Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams
CONNECTICUT PREMIUM INCOME (NTC)
MASSACHUSETTS PREMIUM INCOME (NMT)
MISSOURI PREMIUM INCOME (NOM)
WASHINGTON PREMIUM INCOME (NPW)
SEMIANNUAL REPORT/NOVEMBER 30, 1996
Photographic image of couple walking on beach.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
10 Fund performance
12 Commonly used terms
14 Shareholder meeting report
15 Portfolio of investments
31 Statement of net assets
32 Statement of operations
33 Statement of changes in net assets
35 Notes to financial statements
44 Financial highlights
<PAGE>
Dear shareholder
"These funds continue to achieve their goal of delivering attractive tax-free
income."
Photographic image of head shot of Chairman and Chief Executive Officer of
Nuveen.
As we begin a new year, I am pleased to have this opportunity to report to you
on the performance of your funds, which continue to achieve their goal of
delivering attractive tax-free income from portfolios of investment-grade
quality municipal bonds. Because the proceeds from these bonds are used to
maintain and improve our nation's infrastructure, your investment has several
benefits: As you support the publicly funded projects that enhance your
communities, you also benefit from the credit strength of these communities
and receive income that is exempt from federal and, in most cases, state
income taxes.
As of November 30, 1996, investors in the Connecticut, Massachusetts,
Missouri, and Washington funds were receiving annual tax-free yields that
ranged from 5.54% to 5.93%. To match these yields, an investor in the 36%
federal income tax bracket would have had to earn at least 8.66% on taxable
alternatives. In addition to providing highly attractive levels of tax-free
income, these funds have also continued to generate strong price appreciation
relative to similar funds. During the past few years, as market declines were
followed by rebounds, share price appreciation for these funds lagged the
market. With net asset values appreciating more quickly, shares began to trade
at a discount. In 1996, we saw both share prices and net asset values improve.
Each of these funds has seen an increase over its share price of 12 months
ago; for some funds, the share price increase was substantial. Over the past
12 months, these funds posted total returns on net asset value of 5.95% to
6.39%, equivalent to taxable total returns of 9.43% to 10.93%.
<PAGE>
This performance is especially encouraging in light of a bond market that
essentially ended the year where it began. The current economy reflects a
combination of factors that traditionally bode well for the bond market.
Yields remain attractive, and the economy continues to expand at a moderate
pace. We believe that the funds covered in this report are positioned to
perform well in changing markets due to both Nuveen's prudent use of
leverage--which helps moderate volatility in the event of a rising interest
rate environment, and enhances income in periods of falling rates--as well as
our conservative dividend policy. By setting dividends at levels that are
expected to remain stable for at least six months, Nuveen can effectively
smooth out periods of market fluctuation, enabling investors to depend on
their tax-free dividends with confidence.
Nuveen continues to meet the challenge of our investors' expanding needs for
capital preservation, current income, and future growth. In November, we
introduced the Nuveen Growth and Income Stock Fund, the first of three
equity-based mutual funds designed to provide a complement to our current
municipal bond funds.
In an additional move to increase the range of investment solutions
available to our investors, Nuveen has acquired Flagship Resources Inc., a
highly regarded fixed-income mutual fund specialist that shares our views on
the importance of research and emphasizes a conservative, value-oriented
approach to portfolio management. We are currently in the process of combining
our tax-exempt mutual fund activities, which will result in the broadest
selection of municipal bond funds available in the U.S.
We at Nuveen are excited about these recent developments, and we are pleased
to be bringing our investors expanded options for achieving wealth
preservation, dependable income, and long-term asset growth. Thank you for
your continued confidence in Nuveen and our family of investments.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
January 15, 1997
<PAGE>
Answering your questions
Tom Spalding, head of Nuveen's portfolio management team, talks about 1996's
municipal bond market and offers insights into factors that affected
performance
How would you categorize the municipal market over the past 12 months?
Over the past year, the bond market--despite some fluctuations--has been
relatively stable compared with recent years. While 1994 represented the worst
period in recent bond market history and 1995 the best in a decade, 1996's
bond market finished the year unchanged, rebounding from a mid-year decline.
Following a strong start to the year, a succession of mixed reports
affecting interest rate and inflation forecasts caused investors to view the
markets alternatively with enthusiasm, then uncertainty. In the third quarter,
evidence of an economic slowdown, the strong U.S. dollar, and lack of
inflationary pressures combined to allay investor fears, sparking a rally in
bonds that continued through the post-election period. Throughout the year,
the municipal market continued to reward investors with solid returns,
dependable income, and opportunities to purchase bonds with strong credit
quality.
A look at the current economy shows a positive tone, reflecting a
combination of factors that historically bode well for the bond market,
especially long-term issues. Yields remain attractive, as inflation maintains
the same modest pace that it has demonstrated over the past five years, giving
every indication of being well under control. At the same time, the economy
continues to moderate, as evidenced by the lack of price pressure at the
consumer and producer levels, steady employment statistics, low labor costs,
and a stable money supply.
<PAGE>
Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
What principal factors affected the bond market--and Nuveen funds--in 1996?
In 1996, the continued euphoria in the equity market focused investors'
attention on stocks and brought record amounts of new money into stock-based
mutual funds, bypassing the bond market. Some investors, concerned about an
eventual correction in the stock market, decided to take their profits, but
adopted a wait-and-see attitude about investing capital gains, electing to go
with short-term vehicles until a clearer picture of market trends emerged.
Both of these events affected demand for bond issues of all types.
Although they were the focus of much specula tion, interest rates, a key
factor affecting bond market performance, were relatively stable in 1996
compared with the two previous years. Over the past 12 months, the yield on
the 30-year Treasury bond, which serves as a benchmark for long-term interest
rates, operated within a range of 130 basis points, compared with ranges
exceeding 200 basis points in both 1994 and 1995. In 1994 and into early 1995,
the Federal Reserve made an unprecedented series of moves to tighten interest
rates; the result was the worst bond market in recent history. As 1995
progressed, the Fed reacted to low inflation statistics by easing rates, and
the bond market rallied. In 1996, constant conjectures about the Fed's next
interest rate move--as well as worries about the potential return of inflation
and uncertainty over the direction of the economy--caused numerous fits and
starts in the bond market. Adding to the general concern in the pre-election
months was the debate about the flat tax and its effect on tax-free
investments such as municipal bonds. As the election settled that question and
the Fed continued to stand pat on interest rates, the bond market enjoyed a
resurgence of confidence in the post-election period, making up much of the
ground it had lost during the summer doldrums.
<PAGE>
Has Nuveen continued to follow a value investing approach during this period?
Yes. At Nuveen, we define value investing as a disciplined approach to
security selection and portfolio construction that concentrates on identifying
individual bonds with current yields, prices, credit quality, and future
prospects that are exceptionally attractive in relation to other bonds in the
market. We continue to believe that this approach is the best investment
strategy for the funds we manage.
Successful value investing depends on obtaining detailed insights into the
outlook for individual issuers and the characteristics of specific
bonds--information that may go beyond that used by the market as a whole.
That's where our award-winning Research Department excels. To find the
municipal bonds we consider for our portfolios, Nuveen Research uses its
special insights to help portfolio managers target bonds that may be upgraded,
which results in a higher level of quality and safety in the portfolios, as
well as bonds that are anticipated to increase in value as the result of
factors as yet unrecognized by the investment community in general.
We continue to be committed to maintaining Nuveen's tradition of value
investing and prudent management, with a focus on building shareholder value,
providing research-oriented management, and delivering dependable performance,
in the belief that this will contribute to many more years of investment
success for our fund shareholders.
<PAGE>
What is the status of bond calls in these Nuveen portfolios?
The funds covered in this report have virtually no call exposure. It is
important to understand that the bond market has dealt with the issue of bond
calls and pre-refundings for years. Although this has put some pressure on the
dividends of our older funds (those issued before 1991), all of our funds have
performed very well through this period.
In addition to this strong call protection, shareholders in these funds
continue to enjoy attractive dividends, with each fund reporting one or more
dividend increases during the past 12 months. This positive trend in dividend
payment can be traced to the leveraged structure of these funds, which enables
them to invest the proceeds from the sale of short-term preferred shares in
the purchase of additional long-term bonds, thereby increasing the portfolio's
income stream to the benefit of shareholders.
<PAGE>
<TABLE>
NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND
NTC
The fund's monthly tax-free dividend was increased during the 12 months ended
November 1996. Shareholders continue to benefit from the fund's conservatively
leveraged structure. In addition, the portfolio continues to have significant
call protection.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0600
1/10/96 $0.0620
2/13/96 $0.0620
3/13/96 $0.0620
4/11/96 $0.0620
5/13/96 $0.0620
6/12/96 $0.0620
7/11/96 $0.0620
8/13/96 $0.0620
9/11/96 $0.0620
10/10/96 $0.0620
11/13/96 $0.0635
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.54%
Taxable-equivalent yield 9.08%
Annual total return on NAV 6.39%
Taxable-equivalent total return 9.96%
Share price $13.75
NAV $13.80
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND
NMT
The fund's monthly tax-free dividend was increased twice during the 12
months ended November 1996. Shareholders continue to benefit from the fund's
conservatively leveraged structure. In addition, the portfolio continues to
have significant call protection.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0660
1/10/96 $0.0660
2/13/96 $0.0680
3/13/96 $0.0680
4/11/96 $0.0680
5/13/96 $0.0680
6/12/96 $0.0680
7/11/96 $0.0680
8/13/96 $0.0695
9/11/96 $0.0695
10/10/96 $0.0695
11/13/96 $0.0695
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.90%
Taxable-equivalent yield 10.44%
Annual total return on NAV 6.39%
Taxable-equivalent total return 10.93%
Share price $14.125
NAV $14.29
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND
NOM
The fund's monthly tax-free dividend was increased twice during the 12
months ended November 1996. Shareholders continue to benefit from the fund's
conservatively leveraged structure. In addition, the portfolio continues to
have significant call protection.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0550
1/10/96 $0.0550
2/13/96 $0.0585
3/13/96 $0.0585
4/11/96 $0.0585
5/13/96 $0.0585
6/12/96 $0.0585
7/11/96 $0.0585
8/13/96 $0.0610
9/11/96 $0.0610
10/10/96 $0.0610
11/13/96 $0.0610
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.80%
Taxable-equivalent yield 9.67%
Annual total return on NAV 5.95%
Taxable-equivalent total return 9.43%
Share price $12.625
NAV $13.91
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND
NPW
The fund's monthly tax-free dividend was increased during the 12 months ended
November 1996. Shareholders continue to benefit from the fund's conservatively
leveraged structure. In addition, the portfolio continues to have significant
call protection.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/13/95 $0.0620
1/10/96 $0.0620
2/13/96 $0.0620
3/13/96 $0.0620
4/11/96 $0.0620
5/13/96 $0.0620
6/12/96 $0.0620
7/11/96 $0.0620
8/13/96 $0.0620
9/11/96 $0.0620
10/10/96 $0.0620
11/13/96 $0.0630
<CAPTION>
FUND HIGHLIGHTS 11/30/96
<S> <C>
Yield 5.93%
Taxable-equivalent yield 9.27%
Annual total return on NAV 6.01%
Taxable-equivalent total return 9.04%
Share price $12.75
NAV $14.27
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, November 30, 1996) divided by its closing price per share
on that date.
Taxable equivalent yield
The return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the fund's
stated annualized yield on share price. In this report, these tax rates are
assumed to be 39% for CT, 43.5% for MA, 40% for MO, and 36% for WA, based on
1996 incomes of $121,300-$263,750 for investors filing singly,
$147,700-$263,750 for those filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an
exchange-traded fund, minus any liabili ties. The NAV per share is the fund's
net assets, less the value of its preferred shares, divided by its total
number of common shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given
period, assuming reinvestment of all dividends and capital gains
distributions, if any.
<PAGE>
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the fund's
stated total return on NAV.
Leverage
A technique used to enhance the income produced for common shareholders
by a long-term municipal bond fund through the issuance of short-term
preferred shares. The proceeds from the sale of the preferred shares can be
used to purchase additional long-term bonds, thus increasing the portfolio's
income stream. Changes in net asset value, both up and down, are also
magnified by leverage.
Each fund intends to repurchase shares of its own common or preferred
stock in the future at such times and in such amounts as are deemed advisable.
No shares were repurchased during the six-month period ended November 30,
1996. Any future repur chases will be reported to shareholders.
<PAGE>
<TABLE>
SHAREHOLDER MEETING REPORT
On November 21, 1996, the following Nuveen Exchange-Traded Funds held an
Annual Meeting of Shareholders. At the meeting, shareholders voted to elect
directors of the Funds and to ratify selection of Ernst & Young L.L.P. as the
auditors for the Funds. The directors elected at the meeting include: Lawrence
H. Brown, Anthony T. Dean, Anne E. Impellizzeri, and Peter R. Sawers.
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Lawrence H. Brown
For 4,626,088 9,414,657 1,948,154 2,128,145
Abstain 63,071 135,553 26,049 32,516
--------- --------- --------- ---------
Total 4,689,159 9,550,210 1,974,203 2,160,661
========= ========= ========= =========
Anthony T. Dean
For 4,626,800 9,414,657 1,948,154 2,128,145
Abstain 62,359 135,553 26,049 32,516
--------- --------- --------- ---------
Total 4,689,159 9,550,210 1,974,203 2,160,661
========= ========= ========= =========
Anne E. Impellizzeri
For 4,625,138 9,414,657 1,948,154 2,128,145
Abstain 64,021 135,553 26,049 32,516
--------- --------- --------- ---------
Total 4,689,159 9,550,210 1,974,203 2,160,661
========= ========= ========= =========
Peter R. Sawers
For 4,627,750 9,414,657 1,948,154 2,128,145
Abstain 61,409 135,553 26,049 32,516
--------- --------- --------- ---------
Total 4,689,159 9,550,210 1,974,203 2,160,661
========= ========= ========= =========
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 4,627,790 9,387,268 1,940,292 2,127,726
Against 22,335 32,069 5,770 4,230
Abstain 39,034 130,873 28,141 28,705
--------- --------- --------- ---------
Total 4,689,159 9,550,210 1,974,203 2,160,661
========= ========= ========= =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (NTC)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,400,000 Connecticut Development Authority, Water Facilities
Revenue Bonds, Bridgeport Hydraulic Company
Project, 1993 B Series, 5.500%, 6/01/28 Aaa 6/03 at 102 $ 1,390,662
2,795,000 Connecticut Development Authority, Water Facilities
Revenue Bonds, Bridgeport Hydraulic Company
Project, 1993 A Series, 5.600%, 6/01/28
(Alternative Minimum Tax) Aaa 6/03 at 102 2,732,308
2,000,000 Connecticut Development Authority, Solid Waste
Disposal Facilities Revenue Bonds, Pfizer Inc.
Project, 1994 Series, 7.000%, 7/01/25 (Alternative
Minimum Tax) Aaa 7/05 at 102 2,287,460
Connecticut Development Authority, Health Facility
Refunding Revenue Bonds, Alzheimer's Resource
Center of Connecticut, Inc. Project, 1994 Series A:
1,500,000 6.875% 8/15/04 N/R No Opt. Call 1,568,130
1,000,000 7.000%, 8/15/09 N/R 8/04 at 102 1,065,100
1,000,000 Connecticut Higher Education Supplemental Loan
Authority, Revenue Bonds (Family Education Loan
Program), 1996 Series A, 5.875%, 11/15/17
(Alternative Minimum Tax) Aaa 11/06 at 102 1,018,040
3,175,000 Connecticut Housing Finance Authority, Housing
Mortgage Finance Program Bonds, 1993 Series B,
6.200%, 5/15/12 Aa 5/03 at 102 3,273,870
2,500,000 Connecticut Housing Finance Authority, Housing
Mortgage Finance Program Bonds, 1996 Subseries
E-2, 6.150%, 11/15/27 (Alternative Minimum Tax) Aa 11/06 at 102 2,528,400
3,250,000 Connecticut Municipal Electric Energy Cooperative,
Power Supply System Revenue Bonds, 1993 Series
A, 5.000%, 1/01/18 Aaa 1/04 at 102 3,093,253
2,200,000 Connecticut Resources Recovery Authority,
Bridgeport Resco Company, L.P. Project Bonds,
Series A, Adjustable Convertible Extendable
Securities-Aces., 7.625%, 1/01/09 A 1/97 at 103 2,270,510
3,360,000 Connecticut Resources Recovery Authority, Resource
Recovery Revenue Bonds, American Ref-Fuel
Company of Southeastern Connecticut Project,
1989 Series A, 7.700%, 11/15/11 AA- 11/98 at 103 3,688,910
2,000,000 State of Connecticut, General Obligation Bonds,
1993 Series E, 6.000%, 3/15/12 Aa No Opt. Call 2,183,800
3,250,000 State of Connecticut, General Obligation Bonds,
1993 Series D, 5.100%, 8/01/11 Aa 8/03 at 101 1/2 3,211,748
3,470,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, University of
Hartford Issue, Series C, 8.000%, 7/01/18
(Pre-refunded to 7/01/03) Aaa 7/03 at 100 3,928,456
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Newington
Children's Hospital, Series A, 6.050%, 7/01/10 Aaa 7/04 at 102 $ 1,063,100
2,725,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Saint Francis
Hospital and Medical Center Issue, Series B,
6.200%, 7/01/22 Aaa 7/02 at 102 2,858,253
1,700,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Lawrence and
Memorial Hospital Issue, Series C, 6.250%, 7/01/22
(Pre-refunded to 7/01/02) Aaa 7/02 at 102 1,873,332
2,020,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Trinity College
Issue, Series C, 6.000%, 7/01/22 Aaa 7/02 at 102 2,100,275
4,450,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Quinnipiac
College Issue, Series D, 6.000%, 7/01/23 BBB- 7/03 at 102 4,286,819
State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Sacred Heart
University Issue, Series G:
1,000,000 5.000%, 7/01/13 Aaa 7/03 at 102 963,380
975,000 5.000%, 7/01/18 Aaa 7/03 at 102 919,074
State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Sacred Heart
University Issue, Series B:
2,600,000 5.700%, 7/01/16 Baa 7/03 at 102 2,440,958
1,000,000 5.800%, 7/01/23 Baa 7/03 at 102 937,650
2,000,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Hospital of
Saint Raphael Issue, Series H, 5.200%, 7/01/08 Aaa No Opt. Call 2,032,120
1,500,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Lawrence and
Memorial Hospital Issue, Series D, 5.000%, 7/01/22 Aaa 7/03 at 102 1,390,800
2,500,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Middlesex
Hospital Issue, Series G, 6.250%, 7/01/22 Aaa 7/02 at 102 2,671,475
1,250,000 State of Connecticut, Health and Educational
Facilities Authority, Revenue Bonds, Choate
Rosemary Hall Issue, Series A, 7.000%, 7/01/25 Aaa 7/04 at 101 1,432,263
2,000,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Nursing Home
Program Issue, Series 1994, AHF/Hartford, Inc.
Project, 7.125%, 11/01/24 AA- 11/04 at 102 2,291,520
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Nursing
Home Program Issue, Series 1993, Mansfield
Center for Nursing and Rehabilitation Project,
5.875%, 11/01/12 Aaa 11/03 at 102 $ 2,084,440
State of Connecticut Health and Educational Facilities
Authority, Revenue Bonds, Kent School Issue,
Series B:
1,500,000 5.500%, 7/01/15 Aaa 7/05 at 101 1,507,695
5,160,000 5.625%, 7/01/16 Aaa 7/06 at 102 5,194,675
2,200,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Day Kimball
Hospital Issue Series A, 5.375%, 7/01/26 Aaa 7/06 at 102 2,171,004
2,000,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, Trinity
College Issue, Series C, 5.875%, 7/01/26 Aaa 7/06 at 102 2,073,080
2,040,000 State of Connecticut Health and Educational
Facilities Authority, Revenue Bonds, The Loomis
Chaffee School Issue, Series C, 5.500%, 7/01/16 Aaa 7/06 at 102 2,054,668
1,800,000 State of Connecticut, Special Tax Obligation Bonds,
Transportation Infrastructure Purposes, 1991
Series B, 6.500%, 10/01/10 AA- No Opt. Call 2,044,944
1,000,000 State of Connecticut, Special Tax Obligation
Refunding Bonds, Transportation Infrastructure
Purposes, 1993 Series B, 4.600% 10/01/06 AA- 10/03 at 102 981,100
3,000,000 State of Connecticut, Airport Revenue Refunding
Bonds, Bradley International Airport, Series 1992,
7.650%, 10/01/12 Aaa 10/04 at 100 3,498,420
1,650,000 State of Connecticut, General Fund Obligation
Bonds, 1994 Series A, Issued By Connecticut
Development Authority, 6.375%, 10/15/14 AA- 10/04 at 102 1,784,195
3,000,000 State of Connecticut, Clean Water Fund Subordinate
Revenue Refunding Bonds, 1996 Series,
5.250%, 7/01/10 Aaa 1/05 at 101 3,010,350
1,900,000 Capitol Region Education Council, Revenue Bonds,
6.700%, 10/15/10 BBB 10/05 at 102 1,985,652
City of New Haven, Connecticut, Air Rights
Parking Facility Revenue Bonds, Series 1991:
3,000,000 6.625%, 12/01/05 Aaa 12/01 at 102 3,304,590
1,500,000 6.500%, 12/01/15 Aaa 12/01 at 102 1,655,355
2,000,000 South Central Connecticut Regional Water Authority,
Water System Revenue Bonds, Eleventh Series,
5.750%, 8/01/12 Aaa 8/03 at 102 2,061,060
1,275,000 South Central Connecticut Regional Water Authority,
Water System Revenue Bonds, Twelfth Series,
5.125%, 8/01/07 Aaa 8/03 at 102 1,295,438
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,250,000 City of Waterbury Connecticut, General Obligation
Tax Revenue Intercept Refunding Bonds, 1993
Issue, 5.375%, 4/15/08 Aaa 4/03 at 102 $ 3,329,040
1,540,000 Waterbury Nonprofit Housing Corporation,
Connecticut Taxable Mortgage Revenue Refunding
Bonds, FHAInsured Mortgage Loan-Fairmont
Heights Section 8 Assisted Project, Series 1993A,
6.500%, 7/01/07 Aaa 7/02 at 101 1,692,628
1,930,000 Housing Authority of the City of Willimantic,
Multi-Family Housing Revenue Bonds, Series
1995A, GNMA Collateralized Mortgage Loan-
Village Heights Apartments Project,
8.000%, 10/20/30 AAA 10/05 at 105 2,219,171
1,500,000 Puerto Rico Industrial, Tourist, Educational, Medical
and Environmental Control Facilities Financing
Authority, Hospital Revenue Refunding Bonds,
1995 Series A, FHA Insured Mortgage-Doctor Pila
Hospital Project, 6.125%, 8/01/25 AAA 8/05 at 101 1/2 1,583,520
$102,865,000 Total Investments - (cost $104,236,284) - 98.0% 107,032,691
================
Other Assets Less Liabilities - 2.0% 2,203,734
Net Assets - 100% $109,236,425
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD-&-POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 32 $ 70,489,385 66%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 9 21,988,487 21
PORTFOLIO OF A, A- A, A2, A3 1 2,270,510 2
INVESTMENTS: BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 4 9,651,079 9
Non-rated Non-rated 2 2,633,230 2
- -------------------------------------------------------------------------------------------------------------------
TOTAL 48 $107,032,691 100%
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (NMT)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Massachusetts Health and Educational, Facilities Authority,
Revenue Refunding Bonds, Youville Hospital Issue (FHA
Insured Project Series):
$ 2,920,000 6.125%, 2/15/15 Aa 2/04 at 102 $ 3,003,892
1,000,000 6.000%, 2/15/25 Aa 2/04 at 102 1,020,300
1,000,000 Massachusetts Educational Financing Authority,
Education Loan Revenue Bonds, Issue E, Series
1995, 6.150%, 7/01/10 (Alternative Minimum Tax) Aaa 7/04 at 102 1,047,880
Massachusetts Health and Educational Facilities
Authority, Revenue Bonds, New England Deaconess
Hospital Issue, Series D:
3,310,000 6.625%, 4/01/12 A 4/02 at 102 3,518,729
1,000,000 6.875%, 4/01/22 A 4/02 at 102 1,071,730
1,600,000 Massachusetts Health and Educational Facilities
Authority, Revenue Bonds, Children's Hospital Issue,
Series E, 5.500%, 10/01/19 Aa 10/02 at 102 1,594,720
3,000,000 Massachusetts Health and Educational Facilities
Authority, Revenue Bonds, Lahey Clinic Medical
Center Issue, Series B, 5.625%, 7/01/15 Aaa 7/03 at 102 3,001,860
1,400,000 Massachusetts Health and Educational Facilities
Authority, Revenue Bonds, Massachusetts General
Hospital Issue, Series G, 5.375%, 7/01/11 Aaa 7/00 at 100 1,408,540
2,000,000 Massachusetts Health and Educational Facilities
Authority, Revenue Bonds (Daughters of Charity
National Health System-The Carney Hospital),
Series D, 6.100%, 7/01/14 Aa 7/04 at 102 2,071,040
3,800,000 Massachusetts Housing Finance Agency, Housing
Project Revenue Bonds, 6.300%, 10/01/13 A1 4/03 at 102 3,906,172
645,000 Massachusetts Housing Finance Agency, Housing
Development Revenue, Series 1986-A,
7.500%, 12/01/06 (Alternative Minimum Tax) Aaa 12/96 at 102 658,029
2,450,000 Massachusetts Housing Finance Agency, Single
Family Housing Revenue Bonds, Series 9,
8.100%, 12/01/21 (Alternative Minimum Tax) Aa 12/98 at 102 2,547,412
2,500,000 Massachusett Housing Finance Agency, Insured
Rental Housing Bonds, 1994 Series A,
6.650%, 7/01/19 (Alternative Minimum Tax) Aaa 7/04 at 102 2,605,900
4,955,000 Massachusetts Housing Finance Agency, Rental
Housing Mortgage Revenue Bonds, 1995 Series A
(FHA Insured Mortgage Loans), 7.350%, 1/01/35
(Alternative Minimum Tax) Aaa 1/05 at 102 5,393,121
1,350,000 Massachusetts Industrial Finance Agency, Pollution
Control Revenue Bonds, 1993 Series (Eastern
Edison Company Project), 5.875%, 8/01/08 Baa2 8/03 at 102 1,331,627
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,175,000 Massachusetts Industrial Finance Agency, Resource
Recovery Revenue Bonds, Semass Project, Series
1991B, 9.250%, 7/01/15 (Alternative Minimum Tax) N/R 7/01 at 103 $ 3,560,382
1,125,000 Massachusetts Industrial Financial Agency, Revenue
Bonds, Heights Crossing Limited Partnership Issue
(FHA Insured Project), Series 1995, 6.000%, 2/01/15
(Alternative Minimum Tax) AAA 2/06 at 102 1,145,059
2,500,000 Massachusetts Industrial Finance Agency, Revenue
Refunding Bonds, College of the Holy Cross - 1992
Issue II, 6.375%, 11/01/15 (Pre-refunded to 11/01/02) A1 11/02 at 102 2,790,025
1,355,000 Massachusetts Industrial Finance Agency, Revenue
Bonds, Merrimack College Issue, Series 1992,
7.125%, 7/01/12 BBB- 7/02 at 102 1,477,235
1,175,000 Massachusetts Industrial Finance Agency, Revenue
Bonds (Brooks School Issue), Series 1993,
5.950%, 7/01/23 A 7/03 at 102 1,194,258
3,500,000 Massachusetts Industrial Finance Agency, Revenue
Bonds, Phillips Academy Issue, Series 1993,
5.375%, 9/01/23 Aa1 9/08 at 102 3,460,520
2,645,000 Massachusetts Industrial Finance Agency, Revenue
Bonds (Whitehead Institute for Biomedical
Research - 1993 Issue), 5.125%, 7/01/26 Aa 7/03 at 102 2,539,888
3,000,000 Massachusetts Industrial Finance Agency, Revenue
Bonds, Harvard Community Health Plan, Inc.,
Issue 1988 Series B (Refunding Bonds),
8.125%, 10/01/17 A 10/98 at 102 3,238,500
1,420,000 Massachusetts Municipal Wholesale Electric
Company, Power Supply System Revenue Bonds,
1994 Series B, 5.000%, 7/01/17 Aaa 7/04 at 102 1,340,594
2,000,000 Massachusetts Municipal Wholesale Electric
Company, A Public Corporation of The
Commonwealth of Massachusetts, Power Supply
System Revenue Bonds, 6.000%, 7/01/18 Aaa 7/02 at 100 2,050,820
1,000,000 Massachusetts Port Authority, Revenue Bonds,
Series 1982, 13.000%, 7/01/13 Aaa No Opt. Call 1,706,510
4,750,000 Massachusetts Port Authority, Revenue Refunding
Bonds, Series 1993-B, 5.000%, 7/01/18
(Alternative Minimum Tax) Aa 7/03 at 100 4,437,592
2,090,000 Massachusetts Water Pollution Abatement Trust,
Water Pollution Abatement Revenue Bonds (Pool
Loan Program), Series 1, 5.600%, 8/01/13 Aa 8/03 at 102 2,111,987
3,000,000 Massachusetts Water Resources Authority, General
Revenue Refunding Bonds, 1993 Series B,
5.000%, 3/01/22 A 3/03 at 100 2,759,880
3,000,000 Massachusetts Water Resources Authority, General
Revenue Bonds, 1991 Series A, 5.750%, 12/01/21 A 12/01 at 100 3,010,980
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Town of Barnstable, Massachusetts, General
Obligation Bonds:
$ 1,020,000 5.750%, 9/15/10 Aa 9/04 at 102 $ 1,062,942
1,020,000 5.750%, 9/15/11 Aa 9/04 at 102 1,058,974
965,000 5.750%, 9/15/12 Aa 9/04 at 102 997,385
1,420,000 City of Boston, Massachusetts, Revenue Refunding
Bonds, Boston City Hospital (FHA Insured
Mortgage), Series B, 5.750%, 2/15/23 Aa 8/00 at 102 1,403,755
1,000,000 City of Chelsea, Massachusetts, General Obligation
Bonds, School Project Loan, Act of 1948,
7.000%, 6/15/03 Aaa No Opt. Call 1,135,790
4,875,000 City of Lowell, Massachusetts, General Obligation
State Qualified Bonds, 5.600%, 11/01/12 Aaa 11/03 at 102 4,932,085
1,765,000 The New England Education Loan Marketing
Corporation, Student Loan Revenue Bonds, 1992
Subordinated Issue C, 6.750%, 9/01/02
(Alternative Minimum Tax) A1 No Opt. Call 1,913,983
4,000,000 The New England Loan Marketing Corporation,
Student Loan Revenue Bonds, 1992 Subordinated
Issue H, 6.900%, 11/01/09 (Alternative
Minimum Tax) A1 No Opt. Call 4,405,560
1,750,000 Puerto Rico Aqueduct and Sewer Authority, Revenue
Bonds, Series 1988A, 7.875%, 7/01/17
(Pre-refunded to 7/01/98) AAA 7/98 at 102 1,894,078
3,000,000 Puerto Rico Electric Power Authority, Power Revenue
Bonds, Series P, 7.000%, 7/01/21 (Pre-refunded
to 7/01/01) Aaa 7/01 at 102 3,404,130
$89,480,000 Total Investments - (cost $89,103,985) - 93.5% 93,213,864
================
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES 5.1%
$ 3,200,000 The Commonwealth of Massachusetts, Dedicated
Income Tax Bonds, Fiscal Recovery Loan, Act of
1990, Series B, Variable Rate Demand Bonds,
3.900%, 12/01/97+ VMIG-1 3,200,000
1,900,000 Massachusetts Health and Educational Facilities
Authority (Capital Asset Program), Variable Rate
Demand Bonds, 4.050%, 7/01/05+ VMIG-1 1,900,000
$ 5,100,000 Total Temporary Investments - 5.1% 5,100,000
================
Other Assets Less Liabilities - 1.4% 1,420,237
Net Assets - 100% $99,734,101
===========
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 14 $31,724,396 34%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 27,310,407 29
PORTFOLIO OF A+ A1 4 13,015,740 14
INVESTMENTS A, A- A, A2, A3 6 14,794,077 16
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 2 2,808,862 3
TEMPORARY Non-rated Non-rated 1 3,560,382 4
INVESTMENTS):
- -------------------------------------------------------------------------------------------------------------------
TOTAL 40 $93,213,864 100%
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND (NOM)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Health Facilities Revenue Bonds (Barnes-Jewish,
Inc./Christian Health Services), Series 1993,
5.150%, 5/15/10 Aa No Opt. Call $ 994,410
1,000,000 Health and Educational Facilities Authority, of the
State of Missouri, Health Facilities Revenue Bonds
(BJC Health System), Series 1994A,
6.750%, 5/15/12 Aa No Opt. Call 1,151,700
1,000,000 Health and Educational Facilities Authority of the
State of Missouri, Health Facilities Refunding
Revenue Bonds (SSMHealth Care), Series 1992AA,
6.250%, 6/01/07 Aaa 6/02 at 102 1,076,760
1,290,000 Health and Educational Facilities Authority of the
State of Missouri, Health Facilities Revenue Bonds
(SSM Health Care Obligated Group Projects),
Series 1990B, 7.000%, 6/01/15 Aaa 6/00 at 102 1,521,233
1,500,000 Health and Educational Facilities Authority of the
State of Missouri, Health Facilities Revenue Bonds
(Saint Luke's Health System), Series 1993,
5.125%, 11/15/19 Aaa 11/03 at 102 1,420,575
1,000,000 Health and Educational Facilities Authority of the
State of Missouri, Health Facilities Revenue Bonds
(Lake of the Ozarks General Hospital, Inc.), Series
1996, 6.500%, 2/15/21 BBB+ 2/06 at 102 1,014,020
1,000,000 Health and Educational Facilities Authority of the
State of Missouri, Educational Facilities Revenue
Bonds (Saint Louis University), Series 1996,
5.000%, 10/01/10 Aaa 10/06 at 102 988,620
585,000 Missouri Housing Development Commission,
Mortgage Purchase Bonds, Series May 15, 1979
(FHA Insured or VAGuaranteed Mortgage Loans),
6.600%, 11/15/10 AA+ 11/01 at 100 594,237
2,270,000 Missouri Housing Development Commission, Single
Family Mortgage Revenue Bonds, Series 1991-A,
GNMA Mortgage-Backed Securities Program),
7.375%, 8/01/23 (Alternative Minimum Tax) AAA 2/01 at 102 2,408,538
1,835,000 Missouri Housing Development Commission, Single
Family Mortgage Revenue Bonds (Homeownership
Loan Program), 1995 Series C, 7.250%, 9/01/26
(Alternative Minimum Tax) AAA 3/06 at 105 2,025,858
1,000,000 Regional Convention and Sports Complex Authority,
Convention and Sports Facility Project and
Refunding Bonds, Series A 1993 (State of Missouri
Sponsor), 5.500%, 8/15/13 A1 8/03 at 102 1,005,750
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,225,000 State Environmental Improvement and Energy
Resources Authority (State of Missouri, Water
Pollution Control Revenue Bonds, State Revolving
Fund Program-City of Kansas City Project), Series
1995B, 7.750%, 1/01/08 Aa1 1/05 at 102 1,501,483
1,000,000 State Environmental Improvement and Energy
Resources Authority (State of Missouri), Water
Pollution Control Revenue Bonds (State Revolving
Fund Program-City of Branson Project), Series
1995A, 6.050%, 7/01/16 Aaa 7/04 at 102 1,048,480
1,000,000 State Environmental Improvement and Energy
Resources Authority (State of Missouri), Water
Pollution Control Revenue Bonds (State Revolving
Fund Program-Multiple Participant Series), Series
1996D, 5.875%, 1/01/15 Aa 1/06 at 101 1,043,860
1,400,000 Boone County, Missouri, Hospital Revenue Bonds,
Series 1993, 5.500%, 8/01/09 A 8/02 at 102 1,390,424
500,000 City of Cape Girardeau, Missouri, Waterworks
System Refunding Revenue Bonds, Series 1995,
5.200%, 3/01/09 Aaa 3/06 at 100 505,120
1,000,000 Union Reorganized School District No. R-XI of
Franklin County, Missouri, General Obligation
School Building and Refunding Bonds, Series 1993,
5.750%, 3/01/13 Aaa 3/03 at 100 1,028,690
1,550,000 Jackson County, Missouri, Single Family Mortgage
Revenue Bonds, Series 1983, 0.000%, 3/01/15 Aaa No Opt. Call 566,525
1,140,000 City of Kansas City, Missouri, General Improvement
Airport Refunding Revenue Bonds, Series 1995,
6.750%, 9/01/09 Aaa 9/05 at 101 1,285,179
1,500,000 City of Kansas City, Missouri, General Improvement
Airport Revenue Bonds, Series 1994 A,
6.900%, 9/01/11 (Alternative Minimum Tax) Aaa 9/04 at 101 1,686,810
1,000,000 Land Clearance For Redevelopment Authority, of
Kansas City, Missouri, Lease Revenue Bonds
(Municipal Auditorium and Muehlebach Hotel
Redevelopment Projects), Series 1995A,
5.900%, 12/01/18 Aaa 12/05 at 102 1,046,760
2,000,000 School District of Kansas City, Missouri, Building
Corporation, Insured Leasehold Revenue Bonds,
Series 1993 (The School District of Kansas City,
Missouri, Capital Improvements Project),
5.000%, 2/01/14 Aaa 2/04 at 102 1,927,300
2,020,000 Ritenour School District of St. Louis County,
Missouri, General Obligation School Bonds, Series
1995, 7.375%, 2/01/12 Aaa No Opt. Call 2,498,740
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 Francis Howell School District, St. Charles County,
Missouri, General Obligation Refunding Bonds,
Series 1994A, 7.800%, 3/01/08 Aaa No Opt. Call $ 1,885,110
1,400,000 School District of the City of St. Charles, Missouri,
General Obligation Bonds (Missouri Direct Deposit
Program), Series 1996A, 5.625%, 3/01/14 Aa 3/06 at 100 1,441,496
1,500,000 Certificates of Receipt, Series 1993, St. Louis County,
Missouri, GNMACollateralized Mortgage
Revenue Bonds, Series 1989A, 5.650%, 7/01/20
(Alternative Minimum Tax) AAA No Opt. Call 1,559,205
1,395,000 The Board of Education of the City of St. Louis
(Missouri), General Obligation School Refunding
Bonds, Series 1993A, 8.500%, 4/01/07 Aaa No Opt. Call 1,816,332
1,800,000 St. Louis Municipal Finance Corporation, City
Justice Center, Leasehold Revenue Improvement
Bonds, Series 1996A (City of St. Louis, Missouri,
Lessee), 5.750%, 2/15/11 Aaa 2/06 at 102 1,865,340
1,500,000 St. Louis Municipal Finance Corporation, Leasehold
Revenue Refunding Bonds, 5.850%, 7/15/09 Aa3 7/03 at 102 1,526,805
1,275,000 St. Louis Municipal Finance Corporation, Leasehold
Revenue Improvement and Refunding Bonds,
Series 1992 (City of St. Louis, Missouri, Lessee)
6.250%, 2/15/12 (Pre-refunded to 2/15/03) Aaa 2/03 at 102 1,409,602
500,000 City of Sikeston, Missouri, Electric System Revenue
Refunding Bonds, 1996 Series, 6.000%, 6/01/16 Aaa No Opt. Call 547,045
625,000 Reorganized School District No. R-IV of Stone
County, Missouri (Reeds Spring, Missouri), General
Obligation School Building Refunding and
Improvement Bonds, Series 1995, 7.600%, 3/01/10 Aaa No Opt. Call 780,419
1,250,000 The Industrial Development Authority of The City
of University City, Missouri, Multifamily Housing
Revenue Refunding Bonds (GNMA Collateralized-
Canterbury Gardens Project), Series 1995A,
5.900%, 12/20/20 AAA 12/05 at 102 1,270,250
1,000,000 The Curators of the University of Missouri, Health
Facilities Revenue Bonds (University of Missouri
Health System), Series 1996A,
5.200%, 11/01/10 (WI) Aaa 11/06 at 102 993,110
700,000 Puerto Rico Electric Power Authority, Power Revenue
Refunding Bonds, Series U, 6.000%, 7/01/14 Aaa 7/04 at 102 739,927
$43,260,000 Total Investments - (cost $43,138,175) - 99.7% 45,565,713
================
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.9%
$ 400,000 Health and Education Facilities Authority of the
================
State of Missouri, Variable Rate Demand Bonds,
Educational Facilities Revenue Bonds (Drury
College), Series 1996A, 4.100%, 8/15/21+ VMIG-1 $ 400,000
Other Assets Less Liabilities - (0.6%) (250,654)
Net Assets - 100% $45,715,059
===========
<CAPTION>
NUMBER-OF MARKET MARKET
STANDARD-&-POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 25 $33,901,528 75%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 7 8,253,991 18
PORTFOLIO OF A+ A1 1 1,005,750 2
INVESTMENTS A, A- A, A2, A3 1 1,390,424 3
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 1 1,014,020 2
TEMPORARY
INVESTMENTS):
TOTAL 35 $45,565,713 100%
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND (NPW)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 State of Washington, General Obligation Bonds,
Series 1994B, 6.000%, 5/01/19 Aa 5/04 at 100 $ 2,071,860
1,250,000 Washington Health Care Facilities Authority,
Revenue Bonds, Refunding Series 1992 (Franciscan
Health System/Saint Clare Hospital, Tacoma),
6.625%, 7/01/20 Aaa 7/02 at 102 1,374,925
2,000,000 Washington Health Care Facilities Authority,
Revenue Bonds, Series 1992 (The Children's
Hospital and Medical Center, Seattle),
6.125%, 10/01/13 Aaa 10/02 at 102 2,084,360
2,400,000 Washington Health Care Facilities Authority,
Revenue Bonds, Series 1992 (Swedish Hospital
Medical Center, Seattle), 6.300%, 11/15/22 Aaa 11/02 at 102 2,540,592
650,000 Washington Health Care Facilities Authority,
Revenue Bonds, Series 1993 (Empire Health
Services, Spokane), 5.625%, 11/01/19 Aaa 11/03 at 102 638,469
1,000,000 Washington Health Care Facilities Authority,
Revenue Bonds, Series 1993A (The Heart Institute
of Spokane), 5.800%, 8/15/18 AA- 8/04 at 102 987,140
1,000,000 Washington Public Power Supply System, Nuclear
Project No. 1 Refunding Revenue Bonds, Series
1993A, 5.700%, 7/01/17 Aaa 7/03 at 102 1,004,320
1,000,000 Washington Public Power Supply System, Nuclear
Project No. 3 Refunding Revenue Bonds, Series
1993B, 7.000%, 7/01/09 Aa1 No Opt. Call 1,152,670
980,000 Washington State Housing Finance Commission,
Multi-Family Mortgage Revenue Bonds (GNMA
Mortgage Backed Securities Program), Series 1989A,
7.700%, 7/01/32 (Alternative Minimum Tax) AAA 1/00 at 103 1,034,919
1,610,000 Washington State Housing Finance Commission,
Single-Family Mortgage Revenue Bonds (Mortgage
Backed Securities Program), Series 1992D-1,
6.150%, 1/01/26 (Alternative Minimum Tax) AAA NoOpt. Call 1,658,719
1,400,000 Washington State University, Housing and Dining
System Revenue and Refunding Bonds, Series 1994,
6.375%, 10/01/18 Aaa 10/04 at 101 1,523,942
1,050,000 City of Bellevue, King County, Washington, Water
and Sewer Revenue Refunding Bonds, 1994,
5.875%, 7/01/09 Aa 7/04 at 100 1,098,941
1,000,000 Public Utility District No. 1 of Benton County,
Washington, Electric Revenue Bonds, Series B
1982, 11/01/02 (Pre-refunded to 11/01/97) Aaa 11/97 at 100 1,088,190
2,000,000 Public Utility District No. 1 of Chelan County,
Washington, Columbia River-Rock Island
Hydro-Electric System Revenue Bonds, Series of
1976, 6.375%, 6/01/29 A1 12/96 at 102 2,020,340
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,035,000 Covington Water District, Water Revenue Bonds,
Refunding Series 1995, 6.050%, 3/01/20 Aaa 3/05 at 100 $ 1,070,532
2,000,000 Housing Authority of the County of King,
Washington, Housing Revenue Bonds, 1995
(Woodridge Park Project), 6.350%, 5/01/25
(Alternative Minimum Tax) AA+ 5/05 at 100 2,045,640
1,000,000 Federal Way School District No. 210, King County,
Washington, Unlimited Tax General Obligation
and Refunding Bonds, 1993, 5.750%, 12/01/12 Aaa No Opt. Call 1,047,590
800,000 Kitsap County, Washington, Sewer Revenue Bonds,
1996, 5.750%, 7/01/16 Aaa 7/06 at 100 816,200
1,600,000 Public Utility District No. 1 of Klickitat County,
Washington, Electric Revenue Bonds, 1995,
5.650%, 10/01/15 Aaa 10/05 at 101 1,626,544
1,000,000 Lewis County Public Utility District, Cowlitz Falls
Hydroelectric Project, Revenue Refunding Bonds,
Series 1993, 5.500%, 10/01/22 Aa1 10/03 at 102 982,590
1,000,000 Peninsula School District No. 401, Pierce County,
Washington, Unlimited Tax General Obligation
Refunding Bonds, 1993, 5.500%, 12/01/08 Aaa No Opt. Call 1,043,350
1,000,000 Port of Seattle, Washington, Revenue Bonds, 1990A,
6.000%, 12/01/14 AA- 12/00 at 100 1,011,850
1,000,000 Port of Seattle, Washington, Revenue Bonds, Series
1996A, 5.500%, 9/01/21 Aaa 9/06 at 101 985,940
1,000,000 Port of Vancouver, Clark County, Washington, Limited
Tax General Obligation Bonds, 1994 Series B,
6.000%, 12/01/04 (Alternative Minimum Tax) Aaa No Opt. Call 1,093,920
900,000 City of Richland, Washington, Water and Sewer
Improvement Revenue Bonds, 1993,
5.625%, 4/01/12 Aaa 4/03 at 100 915,606
1,200,000 Sammamish Plateau Water and Sewer District, King
County, Washington, Water and Sewer Revenue
Refunding Bonds, 1996, 5.500%, 12/01/16 Aaa 12/06 at 100 1,187,796
Seattle Indian Services Commission, Special
Obligation Bonds, 1994:
1,000,000 6.000%, 11/01/16 Aa1 11/04 at 100 1,041,150
750,000 6.150%, 11/01/24 Aa1 11/04 at 100 784,898
1,500,000 The City of Seattle, Washington, Drainage and
Wastewater Utility Revenue Bonds, 1992,
5.750%, 12/01/22 Aa 12/02 at 101 1,512,450
500,000 The City of Seattle, Washington, Municipal Light
and Power Revenue Bonds, 1992A,
5.750%, 8/01/12 Aa 8/02 at 102 510,045
500,000 The City of Seattle, Washington, Water System and
Refunding Revenue Bonds, 1993, 5.250%, 12/01/23 Aa 6/03 at 101 481,500
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,640,000 Housing Authority of Skagit County, Low-Income
Housing Assistance Revenue Bonds, 1993 (GNMA
Collateralized Mortgage Loan-Sea Mar Project),
7.000%, 6/20/35 AAA 11/04 at 104 $ 1,742,139
1,385,000 Public Utility District No. 1 of Snohomish County,
Washington, Generation System Revenue Bonds,
Series 1993B, 5.750%, 1/01/09 (Alternative
Minimum Tax) A1 1/04 at 102 1,417,381
1,500,000 Mukilteo School District No. 6, Snohomish County,
Washington, Unlimited Tax General Obligation
and Refunding Bonds, 1993, 5.700%, 12/01/12 Aaa No Opt. Call 1,567,995
500,000 Edmonds School District No. 15, Snohomish County,
Washington, Unlimited Tax General Obligation
Bonds, Series 1994, 6.500%, 12/01/08 AA- No Opt. Call 565,640
1,000,000 University of Washington, Housing and Dining
System Revenue Refunding Bonds, Junior Lien
Series 1996, 5.125%, 12/01/15 Aaa 12/06 at 102 965,840
1,910,000 Housing Authority of the City of Vancouver Revenue
Bonds, 1993, Series B (Fishers Mill Project), (Junior
Lien Bonds), 6.000%, 3/01/23 Aa 3/03 at 100 1,947,990
1,500,000 Western Washington University, Housing and
Dining System, Revenue Bonds, Series 1992,
6.375%, 10/01/22 Aaa 10/02 at 101 1,605,404
1,000,000 Yakima-Tieton Irrigation District, Yakima County,
Washington, Refunding Revenue Bonds, 1992,
6.125%, 6/01/13 Aaa 6/03 at 102 1,049,960
$47,560,000 Total Investments - (cost $47,615,204) - 98.4% 49,299,337
================
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 100,000 Washington Health Care Facilities Authority,
================
Variable Rate Demand Revenue Bonds (Sisters of
Providence), Series 1985E, 4.000%, 10/01/05+ VMIG-1 100,000
Other Assets Less Liabilities - 1.4% 703,404
Net Assets - 100% $50,102,741
===========
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 23 $29,667,252 60%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 16,194,364 33
PORTFOLIO OF A+ A1 2 3,437,721 7
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 39 $49,299,337 100%
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
+ The security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $107,032,691 $ 93,213,864 $ 45,565,713 $ 49,299,337
Temporary investments in short-term municipal
securities, at amortized cost (note 1) -- 5,100,000 400,000 100,000
Cash 580,243 15,534 95,234 61,692
Receivables:
Interest 2,053,454 1,817,162 814,302 868,798
Investments sold -- 15,000 -- --
Other assets 9,877 7,925 8,323 6,786
------------ ------------ ------------ ------------
Total assets 109,676,265 100,169,485 46,883,572 50,336,613
------------ ------------ ------------ ------------
LIABILITIES
Payable for investments purchased -- -- 985,327 --
Accrued expenses:
Management fees (note 6) 57,874 52,925 24,212 26,548
Other 51,360 57,326 26,278 57,854
Preferred share dividends payable 4,198 5,401 2,367 3,307
Common share dividends payable 326,408 319,732 130,329 146,163
------------ ------------ ------------ ------------
Total liabilities 439,840 435,384 1,168,513 233,872
------------ ------------ ------------ ------------
Net assets (note 7) $109,236,425 $ 99,734,101 $ 45,715,059 $ 50,102,741
============ ============ ============ ============
Preferred shares, at liquidation value $ 38,300,000 $ 34,000,000 $ 16,000,000 $ 17,000,000
============ ============ ============ ============
Preferred shares outstanding 1,532 1,360 640 680
============ ============ ============ ============
Common shares outstanding 5,140,283 4,600,454 2,136,537 2,320,051
============ ============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred
shares at liquidation value,
divided by Common shares outstanding) $ 13.80 $ 14.29 $ 13.91 $ 14.27
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended November 30, 1996
(Unaudited)
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 3,022,903 $ 2,874,204 $ 1,258,188 $ 1,413,366
----------- ----------- ----------- -----------
Expenses:
Management fees (note 6) 346,916 317,996 145,221 159,272
Preferred shares--auction fees 47,875 42,500 20,000 21,251
Preferred shares--dividend disbursing agent fees 7,083 6,250 7,083 6,250
Shareholders' servicing agent fees and expenses 7,884 4,120 3,492 1,499
Custodian's fees and expenses 20,871 17,003 17,381 17,479
Trustees' fees and expenses (note 6) 856 948 630 655
Professional fees 8,107 8,194 9,020 8,062
Shareholders' reports--printing and
mailing expenses 15,132 13,831 10,827 8,073
Stock exchange listing fees 8,143 8,091 1,015 1,134
Investor relations expense 4,437 3,572 2,002 1,754
Other expenses 5,510 4,678 8,990 6,583
----------- ----------- ----------- -----------
Total expenses 472,814 427,183 225,661 232,012
----------- ----------- ----------- -----------
Net investment income 2,550,089 2,447,021 1,032,527 1,181,354
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment
transactions (notes 1 and 3) (543,174) (122,009) (28,008) 258
Net change in unrealized appreciation or depreciation
of investments 4,575,965 3,321,393 1,718,872 1,816,188
----------- ----------- ----------- -----------
Net gain from investments 4,032,791 3,199,384 1,690,864 1,816,446
----------- ----------- ----------- -----------
Net increase in net assets from operations $ 6,582,880 $ 5,646,405 $ 2,723,391 $ 2,997,800
=========== =========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NTC NMT
Six months ended Year ended Six months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 2,550,089 $ 5,014,273 $ 2,447,021 $ 4,817,006
Net realized gain (loss) from investment
transactions (notes 1 and 3) (543,174) (521,214) (122,009) (356,375)
Net change in unrealized appreciation or
depreciation of investments 4,575,965 (534,565) 3,321,393 (520,768)
------------- ------------- ------------- -------------
Net increase in net assets from operations 6,582,880 3,958,494 5,646,405 3,939,863
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (1,917,837) (3,758,689) (1,902,659) (3,669,476)
Preferred shareholders (531,031) (1,262,953) (478,331) (1,099,146)
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (2,448,868) (5,021,642) (2,380,990) (4,768,622)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of
distributions 174,725 140,264 165,585 61,212
------------- ------------- ------------- -------------
Net increase in net assets derived from
capital share transactions 174,725 140,264 165,585 61,212
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 4,308,737 (922,884) 3,431,000 (767,547)
Net assets at beginning of period 104,927,688 105,850,572 96,303,101 97,070,648
------------- ------------- ------------- -------------
Net assets at end of period $ 109,236,425 $ 104,927,688 $ 99,734,101 $ 96,303,101
============= ============= ============= =============
Balance of undistributed net investment
income at end of period $ 330,095 $ 228,874 $ 361,345 $ 295,314
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NOM NPW
Six months ended Year ended Six months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,032,527 $ 2,042,610 $ 1,181,354 $ 2,357,858
Net realized gain (loss) from investment
transactions (notes 1 and 3) (28,008) (126,266) 258 43,444
Net change in unrealized appreciation or
depreciation of investments 1,718,872 (499,333) 1,816,188 (580,097)
------------ ------------ ------------ ------------
Net increase in net assets from operations 2,723,391 1,417,011 2,997,800 1,821,205
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (771,291) (1,440,028) (865,379) (1,726,118)
Preferred shareholders (251,014) (528,534) (295,735) (641,034)
------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (1,022,305) (1,968,562) (1,161,114) (2,367,152)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of
distributions -- -- -- --
------------ ------------ ------------ ------------
Net increase in net assets derived from
capital share transactions -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 1,701,086 (551,551) 1,836,686 (545,947)
Net assets at beginning of period 44,013,973 44,565,524 48,266,055 48,812,002
------------ ------------ ------------ ------------
Net assets at end of period $ 45,715,059 $ 44,013,973 $ 50,102,741 $ 48,266,055
============ ============ ============ ============
Balance of undistributed net investment
income at end of period $ 141,565 $ 131,343 $ 81,076 $ 60,836
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT
ACCOUNTING POLICIES
At November 30, 1996, the state Funds (the "Funds")
covered in this report and their corresponding stock
exchange symbols are Nuveen Connecticut Premium
Income Municipal Fund (NTC), Nuveen Massachusetts
Premium Income Municipal Fund (NMT), Nuveen Missouri
Premium Income Municipal Fund (NOM) and Nuveen
Washington Premium Income Municipal Fund (NPW). NTC
and NMT are traded on the New York Stock Exchange
while NOM and NPW are traded on the American Stock
Exchange.
Each Fund invests primarily in a diversified
portfolio of municipal obligations issued by state
and local government authorities within a single
state. The Funds are registered under the Investment
Company Act of 1940 as closed-end, diversified
management investment companies.
The following is a summary of significant accounting
policies followed by the Funds in the preparation of
their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation Portfolio securities for which market
quotations are readily available are valued at the
mean between the quoted bid and asked prices or the
yield equivalent. Portfolio securities for which
market quotations are not readily available are
valued at fair value by consistent application of
methods determined in good faith by the Board of
Trustees. Temporary investments in securities that
have variable rate and demand features qualifying
them as short-term securities are traded and valued
at amortized cost.
Securities Transactions Securities transactions are recorded on a trade date
basis. Realized gains and losses from such
transactions are determined on the specific
identification method. Securities purchased or sold
on a when-issued or delayed delivery basis may be
settled a month or more after the transaction date.
The securities so purchased are subject to market
fluctuation during this period. The Funds have
instructed the custodian to segregate assets in a
separate account with a current value at least equal
to the amount of their purchase commitments. At
November 30, 1996, NOM had outstanding purchase
commitments of $985,327. There were no such purchase
commitments in any of the other Funds.
<PAGE>
Interest Income Interest income is determined on the basis of
interest accrued, adjusted for amortization of
premiums and accretion of discounts on long-term
debt securities when required for federal income tax
purposes.
Income Taxes The Funds intend to comply with the requirements of
the Internal Revenue Code applicable to regulated
investment companies by distributing to shareholders
all of their tax-exempt net investment income, in
addition to any significant amounts of net
realized capital gains and/or market discount
realized from investment transactions. The Funds
currently consider significant net realized capital
gains and/or market discount as amounts in excess of
$.01 per Common share. Furthermore, each Fund
intends to satisfy conditions which will enable
interest from municipal securities, which is
exempt from regular federal and designated state
income taxes, to retain such tax-exempt status when
distributed to shareholders of the Funds. Net
realized capital gain and market discount
distributions are subject to federal taxation.
Dividends and Tax-exempt net investment income is declared as a
Distributions to dividend monthly and payment is made or reinvestment
Shareholders is credited to shareholder accounts after month-end.
Net realized capital gains and/or market discount
from investment transactions are distributed to
shareholders not less frequently than
annually. Furthermore, capital gains are distributed
only to the extent they exceed available capital
loss carryovers.
Distributions to shareholders of tax-exempt net
investment income, net realized capital gains and/or
market discount are recorded on the ex-dividend
date. The amount and timing of such distributions
are determined in accordance with federal income tax
regulations, which may differ from generally
accepted accounting principles. Accordingly,
temporary over-distributions as a result of these
differences may occur and will be classified as
either distributions in excess of net investment
income, distributions in excess of net realized
gains and/or distributions in excess of 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 one Series. The dividend rate
may change every seven days, as set by the Auction
Agent. The number of Preferred shares outstanding at
November 30, 1996, for each Fund is as follows:
<TABLE>
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Number of shares:
Series Th 1,532 1,360 640 680
===== ===== === ===
</TABLE>
Derivative Financial In October 1994, the Financial Accounting Standards
Instruments Board (FASB) issued Statement of Financial Accounting
Standards No. 119, Disclosure about Derivative
Financial Instruments and Fair Value of Financial
Instruments, which prescribes disclosure
requirements for transactions in certain derivative
financial instruments including futures, forward,
swap, and option contracts, and other financial
instruments with similar characteristics. Although
the Funds are authorized to invest in such financial
instruments, and may do so in the future, they did
not make any such investments during
the six months ended November 30, 1996.
Use of Estimates The preparation of financial statements
in conformity with generally accepted accounting
principles requires management to make estimates and
assumptions that affect the reported amounts of
assets and liabilities at the date of the financial
statements and the reported amounts of increases and
decreases in net assets from operations during the
reporting period.
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common shares were as follows:
<CAPTION>
NTC NMT
6 months ended Year ended 6 months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 12,899 10,325 11,793 4,528
====== ====== ====== ======
<CAPTION>
NOM NPW
6 months ended Year ended 6 months ended Year ended
11/30/96 5/31/96 11/30/96 5/31/96
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions -- -- -- --
====== ====== ====== ======
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of
investments in municipal securities and temporary
municipal investments during the six months ended
November 30, 1996, were as follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $13,979,152 $ 6,346,964 $ 5,774,332 $ 2,958,805
Temporary municipal investments 7,500,000 7,900,000 4,600,000 5,710,000
SALES AND MATURITIES
Investments in municipal securities 13,893,575 10,256,149 4,783,206 2,704,715
Temporary municipal investments 7,800,000 2,800,000 4,700,000 5,910,000
=========== =========== =========== ===========
</TABLE>
At November 30, 1996, the identified cost of
investments owned for federal income tax purposes
was the same as the cost for financial reporting
purposes for each Fund.
At May 31, 1996, the funds' last fiscal year end,
the Funds had unused capital loss carryovers
available for federal income tax purposes to be
applied against future capital gains, if any. If not
applied, the carryovers will expire as follows:
<TABLE>
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Expiration year:
2002 $ 9,146 $ -- $ -- $ --
2003 1,272,842 1,247,263 1,427,894 580,800
2004 1,105,901 945,779 708,417 70,082
---------- ---------- ---------- ----------
Total $2,387,889 $2,193,042 $2,136,311 $ 650,882
========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On December 2, 1996, the Funds declared Common share
dividend distributions from their tax-exempt net
investment income which were paid December 31, 1996,
to shareholders of record on December 15, 1996, as
follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Dividend per share $.0635 $.0695 $.0610 $.0630
====== ====== ====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized
depreciation of investments at November 30, 1996,
were as follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $ 3,498,226 $ 4,206,559 $ 2,429,101 $ 1,716,858
Depreciation (701,819) (96,680) (1,563) (32,725)
----------- ----------- ----------- -----------
Net unrealized appreciation $ 2,796,407 $ 4,109,879 $ 2,427,538 $ 1,684,133
=========== =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS
WITH AFFILIATES
Under the Funds' investment management agreements
with Nuveen Advisory Corp. (the "Adviser"), a wholly
owned subsidiary of The John Nuveen Company, each
Fund pays to the Adviser an annual management fee,
payable monthly, at the rates set forth below, which
are based upon the average daily net asset value of
each Fund.
<CAPTION>
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
The fee compensates the Adviser for overall
investment advisory and administrative services and
general office facilities. The Funds pay no
compensation directly to those Trustees who are
affiliated with the Adviser or to their officers,
all of whom receive remuneration for their services
to the Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. COMPOSITION OF NET ASSETS
At November 30, 1996, net assets consisted of:
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per
share, at liquidation value $ 38,300,000 $ 34,000,000 $ 16,000,000 $ 17,000,000
Common shares, $.01 par value per share 51,403 46,005 21,365 23,201
Paid-in surplus 70,994,323 63,627,902 29,327,360 31,971,264
Balance of undistributed net investment income 330,095 361,345 141,565 81,076
Accumulated net realized gain (loss)
from investment transactions (3,235,803) (2,411,030) (2,202,769) (656,933)
Net unrealized appreciation of investments 2,796,407 4,109,879 2,427,538 1,684,133
------------- ------------- ------------- -------------
Net assets $ 109,236,425 $ 99,734,101 $ 45,715,059 $ 50,102,741
============= ============= ============= =============
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
============= ============= ============= =============
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which
include general obligation, escrowed and revenue
bonds. At November 30, 1996, the revenue sources by
municipal purpose for these investments, expressed
as a percent of total investments, were as follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Revenue Bonds:
Housing Facilities 11% 22% 14% 17%
Health Care Facilities 19 18 18 16
Educational Facilities 18 17 2 8
Electric Utilities 3 4 3 18
Water / Sewer Facilities 6 8 9 17
Lease Rental Facilities -- -- 13 --
Transportation 8 5 6 6
Pollution Control Facilities 6 1 -- --
Other 8 4 3 --
General Obligation Bonds 16 10 21 16
Escrowed Bonds 5 11 11 2
--- --- --- ---
100% 100% 100% 100%
=== === === ===
</TABLE>
Certain long-term and intermediate-term investments
owned by the Funds are either covered by insurance
issued by several private insurers or are backed by
an escrow or trust containing U.S. Government or
U.S. Government agency securities, both of which
ensure the timely payment of principal and interest
in the event of default (60% for NTC, 36% for NMT,
62% for NOM and 51% for NPW). Such insurance or
escrow, however, does not guarantee the market value
of the municipal securities or the value of any of
the Funds' shares.
All of the temporary investments in short-term
municipal securities have credit enhancements
(letters of credit, guarantees or insurance) issued
by third party domestic or foreign banks or other
institutions.
For additional information regarding each investment
security, refer to the Portfolio of Investments of
each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income ments shareholders shareholders+
<S> <C> <C> <C> <C> <C>
NTC
Six months ended
11/30/96 $12.990 $.497 $ .790 $(.374) $(.103)
Year ended 5/31,
1996 13.200 .979 (.208) (.734) (.247)
1995 12.450 .977 .739 (.736) (.230)
1994 13.960 .768 (1.400) (.605) (.129)
5/20/93 to
5/31/93 14.050 .002 .001 -- --
<CAPTION>
NMT
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/96 13.580 .533 .695 (.414) (.104)
Year ended 5/31,
1996 13.760 1.050 (.190) (.800) (.240)
1995 12.900 1.036 .846 (.780) (.242)
1994 14.080 .872 (1.020) (.738) (.149)
3/18/93 to
5/31/93 14.050 .054 .056 -- --
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Organization Common
and offering share
costs and market
To To Preferred share Net asset value
Common Preferred underwriting value end end of
shareholders shareholders+ discounts of period period
<S> <C> <C> <C> <C> <C>
NTC
Six months ended
11/30/96 $ -- $ -- $ -- $13.800 $13.750
Year ended 5/31,
1996 -- -- -- 12.990 13.625
1995 -- -- -- 13.200 12.625
1994 -- -- (.144) 12.450 13.125
5/20/93 to
5/31/93 -- -- (.093) 13.960 15.000
<CAPTION>
NMT
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/96 -- -- -- 14.290 14.125
Year ended 5/31,
1996 -- -- -- 13.580 13.750
1995 -- -- -- 13.760 13.375
1994 -- -- (.145) 12.900 12.500
3/18/93 to
5/31/93 -- -- (.080) 14.080 15.250
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets++ net assets++ rate
<S> <C> <C> <C> <C> <C> <C>
NTC
Six months ended
11/30/96 3.74% 9.23% $109,236 .89%* 4.78%* 13%
Year ended 5/31,
1996 14.06 3.97 104,928 .89 4.71 15
1995 2.22 12.74 105,851 .92 4.99 18
1994 (8.73) (6.74) 101,595 .95 3.95 9
5/20/93 to
5/31/93 -- (.64) 67,533 1.04* 1.17* --
<CAPTION>
NMT
<S> <C> <C> <C> <C> <C> <C>
Six months ended
11/30/96 5.78 8.39 99,734 .87* 5.00* 7
Year ended 5/31,
1996 8.99 4.55 96,303 .88 4.95 18
1995 14.12 13.58 97,071 .94 5.20 29
1994 (13.64) (3.38) 93,078 .97 4.26 33
3/18/93 to
5/31/93 1.67 .21 64,377 .93* 2.17* --
</TABLE>
See notes on page 46.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income ments shareholders shareholders+
NOM
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/96 $13.110 $ .483 $ .795 $(.361) $(.117)
Year ended 5/31,
1996 13.370 .956 (.295) (.674) (.247)
1995 12.350 .948 1.022 (.693) (.257)
1994 13.900 .759 (1.397) (.594) (.136)
5/20/93 to
5/31/93 14.050 .001 (.001) -- --
<CAPTION>
NPW
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/96 13.480 .509 .781 (.373) (.127)
Year ended 5/31,
1996 13.710 1.016 (.226) (.744) (.276)
1995 12.970 1.006 .765 (.765) (.266)
1994 14.090 .906 (.923) (.762) (.155)
3/18/93 to
5/31/93 14.050 .066 .088 -- --
<PAGE>
<CAPTION>
Distributions from capital gains
Per Total
Organization Common invest-
and offering share ment
costs and market return
To To Preferred share Net asset value on
Common Preferred underwriting value end end of market
shareholders shareholders+ discounts of period period value**
NOM
<S> <C> <C> <C> <C> <C> <C>
Six months ended
11/30/96 $ -- $ -- $ -- $13.910 $12.625 3.87%
Year ended 5/31,
1996 -- -- -- 13.110 12.500 10.07
1995 -- -- -- 13.370 12.000 6.13
1994 -- -- (.182) 12.350 12.000 (17.26)
5/20/93 to
5/31/93 -- -- (.150) 13.900 15.125 .83
<CAPTION>
NPW
<S> <C> <C> <C> <C> <C> <C>
Six months ended
11/30/96 -- -- -- 14.270 12.750 11.86
Year ended 5/31,
1996 -- -- -- 13.480 11.750 7.44
1995 -- -- -- 13.710 11.625 .41
1994 (.014) (.003) (.169) 12.970 12.375 (16.88)
3/18/93 to
5/31/93 -- -- (.114) 14.090 15.750 5.00
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
net
Total Net assets Ratio of investment
return on end of expenses income Portfolio
net asset period (in to average to average turnover
value** thousands) net assets++ net assets++ rate
NOM
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/96 8.97% $45,715 1.01%* 4.62%* 11%
Year ended 5/31,
1996 3.09 44,014 1.01 4.57 34
1995 14.74 44,566 1.08 4.86 34
1994 (7.16) 42,343 1.05 3.92 39
5/20/93 to
5/31/93 (1.07) 29,296 1.34* .69* --
<CAPTION>
NPW
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/96 8.74 50,103 .95* 4.82* 6
Year ended 5/31,
1996 3.75 48,266 .94 4.81 20
1995 12.36 48,812 1.04 5.04 16
1994 (2.73) 47,095 1.08 4.42 29
3/18/93 to
5/31/93 .28 32,653 1.02* 2.63* --
<PAGE>
<FN>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred shareholders.
</FN>
</TABLE>
<PAGE>
Your investment partner
Photographic image of John Nuveen, Sr., founder of Nuveen.
For nearly 100 years, Nuveen has earned its reputation as a tax-free
income specialist.
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
FSA-3-11.96
