NUVEEN Exchange-Traded Funds
DECEMBER 31, 1999
SEMIANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NQF
NUF
NFL
Florida
Photo of: People walking on the beach.
<PAGE>
Financial Information
As of December 31, 1999
Credit Quality
================================================================================
Nuveen Florida Investment Quality Municipal Fund (NQF)
o Dividend per share of $.079
o Market yield on share price of 7.22%
o Taxable-equivalent yield on share price of 10.46%*
Pie Chart:
AAA/U.S. Guaranteed 74%
AA 20%
A 1%
BBB/NR 5%
Nuveen Florida Quality Income Municipal Fund (NUF)
o Dividend per share of $.076
o Market yield on share price of 7.05%
o Taxable-equivalent yield on share price of 10.22%*
Pie Chart:
AAA/U.S. Guaranteed 69%
AA 15%
A 10%
BBB/NR 6%
Nuveen Insured Florida Premium Income Municipal Fund (NFL)
o Dividend per share of $.0665
o Market yield on share price of 6.26%
o Taxable-equivalent yield on share price of 9.07%*
Pie Chart:
Insured 82%
Insured & U.S. Guaranteed 18%
Contents
1 Dear Shareholder
3 Florida Portfolio Manager's Comments
6 NQF Performance Overview
7 NUF Performance Overview
8 NFL Performance Overview
9 Shareholder Meeting Report
11 Portfolio of Investments
23 Statement of Net Assets
23 Statement of Operations
24 Statement of Changes in Net Assets
25 Notes to Financial Statements
30 Financial Highlights
32 Build Your Wealth Automatically
33 Fund Information
Past performance is not predictive of future results
* For investors in the 31% federal income tax bracket. See your fund's
Performance Overview in this report for more information.
<PAGE>
Sidebar text: Wealth takes a lifetime to build. Once achieved, it should be
preserved.
photo of: Timothy R. Schwertfeger Chairman of the Board
Dear Shareholder
I am pleased to report to you on the performance of your Nuveen Exchange-Traded
Fund. Providing a stable, attractive tax-free dividend is the Fund's main
objective, and over the past six months, your Fund continued to achieve this
goal. During the period covered by this report, we have seen some changes in the
U.S. investment climate and the fixed-income environment in which your Nuveen
Exchange-Traded Fund operates. I appreciate the opportunity to review the
current investment environment with you, as does the portfolio manager of your
Fund, who discusses fund performance later in this report.
A CHALLENGING INVESTMENT ENVIRONMENT
During 1999, the U.S. economy enjoyed its ninth consecutive year of continuous
expansion, characterized by surprisingly robust growth, benign inflation, and
unemployment levels that remained among the lowest in three decades. However,
concerns about the persistent pace of economic expansion continued to test the
new paradigm, which holds that the improvements in productivity achieved through
technology enable us to have both economic growth and low inflation at the same
time. As investors watched and reacted to every economic report, volatility
increased, especially in the equity markets, and the spectre of inflation seemed
to lurk behind each statistic. Especially worrisome to the Federal Reserve was
the possibility that tight labor markets would eventually have an inflationary
effect on wages and, consequently, on consumer prices.
In an effort to pre-empt this threat of inflation, the Fed moved to raise
interest rates by a quarter-point on three separate occasions between June and
November 1999. This brought the federal funds rate - which represents the amount
banks charge one another on overnight loans, setting the standard for short-term
market rates - from 4.75% to 5.50%. This series of rate increases, however, had
little impact on consumer confidence, which went on to hit a 31-year high, or on
consumer spending, which continued to serve as the main engine powering the
country's economic expansion.
At its November meeting, the Fed announced that it would shift to a neutral
stance following that month's interest rate increase, giving the markets some
respite during the Y2K transition. However, the Fed's indication that it would
continue to closely watch the pace of economic growth for any signs of
inflationary pressure left the door open for additional tightenings. In January
2000, the annual rotation among members of the Fed's Open Market Committee, the
body that ultimately decides interest rate policy, put several members
considered more "hawkish" on inflation-fighting into voting slots. As a result,
on February 2, the Fed again raised interest rates another 25 basis points. The
federal funds rate now stands at 5.75%, though the Fed hinted at additional
increases throughout 2000.
MUNICIPAL BOND PERFORMANCE
Despite the evidence of the Federal Reserve's continued vigilance on the
inflation front, the cumulative effect of these economic events was negative for
the fixed-income markets, including municipal bonds. As the Fed's monetary
tightenings prompted a rise in bond yields, bond prices slumped, and all but the
shortest maturity bond funds suffered losses.
<PAGE>
On a more positive note, over the past year our exchange-traded municipal bond
funds continued to offer attractive, stable income in a market that places a
high premium on yield. At the end of December 1999, long-term municipal yields,
represented by the Bond Buyer 25 Revenue Index, offered 96% of 30-year Treasury
yields, compared with the historical average of 86% for the period 1986-1999.
For investors, this meant that yields on quality long-term municipal bonds were
comparable to those of long-term Treasury bonds - even before the tax advantages
of municipals were taken into account. Of course, Treasuries are backed by the
full faith and credit of the U.S. government. Even so, on an after-tax basis,
municipal bonds continued to present an exceptionally attractive investment
option relative to Treasuries.
During 1999, we saw the supply of municipal bonds drop off from the near-record
levels of 1998. This was largely due to the increase in interest rates, which
deterred municipal governments from issuing new debt and removed much of the
incentive to refund existing bonds. For the year, municipal supply declined by
21% from 1998 levels. We anticipate that demand from individual investors will
strengthen as they increasingly look at rebalancing their portfolios. With the
outlook for tighter supply and continued demand in the months ahead, Nuveen's
established market position as the leading sponsor of exchange-traded municipal
bond funds should give us excellent access to bond offerings that have the
potential to add value for our shareholders.
NUVEEN FUNDS:
AN ANSWER TO YOUR INVESTMENT NEEDS
In light of the recent changes in the investment environment, your financial
adviser can serve as a valuable resource in helping you determine if adjustments
are needed in your current asset allocation plan and suggesting investments that
can add diversification to your portfolio. By investing in other Nuveen funds,
you can bring balance to your portfolio and gain exposure to the different types
of investments that can enhance your potential for success. Your adviser can
also establish a reinvestment plan designed to purchase additional shares of
your Nuveen Exchange-Traded Fund. For more information on Nuveen's expanding
array of funds, contact your financial adviser for a prospectus detailing all
charges and expenses, or call Nuveen at (800) 257-8787. Please read the
prospectus carefully before you invest or send money.
THE NEW MILLENNIUM
During 1999, Nuveen committed significant resources - both financial and
personal - to ensuring that the transition to the year 2000 caused no
disruptions for our shareholders. Our preparations included advance testing of
all critical operating systems and careful review of each municipal issuer's Y2K
compliance, with special attention to the largest and more volatile holdings in
our Funds' portfolios. We were assisted in our efforts by securities industry
oversight organizations, including the Securities Industry Association, the
Municipal Securities Rulemaking Board, and the Securities and Exchange
Commission, as well as various rating agencies and insurance companies. As a
result, we were fully prepared for the transition, from an operational as well
as an investment perspective. As expected, the Y2K transition was a non-event
for our company and our shareholders as well as throughout the general economy.
The diligence of the financial industry as a whole in dealing with the Y2K
transition should prove to have ongoing benefits for investors.
Since 1898, Nuveen has been synonymous with investments that stand the test of
time. As we enter the new millennium, we remain committed to maintaining that
reputation and finding the best ways to serve your evolving investment needs.
Thank you for your continued confidence.
Sincerely,
/s/ TIMOTHY R. SCHWERTFEGER
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
February 15, 2000
sidebar text:"With the outlook for tighter supply and continued demand in the
months ahead, Nuveen's established market position as the leading sponsor of
exchange-traded municipal bond funds should give us excellent access to bond
offerings that have the potential to add value for our shareholders."
<PAGE>
Nuveen Florida Exchange-Traded Funds
Portfolio Manager's Comments
Portfolio manager Tom O'Shaughnessy discusses the market environment in Florida,
fund performance, and the key strategies used to manage the Nuveen Florida
Funds. Tom, who has more than 16 years of experience as an investment
professional at Nuveen, has had portfolio management responsibility for the
Nuveen Florida Investment Quality Municipal Fund (NQF) and the Nuveen Florida
Quality Income Municipal Fund (NUF) since their inceptions in 1991. Tom has also
managed the Nuveen Insured Florida Premium Income Municipal Fund (NFL) from its
inception in December 1992 through January 1995 and from July 1998 through the
present.
WHAT FACTORS AFFECTED FLORIDA'S ECONOMY DURING THE 12 MONTHS ENDED
DECEMBER 31, 1999?
Florida's economy continued to perform well in 1999, with strong job growth in
almost every sector, particularly services, construction, and transportation.
The tourism industry remained a vital part of the Florida economy, and the
addition of new tourist destinations in 1999 provided a further boost to the
already robust growth in this sector. The nascent recovery of Latin American
markets from the global financial crisis of 1997-1998 also boded well for the
state's export industry, as four of the state's top five export markets -
Brazil, Venezuela, Colombia, and Argentina - are located in that region. To meet
the demand generated by growing tourism and exports, a number of major airport
and port renovations are planned, primarily in Miami, Tampa, and Jacksonville.
The state's population continued to expand in 1999, largely as the result of
foreign migration, which accounted for 40% of the state's new residents. In
December 1999, unemployment in the state was 3.8%, down from 4.2% in December
1998 and below the national average of 4.1%. While tight labor markets in other
states threatened to dampen economic growth, Florida's rapid population growth
served to offset the state's low unemployment numbers and prevent labor
shortages. Although personal income continued to show healthy gains, Floridians'
per capita income slightly lagged the national average, restrained by the fixed
incomes of much of the state's large retired population.
Over the next year, Florida is expected to remain among the nation's top
performing state economies, although the pace of growth may moderate from that
of the past few years. With plans for new theme parks and hotel expansions,
tourism should continue to provide strong job growth throughout the state,
especially in the services and construction sectors. In addition, all types of
businesses should continue to be attracted by Florida's low business costs and
favorable regulatory environment.
HOW DID THESE EVENTS IMPACT THE MUNICIPAL MARKET IN FLORIDA?
The state's ongoing economic strength translated into strong tax collections and
municipal revenues and helped to bolster the overall creditworthiness of the
Florida municipal market. In 1999, new municipal issuance in Florida totaled
$11.6 billion, down 24% from 1998. The decline in the supply of new Florida
paper closely tracked the national supply, which fell 21% from 1998 levels. The
second half of 1999 saw a sharper drop-off, with only $5 billion in new state
issuance versus $6.6 billion in the first half. Some of this decline can be
attributed to the rising interest rate environment, as the refunding activity
involving older debt typically declines as interest rates move higher. While
supply fell in the primary market, a variety of factors, including rising
interest rates, tax swaps, and Y2K liquidity concerns, contributed to a
tremendous increase in secondary supply. Like many other states, Florida was
swamped by supply in the secondary market in 1999.
Demand for Florida bonds remained relatively strong, strengthening somewhat at
year-end as investors traded national paper for Florida-specific issues to avoid
the intangibles tax, which applies to income earned on non-Florida investments.
Overall, however, the demand from individual investors could not keep pace with
the increased supply in the secondary market. This, in turn, had a negative
impact on the prices of bonds issued by Florida municipalities.
WERE THE FUNDS' DIVIDENDS AFFECTED BY THIS ENVIRONMENT?
During the past year, good call protection helped to support the dividends of
the Nuveen Florida Funds and shield their income from erosion. As of December
31, 1999, NQF had provided shareholders with 14 consecutive months of steady
dividends. In addition, specific dividend management strategies, as well as the
prudent use of leverage, enabled us to increase the dividends of NUF in May 1999
and NFL in both February and May 1999. At year-end 1999, NUF and NFL had
provided shareholders with steady or increasing dividends for 17 and 20
consecutive months, respectively. All of the Nuveen Florida Funds continued to
provide competitive market yields, as shown in the table on page four.
As leveraged funds, all three Florida Funds issue MuniPreferred shares that pay
short-term interest rates to investors seeking short-term liquidity. Short-term
municipal rates are usually - but not always - lower than long-term rates. The
proceeds from these preferred shares are then used to buy additional long-
<PAGE>
term bonds for the Funds' portfolios. When short-term interest rates remain
below long-term rates, common shareholders can potentially earn extra net income
from the difference between the rate earned on a fund's long-term portfolio and
the short-term rate paid to preferred shareholders. While the use of leverage
can increase the volatility of a fund's net asset value (NAV) and income, adding
higher risk than that associated with non-leveraged funds, the leveraged fund is
usually compensated for this additional risk in the form of higher yields.
During the past year, the leverage ratios of NUF and NQF fell below the Nuveen
guideline of 35%. This led to the issuance of new MuniPreferred shares for both
Funds in July. (NFL's leverage ratio remained above Nuveen's 35% guideline over
the past 12 months.) Nuveen releveraged the Funds both to restore the original
leverage ratio of 35% and to provide the potential for increased incremental
tax-free income for common shareholders.
OVERALL, HOW DID THE NUVEEN FLORIDA FUNDS PERFORM OVER THE PAST YEAR?
For the 12 months ended December 31, 1999, the Nuveen Florida Funds produced
total returns on NAV as shown in the accompanying table. For comparison
purposes, the annual returns for the Funds' benchmarks - the Lehman Brothers
Municipal Bond Index and the Lehman Brothers Insured Municipal Bond Index1 - and
the Funds' Lipper Peer Group2 are also presented.
Lehman
Total Return Total Lipper
Market Yield on NAV Return1 Average2
----------------------- ----------------------- -------- --------
1-Year 1-Year 1-Year
Taxable- Ended Taxable- Ended Ended
12/31/99 Equivalent3 12/31/99 Equivalent3 12/31/99 12/31/99
-------- ----------- -------- ----------- -------- --------
NQF 7.22% 10.46% -4.82% -2.02% -2.06% -7.92%
----- ------ ------- ------ ------ ------
NUF 7.05% 10.22% -4.62% -2.02% -2.06% -7.92%
----- ------ ------- ------ ------ ------
NFL 6.26% 9.07% -8.23% -5.93% -3.27% -7.92%
----- ------ ------- ------ ------ ------
Past performance is not predictive of future results.
For additional information on your Fund, see its Performance Overview in this
report.
The underperformance of the Funds' total returns on NAV relative to their Lehman
benchmarks can be attributed largely to the Funds' longer durations4. As of
December 31, 1999, the durations of NQF and NUF were 11.07 and 10.13,
respectively, compared with the Lehman Brothers Municipal Bond Index's 7.68. For
the same point in time, NFL had a duration of 14.21, compared with 9.03 for the
Lehman Insured Index.
Duration measures a bond fund's price volatility, or reaction to interest rate
movements. The longer the duration, the more sensitive the fund's NAV is to
changes in interest rates. During a period of falling interest rates, a long
duration enables a fund's NAV to participate more fully in market gains.
However, when interest rates rise (and bond values correspondingly fall), a long
duration can make the fund's NAV more vulnerable to price declines. For the 12
months ended December 1999, the yield on the Bond Buyer 25 Revenue Bond Index5
rose from 5.26% to 6.23%. This meant that funds with longer durations, like the
Nuveen Florida Funds, were more likely to underperform the market, as
represented by the unleveraged Lehman Indexes.
Over the past 12 months, the duration of all three Florida Funds lengthened
considerably, due largely to market action. In addition, proceeds from sold or
called bonds were reinvested in issues with longer durations, which benefited
the Funds by providing attractive yields and better call protection. The longer
durations should help position the Florida Funds to regain net asset value if
the bond market recovers and interest rates decline.
WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE?
In 1999, rising interest rates, inflation worries, and constant speculation
about the Federal Reserve's next move created a negative environment in the
fixed-income markets. In addition, concerns about the impact of the transition
to the year 2000 precipitated an early start to tax-swap season, as investors
attempted to offset profits in the equity markets by selling fixed-income
investments at a loss. The liquidity concerns engendered by Y2K also prompted
some investors to opt for money market funds and other short-term instruments as
the best place to park cash over the year end.
All of these factors negatively impacted the market demand for exchange-traded
funds, including the Nuveen Florida Funds. This resulted in declines in the
Funds' share prices. Since the prevailing interest rate environment in December
1999 was higher than that of a year earlier, the Funds' NAVs also declined, as
bond prices fell while interest rates rose. The supply/demand imbalance in
Florida also hurt the prices of the bonds held by the Funds. As a result of
these factors, all three Florida Funds saw their premiums (share price above
NAV) move to discounts (share price below NAV). With the market prices of these
Funds lower than the actual value of the bonds in the Funds' portfolios,
shareholders may want to consider taking advantage of this opportunity to add to
their holdings of the Nuveen Florida Funds.
Total Return on Share Price Premium/Discount6
--------------------------- -------------------
1-Year Ended Taxable-
12/31/99 Equivalent3 12/31/98 12/31/99
-------- ----------- --------- --------
NQF -20.74% -18.26% 12.40% -6.12%
-------- -------- --------- --------
NUF -20.10% -17.67% 7.15% -10.28%
-------- -------- --------- --------
NFL -14.80% -12.51% 0.08% -7.27%
-------- -------- --------- --------
1 NQF and NUF's performances are compared with that of the Lehman Brothers
Municipal Bond Index, an unleveraged index comprising a broad range of
investment-grade municipal bonds, while the insured NFL is compared with the
Lehman Brothers Insured Municipal Bond Index, an unleveraged index consisting
of a broad range of insured municipal bonds. Results for both indexes do not
reflect any expenses.
2 The total returns for the Nuveen Florida Funds are compared with the average
annualized return of the 15 funds in the Lipper Florida Municipal Debt Funds
category. Fund and Lipper returns assume reinvestment of dividends.
3 The taxable-equivalent yield/total return represents the yield/total return
that must be earned on a taxable investment in order to equal the yield/total
return of the Nuveen fund on an after-tax basis. The taxable-equivalent yield
is based on the fund's current market yield and a federal income tax rate of
31%, while the taxable-equivalent total return is based on the annualized
total return and the 31% federal income tax rate.
4 Fund duration, also known as leverage-adjusted duration, takes into account
the leveraging process for the funds and therefore differs from the duration
of the actual portfolio of individual bonds that make up the funds. Unless
otherwise noted, references to duration in this commentary are intended to
indicate fund duration.
5 The Bond Buyer 25 Revenue Bond Index is an unmanaged index of long-term
municipal revenue bonds. 6 A fund's premium/discount represents the percentage
difference between the fund's share price and its NAV.
<PAGE>
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN FLORIDA FUNDS DURING THE
PERIOD COVERED BY THIS REPORT?
1999 was a difficult period for fixed-income investments, including leveraged,
long-term funds such as the Nuveen Florida Funds. However, it did provide
opportunities to enhance the Funds' tax efficiency and to support and strengthen
the Funds' long-term dividend-paying capabilities. These strategies, of course,
were in addition to managing the Funds toward their primary objective of
providing stable tax-free dividends.
In all three Florida funds, enhanced tax efficiency has become an increasing
focus over the past six months, as the rising interest rate environment offered
opportunities to benefit the Funds through active trading. Our strategy has been
to sell selected bonds that are trading at a loss, realize the capital losses,
and then roll the proceeds into bonds with similar structure and quality as well
as attractive yields and better call protection. Some of the bonds we sold were
due to mature or scheduled to be called within the next few months, while others
were bonds that we had purchased earlier this year that were now producing a
lower income stream than that recently available in the market. This trading not
only gave us realized capital losses with which to offset current and future
realized capital gains, thereby protecting shareholders from additional taxes,
but also - in most cases - increased the net earnings of the Funds. If current
market conditions persist, we will continue to focus on implementing this
strategy.
Both NQF and NUF offered excellent credit quality, with 94% and 84%,
respectively, of the Funds' portfolios invested in bonds rated AAA/U.S.
guaranteed and AA at the end of December 1999. (Credit quality is not a concern
in NFL, which - as an insured fund - is 100% invested in U.S. guaranteed and
insured securities.) Over the past year, we took advantage of widening credit
spreads (or the difference in yield between higher credit quality securities and
those of lower credit quality) to reduce our allocation of AAA bonds and to
increase our exposure to BBB bonds as they became available in the Florida
market. As credit spreads widened, we were rewarded with higher yields for
assuming the incremental risk associated with these lower-rated securities. Both
multifamily and single family housing and the healthcare sector, specifically
hospitals, provided some of the BBB bonds we added to our portfolios.
Healthcare, in particular, is a dynamic and volatile area of the market that has
been beset with concerns about deregulation and profitability. This has created
credit and rating pressures for certain organizations and caused some investors
to avoid the sector entirely. Since one of Nuveen's strategies is to look for
value in sectors and bonds that have been overlooked by the rest of the market,
the healthcare sector has been an area where Nuveen research and our prudent
investment approach have enabled us to find and exploit opportunities that can
add value for our shareholders.
In the area of bond calls, NFL, which was first offered in December 1992,
currently provides excellent levels of protection. In fact, no bonds are
scheduled to be called in 2000, and only 3% of the portfolio is callable in
2001. This should provide additional protection and stability for the Fund's
dividend over this period. However, both NQF and NUF, which were assembled in
1991, are now approaching the normal part of the bond market cycle when the
likelihood of bond calls increases. Ten years after the original issue date,
issuers typically have their first opportunity to call, or redeem, outstanding
bonds. Calls are more likely to occur if current interest rates are more
favorable to the issuer than the rates that prevailed when the bonds were first
issued. Between now and the end of 2001, 42% of NQF's and 21% of NUF's
portfolios are subject to calls.
If any of these bonds are called from our portfolios, we will reinvest the
proceeds in the best structured bonds available in the market at the time the
redemption is made. This should help the Funds continue providing competitive
levels of dividends for shareholders. As mentioned earlier, we have been active
buyers in the current market as we try to take advantage of the higher interest
rate environment. These recent purchases should also benefit the Funds by
extending call protection.
WHAT IS NUVEEN'S OUTLOOK FOR THE FLORIDA FUNDS?
In the months ahead, we will try to take advantage of the higher yields
currently available in the municipal market to enhance our portfolio holdings
and the dividend-paying capabilities of all three funds. If current market
conditions persist, our strategies will continue to include efforts to enhance
the Funds' tax efficiency and identify research-intensive credits that have the
potential to increase income. Nuveen Research will continue to play a key role
in helping us explore opportunities in all areas of the market. As an
experienced investment manager knowledgeable about the unique aspects of the
Florida municipal market, Nuveen continues to focus on selecting the appropriate
bonds and implementing the strategies that can add value for our shareholders.
<PAGE>
Nuveen Florida Investment Quality Municipal Fund
Performance Overview
As of December 31, 1999
NQF
Portfolio Statistics
Inception Date 2/91
- --------------------------------------------------
Share Price $13 1/8
- --------------------------------------------------
Net Asset Value $13.98
- --------------------------------------------------
Market Yield 7.22%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 10.46%
- --------------------------------------------------
Fund Net Assets ($000) $361,067
- --------------------------------------------------
Average Effective Maturity (Years) 18.52
- --------------------------------------------------
Leverage-Adjusted Duration 11.07
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -20.74% -4.82%
- --------------------------------------------------
5-Year 6.32% 5.86%
- --------------------------------------------------
Since Inception 4.72% 6.57%
- --------------------------------------------------
Taxable-Equivalent Total Return1
On Share Price On NAV
- --------------------------------------------------
1-Year -18.26% -2.02%
- --------------------------------------------------
5-Year 9.14% 8.77%
- --------------------------------------------------
Since Inception 7.54% 9.49%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
U.S. Guaranteed 27%
- --------------------------------------------------
Healthcare 14%
- --------------------------------------------------
Housing/Single Family 14%
- --------------------------------------------------
Transportation 11%
- --------------------------------------------------
Utilities 11%
- --------------------------------------------------
Bar Chart:
1999 Monthly Tax-Free Dividends Per Share2
1/99 0.079
2/99 0.079
3/99 0.079
4/99 0.079
5/99 0.079
6/99 0.079
7/99 0.079
8/99 0.079
9/99 0.079
10/99 0.079
11/99 0.079
12/99 0.079
Line Chart:
Share Price Performance
Weekly Closing Price
12/31/98 17.625
17.0625
16.625
16.5
16.875
17
16.875
17.0625
17.0625
17
17.125
17.0625
17.375
17.25
17.25
17.25
17.25
17.125
16.75
16.6875
16.5625
16.1875
15.9375
15.9375
15.6875
15.875
16.0625
16
16.1875
16.1875
16
15.75
15.625
15.1875
14.875
15.25
15.25
15.1875
15.25
15.25
14.9375
14.5625
14.5
14.8125
14.3125
14.0625
13.9375
13.875
13.5
13.4375
12/31/99 13.125
Past performance is not predictive of future results.
1 A taxable-equivalent represents the yield or return on a taxable investment
necessary to equal that of the Nuveen fund on an after-tax basis. Taxable
equivalent yield is based on current market yield and a federal income tax
rate of 31%. Taxable equivalent total return is based on the annualized total
return and a federal income tax rate of 31%.
2 The Fund also paid shareholders capital gains distributions in December of
$0.0279 per share.
<PAGE>
Nuveen Florida Quality Income Municipal Fund
Performance Overview
As of December 31, 1999
NUF
Portfolio Statistics
Inception Date 10/91
- --------------------------------------------------
Share Price $12 15/16
- --------------------------------------------------
Net Asset Value $14.42
- --------------------------------------------------
Market Yield 7.05%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 10.22%
- --------------------------------------------------
Fund Net Assets ($000) $321,142
- --------------------------------------------------
Average Effective Maturity (Years) 17.31
- --------------------------------------------------
Leverage-Adjusted Duration 10.13
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -20.10% -4.62%
- --------------------------------------------------
5-Year 7.03% 6.58%
- --------------------------------------------------
Since Inception 4.24% 6.45%
- --------------------------------------------------
Taxable-Equivalent Total Return1
On Share Price On NAV
- --------------------------------------------------
1-Year -17.67% -2.02%
- --------------------------------------------------
5-Year 9.83% 9.32%
- --------------------------------------------------
Since Inception 7.00% 9.18%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
U.S. Guaranteed 24%
- --------------------------------------------------
Utilities 15%
- --------------------------------------------------
Transportation 14%
- --------------------------------------------------
Housing/Single Family 9%
- --------------------------------------------------
Housing/Multifamily 8%
- --------------------------------------------------
Bar Chart:
1999 Monthly Tax-Free Dividends Per Share
1/99 0.0745
2/99 0.0745
3/99 0.0745
4/99 0.0745
5/99 0.076
6/99 0.076
7/99 0.076
8/99 0.076
9/99 0.076
10/99 0.076
11/99 0.076
12/99 0.076
Line Chart:
Share Price Performance
Weekly Closing Price
12/31/98 17.1875
16.375
15.8125
15.5625
15.75
16.0625
15.875
16.125
16.1875
16.1875
16.0625
16.0625
16.125
16.25
16.3125
16.25
16.25
16.4375
16.0625
16
16
16
15.9375
15.875
15.875
15.8125
16.0625
16.125
16.125
16.0625
15.75
14.75
14.75
14.4375
14.75
14.75
14.6875
14.6875
14.8125
14.5625
14.5
14.375
14.25
14.1875
13.8125
13.625
13.625
13.5
13.25
13
12/31/99 12.9375
Past performance is not predictive of future results.
1 A taxable-equivalent represents the yield or return on a taxable investment
necessary to equal that of the Nuveen fund on an after-tax basis. Taxable
equivalent yield is based on current market yield and a federal income tax
rate of 31%. Taxable equivalent total return is based on the annualized total
return and a federal income tax rate of 31%.
<PAGE>
Nuveen Insured Florida Premium Income Municipal Fund
Performance Overview
As of December 31, 1999
NFL
Portfolio Statistics
Inception Date 12/92
- --------------------------------------------------
Share Price $12 3/4
- --------------------------------------------------
Net Asset Value $13.75
- --------------------------------------------------
Current Market Yield 6.26%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 9.07%
- --------------------------------------------------
Fund Net Assets ($000) $307,506
- --------------------------------------------------
Average Effective Maturity (Years) 17.85
- --------------------------------------------------
Leverage-Adjusted Duration 14.21
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -14.80% -8.23%
- --------------------------------------------------
5-Year 9.15% 7.76%
- --------------------------------------------------
Since Inception 3.28% 5.11%
- --------------------------------------------------
Taxable-Equivalent Total Return1
On Share Price On NAV
- --------------------------------------------------
1-Year -12.51% -5.93%
- --------------------------------------------------
5-Year 11.82% 10.21%
- --------------------------------------------------
Since Inception 5.87% 7.54%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
Tax Obligation/Limited 20%
- --------------------------------------------------
Transportation 19%
- --------------------------------------------------
U.S. Guaranteed 18%
- --------------------------------------------------
Water and Sewer 11%
- --------------------------------------------------
Utilities 8%
- --------------------------------------------------
Bar Chart:
1999 Monthly Tax-Free Dividends Per Share
1/99 0.0625
2/99 0.0645
3/99 0.0645
4/99 0.0645
5/99 0.0665
6/99 0.0665
7/99 0.0665
8/99 0.0665
9/99 0.0665
10/99 0.0665
11/99 0.0665
12/99 0.0665
Line Chart:
Share Price Performance
Weekly Closing Price
12/31/98 15.8125
14.9375
14.5625
14.5
14.625
15
15
15
15.1875
15.125
15.5
15.1875
15.125
15
14.75
14.75
15.0625
15.0625
14.875
15.1875
15.0625
15
14.875
14.6875
14.625
15
14.9375
14.6875
14.625
14.6875
14.625
13.8125
13.875
13.9375
14
13.8125
13.5625
13.5625
13.5625
13.5625
13.5
13.3125
13.0625
13.4375
13
13
13.1875
12.9375
12.625
12.625
12/31/99 12.75
Past performance is not predictive of future results.
1 A taxable-equivalent represents the yield or return on a taxable investment
necessary to equal that of the Nuveen fund on an after-tax basis. Taxable
equivalent yield is based on current market yield and a federal income tax
rate of 31%. Taxable equivalent total return is based on the annualized total
return and a federal income tax rate of 31%.
<PAGE>
<TABLE>
Shareholder Meeting Report
<CAPTION>
NQF NUF
- ------------------------------------------------------------------------------------------------------------------------------------
Approval of the Trustees was reached as follows:
Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Common Shares Shares Shares
Shares Series-T Series-F Shares Series-M Series-TH Series-F
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
Robert P. Bremner
For 13,965,406 2,842 1,991 12,465,462 1,364 1,387 1,218
Withhold 233,804 52 12 171,412 6 5 7
- ------------------------------------------------------------------------------------------------------------------------------------
Total 14,199,210 2,894 2,003 12,636,874 1,370 1,392 1,225
====================================================================================================================================
Lawrence H. Brown
For 13,959,875 2,842 1,991 12,464,112 1,364 1,387 1,218
Withhold 239,335 52 12 172,762 6 5 7
- ------------------------------------------------------------------------------------------------------------------------------------
Total 14,199,210 2,894 2,003 12,636,874 1,370 1,392 1,225
====================================================================================================================================
Anne E. Impellizzeri
For 13,951,525 2,862 1,991 12,462,412 1,364 1,387 1,218
Withhold 247,685 32 12 174,462 6 5 7
- ------------------------------------------------------------------------------------------------------------------------------------
Total 14,199,210 2,894 2,003 12,636,874 1,370 1,392 1,225
====================================================================================================================================
Peter R. Sawers
For 13,959,575 2,842 1,991 12,465,212 1,364 1,387 1,218
Withhold 239,635 52 12 171,662 6 5 7
- ------------------------------------------------------------------------------------------------------------------------------------
Total 14,199,210 2,894 2,003 12,636,874 1,370 1,392 1,225
====================================================================================================================================
William J. Schneider
For -- 2,842 1,991 -- 1,364 1,387 1,218
Withhold -- 52 12 -- 6 5 7
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,894 2,003 -- 1,370 1,392 1,225
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,862 1,991 -- 1,364 1,387 1,218
Withhold -- 32 12 -- 6 5 7
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,894 2,003 -- 1,370 1,392 1,225
====================================================================================================================================
Judith M. Stockdale
For 13,947,509 2,842 1,991 12,426,261 1,364 1,387 1,218
Withhold 251,701 52 12 210,613 6 5 7
- ------------------------------------------------------------------------------------------------------------------------------------
Total 14,199,210 2,894 2,003 12,636,874 1,370 1,392 1,225
====================================================================================================================================
Ratification of auditors was reached as follows:
For 14,039,237 2,808 1,994 12,478,322 1,365 1,391 1,222
Against 60,205 77 1 53,104 3 1 --
Abstain 99,768 9 8 105,448 2 -- 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 14,199,210 2,894 2,003 12,636,874 1,370 1,392 1,225
====================================================================================================================================
<PAGE>
<CAPTION>
Shareholder Meeting Report
NFL
- ------------------------------------------------------------------------------------------------------------------------------------
Approval of the Trustees was reached as follows:
Preferred Preferred
Common Shares Shares
Shares Series-W Series-TH
====================================================================================================================================
<S> <C> <C> <C>
Robert P. Bremner
For 12,380,747 1,484 2,649
Withhold 126,403 3 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 12,507,150 1,487 2,652
====================================================================================================================================
Lawrence H. Brown
For 12,368,255 1,484 2,649
Withhold 138,895 3 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 12,507,150 1,487 2,652
====================================================================================================================================
Anne E. Impellizzeri
For 12,358,512 1,484 2,649
Withhold 148,638 3 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 12,507,150 1,487 2,652
====================================================================================================================================
Peter R. Sawers
For 12,366,262 1,484 2,649
Withhold 140,888 3 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 12,507,150 1,487 2,652
====================================================================================================================================
William J. Schneider
For -- 1,484 2,649
Withhold -- 3 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,487 2,652
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,484 2,649
Withhold -- 3 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,487 2,652
====================================================================================================================================
Judith M. Stockdale
For 12,368,242 1,484 2,649
Withhold 138,908 3 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 12,507,150 1,487 2,652
====================================================================================================================================
Ratification of auditors was reached as follows:
For 12,291,068 1,484 2,649
Against 59,143 1 --
Abstain 156,939 2 3
- ------------------------------------------------------------------------------------------------------------------------------------
Total 12,507,150 1,487 2,652
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
<PAGE>
Portfolio of Investments
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care - 13.8%
$ 1,500,000 The Cape Canaveral Hospital District, Revenue Refunding Certificates, 1/08 at 101 BBB $ 1,176,585
Series 1998, 5.250%, 1/01/28
20,000,000 Escambia County Health Facilities Authority, Florida, Revenue Bonds 11/09 at 101 AA 19,532,200
(Ascension Health Credit Group), Series 1999A-1, 6.000%, 11/15/31
11,000,000 Jacksonville Health Facilities Authority, Florida, Hospital Facilities 11/01 at 102 AA+ 11,616,770
Refunding Revenue Bonds (St. Luke's Hospital Association Project),
Series 1991, 7.125%, 11/15/20
7,500,000 City of Miami Beach Health Facilities Authority, Hospital Revenue 11/08 at 101 BBB 5,742,000
Bonds (Mount Sinai Medical Center of Florida Project),
Series 1998, 5.375%, 11/15/28
7,925,000 Orange County Health Facilities Authority, Adventist Health 11/01 at 102 AAA 8,312,374
System/Sunbelt, Inc., Hospital Revenue Bonds, Series 1991-B,
6.750%, 11/15/21
4,250,000 St. John's County Industrial Development Authority, Hospital 8/02 at 102 A2 3,959,555
Revenue Bonds (Flagler Hospital Project), Series 1992,
6.000%, 8/01/22
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 4.2%
11,300,000 Housing Finance Authority of Broward County, Florida, Multifamily 7/09 at 102 N/R 10,553,635
Housing Revenue Bonds (The Pier Club Apartments Project),
Series 1999, 7.000%, 7/01/34
1,890,000 Florida Housing Finance Agency, General Mortgage Revenue 6/02 at 103 AAA 1,933,149
Refunding Bonds, 1992 Series A, 6.400%, 6/01/24
2,500,000 Florida Housing Finance Agency, Housing Revenue Bonds 9/06 at 102 AAA 2,542,125
(Mariner Club Apartments Project), 1996 Series K-1,
6.375%, 9/01/36 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 13.6%
6,845,000 Housing Finance Authority of Brevard County (Florida), Single 9/01 at 102 Aaa 7,030,363
Family Mortgage Revenue Refunding Bonds, Series C 1991,
7.000%, 9/01/23
3,830,000 Housing Finance Authority of Broward County (Florida), GNMA 3/01 at 102 AAA 3,932,338
and FNMA Collateralized Home Mortgage Revenue Bonds,
1991 Series A, 7.350%, 3/01/23 (Alternative Minimum Tax)
1,080,000 Housing Finance Authority of Clay County (Florida), Single Family 4/07 at 102 Aaa 1,051,769
Mortgage Revenue Bonds, Series 1997 (Multi-County Program),
5.950%, 10/01/19 (Alternative Minimum Tax)
1,025,000 Housing Finance Authority of Dade County (Florida), Single Family 9/00 at 102 Aaa 1,051,496
Mortgage Revenue Bonds, 1990 Series C, 7.750%, 9/01/22
(Alternative Minimum Tax)
645,000 Housing Finance Authority of Dade County (Florida), Single Family 3/01 at 102 Aaa 661,338
Mortgage Revenue Bonds, Series B, 7.250%, 9/01/23
(Alternative Minimum Tax)
335,000 Housing Finance Authority of Dade County (Florida), Single Family 4/05 at 102 AAA 338,628
Mortgage Revenue Bonds, Series 1995, 6.550%, 10/01/27
(Alternative Minimum Tax)
2,405,000 Housing Finance Authority of Escambia County (Florida), Single 4/07 at 102 Aaa 2,142,615
Family Mortgage Revenue Bonds, (Multi-County Program),
Series 1998A, 5.300%, 10/01/19 (Alternative Minimum Tax)
9,630,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue 1/06 at 102 AA 9,648,008
Bonds (Refunding/New Money Issue), 1995 Series 2,
6.200%, 7/01/27 (Alternative Minimum Tax)
1,900,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue 1/07 at 102 AA 1,919,437
Bonds (Refunding/New Money Issue), Series 2, 6.350%, 7/01/28
(Alternative Minimum Tax)
3,060,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue 7/07 at 102 AAA 2,928,420
Bonds, 1997 Series 2, 5.900%, 7/01/29 (Alternative Minimum Tax)
2,470,000 Housing Finance Authority of Leon County (Florida), Single Family 4/01 at 102 Aaa 2,527,428
Mortgage Revenue Bonds (Multi-County Program),
1991 Series A, 7.300%, 4/01/21 (Alternative Minimum Tax)
2,015,000 Housing Finance Authority of Manatee County (Florida), Single 11/05 at 102 Aaa 2,161,773
Family Mortgage Revenue Bonds, Series 1994, Subseries 3,
7.600%, 11/01/26 (Alternative Minimum Tax)
<PAGE>
Portfolio of Investments
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF) (continued)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Single Family (continued)
$ 1,800,000 Housing Finance Authority of Manatee County (Florida), Single Family 5/06 at 105 Aaa $ 1,950,156
Mortgage Revenue Bonds, Series 1996, Subseries 1,
7.450%, 5/01/27 (Alternative Minimum Tax)
Housing Finance Authority of Orange County, GNMA Collateralized
Mortgage Revenue Bonds, 1991 Series A:
2,490,000 7.250%, 9/01/11 (Alternative Minimum Tax) 3/01 at 103 AAA 2,565,123
8,810,000 7.375%, 9/01/24 (Alternative Minimum Tax) 3/01 at 103 AAA 9,118,702
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 4.1%
2,810,000 Broward County, Florida, Public Improvement Refunding Bonds No Opt. Call AA 3,587,246
(General Obligation Bonds), Series 1986, 12.500%, 1/01/04
2,400,000 State of Florida, Full Faith and Credit, Department of Transportation, 7/09 at 101 AA+ 2,043,864
Right-of-Way Acquisition and Bridge Construction Bonds,
Series 1999A, 5.000%, 7/01/28
12,000,000 State of Florida, Full Faith and Credit, State Board of Education, 6/07 at 101 AA+ 9,228,840
Public Education Capital Outlay Bonds, 1996 Series B,
4.500%, 6/01/27
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 8.5%
18,315,000 Dade County, Florida, Special Obligation and Refunding Bonds, 10/06 at 102 AAA 15,363,721
Series 1996B, 5.000%, 10/01/35
6,000,000 Florida Ports Financing Commission, Revenue Bonds (State 6/07 at 101 AAA 5,354,580
Transportation Trust Fund), Series 1996, 5.375%, 6/01/27
(Alternative Minimum Tax)
5,000,000 The County of Hernando, Florida (Criminal Justice Complex Financing No Opt. Call AAA 6,029,000
Program), 1986 Series, 7.650%, 7/01/16
Tampa Sports Authority, State of Florida, Sales Tax Special
Purpose Bonds, Payment Series 1995 (Tampa Bay Arena Project):
1,250,000 5.750%, 10/01/20 No Opt. Call AAA 1,234,225
2,585,000 5.750%, 10/01/25 No Opt. Call AAA 2,532,033
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 11.2%
3,105,000 Broward County, Florida, Airport System Revenue Bonds, Series G, 10/08 at 101 AAA 2,771,492
5.125%, 10/01/17 (Alternative Minimum Tax)
1,500,000 Dade County, Florida, Aviation Bonds, Series 1996A, 10/06 at 102 AAA 1,428,180
5.750%, 10/01/26 (Alternative Minimum Tax)
2,500,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, No Opt. Call AAA 2,558,750
City of Orlando, Florida, Series 1997, 5.750%, 10/01/11
(Alternative Minimum Tax)
13,500,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, 10/09 at 101 AAA 11,522,520
City of Orlando, Florida, Series 1999A, 5.125%, 10/01/28
(Alternative Minimum Tax)
2,590,000 Hillsborough County Aviation Authority, Florida, Tampa International 10/06 at 102 AAA 2,571,896
Airport Revenue Bonds, Series 1996A, 6.000%, 10/01/23
(Alternative Minimum Tax)
3,500,000 Hillsborough County Aviation Authority, Florida, Tampa International 10/06 at 102 AAA 3,473,050
Airport Revenue Bonds, Series 1996B, 5.875%, 10/01/23
1,750,000 Miami-Dade County Industrial Development Authority, Industrial 11/09 at 101 AAA 1,721,633
Development Revenue Bonds (Airis Miami II LLC Project at the
Miami International Airport), Series 1999, 6.000%, 10/15/25
(Alternative Minimum Tax)
15,450,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/08 at 101 AAA 12,894,106
International Airport (Hub of the Americas), Series 1998C,
5.000%, 10/01/28 (Alternative Minimum Tax)
1,425,000 County of Volusia, Florida, Airport System Revenue Bonds 10/00 at 102 AAA 1,474,505
(Daytona Beach Regional Airport), Series 1991, 7.000%, 10/01/21
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 26.5%
7,475,000 The School Board of Broward County, Florida, Certificates of 7/01 at 102 AAA 7,833,277
Participation, Series 1991A, 6.500%, 7/01/11
(Pre-refunded to 7/01/01)
3,000,000 The Cape Canaveral Hospital District, Improvement Revenue 1/01 at 102 AAA 3,136,860
Certificates, Series 1991, 6.875%, 1/01/21
(Pre-refunded to 1/01/01)
10,000,000 Charlotte County, Florida, Utility System Revenue Bonds, 10/01 at 102 AAA 10,604,600
(Pre-refunded to 10/01/01)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 2,395,000 Dade County, Florida, Special Obligation Bonds (Courthouse Center 4/04 at 102 A3*** $ 2,566,266
Project), Series 1994, 6.300%, 4/01/14 (Pre-refunded to 4/01/04)
7,225,000 Dade County, Florida, Special Obligation and Refunding Bonds, 10/08 at 48 27/32 AAA 2,221,037
Series 1996B, 0.000%, 10/01/20 (Pre-refunded to 10/01/08)
10,165,000 Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds, 9/01 at 101 AAA 10,627,711
Series 1991, 6.750%, 9/01/21 (Pre-refunded to 9/01/01)
6,955,000 State of Florida, Full Faith and Credit, State Board of Education, 6/05 at 101 AAA 7,387,045
Public Education Capital Outlay Bonds, Series 1993F,
6.000%, 6/01/20 (Pre-refunded to 6/01/05)
950,000 City of Fort Myers, Florida, Improvement Revenue Bonds (Special 7/03 at 100 BBB-*** 1,019,474
Assessment Geographical Area No. 24 Improvements),
Series 1991A, 7.100%, 7/01/06 (Pre-refunded to 7/01/03)
1,565,000 City of Green Cove Springs, Florida, Utilities Refunding Revenue 10/01 at 102 AAA 1,653,391
Bonds, Series 1991, 6.750%, 10/01/10 (Pre-refunded to 10/01/01)
3,530,000 Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital 10/01 at 102 AAA 3,727,539
Revenue Refunding Bonds, 1991 Series A, 6.750%, 10/01/06
(Pre-refunded to 10/01/01)
11,000,000 Jacksonville Health Facilities Authority, Health Facilities Revenue 11/00 at 102 Aaa 11,518,650
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)
4,500,000 Orange County, Tourist Development Tax Revenue Bonds, 10/02 at 100 AAA 4,660,020
Series 1992B, 6.000%, 10/01/21 (Pre-refunded to 10/01/02)
1,400,000 City of Pembroke Pines, Florida, Capital Improvement Revenue 10/04 at 102 AAA 1,495,606
Bonds, Series 1995, 6.000%, 10/01/25 (Pre-refunded to 10/01/04)
5,000,000 St. Lucie County, Florida, Utility System Revenue Bonds, 10/00 at 102 AAA 5,211,150
Series 1990, 7.125%, 10/01/17 (Pre-refunded to 10/01/00)
4,000,000 City of St. Petersburg Health Facilities Authority, Florida, Revenue 12/01 at 102 AAA 4,243,120
Bonds (Allegany Health System Loan Program), Series 1985A,
7.000%, 12/01/15 (Pre-refunded to 12/01/01)
3,570,000 Seminole County, Florida, Water and Sewer Revenue Refunding 10/19 at 100 AAA 3,650,789
and Improvement Bonds, Series 1992, 6.000%, 10/01/19
(Pre-refunded to 10/01/19)
4,500,000 City of Tampa, Florida, Revenue Bonds (The Florida Aquarium 5/02 at 102 N/R*** 4,865,490
Project), Series 1992, 7.750%, 5/01/27 (Pre-refunded to 5/01/02)
2,900,000 City of Tampa, Florida, Water and Sewer Systems Revenue Bonds, 10/02 at 101 AAA 3,028,731
Series 1992, 6.000%, 10/01/17 (Pre-refunded to 10/01/02)
475,000 County of Volusia, Florida, Airport System Revenue Bonds 10/00 at 102 AAA 494,428
(Daytona Beach Regional Airport), Series 1991, 7.000%, 10/01/21
(Alternative Minimum Tax) (Pre-refunded to 10/01/00)
5,650,000 School Board of Volusia County, Florida, Certificates of Participation, 8/01 at 102 AAA 5,950,354
Master Lease Program, Series 1991, 6.750%, 8/01/11
(Pre-refunded to 8/01/01)
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 11.0%
435,000 City of Green Cove Springs, Florida, Utilities Refunding Revenue 10/01 at 102 AAA 456,289
Bonds, Series 1991, 6.750%, 10/01/10
4,250,000 City of Lakeland, Florida, Energy System Refunding Revenue No Opt. Call AAA 4,546,863
Bonds, Series 1999C, 6.050%, 10/01/11
Lee County, Florida, Solid Waste System Revenue Bonds, Series 1991A:
6,500,000 7.000%, 10/01/05 (Alternative Minimum Tax) 10/01 at 102 AAA 6,845,020
4,750,000 7.000%, 10/01/06 (Alternative Minimum Tax) 10/01 at 102 AAA 5,002,130
10,620,000 Martin County, Florida, Pollution Control Revenue Refunding Bonds 7/00 at 102 AAA 10,966,531
(Florida Power and Light Company Project), Series 1990,
7.300%, 7/01/20
7,460,000 Orlando Utilities Commission, Water and Electric Subordinated 4/00 at 100 Aa2 6,416,048
Revenue Bonds, Series 1989D, 5.000%, 10/01/23
5,000,000 Orlando Utilities Commission, Water and Electric Revenue No Opt. Call Aa1 5,337,650
Refunding Bonds, Series 1992, 6.000%, 10/01/10
<PAGE>
Portfolio of Investments
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF) (continued)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 5.3%
$ 835,000 Florida Keys Aqueduct Authority, Water Revenue Bonds, Series 1991, 9/01 at 101 AAA $ 866,822
6.750%, 9/01/21
2,560,000 Florida Governmental Utility Authority, Utility Revenue Bonds 10/09 at 101 Aaa 2,176,922
(Golden Gate Utility System), Series 1999, 5.000%, 10/01/29
7,600,000 Miami-Dade County, Florida, Water and Sewer System Revenue 10/09 at 101 AAA 6,462,734
Bonds, Series 1999A, 5.000%, 10/01/29
6,000,000 Village of Royal Palm Beach, Florida, Utility System Revenue 10/01 at 102 AAA 6,317,040
Refunding Bonds, Series 1991, 6.875%, 10/15/15
1,680,000 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 1,733,640
and Improvement Bonds, Series 1992, 6.000%, 10/01/19
1,450,000 City of Tampa, Florida, Water and Sewer Systems Revenue 10/02 at 101 AAA 1,465,630
Bonds, Series 1992, 6.000%, 10/01/17
- -----------------------------------------------------------------------------------------------------------------------------------
$ 367,280,000 Total Investments - (cost $353,885,061) - 98.2% 354,674,485
============= -------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 6,392,210
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $361,066,695
===================================================================================================================
* 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.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Basic Materials - 1.9%
$ 6,000,000 Polk County Industrial Development Authority, Florida, Industrial No Opt. Call A+ $ 5,957,700
Development Revenue Bonds (Cargill Fertilizer, Inc. Project),
Series 1999, 5.500%, 11/01/09 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 2.4%
Brevard County Educational Facilities Authority (Florida),
Educational Facilities Refunding and Improvement Revenue Bonds,
Series 1992:
2,565,000 6.750%, 11/01/07 11/02 at 102 BBB- 2,680,425
4,790,000 6.875%, 11/01/22 11/02 at 102 BBB- 4,870,233
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 6.9%
1,000,000 Alachua County Health Facilities Authority, Florida, Health 12/02 at 100 AAA 999,430
Facilities Revenue Bonds Hospital at the University of Florida
Project), Series 1992R, 5.750%, 12/01/15
10,395,000 City of Jacksonville, Florida, Hospital Revenue Bonds 2/02 at 102 AAA 10,845,104
(University Medical Center, Inc. Project), Series 1992,
6.600%, 2/01/21
1,500,000 City of Leesburg, Florida, Hospital Revenue Refunding Bonds 7/03 at 102 A2 1,553,490
(Leesburg Regional Medical Center Project), Series 1993A,
6.250%, 7/01/09
1,675,000 Orange County Health Facilities Authority, Florida, Hospital 11/01 at 102 AAA 1,764,144
Revenue Bonds (Adventist Health System/Sunbelt, Inc.),
Series 1991A 6.875%, 11/15/15
5,000,000 Orange County Health Facilities Authority, Hospital Revenue Bonds 11/05 at 102 AAA 4,826,850
(Adventist Health System/Sunbelt, Inc.), Series 1995,
5.750%, 11/15/25
2,000,000 Orange County Health Facilities Authority, Hospital Revenue No Opt. Call AAA 2,107,720
Bonds (Orlando Regional Healthcare System), Series 1996A,
6.250%, 10/01/18
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 8.3%
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 1,517,730
1,000,000 6.300%, 1/01/32 7/06 at 102 AAA 1,015,100
9,600,000 Housing Finance Authority of Broward County, Florida, Multifamily 6/09 at 102 N/R 8,742,336
Housing Revenue Bonds (Pembroke Gardens Project),
Series 1999, 6.150%, 6/01/39 (Alternative Minimum Tax)
1,655,000 Florida Housing Finance Agency, General Mortgage Revenue 6/02 at 103 AAA 1,692,784
Refunding Bonds, 1992 Series A, 6.400%, 6/01/24
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 10/05 at 102 AAA 989,690
1995 Series F (Holly Cove Apartment Project), 6.150%, 10/01/25
(Alternative Minimum Tax)
Florida Housing Finance Agency, Housing Revenue Bonds (Mar Lago
Village Apartments Project), 1997 Series F:
1,655,000 5.800%, 12/01/17 (Alternative Minimum Tax) 12/07 at 102 AAA 1,613,542
1,670,000 5.900%, 12/01/27 (Alternative Minimum Tax) 12/07 at 102 AAA 1,616,694
3,670,000 Florida Housing Finance Corporation, Housing Revenue Refunding 12/08 at 102 A+ 3,188,533
Bonds (Hunters Ridge at Deerwood Apartments), 1998 Series O
5.300%, 12/01/28
1,000,000 Hialeah Housing Authority, Florida, Housing Revenue Refunding 6/08 at 105 AAA 916,030
Bonds (GNMA Collateralized), Affordable Housing Program,
Series 1998, 5.300%, 12/20/18
2,400,000 Pasco County Housing Finance Authority, Multifamily Housing 2/09 at 102 A 2,209,752
Revenue Bonds (Pasco Woods Apartments Project), Series 1999A,
5.800%, 8/01/29 (Alternative Minimum Tax)
3,240,000 Housing Finance Authority of Pinellas County, Florida, Multifamily 1/08 at 100 AAA 3,135,510
Housing Revenue Bonds (Emerald Bay Apartments Projects),
Series 1998A, 5.000%, 4/01/28 (Alternative Minimum Tax)
(Mandatory put 4/01/08)
<PAGE>
Portfolio of Investments
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF) (continued)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Single Family - 8.8%
$ 1,254,000 Housing Finance Authority of Dade County (Florida), Single Family 12/01 at 102 AAA $ 1,287,381
Mortgage Revenue Refunding Bonds, Series 1991D, 6.950%, 12/15/12
365,000 Housing Finance Authority of Dade County (Florida), Single Family 3/01 at 102 Aaa 372,607
Mortgage Revenue Bonds, 1991 Series 1991E, 7.000%, 3/01/24
1,665,000 Housing Finance Authority of Dade County (Florida), Single Family 4/05 at 102 AAA 1,683,032
Mortgage Revenue Bonds, Series 1995, 6.550%, 10/01/27
(Alternative Minimum Tax)
4,925,000 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102 AA 4,934,210
Revenue Bonds (Refunding/New Money Issue), 1995 Series 2,
6.200%, 7/01/27 (Alternative Minimum Tax)
2,345,000 Florida Housing Finance Agency, Home Ownership Revenue No Opt. Call AAA 2,452,049
Refunding Bonds, 1987 Series G1, 8.595%, 11/01/17
3,165,000 Housing Finance Authority of Hillsborough County (Florida), 10/07 at 102 Aaa 2,690,661
Single Family Mortgage Revenue Bonds, Series 1998A,
5.300%, 4/01/31 (Alternative Minimum Tax)
2,675,000 Housing Finance Authority of Lee County (Florida), Single Family 3/07 at 105 Aaa 2,852,727
Mortgage Revenue Bonds (Multi-County Program),
Series 1997A, Subseries 1, 7.200%, 3/01/27 (Alternative Minimum Tax)
Housing Authority of Miami-Dade County (Florida), Home Ownership
Mortgage Revenue Bonds, Series 1999A-1:
750,000 5.550%, 10/01/19 (Alternative Minimum Tax) 4/08 at 101 1/2 Aaa 693,233
2,400,000 5.625%, 4/01/32 (Alternative Minimum Tax) 4/08 at 101 1/2 Aaa 2,160,696
1,960,000 Housing Finance Authority of Orange County (Florida), 4/06 at 102 AAA 1,973,524
Single Family Mortgage Revenue Bonds (GNMA and Fannie Mae
Mortgage-Backed Securities Program), Series 1996A,
6.300%, 4/01/28 (Alternative Minimum Tax)
Housing Finance Authority of Orange County (Florida), Single
Family Mortgage Revenue Bonds (GNMA and Fannie Mae Mortgage
Backed Securities Program), Series 1997B:
865,000 5.800%, 9/01/17 (Alternative Minimum Tax) 9/07 at 102 AAA 833,471
4,515,000 5.100%, 9/01/27 (Alternative Minimum Tax) 9/07 at 102 AAA 4,450,119
1,995,000 Housing Finance Authority of Palm Beach County (Florida), 4/07 at 102 Aaa 1,930,103
Single Family Mortgage Revenue Bonds, Series 1997A,
5.900%, 4/01/29 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.1%
7,285,000 City of Atlantic Beach, Florida, Health Care Facilities Revenue 10/09 at 101 A 6,889,060
Refunding Bonds (Fleet Landing Project), Series 1999,
5.750%, 10/01/18
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 8.2%
2,150,000 Alachua County Library District, Florida, General Obligation Refunding 8/01 at 102 AAA 2,249,782
Bonds, Series 1991, 6.600%, 8/01/10
State of Florida, Full Faith and Credit, State Board of
Education, Public Education Capital Outlay Bonds, Series 1989A
(Refunding Bonds):
3,290,000 7.250%, 6/01/23 6/00 at 102 AA+ 3,389,555
5,000,000 6.000%, 6/01/25 6/00 at 100 AA+ 5,000,100
10,000,000 State of Florida, Full Faith and Credit, State Board of Education, 6/08 at 101 AA+ 7,817,400
Public Education Capital Outlay Refunding Bonds, Series 1998D,
4.500%, 6/01/24
10,000,000 State of Florida, Full Faith and Credit, State Board of Education, 6/09 at 101 AAA 7,919,100
Public Education Capital Outlay Refunding Bonds, Series 1999A,
4.500%, 6/01/23
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 3.4%
2,000,000 Certificates of Participation, Series 1994, The Department of 3/04 at 102 A+ 2,031,160
Corrections, State of Florida, 6.000%, 3/01/14
3,170,000 City of Jacksonville, Florida, Excise Taxes Revenue Bonds, No Opt. Call AAA 1,235,127
Series 1993, 0.000%, 10/01/15 (Alternative Minimum Tax)
2,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/04 at 102 AAA 2,022,460
Series 1994, 6.125%, 1/01/24
5,500,000 City of St. Petersburg, Florida, Public Improvement Refunding 2/02 at 102 AAA 5,758,005
Revenue Bonds, Series 1992, 6.375%, 2/01/12
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation - 13.5%
$ 12,000,000 Dade County, Florida, Aviation Bonds, Series 1996A, 10/06 at 102 AAA $ 11,425,440
5.750%, 10/01/26 (Alternative Minimum Tax)
1,500,000 Dade County, Florida, Aviation Revenue Bonds, Series 1995B, 10/05 at 102 AAA 1,507,665
6.000%, 10/01/24 (Alternative Minimum Tax)
8,540,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, 10/02 at 102 AAA 9,013,116
Series 1992A, 6.500%, 10/01/12 (Alternative Minimum Tax)
3,500,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, 10/07 at 101 AAA 3,095,085
City of Orlando, Florida, Series 1997, 5.250%, 10/01/23
(Alternative Minimum Tax)
4,000,000 Greater Orlando Aviation Authority, Airport Facilities Revenue 10/09 at 101 AAA 3,414,080
Bonds, City of Orlando, Florida, Series 1999A, 5.125%, 10/01/28
(Alternative Minimum Tax)
7,500,000 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/08 at 101 AAA 6,347,100
International Airport (Hub of the Americas), Series 1998A,
5.000%, 10/01/24 (Alternative Minimum Tax)
7,065,000 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101 AAA 6,005,957
Miami International Airport (Hub of the Americas), Series 1998C,
5.000%, 10/01/23 (Alternative Minimum Tax)
2,500,000 Palm Beach County, Florida, Airport System Revenue Refunding 10/02 at 102 AAA 2,637,325
Bonds, Series 1992, 6.375%, 10/01/14
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 23.9%
1,500,000 Bradford County Health Facilities Authority, Health Facilities No Opt. Call AAA 1,554,315
Revenue Refunding Bonds, (SantaFe Health Care Facilities Project),
Series 1993, 6.050%, 11/15/16
3,490,000 Charlotte County, Florida, Utility System Revenue Bonds, 10/01 at 102 AAA 3,694,060
Series 1991, 6.875%, 10/01/21 (Pre-refunded to 10/01/01)
7,000,000 Dade County Health Facilities Authority, Hospital Revenue 8/02 at 102 AAA 7,440,790
Refunding Bonds (North Shore Medical Center Project),
Series 1992, 6.500%, 8/15/15 (Pre-refunded to 8/15/02)
2,205,000 City of Dunedin, Florida, Hospital Revenue Bonds 11/01 at 102 AAA 2,333,750
(Mease Health Care), Series 1991, 6.750%, 11/15/21
(Pre-refunded to 11/15/01)
1,000,000 State of Florida, Full Faith and Credit, Pollution Control Bonds, 7/02 at 101 AA+*** 1,053,830
Division of Bond Finance of the Department of General Services,
Series Y, 6.600%, 7/01/17 (Pre-refunded to 7/01/02)
4,750,000 City of Hollywood, Florida, Water and Sewer Revenue Bonds, 10/01 at 102 AAA 5,027,733
Series 1991, 6.875%, 10/01/21 (Pre-refunded to 10/01/01)
4,625,000 Jacksonville Electric Authority, Florida, Bulk Power 10/00 at 101 1/2 Aaa 4,785,719
Supply System Revenue Bonds (Scherer 4 Project), Issue One,
Series 1991A, 6.750%, 10/01/21 (Pre-refunded to 10/01/00)
2,750,000 Kissimmee Utility Authority, Florida, Electric System Improvement 10/01 at 102 AAA 2,893,880
and Refunding Revenue Bonds, Series 1991,
6.500%, 10/01/17 (Pre-refunded to 10/01/01)
2,500,000 City of Leesburg, Florida, Capital Improvement Hospital 7/02 at 102 A-*** 2,710,000
Revenue Bonds (Leesburg Regional Medical Center Project),
Series 1991A, 7.500%, 7/01/21 (Pre-refunded to 7/01/02)
Orange County, Tourist Development Tax Revenue Bonds, Series 1992B:
3,000,000 6.500%, 10/01/19 (Pre-refunded to 10/01/02) 10/02 at 102 AAA 3,194,730
7,490,000 6.000%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 100 AAA 7,756,344
7,375,000 Orlando Utilities Commission, Water and Electric Subordinated 10/01 at 102 Aaa 7,760,860
Revenue Bonds, Series 1991A, 6.500%, 10/01/20
(Pre-refunded to 10/01/01)
825,000 Solid Waste Authority of Palm Beach County, Refunding Revenue No Opt. Call AAA 882,395
Bonds, Series 1997A, 6.000%, 10/01/09
11,000,000 Reedy Creek Improvement District (Orange and Osceola Counties), 10/01 at 101 AAA 11,473,660
Utilities Revenue Bonds, Series 1991-1, 6.500%, 10/01/16
(Pre-refunded to 10/01/01)
5,000,000 St. Petersburg Health Facilities Authority, Florida, Revenue 12/01 at 102 AAA 5,303,900
Bonds (Allegany Health System Loan Program), Series 1985A,
7.000%, 12/01/15 (Pre-refunded to 12/01/01)
2,300,000 Sarasota County, Florida, Utility System Revenue Bonds, 10/04 at 102 AAA 2,505,436
Series 1994, 6.500%, 10/01/22 (Pre-refunded to 10/01/04)
2,000,000 The School Board of Seminole County, Florida, Certificates 7/04 at 102 AAA 2,142,220
of Participation, Series 1994A, 6.125%, 7/01/19
(Pre-refunded to 7/01/04)
1,000,000 City of Stuart, Florida, Public Utilities Revenue Improvement 10/03 at 100 AAA 1,071,370
Bonds, Series 1994, 6.800%, 10/01/24 (Pre-refunded to 10/01/03)
<PAGE>
Portfolio of Investments
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF) (continued)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 3,000,000 City of Tampa, Florida, Revenue Bonds (The Florida Aquarium Project), 5/02 at 102 N/R*** $ 3,243,660
Series 1992, 7.750%, 5/01/27 (Pre-refunded to 5/01/02)
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 14.9%
10,000,000 Citrus County, Florida, Pollution Control Refunding Revenue 1/02 at 102 A+ 10,244,300
Bonds (Florida Power Corporation, Crystal River Power Plant Project),
Series 1992A, 6.625%, 1/01/27
5,830,000 Hillsborough County Industrial Development Authority, Florida, 8/01 at 103 AA 6,249,527
Pollution Control Revenue Refunding Bonds (Tampa Electric
Company Project), Series 1991, 7.875%, 8/01/21
9,800,000 Hillsborough County Industrial Development Authority, Pollution 5/02 at 103 AA 10,736,390
Control Revenue Refunding Bonds (Tampa Electric Company Project),
Series 1992, 8.000%, 5/01/22
Jacksonville Electric Authority, Florida, St. John's River Power Park
System Refunding Revenue Bonds, Issue Two, Series Seven:
1,500,000 5.750%, 10/01/12 10/02 at 101 AA 1,519,245
2,000,000 5.500%, 10/01/14 10/02 at 101 AA 1,986,840
5,000,000 Jacksonville Electric Authority, Florida, St. John's River Power 10/04 at 100 N/R 5,027,300
Park System Refunding Revenue Bonds, Issue Two, Series Eleven,
5.375%, 10/01/10
3,000,000 Orlando Utilities Commission, Water and Electric Subordinated 10/02 at 100 Aa2 2,765,940
Revenue Bonds, Series 1992A, 5.500%, 10/01/27
6,175,000 Solid Waste Authority of Palm Beach County, Refunding Revenue No Opt. Call AAA 6,561,617
Bonds, Series 1997A, 6.000%, 10/01/09
2,500,000 St. Lucie County, Florida, Solid Waste Disposal Revenue Bonds 2/01 at 102 AA- 2,604,900
(Florida Power and Light Company Project), Series 1991,
7.150%, 2/01/23 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.7%
5,000,000 Town of Davie, Florida, Water and Sewer Improvement and 10/02 at 102 AAA 5,105,200
Refunding Revenue Bonds, Series 1992, 6.250%, 10/01/17
5,300,000 Miami-Dade County, Florida, Water and Sewer System Revenue 10/09 at 101 AAA 4,506,905
Bonds, Series 1999A, 5.000%, 10/01/29
1,500,000 Peace River/Manasota Regional Water Supply Authority, Florida, 10/08 at 101 AAA 1,278,330
Revenue Bonds (Peace River Option Project), Series 1998A,
5.000%, 10/01/28
1,000,000 City of Venice, Florida, Utilities Revenue Refunding Bonds, 7/03 at 102 AAA 993,590
Series 1993, 5.500%, 7/01/14
- -----------------------------------------------------------------------------------------------------------------------------------
$ 320,609,000 Total Investments - (cost $314,631,981) - 98.0% 314,722,863
============= -------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 6,418,723
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $321,141,586
===================================================================================================================
* 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.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 1.7%
$ 5,325,000 Escambia County Housing Finance Authority, Dormitory Revenue 6/09 at 101 AAA $ 5,144,003
Bonds (University of West Florida Foundation, Inc. Project),
Series 1999, 5.750%, 6/01/31
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 7.3%
2,500,000 Alachua County Health Facilities Authority (Florida), Health 12/02 at 100 AAA 2,498,575
Facilities Revenue Bonds (Shands Hospital at the University
of Florida Project), Series 1992R, 5.750%, 12/01/15
2,000,000 Brevard County Health Facilities Authority, Hospital Revenue 10/06 at 101 AAA 1,999,800
Bonds (Holmes Regional Medical Center Project),
Series 1996, 5.625%, 10/01/14
2,500,000 Hillsborough County Industrial Development Authority (Florida), No Opt. Call AAA 2,695,600
Industrial Development Revenue Bonds (University Community
Hospital), Series 1994, 6.500%, 8/15/19
5,000,000 Hospital Board of Directors of Lee County (Florida), Hospital 4/07 at 102 AAA 4,856,000
Revenue Bonds (Lee Memorial Health System), Fixed Rate
Hospital Revenue Bonds, 1997 Series A, 5.750%, 4/01/22
5,000,000 North Broward Hospital District (Florida), Refunding and 1/07 at 101 AAA 4,566,300
Improvement Revenue Bonds, Series 1997, 5.375%, 1/15/24
5,710,000 Polk County Industrial Development Authority, Industrial 9/02 at 103 AAA 5,898,430
Development Revenue Bonds, (Winter Haven Hospital Project),
1985 Series 2, 6.250%, 9/01/15
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.5%
2,575,000 Housing Finance Authority of Broward County, Florida, Multifamily 5/07 at 102 AAA 2,503,183
Housing Revenue Refunding Bonds (Deer Chase Apartments
Project - GNMA Collateralized), Series 1997 A-1, 5.950%, 11/01/27
995,000 Housing Finance Authority of Broward County, Florida, Multifamily 6/07 at 102 AAA 963,548
Housing Revenue Refunding Bonds (Pompano Oaks Apartments
Project - GNMA Collateralized), Series 1997, 6.000%, 12/01/27
(Alternative Minimum Tax)
Housing Finance Authority of Collier County, Florida,
Multifamily Housing Revenue Refunding Bonds, Series 1998A,
Subseries 1 (Saxon Manor Isles Project):
1,040,000 5.350%, 9/01/18 (Alternative Minimum Tax) 3/08 at 101 AAA 952,609
1,400,000 5.400%, 9/01/23 (Alternative Minimum Tax) 3/08 at 101 AAA 1,263,416
Housing Finance Authority of Collier County, Florida,
Multifamily Housing Revenue Bonds, Series 1998B (Saxon Manor
Isles Project):
1,260,000 5.350%, 9/01/18 (Alternative Minimum Tax) 3/08 at 101 AAA 1,154,122
1,000,000 5.400%, 9/01/23 (Alternative Minimum Tax) 3/08 at 101 AAA 902,440
Housing Finance Authority of Dade County, Florida, Multifamily
Mortgage Revenue Bonds (Siesta Pointe Apartments Project), 1997
Series A:
1,230,000 5.650%, 9/01/17 (Alternative Minimum Tax) 9/07 at 101 AAA 1,188,574
1,690,000 5.700%, 9/01/22 (Alternative Minimum Tax) 9/07 at 101 AAA 1,605,416
1,890,000 5.750%, 9/01/29 (Alternative Minimum Tax) 9/07 at 101 AAA 1,784,822
1,400,000 Florida Housing Finance Agency, Housing Revenue Bonds 4/07 at 102 AAA 1,400,994
(Riverfront Apartments Project), 1997 Series A, 6.250%, 4/01/37
(Alternative Minimum Tax)
1,590,000 Florida Housing Finance Agency, Housing Revenue Bonds 12/05 at 102 AAA 1,565,912
(Williamsburg Village Apartments Project), 1995 Series E,
6.100%, 12/01/20 (Alternative Minimum Tax)
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds 5/06 at 102 AAA 1,007,690
(Turtle Creek Apartments Project), 1996 Series C1,
6.100%, 5/01/16 (Alternative Minimum Tax)
Florida Housing Finance Agency, Housing Revenue Bonds (Sterling
Palms Apartments Project), 1996 Series D-1:
1,000,000 6.300%, 12/01/16 (Alternative Minimum Tax) 6/06 at 102 AAA 1,021,520
1,500,000 6.400%, 12/01/26 (Alternative Minimum Tax) 6/06 at 102 AAA 1,527,210
750,000 Florida Housing Finance Agency, Housing Revenue Bonds 12/06 at 102 AAA 737,303
(The Crossings at Indian Run Apartments Project),
1996 Series V, 6.100%, 12/01/26 (Alternative Minimum Tax)
<PAGE>
Portfolio of Investments
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL) (continued)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily (continued)
$ 3,605,000 City of Jacksonville, Florida, Housing Revenue Refunding Bonds 9/03 at 102 AAA $ 3,449,372
(GNMA Collateralized - Windermere Manor Apartments Project),
Series 1993A, 5.875%, 3/20/28
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.8%
3,200,000 Housing Finance Authority of Broward County (Florida), Single 4/09 at 101 Aaa 2,771,872
Family Mortgage Revenue Refunding Bonds, Series 1999B,
5.250%, 4/01/31 (Alternative Minimum Tax)
4,170,000 Duval County Housing Finance Authority, Single Family Mortgage 10/04 at 102 Aaa 4,264,617
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
Series 1994, 6.700%, 10/01/26 (Alternative Minimum Tax)
2,330,000 Escambia County Housing Finance Authority (Florida), 4/02 at 102 Aaa 2,375,901
Single Family Mortgage Revenue Bonds (Multi-County Program),
Series 1992A, 6.900%, 4/01/20 (Alternative Minimum Tax)
4,500,000 Escambia County Housing Finance Authority (Florida), 4/08 at 102 Aaa 3,799,575
Single Family Mortgage Revenue Bonds (Multi-County Program),
Series 1999, 5.200%, 4/01/32 (Alternative Minimum Tax)
3,960,000 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102 AAA 3,887,532
Revenue Bonds, 1997 Series 2, 5.750%, 7/01/14
(Alternative Minimum Tax)
4,500,000 Florida Housing Finance Corporation, Homeowner Mortgage 1/09 at 31 9/32 AAA 658,800
Revenue Bonds, 1999 Series 2, 0.000%, 7/01/30
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 2.4%
2,000,000 Dade County, Florida, General Obligation Bonds (Parks Program), 11/07 at 102 AAA 1,775,840
Series 1997, 5.125%, 11/01/22
3,500,000 The School District of Dade County, Florida, General Obligation 8/03 at 101 AAA 3,270,890
School Bonds, Series 1994, 5.000%, 8/01/14
2,900,000 State of Florida, Full Faith and Credit, State Board of Education, 6/08 at 101 AAA 2,237,031
Public Education Capital Outlay Bonds, 1997 Series B,
4.500%, 6/01/28
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 19.5%
4,835,000 Cape Coral, Florida, Capital Improvement Revenue Bonds, 10/09 at 101 Aaa 4,432,921
Series 1999, 5.375%, 10/01/24
4,750,000 Dade County, Florida, Special Obligation and Refunding Bonds, 10/06 at 102 AAA 3,984,585
Series 1996B, 5.000%, 10/01/35
3,500,000 State of Florida Department of Environmental Protection, 7/04 at 101 AAA 3,239,110
Preservation 2000 Revenue Bonds, Series 1994A, 4.900%, 7/01/13
4,500,000 State of Florida Department of Environmental Protection, 7/05 at 101 AAA 4,621,320
Preservation 2000 Revenue Bonds, Series 1995A, 5.750%, 7/01/11
2,100,000 City of Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101 AAA 2,156,914
Revenue Bonds, Remarketed Series 1985B, 5.900%, 12/01/15
(Mandatory put 12/01/10)
8,500,000 City of Gulf Breeze, Florida, Capital Funding Revenue Bonds, 6/08 at 100 AAA 6,582,910
Series 1997B, 4.500%, 10/01/27
1,400,000 Hernando County, Florida, Capital Improvement Refunding 2/03 at 102 AAA 1,412,488
Revenue Bonds, Series 1993, 5.750%, 2/01/14
1,025,000 Jacksonville Sales Tax Revenue Bonds (River City Renaissance 10/05 at 101 AAA 1,043,276
Project), Series 1995, 5.500%, 10/01/10
5,000,000 The School Board of Miami-Dade County, Florida, 8/08 at 101 AAA 4,271,850
Certificates of Participation (Refunding), Series 1998C,
5.000%, 8/01/25
1,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/04 at 102 AAA 1,086,030
Series 1994, 7.000%, 1/01/14
4,770,000 School Board of Orange County, Florida, Master Lease Program, 8/07 at 101 Aaa 4,373,327
Certificates of Participation, Series 1997A, 5.375%, 8/01/22
6,000,000 Orange County, Florida, Tourist Development Tax Revenue Bonds, 10/02 at 102 AAA 6,290,700
Series 1992B, 6.250%, 10/01/13
Palm Beach County, Florida, Administrative Complex Revenue
Refunding Bonds, Series 1993:
1,000,000 5.200%, 6/01/06 No Opt. Call AAA 1,012,300
6,500,000 5.250%, 6/01/11 No Opt. Call AAA 6,519,110
Palm Beach County, Florida, Criminal Justice Facilities, Revenue
Refunding Bonds, Series 1993:
2,500,000 5.375%, 6/01/08 No Opt. Call AAA 2,557,975
4,000,000 5.375%, 6/01/10 No Opt. Call AAA 4,062,320
2,335,000 Pasco County, Florida, Gas Tax Refunding Revenue Bonds, 8/02 at 102 AAA 2,363,417
Series 1992, 5.750%, 8/01/13
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation - 18.6%
$ 3,000,000 Dade County, Florida, Aviation Revenue Refunding Bonds, 10/03 at 102 AAA $ 3,032,700
Series Y, 5.500%, 10/01/11
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995:
1,000,000 6.200%, 10/01/05 No Opt. Call AAA 1,069,010
1,100,000 5.750%, 10/01/15 10/05 at 102 AAA 1,107,062
State of Florida, Department of Transportation, Turnpike Revenue
Bonds, Series 1995A:
10,000,000 5.500%, 7/01/13 7/05 at 101 AAA 10,029,800
3,000,000 5.500%, 7/01/21 7/05 at 101 AAA 2,835,690
2,000,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, 10/02 at 102 AAA 2,028,300
Series 1992A, 6.375%, 10/01/21 (Alternative Minimum Tax)
Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds,
Series 1997:
1,000,000 5.125%, 10/01/17 (Alternative Minimum Tax) 10/07 at 101 AAA 899,590
4,795,000 5.250%, 10/01/23 (Alternative Minimum Tax) 10/07 at 101 AAA 4,240,266
11,000,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, 10/09 at 101 AAA 9,388,720
Series 1999A, 5.125%, 10/01/28 (Alternative Minimum Tax)
1,000,000 Hillsborough County Aviation Authority, Florida, Tampa International 10/03 at 102 AAA 902,050
Airport Revenue Bonds, 1993 Series D, 5.375%, 10/01/23
(Alternative Minimum Tax)
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa International 10/06 at 102 AAA 6,024,420
Airport Revenue Bonds, Series 1996B, 5.700%, 10/01/15
2,350,000 Jacksonville Port Authority, Airport Revenue Refunding Bonds, 10/03 at 102 AAA 2,148,112
Series 1993, 5.250%, 10/01/17 (Alternative Minimum Tax)
3,800,000 Jacksonville Port Authority, Port Facilities Revenue Refunding 11/06 at 102 AAA 3,646,366
Bonds, Series 1996, 5.625%, 11/01/18 (Alternative Minimum Tax)
5,550,000 Palm Beach County, Florida, Airport System Revenue Refunding 10/01 at 102 AAA 5,916,578
Bonds, Series 1991, 7.625%, 10/01/04
1,000,000 City of Pensacola, Florida, Airport Revenue Bonds, 10/07 at 102 AAA 982,590
Series 1997A, 5.600%, 10/01/17
3,000,000 Sarasota-Manatee Airport Authority, Airport System Revenue 8/06 at 102 AAA 3,022,410
Refunding Bonds, Series 1996, 5.375%, 8/01/11
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 17.2%
3,750,000 Broward County Health Facilities Authority, Florida, Hospital 6/03 at 102 AAA 3,832,238
Revenue Bonds (Holy Cross Hospital, Inc.), Series 1993,
5.850%, 6/01/12
2,700,000 City of Cocoa, Florida, Water and Sewer System Improvement 10/07 at 101 AAA 2,872,017
Revenue Bonds, Series 1997, 5.875%, 10/01/26
(Pre-refunded to 10/01/07)
3,000,000 Florida Municipal Power Agency, All-Requirements Power Supply 10/02 at 102 AAA 3,178,800
Project Revenue Bonds, Series 1992, 6.250%, 10/01/21
(Pre-refunded to 10/01/02)
3,995,000 State of Florida Department of Transportation, Turnpike 7/02 at 101 AAA 4,193,512
Revenue Bonds, Series 1992A, 6.350%, 7/01/22
(Pre-refunded to 7/01/02)
930,000 Orange County, Florida, Water Utilities System Revenue Bonds, 4/02 at 102 AAA 979,467
Series 1992, 6.250%, 10/01/17 (Pre-refunded to 4/01/02)
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 1,058,320
3,295,000 6.200%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 AAA 3,487,164
475,000 Solid Waste Authority of Palm Beach County, Refunding Revenue No Opt. Call AAA 508,046
Bonds, Series 1997A, 6.000%, 10/01/09
1,000,000 City of Port St. Lucie, Florida, Utility System Revenue Bonds, 9/04 at 100 AAA 1,051,480
Series 1994, 6.000%, 9/01/24 (Pre-refunded to 9/01/04)
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 4,955,400
1,200,000 5.500%, 10/01/21 10/03 at 102 AAA 1,145,028
7,855,000 Seminole County, Florida, Water and Sewer Revenue Refunding and 10/19 at 100 AAA 8,032,759
Improvement Bonds, Series 1992, 6.000%, 10/01/19
(Pre-refunded to 10/01/19)
<PAGE>
Portfolio of Investments
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL) (continued)
December 31, 1999
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
City of Sunrise, Florida, Utility System Revenue Bonds, Series 1996A:
$ 6,900,000 5.750%, 10/01/16 (Pre-refunded to 10/01/06) 10/06 at 101 AAA $ 7,261,698
8,700,000 5.750%, 10/01/21 (Pre-refunded to 10/01/06) 10/06 at 101 AAA 9,156,054
1,500,000 City of Tampa, Florida, Allegany Health System Revenue Bonds, 12/03 at 102 AAA 1,325,715
St. Joseph's Hospital, Inc. Issue, Series 1993, 5.125%, 12/01/23
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 8.0%
1,250,000 Florida Municipal Power Agency, St. Lucie Project Refunding 10/02 at 102 AAA 1,136,113
Revenue Bonds, Series 1992, 5.250%, 10/01/21
1,500,000 Florida Municipal Power Agency, Tri-City Project Refunding 10/03 at 100 AAA 1,426,215
Revenue Bonds, Series 1992, 5.500%, 10/01/19
City of Lakeland, Florida, Energy System Refunding Revenue
Bonds, Series 1999C:
4,785,000 6.050%, 10/01/08 No Opt. Call AAA 5,123,108
4,000,000 6.050%, 10/01/09 No Opt. Call AAA 4,290,920
3,525,000 Solid Waste Authority of Palm Beach County, Refunding Revenue No Opt. Call AAA 3,745,700
Bonds, Series 1997A, 6.000%, 10/01/09
10,000,000 Reedy Creek Improvement District, Florida, Utilities Revenue 4/04 at 101 AAA 8,782,600
Improvement and Refunding Bonds, Series 1994-1, 5.000%, 10/01/19
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 10.4%
1,000,000 City of Cocoa, Florida, Water and Sewer System Refunding 10/03 at 100 AAA 866,790
Revenue Bonds, Series 1993A, 5.000%, 10/01/23
3,000,000 City of Cocoa, Florida, Water and Sewer System Improvement 10/09 at 101 AAA 2,332,950
Revenue Bonds, Series 1999, 4.500%, 10/01/26
Dade County, Florida, Water and Sewer System Revenue Bonds,
Series 1995:
500,000 6.250%, 10/01/10 No Opt. Call AAA 542,985
3,730,000 5.750%, 10/01/22 10/05 at 102 AAA 3,648,611
2,000,000 The City of Daytona Beach, Florida, Water and Sewer Revenue 11/02 at 100 AAA 1,923,960
Bonds, Series 1992, 5.500%, 11/15/17
4,000,000 Florida Governmental Utility Authority, Utility Revenue Bonds 7/09 at 101 Aaa 3,403,640
(Golden Gate Utility System), Series 1999, 5.000%, 7/01/29
2,000,000 Hillsborough County, Florida, Refunding Utility Revenue Bonds, 8/01 at 102 AAA 2,093,580
Series 1991A, 6.625%, 8/01/11
8,000,000 Indian River County, Florida, Water and Sewer Revenue Bonds, 9/08 at 102 AAA 7,189,360
Series 1993A, 5.250%, 9/01/24
2,000,000 Indian Trail Water Control District, Water Control and Improvement 8/07 at 101 AAA 1,885,320
Bonds, Unit of Development No. 17, Series 1996, 5.500%, 8/01/22
1,070,000 Orange County, Florida, Water Utilities System Revenue Bonds, 4/02 at 102 AAA 1,090,405
Series 1992, 6.250%, 10/01/17
2,250,000 City of Port Orange, Florida, Water and Sewer Refunding Junior 10/03 at 101 AAA 2,045,003
Lien Revenue Bonds, Series 1993, 5.250%, 10/01/21
3,530,000 Seminole County, Florida, Water and Sewer Revenue Refunding No Opt. Call AAA 3,642,713
and Improvement Bonds, Series 1992, 6.000%, 10/01/19
1,300,000 City of Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/06 at 102 AAA 1,349,981
Series 1996, 5.800%, 10/01/11
- -----------------------------------------------------------------------------------------------------------------------------------
$ 317,070,000 Total Investments - (cost $306,031,148) - 98.4% 302,570,766
============= -------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 4,935,539
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $307,506,305
===================================================================================================================
All of the bonds in the portfolio 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.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
December 31, 1999
(Unaudited)
<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) $354,674,485 $314,722,863 $302,570,766
Cash 60,086 542,819 257,085
Receivables:
Interest 6,286,867 5,001,168 4,913,481
Investments sold 410,253 1,230,000 10,000
Other assets 19,509 31,585 13,433
Total assets 361,451,200 321,528,435 307,764,765
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Accrued expenses:
Management fees (note 6) 196,374 174,772 167,718
Other 161,621 195,821 76,180
Preferred share dividends payable 26,510 16,256 14,562
Total liabilities 384,505 386,849 258,460
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $361,066,695 $321,141,586 $307,506,305
====================================================================================================================================
Preferred shares, at liquidation value $132,000,000 $117,000,000 $111,000,000
====================================================================================================================================
Preferred shares outstanding 5,280 4,680 4,440
====================================================================================================================================
Common shares outstanding 16,380,245 14,152,000 14,290,929
====================================================================================================================================
Net asset value per Common share outstanding (net assets less Preferred
shares at liquidation value, divided by Common shares outstanding) $ 13.98 $ 14.42 $ 13.75
====================================================================================================================================
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
Six Months Ended December 31, 1999
(Unaudited)
<CAPTION>
Florida Florida Insured Florida
Investment Quality Quality Income Premium Income
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME (NOTE 1) $ 11,235,798 $ 9,615,993 $ 8,811,639
- -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees (note 6) 1,178,712 1,050,087 1,013,354
Preferred shares - auction fees 138,629 132,329 139,890
Preferred shares - dividend disbursing agent fees 10,081 15,123 10,081
Shareholders' servicing agent fees and expenses 18,351 13,971 13,052
Custodian's fees and expenses 100,046 92,159 56,609
Trustees' fees and expenses (note 6) 1,770 1,592 1,584
Professional fees 9,091 9,032 9,220
Shareholders' reports - printing and mailing expenses 41,479 36,539 33,216
Stock exchange listing fees 12,442 12,243 12,230
Investor relations expense 15,084 13,403 12,983
Other expenses 7,051 8,518 6,948
Total expenses before custodian fee credit 1,532,736 1,384,996 1,309,167
Custodian fee credit (note 1) (67,987) (61,791) (25,313)
- -----------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,464,749 1,323,205 1,283,854
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income 9,771,049 8,292,788 7,527,785
- -----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (notes 1 and 4) (812,326) 247,588 (1,563,455)
Change in net unrealized appreciation (depreciation) of investments (15,342,898) (13,467,176) (14,360,945)
- -----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (16,155,224) (13,219,588) (15,924,400)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ (6,384,175) $ (4,926,800) $ (8,396,615)
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
(Unaudited)
<CAPTION>
Florida Investment Quality Florida Quality Income
------------------------------------- -----------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
12/31/99 6/30/99 12/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 9,771,049 $ 18,796,656 $ 8,292,788 $ 16,066,905
Net realized gain (loss) from investment transactions
(notes 1 and 4) (812,326) 762,937 247,588 585,262
Change in net unrealized appreciation (depreciation)
of investments (15,342,898) (10,614,192) (13,467,176) (9,111,184)
Net increase (decrease) in net assets from operations (6,384,175) 8,945,401 (4,926,800) 7,540,983
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (7,758,502) (15,659,441) (6,452,989) (12,703,787)
Preferred shareholders (2,081,479) (3,205,171) (1,818,010) (3,132,338)
From accumulated net realized gains from
investment transactions:
Common shareholders (457,008) (401,089) -- --
Preferred shareholders (120,480) (87,503) -- --
Decrease in net assets from distributions to shareholders (10,417,469) (19,353,204) (8,270,999) (15,836,125)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 551,792 1,297,077 136,197 755,267
Preferred shares - net proceeds from sale of shares 21,672,384 -- 11,770,164 --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions 22,224,176 1,297,077 11,906,361 755,267
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 5,422,532 (9,110,726) (1,291,438) (7,539,875)
Net assets at the beginning of period 355,644,163 364,754,889 322,433,024 329,972,899
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $361,066,695 $355,644,163 $321,141,586 $322,433,024
===================================================================================================================================
Balance of undistributed net investment income
at the end of period $ 471,855 $ 540,787 $ 571,812 $ 550,023
===================================================================================================================================
<CAPTION>
Insured Florida Premium Income
------------------------------------
Six Months Ended Year Ended
12/31/99 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 7,527,785 $ 14,703,241
Net realized gain (loss) from investment transactions (notes 1 and 4) (1,563,455) 490,709
Change in net unrealized appreciation (depreciation) of investments (14,360,945) (9,873,348)
Net increase (decrease) in net assets from operations (8,396,615) 5,320,602
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (5,702,083) (10,918,570)
Preferred shareholders (1,823,018) (3,357,270)
From accumulated net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
Decrease in net assets from distributions to shareholders (7,525,101) (14,275,840)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- --
Preferred shares - net proceeds from sale of shares -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (15,921,716) (8,955,238)
Net assets at the beginning of period 323,428,021 332,383,259
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $307,506,305 $323,428,021
===================================================================================================================================
Balance of undistributed net investment income at the end of period $ 622,307 $ 619,623
===================================================================================================================================
See accompanying notes to financial statements.
</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, 1999, there were no such outstanding purchase commitments in any of
the Funds.
Investment 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 monthly as a dividend 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>
NOTES TO FINANCIAL STATEMENTS (continued)
(Unaudited)
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:
Insured
Florida Florida Florida
Investment Quality Premium
Quality Income Income
- --------------------------------------------------------------------------------
Number of shares:
Series M -- 1,700 --
Series T 3,080 -- --
Series W -- -- 1,640
Series Th -- 1,700 2,800
Series F 2,200 1,280 --
- --------------------------------------------------------------------------------
Total 5,280 4,680 4,440
================================================================================
Effective July 14, 1999, Florida Investment Quality issued 880 Series T $25,000
stated value preferred shares.
Effective July 12, 1999, Florida Quality Income issued 480 Series F $25,000
stated value preferred shares.
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, and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended December 31, 1999.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby the custodian fees
and expenses are reduced by credits earned on each Fund's cash on deposit with
the bank. Such deposit arrangements are an alternative to overnight investments.
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. Actual results may differ
from those estimates.
<PAGE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
Florida Investment Quality Florida Quality Income
---------------------------- ----------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
12/31/99 6/30/99 12/31/99 6/30/99
- --------------------------------------------------------------------------------
Common shares issued
to shareholders
due to reinvestment
of distributions 35,915 74,913 8,580 45,825
================================================================================
Preferred shares sold 880 -- 480 --
================================================================================
Insured Florida
Premium Income
------------------------------
Six Months Ended Year Ended
12/31/99 6/30/99
- --------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment
of distributions -- --
================================================================================
Preferred shares sold -- --
================================================================================
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid February 1, 2000, to shareholders of record on
January 15, 2000, as follows:
Insured
Florida Florida Florida
Investment Quality Premium
Quality Income Income
- --------------------------------------------------------------------------------
Dividend per share $ .0790 $ .0760 $ .0665
================================================================================
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the six months ended
December 31, 1999, were as follows:
Insured
Florida Florida Florida
Investment Quality Premium
Quality Income Income
- --------------------------------------------------------------------------------
Purchases:
Long-term municipal securities $52,161,232 $33,855,298 $23,931,790
Short-term municipal securities 4,000,000 2,500,000 --
Sales and maturities:
Long-term municipal securities 38,471,499 17,531,650 33,184,151
Short-term municipal securities 4,000,000 2,500,000 --
================================================================================
At December 31, 1999, the identified cost of investments owned for federal
income tax purposes were as follows:
Insured
Florida Florida Florida
Investment Quality Premium
Quality Income Income
- --------------------------------------------------------------------------------
$353,885,061 $314,631,981 $306,031,148
================================================================================
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued)
(Unaudited)
At June 30, 1999, 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:
Insured
Florida Florida
Quality Premium
Income Income
- --------------------------------------------------------------------------------
Expiration year:
2002 $327,853 $ 624,284
2003 95,170 555,689
2004 142,676 461,823
2005 -- 261,244
- --------------------------------------------------------------------------------
Total $565,699 $1,903,040
================================================================================
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at December 31, 1999, were as follows:
Insured
Florida Florida Florida
Investment Quality Premium
Quality Income Income
- -------------------------------------------------------------------------------
Gross unrealized:
appreciation $11,500,196 $9,067,919 $ 5,015,821
depreciation (10,710,772) (8,977,037) (8,476,203)
- -------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) $ 789,424 $ 90,882 $(3,460,382)
===============================================================================
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 assets of each Fund as follows:
Average Daily Net Assets 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 of its 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.
<PAGE>
7. COMPOSITION OF NET ASSETS
At December 31, 1999, net assets consisted of:
<TABLE>
<CAPTION>
Insured
Florida Florida Florida
Investment Quality Premium
Quality Income Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $132,000,000 $117,000,000 $111,000,000
Common shares, $.01 par value per share 163,802 141,520 142,909
Paid-in surplus 228,454,156 203,655,482 202,667,966
Balance of undistributed net investment income 471,855 571,812 622,307
Accumulated net realized gain (loss) from investment transactions (812,542) (318,110) (3,466,495)
Net unrealized appreciation (depreciation) of investments 789,424 90,882 (3,460,382)
- ---------------------------------------------------------------------------------------------------------
Net assets $361,066,695 $321,141,586 $307,506,305
- ---------------------------------------------------------------------------------------------------------
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
=========================================================================================================
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a Common share outstanding
throughout each period:
<CAPTION>
Investment Operations
------------------------------------------
Net
Realized/
Beginning Net Unrealized
Net Asset Investment Investment
Value Income Gain (Loss) Total
<S> <C> <C> <C> <C>
Florida Investment
Quality
Year Ended 6/30:
2000 (a) $15.03 $ .60 $ (.99) $ (.39)
1999 15.66 1.16 (.59) .57
1998 15.55 1.18 .23 1.41
1997 15.25 1.22 .27 1.49
1996 15.45 1.22 (.18) 1.04
1995 15.11 1.23 .41 1.64
<CAPTION>
Florida Quality
Income
<S> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) 15.37 .59 (.93) (.34)
1999 15.96 1.14 (.61) .53
1998 15.66 1.16 .31 1.47
1997 15.26 1.18 .39 1.57
1996 15.29 1.18 -- 1.18
1995 14.69 1.19 .64 1.83
<CAPTION>
Insured Florida
Premium Income
<S> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) 14.86 .53 (1.11) (.58)
1999 15.49 1.03 (.67) .36
1998 14.70 1.02 .81 1.83
1997 14.10 1.02 .61 1.63
1996 13.89 1.03 .22 1.25
1995 13.09 1.03 .84 1.87
<CAPTION>
Less Distributions
----------------------------------------------------------------------------
Net Net
Investment Investment Capital Capital
Income Income Gains Gains
to Common to Preferred to Common to Preferred
Shareholders Shareholders+ Shareholders Shareholders+ Total
<S> <C> <C> <C> <C> <C>
Florida Investment
Quality
Year Ended 6/30:
2000 (a) $ (.47) $(.13) $(.03) $(.01) $ (.64)
1999 (.96) (.20) (.03) (.01) (1.20)
1998 (.99) (.22) (.07) (.02) (1.30)
1997 (.97) (.22) -- -- (1.19)
1996 (.99) (.25) -- -- (1.24)
1995 (1.00) (.28) (.02) -- (1.30)
<CAPTION>
Florida Quality
Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) (.46) (.13) -- -- (.59)
1999 (.90) (.22) -- -- (1.12)
1998 (.92) (.25) -- -- (1.17)
1997 (.92) (.25) -- -- (1.17)
1996 (.93) (.28) -- -- (1.21)
1995 (.94) (.29) -- -- (1.23)
<CAPTION>
Insured Florida
Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) (.40) (.13) -- -- (.53)
1999 (.76) (.23) -- -- (.99)
1998 (.78) (.26) -- -- (1.04)
1997 (.78) (.25) -- -- (1.03)
1996 (.78) (.26) -- -- (1.04)
1995 (.79) (.28) -- -- (1.07)
<PAGE>
<CAPTION>
Total Returns
-----------------------
Organization
and Offering
Costs and Based
Preferred Ending Based on
Share Net Ending on Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
<S> <C> <C> <C> <C> <C>
Florida Investment
Quality
Year Ended 6/30:
2000 (a) $(.02) $13.98 $13.1250 (15.13)% (3.69)%
1999 -- 15.03 16.0000 (1.80) 2.22
1998 -- 15.66 17.2500 9.08 7.70
1997 -- 15.55 16.8125 10.68 8.56
1996 -- 15.25 16.1250 11.60 5.19
1995 -- 15.45 15.3750 8.98 9.43
<CAPTION>
Florida Quality
Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) (.02) 14.42 12.9375 (15.22) (3.25)
1999 -- 15.37 15.7500 2.79 1.88
1998 -- 15.96 16.1875 7.07 7.98
1997 -- 15.66 16.0000 13.23 8.89
1996 -- 15.26 15.0000 8.08 5.94
1995 -- 15.29 14.7500 12.74 10.97
<CAPTION>
Insured Florida
Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) -- 13.75 12.7500 (9.84) (4.84)
1999 -- 14.86 14.5625 7.98 .73
1998 -- 15.49 14.1875 7.38 10.87
1997 -- 14.70 13.9375 9.30 10.01
1996 -- 14.10 13.5000 12.22 7.15
1995 -- 13.89 12.7500 5.59 12.75
<PAGE>
<CAPTION>
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Before Credit
-----------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Ending Net Assets Net Assets Total Total
Net Applicable Applicable Net Assets Net Assets
Assets to Common to Common Including Including
(000) Shares++ Shares++ Preferred++ Preferred++
<S> <C> <C> <C> <C> <C>
Florida Investment
Quality
Year Ended 6/30:
2000 (a) $361,067 1.28%* 8.12%* .83%* 5.23%*
1999 355,644 1.15 7.39 .80 5.16
1998 364,755 1.14 7.55 .80 5.27
1997 361,837 1.15 7.87 .80 5.46
1996 355,708 1.15 7.89 .80 5.47
1995 357,534 1.18 8.21 .81 5.64
<CAPTION>
Florida Quality
Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) 321,142 1.31* 7.76* .84* 5.00*
1999 322,433 1.19 7.13 .81 4.87
1998 329,973 1.18 7.26 .81 4.95
1997 324,882 1.20 7.63 .81 5.15
1996 319,015 1.22 7.64 .82 5.14
1995 319,351 1.29 8.05 .86 5.38
<CAPTION>
Insured Florida
Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) 307,506 1.27* 7.30* .82* 4.73*
1999 323,428 1.20 6.58 .80 4.39
1998 332,383 1.21 6.69 .80 4.44
1997 321,059 1.24 7.08 .81 4.60
1996 312,553 1.25 7.18 .81 4.66
1995 309,516 1.38 7.80 .88 4.95
<PAGE>
<CAPTION>
Ratios/Supplemental Data
----------------------------------------------------------------------------------
After Credit***
------------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
to Average Average to Average Average
Net Assets Net Assets Total Total
Applicable Applicable Net Assets Net Assets Portfolio
to Common to Common Including Including Turnover
Shares++ Shares++ Preferred++ Preferred++ Rate
<S> <C> <C> <C> <C> <C>
Florida Investment
Quality
Year Ended 6/30:
2000 (a) 1.23%* 8.17%* .79%* 5.27%* 11%
1999 1.15 7.39 .80 5.16 17
1998 1.14 7.55 .80 5.27 9
1997 1.15 7.87 .80 5.46 4
1996 1.15 7.89 .80 5.47 20
1995 1.18 8.21 .81 5.64 3
<CAPTION>
Florida Quality
Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) 1.25* 7.82* .80* 5.03* 5
1999 1.19 7.13 .81 4.87 16
1998 1.18 7.26 .81 4.95 10
1997 1.20 7.63 .81 5.15 22
1996 1.22 7.64 .82 5.14 19
1995 1.29 8.05 .86 5.38 8
<CAPTION>
Insured Florida
Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
2000 (a) 1.25* 7.32* .81* 4.74* 8
1999 1.20 6.58 .80 4.39 11
1998 1.21 6.69 .80 4.44 11
1997 1.24 7.08 .81 4.60 21
1996 1.25 7.18 .81 4.66 26
1995 1.38 7.80 .88 4.95 5
* Annualized.
** Total 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.
*** After custodian fee credit, where applicable (note 1).
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended December 31, 1999.
</TABLE>
<PAGE>
Build Your Wealth Automatically
Sidebar text: Nuveen offers a number of convenient ways to add to your portfolio
and earn the tax-free income you need to achieve your financial goals.
Sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set
up your reinvestment account.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check or can be
deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also potentially benefit from dollar-cost averaging, a
technique of investing at regular intervals, which allows you to build a
high-quality, tax-free portfolio conveniently and cost effectively over time.
Dollar-cost averaging does not ensure a profit, nor does it protect you against
loss in a declining market. Because such a plan involves continuous investment
regardless of fluctuating prices, investors should consider their financial
ability to continue purchases through periods of low price levels.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
Income or capital gains taxes may be payable on dividends or distributions that
are reinvested.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may, of course, change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. Should you withdraw, you can
receive a certificate for all whole shares credited to your reinvestment account
and cash payment for fractional shares, or cash payment for all reinvestment
account shares, less brokerage commissions and a $2.50 service fee.
You can also reinvest if your shares are registered in the name of a brokerage
firm, bank, or other nominee. Just ask your investment adviser if the firm will
participate on your behalf. If not, it's easy to have the shares registered in
your name and to apply for a reinvestment account directly. Participants whose
shares are registered in the name of one firm may not be able to transfer the
shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial adviser or call us at (800)
257-8787
<PAGE>
Fund Information
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
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, TRANSFER AGENT
AND SHAREHOLDER SERVICES
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
FUND POLICIES
The Board of Trustees of your Fund recently modified certain investment policies
of the Fund. The Fund was formerly not permitted to invest more than 5% of its
total assets in Municipal Leases that contain "non-appropriation" clauses. In
addition, your Fund was not permitted to invest more than 10% of its total
assets in Municipal Leases and securities that are unmarketable, illiquid or not
readily marketable. The Municipal Lease market has matured since the Fund's
inception, and non-appropriation leases have become more liquid and widely
accepted. The Nuveen Exchange-Traded Fund Board has eliminated the restrictions
noted above, replacing them with requirements that the Funds limit investments
in non-appropriation Municipal Leases to those that meet one or more of six
criteria that indicate that the issuer will be motivated to continue to
appropriate monies to make the payments under the Municipal Lease.
The Board also eliminated the Fund's policy not to invest more than 5% of its
total assets in unsecured obligations of issuers which, together with their
predecessors, have been in operation for less than three years.
Each fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 6-month period ended December 31, 1999. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
Photo of: John Nuveen, Sr.
For over a century, generations of Americans have relied on Nuveen to help them
grow and keep the money they've earned. Financial advisers, investors and their
families have associated Nuveen investments with quality, expertise and
dependability since 1898. That is why financial advisers have entrusted the
assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisers and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
Invest well. Look ahead. Leave your mark.
To find out more about how Nuveen investment products and services can help you
preserve your financial security, talk with your financial adviser, or call us
at (800) 257-8787 for more information, including a prospectus where applicable.
Please read that information carefully before you invest.
LOGO: NUVEEN Investments
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FSA-1-12-99
