Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams
FLORIDA INVESTMENT QUALITY (NQF)
FLORIDA QUALITY INCOME (NUF)
INSURED FLORIDA PREMIUM INCOME (NFL)
ANNUAL REPORT/JUNE 30, 1996
Photographic image of couple walking on beach.
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Photographic image of financial adviser reviewing financial statements/plans
with older couple.
Tax-informed investing
An important part of any successful investment program is gauging how well
your investments have performed and measuring your progress toward your
long-term goals.
<PAGE>
The imposition of taxes dramatically alters the relative returns of the five
asset classes. Graph showing after-tax returns, 1976-1996.
Municipals 8.26
Treasuries 5.62
Corporates 6.11
Stocks 10.51
Treasury Bills 3.87
Traditionally, the most common way to measure performance has been to compare
pre-tax rates of return for your different investments across similar time
periods. The rationale behind this method is that each investor is taxed at a
different rate, making pre-tax comparisons the seemingly logical way to ensure
you are comparing apples to apples.
This, however, is precisely the rationale that can make a pre-tax
performance assessment misleading. When returns are presented on a pre-tax
basis, you may lose sight of the major impact taxes can have on your earnings,
and fail to get the complete picture of your progress toward your investment
goals. At Nuveen, we've built our reputation help ing investors realize that
it's not what you earn, it's what you keep.
TAX-INFORMED INVESTING: THE KEY TO MEASURING LONG-TERM RESULTS
The true measure of an investment is its performance on an after-tax basis.
Analyzing after-tax returns gains added significance when you realize that the
taxes you pay can never be regained. Once that money is "lost," it can't be
put to work through compounding, earning additional dollars for you.
To better illustrate the ways that taxes can affect the amount you keep
versus the amount you earn, Nuveen Research recently studied 20 years of
investment returns, both pre-tax and after-tax, to determine the impact of
taxes on various asset classes. We were particularly interested in the study
results for municipal bonds, an asset class that is commonly excluded from the
top performance rankings when only pre-tax returns are considered.
MEASURING WHAT YOU KEEP
The study showed that, once the impact of taxes was figured into the equation,
municipal bonds offered a distinct advantage over other fixed income
investments. Over the study period, municipal bonds outperformed both
corporate and Treasury bonds (see accompanying tables), as high tax rates and
the loss of compounding income took their toll on corporate and Treasury
results.
As investors are well aware, performance over the long term--and the
purchasing power of their earnings--can be eroded by inflation as well as
taxes. The study showed that, over the past 20 years, only municipal bonds and
stocks provided significant after-tax gains over the Consumer Price Index, the
most recognized measure of inflation.
<PAGE>
ABOUT THE STUDY
The study, "Measuring What You Keep: Historical After-Tax Returns," compared
pre-tax and after-tax total returns over the past 20 years for five asset
classes: municipal bonds, Treasury bonds, Treasury bills, corporate bonds, and
large company stocks. Returns for each asset class were represented by the
returns on commonly used market indexes compiled by Lehman Brothers and
Ibbotson & Associates.
A hypothetical investment of $100,000 was made in each of these asset
classes at the beginning of 1976, with all dividends and interest reinvested
through the end of 1995. In addition, the after-tax proceeds of an assumed
annual 20% turnover rate were reinvested. The study assumed that taxes were
paid annually at the applicable federal income tax rates for an investor
earning the equivalent of $100,000 in 1995. Of course, this hypothetical
investment performance neither reflects past performance nor predicts future
results of any Nuveen investment.
INCORPORATING TAX-INFORMED INVESTING IN YOUR PORTFOLIO
The Nuveen study confirms what many investors have known for years: that
municipal bonds can play a critical role in the long-term financial strategies
of tax-informed investors.
Balancing short-term and long-term investments
Combining shorter- and longer-term tax-free investments may help you manage
cumulative risk in your portfolio while still capturing the potential for
attractive overall rates. Shorter-term investments can help reduce the current
volatility of your portfolio and provide a source of investable funds to take
advantage of additional investment opportunities as they arise. Longer-term
leveraged exchange-traded funds have provided attractive yields and offer
trading flexibility that allows quick and easy portfolio adjustments.
Dividend reinvestment
Studies indicate that weathering market cycles by maintaining an investment
plan with long-term goals can help shield investors in the event of a
declining market. The purchase of additional shares on a regular schedule,
such as through dividend reinvestment, is another strategy for navigating
market changes. Dividend reinvestment is an easy and convenient way to set
aside dollars on a regular basis, helping you take advantage of dollar-cost
averaging while gaining the benefits of tax-free compounding.
CONSISTENT AFTER-TAX PERFORMANCE
For the long-term investor, performance--even after the impact of taxes and
inflation--is the true measure of an investment's merit. While most investors
choose municipal bonds for their tax-free income advantage, the positive news
about their after-tax returns reinforces their potential value as part of a
tax-informed investment strategy designed to meet long-term objectives.
Understanding the impact of taxes can mean that you keep more of what you
earn, and municipal bonds can help you do just that.
<PAGE>
Only municipals and equities generated significant increases in purchasing
power over the twenty-year period, with after-tax and inflation-adjusted
returns in excess of 2.75% annually.
<TABLE>
<CAPTION>
ANNUAL AFTER-TAX REAL RETURNS, 1976-1995
PERIOD MUNICIPALS TREASURIES CORPORATES STOCKS BILLS
<S> <C> <C> <C> <C> <C>
1976-1985 .69% -3.32% -2.14% 2.75% -2.67%
1986-1995 5.15 4.21 3.91 7.31 0.13
1976-1995 2.88% 0.37% 0.84% 5.02% -1.30%
</TABLE>
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Photographic image of couple walking on beach.
CONTENTS
6 Municipal market perspective
7 Dear shareholder
9 Answering your questions
13 Fund performance
15 Commonly used terms
17 Portfolio of investments
33 Statement of net assets
34 Statement of operations
35 Statement of changes in net assets
37 Notes to financial statements
46 Financial highlights
48 Report of independent auditors
49 Nuveen Exchange-Traded Funds
dividend reinvestment program
<PAGE>
Municipal market perspective
Following the outstanding performance of 1995, the beginning of 1996 saw a
slight price decline in the overall bond market. Municipal bonds, however,
maintained an edge over Treasuries and finished off the first half of the year
on a positive note with a rally in bond prices. Over the past 12 months, the
municipal market continued to reward investors with solid returns and
opportunities to purchase higher yielding bonds with strong credit quality.
A look at the current economy shows that inflation continues to amble along at
the same modest pace that it has demonstrated over the past five years.
Generally level producer prices, low wage pressure, and a stable money supply
are supportive of a moderately expanding economy.
Despite this ideal combination of slow expansion and low inflation, investors
continue to maintain a watchful eye for any indication of acceleration or the
reappearance of inflation. These investors may draw some reassurance from the
fact that recent meetings of the Federal Reserve Open Market Committee appear
to confirm the Fed's continued commitment to a policy of controlled inflation
and economic growth, which bodes well for the bond markets and bond investors.
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Dear shareholder
Photographic image of head shot of Chairman and Chief Executive Officer of
Nuveen.
"Municipal bonds continue to play an important role in meeting the investment
goals of conservative investors."
As I begin my duties as the new chairman and chief executive officer of John
Nuveen & Co. Incorporated and chairman of the board of the Nuveen
exchange-traded funds, I am pleased to have this opportunity to report to you
on the performance of your funds. My experience at Nuveen over the past 19
years has shaped my commitment to maintaining Nuveen's tradition of value
investing and prudent management. We strive to help our shareholders meet
their need for tax-free investment income with a full range of investment
choices. Our focus will continue to be on building shareholder value,
providing research-oriented management, and delivering dependable performance.
We believe this focus will contribute to many more years of investment success
for our fund shareholders.
Municipal bonds continue to play an important role in meeting the investment
goals of conservative investors. The performance of the exchange-traded funds
covered in this report demonstrates the ability of quality investments to
provide attractive tax-free income. As of June 30, 1996, the current annual
yield on share price for these Florida funds ranged from 5.78% to 6.16%. To
match these yields, an investor in the 36% federal income tax bracket would
have had to earn at least 9.03% on taxable alternatives. Without question,
taxable yields at this level on investments of comparable quality can be
difficult to achieve in today's markets.
With the strength of the bond market last year, these funds saw an increase
in share price, further improving investors' overall experience for the year
ending June 30, 1996, while producing returns that continue to be very
attractive. Total returns, representing changes in net asset value and
reinvestment of all dividends and capital gains, if any, ranged from 5.19% to
7.15%, equivalent to taxable investments with total returns of 8.89% to
10.39%.
The years ahead present opportunities as well as challenges for all of us. I
want to thank you for your continued confidence in Nuveen exchange-traded
funds, and I look forward to sharing reports of continued progress with you.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
August 15, 1996
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Answering your questions
Tom Spalding, head of Nuveen's portfolio management team, discusses the
investment environment and recent factors affecting the municipal market.
Photographic image of montage of letters received by Nuveen.
What has been Nuveen's investment approach over the past year?
Nuveen continues to pursue its value investing strategy, a disciplined
approach to security selection and portfolio construction designed to deliver
above-market performance by identifying individual bonds with current yields,
prices, credit quality, and future prospects that are exceptionally attractive
relative to other bonds in the market. This approach was rewarded over the
past year, as many of our portfolio holdings were upgraded by the national
rating agencies, indicating that our Research Department's judgments about
credit quality were on target.
As opportunity allowed, we moved to protect current income by investing a
larger percentage of our portfolios in non-callable bonds. Because these bonds
cannot be redeemed before maturity, their yields are assured for the long term
even if interest rates decline. We also purchased an increased number of bonds
at discounts from their par value. These bonds, which have coupon rates
slightly below market levels, are less likely to be called from our
portfolios, assuring more stable yields for our investors.
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Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
Some funds' discounts seem to have narrowed over the past few months. What
caused this improvement?
To understand the reasons for this improvement, it may be helpful to remember
that each share has two prices: the net asset value (NAV), which represents
the underlying value of the bonds, and the share price, which is the fund's
price on the stock exchange. As with other securities, share prices for
municipal bond funds change frequently, driven by investors' demand for shares
and the available supply. When a fund's NAV is higher than its share price, we
say that the shares can be purchased at a discount.
In 1995, the recovery of the bond market meant that the net asset values for
some funds appreciated more quickly than their share prices, widening
discounts for a while. This is not unusual, as the market often takes time to
reflect underlying value balanced against the various factors that affect
individual investor decisions, such as the outlook for the direction of
interest rates, inflation forecasts, the relative strength of the stock
market, and legislative and tax outlooks. As investor worries about tax
reform--and the potential effect of a flat tax proposal on tax-free
investments--waned over the first half of the year, the demand for tax-free
products grew. The combination of higher yields, concerns about the direction
of the stock market, and broker recommendations has also prompted greater
demand for municipal bonds and bond funds. With increased demand, share prices
have risen, resulting in narrower discounts. In fact, some exchange-traded
funds are now trading at a premium, that is, their share prices are higher
than their NAVs.
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What are some of the factors affecting dividend stability and changes?
All Nuveen funds are structured to provide an attractive stream of tax-free
income. For many investors, stability of income is another important
objective. To help investors satisfy this objective, we set dividends on
Nuveen funds conservatively, seeking a level that we expect will be
sustainable for at least several months. Many of the funds that have seen
dividend reductions over the past year had previously enjoyed prolonged
periods without dividend changes. Still, dividends ultimately depend on the
overall earnings of each fund, which can be reduced by bond calls,
fluctuations in long- and short-term interest rates, and other portfolio
changes.
The funds in this report use leverage as an additional way to enhance income
for common shareholders. The dividends of leveraged funds, however, can be
affected by a sudden or prolonged rise in short-term interest rates. In fact,
short-term rates on average have been higher over the past two years than they
were in the early 1990s. This has resulted in higher rates for preferred
shareholders and less income available for common shareholders. It is
important to remember that leverage can increase NAV volatility as well as
investment potential. Greater stability in both long- and short-term interest
rates in 1996 has reduced some of the pressures on dividends and NAVs for many
leveraged funds.
Another factor that can act to lower dividends is bond calls. When the
Federal Reserve Board cut rates between July 1995 and January 1996, long-term
municipal bond yields reacted by declining almost 130 basis points from their
levels at the beginning of 1995. As older, higher-yielding bonds were called
from some portfolios, they were replaced with the bonds available in the
market today, reducing fund earnings. To reduce the effect of bond calls and
protect investors' current income, Nuveen has taken advantage of opportunities
to invest in an increased number of non-callable bonds as well as bonds priced
at a discount from their par value.
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<TABLE>
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND
NQF
Shareholders received a capital gains distribution in December 1995, and
experienced a modest dividend rate decrease in June 1996. These dividends
remain at a high level relative to other comparable funds.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
07/12/95 $0.0825
08/11/95 $0.0825
09/13/95 $0.0825
10/11/95 $0.0825
11/13/95 $0.0825
12/13/95 $0.0825 $0.0038
01/10/96 $0.0825
02/13/96 $0.0825
03/13/96 $0.0825
04/11/96 $0.0825
05/13/96 $0.0825
06/12/96 $0.0805
<CAPTION>
FUND HIGHLIGHTS 6/30/96
<S> <C>
Yield 5.99%
Taxable-equivalent yield 9.36%
Annual total return on NAV 5.19%
Taxable-equivalent total return 8.89%
Share price $16.125
NAV $15.25
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
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<TABLE>
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND
NUF
The Fund's dividend rate was adjusted in August 1995 to reflect the
current earnings of the portfolio. This rate has remained stable for the past
11 months. This rate remains comparable to those available on other long-term
bond funds.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
07/12/95 $0.0790
08/11/95 $0.0770
09/13/95 $0.0770
10/11/95 $0.0770
11/13/95 $0.0770
12/13/95 $0.0770
01/10/96 $0.0770
02/13/96 $0.0770
03/13/96 $0.0770
04/11/96 $0.0770
05/13/96 $0.0770
06/12/96 $0.0770
<CAPTION>
FUND HIGHLIGHTS 6/30/96
<S> <C>
Yield 6.16%
Taxable-equivalent yield 9.63%
Annual total return on NAV 5.94%
Taxable-equivalent total return 9.44%
Share price $15.00
NAV $15.26
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
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<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.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
07/12/95 $0.0650
08/11/95 $0.0650
09/13/95 $0.0650
10/11/95 $0.0650
11/13/95 $0.0650
12/13/95 $0.0650
01/10/96 $0.0650
02/13/96 $0.0650
03/13/96 $0.0650
04/11/96 $0.0650
05/13/96 $0.0650
06/12/96 $0.0650
<CAPTION>
FUND HIGHLIGHTS 6/30/96
<S> <C>
Yield 5.78%
Taxable-equivalent yield 9.03%
Annual total return on NAV 7.15%
Taxable-equivalent total return 10.39%
Share price $13.50
NAV $14.10
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
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Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in
the case of this report, June 30, 1996) divided by its closing price per share
on that date.
Taxable equivalent yield
The return an investor subject to a given federal income tax rate would need
to obtain from a fully taxable investment to equal the fund's stated
annualized yield on share price. In this report, this tax rate is assumed to
be 36% for shareholders, based on 1996 incomes of $121,300-$263,750 for
investors filing singly, $147,700-$263,750 for those filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, divided by the total number of common
shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
Taxable equivalent total return
The total return an investor subject to a given income tax rate would need to
obtain from a fully taxable investment to equal the Fund's stated total return
on NAV.
Leverage
A technique used to enhance the income produced for common shareholders by a
long-term municipal bond fund through the issuance of short-term preferred
shares. The proceeds from the sale of the preferred shares can be used to
purchase additional long-term bonds, thus increasing the portfolio's income
stream. Changes in net asset value per share, both up and down, are also
magnified by leverage.
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended June 30, 1996. Any future
repur-chases will be reported to shareholders in the next annual or semiannual
report.
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<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 10,750,000 Florida Housing Finance Agency, Homeowner Mortgage
Revenue Bonds, 1995 Series 2 (Refunding/New Money
Issue), 6.200%, 7/01/27 (Alternative Minimum Tax) 1/06 at 102 Aa $ 10,713,235
2,250,000 Florida Housing Finance Agency, Homeowner Mortgage
Revenue Bonds, Series 2 (New Money and Refunding
Issue), 6.350%, 7/01/28 (Alternative Minimum Tax) (WI) 1/07 at 102 Aa 2,253,825
4,000,000 Florida Housing Finance Agency, Multi-Family Housing
Revenue Refunding Bonds, 1991 Series C,
6.200%, 8/01/16 (WI) 8/06 at 102 AAA 4,023,720
2,000,000 Florida Housing Finance Agency, General Mortgage
Revenue Refunding Bonds, 1992 Series A,
6.400%, 6/01/24 6/02 at 103 AAA 2,028,340
Florida Keys Aqueduct Authority, Water Revenue
Refunding Bonds, Series 1991:
10,165,000 6.750%, 9/01/21 (Pre-refunded to 9/01/01) 9/01 at 101 Aaa 11,198,882
835,000 6.750%, 9/01/21 9/01 at 101 Aaa 883,622
3,000,000 Florida Municipal Power Agency, Stanton II Project
Revenue Bonds, Series 1992, 4.500%, 10/01/27 10/03 at 100 Aaa 2,387,400
10,000,000 State of Florida, Full Faith and Credit, Jacksonville
Transportation Authority, Senior Lien Bonds, Series 1989,
7.000%, 7/01/13 7/97 at 102 Aa 10,473,000
2,285,000 State of Florida, Full Faith and Credit, State Board of
Education, Public Education Capital Outlay Bonds,
1992 Series C, 5.875%, 6/01/23 6/03 at 101 Aa 2,272,638
6,955,000 State of Florida, Full Faith and Credit, State Board of
Education, Public Education Capital Outlay Bonds,
1993 Series F, 6.000%, 6/01/20 6/05 at 101 Aa 7,040,129
6,215,000 State of Florida, Full Faith and Credit, State Board of
Education, Capital Outlay Bonds, 1996 Series A,
4.750%, 1/01/16 1/06 at 101 Aaa 5,389,959
6,845,000 Brevard County Housing Finance Authority, Single Family
Mortgage Revenue Refunding Bonds, Series 1991C,
7.000%, 9/01/23 3/01 at 102 Aaa 7,210,044
2,810,000 Broward County, Florida Public Improvement Refunding
Bonds, Series 1986, 12.500%, 1/01/04 No Opt. Call Aa 4,088,185
5,245,000 Housing Finance Authority of Broward County, Florida,
GNMA and FNMA Collateralized Home Mortgage
Revenue Bonds, 1991 Series A, 7.350%, 3/01/23
(Alternative Minimum Tax) 3/01 at 102 AAA 5,476,881
7,475,000 Certificates of Participation, Series 1991A, The School
Board of Broward County, Florida, 6.500%, 7/01/11 7/01 at 102 Aaa 7,853,908
3,000,000 The Cape Canaveral Hospital District, Improvement
Revenue Certificates, Series 1991, 6.875%, 1/01/21 1/01 at 102 Aaa 3,201,630
11,000,000 Charlotte County, Florida, Utility System Revenue Bonds,
Series 1991, 7.000%, 10/01/14 (Pre-refunded to
10/01/01) 10/01 at 102 Aaa 12,346,070
1,500,000 Coral Springs Improvement District (Broward County,
Florida), General Obligation Water and Sewer Revenue
Refunding Bonds, Series 1992, 5.500%, 6/01/14 6/02 at 102 Aaa 1,455,870
Collier County Water-Sewer District (Florida), Water and
Sewer Revenue Bonds, Series 1991:
7,345,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,898,666
4,155,000 6.500%, 7/01/21 7/99 at 102 Aaa 4,322,779
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<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 3,700,000 Dade County, Florida, Public Improvement Refunding
Bonds, Series 1986, 12.000%, 10/01/98 No Opt. Call Aaa $ 4,304,173
4,800,000 Dade County, Florida, Aviation Revenue Bonds (Series U),
6.750%, 10/01/06 (Alternative Minimum Tax) 10/98 at 102 Aa 5,103,552
7,500,000 Dade County, Florida Aviation Bonds, Series 1996A,
5.750%, 10/01/26 (Alternative Minimum Tax) 10/06 at 102 Aaa 7,310,400
1,635,000 Housing Finance Authority of Dade County (Florida),
Single Family Mortgage Revenue Bonds, 1990 Series C,
7.750%, 9/01/22 (Alternative Minimum Tax) 9/00 at 102 Aaa 1,724,287
765,000 Housing Finance Authority of Dade County (Florida),
Single Family Mortgage Revenue Bonds, Series B,
7.250%, 9/01/23 (Alternative Minimum Tax) 3/01 at 102 Aaa 795,156
1,000,000 Housing Finance Authority of Dade County (Florida),
Single Family Mortgage Revenue Bonds, Series 1995,
6.550%, 10/01/27 (Alternative Minimum Tax) 4/05 at 102 AAA 1,010,630
6,750,000 The School District of Dade County, Florida, General
Obligation School Bonds, Series 1989,
7.375%, 7/01/08 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,423,448
2,395,000 Dade County, Florida, Special Obligation Bonds
(Courthouse Center Project), Series 1994,
6.300%, 4/01/14 4/04 at 102 A 2,503,901
7,225,000 Dade County, Florida Special Obligation and Refunding
Bonds, Series 1996B, 0.000%, 10/01/20 (WI) 10/08 at 48 27/32 Aaa 1,591,451
7,000,000 Escambia County Health Facilities Authority, Health
Facilities Revenue Refunding Bonds (Baptist Hospital,
Inc.) Series 1988 A, 8.700%, 10/01/14 10/98 at 102 BBB+ 7,659,890
995,000 City of Fort Myers, Florida, Improvement Revenue Bonds,
(Special Assessment Geographical Area No. 24
Improvements), Series 1991A, 7.100%, 7/01/06 7/01 at 102 BBB- 1,047,287
2,000,000 City of Green Cove Springs, Florida, Utilities Refunding
Revenue Bonds, Series 1991, 6.750%, 10/01/10 10/01 at 102 Aaa 2,156,480
3,530,000 Halifax Hospital Medical Center (Daytona Beach, Florida),
Hospital Revenue Refunding Bonds, 1991 Series A,
6.750%, 10/01/06 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,921,265
5,000,000 The County of Hernando, Florida (Criminal Justice
Complex Financing Program), 1986 Series,
7.650%, 7/01/16 No Opt. Call Aaa 6,220,650
4,000,000 Hillsborough CountyAviation Authority, Florida, Tampa
International Airport Revenue Refunding Bonds 1991
Series A, 6.900%, 10/01/11 10/99 at 102 Aaa 4,274,240
3,500,000 Hillsborough County Aviation Authority, Florida, Tampa
International Airport Revenue Bonds, Series 1996B,
5.875%, 10/01/23 (DD) 10/06 at 102 Aaa 3,508,715
2,590,000 Hillsborough County Aviation Authority, Florida, Tampa
International Airport Revenue Bonds, 1996 Series A,
6.000%, 10/01/23 (Alternative Minimum Tax) (DD) 10/06 at 102 Aaa 2,599,764
10,000,000 Jacksonville Electric Authority (Jacksonville, Florida),
St. Johns River Power Park System Special Obligations
Bonds, First Crossover Series, 6.000%, 10/01/15 10/99 at 100 Aa 10,064,900
7,000,000 Jacksonville Health Facilities Authority, Health Facilities
Revenue Refunding Bonds, Daughters of Charity
National Health System, Inc., St. Vincent's Medical
Center Issue, Series 1990, 7.500%, 11/01/15
(Pre-refunded to 11/01/00) 11/00 at 102 Aaa 7,885,780
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 4,000,000 Jacksonville Health Facilities Authority, Hospital Facilities
Revenue Refunding Bonds, Daughters of Charity
National Health System, Inc., St. Vincent's Medical
Center Issue, Series 1990, 7.500%, 11/01/15
(Pre-refunded to 11/01/00) 11/00 at 102 Aaa $ 4,506,160
11,000,000 Jacksonville Health Facilities Authority, Hospital Facilities
Refunding Revenue Bonds, Series 1991 (St. Luke's
Hospital Association Project), 7.125%, 11/15/20 11/01 at 102 AA+ 11,913,880
4,500,000 City of Lakeland, Florida, Electric and Water Revenue
Bonds (Junior Subordinate Lien), Refunding and
Improvement Series 1996B, 6.000%, 10/01/11 (WI) No Opt. Call Aaa 4,732,245
Lee County, Florida, Solid Waste System Revenue Bonds,
Series 1991A:
6,500,000 7.000%, 10/01/05 (Alternative Minimum Tax) 10/01 at 102 Aaa 7,121,335
4,750,000 7.000%, 10/01/06 (Alternative Minimum Tax) 10/01 at 102 Aaa 5,181,110
4,150,000 Housing Finance Authority of Leon County (Florida),
Single Family Mortgage Revenue Bonds, 1991 Series A,
(Multi-County Program), 7.300%, 4/01/21
(Alternative Minimum Tax) 4/01 at 102 Aaa 4,312,597
3,130,000 Housing Finance Authority of Manatee County, Florida,
Single Family Mortgage Revenue Bonds, Series 1994-Sub
Series 3, 7.600%, 11/01/26 (Alternative Minimum Tax) 11/05 at 105 Aaa 3,419,400
2,000,000 Housing Finance Authority of Manatee County, Florida,
Single Family Mortgage Revenue Bonds, Series 1996-Sub
Series 1, 7.450%, 5/01/27 (Alternative Minimum Tax) 5/06 at 105 Aaa 2,190,580
10,620,000 Martin County, Florida, Pollution Control Revenue
Refunding Bonds, (Florida Power &Light Company
Project), Series 1990, 7.300%, 7/01/20 7/00 at 102 Aaa 11,641,007
1,000,000 North Springs Improvement District, (Broward County,
Florida), Water and Sewer General Obligation and
Revenue Refunding Bonds, Series 1994A,
7.000%, 10/01/09 No Opt. Call Aaa 1,150,500
7,925,000 Adventist Health System/Sunbelt, Inc., Orange County
Health Facilities Authority, Hospital Revenue Bonds,
Series 1991-B, 6.750%, 11/15/21 11/01 at 102 Aaa 8,458,590
4,500,000 Orange County, Florida, Tourist Development Tax
Refunding Revenue Bonds, Series 1992A,
6.000%, 10/01/21 10/02 at 100 Aaa 4,530,960
2,500,000 Orange County, Florida, Water and Wastewater Revenue
Bonds, Series 1987, 7.750%, 10/01/07 (Pre-refunded
to 10/01/97) 10/97 at 102 Aaa 2,670,025
Orange County Housing Finance Authority, GNMA
Collateralized Mortgage Revenue Bonds, 1991 Series A:
3,655,000 7.250%, 9/01/11 (Alternative Minimum Tax) 3/01 at 103 AAA 3,836,105
8,810,000 7.375%, 9/01/24 (Alternative Minimum Tax) 3/01 at 103 AAA 9,220,194
7,460,000 Orlando Utilities Commission, Water and Electric
Subordinated Revenue Bonds, Series 1989D,
5.000%, 10/01/23 10/99 at 100 Aa 6,450,737
5,000,000 Orlando Utilities Commission, Water and Electric
Revenue Refunding Bonds, Series 1992,
6.000%, 10/01/10 No Opt. Call Aa1 5,257,000
500,000 Palm Beach County, Florida, General Obligation
Refunding Bonds, Series 1994 B, 4.600%, 7/01/07 No Opt.Call Aa 466,770
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
Palm Beach County Health Facilities Authority, Hospital
Revenue Refunding Bonds, Series 1988, (JFK Medical
Center, Inc. Projects):
$ 6,715,000 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 BBB $ 7,498,842
4,650,000 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 N/R 5,192,795
1,400,000 City of Pembroke Pines, Florida, Capital Improvement
Revenue Bonds, Series 1995, 6.000%, 10/01/25 10/04 at 102 Aaa 1,414,266
6,000,000 Village of Royal Palm Beach, Florida, Utility System
Revenue Refunding Bonds, Series 1991,
6.875%, 10/15/15 10/01 at 102 Aaa 6,462,600
7,000,000 St. Johns County Industrial Development Authority,
Hospital Revenue Bonds, (Flagler Hospital Project),
Series 1992, 6.000%, 8/01/22 8/02 at 102 A 6,595,960
5,000,000 St. Lucie County, Florida, Utility System Revenue Bonds,
Series 1990, 7.125%, 10/01/17 (Pre-refunded to
10/01/00) 10/00 at 102 Aaa 5,559,950
4,000,000 City of St. Petersburg Health Facilities Authority (Florida),
Revenue Bonds, Series 1985 A (Allegany Health System
Loan Program), 7.000%, 12/01/15 12/01 at 102 Aaa 4,387,920
5,250,000 Seminole County, Florida, Water and Sewer Revenue
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 No Opt. Call Aaa 5,420,048
4,500,000 City of Tampa, Florida, Revenue Bonds, Series 1992 (The
Florida Aquarium Project), 7.750%, 5/01/27 5/02 at 102 N/R 4,535,415
Tampa Sports Authority, 1995 Special Purpose Bonds,
State of Florida Sales Tax Payment Series (Tampa Bay
Arena Project):
1,250,000 5.750%, 10/01/20 No Opt. Call Aaa 1,257,213
1,250,000 5.750%, 10/01/25 No Opt. Call Aaa 1,257,838
City of Tampa, Florida, Water and Sewer Systems Revenue
Bonds, Series 1992:
2,900,000 6.000%, 10/01/17 (Pre-refunded to 10/01/02) 10/02 at 101 Aaa 3,113,207
1,450,000 6.000%, 10/01/17 10/02 at 101 Aaa 1,464,399
County of Volusia, Florida, Airport System Revenue Bonds,
Series 1991 (Daytona Beach Regional Airport):
475,000 7.000%, 10/01/21 (Alternative Minimum Tax)
(Pre-refunded to 10/01/00) 10/00 at 102 Aaa 523,207
1,425,000 7.000%, 10/01/21 (Alternative Minimum Tax) 10/00 at 102 Aaa 1,532,416
5,650,000 Certificates of Participation (School Board of Volusia
County, Florida Master Lease Program), Series 1991,
6.750%, 8/01/11 (Pre-refunded to 8/01/01) 8/01 at 102 Aaa 6,262,064
$340,130,000 Total Investments - (cost $332,026,807) - 99.3% 353,162,087
===============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 800,000 Allegheny County Hospital Development Authority
===============
(Allegheny County, Pennsylvania), Health Center Revenue
Bonds, Series 1990 A (Presbyterian-University Health
System, Inc.), Variable Rate Demand Bonds,
3.550%, 3/01/20+ VMIG-1 800,000
Other Assets Less Liabilities - 0.5% 1,746,114
Net Assets - 100% $355,708,201
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 54 $242,030,146 68%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 76,097,851 21
PORTFOLIO OF A, A- A, A2, A3 2 9,099,861 3
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 3 16,206,019 5
(EXCLUDING Non-rated Non-rated 2 9,728,210 3
TEMPORARY
INVESTMENTS):
TOTAL 73 $353,162,087 100%
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later
dates. ** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1). (DD) Security
purchased on a delayed delivery basis (note 1).
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 2,000,000 Certificates of Participation, Series 1994, The Department
of Corrections (State of Florida), 6.000%, 3/01/14 3/04 at 102 A1 $ 2,026,880
5,500,000 Florida Housing Finance Agency, Homeowner Mortgage
Revenue Bonds, 1995 Series 2 (Refunding/New Money
Issue), 6.200%, 7/01/27 (Alternative Minimum Tax) 1/06 at 102 Aa 5,481,190
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds,
1995 Series F (Holly Cove Apartment Project),
6.150%, 10/01/25 (Alternative Minimum Tax) 10/05 at 102 Aaa 998,540
1,750,000 Florida Housing Finance Agency, General Mortgage
Revenue Refunding Bonds, 1992 Series A,
6.400%, 6/01/24 6/02 at 103 AAA 1,774,798
5,725,000 Florida Housing Finance Agency, Home Ownership
Revenue Refunding Bonds, 1987 Series G1,
8.595%, 11/01/17 No Opt. Call AAA 6,357,727
3,170,000 Florida Housing Finance Agency, Single Family Mortgage
Refunding Bonds, 1987 Series One Class B,
7.100%, 1/01/17 3/97 at 103 AAA 3,287,797
25,000 Florida Housing Finance Agency, Home Ownership
Revenue Bonds, 1987 Series G2, 8.595%, 11/01/18
(Alternative Minimum Tax) No Opt. Call AAA 25,963
1,250,000 State of Florida, Department of Transportation, Turnpike
Revenue Bonds, Series 1991A, 9.500%, 7/01/00 No Opt. Call Aaa 1,469,875
1,000,000 State of Florida, Department of Transportation, Turnpike
Revenue Refunding Bonds, Series 1993A,
5.000%, 7/01/15 7/03 at 101 Aaa 910,190
2,000,000 State of Florida, Department of Transportation, Turnpike
Revenue Bonds, Series 1995A, 5.625%, 7/01/25 7/05 at 101 Aaa 1,947,020
3,900,000 State of Florida, Full Faith and Credit, Jacksonville
Transportation Authority, Senior Lien Bonds,
Series 1989, 7.000%, 7/01/13 7/97 at 102 Aa 4,084,470
1,000,000 State of Florida, Full Faith and Credit, Pollution Control
Bonds, Series Y, Division of Bond Finance of the
Department of General Services, 6.600%, 7/01/17 7/02 at 101 Aa 1,069,460
State of Florida, Full Faith and Credit, State Board of
Education, Public Education Capital Outlay Bonds,
Series 1989-A (Refunding Bonds):
3,290,000 7.250%, 6/01/23 6/00 at 102 Aa 3,639,069
5,000,000 6.000%, 6/01/25 6/00 at 100 Aa 5,016,150
1,510,000 State of Florida, State Board of Education, Public
Education Capital Outlay Bonds, 1993 Series C,
5.500%, 6/01/23 6/03 at 101 Aa 1,420,231
1,000,000 Alachua County Health Facilities Authority (Florida),
Health Facilities Revenue Bonds, Series 1992R
(Shands Hospital at the University of Florida Project),
5.750%, 12/01/15 12/02 at 100 Aaa 987,860
2,150,000 Alachua County Library District, Florida, General
Obligation Refunding Bonds, Series 1991,
6.600%, 8/01/10 8/01 at 102 Aaa 2,300,629
1,500,000 Bradford County Health, Facilities Authority, Health
Facilities Revenue Refunding Bonds, Series 1993,
(Santa Fe Healthcare Facilities Project),
6.050%, 11/15/16 No Opt. Call AAA 1,530,840
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
Brevard County Educational Facilities Authority (Florida),
Educational Facilities Refunding and Improvement
Revenue Bonds, Series 1992:
$ 3,365,000 6.750%, 11/01/07 11/02 at 102 BBB $ 3,624,677
4,790,000 6.875%, 11/01/22 11/02 at 102 BBB 4,905,247
1,150,000 Brevard County, Florida, Sales Tax Refunding and
Improvement Revenue Bonds, Series 1993,
5.250%, 12/01/13 12/03 at 102 Aaa 1,090,212
5,000,000 Broward County, Florida, Airport System Revenue
Bonds, Series B, 7.625%, 10/01/13 (Alternative
Minimum Tax) 10/98 at 102 Aaa 5,384,300
2,000,000 Certificates of Participation, Series 1994A, Broward
County, Florida, 5.500%, 6/01/13 6/04 at 102 Aaa 1,932,620
3,490,000 Charlotte County, Florida, Utility System Revenue
Bonds, Series 1991, 6.875%, 10/01/21
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,896,969
10,000,000 Citrus County, Florida, Pollution Control Refunding
Revenue Bonds, Series 1992 A (Florida Power
Corporation Crystal River Power Plant Project),
6.625%, 1/01/27 1/02 at 102 A1 10,477,800
Collier County Water-Sewer District (Florida),
Water and Sewer Revenue Bonds, Series 1991:
3,910,000 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 4,204,736
2,190,000 6.500%, 7/01/21 7/99 at 102 Aaa 2,278,432
8,450,000 Dade County, Florida, Aviation Revenue Bonds
(Series U), 6.750%, 10/01/06 (Alternative
Minimum Tax) 10/98 at 102 Aa 8,984,378
12,500,000 Dade County, Florida, Aviation Bonds, Series
1996A, 5.750%, 10/01/26 (Alternative
Minimum Tax 10/06 at 102 Aaa 12,184,000
5,205,000 Housing Finance Authority of Dade County
(Florida), Single Family Mortgage Revenue
Bonds, 1991 Series D, 6.950%, 12/15/12 12/01 at 102 Aaa 5,486,070
410,000 Housing Finance Authority of Dade County
(Florida), Single Family Mortgage Revenue Bonds,
1991 Series E, 7.000%, 3/01/24 3/01 at 102 Aaa 427,433
2,930,000 Dade County, Florida, Special Obligation Bonds,
Series 1996 (Metro-Dade Fire and Rescue
Service District), 6.000%, 4/01/06 No Opt. Call Aaa 3,101,581
4,260,000 Dade County, Florida Special Obligation and
Refunding Bonds, Series 1996B,
5.000%, 10/01/35 (WI) 10/06 at 102 Aaa 3,661,726
3,420,000 Dade County, Florida, Water and Sewer System
Revenue Bonds, Series 1995, 5.500%, 10/01/18 10/05 at 102 Aaa 3,302,660
7,000,000 Dade County Health Facilities Authority, Hospital
Revenue Refunding Bonds, Series 1992 (North
Shore Medical Center Project), 6.500%, 8/15/15 8/02 at 102 Aaa 7,301,980
5,000,000 Town of Davie, Florida, Water and Sewer
Improvement and Refunding, Revenue Bonds,
Series 1992, 6.250%, 10/01/17 10/02 at 102 Aaa 5,147,100
2,205,000 City of Dunedin (Florida), Hospital Revenue Bonds
Series 1991 (Mease Health Care),
6.750%, 11/15/21 (Pre-refunded to 11/15/01) 11/01 at 102 Aaa 2,453,570
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 7,350,000 City of Fort Lauderdale, Florida, General Obligation
Refunding Bonds, Series 1992, 6.300%, 7/01/07 1/99 at 101 Aa $ 7,578,879
4,450,000 Greater Orlando Aviation Authority, Airport Facilities
Revenue Bonds, Series 1988 of the City of Orlando,
Florida, 8.375%, 10/01/16 (Alternative Minimum Tax) 10/98 at 102 A1 4,852,547
8,540,000 Greater Orlando Aviation Authority, Airport Facilities,
Revenue Bonds, Series 1992A, 6.500%, 10/01/12
(Alternative Minimum Tax) 10/02 at 102 Aaa 8,918,407
5,500,000 Greater Orlando Aviation Authority, Airport Facilities,
Refunding Revenue Bonds, Series 1993A, of the City
of Orlando, Florida, 5.500%, 10/01/18 (Alternative
Minimum Tax) 10/03 at 102 Aaa 5,199,535
1,500,000 Hillsborough County Aviation Authority, Florida,
Tampa International Airport Revenue Refunding Bonds,
1993 Series B, 5.500%, 10/01/13 10/03 at 102 Aaa 1,458,360
5,830,000 Hillsborough County Industrial Development Authority
(Florida), Pollution Control Revenue Bonds (Tampa
Electric Company Project), Series 1991, 7.875%, 8/01/21 8/01 at 103 Aa2 6,716,043
9,800,000 Hillsborough County Industrial Development Authority,
Pollution Control Revenue Refunding Bonds (Tampa
Electric Company Project) Series 1992, 8.000%, 5/01/22 5/02 at 103 Aa2 11,381,230
Hillsborough County, Florida, Capital Improvement,
Non-Ad Valorem Revenue Bonds (Museum of Science
and Industry Project), Series 1992:
575,000 6.400%, 1/01/12 (Pre-refunded to 1/01/00) 1/00 at 102 A 617,498
1,000,000 6.450%, 1/01/22 (Pre-refunded to 1/01/00) 1/00 at 102 A 1,075,510
4,750,000 City of Hollywood, Florida, Water and Sewer Revenue
Bonds, Series 1991, 6.875%, 10/01/21 (Pre-refunded to
10/01/01) 10/01 at 102 Aaa 5,303,898
4,625,000 Jacksonville Electric Authority (Jacksonville, Florida), Bulk
Power Supply System Revenue Bonds (Scherer 4 Project,
Issue One, Series 1991A), 6.750%, 10/01/21
(Pre-refunded to 10/01/00) 10/00 at 101 1/2 Aaa 5,053,876
Jacksonville Electric Authority (Jacksonville, Florida),
St. Johns River Power Park System Refunding Revenue
Bonds, Issue Two, Series Seven:
1,500,000 5.750%, 10/01/12 10/02 at 101 Aa1 1,506,465
2,000,000 5.500%, 10/01/14 10/02 at 101 Aa1 1,927,320
1,250,000 Jacksonville Electric Authority (Jacksonville, Florida),
St. Johns River Power Park System, Refunding Revenue
Bonds, Issue Two, Series Ten, 5.500%, 10/01/13 4/03 at 101 Aa1 1,219,300
5,000,000 Jacksonville Electric Authority Special Obligation 5th
Crossover Series, 5.375%, 10/01/10 10/04 at 101 Aa1 4,902,050
3,170,000 City of Jacksonville, Florida, Excise Taxes Revenue Bonds,
Series 1993, 0.000%, 10/01/15 (Alternative Minimum Tax) No Opt. Call Aaa 1,015,351
10,395,000 City of Jacksonville, Florida, Hospital Revenue Bonds,
Series 1992 (University Medical Center, Inc. Project),
6.600%, 2/01/21 2/02 at 102 AAA 10,928,367
2,750,000 Kissimmee Utility Authority (Florida), Electric System
Improvement and Refunding Revenue Bonds, Series 1991,
6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 3,023,103
1,000,000 City of Lakeland, Florida, Electric and Water Revenue
Bonds, Series 1989, 5.750%, 10/01/19 10/99 at 100 Aa 984,150
1,500,000 City of Leesburg, Florida, Hospital Revenue Refunding
Bonds (Leesburg Regional Medical Center Project)
Series 1993A, 6.250%, 7/01/09 7/03 at 102 A 1,522,665
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 2,500,000 City of Leesburg, Florida, Capital Improvement Hospital
Revenue Bonds (Leesburg Regional Medical Center
Project)Series 1991A, 7.500%, 7/01/21 (Pre-refunded
to 7/01/02) 7/02 at 102 N/R $ 2,891,275
1,350,000 The City of Miami, Florida, Parking System Revenue
Refunding Bonds, Series 1993A, 5.700%, 10/01/09 No Opt. Call A 1,359,234
2,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue
Bonds, Series 1994, 6.125%, 1/01/24 1/04 at 102 Aaa 2,041,860
1,675,000 Orange County Health Facilities Authority, Florida,
Hospital Revenue Bonds, Series 1991-A (Adventist
Health System/Sunbelt, Inc.), 6.875%, 11/15/15 11/01 at 102 Aaa 1,805,483
250,000 Orange County Health Facilities Authority, Hospital
Revenue Bonds (Orlando Regional Healthcare System),
Series 1993B, 5.000%, 10/01/15 10/03 at 102 Aaa 224,685
5,000,000 Orange County (Florida), Health Facilities Authority,
Hospital Revenue Bonds, Series 1995 (Adventist Health
System/Sunbelt Obligated Group), 5.750%, 11/15/25 11/05 at 102 Aaa 4,940,250
2,500,000 Orange County Housing Finance Authority, (Orange
County, Florida), Single Family Mortgage Revenue Bonds,
(GNMA and Fannie Mae Mortgage-Backed Securities
Program) Series 1996A, 6.300%, 4/01/28 (Alternative
Minimum Tax) 4/06 at 102 AAA 2,496,275
Orange County, Florida, Tourist Development Tax
Refunding Revenue Bonds, Series 1992A:
3,000,000 6.500%, 10/01/19 10/02 at 102 Aaa 3,146,940
7,490,000 6.000%, 10/01/21 10/02 at 100 Aaa 7,541,531
5,975,000 Orlando (Florida), Utilities Commission, Water and
Electric Subordinated Revenue Bonds, Series 1991A,
6.500%, 10/01/20 (Pre-refunded to 10/01/01) 10/01 at 102 Aaa 6,562,522
1,000,000 Orlando Utilities Commission, Water and Electric
Subordinated Revenue Refunding Bonds, Series 1993A,
5.250%, 10/01/23 10/03 at 102 Aa 905,430
1,500,000 State of Florida, Orlando-Orange County Expressway
Authority, Junior Lien Revenue Refunding Bonds,
Series of 1993, 5.950%, 7/01/23 7/01 at 102 A- 1,483,110
500,000 Palm Beach County, Florida, General Obligation
Refunding Bonds, Series 1994 B, 4.600%, 7/01/07 No Opt. Call Aa 466,770
10,700,000 Palm Beach County, Florida, Airport System Revenue
Refunding Bonds, Series 1991, 7.750%, 10/01/10 10/01 at 102 Aaa 12,159,052
2,500,000 Palm Beach County, Florida, Airport System Revenue
Refunding Bonds, Series 1992, 6.375%, 10/01/14 10/02 at 102 Aaa 2,602,150
2,025,000 City of Plantation, Florida, Electric Franchise Fee
Revenue Bonds, Series 1993, 5.375%, 8/15/12 8/03 at 102 Aaa 1,967,672
16,000,000 Reedy Creek Improvement District (Florida) (Located
in Orange and Osceola Counties), Utilities Revenue
Bonds, Series 1991-1, 6.500%, 10/01/16 (Pre-refunded
to 10/01/01) 10/01 at 101 Aaa 17,463,520
2,500,000 St. Lucie County, Florida, Solid Waste Disposal Revenue
Bonds (Florida Power and Light Company Project),
Series 1991, 7.150%, 2/01/23 (Alternative Minimum Tax) 2/01 at 102 A 2,705,025
5,000,000 City of St. Petersburg Health Facilities Authority (Florida),
Revenue Bonds, Series 1985 A (Allegany Health System
Loan Program), 7.000%, 12/01/15 12/01 at 102 Aaa 5,484,900
5,500,000 City of St. Petersburg, Florida, Public Improvement
Refunding Revenue Bonds, Series 1992, 6.375%, 2/01/12 2/02 at 102 Aaa 5,744,805
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 2,300,000 Sarasota County, Florida, Utility System Revenue Bonds,
Series 1994, 6.500%, 10/01/22 (Pre-refunded to
10/01/04) 10/04 at 102 Aaa $ 2,568,937
2,000,000 The School Board of Seminole County, Florida, Certificates
of Participation, Series 1994A, 6.125%, 7/01/19 7/04 at 102 Aaa 2,029,860
1,000,000 City of Stuart, Florida, Public Utilities, Revenue
Improvement Bonds, Series 1994, 6.800%, 10/01/24 10/03 at 100 Aaa 1,064,830
3,000,000 City of Tampa, Florida, Revenue Bonds, Series 1992 (The
Florida Aquarium Project), 7.750%, 5/01/27 5/02 at 102 N/R 3,023,610
1,000,000 City of Venice, Florida, Utilities Revenue Refunding Bonds,
Series 1993, 5.500%, 7/01/14 7/03 at 102 Aaa 976,010
$300,795,000 Total Investments - (cost $298,755,089) - 98.1% 313,014,470
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 600,000 Minneapolis/St. Paul Housing and Redevelopment
============
Authority Health Care (Children's Health Care)
Series 1995, Variable Rate Demand Bonds,
3.750%, 8/15/25+ SP-1+ 600,000
Other Assets Less Liabilities - 1.7% 5,400,343
Net Assets - 100% $319,014,813
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 52 $205,166,807 66%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 17 67,282,585 21
PORTFOLIO OF A+ A1 3 17,357,227 5
INVESTMENTS A, A- A, A2, A3 6 8,763,042 3
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 8,529,924 3
TEMPORARY Non-rated Non-rated 2 5,914,885 2
INVESTMENTS):
TOTAL 82 $313,014,470 100%
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later
dates. ** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN INSUREDFLORIDAPREMIUMINCOME MUNICIPAL FUND (NFL)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
Florida Housing Finance Agency, Housing Revenue Bonds,
1996 Series D-1 (Sterling Palms Apartments Project):
$ 1,000,000 6.300%, 12/01/16 (Alternative Minimum Tax)(WI) 6/06 at 102 Aaa $ 1,007,440
1,500,000 6.400%, 12/01/26 (Alternative Minimum Tax) (WI) 6/06 at 102 Aaa 1,513,605
1,590,000 Florida Housing Finance Agency, Housing Revenue Bonds,
1995 Series E (Williamsburg Village Apartments
Project), 6.100%, 12/01/20 (Alternative Minimum Tax) 12/05 at 102 Aaa 1,587,901
3,000,000 Florida Municipal Power Agency, All-Requirements
Power Supply Project Revenue Bonds, Series 1992,
6.250%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,283,050
Florida Municipal Power Agency, Stanton II Project
Revenue Bonds, Series 1992:
4,000,000 6.500%, 10/01/20 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 4,430,960
6,625,000 6.000%, 10/01/27 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 7,161,360
4,250,000 Florida Municipal Power Agency, St. Lucie Project
Refunding Revenue Bonds, Series 1992,
5.250%, 10/01/21 10/02 at 102 Aaa 3,902,223
1,500,000 Florida Municipal Power Agency, Tri-City Project
Refunding Revenue Bonds, Series 1992,
5.500%, 10/01/19 10/03 at 100 Aaa 1,436,340
State of Florida, Department of Environmental Protection,
Preservation 2000 Revenue Bonds, Series 1994A:
6,350,000 4.750%, 7/01/12 7/04 at 101 Aaa 5,624,259
3,500,000 4.900%, 7/01/13 7/04 at 101 Aaa 3,159,800
4,500,000 State of Florida, Department of Environmental Protection,
Preservation 2000 Revenue Bonds, Series 1995A,
5.750%, 7/01/11 7/05 at 101 Aaa 4,559,760
2,000,000 State of Florida, Department of Transportation, Turnpike
Revenue Bonds, Series 1991A, 7.000%, 7/01/04 7/01 at 102 Aaa 2,205,120
3,995,000 State of Florida, Department of Transportation, Turnpike
Revenue Bonds, Series 1992A, 6.350%, 7/01/22
(Pre-refunded to 7/01/02) 7/02 at 101 Aaa 4,352,553
12,185,000 State of Florida, Department of Transportation, Turnpike
Revenue Bonds, Series 1995A, 5.500%, 7/01/13 7/05 at 101 Aaa 11,915,224
2,500,000 State of Florida, State Board of Education, Public
Education Capital Outlay Bonds, 1994 Series C,
5.600%, 6/01/20 6/05 at 101 Aaa 2,430,900
4,200,000 State of Florida, State Board of Education, Public
Education Capital Outlay Refunding Bonds, 1995
Series D, 4.750%, 6/01/18 6/05 at 101 Aaa 3,603,054
3,750,000 Broward County Health Facilities Authority (Florida),
Hospital Revenue Bonds, (Holy Cross Hospital, Inc.),
Series 1993, 5.850%, 6/01/12 6/03 at 102 Aaa 3,793,950
1,000,000 The School District of Broward County, Florida General
Obligation School Bonds, Series 1989,
7.125%, 2/15/08 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,086,450
3,400,000 The School District of Broward County, Florida, General
Obligation Bonds, Series 1988, 7.750%, 2/15/07
(Pre-refunded to 2/15/98) 2/98 at 102 Aaa 3,666,050
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 2,120,000 Charlotte County, Florida, Utility System Refunding
Revenue Bonds, Series 1993, 5.500%, 10/01/17 10/03 at 102 Aaa $ 2,048,938
1,000,000 Clay County, Florida, Utilities System Revenue Bonds,
Series 1993B, 5.000%, 11/01/17 11/03 at 102 Aaa 899,880
1,000,000 City of Cocoa, Florida, Water and Sewer System Refunding
Revenue Bonds, Series 1993A, 5.000%, 10/01/23 10/03 at 100 Aaa 879,240
7,000,000 Dade County, Florida, Public Improvement Refunding
Bonds, Series 1986, 12.000%, 10/01/97 No Opt. Call Aaa 7,686,420
3,000,000 Dade County, Florida, Aviation Revenue Refunding Bonds
(Series Y), 5.500%, 10/01/11 10/03 at 102 Aaa 2,976,810
1,900,000 Dade County, Florida, Public Facilities Revenue Bonds
(Jackson Memorial Hospital), Series 1993,
5.250%, 6/01/23 6/03 at 102 Aaa 1,723,661
1,000,000 The School District of Dade County, Florida, General
Obligation School Bonds, Series 1989, 7.200%, 7/01/02
(Pre-refunded to 7/01/99) 7/99 at 102 Aaa 1,094,890
The School District of Dade County, Florida, General
Obligation School Bonds, Series 1994:
5,000,000 5.000%, 8/01/12 8/03 at 101 Aaa 4,611,950
3,500,000 5.000%, 8/01/14 8/03 at 101 Aaa 3,186,820
Dade County, Florida, Seaport Revenue Refunding Bonds,
Series 1995:
1,000,000 6.200%, 10/01/05 No Opt. Call Aaa 1,089,140
1,100,000 5.750%, 10/01/15 10/05 at 102 Aaa 1,096,711
Dade County, Florida, Water and Sewer System Revenue
Bonds, Series 1995:
500,000 6.250%, 10/01/10 No Opt. Call Aaa 539,505
3,730,000 5.750%, 10/01/22 10/05 at 102 Aaa 3,702,137
5,600,000 Dade County Health Facilities Authority (Florida),
Hospital Revenue Refunding Bonds, Series 1993A
(Baptist Hospital of Miami Project), 5.250%, 5/15/21 5/03 at 101 Aaa 5,131,280
3,000,000 The City of Daytona Beach, Florida, Water and Sewer
Revenue Bonds, Series 1992, 5.500%, 11/15/17 11/02 at 100 Aaa 2,881,440
4,000,000 City of Dunedin (Florida), Hospital Revenue Refunding
Bonds, Series 1993 (Mease Health Care),
5.375%, 11/15/21 11/03 at 101 Aaa 3,727,640
5,345,000 Duval County Housing Finance Authority, Single Family
Mortgage Revenue Bonds (GNMA Mortgage-Backed
Securities Program), Series 1994, 6.700%, 10/01/26
(Alternative Minimum Tax) 10/04 at 102 Aaa 5,435,437
3,005,000 Escambia County Housing Finance Authority (Florida),
Single Family Mortgage Revenue Bonds, Series 1992A
(Multi-County Program), 6.900%, 4/01/20 (Alternative
Minimum Tax) 10/02 at 102 Aaa 3,106,479
2,950,000 Greater Orlando Aviation Authority, Airport Facilities
Revenue Bonds, 1987 Series, 7.400%, 10/01/06
(Alternative Minimum Tax) 10/96 at 102 Aaa 3,031,951
2,000,000 Greater Orlando Aviation Authority, Airport Facilities,
Revenue Bonds, Series 1992A, 6.375%, 10/01/21
(Alternative Minimum Tax) 10/02 at 102 Aaa 2,052,640
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 1,400,000 Hernando County, Florida, Capital Improvement
Refunding Revenue Bonds, Series 1993,
5.750%, 2/01/14 2/03 at 102 Aaa $ 1,399,146
14,000,000 Hillsborough County Aviation Authority, Florida, Tampa
International Airport Revenue Refunding Bonds,
1993 Series B, 5.600%, 10/01/19 10/03 at 102 Aaa 13,582,800
1,000,000 Hillsborough County Aviation Authority, Florida, Tampa
International Airport Revenue Bonds, 1993 Series D,
5.375%, 10/01/23 (Alternative Minimum Tax) 10/03 at 102 Aaa 923,440
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa
International Airport Revenue Bonds, Series 1996B,
5.700%, 10/01/15 10/06 at 102 Aaa 5,926,920
2,500,000 Hillsborough County Industrial Development Authority,
Industrial Development Revenue Bonds, Series 1994
(University Community Hospital), 6.500%, 8/15/19 No Opt. Call Aaa 2,763,600
2,000,000 Hillsborough County, Florida, Refunding Utility Revenue
Bonds, Series 1991A, 6.625%, 8/01/11 8/02 at 102 Aaa 2,142,340
10,495,000 City of Hollywood, Florida, Water and Sewer Revenue
Refunding Bonds, Series 1993, 5.600%, 10/01/23 10/03 at 102 Aaa 10,145,517
8,000,000 Indian River County, Florida, Water and Sewer Revenue
Bonds, Series 1993A, 5.250%, 9/01/24 9/08 at 100 Aaa 7,376,640
2,875,000 City of Jacksonville Beach, Florida, Utility Revenue Bonds,
Series 1993, 5.500%, 10/01/14 10/02 at 102 Aaa 2,776,790
1,800,000 City of Jacksonville, Florida, Excise Taxes Revenue Bonds,
Series 1993, 5.750%, 10/01/20 (Alternative Minimum
Tax) 10/03 at 102 Aaa 1,761,804
3,605,000 City of Jacksonville, Florida, Housing Revenue Refunding
Bonds, Series 1993A, (GNMA Collateralized-
Windermere Manor Apartments Project),
5.875%, 3/20/28 9/03 at 102 AAA 3,471,867
3,350,000 Jacksonville Port Authority, Airport Revenue Refunding
Bonds, Series 1993, 5.250%, 10/01/17 (Alternative
Minimum Tax) 10/03 at 102 Aaa 3,085,920
1,000,000 Jacksonville Port Authority (Jacksonville, Florida), 1993
Port Facilities Revenue Refunding Bonds,
7.625%, 11/01/07 11/03 at 102 Aaa 1,175,170
1,025,000 Jacksonville Sales Tax Revenue Bonds, Series 1995 (River
City Renaissance Project), 5.500% 10/01/10 10/05 at 101 Aaa 1,022,397
City of Lakeland, Florida, Electric and Water Revenue
Bonds, (Junior Subordinate Lien), Refunding and
Improvement Series 1996B:
4,785,000 6.000%, 10/01/08 (WI) No Opt. Call Aaa 5,081,479
4,000,000 6.000%, 10/01/09 (WI) No Opt. Call Aaa 4,226,720
2,700,000 Lee County, Florida, Capital and Transportation Facilities
Refunding Revenue Bonds, Series 1993A,
5.600%, 10/01/21 10/03 at 102 Aaa 2,612,952
10,235,000 School Board of Okaloosa County, Florida, Sales Tax
Revenue Bonds, Series 1995, 6.000%, 9/01/99 No Opt. Call Aaa 10,697,622
1,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue
Bonds, Series 1994, 7.000%, 1/01/14 1/04 at 102 Aaa 1,112,080
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
$ 6,000,000 Orange County, Florida, Tourist Development Tax
Refunding Revenue Bonds, Series 1992B,
6.250%, 10/01/13 10/02 at 102 Aaa $ 6,216,300
2,000,000 Orange County, Florida, Water Utilities System Revenue
Bonds, Series 1992, 6.250%, 10/01/17 4/02 at 102 Aaa 2,056,000
6,000,000 Orlando Utilities Commission, Water and Electric
Subordinated Revenue Bonds, Series 1989D,
5.500%, 10/01/20 10/99 at 100 Aaa 5,740,260
1,300,000 State of Florida, Orlando-Orange County Expressway
Authority, Senior Lien Revenue Refunding Bonds,
Series of 1993, 5.500%, 7/01/18 7/03 at 102 Aaa 1,252,641
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 1,091,670
3,295,000 6.200%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,597,053
5,550,000 Palm Beach County, Florida, Airport System Revenue
Refunding Bonds, Series 1991, 7.625%, 10/01/04 10/01 at 102 Aaa 6,295,532
Palm Beach County, Florida, Administrative Complex
Revenue Refunding Bonds, Series 1993:
1,265,000 5.200%, 6/01/06 No Opt. Call Aaa 1,263,495
6,500,000 5.250%, 6/01/11 No Opt. Call Aaa 6,338,930
Palm Beach County, Florida, Criminal Justice Facilities,
Revenue Refunding Bonds, Series 1993:
3,000,000 5.375%, 6/01/08 No Opt. Call Aaa 3,012,990
4,000,000 5.375%, 6/01/10 No Opt. Call Aaa 3,965,040
2,335,000 Pasco County, Florida, Gas Tax Refunding Revenue Bonds,
Series 1992, 5.750%, 8/01/13 8/02 at 102 Aaa 2,341,585
6,000,000 Polk County Industrial Development Authority, Industrial
Development Variable Rate Revenue Bonds, 1985
Series 2 (Winter Haven Hospital Project),
6.250%, 9/01/15 9/02 at 103 Aaa 6,178,680
2,250,000 City of Port Orange, Florida, Water and Sewer Refunding
Junior Lien Revenue Bonds, Series 1993,
5.250%, 10/01/21 10/03 at 101 Aaa 2,060,348
1,000,000 City of St. Lucie, Florida, Utility System Revenue Bonds,
Series 1994, 6.000%, 9/01/24 9/04 at 100 Aaa 1,008,570
10,000,000 Reedy Creek Improvement District (Florida), Utilities
Revenue Improvement and Refunding Bonds, Series
1994-1, 5.000%, 10/01/19 10/04 at 101 Aaa 8,873,900
5,000,000 Reedy Creek Improvement District (Florida), Utilities
Revenue Bonds, Series 1987-1, 8.500%, 10/01/09
(Alternative Minimum Tax) 10/97 at 102 Aaa 5,331,850
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C>
St. Lucie County, Florida, Utility System Refunding and
Revenue Bonds, Series 1993:
$ 6,000,000 5.500%, 10/01/15 No Opt. Call Aaa $ 5,893,200
2,000,000 5.500%, 10/01/17 No Opt. Call Aaa 1,954,500
1,200,000 5.500%, 10/01/21 No Opt. Call Aaa 1,160,951
3,000,000 Sarasota-Manatee Airport Authority, Airport System
Revenue Refunding Bonds, Series 1996, 5.375%, 8/01/11 8/06 at 102 Aaa 2,933,160
3,000,000 City of Sebring, Florida, Water and Wastewater Revenue
Bonds, Series 1993, 5.500%, 1/01/23 1/03 at 102 Aaa 2,869,140
2,500,000 Seminole County, Florida, Solid Waste Disposal System
Revenue, Refunding Bonds, Series 1993,
5.250%, 10/01/20 10/03 at 102 Aaa 2,293,050
11,285,000 Seminole County, Florida, Water and Sewer Revenue
Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 No Opt. Call Aaa 11,650,520
1,300,000 City of Sunrise, Florida, Utility System Revenue Bonds,
Series 1996, 5.800%, 10/01/11 (WI) 10/06 at 102 Aaa 1,326,064
2,500,000 City of Tampa, Florida, Allegany Health System Revenue
Bonds, St. Joseph's Hospital, Inc. Issue, Series 1993,
5.125%, 12/01/23 12/03 at 102 Aaa 2,239,700
1,100,000 County of Volusia, Florida, Tourist Development Tax
Refunding Revenue Bonds, Series 1993,
5.250%, 12/01/13 12/02 at 101 Aaa 1,039,334
1,940,000 City of West Palm Beach, Florida, Guaranteed Entitlement
Revenue Refunding Bonds, Series 1993,
5.375%, 10/01/14 10/03 at 101 Aaa 1,842,475
$312,685,000 Total Investments - (cost $309,473,652) - 99.4% 310,735,110
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.5%
$ 700,000 Jackson County, Mississippi, Pollution Control Refunding
Revenue Bonds (Chevron U.S.A. Inc. Project), Series
1993, Variable Rate Demand Bonds, 3.500%, 6/01/23+ P-1 700,000
2,000,000 Volusia County Health Facilities Authority, Variable Rate
Demand Health Facilities Revenue Bonds (The Alliance
Community for Retirement Living, Inc. Project), Series
1995, Variable Rate Demand Bonds, 3.700%, 9/01/20+
(Mandatory put 3/23/96) A-1+ 2,000,000
2,000,000 West Feliciana Parish Series D (Gulf States Utilities),
Variable Rate Demand Bonds, 3.600%, 12/01/15+ VMIG-1 2,000,000
$ 4,700,000 Total Temporary Investments - 1.5% 4,700,000
============
Other Assets Less Liabilities - (0.9%) (2,881,809)
Net Assets - 100% $312,553,301
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 86 $310,735,110 100%
RATINGS**
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 86 $310,735,110 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either cover by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow
or trust containing sufficient U.S. Government or
U.S. Government agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later
dates. ** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
(WI) Security purchased on a when-issued basis (note 1).
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $353,162,087 $313,014,470 $310,735,110
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 800,000 600,000 4,700,000
Cash 107,332 48,365 27,596
Receivables:
Interest 7,229,890 5,608,895 4,922,719
Investments sold 16,467,263 4,763,547 6,534,507
Other assets 32,731 35,941 30,517
------------ ------------ ------------
Total assets 377,799,303 324,071,218 326,950,449
------------ ------------ ------------
LIABILITIES
Payable for investments purchased 20,381,727 3,610,942 13,102,274
Accrued expenses:
Management fees (note 6) 184,771 165,843 161,999
Other 161,606 148,319 168,233
Preferred share dividends payable 65,932 51,203 35,732
Common share dividends payable 1,297,066 1,080,098 928,910
------------ ------------ ------------
Total liabilities 22,091,102 5,056,405 14,397,148
------------ ------------ ------------
Net assets (note 7) $355,708,201 $319,014,813 $312,553,301
============ ============ ============
Preferred shares, at liquidation value $110,000,000 $105,000,000 $111,000,000
============ ============ ============
Preferred shares outstanding 4,400 4,200 4,440
============ ============ ============
Common shares outstanding 16,112,621 14,027,244 14,290,929
============ ============ ============
Net asset value per Common share outstanding (net
assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 15.25 $ 15.26 $ 14.10
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended June 30, 1996
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 22,529,762 $ 19,178,668 $ 17,286,286
------------ ------------ ------------
Expenses:
Management fees (note 6) 2,292,415 2,056,083 2,021,511
Preferred shares--auction fees 284,229 272,640 277,500
Preferred shares--dividend disbursing agent fees 25,973 39,274 30,000
Shareholders' servicing agent fees and expenses 42,918 37,083 39,727
Custodian's fees and expenses 57,923 64,797 62,935
Trustees' fees and expenses (note 6) 666 1,347 1,076
Professional fees 20,699 31,492 24,602
Shareholders' reports--printing and mailing expenses 71,826 73,599 48,616
Stock exchange listing fees 30,902 27,384 24,085
Investor relations expense 17,838 14,734 16,100
Other expenses 22,007 28,624 24,034
------------ ------------ ------------
Total expenses 2,867,396 2,647,057 2,570,186
------------ ------------ ------------
Net investment income 19,662,366 16,531,611 14,716,100
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain (loss) from investment transactions, net of
taxes, if applicable (notes 1 and 3) (397,223) (248,628) (370,759)
Net change in unrealized appreciation or depreciation
of investments (2,470,834) 100,978 3,597,697
------------ ------------ ------------
Net gain (loss) from investments (2,868,057) (147,650) 3,226,938
------------ ------------ ------------
Net increase in net assets from operations $ 16,794,309 $ 16,383,961 $ 17,943,038
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NQF NUF
Year ended Year ended Year ended Year ended
6/30/96 6/30/95 6/30/96 6/30/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 19,662,366 $ 19,744,909 $ 16,531,611 $ 15,300,502
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) (397,223) 412,877 (248,628) (153,787)
Net change in unrealized appreciation or depreciation
of investments (2,470,834) 5,951,700 100,978 10,128,544
------------- ------------- ------------- -------------
Net increase in net assets from operations 16,794,309 26,109,486 16,383,961 25,275,259
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (15,872,983) (15,983,288) (12,983,420) (11,999,490)
Preferred shareholders (4,078,504) (4,446,462) (3,852,321) (3,736,950)
From accumulated net realized gains from
investment transactions:
Common shareholders (61,033) (275,615) -- --
Preferred shareholders (17,138) (67,870) -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (20,029,658) (20,773,235) (16,835,741) (15,736,440)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of
NFO (note 1) -- -- -- 49,625,430
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 1,409,422 305,589 115,408 --
------------- ------------- ------------- -------------
Net increase in net assets derived from capital
share transactions 1,409,422 305,589 115,408 49,625,430
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (1,825,927) 5,641,840 (336,372) 59,164,249
Net assets at beginning of year 357,534,128 351,892,288 319,351,185 260,186,936
------------- ------------- ------------- -------------
Net assets at end of year $ 355,708,201 $ 357,534,128 $ 319,014,813 $ 319,351,185
============= ============= ============= =============
Balance of undistributed net investment income at end
of year $ 479,541 $ 768,662 $ 365,494 $ 669,624
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NFL
Year ended Year ended
6/30/96 6/30/95
<S> <C> <C>
OPERATIONS
Net investment income $ 14,716,100 $ 12,014,152
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) (370,759) (294,534)
Net change in unrealized appreciation or depreciation
of investments 3,597,697 15,762,710
------------- -------------
Net increase in net assets from operations 17,943,038 27,482,328
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (11,146,955) (8,892,671)
Preferred shareholders (3,758,988) (3,254,683)
From accumulated net realized gains from
investment transactions:
Common shareholders -- --
Preferred shareholders -- --
------------- -------------
Decrease in net assets from distributions
to shareholders (14,905,943) (12,147,354)
------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition
of NFP (note 1) -- 104,559,215
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- --
------------- -------------
Net increase in net assets derived from capital
share transactions -- 104,559,215
------------- -------------
Net increase (decrease) in net assets 3,037,095 119,894,189
Net assets at beginning of year 309,516,206 189,622,017
------------- -------------
Net assets at end of year $ 312,553,301 $ 309,516,206
============= =============
Balance of undistributed net investment income
at end of year $ 474,314 $ 664,152
============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At June 30, 1996, 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.
On January 10, 1995, NUF acquired all of the net assets of Nuveen Florida
Premium Income Municipal Fund (NFO) pursuant to a plan of reorganization
approved by the shareholders of both Funds on December 22, 1994. The
acquisition was accomplished by a tax-free exchange of 2,097,760 shares of NUF
for the 2,650,533 shares of NFO outstanding on January 10, 1995. NFO's net
assets at that date of $49,625,430 included $4,885,890 of net unrealized
depreciation and $20,000,000 of preferred shares at liquidation value which
were combined with that of NUF. The combined net assets of NUF immediately
after the acquisition were $302,992,171.
On January 9, 1995, NFL acquired all of the net assets of Nuveen Insured
Florida Premium Income Municipal Fund 2 (NFP) pursuant to a plan of
reorganization approved by the shareholders of both Funds on December 22,
1994. The acquisition was accomplished by a tax-free exchange of 5,155,220
shares of NFL for the 5,508,850 shares of NFP outstanding on January 9, 1995.
NFP's net assets at that date of $104,559,215 included $10,836,679 of net
unrealized depreciation and $41,000,000 of preferred shares at liquidation
value which were combined with that of NFL. The combined net assets of NFL
immediately after the acquisition were $287,194,313.
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.
<PAGE>
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Trustees. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
Securities Transactions
Securities transactions are recorded on a trade-date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At June 30, 1996, NQF, NUF and NFL had purchase commitments of
$18,028,497, $3,610,942 and $13,102,274, respectively.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt
securities when required for federal income tax purposes.
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing to shareholders
all of their tax-exempt net investment income, in addition to any significant
amounts of net realized capital gains and/or market discount realized from
investment transactions. The Funds currently consider significant net realized
capital gains and/or market discount as amounts in excess of $.01 per Common
share. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal
personal income taxes, to retain such tax-exempt status when distributed to
shareholders of the Funds. All income dividends paid during the year ended
June 30, 1996, have been designated Exempt Interest Dividends which are
entirely exempt from federal personal income taxes. Net realized capital gain
and market discount distributions are subject to federal taxation.
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
Tax-exempt 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 capital gains and/or market discount from investment transactions
are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryovers.
Distributions to shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount 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 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 ordinary taxable income from
investment transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in more than one Series. The dividend
rate may change every seven days, as set by the Auction Agent. The number of
shares outstanding, by series and in total, at June 30, 1996, for each Fund is
as follows:
<TABLE>
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Number of shares:
Series M -- 1,700 --
Series T 2,200 -- --
Series W -- -- 1,640
Series Th -- 1,700 2,800
Series F 2,200 800 --
===== ===== =====
Total 4,400 4,200 4,440
===== ===== =====
</TABLE>
<PAGE>
Insurance
NFL invests in municipal securities which are either covered by insurance or
are backed by an escrow or trust account containing sufficient U.S. Government
or U.S. Government agency securities, both of which ensure the timely payment
of principal and interest. Each insured municipal security is covered by
Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance.
Such insurance does not guarantee the market value of the municipal security
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 a municipal
security is 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 a
municipal security covered by the Portfolio Insurance policy at the time of
its sale.
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119 Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments,
which prescribes disclosure requirements for transactions in certain
derivative financial instruments including futures, forward, swap, and option
contracts, and other financial instruments with similar characteristics.
Although the Funds are authorized to invest in such financial instruments, and
may do so in the future, they did not make any such investments during the
year ended June 30, 1996.
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.
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<CAPTION>
NQF NUF
Year ended Year ended Year ended Year ended
6/30/96 6/30/95 6/30/96 6/30/95
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NFO (note 1) -- -- -- 2,097,760
Shares issued to shareholders due to reinvestment of
distributions 88,474 19,878 7,529 --
------ ------ ----- ---------
Net increase 88,474 19,878 7,529 2,097,760
====== ====== ===== =========
Preferred shares acquired from NFO (note 1) -- -- -- 800
====== ====== ===== =========
<CAPTION>
NFL
Year ended Year ended
6/30/96 6/30/95
<S> <C> <C>
Common shares:
Shares issued in acquisition of NFP (note 1) -- 5,155,220
Shares issued to shareholders due to reinvestment of
distributions -- --
------ ---------
Net increase -- 5,155,220
====== =========
Preferred shares acquired from NFP (note 1) -- 1,640
====== =========
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the year ended June 30,
1996, were as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $77,557,694 $66,401,730 $88,613,493
Temporary municipal investments 76,200,000 65,096,000 53,800,000
SALES AND MATURITIES
Investments in municipal securities 71,868,769 61,101,286 80,297,258
Temporary municipal investments 76,845,000 71,396,000 54,500,000
=========== =========== ===========
At June 30, 1996, 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, 1996, the Funds had unused capital loss carryovers available for
federal income tax purposes to be applied against future capital gains, if
any. If not applied, the carryovers will expire as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Expiration year:
2001 $ -- $ -- $ 52,596
2002 -- 2,053,171 1,801,048
2003 -- 95,170 555,689
2004 103,285 142,676 461,823
-------- ---------- ----------
Total $103,285 $2,291,017 $2,871,156
======== ========== ==========
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On July 1, 1996, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid August 1, 1996, to
shareholders of record on on July 15, 1996, as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Dividend per share $.0805 $.0770 $.0650
====== ====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at June 30, 1996, were as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Gross unrealized:
Appreciation $21,723,745 $15,042,458 $ 3,698,805
Depreciation (588,465) (783,077) (2,437,347)
----------- ----------- -----------
Net unrealized appreciation $21,135,280 $14,259,381 $ 1,261,458
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each
Fund pays 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.
7. COMPOSITION OF NET ASSETS
At June 30, 1996, net assets consisted of:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $110,000,000 $105,000,000 $111,000,000
Common shares, $.01 par value per share 161,126 140,272 142,909
Paid-in surplus 224,318,949 201,868,584 202,669,133
Balance of undistributed net investment income 479,541 365,494 474,314
Accumulated net realized gain (loss) from investment
transactions (386,695) (2,618,918) (2,994,513)
Net unrealized appreciation of investments 21,135,280 14,259,381 1,261,458
------------ ------------ ------------
Net assets $355,708,201 $319,014,813 $312,553,301
============ ============ ============
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
============ ============ ============
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At June 30, 1996, the revenue sources by municipal
purpose for these investments, expressed as a percent of total investments,
were as follows:
<CAPTION>
NQF NUF NFL
<S> <C> <C> <C>
Revenue Bonds:
Transportation 7% 22% 19%
Housing Facilities 17 8 5
Water / Sewer Facilities 6 4 16
Electric Utilities 9 2 13
Health Care Facilities 12 11 8
Pollution Control Facilities 3 11 --
Lease Rental Facilities 5 3 --
Educational Facilities -- 3 --
Other 7 9 19
General Obligation Bonds 10 9 7
Escrowed Bonds 24 18 13
----- ----- -----
100% 100% 100%
===== ====+ =====
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed
by an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest
in the event of default (59% for NQF, 62% for NUF and 100% for NFL). Such
insurance or escrow, however, does not guarantee the market value of the
municipal securities or the value of any of the Funds' shares.
All of the temporary investments in short-term municipal securities have
credit enhancements (letters of credit, guarantees or insurance) issued by
third party domestic or foreign banks or other institutions.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from tax-exempt
Net net investment income
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investments** shareholders shareholders+
<S> <C> <C> <C> <C> <C>
NQF
Year ended 6/30,
1996 $15.450 $1.224 $ (.177) $ (.988) $(.254)
1995 15.110 1.233 .404 (.998) (.278)
1994 16.030 1.223 (.885) (.998) (.239)
1993 14.990 1.258 1.043 (1.021) (.223)
8 mos. ended
6/30/92 14.490 .851 .465 (.660) (.156)
2/21/91 to
10/31/91 14.050 .671 .562 (.495) (.122)
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1996 15.290 1.179 (.008) (.926) (.275)
1995 14.690 1.193 .634 (.937) (.290)
1994 15.780 1.186 (1.075) (.958) (.243)
1993 14.570 1.205 1.217 (.972) (.205)
10/17/91 to
6/30/92 14.050 .609 .639 (.456) (.085)
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1996 13.890 1.030 .223 (.780) (.263)
1995 13.090 1.044 .829 (.790) (.283)
1994 14.540 1.028 (1.487) (.810) (.181)
12/17/92 to
6/30/93 14.050 .340 .640 (.260) (.041)
<PAGE>
<CAPTION>
Distributions from capital gains
Organization Per
and offering Common
costs and share
Preferred share Net asset market
To Common To Preferred underwriting value end value end
shareholders shareholders+ discounts of period of period
<S> <C> <C> <C> <C> <C>
NQF
Year ended 6/30,
1996 $(.004) $(.001) $ -- $15.250 $16.125
1995 (.017) (.004) -- 15.450 15.375
1994 (.017) (.004) -- 15.110 15.125
1993 (.014) (.003) -- 16.030 16.625
8 mos. ended
6/30/92 -- -- -- 14.990 16.000
2/21/91 to
10/31/91 -- -- (.176) 14.490 15.500
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1996 -- -- -- 15.260 15.000
1995 -- -- -- 15.290 14.750
1994 -- -- -- 14.690 14.000
1993 (.029) (.006) -- 15.780 15.625
10/17/91 to
6/30/92 -- -- (.187) 14.570 14.625
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C>
Year ended 6/30,
1996 -- -- -- 14.100 13.500
1995 -- -- -- 13.890 12.750
1994 -- -- -- 13.090 12.875
12/17/92 to
6/30/93 -- -- (.189) 14.540 14.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio
Total of net
investment Total Ratio of investment
return return Net assets expenses to income Portfolio
on market on net asset end of period average net to average turnover
value++ value++ (in thousands) assets@ net assets@ rate
<S> <C> <C> <C> <C> <C> <C>
NQF
Year ended 6/30,
1996 11.60% 5.19% $355,708 .80% 5.47% 20%
1995 8.98 9.43 357,534 .81 5.64 3
1994 (3.16) .45 351,892 .81 5.35 4
1993 10.72 14.37 364,973 .80 5.63 13
8 mos. ended
6/30/92 7.71 8.22 346,612 .77* 5.92* 3
2/21/91 to
10/31/91 6.70 6.79 337,834 .76* 5.47* --
<CAPTION>
NUF
<S> <C> <C> <C> <C> <C> <C>
Year ended 6/30,
1996 8.08 5.94 319,015 .82 5.14 19
1995 12.74 10.97 319,351 .86 5.38 8
1994 (4.63) (1.02) 260,187 .84 5.21 5
1993 14.07 15.73 272,557 .86 5.41 14
10/17/91 to
6/30/92 .56 7.09 256,723 .81* 5.00* --
<CAPTION>
NFL
<S> <C> <C> <C> <C> <C> <C>
Year ended 6/30,
1996 12.22 7.15 312,553 .81 4.66 26
1995 5.59 12.75 309,516 .88 4.95 5
1994 (7.45) (4.75) 189,622 .85 4.67 17
12/17/92 to
6/30/93 .07 5.39 202,579 .90* 3.87* 21
<PAGE>
<FN>
* Annualized.
** Net of taxes, if applicable.
+ The amounts shown are based on Common share equivalents.
++ 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.
@ Ratios do not reflect the effect of dividend payments to Preferred shareholders.
</FN>
</TABLE>
REPORT OF INDEPENDENT AUDITORS
The Boards of Trustees and Shareholders
Nuveen Florida Investment Quality Municipal Fund
Nuveen Florida Quality Income Municipal Fund
Nuveen Insured Florida Premium Income Municipal Fund
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen Florida Investment Quality Municipal
Fund, Nuveen Florida Quality Income Municipal Fund and Nuveen Insured Florida
Premium Income Municipal Fund as of June 30, 1996, and the related statements
of operations, changes in net assets and financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of June 30, 1996, by correspondence with the custodian and brokers.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality
Income Municipal Fund and Nuveen Insured Florida Premium Income Municipal Fund
at June 30, 1996, and the results of their operations, changes in their net
assets and financial highlights for the periods indicated therein in
conformity with generally accepted accounting principles.
Ernst & Young LLP
Chicago, Illinois
August 9, 1996
<PAGE>
Build your wealth automatically
Photographic image of Customer Service Rep at Nuveen.
Managing your portfolio takes skill, experience, and informed judgment, but
our efforts to help you build your wealth don't stop there. At Nuveen, we
offer a number of convenient ways to add to your tax-free portfolio and earn
the tax-free income you need to achieve your financial goals.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen exchange-traded fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check, or can
be deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to set aside money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also benefit from dollar-cost averaging, a technique of
investing at regular intervals, which allows you to build a high-quality,
tax-free portfolio conveniently and cost effectively over time. All
reinvestments are invested in full and fractional shares and are kept in
non-certificated form by the Plan Agent, Chase Manhattan Bank.
To make recordkeeping easy and convenient, each month you'll receive a
statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number
of shares you own. Income or capital gains taxes may be payable on dividends
or distributions that are reinvested.
The shares you acquire by reinvesting will either be purchased on the open
market or be newly issued by the Fund. If the shares are trading at or above
net asset value at the time of valuation, the Fund will issue new shares at
the then-current market price. If the shares are trading at less than net
asset value, shares for your account will be purchased on the open market.
Dividends and distributions received to purchase shares in the open market
will be invested within 30 days of the dividend payment date; no interest will
be paid on dividends and distributions awaiting reinvestment. Because the
market price of shares may increase before purchases are completed, the
average purchase price per share may exceed the market price at the time of
valuation resulting in the acquisition of fewer shares than if the dividend or
distribution had been paid in shares issued by the Fund. A pro rata portion of
any applicable brokerage commissions on open market purchases will be paid by
Plan participants. These commissions usually will be lower than those charged
on individual transactions.
<PAGE>
You may, of course, change your distribution option or withdraw from the
Plan at any time, should your needs or situation change. Should you withdraw,
you can receive a certificate for all whole shares credited to your
reinvestment account and cash payment for fractional shares, or cash payment
for all reinvestment account shares, less brokerage commissions and a $2.50
service fee.
You also can reinvest if your shares are registered in the name of a
brokerage firm, bank, or other nominee. Just ask your investment adviser if
the firm will participate on your behalf. If not, it's easy to have the shares
registered in your name and to apply for a reinvestment account directly.
Participants whose shares are registered in the name of one firm may not be
able to transfer the shares to another firm and continue to participate in the
Plan.
The Fund reserves the right to amend or terminate the Plan at any time.
Although the Fund reserves the right to amend the Plan to include a service
charge payable by the participants, there is no direct service charge to
participants in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll
in or withdraw from the Plan, speak with your financial adviser or call us
toll-free at 1.800.257.8787.
Photographic image of Customer Service Rep at Nuveen.
"When it comes to financial planning, your investment adviser knows your
situation best. Nuveen is pleased to provide the account information you and
your adviser need to plan effectively."
Photographic image of Customer Service Rep at Nuveen.
"At Nuveen, we make reinvesting easy. A phone call is all it takes to set up
your reinvestment account."
<PAGE>
Photographic image of Customer Service Rep at Nuveen.
"When questions come up about your investment, we're happy to provide the
up-to-date information you and your adviser need."
More than just a number
If you've ever called our toll-free customer service line, you've spoken with
one of Nuveen's customer service representatives. These reps are ready to
assist you with answers to your questions about current account balances,
yields, and previous transactions on your accounts. They can also supply
additional information about any of Nuveen's tax-free unit trusts and mutual
funds.
If you have a question about your account, or whenever you need help, just
call 800.257.8787. Our customer service reps are available Monday through
Friday from 8:00 a.m. to 8:00 p.m. Eastern time.
Photographic image of woman seated and man standing behind her representing
Nuveen investors.
<PAGE>
Your investment partner
Photographic image of John Nuveen, Sr., founder of Nuveen.
For nearly 100 years, Nuveen has earned its reputation as a tax-free income
specialist by focusing on municipal bonds.
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF1-AUG 96
