Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams.
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND
ANNUAL REPORT/JUNE 30, 1995
Photographic image of man seated at breakfast table with wife standing behind
him.
Photographic image of Nuveen Research Department. Four people around a table
working.
Research: a foundation
Your financial plan is in place. You and your adviser have made asset
allocation decisions. For the tax-free portion of your portfolio, you want
dependable income, safety of principal, and diversification. Solid, reliable
Nuveen research helps to keep your tax-free investments on the path you have
chosen.
Paul Williams, Vice President and Manager of Investment Strategies and
Research, emphasizes fundamental research as a strategy for finding value.
<PAGE>
The strength of Nuveen's Research Department is illustrated by the numerous
awards and press coverage we receive. Annual industry polls consistently
recognize the quality and depth of Nuveen Research.
Photographic image of a grouping of awards/statuettes.
At Nuveen, we believe that attention to detail combined with years of
experience is the foundation for sound research. Sound research means finding
quality bonds that deliver timely and dependable income over many decades.
Beyond this, it means adding value by identifying bonds whose credit strengths
are not yet understood by the market.
USING RESEARCH TO TRACK QUALITY AND VALUE
With tens of thousands of bonds available for investment today, the municipal
market is one of the nation's largest--and most complex--securities markets.
At the same time, the number of analysts devoted to researching the municipal
market is comparatively small. While more than 12,000 analysts at nearly 2,000
firms and investment organizations research the 7,500 common stocks available
in the equity market, approximately 1,000 analysts at 400 firms and rating
agencies cover 60,000 municipal bond issues.
Selecting those bonds that will outperform the market and help you achieve
your investment goals depends upon an ability to analyze and understand
complexities ranging from the demand for a new highway or airport to the
impact of an industry closure on the financial position of a town's water and
sewer system.
At Nuveen, we can provide this depth because we have the largest research
staff in the investment banking industry devoted exclusively to the analysis
of municipal bonds. Our award-winning team of more than 30 research
professionals provides invaluable support to our portfolio managers, assisting
them in careful analysis of bond issues considered for purchase--even those
rated AAA.
On a daily basis, our research analysts prepare credit reviews to assist in
the selection of bonds that offer the best combination of yield and security,
monitor the continued creditworthiness of portfolio holdings, and analyze
economic, political, and demographic trends affecting the markets.
The scope of this analysis is broad. We understand the beneficial insights
that can be obtained by assessing the impact of local elections in small towns
or gaining an understanding of the global wood pulp market to accurately
evaluate a municipal issue in Alaska. Recently a financial adviser noticed a
large number of clippings on salmon fishing on one Nuveen analyst's desk. The
analyst explained that the articles provided information on salmon spawning, a
conservation issue having a major impact on public hydroelectric projects in
the Pacific Northwest. With the largest research staff in the industry, we can
analyze subtle but essential details such as this--and apply our findings to
enhance the performance of your portfolio.
<PAGE>
BENEFITING OUR INVESTORS
The Nuveen Research Department supports the investment goals of fund investors
through three major activities:
Primary research and surveillance
Every year, our research staff reviews thousands of tax-exempt issues valued
at more than $100 billion to help our portfolio managers select the most
appropriate bonds based on current yield, price, credit quality, and future
prospects.
A recent example of the way Nuveen Research benefits our shareholders was
our successful investment in Philadelphia water and sewer bonds. When the city
decided to issue bonds to fund badly needed capital improvements, the city's
fiscal difficulties resulted in an issue that was priced below that of other
cities for similar bonds, generating higher income. However, Nuveen's own
research performed independently from the rating agencies indicated that the
city water and sewer system was economically sound and that adequate legal
safeguards would be in place to protect the investment. Following the
completion of the improvements, the prices of these bonds resulted in a
sizable portfolio gain to our shareholders.
Research reports
Just as you rely on your financial adviser for seasoned, prudent advice,
financial advisers depend on Nuveen's research reports to keep current on
market developments. Reports cover issues ranging from credit analysis of
specific states to comprehensive examinations of tax-free investment
strategies and the impact of national and state elections on municipal issues.
(For a list of research reports currently available to you and your adviser,
please refer to the attached reply card.)
Investor interests
We take our responsibility to our shareholders seriously by actively
representing their interests before the industry and government groups that
oversee and regulate the markets. We testified before a U.S. Senate
subcommittee to support better disclosure of financial information by bond
issuers. Our analysis of the effect of the Orange County bankruptcy on other
California issuers helped a California Senate subcommittee understand the
importance of fiscal conservatism and prudent policy decisions. By providing
informed opinions backed by years of experience, we help to define and set
policy that benefits you.
At Nuveen, quality research is one of the core elements of our disciplined
approach to providing you with dependable income, credit quality, and
diversification--key elements of a successful investment program.
Nuveen's research reports are often used by the press as background when
covering the municipal market in depth.
Photographic image of a grouping of research reports and newspapers.
<PAGE>
Photographic image of man seated at breakfast table with wife standing behind
him.
CONTENTS
6 Municipal market perspective
7 Dear shareholder
9 Answering your questions
13 Fund performance
15 Commonly used terms
17 Portfolio of investments
28 Statement of net assets
29 Statement of operations
30 Statement of changes in net assets
32 Notes to financial statements
42 Financial highlights
44 Report of independent auditors
45 Nuveen Exchange-Traded Funds dividend reinvestment program
<PAGE>
Municipal market perspective
The year ending June 30, 1995, was an eventful one for the municipal bond
market. During the second half of 1994, as the Federal Reserve Board steadily
raised short-term interest rates in an effort to forestall inflation, the
prices of all bonds and bond funds moved lower. Then, in December, the sudden
announcement of the bankruptcy of Orange County, California, put further
pressure on the municipal market.
During the first six months of 1995, as it appeared that the economy was
indeed headed for a soft landing and that inflation had been thwarted, the
bond market rebounded. In July, the Federal Reserve Board reversed course,
easing short-term interest rates. We're already beginning to see positive
effects from the Fed's program. Since the beginning of the year, interest
rates have moved closer to the levels prevailing before the Fed's tightening
began. Inflation seems to have been held in check, however, a strong stock
market and continued debate about tax reform, including a proposed flat tax,
have had a tempering effect on the performance of the municipal bond market.
<PAGE>
Dear shareholder
Photographic image of Richard Franke, Chairman of Nuveen.
"Over time, municipal bonds have proven to be a valuable and dependable
component of successful investment programs."
Over the past 12 months, we have endured somewhat of a roller-coaster ride in
the municipal bond market. First, we saw the conclusion of one of the worst
periods in recent bond market history, capped by the December bankruptcy of
Orange County, California, a major municipal issuer with a seemingly healthy
credit rating. Then, in early 1995, we experienced a welcome rebound in the
bond markets.
Throughout this turbulent time, we have kept our sights focused on
successfully meeting the objectives of your funds: providing you with a source
of stable current income, credit quality, and enhanced share price relative to
the market as a whole.
As of June 30, 1995, current yields on share prices for the funds covered in
this report ranged from 6.12% to 6.44%. To match these yields, an investor in
the 36% federal income tax bracket would have had to earn at least 9.56% on
taxable alternatives of comparable quality. As we all know, taxable yields of
this level can be difficult to achieve in today's markets.
These yields remind us of the important role that municipal bonds--with
their tax-free income--play as part of a successful investment strategy
focused on diversification and long-term performance. As we saw in 1994,
fluctuations in interest rates, the markets, and the economy in general can
cause us to reconsider our investment strategies. At such times, it is
important to remember that performance over the long term is the true measure
of an investment. And over time, municipal bonds have proven to be a valuable
and dependable component of successful investment programs.
It is your long-term financial plan that prompted you to make the initial
choice to include municipal bonds as an integral part of our investment
portfolio. As part of a long-term strategy, Nuveen offers not only the income
and credit safety of municipal bonds, but also the convenience of investment
products that provide direct access to diversification, professional
management, and stock exchange trading convenience. Our exchange-traded funds
make it easier for you to be well diversified across market sectors, while
saving you the time and effort involved if you were to structure and monitor a
portfolio of individual municipal bonds yourself.
<PAGE>
As 1995 concludes, we will be keeping a close eye on credit trends. With the
expansion of the economy, the financial strength of municipal issuers is
continuing to improve. By now, most observers have concluded that the Orange
County default was an anomaly, related to an unusually speculative investment
approach rather than any inherent weakness in the municipal bond market
itself. Of course, since the funds in this report specialize in bonds of
certain states, they did not hold any California bonds. If you are interested
in credit quality, you may want to read the article at the beginning of this
report to learn more about the role and activities of our award-winning
research department, including the tracking and monitoring of developments in
the credit arena.
We expect that municipal bonds will continue to be fundamentally sound
investments for attractive, tax-free income. As a higher percentage of our
population enters retirement and pre-retirement years, we anticipate the
demand for tax-free municipal bonds to remain strong.
In closing, I'd like to take this opportunity to assure you that your choice
of Nuveen as your fund manager is a wise one. We appreciate your continued
confidence and look forward to providing you with quality tax-free investments
in the future.
Sincerely,
Richard J. Franke
Chairman of the Board
August 15, 1995
<PAGE>
Answering your questions
Photographic image of montage of letters received by Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, offers insights into
recent developments in the municipal market and the outlook for Nuveen's
Exchange-Traded Funds
I have read that some of Nuveen's Funds are "leveraged." How exactly does
leverage work? What are the advantages of leverage to me as a common
shareholder?
All Nuveen exchange-traded funds issue common shares and provide an attractive
stream of monthly tax-free income. Many of our funds, including all funds in
this report, are able to generate a higher level of income for common
shareholders through a strategy called leverage.
Here's how leverage works: Some investors look for investments offering
short-term liquidity. To meet the needs of these investors, certain Nuveen
exchange-traded funds issue preferred shares paying a short-term rate that is
lower than the rate earned on the fund's long-term portfolio. Proceeds from
the issuance of the preferred shares are used to buy additional
investment-grade long-term bonds. Common shareholders benefit from these
additional holdings through the extra income generated by the difference
between the long-term rates earned by the fund and the short-term rates paid
to preferred shareholders.
For example, if we pay out 4% to investors who want short-term liquidity
while investing for the long term at 7%, the difference of 3% increases the
income available to the common shareholders.
However, leverage can add volatility to fund shares because all changes in
value are attributed to the common shareholder--both up and down. At Nuveen,
we take a prudent approach to leverage, carefully balancing risk and return,
limiting the percentage of leverage in a given portfolio at the time of
issuance, and moderating portfolio fluctuations through conservative portfolio
management.
Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
What do you see happening to dividends over the next few months?
Over the past year, even with the uneven markets, the monthly dividends paid
by Nuveen's exchange-traded funds has remained relatively stable. This is
mainly due to two factors: our dividend policy and our emphasis on credit
quality.
At Nuveen, we set our core dividend rates at levels that we consider
sustainable over time, factoring in such influences as short-term interest
rate trends, the expected number of bond calls, and reinvestment. Nonetheless,
eventually changes in dividend rates should be expected in response to
interest rate movements.
<PAGE>
What impact have interest rates had on bond portfolios? Where are these rates
trending over the next year?
Over the past 15 months, all bond investors, including holders of
exchange-traded municipal bond funds, have felt the effect of rising interest
rates on the value of their fixed income portfolios.
At Nuveen, we don't believe it is consistently possible to forecast
directions in interest rates or the economy as a whole. We concentrate on
those aspects of fund performance where we can exercise some control: credit
quality, relative value, and diversification.
If you are concerned about the direction of interest rates, you may want to
consider "laddering" your portfolio. Laddering is a strategy in which an
investor purchases three or more funds with varying average maturities. Mixing
the maturity and yield profile of funds within a total portfolio can reduce
the overall effect of increases and decreases in interest rates.
What about the future?
At Nuveen, we recommend viewing your investment as part of a long-term
strategy. The benefits of taking the long view are two-fold. First, market
timing is rarely successful. That is the attempt to buy when the market is at
its lowest point and to sell at its peak. Statistics show that, over time, the
rewards of investing tend to go to those who set and maintain clear investment
objectives and strategies, rather than to those who change their approach with
every change in the markets.
Second, you must also consider your long-term needs for diversification and
dependable income, the reasons you chose Nuveen's exchange-traded municipal
funds in the first place. While the markets may fluctuate, your investment
needs are more constant. With municipal bonds being one of the last remaining
tax shelters, Nuveen's exchange-traded funds continue to provide the
risk/reward balance and the steady source of tax-free income that are
important elements of a prudent investment program.
<PAGE>
<TABLE>
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND
NQF
In keeping with the Fund's objective of providing steady tax-free income,
shareholders enjoyed 12 months of steady dividends, in addition to a
supplemental dividend and a capital gains dividend.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
7/94 $0.0825
8/94 $0.0825 $0.0075
9/94 $0.0825
10/94 $0.0825
11/94 $0.0825
12/94 $0.0825 $0.0172
1/95 $0.0825
2/95 $0.0825
3/95 $0.0825
4/95 $0.0825
5/95 $0.0825
6/95 $0.0825
<CAPTION>
FUND HIGHLIGHTS 6/30/95
<S> <C>
Yield 6.44%
Taxable-equivalent yield 10.06%
Annual total return on NAV 9.43%
Taxable-equivalent total return 13.26%
Share price $15.375
NAV $15.45
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND
NUF
Shareholders enjoyed more than 7 months of steady dividends, followed by an
increase in February. Shareholders also received a supplemental dividend, made
possible by low short-term rates paid on the Fund's preferred shares.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
7/94 $0.0760
8/94 $0.0760 $0.0100
9/94 $0.0760
10/94 $0.0760
11/94 $0.0760
12/94 $0.0760
1/95 $0.0760
2/95 $0.0790
3/95 $0.0790
4/95 $0.0790
5/95 $0.0790
6/95 $0.0790
<CAPTION>
FUND HIGHLIGHTS 6/30/95
<S> <C>
Yield 6.43%
Taxable-equivalent yield 10.05%
Annual total return on NAV 10.97%
Taxable-equivalent total return 14.66%
Share price $14.75
NAV $15.29
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND
NFL
In keeping with the Fund's objective of providing steady tax-free income,
shareholders enjoyed 12 months of steady dividends, in addition to a
supplemental dividend.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
7/94 $0.0650
8/94 $0.0650 $0.0100
9/94 $0.0650
10/94 $0.0650
11/94 $0.0650
12/94 $0.0650
1/95 $0.0650
2/95 $0.0650
3/95 $0.0650
4/95 $0.0650
5/95 $0.0650
6/95 $0.0650
<CAPTION>
FUND HIGHLIGHTS 6/30/95
<S> <C>
Yield 6.12%
Taxable-equivalent yield 9.56%
Annual total return on NAV 12.75%
Taxable-equivalent total return 16.24%
Share price $12.75
NAV $13.89
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, June 30, 1995) divided by its closing price per share on
that date.
Taxable equivalent yield
The return an investor subject to a given federal income tax rate would need
to obtain from a fully taxable investment to equal the fund's stated
annualized yield on share price. In this report, this tax rate is assumed to
be 36% for FL based on incomes of $117,950-$256,500 for investors filing
singly, $143,600-$256,500 for those filing jointly.
Net Asset Value
(NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, divided by the total number of common
shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the Fund's
stated total return on NAV.
Leverage
A technique used to enhance the income produced for common shareholders by a
long-term municipal bond fund through the issuance of short-term preferred
shares. The proceeds from the sale of the preferred shares can be used to
purchase additional long-term bonds, thus increasing the portfolio's income
stream. Changes in net asset value per share, both up and down, are also
magnified by leverage.
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended June 30, 1995. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<TABLE>
<PAGE>
PORTFOLIO OF INVESTMENTS
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,750,000 Florida Housing Finance Agency, Single Family Mortgage,
Alternative Minimum Tax, 5.875%, 1/01/27 1/04 at 100 Aa $ 4,581,850
2,000,000 Florida Housing Finance Agency, 6.400%, 6/01/24 6/02 at 103 AAA 2,042,540
Florida Keys Aqueduct Authority, Water Revenue:
10,165,000 6.750%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 101 Aaa 11,420,682
835,000 6.750%, 9/01/21 9/01 at 101 Aaa 887,672
Florida State Board of Education:
2,030,000 6.700%, 6/01/22 6/01 at 101 Aa 2,154,642
2,285,000 5.875%, 6/01/23 6/03 at 101 Aa 2,240,328
10,000,000 Florida General Obligation, Jacksonville Transportation,
7.000%, 7/01/13 7/97 at 102 Aa 10,710,400
6,845,000 Brevard County Housing Finance Authority, Single Family
Mortgage, 7.000%, 9/01/23 3/01 at 102 Aaa 7,199,982
2,810,000 Broward County Public Improvement, 12.500%, 1/01/04 No Opt. Call Aa 4,237,677
5,245,000 Broward County Housing Finance Authority (GNMA and
FNMA), Alternative Minimum Tax, 7.350%, 3/01/23 3/01 at 102 AA 5,568,669
7,475,000 Broward County School Board, Certificates of Participation,
6.500%, 7/01/11 7/01 at 102 Aaa 7,825,652
3,000,000 Cape Canaveral Hospital District, 6.875%, 1/01/21 1/01 at 102 Aaa 3,256,710
1,500,000 Cape Coral Health Facilities Authority (The Cape Coral
Medical Center), 7.500%, 11/15/21 11/03 at 102 Caa 1,586,220
11,000,000 Charlotte County Utility System, 7.000%, 10/01/14
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 12,604,350
1,500,000 Coral Springs Improvement District, General Obligation,
Water and Sewer, 5.500%, 6/01/14 6/02 at 102 Aaa 1,436,175
Collier County Water-Sewer District:
7,345,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 8,057,245
4,155,000 6.500%, 7/01/21 7/99 at 102 Aaa 4,373,636
3,700,000 Dade County Public Improvement, 12.000%, 10/01/98 No Opt. Call Aaa 4,565,837
1,000,000 Dade County General Obligation, 7.700%, 10/01/13 10/96 at 102 Aaa 1,054,590
4,800,000 Dade County (Miami International Airport), Alternative
Minimum Tax, 6.750%, 10/01/06 10/98 at 102 Aa 5,218,224
Dade County Housing Finance Authority, Single Family
Mortgage, Alternative Minimum Tax:
1,780,000 7.750%, 9/01/22 9/00 at 102 Aaa 1,909,815
765,000 7.250%, 9/01/23 3/01 at 102 Aaa 806,670
1,000,000 6.550%, 10/01/27 4/05 at 102 AAA 1,017,910
6,750,000 Dade County School District, 7.375%, 7/01/08
(Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,616,970
2,395,000 Dade County (Courthouse Center), 6.300%, 4/01/14 4/04 at 102 A 2,432,075
7,000,000 Escambia County Health Facilities Authority (Baptist
Hospital), 8.700%, 10/01/14 10/98 at 102 BBB+ 7,797,370
1,000,000 Fort Myers Special Assessment, Geographic Area No. 24
Improvement, 7.100%, 7/01/06 7/01 at 102 BBB- 1,047,120
Greater Orlando Aviation Authority, Alternative
Minimum Tax:
1,315,000 7.400%, 10/01/06 10/96 at 102 A1 1,384,695
5,000,000 5.500%, 10/01/18 10/03 at 102 Aaa 4,670,400
2,000,000 Green Cove Springs Utilities, 6.750%, 10/01/10 10/01 at 102 Aaa 2,164,560
3,530,000 Halifax Hospital Medical Center (Daytona Beach Hospital),
6.750%, 10/01/06 10/01 at 102 Aaa 3,843,994
5,000,000 Hernando County Criminal Justice Complex, Financing
Program, 7.650%, 7/01/16 No Opt. Call Aaa 6,142,800
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,000,000 Hillsborough County Aviation Authority (Tampa
International Airport), 6.900%, 10/01/11 10/99 at 102 Aaa $ 4,328,320
Jacksonville Electric Authority:
22,975,000 8.500%, 10/01/15 10/95 at 102 Aa1 23,669,764
9,000,000 6.000%, 10/01/15 10/99 at 100 Aa 8,946,810
11,000,000 Jacksonville Health Facilities Authority (Daughters of
Charity Health System-St. Vincent), 7.500%, 11/01/15
(Pre-refunded to 11/01/00) 11/00 at 102 Aaa 12,722,490
11,000,000 Jacksonville Health Facilities Authority (St. Luke's
Hospital Association), 7.125%, 11/15/20 11/01 at 102 AA+ 11,882,530
Lee County Solid Waste System, Alternative Minimum Tax:
6,500,000 7.000%, 10/01/05 10/01 at 102 Aaa 7,200,310
4,750,000 7.000%, 10/01/06 10/01 at 102 Aaa 5,234,975
4,515,000 Leon County Housing Finance Authority, Single Family
Mortgage, Alternative Minimum Tax, 7.300%, 4/01/21 4/01 at 102 Aaa 4,782,288
10,620,000 Martin County Pollution Control (Florida Power and
Light Company), 7.300%, 7/01/20 7/00 at 102 Aaa 11,701,222
2,000,000 Miramar Water Improvement, 5.600%, 10/01/24 10/03 at 102 Aaa 1,898,000
1,000,000 North Springs Improvement District Water and Sewer,
General Obligation, 7.000%, 10/01/09 No Opt. Call Aaa 1,145,670
7,925,000 Orange County Health Facilities Authority (Adventist
Health System/Sunbelt), 6.750%, 11/15/21 11/01 at 102 Aaa 8,483,237
6,000,000 Orange County Tourist Development, 6.000%, 10/01/21 10/02 at 100 Aaa 5,991,420
2,500,000 Orange County Water and Wastewater, 7.750%, 10/01/07
(Pre-refunded to 10/01/97) 10/97 at 102 Aaa 2,749,525
Orange County Housing Finance Authority (GNMA),
Alternative Minimum Tax:
3,875,000 7.250%, 9/01/11 3/01 at 103 AAA 4,168,105
8,810,000 7.375%, 9/01/24 3/01 at 103 AAA 9,434,100
Orlando Utilities Commission, Water and Electric System:
5,000,000 8.500%, 10/01/09 (Pre-refunded to 10/01/95) 10/95 at 102 Aaa 5,161,100
5,000,000 6.000%, 10/01/10 No Opt. Call Aa1 5,171,600
2,450,000 5.000%, 10/01/23 10/99 at 100 Aa 2,118,270
750,000 5.000%, 10/01/23 10/02 at 101 Aa1 648,450
Orlando and Orange County Expressway Authority:
14,660,000 7.500%, 7/01/16 (Pre-refunded to 7/01/96) 7/96 at 102 Aaa 15,479,934
1,500,000 5.250%, 7/01/19 7/03 at 102 Aaa 1,370,280
500,000 Palm Beach County General Obligation, 4.600%, 7/01/07 No Opt. Call Aa 463,745
Palm Beach County Health Facilities Authority (JFK
Medical Center):
6,715,000 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 BBB 7,776,977
4,820,000 8.875%, 12/01/18 12/98 at 102 BBB 5,339,982
6,000,000 Royal Palm Beach Village Utility System,
6.875%, 10/15/15 10/01 at 102 Aaa 6,465,120
5,000,000 St. Lucie County Utility System, 7.125%, 10/01/17
(Pre-refunded to 10/01/00) 10/00 at 102 Aaa 5,686,600
4,000,000 St. Petersburg Health Facilities Authority (St. Joseph's
Hospital Inc.), 7.000%, 12/01/15 12/01 at 102 Aaa 4,436,720
5,250,000 Seminole County Water and Sewer System,
6.000%, 10/01/19 No Opt. Call Aaa 5,378,310
4,500,000 City of Tampa (The Florida Aquarium Project),
7.750%, 5/01/27 5/02 at 102 N/R 4,705,245
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,350,000 Tampa Water and Sewer System, 6.000%, 10/01/17 10/02 at 101 Aaa $ 6,367,145
Volusia County Airport System (Daytona Beach Regional
Airport), Alternative Minimum Tax:
475,000 7.000%, 10/01/21 (Pre-refunded to 10/01/00) 10/00 at 102 Aaa 537,477
1,425,000 7.000%, 10/01/21 10/00 at 102 Aaa 1,546,040
5,650,000 Volusia County School Board, 6.750%, 8/01/11 8/01 at 102 Aaa 6,010,864
$326,490,000 Total Investments - (cost $327,253,971) - 98.1% 350,860,085
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 1,445,000 Palm Beach County Water and Sewer, Variable Rate
============
Demand Bonds, 4.200%, 10/01/11t VMIG-1 1,445,000
Other Assets Less Liabilities - 1.5% 5,229,043
Net Assets - 100% $357,534,128
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 44 $231,177,442 65%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 87,612,959 25
PORTFOLIO OF A+ A1 1 1,384,695 1
INVESTMENTS A, A- A, A2, A3 1 2,432,075 1
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 4 21,961,449 6
TEMPORARY Other Other 1 1,586,220 1
INVESTMENTS): Non-rated Non-rated 1 4,705,245 1
TOTAL 66 $350,860,085 100%
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later
dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Florida Department of General Services, General
Obligation, 6.600%, 7/01/17 7/02 at 101 Aa $ 1,066,440
750,000 Florida Department of General Services, Division of
Facilities Management, 5.500%, 9/01/23 9/03 at 101 Aaa 707,002
2,000,000 Florida Department of Corrections, Certificates of
Participation, 6.000%, 3/01/14 3/04 at 102 A1 1,988,700
1,510,000 Florida General Obligation (Jacksonville Transportation
Authority), 5.300%, 7/01/18 7/03 at 101 Aa 1,384,322
2,000,000 Florida Housing Finance Agency, Single Family Mortgage,
Alternative Minimum Tax, 5.875%, 1/01/27 1/04 at 100 Aa 1,929,200
1,750,000 Florida Housing Finance Agency, 6.400%, 6/01/24 6/02 at 103 AAA 1,787,222
6,225,000 Florida Housing Finance Agency, Home Ownership,
8.595%, 11/01/17 No Opt. Call AAA 6,691,874
3,265,000 Florida Housing Finance Agency, Single Family Mortgage
(GNMA), 7.100%, 1/01/17 3/97 at 103 AAA 3,402,260
465,000 Florida Housing Finance Agency, Home Ownership
(GNMA), Alternative Minimum Tax, 8.595%, 11/01/18 No Opt. Call AAA 477,787
Florida Board of Education, General Obligation:
3,290,000 7.250%, 6/01/23 6/00 at 102 Aa 3,633,376
1,510,000 5.500%, 6/01/23 6/03 at 101 Aa 1,414,040
1,000,000 5.200%, 6/01/23 6/03 at 101 Aa 895,920
5,000,000 6.000%, 6/01/25 6/00 at 100 Aa 4,951,650
Florida Turnpike Authority:
1,250,000 9.500%, 7/01/00 No Opt. Call Aaa 1,522,200
1,000,000 5.000%, 7/01/15 7/03 at 101 Aaa 897,290
3,900,000 Florida General Obligation, Jacksonville Transportation,
7.000%, 7/01/13 7/97 at 102 Aa 4,177,056
1,000,000 Alachua County Health Facilities Authority (Shands
Hospital), 5.750%, 12/01/15 12/02 at 100 Aaa 973,020
2,150,000 Alachua County Library District, General Obligation,
6.600%, 8/01/10 8/01 at 102 Aaa 2,279,538
1,500,000 Bradford County Health Facility Authority (Santa Fe
Healthcare), 6.050%, 11/15/16 11/98 at 102 BBB+ 1,366,185
Brevard County Educational Facilities Authority (Florida
Institute of Technology):
3,365,000 6.750%, 11/01/07 11/02 at 102 BBB 3,538,129
4,790,000 6.875%, 11/01/22 11/02 at 102 BBB 4,886,806
1,150,000 Brevard County Sales Tax, 5.250%, 12/01/13 12/03 at 102 Aaa 1,077,688
5,000,000 Broward County Airport System, Alternative Minimum Tax,
7.625%, 10/01/13 10/98 at 102 Aaa 5,507,450
2,000,000 Broward County, Certificates of Participation,
5.500%, 6/01/13 6/04 at 102 Aaa 1,931,420
Cape Coral Health Facilities Authority (The Cape Coral
Medical Center):
1,500,000 7.800%, 11/15/18 11/99 at 102 Caa 1,585,155
3,085,000 7.500%, 11/15/21 11/03 at 102 Caa 3,262,326
3,490,000 Charlotte County Utility System, 6.875%, 10/01/21
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,975,529
10,000,000 Citrus County Pollution Control (Florida Power
Corporation-Crystal River Project), 6.625%, 1/01/27 1/02 at 102 A1 10,438,500
1,200,000 Cocoa Beach Utility System, 5.450%, 12/01/20 12/01 at 101 Aaa 1,130,784
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Collier County Water-Sewer District:
$ 3,910,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa $ 4,289,153
2,190,000 6.500%, 7/01/21 7/99 at 102 Aaa 2,305,238
8,450,000 Dade County (Miami International Airport),
Alternative Minimum Tax, 6.750%, 10/01/06 10/98 at 102 Aa 9,186,249
Dade County Housing Finance Authority, Single
Family Mortgage:
5,755,000 6.950%, 12/15/12 12/01 at 102 Aaa 6,129,017
410,000 7.000%, 3/01/24 3/01 at 102 Aaa 429,729
7,000,000 Dade County Health Facilities Authority (North Shore
Medical Center), 6.500%, 8/15/15 8/02 at 102 Aaa 7,317,590
5,000,000 Davie Water and Sewer System, 6.250%, 10/01/17 10/02 at 102 Aaa 5,087,150
2,205,000 Dunedin (Mease Health Care), 6.750%, 11/15/21
(Pre-refunded to 11/15/01) 11/01 at 102 Aaa 2,501,154
7,350,000 Fort Lauderdale General Obligation, 6.300%, 7/01/07 1/99 at 101 Aa 7,605,339
Greater Orlando Aviation Authority, Alternative
Minimum Tax:
8,540,000 6.500%, 10/01/12 10/02 at 102 Aaa 8,931,303
4,450,000 8.375%, 10/01/16 10/98 at 102 A1 4,968,114
5,500,000 5.500%, 10/01/18 10/03 at 102 Aaa 5,137,440
1,500,000 Hillsborough County Aviation Authority (Tampa
International Airport), 5.500%, 10/01/13 10/03 at 102 Aaa 1,431,720
Hillsborough County Industrial Development Authority,
Pollution Control (Tampa Electric Company):
2,500,000 7.875%, 8/01/21 8/01 at 103 Aa2 2,906,925
9,800,000 8.000%, 5/01/22 5/02 at 103 Aa2 11,573,898
500,000 Hillsborough County Industrial Development Authority
(University Community Hospital), 5.800%, 8/15/24 8/04 at 102 Aaa 482,275
Hillsborough County, Capital Improvement
(Museum of Science and Industry):
575,000 6.400%, 1/01/12 1/00 at 102 A 586,305
1,000,000 6.450%, 1/01/22 1/00 at 102 A 1,022,850
1,500,000 Hillsborough County Utility System, 5.500%, 8/01/16 8/03 at 101 Aaa 1,447,320
4,750,000 Hollywood Water and Sewer System, 6.875%, 10/01/21
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 5,377,475
Jacksonville Electric Authority (St. John's River Power
Park System):
1,250,000 5.500%, 10/01/13 4/03 at 101 Aa1 1,194,450
6,280,000 6.000%, 10/01/16 10/95 at 100 Aa1 6,212,364
7,000,000 6.500%, 10/01/20 (Pre-refunded to 10/01/95) 10/95 at 100 Aa1 7,050,890
Jacksonville Electric Authority:
1,500,000 5.750%, 10/01/12 10/02 at 101 Aa1 1,490,115
2,000,000 5.500%, 10/01/14 10/02 at 101 Aa1 1,901,840
3,000,000 6.750%, 10/01/16 (Pre-refunded to 10/01/00) 10/00 at 101 1/2 Aaa 3,348,000
4,625,000 6.750%, 10/01/21 (Pre-refunded to 10/01/00) 10/00 at 101 1/2 Aaa 5,161,500
3,170,000 Jacksonville Excise Tax, Alternative Minimum Tax,
0.000%, 10/01/15 No Opt. Call Aaa 918,634
10,395,000 Jacksonville (University Medical Center), 6.600%, 2/01/21 2/02 at 102 AAA 10,871,819
3,500,000 Jacksonville Port Authority (Florida Power and Light
Company), 9.625%, 9/01/19 (Pre-refunded to 9/01/95) 9/95 at 103 A2 3,601,990
2,750,000 Kissimmee Utility Authority (Electric System),
6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,077,058
1,000,000 Lakeland Electric and Water, 5.750%, 10/01/19 10/99 at 100 Aa 960,760
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Leesburg (Leesburg Regional Medical Center):
$ 1,500,000 6.250%, 7/01/09 7/03 at 102 Baa1 $ 1,493,085
2,500,000 7.500%, 7/01/21 (Pre-refunded to 7/01/02) 7/02 at 102 N/R 2,933,300
1,500,000 Martin County Water and Wastewater System,
5.700%, 10/01/23 10/01 at 102 Aaa 1,446,855
1,350,000 Miami Parking System, 5.700%, 10/01/09 No Opt. Call A 1,333,017
2,000,000 Opa-Locka Capital Improvement, 6.125%, 1/01/24 1/04 at 102 Aaa 2,016,160
1,675,000 Orange County Health Facility Authority (Adventist
Health System/Sunbelt), 6.875%, 11/15/15 11/01 at 102 Aaa 1,808,766
250,000 Orange County Health Facility Authority (Orlando
Regional Healthcare System), 5.000%, 10/01/15 10/03 at 102 Aaa 223,588
Orange County Sales Tax:
725,000 5.375%, 1/01/24 1/03 at 102 A1 668,102
1,650,000 5.375%, 1/01/24 1/03 at 102 Aaa 1,524,765
Orange County Tourist Development:
3,000,000 6.500%, 10/01/19 10/02 at 102 Aaa 3,179,220
7,490,000 6.000%, 10/01/21 10/02 at 100 Aaa 7,479,289
Orlando Utilities Commission:
2,750,000 6.750%, 10/01/17 No Opt. Call Aa 3,073,868
5,975,000 6.500%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 6,685,607
1,000,000 5.000%, 10/01/20 10/04 at 101 Aa 870,690
1,000,000 5.250%, 10/01/23 10/03 at 102 Aa 898,420
1,500,000 Orlando and Orange County Expressway Authority,
5.950%, 7/01/23 7/01 at 102 A- 1,429,440
500,000 Palm Beach County General Obligation, 4.600%, 7/01/07 No Opt. Call Aa 463,745
Palm Beach County Airport Authority:
7,500,000 7.750%, 10/01/10 10/01 at 102 Aaa 8,670,000
2,500,000 6.375%, 10/01/14 10/02 at 102 Aaa 2,581,650
1,240,000 Pensacola Airport System, Alternative Minimum
Tax, 5.250%, 10/01/18 10/03 at 102 Aaa 1,144,495
1,000,000 Pinellas County Health Facilities Authority (Morton
Plant Health System), 5.625%, 11/15/23 11/03 at 102 Aaa 945,200
2,025,000 Plantation Electric System, 5.375%, 8/15/12 8/03 at 102 Aaa 1,938,553
16,000,000 Reedy Creek Improvement District, Utilities System,
6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 101 Aaa 17,782,240
2,500,000 St. Lucie County Solid Waste Disposal (Florida Power
and Light Company), Alternative Minimum Tax,
7.150%, 2/01/23 2/01 at 102 A2 2,644,900
5,000,000 St. Petersburg Health Facilities Authority (St. Joseph's
Hospital Inc.), 7.000%, 12/01/15 12/01 at 102 Aaa 5,545,900
5,500,000 St. Petersburg Public Improvement, 6.375%, 2/01/12 2/02 at 102 Aaa 5,718,680
2,300,000 Sarasota County Utility System, 6.500%, 10/01/22 10/04 at 102 Aaa 2,429,490
2,000,000 Seminole County School Board, Certificates of
Participation, 6.125%, 7/01/19 7/02 at 100 Aaa 2,029,560
1,000,000 Stuart Public Utilities, 6.800%, 10/01/24 10/03 at 100 Aaa 1,087,270
3,000,000 Tampa (The Florida Aquarium Project), 7.750%, 5/01/27 5/02 at 102 N/R 3,136,830
1,000,000 Venice Utilities System, 5.500%, 7/01/14 7/03 at 102 Aaa 956,850
1,000,000 Puerto Rico Highway and Transportation Authority,
5.250%, 7/01/20 7/03 at 101 1/2 A 887,000
$295,430,000 Total Investments - (cost $294,252,665) - 96.6% 308,411,068
============
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 2.1%
$ 2,900,000 District of Columbia (American Association for
Advancement of Science), Series 1995, Variable Rate
Demand Bonds, 4.250%, 10/01/22t A-1 $ 2,900,000
4,000,000 Port Authority of New York and New Jersey, Special
Obligation, Versatile Structure, Variable Rate Demand
Bonds, Alternative Minimum Tax, 4.250%, 8/01/28t VMIG-1 4,000,000
$ 6,900,000 Total Temporary Investments - 2.1% 6,900,000
============
Other Assets Less Liabilities - 1.3% 4,040,117
Net Assets - 100% $319,351,185
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 52 $181,798,777 58%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 22 74,841,557 24
PORTFOLIO OF A+ A1 4 18,063,416 6
INVESTMENTS A, A- A, A2, A3 7 11,505,502 4
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 4 11,284,205 4
TEMPORARY Other Other 2 4,847,481 2
INVESTMENTS): Non-rated Non-rated 2 6,070,130 2
TOTAL 93 $308,411,068 100%
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later
dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Florida Department of General Services, Bond Finance
Division, Department of Natural Resources:
$ 2,000,000 5.500%, 7/01/10 7/03 at 101 Aaa $ 1,958,040
3,000,000 5.500%, 7/01/11 7/03 at 101 Aaa 2,925,270
Florida Department of General Services, Bond Finance
Division:
6,350,000 4.750%, 7/01/12 7/04 at 101 Aaa 5,622,671
3,500,000 4.900%, 7/01/13 7/04 at 101 Aaa 3,136,490
Florida Municipal Power Agency:
1,500,000 5.500%, 10/01/19 10/03 at 100 Aaa 1,426,680
3,000,000 6.250%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,335,370
4,250,000 Florida Municipal Power Agency, St. Lucie Project,
5.250%, 10/01/21 10/02 at 102 Aaa 3,867,330
Florida Turnpike Authority:
3,000,000 5.000%, 7/01/14 7/03 at 101 Aaa 2,716,200
6,200,000 5.000%, 7/01/19 7/03 at 101 Aaa 5,495,680
3,995,000 6.350%, 7/01/22 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 4,425,901
5,415,000 Alachua County Health Facilities Authority (Shands
Hospital), 5.750%, 12/01/15 12/02 at 100 Aaa 5,268,903
3,000,000 Bartow Water and Sewer Systems, 5.600%, 10/01/23 4/03 at 102 Aaa 2,841,210
3,000,000 Broward County Airport System, 5.250%, 10/01/09 10/03 at 102 Aaa 2,883,330
3,750,000 Broward County Health Facilities Authority (Holy
Cross Hospital), 5.850%, 6/01/12 6/03 at 102 Aaa 3,739,800
Broward County School District, General Obligation:
3,400,000 7.750%, 2/15/07 (Pre-refunded to 2/15/98) 2/98 at 102 Aaa 3,764,481
1,000,000 7.125%, 2/15/08 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,110,600
2,120,000 Charlotte County Utility System, 5.500%, 10/01/17 10/03 at 102 Aaa 2,015,463
1,000,000 Clay County Utilities System, 5.000%, 11/01/17 11/03 at 102 Aaa 895,840
1,000,000 Cocoa Water and Sewer System, 5.000%, 10/01/23 10/03 at 100 Aaa 873,160
Dade County General Obligation:
7,000,000 12.000%, 10/01/97 No Opt. Call Aaa 8,188,950
1,500,000 7.700%, 10/01/13 10/96 at 102 Aaa 1,581,885
3,000,000 Dade County Aviation, 5.500%, 10/01/11 10/03 at 102 Aaa 2,924,250
Dade County (Jackson Memorial Hospital):
250,000 5.625%, 6/01/18 6/03 at 102 Aaa 237,795
1,900,000 5.250%, 6/01/23 6/03 at 102 Aaa 1,703,255
Dade County School District, General Obligation:
1,000,000 7.200%, 7/01/02 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 1,122,070
5,000,000 5.000%, 8/01/12 8/03 at 101 Aaa 4,579,850
3,500,000 5.000%, 8/01/14 8/03 at 101 Aaa 3,164,175
9,600,000 Dade County Health Facilities Authority (Baptist
Hospital of Miami), 5.250%, 5/15/21 5/03 at 101 Aaa 8,635,968
3,000,000 Daytona Beach Water and Sewer System,
5.500%, 11/15/17 11/02 at 100 Aaa 2,891,400
4,000,000 Dunedin (Mease Health Care), 5.375%, 11/15/21 11/03 at 101 Aaa 3,700,480
7,250,000 Duval County Housing Finance Authority, Single Family
Mortgage (GNMA), Alternative Minimum Tax,
6.700%, 10/01/26 10/04 at 102 Aaa 7,462,643
3,005,000 Escambia County Housing Finance Authority, Single
Family Mortgage, Alternative Minimum Tax,
6.900%, 4/01/20 10/02 at 102 Aaa 3,109,153
6,000,000 Escambia County Sales Tax, 5.800%, 1/01/15 1/03 at 102 Aaa 5,883,360
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Greater Orlando Aviation Authority, Alternative
Minimum Tax:
$ 2,950,000 7.400%, 10/01/06 10/96 at 102 Aaa $ 3,103,931
3,975,000 5.500%, 10/01/18 10/03 at 102 Aaa 3,712,968
2,000,000 6.375%, 10/01/21 10/02 at 102 Aaa 2,031,140
1,400,000 Hernando County Capital Improvement, 5.750%, 2/01/14 2/03 at 102 Aaa 1,374,842
14,000,000 Hillsborough County Aviation Authority (Tampa
International Airport), 5.600%, 10/01/19 10/03 at 102 Aaa 13,321,980
1,000,000 Hillsborough County Aviation Authority (Tampa
International Airport), Alternative Minimum Tax,
5.375%, 10/01/23 10/03 at 102 Aaa 905,290
2,500,000 Hillsborough County Industrial Development Authority
(University Community Hospital), 6.500%, 8/15/19 No Opt. Call Aaa 2,722,100
2,000,000 Hillsborough County Utility System, 6.625%, 8/01/11 8/02 at 102 Aaa 2,110,440
10,495,000 Hollywood Water and Sewer System, 5.600%, 10/01/23 10/03 at 102 Aaa 9,994,284
8,000,000 Indian River County Water and Sewer System,
5.250%, 9/01/24 9/08 at 100 Aaa 7,248,720
2,875,000 Jacksonville Beach Utility System, 5.500%, 10/01/14 10/02 at 102 Aaa 2,765,779
4,800,000 Jacksonville Excise Tax, Alternative Minimum Tax,
5.750%, 10/01/20 10/03 at 102 Aaa 4,590,384
3,605,000 Jacksonville (Windermere Manor Apartments-GNMA),
5.875%, 3/20/28 9/03 at 102 AAA 3,460,692
3,350,000 Jacksonville Port Authority Airport, Alternative
Minimum Tax, 5.250%, 10/01/17 10/03 at 102 Aaa 3,062,436
3,750,000 Kissimmee Utility Authority Electric System,
5.250%, 10/01/18 10/03 at 102 Aaa 3,452,250
1,000,000 Lakeland Electric and Water, 5.750%, 10/01/19 10/99 at 100 Aaa 974,380
1,025,000 Lee County Airport, 5.500%, 10/01/10 10/02 at 100 Aaa 1,003,168
2,700,000 Lee County Capital and Transportation Facilities,
5.600%, 10/01/21 10/03 at 102 Aaa 2,568,078
1,000,000 Opa-Locka Capital Improvement, 7.000%, 1/01/14 1/04 at 102 Aaa 1,101,890
1,000,000 Orange County Health Facility Authority (Orlando
Regional Healthcare System), 6.000%, 11/01/24 11/02 at 102 Aaa 986,320
6,000,000 Orange County Tourist Development, 6.250%, 10/01/13 10/02 at 102 Aaa 6,147,420
2,000,000 Orange County Water Utilities System, 6.250%, 10/01/17 4/02 at 102 Aaa 2,040,240
6,000,000 Orlando Utilities Commission, 5.500%, 10/01/20 10/99 at 100 Aaa 5,701,380
5,990,000 Orlando Utilities Commission, Water and Electric
System, 5.500%, 10/01/26 10/01 at 100 Aaa 5,613,687
5,800,000 Orlando and Orange County Expressway Authority,
5.500%, 7/01/18 7/03 at 102 Aaa 5,509,942
Palm Bay Utility System:
1,000,000 6.200%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 1,108,740
3,295,000 6.200%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 103 Aaa 3,653,298
600,000 Palm Beach County Airport Authority,
7.625%, 10/01/04 10/01 at 102 Aaa 691,374
Palm Beach County Administrative Complex:
1,000,000 5.200%, 6/01/06 No Opt. Call Aaa 988,480
6,500,000 5.250%, 6/01/11 No Opt. Call Aaa 6,235,580
Palm Beach County Criminal Justice Facilities:
3,000,000 5.375%, 6/01/08 No Opt. Call Aaa 2,973,690
4,000,000 5.375%, 6/01/10 No Opt. Call Aaa 3,925,400
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,335,000 Pasco County Gas Tax, 5.750%, 8/01/13 8/02 at 102 Aaa $ 2,321,877
4,000,000 Pinellas County Health Facilities Authority (Morton
Plant Health System), 5.625%, 11/15/23 11/03 at 102 Aaa 3,780,800
6,000,000 Polk County Industrial Development Authority (Winter
Haven Hospital), 6.250%, 9/01/15 9/02 at 103 Aaa 6,153,660
6,000,000 Port Orange Water and Sewer System, 5.250%, 10/01/21 10/03 at 101 Aaa 5,459,760
10,000,000 Reedy Creek Improvement District, 5.000%, 10/01/19 10/04 at 101 Aaa 8,857,700
5,000,000 Reedy Creek Improvement District Utility, Alternative
Minimum Tax, 8.500%, 10/01/09 10/97 at 102 Aaa 5,502,450
St. Lucie County Utility System:
6,000,000 5.500%, 10/01/15 10/03 at 102 Aaa 5,683,980
2,000,000 5.500%, 10/01/17 10/03 at 102 Aaa 1,942,360
1,200,000 5.500%, 10/01/21 10/03 at 102 Aaa 1,156,332
3,000,000 6.000%, 9/01/24 9/04 at 102 Aaa 2,995,590
1,000,000 Sarasota County Utility System, 5.500%, 10/01/22 10/02 at 102 Aaa 944,710
3,000,000 Sebring Water and Wastewater System, 5.500%, 1/01/23 1/03 at 102 Aaa 2,845,500
2,500,000 Seminole County Solid Waste Disposal System,
5.250%, 10/01/20 10/03 at 102 Aaa 2,290,825
11,285,000 Seminole County Water and Sewer System,
6.000%, 10/01/19 No Opt. Call Aaa 11,560,805
5,500,000 South Broward Hospital District, 5.500%, 5/01/22 5/03 at 102 Aaa 5,162,795
2,500,000 Tampa (Allegany Health System), St. Joseph's Hospital,
5.125%, 12/1/23 12/03 at 102 Aaa 2,197,074
1,100,000 Volusia County Tourist Development, 5.250%, 12/01/13 12/02 at 101 Aaa 1,030,831
1,940,000 West Palm Beach Guaranteed Entitlement,
5.375%, 10/01/14 10/03 at 101 Aaa 1,838,480
$309,455,000 Total Investments - (cost $302,629,724) - 97.0% 300,293,485
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.8%
$ 3,900,000 Hillsborough County Industrial Development Authority
(Tampa Electric Company), Variable Rate Demand
Bonds, 4.200%, 9/01/25t Aa-2 3,900,000
1,500,000 University of Florida Stadium, Capital Improvement,
Variable Rate Demand Bonds, 4.100%, 2/01/20t VMIG-1 1,500,000
$ 5,400,000 Total Temporary Investments - 1.8% 5,400,000
============
Other Assets Less Liabilities - 1.2% 3,822,721
Net Assets - 100% $309,516,206
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 83 $300,293,485 100%
RATINGS**
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 83 $300,293,485 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities to ensure the timely payment of principal and interest.
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later
dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $350,860,085 $308,411,068 $300,293,485
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 1,445,000 6,900,000 5,400,000
Cash 21,473 86,752 75,137
Receivables:
Interest 7,012,089 5,405,750 4,984,022
Investments sold -- 25,000 --
Prepaid Preferred Commission and Administration Fees 57,571 64,866 --
Other assets 34,262 39,344 45,470
------------ ------------ ------------
Total assets 359,430,480 320,932,780 310,798,114
------------ ------------ ------------
LIABILITIES
Accrued expenses:
Management fees (note 6) 188,817 169,648 166,309
Other 155,019 117,596 171,316
Preferred share dividends payable 230,524 186,793 15,373
Common share dividends payable 1,321,992 1,107,558 928,910
----------- ------------ ------------
Total liabilities 1,896,352 1,581,595 1,281,908
----------- ------------ ------------
Net Assets (note 7) $357,534,128 $319,351,185 $309,516,206
============ ============ ============
Preferred shares, at liquidation value $110,000,000 $105,000,000 $111,000,000
============ ============ ============
Preferred shares outstanding 4,400 4,200 4,440
============ ============ ============
Common shares outstanding 16,024,147 14,019,715 14,290,929
============ ============ ============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 15.45 $ 15.29 $ 13.89
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended June 30, 1995
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $22,570,855 $17,741,465 $14,144,699
Taxable market discount -- 6,439 --
----------- ----------- -----------
Total income 22,570,855 17,747,904 14,144,699
----------- ----------- -----------
Expenses:
Management fees (note 6) 2,236,310 1,823,289 1,559,378
Preferred shares--auction fees 297,917 253,634 223,300
Preferred shares--dividend disbursing agent fees 20,000 27,027 22,068
Shareholders' servicing agent fees and expenses 48,247 35,722 23,242
Custodian's fees and expenses 62,853 51,810 74,799
Trustees' fees and expenses (note 6) 5,752 4,537 4,710
Professional fees 24,938 53,928 57,032
Shareholders' reports--printing and mailing expenses 54,139 130,568 96,295
Stock exchange listing fees 30,573 12,329 27,034
Investor relations expense 23,924 14,882 16,220
Other expenses 21,293 39,676 26,469
----------- ----------- -----------
Total expenses 2,825,946 2,447,402 2,130,547
----------- ----------- -----------
Net investment income 19,744,909 15,300,502 12,014,152
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain (loss) from investment transactions, net of
taxes, if applicable (notes 1 and 3) 412,877 (153,787) (294,534)
Net change in unrealized appreciation or depreciation
of investments 5,951,700 10,128,544 15,762,710
----------- ----------- -----------
Net gain from investments 6,364,577 9,974,757 15,468,176
----------- ----------- -----------
Net increase in net assets from operations $26,109,486 $25,275,259 $27,482,328
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NQF NUF
Year ended Year ended Year ended Year ended
6/30/95 6/30/94 6/30/95 6/30/94
<S> <C> <C> <C> <C>
Operations
Net investment income $ 19,744,909 $ 19,532,189 $ 15,300,502 $ 14,130,659
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 412,877 53,869 (153,787) (222,152)
Net change in unrealized appreciation or depreciation
of investments 5,951,700 (14,192,929) 10,128,544 (12,595,037)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 26,109,486 5,393,129 25,275,259 1,313,470
------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (15,983,288) (15,923,611) (11,999,490) (11,410,738)
Preferred shareholders (4,446,462) (3,818,273) (3,736,950) (2,888,443)
From accumulated net realized gains from investment transactions:
Common shareholders (275,615) (276,153) -- --
Preferred shareholders (67,870) (56,287) -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (20,773,235) (20,074,324) (15,736,440) (14,299,181)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued in
acquisition of NFO (note 1) -- -- 49,625,430 --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions 305,589 1,600,222 -- 615,618
------------ ------------ ------------ ------------
Net increase in net assets derived from capital share transactions 305,589 1,600,222 49,625,430 615,618
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 5,641,840 (13,080,973) 59,164,249 (12,370,093)
Net assets at beginning of year 351,892,288 364,973,261 260,186,936 272,557,029
------------ ------------ ------------ ------------
Net assets at end of year $357,534,128 $351,892,288 $319,351,185 $260,186,936
============ ============ ============ ============
Balance of undistributed net investment income at end of year $ 768,662 $ 1,453,503 $ 669,624 $ 971,482
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NFL
Year ended Year ended
6/30/95 6/30/94
<S> <C> <C>
Operations
Net investment income $ 12,014,152 $ 9,392,101
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (294,534) (475,577)
Net change in unrealized appreciation or depreciation
of investments 15,762,710 (13,139,910)
------------ ------------
Net increase (decrease) in net assets from operations 27,482,328 (4,223,386)
------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (8,892,671) (7,399,262)
Preferred shareholders (3,254,683) (1,654,496)
From accumulated net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
------------ ------------
Decrease in net assets from distributions to shareholders (12,147,354) (9,053,758)
------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued in
acquisition of NFP (note 1) 104,559,215 --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions -- 320,032
------------ ------------
Net increase in net assets derived from capital share transactions 104,559,215 320,032
------------ ------------
Net increase (decrease) in net assets 119,894,189 (12,957,112)
Net assets at beginning of year 189,622,017 202,579,129
------------ ------------
Net assets at end of year $309,516,206 $189,622,017
============ ============
Balance of undistributed net investment income at end of year $ 664,152 $ 686,968
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At June 30, 1995, the state Funds (the "Funds") covered in this report and
their corresponding New York Stock Exchange symbols are Nuveen Florida
Investment Quality Municipal Fund (NQF), Nuveen Florida Quality Income
Municipal Fund (NUF), and Nuveen Insured Florida Premium Income Municipal Fund
(NFL).
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
On January 10, 1995, NUF acquired all of the net assets of Nuveen Florida
Premium Income Municipal Fund (NFO) pursuant to a plan of reorganization
approved by the shareholders of both Funds on December 22, 1994. The
acquisition was accomplished by a tax-free exchange of 2,097,760 shares of NUF
for the 2,650,533 shares of NFO outstanding on January 10, 1995. NFO's net
assets at that date of $49,625,430 included $4,885,890 of unrealized
depreciation and $20,000,000 of preferred shares at liquidation value which
were combined with that of NUF. The combined net assets of NUF immediately
after the acquisition were $302,992,171.
On January 9, 1995, NFL acquired all of the net assets of Nuveen Insured
Florida Premium Income Municipal Fund 2 (NFP) pursuant to a plan of
reorganization approved by the shareholders of both Funds on December 22,
1994. The acquisition was accomplished by a tax-free exchange of 5,155,220
shares of NFL for the 5,508,850 shares of NFP outstanding on January 9, 1995.
NFP's net assets at that date of $104,559,215 included $10,836,679 of
unrealized depreciation and $41,000,000 of preferred shares at liquidation
value which were combined with that of NFL. The combined net assets of NFL
immediately after the acquisition were $287,194,313.
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Trustees. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At June 30, 1995, there were no purchase commitments in any of
the Funds.
<PAGE>
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt
securities when required for federal income tax purposes.
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing all of their net
investment income, in addition to any significant amounts of net realized
gains from investments, to shareholders. The Funds currently consider
significant net realized gains as amounts in excess of $.01 per Common share.
Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and
designated state income taxes, to retain such tax exempt status when
distributed to shareholders of the Funds. Further, each Fund intends to
satisfy conditions so that the Fund's shares will also be exempt from Florida
Intangible Personal Property Taxes. All income dividends paid during the
fiscal year ended June 30, 1995, have been designated Exempt Interest
Dividends.
<PAGE>
<TABLE>
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
gains from investment transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed available capital loss
carryovers.
Distributions to shareholders of net investment income and net realized gains
from investment transactions are recorded on the ex-dividend date. The amount
and timing of such distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may result and will be classified as either distributions in
excess of net investment income or distributions in excess of net realized
gains from investment transactions, if applicable.
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in more than one Series. The
dividend rate on each Series may change every seven days, as set by the
Auction Agent, except for those Series which have lengthened their current
dividend period from seven days to three years (as indicated below). The
number of shares outstanding, by Series and in total, at June 30, 1995, for
each Fund is as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Number of shares:
Series M -- 1,700 --
Series T 2,200 -- --
Series W -- -- 1,640
Series Th -- 1,700* 2,800
Series F 2,200* 800 --
----- ----- -----
Total 4,400 4,200 4,440
===== ===== =====
<FN>
*Three year period
Preferred share auction fees paid in connection with lengthening the
dividend periods on the Series noted above have been capitalized and are being
amortized over the respective dividend periods.
<PAGE>
Insurance
NFL invests in municipal securities which are covered by insurance
guaranteeing the timely payment of principal and interest thereon or backed by
an escrow or trust account containing sufficient U.S. Government or U.S.
Government agency securities to ensure the timely payment of principal and
interest. Each insured municipal security is covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance
does not guarantee the market value of the municipal securities or the value
of the Funds' shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the
Funds ultimately dispose of such municipal securities. Consequently, the
market value of the municipal securities covered by Original Issue Insurance
or Secondary Market Insurance may reflect value attributable to the insurance.
Portfolio Insurance is effective only while the municipal securities are held
by the Funds. Accordingly, neither the prices used in determining the market
value of the underlying municipal securities nor the net asset value of the
Funds' shares 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.
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119 Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments which
prescribes disclosure requirements for transactions in certain derivative
financial instruments including futures, forward, swap, and option contracts,
and other financial instruments with similar characteristics. Although the
Funds are authorized to invest in such financial instruments, and may do so in
the future, they did not make any such investments during the fiscal year
ended June 30, 1995, other than occasional purchases of high quality synthetic
money market securities which were held temporarily pending the re-investment
in long-term portfolio securities.
</TABLE>
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<CAPTION>
NQF NUF
Year ended Year ended Year ended Year ended
6/30/95 6/30/94 6/30/95 6/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NFO (note 1) -- -- 2,097,760 --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions 19,878 96,649 -- 38,941
------ ------ --------- ------
Net increase 19,878 96,649 2,097,760 38,941
====== ====== ========= ======
Preferred shares acquired from NFO -- -- 800 --
====== ====== ========= ======
<CAPTION>
NFL
Year ended Year ended
6/30/95 6/30/94
<S> <C> <C>
Common shares:
Shares issued in acquisition of NFP (note 1) 5,155,220 --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions -- 20,394
--------- ------
Net increase 5,155,220 20,394
========= ======
Preferred shares acquired from NFP 1,640 --
========= ======
</TABLE>
<PAGE>
<TABLE>
3. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the fiscal year ended
June 30, 1995, were as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $11,306,987 $22,371,088 $ 12,980,205
Investments in municipal securities in acquisition of NFO
and NFP, respectively (note 1) -- 50,194,856 110,666,465
Temporary municipal investments 27,745,000 51,500,000 28,200,000
Temporary municipal investments in acquisition of NFO
and NFP, respectively (note 1) -- 3,200,000 3,300,000
SALES AND MATURITIES
Investments in municipal securities 12,739,200 22,290,162 12,955,027
Temporary municipal investments 28,100,000 50,500,000 26,100,000
=========== =========== ============
At June 30, 1995, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for
each Fund.
At June 30, 1995, the following Funds had unused capital loss carryovers
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied the carryovers will expire as follows:
<CAPTION>
NUF NFL
<S> <C> <C>
Expiration year:
2001 $ -- $ 52,596
2002 2,053,167* 1,801,048t
2003 95,170 555,689
---------- ----------
Total $2,148,337 $2,409,333
========== ==========
<FN>
* Due to the acquisition of NFO by NUF (note 1), NFO had net realized losses
from investment transactions of $1,996,352 which were carried forward by NUF,
as permitted under applicable tax regulations.
t Due to the acquisition of NFP by NFL (note 1), NFP had net realized losses
from investment transactions of $1,801,048 which were carried forward by NFL
as permitted under applicable tax regulations.
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On July 3, 1995, the Funds declared Common share dividend distributions from
their ordinary income which were paid August 1, 1995, to shareholders of
record on July 15, 1995, as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Dividend per share $.0825 $.0790 $.0650
====== ====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at June 30, 1995, were as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Gross unrealized:
Appreciation $24,250,862 $16,320,629 $ 3,102,464
Depreciation (644,748) (2,162,226) (5,438,703)
----------- ----------- -----------
Net unrealized appreciation (depreciation) $23,606,114 $14,158,403 $(2,336,239)
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
("the Adviser"), each Fund pays to the Adviser an annual management fee,
payable monthly, at the rates set forth below, which are based upon the
average daily net asset value of each Fund:
<CAPTION>
Average daily net asset value Management fee
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Trustees who are affiliated with the Adviser or
to their officers, all of whom receive remuneration for their services to the
Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. COMPOSITION OF NET ASSETS
At June 30, 1995, net assets consisted of:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $110,000,000 $105,000,000 $111,000,000
Common shares, $.01 par value per share 160,241 140,197 142,909
Paid-in surplus 222,920,848 201,754,084 202,669,138
Balance of undistributed net investment income 768,662 669,624 664,152
Accumulated net realized gain (loss) from investment transactions 78,263 (2,371,123) (2,623,754)
Net unrealized appreciation or depreciation of investments 23,606,114 14,158,403 (2,336,239)
----------- ----------- -----------
Net assets $357,534,128 $319,351,185 $309,516,206
============ ============ ============
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
============ ============ ============
</TABLE>
<PAGE>
<TABLE>
8. Investment Composition
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At June 30, 1995, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Revenue Bonds:
Transportation 5% 17% 16%
Water / Sewer Facilities 7 4 17
Electric Utilities 10 6 16
Health Care Facilities 13 12 15
Housing Facilities 12 7 5
Pollution Control Facilities 3 11 --
Lease Rental Facilities 5 3 --
Educational Facilities -- 5 --
Other 11 8 19
General Obligation Bonds 8 9 6
Escrowed Bonds 26 18 6
----- ----- -----
100% 100% 100%
===== ===== =====
Certain long-term and intermediate-term investments owned by the Funds are
covered by insurance issued by several private insurers or are backed by an
escrow or trust containing U.S. Government or U.S. Government agency
securities, either of which ensure the timely payment of principal and
interest in the event of default (59% for NQF, 52% for NUF, and 100% for NFL).
Such insurance or escrow, however, does not guarantee the market value of the
municipal securities or the value of any of the Funds' shares, as more fully
discussed in Note 1.
All of the temporary investments in short-term municipal securities have
credit enhancements (letters of credit, guarantees or insurance) issued by
third party domestic or foreign banks or other institutions.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investments** shareholders shareholderst
NQF
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 $15.110 $1.233 $ .404 $ (.998) $(.278)
1994 16.030 1.223 (.885) (.998) (.239)
1993 14.990 1.258 1.043 (1.021) (.223)
8 mos. ended
6/30/92 14.490 .851 .465 (.660) (.156)
2/21/91 to
10/31/91 14.050 .671 .562 (.495) (.122)
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 14.690 1.193 .634 (.937) (.290)
1994 15.780 1.186 (1.075) (.958) (.243)
1993 14.570 1.205 1.217 (.972) (.205)
10/17/91 to
6/30/92 14.050 .609 .639 (.456) (.085)
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 13.090 1.044 .829 (.790) (.283)
1994 14.540 1.028 (1.487) (.810) (.181)
12/17/92 to
6/30/93 14.050 .340 .640 (.260) (.041)
<PAGE>
<CAPTION>
Distributions from capital gains
Organization Per
and offering Common
costs and share
Preferred share Net asset market
To Common To Preferred underwriting value end value end
shareholders shareholderst discounts of period of period
NQF
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 $(.017) $(.004) $ -- $15.450 $15.375
1994 (.017) (.004) -- 15.110 15.125
1993 (.014) (.003) -- 16.030 16.625
8 mos. ended
6/30/92 -- -- -- 14.990 16.000
2/21/91 to
10/31/91 -- -- (.176) 14.490 15.500
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 -- -- -- 15.290 14.750
1994 -- -- -- 14.690 14.000
1993 (.029) (.006) -- 15.780 15.625
10/17/91 to
6/30/92 -- -- (.187) 14.570 14.625
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 -- -- -- 13.890 12.750
1994 -- -- -- 13.090 12.875
12/17/92 to
6/30/93 -- -- (.189) 14.540 14.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio
Total of net
investment Total Ratio of investment
return return Net assets expenses to income Portfolio
on market on net asset end of period average net to average turnover
valuett valuett (in thousands) assetsttt net assetsttt rate
NQF
<S> <C> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 8.98% 9.43% $357,534 .81% 5.64% 3%
1994 (3.16) .45 351,892 .81 5.35 4
1993 10.72 14.37 364,973 .80 5.63 13
8 mos. ended
6/30/92 7.71 8.22 346,612 .77* 5.92* 3
2/21/91 to
10/31/91 6.70 6.79 337,834 .76* 5.47* --
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 12.74 10.97 319,351 .86 5.38 8
1994 (4.63) (1.02) 260,187 .84 5.21 5
1993 14.07 15.73 272,557 .86 5.41 14
10/17/91 to
6/30/92 .56 7.09 256,723 .81* 5.00* --
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C> <C>
Year ended 6/30,
1995 5.59 12.75 309,516 .88 4.95 5
1994 (7.45) (4.75) 189,622 .85 4.67 17
12/17/92 to
6/30/93 .07 5.39 202,579 .90* 3.87* 21
<FN>
* Annualized.
** Net of taxes, if applicable.
t The amounts shown are based on Common share equivalents.
tt Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
ttt Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Boards of Trustees and Shareholders
Nuveen Florida Investment Quality Municipal Fund
Nuveen Florida Quality Income Municipal Fund
Nuveen Insured Florida Premium Income Municipal Fund
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen Florida Investment Quality Municipal
Fund, Nuveen Florida Quality Income Municipal Fund and Nuveen Insured Florida
Premium Income Municipal Fund as of June 30, 1995, and the related statements
of operations, changes in net assets and financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of June 30, 1995, by correspondence with the custodian. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality
Income Municipal Fund and Nuveen Insured Florida Premium Income Municipal Fund
at June 30, 1995, and the results of their operations, changes in their net
assets and financial highlights for the periods indicated therein in
conformity with generally accepted accounting principles.
Ernst & Young LLP
Chicago, Illinois
August 11, 1995
<PAGE>
Build your wealth automatically
Photographic image of Customer Service Rep at Nuveen.
Managing your portfolio takes skill, experience, and informed judgment, but
our efforts to help you build your wealth don't stop there. At Nuveen, we
offer a number of convenient ways to build your tax-free portfolio and earn
the tax-free income you need to achieve your financial goals.
Nuveen Exchange-traded fund Dividend Reinvestment Plan
Your Nuveen exchange-traded fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check, or can
be deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to set aside money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Income or capital gains taxes may be payable on dividends or
distributions that are reinvested. You'll also benefit from dollar-cost
averaging, a technique of investing at regular intervals, which allows you to
build a high-quality, tax-free portfolio conveniently and cost effectively
over time. All reinvestments are invested in full and fractional shares and
are kept in non-certificated form by the Plan Agent, Chase Manhattan Bank.
To make recordkeeping easy and convenient, each month you'll receive a
statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number
of shares you own.
The shares you acquire by reinvesting will either be purchased on the open
market or be newly issued by the Fund. If the shares are trading at or above
net asset value at the time of valuation, the Fund will issue new shares at
the then-current market price. If the shares are trading at less than net
asset value, shares for your account will be purchased on the open market.
Dividends and distributions received to purchase shares in the open market
will be invested within 30 days of the dividend payment date; no interest will
be paid on dividends and distributions awaiting reinvestment. Because the
market price of shares may increase before purchases are completed, the
average purchase price per share may exceed the market price at the time of
valuation resulting in the acquisition of fewer shares than if the dividend or
distribution had been paid in shares issued by the Fund. A pro rata portion of
any applicable brokerage commissions on open market purchases will be paid by
Plan participants. These commissions usually will be lower than those charged
on individual transactions.
<PAGE>
You may, of course, change your distribution option or withdraw from the
Plan at any time, should your needs or situation change. Should you withdraw,
you can receive a certificate for all whole shares credited to your
reinvestment account and cash payment for fractional shares, or cash payment
for all reinvestment account shares, less brokerage commissions and a $2.50
service fee.
You also can reinvest if your shares are registered in the name of a
brokerage firm, bank, or other nominee. Just ask your investment adviser if
the firm will participate on your behalf. If not, it's easy to have the shares
registered in your name and to apply for a reinvestment account directly.
Participants whose shares are registered in the name of one firm may not be
able to transfer the shares to another firm and continue to participate in the
Plan.
The Fund reserves the right to amend or terminate the Plan at any time.
Although, the Fund reserves the right to amend the Plan to include a service
charge payable by the participants, there is no direct service charge to
participants in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll
in or withdraw from the Plan, speak with your investment adviser or call us at
toll-free at 1.800.257.8787.
Photographic image of Customer Service Rep at Nuveen.
"When it comes to financial planning, your investment adviser knows your
situation best. And when we can give you the account information you need, our
motto is simple: We're here to help."
Photographic image of Customer Service Rep at Nuveen.
"At Nuveen, we make reinvesting easy. A phone call is all it takes to set up
your reinvestment account."
<PAGE>
Useful Information
Photographic image of Customer Service Rep at Nuveen.
"When questions come up about your investment, we're happy to provide the
up-to-date information you and your adviser need."
Nuveen Shareholder Services:
1.800.257.8787
Call Monday through Friday, 9 a.m. to 6 p.m., EST for information on your
Nuveen Fund's current account balance, yield, dividend, net asset value,
closing price, and general information.
Dividend Reinvestment:
1.800.257.8787
Monday through Friday, 9 a.m. to 6 p.m., EST
Taking Stock Newsletter:
1.800.257.8787
Call Monday through Friday, 9 a.m. to 6 p.m., EST if you're not currently
getting our quarterly shareholder newsletter and would like to do so. We will
be happy to add your name to our mailing list.
Photographic image of woman seated and man standing behind her representing
Nuveen investors.
Many conservative investors are comfortable with Nuveen's emphasis on long
term value. That's why they depend on Nuveen for the tax-free income they need
to reach their goals.
<PAGE>
Your investment partner
Photographic image of John Nuveen, Sr., founder of Nuveen.
For nearly 100 years, Nuveen has earned its reputation as a tax-free income
specialist by focusing on municipal bonds.
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF1-JUN 95
