Nuveen Exchange-Traded Funds
June 30, 1997
Annual Report
Dependable, tax-free income to help you keep more of what you earn.
NQF
NUF
NFL
Florida
Photograhic image of grandparents walking with granddaughters on the beach.
<PAGE>
Build Your Wealth Automatically
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 add to your tax-free portfolio and earn the
tax-free income you need to achieve your financial goals.
Nuveen exchange-traded funds 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 regu larly and
automatically, and watch your investment grow through the power of tax-free
compounding. 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 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. Income or capital gains taxes may be payable on dividends or
distributions that are reinvested.
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
(continued on inside back cover)
<PAGE>
Contents
2 Dear Shareholder
4 Answering Your Questions
6 Florida Investment Quality Overview
7 Florida Quality Income Overview
8 Insured Florida Premium Income Overview
9 Financial Section
41 Shareholder Information
42 Fund Information
Screened image of grandparents walking with granddaughters on the beach.
<PAGE>
Dear Shareholder
Photographic image of Timothy R. Schwertfeger, CEO.
"In addition to solid returns, shareholders continue to enjoy very attractive
current yields generated by portfolios of quality bonds."
It's a pleasure to report to you on the performance of the Florida
exchange-traded funds. For the fiscal year ended June 30, 1997, the value of
your investment rose between 8.56% and 10.01% if you chose to reinvest your
tax-free income dividends.
Over this 12-month period, the total return performance for these funds outpaced
the 8.25% increase (with income reinvested) produced by the Lehman Brothers
Municipal Bond Index, which represents the municipal bond market on an unmanaged
basis.
In addition to solid returns, shareholders in the Florida funds continued
to enjoy very attractive current yields generated by a portfolio of quality
bonds, which provide excellent income for investors. As of June 30, 1997,
shareholders were receiving annual tax-free yields on net asset value that
ranged from 5.60% to 5.85%. To match these yields, investors in the 31% federal
income tax bracket would have had to earn at least 8.12% on taxable alternatives
of comparable quality.
These results were produced in an environment of continued economic expansion
and the lowest unemployment rates in almost two decades, a combination that in
the past has predictably been accompanied by an increase in inflation. Current
conditions, however, give every indication that inflation is well under control.
After tightening short-term interest rates by 0.25% in March, the Federal
Reserve demonstrated its confidence in the path the economy is taking by
maintaining the status quo at subsequent meetings in May and July. In the first
half of the year, investors and the markets focused their attention on fiscal
issues such as the federal budget accord and tax cut measures, including a
reduction in the capital gains tax. As the economy showed evidence of
moderation, corporate earnings reports continued to exhibit strength, and
interest rates fell in the second quarter. All of this is positive news. The net
effect is that, although we have experienced some volatility, the markets have
performed very well this year and continue to improve.
<PAGE>
Recently, the need for diversification and a renewed emphasis
on asset allocation - as well as attractive tax-free yields - have sparked
increased interest in municipal bonds. The current level of the stock market
reminds investors to re-allocate profits to other segments of the market in
order to limit risk. Nuveen exchange-traded funds provide an excellent
alternative, and their current yields make them very attractive.
On behalf of everyone at Nuveen, I thank you for your confidence in us and our
family of investments. We will continue to strive to provide you with
high-quality investments that withstand the test of time. We look forward to
reporting to you again in six months.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
August 15, 1997
<PAGE>
Answering Your Questions
Tom Spalding, head of Nuveen's Chicago-based portfolio management team,
talks about the municipal bond market and offers insights into factors that
affected fund performance over the past year.
Photographic image of Tom Spalding, Portfolio Manager.
What are the investment objectives of these funds?
The primary investment objective of these funds is to maintain a high level of
current tax-free income consistent with the preservation of capital. Their
secondary objective is to enhance portfolio value through investments in state
tax-exempt municipal bonds that are either underrated or undervalued, or that
represent undervalued sectors of the municipal market.
What is your strategy for meeting these objectives?
To meet these funds' objectives of income and enhanced value, our portfolio
management strategy relies on conservative value investing principles, sound
research and credit surveillance activities, and senior management involvement.
At Nuveen, value investing means taking a fundamental approach to finding bonds
that offer the best balance of return and low risk. This approach focuses on the
characteristics of individual bonds, such as sector, geographic region,
structure, and intrinsic credit quality, rather than the direction of interest
rates. The idea behind this philosophy is that we, as investment managers, can
control the selection process, but not the direction of the market overall.
Our goal is to determine whether an issue is undervalued by the market,
that is, whether the bond's current market value, or price, is lower than its
long-term value, as evidenced by its yield, maturity, and credit quality. We
also assess whether the issue has the potential to reach that intrinsic value.
For example, we may find an opportunity to purchase bonds that offer extended
call protection at prices similar to bonds with shorter calls. If interest rates
move down, the bonds with longer call protection will appreciate in value more
than those with shorter calls. Such determinations require in-depth knowledge
and understanding of the municipal market, the issuers, and the characteristics
of specific bonds. Proper implementation of this strategy creates
well-constructed portfolios designed to provide shareholders with a dependable
stream of tax-free income.
<PAGE>
What role does research play in helping you achieve the funds' objectives?
As an integral part of our portfolio management strategy, Nuveen Research
provides portfolio managers with objective appraisals of the creditworthiness of
new municipal issues while maintaining surveillance of the credit performance
for all portfolio holdings. Creditworthiness is evaluated through our research
into factors such as the credit history of the issuer, capital structure, total
debt load, revenue sources and projections, call provisions, and local economic
forecasts. To track the credit performance of individual holdings, each Nuveen
Research analyst is responsible for a specific surveillance portfolio, which is
defined in terms of geography and sector (e.g., healthcare, housing).
Specialization by sector enables members of our Research team to focus their
credit quality evaluation efforts and complement the vantage point of each
portfolio manager.
What is the current outlook for the municipal market?
As we make our way through the seventh year of the current expansion, some
observers believe that a fundamental shift may have occurred in our economy.
Based on past experience and months of reports of economic growth, especially
employment statistics, the markets have long been anticipating an increase in
inflation. However, even with almost full employment, we have not seen the
expected rise in hourly wages that would be considered inflationary. This change
in the traditional economic cause-and-effect relationship has been variously
attributed to the globalization of the economy, to increased efficiency through
the use of technology, and to corporations' recent ability to downsize as
necessary. Whatever the reason, inflation has not ignited. Although structural
changes in the economy appear to have sus pended the usual relationship between
faster growth and higher inflation, the risk remains that inflation may reassert
itself if capacity constraints are reached and resources are stretched too thin.
Given these conditions, speculation about Fed tightening may continue. If
the Fed does act to increase interest rates, it will be perceived as a
pre-emptive move against inflation. If the Fed does not tighten, it will be seen
as an indication that the economy is moving at a moderate, non-inflationary
pace.
Under either scenario, the outlook for the remainder of 1997 shows the municipal
market continuing to offer the attractive yields and tax advantages that make it
a good alternative if and when a correction in the stock market occurs. While
money continues to flow into equity mutual funds, investors are beginning to
evaluate the effect of the huge run-up in stock prices on their asset
allocation, and many are rebalancing their portfolios by shifting some assets
into bonds.
<PAGE>
Nuveen Florida Investment Quality Municipal Fund
June 30, 1997 Annual Report
Florida Investment Quality
NQF
Fund Highlights
- ---------------------------------------------------------
Inception Date 2/91
- ---------------------------------------------------------
Share Price 16 13/16
- ---------------------------------------------------------
Net Asset Value $15.55
- ---------------------------------------------------------
Current Yield 5.85%
- ---------------------------------------------------------
Taxable Equivalent Yield (31% Tax Bracket) 8.48%
- ---------------------------------------------------------
Annualized Total Return on NAV
- ---------------------------------------------------------
1-Year 8.56%
- ---------------------------------------------------------
3-Year 7.69%
- ---------------------------------------------------------
5-Year 7.48%
- ---------------------------------------------------------
Since Inception 8.28%
- ---------------------------------------------------------
Taxable Equivalent Total Return(1)
- ---------------------------------------------------------
1-Year 11.51%
- ---------------------------------------------------------
3-Year 10.68%
- ---------------------------------------------------------
5-Year 10.48%
- ---------------------------------------------------------
Since Inception 11.23%
- ---------------------------------------------------------
1 Taxable equivalent total return is based on the annualized total return
and a federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the after-tax return of the Nuveen fund.
PIE CHART:
Credit Quality
AAA 72%
AA 19%
A 2%
BBB/NR 7%
PIE CHART:
Diversification
General Obligations 7%
Other 10%
Escrowed Bonds 29%
Water & Sewer 6%
Transportation 5%
Utilities 10%
Health Care Facilities 12%
Housing Facilities 18%
Pollution Control 3%
BARCHART:
Dividend History
July 1996 .0805
August 1996 .0805
September 1996 .0805
October 1996 .0805
November 1996 .0805
December 1996 .0805
January 1997 .0805
February 1997 .0820
March 1997 .0820
April 1997 .0820
May 1997 .0820
June 1997 .0820
<PAGE>
Nuveen Florida Quality Income Municipal Fund
June 30, 1997 Annual Report
Florida Quality Income
NUF
Fund Highlights
- --------------------------------------------------------
Inception Date 10/91
- --------------------------------------------------------
Share Price 16
- --------------------------------------------------------
Net Asset Value $15.66
- --------------------------------------------------------
Current Yield 5.78%
- --------------------------------------------------------
Taxable Equivalent Yield (31% Tax Bracket) 8.38%
- --------------------------------------------------------
Annualized Total Return on NAV
- --------------------------------------------------------
1-Year 8.89%
- --------------------------------------------------------
3-Year 8.56%
- --------------------------------------------------------
5-Year 7.94%
- --------------------------------------------------------
Since Inception 8.22%
- --------------------------------------------------------
Taxable Equivalent Total Return(1)
- --------------------------------------------------------
1-Year 11.68%
- --------------------------------------------------------
3-Year 11.40%
- --------------------------------------------------------
5-Year 10.82%
- --------------------------------------------------------
Since Inception 11.02%
- --------------------------------------------------------
1 Taxable equivalent total return is based on the annualized total return
and a federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the after-tax return of the Nuveen fund.
PIE CHART
Credit Quality
AAA 70%
AA 20%
A 6%
BBB/NR 4%
PIE CHART
Diversification
General Obligation 6%
Escrowed Bonds 20%
Health Care Facilities 9%
Other 15%
Educational Facilities 3%
Pollution Control 10%
Utilities 3%
Housing Facilities 15%
Transportation 16%
Water & Sewer 3%
BAR CHART:
Dividend History
July 1996 .0770
August 1996 .0770
September 1996 .0770
October 1996 .0770
November 1996 .0770
December 1996 .0770
January 1997 .0770
February 1997 .0770
March 1997 .0770
April 1997 .0770
May 1997 .0770
June 1997 .0770
<PAGE>
Nuveen Insured Florida Premium Income Municipal Fund
June 30, 1997 Annual Report
Insured Florida Premium Income
NFL
Fund Highlights
- ----------------------------------------------------------
Inception Date 12/92
- ----------------------------------------------------------
Share Price 13 15/16
- ----------------------------------------------------------
Net Asset Value $14.70
- ----------------------------------------------------------
Current Yield 5.60%
- ----------------------------------------------------------
Taxable Equivalent Yield (31% Tax Bracket) 8.12%
- ----------------------------------------------------------
Annualized Total Return on NAV
- ----------------------------------------------------------
1-Year 10.01%
- ----------------------------------------------------------
3-Year 9.92%
- ----------------------------------------------------------
Since Inception 6.56%
- ----------------------------------------------------------
Taxable Equivalent Total Return(1)
- ----------------------------------------------------------
1-Year 12.56%
- ----------------------------------------------------------
3-Year 12.56%
- ----------------------------------------------------------
Since Inception 9.08%
- ----------------------------------------------------------
1 Taxable equivalent total return is based on the annualized total return
and a federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the after-tax return of the Nuveen fund.
PIE CHART:
Credit Quality
AAA 100%
PIE CHART:
Diversification
General Obligation 6%
Other 19%
Housing Facilities 9%
Transporation 18%
Utilities 9%
Water & Sewer 18%
Health Care Facilities 9%
Escrowed Bonds 12%
BAR CHART:
Dividend History
July 1996 .0650
August 1996 .0650
September 1996 .0650
October 1996 .0650
November 1996 .0650
December 1996 .0650
January 1997 .0650
February 1997 .0650
March 1997 .0650
April 1997 .0650
May 1997 .0650
June 1997 .0650
<PAGE>
Financial Section
Contents
10 Portfolio of Investments
27 Statement of Net Assets
28 Statement of Operations
29 Statement of Changes in Net Assets
31 Notes to Financial Statements
38 Financial Highlights
40 Independent Auditor's Report
Screened image of grandparents walking with granddaughters on the beach.
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Florida Investment Quality Municipal Fund (NQF)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Florida Housing Finance Agency, Homeowner Mortgage
Revenue Bonds, 1995 Series 2 (Refunding/New
Money Issue):
$ 10,750,000 6.200%, 7/01/27 (Alternative Minimum Tax) 1/06 at 102 AA $ 11,008,215
2,250,000 6.350%, 7/01/28 (Alternative Minimum Tax) 1/07 at 102 AA 2,326,095
4,000,000 Florida Housing Finance Agency, Multi-Family Housing 8/06 at 102 AAA 4,145,800
Revenue Refunding Bonds, 1991 Series C,
6.200%, 8/01/16
2,500,000 Florida Housing Finance Agency, Housing Revenue Bonds, 9/06 at 102 Aaa 2,597,950
1996 Series K-1 (Mariner Club Apartments Project),
6.375%, 9/01/36 (Alternative Minimum Tax)
2,000,000 Florida Housing Finance Agency, General Mortgage 6/02 at 103 AAA 2,063,700
Revenue Refunding Bonds, 1992 Series A,
6.400%, 6/01/24
Florida Keys Aqueduct Authority, Water Revenue
Refunding Bonds, Series 1991:
10,165,000 6.750%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 101 Aaa 11,176,418
835,000 6.750%, 9/01/21 9/01 at 101 Aaa 901,499
7,175,000 Florida Municipal Power Agency, Stanton IIProject 10/03 at 100 Aaa 6,007,341
Revenue Bonds, Series 1992, 4.500%, 10/01/27
2,000,000 Florida Ports Financing Commission, Revenue Bonds 6/07 at 101 Aaa 1,905,700
(State Transportation Trust Fund), Series 1996,
5.375%, 6/01/27 (Alternative Minimum Tax)
6,955,000 State of Florida, Full Faith and Credit, State Board of 6/05 at 101 AA 7,130,683
Education, Public Education Capital Outlay Bonds,
1993 Series F, 6.000%, 6/01/20
10,385,000 State of Florida, Full Faith and Credit, State Board of 1/06 at 101 Aaa 9,527,303
Education, Capital Outlay Bonds, 1996 Series A,
4.750%, 1/01/16
6,845,000 Brevard County Housing Finance Authority, Single Family 3/01 at 102 Aaa 7,231,606
Mortgage Revenue Refunding Bonds, Series 1991C,
7.000%, 9/01/23
2,810,000 Broward County, Florida, Public Improvement Refunding No Opt. Call Aa 4,004,447
Series 1986, 12.500%, 1/01/04
5,245,000 Housing Finance Authority of Broward County, Florida, 3/01 at 102 AAA 5,550,049
GNMA and FNMA Collateralized Home Mortgage
Revenue Bonds, 1991 Series A, 7.350%, 3/01/23
(Alternative Minimum Tax)
7,475,000 Certificates of Participation, Series 1991A, The School 7/01 at 102 Aaa 8,189,760
Board of Broward County, Florida, 6.500%, 7/01/11
(Pre-refunded to 7/01/01)
3,000,000 The Cape Canaveral Hospital District, Improvement 1/01 at 102 Aaa 3,226,650
Revenue Certificates, Series 1991, 6.875%, 1/01/21
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 11,000,000 Charlotte County, Florida, Utility System Revenue Bonds, 10/01 at 102 Aaa $ 12,309,770
Series 1991, 7.000%, 10/01/14 (Pre-refunded
to 10/01/01)
1,400,000 Housing Finance Authority of Clay County, Florida, Single 4/07 at 102 Aaa 1,412,810
Family Mortgage Revenue Bonds, Series 1997
(Multi-County Program), 5.950%, 10/01/19 (Alternative
Minimum Tax)
Collier County Water-Sewer District (Florida), Water and
Sewer Revenue Bonds, Series 1991:
7,345,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,813,905
4,155,000 6.500%, 7/01/21 7/99 at 102 Aaa 4,407,001
3,700,000 Dade County, Florida, Public Improvement Refunding No Opt. Call Aaa 4,055,459
Bonds, Series 1986, 12.000%, 10/01/98
4,800,000 Dade County, Florida, Aviation Revenue Bonds (Series U), 10/98 at 102 Aa 5,042,496
6.750%, 10/01/06 (Alternative Minimum Tax)
1,500,000 Dade County, Florida, Aviation Bonds, Series 1996A, 10/06 at 102 Aaa 1,505,400
5.750%, 10/01/26 (Alternative Minimum Tax)
1,460,000 Housing Finance Authority of Dade County (Florida), 9/00 at 102 Aaa 1,540,315
Single Family Mortgage Revenue Bonds, 1990 Series C,
7.750%, 9/01/22 (Alternative Minimum Tax)
765,000 Housing Finance Authority of Dade County (Florida), 3/01 at 102 Aaa 806,234
Single Family Mortgage Revenue Bonds, Series B,
7.250%, 9/01/23 (Alternative Minimum Tax)
1,000,000 Housing Finance Authority of Dade County (Florida), 4/05 at 102 AAA 1,043,040
Single Family Mortgage Revenue Bonds, Series 1995,
6.550%, 10/01/27 (Alternative Minimum Tax)
6,750,000 The School District of Dade County, Florida, General 7/99 at 102 Aaa 7,293,308
Obligation School Bonds, Series 1989, 7.375%, 7/01/08
(Pre-refunded to 7/01/99)
2,395,000 Dade County, Florida, Special Obligation Bonds 4/04 at 102 A 2,570,290
(Courthouse Center Project), Series 1994,
6.300%, 4/01/14
7,225,000 Dade County, Florida Special Obligation and Refunding 10/08 at 48 13/16 Aaa 1,850,034
Bonds, Series 1996B, 0.000%, 10/01/20
7,000,000 Escambia County Health Facilities Authority, Health 10/98 at 102 BBB+ 7,473,550
Facilities Revenue Refunding Bonds (Baptist Hospital,
Inc.), Series 1988 A, 8.700%, 10/01/14
950,000 City of Fort Myers, Florida, Improvement Revenue Bonds 7/03 at 100 BBB- 1,075,210
(Special Assessment Geographical Area No. 24
Improvements), Series 1991A, 7.100%, 7/01/06
(Pre-refunded to 7/01/03)
2,000,000 City of Green Cove Springs, Florida, Utilities Refunding 10/01 at 102 Aaa 2,178,100
Revenue Bonds, Series 1991, 6.750%, 10/01/10
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 3,530,000 Halifax Hospital Medical Center (Daytona Beach, Florida), 10/01 at 102 Aaa $ 3,912,017
Hospital Revenue Refunding Bonds, 1991 Series A,
6.750%, 10/01/06 (Pre-refunded to 10/01/01)
5,000,000 The County of Hernando, Florida (Criminal Justice No Opt. Call Aaa 6,350,850
Complex Financing Program), 1986 Series,
7.650%, 7/01/16
4,000,000 Hillsborough County Aviation Authority, Florida, Tampa 10/99 at 102 Aaa 4,283,960
International Airport Revenue Refunding Bonds, 1991
Series A, 6.900%, 10/01/11
3,500,000 Hillsborough County Aviation Authority, Florida, Tampa 10/06 at 102 Aaa 3,580,675
International Airport Revenue Bonds, Series 1996B,
5.875%, 10/01/23
2,590,000 Hillsborough County Aviation Authority, Florida, Tampa 10/06 at 102 Aaa 2,643,898
International Airport Revenue Bonds, 1996 Series A,
6.000%, 10/01/23 (Alternative Minimum Tax)
10,000,000 Jacksonville Electric Authority (Jacksonville, Florida), 10/99 at 100 Aa1 10,134,200
St. Johns River Power Park System Special Obligation
Bonds, First Crossover Series, 6.000%, 10/01/15
11,000,000 Jacksonville Health Facilities Authority, Health Facilities 11/00 at 102 Aaa 12,282,270
Revenue Refunding Bonds, Daughters of Charity
National Health System, Inc., St. Vincent's Medical
Center Issue, Series 1990, 7.500%, 11/01/15
(Pre-refunded to 11/01/00)
11,000,000 Jacksonville Health Facilities Authority, Hospital Facilities 11/01 at 102 AA+ 12,059,740
Refunding Revenue Bonds, Series 1991 (St. Luke's
Hospital Association Project), 7.125%, 11/15/20
4,250,000 City of Lakeland, Florida, Electric and Water Revenue No Opt. Call Aaa 4,626,975
Bonds (Junior Subordinate Lien), Refunding and
Improvement Series 1996B, 6.000%, 10/01/11
Lee County, Florida, Solid Waste System Revenue Bonds,
Series 1991A:
6,500,000 7.000%, 10/01/05 (Alternative Minimum Tax) 10/01 at 102 Aaa 7,159,035
4,750,000 7.000%, 10/01/06 (Alternative Minimum Tax) 10/01 at 102 Aaa 5,221,960
3,670,000 Housing Finance Authority of Leon County (Florida), 4/01 at 102 Aaa 3,861,207
Single Family Mortgage Revenue Bonds, 1991 Series A
(Multi-County Program), 7.300%, 4/01/21 (Alternative
Minimum Tax)
3,130,000 Housing Finance Authority of Manatee County, Florida, 11/05 at 105 Aaa 3,437,116
Single Family Mortgage Revenue Bonds, Series 1994-
Sub Series 3, 7.600%, 11/01/26 (Alternative
Minimum Tax)
1,905,000 Housing Finance Authority of Manatee County, Florida, 5/06 at 105 Aaa 2,111,807
Single Family Mortgage Revenue Bonds, Series
1996-Sub Series 1, 7.450%, 5/01/27 (Alternative
Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 10,620,000 Martin County, Florida, Pollution Control Revenue 7/00 at 102 Aaa $ 11,583,765
Refunding Bonds (Florida Power and Light Company
Project), Series 1990, 7.300%, 7/01/20
7,925,000 Adventist Health System/Sunbelt, Inc., Orange County 11/01 at 102 Aaa 8,582,934
Health Facilities Authority, Hospital Revenue Bonds,
Series 1991-B, 6.750%, 11/15/21
4,500,000 Orange County, Florida, Tourist Development Tax Refunding 10/02 at 100 Aaa 4,608,180
Revenue Bonds, Series 1992A, 6.000%, 10/01/21
2,500,000 Orange County, Florida, Water and Wastewater Revenue 10/97 at 102 Aaa 2,574,150
Bonds, Series 1987, 7.750%, 10/01/07 (Pre-refunded
to 10/01/97)
Orange County Housing Finance Authority, GNMA Collateralized
Mortgage Revenue Bonds, 1991 Series A:
3,415,000 7.250%, 9/01/11 (Alternative Minimum Tax) 3/01 at 103 AAA 3,624,169
8,810,000 7.375%, 9/01/24 (Alternative Minimum Tax) 3/01 at 103 AAA 9,346,265
7,460,000 Orlando Utilities Commission, Water and Electric 10/99 at 100 Aa 6,823,662
Subordinated Revenue Bonds, Series 1989D,
5.000%, 10/01/23
5,000,000 Orlando Utilities Commission, Water and Electric Revenue No Opt. Call Aa1 5,431,700
Refunding Bonds, Series 1992, 6.000%, 10/01/10
11,180,000 Palm Beach County Health Facilities Authority, Hospital 12/98 at 102 N/R 12,115,207
Revenue Refunding Bonds, Series 1988 (JFK Medical
Center, Inc. Projects), 8.875%, 12/01/18 (Pre-refunded
to 12/01/98)
1,400,000 City of Pembroke Pines, Florida, Capital Improvement 10/04 at 102 Aaa 1,451,631
Revenue Bonds, Series 1995, 6.000%, 10/01/25
6,000,000 Village of Royal Palm Beach, Florida, Utility System Revenue 10/01 at 102 Aaa 6,566,460
Refunding Bonds, Series 1991, 6.875%, 10/15/15
4,250,000 St. Johns County Industrial Development Authority, Hospital 8/02 at 102 A2 4,267,000
Revenue Bonds (Flagler Hospital Project), Series 1992,
6.000%, 8/01/22
5,000,000 St. Lucie County, Florida, Utility System Revenue Bonds, 10/00 at 102 Aaa 5,520,000
Series 1990, 7.125%, 10/01/17 (Pre-refunded to 10/01/00)
4,000,000 City of St. Petersburg Health Facilities Authority (Florida), 12/01 at 102 Aaa 4,373,640
Revenue Bonds, Series 1985 A (Allegany Health System
Loan Program), 7.000%, 12/01/15
5,250,000 Seminole County, Florida, Water and Sewer Revenue No Opt. Call Aaa 5,651,047
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19
4,500,000 City of Tampa, Florida, Revenue Bonds (The Florida Aquarium 5/02 at 102 N/R 5,181,254
Project), Series 1992, 7.750%, 5/01/27 (Pre-refunded
to 5/01/02)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Tampa Sports Authority, 1995 Special Purpose Bonds,
State of Florida Sales Tax Payment Series (Tampa Bay
Arena Project):
$ 1,250,000 5.750%, 10/01/20 No Opt. Call Aaa $ 1,306,587
2,585,000 5.750%, 10/01/25 No Opt. Call Aaa 2,713,190
City of Tampa, Florida, Water and Sewer Systems Revenue
Bonds, Series 1992:
2,900,000 6.000%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 101 Aaa 3,134,812
1,450,000 6.000%, 10/01/17 10/02 at 101 Aaa 1,498,474
County of Volusia, Florida, Airport System Revenue Bonds,
Series 1991 (Daytona Beach Regional Airport):
475,000 7.000%, 10/01/21 (Alternative Minimum Tax)
(Pre-refunded to 10/01/00) 10/00 at 102 Aaa 521,696
1,425,000 7.000%, 10/01/21 (Alternative Minimum Tax) 10/00 at 102 Aaa 1,537,504
5,650,000 Certificates of Participation (School Board of Volusia 8/01 at 102 Aaa 6,250,481
- ------------- ------------
County, Florida Master Lease Program), Series 1991,
6.750%, 8/01/11 (Pre-refunded to 8/01/01)
$ 330,205,000 Total Investments - (cost $320,847,309) - 95.5% 345,699,656
============= ------------
Other Assets Less Liabilities - 4.5% 16,137,178
------------
Net Assets - 100% $361,836,834
============
<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.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Florida Quality Income Municipal Fund (NUF)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 2,000,000 Certificates of Participation, Series 1994, The Department 3/04 at 102 A1 $ 2,075,720
of Corrections (State of Florida), 6.000%, 3/01/14
5,500,000 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102 AA 5,632,110
Revenue Bonds, 1995 Series 2 (Refunding/New
Money Issue), 6.200%, 7/01/27 (Alternative
Minimum Tax)
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 10/05 at 102 Aaa 1,025,100
1995 Series F (Holly Cove Apartment Project),
6.150%, 10/01/25 (Alternative Minimum Tax)
1,750,000 Florida Housing Finance Agency, General Mortgage 6/02 at 103 AAA 1,805,738
Revenue Refunding Bonds, 1992 Series A,
6.400%, 6/01/24
4,870,000 Florida Housing Finance Agency, Home Ownership No Opt. Call AAA 5,549,170
Revenue Refunding Bonds, 1987 Series G1,
8.595%, 11/01/17
3,085,000 Florida Housing Finance Agency, Single Family Mortgage 9/97 at 103 AAA 3,182,764
Refunding Bonds, 1987 Series One Class B,
7.100%, 1/01/17
3,000,000 Florida Ports Financing Commission, Revenue Bonds 6/07 at 101 Aaa 2,858,550
(State Transportation Trust Fund), Series 1996,
5.375%, 6/01/27 (Alternative Minimum Tax)
1,000,000 State of Florida, Department of Transportation, Turnpike 7/03 at 101 Aaa 951,540
Revenue Refunding Bonds, Series 1993A,
5.000%, 7/01/15
1,000,000 State of Florida, Full Faith and Credit, Pollution Control 7/02 at 101 Aa 1,081,310
Bonds, Series Y, Division of Bond Finance of the
Department of General Services, 6.600%, 7/01/17
State of Florida, Full Faith and Credit, State Board of
Education, Public Education Capital Outlay Bonds, Series
1989-A (Refunding Bonds):
3,290,000 7.250%, 6/01/23 6/00 at 102 AA+ 3,571,295
5,000,000 6.000%, 6/01/25 6/00 at 100 AA 5,042,900
1,000,000 Alachua County Health Facilities Authority (Florida), 12/02 at 100 Aaa 1,010,830
Health Facilities Revenue Bonds, Series 1992R
(Shands Hospital at the University of Florida Project),
5.750%, 12/01/15
2,150,000 Alachua County Library District, Florida, General 8/01 at 102 Aaa 2,336,986
Obligation Refunding Bonds, Series 1991,
6.600%, 8/.01/10
1,500,000 Bradford County Health Facilities Authority, Health No Opt. Call AAA 1,555,620
Facilities Revenue Refunding Bond, Series 1993
(Santa Fe HealthCare Facilities Project),
6.050%, 11/15/16
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Brevard County Educational Facilities Authority (Florida),
Educational Facilities Refunding and Improvement
Revenue Bonds, Series 1992:
$ 3,365,000 6.750%, 11/01/07 11/02 at 102 BBB $ 3,681,781
4,790,000 6.875%, 11/01/22 11/02 at 102 BBB 5,051,247
5,000,000 Broward County, Florida, Airport System Revenue Bonds, 10/98 at 102 Aaa 5,287,700
Series B, 7.625%, 10/01/13 (Alternative Minimum Tax)
Housing Finance Authority of Broward County, Florida,
Multifamily Housing Revenue Refunding Bonds,
Series 1996 (Tamarac Pointe Apartments Project -
GNMA Collateralized):
1,500,000 6.250%, 7/01/26 7/06 at 102 AAA 1,550,640
1,500,000 1/01/32 7/07 at 102 AAA 1,548,060
3,490,000 Charlotte County, Florida, Utility System Revenue Bonds, 10/01 at 102 Aaa 3,888,767
Series 1991, 6.875%, 10/01/21 (Pre-refunded
to 10/01/01)
10,000,000 Citrus County, Florida, Pollution Control Refunding 1/02 at 102 A1 10,771,100
Revenue Bonds, Series 1992 A (Florida Power
Corporation Crystal River Power Plant Project),
6.625%, 1/01/27
Collier County Water-Sewer District (Florida), Water and
Sewer Revenue Bonds, Series 1991:
3,910,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 4,159,614
2,190,000 6.500%, 7/01/21 7/99 at 102 Aaa 2,322,824
8,450,000 Dade County, Florida, Aviation Revenue Bonds (Series U), 10/98 at 102 Aa 8,876,894
6.750%, 10/01/06 (Alternative Minimum Tax)
12,000,000 Dade County, Florida, Aviation Bonds, Series 1996A, 10/06 at 102 Aaa 12,043,200
5.750%, 10/01/26 (Alternative Minimum Tax)
1,500,000 Dade County, Florida, Aviation Revenue Bonds, Series 10/05 at 102 Aaa 1,529,175
1995B, 6.000%, 10/01/24 (Alternative Minimum Tax)
3,855,000 Housing Finance Authority of Dade County (Florida), Single 12/01 at 102 Aaa 4,086,608
Family Mortgage Revenue Refunding Bonds, 1991
Series D, 6.950%, 12/15/12
410,000 Housing Finance Authority of Dade County (Florida), 3/01 at 102 Aaa 431,267
Single Family Mortgage Revenue Bonds, 1991 Series E,
7.000%, 3/01/24
5,100,000 Housing Finance Authority of Dade County (Florida), Single 4/05 at 102 AAA 5,319,504
Family Mortgage Revenue Bonds, Series 1995,
6.550%, 10/01/27 (Alternative Minimum Tax)
7,000,000 Dade County Health Facilities Authority, Hospital Revenue 8/02 at 102 Aaa 7,760,760
Refunding Bonds, Series 1992 (North Shore Medical
Center Project), 6.500%, 8/15/15 (Pre-refunded
to 8/15/02)
5,000,000 Town of Davie, Florida, Water and Sewer Improvement 10/02 at 102 Aaa 5,334,750
and Refunding, Revenue Bonds, Series 1992,
6.250%, 10/01/17
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 2,205,000 City of Dunedin (Florida), Hospital Revenue Bonds Series 11/01 at 102 Aaa $ 2,448,763
1991 (Mease Health Care), 6.750%, 11/15/21
(Pre-refunded to 11/15/01)
7,350,000 City of Fort Lauderdale, Florida, General Obligation 1/99 at 101 Aa 7,567,046
Refunding Bonds, Series 1992, 6.300%, 7/01/07
8,540,000 Greater Orlando Aviation Authority, Airport Facilities 10/02 at 102 Aaa 9,155,819
Revenue Bonds, Series 1992A, 6.500%, 10/01/12
(Alternative Minimum Tax)
5,830,000 Hillsborough County Industrial Development Authority 8/01 at 103 AA 6,657,102
(Florida), Pollution Control Revenue Bonds (Tampa
Electric Company Project), Series 1991, 7.875%, 8/01/21
9,800,000 Hillsborough County Industrial Development Authority, 5/02 at 103 AA 11,387,208
Pollution Control Revenue Refunding Bonds (Tampa
Electric Company Project), Series 1992, 8.000%, 5/01/22
1,000,000 Hillsborough County, Florida, Capital Improvement 1/00 at 102 A 1,068,600
Revenue Bonds (Museum of Science and Industry
Project), Series 1992, 6.450%, 1/01/22 (Pre-refunded
to 1/01/00)
4,750,000 City of Hollywood, Florida, Water and Sewer Revenue 10/01 at 102 Aaa 5,292,735
Bonds, Series 1991, 6.875%, 10/01/21 (Pre-refunded
to 10/01/01)
4,625,000 Jacksonville Electric Authority (Jacksonville, Florida), 10/00 at 101 1/2 Aaa 5,033,665
Bulk Power Supply System Revenue Bonds (Scherer 4
Project, Issue One, Series 1991A), 6.750%, 10/01/21
(Pre-refunded to 10/01/00)
Jacksonville Electric Authority (Jacksonville, Florida), St.
Johns River Power Park System Refunding Revenue
Bonds, Issue Two, Series Seven:
1,500,000 5.750%, 10/01/12 10/02 at 101 Aa1 1,534,185
2,000,000 5.500%, 10/01/14 10/02 at 101 Aa1 1,992,100
5,000,000 Jacksonville Electric Authority Special Obligation 5th 10/04 at 101 Aa1 5,029,350
Crossover Series, 5.375%, 10/01/10
3,170,000 City of Jacksonville, Florida, Excise Taxes Revenue Bonds, No Opt. Call Aaa 1,142,468
Series 1993, 0.000%, 10/01/15 (Alternative Minimum Tax)
10,395,000 City of Jacksonville, Florida, Hospital Revenue Bonds, 2/02 at 102 AAA 11,196,558
Series 1992 (University Medical Center, Inc. Project),
6.600%, 2/01/21
2,750,000 Kissimee Utility Authority (Florida), Electric System 10/01 at 102 Aaa 3,024,560
Improvement and Refunding Revenue Bonds, Series
1991, 6.500%, 10/01/17 (Pre-refunded to 10/01/01)
5,000,000 City of Lakeland, Florida, Electric and Water Revenue No Opt. Call Aaa 5,697,750
Bonds (Junior Subordinate Lien), Refunding Series
1996, 6.500%, 10/01/09
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 3,000,000 Housing Finance Authority of Lee County, Florida, Single 3/07 at 105 Aaa $ 3,298,440
Family Mortgage Revenue Bonds (Multi-County
Program), Series 1997A, Subseries 1, 7.200%, 3/01/27
(Alternative Minimum Tax)
1,500,000 City of Leesburg, Florida, Hospital Revenue Refunding 7/03 at 102 A- 1,571,055
Bonds (Leesburg Regional Medical Center Project),
Series 1993A, 6.250%, 7/01/09
2,500,000 City of Leesburg, Florida, Capital Improvement Hospital 7/02 at 102 A- 2,878,125
Revenue Bonds (Leesburg Regional Medical Center
Project), Series 1991A, 7.500%, 7/01/21 (Pre-refunded
to 7/01/02)
2,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue 1/04 at 102 Aaa 2,090,200
Bonds, Series 1994, 6.125%, 1/01/24
2,000,000 Orange County Health Facilities Authority, Hospital No Opt. Call Aaa 2,206,440
Revenue Bonds (Orlando Regional Healthcare System),
Series 1996A, 6.250%, 10/01/18
1,675,000 Orange County Health Facilities Authority, Florida, Hospital 11/01 at 102 Aaa 1,822,182
Revenue Bonds, Series 1991-A (Adventist Health
System/Sunbelt, Inc.), 6.875%, 11/15/15
250,000 Orange County Health Facilities Authority, Hospital 10/03 at 102 Aaa 236,658
Revenue Bonds (Orlando Regional Healthcare System),
Series 1993B, 5.000%, 10/01/15
5,000,000 Orange County (Florida), Health Facilities Authority, 11/05 at 102 Aaa 5,040,450
Hospital Revenue Bonds, Series 1995 (Adventist Health
System/Sunbelt Obligated Group), 5.750%, 11/15/25
2,500,000 Orange County Housing Finance Authority (Orange County, 4/06 at 102 AAA 2,568,475
Florida), Single Family Mortgage Revenue Bonds
(GNMA and Fannie Mae Mortgage-Backed Securities
Program), Series 1996A, 6.300%, 4/01/28 (Alternative
Minimum Tax)
Orange County Housing Finance Authority, Single Family
Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage Backed
Securities Program), Series 1997B:
1,000,000 5.800%, 9/01/17 (Alternative Minimum Tax) (DD) 9/07 at 102 AAA 1,005,110
5,250,000 5.100%, 9/01/27 (Alternative Minimum Tax) (DD) 9/07 at 102 AAA 5,259,083
4,000,000 5.875%, 3/01/28 (Alternative Minimum Tax) (DD) 9/07 at 102 AAA 4,004,800
Orange County, Florida, Tourist Development Tax
Refunding Revenue Bonds, Series 1992A:
3,000,000 6.500%, 10/01/19 10/02 at 102 Aaa 3,265,440
7,490,000 6.000%, 10/01/21 10/02 at 100 Aaa 7,670,060
5,975,000 Orlando (Florida), Utilities Commission, Water and Electric 10/01 at 102 Aaa 6,571,544
Subordinated Revenue Bonds, Series 1991A,
6.500%, 10/01/20 (Pre-refunded to 10/01/01)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 7,500,000 Palm Beach County, Florida, Airport System Revenue 10/01 at 102 Aaa $ 8,452,950
Refunding Bonds, Series 1991, 7.750%, 10/01/10
2,500,000 Palm Beach County, Florida, Airport System Revenue 10/02 at 102 Aaa 2,704,475
Refunding Bonds, Series 1992, 6.375%, 10/01/14
7,000,000 Solid Waste Authority of Palm Beach County, Refunding No Opt. Call Aaa 7,604,800
Revenue Bonds, Series 1997A, 6.000%, 10/01/09
11,000,000 Reedy Creek Improvement District (Florida), (Located in 10/01 at 101 Aaa 12,006,610
Orange and Osceola Counties), Utilities Revenue
Bonds, Series 1991-1, 6.500%, 10/01/16 (Pre-refunded
to 10/01/01)
2,500,000 St. Lucie County, Florida, Solid Waste Disposal Revenue 2/01 at 102 AA- 2,693,774
Bonds (Florida Power and Light Company Project), Series
1991, 7.150%, 2/01/23 (Alternative Minimum Tax)
5,000,000 City of St. Petersburg Health Facilities Authority (Florida), 12/01 at 102 Aaa 5,467,050
Revenue Bonds, Series 1985 A(Allegany Health
System Loan Program), 7.000%, 12/01/15
5,500,000 City of St. Petersburg, Florida, Public Improvement 2/02 at 102 Aaa 5,911,510
Refunding Revenue Bonds, Series 1992,
6.375%, 2/01/12
2,300,000 Sarasota County, Florida, Utility System Revenue Bonds, 10/04 at 102 Aaa 2,597,504
Series 1994, 6.500%, 10/01/22 (Pre-refunded
10/01/04)
2,000,000 The School Board of Seminole County, Florida, Certificates 7/04 at 102 Aaa 2,091,440
of Participation, Series 1994A, 6.125%, 7/01/19
1,000,000 City of Stuart, Florida, Public Utilities, Revenue 10/03 at 100 Aaa 1,094,690
Improvement Bonds, Series 1994, 6.800%, 10/01/24
3,000,000 City of Tampa, Florida, Revenue Bonds (The Florida 5/02 at 102 N/R 3,454,170
Aquarium Project), Series 1992, 7.750%, 5/01/27
(Pre-refunded to 5/01/02)
1,000,000 City of Venice, Florida, Utilities Revenue Refunding Bonds, 7/03 at 102 Aaa 1,002,880
- ------------- ------------
Series 1993, 5.500%, 7/01/14
$ 286,560,000 Total Investments - (cost $285,355,287) - 93.6% 304,121,348
============= ------------
Other Assets Less Liabilities - 6.4% 20,760,600
------------
Net Assets - 100% $324,881,948
============
<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.
(DD) Security purchased on a delayed delivery basis (see note 1 of the
Notes to Financial Statements).
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Insured Florida Premium Income Municipal Fund (NFL)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Florida Housing Finance Agency, Revenue Bonds, 1996
Series-D1 (Sterling Palms Apartments Project):
$ 1,000,000 6.300%, 12/01/16 (Alternative Minimum Tax) 6/06 at 102 Aaa $ 1,043,260
1,500,000 6.400%, 12/01/26 (Alternative Minimum Tax) 6/06 at 102 Aaa 1,564,560
750,000 Florida Housing Finance Agency, Housing Revenue Bonds, 12/06 at 102 Aaa 767,295
1996 Series V (The Crossings at Indian Run Apartments
Project), 6.100%, 12/01/26 (Alternative Minimum Tax)
1,400,000 Florida Housing Finance Agency, Housing Revenue Bonds, 4/07 at 102 Aaa 1,442,154
1997 Series A (Riverfront Apartments Project),
6.250%, 4/01/37 (Alternative Minimum Tax)
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 5/06 at 102 Aaa 1,030,280
Series C1 (Turtle Creek Apartments Project),
6.100%, 5/01/16 (Alternative Minimum Tax)
4,000,000 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102 Aaa 3,995,680
Revenue Bonds, 1997 Series 2, 5.750%, 7/01/14
(Alternative Minimum Tax)
1,590,000 Florida Housing Finance Agency, Housing Revenue Bonds, 12/05 at 102 Aaa 1,624,328
1995 Series E (Williamsburg Village Apartments Project),
6.100%, 12/01/20 (Alternative Minimum Tax)
3,000,000 Florida Municipal Power Agency, All-Requirements Power 10/02 at 102 Aaa 3,301,530
Supply Project Revenue Bonds, Series 1992,
6.250%, 10/01/21 (Pre-refunded to 10/01/02)
Florida Municipal Power Agency, Stanton II Project Revenue
Bonds, Series 1992:
4,000,000 6.500%, 10/01/20 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 4,448,480
6,625,000 6.000%, 10/01/27 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 7,214,029
1,250,000 Florida Municipal Power Agency, St. Lucie Project, Revenue 10/02 at 102 Aaa 1,189,838
Refunding Bonds, Series 1992, 5.250%, 10/01/21
1,500,000 Florida Municipal Power Agency, Tri-City Project, Revenue 10/03 at 100 Aaa 1,465,065
Refunding Bonds, Series 1992, 5.500%, 10/01/19
State of Florida, Department of Environmental Protection,
Preservation 2000 Revenue Bonds, Series 1994A:
6,350,000 4.750%, 7/01/12 7/04 at 101 Aaa 5,895,340
3,500,000 4.900%, 7/01/13 7/04 at 101 Aaa 3,303,685
4,500,000 State of Florida, Department of Environmental Protection, 7/05 at 101 Aaa 4,648,365
Preservation 2000 Revenue Bonds, Series 1995A,
5.750%, 7/01/11
2,000,000 State of Florida, Department of Transportation, Turnpike 7/01 at 102 Aaa 2,211,260
Revenue Bonds, Series 1991A, 7.000%, 7/01/04
3,995,000 State of Florida, Department of Transportation, Turnpike 7/02 at 101 Aaa 4,368,852
Revenue Bonds, Series 1992A, 6.350%, 7/01/22
(Pre-refunded to 7/01/02)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
State of Florida, Department of Transportation, Turnpike
Revenue Bonds, Series 1995A:
$ 12,185,000 5.500%, 7/01/13 7/05 at 101 Aaa $ 12,318,548
3,000,000 5.500%, 7/01/21 7/05 at 101 Aaa 2,962,590
4,200,000 State of Florida, State Board of Education, Public Education 6/05 at 101 Aaa 3,803,898
Capital Outlay Refunding Bonds, 1995 Series D,
4.750%, 6/01/18
2,500,000 Alachua County, Health Facilities Authority (Florida), 12/02 at 100 Aaa 2,527,075
Health Facilities Revenue Bonds, Series 1992R (Shands
Hospital at the University of Florida Project),
5.750%, 12/01/15
2,000,000 Brevard County, Health Facilities Authority, Hospital 10/06 at 101 Aaa 2,024,680
Revenue Bonds, Series 1996 (Holmes Regional Medical
Center Project), 5.625%, 10/01/14
3,750,000 Broward County Health Facilities Authority (Florida), 6/03 at 103 Aaa 3,873,713
Hospital Revenue Bonds (Holy Cross Hospital, Inc.),
Series 1993, 5.850%, 6/01/12
2,575,000 Housing Finance Authority of Broward County, Florida, 5/07 at 102 AAA 2,600,905
Multifamily Housing Revenue Refunding Bonds (Deer
Chase Apartments Project - GNMA Collateralized)
Series 1997 A-1, 5.950%, 11/01/27
1,000,000 Housing Finance Authority of Broward County, Florida, 6/07 at 102 AAA 1,015,260
Multifamily Housing Revenue Refunding Bonds
(Pompano Oaks Apartments Project - GNMA
Collateralized), Series 1997, 6.000%, 12/01/27
(Alternative Minimum Tax)
1,000,000 The School District of Broward County, Florida, General 2/99 at 102 Aaa 1,065,810
Obligation School Bonds, Series 1989, 7.125%, 2/15/08
(Pre-refunded to 2/15/99)
3,400,000 The School District of Broward County, Florida, General 2/98 at 102 Aaa 3,549,396
Obligation Bonds, Series 1988, 7.750%, 2/15/07
(Pre-refunded to 2/15/98)
1,000,000 Clay County, Florida, Utilities System Revenue Bonds, 11/03 at 102 Aaa 929,350
Series 1993B, 5.000%, 11/01/17
1,000,000 City of Cocoa, Florida, Water and Sewer System Revenue 10/03 at 100 Aaa 915,980
Refunding Bonds, Series 1993A, 5.000%, 10/01/23
2,700,000 City of Cocoa, Florida, Water and Sewer System 10/07 at 101 Aaa 2,746,440
Improvement Revenue Bonds, Series 1997,
5.875%, 10/01/26
7,000,000 Dade County, Florida, Public Improvement Refunding No Opt. Call Aaa 7,141,050
Bonds, Series 1986, 12.000%, 10/01/97
3,000,000 Dade County, Florida, Aviation Revenue Refunding Bonds 10/03 at 102 Aaa 3,050,280
(Series V), 5.500%, 10/01/11
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,000,000 The School District of Dade County, Florida, General 7/99 at 102 Aaa $ 1,077,160
Obligation School Bonds, Series 1989, 7.200%, 7/01/02
(Pre-refunded to 7/01/99)
The School District of Dade County, Florida, General
Obligation School Bonds, Series 1994:
5,000,000 5.000%, 8/01/12 8/03 at 101 Aaa 4,837,750
3,500,000 5.000%, 8/01/14 8/03 at 101 Aaa 3,335,500
Dade County, Florida, Seaport Revenue Refunding Bonds,
Series 1995:
1,000,000 6.200%, 10/01/05 No Opt. Call Aaa 1,104,780
1,100,000 5.750%, 10/01/15 10/05 at 102 Aaa 1,128,600
Dade County, Florida, Water and Sewer System Revenue
Bonds, Series 1995:
500,000 6.250%, 10/01/10 No Opt. Call Aaa 556,645
3,730,000 5.750%, 10/01/22 10/05 at 102 Aaa 3,780,094
3,000,000 The City of Daytona Beach, Florida, Water and Sewer 11/02 at 100 Aaa 2,968,980
Revenue Bonds, Series 1992, 5.500%, 11/15/17
5,270,000 Duval County Housing Finance Authority, Single Family 10/04 at 102 Aaa 5,516,952
Mortgage Revenue Bonds (GNMA Mortgage-Backed
Securities Program), Series 1994, 6.700%, 10/01/26
(Alternative Minimum Tax)
3,005,000 Escambia County, Housing Finance Authority (Florida), 10/02 at 102 Aaa 3,147,888
Single Family Mortgage Revenue Bonds, Series 1992A
(Multi-County Program), 6.900%, 4/01/20 (Alternative
Minimum Tax)
1,210,000 Greater Orlando Aviation Authority, Airport Facilities 10/98 at 100 Aaa 1,237,528
Revenue Bonds, 1987 Series, 7.400%, 10/01/06
(Alternative Minimum Tax)
2,000,000 Greater Orlando Aviation Authority, Airport Facilities, 10/02 at 102 Aaa 2,132,860
Revenue Bonds, Series 1992A, 6.375%, 10/01/21
(Alternative Minimum Tax)
1,080,000 City of Gulf Breeze, Local Government Loan Program 12/06 at 101 Aaa 1,125,522
Bonds, Remarketed Series 1985-B, 5.900%, 12/01/15
(Mandatory put 12/01/10)
1,020,000 City of Gulf Breeze, Florida, Local Government Loan 12/06 at 101 Aaa 1,062,993
Program, Revenue Bonds, Series 1985 B,
5.900%, 12/01/15 (Mandatory put 12/01/10)
1,400,000 Hernando County, Florida, Capital Improvement Revenue 2/03 at 102 Aaa 1,424,430
Refunding Bonds, Series 1993, 5.750%, 2/01/14
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa 10/03 at 102 Aaa 5,935,500
International Airport Revenue Refunding Bonds, 1993
Series B, 5.600%, 10/01/19
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,000,000 Hillsborough County Aviation Authority, Florida, Tampa 10/03 at 102 Aaa $ 927,120
International Airport Revenue Bonds, 1993 Series D,
5.375%, 10/01/23 (Alternative Minimum Tax)
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa 10/06 at 102 Aaa 6,140,100
International Airport Revenue Bonds, Series 1996B,
5.700%, 10/01/15
2,500,000 Hillsborough County Industrial Development Authority, No Opt. Call Aaa 2,836,625
Industrial Development Revenue Bonds, Series 1994
(University Community Hospital), 6.500%, 8/15/19
2,000,000 Hillsborough County, Florida, Utility Revenue Refunding 8/02 at 102 Aaa 2,175,780
Bonds, Series 1991A, 6.625%, 8/01/11
8,000,000 Indian River County, Florida, Water and Sewer Revenue 9/08 at 100 Aaa 7,691,760
Bonds, Series 1993A, 5.250%, 9/01/24
2,000,000 Indian Trail Water Control District, Water Control and 8/07 at 101 Aaa 1,974,440
Improvement Bonds, Unit of Development Number 17,
Series 1996, 5.500%, 8/01/22
3,605,000 City of Jacksonville, Florida, Housing Revenue Refunding 9/03 at 102 AAA 3,615,094
Bonds, Series 1993A (GNMA Collateralized-Windermere
Manor Apartments Project), 5.875%, 3/20/28
3,350,000 Jacksonville Port Authority, Airport Revenue Refunding 10/03 at 102 Aaa 3,175,733
Bonds, Series 1993, 5.250%, 10/01/17 (Alternative
Minimum Tax)
1,000,000 Jacksonville Port Authority (Jacksonville, Florida), 1993 11/03 at 102 Aaa 1,168,380
Port Facilities Revenue Refunding Bonds,
7.625%, 11/01/07
3,800,000 Jacksonville Port Authority (Jacksonville, Florida), 1996 11/06 at 102 Aaa 3,790,310
Port Facilities Revenue Refunding Bonds,
5.625%, 11/01/18 (Alternative Minimum Tax)
1,025,000 Jacksonville Sales Tax Revenue Bonds, Series 1995 (River 10/05 at 101 Aaa 1,048,401
City Renaissance Project), 5.500%, 10/01/10
City of Lakeland, Florida, Electric and Water Revenue
Bonds (Junior Subordinate Lien), Refunding and
Improvement Series 1996B:
4,785,000 6.000%, 10/01/08 No Opt. Call Aaa 5,246,609
4,000,000 6.000%, 10/01/09 No Opt. Call Aaa 4,376,280
5,000,000 Hospital Board of Directors of Lee County, Florida, 4/07 at 102 Aaa 5,035,600
Hospital Revenue Bonds (Lee Memorial Health System),
Fixed Rate Hospital Revenue Bonds, 1997 Series A,
5.750%, 4/01/22
5,000,000 North Broward Hospital District (Florida), Refunding and 1/07 at 101 Aaa 4,828,600
Improvement Revenue Bonds, Series 1997,
5.375%, 1/15/24
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 10,235,000 School Board of Okaloosa County, Florida, Sales Tax No Opt. Call Aaa $ 10,635,189
Revenue Bonds, Series 1995, 6.000%, 9/01/99
1,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue 1/04 at 102 Aaa 1,118,750
Bonds, Series 1994, 7.000%, 1/01/14
6,000,000 Orange County, Florida, Tourist Development, Tax Revenue 10/02 at 102 Aaa 6,439,080
Refunding Bonds, Series 1992A, 6.250%, 10/01/13
2,000,000 Orange County, Florida, Water Utilities System Revenue 4/02 at 102 Aaa 2,124,240
Bonds, Series 1992, 6.250%, 10/01/17
1,750,000 Orlando Utilities Commission, Water and Electric 10/99 at 100 Aaa 1,708,350
Subordinated Revenue Bonds, Series 1989D,
5.500%, 10/01/20
City of Palm Bay, Florida, Utility System Revenue
Refunding Bonds, Series 1994 (Palm Bay Utility
Corporation Project):
1,000,000 6.200%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 1,098,190
3,295,000 6.200%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,618,536
5,550,000 Palm Beach County, Florida, Airport System Revenue 10/01 at 102 Aaa 6,297,692
Refunding Bonds, Series 1991, 7.625%, 10/01/04
Palm Beach County, Florida, Administrative Complex
Revenue Refunding Bonds, Series 1993:
1,265,000 5.200%, 6/01/06 No Opt. Call Aaa 1,299,003
6,500,000 5.250%, 6/01/11 No Opt. Call Aaa 6,566,950
Palm Beach County, Florida, Criminal Justice Facilities,
Revenue Refunding Bonds, Series 1993:
3,000,000 5.375%, 6/01/08 No Opt. Call Aaa 3,127,020
4,000,000 5.375%, 6/01/10 No Opt. Call Aaa 4,110,600
4,000,000 Solid Waste Authority of Palm Beach County, Revenue No Opt. Call Aaa 4,345,600
Refunding Bonds, Series 1997A, 6.000%, 10/01/09
2,335,000 Pasco County, Florida, Gas Tax Revenue Refunding Bonds, 8/02 at 102 Aaa 2,383,148
Series 1992, 5.750%, 8/01/13
1,000,000 City of Pensacola, Florida, Airport Revenue Bonds, Series 10/07 at 102 Aaa 1,010,070
1997A, 5.600%, 10/01/17
5,925,000 Polk County Industrial Development Authority, Industrial 9/02 at 103 Aaa 6,247,616
Development Variable Rate Revenue Bonds, 1985
Series 2 (Winter Haven Hospital Project),
6.250%, 9/01/15
2,250,000 City of Port Orange, Florida, Water and Sewer Junior Lien 10/03 at 101 Aaa 2,141,708
Revenue Refunding Bonds, Series 1993,
5.250%, 10/01/21
1,000,000 City of St. Lucie, Florida, Utility System Revenue Bonds, 9/04 at 100 Aaa 1,030,700
Series 1994, 6.000%, 9/01/24
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 10,000,000 Reedy Creek Improvement District (Florida), Utilities 10/04 at 101 Aaa $ 9,295,200
Revenue Improvement and Refunding Bonds, Series
1994-1, 5.000%, 10/01/19
5,000,000 Reedy Creek Improvement District (Florida), Utilities 10/97 at 102 Aaa 5,154,600
Revenue Bonds, Series 1987-1, 8.500%, 10/01/09
(Alternative Minimum Tax)
St. Lucie County, Florida, Utility System Refunding and
Revenue Bonds, Series 1993:
5,000,000 5.500%, 10/01/15 10/03 at 102 Aaa 5,045,550
1,200,000 5.500%, 10/01/21 10/03 at 102 Aaa 1,218,456
3,000,000 Sarasota-Manatee Airport Authority, Airport System 8/06 at 102 Aaa 3,024,780
Revenue Refunding Bonds, Series 1996, 5.375%, 8/01/11
11,385,000 Seminole County, Florida, Water and Sewer Revenue No Opt. Call Aaa 12,254,700
and Improvement Bonds, Series 1992, 6.000%, 10/01/19
1,300,000 City of Sunrise, Florida, Utility System Revenue Refunding 10/06 at 102 Aaa 1,359,488
Bonds, Series 1996, 5.800%, 10/01/11
City of Sunrise, Florida, Utility System Revenue Bonds,
Series 1996A:
6,900,000 5.750%, 10/01/16 10/06 at 101 Aaa 7,035,861
8,700,000 5.750%, 10/01/21 10/06 at 101 Aaa 8,776,212
1,500,000 City of Tampa, Florida, Allegany Health System Revenue 12/03 at 102 Aaa 1,395,435
- ------------- ------------
Bonds, St. Joseph's Hospital, Inc. Issue, Series 1993,
5.125%, 12/01/23
$ 307,240,000 Total Investments - (cost $304,135,628) - 97.9% 314,305,714
============= ------------
Temporary Investments In Short-Term
Municipal Securities - 1.0%
$ 300,000 Irvine Ranch Water District, Variable Rate Demand VMIG-1 300,000
Consolidated Refunding Bonds, Series A,
3.800%, 5/01/09+
Kansas City Industrial Development Authority, Research
Health System, Variable Rate Demand Bonds:
700,000 4.050%, 10/15/14+ VMIG-1 700,000
1,300,000 4.050%, 10/15/15+ VMIG-1 1,300,000
800,000 Health and Educational Facilities Authority of the State A-1+ 800,000
of Missouri, Health Facilities Revenue Bonds (St.
Francis Medical Center), Series 1996A, Variable Rate
Demand Bonds, 4.250%, 6/01/26+
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Temporary Investments In Short-Term
Municipal Securities - 1.0% - continued
$ 200,000 Regents of The University of Michigan, Adjustable Rate VMIG-1 $ 200,000
- ------------- Demand Hospital Revenue Refunding Bonds, Series ------------
1992A, Variable Rate Demand Bonds, 4.050%, 12/01/19+
$ 3,300,000 Total Temporary Investments - 1.0% 3,300,000
============= ------------
Other Assets Less Liabilities - 1.1% 3,452,812
------------
Net Assets - 100% $321,058,526
============
<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, any of which 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.
+ 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.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
June 30, 1997
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<S> <C> <C> <C>
Assets
Investments in municipal securities,
at market value (note 1) $345,699,656 $304,121,348 $314,305,714
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) -- -- 3,300,000
Cash 781,853 2,014,489 347,559
Receivables:
Interest 6,830,497 5,228,017 5,134,796
Investments sold 10,200,000 25,219,838 5,825,428
Other assets 28,824 35,148 22,916
------------ ------------ ------------
Total assets 363,540,830 336,618,840 328,936,413
------------ ------------ ------------
Liabilities
Payable for investments purchased -- 10,296,729 6,558,634
Accrued expenses:
Management fees (note 6) 189,768 170,802 169,015
Other 148,378 135,103 168,171
Preferred share dividends payable 37,973 52,993 53,157
Common share dividends payable 1,327,877 1,081,265 928,910
------------ ------------ ------------
Total liabilities 1,703,996 11,736,892 7,877,887
------------ ------------ ------------
Net assets (note 7) $361,836,834 $324,881,948 $321,058,526
============ ============ ============
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 16,193,617 14,042,401 14,290,929
============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value, divided by
Common shares outstanding) $ 15.55 $ 15.66 $ 14.70
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Year ended June 30, 1997
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $ 22,514,219 $ 19,212,946 $ 17,175,583
------------ ------------ ------------
Expenses:
Management fees (note 6) 2,295,325 2,063,007 2,029,799
Preferred shares - auction fees 274,687 262,202 277,183
Preferred shares - dividend disbursing agent fees 22,195 33,002 22,162
Shareholders' servicing agent fees and expenses 38,681 30,450 25,918
Custodian's fees and expenses 63,791 60,202 60,639
Trustees' fees and expenses (note 6) 2,971 2,710 2,679
Professional fees 20,705 16,952 17,727
Shareholders' reports - printing and mailing expenses 83,115 71,819 62,257
Stock exchange listing fees 25,782 24,232 24,907
Investor relations expense 20,919 21,170 20,912
Other expenses 20,199 23,596 20,252
----------- ----------- -----------
Total expenses 2,868,370 2,609,342 2,564,435
----------- ----------- -----------
Net investment income 19,645,849 16,603,604 14,611,148
----------- ----------- -----------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment
transactions (notes 1 and 4) 690,503 933,334 (323,347)
Net change in unrealized appreciation or depreciation
of investments 3,717,067 4,506,680 8,908,628
----------- ----------- -----------
Net gain from investments 4,407,570 5,440,014 8,585,281
----------- ----------- -----------
Net increase in net assets from operations $24,053,419 $22,043,618 $23,196,429
=========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
Florida Investment Quality Florida Quality Income
Year ended Year ended Year ended Year ended
6/30/97 6/30/96 6/30/97 6/30/96
<S> <C> <C> <C> <C>
Operations
Net investment income $ 19,645,849 $ 19,662,366 $ 16,603,604 $ 16,531,611
Net realized gain (loss) from investment
transactions (notes 1 and 4) 690,503 (397,223) 933,334 (248,628)
Net change in unrealized appreciation or
depreciation of investments 3,717,067 (2,470,834) 4,506,680 100,978
------------- ------------- ------------- -------------
Net increase in net assets from operations 24,053,419 16,794,309 22,043,618 16,383,961
------------- ------------- ------------- -------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (15,728,768) (15,872,983) (12,964,305) (12,983,420)
Preferred shareholders (3,506,870) (4,078,504) (3,447,796) (3,852,321)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (61,033) -- --
Preferred shareholders -- (17,138) -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (19,235,638) (20,029,658) (16,412,101) (16,835,741)
------------- ------------- ------------- -------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued
to shareholders due to reinvestment
of distributions 1,310,852 1,409,422 235,618 115,408
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 6,128,633 (1,825,927) 5,867,135 (336,372)
Net assets at beginning of year 355,708,201 357,534,128 319,014,813 319,351,185
------------- ------------- ------------- -------------
Net assets at end of year $ 361,836,834 $ 355,708,201 $ 324,881,948 $ 319,014,813
============= ============= ============= =============
Balance of undistributed net investment
income at end of year $ 889,752 $ 479,541 $ 556,997 $ 365,494
============= ============= ============= =============
<PAGE>
<CAPTION>
Statement of Changes in Net Assets
Insured Florida Premium Income
Year ended Year ended
6/30/97 6/30/96
<S> <C> <C>
Operations
Net investment income $ 14,611,148 $ 14,716,100
Net realized gain (loss) from investment
transactions (notes 1 and 4) (323,347) (370,759)
Net change in unrealized appreciation or
depreciation of investments 8,908,628 3,597,697
------------- -------------
Net increase in net assets from operations 23,196,429 17,943,038
------------- -------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (11,146,945) (11,146,955)
Preferred shareholders (3,544,259) (3,758,988)
From accumulated net realized gains from
investment transactions:
Common shareholders -- --
Preferred shareholders -- --
------------- -------------
Decrease in net assets from distributions
to shareholders (14,691,204) (14,905,943)
------------- -------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued
to shareholders due to reinvestment
of distributions -- --
------------- -------------
Net increase (decrease) in net assets 8,505,225 3,037,095
Net assets at beginning of year 312,553,301 309,516,206
------------- -------------
Net assets at end of year $ 321,058,526 $ 312,553,301
============= =============
Balance of undistributed net investment
income at end of year $ 394,258 $ 474,314
============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
1. General Information and Significant Accounting Policies
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).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of Florida.
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.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service establishes fair market value based on yields or prices of
municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications of value from securities dealers and general market
conditions. Temporary investments in securities that have variable rate and
demand features qualifying them as short-term securities are valued at amortized
cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. Any 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 when-issued and delayed delivery purchase commitments. At
June 30, 1997, Florida Quality Income had such outstanding purchase commitments
of $10,296,729.
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
Each Fund is a separate tax payer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount 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 personal income tax, to retain
such tax-exempt status when distributed to shareholders of the Funds. All income
dividends paid during the fiscal year ended June 30, 1997, have been designated
Exempt Interest Dividends. Net realized capital gain and market discount
distributions are subject to federal taxation.
<PAGE>
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions are distributed to shareholders not less frequently
than annually. Furthermore, capital gains are distributed only to the extent
they exceed available capital loss carryovers.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from generally accepted
accounting principles. Accordingly, temporary over-distributions as a result of
these differences may occur and will be classified as either distributions in
excess of net investment income, distributions in excess of net realized gains
and/or distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in more than one Series. The dividend
rate on each Series may change every seven days, as set by the auction agent.
The number of shares outstanding, by Series and in total, for each Fund is as
follows:
<TABLE>
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<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
===== ===== -----
</TABLE>
Insurance
NFL invests in municipal securities which are either covered by insurance or are
backed by an escrow or trust account containing sufficient U.S. Government or
U.S. Government agency securities, both of which 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 Fund's 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 is effective only while the municipal securities are held by
the Fund. Accordingly, neither the prices used in determining the market value
of the underlying municipal securities nor the net asset value of the Fund's
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.
<PAGE>
Derivative Financial Instruments
The Funds may invest in 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, 1997.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period.
2. Fund Shares
Transactions in Common shares were as follows:
<TABLE>
Insured
Florida Investment Quality Florida Quality Income Florida Premium Income
Year ended Year ended Year ended Year ended Year ended Year ended
6/30/97 6/30/96 6/30/97 6/30/96 6/30/97 6/30/96
<S> <C> <C> <C> <C> <C> <C>
Shares issued to shareholders due
to reinvestment of distributions 80,996 88,474 15,157 7,529 -- --
====== ====== ====== ===== ==== ====
</TABLE>
3. Distributions to Common Shareholders
On July 1, 1997, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid August 1, 1997, to
shareholders of record on July 15, 1997, as follows:
<TABLE>
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<S> <C> <C> <C>
Dividend per share $.0820 $.0770 $.0650
====== ====== ======
</TABLE>
<PAGE>
4. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the fiscal year ended June
30, 1997, were as follows:
<TABLE>
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $15,882,554 $70,948,003 $65,990,472
Temporary municipal investments 21,400,000 25,545,000 52,400,000
SALES AND MATURITIES
Investments in municipal securities 27,522,765 84,878,222 69,775,791
Temporary municipal investments 22,200,000 26,145,000 53,800,000
=========== =========== ===========
</TABLE>
At June 30, 1997, 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, 1997, 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:
<TABLE>
Florida Insured Florida
Quality Income Premium Income
<S> <C> <C>
Expiration year:
2001 $ -- $ 52,596
2002 1,446,996 1,801,048
2003 95,170 555,689
2004 142,676 461,823
2005 -- 261,244
---------- ----------
Total $1,684,842 $3,132,400
========== ==========
</TABLE>
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at June 30, 1997, were as follows:
<TABLE>
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<S> <C> <C> <C>
Gross unrealized:
appreciation $24,852,347 $18,766,061 $10,285,080
depreciation -- -- (114,994)
----------- ----------- -----------
Net unrealized appreciation $24,852,347 $18,766,061 $10,170,086
=========== =========== ============
</TABLE>
<PAGE>
6. Management Fee and Other Transactions with Affiliates
Under the the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, 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
as follows:
<TABLE>
<CAPTION>
Average daily net asset value Management fee
<S> <C>
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
</TABLE>
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.
7. Composition of Net Assets
At June 30, 1997, net assets consisted of:
<TABLE>
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<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 161,936 140,424 142,909
Paid-in surplus 225,629,084 202,103,308 202,669,133
Balance of undistributed net investment income 889,752 556,997 394,258
Accumulated net realized gain (loss) from
investment transactions 303,715 (1,684,842) (3,317,860)
Net unrealized appreciation of investments 24,852,347 18,766,061 10,170,086
------------- ------------- -------------
Net assets $ 361,836,834 $ 324,881,948 $ 321,058,526
============= ============= =============
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
============= ============= =============
</TABLE>
<PAGE>
8. Investment Composition
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At June 30, 1997, the revenue sources by municipal
purpose for these investments, expressed as a percent of total investments, were
as follows:
<TABLE>
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
<S> <C> <C> <C>
Revenue Bonds:
Housing Facilities 18% 15% 9%
Transportation 5 16 18
Water / Sewer Facilities 6 3 18
Health Care Facilities 12 9 9
Electric Utilities 10 3 9
Pollution Control Facilities 3 10 --
Educational Facilities -- 3 --
Other 10 15 19
General Obligation Bonds 7 6 6
Escrowed Bonds 29 20 12
---- ---- ----
100% 100% 100%
==== ==== ====
</TABLE>
Certain long-term and intermediate-term investments owned by the Funds are
either 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 (64% for Florida Investment Quality, 60% for Florida
Quality Income, and 100% for Insured Florida Premium Income). Such insurance or
escrow, however, does not guarantee the market value of the municipal securities
or the value of any of the Funds' shares.
94% of Insured Florida Premium Income's 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.
<PAGE>
Financial Highlights
Selected data for a common share outstanding throughout each period is
as follows:
<TABLE>
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net asset Net realized
value Net and unrealized
beginning investment gain (loss) To Common To Preferred
of period income from investments Shareholders Shareholders+
<S> <C> <C> <C> <C> <C>
Florida
Investment Quality
Year ended 6/30:
1997 $15.25 $1.22 $ .27 $ (.97) $ (.22)
1996 15.45 1.22 (.18) (.99) (.25)
1995 15.11 1.23 .41 (1.00) (.28)
1994 16.03 1.22 (.88) (1.00) (.24)
1993 14.99 1.26 1.03 (1.02) (.22)
Eight months ended
6/30/92 14.49 .85 .47 (.66) (.16)
2/21/91 to
10/31/91 14.05 .67 .57 (.50) (.12)
<CAPTION>
Florida
Quality Income
<S> <C> <C> <C> <C> <C>
Year ended 6/30:
1997 15.26 1.18 .39 (.92) (.25)
1996 15.29 1.18 -- (.93) (.28)
1995 14.69 1.19 .64 (.94) (.29)
1994 15.78 1.19 (1.08) (.96) (.24)
1993 14.57 1.21 1.22 (.97) (.21)
10/17/91 to
6/30/92 14.05 .61 .65 (.46) (.09)
<CAPTION>
Insured Florida
Premium Income
<S> <C> <C> <C> <C> <C>
Year ended 6/30:
1997 14.10 1.02 .61 (.78) (.25)
1996 13.89 1.03 .22 (.78) (.26)
1995 13.09 1.03 .84 (.79) (.28)
1994 14.54 1.03 (1.49) (.81) (.18)
12/17/92 to
6/30/93 14.05 .34 .64 (.26) (.04)
<PAGE>
<CAPTION>
Distributions from
capital gains
Organization and
offering costs and Per common
Preferred share Net asset share
To Common To Preferred underwriting value market value
Shareholders Shareholders+ discounts end of period end of period
<S> <C> <C> <C> <C> <C>
Florida
Investment Quality
Year ended 6/30:
1997 $ -- $ -- $ -- $15.55 $16.8125
1996 -- -- -- 15.25 16.1250
1995 (.02) -- -- 15.45 15.3750
1994 (.02) -- -- 15.11 15.1250
1993 (.01) -- -- 16.03 16.6250
Eight months ended
6/30/92 -- -- -- 14.99 16.0000
2/21/91 to
10/31/91 -- -- (.18) 14.49 15.5000
<CAPTION>
Florida
Quality Income
<S> <C> <C> <C> <C> <C>
Year ended 6/30:
1997 -- -- -- 15.66 16.0000
1996 -- -- -- 15.26 15.0000
1995 -- -- -- 15.29 14.7500
1994 -- -- -- 14.69 14.0000
1993 (.03) (.01) -- 15.78 15.6250
10/17/91 to
6/30/92 -- -- (.19) 14.57 14.6250
<CAPTION>
Insured Florida
Premium Income
<S> <C> <C> <C> <C> <C>
Year ended 6/30:
1997 -- -- -- 14.70 13.9375
1996 -- -- -- 14.10 13.5000
1995 -- -- -- 13.89 12.7500
1994 -- -- -- 13.09 12.8750
12/17/92 to
6/30/93 -- -- (.19) 14.54 14.7500
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of net
Total Ratio of investment
investment Total return Net assets expenses to income to Portfolio
return on on net end of period average average turnover
market value** asset value** (in thousands) net assets++ net assets++ rate
<S> <C> <C> <C> <C> <C> <C>
Florida
Investment Quality
Year ended 6/30:
1997 10.68% 8.56% $361,837 .80% 5.46% 4%
1996 11.60 5.19 355,708 .80 5.47 20
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
Eight months 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>
Florida
Quality Income
<S> <C> <C> <C> <C> <C> <C>
Year ended 6/30:
1997 13.23 8.89 324,882 .81 5.15 22
1996 8.08 5.94 319,015 .82 5.14 19
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>
Insured Florida
Premium Income
Year ended 6/30:
<S> <C> <C> <C> <C> <C> <C>
1997 9.30 10.01 321,059 .81 4.60 21
1996 12.22 7.15 312,553 .81 4.66 26
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.
** 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.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
</FN>
</TABLE>
<PAGE>
Independent Auditor's Report
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, 1997, and the related statements of
operations, changes in net assets and the 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, 1997, by correspondence with the custodian and brokers. 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 position 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, 1997, 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 14, 1997
<PAGE>
Shareholder Information
NUVEEN FAMILY OF MUTUAL FUNDS
Nuveen offers a variety of funds designed to help you reach your financial
goals.
GROWTH AND INCOME FUNDS
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
MUNICIPAL BOND FUNDS
NATIONAL FUNDS
Long-Term
Insured
Intermediate
Limited-Term
STATE FUNDS
Alabama Michigan
Arizona Missouri
California New Jersey
Colorado New Mexico
Connecticut New York
Florida North Carolina
Georgia Ohio
Kansas Pennsylvania
Kentucky South Carolina
Louisiana Tennessee
Maryland Virginia
Massachusetts Wisconsin
To purchase additional shares of your Nuveen Municipal Bond Fund, contact
your financial adviser. If you would like to add to your current investment on a
monthly or semi-annual basis, you can sign up for Nuveen's systematic investing
program, which allows you to invest a fixed dollar amount every month
automatically.
You can also invest automatically through dividend reinvestment. By reinvesting
your fund's dividends back into the fund, you gain the added growth potential of
long-term compounding.
For more information on any of these service options call your adviser, or
Nuveen at (800) 257-8787.
<PAGE>
Fund Information
BOARD OF TRUSTEES
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
LEGAL COUNSEL
Fried, Frank, Harris
Shriver & Jacobson
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
<PAGE>
"At Nuveen, we make reinvesting easy. A phone call is all it takes to set up
your reinvestment account."
(continued from inside front cover)
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.
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 can also 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 financial adviser or call us
toll-free at (800) 257-8787.
<PAGE>
Serving Investors for Generations
Photographic image of John Nuveen, Sr..
Since our founding in 1898, John Nuveen &Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for mature investors whose portfolios are the principal
source of their ongoing financial security. More than 1.3 million investors have
trusted Nuveen to help them maintain the lifestyle they currently enjoy.
A value investing approach - purchasing securities of strong companies and
communities that represent good long-term value - is the cornerstone of Nuveen's
investment philosophy. It is a careful, long-term strategy that offers the
potential for attractive returns with moderated risk. Successful value investing
begins with in-depth research and a discerning eye for marketplace opportunity.
Nuveen's team of investment professionals is backed by the discipline, resources
and expertise of almost a century of investment experience, including one of the
most recognized research departments in the industry.
To meet the unique circumstances and financial planning needs of mature
investors, Nuveen offers a wide array of equity and fixed-income mutual funds,
unit trusts, exchange-traded funds, individual managed account services, and
cash management products, including many that generate tax-free income.
To find out more about how Nuveen investment products and services can help
you preserve your financial security, talk with your financial adviser, or call
us at (800) 257-8787 for more information, including a prospectus where
applicable. Please read that information carefully before you invest.
NUVEEN
John Nuveen &Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
(800) 257-8787
www.nuveen.com
FAN-1-6-97
