Edgar Filing: NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND

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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 811-7616

Nuveen Missouri 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, 2011

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.

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Leverage and Other Information	12
Common Share Dividend and Share Price Information	15
Performance Overviews	16
Shareholder Meeting Report	24
Portfolios of Investments	25
Statement of Assets and Liabilities	62
Statement of Operations	64
Statement of Changes in Net Assets	66
Statement of Cash Flows	69
Financial Highlights	71
Notes to Financial Statements	83
Reinvest Automatically, Easily and Conveniently	97
Glossary of Terms Used in this Report	99
Additional Fund Information	103

Chairman’s

Letter to Shareholders

Dear Shareholders,

These are perplexing times for investors. The global economy continues to struggle. The solutions being implemented in the eurozone to deal with the debt crises of many of its member countries are not yet seen as sufficient by the financial markets. The political paralysis in the U.S. has prevented the compromises necessary to deal with the fiscal imbalance and government spending priorities. The efforts by individual consumers, governments and financial institutions to reduce their debts are increasing savings but reducing demand for the goods and services that drive employment. These developments are undermining the rebuilding of confidence by consumers, corporations and investors that is so essential to a resumption of economic growth.

Although it is painfully slow, progress is being made. In Europe, the turnover of a number of national governments reflects the realization by politicians and voters alike that leaders who practiced business as usual had to be replaced by leaders willing to face problems and accept the hard choices needed to resolve them. The recent coordinated efforts by central banks in the U.S. and Europe to provide liquidity to the largest European banks indicates that these monetary authorities are committed to facilitating a recovery in the European banking sector.

In the U.S., the failure of the congressionally appointed Debt Reduction Committee was a blow to those who hoped for a bipartisan effort to finally begin addressing the looming fiscal crisis. Nevertheless, Congress and the administration cannot ignore the issue for long. The Bush era tax cuts are scheduled to expire on December 31, 2012, and six months later the $1.2 trillion of mandatory across-the-board spending cuts under the Budget Control Act of 2011 begin to go into effect. Any legislative modification would require bipartisan support and the prospects for a bipartisan solution are unclear. The impact of these two developments would be a mixed blessing: a meaningful reduction in the annual budget deficit at the cost of slowing the economic recovery.

It is in these particularly volatile markets that professional investment management is most important. Skillful investment teams who have experienced challenging markets and remain committed to their investment disciplines are critical to the success of an investor’s long-term objectives. In fact, many long-term investment track records are built during challenging markets when managers are able to protect investors against these economic crosscurrents. Experienced investment teams know that volatile markets put a premium on companies and investment ideas that will weather the short-term volatility and that compelling values and opportunities are opened up when markets overreact to negative developments. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board

January 20, 2012

Nuveen Investments

Portfolio Managers’ Comments

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)

Portfolio managers Michael Hamilton and Chris Drahn, CFA discuss key investment strategies and the six-month performance of these eight Nuveen Funds. With 23 years of investment experience, Michael assumed portfolio management responsibility for the Connecticut and Massachusetts Funds in January 2011. Chris, who has 32 years of financial industry experience, took on portfolio management responsibility for NOM in January 2011.

What key strategies were used to manage these Funds during the six-month reporting period ended November 30, 2011?

During this reporting period, municipal bond prices generally rallied as yields declined across the municipal curve. The decline in yields was attributable in part to the continued depressed levels of municipal bond issuance. Tax-exempt volume, which had been limited in 2010 by issuers’ extensive use of taxable Build America Bonds (BABs), generally continued to drift lower in 2011. For the six months ended November 30, 2011, national municipal issuance was down 17% compared with the same period in 2010, while issuance declined 14% in Massachusetts and 10% in Missouri during the same period. In Connecticut, municipal issuance rose by just 2% during this period.

In addition, finding appropriate insured municipal bonds, especially new insured issues, remained a challenge for the Funds with an insured mandate, such as NGX, due to the continued severe decline in insured issuance. Over the past few years, most municipal bond insurers had their credit ratings downgraded, and only one insurer currently insures new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically. Through November 30, 2011, issuance of new insured paper in 2011 accounted for just 5% of total municipal issuance, down 46% from the eleven months ended November 2010. Even though NGX may now invest up to 20% of its net assets in uninsured investment-grade credits rated BBB- or higher, the combination of tight municipal supply, little insured issuance, and relatively lower yields meant few attractive opportunities for this Fund during this period.

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.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

Nuveen Investments

Despite the constrained issuance of tax-exempt municipal bonds and relatively lower yields, we continued to take a bottom-up approach to discovering what we thought were undervalued sectors and individual credits with the potential to perform well over the long term. During this period, the Connecticut Funds took advantage of attractive opportunities to add to their holdings in the health care sector, purchasing a variety of names across all four Funds, including bonds issued for Sacred Heart Hospital, Lawrence Memorial Hospital, and hospitals in Danbury, Middlesex and Hartford. In the Massachusetts Funds, we found value in several sectors, including general obligation credits, student loan bonds, higher education issues, sales tax revenue bonds, as well as health care credits in NMB. NOM added utilities and continuing care retirement community credits, higher education bonds (e.g., Washington University, Webster University), and health care credits, including St. Luke Episcopal Hospital in St. Louis and Capital Region Medical Center in Jefferson City. When state paper was scarce, the Connecticut Funds and NOM took advantage of their ability to invest a portion of their net assets in buying tax-exempt territorial bonds, including Puerto Rico sales tax bonds in NOM, to keep the Funds invested.

Our focus in these Funds generally was on purchasing bonds with intermediate and longer maturities in order to keep the Funds’ durations within their targeted objectives to help maintain their yield curve positioning. The purchase of longer bonds also enabled us to take advantage of more attractive yields at the longer end of the municipal yield curve. From a quality perspective, the Connecticut and Massachusetts Funds emphasized lower-rated credits, while NOM’s purchases were diversified across the credit quality categories, with the majority rated A. Because the issuance of new municipal supply continued to be limited, we monitored the secondary, as well as the primary, market for attractive opportunities.

Cash for new purchases was generated primarily by the proceeds from bond calls and maturing bonds. The elevated number of bond calls provided a meaningful source of liquidity, which drove much of our activity during this period as we worked to redeploy the proceeds to keep the Funds fully invested. The Connecticut Funds and NOM also sold some bonds with short maturities or short call dates, while the Massachusetts Funds trimmed their positions in bonds rated AAA. Overall, selling was relatively minimal, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.

As of November 30, 2011, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.

Nuveen Investments

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 11/30/11

	6-Month		1-Year		5-Year		10-Year
Connecticut Funds
NTC	5.19	%	6.86	%	4.64	%	5.62	%
NFC	5.53	%	7.25	%	4.84	%	6.06	%
NGK	5.34	%	6.11	%	4.73	%	N/A
NGO	5.17	%	6.97	%	4.42	%	N/A

Standard & Poor’s (S&P) Connecticut Municipal Bond Index**	3.03	%	5.05	%	4.33	%	4.67	%
Standard & Poor’s (S&P) National Municipal Bond Index**	4.35	%	6.50	%	4.40	%	5.08	%
Lipper Other States Municipal Debt Funds Classification Average**	6.67	%	8.40	%	4.70	%	5.72	%

Massachusetts Funds
NMT	6.19	%	8.61	%	4.82	%	5.68	%
NMB	5.71	%	8.12	%	4.18	%	6.01	%

Standard & Poor’s (S&P) Massachusetts Municipal Bond Index**	3.78	%	6.41	%	4.91	%	5.28	%
Standard & Poor’s (S&P) National Municipal Bond Index**	4.35	%	6.50	%	4.40	%	5.08	%
Lipper Other States Municipal Debt Funds Classification Average**	6.67	%	8.40	%	4.70	%	5.72	%

Insured Massachusetts Fund
NGX	3.91	%	6.18	%	4.44	%	N/A

Standard & Poor’s (S&P) Massachusetts Municipal Bond Index**	3.78	%	6.41	%	4.91	%	5.28	%
Standard & Poor’s (S&P) National Insured Municipal Bond Index**	4.85	%	6.95	%	4.42	%	5.15	%
Lipper Single-State Insured Municipal Debt Funds
Classification Average**	6.20	%	8.01	%	4.26	%	5.79	%

Missouri Fund
NOM	7.18	%	9.48	%	4.12	%	5.37	%

Standard & Poor’s (S&P) Missouri Municipal Bond Index**	4.47	%	7.21	%	4.53	%	5.23	%
Standard & Poor’s (S&P) National Municipal Bond Index**	4.35	%	6.50	%	4.40	%	5.08	%
Lipper Other States Municipal Debt Funds Classification Average**	6.67	%	8.40	%	4.70	%	5.72	%

*	Six-month returns are cumulative; all other returns are annualized.

**	For definitions, refer to the Glossary of Terms Used in this Report.

	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.

Nuveen Investments

For the six months ended November 30, 2011, the cumulative returns on common share net asset value (NAV) for all seven of the non-insured Connecticut, Massachusetts and Missouri Funds exceeded the returns for their respective state’s Standard & Poor’s (S&P) Municipal Bond Index as well as the S&P National Municipal Bond Index. NOM also outperformed the average return for the Lipper Other States Municipal Debt Funds Classification Average, while the remaining six non-insured Funds trailed this Lipper average. Shareholders should note that the performance of the Lipper Other States classification represents the overall average of returns for funds from ten different states with a wide variety of municipal market conditions, making direct comparisons less meaningful. For the same period, NGX outperformed the S&P Massachusetts Municipal Bond Index and underperformed the national S&P Insured Municipal Bond Index and the Lipper Single-State Insured Municipal Debt Funds Classification Average.

Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of structural leverage was an important positive factor affecting the Funds’ performance. Leverage is discussed in more detail later in this report.

During this period, municipal bonds with intermediate and longer maturities generally outperformed those with shorter maturities, with bonds at the longest end of the municipal yield curve posting the strongest returns. Duration and yield curve positioning was a net positive contributor to the performance of all of the Funds in this report except NGX. Overall, NOM was advantageously situated in terms of duration and yield curve positioning. NMT and NMB also were overweighted in the outperforming longer end of the curve and underweighted in the underperforming shorter part of the curve. Although the Connecticut Funds tended to be overweighted to the shortest end of the curve that produced the weakest returns, this was more than offset by the Funds’ relative underweighting in medium term bonds and heavy overweighting in bonds with longer maturities. However, NGX was not as well positioned for the environment of this period, with an overweight in the short end of the curve and underexposure to the long end; this was the main component of the Fund’s underperformance for this period. NGX’s positioning was largely the result of the severe decline in new insured municipal issuance, as previously discussed. As the maturities on the insured bonds in NGX’s portfolio shortened, it became very difficult to find new insured bonds with longer maturities to replace them and thereby extend NGX’s duration. Recent changes to NGX’s investment policies as discussed in more detail later in this report.

Nuveen Investments

Credit exposure also played a role in performance during these six months, as lower-rated bonds, especially those rated BBB, generally outperformed higher-quality bonds rated AAA and AA. Overall, credit exposure was positive for NMT, NMB and NOM, all of which were overweighted in bonds rated BBB and underweighted in bonds rated AAA and AA. In the Connecticut Funds, the impact of the Funds’ credit allocations was relatively neutral. In the insured NGX, the Fund’s heavy weighting of AAA and AA bonds and underexposure to bonds rated BBB detracted from its performance for the period.

Holdings that generally made positive contributions to the Funds’ returns during this period included zero coupon bonds and health care, industrial development revenue (IDR), transportation and education credits. All of these Funds (except NGX) were overweighted in health care, especially NFC and NOM, which boosted their performance. The Massachusetts and Connecticut Funds also had heavy weightings in the education sector. In addition, NMT and NMB benefited from their holdings of multi-family housing bonds. NOM, which added to its position in Puerto Rico sales tax bonds during this period, was rewarded as these bonds performed well for the six months.

In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. Among these eight Funds, NGX was heavily overweighted in pre-refunded bonds, while NGK and NGO also had double-digit allocations to pre-refunded bonds, which negatively impacted their performance. In addition, NMB held two health care credits—Northern Berkshire Community Hospital System and Quincy Medical Center—that detracted from the Fund’s performance as the hospitals continued to work through financial issues, including bankruptcy.

APPROVED FUND MERGERS

On August 1, 2011, the Funds’ Board of Trustees approved a series of reorganizations for all the Connecticut funds included in this report. The reorganizations are intended to create a single larger state Fund, which would potentially offer shareholders the following benefits:

•	Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;

•	Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell fund shares;

•	Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and

•	Increased Fund flexibility in managing the structure and cost of leverage over time.

Nuveen Investments

The approved reorganizations are as follows:

Acquired Funds		Acquiring Fund
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC)		Nuveen Connecticut Premium Income Municipal Fund (NTC)
Nuveen Connecticut Dividend Advantage Municipal Fund 2 (NGK)
Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NGO)

A special meeting of shareholders for the purpose of voting on the reorganizations was held on December 19, 2011 and subsequently adjourned to January 31, 2012 because a sufficient number of shareholders did not vote by the original meeting date and in order to allow shareholders more time to cast their votes.

If shareholders approve the reorganizations, and upon the closing of the reorganizations, the Acquired Fund will transfer substantially all of its assets to the Acquiring Fund in exchange for common and preferred shares of the Acquiring Fund, and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund. The Acquired Fund will then be liquidated, dissolved and terminated in accordance with its Declaration of Trust.

If shareholders approve the reorganizations, Acquired Fund shareholders will become shareholders of the Acquiring Fund. Holders of common shares will receive newly issued common shares of the Acquiring Fund, the aggregate net asset value of which will be equal to the aggregate net asset value of the common shares of the Acquired Fund held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares will be sold on the open market and shareholders will receive cash in lieu of such fractional shares. Holders of MTP Shares of each Acquired Fund will receive on a one-for-one basis newly issued MTP Shares of the Acquiring Fund, in exchange for MTP Shares of the Acquired Fund held immediately prior to the reorganization, with such new Acquiring Fund MTP Shares having the same terms as exchanged MTP Shares of the Acquired Fund.

Nuveen Investments

FUND POLICY CHANGES

On October 31, 2011, the Board of Trustees of NGX approved changes to the Fund’s fundamental investment policy regarding its investment in insured municipal securities and recommended submitting the changes to shareholders for approval at its annual shareholder meeting. NGX held its annual meeting December 16, 2011 and the meeting was subsequently adjourned to January 31, 2012.

If shareholders approve the changes, NGX will eliminate the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. The change is designed to provide the Adviser with more flexibility regarding the types of securities available for investment by NGX.

As noted previously, over the past few years most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. NGX is not changing its investment objective. In addition, if shareholders approve the changes, NGX, as a non-fundamental investment policy, will invest at least 80% of its managed assets in municipal securities that pay interest exempt from the federal alternative minimum tax applicable to individuals and will change its name to Nuveen Massachusetts AMT-Free Municipal Income Fund, Inc.

Nuveen Investments

Fund Leverage and

Other Information

IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE

One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.

RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES

Shortly after their respective inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the weekly auctions for those ARPS shares began in February 2008 to consistently fail, causing the Funds to pay the so called “maximum rate” to ARPS shareholders under the terms of the ARPS in the Funds’ charter documents. As of May 31, 2011, the Funds redeemed all of their outstanding ARPS at par and since then have relied upon inverse floating rate securities and MuniFund Term Preferred (MTP) Shares to create effective and structural leverage, respectively.

During 2010 and 2011, certain Nuveen leveraged closed-end funds (excluding all the Funds included in this report) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.

Nuveen Investments

Subsequently, the funds that received demand letters were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also named Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Directors/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contained the same basic allegations contained in the demand letters. The Defendants filed a motion to dismiss the suit and on December 16, 2011, the court granted that motion dismissing the Complaint. The plaintiffs failed to file an appeal of the court’s decision within the required time period, resulting in the final disposition of the suit.

MTP Shares

As of November 30, 2011, the Funds have issued and outstanding MTP Shares, as shown in the accompanying table.


		MTP Shares Issued		Annual		NYSE
Fund	Series	At Liquidation Value		Interest Rate		Ticker
NTC	2015	$	18,300,000	2.65	%	NTC Pr C
NTC	2016	$	17,780,000	2.55	%	NTC Pr D
NFC	2015	$	20,470,000	2.60	%	NFC Pr C
NGK	2015	$	16,950,000	2.60	%	NGK Pr C
NGO	2015	$	32,000,000	2.65	%	NGO Pr C
NMT	2015	$	20,210,000	2.65	%	NMT Pr C
NMT	2016	$	16,435,000	2.75	%	NMT Pr D
NMB	2015	$	14,725,000	2.60	%	NMB Pr C
NGX	2015	$	22,075,000	2.65	%	NGX Pr C
NOM	2015	$	17,880,000	2.10	%	NOM Pr C

(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares.)

As of October 5, 2011, all 84 of the Nuveen closed-end municipal funds that had issued ARPS, approximately $11.0 billion, have redeemed at liquidation value all of these shares. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.

Nuveen Investments

RISK CONSIDERATIONS

Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.

Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.

Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.

Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.

Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.

Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.

Inverse Floater Risk. The funds invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the fund could lose more than its original principal investment.

Nuveen Investments

Common Share Dividend and

Share Price Information

DIVIDEND INFORMATION

The monthly dividends of NTC, NMT and NOM remained stable throughout the six-month reporting period ended November 30, 2011, while NFC, NGK, NGO, NMB and NGX each had one reduction in their monthly dividends, effective September 2011.

All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of November 30, 2011, all of the Funds in this report except NMB and NGX had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes. NMB and NGX had positive UNII balances, based upon our best estimate, for tax purposes and negative UNII balances for financial reporting purposes.

COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION

Since the inception of the fund’s repurchase programs, the Funds have not repurchased any of their outstanding common shares.

As of November 30, 2011, the Funds’ common share prices were trading at (+)premiums or (-) discounts to their common share NAVs as shown in the accompanying table.

	11/30/11	6-Month Average
Fund	(+) Premium/(-)Discount	(+) Premium/(-)Discount
NTC	(-) 3.84%	(-) 7.47%
NFC	(+) 0.27%	(-) 3.49%
NGK	(-) 0.20%	(-) 2.41%
NGO	(-) 6.02%	(-) 8.35%
NMT	(-) 5.87%	(-) 5.85%
NMB	(-) 5.64%	(-) 6.15%
NGX	(-) 6.46%	(-) 6.34%
NOM	(+)15.72%	(+)9.29%

Nuveen Investments

NTC		Nuveen Connecticut
Performance		Premium Income
OVERVIEW		Municipal Fund
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	14.04
Common Share Net Asset Value (NAV)	$	14.60
Premium/(Discount) to NAV		-3.84	%
Market Yield		5.04	%
Taxable-Equivalent Yield1		7.37	%
Net Assets Applicable to Common Shares ($000)	$	78,350

Leverage
Structural Leverage	31.53	%
Effective Leverage	35.99	%

Average Annual Total Return
(Inception 5/20/93)
	On Share Price			On NAV
6-Month (Cumulative)		9.33	%		5.19	%
1-Year		9.03	%		6.86	%
5-Year		4.77	%		4.64	%
10-Year		4.13	%		5.62	%

Portfolio Composition3
(as a % of total investments)
Education and Civic Organizations	27.0	%
Health Care	15.8	%
Tax Obligation/General	14.0	%
Tax Obligation/Limited	12.4	%
Water and Sewer	9.5	%
U.S. Guaranteed	6.9	%
Housing/Single Family	6.4	%
Other	8.0	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3	Holdings are subject to change.

Nuveen Investments

NFC		Nuveen Connecticut
Performance		Dividend Advantage
OVERVIEW		Municipal Fund
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	14.90
Common Share Net Asset Value (NAV)	$	14.86
Premium/(Discount) to NAV		0.27	%
Market Yield		4.87	%
Taxable-Equivalent Yield1		7.12	%
Net Assets Applicable to Common Shares ($000)	$	38,418

Leverage
Structural Leverage	34.76	%
Effective Leverage	38.74	%

Average Annual Total Return
(Inception 1/26/01)
	On Share Price			On NAV
6-Month (Cumulative)		10.42	%	5.53	%
1-Year		11.12	%	7.25	%
5-Year		4.43	%	4.84	%
10-Year		4.72	%	6.06	%

Portfolio Composition3
(as a % of total investments)
Education and Civic Organizations	24.5	%
Health Care	20.0	%
Tax Obligation/Limited	17.2	%
Tax Obligation/General	11.7	%
Water and Sewer	10.3	%
Housing/Single Family	5.8	%
Other	10.5	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3	Holdings are subject to change.

Nuveen Investments

NGK		Nuveen Connecticut
Performance		Dividend Advantage
OVERVIEW		Municipal Fund 2
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	14.78
Common Share Net Asset Value (NAV)	$	14.81
Premium/(Discount) to NAV		-0.20	%
Market Yield		5.07	%
Taxable-Equivalent Yield1		7.41	%
Net Assets Applicable to Common Shares ($000)	$	34,367

Leverage
Structural Leverage	33.03	%
Effective Leverage	37.26	%

Average Annual Total Return
(Inception 3/25/02)
	On Share Price			On NAV
6-Month (Cumulative)		8.73	%	5.34	%
1-Year		6.36	%	6.11	%
5-Year		4.41	%	4.73	%
Since Inception		5.50	%	6.05	%

Portfolio Composition3
(as a % of total investments)
Education and Civic Organizations	24.3	%
Health Care	19.8	%
U.S. Guaranteed	11.4	%
Tax Obligation/Limited	10.7	%
Water and Sewer	8.6	%
Tax Obligation/General	7.6	%
Housing/Single Family	5.4	%
Other	12.2	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3	Holdings are subject to change.

Nuveen Investments

NGO		Nuveen Connecticut
Performance		Dividend Advantage
OVERVIEW		Municipal Fund 3
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	13.57
Common Share Net Asset Value (NAV)	$	14.44
Premium/(Discount) to NAV		-6.02	%
Market Yield		5.08	%
Taxable-Equivalent Yield1		7.43	%
Net Assets Applicable to Common Shares ($000)	$	63,072

Leverage
Structural Leverage	33.66	%
Effective Leverage	37.46	%

Average Annual Total Return
(Inception 9/26/02)
	On Share Price			On NAV
6-Month (Cumulative)		8.10	%	5.17	%
1-Year		4.98	%	6.97	%
5-Year		4.30	%	4.42	%
Since Inception		3.98	%	5.06	%

Portfolio Composition3
(as a % of total investments)
Education and Civic Organizations	20.5	%
Health Care	17.7	%
Tax Obligation/Limited	11.7	%
Water and Sewer	11.6	%
U.S. Guaranteed	11.3	%
Tax Obligation/General	8.4	%
Long-Term Care	6.1	%
Housing/Single Family	5.1	%
Other	7.6	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.6%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3	Holdings are subject to change.

Nuveen Investments

NMT		Nuveen Massachusetts
Performance		Premium Income
OVERVIEW		Municipal Fund
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	13.78
Common Share Net Asset Value (NAV)	$	14.64
Premium/(Discount) to NAV		-5.87	%
Market Yield		5.66	%
Taxable-Equivalent Yield1		8.30	%
Net Assets Applicable to Common Shares ($000)	$	69,905

Leverage
Structural Leverage	34.39	%
Effective Leverage	36.45	%

Average Annual Total Return
(Inception 3/18/93)
	On Share Price			On NAV
6-Month (Cumulative)		4.31	%	6.19	%
1-Year		2.15	%	8.61	%
5-Year		4.35	%	4.82	%
10-Year		4.01	%	5.68	%

Portfolio Composition4
(as a % of total investments)
Education and Civic Organizations	22.5	%
Health Care	16.7	%
Tax Obligation/General	14.0	%
U.S. Guaranteed	9.5	%
Transportation	7.6	%
Tax Obligation/Limited	7.6	%
Water and Sewer	7.2	%
Other	14.9	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3	The Fund paid shareholders capital gains distributions in December 2010 of $0.0376 per share.
4	Holdings are subject to change.

Nuveen Investments

NMB		Nuveen Massachusetts
Performance		Dividend Advantage
OVERVIEW		Municipal Fund
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	13.55
Common Share Net Asset Value (NAV)	$	14.36
Premium/(Discount) to NAV		-5.64	%
Market Yield		5.76	%
Taxable-Equivalent Yield1		8.45	%
Net Assets Applicable to Common Shares ($000)	$	28,223

Leverage
Structural Leverage	34.29	%
Effective Leverage	36.62	%

Average Annual Total Return
(Inception 1/30/01)
	On Share Price			On NAV
6-Month (Cumulative)		3.17	%	5.71	%
1-Year		2.07	%	8.12	%
5-Year		2.51	%	4.18	%
10-Year		4.45	%	6.01	%

Portfolio Composition3
(as a % of total investments)
Education and Civic Organizations	30.8	%
Health Care	20.7	%
Tax Obligation/General	10.3	%
Tax Obligation/Limited	7.1	%
Long-Term Care	5.8	%
Water and Sewer	5.6	%
Housing/Multifamily	5.0	%
Other	14.7	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 31.8%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3	Holdings are subject to change.

Nuveen Investments

NGX		Nuveen Insured
Performance		Massachusetts Tax-Free
OVERVIEW		Advantage Municipal Fund
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	13.61
Common Share Net Asset Value (NAV)	$	14.55
Premium/(Discount) to NAV		-6.46	%
Market Yield		5.25	%
Taxable-Equivalent Yield3		7.70	%
Net Assets Applicable to Common Shares ($000)	$	39,679

Leverage
Structural Leverage	35.75	%
Effective Leverage	36.10	%

Average Annual Total Return
(Inception 11/21/02)
	On Share Price			On NAV
6-Month (Cumulative)		2.64	%	3.91	%
1-Year		0.90	%	6.18	%
5-Year		4.86	%	4.44	%
Since Inception		4.01	%	5.37	%

Portfolio Composition5
(as a % of total investments)
U.S. Guaranteed	27.5	%
Education and Civic Organizations	18.2	%
Water and Sewer	12.5	%
Tax Obligation/General	8.4	%
Housing/Multifamily	7.5	%
Health Care	7.2	%
Tax Obligation/Limited	6.9	%
Other	11.8	%

Insurers5
(as a % of total Insured investments)
NPFG4	31.2	%
AMBAC	21.4	%
FGIC	18.4	%
AGM	13.5	%
AGC	9.6	%
SYNCORA GTY	5.9	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Insurance, for more information. At the end of the reporting period, 83% of the Fund’s total investments are invested in Insured Securities.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
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.
4	MBIA’s public finance subsidiary.
5	Holdings are subject to change.

Nuveen Investments

NOM		Nuveen Missouri
Performance		Premium Income
OVERVIEW		Municipal Fund
		as of November 30, 2011

Fund Snapshot
Common Share Price	$	15.90
Common Share Net Asset Value (NAV)	$	13.74
Premium/(Discount) to NAV		15.72	%
Market Yield		4.91	%
Taxable-Equivalent Yield1		7.25	%
Net Assets Applicable to Common Shares ($000)	$	31,905

Leverage
Structural Leverage	35.91	%
Effective Leverage	38.66	%

Average Annual Total Return
(Inception 5/20/93)
	On Share Price			On NAV
6-Month (Cumulative)		17.70	%	7.18	%
1-Year		4.94	%	9.48	%
5-Year		4.09	%	4.12	%
10-Year		5.77	%	5.37	%

Portfolio Composition3
(as a % of total investments)
Health Care	20.7	%
Tax Obligation/Limited	17.9	%
Tax Obligation/General	12.9	%
Transportation	10.3	%
U.S. Guaranteed	8.7	%
Water and Sewer	7.9	%
Long-Term Care	6.4	%
Education and Civic Organizations	5.6	%
Other	9.6	%

	Refer to the Glossary of Terms used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1	Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.3%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2	Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3	Holdings are subject to change.

Nuveen Investments

NMT		Shareholder Meeting Report
NMB
NOM		The annual meeting of shareholders was held in the offices of Nuveen Investments on November 15, 2011; at this meeting the shareholders were asked to vote on the election of Board Members, the elimination of Fundamental Investment Policies and the approval of new Fundamental Investment Policies. The meeting for NMT, NMB and NOM was subsequently adjourned to December 16, 2011. NMT and NOM were additionally adjourned to January 31, 2012.

	NMT		NMB		NOM
	Common and		Common and		Common and
	Preferred	Preferred	Preferred	Preferred	Preferred	Preferred
	shares voting	shares voting	shares voting	shares voting	shares voting	shares voting
	together	together	together	together	together	together
	as a class	as a class	as a class	as a class	as a class	as a class
To approve the new fundamental policy regarding the ability to make loans by each Affected Municipal Fund in order to update and conform such Funds’ policies with other Nuveen closed-end municipal funds.
For	2,355,923	699,872	1,158,346	498,138	1,305,831	401,868
Against	169,691	93,459	36,825	10,394	101,031	29,738
Abstain	105,983	29,523	47,866	2,500	30,520	5,500
Broker Non-Votes	3,286,788	1,519,896	1,291,089	445,368	1,223,068	651,364
Total	5,918,385	2,342,750	2,534,126	956,400	2,660,450	1,088,470

To approve the new fundamental policy relating to municipal securities and below investment grade securities, derivatives and short sales and other investment companies.
For	2,354,057	699,872	1,152,206	498,138	1,291,946	392,068
Against	168,893	93,459	40,965	10,394	106,423	29,738
Abstain	108,647	29,523	49,866	2,500	39,013	15,300
Broker Non-Votes	3,286,788	1,519,896	1,291,089	445,368	1,223,068	651,364
Total	5,918,385	2,342,750	2,534,126	956,400	2,660,450	1,088,470

Approval of the Board Members was reached as follows:
John P. Amboian
For	5,779,227	—	2,503,044	—	2,583,014	—
Withhold	139,158	—	31,082	—	77,437	—
Total	5,918,385	—	2,534,126	—	2,660,451	—
David J. Kundert
For	5,772,727	—	2,503,044	—	2,570,974	—
Withhold	145,658	—	31,082	—	89,477	—
Total	5,918,385	—	2,534,126	—	2,660,451	—
Terence J. Toth
For	5,777,727	—	2,503,044	—	2,583,014	—
Withhold	140,658	—	31,082	—	77,437	—
Total	5,918,385	—	2,534,126	—	2,660,451	—
William C. Hunter
For	—	2,284,800	—	951,200	—	1,070,832
Withhold	—	57,950	—	5,200	—	17,638
Total	—	2,342,750	—	956,400	—	1,088,470
William J. Schneider
For	—	2,279,800	—	951,200	—	1,070,832
Withhold	—	62,950	—	5,200	—	17,638
Total	—	2,342,750	—	956,400	—	1,088,470

Nuveen Investments

		Nuveen Connecticut Premium Income Municipal Fund
NTC		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 1.5% (1.0% of Total Investments)
$	1,275	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	$	1,193,349
		Education and Civic Organizations – 41.6% (27.0% of Total Investments)
	575	Connecticut Health and Education Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41	7/21 at 100.00	A2		598,753
	925	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Brunswick School, Series 2003B, 5.000%, 7/01/33 – NPFG Insured	7/13 at 100.00	Baa1		932,742
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 – RAAI Insured	7/16 at 100.00	N/R		465,225
	305	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27 – RAAI Insured	7/17 at 100.00	N/R		299,803
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O, 5.000%, 7/01/40	7/20 at 100.00	A–		1,035,610
	750	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Horace Bushnell Memorial Hall, Series 1999A, 5.625%, 7/01/29 – NPFG Insured	1/12 at 100.00	Baa1		750,353
	800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/19 – AMBAC Insured	No Opt. Call	A2		951,816
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2006H, 5.000%, 7/01/36 – AMBAC Insured	7/16 at 100.00	A–		1,018,190
	1,595	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 – NPFG Insured	7/17 at 100.00	A–		1,685,947
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
	170	5.000%, 7/01/30 – AMBAC Insured	7/17 at 100.00	N/R		172,683
	270	5.000%, 7/01/37 – AMBAC Insured	7/17 at 100.00	N/R		266,722
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G:
	250	5.125%, 7/01/26	7/21 at 100.00	BBB		254,923
	1,000	5.625%, 7/01/41	7/21 at 100.00	BBB		1,040,520
	560	Connecticut Health and Educational Facilities Authority, Revenue Bonds, The Loomis Chaffee School Issue, Series 2011-I, 5.000%, 7/01/23 – AGM Insured	7/21 at 100.00	Aa3		621,869
	1,375	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2004H, 5.000%, 7/01/21 – NPFG Insured	7/14 at 100.00	A+		1,490,761
	2,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2002E, 5.250%, 7/01/32 – RAAI Insured	7/12 at 101.00	BBB–		1,948,350
	1,050	Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G, 5.250%, 7/01/36 – RAAI Insured	7/16 at 100.00	BBB–		991,841
	800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/35	7/20 at 100.00	AA		850,744
	1,500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42 (UB)	7/13 at 100.00	AAA		1,538,625
	3,550	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42 (UB)	7/16 at 100.00	AAA		3,731,441
	6,150	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42 (UB) (4)	7/17 at 100.00	AAA		6,595,814
	245	Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan Program, Series 1999A, 6.000%, 11/15/18 – AMBAC Insured(Alternative Minimum Tax)	5/12 at 100.00	AAA		245,515
	1,000	University of Connecticut, General Obligation Bonds, Series 2004A, 5.000%, 1/15/18 – NPFG Insured	1/14 at 100.00	AA		1,068,830
	1,220	University of Connecticut, General Obligation Bonds, Series 2005A, 5.000%, 2/15/17 – AGM Insured	2/15 at 100.00	AA		1,367,962

Nuveen Investments

		Nuveen Connecticut Premium Income Municipal Fund (continued)
NTC		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Education and Civic Organizations (continued)
$	685	University of Connecticut, General Obligation Bonds, Series 2006A, 5.000%, 2/15/23 – FGIC Insured	2/16 at 100.00	AA	$	747,136
	535	University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28	2/20 at 100.00	AA		593,609
	225	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27	11/19 at 100.00	Aa2		250,328
	1,000	University of Connecticut, Student Fee Revenue Refunding Bonds, Series 2002A, 5.250%, 11/15/19 – FGIC Insured	11/12 at 101.00	Aa2		1,052,050
	31,035	Total Education and Civic Organizations				32,568,162
		Health Care – 24.3% (15.8% 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	N/R		495,935
	700	5.500%, 7/01/32 – RAAI Insured	7/12 at 101.00	N/R		658,896
	645	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A, 6.000%, 7/01/25 – RAAI Insured	1/12 at 100.00	N/R		645,174
		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	N/R		809,120
	500	5.000%, 7/01/23 – RAAI Insured	7/15 at 100.00	N/R		493,495
	1,800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41	7/21 at 100.00	A		1,801,962
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C:
	385	5.250%, 7/01/32 – RAAI Insured	7/17 at 100.00	BBB–		364,811
	150	5.250%, 7/01/37 – RAAI Insured	7/17 at 100.00	BBB–		138,033
	550	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36	7/21 at 100.00	A+		556,034
	2,620	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%, 7/01/32 – AGM Insured	7/16 at 100.00	Aa3		2,656,837
	605	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N, 5.000%, 7/01/25	7/21 at 100.00	A2		630,235
	400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30	7/20 at 10.00	A		407,956
	1,250	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41	7/21 at 100.00	A		1,298,325
	1,250	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29	7/21 at 100.00	A		1,272,338
	1,395	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured	7/16 at 100.00	Aa3		1,444,885
	425	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40	7/20 at 100.00	Aa3		453,883
	1,240	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40	11/19 at 100.00	AA+		1,278,130
	350	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Catholic Health East Series 2010, 4.750%, 11/15/29	11/20 at 100.00	A		357,291
	3,050	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40	2/21 at 100.00	Aa2		3,295,556
	18,615	Total Health Care				19,058,896
		Housing/Multifamily – 1.2% (0.8% of Total Investments)
	960	Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax)	11/15 at 100.00	AAA		961,517
		Housing/Single Family – 9.9% (6.4% of Total Investments)
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001C:
	1,000	5.300%, 11/15/33 (Alternative Minimum Tax)	5/12 at 100.00	AAA		1,000,220
	500	5.450%, 11/15/43 (Alternative Minimum Tax)	5/12 at 100.00	AAA		500,085

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Housing/Single Family (continued)
$	1,675	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34	5/13 at 100.00	AAA	$	1,692,403
		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		205,252
	220	4.800%, 11/15/31 (Alternative Minimum Tax)	11/15 at 100.00	AAA		217,906
	2,045	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27	5/16 at 100.00	AAA		2,078,538
	2,000	Connecticut Housing Finance Authority, Single Family Housing Mortgage Finance Program Bonds, Series 2010-A2, 4.500%, 11/15/30	11/19 at 100.00	AAA		2,033,420
	7,645	Total Housing/Single Family				7,727,824
		Long-Term Care – 2.9% (1.9% of Total Investments)
	165	Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Church Homes Inc. – Congregational Avery Heights, Series 1997, 5.700%, 4/01/12	No Opt. Call	BBB–		165,330
	445	Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Connecticut Baptist Homes Inc., Series 1999, 5.500%, 9/01/15 – RAAI Insured	3/12 at 100.00	BBB–		445,583
	1,600	Connecticut Housing Finance Authority, State Supported Special Obligation Bonds, Refunding Series 2010-16, 5.000%, 6/15/30	6/20 at 100.00	AA		1,691,040
	2,210	Total Long-Term Care				2,301,953
		Tax Obligation/General – 21.6% (14.0% of Total Investments)
	750	Bridgeport, Connecticut, General Obligation Refunding Bonds, Series 2002A, 5.375%, 8/15/19 – FGIC Insured	8/12 at 100.00	A1		765,585
	1,110	Connecticut State, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 – FGIC Insured	4/14 at 100.00	AA		1,195,781
	2,000	Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24	12/16 at 100.00	AA		2,202,920
	1,300	Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – AGM Insured	6/16 at 100.00	AA		1,433,861
	500	Connecticut State, General Obligation Bonds, Series 2006E, 5.000%, 12/15/20	12/16 at 10.00	AA		579,920
		Hartford, Connecticut, General Obligation Bonds, Series 2005A:
	775	5.000%, 8/01/20 – AGM Insured	8/15 at 100.00	AA–		858,034
	525	4.375%, 8/01/24 – AGM Insured	8/15 at 100.00	AA–		543,601
	700	Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – AGC Insured	8/19 at 100.00	AA–		760,753
	500	New Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%,	11/16 at 100.00	A1		569,335
		11/01/17 – AMBAC Insured
	500	North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24	No Opt. Call	Aa1		618,635
	1,380	Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 5.000%, 8/01/36	8/21 at 100.00	AA+		1,492,567
	1,860	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured	No Opt. Call	Baa1		2,022,936
	1,420	Regional School District 16, Connecticut, General Obligation Bonds, Series 2003, 5.000%, 3/15/16 – AMBAC Insured	3/13 at 101.00	A1		1,496,510
		Suffield, Connecticut, General Obligation Bonds, Series 2005:
	465	5.000%, 6/15/17	No Opt. Call	AA+		557,033
	460	5.000%, 6/15/19	No Opt. Call	AA+		565,667
	1,000	5.000%, 6/15/21	No Opt. Call	AA+		1,239,790
	15,245	Total Tax Obligation/General				16,902,928
		Tax Obligation/Limited – 19.2% (12.4% 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	AA–		1,343,199
	1,000	5.000%, 7/01/36 – AGC Insured	7/16 at 100.00	AA–		1,022,760
	500	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 – FGIC Insured	1/14 at 100.00	AA		533,725
	1,750	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%, 8/01/27 – AMBAC Insured	8/17 at 100.00	AA		1,903,073

Nuveen Investments

		Nuveen Connecticut Premium Income Municipal Fund (continued)
NTC		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,100	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39	4/20 at 100.00	N/R	$	1,160,060
		Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
	960	0.000%, 7/01/32 – FGIC Insured	No Opt. Call	BBB+		245,357
	2,615	0.000%, 7/01/33 – FGIC Insured	No Opt. Call	BBB+		616,016
	2,000	Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured	8/12 at 100.00	AA–		2,016,460
	2,400	Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – AGM Insured	8/15 at 100.00	AA–		2,613,888
	975	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.375%, 8/01/39	2/20 at 100.00	A+		1,005,469
	600	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41	4/21 at 100.00	N/R		600,732
	1,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.250%, 10/01/19 – AGM Insured	10/14 at 100.00	AA–		1,067,210
	895	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29	10/20 at 100.00	BBB		890,239
	17,095	Total Tax Obligation/Limited				15,018,188
		U.S. Guaranteed – 10.7% (6.9% of Total Investments) (5)
	610	Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan Program, Series 2001A, 5.250%, 11/15/18 (Pre-refunded 5/15/12) – NPFG Insured (Alternative Minimum Tax)	5/12 at 100.00	Aa2 (5)		610,921
	40	Connecticut, General Obligation Bonds, Series 1993E, 6.000%, 3/15/12 (ETM)	No Opt. Call	Aa2 (5)		40,679
	1,500	Connecticut, General Obligation Bonds, Series 2002B, 5.500%, 6/15/21 (Pre-refunded 6/15/12)	6/12 at 100.00	AA (5)		1,543,020
		Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002B:
	1,175	5.000%, 12/01/20 (Pre-refunded 12/01/12) – AMBAC Insured	12/12 at 100.00	AA (5)		1,230,589
	1,000	5.000%, 12/01/21 (Pre-refunded 12/01/12) – AMBAC Insured	12/12 at 100.00	AA (5)		1,047,310
	1,100	University of Connecticut, General Obligation Bonds, Series 2003A, 5.125%, 2/15/21 (Pre-refunded 2/15/13) – NPFG Insured	2/13 at 100.00	AA (5)		1,163,965
	1,000	Waterbury, Connecticut, General Obligation Special Capital Reserve Fund Bonds, Series 2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) – AGM Insured	4/12 at 100.00	AA (5)		1,017,320
	1,500	West Hartford, Connecticut, General Obligation Bonds, Series 2005B, 5.000%, 10/01/18 (Pre-refunded 10/01/15)	10/15 at 100.00	AAA		1,726,770
	7,925	Total U.S. Guaranteed				8,380,574
		Utilities – 6.6% (4.3% of Total Investments)
	650	Bristol Resource Recovery Facility Operating Committee, Connecticut, Solid Waste Revenue Bonds, Covanta Bristol Inc., Series 2005, 5.000%, 7/01/12 – AMBAC Insured	No Opt. Call	AA		665,945
	175	Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Western Massachusetts Electric Company, Series 1993A, 5.850%, 9/01/28	10/12 at 100.00	BBB+		175,614
	1,070	Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, PSEG Power LLC Project, Series 2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)	11/12 at 100.00	Baa1		1,071,552
	1,750	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)	6/12 at 102.00	Ba1		1,756,528
		Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
	205	5.500%, 1/01/14 (Alternative Minimum Tax)	1/12 at 100.00	BBB		205,547
	1,290	5.500%, 1/01/20 (Alternative Minimum Tax)	1/12 at 100.00	BBB		1,293,909
	5,140	Total Utilities				5,169,095
		Water and Sewer – 14.6% (9.5% of Total Investments)
	500	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)	9/17 at 100.00	N/R		443,405
	1,185	Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16	10/13 at 100.00	AAA		1,277,442

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A:
$	1,520	5.000%, 11/15/30 – NPFG Insured	11/15 at 100.00	A1	$	1,568,655
	2,260	5.000%, 8/15/35 – NPFG Insured	11/15 at 100.00	A1		2,308,319
	725	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40	7/20 at 100.00	Ba2		691,810
	1,000	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38	7/18 at 100.00	Baa2		1,037,590
		South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A:
	1,000	5.000%, 8/01/20 – NPFG Insured	8/13 at 100.00	Aa3		1,039,530
	1,075	5.000%, 8/01/33 – NPFG Insured	8/13 at 100.00	Aa3		1,089,792
	770	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41	8/21 at 100.00	Aa3		811,919
	1,100	Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32	11/13 at 100.00	AA+		1,162,645
	11,135	Total Water and Sewer				11,431,107
$	118,280	Total Investments (cost $117,450,103) – 154.1%				120,713,593
		Floating Rate Obligations – (10.2)%				(7,965,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (46.0)% (6)				(36,080,000	)
		Other Assets Less Liabilities – 2.1%				1,681,199
		Net Assets Applicable to Common Shares – 100%			$	78,349,792

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.9%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund
NFC		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Education and Civic Organizations – 39.4% (24.5% of Total Investments)
$	300	Connecticut Health and Education Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41	7/21 at 100.00	A2	$	312,393
	250	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 – RAAI Insured	7/16 at 100.00	N/R		232,613
	150	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27 – RAAI Insured	7/17 at 100.00	N/R		147,444
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O, 5.000%, 7/01/40	7/20 at 100.00	A–		517,805
	440	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/18 – AMBAC Insured	No Opt. Call	A2		520,670
	795	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 – NPFG Insured	7/17 at 100.00	A–		840,331
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
	85	5.000%, 7/01/30 – AMBAC Insured	7/17 at 100.00	N/R		86,341
	130	5.000%, 7/01/37 – AMBAC Insured	7/17 at 100.00	N/R		128,422
	50	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 1998E, 5.000%, 7/01/28 – RAAI Insured	1/12 at 100.00	BBB		48,410
	600	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 5.625%, 7/01/41	7/21 at 100.00	BBB		624,312
	225	Connecticut Health and Educational Facilities Authority, Revenue Bonds, The Loomis Chaffee School Issue, Series 2011-I, 5.000%, 7/01/24 – AGM Insured	7/21 at 100.00	Aa3		246,517
	350	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2004H, 5.000%, 7/01/17 – NPFG Insured	7/14 at 100.00	A+		383,387
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2002E, 5.250%, 7/01/32 – RAAI Insured	7/12 at 101.00	BBB–		974,180
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G, 5.250%, 7/01/36 – RAAI Insured	7/16 at 100.00	BBB–		472,305
	1,600	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/35	7/20 at 100.00	AA		1,701,480
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42 (UB)	7/13 at 100.00	AAA		512,875
	1,800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42 (UB)	7/16 at 100.00	AAA		1,891,998
	3,050	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42 (UB) (4)	7/17 at 100.00	AAA		3,271,095
		Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999:
	115	5.375%, 2/01/19	2/12 at 100.00	BBB–		115,039
	270	5.375%, 2/01/29	2/12 at 100.00	BBB–		252,869
	485	University of Connecticut, General Obligation Bonds, Series 2006A, 5.000%, 2/15/23 – FGIC Insured	2/16 at 100.00	AA		528,994
	1,070	University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28	2/20 at 100.00	AA		1,187,219
	115	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27	11/19 at 100.00	Aa2		127,946
	14,380	Total Education and Civic Organizations				15,124,645

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Health Care – 32.2% (20.0% of Total Investments)
$	1,400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%, 7/01/32 – RAAI Insured	7/12 at 101.00	N/R	$	1,317,792
	840	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2005, 5.000%, 7/01/25 – RAAI Insured	7/15 at 100.00	N/R		788,651
		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	N/R		505,700
	250	5.000%, 7/01/23 – RAAI Insured	7/15 at 100.00	N/R		246,748
	525	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41	7/21 at 100.00	A		525,572
	200	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C, 5.250%, 7/01/32 – RAAI Insured	7/17 at 100.00	BBB–		189,512
	400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36	7/21 at 100.00	A+		404,388
	60	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%, 7/01/32 – AGM Insured	7/16 at 100.00	Aa3		60,844
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N, 5.000%, 7/01/25	7/21 at 100.00	A2		520,855
	240	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30	7/20 at 10.00	A		244,774
	620	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41	7/21 at 100.00	A		643,969
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29	7/21 at 100.00	A		1,017,870
	775	Connecticut Health and Educational Facilities Authority, Revenue Bonds, William W. Backus Hospital, Series 2005F, 5.125%, 7/01/35 – AGM Insured	7/18 at 100.00	AA–		797,638
	1,870	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured	7/16 at 100.00	Aa3		1,936,871
	225	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40	7/20 at 100.00	Aa3		240,291
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40	11/19 at 100.00	AA+		1,030,750
	175	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Catholic Health East Series 2010, 4.750%, 11/15/29	11/20 at 100.00	A		178,645
	1,600	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40	2/21 at 100.00	Aa2		1,728,816
	12,180	Total Health Care				12,379,686
		Housing/Multifamily – 1.3% (0.8% of Total Investments)
	480	Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax)	11/15 at 100.00	AAA		480,758
		Housing/Single Family – 9.3% (5.8% of Total Investments)
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001C:
	1,000	5.300%, 11/15/33 (Alternative Minimum Tax)	5/12 at 100.00	AAA		1,000,220
	250	5.450%, 11/15/43 (Alternative Minimum Tax)	5/12 at 100.00	AAA		250,043
	800	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34	5/13 at 100.00	AAA		808,312
	685	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27	5/16 at 100.00	AAA		696,234
	800	Connecticut Housing Finance Authority, Single Family Housing Mortgage Finance Program Bonds, Series 2010-A2, 4.750%, 11/15/35	11/19 at 100.00	AAA		811,104
	3,535	Total Housing/Single Family				3,565,913

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund (continued)
NFC		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Long-Term Care – 2.5% (1.5% of Total Investments)
$	300	Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003, 5.750%, 12/01/23	12/13 at 100.00	BBB	$	304,695
	110	Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Church Homes Inc. – Congregational Avery Heights, Series 1997, 5.800%, 4/01/21	4/12 at 100.00	BBB–		110,052
	195	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Village for Families and Children Inc., Series 2002A, 5.000%, 7/01/32 – AMBAC Insured	7/12 at 101.00	N/R		181,588
	250	Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer’s Resource Center of Connecticut, Inc., Series 2007, 5.500%, 8/15/27	8/17 at 100.00	N/R		244,580
	105	Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.625%, 1/01/30	1/20 at 100.00	N/R		110,045
	960	Total Long-Term Care				950,960
		Tax Obligation/General – 18.7% (11.7% of Total Investments)
	560	Connecticut State, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 – FGIC Insured	4/14 at 100.00	AA		603,277
	700	Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24	12/16 at 100.00	AA		771,022
	100	Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – AGM Insured	6/16 at 100.00	AA		110,297
	1,000	Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31	11/21 at 100.00	AA		1,104,030
		Hartford, Connecticut, General Obligation Bonds, Series 2005A:
	360	5.000%, 8/01/21 – AGM Insured	8/15 at 100.00	AA–		398,570
	240	4.375%, 8/01/24 – AGM Insured	8/15 at 100.00	AA–		248,503
	600	Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – AGC Insured	8/19 at 100.00	AA–		652,074
	400	North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24	No Opt. Call	Aa1		494,908
	1,850	Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 5.000%, 8/01/36	8/21 at 100.00	AA+		2,000,905
		Suffield, Connecticut, General Obligation Bonds, Series 2005:
	335	5.000%, 6/15/17	No Opt. Call	AA+		401,303
	335	5.000%, 6/15/19	No Opt. Call	AA+		411,953
	6,480	Total Tax Obligation/General				7,196,842
		Tax Obligation/Limited – 27.7% (17.2% 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	AA–		671,600
	500	5.000%, 7/01/36 – AGC Insured	7/16 at 100.00	AA–		511,380
		Connecticut, Certificates of Participation, Juvenile Training School, Series 2001:
	600	5.000%, 12/15/20	12/11 at 101.00	AA–		607,980
	1,000	5.000%, 12/15/30	12/11 at 101.00	AA–		1,009,930
	1,475	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 1998B, 5.500%, 11/01/12 – AGM Insured	No Opt. Call	AA		1,545,756
	900	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%, 8/01/27 – AMBAC Insured	8/17 at 100.00	AA		978,723
	500	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39	4/20 at 100.00	N/R		527,300
	600	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured	No Opt. Call	Baa1		605,472
	470	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured	No Opt. Call	BBB+		120,123
	1,200	Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – AGM Insured	8/15 at 100.00	AA–		1,306,944
	1,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.375%, 8/01/39	2/20 at 100.00	A+		1,031,250

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	325	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41	4/21 at 100.00	N/R	$	325,397
	685	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.375%, 10/01/19	4/12 at 100.00	BBB+		686,445
	710	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29	10/20 at 100.00	BBB		706,223
	10,615	Total Tax Obligation/Limited				10,634,523
		U.S. Guaranteed – 7.7% (4.8% of Total Investments) (5)
	475	Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan Program, Series 2001A, 5.250%, 11/15/18 (Pre-refunded 5/15/12) – NPFG Insured (Alternative Minimum Tax)	5/12 at 100.00	Aa2 (5)		475,717
	500	Connecticut, General Obligation Bonds, Series 2002B, 5.500%, 6/15/21 (Pre-refunded 6/15/12)	6/12 at 100.00	AA (5)		514,340
	1,000	Waterbury, Connecticut, General Obligation Special Capital Reserve Fund Bonds, Series 2002A, 5.375%, 4/01/17 (Pre-refunded 4/01/12) – AGM Insured	4/12 at 100.00	AA (5)		1,017,320
	810	West Hartford, Connecticut, General Obligation Bonds, Series 2005B, 5.000%, 10/01/18 (Pre-refunded 10/01/15)	10/15 at 100.00	AAA		932,456
	2,785	Total U.S. Guaranteed				2,939,833
		Utilities – 5.4% (3.4% of Total Investments)
	560	Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, PSEG Power LLC Project, Series 2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)	11/12 at 100.00	Baa1		560,812
	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)	6/12 at 102.00	Ba1		1,003,730
	525	Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax)	1/12 at 100.00	BBB		526,402
	2,085	Total Utilities				2,090,944
		Water and Sewer – 16.6% (10.3% of Total Investments)
	255	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)	9/17 at 100.00	N/R		226,137
	1,185	Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16	10/13 at 100.00	AAA		1,277,442
		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A:
	720	5.000%, 11/15/30 – NPFG Insured	11/15 at 100.00	A1		743,047
	1,110	5.000%, 8/15/35 – NPFG Insured	11/15 at 100.00	A1		1,133,732
	140	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25	7/15 at 100.00	Ba2		142,015
	375	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40	7/20 at 100.00	Ba2		357,833
	500	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38	7/18 at 100.00	Baa2		518,795

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund (continued)
NFC		Portfolio of Investments
		November 30, 2011 (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 – NPFG Insured	8/13 at 100.00	Aa3	$	779,648
	470	5.000%, 8/01/33 – NPFG Insured	8/13 at 100.00	Aa3		476,467
	700	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41	8/21 at 100.00	Aa3		738,108
	6,205	Total Water and Sewer				6,393,224
$	59,705	Total Investments (cost $60,130,978) – 160.8%				61,757,328
		Floating Rate Obligations – (9.9)%				(3,820,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (53.3)% (6)				(20,470,000	)
		Other Assets Less Liabilities – 2.4%				950,236
		Net Assets Applicable to Common Shares – 100%			$	38,417,564

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.1%.
N/R		Not rated.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund 2
NGK		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 1.8% (1.1% of Total Investments)
$	640	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	$	599,014
		Education and Civic Organizations – 38.1% (24.3% of Total Investments)
	275	Connecticut Health and Education Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41	7/21 at 100.00	A2		286,360
	200	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 – RAAI Insured	7/16 at 100.00	N/R		186,090
	135	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27 – RAAI Insured	7/17 at 100.00	N/R		132,700
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O, 5.000%, 7/01/40	7/20 at 100.00	A–		517,805
	310	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/19 – AMBAC Insured	No Opt. Call	A2		368,829
	715	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 – NPFG Insured	7/17 at 100.00	A–		755,769
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
	75	5.000%, 7/01/30 – AMBAC Insured	7/17 at 100.00	N/R		76,184
	120	5.000%, 7/01/37 – AMBAC Insured	7/17 at 100.00	N/R		118,543
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 5.625%, 7/01/41	7/21 at 100.00	BBB		520,260
		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	BBB–		598,449
	1,000	5.250%, 7/01/32 – RAAI Insured	7/12 at 101.00	BBB–		974,180
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G, 5.250%, 7/01/36 – RAAI Insured	7/16 at 100.00	BBB–		472,305
	800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/35	7/20 at 100.00	AA		850,742
	500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42 (UB)	7/13 at 100.00	AAA		512,875
	1,600	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42 (UB)	7/16 at 100.00	AAA		1,681,776
	2,750	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42 (UB) (4)	7/17 at 100.00	AAA		2,949,348
		University of Connecticut, General Obligation Bonds, Series 2006A:
	450	5.000%, 2/15/19 – FGIC Insured	2/16 at 100.00	AA		507,357
	490	5.000%, 2/15/23 – FGIC Insured	2/16 at 100.00	AA		534,448
	460	University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28	2/20 at 100.00	AA		510,393
	500	University of Connecticut, Student Fee Revenue Refunding Bonds, Series 2002A, 5.250%, 11/15/22 – FGIC Insured	11/12 at 101.00	Aa2		522,150
	12,470	Total Education and Civic Organizations				13,076,563

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund 2 (continued)
NGK		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Health Care – 31.0% (19.8% of Total Investments)
$	300	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series 2002B, 5.500%, 7/01/32 – RAAI Insured	7/12 at 101.00	N/R	$	282,384
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A:
	20	6.125%, 7/01/20 – RAAI Insured	1/12 at 100.00	N/R		20,023
	315	6.000%, 7/01/25 – RAAI Insured	1/12 at 100.00	N/R		315,085
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B:
	400	5.000%, 7/01/15 – RAAI Insured	No Opt. Call	N/R		424,200
	300	5.000%, 7/01/20 – RAAI Insured	7/15 at 100.00	N/R		303,420
	300	5.000%, 7/01/23 – RAAI Insured	7/15 at 100.00	N/R		296,097
	700	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41	7/21 at 100.00	A		700,763
	170	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C, 5.250%, 7/01/32 – RAAI Insured	7/17 at 100.00	BBB–		161,085
	400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36	7/21 at 100.00	A+		404,388
	1,190	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%, 7/01/32 – AGM Insured	7/16 at 100.00	Aa3		1,206,731
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, St. Francis Hospital and Medical Center, Series 2002D, 5.000%, 7/01/22 – RAAI Insured	7/12 at 101.00	N/R		948,690
	315	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30	7/20 at 10.00	A		321,265
	550	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41	7/21 at 100.00	A		571,263
	750	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29	7/21 at 100.00	A		763,403
	1,170	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured	7/16 at 100.00	Aa3		1,211,839
	200	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40	7/20 at 100.00	Aa3		213,592
	800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40	11/19 at 100.00	AA+		824,600
	175	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Catholic Health East Series 2010, 4.750%, 11/15/29	11/20 at 100.00	A		178,645
	1,400	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40	2/21 at 100.00	Aa2		1,512,714
	10,455	Total Health Care				10,660,187
		Housing/Multifamily – 1.4% (0.9% of Total Investments)
	480	Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax)	11/15 at 100.00	AAA		480,758
		Housing/Single Family – 8.4% (5.4% of Total Investments)
	250	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001C, 5.450%, 11/15/43 (Alternative Minimum Tax)	5/12 at 100.00	AAA		250,043
	700	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34	5/13 at 100.00	AAA		707,273

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Housing/Single Family (continued)
		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	$	305,375
	330	4.800%, 11/15/31 (Alternative Minimum Tax)	11/15 at 100.00	AAA		326,858
	585	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27	5/16 at 100.00	AAA		594,594
	700	Connecticut Housing Finance Authority, Single Family Housing Mortgage Finance Program Bonds, Series 2010-A2, 4.750%, 11/15/35	11/19 at 100.00	AAA		709,716
	2,870	Total Housing/Single Family				2,893,859
		Long-Term Care – 3.5% (2.2% of Total Investments)
	320	Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003, 5.750%, 12/01/23	12/13 at 100.00	BBB		325,008
	70	Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Church Homes Inc. – Congregational Avery Heights, Series 1997, 5.700%, 4/01/12	No Opt. Call	BBB–		70,140
	450	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Village for Families and Children Inc., Series 2002A, 5.000%, 7/01/19 – AMBAC Insured	7/12 at 101.00	N/R		455,972
	250	Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer’s Resource Center of Connecticut, Inc., Series 2007, 5.500%, 8/15/27	8/17 at 100.00	N/R		244,580
	105	Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.625%, 1/01/30	1/20 at 100.00	N/R		110,045
	1,195	Total Long-Term Care				1,205,745
		Tax Obligation/General – 11.9% (7.6% of Total Investments)
	600	Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24	12/16 at 100.00	AA		660,876
	400	Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – AGM Insured	6/16 at 100.00	AA		441,188
		Hartford, Connecticut, General Obligation Bonds, Series 2005A:
	360	5.000%, 8/01/21 – AGM Insured	8/15 at 100.00	AA–		398,570
	140	4.375%, 8/01/24 – AGM Insured	8/15 at 100.00	AA–		144,960
	650	New Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%,	11/16 at 100.00	A1		740,136
		11/01/17 – AMBAC Insured
	1,130	Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 5.000%, 8/01/36	8/21 at 100.00	AA+		1,222,174
	400	Suffield, Connecticut, General Obligation Bonds, Series 2005, 5.000%, 6/15/21	No Opt. Call	AA+		495,916
	3,680	Total Tax Obligation/General				4,103,820
		Tax Obligation/Limited – 16.7% (10.7% 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	AA–		594,107
	500	5.000%, 7/01/36 – AGC Insured	7/16 at 100.00	AA–		511,380
	850	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%, 8/01/27 – AMBAC Insured	8/17 at 100.00	AA		924,350
	500	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39	4/20 at 100.00	N/R		527,300
	500	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured	No Opt. Call	Baa1		504,560
	430	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/32 – FGIC Insured	No Opt. Call	BBB+		109,899
	750	Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – AGM Insured	8/15 at 100.00	AA–		816,840
	1,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.375%, 8/01/39	2/20 at 100.00	A+		1,031,250

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund 2 (continued)
NGK		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	300	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41	4/21 at 100.00	N/R	$	300,366
	420	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29	10/20 at 100.00	BBB		417,766
	5,825	Total Tax Obligation/Limited				5,737,818
		Transportation – 6.0% (3.9% of Total Investments)
	1,950	New Haven, Connecticut, Revenue Refunding Bonds, Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 – AMBAC Insured	No Opt. Call	N/R		2,076,458
		U.S. Guaranteed – 17.9% (11.4% of Total Investments) (5)
	1,625	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002A, 5.375%, 7/01/20 (Pre-refunded 7/01/12) – AGM Insured	7/12 at 100.00	AA (5)		1,673,994
		Farmington, Connecticut, General Obligation Bonds, Series 2002:
	1,000	5.000%, 9/15/20 (Pre-refunded 9/15/12)	9/12 at 101.00	Aaa		1,047,590
	1,450	5.000%, 9/15/21 (Pre-refunded 9/15/12)	9/12 at 101.00	Aaa		1,519,006
	1,305	Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 2002, 5.000%, 4/01/22 (Pre-refunded 4/01/12)	4/12 at 101.00	AA+ (5)		1,339,191
	500	West Hartford, Connecticut, General Obligation Bonds, Series 2005B, 5.000%, 10/01/17 (Pre-refunded 10/01/15)	10/15 at 100.00	AAA		575,590
	5,880	Total U.S. Guaranteed				6,155,371
		Utilities – 6.5% (4.1% of Total Investments)
	470	Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, PSEG Power LLC Project, Series 2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)	11/12 at 100.00	Baa1		470,682
	1,000	Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax)	12/12 at 101.00	Ba1		1,003,730
		Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
	250	5.500%, 1/01/15 (Alternative Minimum Tax)	1/12 at 100.00	BBB		250,625
	510	5.500%, 1/01/20 (Alternative Minimum Tax)	1/12 at 100.00	BBB		511,545
	2,230	Total Utilities				2,236,582
		Water and Sewer – 13.5% (8.6% of Total Investments)
	220	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)	9/17 at 100.00	N/R		195,098
	785	Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16	10/13 at 100.00	AAA		846,238
		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A:
	690	5.000%, 11/15/30 – NPFG Insured	11/15 at 100.00	A1		712,087
	320	5.000%, 8/15/35 – NPFG Insured	11/15 at 100.00	A1		326,842
	130	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25	7/15 at 100.00	Ba2		131,871
	350	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40	7/20 at 100.00	Ba2		333,977
	500	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38	7/18 at 100.00	Baa2		518,795

Nuveen Investments

	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 – NPFG Insured	8/13 at 100.00	Aa3	$	779,648
	410	5.000%, 8/01/33 – NPFG Insured	8/13 at 100.00	Aa3		415,642
	350	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41	8/21 at 100.00	Aa3		369,054
	4,505	Total Water and Sewer				4,629,252
$	52,180	Total Investments (cost $52,389,487) – 156.7%				53,855,427
		Floating Rate Obligations – (10.1)%				(3,460,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (49.3)% (6)				(16,950,000	)
		Other Assets Less Liabilities – 2.7%				921,444
		Net Assets Applicable to Common Shares – 100%			$	34,366,871

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.5%.
N/R		Not rated.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund 3
NGO		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 3.0% (1.9% of Total Investments)
$	2,045	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	$	1,914,038
		Education and Civic Organizations – 32.3% (20.5% of Total Investments)
	350	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 – RAAI Insured	7/16 at 100.00	N/R		325,658
	250	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A, 5.000%, 7/01/27 – RAAI Insured	7/17 at 100.00	N/R		245,740
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College, Series 2007G, 4.500%, 7/01/37 – NPFG Insured	7/17 at 100.00	A2		952,490
	800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O, 5.000%, 7/01/35	7/20 at 100.00	A–		833,696
	400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Loomis Chaffee School, Series 2005F, 5.250%, 7/01/19 – AMBAC Insured	No Opt. Call	A2		475,908
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2006H, 5.000%, 7/01/36 – AMBAC Insured	7/16 at 100.00	A–		1,018,190
	1,300	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 – NPFG Insured	7/17 at 100.00	A–		1,374,120
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
	135	5.000%, 7/01/30 – AMBAC Insured	7/17 at 100.00	N/R		137,130
	215	5.000%, 7/01/37 – AMBAC Insured	7/17 at 100.00	N/R		212,390
	1,160	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G, 5.625%, 7/01/41	7/21 at 100.00	BBB		1,207,003
	750	Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2002E, 5.500%, 7/01/22 – RAAI Insured	7/12 at 101.00	BBB–		760,740
	650	Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G, 5.250%, 7/01/36 – RAAI Insured	7/16 at 100.00	BBB–		613,997
	800	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, Series 2010G, 5.000%, 7/01/35	7/20 at 100.00	AA		850,744
	3,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42 (UB)	7/16 at 100.00	AAA		3,153,330
	5,050	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42 (UB) (4)	7/17 at 100.00	AAA		5,416,075
		University of Connecticut, General Obligation Bonds, Series 2006A:
	850	5.000%, 2/15/19 – FGIC Insured	2/16 at 100.00	AA		958,341
	490	5.000%, 2/15/23 – FGIC Insured	2/16 at 100.00	AA		534,448
	535	University of Connecticut, General Obligation Bonds, Series 2010A, 5.000%, 2/15/28	2/20 at 100.00	AA		593,609
	175	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27	11/19 at 100.00	Aa2		194,700
	500	University of Connecticut, Student Fee Revenue Refunding Bonds, Series 2002A, 5.250%, 11/15/22 – FGIC Insured	11/12 at 101.00	Aa2		522,150
	19,410	Total Education and Civic Organizations				20,380,459
		Health Care – 28.0% (17.7% 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	N/R		495,935
	600	5.500%, 7/01/32 – RAAI Insured	7/12 at 101.00	N/R		564,768

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Health Care (continued)
$	750	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A, 6.000%, 7/01/25 – RAAI Insured	1/12 at 100.00	N/R	$	750,203
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2005B:
	490	5.000%, 7/01/15 – RAAI Insured	No Opt. Call	N/R		519,645
	800	5.000%, 7/01/20 – RAAI Insured	7/15 at 100.00	N/R		809,120
	1,400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41	7/21 at 100.00	A		1,401,526
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C:
	310	5.250%, 7/01/32 – RAAI Insured	7/17 at 100.00	BBB–		293,744
	150	5.250%, 7/01/37 – RAAI Insured	7/17 at 100.00	BBB–		138,033
	650	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36	7/21 at 100.00	A+		657,131
	2,130	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2006, 5.000%, 7/01/32 – AGM Insured	7/16 at 100.00	Aa3		2,159,948
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N:
	400	5.000%, 7/01/26	7/21 at 100.00	A2		414,628
	500	5.000%, 7/01/27	7/21 at 100.00	A2		513,975
	310	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30	7/20 at 10.00	A		316,166
	1,020	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41	7/21 at 100.00	A		1,059,433
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29	7/21 at 100.00	A		1,017,870
	1,325	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured	7/16 at 100.00	Aa3		1,372,382
	350	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40	7/20 at 100.00	Aa3		373,786
	1,500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40	11/19 at 100.00	AA+		1,546,125
	300	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Catholic Health East Series 2010, 4.750%, 11/15/29	11/20 at 100.00	A		306,249
	200	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Danbury Hospital, Series 2006H, 4.500%, 7/01/33 – AMBAC Insured	1/16 at 100.00	N/R		165,528
	2,550	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40	2/21 at 100.00	Aa2		2,755,301
	17,235	Total Health Care				17,631,496
		Housing/Multifamily – 1.5% (1.0% of Total Investments)
	960	Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax)	11/15 at 100.00	AAA		961,517
		Housing/Single Family – 8.1% (5.1% of Total Investments)
	750	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2001C, 5.450%, 11/15/43 (Alternative Minimum Tax)	5/12 at 100.00	AAA		750,128
	1,300	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34	5/13 at 100.00	AAA		1,313,507

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund 3 (continued)
NGO		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Housing/Single Family (continued)
		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	$	435,535
	465	4.800%, 11/15/31 (Alternative Minimum Tax)	11/15 at 100.00	AAA		460,573
	585	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27	5/16 at 100.00	AAA		594,594
	1,500	Connecticut Housing Finance Authority, Single Family Housing Mortgage Finance Program Bonds, Series 2010-A2, 4.500%, 11/15/30	11/19 at 100.00	AAA		1,525,065
	5,035	Total Housing/Single Family				5,079,402
		Long-Term Care – 9.5% (6.1% of Total Investments)
	500	Connecticut Development Authority, First Mortgage Gross Revenue Healthcare Bonds, Elim Park Baptist Home Inc., Series 2003, 5.750%, 12/01/23	12/13 at 100.00	BBB		507,825
	135	Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Church Homes Inc. – Congregational Avery Heights, Series 1997, 5.700%, 4/01/12	No Opt. Call	BBB–		135,270
		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	N/R		437,005
	475	5.000%, 7/01/20 – AMBAC Insured	7/12 at 101.00	N/R		480,135
	260	5.000%, 7/01/23 – AMBAC Insured	7/12 at 101.00	N/R		260,754
	1,000	5.000%, 7/01/32 – AMBAC Insured	7/12 at 101.00	N/R		931,220
		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	N/R		1,040,560
	1,500	5.000%, 6/15/32 – AMBAC Insured	6/12 at 101.00	N/R		1,520,130
	500	Connecticut State Development Authority, Health Facilities Revenue Bonds, Alzheimer’s Resource Center of Connecticut, Inc., Series 2007, 5.500%, 8/15/27	8/17 at 100.00	N/R		489,160
	210	Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.625%, 1/01/30	1/20 at 100.00	N/R		220,091
	6,010	Total Long-Term Care				6,022,150
		Tax Obligation/General – 13.3% (8.4% of Total Investments)
	1,200	Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24	12/16 at 100.00	AA		1,321,752
	1,500	Connecticut State, General Obligation Bonds, Series 2006E, 5.000%, 12/15/20	12/16 at 10.00	AA		1,739,760
	600	Hartford, Connecticut, General Obligation Bonds, Series 2005A, 5.000%, 8/01/21 – AGM Insured	8/15 at 100.00	AA–		664,284
	440	Hartford, Connecticut, General Obligation Bonds, Series 2009A, 5.000%, 8/15/28 – AGC Insured	8/19 at 100.00	AA–		478,188
	1,000	New Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%,	11/16 at 100.00	A1		1,138,670
		11/01/17 – AMBAC Insured
	925	Oregon State, General Obligation Bonds, Oregon University System Projects, Series 2011G, 5.000%, 8/01/36	8/21 at 100.00	AA+		1,000,452
		Stratford, Connecticut, General Obligation Bonds, Series 2002:
	1,375	4.000%, 2/15/19 – AGM Insured	2/12 at 100.00	AA–		1,381,311
	630	4.125%, 2/15/20 – AGM Insured	2/12 at 100.00	AA–		632,684
	7,670	Total Tax Obligation/General				8,357,101
		Tax Obligation/Limited – 18.5% (11.7% of Total Investments)
	930	Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue Bonds, Series 2006F, 5.000%, 7/01/36 – AGC Insured	7/16 at 100.00	AA–		951,167
	20	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 1992B, 6.125%, 9/01/12	No Opt. Call	AA		20,874
	1,000	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002B, 5.000%, 12/01/22 – AMBAC Insured	12/12 at 100.00	AA		1,035,990

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	500	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 – FGIC Insured	1/14 at 100.00	AA	$	533,725
	1,500	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%, 8/01/27 – AMBAC Insured	8/17 at 100.00	AA		1,631,205
	900	Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39	4/20 at 100.00	N/R		949,140
	1,000	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/31 – AMBAC Insured	No Opt. Call	Baa1		1,009,120
		Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A:
	780	0.000%, 7/01/32 – FGIC Insured	No Opt. Call	BBB+		199,352
	2,120	0.000%, 7/01/33 – FGIC Insured	No Opt. Call	BBB+		499,408
		Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2002G:
	890	5.250%, 7/01/17	7/12 at 100.00	Baa1		898,953
	1,000	5.250%, 7/01/20	7/12 at 100.00	Baa1		1,005,200
	1,045	5.250%, 7/01/21	7/12 at 100.00	Baa1		1,049,379
	650	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.375%, 8/01/39	2/20 at 100.00	A+		670,313
	500	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41	4/21 at 100.00	N/R		500,610
	735	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29	10/20 at 100.00	BBB		731,090
	13,570	Total Tax Obligation/Limited				11,685,526
		Transportation – 0.7% (0.4% of Total Investments)
	415	New Haven, Connecticut, Revenue Refunding Bonds, Air Rights Parking Facility, Series 2002, 5.375%, 12/01/15 – AMBAC Insured	No Opt. Call	N/R		441,913
		U.S. Guaranteed – 17.8% (11.3% of Total Investments) (5)
		Bethel, Connecticut, General Obligation Bonds, Series 2002:
	525	5.000%, 11/01/18 (Pre-refunded 11/01/12) – FGIC Insured	11/12 at 100.00	Aa2 (5)		547,512
	525	5.000%, 11/01/19 (Pre-refunded 11/01/12) – FGIC Insured	11/12 at 100.00	Aa2 (5)		547,512
	525	5.000%, 11/01/20 (Pre-refunded 11/01/12) – FGIC Insured	11/12 at 100.00	Aa2 (5)		547,512
	525	5.000%, 11/01/21 (Pre-refunded 11/01/12) – FGIC Insured	11/12 at 100.00	Aa2 (5)		547,512
	525	5.000%, 11/01/22 (Pre-refunded 11/01/12) – FGIC Insured	11/12 at 100.00	Aa2 (5)		547,512
	500	Bridgeport, Connecticut, General Obligation Bonds, Series 2003A, 5.250%, 9/15/23 (Pre-refunded 9/15/13) – AGM Insured	9/13 at 100.00	AA– (5)		543,190
	1,025	Connecticut Development Authority, Revenue Bonds, Duncaster Inc., Series 2002, 4.750%, 8/01/32 (Pre-refunded 8/01/12) – RAAI Insured	8/12 at 101.00	BBB (5)		1,065,057
		Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002B:
	2,110	5.000%, 12/01/20 (Pre-refunded 12/01/12) – AMBAC Insured	12/12 at 100.00	AA (5)		2,209,824
	1,000	5.000%, 12/01/21 (Pre-refunded 12/01/12) – AMBAC Insured	12/12 at 100.00	AA (5)		1,047,310
	450	Farmington, Connecticut, General Obligation Bonds, Series 2002, 5.000%, 9/15/20 (Pre-refunded 9/15/12)	9/12 at 101.00	Aaa		471,416
	40	New Haven, Connecticut, General Obligation Bonds, Series 2002A, 5.250%, 11/01/17 – AMBAC Insured (ETM)	5/12 at 101.00	A1 (5)		40,562
	1,010	Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured	No Opt. Call	Aaa		1,191,224

Nuveen Investments

		Nuveen Connecticut Dividend Advantage Municipal Fund 3 (continued)
NGO		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		U.S. Guaranteed (5) (continued)
$	195	Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 5.500%, 8/01/29 (Pre-refunded 2/01/12)	2/12 at 100.00	Aaa	$	196,757
	1,100	University of Connecticut, General Obligation Bonds, Series 2003A, 5.125%, 2/15/21 (Pre-refunded 2/15/13) – NPFG Insured	2/13 at 100.00	AA (5)		1,163,965
	500	West Hartford, Connecticut, General Obligation Bonds, Series 2005B, 5.000%, 10/01/18 (Pre-refunded 10/01/15)	10/15 at 100.00	AAA		575,590
	10,555	Total U.S. Guaranteed				11,242,455
		Utilities – 6.7% (4.3% of Total Investments)
	860	Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, PSEG Power LLC Project, Series 2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)	11/12 at 100.00	Baa1		861,247
	2,000	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)	6/12 at 102.00	Ba1		2,007,460
		Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
	525	5.500%, 1/01/14 (Alternative Minimum Tax)	1/12 at 100.00	BBB		526,402
	305	5.500%, 1/01/20 (Alternative Minimum Tax)	1/12 at 100.00	BBB		305,924
	530	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40	7/20 at 100.00	A3		531,972
	4,220	Total Utilities				4,233,005
		Water and Sewer – 18.3% (11.6% of Total Investments)
	400	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)	9/17 at 100.00	N/R		354,724
	1,185	Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16	10/13 at 100.00	AAA		1,277,442
		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A:
	1,230	5.000%, 11/15/30 – NPFG Insured	11/15 at 100.00	A1		1,269,372
	640	5.000%, 8/15/35 – NPFG Insured	11/15 at 100.00	A1		653,683
	230	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25	7/15 at 100.00	Ba2		233,310
	600	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40	7/20 at 100.00	Ba2		572,532
	1,000	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38	7/18 at 100.00	Baa2		1,037,590
		South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A:
	2,050	5.000%, 8/01/20 – NPFG Insured	8/13 at 100.00	Aa3		2,131,037
	590	5.000%, 8/01/33 – NPFG Insured	8/13 at 100.00	Aa3		598,118
	1,840	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth Series, 2007A, 5.000%, 8/01/30 – NPFG Insured	8/16 at 100.00	Aa3		1,924,346

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
$	1,050	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41	8/21 at 100.00	Aa3	$	1,107,162
	350	Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32	11/13 at 100.00	AA+		369,933
	11,165	Total Water and Sewer				11,529,249
$	98,290	Total Investments (cost $97,467,499) – 157.7%				99,478,311
		Floating Rate Obligations – (9.2)%				(5,780,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (50.7)% (6)				(32,000,000	)
		Other Assets Less Liabilities – 2.2%				1,373,253
		Net Assets Applicable to Common Shares – 100%			$	63,071,564

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 32.2%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen Massachusetts Premium Income Municipal Fund
NMT		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Discretionary – 1.5% (1.0% of Total Investments)
$	1,425	Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) (4)	9/12 at 102.00	Caa3	$	1,020,072
		Education and Civic Organizations – 34.2% (22.5% of Total Investments)
	1,000	Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and B-2, 5.250%, 7/01/33 – AGM Insured	7/21 at 100.00	AA–		1,053,460
	375	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29	10/19 at 100.00	A		388,875
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00	BBB+		959,900
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2011A, 5.000%, 7/01/41	7/21 at 100.00	AA		1,045,280
	2,000	Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37	4/21 at 100.00	AA–		2,090,680
	1,045	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured	9/17 at 100.00	A+		1,067,164
	770	Massachusetts Development Finance Authority, Revenue Bonds, Curry College, Series 2000A, 6.000%, 3/01/20 – ACA Insured	3/12 at 100.00	BBB		771,063
	1,745	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%,	7/15 at 100.00	AA–		1,817,208
		7/01/27 – AGC Insured
	1,500	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured	No Opt. Call	A		1,645,395
	4,850	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 – AGC Insured	1/18 at 100.00	AA–		4,922,212
	1,090	Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, Series 1999P, 6.000%, 5/15/29	No Opt. Call	A2		1,321,898
	1,000	Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2011J, 5.625%, 7/01/33 (Alternative Minimum Tax)	7/21 at 100.00	AA		1,005,090
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18	6/13 at 100.00	AA–		2,110,780
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010, 5.500%, 10/15/31	10/19 at 100.00	Baa1		984,500
	250	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Tufts University, Series 2008O, 5.375%, 8/15/38	8/18 at 100.00	Aa2		272,675
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wellesley College, Series 2003H, 5.000%, 7/01/26	7/13 at 100.00	Aaa		523,975
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wheaton College Issues, Series 2010F, 5.000%, 1/01/41	No Opt. Call	A2		509,470
	555	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2003H, 5.000%, 7/01/21	7/13 at 100.00	AAA		590,431
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Worcester State College, Series 2002, 5.000%, 11/01/32 – AMBAC Insured	11/12 at 100.00	A2		502,185
	340	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999, 5.375%, 2/01/19	2/12 at 100.00	BBB–		340,116
	23,020	Total Education and Civic Organizations				23,922,357
		Health Care – 25.4% (16.7% of Total Investments)
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2011K-6, 5.375%, 7/01/41	7/20 at 100.00	AA		1,049,720
	1,250	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%, 10/01/31	10/13 at 100.00	BBB+		1,256,850

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Health Care (continued)
$	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured	5/12 at 101.00	BBB+	$	972,860
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008:
	2,300	5.375%, 2/01/26 – NPFG Insured	8/18 at 100.00	A–		2,385,859
	770	5.375%, 2/01/28 – NPFG Insured	8/18 at 100.00	A–		790,759
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009, 5.375%, 2/01/27 – NPFG Insured	8/18 at 100.00	A–		1,543,875
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital, Series 2009M, 5.500%, 12/01/39	12/19 at 100.00	AA		1,056,600
	935	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 – RAAI Insured	8/15 at 100.00	N/R		757,818
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 – FGIC Insured	8/15 at 100.00	A+		1,045,170
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%, 8/15/28	8/17 at 100.00	A+		2,046,820
	585	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/32	7/17 at 100.00	BBB–		520,381
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30	7/15 at 100.00	BB–		845,230
	75	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 5.750%, 7/01/32	7/12 at 100.00	AA		75,574
	1,445	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33	7/15 at 100.00	A–		1,356,898
	2,000	Massachusetts State, Health and Educational Facilities Authority, Partners HealthCare System Inc., Series 2007G, 5.000%, 7/01/32	7/17 at 100.00	AA		2,046,360
	17,860	Total Health Care				17,750,774
		Housing/Multifamily – 6.7% (4.4% of Total Investments)
	1,305	Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48	7/17 at 100.00	BB		1,300,902
	1,715	Massachusetts Development Financing Authority, Assisted Living Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31	6/12 at 100.00	N/R		1,715,000
	500	Massachusetts Housing Finance Agency, Housing Revenue Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)	6/13 at 100.00	AA–		502,400
	135	Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 1999D, 5.500%, 7/01/13 – AMBAC Insured (Alternative Minimum Tax)	7/12 at 100.00	N/R		135,923
	1,000	Somerville Housing Authority, Massachusetts, GNMA Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22	5/12 at 103.00	N/R		1,035,780
	4,655	Total Housing/Multifamily				4,690,005
		Housing/Single Family – 3.6% (2.4% of Total Investments)
	1,500	Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2006-126, 4.625%, 6/01/32 (Alternative Minimum Tax)	6/16 at 100.00	AA		1,432,995
	985	Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 14.395%, 6/01/16 (IF)	No Opt. Call	AA		1,111,149
	2,485	Total Housing/Single Family				2,544,144
		Industrials – 0.9% (0.6% of Total Investments)
	220	Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)	No Opt. Call	N/R		213,541
	400	Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003, 5.450%, 6/01/14	No Opt. Call	BBB		431,132
	620	Total Industrials				644,673

Nuveen Investments

		Nuveen Massachusetts Premium Income Municipal Fund (continued)
NMT		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Long-Term Care – 7.0% (4.6% of Total Investments)
$	1,270	Boston, Massachusetts, FHA-Insured Mortgage Revenue Bonds, Deutsches Altenheim Inc., Series 1998A, 6.125%, 10/01/31	4/12 at 102.00	AAA	$	1,296,683
	185	Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30	12/19 at 100.00	A–		188,458
	1,685	Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26	10/12 at 102.00	N/R		1,444,584
	1,500	Massachusetts Development Finance Authority, GNMA Collateralized Assisted Living Facility Revenue Bonds, Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax)	3/12 at 105.00	AAA		1,577,145
	400	Massachusetts Industrial Finance Agency, First Mortgage Revenue Bonds, Berkshire Retirement Community, Series 1994B, 4.750%, 7/01/17	1/12 at 100.00	BBB		400,132
	5,040	Total Long-Term Care				4,907,002
		Tax Obligation/General – 21.3% (14.0% of Total Investments)
	500	Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5.250%,	5/15 at 100.00	Aa2		536,960
		5/15/23 – AMBAC Insured
	600	Boston, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17	1/15 at 100.00	Aaa		667,416
	1,000	Fall River, Massachusetts, General Obligation Bonds, Series 2003, 5.000%,	2/13 at 101.00	AA–		1,033,910
		2/01/21 – AGM Insured
	1,000	Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General Obligation Bonds, Series 2011, 5.000%, 2/15/41	2/21 at 100.00	Aa3		1,052,310
	1,250	Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32	2/20 at 100.00	AA		1,338,013
	1,385	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21	No Opt. Call	AA+		1,717,885
	1,275	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2001D, 6.000%, 11/01/13 – NPFG Insured	No Opt. Call	AA+		1,408,735
	980	Monson, Massachusetts, General Obligation Bonds, Series 2002, 5.250%,	5/12 at 101.00	A1		1,008,146
		5/15/22 – AMBAC Insured
	1,260	Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%,	No Opt. Call	AAA		1,549,800
		11/15/20 – FGIC Insured
	1,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 – FGIC Insured	No Opt. Call	Baa1		1,062,220
	2,000	Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.250%, 12/01/38	12/20 at 100.00	Aa2		2,164,640
	1,220	Worcester, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 7/01/19 – FGIC Insured	7/15 at 100.00	A1		1,332,789
	13,470	Total Tax Obligation/General				14,872,824
		Tax Obligation/Limited – 11.5% (7.6% of Total Investments)
	210	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2004, 5.000%, 5/01/26 – AMBAC Insured	5/14 at 100.00	A–		221,193
	975	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2006C, 5.000%, 7/01/26	7/18 at 100.00	AAA		1,075,103
	385	Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21	No Opt. Call	AAA		480,137
	325	Massachusetts College Building Authority, Project Revenue Bonds, Series 2006A, 5.000%, 5/01/31 – AMBAC Insured	5/16 at 100.00	Aa2		338,504
	1,200	Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured	5/18 at 100.00	Aa2		1,248,348
	1,000	Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003B, 5.375%, 5/01/23 – SYNCORA GTY Insured	No Opt. Call	Aa2		1,231,660
	1,300	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 – AGM Insured (UB)	8/15 at 100.00	AA+		1,454,362
	1,000	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2011B, 5.000%, 10/15/41	10/21 at 100.00	AA+		1,061,170
	540	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured	No Opt. Call	A1		620,573
	240	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/43 – AMBAC Insured	No Opt. Call	BBB+		26,909

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	235	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured	No Opt. Call	A3	$	259,008
	7,410	Total Tax Obligation/Limited				8,016,967
		Transportation – 11.5% (7.6% of Total Investments)
	500	Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30	7/20 at 100.00	AA–		534,705
	2,000	Massachusetts Port Authority, Revenue Bonds, Series 2003A, 5.000%, 7/01/33 – NPFG Insured	7/13 at 100.00	AA–		2,021,320
	1,000	Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)	7/17 at 100.00	A3		991,710
	225	Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)	1/12 at 100.00	N/R		170,170
	4,000	Massachusetts Port Authority, Special Facilities Revenue Bonds, US Airways Group Inc., Series 1996A, 5.750%, 9/01/16 – NPFG Insured (Alternative Minimum Tax)	3/12 at 100.00	Baa1		3,822,760
	470	Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41	7/21 at 100.00	A+		477,675
	8,195	Total Transportation				8,018,340
		U.S. Guaranteed – 14.4% (9.5% of Total Investments) (5)
	650	Boston, Massachusetts, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17 (Pre-refunded 1/01/15)	1/15 at 100.00	N/R (5)		735,716
	1,115	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 (Pre-refunded 3/01/17)	3/17 at 100.00	N/R (5)		1,319,301
	25	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2006C, 5.000%, 7/01/26 (Pre-refunded 7/01/18)	7/18 at 100.00	AAA		30,380
	550	Massachusetts College Building Authority, Project Revenue Bonds, Series 2004A, 5.000%, 5/01/19 (Pre-refunded 5/01/14) – NPFG Insured	5/14 at 100.00	Aa2 (5)		607,602
	1,000	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 5.750%, 7/01/33 (Pre-refunded 7/01/13)	7/13 at 101.00	A (5)		1,093,170
	750	Massachusetts Development Finance Authority, Revenue Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19 (Pre-refunded 9/01/13)	9/13 at 100.00	AA– (5)		808,695
	410	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured	7/21 at 100.00	BBB (5)		480,475
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caritas Christi Obligated Group, Series 2002B, 6.250%, 7/01/22 (Pre-refunded 7/01/12)	7/12 at 101.00	N/R (5)		1,045,190
	600	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H, 5.375%, 5/15/19 (Pre-refunded 5/15/12) – FGIC Insured	5/12 at 100.00	N/R (5)		614,190
	295	Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 (ETM)	1/12 at 100.00	AAA		333,318
	1,500	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) – FGIC Insured	1/14 at 100.00	A1 (5)		1,641,255
	1,065	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)	No Opt. Call	A3 (5)		1,348,418
	8,960	Total U.S. Guaranteed				10,057,710
		Utilities – 2.9% (1.9% of Total Investments)
	1,000	Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/16 – NPFG Insured	1/12 at 101.00	Baa1		1,012,050
	1,000	Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)	6/12 at 100.00	A–		1,003,170
	2,000	Total Utilities				2,015,220
		Water and Sewer – 10.9% (7.2% of Total Investments)
	500	Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Refunding Series 2010A, 5.000%, 11/01/30	11/19 at 100.00	AA+		553,475
	2,000	Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25	11/14 at 100.00	AA+		2,207,960

Nuveen Investments

		Nuveen Massachusetts Premium Income Municipal Fund (continued)
NMT		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
$	60	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22	8/13 at 100.00	AAA	$	62,589
	285	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2004-10, 5.000%, 8/01/26	8/14 at 100.00	AAA		299,096
	750	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 4.500%, 8/01/29	8/15 at 100.00	AAA		774,668
	1,000	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/31 (UB)	8/16 at 100.00	AAA		1,028,010
	500	Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20	8/12 at 100.00	AAA		515,755
	1,500	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.000%, 8/01/28 – NPFG Insured	8/17 at 100.00	AA+		1,623,945
	625	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 4.000%, 8/01/46	8/16 at 100.00	AA+		577,375
	7,220	Total Water and Sewer				7,642,873
$	102,360	Total Investments (cost $103,614,513) – 151.8%				106,102,961
		Floating Rate Obligations – (2.1)%				(1,435,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (52.4)% (6)				(36,645,000	)
		Other Assets Less Liabilities – 2.7%				1,882,526
		Net Assets Applicable to Common Shares – 100%			$	69,905,487

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investment is 34.5%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen Massachusetts Dividend Advantage Municipal Fund
NMB		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Discretionary – 1.2% (0.8% of Total Investments)
$	480	Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax) (4)	9/12 at 102.00	Caa3	$	343,603
		Education and Civic Organizations – 46.3% (30.8% of Total Investments)
	500	Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and B-2, 5.250%, 7/01/33 – AGM Insured	7/21 at 100.00	AA–		526,730
	375	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29	10/19 at 100.00	A		388,875
	110	Massachusetts Development Finance Agency, Revenue Bonds, Draper Laboratory, Series 2008, 5.875%, 9/01/30	No Opt. Call	Aa3		120,086
	400	Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00	BBB+		383,960
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37	4/21 at 100.00	AA–		1,045,340
	450	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured	9/17 at 100.00	A+		459,545
	495	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%,	7/15 at 100.00	AA–		515,483
		7/01/27 – AGC Insured
	500	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured	No Opt. Call	A		548,465
	2,100	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 – AGC Insured	1/18 at 100.00	AA–		2,131,265
	1,000	Massachusetts Development Finance Authority, Revenue Refunding Bonds, Boston University, Series 1999P, 6.000%, 5/15/59	5/29 at 105.00	A2		1,119,060
	990	Massachusetts Educational Finance Authority, Educational Loan Revenue Bonds, Series 2001E, 5.300%, 1/01/16 – AMBAC Insured (Alternative Minimum Tax)	1/12 at 100.00	AA		991,822
	595	Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2008H, 6.350%, 1/01/30 – AGC Insured (Alternative Minimum Tax)	1/18 at 100.00	AA+		633,943
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, Series 2003N, 5.250%, 6/01/18	6/13 at 100.00	AA–		1,055,390
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Springfield College, Series 2010, 5.500%, 10/15/31	10/19 at 100.00	Baa1		492,250
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wheaton College Issues, Series 2010F, 5.000%, 1/01/41	No Opt. Call	A2		1,528,410
	590	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31	7/16 at 100.00	AAA		621,170
	500	Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39	7/19 at 100.00	BBB		502,565
	12,605	Total Education and Civic Organizations				13,064,359
		Health Care – 31.1% (20.7% of Total Investments)
	1,200	Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2011K-6, 5.375%, 7/01/41	7/20 at 100.00	AA		1,259,664
	500	Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health, Series 2011H, 5.500%, 7/01/31	7/21 at 100.00	A–		507,980
	500	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.500%, 1/15/38 (4), (5)	1/18 at 100.00	N/R		94,970
	160	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Baystate Medical Center, Series 2009I, 5.750%, 7/01/36	7/19 at 100.00	A+		165,805
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health System, Series 2001E, 6.250%, 10/01/31	10/13 at 100.00	BBB+		502,740
	775	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008, 5.375%, 2/01/26 – NPFG Insured	8/18 at 100.00	A–		803,931
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009, 5.375%, 2/01/27 – NPFG Insured	8/18 at 100.00	A–		514,625

Nuveen Investments

		Nuveen Massachusetts Dividend Advantage Municipal Fund (continued)
NMB		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Health Care (continued)
$	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Children’s Hospital, Series 2009M, 5.500%, 12/01/39	12/19 at 100.00	AA	$	1,056,600
	295	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Covenant Health Systems Obligated Group, Series 2002, 6.000%, 7/01/31	1/12 at 101.00	A		298,074
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E:
	550	5.000%, 8/15/25 – RAAI Insured	8/15 at 100.00	N/R		495,710
	315	5.000%, 8/15/35 – RAAI Insured	8/15 at 100.00	N/R		255,308
	600	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 – FGIC Insured	8/15 at 100.00	A+		627,102
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%, 8/15/28	8/17 at 100.00	A+		1,023,410
	290	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/32	7/17 at 100.00	BBB–		257,967
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30	7/15 at 100.00	BB–		422,615
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B, 6.375%, 7/01/34 (4), (5), (6)	7/14 at 100.00	D		180,000
	35	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare System Inc., Series 2001C, 5.750%, 7/01/32	7/12 at 100.00	AA		35,268
	285	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33	7/15 at 100.00	A–		267,624
	9,505	Total Health Care				8,769,393
		Housing/Multifamily – 7.4% (5.0% of Total Investments)
	565	Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48	7/17 at 100.00	BB		563,226
	500	Massachusetts Housing Finance Agency, Housing Revenue Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)	6/13 at 100.00	AA–		502,400
	1,000	Somerville Housing Authority, Massachusetts, GNMA Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22	5/12 at 103.00	N/R		1,035,780
	2,065	Total Housing/Multifamily				2,101,406
		Housing/Single Family – 4.1% (2.7% of Total Investments)
	650	Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2006-126, 4.625%, 6/01/32 (Alternative Minimum Tax)	6/16 at 100.00	AA		620,965
	480	Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 15.456%, 6/01/16 (IF)	No Opt. Call	AA		537,494
	1,130	Total Housing/Single Family				1,158,459
		Industrials – 1.1% (0.7% of Total Investments)
	105	Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)	No Opt. Call	N/R		101,917
	200	Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003, 5.450%, 6/01/14	No Opt. Call	BBB		215,566
	305	Total Industrials				317,483
		Long-Term Care – 8.7% (5.8% of Total Investments)
	100	Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30	12/19 at 100.00	A–		101,869
	725	Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26	10/12 at 102.00	N/R		621,557
	655	Massachusetts Development Finance Authority, First Mortgage Revenue Bonds, Berkshire Retirement Community – Edgecombe Project, Series 2001A, 6.750%, 7/01/21	1/12 at 102.00	BBB		668,768
	1,000	Massachusetts Development Finance Authority, GNMA Collateralized Assisted Living Facility Revenue Bonds, Arbors at Chicopee, Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax)	3/12 at 105.00	AAA		1,051,430
	2,480	Total Long-Term Care				2,443,624

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/General – 15.5% (10.3% of Total Investments)
$	310	Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5.250%,	5/15 at 100.00	Aa2	$	332,915
		5/15/23 – AMBAC Insured
	440	Fall River, Massachusetts, General Obligation Bonds, Series 2003, 5.000%,	2/13 at 101.00	AA–		454,920
		2/01/21 – AGM Insured
	1,000	Hampden-Wilbraham Regional School District, Hampden County, Massachusetts, General Obligation Bonds, Series 2011, 5.000%, 2/15/41	2/21 at 100.00	Aa3		1,052,310
	500	Norwell, Massachusetts, General Obligation Bonds, Series 2003, 5.000%,	No Opt. Call	AAA		615,000
		11/15/20 – FGIC Insured
	500	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 – FGIC Insured	No Opt. Call	Baa1		531,110
	1,280	Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.125%, 12/01/33	12/20 at 100.00	Aa2		1,375,846
	4,030	Total Tax Obligation/General				4,362,101
		Tax Obligation/Limited – 10.7% (7.1% of Total Investments)
	395	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2004, 5.000%, 5/01/26 – AMBAC Insured	5/14 at 100.00	A–		416,054
	385	Massachusetts Bay Transportation Authority, Senior Lien Sales Tax Revenue Refunding Bonds, Series 2004C, 5.250%, 7/01/21	No Opt. Call	AAA		480,137
	250	Massachusetts College Building Authority, Project Revenue Bonds, Series 2006A, 5.000%, 5/01/31 – AMBAC Insured	5/16 at 100.00	Aa2		260,388
	550	Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured	5/18 at 100.00	Aa2		572,160
	500	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 – AGM Insured (UB)	8/15 at 100.00	AA+		559,370
	230	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured	No Opt. Call	A1		264,318
	455	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.375%, 10/01/19	4/12 at 100.00	BBB+		455,960
	2,765	Total Tax Obligation/Limited				3,008,387
		Transportation – 4.2% (2.8% of Total Investments)
	500	Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30	7/20 at 100.00	AA–		534,705
	400	Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)	7/17 at 100.00	A3		396,684
	260	Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41	7/21 at 100.00	A+		264,246
	1,160	Total Transportation				1,195,635
		U.S. Guaranteed – 6.0% (4.0% of Total Investments) (7)
	230	Massachusetts College Building Authority, Project Revenue Bonds, Series 2004A, 5.000%, 5/01/19 (Pre-refunded 5/01/14) – NPFG Insured	5/14 at 100.00	Aa2 (7)		254,088
	500	Massachusetts Development Finance Authority, Revenue Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19 (Pre-refunded 9/01/13)	9/13 at 100.00	AA– (7)		539,130
	80	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Covenant Health Systems Obligated Group, Series 2002, 6.000%, 7/01/31 (Pre-refunded 1/01/12)	1/12 at 101.00	A (7)		81,200
	750	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/25 (Pre-refunded 1/01/14) – FGIC Insured	1/14 at 100.00	A1 (7)		820,628
	1,560	Total U.S. Guaranteed				1,695,046
		Utilities – 5.6% (3.7% of Total Investments)
	1,070	Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/14 – NPFG Insured	1/12 at 101.00	Baa1		1,082,926
	500	Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)	6/12 at 100.00	A–		501,585
	1,570	Total Utilities				1,584,511

Nuveen Investments

		Nuveen Massachusetts Dividend Advantage Municipal Fund (continued)
NMB		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer – 8.5% (5.6% of Total Investments)
$	530	Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Series 2004A, 5.000%, 11/01/25	11/14 at 100.00	AA+	$	585,109
	125	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 6.000%, 7/01/25	7/15 at 100.00	Ba2		126,799
	500	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2005-11, 4.500%, 8/01/29	8/15 at 100.00	AAA		516,445
	400	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/31 (UB)	8/16 at 100.00	AAA		411,204
	500	Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Series 2002A, 5.250%, 8/01/20	8/12 at 100.00	AAA		515,755
	250	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 4.000%, 8/01/46	8/16 at 100.00	AA+		230,950
	2,305	Total Water and Sewer				2,386,262
$	41,960	Total Investments (cost $41,955,116) – 150.4%				42,430,269
		Floating Rate Obligations – (2.0)%				(560,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (52.2)% (8)				(14,725,000	)
		Other Assets Less Liabilities – 3.8%				1,077,399
		Net Assets Applicable to Common Shares – 100%			$	28,222,668

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)		At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(5)		For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
(6)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.
(7)		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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(8)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investment is 34.7%.
N/R		Not rated.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund
NGX		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Education and Civic Organizations – 27.9% (18.2% of Total Investments)
$	600	Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and B-2, 5.250%, 7/01/33 – AGM Insured	7/21 at 100.00	AA–	$	632,076
	1,135	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2005T-1, 5.000%, 10/01/39 – AMBAC Insured	10/15 at 100.00	A		1,138,655
	600	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured	9/17 at 100.00	A+		612,726
	1,250	Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003, 5.000%, 9/01/33	9/13 at 100.00	A1		1,260,225
	1,000	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured	No Opt. Call	A		1,096,930
	3,000	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2008A, 5.000%, 1/01/42 – AGC Insured	1/18 at 100.00	AA–		3,044,670
	1,750	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, Series 2003N, 5.125%, 6/01/37	6/13 at 100.00	AA–		1,773,310
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Worcester State College, Series 2002, 5.000%, 11/01/32 – AMBAC Insured	11/12 at 100.00	A2		1,506,555
	10,835	Total Education and Civic Organizations				11,065,147
		Health Care – 11.1% (7.2% of Total Investments)
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2004D, 5.125%, 11/15/35 – AGC Insured	11/19 at 100.00	AA–		508,480
	335	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 – NPFG Insured	1/12 at 100.00	A–		335,034
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008:
	450	5.375%, 2/01/26 – NPFG Insured	8/18 at 100.00	A–		466,799
	600	5.375%, 2/01/27 – NPFG Insured	8/18 at 100.00	A–		617,550
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009, 5.375%, 2/01/28 – NPFG Insured	8/18 at 100.00	A–		1,540,440
	585	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E, 5.000%, 7/15/32	7/17 at 100.00	BBB–		520,381
	200	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30	7/15 at 100.00	BB–		169,046
	250	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33	7/15 at 100.00	A–		234,758
	4,420	Total Health Care				4,392,488
		Housing/Multifamily – 11.5% (7.5% of Total Investments)
	500	Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 5.000%, 4/01/20 – AGM Insured	4/18 at 100.00	AA–		552,220
	750	Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48	7/17 at 100.00	BB		747,645
	2,000	Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43	12/12 at 100.00	AA–		2,005,320
	1,265	Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2002H, 5.200%, 7/01/42 – AGM Insured	7/12 at 100.00	AA–		1,267,631
	4,515	Total Housing/Multifamily				4,572,816
		Industrials – 7.5% (4.9% of Total Investments)
		Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A:
	1,475	5.125%, 8/01/28 – NPFG Insured	2/12 at 100.00	Baa1		1,474,838
	1,500	5.125%, 2/01/34 – NPFG Insured	2/12 at 100.00	Baa1		1,499,865
	2,975	Total Industrials				2,974,703

Nuveen Investments

		Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (continued)
NGX		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Long-Term Care – 4.7% (3.1% of Total Investments)
$	1,750	Massachusetts Development Finance Authority, GNMA Collateralized Revenue Bonds, Neville Communities, Series 2002A, 6.000%, 6/20/44	12/12 at 105.00	AA+	$	1,867,880
		Tax Obligation/General – 12.9% (8.4% of Total Investments)
	1,280	Littleton, Massachusetts, General Obligation Bonds, Series 2003, 5.000%,	1/13 at 101.00	AA		1,340,006
		1/15/21 – FGIC Insured
	1,500	Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%, 8/01/21 – AGM Insured	No Opt. Call	AA+		1,873,800
	1,705	North Attleborough, Massachusetts, General Obligation Bonds, Series 2004, 5.000%, 7/15/15 – FGIC Insured	7/14 at 101.00	Aa2		1,901,109
	4,485	Total Tax Obligation/General				5,114,915
		Tax Obligation/Limited – 10.6% (6.9% of Total Investments)
	3,000	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 – AMBAC Insured	5/13 at 100.00	A–		3,078,480
	750	Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured	5/18 at 100.00	Aa2		780,218
	300	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured	No Opt. Call	A1		344,763
	4,050	Total Tax Obligation/Limited				4,203,461
		Transportation – 2.5% (1.7% of Total Investments)
	1,000	Massachusetts Port Authority, Revenue Bonds, Series 2003A, 5.000%, 7/01/33 – NPFG Insured	7/13 at 100.00	AA–		1,010,660
		U.S. Guaranteed – 42.1% (27.5% of Total Investments) (4)
	2,000	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 5.000%, 7/01/27 (Pre-refunded 7/01/12) – FGIC Insured	7/12 at 100.00	AAA		2,055,900
	2,790	Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003A, 5.250%, 5/01/22 (Pre-refunded 5/01/13) – SYNCORA GTY Insured	5/13 at 100.00	Aa2 (4)		2,979,636
	500	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 6.375%, 7/01/23 (Pre-refunded 7/01/13)	7/13 at 101.00	A (4)		551,520
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Medical Center Hospitals, Series 2002H:
	100	5.000%, 5/15/25 (Pre-refunded 5/15/12) – FGIC Insured	5/12 at 100.00	N/R (4)		102,194
	2,400	5.000%, 5/15/25 (Pre-refunded 5/15/12) – FGIC Insured	5/12 at 100.00	N/R (4)		2,452,656
	295	Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 (ETM)	1/12 at 100.00	AAA		333,318
	1,000	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – FGIC Insured	1/14 at 100.00	A1 (4)		1,094,170
	1,500	Pittsfield, Massachusetts, General Obligation Bonds, Series 2002, 5.000%, 4/15/18 (Pre-refunded 4/15/12) – NPFG Insured	4/12 at 101.00	AA (4)		1,541,400
	3,000	Springfield, Massachusetts, General Obligation Bonds, Series 2003, 5.250%, 1/15/22 (Pre-refunded 1/15/13) – NPFG Insured	1/13 at 100.00	AA (4)		3,166,288
	2,140	University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 2004-1, 5.375%, 11/01/21 (Pre-refunded 11/01/14) – AMBAC Insured	11/14 at 100.00	AA– (4)		2,428,921
	15,725	Total U.S. Guaranteed				16,706,003
		Utilities – 3.1% (2.1% of Total Investments)
	1,210	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured	10/20 at 100.00	AA–		1,243,420
		Water and Sewer – 19.2% (12.5% of Total Investments)
	1,900	Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured	12/13 at 100.00	A1		1,919,266
	600	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12, 4.375%, 8/01/31 (UB)	8/16 at 100.00	AAA		616,806

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer (continued)
$	1,000	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%, 8/01/19 – AGM Insured	No Opt. Call	AA+	$	1,231,910
	1,000	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2004D, 5.000%, 8/01/24 – NPFG Insured	8/13 at 100.00	AA+		1,058,920
		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A:
	1,500	5.000%, 8/01/31 – AMBAC Insured	8/16 at 100.00	AA+		1,583,175
	125	4.000%, 8/01/46	8/16 at 100.00	AA+		115,475
	500	Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured	No Opt. Call	AA–		544,990
	495	Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%, 7/01/16 – NPFG Insured	7/14 at 100.00	A+		536,808
	7,120	Total Water and Sewer				7,607,350
$	58,085	Total Investments (cost $58,719,651) – 153.1%				60,758,843
		Floating Rate Obligations – (0.9)%				(340,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (55.6)% (5)				(22,075,000	)
		Other Assets Less Liabilities – 3.4%				1,334,773
		Net Assets Applicable to Common Shares – 100%			$	39,678,616

		The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, 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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage or Total Investments is 36.3%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Nuveen Missouri Premium Income Municipal Fund
NOM		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Consumer Staples – 3.4% (2.2% of Total Investments)
$	1,000	Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax)	No Opt. Call	AA–	$	1,101,850
		Education and Civic Organizations – 9.0% (5.6% of Total Investments)
	250	Lincoln University, Missouri, Auxillary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured	6/17 at 100.00	AA–		254,190
	630	Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41	10/21 at 100.00	A–		636,464
	700	Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 6.500%, 10/01/35	10/18 at 103.00	BBB		743,274
	550	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37	11/21 at 100.00	AAA		610,308
	600	Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36	4/21 at 100.00	A2		623,790
	2,730	Total Education and Civic Organizations				2,868,026
		Health Care – 33.2% (20.7% of Total Investments)
	485	Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A, 5.750%, 6/01/39	6/19 at 100.00	AA–		505,525
	760	Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/27	6/17 at 100.00	BBB+		738,051
	930	Cass County, Missouri, Hospital Revenue Bonds, Series 2007, 5.625%, 5/01/38	11/16 at 100.00	BBB+		852,996
	480	Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/37	12/17 at 100.00	N/R		379,171
	750	Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/29	2/15 at 102.00	BBB+		747,870
	540	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27	11/20 at 100.00	A3		550,292
	500	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, St. Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25	12/21 at 100.00	A+		526,505
	2,000	Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, St. Luke’s Health System, Series 2010A, 5.000%, 11/15/30	11/20 at 100.00	A+		2,052,977
		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		1,563,555
	1,155	5.250%, 5/15/32	5/13 at 100.00	AA		1,166,666
	500	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, 5.700%, 2/15/34	2/14 at 100.00	BBB+		506,930
	720	Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28	12/20 at 100.00	BBB–		693,648
	350	St. Louis County Industrial Development Authority, Missouri, Healthcare Facilities Revenue Bonds, Ranken-Jordan Project, Refunding Series 2007, 5.000%, 11/15/27	11/16 at 100.00	N/R		300,003
	10,670	Total Health Care				10,584,189
		Housing/Multifamily – 3.3% (2.0% of Total Investments)
	375	Jefferson County Industrial Development Authority, Missouri, Multifamily Housing Revenue Bonds, Lakewood Apartments Project, Series 2001B, 5.750%, 11/01/34 (Mandatory put 11/01/16) (Alternative Minimum Tax)	6/12 at 100.00	N/R		375,401
	165	Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Series 2001II, 5.250%, 12/01/16	6/12 at 100.00	AA		165,370
	500	St. Charles County Industrial Development Authority, Missouri, FHA-Insured Multifamily Housing Revenue Bonds, Ashwood Apartments, Series 1998A, 5.600%, 4/01/30 – AGM Insured (Alternative Minimum Tax)	4/12 at 100.00	Aaa		500,230
	1,040	Total Housing/Multifamily				1,041,001

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Housing/Single Family – 3.0% (1.9% of Total Investments)
$	350	Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007A-1, 4.700%, 9/01/27 (Alternative Minimum Tax)	9/16 at 100.00	AA+	$	350,641
	615	Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007C-1, 4.800%, 9/01/38 (Alternative Minimum Tax)	3/17 at 100.00	AA+		602,700
	965	Total Housing/Single Family				953,341
		Long-Term Care – 10.3% (6.4% of Total Investments)
	1,750	Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35	2/14 at 100.00	BBB+		1,678,023
	500	Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F, 5.750%, 5/15/31	5/17 at 100.00	BBB–		465,155
	475	Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.125%, 8/15/32	8/17 at 100.00	BBB–		434,725
	250	Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011, 6.000%, 2/01/41	2/21 at 100.00	BBB+		251,113
	500	St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.500%, 9/01/28	9/17 at 100.00	BBB		475,530
	3,475	Total Long-Term Care				3,304,546
		Materials – 2.1% (1.3% of Total Investments)
	750	Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)	6/13 at 101.00	BB+		661,230
		Tax Obligation/General – 20.7% (12.9% of Total Investments)
	1,500	Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Series 2005, 5.250%, 3/01/24 – AGM Insured	No Opt. Call	AA–		1,657,680
	1,685	Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27	3/20 at 100.00	AA+		1,883,291
	500	Jackson County School District R-7, Lees Summit, Missouri, General Obligation Refunding and Improvement Bonds, Series 2002, 5.250%, 3/01/18 – AGM Insured	3/12 at 100.00	AA+		505,635
	500	Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007, 5.250%, 3/01/27 – AGM Insured	3/17 at 100.00	AA–		536,535
	1,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – NPFG Insured	No Opt. Call	Baa1		1,087,600
	900	Ritenour Consolidated School District, St. Louis County, Missouri, General Obligation Bonds, Series 1995, 7.375%, 2/01/12 – FGIC Insured	No Opt. Call	Aa2		909,972
	20	St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/20 – AGM Insured	3/14 at 100.00	AA		21,606
	6,105	Total Tax Obligation/General				6,602,319
		Tax Obligation/Limited – 28.8% (17.9% of Total Investments)
	600	Chesterfield, Missouri, Certificates of Participation, Series 2005, 5.000%, 12/01/24 – FGIC Insured	12/15 at 100.00	Aa1		627,888
	80	Cottleville, Missouri, Certificates of Participation, Series 2006, 5.250%, 8/01/31	8/14 at 100.00	N/R		78,980
	240	Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2006, 4.500%, 4/01/21	4/14 at 100.00	BBB+		244,572
	315	Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28	6/16 at 100.00	N/R		237,976
	475	Jackson County, Missouri, Special Obligation Bonds, Truman Medical Center Project, Series 2011B, 4.350%, 12/01/23	12/21 at 100.00	Aa3		496,893
	300	Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32	9/21 at 100.00	AA–		306,366
	475	Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24	6/14 at 102.00	N/R		424,750
	100	Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011, 5.000%, 6/01/21	6/16 at 100.00	N/R		101,569

Nuveen Investments

		Nuveen Missouri Premium Income Municipal Fund (continued)
NOM		Portfolio of Investments
		November 30, 2011 (Unaudited)

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	360	Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%, 6/01/35	6/15 at 100.00	A	$	362,585
	415	Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Crackerneck Creek Project, Series 2006C, 5.000%, 3/01/28	3/16 at 100.00	A–		406,156
	450	Monarch-Chesterfield Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured	3/12 at 100.00	A		451,602
	500	Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23	5/12 at 102.00	N/R		424,685
	1,750	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42	8/19 at 100.00	A+		1,892,030
	1,500	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 – NPFG Insured	No Opt. Call	Aa2		233,730
	600	Riverside, Missouri, L-385 Levee Redevelopment Plan Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20	5/15 at 100.00	A		622,176
	1,395	Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured	6/12 at 100.00	N/R		1,395,000
		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		320,773
	400	5.500%, 11/01/27	11/14 at 100.00	N/R		369,996
	200	St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27	11/14 at 100.00	N/R		182,180
	10,495	Total Tax Obligation/Limited				9,179,907
		Transportation – 16.6% (10.3% of Total Investments)
	500	Kansas City, Missouri, Passenger Facility Charge Revenue Bonds, Kansas City International Airport, Series 2001, 5.000%, 4/01/23 – AMBAC Insured (Alternative Minimum Tax)	4/12 at 100.50	A		505,300
	1,000	St. Louis Land Clearance Redevelopment Authority, Missouri, Revenue Refunding and Improvement Bonds, LCRA Parking Facilities, Series 1999C, 7.000%, 9/01/19	3/12 at 100.00	N/R		1,000,090
	1,000	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured	No Opt. Call	A–		1,132,410
	2,500	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/21 – AGM Insured	7/17 at 100.00	AA–		2,660,625
	5,000	Total Transportation				5,298,425
		U.S. Guaranteed – 13.9% (8.7% of Total Investments) (4)
	685	Fenton, Missouri, Tax Increment Refunding and Improvement Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12)	10/12 at 100.00	AAA		718,620
	1,630	North Kansas City School District, Missouri, General Obligation Bonds, Series 2003A, 5.000%, 3/01/23 (Pre-refunded 3/01/13)	3/13 at 100.00	AA+ (4)		1,724,980
		St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004:
	80	5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured	3/14 at 100.00	AA (4)		88,467
	250	5.250%, 3/01/20 (Pre-refunded 3/01/14) – AGM Insured	3/14 at 100.00	AA– (4)		276,460
	500	St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) (ETM)	No Opt. Call	AA+ (4)		614,505
	1,000	St. Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Carnahan Courthouse, Series 2002A, 5.750%, 2/15/16 (Pre-refunded 2/15/12) – FGIC Insured	2/12 at 100.00	N/R (4)		1,011,600
	4,145	Total U.S. Guaranteed				4,434,632
		Utilities – 3.6% (2.2% of Total Investments)
	100	Missouri Joint Municipal Electric Utility Commission, Iatan 2 Power Project Revenue Bonds, Series 2006A, 4.125%, 1/01/21 – AMBAC Insured	1/16 at 100.00	A3		103,650
	500	Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006, 5.000%, 1/01/34 – NPFG Insured	1/16 at 100.00	A–		502,635
	530	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40	7/20 at 100.00	A3		531,972
	1,130	Total Utilities				1,138,257

Nuveen Investments

	Principal		Optional Call
	Amount (000)	Description (1)	Provisions (2)	Ratings (3)		Value
		Water and Sewer – 12.7% (7.9% of Total Investments)
$	600	Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39	3/18 at 100.00	A	$	644,304
	200	Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2006C, 5.000%, 5/01/36 – NPFG Insured	5/17 at 100.00	AAA		208,612
	2,965	Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB)	12/16 at 100.00	AA+		2,859,535
	350	Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control Revenue Bonds, State Revolving Fund Program – Kansas City Project, Series 1997C, 6.750%, 1/01/12	No Opt. Call	Aaa		351,929
	4,115	Total Water and Sewer				4,064,380
$	51,620	Total Investments (cost $50,621,766) – 160.6%				51,232,103
		Floating Rate Obligations – (7.0)%				(2,225,000	)
		MuniFund Term Preferred Shares, at Liquidation Value – (56.0)% (5)				(17,880,000	)
		Other Assets Less Liabilities – 2.4%				778,214
		Net Assets Applicable to Common Shares – 100%			$	31,905,317

(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 highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.9%.
N/R		Not rated.
(ETM)		Escrowed to maturity.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

Nuveen Investments

		Statement of
		Assets & Liabilities
		November 30, 2011 (Unaudited)

	Connecticut Premium Income (NTC		)	Connecticut Dividend Advantage (NFC		)	Connecticut Dividend Advantage 2 (NGK		)	Connecticut Dividend Advantage 3 (NGO		)
Assets
Investments, at value (cost $117,450,103, $60,130,978, $52,389,487 and $97,467,499, respectively)	$	120,713,593		$	61,757,328		$	53,855,427		$	99,478,311
Cash		103,435			86,121			—			58,668
Receivables:
Interest		1,774,120			891,280			807,215			1,493,360
Investments sold		—			25,697			505,524			—
Deferred offering costs		816,394			377,828			335,982			482,261
Other assets		16,465			8,190			32,590			12,360
Total assets		123,424,007			63,146,444			55,536,738			101,524,960
Liabilities
Cash overdraft		—			—			388,567			—
Floating rate obligations		7,965,000			3,820,000			3,460,000			5,780,000
Payables:
Common share dividends		288,207			144,029			139,111			227,634
Interest		78,197			44,350			36,724			70,670
Offering costs		294,430			116,458			104,324			124,243
MuniFund Term Preferred (MTP) Shares, at liquidation value		36,080,000			20,470,000			16,950,000			32,000,000
Accrued expenses:
Management fees		61,476			31,506			25,295			50,918
Other		306,905			102,537			65,846			199,931
Total liabilities		45,074,215			24,728,880			21,169,867			38,453,396
Net assets applicable to Common shares	$	78,349,792		$	38,417,564		$	34,366,871		$	63,071,564
Common shares outstanding		5,365,029			2,586,033			2,320,371			4,367,134
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)	$	14.60		$	14.86		$	14.81		$	14.44
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share	$	53,650		$	25,860		$	23,204		$	43,671
Paid-in surplus		74,362,277			36,557,599			32,737,780			61,436,457
Undistributed (Over-distribution of) net investment income		449,879			102,190			88,571			14,623
Accumulated net realized gain (loss)		220,496			105,565			51,376			(433,999	)
Net unrealized appreciation (depreciation)		3,263,490			1,626,350			1,465,940			2,010,812
Net assets applicable to Common shares	$	78,349,792		$	38,417,564		$	34,366,871		$	63,071,564
Authorized shares:
Common		Unlimited			Unlimited			Unlimited			Unlimited
Auction Rate Preferred Shares (ARPS)		Unlimited			Unlimited			Unlimited			Unlimited
MTP		Unlimited			Unlimited			Unlimited			Unlimited

See accompanying notes to financial statements.


62		Nuveen Investments

	Massachusetts Premium Income (NMT		)	Massachusetts Dividend Advantage (NMB		)	Insured Massachusetts Tax-Free Advantage (NGX		)	Missouri Premium Income (NOM		)
Assets
Investments, at value (cost $103,614,513, $41,955,116, $58,719,651 and $50,621,766, respectively)	$	106,102,961		$	42,430,269		$	60,758,843		$	51,232,103
Cash		—			256,483			400,640			—
Receivables:
Interest		1,811,974			770,741			904,220			752,062
Investments sold		46,119			56,466			—			—
Deferred offering costs		828,922			309,064			367,238			472,995
Other assets		15,010			5,378			33,627			7,075
Total assets		108,804,986			43,828,401			62,464,568			52,464,235
Liabilities
Cash overdraft		22,737			—			—			56,362
Floating rate obligations		1,435,000			560,000			340,000			2,225,000
Payables:
Common share dividends		289,514			123,741			159,164			139,198
Interest		82,294			31,902			48,752			31,290
Offering costs		324,920			110,860			99,440			167,697
MuniFund Term Preferred (MTP) Shares, at liquidation value		36,645,000			14,725,000			22,075,000			17,880,000
Accrued expenses:
Management fees		54,854			22,131			31,794			25,628
Other		45,180			32,099			31,802			33,743
Total liabilities		38,899,499			15,605,733			22,785,952			20,558,918
Net assets applicable to Common shares	$	69,905,487		$	28,222,668		$	39,678,616		$	31,905,317
Common shares outstanding		4,774,788			1,965,699			2,727,011			2,321,560
Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding)	$	14.64		$	14.36		$	14.55		$	13.74
Net assets applicable to Common shares consist of:
Common shares, $.01 par value per share	$	47,748		$	19,657		$	27,270		$	23,216
Paid-in surplus		66,107,910			27,765,820			38,282,317			31,067,947
Undistributed (Over-distribution of) net investment income		659,681			(5,535	)		(34,312	)		395,478
Accumulated net realized gain (loss)		601,700			(32,427	)		(635,851	)		(191,661	)
Net unrealized appreciation (depreciation)		2,488,448			475,153			2,039,192			610,337
Net assets applicable to Common shares	$	69,905,487		$	28,222,668		$	39,678,616		$	31,905,317
Authorized shares:
Common		Unlimited			Unlimited			Unlimited			Unlimited
Auction Rate Preferred Shares (ARPS)		Unlimited			Unlimited			Unlimited			Unlimited
MTP		Unlimited			Unlimited			Unlimited			Unlimited

See accompanying notes to financial statements.


Nuveen Investments		63

		Statement of
		Operations
		Six Months Ended November 30, 2011 (Unaudited)

		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage		Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
Investment Income	$	2,786,844		$	1,431,364		$	1,283,248		$	2,315,913
Expenses
Management fees		373,700			191,340			167,083			309,495
Shareholders’ servicing agent fees and expenses		13,995			8,618			8,572			8,603
Interest expense and amortization of offering costs		607,243			335,053			281,875			516,134
Custodian’s fees and expenses		12,835			7,776			7,333			11,180
Trustees’ fees and expenses		1,792			921			805			1,491
Professional fees		11,063			10,134			9,988			10,748
Shareholders’ reports — printing and mailing expenses		14,756			8,553			7,587			13,239
Stock exchange listing fees		19,401			7,395			7,378			7,924
Investor relations expense		3,700			2,178			1,744			3,578
Reorganization expense		260,000			70,000			35,000			160,000
Other expenses		29,675			24,869			22,800			26,259
Total expenses before custodian fee credit and expense reimbursement		1,348,160			666,837			550,165			1,068,651
Custodian fee credit		(422	)		(665	)		(144	)		(336	)
Expense reimbursement		—			—			(13,301	)		—
Net expenses		1,347,738			666,172			536,720			1,068,315
Net investment income (loss)		1,439,106			765,192			746,528			1,247,598
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		177,224			36,117			60,780			66,895
Change in net unrealized appreciation (depreciation) of investments		2,349,167			1,247,654			973,025			1,837,213
Net realized and unrealized gain (loss)		2,526,391			1,283,771			1,033,805			1,904,108
Net increase (decrease) in net assets applicable to Common shares from operations	$	3,965,497		$	2,048,963		$	1,780,333		$	3,151,706

See accompanying notes to financial statements.


64		Nuveen Investments

								Insured
	Massachusetts			Massachusetts			Massachusetts				Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Investment Income	$	2,694,238		$	1,093,077		$	1,453,501		$	1,291,861
Expenses
Management fees		332,915			134,605			194,030			155,268
Shareholders’ servicing agent fees and expenses		12,419			8,328			8,333			9,642
Interest expense and amortization of offering costs		613,071			240,382			352,669			250,539
Custodian’s fees and expenses		11,429			6,422			6,584			6,803
Trustees’ fees and expenses		1,664			676			974			774
Professional fees		10,868			21,428			10,154			9,937
Shareholders’ reports — printing and mailing expenses		15,536			7,084			8,842			8,918
Stock exchange listing fees		32,010			124			7,820			7,667
Investor relations expense		3,799			1,617			2,287			1,660
Reorganization expense		—			—			—			—
Other expenses		27,642			24,575			25,591			17,934
Total expenses before custodian fee credit and expense reimbursement		1,061,353			445,241			617,284			469,142
Custodian fee credit		(138	)		(171	)		(127	)		(90	)
Expense reimbursement		—			—			—			—
Net expenses		1,061,215			445,070			617,157			469,052
Net investment income (loss)		1,633,023			648,007			836,344			822,809
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		484,383			105,970			72,747			22,412
Change in net unrealized appreciation (depreciation) of investments		2,045,690			794,023			613,277			1,333,577
Net realized and unrealized gain (loss)		2,530,073			899,993			686,024			1,355,989
Net increase (decrease) in net assets applicable to Common shares from operations	$	4,163,096		$	1,548,000		$	1,522,368		$	2,178,798

See accompanying notes to financial statements.


Nuveen Investments		65

		Statement of
		Changes in Net Assets (Unaudited)

	Connecticut Premium Income (NTC)						Connecticut Dividend Advantage (NFC)						Connecticut Dividend Advantage 2 (NGK)
	Six Months Ended 11/30/11			Year Ended 5/31/11			Six Months Ended 11/30/11			Year Ended 5/31/11			Six Months Ended 11/30/11			Year Ended 5/31/11
Operations
Net investment income (loss)	$	1,439,106		$	3,621,121		$	765,192		$	1,730,599		$	746,528		$	1,556,524
Net realized gain (loss) from investments		177,224			109,734			36,117			99,244			60,780			39,359
Change in net unrealized appreciation (depreciation) of investments		2,349,167			(1,715,466	)		1,247,654			(1,068,421	)		973,025			(1,129,788	)
Distributions to Auction Rate Preferred Shareholders:
From net investment income		—			(39,361	)		—			—			—			—
Net increase (decrease) in net assets applicable to Common shares from operations		3,965,497			1,976,028			2,048,963			761,422			1,780,333			466,095
Distributions to Common Shareholders
From net investment income		(1,899,221	)		(3,798,441	)		(965,883	)		(1,985,824	)		(894,490	)		(1,837,401	)
From accumulated net realized gains		—			—			—			—			—			—
Decrease in net assets applicable to Common shares from distributions to Common shareholders		(1,899,221	)		(3,798,441	)		(965,883	)		(1,985,824	)		(894,490	)		(1,837,401	)
Capital Share Transactions
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions		—			—			—			26,531			2,815			16,467
Net increase (decrease) in net assets applicable to Common shares from capital share transactions		—			—			—			26,531			2,815			16,467
Net increase (decrease) in net assets applicable to Common shares		2,066,276			(1,822,413	)		1,083,080			(1,197,871	)		888,658			(1,354,839	)
Net assets applicable to Common shares at the beginning of period		76,283,516			78,105,929			37,334,484			38,532,355			33,478,213			34,833,052
Net assets applicable to Common shares at the end of period	$	78,349,792		$	76,283,516		$	38,417,564		$	37,334,484		$	34,366,871		$	33,478,213
Undistributed (Over-distribution of) net investment income at the end of period	$	449,879		$	909,994		$	102,190		$	302,881		$	88,571		$	236,533

See accompanying notes to financial statements.


66		Nuveen Investments

	Connecticut Dividend Advantage 3 (NGO)						Massachusetts Premium Income (NMT)						Massachusetts Dividend Advantage (NMB)
	Six Months Ended 11/30/11			Year Ended 5/31/11			Six Months Ended 11/30/11			Year Ended 5/31/11			Six Months Ended 11/30/11			Year Ended 5/31/11
Operations
Net investment income (loss)	$	1,247,598		$	2,785,608		$	1,633,023		$	3,589,129		$	648,007		$	1,345,889
Net realized gain (loss) from investments		66,895			95			484,383			102,652			105,970			(158,330	)
Change in net unrealized appreciation (depreciation) of investments		1,837,213			(1,241,126	)		2,045,690			(1,273,832	)		794,023			(356,215	)
Distributions to Auction Rate Preferred Shareholders:
From net investment income		—			—			—			(42,554	)		—			—
Net increase (decrease) in net assets applicable to Common shares from operations		3,151,706			1,544,577			4,163,096			2,375,395			1,548,000			831,344
Distributions to Common Shareholders
From net investment income		(1,539,415	)		(3,144,336	)		(1,862,168	)		(3,723,001	)		(790,211	)		(1,627,118	)
From accumulated net realized gains		—			—			—			(179,532	)		—			—
Decrease in net assets applicable to Common shares from distributions to Common shareholders		(1,539,415	)		(3,144,336	)		(1,862,168	)		(3,902,533	)		(790,211	)		(1,627,118	)
Capital Share Transactions
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions		—			—			—			100,786			—			25,160
Net increase (decrease) in net assets applicable to Common shares from capital share transactions		—			—			—			100,786			—			25,160
Net increase (decrease) in net assets applicable to Common shares		1,612,291			(1,599,759	)		2,300,928			(1,426,352	)		757,789			(770,614	)
Net assets applicable to Common shares at the beginning of period		61,459,273			63,059,032			67,604,559			69,030,911			27,464,879			28,235,493
Net assets applicable to Common shares at the end of period	$	63,071,564		$	61,459,273		$	69,905,487		$	67,604,559		$	28,222,668		$	27,464,879
Undistributed (Over-distribution of) net investment income at the end of period	$	14,623		$	306,440		$	659,681		$	888,826		$	(5,535	)	$	136,669

See accompanying notes to financial statements.


Nuveen Investments		67

		Statement of
		Changes in Net Assets (Unaudited) (continued)

	Insured Massachusetts Tax-Free Advantage (NGX)						Missouri Premium Income (NOM)
	Six Months Ended 11/30/11			Year Ended 5/31/11			Six Months Ended 11/30/11			Year Ended 5/31/11
Operations
Net investment income (loss)	$	836,344		$	1,740,563		$	822,809		$	1,814,122
Net realized gain (loss) from investments		72,747			(4,031	)		22,412			137,346
Change in net unrealized appreciation (depreciation) of investments		613,277			(628,384	)		1,333,577			(933,927	)
Distributions to Auction Rate Preferred Shareholders:
From net investment income		—			—			—			(33,471	)
Net increase (decrease) in net assets applicable to Common shares from operations		1,522,368			1,108,148			2,178,798			984,070
Distributions to Common Shareholders
From net investment income		(1,002,176	)		(2,061,418	)		(904,985	)		(1,806,982	)
From accumulated net realized gains		—			—			—			—
Decrease in net assets applicable to Common shares from distributions to Common shareholders		(1,002,176	)		(2,061,418	)		(904,985	)		(1,806,982	)
Capital Share Transactions
Net proceeds from Common shares issued to shareholders due to reinvestment of distributions		—			17,059			36,597			70,115
Net increase (decrease) in net assets applicable to Common shares from capital share transactions		—			17,059			36,597			70,115
Net increase (decrease) in net assets applicable to Common shares		520,192			(936,211	)		1,310,410			(752,797	)
Net assets applicable to Common shares at the beginning of period		39,158,424			40,094,635			30,594,907			31,347,704
Net assets applicable to Common shares at the end of period	$	39,678,616		$	39,158,424		$	31,905,317		$	30,594,907
Undistributed (Over-distribution of) net investment income at the end of period	$	(34,312	)	$	131,520		$	395,478		$	477,654

See accompanying notes to financial statements.


68		Nuveen Investments

		Statement of
		Cash Flows
		Six Months Ended November 30, 2011 (Unaudited)

		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage		Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations	$	3,965,497		$	2,048,963		$	1,780,333		$	3,151,706
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments		(9,456,187	)		(7,068,883	)		(3,910,233	)		(7,857,173	)
Proceeds from sales and maturities of investments		8,086,227			5,452,875			4,059,503			6,828,353
Amortization (Accretion) of premiums and discounts, net		145,620			75,253			54,458			107,099
(Increase) Decrease in:
Receivable for interest		38,419			(17,123	)		(37,694	)		18,220
Receivable for investments sold		—			(25,697	)		(505,524	)		—
Other assets		18,828			(1,741	)		(1,737	)		(1,814	)
Increase (Decrease) in:
Payable for interest		(4	)		6			5			(11	)
Payable for investment purchased		—			(43,331	)		—			—
Accrued management fees		(761	)		(387	)		(365	)		(692	)
Accrued other expenses		276,247			74,108			38,902			166,832
Net realized (gain) loss from investments		(177,224	)		(36,117	)		(60,780	)		(66,895	)
Change in net unrealized (appreciation) depreciation of investments		(2,349,167	)		(1,247,654	)		(973,025	)		(1,837,213	)
Taxes paid on undistributed capital gains		(9,422	)		(10,907	)		(3,642	)		—
Net cash provided by (used in) operating activities		538,073			(800,635	)		440,201			508,412
Cash Flows from Financing Activities:
(Increase) Decrease in deferred offering costs		112,409			56,767			50,480			74,349
Increase (Decrease) in:
Cash overdraft balance		—			—			388,567			—
Floating rate obligations		—			—			—			—
Payable for offering costs		(72,110	)		(71,607	)		(76,164	)		(77,325	)
Cash distributions paid to Common shareholders		(1,897,930	)		(975,278	)		(899,710	)		(1,546,653	)
Net cash provided by (used in) financing activities		(1,857,631	)		(990,118	)		(536,827	)		(1,549,629	)
Net Increase (Decrease) in Cash		(1,319,558	)		(1,790,753	)		(96,626	)		(1,041,217	)
Cash at the beginning of period		1,422,993			1,876,874			96,626			1,099,885
Cash at the End of Period	$	103,435		$	86,121		$	—		$	58,668

Supplemental Disclosure of Cash Flow Information

Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:


		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage		Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
	$	—		$	—		$	2,815		$	—

Cash paid for interest (excluding amortization of offering costs) was as follows:

		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage		Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
	$	494,837		$	278,280		$	231,390		$	441,796

See accompanying notes to financial statements.


Nuveen Investments		69

		Statement of
		Cash Flows (Unaudited) (continued)

								Insured
	Massachusetts			Massachusetts			Massachusetts				Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Cash Flows from Operating Activities:
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations	$	4,163,096		$	1,548,000		$	1,522,368		$	2,178,798
Adjustments to reconcile the net increase (decrease) in net assets applicable to Common shares from operations to net cash provided by (used in) operating activities:
Purchases of investments		(10,370,621	)		(3,202,593	)		(3,386,688	)		(4,387,245	)
Proceeds from sales and maturities of investments		11,302,219			3,242,087			4,696,338			3,031,624
Amortization (Accretion) of premiums and discounts, net		125,940			315,348			70,643			46,166
(Increase) Decrease in:
Receivable for interest		(72,478	)		(40,880	)		(73	)		49,744
Receivable for investments sold		98,881			(56,466	)		120,000			2,050,353
Other assets		18,075			(262	)		(1,741	)		7,213
Increase (Decrease) in:
Payable for interest		(8	)		5			(8	)		—
Payable for investment purchased		—			—			—			(291,936	)
Accrued management fees		(510	)		(242	)		(737	)		(145	)
Accrued other expenses		16,657			13,119			5,965			9,668
Net realized (gain) loss from investments		(484,383	)		(105,970	)		(72,747	)		(22,412	)
Change in net unrealized (appreciation) depreciation of investments		(2,045,690	)		(794,023	)		(613,277	)		(1,333,577	)
Taxes paid on undistributed capital gains		(7,745	)		—			—			—
Net cash provided by (used in) operating activities		2,743,433			918,123			2,340,043			1,338,251
Cash Flows from Financing Activities:
(Increase) Decrease in deferred offering costs		113,440			46,434			56,618			59,206
Increase (Decrease) in:
Cash overdraft balance		22,737			—			—			(527,560	)
Floating rate obligations		(1,015,000	)		(490,000	)		(1,160,000	)		—
Payable for offering costs		(84,547	)		(2,654	)		(81,567	)		(1,501	)
Cash distributions paid to Common shareholders		(1,861,169	)		(797,927	)		(1,011,906	)		(868,396	)
Net cash provided by (used in) financing activities		(2,824,539	)		(1,244,147	)		(2,196,855	)		(1,338,251	)
Net Increase (Decrease) in Cash		(81,106	)		(326,024	)		143,188			—
Cash at the beginning of period		81,106			582,507			257,452			—
Cash at the End of Period	$	—		$	256,483		$	400,640		$	—

Supplemental Disclosure of Cash Flow Information

Non-cash financing activities not included herein consist of reinvestments of Common share distributions as follows:


								Insured
	Massachusetts			Massachusetts			Massachusetts				Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
	$	—		$	—		$	—		$	36,597

Cash paid for interest (excluding amortization of offering costs) was as follows:
								Insured
	Massachusetts			Massachusetts			Massachusetts				Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
	$	499,639		$	193,943		$	296,058		$	191,333

See accompanying notes to financial statements.


70		Nuveen Investments

		Financial
		Highlights (Unaudited)

Nuveen Investments

		Financial
		Highlights (Unaudited)

	Selected data for a Common share outstanding throughout each period:

			Investment Operations														Less Distributions
	Beginning Common Share Net Asset Value		Net Investment Income (Loss		)	Net Realized/ Unrealized Gain (Loss		)	Distributions from Net Investment Income to Auction Rate Preferred Share- holders		(a)	Distributions from Capital Gains to Auction Rate Preferred Share- holders		(a)	Total		Net Investment Income to Common Share- holders			Capital Gains to Common Share- holders			Total			Ending Common Share Net Asset Value		Ending Market Value
Connecticut Premium Income (NTC)
Year Ended 5/31:
2012(f)	$	14.22	$	.27		$	.46		$	—		$	—		$	.73	$	(.35	)	$	—		$	(.35	)	$	14.60	$	14.04
2011		14.56		.67			(.29	)		(.01	)		—			.37		(.71	)		—			(.71	)		14.22		13.18
2010		13.59		.80			.88			(.02	)		—	*		1.66		(.69	)		—	*		(.69	)		14.56		13.94
2009		14.25		.84			(.66	)		(.14	)		(.03	)		.01		(.60	)		(.07	)		(.67	)		13.59		13.35
2008		14.39		.83			(.09	)		(.22	)		(.01	)		.51		(.62	)		(.03	)		(.65	)		14.25		14.08
2007		14.42		.83			.07			(.20	)		(.01	)		.69		(.65	)		(.07	)		(.72	)		14.39		14.91

Connecticut Dividend Advantage (NFC)
Year Ended 5/31:
2012(f)		14.44		.30			.49			—			—			.79		(.37	)		—			(.37	)		14.86		14.90
2011		14.91		.67			(.37	)		—			—			.30		(.77	)		—			(.77	)		14.44		13.85
2010		14.08		.85			.75			(.03	)		—			1.57		(.74	)		—			(.74	)		14.91		15.29
2009		14.69		.91			(.55	)		(.15	)		(.04	)		.17		(.67	)		(.11	)		(.78	)		14.08		13.75
2008		14.76		.91			.01			(.24	)		(.02	)		.66		(.67	)		(.06	)		(.73	)		14.69		14.93
2007		14.75		.92			.04			(.22	)		—			.74		(.73	)		—			(.73	)		14.76		16.37

(a)	The amounts shown are based on Common share equivalents.
(b)	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Nuveen Investments


						Ratios/Supplemental Data
Total Returns									Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement(c)						Ratios to Average Net Assets Applicable to Common Shares After Reimbursement(c)(d)

Based on Market Value		(b)	Based on Common Share Net Asset Value		(b)	Ending Net Assets Applicable to Common Shares (000		)	Expenses		(e)	Net Investment Income (Loss		)	Expenses		(e)	Net Investment Income (Loss		)	Portfolio Turnover Rate


	9.33	%		5.19	%	$	78,350			3.45	%**		3.68	%**		N/A			N/A			7	%
	(.39	)		2.63			76,284			2.41			4.73			N/A			N/A			9
	9.76			12.49			78,106			1.57			5.64			N/A			N/A			5
	.32			.45			72,901			1.43			6.40			N/A			N/A			0
	(1.08	)		3.60			76,441			1.30			5.82			N/A			N/A			22
	12.33			4.79			77,151			1.24			5.67			N/A			N/A			8


	10.42			5.53			38,418			3.49	**		4.00	**		3.49	%**		4.00	%**		9
	(4.38	)		2.09			37,334			3.13			4.55			3.08			4.60			13
	16.92			11.34			38,532			1.62			5.73			1.49			5.86			4
	(2.10	)		1.50			36,329			1.47			6.45			1.26			6.66			0
	(4.10	)		4.62			37,874			1.33			5.90			1.05			6.18			20
	5.46			5.05			38,024			1.29			5.78			.94			6.14			9

(c)	Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(d)	After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of January 31, 2011, the Adviser is no longer reimbursing Connecticut Dividend Advantage (NFC) for any fees or expenses.
(e)	The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:

Connecticut Premium Income (NTC)
Year Ended 5/31:
2012(f)	1.56	%**
2011	1.20
2010	.37
2009	.11
2008	.03
2007	—

Connecticut Dividend Advantage (NFC)
Year Ended 5/31:
2012(f)	1.75	%**
2011	1.80
2010	.36
2009	.11
2008	.02
2007	—

(f)	For the six months ended November 30, 2011.
*	Rounds to less than $.01 per share.
**	Annualized.
N/A	Fund does not have a contractual reimbursement with the Adviser.

See accompanying notes to financial statements.

Nuveen Investments

		Financial
		Highlights (Unaudited) (continued)

	Selected data for a Common share outstanding throughout each period:

			Investment Operations														Less Distributions
	Beginning Common Share Net Asset Value		Net Investment Income (Loss		)	Net Realized/ Unrealized Gain (Loss		)	Distributions from Net Investment Income to Auction Rate Preferred Share- holders		(a)	Distributions from Capital Gains to Auction Rate Preferred Share- holders		(a)	Total		Net Investment Income to Common Share- holders			Capital Gains to Common Share- holders			Total			Ending Common Share Net Asset Value		Ending Market Value
Connecticut Dividend Advantage 2 (NGK)
Year Ended 5/31:
2012(f)	$	14.43	$	.32		$	.45		$	—		$	—		$	.77	$	(.39	)	$	—		$	(.39	)	$	14.81	$	14.78
2011		15.02		.67			(.47	)		—			—			.20		(.79	)		—			(.79	)		14.43		13.96
2010		14.28		.86			.67			(.03	)		—			1.50		(.76	)		—			(.76	)		15.02		16.20
2009		14.76		.91			(.43	)		(.14	)		(.04	)		.30		(.66	)		(.12	)		(.78	)		14.28		14.30
2008		14.85		.91			(.01	)		(.23	)		(.02	)		.65		(.67	)		(.07	)		(.74	)		14.76		15.00
2007		14.86		.91			.08			(.22	)		(.01	)		.76		(.73	)		(.04	)		(.77	)		14.85		16.38

Connecticut Dividend Advantage 3 (NGO)
Year Ended 5/31:
2012(f)		14.07		.29			.43			—			—			.72		(.35	)		—			(.35	)		14.44		13.57
2011		14.44		.64			(.29	)		—			—			.35		(.72	)		—			(.72	)		14.07		12.89
2010		13.57		.77			.80			(.02	)		—			1.55		(.68	)		—			(.68	)		14.44		14.06
2009		14.08		.84			(.58	)		(.17	)		—			.09		(.60	)		—			(.60	)		13.57		13.04
2008		14.30		.87			(.23	)		(.25	)		—			.39		(.61	)		—			(.61	)		14.08		13.63
2007		14.18		.86			.13			(.23	)		—			.76		(.64	)		—			(.64	)		14.30		14.70

(a)	The amounts shown are based on Common share equivalents.
(b)	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Nuveen Investments

						Ratios/Supplemental Data
Total Returns									Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement(c)						Ratios to Average Net Assets Applicable to Common Shares After Reimbursement(c)(d)

Based on Market Value		(b)	Based on Common Share Net Asset Value		(b)	Ending Net Assets Applicable to Common Shares (000		)	Expenses		(e)	Net Investment Income (Loss		)	Expenses		(e)	Net Investment Income (Loss		)	Portfolio Turnover Rate


	8.73	%		5.34	%	$	34,367			3.22	%*		4.28	%*		3.14	%*		4.36	%*		7	%
	(8.96	)		1.41			33,478			2.98			4.44			2.83			4.58			11
	19.15			10.69			34,833			1.61			5.64			1.40			5.86			3
	1.40			2.52			33,092			1.48			6.31			1.19			6.60			0
	(3.63	)		4.54			34,188			1.36			5.79			1.00			6.15			23
	3.58			5.13			34,366			1.31			5.60			.87			6.04			12


	8.10			5.17			63,072			3.40	*		3.97	*		3.40	*		3.97	*		7
	(3.29	)		2.52			61,459			2.91			4.47			2.87			4.52			8
	13.26			11.66			63,059			1.78			5.28			1.61			5.45			3
	.53			.89			59,244			1.43			6.12			1.14			6.41			0
	(3.07	)		2.79			61,476			1.29			5.70			.88			6.11			24
	9.15			5.42			62,325			1.26			5.44			.78			5.92			15

(c)	Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(d)	After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of September 30, 2010, the Adviser is no longer reimbursing Connecticut Dividend Advantage 3 (NGO) for any fees or expenses.
(e)	The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:

Connecticut Dividend Advantage 2 (NGK)
Year Ended 5/31:
2012(f)	1.65	%*
2011	1.67
2010	.34
2009	.11
2008	.03
2007	—

Connecticut Dividend Advantage 3 (NGO)
Year Ended 5/31:
2012(f)	1.64	%*
2011	1.69
2010	.57
2009	.11
2008	.02
2007	—

(f)	For the six months ended November 30, 2011.
*	Annualized.

See accompanying notes to financial statements.

Nuveen Investments

		Financial
		Highlights (Unaudited) (continued)

	Selected data for a Common share outstanding throughout each period:

			Investment Operations															Less Distributions
	Beginning Common Share Net Asset Value		Net Investment Income (Loss		)	Net Realized/ Unrealized Gain (Loss		)	Distributions from Net Investment Income to Auction Rate Preferred Share- holders		(a)	Distributions from Capital Gains to Auction Rate Preferred Share- holders		(a)	Total			Net Investment Income to Common Share- holders			Capital Gains to Common Share- holders			Total			Ending Common Share Net Asset Value		Ending Market Value
Massachusetts Premium Income (NMT)
Year Ended 5/31:
2012(f)	$	14.16	$	.34		$	.53		$	—		$	—		$	.87		$	(.39	)	$	—		$	(.39	)	$	14.64	$	13.78
2011		14.48		.75			(.24	)		(.01	)		—			.50			(.78	)		(.04	)		(.82	)		14.16		13.59
2010		13.29		.87			1.12			(.03	)		—			1.96			(.77	)		—			(.77	)		14.48		14.93
2009		14.22		.91			(.98	)		(.15	)		(.02	)		(.24	)		(.65	)		(.04	)		(.69	)		13.29		13.28
2008		14.56		.88			(.32	)		(.25	)		(.01	)		.30			(.62	)		(.02	)		(.64	)		14.22		13.61
2007		14.45		.88			.13			(.23	)		—*			.78			(.67	)		—	*		(.67	)		14.56		14.33

Massachusetts Dividend Advantage (NMB)
Year Ended 5/31:
2012(f)		13.97		.33			.46			—			—			.79			(.40	)		—			(.40	)		14.36		13.55
2011		14.38		.68			(.26	)		—			—			.42			(.83	)		—			(.83	)		13.97		13.53
2010		13.52		.89			.80			(.02	)		(.01	)		1.66			(.77	)		(.03	)		(.80	)		14.38		14.10
2009		14.36		.95			(.93	)		(.17	)		—			(.15	)		(.69	)		—			(.69	)		13.52		13.83
2008		14.84		.94			(.45	)		(.26	)		(.01	)		.22			(.68	)		(.02	)		(.70	)		14.36		14.61
2007		14.83		.93			.08			(.25	)		—			.76			(.75	)		—			(.75	)		14.84		16.28

(a)	The amounts shown are based on Common share equivalents.
(b)	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Nuveen Investments

						Ratios/Supplemental Data
Total Returns									Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement(c)						Ratios to Average Net Assets Applicable to Common Shares After Reimbursement(c)(d)

Based on Market Value		(b)	Based on Common Share Net Asset Value		(b)	Ending Net Assets Applicable to Common Shares (000		)	Expenses		(e)	Net Investment Income (Loss		)	Expenses		(e)	Net Investment Income (Loss		)	Portfolio Turnover Rate


	4.31	%		6.19	%	$	69,905			3.06	%**		4.71	%**		N/A			N/A			10	%
	(3.48	)		3.58			67,605			2.51			5.30			N/A			N/A			6
	18.77			15.03			69,031			1.60			6.21			N/A			N/A			3
	3.54			(1.36	)		63,321			1.43			7.01			N/A			N/A			1
	(.48	)		2.08			67,720			1.26			6.09			N/A			N/A			14
	4.60			5.47			69,323			1.24			5.97			N/A			N/A			9


	3.17			5.71			28,223			3.16	**		4.60	**		3.16	%**		4.60	%**		8
	1.87			3.05			27,465			3.08			4.83			3.03			4.88			16
	7.90			12.50			28,235			1.67			6.16			1.54			6.29			11
	(.04	)		(.70	)		26,530			1.54			7.09			1.33			7.30			1
	(5.73	)		1.55			28,135			1.32			6.11			1.05			6.39			15
	10.04			5.14			29,072			1.33			5.84			.97			6.19			9

(c)	Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(d)	After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of January 31, 2011, the Adviser is no longer reimbursing Massachusetts Dividend Advantage (NMB) for any fees or expenses.
(e)	The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:

Massachusetts Premium Income (NMT)
Year Ended 5/31:
2012(f)	1.77	%**
2011	1.28
2010	.37
2009	.09
2008	—
2007	—

Massachusetts Dividend Advantage (NMB)
Year Ended 5/31:
2012(f)	1.71	%**
2011	1.75
2010	.35
2009	.10
2008	—
2007	—

(f)	For the six months ended November 30, 2011.
*	Rounds to less than $.01 per share.
**	Annualized.
N/A	Fund does not have a contractual reimbursement with the Adviser.

See accompanying notes to financial statements.

Nuveen Investments

		Financial
		Highlights (Unaudited) (continued)

	Selected data for a Common share outstanding throughout each period:

			Investment Operations															Less Distributions
	Beginning Common Share Net Asset Value		Net Investment Income (Loss		)	Net Realized/ Unrealized Gain (Loss		)	Distributions from Net Investment Income to Auction Rate Preferred Share- holders		(a)	Distributions from Capital Gains to Auction Rate Preferred Share- holders		(a)	Total			Net Investment Income to Common Share- holders			Capital Gains to Common Share- holders			Total			Ending Common Share Net Asset Value		Ending Market Value
Insured Massachusetts Tax-Free Advantage (NGX)
Year Ended 5/31:
2012(f)	$	14.36	$	.31		$	.25		$	—		$	—		$	.56		$	(.37	)	$	—		$	(.37	)	$	14.55	$	13.61
2011		14.71		.64			(.23	)		—			—			.41			(.76	)		—			(.76	)		14.36		13.62
2010		13.86		.82			.79			(.03	)		—			1.58			(.73	)		—			(.73	)		14.71		15.79
2009		14.28		.91			(.50	)		(.17	)		—			.24			(.66	)		—			(.66	)		13.86		13.15
2008		14.50		.90			(.21	)		(.26	)		—			.43			(.65	)		—			(.65	)		14.28		14.14
2007		14.39		.90			.08			(.25	)		—			.73			(.62	)		—			(.62	)		14.50		14.45

Missouri Premium Income (NOM)
Year Ended 5/31:
2012(f)		13.19		.35			.59			—			—			.94			(.39	)		—			(.39	)		13.74		15.90
2011		13.55		.78			(.35	)		(.01	)		—			.42			(.78	)		—			(.78	)		13.19		13.88
2010		12.44		.83			.99			(.03	)		—			1.79			(.68	)		—			(.68	)		13.55		16.50
2009		13.52		.85			(1.12	)		(.16	)		—			(.43	)		(.65	)		—			(.65	)		12.44		12.90
2008		14.27		.89			(.62	)		(.20	)		(.04	)		.03			(.65	)		(.13	)		(.78	)		13.52		14.76
2007		14.40		.90			(.08	)		(.23	)		—	*		.59			(.72	)		—	*		(.72	)		14.27		16.56

(a)	The amounts shown are based on Common share equivalents.
(b)	Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
	Total Return Based on Common Share Net Asset Value is the combination of changes in Common share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.

Nuveen Investments

						Ratios/Supplemental Data
Total Returns									Ratios to Average Net Assets Applicable to Common Shares Before Reimbursement(c)						Ratios to Average Net Assets Applicable to Common Shares After Reimbursement(c)(d)

Based on Market Value		(b)	Based on Common Share Net Asset Value		(b)	Ending Net Assets Applicable to Common Shares (000		)	Expenses		(e)	Net Investment Income (Loss		)	Expenses		(e)	Net Investment Income (Loss		)	Portfolio Turnover Rate


	2.64	%		3.91	%	$	39,679			3.11	%**		4.21	%**		3.11	%**		4.21	%**		6	%
	(9.04	)		2.89			39,158			3.07			4.38			3.01			4.44			4
	26.19			11.61			40,095			1.86			5.50			1.67			5.69			1
	(2.11	)		2.00			37,754			1.47			6.47			1.16			6.78			0
	2.49			3.04			38,873			1.29			5.82			.85			6.25			13
	12.49			5.12			39,458			1.28			5.67			.79			6.15			6


	17.70			7.18			31,905			2.97	**		5.21	**		N/A			N/A			6
	(11.29	)		3.22			30,595			2.30			5.90			N/A			N/A			11
	34.31			14.69			31,348			1.37			6.37			N/A			N/A			7
	(7.83	)		(2.92	)		28,734			1.55			6.96			N/A			N/A			2
	(5.74	)		.26			31,170			1.52			6.43			N/A			N/A			5
	5.98			4.17			32,826			1.39			6.15			N/A			N/A			16

(c)	Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders, where applicable; Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to ARPS and/or MTP Shares, where applicable.
(d)	After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. As of November 30, 2010, the Adviser is no longer reimbursing Insured Massachusetts Tax-Free Advantage (NGX) for any fees or expenses.
(e)	The expense ratios reflect, among other things, all interest expense and other costs related to MTP Shares and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, both as described in Footnote 1 – General Information and Significant Accounting Policies, MuniFund Term Preferred Shares and Inverse Floating Rate Securities, respectively, as follows:

Insured Massachusetts Tax-Free Advantage (NGX)
Year Ended 5/31:
2012(f)	1.78	%**
2011	1.81
2010	.57
2009	.09
2008	—
2007	—

Missouri Premium Income (NOM)
Year Ended 5/31:
2012(f)	1.59	%**
2011	.93
2010	.03
2009	.13
2008	.21
2007	.09

(f)	For the six months ended November 30, 2011.
*	Rounds to less than $.01 per share.
**	Annualized.
N/A	Fund does not have a contractual reimbursement with the Adviser.

See accompanying notes to financial statements.

Nuveen Investments

		Financial
		Highlights (Unaudited) (continued)

	ARPS at the End of Period							MTP Shares at the End of Period (a)							ARPS and MTP Shares at the End of Period
	Aggregate Amount Outstanding (000		)	Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000		)	Liquidation Value Per Share		Asset Coverage Per Share		Asset Coverage Per $1 Liquidation Preference
Connecticut Premium Income (NTC)
Year Ended 5/31:
2012(b)	$	—		$	—	$	—	$	36,080		$	10.00	$	31.72	$	—
2011		—			—		—		36,080			10.00		31.14		—
2010		15,725			25,000		82,389		18,300			10.00		32.96		3.30
2009		34,975			25,000		77,110		—			—		—		—
2008		38,300			25,000		74,896		—			—		—		—
2007		38,300			25,000		75,360		—			—		—		—

Connecticut Dividend Advantage (NFC)
Year Ended 5/31:
2012(b)		—			—		—		20,470			10.00		28.77		—
2011		—			—		—		20,470			10.00		28.24		—
2010		—			—		—		20,470			10.00		28.82		—
2009		18,000			25,000		75,457		—			—		—		—
2008		19,500			25,000		73,556		—			—		—		—
2007		19,500			25,000		73,749		—			—		—		—

Connecticut Dividend Advantage 2 (NGK)
Year Ended 5/31:
2012(b)		—			—		—		16,950			10.00		30.28		—
2011		—			—		—		16,950			10.00		29.75		—
2010		—			—		—		16,950			10.00		30.55		—
2009		16,125			25,000		76,305		—			—		—		—
2008		17,500			25,000		73,840		—			—		—		—
2007		17,500			25,000		74,094		—			—		—		—

(a)	The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

	Series		Ending Market Value Per Share		Average Market Value Per Share			Series		Ending Market Value Per Share		Average Market Value Per Share
Connecticut Premium Income (NTC)
Year Ended 5/31:
2012(b)		2015	$	10.12	$	10.08			2016	$	10.03	$	10.04
2011		2015		10.07		10.04			2016		10.00		9.88	^^^
2010		2015		10.00		10.02	^		—		—		—
2009		—		—		—			—		—		—
2008		—		—		—			—		—		—
2007		—		—		—			—		—		—

Connecticut Dividend Advantage (NFC)
Year Ended 5/31:
2012(b)		2015		10.05		10.06			—		—		—
2011		2015		13.85		14.24			—		—		—
2010		2015		9.98		9.95	^^		—		—		—
2009		—		—		—			—		—		—
2008		—		—		—			—		—		—
2007		—		—		—			—		—		—

Connecticut Dividend Advantage 2 (NGK)
Year Ended 5/31:
2012(b)		2015		10.05		10.07			—		—		—
2011		2015		13.96		14.62			—		—		—
2010		2015		9.97		9.96	^^		—		—		—
2009		—		—		—			—		—		—
2008		—		—		—			—		—		—
2007		—		—		—			—		—		—

(b)	For the six months ended November 30, 2011.
^	For the period January 19, 2010 (first issuance date of shares) through May 31, 2010.
^^	For the period March 31, 2010 (first issuance date of shares) through May 31, 2010.
^^^	For the period December 15, 2010 (first issuance date of shares) through May 31, 2011.

Nuveen Investments

	ARPS at the End of Period							MTP Shares at the End of Period (a)							ARPS and MTP Shares at the End of Period
	Aggregate Amount Outstanding (000		)	Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000		)	Liquidation Value Per Share		Asset Coverage Per Share		Asset Coverage Per $1 Liquidation Preference
Connecticut Dividend Advantage 3 (NGO)
Year Ended 5/31:
2012(b)	$	—		$	—	$	—	$	32,000		$	10.00	$	29.71	$	—
2011		—			—		—		32,000			10.00		29.21		—
2010		—			—		—		32,000			10.00		29.71		—
2009		30,025			25,000		74,329		—			—		—		—
2008		32,000			25,000		73,028		—			—		—		—
2007		32,000			25,000		73,691		—			—		—		—

Massachusetts Premium Income (NMT)
Year Ended 5/31:
2012(b)		—			—		—		36,645			10.00		29.08		—
2011		—			—		—		36,645			10.00		28.45		—
2010		14,400			25,000		74,863		20,210			10.00		29.95		2.99
2009		34,000			25,000		71,559		—			—		—		—
2008		34,000			25,000		74,794		—			—		—		—
2007		34,000			25,000		75,973		—			—		—		—

Massachusetts Dividend Advantage (NMB)
Year Ended 5/31:
2012(b)		—			—		—		14,725			10.00		29.17		—
2011		—			—		—		14,725			10.00		28.65		—
2010		—			—		—		14,725			10.00		29.18		—
2009		14,250			25,000		71,544		—			—		—		—
2008		15,000			25,000		71,892		—			—		—
2007		15,000			25,000		73,453		—			—		—		—

(a)	The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

			Ending		Average				Ending		Average
		Market Value		Market Value				Market Value		Market Value
	Series		Per Share		Per Share		Series		Per Share		Per Share
Connecticut Dividend Advantage 3 (NGO)
Year Ended 5/31:
2012(b)	2015	$	10.07	$	10.07		—	$	—	$	—
2011	2015		12.89		13.47		—		—		—
2010	2015		10.00		9.99	Ω	—		—		—
2009	—		—		—		—		—		—
2008	—		—		—		—		—		—
2007	—		—		—		—		—		—

Massachusetts Premium Income (NMT)
Year Ended 5/31:
2012(b)	2015		10.06		10.07		2016		10.07		10.06
2011	2015		10.02		10.02		2016		10.00		9.97	ΩΩΩΩ
2010	2015		10.00		10.00	ΩΩ	—		—		—
2009	—		—		—		—		—		—
2008	—		—		—		—		—		—
2007	—		—		—		—		—		—

Massachusetts Dividend Advantage (NMB)
Year Ended 5/31:
2012(b)	2015		10.04		10.06		—		—		—
2011	2015		13.53		14.03		—		—		—
2010	2015		9.98		9.95	ΩΩΩ	—		—		—
2009	—		—		—		—		—		—
2008	—		—		—		—		—		—
2007	—		—		—		—		—		—

(b)	For the six months ended November 30, 2011.
Ω	For the period February 10, 2010 (first issuance date of shares) through May 31, 2010.
ΩΩ	For the period January 21, 2010 (first issuance date of shares) through May 31, 2010.
ΩΩΩ	For the period March 23, 2010 (first issuance date of shares) through May 31, 2010.
ΩΩΩΩ	For the period January 20, 2011 (first issuance date of shares) through May 31, 2011.

See accompanying notes to financial statements.

Nuveen Investments

		Financial
		Highlights (Unaudited) (continued)

	ARPS at the End of Period							MTP Shares at the End of Period (a)
	Aggregate Amount Outstanding (000		)	Liquidation Value Per Share		Asset Coverage Per Share		Aggregate Amount Outstanding (000		)	Liquidation Value Per Share		Asset Coverage Per Share
Insured Massachusetts Tax-Free Advantage (NGX)
Year Ended 5/31:
2012(b)	$	—		$	—	$	—	$	22,075		$	10.00	$	27.97
2011		—			—		—		22,075			10.00		27.74
2010		—			—		—		22,075			10.00		28.16
2009		20,500			25,000		71,042		—			—		—
2008		20,500			25,000		72,407		—			—		—
2007		20,500			25,000		73,120		—			—		—

Missouri Premium Income (NOM)
Year Ended 5/31:
2012(b)		—			—		—		17,880			10.00		27.84
2011		—			—		—		17,880			10.00		27.11
2010		16,000			25,000		73,981		—			—		—
2009		16,000			25,000		69,897		—			—		—
2008		16,000			25,000		73,703		—			—		—
2007		16,000			25,000		76,291		—			—		—

(a)	The Ending and Average Market Value Per Share for each Series of the Fund’s MTP Shares were as follows:

			Ending		Average
		Market Value		Market Value
	Series		Per Share		Per Share
Insured Massachusetts Tax-Free Advantage (NGX)
Year Ended 5/31:
2012(b)	2015	$	10.10	$	10.08
2011	2015		13.62		14.48
2010	2015		10.00		9.98	^
2009	—		—		—
2008	—		—		—
2007	—		—		—

Missouri Premium Income (NOM)
Year Ended 5/31:
2012(b)	2015		10.03		9.94
2011	2015		13.88		15.41	^^
2010	—		—		—
2009	—		—		—
2008	—		—		—
2007	—		—		—

(b)	For the six months ended November 30, 2011.
^	For the period February 9, 2010 (first issuance date of shares) through May 31, 2010.
^^	For the period November 9, 2010 (first issuance date of shares) through May 31, 2011.

See accompanying notes to financial statements.


82		Nuveen Investments

		Notes to
		Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

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) (each a “Fund” and collectively, the “Funds”). Common shares of Connecticut Premium Income (NTC) and Massachusetts Premium Income (NMT) are traded on the New York Stock Exchange (“NYSE”) 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 NYSE Amex. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered 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 portfolio of municipal obligations issued by state and local government authorities within a single state or certain U.S. territories.

Approved Fund Mergers

On August 1, 2011, the Funds’ Board of Trustees approved a series of reorganizations for all the Connecticut Funds included in this report. The reorganizations are intended to create a single larger state fund, which would potentially offer shareholders the following benefits:


	●	Lower Fund expense ratios (excluding the effects of leverage), as fixed costs are spread over a larger asset base;

	●	Enhanced secondary market trading, as larger Funds potentially make it easier for investors to buy and sell Fund shares;

	●	Lower per share trading costs through reduced bid/ask spreads due to a larger common share float; and

	●	Increased Fund flexibility in managing the structure and cost of leverage over time.

The approved reorganizations are as follows:


Acquired Funds	Acquiring Fund
Connecticut Dividend Advantage (NFC)	Connecticut Premium Income (NTC)
Connecticut Dividend Advantage 2 (NGK)
Connecticut Dividend Advantage 3 (NGO)

A special meeting of shareholders for the purpose of voting on the reorganizations was held on December 19, 2011 and subsequently adjourned to January 31, 2012, because a sufficient number of shareholders did not vote by the original meeting date and in order to allow shareholders more time to cast their votes.

If shareholders approve the reorganizations, Acquired Fund shareholders will become shareholders of the Acquiring Fund. Holders of common shares will receive newly issued common shares of the Acquiring Fund, the aggregate net asset value of which will be equal to the aggregate net asset value of the common shares of the Acquired Fund held immediately prior to the reorganizations (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled). Fractional shares will be sold on the open market and shareholders will receive cash in lieu of such fractional shares. Holders of MuniFund Term Preferred (“MTP”) Shares of each Acquired Fund will receive on a one-for-one basis newly issued MTP Shares of the Acquiring Fund, in exchange for MTP Shares of the Acquired Fund held immediately prior to the reorganization, with such new Acquiring Fund MTP Shares having the same terms as exchanged MTP Shares of the Acquired Fund.

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

Significant Accounting Policies

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 (“U.S. GAAP”).

Investment Valuation

Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity, provided by Nuveen Funds Advisors, Inc., (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Trustees or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. 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, 2011, there were no such outstanding purchase commitments in any of the Funds.

Investment Income

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

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal 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.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Nuveen Investments

Dividends and Distributions to Common Shareholders

Dividends from 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 net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Auction Rate Preferred Shares

Each Fund is authorized to issue Auction Rate Preferred Shares (“ARPS”). As of May 31, 2011, the Funds redeemed all of their outstanding ARPS at liquidation value.

MuniFund Term Preferred Shares

The Funds have issued and outstanding MTP Shares, with a $10 stated (“par”) value per share. Proceeds from the issuance of MTP Shares, net of offering expenses, were used to redeem all, or a portion of, each Fund’s outstanding ARPS. Each Fund’s MTP Shares may be issued in one or more Series. Dividends on MTP Shares, which are recognized as interest expense for financial reporting purposes, are paid monthly at a fixed annual rate, subject to adjustments in certain circumstances. The MTP Shares trade on the NYSE. As of November 30, 2011, the number of MTP Shares outstanding, annual interest rate and NYSE “ticker” symbol for each Fund’s series of MTP Shares are as follows:

	Connecticut Premium Income (NTC)							Connecticut Dividend Advantage (NFC)
	Shares Outstanding		Annual Interest Rate			NYSE Ticker		Shares Outstanding		Annual Interest Rate			NYSE Ticker
Series
2015		1,830,000		2.65	%		NTC Pr C		2,047,000		2.60	%		NFC Pr C
2016		1,778,000		2.55			NTC Pr D		—		—			—

Connecticut Dividend Advantage 2 (NGK)

Connecticut Dividend Advantage 3 (NGO)

Outstanding

Annual

Interest

Rate

NYSE

Ticker

Outstanding

Annual

Interest

Rate

NYSE

Ticker

Series 2015

1,695,000

2.60

NGK Pr C

3,200,000

2.65

NGO Pr C

	Massachusetts Premium Income (NMT)							Massachusetts Dividend Advantage (NMB)
	Shares Outstanding		Annual Interest Rate			NYSE Ticker		Shares Outstanding		Annual Interest Rate			NYSE Ticker
Series
2015		2,021,000		2.65	%		NMT Pr C		1,472,500		2.60	%		NMB Pr C
2016		1,643,500		2.75			NMT Pr D		—		—			—

Insured Massachusetts Tax-Free Advantage (NGX)

Missouri Premium Income (NOM)

Outstanding

Annual

Interest

Rate

NYSE

Ticker

Outstanding

Annual

Interest

Rate

NYSE

Ticker

Series 2015

2,207,500

2.65

NGX Pr C

1,788,000

2.10

NOM Pr C

Each Fund is obligated to redeem its MTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier redeemed or repurchased by the Fund. MTP Shares are subject to optional and mandatory redemption in certain circumstances. MTP Shares will be subject to redemption at the option of each Fund (“Optional Redemption Date”), subject to a payment of premium for one year following the Optional Redemption Date (“Premium Expiration Date”), and at par thereafter. MTP Shares also will be subject to redemption, at the option of each Fund, at par in the event of certain changes in the credit rating of the MTP Shares. Each Fund may be obligated to redeem certain of the MTP Shares if the Fund fails to maintain certain asset coverage and leverage ratio requirements and such failures are not cured by the applicable cure date.

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. The Term Redemption Date, Optional Redemption Date and Premium Expiration Date for each Fund’s series of MTP Shares are as follows:

Connecticut

Premium

Dividend

Income

Advantage

Advantage 2

Advantage 3

(NTC

)

(NTC

)

(NFC

)

(NGK

)

(NGO

)

Series 2015

Series 2016

Series 2015

Term Redemption Date

February 1, 2015

January 1, 2016

April 1, 2015

March 1, 2015

Optional Redemption Date

February 1, 2011

January 1, 2012

April 1, 2011

March 1, 2011

Premium Expiration Date

January 31, 2012

December 31, 2012

March 31, 2012

February 29, 2012

Insured

Massachusetts

Missouri

Premium

Dividend

Tax-Free

Premium

Income

Advantage

Income

(NMT

)

(NMT

)

(NMB

)

(NGX

)

(NOM

)

Series 2015

Series 2016

Series 2015

Term Redemption Date

February 1, 2015

February 1, 2016

April 1, 2015

March 1, 2015

December 1, 2015

Optional Redemption Date

February 1, 2011

February 1, 2012

April 1, 2011

March 1, 2011

December 1, 2011

Premium Expiration Date

January 31, 2012

January 31, 2013

March 31, 2012

February 29, 2012

November 30, 2012

The average liquidation value for all series of MTP Shares outstanding for each Fund during the six months ended November 30, 2011, was as follows:

		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage			Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
Average liquidation value of MTP Shares outstanding	$	36,080,000		$	20,470,000		$	16,950,000		$	32,000,000

								Insured
	Massachusetts			Massachusetts			Massachusetts				Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Average liquidation value of MTP Shares outstanding	$	36,645,000		$	14,725,000		$	22,075,000		$	17,880,000

For financial reporting purposes only, the liquidation value of MTP Shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on MTP Shares are recognized as a component of “Interest payable” on the Statement of Assets and Liabilities. Dividends paid on MTP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

Nuveen has agreed that net amounts earned by Nuveen as underwriter of each Fund’s MTP Share offering would be credited to the Funds, and would be recorded as reductions of offering costs recognized by the Funds. During the six months ended November 30, 2011, Nuveen earned no net underwriting amounts on the Funds’ MTP Shares.

Insurance

Since 2007, the financial status of most major municipal bond insurers has deteriorated substantially, and some insurers have gone out of business, rendering worthless the insurance policies they had written. Under normal circumstances, Insured Massachusetts Tax-Free Advantage (NGX) invests at least 80% of its managed assets (as defined in Footnote 7 – Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. In addition, the municipal securities in which Insured Massachusetts Tax-Free Advantage (NGX) invests will be investment grade at the time of purchase (including (i) bonds insured by investment grade insurers or are rated investment grade; (ii) unrated bonds that are judged to be investment grade by the Adviser; and (iii) escrowed bonds). Ratings below BBB by one or more national rating agencies are considered to be below investment grade.

Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Assuming that the insurer remains creditworthy, the insurance feature of a municipal security guarantees the full payment of principal and interest when due through the life of an insured obligation. Such insurance does not guarantee the market value of the insured obligation 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 and is reflected as an expense over the term of the policy, when applicable. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share

Nuveen Investments

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 “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense and amortization of offering costs” on the Statement of Operations.

During the six months ended November 30, 2011, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

At November 30, 2011, the Funds were not invested in externally-deposited Recourse Trusts.

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, 2011, 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 outstanding	$	7,965,000		$	3,820,000		$	3,460,000		$	5,780,000
Average annual interest rate and fees		0.64	%		0.64	%		0.64	%		0.62	%

								Insured
	Massachusetts			Massachusetts			Massachusetts				Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Average floating rate obligations outstanding	$	2,385,738		$	1,018,251		$	1,419,454		$	2,225,000
Average annual interest rate and fees		0.49	%		0.49	%		0.50	%		0.32	%

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

Derivative Financial Instruments

Each Fund is authorized to invest in certain derivative instruments, including foreign currency forwards, futures, options and swap contracts. Although each Fund is authorized to invest in such derivative instruments, and may do so in the future, they did make any such investments during the six months ended November 30, 2011.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Offering Costs

Costs incurred by the Funds in connection with their offerings of MTP Shares were recorded as a deferred charge, which will be amortized over the life of the shares. Each Fund’s amortized deferred charges are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of Operations. Each Fund’s offering costs incurred were as follows:


		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage			Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
MTP Shares offering costs	$	1,131,200		$	567,050		$	504,250		$	750,000

								Insured
	Massachusetts			Massachusetts			Massachusetts				Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
MTP Shares offering costs	$	1,139,675		$	465,875		$	571,125		$	598,200

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.

Nuveen Investments

Use of Estimates

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

2. Fair Value Measurements

Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy of inputs is 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 methodologies 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, 2011:

Connecticut Premium Income (NTC)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	120,713,593	$	—	$	120,713,593

Connecticut Dividend Advantage (NFC)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	61,757,328	$	—	$	61,757,328

Connecticut Dividend Advantage 2 (NGK)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	53,855,427	$	—	$	53,855,427

Connecticut Dividend Advantage 3 (NGO)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	99,478,311	$	—	$	99,478,311

Massachusetts Premium Income (NMT)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	106,102,961	$	—	$	106,102,961

Massachusetts Dividend Advantage (NMB)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	42,155,299	$	274,970	$	42,430,269

Insured Massachusetts Tax-Free Advantage (NGX)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	60,758,843	$	—	$	60,758,843

Missouri Premium Income (NOM)		Level 1		Level 2		Level 3		Total

Investments:
Municipal Bonds	$	—	$	51,232,103	$	—	$	51,232,103

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

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


		Massachusetts
		Dividend
		Advantage
		(NMB	)
		Level 3
		Municipal
		Bonds
Balance at the beginning of period	$	—
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		—
Purchases at cost		—
Sales at proceeds		—
Net discounts (premiums)		—
Transfers in to		274,970
Transfers out of		—
Balance at the end of period	$	274,970
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of November 30, 2011	$	(103,701	)

During the six months ended November 30, 2011, the Funds recognized no significant transfers to or from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended November 30, 2011.

4. Fund Shares

Common Shares

Since the inception of the Funds’ repurchase program, the Funds have not repurchased any of their outstanding Common shares.

Transactions in Common shares were as follows:

Connecticut

Premium Income (NTC)

Connecticut

Dividend Advantage (NFC)

Connecticut

Dividend Advantage 2 (NGK)

Six Months

Year

Six Months

Year

Six Months

Year

Ended

11/30/11

5/31/11

11/30/11

5/31/11

11/30/11

5/31/11

Common shares issued to shareholders due to reinvestment of distributions

—

1,764

194

1,073

Connecticut

Dividend Advantage 3 (NGO)

Massachusetts

Premium Income (NMT)

Massachusetts

Dividend Advantage (NMB)

Six Months

Year

Six Months

Year

Six Months

Year

Ended

11/30/11

5/31/11

11/30/11

5/31/11

11/30/11

5/31/11

Common shares issued to shareholders due to reinvestment of distributions

—

6,872

—

1,746

Insured Massachusetts

Tax-Free Advantage (NGX)

Missouri

Premium Income (NOM)

Six Months

Year

Six Months

Year

Ended

11/30/11

5/31/11

11/30/11

5/31/11

Common shares issued to shareholders due to reinvestment of distributions

—

1,124

2,613

4,733

Nuveen Investments

Preferred Shares

Connecticut Dividend Advantage (NFC), Connecticut Dividend Advantage 2 (NGK), Connecticut Dividend Advantage 3 (NGO), Massachusetts Dividend Advantage (NMB) and Insured Massachusetts Tax-Free Advantage (NGX) redeemed all of their outstanding ARPS during the fiscal year ended May 31, 2010.

Transactions in ARPS were as follows:

Connecticut Premium Income (NTC)

Massachusetts Premium Income (NMT)

Six Months Ended

11/30/11

Year Ended

5/31/11

Six Months Ended

11/30/11

Year Ended

5/31/11

Amount

ARPS redeemed:

Series TH

N/A

629

15,725,000

N/A

576

14,400,000

Missouri Premium Income (NOM)

Six Months Ended

11/30/11

Year Ended

5/31/11

Amount

ARPS redeemed:

Series TH

N/A

640

16,000,000

N/A – As of May 31, 2011, the Fund redeemed all of its outstanding ARPS at liquidation value.

Transactions in MTP Shares were as follows:

	Connecticut Premium Income (NTC)
	Six Months Ended 11/30/11			Year Ended 5/31/11
	Shares		Amount	Shares		Amount
MTP Shares issued:
Series 2015	—	$	—	—	$	—
Series 2016	—		—	1,778,000		17,780,000
Total	—	$	—	1,778,000	$	17,780,000

Connecticut

Dividend Advantage 2 (NGK)

Connecticut

Dividend Advantage 3 (NGO)

Six Months Ended

11/30/11

Year Ended

5/31/11

Six Months Ended

11/30/11

Year Ended

5/31/11

Amount

MTP Shares issued:

Series 2015

—

	Massachusetts Premium Income (NMT)						Massachusetts Dividend Advantage (NMB)
	Six Months Ended 11/30/11			Year Ended 5/31/11			Six Months Ended 11/30/11			Year Ended 5/31/11
	Shares		Amount	Shares		Amount	Shares		Amount	Shares		Amount
MTP Shares issued:
Series 2015	—	$	—	—	$	—	—	$	—	—	$	—
Series 2016	—		—	1,643,500		16,435,00	—		—	—		—
Total	—	$	—	1,643,500	$	16,435,000	—	$	—	—	$	—

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

	Insured Massachusetts Tax-Free Advantage (NGX)						Missouri Premium Income (NOM)
	Six Months Ended 11/30/11			Year Ended 5/31/11			Six Months Ended 11/30/11			Year Ended 5/31/11
	Shares		Amount	Shares		Amount	Shares		Amount	Shares		Amount
MTP Shares issued:
Series 2015	—	$	—	—	$	—	—	$	—	1,788,000	$	17,880,000

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended November 30, 2011, were as follows:

		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage			Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
Purchases	$	9,456,187		$	7,068,883		$	3,910,233		$	7,857,173
Sales and maturities		8,086,227			5,452,875			4,059,503			6,828,353

								Insured
		Massachusetts			Massachusetts			Massachusetts			Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Purchases	$	10,370,621		$	3,202,593		$	3,386,688		$	4,387,245
Sales and maturities		11,302,219			3,242,087			4,696,338			3,031,624

6. Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.

At November 30, 2011, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage			Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
Cost of investments	$	109,540,664		$	56,313,878		$	48,928,498		$	91,709,396
Gross unrealized:
Appreciation	$	4,273,767		$	2,037,158		$	1,869,966		$	3,156,292
Depreciation		(1,064,984	)		(414,730	)		(403,763	)		(1,166,509	)
Net unrealized appreciation (depreciation) of investments	$	3,208,783		$	1,622,428		$	1,466,203		$	1,989,783

								Insured
		Massachusetts			Massachusetts			Massachusetts			Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Cost of investments	$	102,136,831		$	41,357,885		$	58,379,463		$	48,363,695
Gross unrealized:
Appreciation	$	4,003,709		$	1,400,970		$	2,197,611		$	1,524,625
Depreciation		(1,472,148	)		(889,051	)		(158,199	)		(881,010	)
Net unrealized appreciation (depreciation) of investments	$	2,531,561		$	511,919		$	2,039,412		$	643,615

Nuveen Investments

Permanent differences, primarily due to federal taxes paid, taxable market discount, nondeductible offering costs and distribution character reclassifications, resulted in reclassifications among the Funds’ components of Common share net assets at May 31, 2011, the Funds’ last tax year end, as follows:

		Connecticut			Connecticut			Connecticut			Connecticut
		Premium			Dividend			Dividend			Dividend
		Income			Advantage			Advantage 2			Advantage 3
		(NTC	)		(NFC	)		(NGK	)		(NGO	)
Paid-in surplus	$	(128,552	)	$	(102,128	)	$	(100,191	)	$	(148,292	)
Undistributed (Over-distribution of) net investment income		158,721			106,510			100,685			148,292
Accumulated net realized gain (loss)		(30,169	)		(4,382	)		(494	)		—


								Insured
		Massachusetts			Massachusetts			Massachusetts			Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Paid-in surplus	$	(148,395	)	$	(45,873	)	$	(112,064	)	$	(64,868	)
Undistributed (Over-distribution of) net investment income		150,270			75,743			111,912			63,765
Accumulated net realized gain (loss)		(1,875	)		(29,870	)		152			1,103

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at May 31, 2011, 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*	$	1,264,582		$	467,751		$	370,951		$	579,588
Undistributed net ordinary income **		2,329			6,690			1,014			—
Undistributed net long-term capital gains		129,612			104,027			40,075			—

								Insured
		Massachusetts			Massachusetts			Massachusetts			Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Undistributed net tax-exempt income*	$	1,177,287		$	273,241		$	351,879		$	631,129
Undistributed net ordinary income **		791			234			—			—
Undistributed net long-term capital gains		108,999			—			—			—

*	Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared May 2, 2011, paid on June 1, 2011.
**	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, 2011, 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	$	4,494,227		$	2,517,939		$	2,278,037		$	3,992,324
Distributions from net ordinary income **		—			—			—			—
Distributions from net long-term capital gains		—			—			—			—

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)


								Insured
		Massachusetts			Massachusetts			Massachusetts			Missouri
		Premium			Dividend			Tax-Free			Premium
		Income			Advantage			Advantage			Income
		(NMT	)		(NMB	)		(NGX	)		(NOM	)
Distributions from net tax-exempt income	$	4,427,025		$	2,009,854		$	2,646,325		$	2,005,649
Distributions from net ordinary income **		—			—			—			—
Distributions from net long-term capital gains		179,625			—			—			—

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

At May 31, 2011, 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			Massachusetts			Missouri
		Dividend			Dividend			Tax-Free			Premium
		Advantage 3			Advantage			Advantage			Income
		(NGO	)		(NMB	)		(NGX	)		(NOM	)
Expiration:
May 31, 2013	$	35,547		$	—		$	18,655		$	—
May 31, 2014		111,331			—			427,135			—
May 31, 2015		211,213			—			—			—
May 31, 2017		43,691			—			215,629			122,533
May 31, 2018		13,130			—			24,486			91,539
May 31, 2019		—			138,353			18,813			—
Total	$	414,912		$	138,353		$	704,718		$	214,072

During the Funds’ last tax year ended May 31, 2011, the following Funds utilized capital loss carryforwards as follows:

		Connecticut			Missouri
		Dividend			Premium
		Advantage 3			Income
		(NGO	)		(NOM	)
Utilized capital loss carryforwards	$	95		$	138,449

The Funds have elected to defer net realized losses from investments incurred from November 1, 2010 through May 31, 2011, 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. The following Fund has elected to defer post-October losses as follows:

		Insured
		Massachusetts
		Tax-Free
		Advantage
		(NGX	)
Post-October capital losses	$	3,879

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedules:


	Connecticut Premium Income (NTC	)
	Massachusetts Premium Income (NMT	)
	Missouri Premium Income (NOM	)
Average Daily Managed Assets*	Fund-Level Fee Rate
For the first $125 million	.4500	%
For the next $125 million	.4375
For the next $250 million	.4250
For the next $500 million	.4125
For the next $1 billion	.4000
For the next $3 billion	.3875
For managed assets over $5 billion	.3750

Nuveen Investments

	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 Managed Assets*	Fund-Level Fee Rate
For the first $125 million	.4500	%
For the next $125 million	.4375
For the next $250 million	.4250
For the next $500 million	.4125
For the next $1 billion	.4000
For managed assets over $2 billion	.3750

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion	.2000	%
$56 billion	.1996
$57 billion	.1989
$60 billion	.1961
$63 billion	.1931
$66 billion	.1900
$71 billion	.1851
$76 billion	.1806
$80 billion	.1773
$91 billion	.1691
$125 billion	.1599
$200 billion	.1505
$250 billion	.1469
$300 billion	.1445

For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds and assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of November 30, 2011, the complex level fee rate for these Funds was .1774%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

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 2’s (NGK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily managed assets, for fees and expenses in the amounts and for the time periods set forth below:

Year Ending			Year Ending
March 31,			March 31,
2002*	.30	%	2008	.25	%
2003	.30		2009	.20
2004	.30		2010	.15
2005	.30		2011	.10
2006	.30		2012	.05
2007	.30

*	From the commencement of operations.

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

Nuveen Investments

		Notes to
		Financial Statements (Unaudited) (continued)

8. New Accounting Pronouncements

Fair Value Measurements and Disclosures

On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) No. 2011-04 (“ASU No. 2011-04”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, ASU No. 2011-04 requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2 and the reasons for the transfers and ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of ASU No. 2011-04 is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.

Nuveen Investments

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 Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest 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 compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on 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 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. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may

Nuveen Investments

Reinvest Automatically,

Easily and Conveniently (continued)

exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.

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 distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments

Glossary of Terms

Used in this Report

■	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.

■	Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

■	Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.

■	Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both structural leverage and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any structural leverage.

■	Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

■	Leverage: Using borrowed money to invest in securities or other assets.

Nuveen Investments

Glossary of Terms

Used in this Report (continued)


■	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.

■	Lipper Other States Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 45 funds; 1-year, 45 funds; 5-year, 45 funds; and 10-year, 31 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.

■	Lipper Single-State Insured Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category for each period as follows: 6-month, 13 funds; 1-year, 13 funds; 5-year, 13 funds; and 10-year, 8 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment.

■	Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.

■	Net Asset Value (NAV): The net market value of all securities held in a portfolio.

■	Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

■	Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.

■	Standard & Poor’s (S&P) Connecticut Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Connecticut municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.

100

Nuveen Investments

■	Standard & Poor’s (S&P) Massachusetts Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Massachusetts municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.

■	Standard & Poor’s (S&P) Missouri Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade Missouri municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.

■	Standard & Poor’s (S&P) National Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.

■	Standard & Poor’s (S&P) National Insured Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the insured, tax-exempt U.S. municipal bond market. The index returns assume reinvestment of dividends but do not reflect any applicable sales charges. You cannot invest directly in an index.

■	Structural Leverage: Structural Leverage consists of preferred shares or debt issued by the Fund. Both of these are part of a Fund’s capital structure. Structural leverage is sometimes referred to as “40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.

■	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.

■	Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

Nuveen Investments

101

Notes

102

Nuveen Investments

Additional Fund Information

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

Virginia L. Stringer

Terence J. Toth

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Custodian

State Street Bank

& Trust Company

Boston, MA

Transfer Agent and

Shareholder Services

State Street Bank & Trust

Company

Nuveen Funds

P.O. Box 43071

Providence, RI 02940-3071

(800) 257-8787

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

Ernst & Young LLP

Chicago, IL

Quarterly Portfolio of Investments and Proxy Voting Information

You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each Fund 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 (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.

Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Common Share Information

Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.

			Common Shares
Fund			Repurchased
NTC			—
NFC			—
NGK			—
NGO			—
NMT			—
NMB			—
NGX			—
NOM			—

Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

Nuveen Investments

103

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of Nuveen Asset Management, NWQ, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $207 billion of assets as of October 31, 2011.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

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

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

ESA-B-1111D

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)

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

(a)(2)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(b)

If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Missouri Premium Income Municipal Fund

By (Signature and Title) /s/ Kevin J. McCarthy

Kevin J. McCarthy

(Vice President and Secretary)

Date: February 6, 2012

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, 2012

By (Signature and Title) /s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)

Date: February 6, 2012