NUVEEN Exchange-Traded Funds
JUNE 30, 1998
ANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NQF
NUF
NFL
Florida
Photo of: People walking along beach.
<PAGE>
Highlights
As of June 30, 1998
CONTENTS
1 Dear Shareholder
3 Portfolio Manager's Comments
5 NQF Performance Overview
6 NUF Performance Overview
7 NFL Performance Overview
8 Portfolio of Investments
20 Statement of Net Assets
20 Statement of Operations
21 Statement of Changes in Net Assets
22 Notes to Financial Statements
26 Financial Highlights
28 Report of Independent Auditors
29 Fund Information
CREDIT QUALITY PERFORMANCE HIGHLIGHTS
Nuveen Florida Investment Quality Municipal Fund (NQF)
Pie Chart
AAA/Pre-refunded 73%
AA 18%
A 2%
BBB/NR 7%
o Taxable-equivalent yield of 8.26%*
o Steady dividend for 17 consecutive months
o One-year total return on net asset value of 7.70%
Nuveen Florida Quality Income Municipal Fund (NUF)
Pie Chart
AAA/Pre-refunded 71%
AA 19%
A 6%
BBB/NR 4%
o Taxable-equivalent yield of 8.28%*
o Steady dividend for 35 consecutive months
o One-year total return on net asset value of 7.98%
Nuveen Insured Florida Premium Income Municipal Fund (NFL)
Pie Chart
Insured 83%
U.S. Guaranteed 17%
o Taxable-equivalent yield of 7.67% *
o Significantly outperformed Lehman Brothers
Municipal Bond Index for the one-year period**
o One-year total return on net asset value
of 10.87%
*For investors in the 31% federal income tax bracket. See your fund's
performance overview in this report for more information.
**The Lehman Brothers Municipal Bond Index is an unleveraged index comprised of
a broad range of investment-grade municipal bonds, and does not reflect any
initial or ongoing expenses.
================================================================================
A New Benefit for Nuveen Exchange-Traded Fund Shareholders
The benefits of your Nuveen Exchange-Traded Fund just got better. Now investors
with at least $50,000 in Nuveen holdings - including Exchange-Traded Funds - are
eligible for a reduction in the sales charge on purchases of Class A shares of
any Nuveen Mutual Fund.
This program is available for any of Nuveen's collection of Premier Adviser(SM)
equity and municipal bond investments. Now you can diversify your portfolio with
the quality investments you count on from Nuveen and get the benefit of reduced
rates.
For more information, contact your financial adviser and ask for a prospectus.
Or call Nuveen Investor Services at (800) 257-8787. Please read it carefully
before you invest.
<PAGE>
Photo of: TIMOTHY R. SCHWERTFEGER, CHAIRMAN OF THE BOARD
Sideline text: Wealth takes a lifetime to build. Once achieved, it should
be preserved.
Dear Shareholder
I'm pleased to share with you this performance report on the Nuveen Florida
Exchange-Traded Funds. Over the past 12 months, each of the funds in this report
continued to perform well and meet its objectives of providing you with
competitive tax-free income and strong after-tax total returns. The funds
benefited from the strong market for fixed-income securities, as investor demand
for competitive-yielding investments like the Nuveen Exchange-Traded Funds led
to rising share prices over the past year. The combination of higher share
prices and competitive tax-free income provided investors with an attractive
total return for the year.
THE ECONOMY IN REVIEW
Over the past year, fixed-income investments enjoyed bullish performance, as
declining interest rates and low inflation spurred a bond market rally. The
equity markets also exhibited continued strength despite recent volatility
sparked by Asia's financial problems. Although interest rates have trended
slightly upward in recent months, a year-to-year comparison shows that today's
rates are significantly lower than those of a year ago. As indicated in the
accompanying chart, between June 1997 and June 1998, the yield on the Bond Buyer
40, an unmanaged index of long-term municipal bonds, fell from 5.69% to 5.22%.
Much of the decline in interest rates resulted from expectations that the
financial crisis in Asia would restrain the prices of imported goods and reduce
foreign demand for U.S. products and services, thereby keeping inflation at
moderate levels. Thanks to a strong dollar and weak commodity prices, these
inflation expectations were largely fulfilled, as the Consumer Price Index rose
only 1.7% for the 12 months ended June 30, 1998, among its lowest levels in
years. The bond market rally gained additional strength from the "flight to
quality," as investors sought a haven from ongoing Asian uncertainty by moving
assets into high-quality U.S. bonds. Currently, bond market fundamentals -
inflation, economic growth, interest rates, and supply - are all at levels
conducive to continued strong demand for U.S. bonds. This should keep prices
high and rates relatively low, helping to prolong the U.S. economic expansion.
In coming months, we will continue to watch several key factors affecting the
future of the economy, including the demand for goods and services, the
availability of qualified employees, and indications from the Federal Reserve.
We expect that these factors will continue to influence the tone of the
fixed-income markets during the remainder of the year.
Chart of: Bond Buyer 40
MUNICIPAL MARKET REVIEW
<PAGE>
As interest rates continued to decline over the past year, bond prices rose.
This price appreciation for the bonds in our portfolios contributed to strong
total returns for the year.
<PAGE>
Another major factor in bond performance over the past 12 months was the
continued strength of the U.S. economy, which helped boost the credit quality of
many municipal bonds. With the improvements in the fundamental financial health
of many municipalities, bond credit upgrades by major credit rating agencies
exceeded downgrades by significant margins. This enhanced credit quality also
contributed to the funds' performance, as the upgraded bonds increased in value.
The combination of low interest rates and a strong economy stimulated a robust
pace for new issuance and a dramatic increase in the refinancing of existing
bonds as issuers sought to lower their interest costs. The first six months of
1998 saw $146 billion of new municipal issuance, up 51% over the same period in
1997, and $42 billion in refunding activity, an increase of 118% from last year.
Although the nationwide supply of municipal bonds remained heavy, the supply of
bonds in each state varied according to local economic conditions. The high
level of recent issuance highlights the value of Nuveen's expertise in the
municipal market, as our portfolio management teams carefully analyzed the flood
of issues to select those undervalued securities that would help the funds
achieve their investment objectives.
DIVERSIFICATION: THE KEY TO A BETTER PORTFOLIO
In the months ahead, we believe that investors will find diversification to be
an increasingly important investment strategy. An appropriately diversified
portfolio - one that balances different types of investments, risk levels, and
tax management - can help cushion your portfolio against volatility and enhance
your return potential.
Many investors select Nuveen's municipal bond funds because their emphasis on
dependable tax-free income and attractive after-tax returns makes them ideal for
building and sustaining long-term financial security. The funds also work well
with other Nuveen investments, creating the foundation for a diversified,
well-balanced portfolio. Recent studies by Nuveen's research team have found
that portfolios combining municipal bonds and stocks generated higher after-tax
returns with lower levels of risk than similar portfolios combining stocks and
Treasury or corporate bonds.
We encourage you to talk to your financial adviser about diversifying your
portfolio with Nuveen's equity and balanced funds, including the Nuveen European
Value Fund. This new equity mutual fund offers a portfolio of quality European
company stocks for investors seeking long-term growth potential and
international diversification. Today, more than ever, you can count on Nuveen
for a wide range of investments and services that can help you build a
well-balanced, tax-efficient portfolio designed to achieve your financial goals.
When seeking quality investment solutions that withstand the test of time, we
hope that you continue to think of Nuveen. We thank you for your continued
confidence in us and our family of investments.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
August 17, 1998
Sidebar text: "Today, more than ever, you can count on Nuveen for a wide range
of investments and services that can help you build a well-balanced,
tax-efficient portfolio."
<PAGE>
Nuveen Florida Exchange-Traded Funds
Portfolio Manager's Comments
PORTFOLIO MANAGER TOM O'SHAUGHNESSY DISCUSSES THE MUNICIPAL MARKET, FUND
PERFORMANCE, AND KEY INVESTMENT STRATEGIES FOR THE NUVEEN FLORIDA
EXCHANGE-TRADED FUNDS.
FLORIDA STATE UPDATE
The high credit ratings that Moody's and Standard & Poor's have assigned to
Florida's long-term general obligation debt (Aa2 and AA+) recognize the state's
diverse economy and solid financial position. Although the state depends heavily
on the agriculture and tourism industries, expansion in the services,
construction, and trade sectors has enabled the labor force to grow steadily
since 1992. Unemployment continues its descent from recessionary levels,
reaching 4.8% in 1997 versus a national level of 5.0%. Tourism is expected to
continue to play a dominant role in the state's economy, as Orlando attractions
expand through 1999. Florida's fast-growing population, as well as its
proportionally greater retirement-age segment, will continue to exert pressure
on state-supplied services, mainly education and health care.
New issue volume in Florida, which has been diverse across all sectors, was up
34% for the first six months of 1998 over the same period last year. Compared
with national levels, the state's supply has been sporadic, with most of the
recent activity concentrated in airport issues. Demand from most segments of the
market continues to be good, although we did see a decline in retail demand over
the past year due to stock market performance and the low interest rate
environment.
FUND PERFORMANCE
Income
Over the past year, good call protection helped support the dividends of the
Nuveen Florida Investment Quality Municipal Fund (NQF) and the Nuveen Florida
Quality Income Municipal Fund (NUF). These funds have now provided shareholders
with 17 and 35 consecutive months of steady income, respectively. As of June 30,
1998, the funds offered current market yields of 5.70% and 5.71%, which
translate to 8.26% and 8.28% on a taxable-equivalent basis for investors in the
31% federal income tax bracket. However, as short-term interest rates moved
higher in recent months, a greater portion of the income earned by the Nuveen
Insured Florida Premium Income Municipal Fund (NFL) had to be paid out to the
preferred shareholders of this leveraged fund, and less was available for common
shareholders. In May, this change in income levels required a dividend
reduction. Despite this adjustment, NFL continues to provide a competitive
current market yield of 5.29%, which is equivalent to a taxable yield of 7.67%
for investors in the 31% federal income tax bracket.
Total Returns
For the year ended June 30, 1998, the total return on net asset value for NQF
was 7.70%, while NUF produced a total return of 7.98%. These returns are
equivalent to taxable returns of 10.64% and 10.70%, respectively, for investors
in the 31% federal income tax bracket. These two funds' total returns compare
with the benchmark Lehman Brothers Municipal Bond Index's annual return of
8.66%. During this same period, NFL returned 10.87% on net asset value, which is
equivalent to a taxable return of 13.29%, outperforming the Lehman Brothers
Insured Municipal Bond Index's 9.12% annual return by 175 basis points.
The differences in performance between the Nuveen Florida funds and the
unleveraged Lehman indexes over the past year can be attributed in part to the
relative length of the funds' leverage-adjusted durations. The two uninsured
funds underperformed the index primarily because of their shorter durations of
6.39 years for NQF and 6.50 years for NUF, compared with the duration of 7.13
years for the Lehman Index. However, the insured NFL fund outperformed its index
due partly to its duration of 10.23 years compared with the average of 8.10
years for the Lehman Insured Index. Over the past 12 months, municipal bond
yields, as measured by the Bond Buyer 40, fell almost 50 basis points, while the
yield on 30-year Treasury bonds closed out the second quarter of 1998 just six
basis points above its all-time low. In this environment, longer duration proved
to be beneficial to performance.
<PAGE>
Duration measures a bond fund's price volatility, or reaction to interest rate
movements. The longer the duration, the more sensitive the fund is to changes in
interest rates. During a period of falling interest rates and market rallies,
such as that of the past year, longer duration enables a fund to participate
more fully in market gains, but can make the fund more vulnerable to potential
price declines when rates rise. Shorter duration results in a more defensive
fund, providing lower volatility and a cushion from price declines during
periods of rising interest rates, but potentially limiting gains during market
rallies.
The total return performance of the funds was also impacted by a large number of
pre-refundings from almost every sector of the Florida market, which can be seen
in the funds' high proportions of U.S. guaranteed bonds. In a pre-refunding,
bonds are essentially repaid early and secured by U.S. government or agency
securities until they can be called by the issuer, typically resulting in price
appreciation. Because these pre-refunded bonds have already achieved significant
price appreciation, they were less able to participate in the market rally, but
benefit the portfolios through lower volatility and enhanced credit quality.
KEY STRATEGIES
NQF and NUF
The credit quality of the Florida market is relatively high, with AAA, AA and
insured bonds comprising approximately 90% of the portfolio for both NQF and
NUF. Over the past year, we continued to stress quality because the funds were
offered little compensation for taking on the additional credit risk of
lower-quality issues. Given the positive aspects of these portfolios' structures
- - above-average yields and low volatility - we found few opportunities that
would add to performance. Instead we kept many of the fund's higher-yielding
appreciated bonds in the portfolio, and avoided having to distribute taxable
capital gains to shareholders, as well as the risk of reducing portfolio income.
NFL
The heavy issuance of insured bonds kept yields competitive and provided a
number of opportunities to find value for NFL. One of the key areas in which we
found value was in insured bonds supporting airport projects. In fact, we have
currently allocated 19% of the fund's assets to the transportation sector,
reflecting the attractiveness of state airport bonds. With their above-market
yields and attractive appreciation potential, these bonds help support the
fund's income level and add value to the portfolio.
For all three funds, we found that bonds in the maturity range of 20-30 years
seldom offered enough incremental yield for assuming the additional interest
rate risk associated with these longer maturity bonds. Instead, we discovered
attractive opportunities among bonds with maturities of 15-20 years, which
provided the best values given their historical levels of volatility.
OUTLOOK FOR THE FUTURE
Looking ahead, we expect the U.S. economy to remain in its current growth mode,
although progress should come at a more modest pace. The Asian financial crisis
will continue to impact U.S. growth, and expectations over the next six months
include a slowdown in corporate earnings, a strengthening dollar, especially
versus Asian currencies, and the continuation of low inflation despite tight
labor markets. This should inspire the Federal Reserve to continue its neutral
position rather than raising interest rates in the second half of 1998. We view
the economic slowdown and the current direction of the dollar as positive
indicators for the fixed-income markets, including municipal bonds, and much of
our outlook is contingent upon the continuation of these factors.
Our focus going forward will continue to be on maximizing the income stream of
these funds while protecting capital. For NQF and NUF, we will also look at
opportunities to lengthen duration if market conditions allow. Since the current
duration of NFL is significantly longer than its benchmark, we will focus on
shortening its duration somewhat if attractive opportunities with
shorter-duration bonds arise. With regard to all three funds, our efforts will
be focused on maximizing tax efficiency and ensuring that the portfolios remain
well-diversified.
<PAGE>
Nuveen Florida Investment Quality Municipal Fund
Performance Overview
As of June 30, 1998
NQF
PORTFOLIO STATISTICS
==================================================
Inception Date 2/91
- --------------------------------------------------
Share Price 17 1/4
- --------------------------------------------------
Net Asset Value Per Share $15.66
- --------------------------------------------------
Current Market Yield 5.70%
- --------------------------------------------------
Taxable-Equivalent Yield(1) 8.26%
- --------------------------------------------------
Fund Net Assets ($000) $364,755
- --------------------------------------------------
Average Weighted Maturity (Years) 19.48
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 6.39
- --------------------------------------------------
ANNUALIZED TOTAL RETURN
==================================================
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 9.08% 7.70%
- --------------------------------------------------
3-Year 10.45% 7.14%
- --------------------------------------------------
5-Year 7.26% 6.21%
- --------------------------------------------------
Since Inception 8.36% 8.20%
- --------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN(1)
==================================================
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 11.78% 10.64%
- --------------------------------------------------
3-Year 13.27% 10.09%
- --------------------------------------------------
5-Year 10.12% 9.16%
- --------------------------------------------------
Since Inception 11.19% 11.15%
- --------------------------------------------------
TOP 5 SECTORS
==================================================
U.S. Guaranteed 33%
- --------------------------------------------------
Housing (Single-Family) 16%
- --------------------------------------------------
Utilities 15%
- --------------------------------------------------
Transportation 9%
- --------------------------------------------------
Health Care 8%
- --------------------------------------------------
1 A taxable-equivalent represents the yield or return on a taxable investment
necessary to equal that of the Nuveen fund on an after-tax basis. Taxable
equivalent yield is based on current market yield and a federal income tax
rate of 31%. Taxable equivalent total return is based on the annualized total
return and a federal income tax rate of 31%.
2 The fund also paid shareholders taxable distributions in December of $0.0750
per share.
Chart
1997-1998 Monthly Tax-Free Dividends Per Share(2)
JUL 0.082
AUG 0.082
SEP 0.082
OCT 0.082
NOV 0.082
DEC 0.082
JAN 0.082
FEB 0.082
MAR 0.082
APR 0.082
MAY 0.082
JUN 0.082
<PAGE>
Nuveen Florida Quality Income Municipal Fund
Performance Overview
As of June 30, 1998
NUF
PORTFOLIO STATISTICS
==================================================
Inception Date 10/91
- --------------------------------------------------
Share Price 16 3/16
- --------------------------------------------------
Net Asset Value Per Share $15.96
- --------------------------------------------------
Current Market Yield 5.71%
- --------------------------------------------------
Taxable-Equivalent Yield(1) 8.28%
- --------------------------------------------------
Fund Net Assets ($000) $329,973
- --------------------------------------------------
Average Weighted Maturity (Years) 20.30
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 6.50
- --------------------------------------------------
ANNUALIZED TOTAL RETURN
==================================================
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 7.07% 7.98%
- --------------------------------------------------
3-Year 9.42% 7.60%
- --------------------------------------------------
5-Year 7.06% 6.46%
- --------------------------------------------------
Since Inception 7.39% 8.18%
- --------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN(1)
==================================================
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 9.74% 10.70%
- --------------------------------------------------
3-Year 12.23% 10.37%
- --------------------------------------------------
5-Year 9.94% 9.27%
- --------------------------------------------------
Since Inception 10.20% 10.97%
- --------------------------------------------------
TOP 5 SECTORS
==================================================
U.S. Guaranteed 30%
- --------------------------------------------------
Transportation 17%
- --------------------------------------------------
Utilities 15%
- --------------------------------------------------
Housing (Single-Family) 9%
- --------------------------------------------------
Health Care 7%
- --------------------------------------------------
1 A taxable-equivalent represents the yield or return on a taxable investment
necessary to equal that of the Nuveen fund on an after-tax basis. Taxable
equivalent yield is based on current market yield and a federal income tax
rate of 31%. Taxable equivalent total return is based on the annualized total
return and a federal income tax rate of 31%.
Chart
1997-1998 Monthly Tax-Free Dividends Per Share
JUL 0.077
AUG 0.077
SEP 0.077
OCT 0.077
NOV 0.077
DEC 0.077
JAN 0.077
FEB 0.077
MAR 0.077
APR 0.077
MAY 0.077
JUN 0.077
<PAGE>
Nuveen Insured Florida Premium Income Municipal Fund
Performance Overview
As of June 30, 1998
NFL
PORTFOLIO STATISTICS
==================================================
Inception Date 12/92
- --------------------------------------------------
Share Price 14 3/16
- --------------------------------------------------
Net Asset Value Per Share $15.49
- --------------------------------------------------
Current Market Yield 5.29%
- --------------------------------------------------
Taxable-Equivalent Yield(1) 7.67%
- --------------------------------------------------
Fund Net Assets ($000) $332,383
- --------------------------------------------------
Average Weighted Maturity (Years) 17.95
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 10.23
- --------------------------------------------------
ANNUALIZED TOTAL RETURN
==================================================
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 7.38% 10.87%
- --------------------------------------------------
3-Year 9.61% 9.33%
- --------------------------------------------------
5-Year 5.17% 7.01%
- --------------------------------------------------
Since Inception 4.67% 7.33%
- --------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN(1)
==================================================
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 9.94% 13.29%
- --------------------------------------------------
3-Year 12.29% 11.85%
- --------------------------------------------------
5-Year 7.85% 9.60%
- --------------------------------------------------
Since Inception 7.23% 9.83%
- --------------------------------------------------
TOP 5 SECTORS
==================================================
Transportation 19%
- --------------------------------------------------
U.S. Guaranteed 17%
- --------------------------------------------------
Tax Obligation (Limited) 16%
- --------------------------------------------------
Water and Sewer 13%
- --------------------------------------------------
Utilities 8%
- --------------------------------------------------
1 A taxable-equivalent represents the yield or return on a taxable investment
necessary to equal that of the Nuveen fund on an after-tax basis. Taxable
equivalent yield is based on current market yield and a federal income tax
rate of 31%. Taxable equivalent total return is based on the annualized total
return and a federal income tax rate of 31%.
2 The fund also paid shareholders taxable distributions in December of $0.0047
per share.
Chart
1997-1998 Monthly Tax-Free Dividends Per Share(2)
JUL 0.065
AUG 0.065
SEP 0.065
OCT 0.065
NOV 0.065
DEC 0.065
JAN 0.065
FEB 0.065
MAR 0.065
APR 0.065
MAY 0.0625
JUN 0.0625
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND (NQF)
June 30, 1998
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTH CARE - 8.2%
$ 3,000,000 Cape Canaveral Hospital District, Improvement Revenue Certificates,
Series 1991, 6.875%, 1/01/21 1/01 at 102 Aaa $ 3,256,680
1,500,000 Cape Canaveral Hospital District, Revenue Refunding Certificates, Series 1998,
5.250%, 1/01/28 1/08 at 101 BBB 1,471,320
11,000,000 Jacksonville Health Facilities Authority, Hospital Facilities Refunding Revenue Bonds, Series 1991
(St. Luke's Hospital Association Project), 7.125%, 11/15/20 11/01 at 102 AA+ 12,074,260
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 8,655,210
4,250,000 St. Johns County Industrial Development Authority, Hospital Revenue Bonds (Flagler Hospital Project),
Series 1992, 6.000%, 8/01/22 8/02 at 102 A2 4,419,618
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.3%
2,500,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1996 Series K-1 (Mariner Club Apartments Project),
6.375%, 9/01/36 (Alternative Minimum Tax) 9/06 at 102 Aaa 2,688,600
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 2,120,000
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 15.6%
10,345,000 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 10,906,734
2,250,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 2 (New Money and
Refunding Issue), 6.350%, 7/01/28 (Alternative Minimum Tax) 1/07 at 102 AA 2,402,888
3,075,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, 1997 Series 2, 5.900%, 7/01/29
(Alternative Minimum Tax) 7/07 at 102 Aaa 3,211,684
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 7,258,575
4,865,000 Broward County Housing Finance Authority, GNMA and FNMA Collateralized Home Mortgage
Revenue Bonds, 1991 Series A, 7.350%, 3/01/23 (Alternative Minimum Tax) 3/01 at 102 AAA 5,140,651
1,220,000 Housing Finance Authority of Clay County (Florida), Single Family Mortgage Revenue Bonds, Series 1997
(Multi-County Program), 5.950%, 10/01/19 (Alternative Minimum Tax) 4/07 at 102 Aaa 1,279,146
1,320,000 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 1,386,634
745,000 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 784,448
335,000 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 352,041
2,500,000 Escambia County Housing Finance Authority (Florida), Single Family Mortgage Revenue Bonds,
Series 1998 A (Multi-County Program), 5.300%, 10/01/19 (Alternative Minimum Tax) 4/07 at 102 Aaa 2,509,950
3,305,000 Housing Finance Authority of Leon County (Florida), Single Family Mortgage Revenue Bonds,
1991 Series A (Multi-County Program), 7.300%, 4/01/21 (Alternative Minimum Tax) 4/01 at 102 Aaa 3,475,174
2,845,000 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 3,184,352
1,905,000 Housing Finance Authority of Manatee County, Florida, Single Family Mortgage Revenue Bonds,
Series 1996-Sub-Series 1, 7.450%, 5/01/27 (Alternative Minimum Tax) 5/06 at 105 Aaa 2,159,775
Orange County Housing Finance Authority, GNMA Collateralized Mortgage Revenue Bonds, 1991 Series A:
3,180,000 7.250%, 9/01/11 (Alternative Minimum Tax) 3/01 at 103 AAA 3,370,800
8,810,000 7.375%, 9/01/24 (Alternative Minimum Tax) 3/01 at 103 AAA 9,345,119
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL - 5.5%
$ 6,955,000 State of Florida, Full Faith and Credit, State Board of Education, Public Education Capital Outlay Bonds,
1993 Series F, 6.000%, 6/01/20 6/05 at 101 AA+ $ 7,446,719
2,810,000 Broward County, Florida, Public Improvement Refunding Bonds, Series 1986,
12.500%, 1/01/04 No Opt. Call AA 3,921,748
3,700,000 Dade County, Florida, Public Improvement Refunding Bonds, Series 1986,
12.000%, 10/01/98 No Opt. Call Aaa 3,777,182
4,410,000 Dade County, Florida, Public Improvement Bonds (Series H), General Obligation
Bonds, 6.700%, 6/01/02 No Opt. Call Aaa 4,831,949
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 6.5%
2,395,000 Dade County, Florida, Special Obligation Bonds (Courthouse Center Project),
Series 1994, 6.300%, 4/01/14 4/04 at 102 A3 2,630,931
8,905,000 Dade County, Florida, Special Obligation and Refunding Bonds, Series 1996B,
5.000%, 10/01/35 10/06 at 102 Aaa 8,648,002
5,000,000 The County of Hernando, Florida (Criminal Justice Complex Financing Program),
1986 Series, No Opt. Call Aaa 6,584,200
7.650%, 7/01/16
1,400,000 City of Pembroke Pines, Florida, Capital Improvement Revenue Bonds, Series 1995,
6.000%, 10/01/25 10/04 at 102 Aaa 1,527,610
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 1,380,275
2,585,000 5.750%, 10/01/25 No Opt. Call Aaa 2,875,709
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.8%
4,800,000 Dade County, Florida, Aviation Revenue Bonds (Series U), 6.750%, 10/01/06
(Alternative Minimum Tax) 10/98 at 102 Aa3 4,930,320
1,500,000 Dade County, Florida, Aviation Bonds, Series 1996A, 5.750%, 10/01/26
(Alternative Minimum Tax) 10/06 at 102 Aaa 1,581,255
Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, City of Orlando, Florida, Series 1997:
4,700,000 5.750%, 10/01/09 (Alternative Minimum Tax) No Opt. Call Aaa 5,120,650
1,990,000 5.750%, 10/01/10 (Alternative Minimum Tax) No Opt. Call Aaa 2,170,175
2,500,000 5.750%, 10/01/11 (Alternative Minimum Tax) No Opt. Call Aaa 2,726,850
4,780,000 Hillborough County Aviation Authority, Florida, Tampa International Airport Revenue Refunding Bonds,
Series 1997 A, 5.750%, 10/01/06 (Alternative Minimum Tax) No Opt. Call Aaa 5,210,104
2,130,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Refunding Bonds,
1991 Series A, 6.900%, 10/01/11 10/99 at 102 Aaa 2,243,231
3,500,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Bonds,
Series 1996B, 5.875%, 10/01/23 10/06 at 102 Aaa 3,753,190
2,590,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Bonds,
1996 Series A, 6.000%, 10/01/23 (Alternative Minimum Tax) 10/06 at 102 Aaa 2,790,181
1,425,000 County of Volusia, Florida, Airport System Revenue Bonds, Series 1991 (Daytona Beach Regional Airport),
7.000%, 10/01/21 (Alternative Minimum Tax) 10/00 at 102 Aaa 1,529,823
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 32.4%
10,165,000 Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds, Series 1991, 6.750%, 9/01/21
(Pre-refunded to 9/01/01) 9/01 at 101 Aaa 11,083,103
7,475,000 Certificates of Participation, Series 1991A, The School Board of Broward County, Florida, 6.500%, 7/01/11
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 8,134,893
12,000,000 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 13,295,880
7,345,000 Collier County Water-Sewer District (Florida), Water and Sewer Revenue Bonds, Series 1991,
6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 7,695,063
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 7,128,000
7,225,000 Dade County Special Obligation and Refunding Bonds, Series 1996B, 0.000%, 10/01/20
(Pre-refunded to 10/01/08) 10/08 at 48 27/32 Aaa 2,242,423
7,000,000 Escambia County Health Facilities Authority, Health Facilities Revenue Refunding Bonds (Baptist
Hospital, Inc), Series 1988 A, 8.700%, 10/01/14 (Pre-refunding to 10/01/98) 10/98 at 102 BBB+***7,217,070
950,000 City of Fort Myers, Florida, Improvement Revenue Bonds (Special Assessment, Geographical Area No. 24
Improvements), Series 1991A, 7.100%, 7/01/06 (Pre-refunded to 7/01/03) 7/03 at 100 BBB-***1,072,008
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 1,565,000 Green Cove Springs, Utilities Refunding Revenue Bonds, Series 1991, 6.750%, 10/01/10
(Pre-refunded to 10/01/01) 10/01 at 102 Aaa $ 1,723,190
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 3,883,423
1,870,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Refunding Bonds,
1991 Series A, 6.900%, 10/01/11 (Pre-refunded to 10/01/99) 10/99 at 102 Aaa 1,979,320
11,000,000 Jacksonville Health Facilities Authority, Health Facilities Revenue Refunding Bonds, Daughters of
Charity National Health System, Inc., St. Vincent's Medical Center Issue, Series 1990,
7.500%, 11/01/15 (Pre-refunded to 11/01/00) 11/00 at 102 Aaa 12,068,980
4,500,000 Orange County, Florida, Tourist Development Tax Refunding Revenue Bonds, Series 1992A,
6.000%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 100 Aaa 4,834,800
10,985,000 Palm Beach County Health Facilities Authority, Hospital Revenue Refunding Bonds, Series 1988
(JFK Medical Center, Inc. Projects), 8.875%, 12/01/18 (Pre-refunded to 12/01/98) 12/98 at 102 N/R***11,439,450
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 5,436,350
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 (Pre-refunded to 12/01/01) 12/01 at 102 Aaa 4,444,880
4,500,000 City of Tampa, Florida, Revenue Bonds (The Florida Aquarium Project), Series 1992,
7.750%, 5/01/27 (Pre-refunded to 5/01/02) 5/02 at 102 N/R*** 5,124,014
2,900,000 City of Tampa, Florida, Water and Sewer Systems Revenue Bonds, Series 1992, 6.000%, 10/01/17
(Pre-refunded to 10/01/02) 10/02 at 101 Aaa 3,140,177
475,000 County of Volusia, Florida, Airport System Revenue Bonds, Series 1991 (Daytona Beach Regional Airport),
7.00%, 10/01/21 (Alternative Minimum Tax) (Pre-refunded to 10/01/00) 10/00 at 102 Aaa 514,434
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 6,199,236
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.4%
435,000 City of Green Cove Springs, Utilities Refunding Revenue Bonds, Series 1991,
6.750%, 10/01/10 10/01 at 102 Aaa 474,011
10,000,000 Jacksonville Electric Authority (Jacksonville, Florida), St. Johns River Power Park System, Special
Obligation Bonds, First Crossover Series, 6.000%, 10/01/15 10/99 at 100 Aa1 10,206,200
4,250,000 City of Lakeland, Florida, Electric and Water Revenue Bonds (Junior Subordinate Lien), Refunding and
Improvement, Series 1996B, 6.000%, 10/01/11 No Opt. Call Aaa 4,823,835
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 7,131,735
4,750,000 7.000%, 10/01/06 (Alternative Minimum Tax) 10/01 at 102 Aaa 5,211,653
10,620,000 Martin County, Florida, Pollution Control Revenue Refunding Bonds (Florida Power and Light
Company Project), Series 1990, 7.300%, 7/01/20 7/00 at 102 Aaa 11,454,307
7,460,000 Orlando Utilities Commission, Water and Electric Subordinated Revenue Bonds, Series 1989D,
5.000%, 10/01/23 10/99 at 100 Aa2 7,245,823
5,250,000 Orlando Utilities Commission, Water and Electric Revenue Refunding Bonds, Series 1992,
6.000%, 10/01/10 No Opt. Call Aa1 5,955,915
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.3%
835,000 Florida Keys Aqueduct Authority, Water Revenue Refunding Bonds, Series 1991,
6.750%, 9/01/21 9/01 at 101 Aaa 903,796
4,155,000 Collier County Water-Sewer District (Florida), Water and Sewer Revenue Bonds, Series 1991,
6.500%, 7/01/21 7/99 at 102 Aaa 4,331,795
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 6,585,000
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 5,954,288
1,450,000 City of Tampa, Florida, Water and Sewer Systems Revenue Bonds, Series 1992,
6.000%, 10/01/17 10/02 at 101 Aaa 1,551,906
- ------------------------------------------------------------------------------------------------------------------------------------
$ 336,885,000 Total Investments - (cost $330,874,207) - 98.0% 357,620,721
=============
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 1.0%
$ 3,200,000 Allegheny County Hospital Development Authority (Allegheny County, Pennsylvania), Health Center
Revenue Bonds, Series 1990 A (Presbyterian-University Health System, Inc.), Variable Rate Demand
Bonds, 3.600%, 3/01/20+ VMIG-1 $ 3,200,000
500,000 The University Athletic Association, Inc., Capital Improvement Revenue Bonds, Series 1990, Variable
Rate Demand Bonds, 3.700%, 2/01/20+ VMIG-1 500,000
- ------------------------------------------------------------------------------------------------------------------------------------
$ 3,700,000 Total Temporary Investments - 1.0% 3,700,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 3,434,168
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 364,754,889
====================================================================================================================
* 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.
*** Securities are backed by an escrow or trust containing sufficient
U.S. government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND (NUF)
June 30, 1998
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 2.6%
Brevard County Educational Facilities Authority (Florida), Refunding and Improvement Revenue
Bonds, Series 1992:
$ 3,115,000 6.750%, 11/01/07 11/02 at 102 BBB $ 3,434,879
4,790,000 6.875%, 11/01/22 11/02 at 102 BBB 5,149,921
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 7.1%
1,000,000 Alachua County Health Facilities Authority (Florida), Health Facilities Revenue Bonds, Series 1992R
(Shands Hospital at the University of Florida Project), 5.750%, 12/01/15 12/02 at 100 Aaa 1,035,570
10,395,000 City of Jacksonville, Florida, Hospital Revenue Bonds, Series 1992 (University Medical Center, Inc. Project),
6.600%, 2/01/21 2/02 at 102 AAA 11,254,770
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- 1,615,560
2,000,000 Orange County Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare System),
Series 1996A, 6.250%, 10/01/18 No Opt. Call Aaa 2,315,340
1,675,000 Orange County Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System/
Sunbelt, Inc.), Series 1991-A, 6.875%, 11/15/15 11/01 at 102 Aaa 1,835,850
5,000,000 Orange County Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System/
Sunbelt Obligated Group), Series 1995, 5.750%, 11/15/25 11/05 at 102 Aaa 5,275,700
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.0%
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1995 Series F (Holly Cove Apartment Project),
6.150%, 10/01/25 (Alternative Minimum Tax) 10/05 at 102 Aaa 1,058,440
Florida Housing Finance Agency, Housing Revenue Bonds, 1997
Series F (Mar Lago Village Apartments Project):
1,655,000 5.800%, 12/01/17 (Alternative Minimum Tax) 12/07 at 102 Aaa 1,733,811
1,670,000 5.900%, 12/01/27 (Alternative Minimum Tax) 12/07 at 102 Aaa 1,752,014
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 1,855,000
Housing Finance Authority of Broward County, Florida,
Multifamily Housing Revenue Refunding Bonds, Series 1996
(Tamarac Pointe Apartments Project-GNMA Collateralized):
1,500,000 6.250%, 7/01/26 7/06 at 102 AAA 1,613,160
1,000,000 6.300%, 1/01/32 7/06 at 102 AAA 1,077,670
1,000,000 Hialeah Housing Authority, Housing Revenue Refunding Bonds, Series 1998 (GNMA Collateralized),
Affordable Housing, 5.300%, 12/20/18 12/08 at 105 AAA 1,008,220
3,240,000 Housing Finance Authority of Pinellas County, Florida, Multifamily Housing Revenue Bonds
(Emerald Bay Apartment Projects), Series 1998 A, 5.000%, 4/01/28 (Alternative Minimum Tax)
(Mandatory put 4/01/08) 1/08 at 100 AAA 3,264,365
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 8.9%
5,300,000 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 5,587,790
3,745,000 Florida Housing Finance Agency, Home Ownership Revenue Refunding Bonds, 1987 Series G1,
8.595%, 11/01/17 No Opt. Call AAA 4,379,665
2,794,000 Housing Finance Authority of Dade County, Florida, Single Family Mortgage Revenue Refunding Bonds,
1991 Series D, 6.950%, 12/15/12 12/01 at 102 Aaa 2,968,066
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 431,291
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY (continued)
$ 1,665,000 Housing Finance Authority of Dade County, Florida, Single Family Mortgage
Revenue Bonds, Series 1995, 4/05 at 102 AAA $ 1,749,699
6.500%, 10/01/27 (Alternative Minimum Tax)
2,675,000 Housing Finance Authority of Lee County, Florida, Single Family Mortgage
Revenue Bonds (Multi-County 3/07 at 105 Aaa 3,021,600
Program), Series 1997A, Subseries 1, 7.200%, 3/01/27 (Alternative Minimum Tax)
1,995,000 Orange County Housing Finance Authority, Single Family Mortgage Revenue Bonds 4/06 at 102 AAA 2,109,393
(GNMA and Fannie Mae Mortgage-Backed Securities Program), Series 1996A, 6.300%, 4/01/28
(Alternative Minimum Tax)
Orange County Housing Finance Authority, Single Family Mortgage
Revenue Bonds (GNMA and Fannie Mae Mortgage Backed Securities
Program), Series 1997B:
1,000,000 5.800%, 9/01/17 (Alternative Minimum Tax) 9/07 at 102 AAA 1,041,660
5,250,000 5.100%, 9/01/27 (Alternative Minimum Tax) 9/07 at 102 AAA 5,359,095
2,540,000 Housing Finance Authority of Palm Beach County, Florida, Single Family Mortgage
Revenue Bonds, Series 1997A, 5.900%, 4/01/29 (Alternative Minimum Tax) 4/07 at 102 Aaa 2,644,419
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 1.6%
5,000,000 Jacksonville Electric Authority, Special Obligation, 5th Crossover Series,
5.375%, 10/01/10 10/04 at 101 Aa1 5,231,600
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.1%
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+ 3,528,097
5,000,000 6.000%, 6/01/25 6/00 at 100 AA+ 5,135,750
2,150,000 Alachua County Library District, Florida, General Obligation Refunding Bonds,
Series 1991, 6.600%, 8/01/10 8/01 at 102 Aaa 2,336,276
4,525,000 Dade County, Florida, Public Improvement Bonds, Series I, General Obligation Bonds,
6.900%, 7/01/02 No Opt. Call Aaa 4,997,682
7,350,000 City of Fort Lauderdale, Florida, General Obligation Refunding Bonds, Series 1992,
6.300%, 7/01/07 1/99 at 101 AA 7,511,112
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 3.5%
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 2,144,700
3,170,000 City of Jacksonville, Florida, Excise Taxes Revenue Bonds, Series 1993,
0.000%, 10/01/15 No Opt. Call Aaa 1,334,063
(Alternative Minimum Tax)
2,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994,
6.125%, 1/01/24 1/04 at 102 Aaa 2,179,480
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 5,957,270
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.2%
5,000,000 Broward County, Florida, Airport System Revenue Bonds, Series B, 7.625%, 10/01/13 10/98 at 102 Aaa 5,140,650
(Alternative Minimum Tax)
8,450,000 Dade County, Florida, Aviation Revenue Bonds, Series U, 6.750%, 10/01/06
(Alternative Minimum Tax) 10/98 at 102 Aa3 8,679,418
12,000,000 Dade County, Florida, Aviation Bonds, Series 1996A, 5.750%, 10/01/26
(Alternative Minimum Tax) 10/06 at 102 Aaa 12,650,040
1,500,000 Dade County, Florida, Aviation Revenue Bonds, Series 1995B, 6.000%, 10/01/24
(Alternative Minimum Tax) 10/05 at 102 Aaa 1,612,770
8,540,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds,
Series 1992A, 6.500%, 10/01/12 (Alternative Minimum Tax) 10/02 at 102 Aaa 9,322,862
5,000,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds of the
City of Orlando, Florida, Series 1997, 5.250%, 10/01/23 10/07 at 101 Aaa 4,996,100
(Alternative Minimum Tax)
7,500,000 Palm Beach County, Florida, Airport System Revenue Refunding Bonds, Series 1991,
7.750%, 10/01/10 10/01 at 102 Aaa 8,434,425
2,500,000 Palm Beach County, Florida, Airport System Revenue Refunding Bonds, Series 1992,
6.375%, 10/01/14 10/02 at 102 Aaa 2,737,075
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.9%
2,750,000 State Board of Education of Florida, Public Education Capital Outlay Bonds,
Series 1991-C, 6.625%, 6/01/22 (Pre-refunded to 6/01/02) 6/02 at 101 Aaa 3,025,028
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, 7/02 at 101 AA+*** 1,099,350
6.600%, 7/01/17 (Pre-refunded to 7/01/02)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 1,500,000 Bradford County Health Facilities Authority, Revenue Refunding Bonds, Series 1993 No Opt. Call AAA $ 1,678,770
(Santa Fe HealthCare Facilities Project), 6.050%, 11/15/16
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 3,854,845
3,910,000 Collier County Water-Sewer District, Florida, Water and Sewer Revenue Bonds,
Series 1991, 6.500%, 7/01/21 (Pre-refunded to 7/01/99) 7/99 at 102 Aaa 4,096,351
7,000,000 Dade County Health Facilities Authority, Hospital Revenue Refunding Bonds,
Series 1992 (North Shore Medical Center Project), 8/02 at 102 Aaa 7,745,430
6.500%, 8/15/15 (Pre-refunded to 8/15/02)
2,205,000 City of Dunedin, Florida, Hospital Revenue Bonds, Series 1991 (Mease Health Care), 11/01 at 102 Aaa 2,432,005
6.750%, 11/15/21 (Pre-refunded to 11/15/01)
1,000,000 Hillsborough County, Florida, Capital Improvement Non-Ad Valorem Revenue Bonds
(Museum of Science and Industry Project), Series 1992, 1/00 at 102 A*** 1,056,270
6.450%, 1/01/22 (Pre-refunded to 1/01/00)
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 5,246,565
4,625,000 Jacksonville Electric Authority (Jacksonville, Florida), Bulk Power Supply
System Revenue Bonds (Scherer 4 Project, Issue One, Series 1991A), 10/00 at 101 1/2 Aaa 4,972,476
6.750%, 10/01/21 (Pre-refunded to 10/01/00)
2,750,000 Kissimmee Utility Authority, Florida, Electric System Improvement and
Refunding Revenue Bonds, Series 1991, 6.500%, 10/01/17 10/01 at 102 Aaa 3,007,208
(Pre-refunded to 10/01/01)
2,500,000 City of Leesburg, Florida, Capital Improvement Hospital Revenue Bonds
(Leesburg Regional Medical Center Project), Series 1991A, 7/02 at 102 A-*** 2,849,875
7.500%, 7/01/21 (Pre-refunded to 7/01/02)
Orange County, Florida, Tourist Development Tax Refunding Revenue Bonds, Series 1992A:
3,000,000 6.500%, 10/01/19 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,331,740
7,490,000 6.000%, 10/01/21 (Pre-refunded to 10/01/02) 10/02 at 100 Aaa 8,047,256
7,375,000 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 8,064,784
11,000,000 Reedy Creek Improvement District, Florida (Located in Orange and Osceola
Counties), Utilities Revenue Bonds, Series 1991-1, 6.500%, 10/01/16 10/01 at 101 Aaa 11,932,140
(Pre-refunded to 10/01/01)
5,000,000 City of St. Petersburg Health Facilities Authority, Florida, Revenue Bonds,
Series 1985 A (Allegany Health System Loan Program), 12/01 at 102 Aaa 5,556,100
7.000%, 12/01/15 (Pre-refunded to 12/01/01)
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 2,622,850
2,000,000 The School Board of Seminole County, Florida, Certificates of Participation,
Series 1994A, 6.125%, 7/01/19 (Pre-refunded to 7/01/04) 7/04 at 102 Aaa 2,233,020
1,000,000 City of Stuart, Florida, Public Utilities Revenue Improvement Bonds, Series 1994,
6.800%, 10/01/24 (Pre-refunded to 10/01/03) 10/03 at 100 Aaa 1,124,390
3,000,000 City of Tampa, Florida, Revenue Bonds (The Florida Aquarium Project),
Series 1992, 7.750%, 5/01/27 (Pre-refunded to 5/01/02) 5/02 at 102 N/R*** 3,416,010
7,145,000 Tampa Water and Sewer Systems, Short Rites Revenue Bonds, Series 1992A,
6.250%, 10/01/12 (Pre-refunded to 10/01/02) 10/02 at 101 Aaa 7,779,546
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.8%
10,000,000 Citrus County, Florida, Pollution Control Refunding Revenue Bonds, Series 1992A
(Florida Power Corporation Crystal River Power Plant Project), 1/02 at 102 A1 10,874,800
6.625%, 1/01/27
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 AA 6,589,416
9,800,000 Hillsborough County Industrial Development Authority, Pollution Control Revenue
Refunding Bonds (Tampa Electric Company Project), Series 1992, 8.000%, 5/01/22 5/02 at 103 AA 11,305,378
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 1,584,435
2,000,000 5.500%, 10/01/14 10/02 at 101 Aa1 2,060,880
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES (continued)
$ 5,000,000 City of Lakeland, Florida, Electric and Water Revenue Bonds (Junior Subordinate Lien), Refunding
Series 1996, 6.500%, 10/01/09 No Opt. Call Aaa $ 5,891,950
7,000,000 Solid Waste Authority of Palm Beach County, Refunding Revenue Bonds, Series 1997A,
6.000%, 10/01/09 No Opt. Call Aaa 7,921,900
2,500,000 St. Lucie County, Florida, Solid Waste Disposal Revenue Bonds (Florida Power and Light Company Project),
Series 1991, 7.150%, 2/01/23 (Alternative Minimum Tax) 2/01 at 102 AA- 2,712,475
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.1%
2,190,000 Collier County Water-Sewer District, Florida, Water and Sewer Revenue Bonds, Series 1991,
6.500%, 7/01/21 7/99 at 102 Aaa 2,283,185
5,000,000 Town of Davie, Florida, Water and Sewer Improvement and Refunding Revenue Bonds, Series 1992,
6.250%, 10/01/07 10/02 at 102 Aaa 5,450,150
1,500,000 Peace River/Manasota Regulated Water Supply Authority, Revenue Bonds (Peace River Option Project),
Series 1998A, 5.000%, 10/01/28 10/08 at 101 AAA 1,462,200
1,000,000 City of Venice, Florida, Utilities Revenue Refunding Bonds, Series 1993,
5.500%, 7/01/14 7/03 at 102 Aaa 1,036,100
- ------------------------------------------------------------------------------------------------------------------------------------
$ 300,249,000 Total Investments - (cost $300,177,954) - 97.8% 322,847,196
=============
TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.7%
$ 2,300,000 Allegheny County Hospital Development Authority (Presbyterian-University Health System), Variable Rate
============= Demand Bonds, 3.600%, 3/01/18+ VMIG-1 2,300,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 4,825,703
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 329,972,899
====================================================================================================================
* 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.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely
payment of principal and interest. Pre-refunded securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND (NFL)
June 30, 1998
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTH CARE - 7.4%
$ 2,500,000 Alachua County Health Facilities Authority (Florida), Health Facilities Revenue Bonds, Series 1992R
(Shands Hospital at the University of Florida Project), 5.750%, 12/01/15 12/02 at 100 Aaa $ 2,588,925
2,000,000 Brevard County Health Facilities Authority, Hospital Revenue Bonds, Series 1996 (Holmes Regional
Medical Center Project), 5.625%, 10/01/14 10/06 at 101 Aaa 2,113,520
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 2,983,750
5,000,000 Hospital Board of Directors of Lee County, Florida, Hospital Revenue Bonds (Lee Memorial Health
System), Fixed Rate Hospital Revenue Bonds, 1997 Series A, 5.750%, 4/01/22 4/07 at 102Aaa 5,306,400
5,000,000 North Broward Hospital District (Florida), Refunding and Improvement Revenue Bonds, Series 1997,
5.375%, 1/15/24 1/07 at 101Aaa 5,088,450
5,855,000 Polk County Industrial Development Authority, Industrial Development Revenue Bonds,
1985 Series 2 (Winter Haven Hospital Project), 6.250%, 9/01/15 9/02 at 103Aaa 6,388,391
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 7.5%
Florida Housing Finance Agency, Housing Revenue Bonds, 1996
Series D-1 (Sterling Palms Apartments Project):
1,000,000 6.300%, 12/01/16 (Alternative MinimumTax) 6/06 at 102 Aaa 1,076,320
1,500,000 6.400%, 12/01/26 (Alternative MinimumTax) 6/06 at 102 Aaa 1,619,940
750,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1996 Series V (The Crossings at Indian Run
Apartments Project), 6.100%, 12/01/26 (Alternative Minimum Tax) 12/06 at 102 Aaa 794,445
1,400,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1997 Series A (Riverfront Apartments
Project), 6.250%, 4/01/37 (Alternative Minimum Tax) 4/07 at 102 Aaa 1,495,970
1,000,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1996 Series C1 (Turtle Creek Apartments
Project), 6.100%, 5/01/16 (Alternative MinimumTax) 5/06 at 102 Aaa 1,060,620
1,590,000 Florida Housing Finance Agency, Housing Revenue Bonds, 1995 Series E (Williamsburg Village
Apartments Project), 6.100%, 12/01/20 (Alternative Minimum Tax) 12/05 at 102 Aaa 1,684,494
2,575,000 Housing Finance Authority of Broward County, Florida, Multifamily Housing Revenue Refunding Bonds
(Deer Chase Apartments Project - GNMACollateralized),Series 1997 A-1,
5.950%, 11/01/27 5/07 at 102 AAA 2,702,746
1,000,000 Housing Finance Authority of Broward County, Florida, Multifamily Housing Revenue Refunding Bonds
(Pompano Oaks Apartments Project - GNMA Collateralized), Series 1997, 6.000%, 12/01/27
(Alternative MinimumTax) 6/07 at 102 Aaa 1,046,440
Housing Finance Authority of Collier County, Florida,
Multifamily Housing Revenue Refunding Bonds, Series 1998A,
Subseries 1 (Saxon Manor Isles Project):
1,040,000 5.350%, 9/01/18 (Alternative Minimum Tax) 3/08 at 101 Aaa 1,044,961
1,400,000 5.400%, 9/01/23 (Alternative Minimum Tax) 3/08 at 101 Aaa 1,406,650
Collier County Housing Finance Authority, Multifamily Housing
Revenue Bonds, Series 98B, Saxon Manor Isles Phase II Project:
1,260,000 5.350%, 9/01/18 (Alternative Minimum Tax) 3/08 at 101 Aaa 1,266,010
1,000,000 5.400%, 9/01/23 (Alternative Minimum Tax) 3/08 at 101 Aaa 1,004,750
Dade County Housing Finance Authority, Multifamily Mortgage
Revenue Bonds, Siesta Pointe Apartments Project - 1997:
1,230,000 5.650%, 9/01/17 (Alternative MinimumTax) 9/07 at 101 Aaa 1,263,407
1,690,000 5.700%, 9/01/22 (Alternative MinimumTax) 9/07 at 101 Aaa 1,735,782
1,890,000 5.750%, 9/01/29 (Alternative MinimumTax) 9/07 at 101 Aaa 1,941,087
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 3,727,714
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY - 3.9%
$ 3,985,000 Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, 1997 Series 2,
5.750%, 7/01/14 (Alternative MinimumTax) 7/07 at 102 Aaa $ 4,149,939
5,245,000 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 5,613,776
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 3,174,662
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.9%
3,160,000 Dade County, Florida, Public Improvement Bonds (Series H), General Obligation Bonds,
6.600%, 6/01/01 No Opt. Call Aaa 3,389,985
Dade County, Florida, Public Improvement Bonds (Series I), General Obligation Bonds:
4,000,000 6.900%, 7/01/01 No Opt. Call Aaa 4,331,400
5,125,000 6.900%, 7/01/04 No Opt. Call Aaa 5,850,444
2,000,000 Dade County, Florida, General Obligation Bonds (Parks Program), Series 1997,
5.125%, 11/01/22 11/07 at 102 Aaa 1,980,640
The School District of Dade County, Florida, General Obligation School Bonds, Series 1994:
5,000,000 5.000%, 8/01/12 8/03 at 101 Aaa 5,029,750
3,500,000 5.000%, 8/01/14 8/03 at 101 Aaa 3,497,935
2,000,000 Miami General Obligation Bonds, Series 1995, Sanitary Sewer System, 5.400%, 1/01/12 1/03 at 101 Aaa 2,064,140
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 15.7%
3,500,000 State of Florida, Department of Environmental Protection, Preservation 2000 Revenue Bonds, Series 1994A,
4.900%, 7/01/13 7/04 at 101 Aaa 3,485,650
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 4,838,175
2,100,000 City of Gulf Breeze (Florida), Local Government Loan Program, Revenue Bonds, Series 1985 B,
5.900%, 12/01/15 (Mandatory put 12/01/10) 12/06 at 101 Aaa 2,272,431
1,400,000 Hernando County, Florida, Capital Improvement Refunding Revenue Bonds, Series 1993,
5.750%, 2/01/14 2/03 at 102 Aaa 1,494,556
1,025,000 Jacksonville Sales Tax Revenue Bonds, Series 1995 (River City Renaissance Project),
5.500%, 10/01/10 10/05 at 101 Aaa 1,090,211
10,235,000 School Board of Okaloosa County, Florida, Sales Tax Revenue Bonds, Series 1995,
6.000%, 9/01/99 No Opt. Call Aaa 10,508,991
1,000,000 City of Opa-Locka, Florida, Capital Improvement Revenue Bonds, Series 1994,
7.000%, 1/01/14 1/04 at 102 Aaa 1,137,900
2,310,000 Orange County Tourist Development, Tax Revenue Refunding Bonds, Series 1997,
6.000%, 10/01/07 No Opt. Call Aaa 2,598,542
6,000,000 Orange County Tourist Development, Tax Revenue Bonds, Series 1992A,
6.250%, 10/01/13 10/02 at 102 Aaa 6,540,180
Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993:
1,265,000 5.200%, 6/01/06 No Opt. Call Aaa 1,337,636
6,500,000 5.250%, 6/01/11 No Opt. Call Aaa 6,891,560
Palm Beach County, Florida, Criminal Justice Facilities, Revenue Refunding Bonds, Series 1993:
3,000,000 5.375%, 6/01/08 No Opt. Call Aaa 3,229,200
4,000,000 5.375%, 6/01/10 No Opt. Call Aaa 4,302,800
2,335,000 Pasco County, Florida, Gas Tax Refunding Revenue Bonds, Series 1992, 5.750%, 8/01/13 8/02 at 102 Aaa 2,489,811
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 18.9%
2,000,000 Florida Turnpike Authority, Department of Transportation, Series B, Turnpike Revenue Bonds,
5.250%, 7/01/13 7/08 at 101 Aaa 2,065,000
State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 1995A:
10,000,000 5.500%, 7/01/13 7/05 at 101 Aaa 10,457,200
3,000,000 5.500%, 7/01/21 7/05 at 101 Aaa 3,092,940
3,000,000 Dade County, Florida, Aviation Revenue Refunding Bonds (Series Y), 5.500%, 10/01/11 10/03 at 102 Aaa 3,163,800
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995:
1,000,000 6.200%, 10/01/05 No Opt. Call Aaa 1,119,010
1,100,000 5.750%, 10/01/15 10/05 at 102 Aaa 1,174,282
1,210,000 Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, 1987 Series, 7.400%, 10/01/06
(Alternative Minimum Tax) 10/98 at 100 Aaa 1,220,381
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION (continued)
$ 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 $ 2,173,760
Greater Orlando Aviation Authority, Airport Facilities Revenue Bonds, Series 1997:
1,000,000 5.125%, 10/01/17 (Alternative Minimum Tax) 10/07 at 101 Aaa 995,080
4,795,000 5.250%, 10/01/23 (Alternative Minimum Tax) 10/07 at 101 Aaa 4,791,260
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Refunding Bonds,
1993 Series B, 5.600%, 10/01/19 10/03 at 102 Aaa 6,214,380
1,000,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Refunding Bonds,
1993 Series D, 5.375%, 10/01/23 (Alternative Minimum Tax) 10/03 at 102 Aaa 1,007,670
6,000,000 Hillsborough County Aviation Authority, Florida, Tampa International Airport Revenue Bonds,
Series 1996B, 5.700%, 10/01/15 10/06 at 102 Aaa 6,418,200
2,350,000 Jacksonville Port Authority, Airport Revenue Refunding Bonds, Series 1993, 5.250%, 10/01/17
(Alternative Minimum Tax) 10/03 at 102 Aaa 2,353,313
1,000,000 Jacksonville Port Authority (Jacksonville, Florida), 1993 Port Facilities Revenue Bonds,
7.625%, 11/01/17 11/03 at 102 Aaa 1,177,100
3,800,000 Jacksonville Port Authority (Jacksonville, Florida), 1996 Port Facilities Revenue Refunding Bonds,
5.625%, 11/01/18 (Alternative Minimum Tax) 11/06 at 102 Aaa 3,950,708
1,000,000 Orlando-Orange County Expressway Authority, Junior Lien Revenue Bonds, Series 1998,
5.000%, 7/01/21 7/08 at 101 Aaa 980,580
5,550,000 Palm Beach County, Florida, Airport System Revenue Refunding Bonds, Series 1991,
7.625%, 10/01/04 10/01 at 102 Aaa 6,247,746
1,000,000 City of Pensacola, Florida, Airport Revenue Bonds, Series 1997A, 5.600%, 10/01/17 10/07 at 102 Aaa 1,055,400
3,000,000 Sarasota-Manatee Airport Authority, Airport System Revenue Refunding Bonds, Series 1996,
5.375%, 8/01/11 8/06 at 102 Aaa 3,167,220
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 17.0%
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 3,302,730
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 4,442,320
6,625,000 6.000%, 10/01/27 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 7,229,465
2,000,000 State of Florida, Department of Transportation, Turnpike Revenue Bonds, Series 1991A, 7.000%, 7/01/04
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 2,203,400
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 4,361,541
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 3,795,788
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 1,098,980
3,295,000 6.200%, 10/01/22 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 3,621,139
1,000,000 City of Port St. Lucie, Florida, Utility System Revenue Bonds, Series 1994, 6.000%, 9/01/24
(Pre-refunded to 9/01/04) 9/04 at 100 Aaa 1,096,590
St. Lucie County, Florida, Utility System Refunding and Revenue Bonds, Series 1993:
5,000,000 5.500%, 10/01/15 10/03 at 102 Aaa 5,403,300
1,200,000 5.500%, 10/01/21 10/03 at 102 Aaa 1,300,092
City of Sunrise, Florida, Utility System Revenue Bonds, Series 1996A:
6,900,000 5.750%, 10/01/16 (Pre-refunded to 10/01/06) 10/06 at 101 Aaa 7,639,542
8,700,000 5.750%, 10/01/21 (Pre-refunded to 10/01/06) 10/06 at 101 Aaa 9,632,466
1,500,000 City of Tampa, Florida, Allegany Health System Revenue Bonds, St. Joseph's Hospital, Inc. Issue,
Series 1933, 5.125%, 12/01/23 12/03 at 102 Aaa 1,499,655
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.1%
1,250,000 Florida Municipal Power Agency, St. Lucie Project Refunding Revenue Bonds, Series 1992,
5.250%, 10/01/21 10/02 at 102 Aaa 1,253,525
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES (continued)
$ 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 $ 1,534,500
City of Lakeland, Florida, Electric and Water Revenue Bonds
(Junior Subordinate Lien), Refunding and Improvement Series
1996B:
4,785,000 6.000%, 10/01/08 No Opt. Call Aaa 5,408,820
4,000,000 6.000%, 10/01/09 No Opt. Call Aaa 4,538,160
4,000,000 Solid Waste Authority of Palm Beach County, Refunding Revenue Bonds, Series 1997A,
6.000%, 10/01/09 No Opt. Call Aaa 4,526,800
10,000,000 Reedy Creek Improvement District (Florida), Utilities Revenue Improvement and Refunding Bonds,
Series 1994-1, 5.000%, 10/01/19 10/04 at 101 Aaa 9,813,100
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 12.5%
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 978,170
2,700,000 City of Cocoa, Florida, Water and Sewer System Improvement Revenue Bonds, Series 1997,
5.875%, 10/01/26 10/07 at 101 Aaa 2,893,077
Dade County, Florida, Water and Sewer System Revenue Bonds, Series 1995:
500,000 6.250%, 10/01/10 No Opt. Call Aaa 577,845
3,730,000 5.750%, 10/01/22 10/05 at 102 Aaa 3,953,315
2,000,000 The City of Daytona Beach, Florida, Water and Sewer Revenue Bonds, Series 1992,
5.500%, 11/15/17 11/02 at 100 Aaa 2,039,920
2,000,000 Hillsborough County, Florida, Refunding Utility Revenue Bonds, Series 1991A,
6.625%, 8/01/11 8/02 at 102 Aaa 2,171,680
8,000,000 Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1993A,
5.250%, 9/01/24 9/08 at 100 Aaa 8,045,920
2,000,000 Indian Trail Water Control District, Water Control and Improvement Bonds, Unit of Development No. 17,
Series 1996, 5.500%, 8/01/22 8/07 at 101 Aaa 2,074,360
2,000,000 Orange County, Florida, Water Utilities System Revenue Bonds, Series 1992,
6.250%, 10/01/17 4/02 at 102 Aaa 2,164,860
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 2,257,200
11,385,000 Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 1992,
6.000%, 10/01/19 No Opt. Call Aaa 12,912,298
1,300,000 City of Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1996,
5.800%, 10/01/11 10/06 at 102 Aaa 1,423,786
- ------------------------------------------------------------------------------------------------------------------------------------
$ 309,145,000 Total Investments - (costs $307,886,549) - 98.9% 328,660,460
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 3,722,799
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 332,383,259
====================================================================================================================
All of the bonds in the portfolio are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of principal and
interest.
* Optional Call Provisions (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 provision 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.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
June 30, 1998
<CAPTION>
FLORIDA FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $357,620,721 $322,847,196 $328,660,460
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value (note 1) 3,700,000 2,300,000 --
Cash -- 341,146 --
Receivables:
Interest 6,456,540 5,487,521 5,177,444
Investments sold 410,950 370,000 15,000
Other assets 28,792 35,760 12,935
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 368,217,003 331,381,623 333,865,839
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 1,744,293 -- 210,394
Accrued expenses:
Management fees (note 6) 191,329 173,451 174,831
Other 141,164 124,106 156,072
Preferred share dividends payable 51,236 25,652 48,100
Common share dividends payable 1,334,092 1,085,515 893,183
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 3,462,114 1,408,724 1,482,580
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $364,754,889 $329,972,899 $332,383,259
====================================================================================================================================
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 16,269,417 14,097,595 14,290,929
====================================================================================================================================
Net asset value per Common share outstanding (net assets less Preferred
shares at liquidation value, divided by Common shares outstanding) $ 15.66 $ 15.96 $ 15.49
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year Ended June 30, 1998
FLORIDA FLORIDA INSURED FLORIDA
INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME
<S> <C> <C> <C>
INVESTMENT INCOME (NOTE 1) $22,145,960 $18,937,694 $17,260,522
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees (note 6) 2,328,278 2,104,450 2,105,886
Preferred shares - auction fees 274,998 262,501 277,499
Preferred shares - dividend disbursing agent fees 24,192 33,633 20,787
Shareholders' servicing agent fees and expenses 36,340 28,667 24,437
Custodian's fees and expenses 64,996 61,279 63,345
Trustees' fees and expenses (note 6) 4,531 4,180 4,192
Professional fees 21,234 19,399 18,000
Shareholders' reports - printing and mailing expenses 70,776 59,928 52,842
Stock exchange listing fees 24,692 24,214 27,559
Investor relations expense 29,190 25,707 24,841
Other expenses 24,523 27,052 26,944
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses 2,903,750 2,651,010 2,646,332
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 19,242,210 16,286,684 14,614,190
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investment transactions (notes 1 and 4) 1,445,856 529,659 922,944
Net change in unrealized appreciation or depreciation of investments 1,894,167 3,903,180 10,603,825
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 3,340,023 4,432,839 11,526,769
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $22,582,233 $20,719,523 $26,140,959
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
FLORIDA INVESTMENT QUALITY FLORIDA QUALITY INCOME
- -----------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
6/30/98 6/30/97 6/30/98 6/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 19,242,210 $ 19,645,849 $ 16,286,684 $ 16,603,604
Net realized gain from investment transactions
(notes 1 and 4) 1,445,856 690,503 529,659 933,334
Net change in unrealized appreciation or
depreciation of investments 1,894,167 3,717,067 3,903,180 4,506,680
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 22,582,233 24,053,419 20,719,523 22,043,618
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (16,014,948) (15,728,768) (13,003,066) (12,964,305)
Preferred shareholders (3,508,271) (3,506,870) (3,521,372) (3,447,796)
From accumulated net realized gains from
investment transactions:
Common shareholders (1,184,749) -- -- --
Preferred shareholders (261,895) -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (20,969,863) (19,235,638) (16,524,438) (16,412,101)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 1,305,685 1,310,852 895,866 235,618
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 2,918,055 6,128,633 5,090,951 5,867,135
Net assets at beginning of year 361,836,834 355,708,201 324,881,948 319,014,813
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $364,754,889 $361,836,834 $329,972,899 $324,881,948
===================================================================================================================================
Balance of undistributed net investment
income at end of year $ 608,743 $ 889,752 $ 319,243 $ 556,997
===================================================================================================================================
<PAGE>
<CAPTION>
INSURED FLORIDA PREMIUM INCOME
- -----------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED
6/30/98 6/30/97
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 14,614,190 $ 14,611,148
Net realized gain (loss) from investment transactions (notes 1 and 4) 922,944 (323,347)
Net change in unrealized appreciation or depreciation of investments 10,603,825 8,908,628
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 26,140,959 23,196,429
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (11,163,589) (11,146,945)
Preferred shareholders (3,652,637) (3,544,259)
From accumulated net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (14,816,226) (14,691,204)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 11,324,733 8,505,225
Net assets at beginning of year 321,058,526 312,553,301
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $332,383,259 $321,058,526
===================================================================================================================================
Balance of undistributed net investment income at end of year $ 192,222 $ 394,258
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state Funds (the "Funds") covered in this report and their corresponding New
York Stock Exchange symbols are Nuveen Florida Investment Quality Municipal Fund
(NQF), Nuveen Florida Quality Income Municipal Fund (NUF) and Nuveen Insured
Florida Premium Income Municipal Fund (NFL).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of Florida.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service establishes fair market value based on yields or prices of
municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications of value from securities dealers and general market
conditions. Temporary investments in securities that have variable rate and
demand features qualifying them as short-term securities are valued at amortized
cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At June
30, 1998, there were no such outstanding purchase commitments in any of the
Funds.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.01 per Common share. Furthermore, each Fund
intends to satisfy conditions which will enable interest from municipal
securities, which is exempt from regular federal income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. All monthly
tax-exempt income dividends paid during the fiscal year ended June 30, 1998,
have been designated Exempt Interest Dividends. Net realized capital gain and
market discount distributions are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
<PAGE>
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in more than one Series. The dividend
rate on each series may change every seven days, as set by the auction agent.
The number of shares outstanding, by Series and in total, for each Fund is as
follows:
<TABLE>
<CAPTION>
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM
QUALITY INCOME INCOME
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Number of shares:
Series M -- 1,700 --
Series T 2,200 -- --
Series W -- -- 1,640
Series Th -- 1,700 2,800
Series F 2,200 800 --
- --------------------------------------------------------------------------------
Total 4,400 4,200 4,440
================================================================================
</TABLE>
Insurance
Insured Florida Premium Income invests in municipal securities which are either
covered by insurance or are backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities, both of which
ensure the timely payment of principal and interest. Each insured municipal
security is covered by Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance. Such insurance does not guarantee the market value of the
municipal securities or the value of the Fund's shares. Original Issue Insurance
and Secondary Market Insurance remain in effect as long as the municipal
securities covered thereby remain outstanding and the insurer remains in
business, regardless of whether the Fund ultimately disposes of such municipal
securities. Consequently, the market value of the municipal securities covered
by Original Issue Insurance or Secondary Market Insurance may reflect value
attributable to the insurance. Portfolio Insurance is effective only while the
municipal securities are held by the Fund. Accordingly, neither the prices used
in determining the market value of the underlying municipal securities nor the
net asset value of the Fund's shares include value, if any, attributable to the
Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give
the Fund the right to obtain permanent insurance with respect to the municipal
security covered by the Portfolio Insurance policy at the time of its sale.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap, and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the fiscal year ended June 30, 1998.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period.
2. FUND SHARES
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
FLORIDA INVESTMENT QUALITY FLORIDA QUALITY INCOME
- ----------------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
6/30/98 6/30/97 6/30/98 6/30/97
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment
of distributions 75,800 80,996 55,194 15,157
========================================================================================
<CAPTION>
INSURED FLORIDA
PREMIUM INCOME
- ----------------------------------------------------------------------------------------
YEAR ENDED YEAR ENDED
6/30/98 6/30/97
- ----------------------------------------------------------------------------------------
<S> <C> <C>
Shares issued to shareholders
due to reinvestment
of distributions -- --
========================================================================================
</TABLE>
<PAGE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid August 3, 1998, to shareholders of record on
July 15, 1998, as follows:
<TABLE>
<CAPTION>
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM
QUALITY INCOME INCOME
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Dividend per share $ .0820 $ .0770 $ .0625
================================================================================
</TABLE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the fiscal year ended June
30, 1998, were as follows:
<TABLE>
<CAPTION>
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM
QUALITY INCOME INCOME
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchases:
Investments in municipal securities $42,100,881 $45,820,803 $39,476,358
Temporary municipal investments 85,225,000 72,560,000 54,900,000
Sales and Maturities:
Investments in municipal securities 33,116,219 31,040,345 35,789,935
Temporary municipal investments 81,525,000 70,260,000 58,200,000
================================================================================
</TABLE>
At June 30, 1998, 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, 1998, the following Funds had unused capital loss carryforwards
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied the carryforwards will expire as follows:
<TABLE>
<CAPTION>
INSURED
FLORIDA FLORIDA
QUALITY PREMIUM
INCOME INCOME
- --------------------------------------------------------------------------------
<S> <C> <C>
Expiration year:
2002 $ 890,389 $1,116,161
2003 95,170 555,689
2004 142,676 461,823
2005 -- 261,244
- --------------------------------------------------------------------------------
Total $1,128,235 $2,394,917
================================================================================
</TABLE>
<PAGE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at June 30, 1998, were as follows:
<TABLE>
<CAPTION>
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM
QUALITY INCOME INCOME
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized:
appreciation $26,746,514 $22,669,242 $20,812,988
depreciation -- -- (39,077)
- --------------------------------------------------------------------------------
Net unrealized appreciation $26,746,514 $22,669,242 $20,773,911
================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net asset value of each Fund:
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
================================================================================
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. COMPOSITION OF NET ASSETS At June 30, 1998, net assets consisted of:
<TABLE>
<CAPTION>
INSURED
FLORIDA FLORIDA FLORIDA
INVESTMENT QUALITY PREMIUM
QUALITY INCOME INCOME
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $110,000,000 $105,000,000 $111,000,000
Common shares, $.01 par value per share 162,694 140,976 142,909
Paid-in surplus 226,934,011 202,996,657 202,669,134
Balance of undistributed net investment income 608,743 319,243 192,222
Accumulated net realized gain (loss) from
investment transactions 302,927 (1,153,219) (2,394,917)
Net unrealized appreciation of investments 26,746,514 22,669,242 20,773,911
- ---------------------------------------------------------------------------------------------------------
Net assets $364,754,889 $329,972,899 $332,383,259
=========================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
=========================================================================================================
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
Selected data for a Common share outstanding throughout each period
is as follows:
<CAPTION>
Investment Operations
------------------------------------
Net
Realized/
Beginning Net Unrealized
Net Asset Investment Investment
Value Income Gain (Loss) Total
<S> <C> <C> <C> <C>
Florida Investment Quality
Year Ended 6/30:
1998 $15.55 $1.18 $ .23 $1.41
1997 15.25 1.22 .27 1.49
1996 15.45 1.22 (.18) 1.04
1995 15.11 1.23 .41 1.64
1994 16.03 1.22 (.88) .34
<CAPTION>
Florida Quality Income
Year Ended 6/30:
<S> <C> <C> <C> <C>
1998 15.66 1.16 .31 1.47
1997 15.26 1.18 .39 1.57
1996 15.29 1.18 -- 1.18
1995 14.69 1.19 .64 1.83
1994 15.78 1.19 (1.08) .11
<CAPTION>
Insured Florida Premium Income
Year Ended 6/30:
<S> <C> <C> <C> <C>
1998 14.70 1.02 .81 1.83
1997 14.10 1.02 .61 1.63
1996 13.89 1.03 .22 1.25
1995 13.09 1.03 .84 1.87
1994 14.54 1.03 (1.49) (.46)
<PAGE>
<CAPTION>
Less Distributions
------------------------------------------------------------
Net Net
Investment Investment Capital Capital
Income Income Gains Gains
To Common To Preferred To Common To Preferred
Shareholders Shareholders+ Shareholders Shareholders+ Total
<S> <C> <C> <C> <C> <C>
Florida Investment Quality
Year Ended 6/30:
1998 $ (.99) $(.22) $(.07) $(.02) $(1.30)
1997 (.97) (.22) -- -- (1.19)
1996 (.99) (.25) -- -- (1.24)
1995 (1.00) (.28) (.02) -- (1.30)
1994 (1.00) (.24) (.02) -- (1.26)
<CAPTION>
Florida Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
1998 (.92) (.25) -- -- (1.17)
1997 (.92) (.25) -- -- (1.17)
1996 (.93) (.28) -- -- (1.21)
1995 (.94) (.29) -- -- (1.23)
1994 (.96) (.24) -- -- (1.20)
<CAPTION>
Insured Florida Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
1998 (.78) (.26) -- -- (1.04)
1997 (.78) (.25) -- -- (1.03)
1996 (.78) (.26) -- -- (1.04)
1995 (.79) (.28) -- -- (1.07)
1994 (.81) (.18) -- -- (.99)
<PAGE>
<CAPTION>
Total Returns
----------------------------
Organization and
Offering Costs and
Preferred Share Ending
Underwriting Net Asset Ending Based on Based on Net
Discounts Value Market Value Market Value* Asset Value*
<S> <C> <C> <C> <C> <C>
Florida Investment Quality
Year Ended 6/30:
1998 $-- $15.66 $17.2500 9.08% 7.70%
1997 -- 15.55 16.8125 10.68 8.56
1996 -- 15.25 16.1250 11.60 5.19
1995 -- 15.45 15.3750 8.98 9.43
1994 -- 15.11 15.1250 (3.16) .45
<CAPTION>
Florida Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
1998 -- 15.96 16.1875 7.07 7.98
1997 -- 15.66 16.0000 13.23 8.89
1996 -- 15.26 15.0000 8.08 5.94
1995 -- 15.29 14.7500 12.74 10.97
1994 -- 14.69 14.0000 (4.63) (1.02)
<CAPTION>
Insured Florida Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 6/30:
1998 -- 15.49 14.1875 7.38 10.87
1997 -- 14.70 13.9375 9.30 10.01
1996 -- 14.10 13.5000 12.22 7.15
1995 -- 13.89 12.7500 5.59 12.75
1994 -- 13.09 12.8750 (7.45) (4.75)
<PAGE>
<CAPTION>
Ratios/Supplemental Data
--------------------------------------------------
Ratio of Net
Ratio of Investment
Ending Expenses to Income to Portfolio
Net Assets Average Average Turnover
(000) Net Assets++ Net Assets++ Rate
<S> <C> <C> <C> <C>
Florida Investment Quality
Year Ended 6/30:
1998 $364,755 .80% 5.27% 9%
1997 361,837 .80 5.46 4
1996 355,708 .80 5.47 20
1995 357,534 .81 5.64 3
1994 351,892 .81 5.35 4
<CAPTION>
Florida Quality Income
<S> <C> <C> <C> <C>
Year Ended 6/30:
1998 329,973 .81 4.95 10
1997 324,882 .81 5.15 22
1996 319,015 .82 5.14 19
1995 319,351 .86 5.38 8
1994 260,187 .84 5.21 5
<CAPTION>
Insured Florida Premium Income
<S> <C> <C> <C> <C>
Year Ended 6/30:
1998 332,383 .80 4.44 11
1997 321,059 .81 4.60 21
1996 312,553 .81 4.66 26
1995 309,516 .88 4.95 5
1994 189,622 .85 4.67 17
* Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share. Total Return on Net Asset Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if any, and
changes in net asset value per share.
Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
</TABLE>
<PAGE>
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, 1998, and the related statements of
operations, changes in net assets and the financial highlights for the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of June
30, 1998, by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Nuveen
Florida Investment Quality Municipal Fund, Nuveen Florida Quality Income
Municipal Fund and Nuveen Insured Florida Premium Income Municipal Fund as of
June 30, 1998, 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.
/s/Ernst & Young LLP
Chicago, Illinois
August 14, 1998
<PAGE>
Fund Information
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN, TRANSFER AGENT AND SHAREHOLDER SERVICES
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis & Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
YEAR 2000
The concern that computer systems may have problems processing date-related
information in the year 2000 and beyond has challenged businesses and
organizations to thoroughly review all aspects of their operations. We have
undertaken just such an approach at Nuveen in preparation for the millennium.
Over the last 10 years, our trading, fund management and pricing systems at
Nuveen - the systems that directly affect our investors and their financial
advisers - have been updated or replaced to address the Year 2000 concerns. We
continue to work closely with our transfer agent, custodian and other service
partners to monitor readiness and address other remaining systems issues. Our
initial testing indicates we are on schedule, and we have targeted year-end 1998
to complete verification of vendor compliance and service partner readiness.
However, we can give no complete assurance at this time that the steps we have
taken will be sufficient to prevent any problems that would impact the Nuveen
Exchange-Traded Funds.
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, 1998. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
Photo of: John Nuveen, Sr.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today we offer a broad range of
quality investments designed for individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them pursue their financial goals.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of investments and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and tax-free income funds, along with our defined portfolios and
private asset management, can help you build a better, well-diversified
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you. Or call us at (800) 257-8787 for more
information, including a prospectus where applicable. Please read that
information carefully before investing.
LOGO:
1898 - 1998
NUVEEN
OUR SECOND CENTURY
helping investors sustain the wealth of a lifetime.(tm)
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL60606-1286
www.nuveen.com
FAN-1-6-98
