NUVEEN Exchange-Traded Funds
DECEMBER 31, 1997
SEMIANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NQF
NUF
NFL
Florida
Photo of: People on Beach
<PAGE>
Contents
1 Dear Shareholder
3 Answering Your Questions
6 NQF Performance Overview
7 NUF Performance Overview
8 NFL Performance Overview
9 Shareholder Meeting Report
12 Financial Section
40 Building Better Portfolios
41 Fund Information
<PAGE>
Dear Shareholder
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Wealth takes a lifetime to build. Once achieved, it should be preserved.
It's a pleasure to report to you on the performance of the Nuveen Florida
Exchange-Traded Funds. Over the past 12 months, the funds have performed well,
rewarding shareholders with dependable tax-free income and attractive returns.
As of December 31, 1997, shareholders were receiving current market yields that
ranged from 5.24% to 5.54%. To match these yields, investors in the 31% federal
income tax bracket would have had to earn at least 7.59% on taxable
alternatives. Dividend stability continues to be a hallmark of the Nuveen
exchange-traded funds, as the dividends for the three funds in this report were
declared a total of 36 times over the past year with only one minor adjustment.
For the 12 months ended December 31, 1997, the total return on net asset value
for these funds ranged from 8.01% to 11.40%, providing taxable-equivalent
returns of 10.92% to 13.85% for investors in the 31% federal tax bracket. For
shareholders in higher tax brackets, the tax-adjusted returns were even more
attractive. You will find additional details on the individual performance of
each fund on pages 6-8.
THE YEAR IN REVIEW
Over the past year, American investors have benefited from robust economic
growth with little evidence of inflationary pressures. As unemployment rates hit
20-year lows and the current economic expansion entered its seventh year, benign
inflation sparked debate over whether the traditional link between growth and
inflation has been broken. However, continued concern that excess growth would
generate higher inflation disrupted the markets on several occasions. Still,
improvements in productivity kept producer prices in check, while low import
prices - due in part to weak Asian markets - limited U.S. companies' ability to
raise consumer prices. This combination has kept inflation subdued and the Fed
"on hold" since its last interest rate tightening in March 1997. Long-term
fixed-income investors are finding additional encouragement in the shrinking
federal deficit and passage of the Taxpayer Relief Act of 1997.
<PAGE>
HELPING YOU BUILD A BETTER PORTFOLIO
The events of 1997 focused renewed attention on the need for diversification and
appropriate asset allocation. While stocks played an important role in helping
investors achieve growth, volatility in the equity markets provided a vivid
illustration of the steadying effect that fixed-income investments can add to a
well-constructed investment portfolio. Nuveen exchange-traded funds provide an
excellent balance to other equity and bond investments, and their current
after-tax yields make them very attractive.
You already know that you can rely on Nuveen to provide the tax-efficient,
risk-resistant investments you need to achieve your financial goals. Your
financial adviser can also introduce you to a number of other Nuveen products
and services designed to round out your portfolio of core investments, including
the Nuveen Rittenhouse Growth Fund, which was introduced in January. This new
fund invests in blue chip companies with a history of consistent earnings and
growth - providing a tax-efficient way for investors to build and sustain
wealth. We encourage you to talk to your financial adviser to see if the Nuveen
Rittenhouse Growth Fund - or another of our equity, balanced and fixed-income
investments - may be right for you.
We at Nuveen remain committed to providing you with quality investment solutions
that withstand the test of time. We thank you for your confidence in us and our
family of investments, and we look forward to our next report to you.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
February 17, 1998
"Over the past 12 months, the funds have performed well, rewarding shareholders
with dependable tax-free income and attractive returns."
<PAGE>
Answering Your Questions
Photo of: Ted Neild
TED NEILD, MANAGING DIRECTOR OF NUVEEN'S PORTFOLIO MANAGEMENT TEAM, TALKS ABOUT
THE MUNICIPAL BOND MARKET AND OFFERS INSIGHTS INTO FACTORS THAT AFFECTED THE
PERFORMANCE OF THE FLORIDA FUNDS OVER THE PAST YEAR.
WHAT ECONOMIC AND MARKET FACTORS INFLUENCED THE PERFORMANCE OF MUNICIPAL BONDS
OVER THE PAST YEAR?
In 1997, three major factors influenced the performance of the municipal bond
market: the continued strength of the U.S. economy, minimal inflation, and
volatility in the equity markets, including turmoil in Asia. These factors
contributed to a positive environment for fixed-income investments, including
municipal issues. Between December 31, 1996, and December 31, 1997, the yield on
30-year Treasury bonds dropped from 6.64% to 5.92%, and the municipal market
followed suit, as the yield on the Bond Buyer 40 declined from 5.72% to 5.26%.
The spread between tax-free municipal bonds and taxable Treasury bonds remained
tight, making municipal bonds very attractive. Municipal prices ended 1997 at
historical highs, with the Bond Buyer 25 Revenue Index reaching 5.40% - its
lowest reading ever.
OTHER FACTORS THAT AFFECTED MUNICIPAL INVESTMENTS OVER THE PAST YEAR INCLUDED:
o Historically tight credit spreads that enabled investors to purchase high
quality bonds at yields similar to those of bonds with lower credit ratings.
o An increased supply of municipal bonds, fueled by the robust economy, low
inflation, and expanding infrastructure demands due to continued population
growth in the Southeast and West. Municipal supply volume rose 19% in 1997,
reaching its highest level since 1993.
o Active demand from insurance companies, mutual funds, and other institutional
investors.
o Credit rating upgrades for several states, including Florida.
<PAGE>
HOW HAVE THE FUNDS PERFORMED DURING THIS PERIOD?
As Tim mentioned in his letter to shareholders, the total return on net
asset value for these funds ranged from 8.01% to 11.40% for the 12 months ended
December 31, 1997. This compares with the one-year return of 9.19% for the
Lehman Brothers Municipal Bond Index (the benchmark for NQF and NUF) and 9.58%
for the Lehman Insured Municipal Bond Index (the benchmark for NFL).
The performance of the funds is noteworthy in view of the fact that they were
originally constructed in a higher interest rate environment. This means that a
large number of bonds in the portfolio are currently valued at substantial
premiums. These bonds offer the benefit of additional price stability in
volatile markets, but their upside potential during market rallies can be
limited.
HOW DOES LEVERAGE IMPACT THE FUNDS' DIVIDENDS?
All of the funds in this report use leverage as an additional way to enhance
income for common shareholders. With leverage, the fund issues short-term
preferred shares, which is similar to borrowing money at short-term rates. We
then invest the proceeds in long-term bonds, which normally pay higher rates.
The extra income realized from the difference in rates boosts the dividends for
common shareholders. This strategy works best in an environment of steady or
declining interest rates. When short-term interest rates undergo a sudden or
prolonged rise, preferred shareholders of leveraged funds receive higher
dividends, and less income is available for common shareholders.
IN THE CURRENT MUNICIPAL MARKET, HOW DID YOU ADD VALUE TO THE PORTFOLIOS?
Early in 1997, our strategies included purchasing deep discount bonds, which
were then out of favor with the market. These bonds can enhance the potential
for price appreciation, extend duration, and provide additional income stability
if interest rates continue to decline. We then moved to take advantage of
tightening credit spreads by buying high-quality bonds and selling lower-rated
bonds when the price was right. When beneficial to the funds, we also optimized
tax consequences by taking gains that could be offset by earlier losses.
"By identifying individual bonds that are exceptionally attractive relative to
other bonds in the market, we believe the portfolios will be positioned to
deliver above-market performance."
<PAGE>
WHAT ARE YOUR KEY STRATEGIES FOR THE COMING YEAR?
Over the next 12 months, our emphasis will be on lower volatility and dividend
stability. We also plan to take advantage of opportunities to sell the
non-callable bonds and lower-quality bonds in our portfolios at favorable
prices. In addition, we will continue to look for ways to maximize the tax
efficiency of the funds.
In general, we will continue to monitor the bond market for changes that might
offer opportunities to enhance quality, yield and the potential for price
appreciation. As always, we rely on the outstanding resources of the Nuveen
Research Department to support these surveillance efforts and the
research-intensive bond buying in which Nuveen excels. By identifying individual
bonds that are exceptionally attractive relative to other bonds in the market,
we believe the portfolios will be positioned to deliver above-market
performance.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN 1998?
Looking at the year ahead, we believe the economy may finally begin to slow
down, with growth constrained by weaker U.S. exports, high consumer debt, and
lack of expansion in the labor force. A key variable involves productivity and
its ability to continue to improve at the current pace. A number of factors
indicate that municipal bonds will continue to sustain strong demand, including
the attractiveness of municipal yields relative to Treasury bond yields; a
domestic stock market characterized by high price-to-earnings ratios and
continued volatility; and, weakness in overseas economies.
"Looking at the year ahead, we believe the economy may finally begin to slow
down, with growth constrained by weaker U.S. exports, high consumer debt, and
lack of expansion in the labor force."
<PAGE>
Nuveen Florida Investment Quality Municipal Fund
Performance Overview
As of December 31, 1997
NQF
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 2/91
- ---------------------------------------------
Share Price 17 3/4
- ---------------------------------------------
Net Asset Value $15.77
- ---------------------------------------------
Current Market Yield 5.54%
- ---------------------------------------------
Taxable Equivalent Yield(1) 8.03%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $366,014
- ---------------------------------------------
Average Weighted Maturity (Years) 19.98
- ---------------------------------------------
Average Weighted Duration (Years) 4.49
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 8.01%
- ---------------------------------------------
3-Year 9.65%
- ---------------------------------------------
5-Year 7.44%
- ---------------------------------------------
Since Inception 8.43%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 10.92%
- ---------------------------------------------
3-Year 12.61%
- ---------------------------------------------
5-Year 10.40%
- ---------------------------------------------
Since Inception 11.37%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. It is
based on the current market yield and a federal income tax rate of 31%.
2 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 return of the Nuveen fund on an after-tax basis.
3 The fund paid shareholders a capital gains distribution in December of $0.0750
per share.
Pie Charts:
Credit Quality
BBB/NR 7%
A 2%
AA 18%
AAA/Pre-refunded 73%
Diversification
Utilities 9%
Other 8%
Transportation 9%
General Obligations 6%
Health Care 11%
Water and Sewer 5%
Housing 18%
Pollution Control 3%
Escrowed Bonds 31%
Bar Chart:
Dividend History(3)
1/97 0.0805
2/97 0.0820
3/97 0.0820
4/97 0.0820
5/97 0.0820
6/97 0.0820
7/97 0.0820
8/97 0.0820
9/97 0.0820
10/97 0.0820
11/97 0.0820
12/97 0.0820
<PAGE>
Nuveen Florida Quality Income Municipal Fund
Performance Overview
As of December 31, 1997
NUF
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 10/91
- ---------------------------------------------
Share Price 16 3/4
- ---------------------------------------------
Net Asset Value $16.04
- ---------------------------------------------
Current Market Yield 5.52%
- ---------------------------------------------
Taxable Equivalent Yield(1) 8.00%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $330,741
- ---------------------------------------------
Average Weighted Maturity (Years) 21.44
- ---------------------------------------------
Average Weighted Duration (Years) 4.66
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 8.61%
- ---------------------------------------------
3-Year 10.86%
- ---------------------------------------------
5-Year 7.86%
- ---------------------------------------------
Since Inception 8.44%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 11.33%
- ---------------------------------------------
3-Year 13.68%
- ---------------------------------------------
5-Year 10.71%
- ---------------------------------------------
Since Inception 11.22%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. It is
based on the current market yield and a federal income tax rate of 31%.
2 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 return of the Nuveen fund on an after-tax basis.
Pie Charts:
BBB/NR 4%
A 6%
AA 19%
AAA/Pre-refunded 71%
Diversification
Other 8%
Health Care 9%
General Obligation 7%
Pollution Control 10%
Education 3%
Housing 15%
Water and Sewer 3%
Transportation 17%
Utilities 3%
Escrowed Bonds 25%
Bar Chart:
Dividend History
1/97 0.0770
2/97 0.0770
3/97 0.0770
4/97 0.0770
5/97 0.0770
6/97 0.0770
7/97 0.0770
8/97 0.0770
9/97 0.0770
10/97 0.0770
11/97 0.0770
12/97 0.0770
<PAGE>
Nuveen Insured Florida Premium Income Municipal Fund
Performance Overview
As of December 31, 1997
NFL
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 10/92
- ---------------------------------------------
Share Price 14 7/8
- ---------------------------------------------
Net Asset Value $15.48
- ---------------------------------------------
Current Market Yield 5.24%
- ---------------------------------------------
Taxable Equivalent Yield(1) 7.59%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $332,178
- ---------------------------------------------
Average Weighted Maturity (Years) 18.75
- ---------------------------------------------
Average Weighted Duration (Years) 6.80
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 11.40%
- ---------------------------------------------
3-Year 13.89%
- ---------------------------------------------
5-Year 7.62%
- ---------------------------------------------
Since Inception 7.59%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 13.85%
- ---------------------------------------------
3-Year 16.47%
- ---------------------------------------------
5-Year 10.11%
- ---------------------------------------------
Since Inception 10.08%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. It is
based on the current market yield and a federal income tax rate of 31%.
2 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 return of the Nuveen fund on an after-tax basis.
3 The fund paid shareholders a capital gains distribution in December of $0.0047
per share.
Pie Charts:
Escrowed 11%
Insured 89%
Diversification
Housing 10%
Escrowed Bonds 11%
Health Care 9%
Other 17%
Utilities 8%
Water and Sewer 18%
General Obligation 7%
Transportation 20%
Dividend History(3)
1/97 0.0650
2/97 0.0650
3/97 0.0650
4/97 0.0650
5/97 0.0650
6/97 0.0650
7/97 0.0650
8/97 0.0650
9/97 0.0650
10/97 0.0650
11/97 0.0650
12/97 0.0650
<PAGE>
<TABLE>
Shareholder Meeting Report
Annual Meeting Date: December 31, 1997
<CAPTION>
FLORIDA INVESTMENT QUALITY
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred
Common Shares Shares
Shares Series-T Series-F
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 14,902,554 1,980 2,072
Withhold 88,809 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total 14,991,363 1,997 2,080
LAWRENCE H. BROWN
For 14,903,098 1,980 2,072
Withhold 88,266 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total 14,991,364 1,997 2,080
ANTHONY T. DEAN
For 14,903,098 1,980 2,072
Withhold 88,266 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total 14,991,364 1,997 2,080
ANNE E. IMPELLIZZERI
For 14,891,648 1,980 2,072
Withhold 99,716 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total 14,991,364 1,997 2,080
PETER R. SAWERS
For 14,902,848 1,980 2,072
Withhold 88,516 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total 14,991,364 1,997 2,080
JUDITH M. STOCKDALE
For 14,893,127 1,980 2,072
Withhold 98,237 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total 14,991,364 1,997 2,080
WILLIAM J. SCHNEIDER
For -- 1,980 2,072
Withhold -- 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 1,997 2,080
TIMOTHY R. SCHWERTFEGER
For -- 1,980 2,072
Withhold -- 17 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 1,997 2,080
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 14,869,333 1,997 2,061
Against 39,243 -- 7
Abstain 82,788 -- 12
- ---------------------------------------------------------------------------------------------------------------------
Total 14,991,364 1,997 2,080
</TABLE>
<PAGE>
<TABLE>
Shareholder Meeting Report
Annual Meeting Date: December 31, 1997
<CAPTION>
FLORIDA QUALITY INCOME
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred
Common Shares Shares Shares
Shares Series-M Series-Th Series-F
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 13,012,411 1,491 1,536 786
Withhold 78,862 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total 13,091,273 1,499 1,536 792
LAWRENCE H. BROWN
For 13,013,389 1,491 1,536 786
Withhold 77,884 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total 13,091,273 1,499 1,536 792
ANTHONY T. DEAN
For 13,014,970 1,491 1,536 786
Withhold 76,303 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total 13,091,273 1,499 1,536 792
ANNE E. IMPELLIZZERI
For 13,004,009 1,491 1,536 786
Withhold 87,264 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total 13,091,273 1,499 1,536 792
PETER R. SAWERS
For 13,013,389 1,491 1,536 786
Withhold 77,884 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total 13,091,273 1,499 1,536 792
JUDITH M. STOCKDALE
For 12,997,116 1,491 1,536 786
Withhold 94,157 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total 13,091,273 1,499 1,536 792
WILLIAM J. SCHNEIDER
For -- 1,491 1,536 786
Withhold -- 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total -- 1,499 1,536 792
TIMOTHY R. SCHWERTFEGER
For -- 1,491 1,536 786
Withhold -- 8 -- 6
- ---------------------------------------------------------------------------------------------------------------------
Total -- 1,499 1,536 792
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 12,995,497 1,495 1,536 792
Against 31,948 3 -- --
Abstain 103,828 1 -- --
- ---------------------------------------------------------------------------------------------------------------------
Total 13,091,273 1,499 1,536 792
</TABLE>
<PAGE>
<TABLE>
- ---------------------------------------------------------------------------------------------------------------------
<CAPTION>
INSURED FLORIDA PREMIUM
Preferred Preferred
Common Shares Shares
Shares Series-W Series-Th
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 13,049,669 1,608 2,621
Withhold 101,695 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total 13,151,364 1,614 2,645
LAWRENCE H. BROWN
For 13,051,306 1,608 2,621
Withhold 100,058 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total 13,151,364 1,614 2,645
ANTHONY T. DEAN
For 13,051,306 1,608 2,621
Withhold 100,058 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total 13,151,364 1,614 2,645
ANNE E. IMPELLIZZERI
For 13,035,820 1,608 2,621
Withhold 115,544 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total 13,151,364 1,614 2,645
PETER R. SAWERS
For 13,051,306 1,608 2,621
Withhold 100,058 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total 13,151,364 1,614 2,645
JUDITH M. STOCKDALE
For 13,023,245 1,608 2,621
Withhold 128,119 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total 13,151,364 1,614 2,645
WILLIAM J. SCHNEIDER
For -- 1,608 2,621
Withhold -- 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total -- 1,614 2,645
TIMOTHY R. SCHWERTFEGER
For -- 1,608 2,621
Withhold -- 6 24
- ---------------------------------------------------------------------------------------------------------------------
Total -- 1,614 2,645
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 13,008,899 1,602 2,622
Against 45,001 6 1
Abstain 97,464 6 22
- ---------------------------------------------------------------------------------------------------------------------
Total 13,151,364 1,614 2,645
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN FLORIDA INVESTMENT
QUALITY MUNICIPAL FUND (NQF)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED BONDS - 30.2%
$10,165,000 Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds, Series 1991,
6.750%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 101 Aaa $11,180,280
7,475,000 Certificates of Participation, Series 1991A, The School Board of Broward County, Florida,
6.500%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 8,198,281
11,000,000 Charlotte County, Florida, Utility System Revenue Bonds, Series 1991,
7.000%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 12,308,890
7,345,000 Collier County Water-Sewer District (Florida), Water and Sewer Revenue Bonds,
Series 1991, 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,765,354
6,750,000 The School District of Dade County, Florida, General Obligation School Bonds,
Series 1989, 7.375%, 7/01/08 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,221,623
7,225,000 Dade County Special Obligation & Refunding Bonds, Series 1996B,
0.000%, 10/01/20 (Pre-refunded to 10/01/08) 10/08 at 48 13/16 Aaa 2,149,149
950,000 City of Fort Myers, Florida, Improvement Revenue Bonds (Special Assessment
Geographical Area No. 24 Improvements), Series 1991A, 7.100%, 7/01/06
(Pre-refunded to 7/01/03) 7/03 at 100 BBB-*** 1,080,806
3,530,000 Halifax Hospital Medical Center (Daytona Beach, Florida), Hospital Revenue Refunding
Bonds, 1991 Series A, 6.750%, 10/01/06 (Pre-refunded to 10/01/01)10/01 at 102 Aaa 3,914,417
1,870,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue
Refunding Bonds, 1991 Series A, 6.900%, 10/01/11
(Pre-refunded to 10/01/99) 10/99 at 102 Aaa 1,999,647
11,000,000 Jacksonville Health Facilities Authority, Health Facilities 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) 11/00 at 102 Aaa 12,209,560
4,500,000 Orange County, Florida, Tourist Development Tax Refunding Revenue Bonds,
Series 1992A, 6.000%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 100 Aaa 4,857,255
10,985,000 Palm Beach County Health Facilities Authority, Hospital Revenue Refunding Bonds, Series
1988 (JFK Medical Center, Inc. Projects), 8.875%, 12/01/18
(Pre-refunded to 12/01/98) 12/98 at 102 N/R*** 11,695,071
5,000,000 St. Lucia County, Florida, Utility System Revenue Bonds, Series 1990, 7.125%, 10/01/17
(Pre-refunded to 10/01/00) 10/00 at 102 Aaa 5,495,100
1,000,000 City of Tampa, Florida, Allegany Health System, St. Joseph Hospital, 7.375%, 12/01/23
(Pre-refunded to 12/01/99) 12/99 at 102 Aaa 1,081,430
4,500,000 City of Tampa, Florida, Revenue Bonds (The Florida Aquarium Project), Series 1992,
7.750%, 5/01/27 (Pre-refunded to 5/01/02) 5/02 at 102 N/R*** 5,180,760
3,950,000 Tampa Water and Sewer Systems, 6.600%, 10/01/14
(Pre-refunded to 10/01/02) 10/02 at 101 Aaa 4,397,298
2,900,000 City of Tampa, Florida, Water and Sewer Systems Revenue Bonds, Series 1992,
6.000%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 101 Aaa 3,154,098
475,000 County of Volusia, Florida, Airport System Revenue Bonds, Series 1991 (Daytona Beach
Regional Airport), 7.000%, 10/01/21 (Alternative Minimum Tax) (Pre-refunded
to 10/01/00) 10/00 at 102 Aaa 519,588
5,650,000 Certificates of Participation (School Board of Volusia County, Florida Master Lease
Program), Series 1991, 6.750%, 8/01/11 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 6,252,686
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS - 5.5%
$ 6,955,000 State of Florida, Full Faith and Credit, State Board of Education, Public Education Capital
Outlay Bonds, 1993 Series F, 6.000%, 6/01/20 6/05 at 101 AA+ $ 7,432,669
2,810,000 Broward County, Florida, Public Improvement Refunding Bonds, Series 1986,
12.500%, 1/01/04 No Opt. Call AA 4,003,463
3,700,000 Dade County, Florida, Public Improvement Refunding Bonds, Series 1986,
12.000%, 10/01/98 No Opt .Call Aaa 3,923,369
4,410,000 Dade County, Florida Public Improvement Bonds (Series H), General Obligation Bonds,
6.700%, 6/01/02 No Opt. Call Aaa 4,871,154
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 11.0%
3,000,000 The Cape Canaveral Hospital District, Improvement Revenue Certificates, Series 1991
6.875%, 1/01/21 1/01 at 102 Aaa 3,256,560
7,000,000 Escambia County Health Facilities Authority, Health Facilities Revenue Refunding Bonds
(Baptist Hospital, Inc), Series 1988 A, 8.700%, 10/01/14 10/98 at 102 BBB+ 7,363,370
11,000,000 Jacksonville Health Facilities Authority, Hospital Facilities Refunding Revenue Bonds, Series
1991 (St.Luke's Hospital Association Project), 7.125%, 11/15/20 11/01 at 102 AA+ 12,187,560
7,925,000 Adventist Health System/Sunbelt, Inc., Orange County Health Facilities Authority, Hospital
Revenue Bonds, Series 1991-B, 6.750%, 11/15/21 11/01 at 102 Aaa 8,705,850
4,250,000 St. Johns County Industrial Development Authority, Hospital Revenue Bonds (Flagler
Hospital Project), Series 1992, 6.000%, 8/01/22 8/02 at 102 A2 4,396,625
4,000,000 City of St. Petersburg Health Facilities Authority (Florida), Revenue Bonds, Series 1985 A
(Allegany Health System Loan Program), 7.000%, 12/01/15 12/01 at 102 Aaa 4,433,120
- ----------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 17.9%
10,675,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, 1995 Series 2
(Refunding/New Money Issue), 6.200%, 7/01/27
(Alternative Minimum Tax) 1/06 at 102 AA 11,252,304
2,250,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 2
(New Money and Refunding Issue), 6.350%, 7/01/28
(Alternative Minimum Tax) 1/07 at 102 AA 2,406,285
4,000,000 Florida Housing Finance Agency, Multi-Family Housing Revenue Refunding Bonds, 1991
Series C, 6.200%, 8/01/16 8/06 at 102 AAA 4,281,840
2,500,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1996 Series K-1 (Mariner Club
Apartments Project), 6.375%, 9/01/36 (Alternative Minimum Tax) 9/06 at 102 Aaa 2,680,775
3,085,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, 1997 Series 2,
5.900%, 7/01/29 (Alternative Minimum Tax) 7/07 at 102 Aaa 3,205,161
2,000,000 Florida Housing Finance Agency, General Mortgage Revenue Refunding Bonds, 1992
Series A, 6.400%, 6/01/24 6/02 at 103 AAA 2,118,280
6,845,000 Brevard County Housing Finance Authority, Single Family Mortgage Revenue Refunding
Bonds, Series 1991C, 7.000%, 9/01/23 3/01 at 102 Aaa 7,279,178
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
$ 5,075,000 Housing Finance Authority of Broward County, Florida, GNMA and FNMA Collateralized Home
Mortgage Revenue Bonds, 1991 Series A, 7.350%, 3/01/23
(Alternative Minimum Tax) 3/01 at 102 AAA $ 5,388,229
1,400,000 Housing Finance Authority of Clay, County, Florida, Single Family Mortgage Revenue Bonds,
Series 1997 (Multi-County Program), 5.950%, 10/01/19
(Alternative Minimum Tax) 4/07 at 102 Aaa 1,465,352
1,435,000 Housing Finance Authority of Dade County (Florida), Single Family Mortgage Revenue Bonds,
1990 Series C, 7.750%, 9/01/22 (Alternative Minimum Tax) 9/00 at 102 Aaa 1,516,365
765,000 Housing Finance Authority of Dade County (Florida), Single Family Mortgage Revenue Bonds,
Series B, 7.250%, 9/01/23 (Alternative Minimum Tax) 3/01 at 102 Aaa 809,125
390,000 Housing Finance Authority of Dade County (Florida), Single Family Mortgage Revenue Bonds,
Series 1995, 6.550%, 10/01/27 (Alternative MInimum Tax) 4/05 at 102 AAA 409,843
3,515,000 Housing Finance Authority of Leon County (Florida), Single Family Mortgage Revenue Bonds,
1991 Series A (Multi-County Program), 7.300%, 4/01/21
(Alternative Minimum Tax) 4/01 at 102 Aaa 3,713,141
3,130,000 Housing Finance Authority of Manatee County, Florida, Single Family Mortgage Revenue
Bonds, Series 1994-Sub Series 3, 7.600% 11/01/26
(Alternative Minimum Tax) 11/05 at 105 Aaa 3,519,685
1,905,000 Housing Finance Authority of Manatee County, Florida, Single Family Mortgage Revenue
Bonds, Series 1996-Sub Series 1, 7.450%, 5/01/27
(Alternative Minimum Tax) 5/06 at 105 Aaa 2,166,309
Orange County Housing Finance Authority, GNMA Collateralized
Mortgage Bonds, 1991 Series A:
3,355,000 7.250%, 9/01/11 (Alternative Minimum Tax) 3/01 at 103 AAA 3,572,471
8,810,000 7.375%, 9/01/24 (Alternative Minimum Tax) 3/01 at 103 AAA 9,378,069
- ----------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 1.8%
5,000,000 The County of Hernando, Florida (Criminal Justice Complex Financing Program), 1986 Series,
7.650%, 7/01/16 No Opt. Call Aaa 6,622,800
- ----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 5.7%
2,395,000 Dade County, Florida, Special Obligation Bonds (Courthouse Center Project), Series 1994,
6.300%, 4/01/14 4/04 at 102 A3 2,630,596
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 7,175,090
4,750,000 7.000%, 10/01/06 (Alternative Minimum Tax) 10/01 at 102 Aaa 5,243,335
1,400,000 City of Pembroke Pines, Florida, Capital Improvement Revenue Bonds, Series 1995,
6.000%, 10/01/25 10/04 at 102 Aaa 1,518,636
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 1,385,863
2,585,000 5.750%, 10/01/25 No Opt. Call Aaa 2,887,833
- ----------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 3.1%
10,620,000 Martin County, Florida, Pollution Control Revenue Refunding Bonds (Florida Power and Light
Company Project), Series 1990, 7.300%, 7/01/20 7/00 at 102 Aaa 11,511,018
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - 8.9%
$4,800,000 Dade County, Florida, Aviation Revenue Bonds (Series U), 6.750%, 10/01/06 (Alternative
Minimum Tax) 10/98 at 102 Aa3 $ 4,997,424
1,500,000 Dade County, Florida, Aviation Bonds, Series 1996A, 5.750%, 10/01/26 (Alternative
Minimum Tax) 10/06 at 102 Aaa 1,568,415
Greater Orlando Aviation Authority, Airport Facilities Revenue
Bonds, City of Orlando, Florida, Series 1997:
4,700,000 5.750%, 10/01/09 (Alternative Minimum Tax) No Opt. Call Aaa 5,174,794
1,990,000 5.750%, 10/01/10 (Alternative Minimum Tax) No Opt. Call Aaa 2,187,527
2,500,000 5.750%, 10/01/11 (Alternative Minimum Tax) No Opt. Call Aaa 2,738,175
4,780,000 Hillsborough County Aviation Authority, Florida Tampa International Airport Revenue Refunding
Bonds, Series 1997 A, Series 1997 B, 5.750%, 10/01/06
(Alternative Minimum Tax) No Opt. Call Aaa 5,202,456
2,130,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue
Refunding Bonds, 1991 Series A, 6.900%, 10/01/11 10/99 at 102 Aaa 2,268,109
3,500,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Bonds,
Series 1996B, 5.875%, 10/01/23 10/06 at 102 Aaa 3,764,040
2,590,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Bonds,
1996 Series A, 6.000%, 10/01/23 (Alternative Minimum Tax) 10/06 at 102 Aaa 2,783,059
1,425,000 County of Volusia, Florida, Airport System Revenue Bonds, Series 1991 (Daytona Beach
Regional Airport), 7.000%, 10/01/21 (Alternative Minimum Tax) 10/00 at 102 Aaa 1,540,112
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.3%
2,000,000 City of Green Cove Springs, Florida, Utilities Refunding Revenue Bonds, Series 1991,
6.750%, 10/01/10 10/01 at 102 Aaa 2,196,100
10,000,000 Jacksonville Electric Authority (Jacksonville, Florida), St. Johns River Power Park System
Special Obligation Bonds, First Crossover Series, 6.000%, 10/01/1510/99 at 100 Aa1 10,259,100
4,250,000 City of Lakeland, Florida, Electric and Water Revenue Bonds (Junior Subordinate Lien),
Refunding and Improvement Series 1996B, 6.000%, 10/01/11 No Opt. Call Aaa 4,834,673
7,460,000 Orlando Utilities Commission, Water and Electric Subordinated Revenue Bonds, Series
1989D, 5.000%, 10/01/23 10/99 at 100 Aa2 7,197,706
5,250,000 Orlando Utilities Commission, Water and Electric Revenue Refunding Bonds, Series 1992,
6.000%, 10/01/10 No Opt. Call Aa1 5,925,518
- ----------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 5.3%
835,000 Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds, Series 1991,
6.750%, 9/01/21 9/01 at 101 Aaa 908,422
4,155,000 Collier County Water-Sewer District (Florida), Water and Sewer Revenue Bonds,
Series 1991, 6.500%, 7/01/21 7/99 at 102 Aaa 4,368,733
6,000,000 Village of Royal Palm Beach, Florida, Utility System Revenue Refunding Bonds
Series 1991, 6.875%, 10/15/15 10/01 at 102 Aaa 6,618,720
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - CONTINUED
$5,250,000 Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement
Bonds, Series 1992, 6.000%, 10/01/19 No Opt. Call Aaa $ 5,988,570
1,450,000 City of Tampa, Florida, Water and Sewer Systems Revenue Bonds, Series 1992,
6.000%, 10/01/17 10/02 at 101 Aaa 1,549,220
- ----------------------------------------------------------------------------------------------------------------------
$333,520,000 Total Investments - (cost $328,708,596) - 97.7% 357,443,489
============----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 8,570,941
- ----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $366,014,430
======================================================================================================================
<FN>
*Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
**Ratings: Using the higher of Standard & Poor's or Moody's rating.
***Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R - Investment is not rated.
</FN>
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN FLORIDA QUALITY
INCOME MUNICIPAL FUND (NUF)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 2.6%
Brevard County Educational Facilities Authority (Florida),
Educational Facilities Refunding and Improvement Revenue Bonds,
Series 1992:
$ 3,115,000 6.750%, 11/01/07 11/02 at 102 BBB $ 3,457,775
4,790,000 6.875%, 11/01/22 11/02 at 102 BBB 5,145,801
- ----------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 23.8%
2,750,000 State Board of Education of Florida, Public Education Capital Outlay Bonds, Series 1991-C,
6.625%, 6/01/22 (Pre-refunded to 6/01/02) 6/02 at 101 Aaa 3,048,210
1,000,000 State of Florida, Full Faith and Credit, Pollution Control Bonds, Series Y, Division of Bond
Finance of the Department of General Services, 6.600%, 7/01/17
(Pre-refunded to 7/01/02) 7/02 at 101 AA+*** 1,106,860
1,500,000 Bradford County Health, Facilities Authority, Health Facilities Revenue Refunding Bonds,
Series 1993 (Santa Fe HealthCare Facilities Project),
6.050%, 11/15/16 No Opt. Call AAA 1,634,940
` 3,490,000 Charlotte County, Florida, Utility System Revenue Bonds, Series 1991, 6.875%, 10/01/21
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,890,233
3,910,000 Collier County Water--Sewer District (Florida), Water and Sewer Revenue Bonds, Series
1991, 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 4,133,769
7,000,000 Dade County Health Facilities Authority, Hospital Revenue Refunding Bonds, Series 1992
(North Shore Medical Center Project), 6.500%, 8/15/15
(Pre-refunded to 8/15/02) 8/02 at 102 Aaa 7,792,330
2,205,000 City of Dunedin (Florida) Hospital Revenue Bonds Series 1991 (Mease Health Care),
6.750%, 11/15/21 (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 2,451,056
1,000,000 Hillsborough County, Florida, Capital Improvement, Non-Ad Valorem Revenue Bonds
(Museum of Science and Industry Project), Series 1992, 6.450%, 1/01/22
(Pre-refunded to 1/01/00) 1/00 at 102 A*** 1,065,420
4,750,000 City of Hollywood, Florida, Water and Sewer Revenue Bonds, Series 1991,
6.875%, 10/01/21 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 5,294,730
4,625,000 Jacksonville Electric Authority (Jacksonville, Florida), Bulk Power Supply System
Revenue Bonds (Scherer 4 Project, Issue One, Series 1991A), 6.750%, 10/01/21
(Pre-refunded to 10/01/00) 10/00 at 101 1/2 Aaa 5,017,478
2,750,000 Kissimmee Utility Authority (Florida), Electric System Improvement and Refunding Revenue
Bonds, Series 1991, 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,029,840
2,500,000 City of Leesburg, Florida, Capital Improvement Hospital Revenue Bonds
(Leesburg Regional Medical Center Project) Series 1991A, 7.500%, 7/01/21
(Pre-refunded to 7/01/02) 7/02 at 102 A-*** 2,879,350
Orange County, Florida, Tourist Development Tax Refunding Revenue Bonds, Series 1992A:
3,000,000 6.500%, 10/01/19 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,351,600
7,490,000 6.000%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 100 Aaa 8,084,631
5,975,000 Orlando (Florida), Utilities Commission, Water, and Electric Subordinated Revenue Bonds,
Series 1991A, 6.500%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 6,583,016
11,000,000 Reedy Creek Improvement District (Florida), (Located in Orange and Osceola Counties),
Utilities Revenue Bonds, Series 1991-1, 6.500%, 10/01/16
(Pre-refunded to 10/01/01) 10/01 at 101 Aaa 12,024,650
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED BONDS - CONTINUED
$2,300,000 Sarasota County, Florida, Utility System Revenue Bonds, Series 1994, 6.500%, 10/01/22
(Pre-refunded to 10/01/04) 10/04 at 102 Aaa $ 2,636,375
1,000,000 City of Stuart, Florida, Public Utilities, Revenue Improvement Bonds, Series 1994,
6.800%, 10/01/24 (Pre-refunded to 10/01/03) 10/03 at 100 Aaa 1,131,780
3,000,000 City of Tampa, Florida, Revenue Bonds (The Florida Aquarium Project), Series 1992,
7.750%, 5/01/27 (Pre-refunded to 5/01/02) 5/02 at 102 N/R*** 3,453,840
- ----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 7.2%
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+ 3,563,399
5,000,000 6.000%, 6/01/25 6/00 at 100 AA+ 5,166,250
2,150,000 Alachua County Library District, Florida, General Obligation Refunding Bonds, Series 1991,
6.600%, 8/01/10 8/01 at 102 Aaa 2,343,414
4,525,000 Dade County, Florida, Public Improvement Bonds (Series I) (General Obligation Bonds),
6.900%, 7/01/02 No Opt. Call Aaa 5,042,796
7,350,000 City of Fort Lauderdale, Florida, General Obligation Refunding Bonds, Series 1992,
6.300%, 7/01/07 1/99 at 101 AA 7,559,034
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 8.8%
1,000,000 Alachua County Health Facilities Authority (Florida), Health Facilities Revenue Bonds, Series
1992R (Shands Hospital at the University of Florida Project),
5.750%, 12/01/15 12/02 at 100 Aaa 1,041,170
10,395,000 City of Jacksonville, Florida, Hospital Revenue Bonds, Series 1992 (University Medical
Center, Inc. Project), 6.600%, 2/01/21 2/02 at 102 AAA 11,361,631
1,500,000 City of Leesburg, Florida, Hospital Revenue Refunding Bonds (Leesburg Regional Medical
Center Project), Series 1993A, 6.250%, 7/01/09 7/03 at 102 A- 1,617,705
2,000,000 Orange County Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional
Healthcare System), Series 1996A, 6.250%, 10/01/18 No Opt. Call Aaa 2,328,920
1,675,000 Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Series 1991-A
(Adventist Health System/Sunbelt, Inc.), 6.875%, 11/15/15 11/01 at 102 Aaa 1,847,425
5,000,000 Orange County (Florida), Health Facilities Authority, Hospital Revenue Bonds, Series 1995
(Adventist Health System/Sunbelt Obligated Group), 5.750%, 11/15/2511/05 at 102 Aaa 5,261,200
5,000,000 City of St. Petersburg Health Facilities Authority (Florida), Revenue Bonds, Series 1985 A
(Allegany Health System Loan Program), 7.000%, 12/01/15 12/01 at 102 Aaa 5,541,400
- ----------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 14.6%
5,465,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, 1995 Series 2
(Refunding/New Money Issue), 6.200%, 7/01/27
(Alternative Minimum Tax) 1/06 at 102 AA 5,760,547
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1995 Series F (Holly Cove
Apartment Project), 6.150%, 10/01/25 (Alternative Minimum Tax) 10/05 at 102 Aaa 1,058,510
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
Florida Housing Finance Agency, Housing Revenue Bonds, 1997 Series
F (Mar Lago Village Apartments Project):
$1,655,000 5.800%, 12/01/17 (Alternative Minimum Tax) 12/07 at 102 Aaa $ 1,724,361
1,670,000 5.900%, 12/01/27 (Alternative Minimum Tax) 12/07 at 102 Aaa 1,739,606
1,750,000 Florida Housing Finance Agency, General Mortgage Revenue Refunding Bonds, 1992
Series A, 6.400%, 6/01/24 6/02 at 103 AAA 1,853,495
4,415,000 Florida Housing Finance Agency, Home Ownership Revenue Refunding Bonds, 1987
Series G1, 8.595%, 11/01/17 No Opt. Call AAA 5,172,173
3,050,000 Florida Housing Finance Agency, Single Family Mortgage Refunding Bonds, 1987 Series
One Class B, 7.100%, 1/01/17 1/98 at 103 AAA 3,147,448
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 1,598,700
1,500,000 6.300%, 1/01/32 7/06 at 102 AAA 1,598,460
3,474,000 Housing Finance Authority of Dade County (Florida), Single Family Mortgage Revenue
Refunding Bonds, 1991 Series D, 6.950%, 12/15/12 12/01 at 102 Aaa 3,704,257
410,000 Housing Finance Authority of Dade County (Florida), Single Family Mortgage Revenue
Bonds, 1991 Series E, 7.000%, 3/01/24 3/01 at 102 Aaa 433,288
1,950,000 Housing Finance Authority of Dade County (Florida), Single Family Mortgage Revenue
Bonds, Series 1995, 6.550%, 10/01/27 (Alternative Minimum Tax) 4/05 at 102 AAA 2,049,216
2,675,000 Housing Finance Authority of Lee County, Florida, Single Family Mortgage Revenue
Bonds (Multi-County Program), Series 1997A, Subseries 1, 7.200%, 3/01/27
(Alternative Minimum Tax) 3/07 at 105 Aaa 3,028,876
2,050,000 Orange County Housing Finance Authority (Orange County, Florida), Single Family
Mortgage Revenue Bonds (GMNA and Fannie Mae Mortgage-Backed Securities Program),
Series 1996A, 6.300%, 4/01/28 (Alternative Minimum Tax) 4/06 at 102 AAA 2,168,736
Orange County Housing Finance Authority, Single Family Mortgage
Revenue Bonds (GMNA and Fannie Mae Mortgage Backed Securities
Program), Series 1997B:
1,000,000 5.800%, 9/01/17 (Alternative Minimum Tax) 9/07 at 102 AAA 1,037,720
5,250,000 5,100%, 9/01/27 (Alternative Minimum Tax) 9/07 at 102 AAA 5,365,553
4,000,000 5.875%, 3/01/28 (Alternative Minimum Tax) 9/07 at 102 AAA 4,141,520
2,705,000 Housing Finance Authority of Palm Beach County, Florida, Single Family Mortgage
Revenue Bonds, Series 1997A, 5.900%, 4/01/29 (Alternative Minimum Tax)4/07 at 102 Aaa 2,803,814
- ----------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 1.3%
2,000,000 Certificates of Participation, Series 1994, The Department of Corrections (State of Florida),
6.000%, 3/01/14 3/04 at 102 A1 2,135,360
2,000,000 The School Board of Seminole County, Florida, Certificates of Participation, Series 1994A,
6.125%, 7/01/19 7/04 at 102 Aaa 2,179,380
- ----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 6.8%
5,000,000 Jacksonville Electric Authority Special Obligation 5th Crossover Series,
5.375%, 10/01/10 10/04 at 101 Aa1 5,234,250
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OTHER REVENUE - CONTINUED
$3,170,000 City of Jacksonville, Florida, Excise Taxes Revenue Bonds, Series 1993,
0,000%, 10/01/15 (Alternative Minimum Tax) No Opt. Call Aaa $ 1,276,686
2,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994,
6.125%, 1/01/24 1/04 at 102 Aaa 2,170,120
7,000,000 Solid Waste Authority of Palm Beach County, Refunding Revenue Bonds,
Series 1997A, 6.000%, 10/01/09 No Opt. Call Aaa 7,973,560
5,500,000 City of St. Petersburg, Florida, Public Improvement Refunding Revenue Bonds,
Series 1992, 6.375%, 2/01/12 2/02 at 102 Aaa 5,976,520
- ----------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 9.6%
10,000,000 Citrus County, Florida, Pollution Control Refunding Revenue Bonds, Series 1992 A
(Florida Power Corporation Crystal River Power Plant Project),
6.625%, 1/01/27 1/02 at 102 A1 10,906,600
5,830,000 Hillsborough County Industrial Development Authority (Florida), Pollution Control Revenue
Bonds (Tampa Electric Company Project), Series 1991, 7.875%, 8 /01/218/01 at 103 AA 6,667,305
9,800,000 Hillsborough County Industrial Development Authority, Pollution Control Revenue
Refunding Bonds (Tampa Electric Company Project), Series 1992,
8.000%, 5/01/22 5/02 at 103 AA 11,403,672
2,500,000 St. Lucie County, Florida, Solid Waste Disposal Revenue Bonds (Florida Power and Light
Company Project), Series 1991, 7.150%, 2/01/23
(Alternative Minimum Tax) 2/01 at 102 AA- 2,726,150
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.5%
5,000,000 Broward County, Florida, Airport System Revenue Bonds, Series B, 7.625%, 10/01/13
(Alternative Minimum Tax) 10/98 at 102 Aaa 5,220,050
8,450,000 Dade County, Florida, Aviation Revenue Bonds (Series U), 6.750%, 10/01/06
(Alternative Minimum Tax) 10/98 at 102 Aa3 8,797,548
12,000,000 Dade County, Florida, Aviation Bonds, Series 1996A, 5.750%, 10/01/26
(Alternative Minimum Tax) 10/06 at 102 Aaa 12,547,320
1,500,000 Dade County, Florida, Aviation Revenue Bonds, Series 1995B, 6.000%, 10/01/24
(Alternative Minimum Tax) 10/05 at 102 Aaa 1,616,910
8,540,000 Greater Orlando Aviation Authority, Airport Facilities, Revenue Bonds, Series 1992A,
6.500%, 10/01/12 (Alternative Minimum Tax) 10/02 at 102 Aaa 9,373,674
6,000,000 Greater Orlando Aviation Authority , Airport Facilities Revenue Bonds, of the City of
Orlando, Florida, Series 1997, 5.250%, 10/01/23 (Alternative Minimum Tax)10/07 at 101Aaa 6,002,100
7,500,000 Palm Beach County, Florida, Airport System Revenue Refunding Bonds, Series 1991,
7.750%, 10/01/10 10/01 at 102 Aaa 8,492,100
2,500,000 Palm Beach County, Florida, Airport System Revenue Refunding Bonds, Series 1992,
6.375%, 10/01/14 10/02 at 102 Aaa 2,740,974
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.9%
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 1,582,844
2,000,000 5.500%, 10/01/14 10/02 at 101 Aa1 2,046,260
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES - CONTINUED
$5,000,000 City of Lakeland, Florida, Electric and Water Revenue Bonds (Junior Subordinate Lien),
Refunding Series 1996, 6.500%, 10/01/09 No Opt. Call Aaa $ 5,927,100
- ----------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 2.7%
2,190,000 Collier County Water-Sewer District (Florida), Water and Sewer Revenue Bonds, Series 1991,
6.500%, 7/01/21 7/99 at 102 Aaa 2,302,653
5,000,000 Town of Davie, Florida, Water and Sewer Improvement and Refunding, Revenue Bonds,
Series 1992, 6.250%, 10/01/17 10/02 at 102 Aaa 5,455,500
1,000,000 City of Venice, Florida, Utilities Revenue Refunding Bonds, Series 1993,
5.500%, 7/01/14 7/03 at 102 Aaa 1,040,780
- ----------------------------------------------------------------------------------------------------------------------
$296,534,000 Total Investments - (cost $296,044,267) - 96.8% 320,069,724
============----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 1.5%
1,000,000 Hillsborough County Industrial Development Authority (Tampa Electric Company), Variable
Rate Demand Bonds, 4.750%, 9/01/25+ VMIG-1 1,000,000
3,900,000 Volusia County Health Facilities Authority, Health Facilities Revenue Bonds (The Alliance
Community for Retirement Living, Inc. Project), Series 1995, Variable Rate Demand Bonds,
5.250%, 9/01/20+ A-1+ 3,900,000
- ----------------------------------------------------------------------------------------------------------------------
$4,900,000 Total Temporary Investments - 1.5% 4,900,000
===========-----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 5,770,815
- ----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $330,740,539
======================================================================================================================
<FN>
*Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
**Ratings: Using the higher of Standard & Poor's or Moody's rating.
***Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R - Investment is not rated.
+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>
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN INSURED FLORIDA PREMIUM
INCOME MUNICIPAL FUND (NFL)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ESCROWED BONDS - 11.3%
$ 3,000,000 Florida Municipal Power Agency, All-Requirements Power Supply Project Revenue Bonds,
Series 1992, 6.250%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa $ 3,319,590
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 4,468,800
6,625,000 6.000%, 10/01/27 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 7,260,006
3,995,000 State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 1992A,
6.350%, 7/01/22 (Pre-refunded to 7/01/02) 7/02 at 101 Aaa 4,388,188
1,000,000 The School District of Broward County, Florida General Obligation School Bonds, Series 1989,
7.125%, 2/15/08 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,056,160
3,400,000 The School District of Broward County, Florida, General Obligation Bonds, Series 1988,
7.750%, 2/15/07 (Pre-refunded to 2/15/98) 2/98 at 102 Aaa 3,484,320
1,000,000 The School District of Broward County, Florida General Obligation School Bonds,
Series 1989, 7.200%, 7/01/02 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 1,067,340
City of Palm Bay, Florida, Utility System Refunding Revenue 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 1,104,390
3,295,000 6.200%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,638,965
1,000,000 City of Port St. Lucie, Florida, Utility System Revenue Bonds, Series 1994,
6.000%, 9/01/24 (Pre-refunded to 9/01/04) 9/04 at 100 Aaa 1,101,090
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 5,294,500
1,200,000 5.500%, 10/01/21 10/03 at 102 Aaa 1,293,948
- ----------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 6.7%
3,160,000 Dade County, Florida, Public Improvement Bonds (Series H), General Obligation Bonds,
6.600%, 6/01/01 No Opt. Call Aaa 3,421,174
Dade County, Florida, Public Improvement Bonds (Series I) (General Obligation Bonds):
4,000,000 6.900%, 7/01/01 No Opt. Call Aaa 4,376,760
5,125,000 6.900%, 7/01/04 No Opt. Call Aaa 5,893,699
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 5,034,350
3,500,000 5.000%, 8/01/14 8/03 at 101 Aaa 3,504,515
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 9.0%
2,500,000 Alachua County Health Facilities Authority (Florida), Health Facilities Revenue Bonds,
Series 1992R (Shands Hospital at the University of Florida Project),
5.750%, 12/01/15 12/02 at 100 Aaa 2,602,925
2,000,000 Brevard County Health Facilities Authority, Hospital Revenue Bonds, Series 1996
(Holmes Regional Medical Center Project), 5.625%, 10/01/14 10/06 at 101 Aaa 2,127,600
3,750,000 Broward County Health Facilities Authority, (Florida), Hospital Revenue Bonds (Holy Cross
Hospital, Inc.), Series 1993, 5.850%, 6/01/12 6/03 at 102 Aaa 4,026,825
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - CONTINUED
$2,500,000 Hillsborough County Industrial Development Authority, Industrial Development Revenue
Bonds, Series 1994 (University Community Hospital), 6.500%, 8/15/19No Opt. Call Aaa $ 3,002,825
5,000,000 Hospital Board of Directors of Lee County, Florida, Hospital Revenue Bonds (Lee Memorial
Health System), Fixed Rate Hospital Revenue Bonds, 1997 Series A,
5.750%, 4/01/22 4/07 at 102 Aaa 5,288,350
5,000,000 North Broward Hospital District (Florida), Refunding and Improvement Revenue Bonds,
Series 1997, 5.375%, 1/15/24 1/07 at 101 Aaa 5,064,300
5,855,000 Polk County Industrial Development Authority, Industrial Development Variable Rate
Revenue Bonds, 1985 Series 2 (Winter Haven Hospital Project),
6.250%, 9/01/15 9/02 at 103 Aaa 6,403,379
1,500,000 City of Tampa, Florida, Allegany Health System Revenue Bonds, St. Joseph's Hospital, Inc.
Issue, Series 1993, 5.125% 12/01/23 12/03 at 102 Aaa 1,479,810
- ----------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 9.9%
Florida Housing Finance Agency, Housing Revenue Bonds, 1996 Series
D-1 (Sterling Palms Apartments Project):
1,000,000 6.300%, 12/01/16 (Alternative Minimum Tax) 6/06 at 102 Aaa 1,073,410
1,500,000 6.400%, 12/01/26 (Alternative Minimum Tax) 6/06 at 102 Aaa 1,609,575
750,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1996 Series V (The Crossings
at Indian Run Apartments Project), 6.100%, 12/01/26
(Alternative Minimum Tax) 12/06 at 102 Aaa 794,745
1,400,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1997 Series (Riverfront
Apartments Project), 6.250%, 4/01/37 (Alternative Minimum Tax) 4/07 at 102 Aaa 1,490,706
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1996 Series C1 (Turtle
Creek Apartments Project), 6.100%, 5/01/16 (Alternative Minimum Tax)5/06 at 102 Aaa 1,061,300
4,000,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, 1997 Series 2,
5,750%, 7/01/14 (Alternative Minimum Tax) 7/07 at 102 Aaa 4,157,000
1,590,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1995 Series E (Williamsburg
Village Apartments Project), 6.100%, 12/01/20 (Alternative Minimum Tax)12/05 at 102 Aaa 1,684,526
2,575,000 Housing Finance Authority of Broward County, Florida, Multifamily Housing Revenue
Refunding Bonds (Deer Chase Apartments Project-GNMA Collateralized) Series 1997 A-1,
5.950%, 11/01/27 5/07 at 102 Aaa 2,689,227
1,000,000 Housing Finance Authority of Broward County, Florida, Multifamily Housing Revenue
Refunding Bonds (Pompano Oaks Apartments Project--GNMA Collateralized), Series 1997,
6.000%, 12/01/27 (Alternative Minimum Tax) 6/07 at 102 AAA 1,044,510
Dade County Housing Finance Authority Multifamily Mortgage Revenue Bonds, Siesta Pointe
Apartments Project-1997:
1,230,000 5.650%, 9/01/17 (Alternative Minimum Tax) 9/07 at 101 Aaa 1,252,583
1,690,000 5.700%, 9/01/22 (Alternative Minimum Tax) at 101 Aaa 1,720,961
1,890,000 5.750%, 9/01/29 (Alternative Minimum Tax) 9/07 at 101 Aaa 1,924,530
5,255,000 Duval County Housing Finance Authority, Single Family Mortgage Revenue Bonds
(GNMA Mortgage-Backed Securities Program), Series 1994, 6.700%, 10/01/26
(Alternative Minimum Tax) 10/04 at 102 Aaa 5,634,937
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
$3,005,000 Escambia County Housing Finance Authority (Florida), Single Family Mortgage Revenue
Bonds, Series 1992A (Multi-County Program), 6.900%, 4/01/20
(Alternative Minimum Tax) 10/02 at 102 Aaa $ 3,186,382
3,605,000 City of Jacksonville, Florida, Housing Revenue Refunding Bonds, Series 1993A (GNMA
Collateralized-Windermere Manor Apartments Project), 5.875%, 3/20/289/03 at 102 AAA 3,718,485
- ----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 16.4%
3,500,000 State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Bonds,
Series 1994A, 4.900%, 7/01/13 7/04 at 101 Aaa 3,504,585
4,500,000 State of Florida, Department of Environmental Protection,
Preservation 2000 Revenue Bonds, Series 1995A, 5.750%, 7/01/11
7/05 at 101 Aaa 4,867,560
1,080,000 Gulf Breeze Local Government Loan Program Bonds, Remarketed Series 1985-B,
5.900%, 12/01/15 (Mandatory put 12/01/10) 12/06 at 101 Aaa 1,169,111
1,020,000 City of Gulf Breeze (Florida), Local Government Loan Program, Revenue Bonds, Series 1985 B,
5.900%, 12/01/15 (Mandatory put 12/01/10) 12/06 at 101 Aaa 1,104,160
1,400,000 Hernando County, Florida, Capital Improvement Refunding Revenue Bonds, Series 1993,
5.750%, 2/01/14 2/03 at 102 Aaa 1,484,952
1,025,000 Jacksonville Sales Tax Revenue Bonds, Series 1995 (River City Renaissance Project),
5.500%, 10/01/10 10/05 at 101 Aaa 1,091,748
10,235,000 School Board of Okaloosa County, Florida, Sales Tax Revenue Bonds, Series 1995,
6.000%, 9/01/99 No. Opt. Call Aaa 10,585,651
1,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994,
7.000%, 1/01/14 1/04 at 102 Aaa 1,139,820
6,000,000 Orange County, Tourist Development Tax Revenue Bonds, Series 1992A,
6.250%, 10/01/13 10/02 at 102 Aaa 6,546,600
Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993:
1,265,000 5.200%, 6/01/06 No Opt. Call Aaa 1,341,153
6,500,000 5.250%, 6/01/11 No Opt. Call Aaa 6,895,785
Palm Beach County, Florida, Criminal Justice Facilities, Revenue Refunding Bonds, Series 1993:
3,000,000 5.375%, 6/01/08 No Opt. Call Aaa 3,249,240
4,000,000 5.375%, 6/01/10 No Opt. Call Aaa 4,316,160
4,000,000 Solid Waste Authority of Palm Beach County, Refunding Revenue Bonds, Series 1997A,
6.000%, 10/01/09 No Opt. Call Aaa 4,556,320
2,335,000 Pasco County, Florida, Gas Tax Refunding Revenue Bonds, Series 1992,
5.750%, 8/01/13 8/02 at 102 Aaa 2,474,073
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 19.4%
2,000,000 State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 1991A,
7.000%, 7/01/04 7/01 at 102 Aaa 2,225,860
State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 1995A:
12,185,000 5.500%, 7/01/13 7/05 at 101 Aaa 12,796,321
3,000,000 5.500%, 7/01/21 7/05 at 101 Aaa 3,081,930
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - CONTINUED
$3,000,000 Dade County, Florida, Aviation Revenue Refunding Bonds (Series Y),
5.500%, 10/01/11 10/03 at 102 Aaa $ 3,168,990
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995:
1,000,000 6.200%, 10/01/05 No Opt. Call Aaa 1,125,080
1,100,000 5.750%, 10/01/15 10/05 at 102 Aaa 1,178,045
1,210,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, 1987 Series,
7.400%, 10/01/06 (Alternative Minimum Tax) 10/98 at 100 Aaa 1,225,391
2,000,000 Greater Orlando Aviation Authority, Airport Facilities, Revenue Bonds, Series 1992A,
6.375%, 10/01/21 (Alternative Minimum Tax) 10/02 at 102 Aaa 2,184,680
Greater Orlando Aviation Authority, Airport Facilities Revenue
Bonds, of the City of Orlando, Florida, Series 1997:
1,000,000 5.125%, 10/01/17 (Alternative Minimum Tax) 10/07 at 101 Aaa 994,390
4,795,000 5.250%, 10/01/23 (Alternative Minimum Tax) 10/07 at 101 Aaa 4,796,678
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue
Refunding Bonds, 1993 Series B, 5.600%, 10/01/19 10/03 at 102 Aaa 6,216,720
1,000,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Bonds,
1993 Series D, 5.375%, 10/01/23 (Alternative Minimum Tax) 10/03 at 102 Aaa 1,002,740
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue
Bonds, Series 1996B, 5.700%, 10/01/15 10/06 at 102 Aaa 6,444,720
2,350,000 Jacksonville Port Authority, Airport Revenue Refunding Bonds, Series 1993,
5.250%, 10/01/17 (Alternative Minimum Tax) 10/03 at 102 Aaa 2,351,291
1,000,000 Jacksonville Port Authority (Jacksonville, Florida), 1993 Port Facilities Revenue Refunding
Bonds, 7.625%, 11/01/07 11/03 at 102 Aaa 1,181,640
3,800,000 Jacksonville Port Authority (Jacksonville, Florida), 1996 Port Facilities Revenue Refunding
Bonds, 5.625%, 11/01/18 (Alternative Minimum Tax) 11/06 at 102 Aaa 3,938,548
5,550,000 Palm Beach County, Florida, Airport System revenue Refunding Bonds, Series 1991,
7.625%, 10/01/04 10/01 at 102 Aaa 6,307,020
1,000,000 City of Pensacola, Florida, Airport Revenue Bonds, Series 1997A,
5.600%, 10/01/17 10/07 at 102 Aaa 1,055,930
3,000,000 Sarasota-Manatee Airport Authority, Airport System Revenue Refunding Bonds,
Series 1996, 5.375%, 8/01/11 8/06 at 102 Aaa 3,163,110
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.3%
1,250,000 Florida Municipal Power Agency, St. Lucie Project Refunding Revenue Bonds, Series 1992,
5.250%, 10/01/21 10/02 at 102 Aaa 1,249,888
1,500,000 Florida Municipal Power Agency, Tri-City Project Refunding Revenue Bonds, Series 1992,
5.500%, 10/01/19 10/03 at 100 Aaa 1,530,945
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 5,443,607
4,000,000 6.000%, 10/01/09 No Opt. Call Aaa 4,560,280
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES - CONTINUED
$ 1,750,000 Orlando Utilities Commission, Water and Electric Subordinated Revenue Bonds,
Series 1989D, 5.500%, 10/01/20 10/99 at 100 Aaa $ 1,761,428
10,000,000 Reedy Creek Improvement District (Florida), Utilities Revenue Improvement and Refunding
Bonds, Series 1994-1, 5.000%, 10/01/19 10/04 at 101 Aaa 9,855,800
- ----------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 17.8%
1,000,000 Clay County, Florida, Utilities System Revenue Bonds, Series 1993B,
5.000%, 11/01/17 11/03 at 102 Aaa 990,250
1,000,000 City of Cocoa, Florida, Water and Sewer System Refunding Revenue Bonds, Series 1993A,
5.000%, 10/01/23 10/03 at 100 Aaa 977,260
2,700,000 City of Cocoa, Florida, Water and Sewer System Improvement Revenue Bonds, Series 1997,
5.875%, 10/01/26 10/07 at 101 Aaa 2,903,688
Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1995:
500,000 6.250%, 10/01/10 No Opt. Call Aaa 581,770
3,730,000 5.750%, 10/01/22 10/05 at 102 Aaa 3,934,628
2,000,000 The City of Daytona Beach, Florida, Water and Sewer Revenue Bonds, Series 1992,
5.500%, 11/15/17 11/02 at 100 Aaa 2,038,400
2,000,000 Hillsborough County, Florida, Refunding Utility Revenue Bonds, Series 1991A,
6.625%, 8/01/11 8/02 at 102 Aaa 2,181,560
8,000,000 Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1993A,
5.250%, 9/01/24 9/08 at 100 Aaa 8,036,160
2,000,000 Indian Trail Water Control District, Water Control and Improvement Bonds, Unit of
Development No. 17, Series 1996, 5.500%, 8/01/22 8/07 at 101 Aaa 2,064,720
2,000,000 Orange County, Florida, Water Utilities System Revenue Bonds, Series 1992,
6.250%, 10/01/17 4/02 at 102 Aaa 2,168,580
2,250,000 City of Port Orange, Florida, Water and Sewer Refunding Junior Lien Revenue Bonds,
Series 1993, 5.250%, 10/01/21 10/03 at 101 Aaa 2,249,798
11,385,000 Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds,
Series 1992, 6.000%, 10/01/19 No Opt. Call Aaa 12,986,642
1,300,000 City of Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1996,
5.800%, 10/01/11 10/06 at 102 Aaa 1,432,561
City of Sunrise, Florida, Utility System Revenue Bonds, Series 1996A:
6,900,000 5.750%, 10/01/16 10/06 at 101 Aaa 7,378,446
8,700,000 5.750%, 10/01/21 10/06 at 101 Aaa 9,177,282
- ----------------------------------------------------------------------------------------------------------------------
$305,495,000 Total Investments - (cost $304,317,258) - 97.8% 325,016,381
============----------------------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Temporary Investments in Short-Term Municipal Securities - 0.8%
$2,500,000 The University Athletic Association, Inc., Capital Improvement
=========== Revenue Bonds, Series 1990, VMIG-1 $ 2,500,000
Variable Rate Demand Bonds, 4.950%, 2/01/20+
- ----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.4% 4,661,421
- ----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $332,177,802
======================================================================================================================
<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: 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: 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>
</TABLE>
<PAGE>
<TABLE>
See accompanying notes to financial statements.
STATEMENT OF NET ASSETS (UNAUDITED)
DECEMBER 31, 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) $ 357,443,489 $ 320,069,724 $ 325,016,381
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value (note 1) -- 4,900,000 2,500,000
Cash 3,378,735 862,309 38,164
Receivables:
Interest 6,355,351 5,386,802 5,205,437
Investments sold -- 50,000 --
Other assets 4,737 17,469 2,130
- ----------------------------------------------------------------------------------------------------------------------
Total assets 367,182,312 331,286,304 332,762,112
- ----------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 284,669 -- --
Accrued expenses:
Management fees (note 6) 198,002 179,088 179,440
Other 137,051 127,120 156,960
Preferred share dividends payable 11,005 11,810 28,889
Common share dividends payable 537,155 227,747 219,021
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 1,167,882 545,765 584,310
- ----------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $ 366,014,430 $ 330,740,539 $ 332,177,802
======================================================================================================================
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 16,229,960 14,070,450 14,290,929
======================================================================================================================
Net asset value per Common share outstanding (net assets
less Preferred shares at liquidation value, divided by
Common shares outstanding) $ 15.77 $ 16.04 $ 15.48
======================================================================================================================
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED DECEMBER 31, 1997
<CAPTION>
FLORIDA FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME
<S> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 11,098,781 $ 9,478,481 $ 8,646,296
- ----------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees (note 6) 1,172,677 1,057,374 1,052,814
Preferred shares - auction fees 138,629 132,329 139,890
Preferred shares - dividend disbursing agent fees 14,275 18,757 11,932
Shareholders' servicing agent fees and expenses 18,415 14,593 12,308
Custodian's fees and expenses 32,390 30,804 32,180
Trustees' fees and expenses (note 6) 1,758 1,654 1,671
Professional fees 10,399 8,719 8,734
Shareholders' reports - printing and mailing expenses 32,350 29,476 25,874
Stock exchange listing fees 12,442 12,243 12,230
Investor relations expense 14,352 12,523 12,070
Other expenses 12,413 14,717 14,956
- ----------------------------------------------------------------------------------------------------------------------
Total expenses 1,460,100 1,333,189 1,324,659
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 9,638,681 8,145,292 7,321,637
- ----------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investment
transactions (notes 1 and 4) 1,133,108 213,659 758,129
Net change in unrealized appreciation or
depreciation of investments 3,882,546 5,259,396 10,529,037
- ----------------------------------------------------------------------------------------------------------------------
Net gain from investments 5,015,654 5,473,055 11,287,166
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 14,654,335 $ 13,618,347 $ 18,608,803
======================================================================================================================
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
<CAPTION>
FLORIDA INVESTMENT QUALITY FLORIDA QUALITY INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 12/31/97 6/30/97 ENDED 12/31/97 6/30/97
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 9,638,681 $ 19,645,849 $ 8,145,292 $ 16,603,604
Net realized gain (loss) from investment
transactions (notes 1 and 4) 1,133,108 690,503 213,659 933,334
Net change in unrealized appreciation or
depreciation of investments 3,882,546 3,717,067 5,259,396 4,506,680
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 14,654,335 24,053,419 13,618,347 22,043,618
- ------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (8,063,206) (15,728,768) (6,495,234) (12,964,305)
Preferred shareholders (1,627,365) (3,506,870) (1,713,416) (3,447,796)
From accumulated net realized gains from
investment transactions:
Common shareholders (1,184,749) -- -- --
Preferred shareholders (216,172) -- -- --
- ------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (11,091,492) (19,235,638) (8,208,650) (16,412,101)
- ------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 614,753 1,310,852 448,894 235,618
- ------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 4,177,596 6,128,633 5,858,591 5,867,135
Net assets at beginning of period 361,836,834 355,708,201 324,881,948 319,014,813
- ------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $ 366,014,430 $ 361,836,834 $ 330,740,539 $ 324,881,948
========================================================================================================================
Balance of undistributed net investment
income at end of period $ 837,862 $ 889,752 $ 493,639 $ 556,997
========================================================================================================================
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) - CONTINUED
<CAPTION>
INSURED FLORIDA PREMIUM INCOME
SIX MONTHS YEAR ENDED
ENDED 12/31/97 6/30/97
<S> <C> <C>
OPERATIONS
Net investment income $ 7,321,637 $ 14,611,148
Net realized gain (loss) from investment
transactions (notes 1 and 4) 758,129 (323,347)
Net change in unrealized appreciation or
depreciation of investments 10,529,037 8,908,628
- --------------------------------------------------------------------------------------------
Net increase in net assets from operations 18,608,803 23,196,429
- --------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (5,661,597) (11,146,945)
Preferred shareholders (1,827,930) (3,544,259)
From accumulated net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
- --------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (7,489,527) (14,691,204)
- --------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders due
to reinvestment of distributions -- --
- --------------------------------------------------------------------------------------------
Net increase in net assets 11,119,276 8,505,225
Net assets at beginning of period 321,058,526 312,553,301
- --------------------------------------------------------------------------------------------
Net assets at end of period $ 332,177,802 $ 321,058,526
============================================================================================
Balance of undistributed net investment
income at end of period $ 226,368 $ 394,258
============================================================================================
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
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. 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 the when-issued and delayed delivery purchase commitments. At
December 31, 1997, there were no such outstanding purchase commitments in any of
the Funds.
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 taxpayer 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 income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. Net realized
capital gain and market discount distributions are subject to federal taxation.
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, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount 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.
<PAGE>
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
Insured Florida Premium Income 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.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap, 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 six months ended December 31, 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>
<CAPTION>
FLORIDA INVESTMENT QUALITY FLORIDA QUALITY INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 12/31/97 6/30/97 ENDED 12/31/97 6/30/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 36,343 80,996 28,049 15,157
=======================================================================================================================
<CAPTION>
INSURED FLORIDA PREMIUM INCOME
SIX MONTHS YEAR ENDED
ENDED 11/30/97 6/30/97
<S> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions -- --
=========================================================================================
</TABLE>
<PAGE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On January 2, 1998, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid February 2, 1998, to
shareholders of record on January 15, 1998, 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>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
December 31,1997, were as follows:
<TABLE>
<CAPTION>
FLORIDA FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME
<S> <C> <C> <C>
Purchases:
Investments in municipal securities $ 28,655,123 $ 19,974,580 $ 24,075,931
Temporary municipal investments 49,125,000 31,200,000 46,000,000
Sales and Maturities:
Investments in municipal securities 21,769,552 9,283,736 24,193,193
Temporary municipal investments 49,125,000 26,300,000 46,800,000
</TABLE>
At December 31,1997, 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 Funds' last fiscal year end, the following Funds had unused
capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied the carryforwards
will expire as follows:
<TABLE>
<CAPTION>
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>
<PAGE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at December 31,1997, were as follows:
<TABLE>
<CAPTION>
FLORIDA FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME
<S> <C> <C> <C>
Gross unrealized:
appreciation $ 28,734,893 $ 24,025,457 $ 20,699,123
depreciation -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $ 28,734,893 $ 24,025,457 $ 20,699,123
======================================================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays 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:
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
- ---------------------------------------------------------------------
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
=====================================================================
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>
7. COMPOSITION OF NET ASSETS
At December 31, 1997, net assets consisted of:
<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 162,300 140,705 142,909
Paid-in surplus 226,243,473 202,550,504 202,667,781
Balance of undistributed net investment income 837,862 493,639 226,368
Accumulated net realized gain (loss) from investment transactions 35,902 (1,469,766) (2,558,379)
Net unrealized appreciation of investments 28,734,893 24,025,457 20,699,123
- ----------------------------------------------------------------------------------------------------------------------
Net assets $366,014,430 $330,740,539 $332,177,802
======================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
======================================================================================================================
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
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
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
<S> <C> <C> <C> <C> <C>
FLORIDA INVESTMENT QUALITY
Six months ended
12/31/97 $ 15.55 $ .59 $ .31 $ (.49) $ (.10)
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>
Six months ended
12/31/97 15.66 .58 .38 (.46) (.12)
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)
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
PER TOTAL
ORGANIZATION COMMON INVEST-
AND OFFERING SHARE MENT
COSTS AND MARKET RETURN
TO TO PREFERRED SHARE NET ASSET VALUE ON
COMMON PREFERRED UNDERWRITING VALUE END END OF MARKET
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD VALUE**
<S> <C> <C> <C> <C> <C> <C>
FLORIDA INVESTMENT QUALITY
Six months ended
12/31/97 $ (.08) $ (.01) $-- $ 15.77 $17.7500 9.12%
Year ended 6/30:
1997 -- -- -- 15.55 16.8125 10.68
1996 -- -- -- 15.25 16.1250 11.60
1995 (.02) -- -- 15.45 15.3750 8.98
1994 (.02) -- -- 15.11 15.1250 (3.16)
1993 (.01) -- -- 16.03 16.6250 10.72
Eight months
ended 6/30/92 -- -- -- 14.99 16.0000 7.71
2/21/91 to
10/31/91 -- -- (.18) 14.49 15.5000 6.70
<CAPTION>
FLORIDA QUALITY INCOME
<S> <C> <C> <C> <C> <C> <C>
Six months ended
12/31/97 -- -- -- 16.04 16.7500 7.72
Year ended 6/30:
1997 -- -- -- 15.66 16.0000 13.23
1996 -- -- -- 15.26 15.0000 8.08
1995 -- -- -- 15.29 14.7500 12.74
1994 -- -- -- 14.69 14.0000 (4.63)
1993 (.03) (.01) -- 15.78 15.6250 14.07
10/17/91 to
6/30/92 -- -- (.19) 14.57 14.6250 .56
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
RATIO OF
NET
TOTAL NET ASSETS RATIO OF INVESTMENT
RETURN ON END OF EXPENSES INCOME PORTFOLIO
NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
FLORIDA INVESTMENT QUALITY
Six months ended
12/31/97 5.12% $366,014 .79%* 5.24%* 6%
Year ended 6/30:
1997 8.56 361,837 .80 5.46 4
1996 5.19 355,708 .80 5.47 20
1995 9.43 357,534 .81 5.64 3
1994 .45 351,892 .81 5.35 4
1993 14.37 364,973 .80 5.63 13
Eight months
ended 6/30/92 8.22 346,612 .77* 5.92* 3
2/21/91 to
10/31/91 6.79 337,834 .76* 5.47* --
FLORIDA QUALITY INCOME
Six months ended
12/31/97 5.43 330,741 .81* 4.92* 3
Year ended 6/30:
1997 8.89 324,882 .81 5.15 22
1996 5.94 319,015 .82 5.14 19
1995 10.97 319,351 .86 5.38 8
1994 (1.02) 260,187 .84 5.21 5
1993 15.73 272,557 .86 5.41 14
10/17/91 to
6/30/92 7.09 256,723 .81* 5.00* --
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED) - CONTINUED
Selected data for a Common share outstanding throughout each period
is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
<S> <C> <C> <C> <C> <C>
INSURED FLORIDA PREMIUM INCOME
Six months ended
12/31/97 $14.70 $ .51 $ .79 $(.39) $(.13)
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)
10/17/92 to
6/30/93 14.05 .34 .64 (.26) (.04)
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
PER TOTAL
ORGANIZATION COMMON INVEST-
AND OFFERING SHARE MENT
COSTS AND MARKET RETURN
TO TO PREFERRED SHARE NET ASSET VALUE ON
COMMON PREFERRED UNDERWRITING VALUE END END OF MARKET
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD VALUE**
INSURED FLORIDA PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
Six months ended
12/31/97 $-- $-- $-- $15.48 $14.8750 9.69%
Year ended 6/30:
1997 -- -- -- 14.70 13.9375 9.30
1996 -- -- -- 14.10 13.5000 12.22
1995 -- -- -- 13.89 12.7500 5.59
1994 -- -- -- 13.09 12.8750 (7.45)
10/17/92 to
6/30/93 -- -- (.19) 14.54 14.7500 .07
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
RATIO OF
NET
TOTAL NET ASSETS RATIO OF INVESTMENT
RETURN ON END OF EXPENSES INCOME PORTFOLIO
NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
<S> <C> <C> <C> <C> <C>
INSURED FLORIDA PREMIUM INCOME
Six months ended
12/31/97 8.07% $332,178 .80%* 4.45%* 8%
Year ended 6/30:
1997 10.01 321,059 .81 4.60 21
1996 7.15 312,553 .81 4.66 26
1995 12.75 309,516 .88 4.95 5
1994 (4.75) 189,622 .85 4.67 17
10/17/92 to
6/30/93 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. Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to
Preferred shareholders.
</FN>
</TABLE>
<PAGE>
NUVEEN FAMILY OF MUTUAL FUNDS
Nuveen offers a variety of funds designed to help you reach your financial
goals.
GROWTH
Nuveen Rittenhouse
Growth Fund
GROWTH AND INCOME
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
TAX-FREE INCOME
NATIONAL FUNDS
Long-Term
Insured
Intermediate-Term
Limited Term
STATE FUNDS
Alabama
Arizona
California
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
New Jersey
New Mexico
New York
North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
Virginia
Wisconsin
Building Better Portfolios with Nuveen
Reducing the impact of taxes and moderating risk are important goals for many
risk-sensitive investors seeking to build better portfolios. For these
investors, a tax-efficient, risk-resistant investment portfolio often forms the
foundation of a carefully crafted financial plan for building and sustaining
wealth. Nuveen is committed to providing investors and their financial advisers
with a range of products and investment tools to help build better portfolios.
MUTUAL FUNDS
Nuveen Mutual Funds offer investors access to the Nuveen family of premier
advisers, including Nuveen Advisory Corp., Institutional Capital Corp. and
Rittenhouse Financial Services. Our equity, balanced and income funds seek to
provide consistent performance, time-tested strategies to reduce risk and
experienced, professional management.
PRIVATE ASSET MANAGEMENT
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
UNIT TRUSTS
Nuveen Unit Trusts are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, experienced, professional
security selection and surveillance, and daily liquidity at that day's net asset
value for quick access to your assets.
EXCHANGE-TRADED FUNDS
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MUNIPREFERRED(R)
Nuveen MuniPreferred offers investors a AAA-rated investment with an attractive
tax-free yield for the cash reserves portion of an investment portfolio.
MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen
dual-class exchange-traded funds and are available for national as well as a
wide variety of state-specific portfolios.
<PAGE>
Fund Information
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
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
(800) 257-8787
LEGAL COUNSEL
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, Illinois
<PAGE>
Serving Investors for Generations
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 risk-sensitive individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them maintain the lifestyle they currently enjoy.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of products and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and income funds, along with our unit trusts and private asset
management, can form the foundation of a tax-efficient and risk-resistant
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you build and sustain your long-term financial
security. Or call us at (800) 621-7227 for more information, including a
prospectus where applicable. Please read that information carefully before you
invest.
LOGO: 1898 1998
NUVEEN
OUR SECOND CENTURY
helping investors sustain the wealth of a lifetime.
JOHN NUVEEN & CO. INCORPORATED
333 WEST WACKER DRIVE
CHICAGO, IL 60606-1286
www.nuveen.com
FSA-1-12.97
