Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND 2
NUVEEN FLORIDA PREMIUM INCOME MUNICIPAL FUND
SEMIANNUAL REPORT/DECEMBER 31, 1994
Photo of man reading statement on porch.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
9 Fund performance
12 Getting to know your fund
14 Portfolio of investments
31 Statement of net assets
33 Statement of operations
35 Statement of changes in net assets
38 Notes to financial statements
50 Financial highlights
<PAGE>
Dear shareholder
"Providing secure income remains our top priority"
Photo of Richard J. Franke, Chairman of the Board
1994 was one of the most difficult periods the bond markets have experienced
in decades. As the Federal Reserve Board pushed interest rates steadily higher
to fend off future inflation, the prices of all bonds and bond funds declined.
The unusually high volatility of the past 12 months has caused uncertainty
and has brought home the basic fact of fixed-income securities: Interest rates
are subject to change, and sometimes the changes can have marked effects on
net asset values.
At Nuveen, we believe that the best approach to tax-free investing in such
tumultuous markets is to focus on quality and income dependability. By this
standard, in one of the most challenging periods the municipal market has seen
in years, your Fund continued to meet its objectives relatively well,
providing an attractive level of tax-free income while holding portfolio
values in line with or better than the market as a whole.
Looking first at income, current yields on share prices for the Florida
funds covered in this report ranged from 7.08% to 7.54%. To equal these
yields, investors in the 36% federal income tax bracket would need to earn at
least 11.06% on taxable alternatives. This taxable yield is extremely
difficult to achieve on investments of comparable quality.
The fact that your Fund is leveraged means that it will be more sensitive to
interest rate changes, both upward and downward, than unleveraged funds.
Nonetheless, for the one-year period ended December 31, our two most seasoned
Florida Funds--Investment Quality Municipal Fund and Quality Income Municipal
Fund--ranked number one and number three, respectively, among 14 closed-end
Florida municipal funds ranked by Lipper Analytical Services on total return.
The newer Florida funds, holding bonds issued when interest rates were
moving lower and bond prices were correspondingly higher, were more affected
by changing interest rates and could be expected to rebound more quickly if
interest rates decline.
When we take a long-range view of the municipal market, we believe the
outlook for your Fund is positively supported by several considerations.
As we have noted in past reports, the municipal market's supply and demand
fundamentals continue to be sound. To put these trends in perspective, in
1994, the supply of new municipal bonds declined by approximately 40% from
1993, a trend expected to continue in 1995. At the same time, demand for
tax-free bonds, which has been subdued over the past 12 months due to the
market's extraordinary volatility, is likely to resume its long-term upward
trend as investors recognize the exceptional yields tax-free bonds offer at
current price levels.
<PAGE>
This combination of lower supply--which may be reduced further by the high
volume of bond calls expected in 1995--and the likelihood of rising demand
should help support municipal bond prices in the long term.
At Nuveen we are taking steps to increase the value our Funds provide to
shareholders--steps reflected in the merger of Nuveen Florida Premium Income
Municipal Fund (NFO) into Nuveen Florida Quality Income Municipal Fund (NUF)
and of Nuveen Insured Florida Premium Income Municipal Fund 2 (NFP) into
Nuveen Insured Florida Premium Income Municipal Fund (NFL). Both mergers,
approved by shareholders in December, will take effect in January. Through the
merger of these funds, we will achieve management efficiencies and improve
liquidity for our shareholders.
All of us at Nuveen appreciate your confidence in our family of municipal
bond funds, and we look forward to helping you reach your tax-free investment
objectives in the future.
Sincerely,
Richard J. Franke
Chairman of the Board
February 15, 1995
<PAGE>
Answering your questions
In February, we spoke with Tom Spalding, head of Nuveen's portfolio management
team, and asked him about recent developments in the municipal market and the
outlook for Nuveen funds.
Why did my Fund's net asset value decline over the past year?
These have been difficult times for all fixed-income investors. The Bond Buyer
40 index--a measure of municipal market performance--declined by 18% in 1994.
Even 30-year Treasury bonds declined by 17.5% during the year.
Viewed in that context, the Nuveen Florida funds held their value relatively
well for the year ended December 31, 1994. Still, a few of the funds were more
affected by changing interest rates, for two reasons.
First, some of our Florida funds are relatively new, and their portfolios
hold bonds issued when interest rates were lower than they are today. As a
result, their net asset values were more sensitive to rising interest rates.
The fact that these funds are leveraged also increases the impact of
interest rate changes on the funds' net asset values per common share. Keep in
mind that leverage has enabled these funds to generate a higher level of
tax-free income than unleveraged funds.
Since my Fund is leveraged, will rising short-term interest rates affect my
dividends?
With long-term bonds in these funds yielding around 7% and the current average
7-day rate on short-term preferred shares under 3.8%, leverage has provided an
important income benefit to our shareholders over the past year.
Although the funds' core dividends are set to provide relatively stable
income, steady increases in short-term interest rates will affect these
dividends over time.
In general, leveraged funds' dividends continue to be attractive compared
with both unleveraged and taxable alternatives. All things considered, prudent
leverage can provide highly attractive returns in a variety of market
conditions to investors who understand its uses, benefits, and
characteristics, and are willing to accept somewhat higher short-term NAV
fluctuations in anticipation of greater long-range returns.
Will bond calls affect my income or the stability of the net asset value of my
shares?
In general, bond calls can mean some reduction in income for investors in both
individual bonds and bond funds, because bonds issued when interest rates were
higher need to be replaced with today's lower-yielding bonds. The effect of
bond calls, however, depends to some extent on the age of a fund and the
characteristics of the bonds in its portfolio.
For example, some of the Florida funds are relatively new, and primarily
hold bonds that can't be called for several years. As a result, calls
shouldn't significantly affect their income in the near future.
Older funds hold bonds which may be subject to calls, but these bonds often
are priced at premiums to their par values. This premium is a "cushion" that
can soften the effect of rising interest rates. Yet, as these bonds approach
their call dates the premiums gradually approach the bonds' par values,
reducing net asset values. Newer funds, on the other hand, primarily hold
bonds priced at discounts to their par values. As a result, these funds are
more sensitive to interest rate changes, both up and down, but they are
unaffected by the declining premium values related to called bonds.
Of course, we're continuing to manage all of our portfolios with calls in
mind. As part of our basic management process, we continually evaluate
opportunities to sell bonds approaching their call dates and to reinvest the
proceeds in bonds we think have high potential to provide above-market
returns.
<PAGE>
What's the outlook for Florida tax-free bonds?
Our outlook is optimistic for reasons related both to municipal markets in
general and to the Florida economy specifically.
Looking first at the municipal market overall, inflation remains under
control, the financial condition of issuers across the country is generally
strengthening, and the market's supply and demand characteristics are
positive. That is all good news for tax-free investors.
As for Florida itself, the outlook is, if anything, even more positive.
Despite the state's fast growth and the issues it has raised--notably in the
areas of healthcare and education finance, natural resource management, and
transportation--Florida's finances remain strong. The state's economy has
recovered from the recession very well. Its budget is sound, and the supply of
Florida state paper is limited. This combination of factors should help
support Florida municipal bond prices over time.
<PAGE>
<TABLE>
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND
NQF
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, as well as
supplemental dividends totaling 1.5 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
1/94 $0.0825
2/94 $0.0825
3/94 $0.0825
4/94 $0.0825
5/94 $0.0825 $0.0075
6/94 $0.0825
7/94 $0.0825
8/94 $0.0825 $0.0075
9/94 $0.0825
10/94 $0.0825
11/94 $0.0825
12/94 $0.0825 .0172
<CAPTION>
FUND HIGHLIGHTS 12/31/94
<S> <C>
Yield 7.54%
Taxable-equivalent yield 11.78%
Annual total return on NAV -5.17%
Taxable-equivalent total return -1.62%
Share price $13.125
NAV $14.53
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND
NUF
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, as well as
supplemental dividends totaling 2.5 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
1/94 $0.0760
2/94 $0.0760 $0.0050
3/94 $0.0760
4/94 $0.0760
5/94 $0.0760 $0.0100
6/94 $0.0760
7/94 $0.0760
8/94 $0.0760 $0.0100
9/94 $0.0760
10/94 $0.0760
11/94 $0.0760
12/94 $0.0760
<CAPTION>
FUND HIGHLIGHTS 12/31/94
<S> <C>
Yield 7.37%
Taxable-equivalent yield 11.52%
Annual total return on NAV -6.76%
Taxable-equivalent total return -3.39%
Share price $12.375
NAV $14.08
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND
NFL
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, as well as
supplemental dividends totaling 4 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
1/94 $0.0650
2/94 $0.0650 $0.0200
3/94 $0.0650
4/94 $0.0650
5/94 $0.0650 $0.0100
6/94 $0.0650
7/94 $0.0650
8/94 $0.0650 $0.0100
9/94 $0.0650
10/94 $0.0650
11/94 $0.0650
12/94 $0.0650
<CAPTION>
FUND HIGHLIGHTS 12/31/94
<S> <C>
Yield 7.17%
Taxable-equivalent yield 11.20%
Annual total return on NAV -13.12%
Taxable-equivalent total return -9.98%
Share price $10.875
NAV $12.32
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND 2
NFP
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, as well as
supplemental dividends totaling 2 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
1/94 $0.0605
2/94 $0.0605
3/94 $0.0605
4/94 $0.0605
5/94 $0.0605 $0.0100
6/94 $0.0605
7/94 $0.0605
8/94 $0.0605 $0.0100
9/94 $0.0605
10/94 $0.0605
11/94 $0.0605
12/94 $0.0605
<CAPTION>
FUND HIGHLIGHTS 12/31/94
<S> <C>
Yield 7.08%
Taxable-equivalent yield 11.06%
Annual total return on NAV -16.32%
Taxable-equivalent total return -13.39%
Share price $10.25
NAV $11.59
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN FLORIDA PREMIUM INCOME MUNICIPAL FUND
NFO
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, as well as a
supplemental dividend totaling 1 cent per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
1/94 $0.0625
2/94 $0.0625
3/94 $0.0625
4/94 $0.0625
5/94 $0.0625
6/94 $0.0625
7/94 $0.0625
8/94 $0.0625 $0.0100
9/94 $0.0625
10/94 $0.0625
11/94 $0.0625
12/94 $0.0625
<CAPTION>
FUND HIGHLIGHTS 12/31/94
<S> <C>
Yield 7.32%
Taxable-equivalent yield 11.44%
Annual total return on NAV -16.95%
Taxable-equivalent total return -13.88%
Share price $10.25
NAV $11.17
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
Amendment to Dividend Reinvestment Plan
Effective June 1, 1995, your Fund's Dividend Reinvestment Plan will be amended
in order to enhance the ability of the Plan Agent to obtain the best execution
when making open-market purchases of Fund shares in connection with the Plan.
As of the effective date, the Plan Agent, United States Trust Company of New
York, may make Plan purchases in advance of the payment date of the applicable
Fund distribution, provided that settlement for such purchases shall occur no
earlier than the payment date for such distribution.
<PAGE>
Getting to know your fund
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, December 31, 1994) divided by its closing price per share
on that date.
Taxable equivalent yield
The return an investor who is subject to a given income tax rate would need to
obtain from a fully taxable investment to equal the fund's stated annualized
yield on share price. For shareholders in this report, the federal rate is
assumed to be 36%, based on incomes of $115,000-$250,000 for investors filing
singly, $140,000-$250,000 for those filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, divided by its total number of common
shares outstanding.
Annual total return on NAV
The percentage change in a fund's NAV per share over the previous 12 months,
assuming reinvestment of all dividends and capital gains distributions, if
any.
Taxable equivalent total return
The total return an investor, who is subject to a given income tax rate would
need to obtain from a fully taxable investment to equal the Fund's stated
total return on NAV.
Leverage
A fund structure that enhances the income produced for common shareholders by
a long-term municipal bond fund through the issuance of short-term preferred
shares. Preferred shareholders receive short-term tax-free income, while the
proceeds can be used to purchase additional long-term bonds, thus increasing
the portfolio's income for common shareholders. Changes in net asset value per
common share, both up and down, are also magnified.
Each fund intends to repurchase shares of its 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, 1994. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
<TABLE>
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,750,000 Florida Housing Finance Agency, Single Family
Mortgage, Alternative Minimum Tax,
5.875%, 1/01/27 1/04 at 100 AA $ 4,163,233
2,000,000 Florida Housing Finance Agency, 6.400%, 6/01/24 6/02 at 103 AAA 1,905,960
Florida Keys Aqueduct Authority, Water Revenue:
10,165,000 6.750%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 101 Aaa 10,743,693
835,000 6.750%, 9/01/21 9/01 at 101 Aaa 844,836
Florida State Board of Education:
2,030,000 6.700%, 6/01/22 6/01 at 101 AA 2,034,527
2,285,000 5.875%, 6/01/23 6/03 at 101 AA 2,065,412
10,000,000 Florida General Obligation, Jacksonville
Transportation, 7.000%, 7/01/13 7/97 at 102 AA 10,342,600
6,845,000 Brevard County Housing Finance Authority, Single
Family Mortgage, 7.000%, 9/01/23 3/01 at 102 Aaa 6,946,032
2,810,000 Broward County Public Improvement,
12.500%, 1/01/04 No Opt. Call AA- 4,066,014
5,245,000 Broward County Housing Finance Authority (GNMA
and FNMA), Alternative Minimum Tax,
7.350%, 3/01/23 3/01 at 102 AA 5,409,536
7,475,000 Broward County School Board, Certificates of
Participation, 6.500%, 7/01/11 7/01 at 102 Aaa 7,523,363
3,000,000 Cape Canaveral Hospital District, 6.875%, 1/01/21 1/01 at 102 Aaa 3,058,080
1,500,000 Cape Coral Health Facilities Authority (The Cape
Coral Medical Center), 7.500%, 11/15/21 11/03 at 102 Caa 1,462,635
11,000,000 Charlotte County Utility System, 7.000%, 10/01/14
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 11,921,800
1,500,000 Coral Springs Improvement District, General
Obligation, Water and Sewer, 5.500%, 6/01/14 6/02 at 102 Aaa 1,332,750
Collier County Water-Sewer District:
7,345,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,737,296
4,155,000 6.500%, 7/01/21 7/99 at 102 Aaa 4,128,990
3,700,000 Dade County Public Improvement, 12.000%, 10/01/98 No Opt. Call Aaa 4,515,480
1,000,000 Dade County General Obligation, 7.700%, 10/01/13 10/96 at 102 Aaa 1,042,000
4,800,000 Dade County (Miami International Airport),
Alternative Minimum Tax, 6.750%, 10/01/06 10/98 at 102 Aa 4,954,704
Dade County Housing Finance Authority, Single
Family Mortgage, Alternative Minimum Tax:
1,850,000 7.750%, 9/01/22 9/00 at 102 Aaa 1,950,011
765,000 7.250%, 9/01/23 3/01 at 102 Aaa 784,270
6,750,000 Dade County School District, 7.375%, 7/01/08
(Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,334,483
2,395,000 Dade County (Courthouse Center), 6.300%, 4/01/14 4/04 at 102 A 2,254,964
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 7,000,000 Escambia County Health Facilities Authority
(Baptist Hospital), 8.700%, 10/01/14 10/98 at 102 BBB+ $ 7,512,610
1,000,000 Fort Myers Special Assessment, Geographic Area
No. 24 Improvement, 7.100%, 7/01/06 7/01 at 102 BBB- 1,005,690
Greater Orlando Aviation Authority, Alternative
Minimum Tax:
1,315,000 7.400%, 10/01/06 10/96 at 102 A1 1,370,690
5,000,000 5.500%, 10/01/18 10/03 at 102 Aaa 4,330,950
2,000,000 Green Cove Springs Utilities, 6.750%, 10/01/10 10/01 at 102 Aaa 2,051,460
3,530,000 Halifax Hospital Medical Center (Daytona Beach
Hospital), 6.750%, 10/01/06 10/01 at 102 Aaa 3,685,779
5,000,000 Hernando County Criminal Justice Complex,
Financing Program, 7.650%, 7/01/16 No Opt. Call Aaa 5,698,950
4,000,000 Hillsborough County Aviation Authority (Tampa
International Airport), 6.900%, 10/01/11 10/99 at 102 Aaa 4,125,320
Jacksonville Electric Authority:
22,975,000 8.500%, 10/01/15 10/95 at 102 Aa1 24,041,270
9,000,000 6.000%, 10/01/15 10/99 at 100 AA 8,298,090
11,000,000 Jacksonville Health Facilities Authority (Daughters
of Charity Health System-St. Vincent),
7.500%, 11/01/15 (Pre-refunded to 11/01/00) 11/00 at 102 Aaa 12,103,540
11,000,000 Jacksonville Health Facilities Authority (St. Luke's
Hospital Association), 7.125%, 11/15/20 11/01 at 102 AA+ 11,175,450
Lee County Solid Waste System, Alternative
Minimum Tax:
6,500,000 7.000%, 10/01/05 10/01 at 102 Aaa 6,927,505
4,750,000 7.000%, 10/01/06 10/01 at 102 Aaa 5,032,625
4,720,000 Leon County Housing Finance Authority, Single
Family Mortgage, Alternative Minimum Tax,
7.300%, 4/01/21 4/01 at 102 Aaa 4,843,994
10,620,000 Martin County Pollution Control (Florida Power and
Light Company), 7.300%, 7/01/20 7/00 at 102 Aaa 11,124,450
2,000,000 Miramar Water Improvement, 5.600%, 10/01/24 10/03 at 102 Aaa 1,734,840
7,925,000 Orange County Health Facilities Authority (Adventist
Health System/Sunbelt), 6.750%, 11/15/21 11/01 at 102 Aaa 8,029,531
6,000,000 Orange County Tourist Development, 6.000%, 10/01/21 10/02 at 100 Aaa 5,606,700
2,500,000 Orange County Water and Wastewater,
7.750%, 10/01/07 (Pre-refunded to 10/01/97) 10/97 at 102 Aaa 2,697,150
Orange County Housing Finance Authority (GNMA),
Alternative Minimum Tax:
3,935,000 7.250%, 9/01/11 3/01 at 103 AAA 4,040,301
8,810,000 7.375%, 9/01/24 3/01 at 103 AAA 9,131,917
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Orlando Utilities Commission, Water and
Electric System:
$ 5,000,000 8.500%, 10/01/09 (Pre-refunded to 10/01/95) 10/95 at 102 Aaa $ 5,229,050
5,000,000 6.000%, 10/01/10 No Opt. Call Aa1 4,821,950
2,450,000 5.000%, 10/01/23 10/99 at 100 AA- 1,913,842
750,000 5.000%, 10/01/23 10/02 at 101 Aa1 585,870
Orlando and Orange County Expressway Authority:
14,660,000 7.500%, 7/01/16 (Pre-refunded to 7/01/96) 7/96 at 102 Aaa 15,422,906
1,500,000 5.250%, 7/01/19 7/03 at 102 Aaa 1,247,790
2,390,000 Palm Bay Utility System, 6.200%, 10/01/17
(Pre-refunded to 10/01/02) 10/02 at 102 Aaa 2,476,375
500,000 Palm Beach County General Obligation,
4.600%, 7/01/07 No Opt. Call AA 418,785
Palm Beach County Health Facilities Authority (JFK
Medical Center):
6,715,000 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 BBB 7,624,614
4,820,000 8.875%, 12/01/18 12/98 at 102 BBB 5,131,613
6,000,000 Royal Palm Beach Village Utility System,
6.875%, 10/15/15 10/01 at 102 Aaa 6,152,040
5,000,000 St. Lucie County Utility System, 7.125%, 10/01/17
(Pre-refunded to 10/01/00) 10/00 at 102 Aaa 5,409,250
4,000,000 St. Petersburg Health Facilities Authority (St. Joseph's
Hospital Inc.), 7.000%, 12/01/15 12/01 at 102 Aaa 4,122,520
4,250,000 Seminole County Water and Sewer System,
6.000%, 10/01/19 No Opt. Call Aaa 3,999,590
4,500,000 City of Tampa (The Florida Aquarium Project),
7.750%, 5/01/27 5/02 at 102 N/R 4,483,350
6,350,000 Tampa Water and Sewer System, 6.000%, 10/01/17 10/02 at 101 Aaa 5,989,066
Volusia County Airport System (Daytona Beach
Regional Airport), Alternative Minimum Tax:
475,000 7.000%, 10/01/21 (Pre-refunded to 10/01/00) 10/00 at 102 Aaa 510,521
1,425,000 7.000%, 10/01/21 10/00 at 102 Aaa 1,454,612
5,650,000 Volusia County School Board, 6.750%, 8/01/11 8/01 at 102 Aaa 5,782,322
$326,215,000 Total Investments - (cost $327,310,254) - 98.0% 335,867,547
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 1,300,000 Jacksonville Health Facility Authority (Baptist Health
============
Properties Project), Variable Rate Demand Bonds,
6.750%, 6/01/20t VMIG-1 1,300,000
Other Assets Less Liabilities - 1.6% 5,649,250
Net Assets - 100% $342,816,797
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 43 $220,730,098 65%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 84,291,283 25
PORTFOLIO OF A+ A1 1 1,370,690 1
INVESTMENTS A, A- A, A2, A3 1 2,254,964 1
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 4 21,274,527 6
TEMPORARY Other Other 1 1,462,635 1
INVESTMENTS): Non-rated Non-rated 1 4,483,350 1
TOTAL 65 $335,867,547 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Florida Department of General Services, General
Obligation, 6.600%, 7/01/17 7/02 at 101 AA $ 1,002,570
1,750,000 Florida Housing Finance Agency, 6.400%, 6/01/24 6/02 at 103 AAA 1,667,715
6,280,000 Florida Housing Finance Agency, Home Ownership,
8.595%, 11/01/17 No Opt. Call AAA 6,813,800
3,000,000 Florida Housing Finance Agency, Single Family
Mortgage (GNMA), 7.100%, 1/01/17 3/97 at 103 AAA 3,034,350
610,000 Florida Housing Finance Agency, Home Ownership
(GNMA), Alternative Minimum Tax,
8.595%, 11/01/18 No Opt. Call AAA 628,300
Florida Board of Education, General Obligation:
3,290,000 7.250%, 6/01/23 6/00 at 102 AA 3,447,427
7,500,000 6.000%, 6/01/25 6/00 at 100 AA 6,884,775
Florida Turnpike Authority:
1,000,000 5.000%, 7/01/15 7/03 at 101 Aaa 819,190
1,500,000 5.000%, 7/01/16 7/03 at 101 Aaa 1,222,680
3,900,000 Florida General Obligation, Jacksonville
Transportation, 7.000%, 7/01/13 7/97 at 102 AA 4,033,614
1,000,000 Alachua County Health Facilities Authority (Shands
Hospital), 5.750%, 12/01/15 12/02 at 100 Aaa 907,410
2,150,000 Alachua County Library District, General Obligation,
6.600%, 8/01/10 8/01 at 102 Aaa 2,184,981
Brevard County Educational Facilities Authority
(Florida Institute of Technology):
3,365,000 6.750%, 11/01/07 11/02 at 102 BBB+ 3,398,246
4,790,000 6.875%, 11/01/22 11/02 at 102 BBB+ 4,521,281
5,000,000 Broward County Airport System, Alternative
Minimum Tax, 7.625%, 10/01/13 10/98 at 102 Aaa 5,264,150
Cape Coral Health Facilities Authority (The Cape
Coral Medical Center):
1,500,000 7.800%, 11/15/18 11/99 at 102 Caa 1,506,900
3,085,000 7.500%, 11/15/21 11/03 at 102 Caa 3,008,153
3,490,000 Charlotte County Utility System, 6.875%, 10/01/21
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,758,346
10,000,000 Citrus County Pollution Control (Florida Power
Corporation-Crystal River Project), 6.625%, 1/01/27 1/02 at 102 A1 9,849,800
Collier County Water-Sewer District:
3,910,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 4,118,833
2,190,000 6.500%, 7/01/21 7/99 at 102 Aaa 2,176,291
8,450,000 Dade County (Miami International Airport),
Alternative Minimum Tax, 6.750%, 10/01/06 10/98 at 102 Aa 8,722,344
Dade County Housing Finance Authority, Single
Family Mortgage:
5,755,000 6.950%, 12/15/12 12/01 at 102 Aaa 5,920,571
410,000 7.000%, 3/01/24 3/01 at 102 Aaa 417,073
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 7,000,000 Dade County Health Facilities Authority (North
Shore Medical Center), 6.500%, 8/15/15 8/02 at 102 Aaa $ 6,975,710
5,000,000 Davie Water and Sewer System, 6.250%, 10/01/17 10/02 at 102 Aaa 4,857,700
2,205,000 Dunedin (Mease Health Care), 6.750%, 11/15/21
(Pre-refunded to 11/15/01) 11/01 at 102 Aaa 2,353,198
7,350,000 Fort Lauderdale General Obligation, 6.300%, 7/01/07 1/99 at 101 AA 7,393,659
Greater Orlando Aviation Authority, Alternative
Minimum Tax:
8,540,000 6.500%, 10/01/12 10/02 at 102 Aaa 8,563,314
4,450,000 8.375%, 10/01/16 10/98 at 102 A1 4,802,262
4,000,000 5.500%, 10/01/18 10/03 at 102 Aaa 3,464,760
Hillsborough County Industrial Development Authority,
Pollution Control (Tampa Electric Company):
2,500,000 7.875%, 8/01/21 8/01 at 103 Aa2 2,698,500
9,800,000 8.000%, 5/01/22 5/02 at 103 Aa2 10,726,590
Hillsborough County, Capital Improvement (Museum
of Science and Industry):
575,000 6.400%, 1/01/12 1/00 at 102 A 558,216
1,000,000 6.450%, 1/01/22 1/00 at 102 A 951,080
4,750,000 Hollywood Water and Sewer System, 6.875%, 10/01/21
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 5,115,228
Jacksonville Electric Authority (St. John's River Power
Park System):
6,280,000 6.000%, 10/01/16 10/95 at 100 Aa1 5,881,660
7,000,000 6.500%, 10/01/20 10/95 at 100 Aa1 6,912,920
Jacksonville Electric Authority:
2,000,000 5.500%, 10/01/14 10/02 at 101 Aa1 1,753,900
4,625,000 6.750%, 10/01/21 (Pre-refunded to 10/01/00) 10/00 at 101 1/2 Aaa 4,907,588
10,395,000 Jacksonville (University Medical Center),
6.600%, 2/01/21 2/02 at 102 AAA 10,229,096
3,500,000 Jacksonville Port Authority (Florida Power and Light
Company), 9.625%, 9/01/19 9/95 at 103 A2 3,710,070
2,750,000 Kissimmee Utility Authority (Electric System),
6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 2,896,493
2,500,000 Leesburg Regional Medical Center, 7.500%, 7/01/21
(Pre-refunded to 7/01/02) 7/02 at 102 N/R 2,778,375
1,675,000 Orange County Health Facility Authority (Adventist
Health System/Sunbelt), 6.875%, 11/15/15 11/01 at 102 Aaa 1,715,535
250,000 Orange County Health Facility Authority (Orlando
Regional Healthcare System), 5.000%, 10/01/15 10/03 at 102 Aaa 202,940
Orange County Tourist Department:
3,000,000 6.500%, 10/01/19 10/02 at 102 Aaa 3,008,190
7,490,000 6.000%, 10/01/21 10/02 at 100 Aaa 6,999,031
Orlando Utilities Commission:
2,750,000 6.750%, 10/01/17 No Opt. Call AA- 2,830,713
5,975,000 6.500%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 6,310,437
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 500,000 Palm Beach County General Obligation,
4.600%, 7/01/07 No Opt. Call AA $ 418,785
Palm Beach County Airport Authority:
7,500,000 7.750%, 10/01/10 10/01 at 102 Aaa 8,183,700
2,500,000 6.375%, 10/01/14 10/02 at 102 Aaa 2,470,650
11,000,000 Reedy Creek Improvement District, Utilities System,
6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 101 Aaa 11,542,520
1,650,000 Reedy Creek Improvement District, 5.000%, 10/01/19 10/04 at 101 Aaa 1,318,136
2,500,000 St. Lucie County Solid Waste Disposal (Florida Power
and Light Company), Alternative Minimum Tax,
7.150%, 2/01/23 2/01 at 102 A2 2,521,100
5,000,000 St. Petersburg Health Facilities Authority (St. Joseph's
Hospital Inc.), 7.000%, 12/01/15 12/01 at 102 Aaa 5,153,150
5,500,000 St. Petersburg Public Improvement, 6.375%, 2/01/12 2/02 at 102 Aaa 5,468,482
2,300,000 Sarasota County Utility System, 6.500%, 10/01/22 10/04 at 102 Aaa 2,293,810
1,000,000 Stuart Public Utilities, 6.800%, 10/01/24 (WI) 10/03 at 100 Aaa 1,011,010
3,000,000 Tampa (The Florida Aquarium Project),
7.750%, 5/01/27 5/02 at 102 N/R 2,988,900
$244,735,000 Total Investments - (cost $245,725,255) - 97.8% 247,276,208
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 1,000,000 Hillsborough County Industrial Development
============
Authority (Tampa Electric Company), Variable Rate
Demand Bonds, 5.900%, 9/01/25t Aa-2 1,000,000
Other Assets Less Liabilities - 1.8% 4,580,667
Net Assets - 100% $252,856,875
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 36 $143,974,368 58%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 62,707,457 25
PORTFOLIO OF A+ A1 2 14,652,062 6
INVESTMENTS A, A- A, A2, A3 4 7,740,466 3
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 7,919,527 3
TEMPORARY Other Other 2 4,515,053 2
INVESTMENTS): Non-rated Non-rated 2 5,767,275 3
TOTAL 61 $247,276,208 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Florida Department of General Services, Bond Finance
Division, Department of Natural Resources:
$ 2,000,000 5.500%, 7/01/10 7/03 at 101 Aaa $ 1,804,660
3,000,000 5.500%, 7/01/11 7/03 at 101 Aaa 2,704,680
6,350,000 Florida Department of General Services, Bond
Finance Division, 4.750%, 7/01/12 7/04 at 101 Aaa 5,147,056
3,000,000 Florida Municipal Power Agency, 6.250%, 10/01/21
(Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,110,040
3,000,000 Florida Municipal Power Agency (St. Lucie Project),
5.250%, 10/01/21 10/02 at 102 Aaa 2,471,400
Florida Turnpike Authority:
3,000,000 5.000%, 7/01/14 7/03 at 101 Aaa 2,492,070
3,995,000 6.350%, 7/01/22 (Pre-refunded to 7/01/02) 7/02 at 101 Aaa 4,148,168
5,415,000 Alachua County Health Facilities Authority (Shands
Hospital), 5.750%, 12/01/15 12/02 at 100 Aaa 4,913,625
3,750,000 Broward County Health Facilities Authority (Holy
Cross Hospital), 5.850%, 6/01/12 6/03 at 102 Aaa 3,497,813
3,400,000 Broward County School District, General Obligation,
7.750%, 2/15/07 (Pre-refunded to 2/15/98) 2/98 at 102 Aaa 3,675,842
2,120,000 Charlotte County Utility System, 5.500%, 10/01/17 10/03 at 102 Aaa 1,851,566
1,000,000 Clay County Utilities System, 5.000%, 11/01/17 11/03 at 102 Aaa 807,500
Dade County General Obligation:
5,000,000 12.000%, 10/01/97 No Opt. Call Aaa 5,844,500
1,500,000 7.700%, 10/01/13 10/96 at 102 Aaa 1,563,000
1,500,000 Dade County Aviation, 5.500%, 10/01/11 10/03 at 102 Aaa 1,356,615
250,000 Dade County (Jackson Memorial Hospital),
5.625%, 6/01/18 6/03 at 102 Aaa 218,708
9,600,000 Dade County Health Facilities Authority (Baptist
Hospital of Miami), 5.250%, 5/15/21 5/03 at 101 Aaa 7,907,328
5,000,000 Dade County School District General Obligation,
5.000%, 8/01/12 8/03 at 101 Aaa 4,163,150
3,000,000 Daytona Beach Water and Sewer System,
5.500%, 11/15/17 11/02 at 100 Aaa 2,584,560
4,500,000 Dunedin (Mease Health Care), 5.375%, 11/15/21 11/03 at 101 Aaa 3,775,770
3,625,000 Duval County Housing Finance Authority, Single
Family (GNMA), Alternative Minimum Tax,
6.700%, 10/01/26 10/04 at 102 Aaa 3,559,061
3,725,000 Escambia County Housing Finance Authority, Single
Family Mortgage, Alternative Minimum Tax,
6.900%, 4/01/20 10/02 at 102 Aaa 3,739,565
4,000,000 Escambia County Sales Tax, 5.800%, 1/01/15 1/03 at 102 Aaa 3,635,080
2,950,000 Greater Orlando Aviation Authority, Alternative
Minimum Tax, 7.400%, 10/01/06 10/96 at 102 Aaa 3,107,737
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,400,000 Hernando County Capital Improvement,
5.750%, 2/01/14 2/03 at 102 Aaa $ 1,281,742
10,000,000 Hillsborough County Aviation Authority (Tampa
International Airport), 5.600%, 10/01/19 10/03 at 102 Aaa 8,759,900
1,000,000 Hillsborough County Aviation Authority (Tampa
International Airport), Alternative Minimum Tax,
5.375%, 10/01/23 10/03 at 102 Aaa 820,970
2,500,000 Hillsborough County Industrial Development
Authority (University Community Hospital),
6.500%, 8/15/19 No Opt. Call Aaa 2,502,800
2,000,000 Hillsborough County Utility System,
6.625%, 8/01/11 8/02 at 102 Aaa 2,025,260
4,775,000 Hollywood Water and Sewer System,
5.600%, 10/01/23 10/03 at 102 Aaa 4,149,093
4,500,000 Indian River County Water and Sewer System,
5.250%, 9/01/24 9/08 at 100 Aaa 3,688,200
4,800,000 Jacksonville Excise Tax, Alternative Minimum Tax,
5.750%, 10/01/20 10/03 at 102 Aaa 4,259,568
2,605,000 Jacksonville (Windermere Manor Apartments-GNMA),
5.875%, 3/20/28 9/03 at 102 AAA 2,202,371
1,000,000 Lakeland Electric and Water, 5.750%, 10/01/19 10/99 at 100 Aaa 888,030
1,025,000 Lee County Airport, 5.500%, 10/01/10 10/02 at 100 Aaa 921,967
1,000,000 Opa-Locka Capital Improvement, 7.000%, 1/01/14 1/04 at 102 Aaa 1,039,650
1,000,000 Orange County Health Facility Authority (Orlando
Regional Healthcare System), 6.000%, 11/01/24 11/02 at 102 Aaa 926,970
6,000,000 Orange County Tourist Development,
6.250%, 10/01/13 10/02 at 102 Aaa 5,876,160
2,000,000 Orange County Water Utilities System,
6.250%, 10/01/17 4/02 at 102 Aaa 1,931,560
Orlando Utilities Commission Water and
Electric System:
6,000,000 5.500%, 10/01/20 10/99 at 100 Aaa 5,260,800
1,500,000 5.500%, 10/01/26 10/01 at 100 Aaa 1,277,265
Palm Bay Utility System:
1,000,000 6.200%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 1,036,140
3,295,000 6.200%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,414,081
600,000 Palm Beach County Airport Authority,
7.625%, 10/01/04 10/01 at 102 Aaa 662,136
4,000,000 Palm Beach County Administrative Complex,
5.250%, 6/01/11 No Opt. Call Aaa 3,474,160
3,000,000 Palm Beach County Criminal Justice Facilities,
5.375%, 6/01/08 No Opt. Call Aaa 2,720,670
2,335,000 Pasco County Gas Tax, 5.750%, 8/01/13 8/02 at 102 Aaa 2,135,731
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,000,000 Polk County Industrial Development Authority
(Winter Haven Hospital), 6.250%, 9/01/15 9/02 at 103 Aaa $ 5,830,080
6,000,000 Port Orange Water and Sewer System,
5.250%, 10/01/21 10/03 at 101 Aaa 4,942,800
3,000,000 Port St. Lucie Utility System, 6.000%, 9/01/24 9/04 at 102 Aaa 2,788,680
10,000,000 Reedy Creek Improvement District Utility,
5.000%, 10/01/19 10/04 at 101 Aaa 7,988,700
3,000,000 Reedy Creek Improvement District Utility,
Alternative Minimum Tax, 8.500%, 10/01/09 10/97 at 102 Aaa 3,270,810
St. Lucie County Utility System:
6,000,000 5.500%, 10/01/15 10/03 at 102 Aaa 5,277,660
1,200,000 5.500%, 10/01/21 10/03 at 102 Aaa 1,031,064
1,000,000 Sarasota County Utility System, 5.500%, 10/01/22 10/02 at 102 Aaa 857,900
8,285,000 Seminole County Water and Sewer System,
6.000%, 10/01/19 No Opt. Call Aaa 7,796,848
1,100,000 Volusia County Tourist Development,
5.250%, 12/01/13 12/02 at 101 Aaa 943,986
$197,600,000 Total Investments - (cost $194,307,009) - 98.6% 180,063,246
============
Other Assets Less Liabilities - 1.4% 2,491,638
Net Assets - 100% $182,554,884
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 57 $180,063,246 100%
RATINGS**
PORTFOLIO OF
INVESTMENTS:
TOTAL 57 $180,063,246 100%
<FN>
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 to 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>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND 2 (NFP)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,500,000 Florida Department of General Services, Bond
Finance Division, 4.900%, 7/01/13 7/04 at 101 Aaa $ 2,861,565
1,250,000 Florida Municipal Power Agency, St. Lucie Project,
5.250%, 10/01/21 10/02 at 102 Aaa 1,029,750
1,500,000 Florida Municipal Power Agency, 5.500%, 10/01/19 10/03 at 100 Aaa 1,291,800
6,200,000 Florida Turnpike Authority, 5.000%, 7/01/19 7/03 at 101 Aaa 4,958,698
3,000,000 Bartow Water and Sewer Systems, 5.600%, 10/01/23 4/03 at 102 Aaa 2,605,050
3,000,000 Broward County Airport System, 5.250%, 10/01/09 10/03 at 102 Aaa 2,644,740
1,000,000 Broward County School District, 7.125%, 2/15/08
(Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,072,430
1,000,000 Cocoa Water and Sewer System, 5.000%, 10/01/23 10/03 at 100 Aaa 789,600
2,000,000 Dade County General Obligation,
12.000%, 10/01/97 No Opt. Call Aaa 2,337,800
1,500,000 Dade County Aviation, 5.500%, 10/01/11 10/03 at 102 Aaa 1,356,615
1,900,000 Dade County (Jackson Memorial Hospital),
5.250%, 6/01/23 6/03 at 102 Aaa 1,553,934
Dade County School District, General Obligation:
1,000,000 7.200%, 7/01/02 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 1,078,470
3,500,000 5.000%, 8/01/14 8/03 at 101 Aaa 2,909,340
3,625,000 Duval County Housing Finance Authority, Single
Family (GNMA), Alternative Minimum Tax,
6.700%, 10/01/26 10/04 at 102 Aaa 3,559,061
2,000,000 Escambia County Sales Tax, 5.800%, 1/01/15 1/03 at 102 Aaa 1,817,540
Greater Orlando Aviation Authority, Alternative
Minimum Tax:
3,975,000 5.500%, 10/01/18 10/03 at 102 Aaa 3,443,105
2,000,000 6.375%, 10/01/21 10/02 at 102 Aaa 1,941,120
4,000,000 Hillsborough County Aviation Authority (Tampa
International Airport), 5.600%, 10/01/19 10/03 at 102 Aaa 3,503,960
2,760,000 Hillsborough County Utility System,
5.500%, 8/01/13 8/03 at 101 Aaa 2,461,810
5,720,000 Hollywood Water and Sewer System,
5.600%, 10/01/23 10/03 at 102 Aaa 4,970,222
3,500,000 Indian River County Water and Sewer System,
5.250%, 9/01/24 9/08 at 100 Aaa 2,868,600
2,875,000 Jacksonville Beach Utility System, 5.500%, 10/01/14 10/02 at 102 Aaa 2,545,755
1,000,000 Jacksonville (Windermere Manor Apartments-GNMA),
5.875%, 3/20/28 9/03 at 102 AAA 845,440
3,350,000 Jacksonville Port Authority Airport, Alternative
Minimum Tax, 5.250%, 10/01/17 10/03 at 102 Aaa 2,779,730
1,000,000 Key West Sewer System, 5.600%, 10/01/14 10/03 at 102 Aaa 899,540
3,750,000 Kissimmee Utility Authority Electric System,
5.250%, 10/01/18 10/03 at 102 Aaa 3,134,850
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,700,000 Lee County Capital and Transportation Facilities,
5.600%, 10/01/21 10/03 at 102 Aaa $ 2,355,021
4,490,000 Orlando Utilities Commission Water and Electric
System, 5.500%, 10/01/26 10/01 at 100 Aaa 3,823,280
5,800,000 Orlando and Orange County Expressway Authority,
5.500%, 7/01/18 7/03 at 102 Aaa 5,024,888
Palm Beach County Administrative Complex:
1,000,000 5.200%, 6/01/06 No Opt. Call Aaa 911,340
2,500,000 5.250%, 6/01/11 No Opt. Call Aaa 2,171,350
4,000,000 Palm Beach County Criminal Justice Facilities,
5.375%, 6/01/10 No Opt. Call Aaa 3,554,960
4,000,000 Pinellas County Health Facilities Authority (Morton
Plant Health System), 5.625%, 11/15/23 11/03 at 102 Aaa 3,467,200
2,000,000 Reedy Creek Improvement District Utility,
Alternative Minimum Tax, 8.500%, 10/01/09 10/97 at 102 Aaa 2,180,540
2,000,000 St. Lucie County Utility System, 5.500%, 10/01/17 10/03 at 102 Aaa 1,746,760
3,000,000 Sebring Water and Wastewater System,
5.500%, 1/01/23 1/03 at 102 Aaa 2,572,680
2,500,000 Seminole County Solid Waste Disposal System,
5.250%, 10/01/20 10/03 at 102 Aaa 2,065,750
5,500,000 South Broward Hospital District, 5.500%, 5/01/22 5/03 at 102 Aaa 4,695,185
2,500,000 Tampa (Allegany Health System), St. Joseph's
Hospital, 5.125%, 12/01/23 12/03 at 102 Aaa 2,007,600
1,940,000 West Palm Beach Guaranteed Entitlement,
5.375%, 10/01/14 10/03 at 101 Aaa 1,679,574
$113,835,000 Total Investments - (cost $110,669,837) - 94.9% 99,516,653
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 3.7%
$ 400,000 Jacksonville Health Facility Authority (Baptist
Health Properties Project), Variable Rate Demand
Bonds, 6.750%, 6/01/20t VMIG-1 400,000
1,500,000 Palm Beach County Water and Sewer, Variable Rate
Demand Bonds, 6.050%, 10/01/11t VMIG-1 1,500,000
2,000,000 Pinellas County Pooled Hospital Loan Program,
Variable Rate Demand Bonds, 6.050%, 12/01/15t VMIG-1 2,000,000
$ 3,900,000 Total Temporary Investments - 3.7% 3,900,000
============
Other Assets Less Liabilities - 1.4% 1,432,868
Net Assets - 100% $104,849,521
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 40 $99,516,653 100%
RATINGS**
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 40 $99,516,653 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U. S. Government or U. S. Government
agency securities to ensure the timely payment of principal and interest.
* Optional Call Provisions: 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFO)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,510,000 Florida Board of Education, General Obligation,
5.500%, 6/01/23 6/03 at 101 AA $ 1,287,773
1,500,000 Florida Department of General Services, Division of
Facilities Management, 5.500%, 9/01/23 9/03 at 101 Aaa 1,273,485
2,000,000 Florida Department of Corrections, Certificates of
Participation, 6.000%, 3/01/14 3/04 at 102 A1 1,858,040
1,510,000 Florida General Obligation (Jacksonville
Transportation Authority), 5.300%, 7/01/18 7/03 at 101 AA 1,269,336
2,000,000 Florida Housing Finance Agency, Single Family
Mortgage, Alternative Minimum Tax,
5.875%, 1/01/27 1/04 at 100 AA 1,752,940
275,000 Florida Housing Finance Agency, Single Family
Mortgage (GNMA), 7.100%, 1/01/17 3/97 at 103 AAA 278,149
1,000,000 Florida State Board of Education, General Obligation,
5.200%, 6/01/23 6/03 at 101 AA 807,250
1,500,000 Bradford County Health Facility Authority (Santa
Fe Healthcare), 6.050%, 11/15/16 11/98 at 102 BBB+ 1,225,065
1,150,000 Brevard County Sales Tax, 5.250%, 12/01/13 12/03 at 102 Aaa 982,468
2,000,000 Broward County Certificates of Participation,
5.500%, 6/01/13 6/04 at 102 Aaa 1,781,000
1,200,000 Cocoa Beach Utility System, 5.450%, 12/01/20 12/01 at 101 Aaa 1,023,120
1,500,000 Dade County (Jackson Memorial Hospital),
5.250%, 6/01/23 6/03 at 102 Aaa 1,226,790
1,500,000 Greater Orlando Aviation Authority, Alternative
Minimum Tax, 5.500%, 10/01/18 10/03 at 102 Aaa 1,299,285
1,500,000 Hillsborough County Aviation Authority (Tampa
International Airport), 5.500%, 10/01/13 10/03 at 102 Aaa 1,337,115
500,000 Hillsborough County Industrial Development
Authority (University Community Hospital),
5.800%, 8/15/24 8/04 at 102 Aaa 446,720
1,500,000 Hillsborough County Utility System,
5.500%, 8/01/16 8/03 at 101 Aaa 1,316,130
1,500,000 Jacksonville Electric Authority, 5.750%, 10/01/12 10/02 at 101 Aa1 1,382,355
1,250,000 Jacksonville Electric Authority (St. John's River
Power Park System), 5.500%, 10/01/13 4/03 at 101 Aa1 1,101,963
3,170,000 Jacksonville Excise Tax, Alternative Minimum Tax,
0.000%, 10/01/15 No Opt. Call Aaa 830,572
1,000,000 Lakeland Electric and Water, 5.750%, 10/01/19 10/99 at 100 AA- 878,210
1,500,000 Leesburg (Leesburg Regional Medical Center),
6.250%, 7/01/09 7/03 at 102 Baa1 1,334,730
1,500,000 Martin County Water and Wastewater System,
5.700%, 10/01/23 10/01 at 102 Aaa 1,322,535
1,350,000 Miami Parking System, 5.700%, 10/01/09 No Opt. Call A 1,225,746
2,000,000 Opa-Locka Capital Improvement, 6.125%, 1/01/24 1/04 at 102 Aaa 1,890,240
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Orange County Sales Tax:
$ 725,000 5.375%, 1/01/24 1/03 at 102 A1 $ 598,850
1,650,000 5.375%, 1/01/24 1/03 at 102 Aaa 1,385,703
Orlando Utilities Commission:
1,000,000 5.000%, 10/01/20 10/04 at 101 AA- 789,590
1,000,000 5.250%, 10/01/23 10/03 at 102 AA- 813,850
1,500,000 Orlando and Orange County Expressway Authority,
Junior Lien, 5.950%, 7/01/23 7/01 at 102 A- 1,326,720
500,000 Palm Beach County Health Facility Authority (JFK
Medical Center), 5.750%, 12/01/14 6/03 at 102 Aaa 455,300
1,240,000 Pensacola Airport System, Alternative Minimum Tax,
5.250%, 10/01/18 10/03 at 102 Aaa 1,022,516
1,450,000 Pinellas County Health Facilities Authority (Morton
Plant Health System), 5.625%, 11/15/23 11/03 at 102 Aaa 1,256,860
2,025,000 Plantation Electric System, 5.375%, 8/15/12 8/03 at 102 Aaa 1,778,233
2,000,000 Seminole County School Board, Certificates of
Participation, 6.125%, 7/01/19 7/02 at 100 Aaa 1,903,980
2,000,000 Tampa, Allegany Health System (St. Joseph's
Hospital), 5.125%, 12/01/23 12/03 at 102 Aaa 1,606,080
1,000,000 Venice Utilities System, 5.500%, 7/01/14 7/03 at 102 Aaa 889,330
1,500,000 Vero Beach Electric System, 5.375%, 12/01/21 12/03 at 101 Aaa 1,258,470
1,000,000 Puerto Rico Highway and Transportation Authority,
5.250%, 7/01/20 7/03 at 101 1/2 A 804,280
$54,005,000 Total Investments - (cost $50,192,783) - 90.8% 45,020,779
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 7.7%
$ 2,500,000 Hillsborough County Industrial Development
Authority (Tampa Electric Company), Variable Rate
Demand Bonds, 5.900%, 9/01/25t Aa-2 2,500,000
700,000 Jacksonville Health Facilities Authority (HSI Support
System, Inc.), Variable Rate Demand Bonds,
6.700%, 4/01/15t VMIG-1 700,000
600,000 Pinellas County Pooled Hospital Loan Program,
Variable Rate Demand Bonds, 6.050%, 12/01/15t VMIG-1 600,000
$ 3,800,000 Total Temporary Investments - 7.7% 3,800,000
===========
Other Assets Less Liabilities - 1.5% 777,321
Net Assets - 100% $49,598,100
===========
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 22 $26,564,081 59%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 9 10,083,267 22
PORTFOLIO OF A+ A1 2 2,456,890 6
INVESTMENTS A, A- A, A2, A3 3 3,356,746 7
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 2,559,795 6
TEMPORARY
INVESTMENTS):
TOTAL 38 $45,020,779 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NQF NUF NFL NFP
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $335,867,547 $247,276,208 $180,063,246 $ 99,516,653
Temporary investments in short-term municipal
securities, at market value which equals cost (note 1) 1,300,000 1,000,000 -- 3,900,000
Cash 476,322 2,182,480 89,262 60,809
Receivables:
Interest 7,001,620 4,433,395 3,199,072 1,834,816
Investments sold -- 35,000 -- --
Prepaid Preferred shares auction fees (note 1) 150,745 126,336 -- --
Other assets 3,738 -- 9,621 12,659
------------- ------------- ------------- ------------
Total assets 344,799,972 255,053,419 183,361,201 105,324,937
------------- ------------- ------------- ------------
LIABILITIES
Payable for investments purchased -- 1,006,044 -- --
Accrued expenses:
Management fees (note 6) 185,018 137,152 99,145 57,232
Other 175,039 118,460 95,135 81,532
Preferred share dividends payable 25,511 28,819 18,216 3,367
Common share dividends payable 1,321,992 906,069 593,821 333,285
Capital gains distributions payable 275,615 -- -- --
------------- ------------ ------------- ------------
Total liabilities 1,983,175 2,196,544 806,317 475,416
------------- ------------ ------------- ------------
Net assets (note 7) $342,816,797 $252,856,875 $182,554,884 $104,849,521
============ ============ ============ ============
Preferred shares, at liquidation value $110,000,000 $ 85,000,000 $ 70,000,000 $ 41,000,000
============ ============ ============ ============
Preferred shares outstanding 4,400 3,400 2,800 1,640
============ ============ ============ ============
Common shares outstanding 16,024,147 11,921,955 9,135,709 5,508,850
============ ============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 14.53 $ 14.08 $ 12.32 $ 11.59
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NFO
<S> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $45,020,779
Temporary investments in short-term municipal
securities, at market value which equals cost (note 1) 3,800,000
Cash 120,412
Receivables:
Interest 883,439
Investments sold --
Prepaid Preferred shares auction fees (note 1) --
Other assets 22,809
-----------
Total assets 49,847,439
-----------
LIABILITIES
Payable for investments purchased --
Accrued expenses:
Management fees (note 6) 27,028
Other 51,181
Preferred share dividends payable 5,472
Common share dividends payable 165,658
Capital gains distributions payable --
-----------
Total liabilities 249,339
-----------
Net assets (note 7) $49,598,100
===========
Preferred shares, at liquidation value $20,000,000
===========
Preferred shares outstanding 800
===========
Common shares outstanding 2,650,533
===========
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 11.17
===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended December 31, 1994
(Unaudited)
<CAPTION>
NQF NUF NFL NFP
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $ 11,297,967 $ 8,150,271 $ 5,542,742 $ 3,229,246
------------ ----------- ----------- -----------
Expenses:
Management fees (note 6) 1,116,741 830,368 602,564 349,189
Preferred shares--auction fees 150,183 116,050 88,219 51,671
Preferred shares--dividend disbursing agent fees 10,083 10,083 7,562 7,562
Shareholders' servicing agent fees and expenses 23,972 11,086 10,941 6,370
Custodian's fees and expenses 30,155 28,027 27,770 22,576
Trustees' fees and expenses (note 6) 4,541 1,433 1,393 1,045
Professional fees 12,744 10,271 10,183 10,501
Shareholders' reports--printing and mailing expenses 25,084 15,184 16,045 11,401
Stock exchange listing fees 13,045 12,329 11,871 8,206
Investor relations expense 5,321 4,576 4,421 4,359
Other expenses 7,712 2,576 12,321 9,432
------------ ----------- ----------- -----------
Total expenses 1,399,581 1,041,983 793,290 82,312
------------ ----------- ----------- -----------
Net investment income 9,898,386 7,108,288 4,749,452 2, 746,934
------------ ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 289,737 54,535 (89,349) (662,761)
Net change in unrealized appreciation or depreciation
of investments (9,097,121) (7,364,796) (6,981,493) (4,401,569)
------------ ----------- ----------- -----------
Net gain (loss) from investments (8,807,384) (7,310,261) (7,070,842) (5,064,330)
------------ ----------- ----------- -----------
Net increase (decrease) in net assets from operations $ 1,091,002 $ (201,973) $ (2,321,390) $(2,317,396)
============ =========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended December 31, 1994
(Unaudited)
<CAPTION>
NFO
<S> <C>
INVESTMENT INCOME
Interest income (note 1) $ 1,569,640
-----------
Expenses:
Management fees (note 6) 165,531
Preferred shares--auction fees 25,205
Preferred shares--dividend disbursing agent fees 7,562
Shareholders' servicing agent fees and expenses 5,698
Custodian's fees and expenses 19,186
Trustees' fees and expenses (note 6) 983
Professional fees 8,400
Shareholders' reports--printing and mailing expenses 7,122
Stock exchange listing fees 3,213
Investor relations expense 2,995
Other expenses 3,524
-----------
Total expenses 249,419
-----------
Net investment income 1,320,221
-----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) (682,279)
Net change in unrealized appreciation or depreciation
of investments (1,602,942)
-----------
Net gain (loss) from investments (2,285,221)
-----------
Net increase (decrease) in net assets from operations $ (965,000)
===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NQF NUF
6 months ended Year ended 6 months ended Year ended
12/31/94 6/30/94 12/31/94 6/30/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 9,898,386 $ 19,532,189 $ 7,108,288 $ 14,130,659
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 289,737 53,869 54,535 (222,152)
Net change in unrealized appreciation or depreciation
of investments (9,097,121) (14,192,929) (7,364,796) (12,595,037)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 1,091,002 5,393,129 (201,973) 1,313,470
------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From net investment income:
Common shareholders (8,051,332) (15,923,611) (5,555,632) (11,410,738)
Preferred shareholders (2,077,264) (3,818,273) (1,572,456) (2,888,443)
From net realized gains from investment transactions:
Common shareholders (237,291) (276,153) -- --
Preferred shareholders (58,432) (56,287) -- --
In excess of net realized gains from investment transactions:
Common shareholders (38,324) -- -- --
Preferred shareholders (9,438) -- -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (10,472,081) (20,074,324) (7,128,088) (14,299,181)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net
realized gains from investment transactions 305,588 1,600,222 -- 615,618
Preferred shares--net proceeds from sale of shares -- -- -- --
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions 305,588 1,600,222 -- 615,618
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (9,075,491) (13,080,973) (7,330,061) (12,370,093)
Net assets at beginning of period 351,892,288 364,973,261 260,186,936 272,557,029
------------ ------------ ------------ ------------
Net assets at end of period $342,816,797 $351,892,288 $252,856,875 $260,186,936
============ ============ ============ ============
Balance of undistributed net investment income at
end of period $ 1,223,293 $ 1,453,503 $ 951,682 $ 971,482
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NFL NFP
6 months ended Year ended 6 months ended Year ended
12/31/94 6/30/94 12/31/94 6/30/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 4,749,452 $ 9,392,101 $ 2,746,934 $ 5,131,928
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (89,349) (475,577) (662,761) (1,138,287)
Net change in unrealized appreciation or depreciation
of investments (6,981,493) (13,139,910) (4,401,569) (8,800,145)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations (2,321,390) (4,223,386) (2,317,396) (4,806,504)
------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From net investment income:
Common shareholders (3,654,287) (7,399,262) (2,054,802) (4,054,307)
Preferred shareholders (1,091,456) (1,654,496) (561,056) (905,298)
From net realized gains from investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
In excess of net realized gains from investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (4,745,743) (9,053,758) (2,615,858) (4,959,605)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net
realized gains from investment transactions -- 320,032 -- 54,571
Preferred shares--net proceeds from sale of shares -- -- -- 40,207,800
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions -- 320,032 -- 40,262,371
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (7,067,133) (12,957,112) (4,933,254) 30,496,262
Net assets at beginning of period 189,622,017 202,579,129 109,782,775 79,286,513
------------ ------------ ------------ ------------
Net assets at end of period $182,554,884 $189,622,017 $104,849,521 $109,782,775
============ ============ ============ ============
Balance of undistributed net investment income at
end of period $ 690,677 $ 686,968 $ 536,374 $ 405,298
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NFO
6 months ended Year ended
12/31/94 6/30/94
<S> <C> <C>
OPERATIONS
Net investment income $ 1,320,221 $ 2,199,118
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (682,279) (1,314,073)
Net change in unrealized appreciation or depreciation
of investments (1,602,942) (3,668,517)
----------- -----------
Net increase (decrease) in net assets from operations (965,000) (2,783,472)
----------- -----------
Distributions to Shareholders (note 1)
From net investment income:
Common shareholders (1,020,023) (1,655,166)
Preferred shareholders (277,117) (340,836)
From net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
In excess of net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
----------- -----------
Decrease in net assets from distributions
to shareholders (1,297,140) (1,996,002)
----------- -----------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares -- 3,372,000
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net
realized gains from investment transactions 14,807 90,475
Preferred shares--net proceeds from sale of shares -- 19,555,524
----------- -----------
Net increase in net assets derived from capital
share transactions 14,807 23,017,999
----------- -----------
Net increase (decrease) in net assets (2,247,333) 18,238,525
Net assets at beginning of period 51,845,433 33,606,908
----------- -----------
Net assets at end of period $49,598,100 $51,845,433
=========== ===========
Balance of undistributed net investment income at
end of period $ 228,642 $ 205,561
=========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At December 31, 1994, the state Funds (the "Funds") covered in this report and
their corresponding stock exchange symbols are Nuveen Florida Investment
Quality Municipal Fund (NQF), Nuveen Florida Quality Income Municipal Fund
(NUF), Nuveen Insured Florida Premium Income Municipal Fund (NFL), Nuveen
Insured Florida Premium Income Municipal Fund 2 (NFP) and Nuveen Florida
Premium Income Municipal Fund (NFO). All of the Funds are traded on the New
York Stock Exchange except for NFO which is traded on the American Stock
Exchange.
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
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Trustees. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
securities are traded and valued at principal amount.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At December 31, 1994, NUF had outstanding purchase commitments
which amounted to $1,006,044. There were no purchase commitments in any of the
other Funds.
Interest Income
Interest income is determined on the basis of interest accrued and discount
earned, adjusted for amortization of premiums or discounts on long-term debt
securities when required for federal income tax purposes.
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing all of their net
investment income, in addition to any significant amounts of net realized
gains from investments, to shareholders. The Funds currently consider
significant net realized gains as amounts in excess of $.01 per Common share.
Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and
designated state income taxes, to retain such tax exempt status when
distributed to shareholders of the respective Funds. Further, each Fund
intends to satisfy conditions so that the Fund's shares will also be exempt
from the Florida intangible personal property tax.
<PAGE>
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
gains from investment transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed available capital loss
carryovers.
Distributions to shareholders of net investment income and net realized gains
from investment transactions are recorded on the ex-dividend date. The amount
and timing of such distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may result and will be classified as either distributions in
excess of net investment income or distributions in excess of net realized
gains from investment transactions, if applicable.
<TABLE>
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in one or more Series. The
dividend rate on each Series may change every 7 days, as set by the Auction
Agent, except for those Series which have lengthened their current dividend
period from 7 days to three years (as indicated below). The number of shares
outstanding, by Series and in total, at December 31, 1994, for each Fund is as
follows:
<CAPTION>
NQF NUF NFL NFP
<S> <C> <C> <C> <C>
Number of Shares:
Series M -- 1,700 -- --
Series T 2,200 -- -- --
Series W -- -- -- 1,640
Series Th -- 1,700* 2,800 --
Series F 2,200* -- -- --
----- ----- ----- -----
Total 4,400 3,400 2,800 1,640
===== ===== ===== =====
<CAPTION>
NFO
<S> <C>
Number of Shares:
Series M --
Series T --
Series W --
Series Th --
Series F 800
---
Total 800
===
<FN>
*Three year period
Preferred share auction fees paid in connection with lengthening the dividend
periods on the Series noted above have been capitalized and are being
amortized over the respective dividend periods.
</TABLE>
<PAGE>
Insurance
NFL and NFP invest in municipal securities which are covered by insurance
guaranteeing the timely payment of principal and interest thereon or backed by
an escrow or trust account containing sufficient U.S. Government or U.S.
Government agency securities to ensure the timely payment of principal and
interest. Each insured municipal security is covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance
does not guarantee the market value of the municipal securities or the value
of the Funds' shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the
Funds ultimately dispose of such municipal securities. Consequently, the
market value of the municipal securities covered by Original Issue Insurance
or Secondary Market Insurance may reflect value attributable to the insurance.
Portfolio Insurance is effective only while the municipal securities are held
by the Funds. Accordingly, neither the prices used in determining the market
value of the underlying municipal securities nor the net asset value of the
Funds' shares include value, if any, attributable to the Portfolio Insurance.
Each policy of the Portfolio Insurance does, however, give the Funds the right
to obtain permanent insurance with respect to the municipal security covered
by the Portfolio Insurance policy at the time of its sale.
Proposed Reorganization
As approved by shareholders on December 22, 1994, NUF will acquire
substantially all of the assets of NFO in exchange for newly issued shares of
NUF and the assumption by NUF of substantially all of the liabilities of NFO.
Following receipt of the NUF shares, NFO will be liquidated and the NUF shares
will be distributed to the shareholders of NFO. As a result of this
reorganization, the assets and liabilities of both Funds will be combined and
the shareholders of NFO will thus become shareholders in NUF. This
reorganization is expected to be completed on January 10, 1995. The investment
objectives and policies of the larger combined Fund would be virtually
identical to that of each of the separate Funds.
As approved by shareholders on December 22, 1994, NFL will acquire
substantially all of the assets of NFP in exchange for newly issued shares of
NFL and the assumption by NFL of substantially all of the liabilities of NFP.
Following receipt of the NFL shares, NFP will be liquidated and the NFL shares
will be distributed to the shareholders of NFP. As a result of this
reorganization, the assets and liabilities of both Funds will be combined and
the shareholders of NFP will thus become shareholders in NFL. This
reorganization is expected to be completed on January 9, 1995. The investment
objectives and policies of the larger combined Fund would be virtually
identical to that of each of the separate Funds.
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<CAPTION>
NQF NUF
6 months ended Year ended 6 months ended Year ended
12/31/94 6/30/94 12/31/94 6/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders due to reinvestment
of distributions from net investment income and
from net realized gains from investment transactions 19,878 96,649 -- 38,941
------ ------ --- ------
Net increase 19,878 96,649 -- 38,941
====== ====== === ======
Preferred shares sold -- -- -- --
====== ====== === ======
<CAPTION>
NFL NFP
6 months ended Year ended 6 months ended Year ended
12/31/94 6/30/94 12/31/94 6/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders due to reinvestment
of distributions from net investment income and
from net realized gains from investment transactions -- 20,394 -- 1,732
--- ------ --- -----
Net increase -- 20,394 -- 1,732
=== ====== === =====
Preferred shares sold -- -- -- 1,640
=== ====== === =====
<CAPTION>
NFO
6 months ended Year ended
12/31/94 6/30/94
<S> <C> <C>
Common shares:
Shares sold -- 240,000*
Shares issued to shareholders due to reinvestment
of distributions from net investment income and
from net realized gains from investment transactions 1,346 2,069
----- -------
Net increase 1,346 242,069
===== =======
Preferred shares sold -- 800
===== =======
<FN>
*Amount shown reflects overallotment for shares sold in the initial public
offering, which occurred during the Fund's initial period ended June 30, 1993.
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchase and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
December 31, 1994, were as follows:
<CAPTION>
NQF NUF NFL NFP
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $ 8,162,297 $12,182,403 $ 9,938,745 $4,719,888
Temporary municipal investments 19,900,000 24,600,000 13,900,000 7,800,000
SALES AND MATURITIES
Investments in municipal securities 9,902,372 10,841,990 8,158,295 4,912,185
Temporary municipal investments 20,400,000 26,300,000 13,900,000 7,400,000
=========== =========== =========== ==========
<CAPTION>
NFO
<S> <C>
PURCHASES
Investments in municipal securities $ --
Temporary municipal investments 5,700,000
SALES AND MATURITIES
Investments in municipal securities 5,542,302
Temporary municipal investments 2,200,000
==========
At December 31, 1994, the identified cost of investments owned for
federal income tax purposes was the same as the cost for financial reporting
purposes for each Fund.
At June 30, 1994, the Funds' last fiscal year end, the following Funds
had unused capital loss carryovers available for federal income tax purposes
to be applied against future security gains if any. If not applied the
carryovers will expire as follows:
<CAPTION>
NUF NFL NFP NFO
<S> <C> <C> <C> <C>
Expiration Year:
2001 $ -- $ 52,596 $ -- $ --
2002 220,985 475,577 1,138,287 1,314,073
-------- -------- ---------- ----------
Total $220,985 $528,173 $1,138,287 $1,314,073
======== ======== ========== ==========
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On December 30, 1994, the following Funds declared Common share dividend
distributions from their ordinary income and supplemental dividend
distributions from their undistributed net investment income which were paid
February 1, 1995, to shareholders of record on January 9, 1995 for NFL and NFP
and to shareholders of record on January 10, 1995, for NUF and NFO, as
follows:
<CAPTION>
NFL NFP NUF NFO
<S> <C> <C> <C> <C>
Dividend per share $.0650 $.0605 $.0760 $.0625
====== ====== ====== ======
Supplemental dividend per share $ -- $.0567 $ -- $.0434
====== ====== ====== ======
On January 3, 1995, NQF declared a Common share dividend distribution of
$.0825 from its ordinary income which was paid February 1, 1995, to
shareholders of record on January 15, 1995.
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at December 31, 1994, were as follows:
<CAPTION>
NQF NUF NFL NFP
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $12,077,971 $ 4,733,330 $ 437,030 $ --
Depreciation (3,520,678) (3,182,377) (14,680,793) (11,153,184)
----------- ----------- ------------- ------------
Net unrealized appreciation (depreciation) $ 8,557,293 $ 1,550,953 $(14,243,763) $(11,153,184)
=========== =========== ============= ============
<CAPTION>
NFO
<S> <C>
Gross unrealized:
Appreciation $ --
Depreciation (5,172,004)
-----------
Net unrealized appreciation (depreciation) $(5,172,004)
===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
"the Adviser," each Fund pays to the Adviser an annual management fee, payable
monthly, at the rates set forth below, which are based upon the average daily
net asset value of each Fund:
<CAPTION>
Average daily net asset value Management fee
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Trustees who are affiliated with the Adviser or
to their officers, all of whom receive remuneration for their services to the
Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. COMPOSITIONS OF NET ASSETS
At December 31, 1994, net assets consisted of:
<CAPTION>
NQF NUF NFL NFP
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $110,000,000 $ 85,000,000 $ 70,000,000 $ 41,000,000
Common shares, $.01 par value per share 160,241 119,220 91,357 55,089
Paid-in surplus 222,923,732 165,401,469 126,634,135 76,212,290
Undistributed net investment income 1,223,293 951,682 690,677 536,374
Accumulated net realized gain (loss) from
investment transactions, net of taxes, if applicable -- (166,449) (617,522) (1,801,048)
Accumulated distributions in excess of net realized
gains from investment transactions (47,762) -- -- --
Net unrealized appreciation or depreciation
of investments 8,557,293 1,550,953 (14,243,763) (11,153,184)
------------ ------------ ------------ ------------
Net assets $342,816,797 $252,856,875 $182,554,884 $104,849,521
============ ============ ============ ============
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
============ ============ ============ ============
<CAPTION>
NFO
<S> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $20,000,000
Common shares, $.01 par value per share 26,505
Paid-in surplus 36,511,309
Undistributed net investment income 228,642
Accumulated net realized gain (loss) from
investment transactions, net of taxes, if applicable (1,996,352)
Accumulated distributions in excess of net realized
gains from investment transactions --
Net unrealized appreciation or depreciation
of investments (5,172,004)
-----------
Net assets $49,598,100
===========
Authorized shares:
Common Unlimited
Preferred Unlimited
===========
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At December 31, 1994, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NQF NUF NFL NFP
<S> <C> <C> <C> <C>
Revenue Bonds:
Transportation 5% 18% 10% 26%
Electric Utilities 10 7 15 16
Water / Sewer Facilities 6 4 19 17
Health Care Facilities 13 12 16 12
Pollution Control Facilities 3 12 -- --
Lease Rental Facilities 5 1 -- --
Housing Facilities 12 8 5 4
Educational Facilities -- 3 -- --
Other 11 7 20 18
General Obligation Bonds 8 10 6 5
Escrowed Bonds 27 18 9 2
----- ----- ----- -----
100% 100% 100% 100%
===== ===== ===== =====
<CAPTION>
NFO
<S> <C>
Revenue Bonds:
Transportation 14%
Electric Utilities 19
Water / Sewer Facilities 5
Health Care Facilities 17
Pollution Control Facilities 4
Lease Rental Facilities 12
Housing Facilities 5
Educational Facilities --
Other 17
General Obligation Bonds 7
Escrowed Bonds --
-----
100%
=====
</TABLE>
Certain long-term and intermediate-term investments owned by the Funds are
covered by insurance issued by several private insurers or are backed by an
escrow or trust containing U.S. Government or U.S. Government agency
securities, either of which ensure the timely payment of principal and
interest in the event of default (59% for NQF, 55% for NUF, 100% for NFL, 100%
for NFP, and58% for NFO). Such insurance or escrow, however, does not
guarantee the market value of the municipal securities or the value of any of
the Funds' shares, as more fully discussed in Note 1.
All of the temporary investments in short-term municipal securities have
credit enhancements (letters of credit, guarantees or insurance) issued by
third party domestic or foreign banks or other institutions.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a Common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NQF
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 $15.110 $ .618 $ (.544) $ (.503) $(.130)
Year ended 6/30,
1994 16.030 1.223 (.885) (.998) (.239)
1993 14.990 1.258 1.043 (1.021) (.223)
8 Mos. ended
6/30/92 14.490 .851 .465 (.660) (.156)
2/21/91 to
10/31/91 14.050 .671 .562 (.495) (.122)
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 14.690 .596 (.608) (.466) (.132)
Year ended 6/30,
1994 15.780 1.186 (1.075) (.958) (.243)
1993 14.570 1.205 1.217 (.972) (.205)
10/17/91 to
6/30/92 14.050 .609 .639 (.456) (.085)
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 13.090 .520 (.771) (.400) (.119)
Year ended
6/30/94 14.540 1.028 (1.487) (.810) (.181)
12/17/92 to
6/30/93 14.050 .340 .640 (.260) (.041)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NQF
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 $(.017)@ $(.004)@ $ -- $14.530 $13.125
Year ended 6/30,
1994 (.017) (.004) -- 15.110 15.125
1993 (.014) (.003) -- 16.030 16.625
8 Mos. ended
6/30/92 -- -- -- 14.990 16.000
2/21/91 to
10/31/91 -- -- (.176) 14.490 15.500
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 -- -- -- 14.080 12.375
Year ended 6/30,
1994 -- -- -- 14.690 14.000
1993 (.029) (.006) -- 15.780 15.625
10/17/91 to
6/30/92 -- -- (.187) 14.570 14.625
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 -- -- -- 12.320 10.875
Year ended
6/30/94 -- -- -- 13.090 12.875
12/17/92 to
6/30/93 -- -- (.189) 14.540 14.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets net assets rate
NQF
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 (10.00)% (.39)% $342,817 .80*% 5.66*% 2%
Year ended 6/30,
1994 (3.16) .45 351,892 .81 5.35 4
1993 10.72 14.37 364,973 .80 5.63 13
8 Mos. ended
6/30/92 7.71 8.22 346,612 .77* 5.92* 3
2/21/91 to
10/31/91 6.70 6.79 337,834 .76* 5.47* 0
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 (8.46) (.97) 252,857 .81* 5.51* 4
Year ended 6/30,
1994 (4.63) (1.02) 260,187 .84 5.21 5
1993 14.07 15.73 272,557 .86 5.41 14
10/17/91 to
6/30/92 .56 7.09 256,723 .81* 5.00* 0
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 (12.67) (2.82) 182,555 .85* 5.09* 4
Year ended
6/30/94 (7.45) (4.75) 189,622 .85 4.67 17
12/17/92 to
6/30/93 .07 5.39 202,579 .90* 3.87* 21
See notes on page 52.
</TABLE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a Common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NFP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 $12.490 $.499 $ (.924) $(.373) $(.102)
Year ended
6/30/94 14.400 .932 (1.798) (.736) (.164)
3/18/93 to
6/30/93 14.050 .103 .376 (.061) --
<CAPTION>
NFO
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 12.020 .498 (.858) (.385) (.105)
Year ended
6/30/94 13.960 .831 (1.847) (.625) (.130)
6/18/93 to
6/30/93 14.050 .001 .040 -- --
<PAGE>
<CAPTION>
Distributions from capital gains
Per Total
Common invest-
share ment
market return
To To Organiza- Net asset value on
Common Preferred tion and value end end of market
shareholders shareholderst offering costs of period period value
NFP
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 $ -- $ -- $ -- $11.590 $10.250 (14.32)%
Year ended
6/30/94 -- -- (.144) 12.490 12.375 (8.98)
3/18/93 to
6/30/93 -- -- (.068) 14.400 14.375 (3.78)
<CAPTION>
NFO
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 -- -- -- 11.170 10.250 (11.61)
Year ended
6/30/94 -- -- (.169) 12.020 12.000 (16.16)
6/18/93 to
6/30/93 -- -- (.131) 13.960 15.000 --
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
net
Total Net assets Ratio of investment
return on end of expenses income Portfolio
net asset period (in to average to average turnover
value** thousands) net assets net assets rate
NFP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 (4.22)% $104,850 .90*% 5.11*% 5%
Year ended
6/30/94 (8.55) 109,783 .91 4.42 16
3/18/93 to
6/30/93 2.93 79,287 .94* 2.77* --
<CAPTION>
NFO
<S> <C> <C> <C> <C> <C>
6 Mos. ended
12/31/94 (3.88) 49,598 .98* 5.19* --
Year ended
6/30/94 (9.80) 51,845 1.02 4.31 33
6/18/93 to
6/30/93 (.64) 33,607 1.15* .88* --
<FN>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions,
if any, and changes in stock price per share. Total Return on Net Asset Value
is the combination of reinvested dividend income, reinvested capital gains
distributions, if any, and changes in net asset value per share.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
@ The amounts shown include distributions in excess of capital gains of $.0024
to Common shareholders and $.0006 to Preferred shareholders.
</TABLE>
<PAGE>
The human bond
Photo of John Nuveen
At John Nuveen & Co. Incorporated, where our tax-free municipal bonds have
helped people live their dreams for nearly 100 years, we still believe our
strongest bond is human.TM
For almost a century, John Nuveen & Company has concentrated its resources and
expertise in one area: municipal bonds. We are one of the oldest and largest
investment banking firms specializing exclusively in municipal securities, and
we strive to be the best.
Our approach to managing our shareholders' investments endures. We maintain
a sharp focus on the needs of prudent investors and their families, offer
investments of quality, and then work to make them better by seeking out
opportunity. We hold to a dedicated belief in the importance of research. And
we sustain a commitment to sound financial management through value investing.
Our hope is that by providing quality investments we may foster opportunity
for our investors. Through careful research, attention to detail, and our
philosophy of managing for long-term value, we strive to provide our
shareholders with the attractive level of income they need to achieve their
personal goals and aspirations.
These are the things that matter most, and it's why we say that, at Nuveen,
our strongest bond is human.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF1-FEB 95
