46
-----------------------------------------------------------------------------------------------------------------------------------
          3,960  Total Water and Sewer                                                                                   3,751,721
-----------------------------------------------------------------------------------------------------------------------------------
$        42,395  Total Investments (cost $42,904,821) - 163.5%                                                          38,836,811
=================------------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (4.4)%                                                                    (1,050,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 4.1%                                                                      959,641
                 -------------------------------------------------------------------------------------===--------------------------
                 Preferred Shares, at Liquidation Value - (63.2)% (6)                                                  (15,000,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                       $  23,746,452
                 ==================================================================================================================


(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.

      The  Portfolio  of  Investments  may reflect the ratings on certain  bonds
      insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and  SYNCORA as of
      November 30, 2008.  Please see the Portfolio  Managers'  Commentary for an
      expanded discussion of the affect on the Fund of changes to the ratings of
      certain  bonds in the portfolio  resulting  from changes to the ratings of
      the underlying insurers both during the period and after period end.

(4)   Investment valued at fair value using methods determined in good faith by,
      or at the discretion of, the Board of Trustees.

(5)  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.

(6)  Preferred Shares, at Liquidation Value as a percentage of Total Investments
     is 38.6%.

N/R   Not rated.

(IF)  Inverse floating rate investment.

(UB)  Underlying bond of an inverse floating rate trust reflected as a financing
      transaction pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

48



NGX | Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 EDUCATION AND CIVIC ORGANIZATIONS - 24.0% (14.8% OF TOTAL INVESTMENTS)
$         1,135  Massachusetts Development Finance Agency, Revenue Bonds, Boston     10/15 at 100.00              A  $     944,331
                    University, Series 2005T-1, 5.000%, 10/01/39 - AMBAC Insured
            600  Massachusetts Development Finance Agency, Revenue Bonds,
                    Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37     9/17 at 100.00             AA        525,612
                    - MBIA Insured
          1,250  Massachusetts Development Finance Authority, Revenue Bonds,          9/13 at 100.00             A1      1,101,450
                    Middlesex School, Series 2003, 5.000%, 9/01/33
          3,000  Massachusetts Development Finance Authority, Revenue Bonds, WGBH     1/18 at 100.00            AAA      2,676,630
                    Educational Foundation, Series 2008A, 5.000%, 1/01/42 - AGC
                    Insured (UB)
          1,750  Massachusetts Health and Educational Facilities Authority,           6/13 at 100.00            AA-      1,611,330
                    Revenue Bonds, Boston College, Series 2003N, 5.125%, 6/01/37
          1,500  Massachusetts Health and Educational Facilities Authority,          11/12 at 100.00              A      1,295,370
                    Revenue Bonds, Worcester State College, Series 2002, 5.000%,
                    11/01/32 - AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
          9,235  Total Education and Civic Organizations                                                                 8,154,723
----------------------------------------------------------------------------------------------------------------------------------
                 HEALTH CARE - 13.6% (8.4% OF TOTAL INVESTMENTS)
            600  Massachusetts Health and Educational Facilities Authority,           8/18 at 100.00            AAA        469,308
                    Revenue Bonds, Capital Asset Program, Series 1998B-1, 5.375%,
                    2/01/27 - MBIA Insured
          1,500  Massachusetts Health and Educational Facilities Authority,           8/18 at 100.00            AAA      1,157,625
                    Revenue Bonds, Capital Asset Program, Series 1998B-2, 5.375%,
                    2/01/28 - MBIA Insured
            455  Massachusetts Health and Educational Facilities Authority,           1/09 at 102.00             AA        372,085
                    Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25
                    - MBIA Insured
            585  Massachusetts Health and Educational Facilities Authority,           7/17 at 100.00           BBB-        369,609
                    Revenue Bonds, Milford Regional Medical Center, Series 2007E,
                    5.000%, 7/15/32
            200  Massachusetts Health and Educational Facilities Authority,           7/15 at 100.00           BBB-        138,578
                    Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%,
                    7/01/30
          2,400  Massachusetts Health and Educational Facilities Authority,           5/12 at 100.00            N/R      1,930,104
                    Revenue Bonds, New England Medical Center Hospitals, Series
                    2002H, 5.000%, 5/15/25 - FGIC Insured
            250  Massachusetts Health and Educational Facilities Authority,           7/15 at 100.00            BBB        160,240
                    Revenue Bonds, UMass Memorial Health Care, Series 2005D,
                    5.000%, 7/01/33
----------------------------------------------------------------------------------------------------------------------------------
          5,990  Total Health Care                                                                                       4,597,549
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 10.0% (6.1% OF TOTAL INVESTMENTS)
            775  Massachusetts Development Finance Authority, Multifamily Housing     7/17 at 100.00            AAA        598,478
                    Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%,
                    7/20/48
          2,000  Massachusetts Housing Finance Agency, Housing Bonds, Series         12/12 at 100.00            AA-      1,690,420
                    2003H, 5.125%, 6/01/43
          1,265  Massachusetts Housing Finance Agency, Rental Housing Mortgage        7/12 at 100.00            AAA      1,087,128
                    Revenue Bonds, Series 2002H, 5.200%, 7/01/42 - FSA Insured
----------------------------------------------------------------------------------------------------------------------------------
          4,040  Total Housing/Multifamily                                                                               3,376,026
----------------------------------------------------------------------------------------------------------------------------------


                                                                              49



NGX | Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 LONG-TERM CARE - 5.0% (3.1% OF TOTAL INVESTMENTS)
$         1,750  Massachusetts Development Finance Authority, GNMA                   12/12 at 105.00            AAA  $   1,709,960
                    Collateralized Revenue Bonds, Neville Communities, Series
                    2002A, 6.000%, 6/20/44
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/GENERAL - 18.4% (11.3% OF TOTAL INVESTMENTS)
          1,280  Littleton, Massachusetts, General Obligation Bonds, Series           1/13 at 101.00             AA      1,268,454
                    2003, 5.000%, 1/15/21 - FGIC Insured
          1,500  Massachusetts, General Obligation Bonds, Consolidated Loan,            No Opt. Call            AAA      1,581,975
                    Series 2004B, 5.250%, 8/01/21 - FSA Insured
          1,705  North Attleborough, Massachusetts, General Obligation Bonds,         7/14 at 101.00             A1      1,859,132
                    Series 2004, 5.000%, 7/15/15 - FGIC Insured
          1,500  Pittsfield, Massachusetts, General Obligation Bonds, Series          4/12 at 101.00             AA      1,515,420
                    2002, 5.000%, 4/15/18 - MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
          5,985  Total Tax Obligation/General                                                                            6,224,981
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/LIMITED - 27.4% (16.9% OF TOTAL INVESTMENTS)
          3,000  Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds,           5/13 at 100.00              A      2,895,540
                    Series 2002, 5.000%, 5/01/32 - AMBAC Insured
            750  Massachusetts College Building Authority, Project Revenue            5/18 at 100.00            AAA        688,598
                    Bonds, Series 2008A, 5.000%, 5/01/33 - AGC Insured
          2,790  Massachusetts College Building Authority, Project Revenue            5/13 at 100.00             A1      2,706,244
                    Refunding Bonds, Series 2003A, 5.250%, 5/01/22 - SYNCORA GTY
                    Insured
                 Massachusetts Development Finance Authority, Revenue Bonds, 100
                 Cambridge Street Redevelopment, M/SRBC Project, Series
                 2002A:
          1,475     5.125%, 8/01/28 - MBIA Insured                                    2/12 at 100.00             AA      1,354,094
          1,500     5.125%, 2/01/34 - MBIA Insured                                    2/12 at 100.00             AA      1,334,055
            300  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,         No Opt. Call             AA        299,985
                    Series 2005, 5.000%, 1/01/20 - FGIC Insured
----------------------------------------------------------------------------------------------------------------------------------
          9,815  Total Tax Obligation/Limited                                                                            9,278,516
----------------------------------------------------------------------------------------------------------------------------------
                 TRANSPORTATION - 3.7% (2.3% OF TOTAL INVESTMENTS)
          1,000  Massachusetts Port Authority, Revenue Bonds, Series 2003A,           7/13 at 100.00             AA        900,650
                    5.000%, 7/01/33 - MBIA Insured
            500  Massachusetts Turnpike Authority, Metropolitan Highway System        1/09 at 101.00             AA        368,985
                    Revenue Bonds, Subordinate Series 1999A, 5.000%, 1/01/39 -
                    AMBAC Insured
----------------------------------------------------------------------------------------------------------------------------------
          1,500  Total Transportation                                                                                    1,269,635
----------------------------------------------------------------------------------------------------------------------------------
                 U.S. GUARANTEED - 41.9% (25.8% OF TOTAL INVESTMENTS) (4)
          2,000  Massachusetts Bay Transportation Authority, Senior Sales Tax         7/12 at 100.00            AAA      2,179,680
                    Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/27
                    (Pre-refunded 7/01/12) - FGIC Insured
            500  Massachusetts Development Finance Authority, Revenue Bonds,          7/13 at 101.00         A- (4)        585,980
                    Massachusetts College of Pharmacy and Allied Health
                    Sciences, Series 2003C, 6.375%, 7/01/23 (Pre-refunded
                    7/01/13)
            100  Massachusetts Health and Educational Facilities Authority,           5/12 at 100.00        N/R (4)        108,352
                    Revenue Bonds, New England Medical Center Hospitals, Series
                    2002H, 5.000%, 5/15/25 (Pre-refunded 5/15/12) - FGIC Insured
            620  Massachusetts Port Authority, Revenue Bonds, Series 1982,            1/09 at 100.00            AAA        786,160
                    13.000%, 7/01/13 (ETM)
          2,000  Massachusetts, General Obligation Bonds, Consolidated Loan,         11/11 at 100.00         AA (4)      2,127,980
                    Series 2001D, 5.000%, 11/01/20 (Pre-refunded 11/01/11) -
                    MBIA Insured
          1,000  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds,       1/14 at 100.00          A (4)      1,088,960
                    Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) - FGIC
                    Insured


50





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 U.S. GUARANTEED (4) (continued)
$         1,500  Puerto Rico Electric Power Authority, Power Revenue Bonds,           7/10 at 101.00            AAA  $   1,597,965
                    Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) -
                    FSA Insured
          3,000  Springfield, Massachusetts, General Obligation Bonds, Series         1/13 at 100.00         AA (4)      3,318,031
                    2003, 5.250%, 1/15/22 (Pre-refunded 1/15/13) - MBIA Insured
          2,140  University of Massachusetts Building Authority, Senior Lien         11/14 at 100.00          A (4)      2,431,618
                    Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/21
                    (Pre-refunded 11/01/14) - AMBAC Insured
-----------------------------------------------------------------------------------------------------------------------------------
         12,860  Total U.S. Guaranteed                                                                                  14,224,726
-----------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 18.3% (11.3% OF TOTAL INVESTMENTS)
          1,900  Lynn Water and Sewer Commission, Massachusetts, General Revenue     12/13 at 100.00             AA      1,640,479
                    Bonds, Series 2003A, 5.000%, 12/01/32 - MBIA Insured
            600  Massachusetts Water Pollution Abatement Trust, Pooled Loan           8/16 at 100.00            AAA        495,162
                    Program Bonds, Series 2006-12, 4.375%, 8/01/31
          1,000  Massachusetts Water Resources Authority, General Revenue Bonds,        No Opt. Call            AAA      1,074,460
                    Series 2002J, 5.250%, 8/01/19 - FSA Insured
          1,000  Massachusetts Water Resources Authority, General Revenue Bonds,      8/13 at 100.00             AA        986,040
                    Series 2004D, 5.000%, 8/01/24 - MBIA Insured
                 Massachusetts Water Resources Authority, General Revenue Bonds,
                 Series 2006A:
          1,500     5.000%, 8/01/31 - AMBAC Insured                                   8/16 at 100.00             AA      1,405,215
            125     4.000%, 8/01/46                                                   8/16 at 100.00             AA         86,500
            495  Springfield Water and Sewerage Commission, Massachusetts,            7/14 at 100.00             AA        513,662
                    General Revenue Bonds, Series 2003A, 5.000%, 7/01/16 -
                    MBIA Insured
-----------------------------------------------------------------------------------------------------------------------------------
          6,620  Total Water and Sewer                                                                                   6,201,518
-----------------------------------------------------------------------------------------------------------------------------------
$        57,795  Total Investments (cost $58,781,914) - 162.3%                                                          55,037,634
=================------------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (4.4)%                                                                     (1,500,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 2.6%                                                                      872,478
                 ------------------------------------------------------------------------------------------------------------------
                 Preferred Shares, at Liquidation Value - (60.5)% (5)                                                  (20,500,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                       $  33,910,112
                 ==================================================================================================================


      At least 80% of the Fund's net assets  (including net assets  attributable
      to Preferred shares) are invested in municipal securities that are covered
      by insurance or 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 the
      timely  payment  of  principal  and  interest.   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.

      The  Portfolio  of  Investments  may reflect the ratings on certain  bonds
      insured by ACA,  AGC,  AMBAC,  FGIC,  FSA,  MBIA,  RAAI and  SYNCORA as of
      November 30, 2008.  Please see the Portfolio  Managers'  Commentary for an
      expanded discussion of the affect on the Fund of changes to the ratings of
      certain  bonds in the portfolio  resulting  from changes to the ratings of
      the underlying insurers both during the period and after period end.

(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)  Preferred Shares, at Liquidation Value as a percentage of Total Investments
     is 37.2%.

N/R   Not rated.

(ETM) Escrowed to maturity.

(UB)  Underlying bond of an inverse floating rate trust reflected as a financing
      transaction pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

                                                                              51



NOM | Nuveen Missouri Premium Income Municipal Fund
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 CONSUMER STAPLES - 3.3% (2.2% OF TOTAL INVESTMENTS)
$         1,000  Missouri Development Finance Board, Solid Waste Disposal Revenue       No Opt. Call            AA-  $     880,180
                    Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29
                    (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 EDUCATION AND CIVIC ORGANIZATIONS - 4.1% (2.6% OF TOTAL INVESTMENTS)
            250  Lincoln University, Missouri, Auxillary System Revenue Bonds,        6/17 at 100.00            AAA        215,443
                    Series 2007, 5.125%, 6/01/37 - AGC Insured
            500  Missouri Health and Educational Facilities Authority, Revenue        2/09 at 100.00             A3        485,265
                    Bonds, St. Louis Priory School, Series 2000, 5.650%, 2/01/25
            365  Missouri Health and Educational Facilities Authority, Revenue        4/11 at 100.00           Baa1        368,960
                    Bonds, Webster University, Series 2001, 5.500%, 4/01/18 -
                    MBIA Insured
----------------------------------------------------------------------------------------------------------------------------------
          1,115  Total Education and Civic Organizations                                                                 1,069,668
----------------------------------------------------------------------------------------------------------------------------------
                 HEALTH CARE - 20.7% (13.5% OF TOTAL INVESTMENTS)
            710  Cape Girardeau County Industrial Development Authority,              6/17 at 100.00            N/R        521,687
                    Missouri, Health Facilities Revenue Bonds, Southeast Missouri
                    Hospital Association, Series 2007, 5.000%, 6/01/27
            480  Cass County, Missouri, Hospital Revenue Bonds, Series 2007,         11/16 at 100.00            N/R        322,512
                    5.625%, 5/01/38
            480  Clinton County Industrial Development Authority, Missouri,          12/17 at 100.00            N/R        275,616
                    Revenue Bonds, Cameron Regional Medical Center, Series 2007,
                    5.000%, 12/01/37
            750  Joplin Industrial Development Authority, Missouri, Health            2/15 at 102.00           BBB+        594,075
                    Facilities Revenue Bonds, Freeman Health System, Series
                    2004, 5.500%, 2/15/29
            500  Missouri Health & Educational Facilities Authority, Saint Lukes      6/11 at 101.00            AAA        490,300
                    Episcopal- Presbyterian Hospitals Revenue Bonds, Series 2001,
                    5.250%, 12/01/26 - FSA Insured
                 Missouri Health and Educational Facilities Authority, Revenue
                 Bonds, BJC Health System, Series 2003:
          1,500     5.125%, 5/15/25                                                   5/13 at 100.00             AA      1,427,085
          1,155     5.250%, 5/15/32                                                   5/13 at 100.00             AA      1,054,781
            425  Missouri Health and Educational Facilities Authority, Revenue        2/09 at 100.00            N/R        380,843
                    Bonds, Lake Regional Health System, Series 1996, 6.500%,
                    2/15/21
            500  Missouri Health and Educational Facilities Authority, Revenue        2/14 at 100.00           BBB+        394,880
                    Bonds, Lake Regional Health System, Series 2003, 5.700%,
                    2/15/34
----------------------------------------------------------------------------------------------------------------------------------
          6,500  Total Health Care                                                                                       5,461,779
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/MULTIFAMILY - 8.1% (5.3% OF TOTAL INVESTMENTS)
            405  Jefferson County Industrial Development Authority, Missouri,        12/11 at 100.00            N/R        355,594
                    Multifamily Housing Revenue Bonds, Lakewood Apartments
                    Project, Series 2001B, 5.750%, 11/01/34 (Mandatory put
                    11/01/16) (Alternative Minimum Tax)
            295  Missouri Housing Development Commission, Multifamily Housing        12/11 at 100.00             AA        299,319
                    Revenue Bonds, Series 2001II, 5.250%, 12/01/16
            500  St. Charles County Industrial Development Authority, Missouri,       4/09 at 101.00            AAA        430,880
                    FHA-Insured Multifamily Housing Revenue Bonds, Ashwood
                    Apartments, Series 1998A, 5.600%, 4/01/30 - FSA Insured
                    (Alternative Minimum Tax)


52





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 HOUSING/MULTIFAMILY (continued)
$           445  St. Louis County Industrial Development Authority, Missouri,         4/09 at 100.00            AAA  $     451,230
                    GNMA Collateralized Multifamily Housing Revenue Refunding
                    Bonds, South Summit Apartments, Series 1997A, 5.950%, 4/20/17
            600  St. Louis County Industrial Development Authority, Missouri,         4/09 at 100.00            AAA        608,418
                    GNMA Collateralized Multifamily Housing Revenue Refunding
                    Bonds, South Summit Apartments, Series 1997B, 6.000%,
                    10/20/15 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
          2,245  Total Housing/Multifamily                                                                               2,145,441
----------------------------------------------------------------------------------------------------------------------------------
                 HOUSING/SINGLE FAMILY - 8.0% (5.2% OF TOTAL INVESTMENTS)
             85  Missouri Housing Development Commission, Single Family Mortgage      3/10 at 100.00            AAA         85,028
                    Revenue Bonds, Homeownership Loan Program, Series 2000B-1,
                    6.250%, 3/01/31 (Alternative Minimum Tax)
            675  Missouri Housing Development Commission, Single Family Mortgage      3/16 at 104.50            AAA        585,664
                    Revenue Bonds, Homeownership Loan Program, Series 2006E-1,
                    5.600%, 3/01/37 (Alternative Minimum Tax)
            955  Missouri Housing Development Commission, Single Family Mortgage      9/16 at 100.00            AAA        734,042
                    Revenue Bonds, Homeownership Loan Program, Series 2007A-1,
                    4.700%, 9/01/27 (Alternative Minimum Tax)
          1,000  Missouri Housing Development Commission, Single Family Mortgage      3/17 at 100.00            AAA        702,740
                    Revenue Bonds, Homeownership Loan Program, Series 2007C-1,
                    4.800%, 9/01/38 (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
          2,715  Total Housing/Single Family                                                                             2,107,474
----------------------------------------------------------------------------------------------------------------------------------
                 LONG-TERM CARE - 7.2% (4.6% OF TOTAL INVESTMENTS)
          1,750  Cole County Industrial Development Authority, Missouri, Revenue      2/14 at 100.00            N/R      1,193,255
                    Bonds, Lutheran Senior Services - Heisinger Project, Series
                    2004, 5.500%, 2/01/35
            475  Lees Summit Industrial Development Authority, Missouri, Revenue      8/17 at 100.00            N/R        314,464
                    Bonds, John Knox Village Obligated Group, Series 2007A,
                    5.125%, 8/15/32
            500  St. Louis County Industrial Development Authority, Missouri,         9/17 at 100.00            N/R        377,050
                    Revenue Bonds, Friendship Village of West County, Series
                    2007A, 5.500%, 9/01/28
----------------------------------------------------------------------------------------------------------------------------------
          2,725  Total Long-Term Care                                                                                    1,884,769
----------------------------------------------------------------------------------------------------------------------------------
                 MATERIALS - 2.0% (1.2% OF TOTAL INVESTMENTS)
            750  Sugar Creek, Missouri, Industrial Development Revenue Bonds,         6/13 at 101.00            BBB        500,378
                    Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37
                    (Alternative Minimum Tax)
----------------------------------------------------------------------------------------------------------------------------------
                 TAX OBLIGATION/GENERAL - 29.0% (18.8% OF TOTAL INVESTMENTS)
          1,500  Camdenton Reorganized School District R3, Camden County,               No Opt. Call            AAA      1,510,200
                    Missouri, General Obligation Bonds, Series 2005, 5.250%,
                    3/01/24 - FSA Insured
            500  Jackson County School District R-7, Lees Summit, Missouri,           3/12 at 100.00            AAA        537,015
                    General Obligation Refunding and Improvement Bonds, Series
                    2002, 5.250%, 3/01/18 - FSA Insured
            500  Missouri School Boards Association, Lease Participation              3/17 at 100.00            AAA        496,475
                    Certificates, Clay County School District 53 Liberty, Series
                    2007, 5.250%, 3/01/27 - FSA Insured
          1,630  North Kansas City School District, Missouri, General Obligation      3/13 at 100.00            AA+      1,632,347
                    Bonds, Series 2003A, 5.000%, 3/01/23
          1,000  Puerto Rico, General Obligation and Public Improvement Bonds,          No Opt. Call             AA        920,150
                    Series 2001A, 5.500%, 7/01/20 - MBIA Insured
          2,020  Ritenour Consolidated School District, St. Louis County,               No Opt. Call             A1      2,250,623
                    Missouri, General Obligation Bonds, Series 1995, 7.375%,
                    2/01/12 - FGIC Insured
            270  St. Louis County Pattonville School District R3, Missouri,           3/14 at 100.00            AAA        276,953
                    General Obligation Bonds, Series 2004, 5.250%, 3/01/20 - FSA
                    Insured
----------------------------------------------------------------------------------------------------------------------------------
          7,420  Total Tax Obligation/General                                                                            7,623,763
----------------------------------------------------------------------------------------------------------------------------------


                                                                              53



NOM | Nuveen Missouri Premium Income Municipal Fund (continued)
    | Portfolio of INVESTMENTS November 30, 2008 (Unaudited)



      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 TAX OBLIGATION/LIMITED - 29.6% (19.2% OF TOTAL INVESTMENTS)
$           600  Chesterfield, Missouri, Certificates of Participation, Series       12/15 at 100.00            Aa1  $     541,098
                    2005, 5.000%, 12/01/24 - FGIC Insured
             80  Cottleville, Missouri, Certificates of Participation, Series         8/14 at 100.00            N/R         63,431
                    2006, 5.250%, 8/01/31
            450  Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs        4/14 at 100.00            N/R        443,111
                    Redevelopment Project, Series 2006, 4.500%, 4/01/21
            315  Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons        6/16 at 100.00            N/R        211,642
                    Redevelopment Project, Series2006, 5.000%, 6/01/28
            475  Kansas City Tax Increment Financing District, Missouri, Tax          6/14 at 102.00            N/R        354,877
                    Increment Revenue Bonds, Briarcliff West Project, Series
                    2006A, 5.400%, 6/01/24
            415  Missouri Development Finance Board, Independence,                    3/16 at 100.00             A+        355,053
                    Infrastructure Facilities Revenue Bonds, Crackerneck Creek
                    Project, Series 2006C, 5.000%, 3/01/28
            360  Missouri Development Finance Board, Infrastructure Facilities        6/15 at 100.00           BBB+        233,305
                    Revenue Bonds, Branson Landing Project, Series 2005A,
                    5.000%, 6/01/35
            450  Monarch-Chesterfield Levee District, St. Louis County,               3/10 at 101.00             AA        465,278
                    Missouri, Levee District Improvement Bonds, Series 1999,
                    5.750%, 3/01/19 - MBIA Insured
            500  Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts         5/12 at 102.00            N/R        343,415
                    Point Transportation Development District, Series 2006,
                    5.000%, 5/01/23
            600  Riverside, Missouri, L-385 Levee Redevelopment Plan Tax              5/15 at 100.00              A        521,730
                    Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
          1,380  Springfield Center City Development Corporation, Missouri,          11/11 at 100.00             A1      1,486,715
                    Lease Revenue Bonds, Jordan Valley Park Parking Garage,
                    Series 2002D, 5.000%, 11/01/22 - AMBAC Insured
          2,000  Springfield Public Building Corporation, Missouri, Lease             6/10 at 100.00              A      2,072,900
                    Revenue Bonds, Jordan Valley Park Projects, Series 2000A,
                    6.125%, 6/01/21 - AMBAC Insured
                 St. Joseph Industrial Development Authority, Missouri, Tax
                 Increment Bonds, Shoppes at North Village Project,
                 Series 2005A:
            340     5.375%, 11/01/24                                                 11/14 at 100.00            N/R        257,023
            400     5.500%, 11/01/27                                                 11/14 at 100.00            N/R        293,232
            200  St. Joseph Industrial Development Authority, Missouri, Tax          11/14 at 100.00            N/R        146,616
                    Increment Bonds, Shoppes at North Village Project,
                    Series 2005B, 5.500%, 11/01/27
----------------------------------------------------------------------------------------------------------------------------------
          8,565  Total Tax Obligation/Limited                                                                            7,789,426
----------------------------------------------------------------------------------------------------------------------------------
                 TRANSPORTATION - 4.9% (3.2% OF TOTAL INVESTMENTS)
            500  Kansas City, Missouri, Passenger Facility Charge Revenue Bonds,      4/11 at 101.00              A        400,850
                    Kansas City International Airport, Series 2001, 5.000%,
                    4/01/23 - AMBAC Insured (Alternative Minimum Tax)
          1,000  St. Louis Land Clearance Redevelopment Authority, Missouri,          9/09 at 102.00            N/R        896,390
                    Revenue Refunding and Improvement Bonds, LCRA Parking
                    Facilities, Series 1999C, 7.000%, 9/01/19
----------------------------------------------------------------------------------------------------------------------------------
          1,500  Total Transportation                                                                                    1,297,240
----------------------------------------------------------------------------------------------------------------------------------
                 U.S. GUARANTEED - 27.8% (18.1% OF TOTAL INVESTMENTS) (4)
            685  Fenton, Missouri, Tax Increment Refunding and Improvement           10/12 at 100.00        N/R (4)        772,844
                    Revenue Bonds, Gravois Bluffs Redevelopment Project, Series
                    2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12)
          2,500  Missouri Health and Educational Facilities Authority, Revenue        6/11 at 101.00        AA- (4)      2,708,424
                    Bonds, SSM Healthcare System, Series 2001A, 5.250%, 6/01/28
                    (Pre-refunded 6/01/11) - AMBAC Insured
          1,000  Missouri Health and Educational Facilities Authority, Revenue       12/10 at 101.00          A (4)      1,093,650
                    Bonds, St. Anthony's Medical Center, Series 2000, 6.250%,
                    12/01/30 (Pre-refunded 12/01/10)
             80  St. Louis County Pattonville School District R3, Missouri,           3/14 at 100.00            AAA         89,137
                    General Obligation Bonds, Series 2004, 5.250%, 3/01/20
                    (Pre-refunded 3/01/14) - FSA Insured


54





      PRINCIPAL                                                                        OPTIONAL CALL
   AMOUNT (000)  DESCRIPTION (1)                                                      PROVISIONS (2)    RATINGS (3)          VALUE
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                 U.S. GUARANTEED (4) (continued)
$           500  St. Louis County, Missouri, GNMA Collateralized Mortgage               No Opt. Call        N/R (4)  $     530,565
                    Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative
                    Minimum Tax) (ETM)
          1,000  St. Louis Municipal Finance Corporation, Missouri, Leasehold         2/12 at 100.00        N/R (4)      1,105,760
                    Revenue Bonds, Carnahan Courthouse, Series 2002A, 5.750%,
                    2/15/16 (Pre-refunded 2/15/12) - FGIC Insured
            950  Texas County, Missouri, Hospital Revenue Bonds, Texas County         6/10 at 100.00        N/R (4)      1,026,209
                    Memorial Hospital, Series 2000, 7.250%, 6/15/25
                    (Pre-refunded 6/15/10)
----------------------------------------------------------------------------------------------------------------------------------
          6,715  Total U.S. Guaranteed                                                                                   7,326,589
----------------------------------------------------------------------------------------------------------------------------------
                 WATER AND SEWER - 9.4% (6.1% OF TOTAL INVESTMENTS)
          2,965  Missouri Environmental Improvement and Energy Resources             12/16 at 100.00            Aaa      2,087,864
                    Authority, Water Facility Revenue Bonds, Missouri-American
                    Water Company, Series 2006, 4.600%, 12/01/36 - AMBAC Insured
                    (Alternative Minimum Tax) (UB)
            350  Missouri Environmental Improvement and Energy Resources                No Opt. Call            Aaa        389,452
                    Authority, Water Pollution Control
                    Revenue Bonds, State Revolving Fund Program - Kansas City
                    Project, Series 1997C, 6.750%, 1/01/12
-----------------------------------------------------------------------------------------------------------------------------------
          3,315  Total Water and Sewer                                                                                   2,477,316
-----------------------------------------------------------------------------------------------------------------------------------
$        44,565  Total Investments (cost $44,964,658) - 154.1%                                                          40,564,023
=================------------------------------------------------------------------------------------------------------------------
                 Floating Rate Obligations - (8.5)%                                                                     (2,225,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Other Assets Less Liabilities - 15.2%                                                                   3,988,611
                 ------------------------------------------------------------------------------------------------------------------
                 Preferred Shares, at Liquidation Value - (60.8)% (5)                                                  (16,000,000)
                 ------------------------------------------------------------------------------------------------------------------
                 Net Assets Applicable to Common Shares - 100%                                                       $  26,327,634
                 ==================================================================================================================


(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.

      The Portfolio of Investments may reflect the ratings on certain bonds
      insured by ACA, AGC, AMBAC, FGIC, FSA, MBIA, RAAI and SYNCORA as of
      November 30, 2008. Please see the Portfolio Managers' Commentary for an
      expanded discussion of the affect on the Fund of changes to the ratings of
      certain bonds in the portfolio resulting from changes to the ratings of
      the underlying insurers both during the period and after period end.

(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)  Preferred Shares, at Liquidation Value as a percentage of Total Investments
     is 39.4%.

N/R   Not rated.

(ETM) Escrowed to maturity.

(UB)  Underlying bond of an inverse floating rate trust reflected as a financing
      transaction pursuant to the provisions of SFAS No. 140.

                                 See accompanying notes to financial statements.

                                                                              55



| Statement of ASSETS & LIABILITIES November 30, 2008 (Unaudited)



                                                                  CONNECTICUT    CONNECTICUT    CONNECTICUT    CONNECTICUT
                                                                      PREMIUM       DIVIDEND       DIVIDEND       DIVIDEND
                                                                       INCOME      ADVANTAGE    ADVANTAGE 2    ADVANTAGE 3
                                                                        (NTC)          (NFC)          (NGK)          (NGO)
---------------------------------------------------------------------------------------------------------------------------
                                                                                               
ASSETS
Investments, at value (cost $112,526,520, $56,432,776,
   $50,635,027 and $89,652,224, respectively)                   $ 103,020,768   $ 52,371,661   $ 47,401,225   $ 81,584,796
Cash                                                                2,484,196        146,104        315,875      4,086,344
Receivables:
   Interest                                                         1,747,352        790,053        721,989      1,378,659
   Investments sold                                                        --        766,427        510,951        750,000
Other assets                                                            9,029          3,060          4,729            687
---------------------------------------------------------------------------------------------------------------------------
      Total assets                                                107,261,345     54,077,305     48,954,769     87,800,486
---------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations                                           3,075,000      1,525,000      1,375,000      2,525,000
Payables:
   Common share dividends                                             237,452        131,797        120,287        195,767
   Preferred share dividends                                            5,030          4,229          3,798          9,626
Accrued expenses:
   Management fees                                                     56,039         21,714         17,667         34,555
   Other                                                               35,445         21,281         18,707         31,045
---------------------------------------------------------------------------------------------------------------------------
      Total liabilities                                             3,408,966      1,704,021      1,535,459      2,795,993
---------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value                             38,300,000     19,500,000     17,500,000     32,000,000
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares                          $  65,552,379   $ 32,873,284   $ 29,919,310   $ 53,004,493
===========================================================================================================================
Common shares outstanding                                           5,363,976      2,580,654      2,317,030      4,365,873
===========================================================================================================================
Net asset value per Common share outstanding (net assets
   applicable to Common shares, divided by Common shares
   outstanding)                                                 $       12.22   $      12.74   $      12.91   $      12.14
===========================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
---------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share                         $      53,640   $     25,807   $     23,170   $     43,659
Paid-in surplus                                                    74,527,397     36,606,145     32,811,427     61,611,909
Undistributed (Over-distribution of) net investment income            (59,542)       (60,823)       (45,282)      (146,085)
Accumulated net realized gain (loss) from investments and
   derivative transactions                                            536,636        363,270        363,797       (437,562)
Net unrealized appreciation (depreciation) of investments and
   derivative transactions                                         (9,505,752)    (4,061,115)    (3,233,802)    (8,067,428)
---------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares                          $  65,552,379   $ 32,873,284   $ 29,919,310   $ 53,004,493
===========================================================================================================================
Authorized shares:
   Common                                                           Unlimited      Unlimited      Unlimited      Unlimited
   Preferred                                                        Unlimited      Unlimited      Unlimited      Unlimited
===========================================================================================================================


                                 See accompanying notes to financial statements.

56





                                                                                                      INSURED
                                                                MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                      PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                       INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                        (NMT)           (NMB)           (NGX)          (NOM)
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                    
ASSETS
Investments, at value (cost $100,871,010, $42,904,821,
   $58,781,914 and $44,964,658, respectively)                   $  91,041,710   $  38,836,811   $  55,037,634   $ 40,564,023
Cash                                                                  707,414         402,767         166,026      3,410,545
Receivables:
   Interest                                                         1,634,617         699,529         896,897        725,196
   Investments sold                                                    15,000              --              --             --
Other assets                                                            7,330           2,983           1,443          8,028
-----------------------------------------------------------------------------------------------------------------------------
      Total assets                                                 93,406,071      39,942,090      56,102,000     44,707,792
-----------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations                                           2,450,000       1,050,000       1,500,000      2,225,000
Payables:
   Common share dividends                                             228,662         108,310         145,677        113,438
   Preferred share dividends                                            4,465           3,253           4,449          2,101
Accrued expenses:
   Management fees                                                     49,059          16,110          18,508         22,850
   Other                                                               33,526          17,965          23,254         16,769
-----------------------------------------------------------------------------------------------------------------------------
      Total liabilities                                             2,765,712       1,195,638       1,691,888      2,380,158
-----------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value                             34,000,000      15,000,000      20,500,000     16,000,000
-----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares                          $  56,640,359   $  23,746,452   $  33,910,112   $ 26,327,634
=============================================================================================================================
Common shares outstanding                                           4,763,486       1,961,035       2,723,844      2,308,195
=============================================================================================================================
Net asset value per Common share outstanding (net assets
   applicable to Common shares, divided by Common shares
   outstanding)                                                 $       11.89   $       12.11   $       12.45   $      11.41
=============================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-----------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share                         $      47,635   $      19,610   $      27,238   $     23,082
Paid-in surplus                                                    66,145,494      27,766,804      38,382,235     30,946,728
Undistributed (Over-distribution of) net investment income               (691)        (41,058)        (93,661)        19,442
Accumulated net realized gain (loss) from investments and
   derivative transactions                                            277,221          69,106        (661,420)      (260,983)
Net unrealized appreciation (depreciation) of investments and
   derivative transactions                                         (9,829,300)     (4,068,010)     (3,744,280)    (4,400,635)
-----------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares                          $  56,640,359   $  23,746,452   $  33,910,112   $ 26,327,634
=============================================================================================================================
Authorized shares:
   Common                                                           Unlimited       Unlimited       Unlimited      Unlimited
   Preferred                                                        Unlimited       Unlimited       Unlimited      Unlimited
=============================================================================================================================


                                 See accompanying notes to financial statements.

                                                                              57



| Statement of OPERATIONS Six Months Ended November 30, 2008 (Unaudited)



                                                                  CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                                      PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                                       INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                                        (NTC)           (NFC)           (NGK)          (NGO)
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                    
INVESTMENT INCOME                                               $   2,798,352   $   1,416,162   $   1,250,866   $  2,200,837
-----------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees                                                       353,911         177,320         159,882        288,855
Preferred shares -- auction fees                                       47,960          24,418          21,914         40,072
Preferred shares -- dividend disbursing agent fees                      5,007           5,014           5,014          5,002
Shareholders' servicing agent fees and expenses                         4,394             707             620            661
Interest expense on floating rate obligations                          56,569          28,046          25,287         46,452
Custodian's fees and expenses                                          13,579           8,076           7,687         10,977
Trustees' fees and expenses                                             1,219             639             580            979
Professional fees                                                       7,538           6,395           6,222          7,465
Shareholders' reports -- printing and mailing expenses                 13,855           7,552           6,488         10,543
Stock exchange listing fees                                             4,619             182             164            309
Investor relations expense                                              7,399           3,632           3,323          5,952
Other expenses                                                          7,676           7,670           6,534          7,275
-----------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense
   reimbursement                                                      523,726         269,651         243,715        424,542
   Custodian fee credit                                                (2,279)         (1,023)         (3,991)        (6,920)
   Expense reimbursement                                                   --         (41,504)        (49,896)       (96,760)
-----------------------------------------------------------------------------------------------------------------------------
Net expenses                                                          521,447         227,124         189,828        320,862
-----------------------------------------------------------------------------------------------------------------------------
Net investment income                                               2,276,905       1,189,038       1,061,038      1,879,975
-----------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
   Investments                                                          7,147          (7,045)        (11,440)       (59,506)
   Forward swaps                                                           --              --              --             --
   Futures                                                                 --              --              --             --
Change in net unrealized appreciation (depreciation) of:
   Investments                                                    (10,881,468)     (5,000,070)     (4,249,925)    (8,419,238)
   Forward swaps                                                           --              --              --             --
-----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)                           (10,874,321)     (5,007,115)     (4,261,365)    (8,478,744)
-----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income                                           (698,367)       (351,172)       (319,002)      (583,096)
-----------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from              (698,367)       (351,172)       (319,002)      (583,096)
   distributions to Preferred shareholders
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
   shares from operations                                       $  (9,295,783)  $  (4,169,249)  $  (3,519,329)  $ (7,181,865)
=============================================================================================================================


                                 See accompanying notes to financial statements.

58





                                                                                                      INSURED
                                                                MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                      PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                       INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                        (NMT)           (NMB)           (NGX)          (NOM)
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                    
INVESTMENT INCOME                                               $   2,593,495   $   1,116,871   $   1,462,706   $  1,241,022
-----------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees                                                       312,739         132,844         183,946        145,263
Preferred shares -- auction fees                                       42,576          18,784          25,671         20,036
Preferred shares -- dividend disbursing agent fees                      5,011           5,014           5,000          5,007
Shareholders' servicing agent fees and expenses                         2,658             318             312          1,761
Interest expense on floating rate obligations                          45,187          19,362          27,660         27,732
Custodian's fees and expenses                                          13,709           8,430          13,167          6,047
Trustees' fees and expenses                                               999             420             621            444
Professional fees                                                       7,229           5,978           6,204          5,581
Shareholders' reports -- printing and mailing expenses                 12,613           6,698           8,329          7,657
Stock exchange listing fees                                             4,612             139             193            163
Investor relations expense                                              6,802           2,874           3,919          3,233
Other expenses                                                          7,351           7,456           7,595          6,534
-----------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense
   reimbursement                                                      461,486         208,317         282,617        229,458
   Custodian fee credit                                                (8,298)         (2,310)           (188)        (3,557)
   Expense reimbursement                                                   --         (31,095)        (68,889)            --
-----------------------------------------------------------------------------------------------------------------------------
Net expenses                                                          453,188         174,912         213,540        225,901
-----------------------------------------------------------------------------------------------------------------------------
Net investment income                                               2,140,307         941,959       1,249,166      1,015,121
-----------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
   Investments                                                        159,000          42,447        (150,701)      (244,519)
   Forward swaps                                                      101,206          62,818              --             --
   Futures                                                            (44,426)        (13,669)             --             --
Change in net unrealized appreciation (depreciation) of:
   Investments                                                    (11,223,556)     (4,439,791)     (4,801,016)    (4,595,010)
   Forward swaps                                                      (92,080)        (57,153)             --             --
-----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)                           (11,099,856)     (4,405,348)     (4,951,717)    (4,839,529)
-----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income                                           (619,960)       (270,132)       (373,688)      (291,746)
-----------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common shares from
   distributions to Preferred shareholders                           (619,960)       (270,132)       (373,688)      (291,746)
-----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
   shares from operations                                       $  (9,579,509)  $  (3,733,521)  $  (4,076,239)  $ (4,116,154)
=============================================================================================================================


                                 See accompanying notes to financial statements.

                                                                              59



| Statement of CHANGES in NET ASSETS(Unaudited)



                                                   CONNECTICUT               CONNECTICUT                 CONNECTICUT
                                               PREMIUM INCOME (NTC)      DIVIDEND ADVANTAGE (NFC)  DIVIDEND ADVANTAGE 2 (NGK)
                                           --------------------------  --------------------------  ---------------------------
                                             SIX MONTHS          YEAR    SIX MONTHS          YEAR    SIX MONTHS          YEAR
                                                  ENDED         ENDED         ENDED         ENDED         ENDED         ENDED
                                               11/30/08       5/31/08      11/30/08       5/31/08      11/30/08       5/31/08
------------------------------------------------------------------------------------------------------------------------------
                                                                                               
OPERATIONS
Net investment income                      $  2,276,905  $  4,463,982  $  1,189,038  $  2,343,257  $  1,061,038  $  2,107,281
Net realized gain (loss) from:
   Investments                                    7,147       298,858        (7,045)      433,225       (11,440)      442,376
   Forward swaps                                     --       487,864            --       348,636            --       273,468
   Futures                                           --            --            --            --            --            --
Change in net unrealized appreciation
   (depreciation) of:
   Investments                              (10,881,468)   (1,365,508)   (5,000,070)     (796,148)   (4,249,925)     (728,130)
   Forward swaps                                     --        47,886            --        37,677            --        28,258
Distributions to Preferred shareholders:
   From net investment income                  (698,367)   (1,196,691)     (351,172)     (617,335)     (319,002)     (540,900)
   From accumulated net realized gains               --       (49,238)           --       (51,129)           --       (52,122)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares from
   operations                                (9,295,783)    2,687,153    (4,169,249)    1,698,183    (3,519,329)    1,530,231
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income                   (1,593,101)   (3,298,641)     (859,136)   (1,721,069)     (764,503)   (1,556,110)
From accumulated net realized gains                  --      (154,483)           --      (167,071)           --      (170,904)
------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions to
   Common shareholders                       (1,593,101)   (3,453,124)     (859,136)   (1,888,140)     (764,503)   (1,727,014)
------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to
   shareholders due to reinvestment of
   distributions                                     --        56,012        27,967        39,414        15,125        18,857
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to
   Common shares from capital share
   transactions                                      --        56,012        27,967        39,414        15,125        18,857
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares              (10,888,884)     (709,959)   (5,000,418)     (150,543)   (4,268,707)     (177,926)
Net assets applicable to Common shares at
   the beginning of period                   76,441,263    77,151,222    37,873,702    38,024,245    34,188,017    34,365,943
------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at
   the end of period                       $ 65,552,379  $ 76,441,263  $ 32,873,284  $ 37,873,702  $ 29,919,310  $ 34,188,017
==============================================================================================================================
Undistributed (Over-distribution of) net
   investment income at the end of period  $    (59,542) $    (44,979) $    (60,823) $    (39,553) $    (45,282) $    (22,815)
==============================================================================================================================


                                 See accompanying notes to financial statements.

60





                                                  CONNECTICUT             MASSACHUSETTS PREMIUM           MASSACHUSETTS
                                           DIVIDEND ADVANTAGE 3 (NGO)          INCOME (NMT)         DIVIDEND ADVANTAGE (NMB)
                                           --------------------------  --------------------------  ---------------------------
                                             SIX MONTHS          YEAR    SIX MONTHS          YEAR    SIX MONTHS          YEAR
                                                  ENDED         ENDED         ENDED         ENDED         ENDED         ENDED
                                               11/30/08       5/31/08      11/30/08       5/31/08      11/30/08       5/31/08
------------------------------------------------------------------------------------------------------------------------------
                                                                                               
OPERATIONS
Net investment income                      $  1,879,975  $  3,774,921  $  2,140,307  $  4,178,667  $    941,959  $  1,833,775
Net realized gain (loss) from:
   Investments                                  (59,506)      142,304       159,000       $55,351        42,447       (51,170)
   Forward swaps                                     --       171,871       101,206       113,292        62,818        43,595
   Futures                                           --            --       (44,426)           --       (13,669)           --
Change in net unrealized appreciation
   (depreciation) of:
   Investments                               (8,419,238)   (1,287,450)  (11,223,556)   (1,860,524)   (4,439,791)     (945,603)
   Forward swaps                                     --         3,949       (92,080)      131,277       (57,153)       72,832
Distributions to Preferred
   shareholders:
   From net investment income                  (583,096)   (1,099,727)     (619,960)   (1,186,015)     (270,132)     (511,186)
   From accumulated net realized gains               --            --            --       (28,016)           --       (16,392)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares from
   operations                                (7,181,865)     1,705,868   (9,579,509)    1,404,032    (3,733,521)      425,851
------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income                   (1,290,116)   (2,644,809)   (1,500,498)   (2,943,779)     (673,414)   (1,328,586)
From accumulated net realized gains                  --            --            --       (79,074)           --       (48,600)
------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions to
   Common shareholders                       (1,290,116)   (2,644,809)   (1,500,498)   (3,022,853)     (673,414)   (1,377,186)
------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
   issued to shareholders due to
   reinvestment of distributions                     --        90,750            --        15,691        18,078        14,859
------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable
   to Common shares from capital
   share transactions                                --        90,750            --        15,691        18,078        14,859
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares               (8,471,981)     (848,191)  (11,080,007)   (1,603,130)   (4,388,857)     (936,476)
Net assets applicable to Common
   shares at the beginning of period         61,476,474    62,324,665    67,720,366    69,323,496    28,135,309    29,071,785
------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
   shares at the end of period             $ 53,004,493  $ 61,476,474  $ 56,640,359  $ 67,720,366  $ 23,746,452  $ 28,135,309
==============================================================================================================================
Undistributed (Over-distribution of)
   net investment income at the end
   of period                               $   (146,085) $   (152,848) $       (691) $    (20,540) $    (41,058) $    (39,471)
==============================================================================================================================


                                 See accompanying notes to financial statements.

                                                                              61



| Statement of CHANGES in NET ASSETS (continued) (Unaudited)



                                                               INSURED MASSACHUSETTS           MISSOURI PREMIUM
                                                              TAX-FREE ADVANTAGE (NGX)            INCOME (NOM)
                                                            --------------------------  ---------------------------
                                                              SIX MONTHS          YEAR    SIX MONTHS          YEAR
                                                                   ENDED         ENDED         ENDED         ENDED
                                                                11/30/08       5/31/08      11/30/08       5/31/08
-------------------------------------------------------------------------------------------------------------------
                                                                                          
OPERATIONS
Net investment income                                       $  1,249,166  $  2,451,685  $  1,015,121  $  2,051,885
Net realized gain (loss) from:
   Investments                                                  (150,701)      112,230      (244,519)      $23,306
   Forward swaps                                                      --        41,813            --            --
   Futures                                                            --            --            --            --
Change in net unrealized appreciation (depreciation) of:
   Investments                                                (4,801,016)     (729,499)   (4,595,010)   (1,458,850)
   Forward swaps                                                      --            --            --            --
Distributions to Preferred shareholders:
   From net investment income                                   (373,688)     (703,413)     (291,746)     (465,017)
   From accumulated net realized gains                                --            --            --       (93,600)
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
   Common shares from operations                              (4,076,239)    1,172,816   (4,116,154)        57,724
-------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income                                      (898,704)   (1,769,589)     (754,472)   (1,506,279)
From accumulated net realized gains                                   --            --            --      (291,322)
-------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions to Common shareholders      (898,704)   (1,769,589)     (754,472)   (1,797,601)
-------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares issued to shareholders
   due to reinvestment of distributions                           11,623        12,022        28,389        83,533
-------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common shares
   from capital share transactions                                11,623        12,022        28,389        83,533
-------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to
   Common shares                                              (4,963,320)     (584,751)   (4,842,237)   (1,656,344)
Net assets applicable to Common shares at the beginning
   of period                                                  38,873,432    39,458,183    31,169,871    32,826,215
-------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares at the end of
   period                                                   $ 33,910,112  $ 38,873,432  $ 26,327,634  $ 31,169,871
===================================================================================================================
Undistributed (Over-distribution of) net investment
   income at the end of period                              $    (93,661) $    (70,435) $     19,442  $     50,539
===================================================================================================================


                                 See accompanying notes to financial statements.

62



| Notes to FINANCIAL STATEMENTS (Unaudited)

1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES

The state funds  covered in this  report and their  corresponding  Common  share
stock exchange  symbols are Nuveen  Connecticut  Premium  Income  Municipal Fund
(NTC),  Nuveen  Connecticut  Dividend  Advantage  Municipal  Fund (NFC),  Nuveen
Connecticut  Dividend  Advantage  Municipal  Fund 2  (NGK),  Nuveen  Connecticut
Dividend Advantage Municipal Fund 3 (NGO), Nuveen  Massachusetts  Premium Income
Municipal Fund (NMT),  Nuveen  Massachusetts  Dividend Advantage  Municipal Fund
(NMB), Nuveen Insured Massachusetts  Tax-Free Advantage Municipal Fund (NGX) and
Nuveen Missouri Premium Income Municipal Fund (NOM) (collectively, the "Funds").
Common shares of  Connecticut  Premium  Income (NTC) and  Massachusetts  Premium
Income (NMT) are traded on the New York Stock  Exchange  while Common  shares of
Connecticut  Dividend Advantage (NFC),  Connecticut  Dividend Advantage 2 (NGK),
Connecticut Dividend Advantage 3 (NGO),  Massachusetts Dividend Advantage (NMB),
Insured Massachusetts Tax-Free Advantage (NGX) and Missouri Premium Income (NOM)
are traded on the American Stock  Exchange.  The Funds are registered  under the
Investment Company Act of 1940, as amended, as closed-end  management investment
companies.

Each Fund seeks to provide  current income exempt from both regular  federal and
designated state income taxes, and in the case of Insured Massachusetts Tax-Free
Advantage  (NGX) the  alternative  minimum tax  applicable  to  individuals,  by
investing primarily in a diversified  portfolio of municipal  obligations issued
by state and local government  authorities within a single state or certain U.S.
territories.

The following is a summary of significant  accounting  policies  followed by the
Funds in the preparation of their  financial  statements in accordance with U.S.
generally accepted accounting principles.

Investment Valuation
The prices of municipal bonds in each Fund's  investment  portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When market price
quotes  are not  readily  available  (which is  usually  the case for  municipal
securities),  the pricing  service may  establish  fair value based on yields or
prices of municipal bonds of comparable quality, type of issue, coupon, maturity
and  rating,  indications  of value  from  securities  dealers,  evaluations  of
anticipated  cash flows or collateral and general market  conditions.  Prices of
forward swap  contracts  are also  provided by an  independent  pricing  service
approved by each Fund's Board of Trustees.  Futures  contracts  are valued using
the closing settlement price, or, in the absence of such a price, at the mean of
the bid and asked prices. If the pricing service is unable to supply a price for
an investment or derivative instrument, each Fund may use market quotes provided
by major broker/dealers in such investments. If it is determined that the market
price  for  an   investment  or  derivative   instrument   is   unavailable   or
inappropriate,  the  Board  of  Trustees  of the  Funds,  or its  designee,  may
establish fair value in accordance with procedures  established in good faith by
the Board of Trustees.  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 November 30, 2008, there
were no such outstanding purchase commitments in any of the Funds.

                                                                              63



| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

Investment Income
Interest  income,  which includes the  amortization of premiums and accretion of
discounts for financial  reporting  purposes,  is recorded on an accrual  basis.
Investment income also includes paydown gains and losses, if any.

Income Taxes
Each Fund is a separate  taxpayer  for federal  income tax  purposes.  Each Fund
intends to distribute  substantially  all 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  which  will  enable  interest  from
municipal securities,  which is exempt from regular federal and designated state
income taxes, and in the case of Insured Massachusetts  Tax-Free Advantage (NGX)
the alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. Net realized capital gains
and  ordinary  income  distributions  paid by the Funds are  subject  to federal
taxation.

Effective  November 30, 2007, the Funds adopted Financial  Accounting  Standards
Board (FASB)  Interpretation No. 48 "Accounting for Uncertainty in Income Taxes"
(FIN 48). FIN 48 provides  guidance for how uncertain  tax  positions  should be
recognized,  measured,  presented and disclosed in the financial statements. FIN
48 requires the affirmative  evaluation of tax positions taken or expected to be
taken in the course of preparing the Funds' tax returns to determine  whether it
is "more-likely-than-not"  (i.e., a greater than 50-percent likelihood) of being
sustained by the applicable tax authority.  Tax positions not deemed to meet the
more-likely-than-not threshold may result in a tax expense in the current year.

Implementation  of FIN 48 required  management  of the Funds to analyze all open
tax  years,   as  defined  by  the  statute  of   limitations,   for  all  major
jurisdictions,  which includes  federal and certain  states.  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).  The Funds have
no examinations in progress.

For all open tax years and all major taxing jurisdictions through the end of the
reporting  period,  management of the Funds has reviewed all tax positions taken
or  expected  to be taken in the  preparation  of the  Funds'  tax  returns  and
concluded  the adoption of FIN 48 resulted in no impact to the Funds' net assets
or results of  operations  as of and during the six months  ended  November  30,
2008.

The  Funds are 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.
generally accepted accounting principles.

64



Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage.  Each Fund's Preferred shares
are issued in one Series.  The dividend rate paid by the Funds on each Series is
determined every seven days, pursuant to a dutch auction process overseen by the
auction agent, and is payable at the end of each rate period. As of November 30,
2008, the number of Preferred shares outstanding for each Fund is as follows:

                      CONNECTICUT     CONNECTICUT     CONNECTICUT   CONNECTICUT
                          PREMIUM        DIVIDEND        DIVIDEND      DIVIDEND
                           INCOME       ADVANTAGE     ADVANTAGE 2   ADVANTAGE 3
                            (NTC)           (NFC)           (NGK)         (NGO)
--------------------------------------------------------------------------------
Number of shares:
   Series T                    --             780              --            --
   Series W                    --              --             700            --
   Series TH                1,532              --              --            --
   Series F                    --              --              --         1,280
================================================================================
                                                         INSURED
                    MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS      MISSOURI
                          PREMIUM        DIVIDEND        TAX-FREE       PREMIUM
                           INCOME       ADVANTAGE       ADVANTAGE        INCOME
                            (NMT)           (NMB)           (NGX)         (NOM)
--------------------------------------------------------------------------------
Number of shares:
   Series T                    --             600              --            --
   Series W                    --              --             820            --
   Series TH                1,360              --              --           640
   Series F                    --              --              --            --
================================================================================

Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled  auctions for the Preferred shares issued by the Funds than there were
offers to buy. This meant that these  auctions  "failed to clear," and that many
Preferred  shareholders  who wanted to sell their shares in these  auctions were
unable to do so.  Preferred  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 Preferred shares.

These  developments  have  generally  not affected the  portfolio  management or
investment  policies of these Funds.  However,  one implication of these auction
failures for Common shareholders is that the Funds' cost of leverage will likely
be  higher,  at least  temporarily,  than it  otherwise  would have been had the
auctions continued to be successful. As a result, the Funds' future Common share
earnings may be lower than they otherwise would have been.

On June 11, 2008, Nuveen Investments, Inc. ("Nuveen") announced the Fund Board's
approval of plans to use tender option bonds (TOBs), also known as "floaters" or
floating  rate  obligations,  to  refinance  a portion of the  municipal  funds'
outstanding  Preferred  shares,  whose  auctions  have been  failing for several
months.  The plan  included  an  initial  phase of  approximately  $1 billion in
forty-one  funds. As of November 30, 2008, the Funds had not redeem any of their
outstanding  Preferred  shares.

Insurance
Under normal circumstances,  Insured Massachusetts Tax-Free Advantage (NGX) will
invest at least 80% of its net  assets  (including  net assets  attributable  to
Preferred  shares)  in  municipal  securities  that  are  covered  by  insurance
guaranteeing the timely payment of principal and interest.  For purposes of this
80% test,  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,  the
Fund  will  invest  at  least  80% of  its  net  assets  (including  net  assets
attributable  to  Preferred  shares) in municipal  securities  that are rated at
least  "AA" at the time of  purchase  (based on the  higher of the rating of the
insurer, if any, or the underlying  security) by at least one independent rating
agency,  or are  unrated  but judged to be of similar  credit  quality by Nuveen
Asset  Management  (the  "Adviser"),  a  wholly-owned  subsidiary of Nuveen,  or
municipal bonds 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.  The Fund may also invest up to 20% of its net assets  (including  net
assets  attributable to Preferred  shares) in municipal  securities  rated below
"AA" (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.

                                                                              65



| Notes to FINANCIAL STATEMENTS (continued) (Unaudited)

Each  insured  municipal  security  is  covered  by  Original  Issue  Insurance,
Secondary  Market  Insurance or Portfolio  Insurance.  Such  insurance  does not
guarantee  the  market  value of the  municipal  securities  or the value of the
Fund's Common shares.  Original Issue Insurance and Secondary  Market  Insurance
remain in effect as long as the  municipal  securities  covered  thereby  remain
outstanding and the insurer remains in business,  regardless of whether the Fund
ultimately disposes of such municipal securities. Consequently, the market value
of the municipal  securities  covered by Original  Issue  Insurance or Secondary
Market  Insurance may reflect value  attributable  to the  insurance.  Portfolio
Insurance,  in contrast,  is effective  only while the municipal  securities are
held by the Fund. Accordingly, neither the prices used in determining the market
value of the  underlying  municipal  securities  nor the Common  share net asset
value  of the  Fund  include  value,  if  any,  attributable  to  the  Portfolio
Insurance.  Each policy of the Portfolio Insurance does, however,  give the Fund
the right to obtain permanent  insurance with respect to the municipal  security
covered by the Portfolio Insurance policy at the time of its sale.

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 an  "Inverse  floating  rate  investment".  An  investment  in a
self-deposited  inverse  floater is accounted for as a financing  transaction in
accordance  with Statement of Financial  Accounting  Standards No. 140 (SFAS No.
140)   "Accounting   for  Transfers  and  Servicing  of  Financial   Assets  and
Extinguishment of Liabilities".  In such instances,  a fixed-rate bond deposited
into a special purpose trust is identified in the Portfolio of Investments as an
"Underlying  bond of an inverse  floating rate trust",  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 the related  interest  paid to the holders of the  short-term  floating rate
certificates is included as "Interest  expense on floating rate  obligations" on
the Statement of Operations.

During  the  six  months  ended  November  30,  2008,   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

66



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 included as  "Unrealized  depreciation  on Recourse
Trusts" on the Statement of Assets and Liabilities.

At November  30, 2008,  the Funds were not invested in any  externally-deposited
Recourse Trusts.



                                              CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                  PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                   INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                    (NTC)           (NFC)           (NGK)          (NGO)
---------------------------------------------------------------------------------------------------------
                                                                                
Maximum exposure                            $          --   $          --   $          --   $         --
=========================================================================================================




                                                                                  INSURED
                                            MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                  PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                   INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                    (NMT)           (NMB)           (NGX)          (NOM)
---------------------------------------------------------------------------------------------------------
                                                                                
Maximum exposure                            $          --   $          --   $          --   $         --
=========================================================================================================


The average  floating rate  obligations  outstanding and average annual interest
rate and fees related to  self-deposited  inverse floaters during the six months
ended November 30, 2008, were as follows:



                                              CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                  PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                   INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                    (NTC)           (NFC)           (NGK)          (NGO)
---------------------------------------------------------------------------------------------------------
                                                                                
Average floating rate obligations           $   4,268,421   $   2,116,279   $   1,908,082   $  3,505,033
Average annual interest rate and fees                2.64%           2.64%           2.64%          2.64%
=========================================================================================================




                                                                                  INSURED
                                            MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                  PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                   INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                    (NMT)           (NMB)           (NGX)          (NOM)
---------------------------------------------------------------------------------------------------------
                                                                                
Average floating rate obligations           $   3,273,743   $   1,402,869   $   2,004,098   $  2,225,000
Average annual interest rate and fees                2.75%           2.75%           2.75%          2.49%
=========================================================================================================


Forward Swap Transactions
Each Fund is  authorized to invest in forward  interest rate swap  transactions.
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 forward swap contract and the
termination date of the swap (which is akin to a bond's maturity).  The value of
the Fund's swap  commitment  would increase or decrease  based  primarily on the
extent to which  long-term  interest  rates for bonds  having a maturity  of the
swap's  termination date increases or decreases.  The Funds may terminate a swap
contract prior to the effective  date, at which point a realized gain or loss is
recognized.  When a forward swap is terminated,  it ordinarily  does not involve
the delivery of securities or other underlying  assets or principal,  but rather
is settled in cash on a net basis. Each Fund intends,  but is not obligated,  to
terminate its forward swaps before the effective date. Accordingly,  the risk of
loss with respect to the swap  counterparty  on such  transactions is limited to
the credit risk associated  with a counterparty  failing to honor its commitment
to pay any  realized  gain to the Fund upon  termination.  To reduce such credit
risk, all  counterparties  are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value  approximately
equal to the amount of any  unrealized  gain above a  pre-determined  threshold.
Reciprocally,  when any of the Funds have an unrealized loss on a swap contract,
the  Funds  have  instructed  the  custodian  to  pledge  assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss
above  a  pre-determined   threshold.   Collateral  pledges  are  monitored  and
subsequently  adjusted if and when the swap valuations  fluctuate,  either up or
down, by at least the  predetermined  threshold  amount.  Massachusetts  Premium
Income  (NMT) and  Massachusetts  Dividend  Advantage  (NMB) were the only Funds
invested in forward interest rate swap transactions  during the six months ended
November 30, 2008.

                                                                              67



| Notes to
| FINANCIAL STATEMENTS (continued) (Unaudited)

Futures Contracts
Each Fund is  authorized  to invest in futures  contracts.  Upon entering into a
futures  contract,  a Fund is required  to deposit  with the broker an amount of
cash or  liquid  securities  equal to a  specified  percentage  of the  contract
amount. This is known as the "initial margin."  Subsequent payments  ("variation
margin")  are made or  received  by a Fund  each  day,  depending  on the  daily
fluctuation of the value of the contract.

During the  period the  futures  contract  is open,  changes in the value of the
contract are recognized as an unrealized gain or loss by  "marking-to-market" on
a daily basis to reflect the changes in market value of the  contract.  When the
contract is closed or expired,  a Fund records a realized  gain or loss equal to
the  difference  between the value of the contract on the closing date and value
of the contract when  originally  entered into. Cash held by the broker to cover
initial margin requirements on open futures contracts,  if any, is recognized on
the Statement of Assets and Liabilities.  Additionally,  the Statement of Assets
and Liabilities  reflects a receivable or payable for the variation margin, when
applicable.  Massachusetts  Premium  Income  (NMT)  and  Massachusetts  Dividend
Advantage (NMB) were the only Funds invested in futures contracts during the six
months ended November 30, 2008.

Risks of investments in futures  contracts include the possible adverse movement
of the  securities or indices  underlying the contracts,  the  possibility  that
there may not be a liquid  secondary  market  for the  contracts  and/or  that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices.

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.  Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.

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  Trustees are
indemnified  against certain liabilities arising out of the performance of their
duties to the Funds.  In addition,  in the normal course of business,  the Funds
enter into contracts that provide general indemnifications to other parties. The
Funds'  maximum  exposure  under  these  arrangements  is  unknown as this would
involve  future  claims  that may be made  against  the Funds  that have not yet
occurred.  However,  the Funds have not had prior  claims or losses  pursuant to
these contracts and expect the risk of loss to be remote.

Use of Estimates
The  preparation  of financial  statements  in  conformity  with U.S.  generally
accepted  accounting  principles  requires  management  to  make  estimates  and
assumptions  that affect the reported  amounts of assets and  liabilities at the
date of the  financial  statements  and the reported  amounts of  increases  and
decreases in net assets  applicable to Common shares from operations  during the
reporting period. Actual results may differ from those estimates.

68



2. FAIR VALUE MEASUREMENTS

During the current fiscal period,  the Funds adopted the provisions of Statement
of  Financial   Accounting   Standards  No.  157  (SFAS  No.  157)  "Fair  Value
Measurements."  SFAS No. 157 defines  fair value,  establishes  a framework  for
measuring fair value in generally accepted  accounting  principles,  and expands
disclosure  about  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 November
30, 2008:



CONNECTICUT PREMIUM INCOME (NTC)                            LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
                                                                                             
Investments                                         $            --   $  103,020,768   $            --   $   103,020,768
========================================================================================================================

CONNECTICUT DIVIDEND ADVANTAGE (NFC)                        LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
Investments                                         $            --   $   52,371,661   $            --   $    52,371,661
========================================================================================================================

CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)                      LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
Investments                                         $            --   $   47,401,225   $            --   $    47,401,225
========================================================================================================================

CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)                      LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
Investments                                         $            --   $   81,584,796   $            --   $    81,584,796
========================================================================================================================

MASSACHUSETTS PREMIUM INCOME (NMT)                          LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
Investments                                         $            --   $   90,620,025   $       421,685   $    91,041,710
========================================================================================================================

MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)                      LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
Investments                                         $            --   $   37,993,440   $       843,371   $    38,836,811
========================================================================================================================

INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)              LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
Investments                                         $            --   $   55,037,634   $            --   $    55,037,634
========================================================================================================================

MISSOURI PREMIUM INCOME (NOM)                               LEVEL 1          LEVEL 2           LEVEL 3             TOTAL
------------------------------------------------------------------------------------------------------------------------
Investments                                         $            --   $   40,564,023   $            --   $    40,564,023
========================================================================================================================


The following is a reconciliation of each Fund's Level 3 investments held at the
beginning and end of the measurement period:



                                                                  MASSACHUSETTS   MASSACHUSETTS
                                                                        PREMIUM        DIVIDEND
                                                                         INCOME       ADVANTAGE
                                                                          (NMT)           (NMB)
                                                                        LEVEL 3         LEVEL 3
                                                                    INVESTMENTS     INVESTMENTS
-----------------------------------------------------------------------------------------------
                                                                      
Balance as of May 31, 2008                                        $     389,384   $     778,768
   Gains (losses):
      Net realized gains (losses)                                            --              --
      Net change in unrealized appreciation (depreciation)               32,301          64,603
   Net purchases at cost (sales at proceeds)                                 --              --
   Net discounts (premiums)                                                  --              --
   Net transfers in to (out of) at end of period fair value                  --              --
-----------------------------------------------------------------------------------------------
Balance as of November 30, 2008                                   $     421,685   $     843,371
===============================================================================================


                                                                              69



| Notes to
| FINANCIAL STATEMENTS (continued) (Unaudited)

3. FUND SHARES

Common Shares
On July 30, 2008,  the Funds' Board of Trustees  approved an  open-market  share
repurchase  program  under which each Fund may  repurchase an aggregate of up to
approximately 10% of its outstanding Common shares. The Funds did not repurchase
any of their Common shares during the six months ended November 30, 2008.

Transactions in Common shares were as follows:



                                              CONNECTICUT                   CONNECTICUT DIVIDEND          CONNECTICUT DIVIDEND
                                           PREMIUM INCOME (NTC)                ADVANTAGE (NFC)              ADVANTAGE 2 (NGK)
                                       -----------------------------  ------------------------------  -----------------------------
                                          SIX MONTHS            YEAR      SIX MONTHS            YEAR      SIX MONTHS           YEAR
                                               ENDED           ENDED           ENDED           ENDED           ENDED          ENDED
                                            11/30/08         5/31/08        11/30/08         5/31/08        11/30/08        5/31/08
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                               
Common shares issued to shareholders
   due to reinvestment of                         --           3,915           1,966           2,675           1,051          1,265
   distributions
===================================================================================================================================




                                           CONNECTICUT DIVIDEND                MASSACHUSETTS              MASSACHUSETTS DIVIDEND
                                            ADVANTAGE 3 (NGO)               PREMIUM INCOME (NMT)               ADVANTAGE (NMB)
                                       -----------------------------  ------------------------------  -----------------------------
                                          SIX MONTHS            YEAR      SIX MONTHS            YEAR      SIX MONTHS           YEAR
                                               ENDED           ENDED           ENDED           ENDED           ENDED          ENDED
                                            11/30/08         5/31/08        11/30/08         5/31/08        11/30/08        5/31/08
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Common shares issued to shareholders
   due to reinvestment of                         --           6,503              --           1,090           1,346          1,004
   distributions
===================================================================================================================================




                                                                                 INSURED
                                                                          MASSACHUSETTS TAX-FREE                MISSOURI
                                                                             ADVANTAGE (NGX)              PREMIUM INCOME (NOM)
                                                                      ------------------------------  -----------------------------
                                                                          SIX MONTHS            YEAR      SIX MONTHS           YEAR
                                                                               ENDED           ENDED           ENDED          ENDED
                                                                            11/30/08         5/31/08        11/30/08        5/31/08
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Common shares issued to shareholders
   due to reinvestment of                                                        886             863           2,175          5,970
   distributions
===================================================================================================================================


4. INVESTMENT TRANSACTIONS

Purchases and sales (including  maturities but excluding short-term  investments
and derivative transactions) during the six months ended November 30, 2008, were
as follows:



                                                                         CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                                             PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                                              INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                                               (NTC)           (NFC)           (NGK)          (NGO)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Purchases                                                             $           --  $           --  $           --  $          --
Sales and maturities                                                       4,280,153       1,526,595       1,033,520      4,651,580
===================================================================================================================================




                                                                                                             INSURED
                                                                       MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                             PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                              INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                               (NMT)           (NMB)           (NGX)          (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Purchases                                                             $      985,653  $      480,326  $           --  $     551,075
Sales and maturities                                                       4,229,900       1,685,103       2,626,756      3,249,850
===================================================================================================================================


70



5. 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
transactions  subject to SFAS No. 140. 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 November 30, 2008, the cost of investments was as follows:



                                                                         CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                                             PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                                              INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                                               (NTC)           (NFC)           (NGK)          (NGO)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Cost of investments                                                   $  109,440,499  $   54,871,840  $   49,237,278  $  87,108,115
====================================================================================================================================




                                                                                                             INSURED
                                                                       MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                             PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                              INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                               (NMT)           (NMB)           (NGX)          (NOM)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Cost of investments                                                   $   98,346,006  $   41,821,226  $   57,281,817  $  42,723,508
====================================================================================================================================


Gross unrealized  appreciation and gross unrealized  depreciation of investments
at November 30, 2008, were as follows:



                                                                         CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                                             PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                                              INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                                               (NTC)           (NFC)           (NGK)          (NGO)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Gross unrealized:
   Appreciation                                                       $      776,964  $      792,311  $      685,012  $     680,159
   Depreciation                                                          (10,271,511)     (4,817,399)     (3,895,983)    (8,728,327)
------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments             $   (9,494,547) $   (4,025,088) $   (3,210,971) $  (8,048,168)
====================================================================================================================================




                                                                                                             INSURED
                                                                       MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                             PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                              INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                               (NMT)           (NMB)           (NGX)          (NOM)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Gross unrealized:
   Appreciation                                                       $    1,657,033  $      421,854  $    1,113,346  $   1,200,995
   Depreciation                                                          (11,411,304)     (4,456,258)     (4,857,514)    (5,584,016)
------------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments             $   (9,754,271) $   (4,034,404) $   (3,744,168) $  (4,383,021)
====================================================================================================================================


                                                                              71



| Notes to
| FINANCIAL STATEMENTS (continued) (Unaudited)

The tax components of undistributed net tax-exempt  income,  net ordinary income
and net long-term  capital gains at May 31, 2008,  the Funds' last tax year end,
were as follows:



                                                                         CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                                             PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                                              INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                                               (NTC)           (NFC)           (NGK)          (NGO)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Undistributed net tax-exempt income*                                  $      194,231  $       68,567  $       75,481  $      35,434
Undistributed net ordinary income **                                         488,906         226,061         275,669             --
Undistributed net long-term capital gains                                     60,678         147,900         112,806             --
===================================================================================================================================




                                                                                                             INSURED
                                                                       MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                             PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                              INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                               (NMT)           (NMB)           (NGX)          (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Undistributed net tax-exempt income*                                  $      160,328  $       45,010  $       82,161  $     162,256
Undistributed net ordinary income **                                          39,566              --              --             --
Undistributed net long-term capital gains                                     69,077              --              --             --
===================================================================================================================================


*     Undistributed  net tax-exempt income (on a tax basis) has not been reduced
      for the dividend declared on May 1, 2008, paid on June 2, 2008.

**    Net ordinary  income  consists of taxable market  discount  income and net
      short-term capital gains, if any.

The tax  character of  distributions  paid during the Funds' last tax year ended
May 31, 2008,  was  designated  for purposes of the dividends  paid deduction as
follows:



                                                                         CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                                             PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                                              INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                                               (NTC)           (NFC)           (NGK)          (NGO)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Distributions from net tax-exempt income                              $    4,528,844  $    2,336,458  $    2,101,642  $   3,755,918
Distributions from net ordinary income **                                         --           5,381              --            102
Distributions from net long-term capital gains                               203,721         218,200         223,026             --
===================================================================================================================================




                                                                                                             INSURED
                                                                       MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                             PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                              INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                               (NMT)           (NMB)           (NGX)          (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Distributions from net tax-exempt income                              $    4,147,682  $    1,843,671  $    2,465,317  $   1,987,482
Distributions from net ordinary income **                                         --              --              --             --
Distributions from net long-term capital gains                               107,090          64,958              --        384,860
===================================================================================================================================


**    Net ordinary  income  consists of taxable market  discount  income and net
      short-term capital gains, if any.

72



At May 31, 2008,  the Funds' last tax year end, the  following  Funds had unused
capital  loss  carryforwards  available  for federal  income tax  purposes to be
applied against future capital gains, if any. If not applied,  the carryforwards
will expire as follows:



                                                                                                                            INSURED
                                                                                                         CONNECTICUT  MASSACHUSETTS
                                                                                                            DIVIDEND       TAX-FREE
                                                                                                         ADVANTAGE 3      ADVANTAGE
                                                                                                               (NGO)          (NGX)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                
Expiration:
   May 31, 2013                                                                                       $       35,642  $      18,655
   May 31, 2014                                                                                              111,331        427,135
   May 31, 2015                                                                                              211,213             --
------------------------------------------------------------------------------------------------------------------------------------
Total                                                                                                 $      358,186  $     445,790
====================================================================================================================================


The following Funds have elected to defer net realized  losses from  investments
incurred  from  November 1, 2007 through May 31, 2008,  the Funds' last tax year
end,  ("post-October losses") in accordance with federal income tax regulations.
Post-October losses are treated as having arisen on the first day of the current
fiscal year:



                                                                                                             INSURED
                                                                       MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                             PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                              INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                               (NMT)           (NMB)           (NGX)          (NOM)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Post-October capital losses                                           $       47,203  $       22,492  $       64,928  $      16,463
====================================================================================================================================


6. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Each Fund's  management fee is separated  into two components - a  complex-level
component,  based on the  aggregate  amount of all fund  assets  managed  by the
Adviser, and a specific fund-level component, based only on the amount of assets
within  each  individual  Fund.  This  pricing  structure  enables  Nuveen  fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual  fund-level  fee,  payable  monthly,  for each Fund is based upon the
average daily net assets (including net assets attributable to Preferred shares)
of each Fund as follows:



                                                                                                   CONNECTICUT PREMIUM INCOME (NTC)
                                                                                                 MASSACHUSETTS PREMIUM INCOME (NMT)
                                                                                                      MISSOURI PREMIUM INCOME (NOM)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES)                                FUND-LEVEL FEE RATE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
For the first $125 million                                                                                                    .4500%
For the next $125 million                                                                                                     .4375
For the next $250 million                                                                                                     .4250
For the next $500 million                                                                                                     .4125
For the next $1 billion                                                                                                       .4000
For the next $3 billion                                                                                                       .3875
For net assets over $5 billion                                                                                                .3750
====================================================================================================================================




                                                                                               CONNECTICUT DIVIDEND ADVANTAGE (NFC)
                                                                                             CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
                                                                                             CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
                                                                                             MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
                                                                                     INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES)                                FUND-LEVEL FEE RATE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
For the first $125 million                                                                                                    .4500%
For the next $125 million                                                                                                     .4375
For the next $250 million                                                                                                     .4250
For the next $500 million                                                                                                     .4125
For the next $1 billion                                                                                                       .4000
For net assets over $2 billion                                                                                                .3750
====================================================================================================================================


The  annual  complex-level  fee,  payable  monthly,  which  is  additive  to the
fund-level  fee,  for all Nuveen  sponsored  funds in the U.S.,  is based on the
aggregate  amount of total fund assets managed as stated in the following table.
As of November 30, 2008, the complex-level fee rate was .2000%.

                                                                              73



| Notes to
| FINANCIAL STATEMENTS  (continued)  (Unaudited)

The complex-level fee schedule is as follows:



COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1)          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
=====================================================================================


(1)   The  complex-level  fee component of the  management  fee for the funds is
      calculated  based upon the aggregate daily net assets of all Nuveen funds,
      with such daily net assets to include  assets  attributable  to  preferred
      stock  issued  by or  borrowings  by  such  funds  but to  exclude  assets
      attributable to investments in other Nuveen funds.

The management fee compensates the Adviser for overall  investment  advisory and
administrative  services  and  general  office  facilities.  The  Funds  pay  no
compensation  directly  to those of its  Trustees  who are  affiliated  with the
Adviser or to its Officers,  all of whom receive remuneration for their services
to the Funds  from the  Adviser or its  affiliates.  The Board of  Trustees  has
adopted a deferred  compensation  plan for  independent  Trustees  that  enables
Trustees  to  elect  to  defer  receipt  of  all  or a  portion  of  the  annual
compensation  they are entitled to receive from certain  Nuveen  advised  funds.
Under the plan,  deferred amounts are treated as though equal dollar amounts had
been invested in shares of select Nuveen advised funds.

For  the  first  ten  years  of  Connecticut   Dividend  Advantage's  (NFC)  and
Massachusetts  Dividend Advantage's (NMB) operations,  the Adviser has agreed to
reimburse the Funds, as a percentage of average daily net assets  (including net
assets  attributable to Preferred shares),  for fees and expenses in the amounts
and for the time periods set forth below:

YEAR ENDING                    YEAR ENDING
JANUARY 31,                    JANUARY 31,
-----------------------------------------------------
2001*               .30%       2007              .25%
2002                .30        2008              .20
2003                .30        2009              .15
2004                .30        2010              .10
2005                .30        2011              .05
2006                .30
=====================================================

*     From the commencement of operations.

The Adviser has not agreed to reimburse Connecticut Dividend Advantage (NFC) and
Massachusetts  Dividend  Advantage  (NMB)  for any  portion  of  their  fees and
expenses beyond January 31, 2011.

74



For the first ten years of Connecticut  Dividend Advantage 2's (NGK) operations,
the Adviser has agreed to reimburse  the Fund,  as a percentage of average daily
net assets (including net assets attributable to Preferred shares), for fees and
expenses in the amounts and for the time periods set forth below:

YEAR ENDING                    YEAR ENDING
MARCH 31,                      MARCH 31,
-----------------------------------------------------
2002*               .30%       2008              .25%
2003                .30        2009              .20
2004                .30        2010              .15
2005                .30        2011              .10
2006                .30        2012              .05
2007                .30
=====================================================

*     From the commencement of operations.

The Adviser has not agreed to reimburse  Connecticut  Dividend Advantage 2 (NGK)
for any portion of its fees and expenses beyond March 31, 2012.

For  the  first  eight  years  of  Connecticut   Dividend  Advantage  3's  (NGO)
operations,  the Adviser has agreed to reimburse  the Fund,  as a percentage  of
average  daily net  assets  (including  net  assets  attributable  to  Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:

YEAR ENDING                    YEAR ENDING
SEPTEMBER 30,                  SEPTEMBER 30,
-----------------------------------------------------
2002*               .32%       2007              .32%
2003                .32        2008              .24
2004                .32        2009              .16
2005                .32        2010              .08
2006                .32
=====================================================

*     From the commencement of operations.

The Adviser has not agreed to reimburse  Connecticut  Dividend Advantage 3 (NGO)
for any portion of its fees and expenses beyond September 30, 2010.

For the first eight years of Insured  Massachusetts  Tax-Free  Advantage's (NGX)
operations,  the Adviser has agreed to reimburse  the Fund,  as a percentage  of
average  daily net  assets  (including  net  assets  attributable  to  Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:

YEAR ENDING                    YEAR ENDING
NOVEMBER 30,                   NOVEMBER 30,
-----------------------------------------------------
2002*               .32%       2007              .32%
2003                .32        2008              .24
2004                .32        2009              .16
2005                .32        2010              .08
2006                .32
=====================================================

*     From the commencement of operations.

The Adviser has not agreed to reimburse Insured Massachusetts Tax-Free Advantage
(NGX) for any portion of its fees and expenses beyond November 30, 2010.

7. NEW ACCOUNTING PRONOUNCEMENT

Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 161 (SFAS No. 161)
In March  2008,  the FASB issued SFAS No.  161,  "Disclosures  about  Derivative
Instruments  and  Hedging  Activities."  This  standard  is  intended to enhance
financial   statement   disclosures  for  derivative   instruments  and  hedging
activities  and  enable  investors  to  understand:  a) how and why a fund  uses
derivative  instruments,  b) how derivative  instruments and related hedge items
are accounted  for, and c) how  derivative  instruments  and related hedge items
affect a fund's financial  position,  results of operations and cash flows. SFAS
No. 161 is  effective  for  financial  statements  issued  for fiscal  years and
interim  periods  beginning  after  November 15, 2008.  As of November 30, 2008,
management  does not  believe  the  adoption  of SFAS No.  161 will  impact  the
financial statement amounts;  however,  additional  footnote  disclosures may be
required about the use of derivative instruments and hedging items.

                                                                              75



| Notes to
| FINANCIAL STATEMENTS (continued) (Unaudited)

8. SUBSEQUENT EVENTS

Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment  income  which were paid on December  31, 2008,  to  shareholders  of
record on December 15, 2008, as follows:



                                                                         CONNECTICUT     CONNECTICUT     CONNECTICUT    CONNECTICUT
                                                                             PREMIUM        DIVIDEND        DIVIDEND       DIVIDEND
                                                                              INCOME       ADVANTAGE     ADVANTAGE 2    ADVANTAGE 3
                                                                               (NTC)           (NFC)           (NGK)          (NGO)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Dividend per share                                                    $        .0500  $        .0555  $        .0550  $       .0500
===================================================================================================================================




                                                                                                             INSURED
                                                                       MASSACHUSETTS   MASSACHUSETTS   MASSACHUSETTS       MISSOURI
                                                                             PREMIUM        DIVIDEND        TAX-FREE        PREMIUM
                                                                              INCOME       ADVANTAGE       ADVANTAGE         INCOME
                                                                               (NMT)           (NMB)           (NGX)          (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Dividend per share                                                    $        .0535  $        .0580  $        .0555  $       .0545
===================================================================================================================================


At the same time,  the following  Funds declared  capital gains and/or  ordinary
income distributions as follows:



                                                                         CONNECTICUT     CONNECTICUT     CONNECTICUT  MASSACHUSETTS
                                                                             PREMIUM        DIVIDEND        DIVIDEND        PREMIUM
                                                                              INCOME       ADVANTAGE     ADVANTAGE 2         INCOME
                                                                               (NTC)           (NFC)           (NGK)          (NMT)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
Capital gains distribution per share                                  $        .0083  $        .0422  $        .0362  $       .0230
Ordinary income distribution per share*                                        .0664           .0637           .0884          .0184
===================================================================================================================================


*     Ordinary  income  consist  of  taxable  market  discount  income  and  net
      short-term capital gains, if any.

76



|  Financial
|  HIGHLIGHTS(Unaudited)

                                                                              77



|  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/       Preferred       Preferred
                                       Net Asset   Investment    Unrealized           Share-          Share-
                                           Value       Income   Gain (Loss)         holders+        holders+    Total
---------------------------------------------------------------------------------------------------------------------
                                                                                            
CONNECTICUT PREMIUM INCOME (NTC)
---------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                $   14.25   $      .42   $     (2.02)  $        (.13)  $          --   $ (1.73)
2008                                       14.39          .83          (.09)           (.22)           (.01)      .51
2007                                       14.42          .83           .07            (.20)           (.01)      .69
2006                                       15.26          .84          (.54)           (.14)           (.03)      .13
2005                                       14.60          .88           .75            (.09)             --      1.54
2004                                       15.56          .93          (.96)           (.05)             --      (.08)
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
---------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                    14.69          .46         (1.94)           (.14)             --     (1.62)
2008                                       14.76          .91           .01            (.24)           (.02)      .66
2007                                       14.75          .92           .04            (.22)             --       .74
2006                                       15.39          .93          (.55)           (.17)             --       .21
2005                                       14.56          .95           .86            (.09)             --      1.72
2004                                       15.53          .97         (1.00)           (.05)             --      (.08)
=====================================================================================================================


                                             Less Distributions
                                       ------------------------------
                                              Net                           Offering
                                       Investment    Capital               Costs and      Ending
                                        Income to   Gains to               Preferred      Common
                                           Common     Common                   Share       Share    Ending
                                           Share-     Share-            Underwriting   Net Asset    Market
                                          holders    holders    Total      Discounts       Value     Value
----------------------------------------------------------------------------------------------------------
                                                                                 
CONNECTICUT PREMIUM INCOME (NTC)
----------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                $     (.30)  $     --   $ (.30) $          --   $   12.22   $ 10.39
2008                                         (.62)      (.03)    (.65)            --       14.25     14.08
2007                                         (.65)      (.07)    (.72)            --       14.39     14.91
2006                                         (.75)      (.22)    (.97)            --       14.42     13.95
2005                                         (.87)      (.01)    (.88)            --       15.26     15.81
2004                                         (.88)        --     (.88)            --       14.60     14.47
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
----------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                      (.33)        --     (.33)            --       12.74     11.67
2008                                         (.67)      (.06)    (.73)            --       14.69     14.93
2007                                         (.73)        --     (.73)            --       14.76     16.37
2006                                         (.85)        --     (.85)            --       14.75     16.26
2005                                         (.89)        --     (.89)            --       15.39     15.73
2004                                         (.89)        --     (.89)            --       14.56     14.12
==========================================================================================================


                                                                                 Ratios/Supplemental Data
                                                              -------------------------------------------------------------

                                                                                       Ratios to Average Net Assets
                                                                                       Applicable to Common Shares
                                           Total Returns                               Before Credit/Reimbursement
                                         ------------------                  ----------------------------------------------

                                                      Based         Ending
                                                         on            Net
                                          Based      Common         Assets
                                             on   Share Net     Applicable        Expenses          Expenses             Net
                                         Market       Asset      to Common       Including         Excluding      Investment
                                          Value*      Value*  Shares (000)        Interest++(a)     Interest++(a)     Income++
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
CONNECTICUT PREMIUM INCOME (NTC)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                  (24.42)%    (12.29)% $     65,552            1.46***           1.30%***       6.32%***
2008                                      (1.08)       3.60         76,441            1.30              1.27           5.82
2007                                      12.33        4.79         77,151            1.24              1.24           5.67
2006                                      (6.00)        .88         77,278            1.25              1.25           5.66
2005                                      15.61       10.82         81,529            1.24              1.24           5.81
2004                                     (10.80)       (.51)        77,725            1.23              1.23           6.16
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                  (19.86)     (11.13)        32,873            1.51***           1.35***        6.41***
2008                                      (4.10)       4.62         37,874            1.33              1.31           5.90
2007                                       5.46        5.05         38,024            1.29              1.29           5.78
2006                                       8.79        1.38         37,905            1.29              1.29           5.70
2005                                      17.89       12.06         39,464            1.29              1.29           5.81
2004                                      (8.64)       (.56)        37,238            1.26              1.26           5.97
===============================================================================================================================


                                                            Ratios/Supplemental Data
                                       ------------------------------------------------------------
                                                 Ratios to Average Net Assets
                                                 Applicable to Common Shares
                                                After Credit/Reimbursement**
                                       ----------------------------------------------
                                            Expenses          Expenses             Net    Portfolio
                                           Including         Excluding      Investment     Turnover
                                            Interest++(a)     Interest++(a)     Income++       Rate

----------------------------------------------------------------------------------------------------
                                                                                     
CONNECTICUT PREMIUM INCOME (NTC)
----------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                         1.45***           1.29%***       6.33%***        --%
2008                                            1.28              1.26           5.84            22
2007                                            1.21              1.21           5.69             8
2006                                            1.23              1.23           5.68            16
2005                                            1.24              1.24           5.82            12
2004                                            1.23              1.23           6.16            15
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
----------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                         1.27***           1.11***        6.65***         --
2008                                            1.03              1.01           6.20            20
2007                                             .92               .92           6.16             9
2006                                             .84               .84           6.14            14
2005                                             .83               .83           6.27             9
2004                                             .80               .80           6.44             4
====================================================================================================


                                             Preferred Shares at End of Period
                                           -------------------------------------
                                             Aggregate   Liquidation
                                                Amount    and Market       Asset
                                           Outstanding         Value    Coverage
                                                 (000)     Per Share   Per Share
--------------------------------------------------------------------------------
CONNECTICUT PREMIUM INCOME (NTC)
--------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                    $    38,300   $    25,000   $  67,789
2008                                            38,300        25,000      74,896
2007                                            38,300        25,000      75,360
2006                                            38,300        25,000      75,443
2005                                            38,300        25,000      78,217
2004                                            38,300        25,000      75,734
CONNECTICUT DIVIDEND ADVANTAGE (NFC)
--------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                         19,500        25,000      67,145
2008                                            19,500        25,000      73,556
2007                                            19,500        25,000      73,749
2006                                            19,500        25,000      73,596
2005                                            19,500        25,000      75,595
2004                                            19,500        25,000      72,740
================================================================================




*     Total Return on Market Value is the  combination  of changes in the market
      price  per  share  and  the  effect  of  reinvested  dividend  income  and
      reinvested capital gains distributions,  if any, at the average price paid
      per share at the time of reinvestment.  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 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.

**    After custodian fee credit and expense reimbursement, where applicable.

***   Annualized.

+     The amounts shown are based on Common share equivalents.

++    Ratios  do not  reflect  the  effect of  dividend  payments  to  Preferred
      shareholders;  income ratios reflect income earned on assets  attributable
      to Preferred shares.

(a)   Interest  expense  arises from the  application of SFAS No. 140 to certain
      inverse floating rate transactions  entered into by the Fund as more fully
      described in Footnote 1 - Inverse Floating Rate Securities.

(b)   For the six months ended November 30, 2008.

                                 See accompanying notes to financial statements.

                                  78-79 spread



|  Financial
|  HIGHLIGHTS (continued) (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/       Preferred       Preferred
                                         Net Asset   Investment    Unrealized           Share-          Share-
                                             Value       Income   Gain (Loss)         holders+        holders+     Total
-------------------------------------------------------------------------------------------------------------------------
                                                                                              
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
-------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                  $   14.76   $      .46   $     (1.84)  $        (.14)  $          --   $  (1.52)
2008                                         14.85          .91          (.01)           (.23)           (.02)       .65
2007                                         14.86          .91           .08            (.22)           (.01)       .76
2006                                         15.64          .91          (.60)           (.17)           (.01)       .13
2005                                         15.01          .92           .74            (.09)             --       1.57
2004                                         16.23          .96         (1.13)           (.04)           (.01)      (.22)
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
-------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                      14.08          .43         (1.94)           (.13)             --      (1.64)
2008                                         14.30          .87          (.23)           (.25)             --        .39
2007                                         14.18          .86           .13            (.23)             --        .76
2006                                         14.78          .84          (.54)           (.18)             --        .12
2005                                         13.97          .86           .83            (.10)             --       1.59
2004                                         15.06          .88         (1.14)           (.05)             --       (.31)
=========================================================================================================================


                                               Less Distributions
                                         ------------------------------
                                                Net                           Offering
                                         Investment    Capital               Costs and      Ending
                                          Income to   Gains to               Preferred      Common
                                             Common     Common                   Share       Share    Ending
                                             Share-     Share-            Underwriting   Net Asset    Market
                                            holders    holders    Total      Discounts       Value     Value
------------------------------------------------------------------------------------------------------------
                                                                                   
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                  $     (.33)  $     --   $ (.33)  $         --   $   12.91   $ 11.80
2008                                           (.67)      (.07)    (.74)            --       14.76     15.00
2007                                           (.73)      (.04)    (.77)            --       14.85     16.38
2006                                           (.83)      (.08)    (.91)            --       14.86     16.60
2005                                           (.87)      (.07)    (.94)            --       15.64     15.98
2004                                           (.87)      (.12)    (.99)          (.01)      15.01     14.14
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                        (.30)        --     (.30)            --       12.14     11.50
2008                                           (.61)        --     (.61)            --       14.08     13.63
2007                                           (.64)        --     (.64)            --       14.30     14.70
2006                                           (.72)        --     (.72)            --       14.18     14.09
2005                                           (.78)        --     (.78)            --       14.78     14.54
2004                                           (.78)        --     (.78)            --       13.97     13.00
============================================================================================================


                                                                                      Ratios/Supplemental Data
                                                                -------------------------------------------------------------
                                                                                          Ratios to Average Net Assets
                                                                                          Applicable to Common Shares
                                             Total Returns                                Before Credit/Reimbursement
                                         --------------------                  ----------------------------------------------
                                                        Based         Ending
                                                           on            Net
                                            Based      Common         Assets
                                               on   Share Net     Applicable        Expenses          Expenses             Net
                                           Market       Asset      to Common       Including         Excluding      Investment
                                            Value*      Value*  Shares (000)        Interest++(a)     Interest++(a)     Income++
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                    (19.39)%    (10.41)% $     29,919            1.51***           1.35%***       6.23%***
2008                                        (3.63)       4.54         34,188            1.36              1.33           5.79
2007                                         3.58        5.13         34,366            1.31              1.31           5.60
2006                                         9.78         .84         34,352            1.29              1.29           5.51
2005                                        19.92       10.70         36,105            1.28              1.28           5.52
2004                                        (4.65)      (1.48)        34,646            1.25              1.25           5.73
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                    (13.62)     (11.80)        53,004            1.46***           1.30***        6.12***
2008                                        (3.07)       2.79         61,476            1.29              1.27           5.70
2007                                         9.15        5.42         62,325            1.26              1.26           5.44
2006                                         1.84         .83         61,826            1.24              1.24           5.30
2005                                        18.17       11.60         64,324            1.24              1.24           5.40
2004                                        (8.92)      (2.08)        60,774            1.24              1.24           5.58
================================================================================================================================


                                                            Ratios/Supplemental Data
                                         ------------------------------------------------------------
                                                  Ratios to Average Net Assets
                                                  Applicable to Common Shares
                                                   After Credit/Reimbursement**
                                         ----------------------------------------------
                                              Expenses          Expenses             Net    Portfolio
                                             Including         Excluding      Investment     Turnover
                                              Interest++(a)     Interest++(a)     Income++       Rate

                                                                                       
------------------------------------------------------------------------------------------------------
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                           1.17***           1.02%***       6.57%***        --%
2008                                               .98               .95           6.17            23
2007                                               .85               .85           6.06            12
2006                                               .83               .83           5.97            11
2005                                               .82               .82           5.98            12
2004                                               .80               .80           6.18            10
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
-----------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                           1.11***            .95***        6.48***         --
2008                                               .86               .84           6.13            24
2007                                               .76               .76           5.94            15
2006                                               .74               .74           5.80             9
2005                                               .76               .76           5.89             9
2004                                               .74               .74           6.08            14
======================================================================================================


                                            Preferred Shares at End of Period
                                          --------------------------------------
                                            Aggregate   Liquidation
                                               Amount    and Market       Asset
                                          Outstanding         Value    Coverage
                                                (000)     Per Share   Per Share
--------------------------------------------------------------------------------
CONNECTICUT DIVIDEND ADVANTAGE 2 (NGK)
--------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                   $    17,500   $    25,000   $  67,742
2008                                           17,500        25,000      73,840
2007                                           17,500        25,000      74,094
2006                                           17,500        25,000      74,074
2005                                           17,500        25,000      76,579
2004                                           17,500        25,000      74,495
CONNECTICUT DIVIDEND ADVANTAGE 3 (NGO)
--------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                        32,000        25,000      66,410
2008                                           32,000        25,000      73,028
2007                                           32,000        25,000      73,691
2006                                           32,000        25,000      73,302
2005                                           32,000        25,000      75,253
2004                                           32,000        25,000      72,480
================================================================================

*     Total Return on Market Value is the  combination  of changes in the market
      price  per  share  and  the  effect  of  reinvested  dividend  income  and
      reinvested capital gains distributions,  if any, at the average price paid
      per share at the time of reinvestment.  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 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.

**    After custodian fee credit and expense reimbursement, where applicable.

***   Annualized.

+     The amounts shown are based on Common share equivalents.

++    Ratios  do not  reflect  the  effect of  dividend  payments  to  Preferred
      shareholders;  income ratios reflect income earned on assets  attributable
      to Preferred shares.

(a)   Interest  expense  arises from the  application of SFAS No. 140 to certain
      inverse floating rate transactions  entered into by the Fund as more fully
      described in Footnote 1 - Inverse Floating Rate Securities.

(b)   For the six months ended November 30, 2008.

                                 See accompanying notes to financial statements.

                                  80-81 spread



| Financial HIGHLIGHTS (continued) (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/       Preferred       Preferred
                                         Net Asset   Investment    Unrealized           Share-          Share-
                                             Value       Income   Gain (Loss)         holders+        holders+      Total
--------------------------------------------------------------------------------------------------------------------------
                                                                                                
MASSACHUSETTS PREMIUM INCOME (NMT)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                  $   14.22   $      .45   $     (2.33)  $        (.13)  $          --     $ (2.01)
2008                                         14.56          .88          (.32)           (.25)           (.01)        .30
2007                                         14.45          .88           .13            (.23)             --***      .78
2006                                         15.10          .88          (.50)           (.18)             --         .20
2005                                         14.34          .91           .81            (.08)             --        1.64
2004                                         15.30          .94          (.97)           (.05)             --        (.08)
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                      14.36          .48         (2.25)           (.14)             --       (1.91)
2008                                         14.84          .94          (.45)           (.26)           (.01)        .22
2007                                         14.83          .93           .08            (.25)             --         .76
2006                                         15.65          .95          (.54)           (.17)           (.02)        .22
2005                                         14.84          .97           .95            (.08)             --        1.84
2004                                         16.00         1.00         (1.11)           (.04)           (.01)       (.16)
==========================================================================================================================



                                                   Less Distributions
                                           --------------------------------

                                                  Net                             Offering
                                           Investment    Capital                 Costs and      Ending
                                            Income to   Gains to                 Preferred      Common
                                               Common     Common                     Share       Share    Ending
                                                Share-     Share-             Underwriting   Net Asset    Market
                                              holders    holders      Total      Discounts       Value     Value
----------------------------------------------------------------------------------------------------------------
                                                                                       
MASSACHUSETTS PREMIUM INCOME (NMT)
----------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                    $     (.32)  $     --     $ (.32)  $         --   $   11.89   $ 10.00
2008                                             (.62)      (.02)      (.64)            --       14.22     13.61
2007                                             (.67)        --***    (.67)            --       14.56     14.33
2006                                             (.81)      (.04)      (.85)            --       14.45     14.35
2005                                             (.88)        --       (.88)            --       15.10     16.14
2004                                             (.88)        --       (.88)            --       14.34     14.35
----------------------------------------------------------------------------------------------------------------
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
----------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                          (.34)        --       (.34)            --       12.11     11.09
2008                                             (.68)      (.02)      (.70)            --       14.36     14.61
2007                                             (.75)        --       (.75)            --       14.84     16.28
2006                                             (.85)      (.19)     (1.04)            --       14.83     15.53
2005                                             (.92)      (.11)     (1.03)            --       15.65     17.45
2004                                             (.92)      (.08)     (1.00)            --       14.84     14.88
================================================================================================================




                                                                                        Ratios/Supplemental Data
                                                                   ----------------------------------------------------------------
                                                                                           Ratios to Average Net Assets
                                                                                            Applicable to Common Shares
                                            Total Returns                                   Before Credit/Reimbursement
                                    ------------------------------                 ------------------------------------------------
                                                                       Ending Net
                                                         Based on          Assets
                                                           Common      Applicable       Expenses         Expenses            Net
                                         Based on       Share Net       to Common      Including        Excluding      Investment
                                     Market Value*    Asset Value*   Shares (000)       Interest++(a)    Interest++(a)     Income++
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
MASSACHUSETTS PREMIUM INCOME (NMT)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                    (24.50)%        (14.34)%  $     56,640           1.46****      1.31%****       6.72%****
2008                                         (.48)           2.08          67,720           1.26          1.26            6.09
2007                                         4.60            5.47          69,323           1.24          1.24            5.97
2006                                        (6.14)           1.41          68,776           1.25          1.25            5.98
2005                                        18.97           11.74          71,648           1.24          1.24            6.15
2004                                        (9.51)           (.51)         67,806           1.24          1.24            6.37
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                    (22.05)         (13.45)         23,746           1.58****      1.43****        6.89****
2008                                        (5.73)           1.55          28,135           1.32          1.32            6.11
2007                                        10.04            5.14          29,072           1.33          1.33            5.84
2006                                        (5.23)           1.49          29,004           1.29          1.29            5.79
2005                                        24.96           12.76          30,539           1.31          1.31            5.83
2004                                        (3.74)          (1.03)         28,904           1.27          1.27            6.05
===================================================================================================================================


                                                                              Ratios/Supplemental Data
                                                        ---------------------------------------------------------------------
                                                                  Ratios to Average Net Assets
                                                                   Applicable to Common Shares
                                                                   After Credit/Reimbursement**
                                                        --------------------------------------------------
                                                           Expenses           Expenses                 Net         Portfolio
                                                          Including          Excluding          Investment          Turnover
                                                           Interest++(a)      Interest++(a)         Income++            Rate
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                              
MASSACHUSETTS PREMIUM INCOME (NMT)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:                                               1.43****           1.29%****           6.75%****            1%
2009(b)                                                        1.24               1.24                6.11                14
2008                                                           1.23               1.23                5.98                 9
2007                                                           1.24               1.24                6.00                13
2006                                                           1.24               1.24                6.16                18
2005                                                           1.23               1.23                6.38                22
2004
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                                        1.33****           1.18****            7.14****             1
2008                                                           1.02               1.02                6.42                15
2007                                                            .95                .95                6.21                 9
2006                                                            .83                .83                6.24                13
2005                                                            .86                .86                6.28                12
2004                                                            .81                .81                6.51                26
=============================================================================================================================


                                            Preferred Shares at End of Period
                                          -------------------------------------
                                            Aggregate   Liquidation
                                               Amount    and Market       Asset
                                          Outstanding         Value    Coverage
                                                (000)     Per Share   Per Share
-------------------------------------------------------------------------------
MASSACHUSETTS PREMIUM INCOME (NMT)
-------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                   $    34,000   $    25,000   $  66,647
2008                                           34,000        25,000      74,794
2007                                           34,000        25,000      75,973
2006                                           34,000        25,000      75,571
2005                                           34,000        25,000      77,682
2004                                           34,000        25,000      74,857
MASSACHUSETTS DIVIDEND ADVANTAGE (NMB)
-------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                        15,000        25,000      64,577
2008                                           15,000        25,000      71,892
2007                                           15,000        25,000      73,453
2006                                           15,000        25,000      73,340
2005                                           15,000        25,000      75,899
2004                                           15,000        25,000      73,173
===============================================================================





*     Total Return on Market Value is the  combination  of changes in the market
      price  per  share  and  the  effect  of  reinvested  dividend  income  and
      reinvested capital gains distributions,  if any, at the average price paid
      per share at the time of reinvestment.  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 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.

**    After custodian fee credit and expense reimbursement, where applicable.

***   Rounds to less than $.01 per share.

****  Annualized.

+     The amounts shown are based on Common share equivalents.

++    Ratios  do not  reflect  the  effect of  dividend  payments  to  Preferred
      shareholders;  income ratios reflect income earned on assets  attributable
      to Preferred shares.

(a)   Interest  expense  arises from the  application of SFAS No. 140 to certain
      inverse floating rate transactions  entered into by the Fund as more fully
      described in Footnote 1 - Inverse  Floating Rate  Securities.

(b)   For the six months ended November 30, 2008.

                                 See accompanying notes to financial statements.

                                  82-83 spread



Financial
HIGHLIGHTS (continued) (Unaudited)

Selected data for a Common share outstanding throughout each period:



                                                                               Investment Operations
                                                ----------------------------------------------------------------------------
                                                                                 Distribution      Distributio
                                                                                     from Net             from
                                Beginning                                          Investment          Capital
                                   Common                             Net           Income to         Gains to
                                    Share              Net      Realized/           Preferred        Preferred
                                Net Asset       Investment     Unrealized              Share-           Share-
                                    Value           Income     Gain (Loss)            holders+         holders+       Total
----------------------------------------------------------------------------------------------------------------------------
                                                                                                 
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                         $   14.28       $      .46     $    (1.82)       $       (.14)     $        --     $  (1.50)
2008                                14.50              .90           (.21)               (.26)              --          .43
2007                                14.39              .90            .08                (.25)              --          .73
2006                                14.93              .90           (.53)               (.20)              --          .17
2005                                14.04              .92            .90                (.09)              --         1.73
2004                                15.25              .94          (1.22)               (.06)              --         (.34)
MISSOURI PREMIUM INCOME (NOM)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                             13.52              .44          (2.09)               (.13)              --        (1.78)
2008                                14.27              .89           (.62)               (.20)            (.04)         .03
2007                                14.40              .90           (.08)               (.23)              --***       .59
2006                                15.11              .92           (.51)               (.17)            (.01)         .23
2005                                14.37              .94            .77                (.09)              --         1.62
2004                                15.40              .96          (1.05)               (.06)              --         (.15)
============================================================================================================================


                                             Less Distributions
                               -------------------------------------------
                                      Net                                              Offering
                               Investment            Capital                           Costs and             Ending
                                Income to           Gains to                           Preferred             Common
                                   Common             Common                               Share              Share          Ending
                                   Share-             Share-                        Underwriting          Net Asset          Market
                                  holders            holders         Total             Discounts              Value           Value
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                          
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                        $     (.33)          $     --        $ (.33)        $          --          $   12.45         $ 11.59
2008                                 (.65)                --          (.65)                   --              14.28           14.14
2007                                 (.62)                --          (.62)                   --              14.50           14.45
2006                                 (.71)                --          (.71)                   --              14.39           13.43
2005                                 (.84)                --          (.84)                   --              14.93           15.94
2004                                 (.86)              (.01)         (.87)                   --              14.04           13.90
-----------------------------------------------------------------------------------------------------------------------------------
MISSOURI PREMIUM INCOME (NOM)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                              (.33)                --          (.33)                   --              11.41           11.00
2008                                 (.65)              (.13)         (.78)                   --              13.52           14.76
2007                                 (.72)                            (.72)                   --              14.27           16.56
2006                                 (.84)              (.10)         (.94)                   --              14.40           16.35
2005                                 (.88)                --          (.88)                   --              15.11           17.90
2004                                 (.88)                --          (.88)                   --              14.37           15.15
===================================================================================================================================


                                                                                   Ratios/Supplemental Data
                                                             --------------------------------------------------------------------

                                                                                          Ratios to Average Net Assets
                                                                                          Applicable to Common Shares
                                        Total Returns                                     Before Credit/Reimbursement
                                   ---------------------                    -----------------------------------------------------

                                                   Based           Ending
                                                      on              Net
                                     Based        Common           Assets
                                        on     Share Net       Applicable        Expenses            Expenses              Net
                                    Market         Asset        to Common       Including           Excluding       Investment
                                     Value*        Value*    Shares (000)        Interest++(a)       Interest++(a)      Income++
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                             (15.94)%      (10.62)%   $     33,910            1.54****         1.38%****         6.41%****
2008                                  2.49          3.04           38,873            1.29             1.29%             5.82
2007                                 12.49          5.12           39,458            1.28             1.28              5.67
2006                                (11.62)         1.20           39,179            1.29             1.29              5.66
2005                                 20.95         12.62           40,611            1.27             1.27              5.83
2004                                 (6.83)        (2.18)          38,121            1.28             1.28              5.94
MISSOURI PREMIUM INCOME (NOM)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                             (23.50)       (13.36)          26,328            1.57****         1.38****           6.91****
2008                                 (5.74)          .26           31,170            1.52             1.31               6.43
2007                                  5.98          4.17           32,826            1.39             1.30               6.15
2006                                 (3.53)         1.57           32,934            1.29             1.29               6.20
2005                                 24.38         11.54           34,219            1.29             1.29               6.29
2004                                 (5.35)        (1.00)          32,231            1.27             1.27               6.44
=================================================================================================================================


                                                                         Ratios/Supplemental Data
                                                    -----------------------------------------------------------------
                                                                Ratios to Average Net Assets
                                                                Applicable to Common Shares
                                                                After Credit/Reimbursement**
                                                    --------------------------------------------------
                                                         Expenses           Expenses               Net      Portfolio
                                                        Including           Excluding       Investment       Turnover
                                                         Interest++(a)       Interest++(a)      Income++         Rate
----------------------------------------------------------------------------------------------------------------------
                                                                                                       
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
----------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                                      1.16****            1.01%****        6.79%****        --%
2008                                                          .84                 .84             6.26             13
2007                                                          .77                 .77             6.17              6
2006                                                          .79                 .79             6.16              5
2005                                                          .79                 .79             6.31              2
2004                                                          .75                 .75             6.46             97
MISSOURI PREMIUM INCOME (NOM)
----------------------------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                                      1.54****            1.35****         6.94****          1
2008                                                         1.51                1.30             6.44              5
2007                                                         1.37                1.27             6.18             16
2006                                                         1.27                1.27             6.22              9
2005                                                         1.28                1.28             6.30             17
2004                                                         1.26                1.26             6.45             24
======================================================================================================================




                                                     Preferred Shares at End of Period
                                          --------------------------------------------------------
                                            Aggregate           Liquidation
                                               Amount            and Market                  Asset
                                          Outstanding                 Value               Coverage
                                                (000)             Per Share              Per Share
--------------------------------------------------------------------------------------------------
                                                                                
INSURED MASSACHUSETTS TAX-FREE ADVANTAGE (NGX)
--------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                   $    20,500           $    25,000              $  66,354
2008                                           20,500                25,000                 72,407
2007                                           20,500                25,000                 73,120
2006                                           20,500                25,000                 72,779
2005                                           20,500                25,000                 74,526
2004                                           20,500                25,000                 71,489
--------------------------------------------------------------------------------------------------
MISSOURI PREMIUM INCOME (NOM)
--------------------------------------------------------------------------------------------------
Year Ended 5/31:
2009(b)                                        16,000                25,000                 66,137
2008                                           16,000                25,000                 73,703
2007                                           16,000                25,000                 76,291
2006                                           16,000                25,000                 76,460
2005                                           16,000                25,000                 78,468
2004                                           16,000                25,000                 75,360
==================================================================================================





*     Total Return on Market Value is the  combination  of changes in the market
      price  per  share  and  the  effect  of  reinvested  dividend  income  and
      reinvested capital gains distributions,  if any, at the average price paid
      per share at the time of reinvestment.  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 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.

**    After custodian fee credit and expense reimbursement, where applicable.

***   Rounds to less than $.01 per share.

****  Annualized.

+     The amounts shown are based on Common share equivalents.

++    Ratios  do not  reflect  the  effect of  dividend  payments  to  Preferred
      shareholders;  income ratios reflect income earned on assets  attributable
      to Preferred shares.

(a)   Interest  expense  arises from the  application of SFAS No. 140 to certain
      inverse floating rate transactions  entered into by the Fund as more fully
      described in Footnote 1 - Inverse Floating Rate Securities.

(b)   For the six months ended November 30, 2008.

                                 See accompanying notes to financial statements.

                                  84-85 spread



      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 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.

 86



      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.

                                                                              87



NOTES

88



NOTES

                                                                              89



      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  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.

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 common  share is  calculated  by
      subtracting the  liabilities of the Fund  (including any Preferred  shares
      issued in order to  leverage  the Fund)  from its  total  assets  and then
      dividing the  remainder by the number of common shares  outstanding.  Fund
      NAVs are calculated at the end of each business day.

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.

90



Other Useful INFORMATION

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, 2008, 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   Securities   and  Exchange   Commission  the
certification  of its  Chief  Executive  Officer  and  Chief  Financial  Officer
required by Section 302 of the Sarbanes-Oxley Act.

BOARD OF 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

Each Fund  intends  to  repurchase  and/or  redeem  shares of its own  common or
auction rate preferred  stock in the future at such times and in such amounts as
is deemed  advisable.  No shares were  repurchased or redeemed during the period
covered  by this  report.  Any future  repurchases  and/or  redemptions  will be
reported to shareholders in the next annual or semi-annual report.

                                                                              91



Nuveen Investments:
SERVING INVESTORS FOR GENERATIONS

Since  1898,  financial  advisors  and  their  clients  have  relied  on  Nuveen
Investments to provide dependable  investment  solutions.  For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this  tradition,  we today offer a range of high quality  equity and
fixed-income  solutions that are integral to a well-diversified  core portfolio.
Our clients have come to  appreciate  this  diversity,  as well as our continued
adherence to proven, long-term investing principles.

We offer many different investing solutions for our clients' different needs.

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.  Nuveen  Investments
markets  its  growing  range  of  specialized  investment  solutions  under  the
high-quality  brands of  HydePark,  NWQ,  Nuveen,  Rittenhouse,  Santa  Barbara,
Symphony and Tradewinds. In total, the Company managed $134 billion of assets on
September 30, 2008.

Find out how we can help you reach your financial goals.

To learn more about the products and services Nuveen Investments offers, talk to
your  financial  advisor,  or  call  us  at  (800)  257-8787.  Please  read  the
information   provided  carefully  before  you  invest.  Be  sure  to  obtain  a
prospectus, where applicable. Investors should consider the investment objective
and policies,  risk  considerations,  charges and expenses of the Fund carefully
before investing. The prospectus contains this and other information relevant to
an investment  in the Fund.  For a prospectus,  please  contact your  securities
representative  or Nuveen  Investments,  333 W. Wacker Dr.,  Chicago,  IL 60606.
Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at:                     www.nuveen.com/etf

                                                      Share prices Fund details
                                                      Daily financial news
                                                      Investor education
                                                      Interactive planning tools

ESA-B-1108D



ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

See Portfolio of Investments in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this filing.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

     (a)  The registrant's principal executive and principal financial officers,
          or persons performing similar functions, have concluded that the
          registrant's disclosure controls and procedures (as defined in Rule
          30a-3(c) under the Investment Company Act of 1940, as amended (the
          "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
          90 days of the filing date of this report that includes the disclosure
          required by this paragraph, based on their evaluation of the controls
          and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
          270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
          Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
          240.13a-15(b) or 240.15d-15(b)).

     (b)  There were no changes in the registrant's internal control over
          financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
          (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
          of the period covered by this report that has materially affected, or
          is reasonably likely to materially affect, the registrant's internal
          control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.

(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: 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 Massachusetts Premium Income Municipal Fund
            -----------------------------------------------------------

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

Date: February 6, 2009
    -------------------------------------------------------------------

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

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

Date: February 6, 2009
    -------------------------------------------------------------------

By (Signature and Title)  /s/ Stephen D. Foy
                         ----------------------------------------------
                          Stephen D. Foy
                          Vice President and Controller
                          (principal financial officer)

Date: February 6, 2009
    -------------------------------------------------------------------