Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams.
NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND
NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND
NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND
NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND
SEMIANNUAL REPORT/NOVEMBER 30, 1995
Photographic image of man seated at breakfast table with wife standing behind
him.
CONTENTS
3 Dear shareholder
5 Answering your questions
9 Fund performance
11 Commonly used terms
13 Shareholder meeting report
14 Portfolio of investments
26 Statement of net assets
27 Statement of operations
28 Statement of changes in net assets
30 Notes to financial statements
36 Financial highlights
<PAGE>
Dear shareholder
"Over time, municipal bonds have proven to be a valuable and dependable
component of successful investment programs."
Photographic image of Richard J. Franke, Chairman of the Board
Since the beginning of 1995, we have enjoyed a rebound in the bond markets--a
welcome change from 1994, which was one of the most volatile periods in bond
market history. In fact, 1995 has unfolded as one of the best years for bonds
in a decade. The juxtaposition of these two contrasting periods serves as a
reminder that weathering the ups and downs of the markets is a normal part of
the investment process. We can gain a better perspective on this process if we
remember one of the basic principles of investing: A financial plan that
focuses on your long-term goals can minimize the impact of any short-term
market volatility.
Municipal bond funds continue to be an attractive way to invest for the long
term. Your Fund offered steady tax-free income and diversification across
market sectors. Throughout the past year, we have kept our sights focused on
successfully meeting these objectives: seeking to provide you with a solid
source of current income and enhanced share price relative to the market as a
whole.
As of November 30, 1995, current annual yields on share prices for the funds
covered in this report ranged from 5.56% to 6.14%. To match these yields, an
investor in the 36% federal income tax bracket would have had to earn at least
8.69% on taxable alternatives. Without question, taxable yields at these
levels on investments of comparable quality are difficult to achieve in
today's markets. The addition of state taxes to these calculations further
enhances the after-tax yield advantage provided by municipal bonds.
Reflecting the rebound in the bond market, each of these funds reported
substantial gains in net asset value over November 30, 1994, as well as
increases in share price. The 12-month total returns on net asset value,
reflecting gains plus reinvested dividend income, ranged from 33.77% to
36.74%, which translates to 37.62% to 41.07% on a tax-equivalent basis. These
performance results remind us of the important role that municipal bonds--and
the tax-free income they provide--can play as part of an investment strategy
focused on diversification and long-term performance.
The value and dependability of your municipal bond investments are enhanced
by the fact that you have chosen tax-free exchange-traded funds managed by
Nuveen. We offer a combination of professional management, award-winning
research, and shareholder service that distinguishes Nuveen as a fund manager.
Our portfolio management strategy, which we call value investing, relies on
a disciplined approach to security selection and portfolio construction
designed to deliver above-market performance by emphasizing securities that
are underpriced or undervalued by the market. This approach is supported by
the strength of Nuveen Research, which provides the insights and experience to
assist portfolio managers in identifying and selecting bonds with strong
credit quality. Our research professionals continually monitor our holdings in
order to alert portfolio managers concerning changes that may affect quality.
<PAGE>
Nuveen also prides itself on its exceptional service to shareholders.
Through annual and semiannual reports, regular statements, as well as our
toll-free information lines, our communication programs help us stay in touch
with your needs and concerns. We also provide support to financial advisers
across the nation by supplying them with the information they need to answer
your questions and to recommend products to meet your needs.
As you review the following pages detailing the solid performance of your
funds, we trust you will come away with the feeling that these results,
coupled with Nuveen's continued pledge of premium service, add up to a
rewarding investment experience. We look forward to serving your tax-free
investment needs in the future.
Sincerely,
Richard J. Franke
Chairman of the Board
January 16, 1996
<PAGE>
Answering your questions
Tom Spalding, head of Nuveen's portfolio management team, offers insights into
the bond market recovery and the outlook for 1996.
How has the recovery of the municipal bond market affected Nuveen funds?
The market recovery has helped most Nuveen funds regain some of the share
price they lost during 1994's market. The setback in the bond market in
1994--which goes on record as one of the most volatile periods in decades--was
the first downturn experienced by many Nuveen exchange-traded fund investors,
and some reacted by selling their shares. This, in turn, drove share prices
down even further. Since the beginning of the recovery in early 1995, however,
municipal bond prices have increased, and most Nuveen funds have seen their
prices rise 12% to 15%.
Because of their capital structure, leveraged funds such as the ones covered
in this report experienced greater price declines in 1994 than unleveraged
funds, and they generally responded more quickly to the stabilizing interest
rate environment with recovering prices in 1995.
Why do these funds continue to trade at a discount despite the recovery?
To understand why this is happening, it may be helpful to remember that each
share has two prices: the net asset value (NAV), which represents the
underlying value of the fund, and the share price, which reflects the market's
assessment of the fund.
PAGE
<PAGE>
Photographic image of Tom Spalding
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
As the market turned around in 1995, net asset values appreciated more
quickly than share prices. This is typical of a market that sometimes takes
time to recognize underlying value balanced against the various factors that
affect share price, such as interest rates, inflation forecasts, the relative
strength of the stock market, and the legislative and tax outlooks. The fact
that gains in NAVs are currently outpacing the rate of change in share prices
means that the market is lagging in recognizing the value currently offered by
municipal bonds.
Nuveen investors should be aware that the net asset values for the funds
covered in this report remain quite strong. For long-term investors, in fact,
the current period may present a buying opportunity, as shares can be
purchased at prices lower than their underlying value--and at a time when the
bond market is strong.
What does Nuveen see as the impact of the flat tax proposals?
We have been closely monitoring the various flat tax proposals currently being
debated in Congress and their implications for tax-free funds. Four major tax
reform proposals are currently under discussion, all with the common goal of
simplifying the federal tax code and increasing incentives for saving and
investment. It is important to note that none of the proposals has gained a
strong consensus and that implementation of any measure that manages to pass
both houses is at least two years away. We believe that some action on the tax
reform front is likely, as federal tax laws are constantly being reevaluated
and revised, although changes of the magnitude outlined in these proposals are
rare.
As we look at the bond market today, we can see some evidence that the
market is already compensating investors for the uncertainty of the tax reform
situation. Yields on municipal bonds are currently at levels equal to 90% or
more of long-term Treasury bond yields, an historically high position; the
typical yield ratio is 80-85%. Current municipal yields are comparable to
taxable yields in the 10% range, providing good value that is difficult to
match.
Once the tax reform issue is resolved, we're confident that municipal
bonds--because of their high credit quality and attractive yields--will
continue to hold a strategic place in the prudent investor's portfolio. The
importance of municipal bonds is enhanced by the integral role they play in
maintaining our way of life in this country. Our cities, counties, and states
will always have a need for financing to build and upgrade projects such as
roads, hospitals, and water treatment systems, and municipal bonds will
continue to be an essential way to match America's long-term needs for capital
improvements with investors' long-term needs for secure income.
What is Nuveen's outlook as we head into 1996?
Inflation remains low, and the economy seems to be expanding at a reasonable
pace. While both of these factors can change and have an impact on the bond
market, the current environment is favorable for bonds. Although the supply of
municipal bonds is down from past years, demand from institutional investors
such as insurance companies was strong in 1995, contributing to the rebound in
municipal prices. If we experience continued slow and steady economic growth,
combined with low inflation and stable interest rates, that should attract
greater numbers of individual investors as well.
<PAGE>
What does Nuveen mean by "value investing"? Where are Nuveen analysts finding
value today?
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.
As we search for value in the market today, our analysts continue to assess
investment potential across the entire spectrum of geographical and sector
opportunities. During 1995, we saw many credit upgrades on portfolio holdings,
meaning that our judgments about credit quality have been rewarded. We
currently favor revenue bonds that offer a dedicated revenue stream (such as
those issued for tollways or recycling plants) over general obligation bonds,
which rely on the taxing power of a state or municipality.
<PAGE>
<TABLE>
NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND
NTC
The dividend income remained attractive compared with other fixed income
alternatives. The fund adjusted its monthly level twice during the year,
seeking a level in line with its earnings.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/09/94 $0.0625
1/09/95 $0.0625
2/09/95 $0.0600
3/09/95 $0.0600
4/07/95 $0.0600
5/09/95 $0.0600
6/13/95 $0.0600
7/12/95 $0.0600
8/11/95 $0.0600
9/13/95 $0.0600
10/11/95 $0.0600
11/13/95 $0.0620
<CAPTION>
FUND HIGHLIGHTS 11/30/95
<S> <C>
Yield 5.56%
Taxable-equivalent yield 9.11%
Annual total return on NAV 35.50%
Taxable-equivalent total return 39.96%
Combined federal and state tax rate 39.00%
Share price $13.375
NAV $13.71
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
In keeping with the Fund's objective of providing dependable tax-free income,
shareholders enjoyed 12 months of stable dividends.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/09/94 $0.0660
1/09/95 $0.0660
2/09/95 $0.0660
3/09/95 $0.0660
4/07/95 $0.0660
5/09/95 $0.0660
6/13/95 $0.0660
7/12/95 $0.0660
8/11/95 $0.0660
9/13/95 $0.0660
10/11/95 $0.0660
11/13/95 $0.0660
<CAPTION>
FUND HIGHLIGHTS 11/30/95
<S> <C>
Yield 5.87%
Taxable-equivalent yield 10.39%
Annual total return on NAV 35.56%
Taxable-equivalent total return 41.19%
Combined federal and state tax rate 43.50%
Share price $13.50
NAV $14.24
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
While the dividend income remained attractive compared with other fixed income
alternatives, the fund adjusted its monthly dividend in May to a level in line
with its earnings.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/09/94 $0.0580
1/09/95 $0.0580
2/09/95 $0.0580
3/09/95 $0.0580
4/07/95 $0.0580
5/09/95 $0.0550
6/13/95 $0.0550
7/12/95 $0.0550
8/11/95 $0.0550
9/13/95 $0.0550
10/11/95 $0.0550
11/13/95 $0.0550
<CAPTION>
FUND HIGHLIGHTS 11/30/95
<S> <C>
Yield 5.68%
Taxable-equivalent yield 9.47%
Annual total return on NAV 36.74%
Taxable-equivalent total return 41.07%
Combined federal and state tax rate 40.00%
Share price $11.625
NAV $13.83
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
While the dividend income remained attractive compared with other fixed income
alternatives, the fund adjusted its monthly dividend in February of 1995 to a
level in line with its earnings.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
12/09/94 $0.0650
1/09/95 $0.0650
2/09/95 $0.0620
3/09/95 $0.0620
4/07/95 $0.0620
5/09/95 $0.0620
6/13/95 $0.0620
7/12/95 $0.0620
8/11/95 $0.0620
9/13/95 $0.0620
10/11/95 $0.0620
11/13/95 $0.0620
<CAPTION>
FUND HIGHLIGHTS 11/30/95
<S> <C>
Yield 6.14%
Taxable-equivalent yield 9.59%
Annual total return on NAV 33.77%
Taxable-equivalent total return 37.62%
Combined federal and state tax rate 36.00%
Share price $12.125
NAV $14.20
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, 1995) 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 36.0% for WA, based on
1995 incomes of $117,950-$256,500 for investors filing singly,
$143,600-$256,500 for those filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, divided by its total number of common
shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
Taxable equivalent total return
The total return an investor subject to a given 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 6-month period ended November 30, 1995. Any
future repurchases will be reported to shareholders.
<PAGE>
<TABLE>
SHAREHOLDER MEETING REPORT
On November 16, 1995, 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 the selection of Ernst & Young L.L.P. as
the auditors for the Funds. The directors elected at the meeting include:
Lawrence H. Brown, Richard J. Franke, 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 4,688,776 4,336,959 1,948,719 2,195,343
Abstain 47,628 54,642 22,075 36,895
--------- --------- --------- ---------
Total 4,736,404 4,391,601 1,970,794 2,232,238
========= ========= ========= =========
Richard J. Franke
For 4,686,776 4,336,759 1,947,319 2,197,143
Abstain 49,628 54,842 23,475 35,095
--------- --------- --------- ---------
Total 4,736,404 4,391,601 1,970,794 2,232,238
========= ========= ========= =========
Anne E. Impellizzeri
For 4,689,976 4,333,659 1,948,719 2,197,143
Abstain 46,428 57,942 22,075 35,095
--------- --------- --------- ---------
Total 4,736,404 4,391,601 1,970,794 2,232,238
========= ========= ========= =========
Peter R. Sawers
For 4,689,776 4,336,959 1,948,719 2,197,143
Abstain 46,628 54,642 22,075 35,095
--------- --------- --------- ---------
Total 4,736,404 4,391,601 1,970,794 2,232,238
========= ========= ========= =========
Ratification of auditors
was reached as follows:
For 4,657,969 4,324,874 1,945,623 2,190,977
Against 8,664 14,289 8,468 1,932
Abstain 69,771 52,438 16,703 39,329
--------- --------- --------- ---------
Total 4,736,404 4,391,601 1,970,794 2,232,238
========= ========= ========= =========
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (NTC)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,000,000 Connecticut State Airport (Bradley International),
7.650%, 10/01/12 10/04 at 100 Aaa $ 3,596,400
1,650,000 Connecticut Development Authority,
6.375%, 10/15/14 10/04 at 102 AA- 1,784,426
1,750,000 Connecticut Development Authority (Bridgeport
Hydraulic Company), 5.500%, 6/01/28 6/03 at 102 Aaa 1,746,045
2,795,000 Connecticut Development Authority (Bridgeport
Hydraulic Company), Alternative Minimum Tax,
5.600%, 6/01/28 6/03 at 102 Aaa 2,751,817
1,130,000 Connecticut Development Authority (Stamford
Water Company), 5.300%, 9/01/28 9/03 at 102 A+ 1,068,777
2,000,000 Connecticut Development Authority, Solid Waste
(Pfizer, Inc.), Alternative Minimum Tax,
7.000%, 7/01/25 7/05 at 102 Aaa 2,243,260
Connecticut Development Authority (Alzheimer's
Resource Center of Connecticut):
1,500,000 6.875%, 8/15/04 No Opt. Call N/R 1,590,975
1,000,000 7.000%, 8/15/09 8/04 at 102 N/R 1,081,330
Connecticut General Obligation:
3,250,000 5.100%, 8/01/11 8/03 at 101 1/2 Aa 3,203,233
2,000,000 6.000%, 3/15/12 No Opt. Call Aa 2,170,740
3,525,000 Connecticut Health and Educational Facilities
Authority (University of Hartford), 8.000%, 7/01/18
(Pre-refunded to 7/01/03) 7/03 at 100 Aaa 4,081,915
1,000,000 Connecticut Health and Educational Facilities
Authority (Newington Children's Hospital),
6.050%, 7/01/10 7/04 at 102 Aaa 1,058,040
2,500,000 Connecticut Health and Educational Facilities
Authority (Bridgeport Hospital), 6.250%, 7/01/22 7/02 at 102 Aaa 2,627,675
Connecticut Health and Educational Facilities
Authority (Lawrence and Memorial Hospital):
1,700,000 6.250%, 7/01/22 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 1,906,703
1,500,000 5.000%, 7/01/22 7/03 at 102 Aaa 1,404,735
2,020,000 Connecticut Health and Educational Facilities
Authority (Trinity College), 6.000%, 7/01/22 7/02 at 102 Aaa 2,094,558
Connecticut Health and Educational Facilities
Authority (The Taft School):
1,300,000 5.250%, 7/01/13 7/00 at 102 A 1,271,478
1,120,000 5.400%, 7/01/20 7/00 at 102 A 1,086,590
4,450,000 Connecticut Health and Educational Facilities
Authority (Quinnipiac College), 6.000%, 7/01/23 7/03 at 102 BBB- 4,152,562
Connecticut Health and Educational Facilities
Authority (Fairfield University):
1,000,000 5.000%, 7/01/13 7/03 at 102 Aaa 963,140
975,000 5.000%, 7/01/18 7/03 at 102 Aaa 933,602
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,500,000 Connecticut Health and Educational Facilities
Authority (Saint Francis Hospital and Medical
Center), 5.000%, 7/01/23 7/03 at 102 Aaa $ 4,209,480
Connecticut Health and Educational Facilities
Authority (Sacred Heart University):
2,600,000 5.700%, 7/01/16 7/03 at 102 Baa 2,391,818
1,000,000 5.800%, 7/01/23 7/03 at 102 Baa 912,470
Connecticut Health and Educational Facilities
Authority (Hospital of Saint Raphael):
2,585,000 5.100%, 7/01/07 No Opt. Call Aaa 2,608,549
2,000,000 5.200%, 7/01/08 No Opt. Call Aaa 2,019,240
1,250,000 Connecticut Health and Educational Facilities
Authority (Choate Rosemary Hall), 7.000%, 7/01/25 7/04 at 101 Aaa 1,419,175
2,000,000 Connecticut Health and Educational Facilities
Authority, Nursing Home Program (AHF/Hartford),
7.125%, 11/01/24 11/04 at 102 AA- 2,287,120
2,000,000 Connecticut Health and Educational Facilities
Authority (Mansfield Center Nursing and
Rehabilitation), 5.875%, 11/01/12 11/03 at 102 Aaa 2,080,680
2,200,000 Connecticut Health and Educational Facilities
Authority (Day Kimball Hospital), 5.375%, 7/01/26 7/06 at 102 Aaa 2,167,396
3,175,000 Connecticut Housing Finance Authority,
6.200%, 5/15/12 5/03 at 102 Aa 3,278,029
2,480,000 Connecticut Housing Finance Authority, Alternative
Minimum Tax, 6.050%, 11/15/25 11/02 at 102 Aa 2,462,938
3,250,000 Connecticut Municipal Electric Energy Co-op,
5.000%, 1/01/18 1/04 at 102 Aaa 3,113,630
2,200,000 Connecticut Resource Recovery Authority (Bridgeport
Resco Company), 7.625%, 1/01/09 1/97 at 103 A 2,319,350
3,475,000 Connecticut Resource Recovery Authority (American
Ref-Fuel Company), 7.700%, 11/15/11 11/98 at 103 AA- 3,774,337
Connecticut Special Tax Obligation:
750,000 5.250%, 9/01/06 9/03 at 102 AA- 775,095
1,000,000 4.600%, 10/01/06 10/03 at 102 AA- 974,540
1,000,000 5.400%, 9/01/09 9/03 at 102 AA- 1,016,980
1,800,000 6.500%, 10/01/10 No Opt. Call AA- 2,052,792
1,900,000 Capitol Region Education Council, 6.700%, 10/15/10 10/05 at 102 BBB 1,925,422
Cheshire General Obligation:
620,000 5.100%, 8/15/08 8/03 at 102 Aa 622,939
630,000 5.100%, 8/15/09 8/03 at 102 Aa 627,184
620,000 5.200%, 8/15/10 8/03 at 102 Aa 620,217
630,000 5.200%, 8/15/11 8/03 at 102 Aa 626,938
New Haven Parking Facilities:
3,000,000 6.625%, 12/01/05 12/01 at 102 Aaa 3,335,250
1,500,000 6.500%, 12/01/15 12/01 at 102 Aaa 1,623,510
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
South Central Connecticut Regional Water Authority:
$ 1,275,000 5.125%, 8/01/07 8/03 at 102 Aaa $ 1,294,342
2,100,000 5.200%, 8/01/08 8/03 at 102 Aaa 2,127,720
2,000,000 5.750%, 8/01/12 8/03 at 102 Aaa 2,071,080
3,750,000 Waterbury General Obligation, 5.375%, 4/15/08 4/03 at 102 Aaa 3,827,250
1,620,000 Waterbury Nonprofit Housing Corporation
(Fairmont Heights), 6.500%, 7/01/07 7/02 at 101 Aaa 1,785,223
1,930,000 Willimantic Housing Authority, Multi-Family
GNMA (Village Heights Apartments),
8.000%, 10/20/30 10/05 at 105 AAA 2,233,376
1,500,000 Puerto Rico Industrial Medical, Educational and
Environmental Authority, 6.125%, 8/01/25 8/05 at 101 1/2 AAA 1,556,144
$103,505,000 Total Investments - (cost $105,202,459) - 98.6% 106,958,215
============
Other Assets Less Liabilities - 1.4% 1,553,788
Net Assets - 100% $108,512,003
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 28 $ 62,879,935 59%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 15 26,277,508 25
PORTFOLIO OF A+ A1 1 1,068,777 1
INVESTMENTS: A, A- A, A2, A3 3 4,677,418 4
BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 4 9,382,272 9
Non-rated Non-rated 2 2,672,305 2
TOTAL 53 $106,958,215 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (NMT)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Massachusetts Bay Transportation Authority:
$ 2,250,000 7.625%, 3/01/15 (Pre-refunded to 3/01/00) 3/00 at 102 Aaa $ 2,582,865
1,700,000 5.500%, 3/01/21 3/03 at 100 A+ 1,655,732
1,000,000 Massachusetts Education Loan Authority, Alternative
Minimum Tax, 6.150%, 7/01/10 7/04 at 102 Aaa 1,064,800
3,310,000 Massachusetts Health and Educational Facilities
Authority (New England Deaconess Hospital),
6.625%, 4/01/12 4/02 at 102 A 3,448,193
1,600,000 Massachusetts Health and Educational Facilities
Authority (Children's Hospital), 5.500%, 10/01/19 10/02 at 102 Aa 1,554,368
3,000,000 Massachusetts Health and Educational Facilities
Authority (Lahey Clinic Medical Center),
5.625%, 7/01/15 7/03 at 102 Aaa 3,015,270
2,000,000 Massachusetts Health and Educational Facilities
Authority (Massachusetts General Hospital),
5.375%, 7/01/11 7/00 at 100 Aaa 2,011,800
3,000,000 Massachusetts Health and Educational Facilities
Authority (Baystate Medical Center),
5.000%, 7/01/12 7/03 at 100 Aaa 2,886,960
1,500,000 Massachusetts Health and Educational Facilities
Authority (Boston College), 5.250%, 6/01/23 6/03 at 102 A1 1,452,315
1,400,000 Massachusetts Health and Educational Facilities
Authority (Daughters of Charity), 6.100%, 7/01/14 7/04 at 102 Aa 1,456,392
Massachusetts Health and Educational Facilities
Authority (Youville Hospital):
3,145,000 6.125%, 2/15/15 2/04 at 102 Aa 3,227,462
1,000,000 6.000%, 2/15/25 2/04 at 102 Aa 1,014,370
3,800,000 Massachusetts Housing Finance Agency,
6.300%, 10/01/13 4/03 at 102 A1 3,869,350
Massachusetts Housing Finance Agency, Alternative
Minimum Tax:
645,000 7.500%, 12/01/06 12/96 at 102 Aaa 671,439
2,450,000 8.100%, 12/01/21 12/98 at 102 Aa 2,591,022
2,500,000 Massachusetts Housing Finance Authority, Insured
Rental Housing, Alternative Minimum Tax,
6.650%, 7/01/19 7/04 at 102 Aaa 2,613,850
4,850,000 Massachusetts Industrial Finance Agency, Pollution
Control (Eastern Edison), 5.875%, 8/01/08 8/03 at 102 Baa2 4,858,051
3,175,000 Massachusetts Industrial Finance Agency, Resource
Recovery (SEMASS Project), Alternative Minimum
Tax, 9.250%, 7/01/15 7/01 at 103 N/R 3,521,424
2,500,000 Massachusetts Industrial Finance Agency (College
of the Holy Cross), 6.375%, 11/01/15 11/02 at 102 A1 2,640,725
1,400,000 Massachusetts Industrial Finance Agency (Merrimack
College), 7.125%, 7/01/12 7/02 at 102 BBB- 1,510,278
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,175,000 Massachusetts Industrial Finance Agency (Brooks
School), 5.950%, 7/01/23 7/03 at 102 A $ 1,202,060
4,750,000 Massachusetts Industrial Finance Agency (Phillips
Academy), 5.375%, 9/01/23 9/08 at 102 Aa1 4,668,870
2,645,000 Massachusetts Industrial Finance Agency (Whitehead
Institute for Biomedical Research), 5.125%, 7/01/26 7/03 at 102 Aa 2,390,604
Massachusetts Municipal Wholesale Electric Company:
1,420,000 5.000%, 7/01/17 7/04 at 102 Aaa 1,341,999
2,000,000 6.000%, 7/01/18 7/02 at 100 Aaa 2,060,640
1,000,000 Massachusetts Port Authority, 13.000%, 7/01/13 No Opt. Call Aaa 1,717,250
4,750,000 Massachusetts Port Authority, Alternative Minimum
Tax, 5.000%, 7/01/18 7/03 at 100 Aa 4,482,813
3,090,000 Massachusetts Water Pollution Abatement (Pool Loan
Program), 5.600%, 8/01/13 8/03 at 102 Aa 3,150,966
Massachusetts Water Resources Authority:
3,000,000 5.750%, 12/01/21 12/01 at 100 A 2,997,990
3,000,000 5.000%, 3/01/22 3/03 at 100 A 2,775,030
Barnstable General Obligation:
1,020,000 5.750%, 9/15/10 9/04 at 102 Aa 1,061,942
1,020,000 5.750%, 9/15/11 9/04 at 102 Aa 1,057,689
965,000 5.750%, 9/15/12 9/04 at 102 Aa 996,652
1,420,000 Boston City Hospital, 5.750%, 2/15/23 8/00 at 102 Aa 1,415,981
2,500,000 Boston Water and Sewer Commission,
5.250%, 11/01/11 11/03 at 102 Aaa 2,487,875
1,000,000 Chelsea General Obligation, 7.000%, 6/15/03 No Opt. Call Aaa 1,146,310
1,600,000 Chicopee Electric System, 9.125%, 1/01/17 No Opt. Call Aaa 2,272,384
4,875,000 Lowell General Obligation, 5.600%, 11/01/12 11/03 at 102 Aaa 4,933,939
1,765,000 New England Education Loan Marketing Corporation,
Student Loan, Alternative Minimum Tax,
6.750%, 9/01/02 No Opt. Call A 1,954,155
1,750,000 Puerto Rico Aqueduct and Sewer Authority,
7.875%, 7/01/17 7/98 at 102 A 1,945,387
3,000,000 Puerto Rico Electric Power Authority, 7.000%, 7/01/21
(Pre-refunded to 7/01/01) 7/01 at 102 A- 3,453,690
$93,970,000 Total Investments - (cost $93,332,903) - 97.8% 97,160,892
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.6%
$ 600,000 Massachusetts Dedicated Income Tax, Variable Rate
===========
Demand Bonds, 3.750%, 12/01/97t VMIG-1 600,000
Other Assets Less Liabilities - 1.6% 1,550,001
Net Assets - 100% $99,310,893
===========
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 14 $30,807,381 32%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 29,069,131 30
PORTFOLIO OF A+ A1 4 9,618,122 10
INVESTMENTS A, A- A, A2, A3 7 17,776,505 18
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 6,368,329 6
TEMPORARY Non-rated Non-rated 1 3,521,424 4
INVESTMENTS):
TOTAL 41 $97,160,892 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND (NOM)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,225,000 Missouri Environmental Improvement and Energy
Resource Authority, Water Pollution Control
(Kansas City Project), 7.750%, 1/01/08 1/05 at 102 Aa1 $ 1,501,887
1,000,000 Missouri Environmental Improvement and Energy
Resource Authority, Water Pollution Control (City
of Branson Project), 6.050%, 7/01/16 7/04 at 102 Aaa 1,056,380
Missouri Health and Educational Facilities Authority
(SSM Health Care Obligated Group):
1,000,000 6.250%, 6/01/07 6/02 at 102 Aaa 1,090,460
1,290,000 7.000%, 6/01/15 6/00 at 102 Aaa 1,563,493
2,000,000 Missouri Health and Educational Facilities Authority
(St. Luke's Health System), 5.125%, 11/15/19 11/03 at 102 Aaa 1,912,280
Missouri Health and Educational Facilities Authority
(Barnes Jewish Christian):
1,000,000 5.150%, 5/15/10 No Opt. Call Aa 981,490
1,000,000 6.750%, 5/15/12 No Opt. Call Aa 1,113,860
600,000 Missouri Housing Development Commission,
6.600%, 11/15/10 5/96 at 101 1/2 AA+ 610,902
Missouri Housing Development Commission, Single
Family Mortgage, Alternative Minimum Tax:
2,270,000 7.375%, 8/01/23 2/01 at 102 AAA 2,412,011
2,000,000 7.250%, 9/01/26 3/06 at 105 AAA 2,210,620
1,000,000 Missouri Regional Convention and Sports Complex
Authority, 5.500%, 8/15/13 8/03 at 102 A1 992,650
1,400,000 Boone County Hospital, 5.500%, 8/01/09 8/02 at 102 A 1,408,988
885,000 Clayton Industrial Development Authority (Park
Place Project), 5.375%, 5/01/08 5/98 at 103 AA 906,877
1,000,000 Franklin County Union Reorganized School District
No. R-X1, General Obligation, 5.750%, 3/01/13 3/03 at 100 Aaa 1,028,230
2,785,000 Greene County, Single Family Mortgage,
0.000%, 3/01/16 No Opt. Call Aaa 895,600
1,500,000 Jackson County Consolidated School District No. 2,
General Obligation, 5.250%, 3/15/11 3/03 at 102 Aaa 1,509,195
1,550,000 Jackson County, Single Family Mortgage,
0.000%, 3/01/15 No Opt Call Aaa 544,515
1,500,000 Kansas City Airport, Alternative Minimum Tax,
6.900%, 9/01/11 9/04 at 101 Aaa 1,669,545
1,000,000 Kansas City Land Clearance Redevelopment
Authority, 5.900%, 12/01/18 12/05 at 102 Aaa 1,034,250
2,000,000 Kansas City School District Building Corporation,
5.000%, 2/01/14 2/04 at 102 Aaa 1,929,280
2,020,000 Ritenour Consolidated School District, General
Obligation, 7.375%, 2/01/12 No Opt. Call Aaa 2,518,152
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 St. Charles County, Francis Howell School District,
General Obligation, 7.800%, 3/01/08 No Opt. Call Aaa $ 1,890,495
1,400,000 St. Louis County General Obligation, 5.500%, 2/01/13 2/03 at 100 Aa1 1,418,494
1,500,000 St. Louis County (GNMA), Alternative Minimum
Tax, 5.650%, 7/01/20 No Opt. Call AAA 1,521,930
2,000,000 St. Louis County, Pattonville School District No. R3,
General Obligation, 5.000%, 2/01/10 2/03 at 100 Aaa 1,976,880
1,395,000 St. Louis Board of Education, General Obligation,
8.500%, 4/01/07 No Opt. Call Aaa 1,827,701
1,275,000 St. Louis Municipal Finance Corporation,
6.250%, 2/15/12 2/03 at 102 Aaa 1,374,119
1,000,000 Sikeston Electric System, 6.250%, 6/01/12 6/02 at 102 Aaa 1,073,070
1,000,000 Springfield School District No. R-12, General
Obligation, 5.250%, 3/01/11 3/03 at 100 Aaa 1,005,000
625,000 Stone County, School District No. R4 (Reeds Spring),
General Obligation, 7.600%, 3/01/10 No Opt. Call Aaa 787,325
1,250,000 University City Industrial Development Authority,
GNMA (Canterbury Apartments),
5.900%, 12/20/20 (DD) 12/05 at 102 AAA 1,260,688
1,075,000 University Development Foundation Power Plant,
5.750%, 5/01/18 5/03 at 102 A 1,051,758
700,000 Puerto Rico Electric Power Authority,
6.000%, 7/01/14 7/04 at 102 Aaa 733,201
$44,745,000 Total Investments - (cost $42,495,948) - 98.4% 44,811,326
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.9%
$ 400,000 Missouri Health and Educational Facilities Authority
===========
(St. Louis University), Series 1985, Variable Rate
Demand Bonds, 3.900%, 12/01/05t VMIG-1 400,000
Other Assets Less Liabilities - 0.7% 346,957
Net Assets - 100% $45,558,283
===========
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 24 $34,824,420 78%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 6 6,533,510 15
PORTFOLIO OF A+ A1 1 992,650 2
INVESTMENTS A, A- A, A2, A3 2 2,460,746 5
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 33 $44,811,326 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
(DD) Security purchased on a delayed delivery basis (note 1).
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND (NPW)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 Washington General Obligation, 6.000%, 5/01/19 5/04 at 100 Aa $ 2,076,800
2,000,000 Washington Health Care Facilities Authority
(Children's Hospital and Medical Center),
6.125%, 10/01/13 10/02 at 102 Aaa 2,087,080
2,400,000 Washington Health Care Facilities Authority
(Swedish Hospital Medical Center of Seattle),
6.300%, 11/15/22 11/02 at 102 Aaa 2,516,136
650,000 Washington Health Care Facilities Authority
(Empire Health Services), 5.625%, 11/01/19 11/03 at 102 Aaa 645,743
1,000,000 Washington Health Care Facilities Authority
(The Heart Institute of Spokane), 5.800%, 8/15/18 8/04 at 102 AA- 1,000,290
1,390,000 Washington Housing Development Corporation,
FHA-Insured, 5.950%, 1/01/25 7/03 at 103 Aaa 1,400,773
980,000 Washington Housing Finance Commission (GNMA),
Alternative Minimum Tax, 7.700%, 7/01/32 1/00 at 103 AAA 1,051,863
1,610,000 Washington Housing Finance Commission, Single
Family Mortgage, Alternative Minimum Tax,
6.150%, 1/01/26 No Opt. Call AAA 1,596,814
1,000,000 Washington Public Power Supply System, Nuclear
Project No. 1, 5.700%, 7/01/17 7/03 at 102 Aaa 1,000,310
1,000,000 Washington Public Power Supply System Nuclear
Project No. 3, 7.000%, 7/01/09 No Opt. Call Aa 1,133,930
1,400,000 Washington State University, 6.375%, 10/01/18 10/04 at 101 Aaa 1,491,840
1,050,000 Bellevue Water and Sewer System, 5.875%, 7/01/09 7/04 at 100 Aa 1,092,998
1,000,000 Benton County Public Utility District No. 1,
13.500%, 11/01/02 (Pre-refunded to 11/01/97) 11/97 at 100 Aaa 1,173,360
1,895,000 Chelan County Public Utility District No. 1
(Columbia River-Rock Island Hydroelectric System),
6.375%, 6/01/29 12/95 at 102 A1 1,923,273
1,035,000 Covington Water District, 6.050%, 3/01/20 3/05 at 100 Aaa 1,076,131
1,000,000 King County School District No. 210 (Federal Way),
General Obligation, 5.750%, 12/01/12 No Opt. Call Aaa 1,044,870
1,600,000 Klickitat County, Public Utility District No. 1,
5.650%, 10/01/15 10/05 at 101 Aaa 1,633,024
1,000,000 Lewis County Public Utility District (Cowlitz Falls
Hydroelectric Project), 5.500%, 10/01/09 10/03 at 102 Aa 1,054,700
1,000,000 Pierce County (Peninsula School District No. 401),
General Obligation, 5.500%, 12/01/08 No Opt. Call Aaa 1,038,160
1,000,000 Port of Seattle, 6.000%, 12/01/14 12/00 at 100 AA- 1,017,020
1,500,000 Port of Seattle, Alternative Minimum Tax,
6.000%, 12/01/14 12/00 at 100 AA- 1,525,530
1,000,000 Port of Vancouver, Limited Tax, Alternative
Minimum Tax, 6.000%, 12/01/04 No Opt. Call Aaa 1,094,920
1,160,000 Richland Water and Sewer System, 5.625%, 4/01/12 4/03 at 100 Aaa 1,181,530
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Seattle Indian Services Commission:
$ 1,525,000 6.000%, 11/01/16 11/04 at 100 Aa1 $ 1,597,255
750,000 6.150%, 11/01/24 11/04 at 100 Aa1 788,010
1,500,000 Seattle Drain and Wastewater Utility System,
5.750%, 12/01/22 12/02 at 101 Aa 1,502,370
500,000 Seattle Municipal Light and Power, 5.750%, 8/01/12 8/02 at 102 Aa 513,165
1,000,000 Seattle Metropolitan Municipality Sewer System,
5.450%, 1/01/19 1/03 at 102 Aaa 983,830
1,500,000 Seattle Water System, 5.250%, 12/01/23 6/03 at 101 Aa 1,451,940
1,640,000 Skagit County Housing Authority (GNMA),
7.000%, 6/20/35 11/04 at 104 AAA 1,791,208
1,385,000 Snohomish County Public Utility District No. 1,
Alternative Minimum Tax, 5.750%, 1/01/09 1/04 at 102 A1 1,405,027
1,500,000 Snohomish County School District No. 6 (Mukilteo
District), General Obligation, 5.700%, 12/01/12 No Opt. Call Aaa 1,570,980
500,000 Snohomish County School District No. 15, General
Obligation, 6.500%, 12/01/08 No Opt. Call AA- 561,380
1,500,000 Spokane Arena Project, 5.750%, 1/01/18 1/05 at 100 Aaa 1,510,995
1,940,000 Vancouver Housing Authority (Fishers Mill Project),
6.000%, 3/01/23 3/03 at 100 Aa 1,932,045
1,500,000 Western Washington University Housing and
Dining System, 6.375%, 10/01/22 10/02 at 101 Aaa 1,582,845
1,000,000 Yakima-Tieton Irrigation District, 6.125%, 6/01/13 6/03 at 102 Aaa 1,058,290
$47,410,000 Total Investments - (cost $47,566,507) - 98.3% 49,106,435
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 100,000 Washington Health Care Facilities Authority (Sisters of
===========
Providence), Variable Rate Demand Bonds,
3.700%, 10/01/05t VMIG-1 100,000
Other Assets Less Liabilities - 1.5% 741,527
Net Assets - 100% $49,947,962
===========
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 21 $28,530,702 58%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 17,247,433 35
PORTFOLIO OF A+ A1 2 3,328,300 7
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 37 $49,106,435 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $106,958,215 $97,160,892 $44,811,326 $49,106,435
Temporary investments in short-term municipal
securities, at amortized cost (note 1) -- 600,000 400,000 100,000
Cash 89,038 86,541 45,847 50,508
Receivables:
Interest 1,907,638 1,902,243 718,261 930,460
Investments sold -- -- 998,840 --
Other assets 20,670 22,278 14,129 --
------------ ----------- ----------- -----------
Total assets 108,975,561 99,771,954 46,988,403 50,187,403
------------ ----------- ----------- -----------
LIABILITIES
Payable for investments purchased -- -- 1,250,410 --
Accrued expenses:
Management fees (note 6) 57,230 52,367 24,011 26,352
Other 66,873 82,810 25,671 56,890
Preferred share dividends payable 22,030 23,147 12,518 12,356
Common share dividends payable 317,425 302,737 117,510 143,843
------------ ----------- ----------- -----------
Total liabilities 463,558 461,061 1,430,120 239,441
------------ ----------- ----------- -----------
Net assets (note 7) $108,512,003 $99,310,893 $45,558,283 $49,947,962
============ =========== =========== ===========
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 5,119,761 4,586,928 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) $ 13.71 $ 14.24 $ 13.83 $ 14.20
============ =========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended November 30, 1995
(Unaudited)
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $2,976,700 $2,824,534 $1,237,864 $1,411,952
---------- ---------- ---------- ----------
Expenses:
Management fees (note 6) 342,911 313,698 143,808 157,874
Preferred shares--auction fees 48,006 42,616 20,055 21,308
Preferred shares--dividend disbursing agent fees 7,521 7,521 7,521 7,521
Shareholders' servicing agent fees and expenses 8,670 3,045 2,974 1,418
Custodian's fees and expenses 21,006 17,454 20,537 15,998
Trustees' fees and expenses (note 6) 897 632 737 620
Professional fees 9,504 8,438 7,160 8,375
Shareholders' reports--printing and mailing expenses 13,201 4,485 16,692 5,777
Stock exchange listing fees 11,190 8,180 169 1,014
Investor relations expense 2,173 2,583 560 1,562
Other expenses 6,313 7,711 5,282 6,717
---------- ---------- ---------- ----------
Total expenses 471,392 416,363 225,495 228,184
---------- ---------- ---------- ----------
Net investment income 2,505,308 2,408,171 1,012,369 1,183,768
---------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (note 3) (402,859) (351,036) (146,920) 49,751
Net change in unrealized appreciation or depreciation
of investments 3,000,750 2,518,735 1,107,379 1,091,886
---------- ---------- ---------- ----------
Net gain from investments 2,597,891 2,167,699 960,459 1,141,637
---------- ---------- ---------- ----------
Net increase in net assets from operations $5,103,199 $4,575,870 $1,972,828 $2,325,405
========== ========== ========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NTC NMT
6 months ended Year ended 6 months ended Year ended
11/30/95 5/31/95 11/30/95 5/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 2,505,308 $ 4,985,001 $ 2,408,171 $ 4,749,143
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) (402,859) (1,734,762) (351,036) (1,683,784)
Net change in unrealized appreciation or depreciation
of investments 3,000,750 5,546,402 2,518,735 5,569,783
------------ ------------ ----------- -----------
Net increase in net assets from operations 5,103,199 8,796,641 4,575,870 8,635,142
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (1,853,190) (3,756,444) (1,816,239) (3,574,337)
Preferred shareholders (623,704) (1,174,880) (556,769) (1,107,248)
------------ ------------ ----------- -----------
Decrease in net assets from distributions to shareholders (2,476,894) (4,931,324) (2,373,008) (4,681,585)
------------ ------------ ----------- -----------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net realized
gains from investment transactions 35,126 390,670 37,383 38,944
------------ ------------ ----------- -----------
Net increase in net assets derived from capital
share transactions 35,126 390,670 37,383 38,944
------------ ------------ ----------- -----------
Net increase in net assets 2,661,431 4,255,987 2,240,245 3,992,501
Net assets at beginning of period 105,850,572 101,594,585 97,070,648 93,078,147
------------ ------------ ----------- -----------
Net assets at end of period $108,512,003 $105,850,572 $99,310,893 $97,070,648
============ ============ =========== ===========
Balance of undistributed net investment income at
end of period $ 264,657 $ 236,243 $ 282,093 $ 246,930
============ ============ =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NOM NPW
6 months ended Year ended 6 months ended Year ended
11/30/95 5/31/95 11/30/95 5/31/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,012,369 $ 2,023,496 $ 1,183,768 $ 2,333,554
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) (146,920) (780,117) 49,751 (381,623)
Net change in unrealized appreciation or depreciation
of investments 1,107,379 2,955,027 1,091,886 2,157,234
----------- ----------- ----------- -----------
Net increase in net assets from operations 1,972,828 4,198,406 2,325,405 4,109,165
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (705,058) (1,479,743) (863,060) (1,774,839)
Preferred shareholders (275,011) (549,597) (326,385) (616,848)
----------- ----------- ----------- -----------
Decrease in net assets from distributions to shareholders (980,069) (2,029,340) (1,189,445) (2,391,687)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net realized
gains from investment transactions -- 53,910 -- --
----------- ----------- ----------- -----------
Net increase in net assets derived from capital
share transactions -- 53,910 -- --
----------- ----------- ----------- -----------
Net increase in net assets 992,759 2,222,976 1,135,960 1,717,478
Net assets at beginning of period 44,565,524 42,342,548 48,812,002 47,094,524
----------- ----------- ----------- -----------
Net assets at end of period $45,558,283 $44,565,524 $49,947,962 $48,812,002
=========== =========== =========== ===========
Balance of undistributed net investment income at
end of period $ 89,595 $ 57,295 $ 64,453 $ 70,130
=========== =========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At November 30, 1995, 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.
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Trustees. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
securities are traded and valued at 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, 1995, NOM had outstanding purchase commitments of
$1,250,410. There were no such purchase commitments in any of the other Funds.
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.
<PAGE>
<TABLE>
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing all of their net
investment income, in addition to any significant amounts of net realized
gains from investments, to shareholders. The Funds currently consider
significant net realized gains as amounts in excess of $.01 per Common share.
Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and
designated state income taxes, to retain such tax exempt status when
distributed to shareholders of the Funds.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
gains from securities transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed available capital loss
carryovers.
Distributions to shareholders of net investment income and net realized
capital gains are recorded on the ex-dividend date. The amount and timing of
such distributions are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
Accordingly, temporary over-distributions as a result of these differences may
result and will be classified as either distributions in excess of net
investment income or distributions in excess of net realized capital gains, if
applicable.
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in 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 at November 30, 1995, for each Fund
is as follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Number of shares:
Series Th 1,532 1,360 640 680
===== ===== === ===
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119 Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments which
prescribes disclosure requirements for transactions in certain derivative
financial instruments including futures, forward, swap, and option contracts,
and other financial instruments with similar characteristics. Although the
Funds are authorized to invest in such financial instruments, and may do so in
the future, they did not make any such investments during the six months ended
November 30, 1995.
</TABLE>
<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
11/30/95 5/31/95 11/30/95 5/31/95
<S> <C> <C> <C> <C>
Common shares issued to shareholders due to
reinvestment of distributions from net investment
income and from net realized gains from investment
transactions 2,702 31,483 2,795 3,350
----- ------ ----- -----
Net increase 2,702 31,483 2,795 3,350
===== ====== ===== =====
<CAPTION>
NOM NPW
6 months ended Year ended 6 months ended Year ended
11/30/95 5/31/95 11/30/95 5/31/95
<S> <C> <C> <C> <C>
Common shares issued to shareholders due to
reinvestment of distributions from net investment
income and from net realized gains from investment
transactions -- 4,393 -- --
----- ----- ----- -----
Net increase -- 4,393 -- --
===== ===== ===== =====
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
November 30, 1995, were as follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $8,974,217 $7,497,575 $8,955,336 $4,746,922
Temporary municipal investments 2,800,000 3,700,000 6,600,000 4,900,000
SALES AND MATURITIES
Investments in municipal securities 8,535,710 7,897,098 8,954,958 4,513,000
Temporary municipal investments 2,800,000 3,250,000 6,200,000 5,100,000
========== ========== ========== =========
At November 30, 1995, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
</TABLE>
<PAGE>
<TABLE>
At May 31, 1995, 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:
<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
---------- ---------- ---------- --------
Total $1,281,988 $1,247,263 $1,427,894 $580,800
========== ========== ========== ========
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On December 1, 1995, the Funds declared Common share dividend distributions
from their ordinary income which were paid December 29, 1995, to shareholders
of record on December 15, 1995, as follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Dividend per share $.0620 $.0660 $.0550 $.0620
====== ====== ====== ======
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 1995, were as follows:
<CAPTION>
NTC NMT NOM NPW
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $ 2,872,159 $4,033,329 $2,318,122 $1,586,998
Depreciation (1,116,403) (205,340) (2,744) (47,070)
----------- ----------- ---------- ----------
Net unrealized appreciation $ 1,755,756 $3,827,989 $2,315,378 $1,539,928
=========== ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each
Fund pays to the Adviser an annual management fee, payable monthly, at the
rates set forth below, which are based upon the average daily net asset value
of each Fund.
<CAPTION>
Average daily net asset value Management fee
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Trustees who are affiliated with the Adviser or
to their officers, all of whom receive remuneration for their services to the
Funds from the Adviser.
7. COMPOSITION OF NET ASSETS
At November 30, 1995, net assets consisted of:
<CAPTION>
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 51,198 45,869 21,365 23,201
Paid-in surplus 70,714,666 63,438,624 29,327,360 31,971,262
Balance of undistributed net investment income 264,657 282,093 89,595 64,453
Accumulated net realized gain (loss) from
investment transactions (2,574,274) (2,283,682) (2,195,415) (650,882)
Net unrealized appreciation or depreciation
of investments 1,755,756 3,827,989 2,315,378 1,539,928
------------ ----------- ----------- -----------
Net assets $108,512,003 $99,310,893 $45,558,283 $49,947,962
============ =========== =========== ===========
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, 1995, 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:
Health Care Facilities 18% 15% 15% 13%
Electric Utilities 3 3 4 18
Water / Sewer Facilities 5 14 6 17
Educational Facilities 14 17 2 6
Housing Facilities 11 16 14 16
Lease Rental Facilities -- -- 12 3
Transportation 8 5 4 7
Pollution Control Facilities 7 5 -- --
Other 10 4 2 --
General Obligation Bonds 18 11 31 18
Escrowed Bonds 6 10 10 2
---- ---- ---- ----
100% 100% 100% 100%
==== ==== ==== ====
Certain long-term and intermediate-term investments owned by the Funds are
covered by insurance issued by several private insurers or are backed by an
escrow or trust containing U.S. Government or U.S. Government agency
securities, either of which ensure the timely payment of principal and
interest in the event of default (53% for NTC, 35% for NMT, 65% for NOM, and
49% 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.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Dividends from net
Operating performance investment income
Net
realized &
Net asset unrealized
value Net gain (loss) To To
beginning investment from Common Preferred
of period income investmentstt shareholders shareholderst
NTC
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 $13.200 $ .489 $ .505 $(.362) $(.122)
Year ended 5/31,
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>
6 mos. ended
11/30/95 13.760 .525 .472 (.396) (.121)
Year ended 5/31,
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
Organization Per
and Common Total
offering costs share investment
To To and Preferred Net asset market
Common Preferred underwriting value end value end
shareholders shareholderst discounts of period of period
NTC
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 $ -- $ -- $ -- $13.710 $13.375
Year ended 5/31,
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>
6 mos. ended
11/30/95 -- -- -- 14.240 13.500
Year ended 5/31,
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
Ratio of
Total net
investment Total Net assets Ratio of investment
return return end of expenses income Portfolio
on market on net asset period (in to average to average turnover
value** value** thousands) net assets@ net assets@ rate
NTC
<S> <C> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 9.01% 6.76% $108,512 .89%* 4.73%* 8%
Year ended 5/31,
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>
6 mos. ended
11/30/95 3.98 6.53 99,311 .86* 4.97* 8
Year ended 5/31,
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* --
<FN>
See notes on page 38.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Dividends from net
Operating performance investment income
Net
realized &
Net asset unrealized
value Net gain (loss) To To
beginning investment from Common Preferred
of period income investmentstt shareholders shareholderst
NOM
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 $13.370 $ .474 $ .445 $(.330) $(.129)
Year ended 5/31,
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>
6 mos. ended
11/30/95 13.710 .510 .493 (.372) (.141)
Year ended 5/31,
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
Organization Per
and Common
offering costs share
To To and Preferred Net asset market
Common Preferred underwriting value end value end
shareholders shareholderst discounts of period of period
NOM
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 $ -- $ -- $ -- $13.830 $11.625
Year ended 5/31,
1995 -- -- -- 13.370 12.000
1994 -- -- (.182) 12.350 12.000
5/20/93 to
5/31/93 -- -- (.150) 13.900 15.125
<CAPTION>
NPW
<S> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 -- -- -- 14.200 12.125
Year ended 5/31,
1995 -- -- -- 13.710 11.625
1994 (.014)@@ (.003)@@ (.169) 12.970 12.375
3/18/93 to
5/31/93 -- -- (.114) 14.090 15.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
Total net
investment Total Net assets Ratio of investment
return return end of expenses income Portfolio
on market on net asset period (in to average to average turnover
value** value** thousands) net asset@ net assets@ rate
NOM
<S> <C> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 (.38)% 6.05% $45,558 1.02%* 4.56%* 21%
Year ended 5/31,
1995 6.13 14.74 44,566 1.08 4.86 34
1994 (17.26) (7.16) 42,343 1.05 3.92 39
5/20/93 to
5/31/93 .83 (1.07) 29,296 1.34* .69* --
<CAPTION>
NPW
<S> <C> <C> <C> <C> <C> <C>
6 mos. ended
11/30/95 7.60 6.44 49,948 .94* 4.86* 9
Year ended 5/31,
1995 .41 12.36 48,812 1.04 5.04 16
1994 (16.88) (2.73) 47,095 1.08 4.42 29
3/18/93 to
5/31/93 5.00 .28 32,653 1.02* 2.63* --
<FN>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
@ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
@@ The amounts shown reflect distributions in excess of net realized gains
from investment transactions (note 1).
</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 by focusing on municipal bonds.
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF3-JAN 96
