NUVEEN Exchange-Traded Funds
November 30, 1998
Semiannual Report
Dependable, tax-free income to help you keep more of what you earn.
NTC
Connecticut
NMT
Massachusetts
NOM
Missouri
NPW
Washington
Photo of: People reading
<PAGE>
Highlights
As of November 30, 1998
Credit Quality Performance Highlights
================================================================================
Nuveen Connecticut Premium Income Municipal Fund (NTC)
o One-year taxable-equivalent total return on
share price of 15.7% for investors in the
combined 34.1% federal and state income tax
bracket
o Outperformed the Lehman Brothers Municipal
Bond Index and Lipper Peer Group average
for the one-year period
o Stable tax-free dividend for 16 months
PIE CHART:
AAA/U.S. Guaranteed 69%
AA 18%
A 2%
BBB/NR 11%
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
o One-year taxable-equivalent total return on
share price of 14.77% for investors in the
combined 39.3% federal and state income tax
bracket
o Outperformed the Lehman Brothers Municipal
Bond Index and Lipper Peer Group average
for the one-year period
o Stable tax-free dividend for 22 months
PIE CHART:
AAA/U.S. Guaranteed 62%
AA 16%
A 18%
BBB/NR 4%
Nuveen Missouri Premium Income Municipal Fund (NOM)
o One-year taxable-equivalent total return on
share price of 18.10% for investors in the
combined 35.1% federal and state income tax
bracket
o Outperformed the Lehman Brothers Municipal
Bond Index and paralleled the Lipper Peer
Group average for the one-year period
o Increased its dividend in August, after
posting 12 consecutive months of stable
income
PIE CHART:
AAA/U.S. Guaranteed 78%
AA 12%
A 6%
BBB/NR 4%
Nuveen Washington Premium Income Municipal Fund (NPW)
o One-year taxable-equivalent total return
on share price of 17.86% for investors in
the 31% federal income tax bracket
o Outperformed the Lehman Brothers Municipal
Bond Index and Lipper Peer Group average
for the one-year period
o Increased its dividend in August, after
posting 21 consecutive months of stable
income
PIE CHART:
AAA/U.S. Guaranteed 67%
AA 27%
A 3%
BBB/NR 3%
Contents
1 Dear Shareholder
4 NTC Commentary and Overview
6 NMT Commentary and Overview
8 NOM Commentary and Overview
10 NPW Commentary and Overview
12 Portfolio of Investments
23 Statement of Net Assets
24 Statement of Operations
25 Statement of Changes in Net Assets
26 Notes to Financial Statements
30 Financial Highlights
32 Building Better Portfolios
33 Fund Information
<PAGE>
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: Wealth takes a lifetime to build. Once achieved, it should
be preserved.
Dear Shareholder
I'm pleased to report that over the past 12 months, the Nuveen Exchange-Traded
Funds covered here have continued to perform well, meeting their primary
objective of providing you with attractive levels of tax-free income and
after-tax total returns. The strong market in fixed-income securities, bolstered
by investor demand for quality investments, benefited these funds and led to
increases in share price. Attractive tax-free income, enhanced by strong share
price performance, illustrates once again that Nuveen's Exchange-Traded Funds
can provide an excellent investment option for income-oriented investors.
The Year in Review
Over the past year, the markets endured bouts of volatility, as the Asian
financial crisis spilled over into emerging markets and affected economies
around the globe. Investors responded by seeking a haven from the uncertainty in
more conservative investments, such as municipal bond funds. To avert a
potential domestic credit crunch and bring some stability to global markets, the
Federal Reserve moved to ease short-term interest rates for the first time in
almost three years. Between the end of September and mid-November, three
successive cuts brought the federal funds rate to 4.75%. As interest rates
continued to trend downward, the competitive yields offered by our
exchange-traded funds stimulated additional investor interest and demand, which
led to improved share prices overall.
In this environment, the market for exchange-traded municipal bond funds has
been exceptionally strong. These funds continue to represent a bright spot among
fixed-income investments, offering attractive income in a market that places a
high premium on yield. In addition, the funds have generally maintained good
levels of call protection, resulting in relatively stable income streams.
In the coming months, we will continue to watch several key factors affecting
the future of the economy, including corporate earnings reports, wage and
employment statistics, U.S. consumer confidence levels, the continuing impact of
foreign financial turmoil, and any further interest rate indications from the
Federal Reserve. These factors will influence the outlook for fixed-income
markets well into 1999.
<PAGE>
Graphic of: Bond Buyer 40 Chart
Municipal Bonds: A Compelling Value
Over the past year, rising bond prices drove yields on 30-year Treasuries to
historic lows. With yields on the long Treasury bond pushing below 5% at times,
the yield on the Bond Buyer 40, an unmanaged index of long-term municipal bonds,
fell just 26 basis points - from 5.36% to 5.10% - compared with the 99-point
drop in Treasury yields over the past 12 months. As of November 30, 1998, the
ratio of long-term municipal yields to 30-year Treasury yields stood at more
than 100.8%, compared with the more typical range of 86-87%. Over the past few
months, this ratio has been as high as 104%. For investors, this means that
quality long-term municipal bonds currently offer about the same yield as
Treasury bonds with comparable maturities - even before the tax advantages of
municipal bonds are taken into account. On an after-tax basis in today's market,
municipal bonds present an exceptionally attractive investment option relative
to Treasuries.
The steep decline in Treasury yields during the past year was due to several
factors, including the strong interest in these investments by international
investors. As the financial turmoil in Asia spread to economies worldwide and
the dol lar strengthened against foreign currencies, the demand for U.S. dollar-
denominated Treasury securities increased. Compounding this situation was
the shortage of Treasury issues brought about by the federal budget surplus,
which reversed the multi-billion dollar deficits of the past few years and
reduced the federal government's need to issue bonds. In the municipal market,
where foreign demand was limited by an inability of foreign investors to benefit
from the tax advantages of municipals, low interest rates and a strong economy
combined to generate high levels of new issuance and a dramatic increase in the
refinancing of existing bonds. The first 11 months of 1998 saw over $255
billion of municipal issuance, up 28.4% over the same period in 1997. In terms
of total municipal issuance, this put 1998 on pace as the second largest year on
record.
In addition, the continued strength of the U.S. economy produced improvements in
the fundamental financial health of many municipalities and boosted the overall
credit quality of municipal bonds. In the third quarter of 1998, issues
upgraded by the two major rating agencies outnumbered downgrades by a margin of
7 to 2.
<PAGE>
Nuveen Expertise Is Key
The key to taking advantage of the exceptional values currently available in the
municipal market is the ability of a proven investment manager. At Nuveen, we
recognize the value of time-tested expertise. The high level of recent municipal
issuance, for example, highlighted the value of Nuveen's in-depth knowledge of
the municipal market, as our portfolio management teams carefully analyzed the
flood of issues to select those securities best suited to help the funds achieve
their investment objectives.
As a further enhancement to our management capabilities, Nuveen has assembled a
strong core of Premier Advisers(SM), a group of managers who are experts in
their particular areas of the market, to provide time-tested experience and
insights. In addition to Nuveen Investment Advisory Services, our Premier
Adviser for tax-free investing, you can rely on other Premier Advisers to share
their wisdom in the equity market, including Institutional Capital Corporation
for value investing and Rittenhouse Financial Services, Inc. for growth
investing. For more information about the funds managed by these Premier
Advisers, including charges and expenses, contact your finan cial adviser for a
prospectus, or call Nuveen at (800) 621-7227. Please read the prospectus
carefully before you invest or send money.
We encourage you to talk with your financial adviser about the ways Nuveen's
expanding selection of investments can assist you in establishing a diversified
portfolio designed to help you build and sustain long-term financial security.
Over the past 100 years, Nuveen has evolved from a company that dealt with only
municipal bonds into a well respected firm that handles a variety of investment
options. I look forward to continuing this exciting journey. We are grateful
for the confidence you have placed in us, and we intend to continue earning your
trust in the years ahead.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
January 15, 1999
Sidebar text: "The key to taking advantage of the exceptional values currently
available in the municipal market is the ability of a proven investment
manager."
<PAGE>
Nuveen Connecticut Premium Income Municipal Fund (NTC)
Portfolio Manager's Comments
Portfolio manager Dan Solender reviews the municipal market, fund performance,
and key investment strategies for the Connecticut fund. A six-year veteran of
Nuveen, Dan has 11 years of investment experience. He has managed NTC since its
inception in May 1993.
WHERE DID CONNECTICUT RANK IN TERMS OF MUNICIPAL ISSUANCE SINCE THE BEGINNING OF
THE YEAR? WHAT ECONOMIC FACTORS AFFECTED THE STATE?
Connecticut, the wealthiest state in the country, was a relatively quiet
participant in the municipal market, ranking 22nd in issuance for the year ended
November 30, 1998. There has been a shortage of issuers, which makes it
difficult for individual investors to buy single bonds. Nuveen is one of the
largest municipal bond investors in Connecticut and is able to buy big blocks of
bonds when they are issued. This underscores the importance of our brand name in
a competitive marketplace. Connecticut generally sees flurries of trading
activity as opposed to a steady marketplace. New deals are often the catalyst
for these flurries. As investors raise funds to pay for new purchases, other
bonds may have to be sold, which then spurs interest in the secondary market.
Compared to prior years, Connecticut's economy has per formed well and been more
in line with the national economy. Though its economic performance is expected
to taper off slight ly in 1999 due to labor shortages, slower population
increases, and slower national growth, Connecticut is still expected to
experience moderate growth. The state's economy continued to diversify away from
manufacturing and defense-related industries into a more service oriented
economy, with a focus on the financial services sector, healthcare, and
pharmaceuticals. Gaming has become the state's largest growth industry.
HOW DID THE FUND PERFORM OVER THE PAST YEAR?
For the 12-month period ended November 30, 1998, the Nuveen Connecticut Premium
Income Municipal Fund (NTC) produced a total return on net asset value of 9.48%,
providing a taxable-equivalent total return of 12.46% for investors in the
combined 34.1% federal and state income tax bracket. The total return com pares
with the Lehman Brothers Municipal Bond Index's(1) annual return of 7.76%. The
fund also outperformed the relevant Lipper Peer Group(2) average return of
8.86%, ranking third among the group's 18 funds.
Much of the fund's performance over the past 12 months can be tied to its
duration. As of November 30, 1998, NTC had a leverage-adjusted duration(3) of
9.30 years, compared with the unleveraged Lehman index's duration of 7.22 years.
Fund duration measures a bond fund's price volatility, or reaction to interest
rate movements. The longer the duration, the more sensitive the fund is to
changes in interest rates. During a period of falling interest rates, longer
duration enables a fund to participate more fully in market gains. However, when
rates rise, longer duration can make the fund more vulnerable to potential price
declines. Over the past year, as interest rates trended downward, funds with
durations longer than that of the index generally tended to outperform
the market.
HOW WERE THE FUND'S DIVIDEND AND SHARE PRICE AFFECTED?
In the current low interest rate environment, good call protec tion helped
support NTC's dividend and protect the income of this fund from erosion. As of
November 30, 1998, NTC had provided shareholders with 16 consecutive months of
steady income. NTC also offered a competitive mar ket yield of 4.87%, equivalent
to a taxable yield of 7.39% for investors in the combined 34.1% federal and
state income tax bracket.
As Tim mentioned in his letter to shareholders, share price performance among
the Nuveen Exchange-Traded Funds has been strong over the past 12 months. As
interest rates fell, active demand for these funds increased share prices,
further widening the spread between NTC's share price and its net asset value.
As of November 30, 1998, NTC was trading at a premium of 11.02% to its net asset
value and also had a one-year total return on its share price of 12.93%.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUND DURING THE PAST YEAR?
The largest issuers in Connecticut are the state itself (general tax obligation
bonds) and the state housing finance authority. The heavier supply of new issues
in these two sectors made it challenging to find other types of issues to keep
the fund well-diversified. One area where we did find opportunities to add value
was the education sector, which represented 22% of the fund's investments, as of
November 30, 1998. A number of small issues in the $10-50 million range enabled
us to be selective and focus on bonds offering the best characteristics, such as
those issued by Sacred Heart University and Fairfield University. We continued
to hold the healthcare issues we purchased several years ago, which made up an
additional 20% of the fund.
We believe NTC is currently well-positioned in terms of duration,
diversification by credit and sector, and call protection. Over the past year,
we worked to further improve call protection by taking advantage of a situation
where we were able to purchase bonds with 10 years of call protection for the
price of a bond with five years of protection. Given the tight credit spreads in
the current market, we continued to focus on high quality issues, with 69% of
the portfolio's holdings invested in bonds rated AAA.
WHAT IS NUVEEN'S OUTLOOK FOR THE FUTURE?
Looking ahead for NTC, we will continue to watch the new issuance market for
value, taking advantage of the buying opportunities that arise as issues come to
market. This is an area where Nuveen's exceptional access to new deals and our
expertise as an experienced investment manager knowledgeable about the unique
aspects of the Connecticut municipal market can result in added value for our
investors. Our goals for the coming year are to continue taking advantage of
opportunities to add yield, extend call protection if we can do so
inexpensively, and keep the fund well-diversified.
The current market environment - influenced by declining interest rates, benign
inflation, and strong municipal supply - has helped to position municipal bonds
as one of the most compelling values in today's marketplace. We expect that the
excellent municipal-to-Treasury ratio, combined with continued volatility in the
equity markets and investors' increasing aware ness of the need for asset
allocation rebalancing, will result in growing demand for municipal bond funds.
We believe that investors who take advantage of current opportunities in the
municipal market should be rewarded with healthy returns and attractive yields
in the months ahead.
1 The Lehman Brothers Municipal Bond Index is an unleveraged index comprising a
broad range of investment-grade municipal bonds and does not reflect any
initial or ongoing expenses.
2 The Lipper Peer Group return represents the average annualized returns of the
18 funds in the Lipper State Leveraged Municipal Debt category. The return
assumes reinvestment of dividends and does not reflect any applicable sales
charges.
3 Leverage-adjusted duration, also known as fund duration, takes into account
the leveraging process for each fund and therefore differs from the duration
of the actual portfolio of individual bonds that make up the fund. Unless
otherwise noted, refer ences to duration in this commentary are intended to
indicate fund duration.
<PAGE>
Nuveen Connecticut Premium Income Municipal Fund
Performance Overview
As of November 30, 1998
NTC
Portfolio Statistics
==================================================
Inception Date 5/93
- --------------------------------------------------
Share Price $16 3/8
- --------------------------------------------------
Net Asset Value Per Share $14.75
- --------------------------------------------------
Market Yield 4.87%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.06%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State)(1) 7.39%
- --------------------------------------------------
Fund Net Assets ($000) $114,898
- --------------------------------------------------
Average Effective Maturity (Years) 18.67
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 9.30
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 12.93% 9.48%
- --------------------------------------------------
3-Year 12.83% 8.32%
- --------------------------------------------------
5-Year 7.69% 7.28%
- --------------------------------------------------
Since Inception 7.08% 6.51%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 15.70% 12.46%
- --------------------------------------------------
3-Year 15.75% 11.28%
- --------------------------------------------------
5-Year 10.66% 10.35%
- --------------------------------------------------
Since Inception 9.91% 9.43%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
Education and Civic Organizations 22%
- --------------------------------------------------
Health Care 20%
- --------------------------------------------------
Utilities 12%
- --------------------------------------------------
Tax Obligation (General) 8%
- --------------------------------------------------
Transportation 8%
- --------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment nec
essary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 34.1%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 34.1%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share
12/97 0.0665
1/98 0.0665
2/98 0.0665
3/98 0.0665
4/98 0.0665
5/98 0.0665
6/98 0.0665
7/98 0.0665
8/98 0.0665
9/98 0.0665
10/98 0.0665
11/98 0.0665
Line Chart:
Share Price Performance
12/5/97 15.563
14.938
14.75
14.875
15
15.5
15.625
15.875
15.875
15.938
15.938
15.688
16
16.188
16.063
16.125
15.688
15.625
15.625
15.438
15.25
15.438
15
15.375
15.5
15.875
16.125
16.125
15.688
15.938
16.313
15.625
15.875
15.875
15.813
15.875
16
15.875
15.938
15.813
15.938
16.063
16.875
16.875
16.75
16.5
16.63
16.69
16.38
16.31
11/30/98 16.375
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
Portfolio Manager's Comments
Portfolio manager Tom Futrell discusses the municipal market, fund performance,
and key investment strategies for the Massachusetts fund. Tom assumed management
responsibility for NMT on July 1, 1998, as part of Nuveen's efforts to maximize
the efficient use of staff resources and portfolio manager expertise. A 15-year
veteran of Nuveen, Tom manages a range of national and state municipal bond
funds.
WHERE DID MASSACHUSETTS RANK IN TERMS OF MUNICIPAL ISSUANCE SINCE THE BEGINNING
OF THE YEAR? WHAT ECONOMIC FACTORS AFFECTED THE STATE?
Continued growth has benefited the Massachusetts economy, and credit quality in
the state remains very strong. During the first 11 months of 1998, Massachusetts
saw an extremely good supply of new municipal issuance compared with the same
period last year. As of the end of November, the state ranked seventh in the
nation in new issue volume, and total issuance was up 23.8% com pared to
November 30, 1997. Most of this issuance was high credit quality and insured
paper from issuers in the education and health care sectors, such as the
Massachusetts Health and Educational Facilities Authority. Increased supply was
met by good demand, especially from retail investors.
Massachusetts, long known as a high tax state, is starting to lose that
reputation, with a series of tax cuts in recent years easing the tax burden of
its residents. Starting in January of 1999, the tax on investment income will be
lowered from 12% to 5.95%, and a reduction in personal income tax rates is also
being considered.
Massachusetts continues to be a knowledge-based economy, flourishing because of
the growth in high-tech and financial services sectors. This growth is expected
to taper off slightly in 1999, led by a reduction in manufacturing. However, the
state is still expected to experience moderate growth. The service sector
continued to perform well and has been the state's most important source of
recent economic growth.
HOW DID THE FUND PERFORM OVER THE PAST YEAR?
For the 12-month period ended November 30, 1998, the Nuveen Massachusetts
Premium Income Municipal Fund (NMT) produced a total return on net asset value
of 9.41%, providing a taxable-equivalent total return of 13.26% for investors in
the combined 39.3% federal and state income tax bracket. The total return
compares with the Lehman Brothers Municipal Bond Index's(1) annual return of
7.76%. The fund also outperformed the relevant Lipper Peer Group(2) average
return of 8.86%, ranking fourth among the group's 18 funds.
Much of the fund's performance over the past 12 months can be tied to its
duration. As of November 30, 1998, NMT had a leverage-adjusted duration(3) of
9.64 years, compared with the unleveraged Lehman index's duration of 7.22 years.
Fund duration measures a bond fund's price volatility, or reaction to interest
rate movements. The longer the duration, the more sensitive the fund is to
changes in interest rates. During a period of falling interest rates, longer
duration enables a fund to participate more fully in market gains. However, when
rates rise, longer duration can make the fund more vulnerable to potential price
declines. Over the past year, as interest rates trended downward, funds with
durations longer than that of the index generally tended to outperform the
market.
HOW WERE THE FUND'S DIVIDEND AND SHARE PRICE AFFECTED?
In the current low interest rate environment, good call protection helped
support NMT's dividend and protect the income of this fund from erosion. As of
November 30, 1998, NMT had provided shareholders with 22 consecutive months of
steady income and a competitive market yield of 5.11%, equivalent to a taxable
yield of 8.42% for investors in the combined 39.3% federal and state income tax
bracket.
As Tim mentioned in his letter to shareholders, share price performance among
the Nuveen Exchange-Traded Funds has been strong over the past 12 months. As
interest rates fell, active demand for these funds increased share prices. As of
November 30, 1998, NMT was trading at a premium of 9.47% to its net asset value
and also had a one-year total return on its share price of 11.19%.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUND DURING THE PAST YEAR?
NMT is a well-structured portfolio offering high credit quality (78% of holdings
rated AAA and AA), good call protection, and a stable dividend. Over the past
year, heavy issuance in the Massachusetts market provided us with a number of
opportunities to purchase bonds that further enhanced the fund's structure.
Given Massachusetts' high concentration of colleges, universities, and secondary
schools and leadership in healthcare-related issues, much of the new issuance
came from the education and healthcare sectors. As of November 30, 1998, 40% of
the portfolio was invested in these two sectors.
Over the year, we focused on purchasing securities with longer durations in
order to improve the fund's total return prospects in the current market
environment. We also sold securities that were not supporting the objectives of
the fund and purchased bonds that we believe will do so, including insured and
investment-grade bonds in attractive sectors that were inexpensively priced. We
also bought a small amount of discount bonds to pick up additional yield.
With spreads between high quality bonds (AAA rated) and low rated, investment
grade bonds (at least BBB rated) remaining rela tively narrow, it was difficult
to find a boost in incremental yield that would have compensated us for buying
lower-rated bonds. Consequently, we continued to focus on higher-quality
credits. The tight credit spreads also restricted our purchase of Massachusetts
housing bonds. Since these bonds can provide attractive income, we continue to
watch new issuance for opportunities to buy in this sector. One such recent
addition to the portfolio was an FHA-insured Boston multi-family housing issue
that provided an above-market yield as well as good volatility characteristics
for a lever aged fund. The ability to find bonds such as these illustrates how
Nuveen's expertise and close relationships with regional firms help us select
the investments that reward shareholders.
WHAT IS NUVEEN'S OUTLOOK FOR THE FUTURE?
Achieving the fund's primary objective of providing current income exempt from
federal and state income taxes is our main goal. We will also focus on
accomplishing the second objective, which is to enhance the fund portfolio's
value by seeking out bonds that our investment advisers feel are undervalued by
the market. To help us accomplish this goal, we will continue monitoring the new
issuance market in Massachusetts for value, taking advantage of any attractive
buy opportunities that arise. Finding bonds such as these is an area where
Nuveen's expertise - as an experienced invest ment manager knowledgeable about
the unique aspects of the Massachusetts municipal market can result in added
value for our investors.
The current market environment - influenced by declining interest rates, benign
inflation, and strong municipal supply - has helped to position municipal bonds
as one of the most compelling values in today's marketplace. We expect that the
excellent munici pal-to-Treasury ratio Tim mentioned in his shareholder letter,
com bined with continued volatility in the equity markets and investors'
increasing awareness of the need for asset allocation rebalancing, will result
in growing demand for municipal bond funds. We believe that investors who take
advantage of current opportunities in the municipal market should be rewarded
with healthy returns and attractive yields in the months ahead.
1 The Lehman Brothers Municipal Bond Index is an unleveraged index comprising a
broad range of investment-grade municipal bonds and does not reflect any
initial or ongoing expenses.
2 The Lipper Peer Group return represents the average annualized returns of the
18 funds in the Lipper State Leveraged Municipal Debt category. The return
assumes reinvestment of dividends and does not reflect any applicable sales
charges.
3 Leverage-adjusted duration, also known as fund duration, takes into account
the leveraging process for each fund and therefore differs from the duration
of the actual portfolio of individual bonds that make up the fund. Unless
otherwise noted, refer ences to duration in this commentary are intended to
indicate fund duration.
<PAGE>
Nuveen Massachusetts Premium Income Municipal Fund
Performance Overview
As of November 30, 1998
NMT
Portfolio Statistics
==================================================
Inception Date 3/93
- --------------------------------------------------
Share Price $16 9/16
- --------------------------------------------------
Net Asset Value Per Share $15.13
- --------------------------------------------------
Market Yield 5.11%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.41%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State)(1) 8.42%
- --------------------------------------------------
Fund Net Assets ($000) $104,113
- --------------------------------------------------
Average Effective Maturity (Years) 17.53
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 9.64
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 11.19% 9.41%
- --------------------------------------------------
3-Year 13.20% 8.13%
- --------------------------------------------------
5-Year 10.95% 7.66%
- --------------------------------------------------
Since Inception 7.48% 7.12%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 14.77% 13.26%
- --------------------------------------------------
3-Year 17.06% 11.99%
- --------------------------------------------------
5-Year 14.94% 11.62%
- --------------------------------------------------
Since Inception 11.21% 10.90%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
Education and Civic Organizations 22%
- --------------------------------------------------
U.S. Guaranteed 20%
- --------------------------------------------------
Health Care 18%
- --------------------------------------------------
Housing (Multifamily) 14%
- --------------------------------------------------
Tax Obligation (General) 9%
- --------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment nec
essary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 39.3%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 39.3%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share
12/97 0.0705
1/98 0.0705
2/98 0.0705
3/98 0.0705
4/98 0.0705
5/98 0.0705
6/98 0.0705
7/98 0.0705
8/98 0.0705
9/98 0.0705
10/98 0.0705
11/98 0.0705
Line Chart:
Share Price Performance
12/5/97 15.563
15.5
15.75
15.938
16.125
16.375
16.688
16.25
16.188
16.625
16.563
16.25
16.25
16.625
16.5
16.563
16.313
16.313
16
15.938
16.125
16.25
16.063
16.375
16.438
16.375
16.375
16.625
16.25
16.875
16.688
16.625
16.313
16.375
16.5
16.375
16.563
16.688
16.75
16.438
16.563
16.75
17.5
16.875
16.75
16.75
16.69
16.88
16.56
16.44
11/30/98 16.5625
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen Missouri Premium Income Municipal Fund (NOM)
Portfolio Manager's Comments
Portfolio manager Mike Davern discusses the municipal market, fund performance,
and key investment strategies for the Missouri fund. Mike assumed management
responsibility for the fund on July 1, 1998, as part of Nuveen's efforts to
maximize the efficient use of staff resources and portfolio manager expertise. A
six-year veteran of Nuveen, Mike has 15 years of investment experience and
manages a range of state municipal bond funds for Nuveen.
WHERE DID MISSOURI RANK IN TERMS OF MUNICIPAL ISSUANCE SINCE THE BEGINNING OF
THE YEAR? WHAT ECONOMIC FACTORS AFFECTED THE STATE?
In response to low interest rates and Missouri's continued population growth,
the state's municipal bond issuance increased almost 85% over 1997 levels, which
ranked the state 19th in the nation, as of November 30, 1998. Supply is expected
to remain strong over the next few years due to the continuing need for
infrastructure financing and increased school spending. Missouri's overall
creditworthiness is reflected in its long-standing Aaa/AAA/AAA rating by
Moody's, Standard & Poor's, and Fitch, respectively.
Missouri maintained a diversified economy, mirroring that of the nation.
Although recent industry growth has shifted to services and tourism, defense and
manufacturing are important elements of the state economy. Population in
Missouri has increased approximately 5.6% from 1990. The state's unemployment
rate has steadily declined from a high of 6.7% in 1991. It was 3.7% in November
1998, compared to the national average of 4.4%.
HOW DID THE FUND PERFORM OVER THE PAST YEAR?
For the 12-month period ended November 30, 1998, the Nuveen Missouri Premium
Income Municipal Fund (NOM) produced a total return on net asset value of 8.73%,
providing a taxable-equivalent total return of 11.65% for investors in the
combined 35.1% federal and state income tax bracket. The fund's total return
outperformed the Lehman Brothers Municipal Bond Index's(1) annual return of
7.76% and compared favorably with the relevant Lipper Peer Group(2) average
return of 8.86%.
Much of the fund's performance over the past 12 months can be tied to its
duration. As of November 30, 1998, NOM had a leverage-adjusted duration(3) of
9.55 years, compared with the unleveraged Lehman index's duration of 7.22
years. Fund duration measures a bond fund's price volatility, or reaction to
interest rate movements. The longer the duration, the more sensitive the fund is
to changes in interest rates. During a period of falling interest rates, longer
duration enables a fund to participate more fully in market gains. However, when
rates rise, longer duration can make the fund more vulnerable to potential price
declines. Over the past year, as interest rates trended downward, funds with
durations longer than that of the index generally tended to outperform the
market.
HOW WERE THE FUND'S DIVIDEND AND SHARE PRICE AFFECTED?
In the current low interest rate environment, excellent call protection helped
support NOM's dividend and protect the income of this fund from erosion. In
addition, good dividend management strategies allowed us to increase the
dividend, effective August 1998. As of November 30, 1998, the fund offered a
competitive market yield of 4.92%, equivalent to a taxable yield of 7.58% for
investors in the combined 35.1% federal and state income tax bracket.
As Tim mentioned in his letter to shareholders, share price performance among
the Nuveen Exchange-Traded Funds has been strong over the past 12 months. As
interest rates fell, active demand for these funds increased NOM's share price,
eliminating the slight discount of a year ago. As of November 30, 1998, NOM was
trading at a premium of 4.95% to its net asset value and also had a one-year
total return on its share price of 15.15%.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUND DURING THE PAST YEAR?
As of November 30, 1998, one of NOM's largest sector weight ings, representing
17% of the fund's holdings, was in general tax obligation bonds, the
top-performing sector over the past six months. One of the reasons behind the
sector's excellent performance has been the recent economic environment, which
has boosted tax receipts and credit quality in general, as the budgets of
municipalities and school districts continue to improve. Over the past year,
escrowed securities - that is, bonds that were prerefunded as interest rates
fell also performed well. Among these bonds in NOM's portfolio are those issued
by the Missouri Health and Educational Facilities Authority for Barnes-Jewish
Christian Health System. Recently, some lower-rated credits became more
attractive and were added to the portfolio. An example of this is the Industrial
Development Authority of St. Charles County, Missouri, for Ashwood Apartments, a
multi-family apartment project, maturing in 2030, which provided attractive
yields for the fund.
NOM is noteworthy for its excellent call protection, with no scheduled calls
over the next 12 months and only 3% of fund scheduled to be called in the year
2000. Overall, the credit quality of the fund is high, with 78% of the portfolio
invested in bonds rated AAA.
WHAT IS NUVEEN'S OUTLOOK FOR THE FUTURE?
Going forward, we will continue to examine the call structure of the portfolio.
With a tight municipal supply relative to retail demand in Missouri, we will
look to take advantage of the most attractive new issues that do come to market.
This would allow us to sell bonds with short call provisions at good prices for
the portfolio and reinvest the proceeds in well-structured new issues. Working
with our research analysts gives us the ability to select lower-rated,
investment grade bonds at attractive prices, if they are available, as a way to
increase the incremental yield of the fund. Selecting the bonds that will help
the fund meet these goals is an area where Nuveen's expertise - as an
experienced investment manager knowledgeable about the unique aspects of the
Missouri municipal market - can result in added value for our investors.
The current market environment - influenced by declining interest rates, benign
inflation, and strong municipal supply - has helped to position municipal bonds
as one of the most compelling values in today's marketplace. We expect that the
excellent municipal-to-Treasury ratio Tim mentioned in his shareholder letter,
com bined with continued volatility in the equity markets and investors'
increasing awareness of the need for asset allocation rebalancing, will result
in growing demand for municipal bond funds. We believe that investors who take
advantage of current opportunities in the municipal market should be rewarded
with healthy returns and attractive yields in the months ahead, as the market
recognizes the value of these quality investments.
1 The Lehman Brothers Municipal Bond Index is an unleveraged index comprising a
broad range of investment-grade municipal bonds and does not reflect any
initial or ongoing expenses.
2 The Lipper Peer Group return represents the average annualized returns of the
18 funds in the Lipper State Leveraged Municipal Debt category. The return
assumes reinvestment of dividends and does not reflect any applicable sales
charges.
3 Leverage-adjusted duration, also known as fund duration, takes into account
the leveraging process for each fund and therefore differs from the duration
of the actual portfolio of individual bonds that make up the fund. Unless
otherwise noted, references to duration in this commentary are intended to
indicate fund duration.
<PAGE>
Nuveen Missouri Premium Income Municipal Fund
Performance Overview
As of November 30, 1998
NOM
Portfolio Statistics
==================================================
Inception Date 5/93
- --------------------------------------------------
Share Price $15 3/8
- --------------------------------------------------
Net Asset Value Per Share $14.65
- --------------------------------------------------
Market Yield 4.92%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.13%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State)(1) 7.58%
- --------------------------------------------------
Fund Net Assets ($000) $47,456
- --------------------------------------------------
Average Effective Maturity (Years) 16.35
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 9.55
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 15.15% 8.73%
- --------------------------------------------------
3-Year 15.84% 7.44%
- --------------------------------------------------
5-Year 7.83% 6.90%
- --------------------------------------------------
Since Inception 5.87% 6.07%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 18.10% 11.65%
- --------------------------------------------------
3-Year 19.02% 10.33%
- --------------------------------------------------
5-Year 11.04% 9.91%
- --------------------------------------------------
Since Inception 8.90% 8.95%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
Tax Obligation (General) 17%
- --------------------------------------------------
Tax Obligation (Limited) 17%
- --------------------------------------------------
Housing (Multifamily) 14%
- --------------------------------------------------
Water and Sewer 11%
- --------------------------------------------------
Health Care 10%
- --------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment nec
essary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.1%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.1%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share
12/97 0.062
1/98 0.062
2/98 0.062
3/98 0.062
4/98 0.062
5/98 0.062
6/98 0.062
7/98 0.062
8/98 0.063
9/98 0.063
10/98 0.063
11/98 0.063
Line Chart:
Share Price Performance
12/5/97 14.063
14.125
14.063
14.188
14.063
14.5
14.563
14.25
14.25
14.938
14.875
14.875
14.938
15
14.5
14.813
14.625
14.625
14.563
14.438
14.375
14.25
14.25
14.125
14.188
14.75
14.25
14.375
14.25
14.5
14.25
14.75
14.75
14.688
14.625
14.75
14.75
14.625
14.688
15
15
15.063
15.125
15.25
15.375
15.13
15.06
15.5
15.19
15.38
11/30/98 15.375
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen Washington Premium Income Municipal Fund (NPW)
Portfolio Manager's Comments
Portfolio manager Mike Davern discusses the municipal market, fund performance,
and key investment strategies for the Washington state fund. Mike assumed
management responsibility for NPW on July 1, 1998, as part of Nuveen's efforts
to maximize the efficient use of staff resources and portfolio manager
expertise. A six-year veteran of Nuveen, Mike has 15 years of investment
experience and manages a range of state municipal bond funds for Nuveen.
WHERE DID WASHINGTON RANK IN TERMS OF MUNICIPAL ISSUANCE SINCE THE BEGINNING OF
THE YEAR? WHAT ECONOMIC FACTORS AFFECTED THE STATE?
Washington saw an increase in municipal supply of 12.9% over 1997's figure,
which ranked the state 11th in the nation in terms of total municipal issuance
for the 11 months ended November 30, 1998. Its total issuance for that period
was $5.8 billion.
Unemployment in the state, as of November 30, 1998, was 4.7%, compared to the
national level of 4.4%. The state's economic diversification has seen a shift in
its sector allocations. Boeing, a leader in aerospace technology and based in
Seattle, once accounted for nearly 10% of total state employment. As of
December 11, 1998, that number had been reduced to 3.5%. Furthermore, Boeing is
expected to cut its workforce by 48,000 people over the next two years. However,
the slack caused by these layoffs is expected to be picked up by available jobs
in other sectors, such as construction, retail trade, and services industries.
The growth in the construction industry is of particular interest, due to its
previous six year slump.
HOW DID THE FUND PERFORM OVER THE PAST YEAR?
For the 12 month period ended November 30, 1998, the Nuveen Washington Premium
Income Municipal Fund (NPW) produced a total return on net asset value of 9.01%,
providing a taxable-equivalent total return of 11.39% for investors in the 31%
federal income tax bracket. The total return compares with the Lehman Brothers
Municipal Bond Index's(1) annual return of 7.76%. The fund also outperformed the
relevant Lipper Peer Group(2) average return of 8.86%.
Much of the fund's performance over the past 12 months can be tied to its
duration. As of November 30, 1998, NPW had a leverage-adjusted duration(3) of
9.45 years, compared with the unleveraged Lehman index's duration of 7.22 years.
Fund duration measures a bond fund's price volatility, or reaction to interest
rate movements. The longer the duration, the more sensitive the fund is to
changes in interest rates. During a period of falling interest rates, longer
duration enables a fund to participate more fully in market gains. However, when
rates rise, longer duration can make the fund more vulnerable to potential price
declines. Over the past year, as interest rates trended downward, funds with
durations longer than that of the index generally tended to outperform the
market.
HOW WERE THE FUND'S DIVIDEND AND SHARE PRICE AFFECTED?
In the current low interest rate environment, good call protection helped
support NPW's dividend and protect the income of this fund from erosion. In
addition, good dividend management strategies allowed us to increase the
dividend effective August 1998. As of November 30, 1998, the fund offered a
competitive market yield of 5.24%, equivalent to a taxable yield of 7.59% for
investors in the 31% federal income tax bracket.
As Tim mentioned in his letter to shareholders, share price performance among
the Nuveen exchange-traded funds has been strong over the past 12 months. As
interest rates fell, active demand for these funds increased share prices. At
the same time, strong bond market performance boosted NPW's net asset value,
narrowing the spread between the fund's share price and net asset value by
almost 500 basis points. As of November 30, 1998, NPW was trading at a discount
of 2.90% to its net asset value and also had a one-year total return on its
share price of 15.27%.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUND DURING THE PAST YEAR?
As of November 30, 1998, NPW's largest sector - representing 21% of its holdings
- - was general tax obligation bonds, which was also the top-performing sector
over the past six months. One of the reasons this sector has performed so well
is the strong economic environment, which has boosted tax receipts and credit
quality in general, as the budgets of municipalities and school districts
continue to improve. Overall, the credit quality of the fund is high, with 67%
invested in bonds rated AAA. With the tight credit spreads between higher-rated
(AAA) and lower-rated, investment grade bonds (at least BBB rated) of the past
year, we maintained our heavy weighting in the AAA sector, while watching for
opportunities in lower or non-rated bonds that would allow us to pick up
additional yield for the fund. One example of this was our purchase of bonds
issued by the Spokane Parking Revenue Facility Downtown Development Authority
for the River Park Square project. These BBB/non-rated bonds, which mature in
2019, enabled us to add incremental yield to the fund.
WHAT IS NUVEEN'S OUTLOOK FOR THE FUTURE?
Going forward, we will continue to examine the call structure of the portfolio.
We will also look to take advantage of the most attractive new issues that come
to market. This would allow us to sell bonds with short call provisions at good
prices for the portfolio and reinvest the proceeds in well-structured new
issues. Working with our research analysts gives us the ability to select
lower-rated, investment grade bonds at attractive prices, if they are available,
as a way to increase the incremental yield of the fund. Selecting the bonds that
will help the fund meet these goals is an area where Nuveen's expertise - as an
experienced investment manager knowledgeable about the unique aspects of the
Washington state municipal market - can result in added value for our investors.
The current market environment - influenced by declining interest rates, benign
inflation, and strong municipal supply - has helped to position municipal bonds
as one of the most compelling values in today's marketplace. We expect that the
excellent municipal-to-Treasury ratio, combined with continued volatility in the
equity markets and investors' increasing awareness of the need for asset
allocation rebalancing, will result in growing demand for municipal bond funds.
We believe that investors who take advantage of current opportunities in the
municipal market should be rewarded with healthy returns and attractive yields
in the months ahead, as the market recognizes the value of these quality
investments.
1 The Lehman Brothers Municipal Bond Index is an unleveraged index comprising a
broad range of investment-grade municipal bonds and does not reflect any
initial or ongoing expenses.
2 The Lipper Peer Group return represents the average annualized returns of the
18 funds in the Lipper State Leveraged Municipal Debt category. The return
assumes reinvestment of dividends and does not reflect any applicable sales
charges.
3 Leverage-adjusted duration, also known as fund duration, takes into account
the leveraging process for each fund and therefore differs from the duration
of the actual portfolio of individual bonds that make up the fund. Unless
otherwise noted, refer ences to duration in this commentary are intended to
indicate fund duration.
<PAGE>
Nuveen Washington Premium Income Municipal Fund
Performance Overview
As of November 30, 1998
NPW
Portfolio Statistics
==================================================
Inception Date 3/93
- --------------------------------------------------
Share Price $14 7/8
- --------------------------------------------------
Net Asset Value Per Share $15.32
- --------------------------------------------------
Market Yield 5.24%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.59%
- --------------------------------------------------
Fund Net Assets ($000) $52,547
- --------------------------------------------------
Average Effective Maturity (Years) 17.95
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 9.45
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 15.27% 9.01%
- --------------------------------------------------
3-Year 13.40% 8.06%
- --------------------------------------------------
5-Year 7.47% 6.97%
- --------------------------------------------------
Since Inception 5.72% 7.01%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 17.86% 11.39%
- --------------------------------------------------
3-Year 16.12% 10.47%
- --------------------------------------------------
5-Year 10.26% 9.53%
- --------------------------------------------------
Since Inception 8.35% 9.47%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
Tax Obligation (General) 21%
- --------------------------------------------------
Utilities 15%
- --------------------------------------------------
Water and Sewer 13%
- --------------------------------------------------
Health Care 12%
- --------------------------------------------------
Transportation 8%
- --------------------------------------------------
1 Taxable-equivalent yield represents the yield on a taxable investment nec
essary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%.
2 Taxable-equivalent total return is based on the annualized total return and a
federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen fund on an after-tax
basis.
Bar Chart:
1997-1998 Monthly Tax-Free Dividends Per Share
12/97 0.063
1/98 0.063
2/98 0.063
3/98 0.063
4/98 0.063
5/98 0.063
6/98 0.063
7/98 0.063
8/98 0.065
9/98 0.065
10/98 0.065
12/98 0.065
Line Chart:
Share Price Performance
12/5/97 13.875
13.938
13.688
13.563
13.75
14.625
14.063
14
14
14.375
14.125
13.688
13.875
13.938
14.125
13.75
13.75
13.625
13.5
13.813
13.5
13.5
13.5
13.5
13.625
13.625
13.563
13.563
13.688
13.875
13.813
13.938
13.75
13.625
14.125
14.063
14
14.25
14.188
14.125
14.25
14.25
14.5
14.375
14.25
14.44
14.44
14.31
14.75
14.88
11/30/98 14.875
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Connecticut Premium Income Municipal Fund (NTC)
November 30, 1998
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 18.0%
$ 4,450,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Quinnipiac College Issue, Series D, 6.000%, 7/01/23 7/03 at 103 BBB- $4,587,372
Connecticut Higher Education Supplemental Loan Authority,
Revenue Bonds (Family Education Loan Program), 1996 Series A:
1,570,000 5.800%, 11/15/14 (Alternative Minimum Tax) 11/06 at 102 AAA 1,691,031
995,000 5.875%, 11/15/17 (Alternative Minimum Tax) 11/06 at 102 AAA 1,030,621
2,000,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Trinity College Issue, Series E, 5.875%, 7/01/26 7/06 at 102 AAA 2,170,500
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 7/06 at 102 AAA 2,143,387
2,250,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Fairfield University Issue, Series H, 5.000%, 7/01/23 7/08 at 102 AAA 2,252,835
2,920,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Connecticut College Issue, Series C-1, 5.500%, 7/01/20 7/07 at 102 AAA 3,101,682
3,810,000 The University of Connecticut, Student Fee Revenue Bonds, 1998 Series A,
4.750%, 11/15/27 11/08 at 101 AAA 3,690,480
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 19.5%
1,000,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Newington Childrens Hospital, Series A, 6.050%, 7/01/10 7/04 at 102 AAA 1,103,910
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 7/03 at 102 AAA 1,476,450
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 No Opt. Call AAA 2,157,240
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 7/02 at 102 AAA 2,967,253
2,200,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Day Kimball Hospital Issue, Series A, 5.375%, 7/01/26 7/06 at 102 AAA 2,254,538
4,160,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Yale-New Haven Hospital Issue, Series H, 5.625%, 7/01/16 7/06 at 102 AAA 4,435,850
1,000,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, The William W. Backus Hospital Issue, Series D,
5.750%, 7/01/27 7/07 at 102 AAA 1,073,360
3,000,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Middlesex Health Services Issue, Series I,
5.125%, 7/01/27 7/07 at 101 Aaa 2,986,470
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) 7/05 at 102 AAA 2,338,880
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 Pila-Hospital Project),
6.125%, 8/01/25 8/05 at 101 1/2 AAA 1,660,740
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 5.9%
3,000,000 Housing Authority of the City of Waterbury (Connecticut), Mortgage Refunding
Revenue Bonds, Series 1998C (FHA Insured Mortgage Loan - Waterbury
NSA-II Section 8 Assisted Project), 5.450%, 7/01/23 1/02 at 100 AAA 3,032,040
1,360,000 Waterbury Nonprofit Housing Corporation, Connecticut Taxable Mortgage
Revenue Refunding Bonds (FHA Insured Mortgage Loan - Fairmont Height
Section 8 Assisted Project), Series 1993A, 6.500%, 7/01/07 7/02 at 101 AAA 1,459,280
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily (continued)
$ 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 10/05 at 105 AAA $2,233,222
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.2%
3,175,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program,
Series B, 6.200%, 5/15/12 5/03 at 102 AA 3,392,234
2,445,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program
Bonds, 1996 Subseries E-2, 6.150%, 11/15/27 (Alternative Minimum Tax) 11/06 at 102 AA 2,627,642
- ------------------------------------------------------------------------------------------------------------------------------------
Long Term Care - 6.1%
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 11/04 at 102 AA- 2,316,100
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 11/03 at 102 AAA 2,190,800
Connecticut Development Authority, Health Facility Refunding Revenue Bonds,
Alzheimers Resource Center of Connecticut, Inc. Project, Series 1994:
1,300,000 6.875%, 8/15/04 No Opt. Call N/R 1,391,533
1,000,000 7.000%, 8/15/09 8/04 at 102 N/R 1,085,560
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 8.2%
1,750,000 State of Connecticut, General Obligation Bonds, 1993 Series D,
5.100%, 8/01/11 8/03 at 101 1/2 AA 1,820,543
2,000,000 State of Connecticut, General Obligation Bonds, 1993 Series E,
6.000%, 3/15/12 No Opt. Call AA 2,309,460
1,650,000 State of Connecticut, General Fund Obligation Bonds, 1994 Series A, Issued By
Connecticut Development Authority, 6.375%, 10/15/14 10/04 at 102 AA- 1,859,501
3,500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1998
(General Obligation Bonds), 4.875%, 7/01/23 7/08 at 101 AAA 3,480,015
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 4.8%
1,900,000 Capitol Region Education Council (Connecticut), 6.700%, 10/15/10 10/05 at 102 BBB 2,073,945
1,800,000 State of Connecticut, Special Tax Obligation Bonds, Transportation
Infrastructure Purposes, 1991 Series B, 6.500%, 10/01/10 No Opt. Call AA- 2,154,006
1,250,000 City of Waterbury, Connecticut, General Obligation Tax Revenue Intercept
Refunding Bonds, 1993 Issue, 5.375%, 4/15/08 4/03 at 102 AAA 1,324,013
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 7.4%
3,000,000 State of Connecticut, Airport Revenue Refunding Bonds, Bradley International
Airport, Series 1992, 7.650%, 10/01/12 10/04 at 100 AAA 3,550,140
City of New Haven, Connecticut, Air Rights Parking Facility Revenue Bonds,
Series 1991:
3,000,000 6.625%, 12/01/05 12/01 at 102 AAA 3,290,340
1,500,000 6.500%, 12/01/15 12/01 at 102 AAA 1,636,890
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 8.7%
2,355,000 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) 7/03 at 100 AAA 2,710,322
State of Connecticut Health and Educational Facilities
Authority, Revenue Bonds, Sacred Heart University Issue, Series B:
2,600,000 5.700%, 7/01/16 7/03 at 102 BBB-*** 2,644,772
1,000,000 5.800%, 7/01/23 7/03 at 102 BBB-*** 1,014,400
2,020,000 State of Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Trinity College Issue, Series C, 6.000%, 7/01/22
(Pre-refunded to 7/01/02) 7/02 at 102 AAA 2,212,546
1,250,000 State of Connecticut Health and Educational Facilities Authority, Revenue
Bonds, Choate Rosemary Hall Issue, Series A, 7.000%, 7/01/25
(Pre-refunded to 7/01/04) 7/04 at 101 AAA 1,455,238
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities - 11.6%
$ 3,250,000 Connecticut Municipal Electric Energy Cooperative, Power Supply System
Revenue Bonds, 1993 Series A, 5.000%, 1/01/18 1/04 at 102 AAA $3,262,350
2,200,000 Connecticut Resources Recovery Authority, Bridgeport Resco Company,
L.P. Project Bonds, Series A, 7.625%, 1/01/09 1/03 at 100 A 2,282,940
3,235,000 Connecticut Resources Recovery Authority, Resource Recovery Revenue
Bonds, American Ref-Fuel Company of Southeastern Connecticut Project,
1989 Series A, 7.700%, 11/15/11 11/99 at 103 AA 3,426,253
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) 6/03 at 102 AAA 2,906,772
1,400,000 Connecticut Development Authority, Water Facilities Refunding Revenue
Bonds (Bridgeport Hydraulic Company Project - 1993B Series),
5.500%, 6/01/28 6/03 at 102 AAA 1,469,720
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 2.9%
1,000,000 State of Connecticut, Clean Water Fund Subordinate Revenue Refunding
Bonds, 1996 Series, 5.250%, 7/01/10 1/05 at 101 AAA 1,056,700
2,000,000 South Central, Connecticut, Regional Water Authority, Water System
Revenue Bonds, Eleventh Series, 5.750%, 8/01/12 8/03 at 102 AAA 2,173,258
- ------------------------------------------------------------------------------------------------------------------------------------
$ 105,785,000 Total Investments - (cost $105,757,983) - 98.3% 112,965,134
=============
Other Assets Less Liabilities - 1.7% 1,933,050
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $114,898,184
====================================================================================================================
* 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.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely payment
of principal and interest. Securities are normally considered to be equivalent
to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
November 30, 1998
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 21.0%
$ 835,000 Massachusetts Educational Financing Authority, Education Loan Revenue
Bonds, Issue E, Series 1995, 6.150%, 7/01/10 (Alternative Minimum Tax) 7/04 at 102 AAA $ 887,279
1,970,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds,
Boston College Issue, Series K, 5.250%, 6/01/23 6/03 at 102 AAA 1,996,516
1,500,000 Massachusetts Industrial Finance Agency, Revenue Bonds (College of the
Holy Cross - 1996 Issue), 5.500%, 3/01/20 3/06 at 102 AAA 1,581,600
2,645,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Whitehead
Institute for Biomedical Research - 1993 Issue), 5.125%, 7/01/26 7/03 at 102 Aa1 2,625,559
1,175,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Brooks
School Issue), Series 1993, 5.950%, 7/01/23 7/03 at 102 A3 1,235,242
3,500,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Phillips
Academy Issue), Series 1993, 5.375%, 9/01/23 9/08 at 102 AA+ 3,651,690
3,300,000 Massachusetts Industrial Finance Agency, Education Revenue Bonds
(Belmont Hill School Issue - Series 1998), 5.250%, 9/01/28 9/08 at 101 A 3,297,261
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) No Opt. Call A3 1,912,607
4,000,000 The New England Education Loan Marketing Corporation, Student Loan
Revenue Bonds, 1992 Subordinated Issue H, 6.900%, 11/01/09
(Alternative Minimum Tax) No Opt. Call A3 4,648,000
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 17.5%
4,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds,
New England Medical Center Hospitals Issue, Series G-1, 5.375%, 7/01/24 7/04 at 102 AAA 4,084,680
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 7/04 at 102 AA+ 2,178,800
1,000,000 Massachusetts Health and Educational Facilities Authority, Revenue
Bonds, Massachusetts General Hospital Issue, Series G, 5.375%, 7/01/11 7/00 at 100 AAA 1,049,650
3,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds,
Lahey Clinic Medical Center Issue, Series B, 5.625%, 7/01/15 7/03 at 102 AAA 3,151,170
400,000 Massachusetts Health and Educational Facilities Authority, Revenue
Refunding Bonds (Cardinal Cushing General Hospital), Series 1989-A,
8.500%, 7/01/00 7/99 at 102 1/2 N/R 412,656
Massachusetts Health and Educational Facilities Authority,
Revenue Refunding Bonds, Youville Hospital ssue (FHA Insured
Project), Series B:
2,460,000 6.125%, 2/15/15 2/04 at 102 Aa 2,602,828
1,000,000 6.000%, 2/15/25 2/04 at 102 Aa 1,044,500
2,805,000 Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25 7/08 at 102 AAA 2,771,144
1,000,000 Massachusetts Health and Educational Facilities Authority, Revenue
Bonds, Harvard Pilgrim Health Care Issue, Series A, 4.750%, 7/01/22 7/08 at 101 AAA 958,210
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 13.2%
3,800,000 Massachusetts Housing Finance Agency, Housing Project Revenue Bonds,
6.300%, 10/01/13 4/03 at 102 A+ 4,045,328
4,000,000 Massachusetts Housing Finance Agency, Housing Development Bonds,
1998 Series A, 5.375%, 6/01/16 (Alternative Minimum Tax) 6/08 at 101 AAA 4,115,880
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily (continued)
$ 3,315,000 Massachusetts Housing Finance Agency, Rental Housing Mortgage
Revenue Bonds, 1997 Series C, 5.625%, 7/01/40 (Alternative Minimum Tax) 7/07 at 101 AAA $3,414,815
1,935,000 Massachusetts Housing Finance Agency, Rental Housing Mortgage
Revenue Bonds, 1995 Series A (FHA Insured Mortgage Loans),
7.350%, 1/01/35 (Alternative Minimum Tax) 1/05 at 102 AAA 2,130,919
- ------------------------------------------------------------------------------------------------------------------------------------
Long Term Care - 2.7%
1,000,000 Massachusett Health and Educational Facilities Authority, Revenue
Refunding Bonds, Youville Hospital Issue (FHA Insured Project),
Series A, 6.250%, 2/15/41 2/07 at 102 Aa2 1,086,310
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) 2/06 at 102 AAA 1,191,566
500,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Briscoe
House Assisted Living Issue (FHA Insured Project), 6.050%, 2/01/17
(Alternative Minimum Tax) 8/07 at 105 AAA 550,715
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 8.8%
Town of Barnstable, Massachusetts, General Obligation Bonds:
1,020,000 5.750%, 9/15/10 9/04 at 102 Aa3 1,118,716
1,020,000 5.750%, 9/15/11 9/04 at 102 Aa3 1,117,879
965,000 5.750%, 9/15/12 9/04 at 102 Aa3 1,049,785
1,000,000 City of Chelsea, Massachusetts, General Obligation Bonds, School
Project Loan Act of 1948, 7.000%, 6/15/03 No Opt. Call AAA 1,125,430
4,375,000 City of Lowell, Massachusetts, General Obligation State Qualified
Bonds, 5.600%, 11/01/12 11/03 at 102 AAA 4,722,944
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 6.6%
4,000,000 Massachusetts Port Authority, Special Facilities Revenue Bonds
(U.S. Air Project), Series 1996-A, 5.750%, 9/01/16
(Alternative Minimum Tax) 9/06 at 102 AAA 4,317,120
2,500,000 Massachusetts Industrial Finance Agency, Parking Facility Revenue
Bonds (Avon Associates LLC Project), Series 1998A, 5.375%, 4/01/20 4/03 at 102 AAA 2,560,425
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 19.0%
2,500,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds,
Malden Hospital Issue (FHA Insured Project), Series A, 5.000%, 8/01/16 No Opt. Call AAA 2,551,450
Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, New England Deaconess Hospital Issue, Series D:
3,310,000 6.625%, 4/01/12 (Pre-refunded to 4/01/02) 4/02 at 102 AAA 3,666,851
1,000,000 6.875%, 4/01/22 (Pre-refunded to 4/01/02) 4/02 at 102 AAA 1,115,410
1,000,000 Massachusetts Port Authority, Revenue Bonds, Series 1982,
13.000%, 7/01/13 No Opt. Call AAA 1,717,830
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) 11/02 at 102 AA-*** 2,782,700
1,300,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Merrimack
College Issue, Series 1992, 7.125%, 7/01/12 (Pre-refunded to 7/01/02) 7/02 at 102 AAA 1,470,053
3,000,000 Massachusetts Water Resources Authority, General Revenue Bonds,
1991 Series A, 5.750%, 12/01/21 (Pre-refunded to 12/01/01) 12/01 at 100 Aaa 3,180,900
3,000,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series P,
7.000%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 3,311,010
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 5.5%
2,000,000 Massachusetts Municipal Wholesale Electric Company, Power Supply
System Revenue Bonds, 1992 Series A, 6.000%, 7/01/18 7/02 at 100 AAA 2,126,480
3,275,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue
Bonds, SEMASS Project, Series 1991B, 9.250%, 7/01/15
(Alternative Minimum Tax) 7/01 at 103 N/R 3,636,003
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 2.8%
$ 3,000,000 Massachusetts Water Resources Authority, General Revenue Refunding Bonds,
1993 Series B, 5.000%, 3/01/22 3/03 at 100 A1 $2,949,150
- ------------------------------------------------------------------------------------------------------------------------------------
$ 94,795,000 Total Investments - (cost $93,649,807) - 97.1% 101,145,061
=============
Other Assets Less Liabilities - 2.9% 2,967,494
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $104,112,555
====================================================================================================================
* 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.
*** Securities are backed by an escrow or trust containing sufficient
U.S. government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Missouri Premium Income Municipal Fund (NOM)
November 30, 1998
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 5.7%
$ 500,000 The Industrial Development Authority of the City of Kansas City, Missouri,
(Ewing Marion Kauffman Foundation Project), Fixed Rate Revenue Bonds,
Series 1997B, 5.700%, 4/01/27 4/07 at 100 AAA $ 531,110
1,775,000 Northwest Missouri State University, Housing System Revenue Bonds,
Series 1998, 7.000%, 6/01/11 6/08 at 100 Aaa 2,135,627
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 10.1%
1,000,000 Health and Educational Facilities Authority of the State of Missouri,
Health Facilities Refunding Revenue Bonds (SSM Health Care),
Series 1992AA, 6.250%, 6/01/07 6/02 at 102 AAA 1,093,720
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 No Opt. Call AA 1,212,240
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 2/06 at 102 BBB+ 1,092,300
400,000 Health and Educational Facilities Authority of the State of Missouri,
Health Facilities Revenue Bonds (BJC Health System), Series 1998,
5.000%, 5/15/28 5/08 at 101 AA 391,240
1,000,000 Ray County, Missouri, Hospital Revenue Bonds (Ray County
Memorial Hospital), Series 1997, 5.750%, 11/15/12 5/05 at 101 1/2 N/R 1,015,520
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 14.0%
650,000 The Industrial Development Authority of the City of Kansas City,
Missouri, Multifamily Housing Revenue Refunding Bonds (President
Gardens Apartment Project), Series 1997A, 5.550%, 8/01/25 2/08 at 102 AAA 667,934
1,550,000 Missouri Housing Development Commission, Multifamily Housing
Revenue Bonds (Brookstone Village Apartments Project),
1996 Series A, 6.100%, 12/01/21 (Alternative Minimum Tax) 12/06 at 102 AAA 1,646,550
1,250,000 The Industrial Development Authority of St. Charles County, Missouri,
Multifamily Housing Revenue Bonds (Ashwood Apartments Project),
Series 1998A, 5.600%, 4/01/30 (Alternative Minimum Tax) 4/08 at 102 AAA 1,276,200
1,045,000 The Industrial Development Authority of the County of St. Louis, Missouri,
Multifamily Housing Revenue Refunding Bonds (GNMA Collateralized -
South Summit Apartments Project), Series 1997A, 5.950%, 4/20/17 4/07 at 102 AAA 1,120,240
600,000 The Industrial Development Authority of the County of St. Louis, Missouri,
Multifamily Housing Revenue Refunding Bonds (GNMA
Collateralized - South Summit Apartments Project), Series 1997B,
6.000%, 10/20/15 (Alternative Minimum Tax) 4/07 at 102 AAA 640,104
1,250,000 The Industrial Development Authority of University City, Missouri,
Multifamily Housing Revenue Refunding Bonds (GNMA
Collateralized - Canterbury Gardens Project), Series 1995A,
5.900%, 12/20/20 12/05 at 102 AAA 1,314,350
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 8.9%
1,795,000 Missouri Housing Development Commission, Single Family Mortgage
Revenue Bonds (Homeownership Loan Program), 1995 Series C,
7.250%, 9/01/26 (Alternative Minimum Tax) 3/06 at 105 AAA 2,034,938
2,075,000 Missouri Housing Development Commission, Single Family Mortgage
Revenue Bonds (GNMA Mortgage-Backed Securities Program),
1991 Series A, 7.375%, 8/01/23 (Alternative Minimum Tax) 2/01 at 102 AAA 2,188,897
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 17.2%
2,020,000 Ritenour School District of St. Louis County, Missouri, General Obligation
School Bonds, Series 1995, 7.375%, 2/01/12 No Opt. Call AAA 2,553,623
1,500,000 Francis Howell School District, St. Charles County, Missouri, General
Obligation Refunding Bonds, Series 1994A, 7.800%, 3/01/08 No Opt. Call AAA 1,900,695
1,000,000 School District of the City of St. Charles, Missouri, General Obligation
Bonds (Missouri Direct Deposit Program), Series 1996A,
5.625%, 3/01/14 3/06 at 100 AA 1,072,590
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 No Opt. Call AAA 1,815,383
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 No Opt. Call AAA 808,194
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited - 16.6%
$ 1,000,000 Fort Zumwalt School District Improvement Corporation, Leasehold
Revenue Bonds, Fort Zumwalt S.D., St Charles County, Series 1997,
5.600%, 3/01/17 3/07 at 100 Aaa $1,060,270
1,000,000 Land Clearance for Redevelopment Authority of Kansas City, Missouri,
Lease Revenue Bonds (Municipal Auditorium and Muehlebach Hotel
Redevelopment Project), Series 1995A, 5.900%, 12/01/18 12/05 at 102 AAA 1,086,290
1,000,000 Kansas City Municipal Assistance Corporation, Leasehold Revenue
Capital Improvement Bonds (Kansas City, Missouri, Lessee),
Series 1996B, 5.700%, 1/15/13 1/06 at 101 AAA 1,081,520
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 8/03 at 102 A+ 1,041,700
1,500,000 St. Louis Municipal Finance Corporation, Leasehold Revenue Refunding
Bonds, 5.850%, 7/15/09 7/03 at 102 A1 1,608,360
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 2/06 at 102 AAA 1,977,822
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 6.0%
1,500,000 City of Kansas City, Missouri, General Improvement Airport Bonds,
Series 1994 A, 6.900%, 9/01/11 (Alternative Minimum Tax) 9/04 at 101 AAA 1,708,095
1,000,000 The City of St. Louis, Missouri, Airport Revenue Bonds, Series 1997
(1997 Capital Improvement Program), Lambert - St.Louis International
Airport, 6.000%, 7/01/12 (Alternative Minimum Tax) No Opt. Call AAA 1,134,260
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 9.4%
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 6/00 at 102 AAA 1,391,226
1,500,000 Certificates of Receipt, Series 1993, St. Louis County, Missouri,
GNMA Collateralized Mortgage Revenue Bonds (Escrowed with
United States Governmental Obligations), 5.650%, 7/01/20
(Alternative Minimum Tax) No Opt. Call AAA 1,651,950
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 2/15/05) 2/05 at 100 AAA 1,433,852
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 10.3%
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 1/05 at 102 Aa1 1,473,908
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 7/04 at 102 AAA 1,106,810
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 1/06 at 101 Aa1 1,074,460
350,000 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 1997C, 6.750%, 1/01/12 No Opt. Call Aa1 $ 426,642
750,000 The City of St. Louis, Missouri, Water Revenue Refunding and
Improvement Bonds, Series 1994, 6.000%, 7/01/14 7/04 at 102 AAA 829,050
- ------------------------------------------------------------------------------------------------------------------------------------
$ 41,620,000 Total Investments - (cost $43,112,428) - 98.2% 46,597,670
=============
Other Assets Less Liabilities - 1.8% 858,537
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $47,456,207
====================================================================================================================
* 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
Nuveen Washington Premium Income Municipal Fund (NPW)
November 30, 1998
(Unaudited)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 5.1%
$ $1,000,000 University of Washington, Housing and Dining System Revenue Refunding
Bonds, Junior Lien Series 1996, 5.125%, 12/01/15 12/06 at 102 AAA $1,022,860
1,400,000 Washington State University, Housing and Dining System Revenue and
Refunding Bonds, Series 1994, 6.375%, 10/01/18 10/04 at 101 AAA 1,560,510
65,000 Western Washington University, Housing and Dining System Revenue
Bonds, Series 1992, 6.375%, 10/01/22 10/02 at 101 AAA 70,788
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 11.7%
1,000,000 Washington Health Care Facilities Authority, Revenue Bonds,
Series 1993A (The Heart Institute of Spokane), 5.800%, 8/15/18 8/04 at 102 AA- 1,051,550
2,000,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1992
(The Childrens Hospital and Medical Center, Seattle), 6.125%, 10/01/13 10/02 at 102 AAA 2,203,960
2,000,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1998
(Highline Community Hospital), 5.000%, 8/15/21 8/08 at 102 AA 1,930,100
1,000,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1998
(Harrison Memorial Hospital), 5.000%, 8/15/28 8/13 at 102 AAA 973,520
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 5.9%
2,000,000 Housing Authority of the County of King Washington, Housing Revenue Bonds,
Series 1995 (Woodridge Park Project), 6.350%, 5/01/25
(Alternative Minimum Tax) 5/05 at 100 AA+ 2,108,460
965,000 Washington State Housing Finance Commission, Multifamily Mortgage
Revenue Bonds (GNMA Mortgage Backed Securities Program),
Series 1989A, 7.700%, 7/01/32 (Alternative Minimum Tax) 1/00 at 103 AAA 1,006,360
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 4.4%
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) No Opt. Call AAA 1,796,519
475,000 Washington State Housing Finance Commission, Single Family Program
Bonds, 1997 Series 2A, 6.050%, 12/01/16 6/07 at 102 Aaa 504,987
- ------------------------------------------------------------------------------------------------------------------------------------
Long Term Care - 3.5%
1,640,000 Housing Authority of Skagit County, Low-Income Housing Assistance
Revenue Bonds, Series 1993 (GNMA Collateralized Mortgage Loan -
Sea Mar Project), 7.000%, 6/20/35 11/04 at 104 AAA 1,818,038
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 20.9%
1,655,000 City of Everett, Washington, Limited Tax General Obligation Bonds,
Series 1997, 5.125%, 9/01/17 9/07 at 100 Aaa 1,681,828
1,000,000 Federal Way School District No. 210, King County, Washington,
Unlimited Tax General Obligation and Refunding Bonds,
Series 1993, 5.750%, 12/01/12 No Opt. Call AAA 1,126,040
1,360,000 Tahoma School District No. 409, King County, Washington, Unlimited
Tax General Obligation Improvement and Refunding Bonds,
Series 1997, 6.000%, 12/01/10 No Opt. Call Aaa 1,561,919
1,000,000 Peninsula School District No. 401, Pierce County, Washington, Unlimited
Tax General Obligation Refunding Bonds, Series 1993, 5.500%, 12/01/08 No Opt. Call AAA 1,099,710
1,000,000 The City of Renton, Washington, Limited Tax General Obligation Bonds,
General Purpose/Public Improvement Bonds, Series 1997B,
5.750%, 12/01/17 6/07 at 100 AAA 1,075,440
1,500,000 Mukilteo School District No. 6, Snohomish County, Washington, Unlimited
Tax General Obligation and Refunding Bonds, Series 1993,
5.700%, 12/01/12 No Opt. Call AAA 1,684,665
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/General (continued)
$ 500,000 Edmonds School District No. 15, Snohomish County, Washington,
Unlimited Tax General Obligation Bonds, Series 1994,
6.500%, 12/01/08 No Opt. Call AA- $ 587,105
2,000,000 State of Washington, General Obligation Bonds, Series 1994B,
6.000%, 5/01/19 5/04 at 100 AA+ 2,144,260
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 3.6%
Seattle Indian Services Commission, Special Obligation Bonds, Series 1994:
1,000,000 6.000%, 11/01/16 11/04 at 100 AA+ 1,080,650
750,000 6.150%, 11/01/24 11/04 at 100 AA+ 820,905
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 7.9%
1,300,000 Port of Seattle, Washington, Revenue Bonds, Series 1996A,
5.500%, 9/01/21 9/06 at 101 AAA 1,366,677
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) No Opt. Call AAA 1,107,760
1,675,000 Spokane Downtown Foundation, Parking Revenue Bonds, Series 1998
(River Park Square Project), 5.600%, 8/01/19 8/08 at 102 BBB- 1,687,713
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 7.6%
1,000,000 Port of Seattle, Washington, Revenue Bonds, Series 1990A,
6.000%, 12/01/14 (Pre-refunded to 12/01/00) 12/00 at 100 AA-*** 1,048,900
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 (Pre-refunded to 7/01/02) 7/02 at 102 AAA 1,392,038
1,400,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1992,
(Swedish Hospital Medical Center, Seattle), 6.300%, 11/15/22
(Pre-refunded to 11/15/02) 11/02 at 102 AAA 1,555,162
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 14.3%
1,100,000 Public Utility District No. 1 of Klickitat County, Washington, Electric
Revenue Bonds, Series 1995, 5.650%, 10/01/15 10/05 at 101 AAA 1,171,995
1,000,000 Lewis County Public Utility District, Cowlitz Falls Hydroelectric Project,
Revenue Refunding Bonds, Series 1993, 5.500%, 10/01/22 10/03 at 102 Aa1 1,033,550
1,000,000 The City of Seattle, Washington, Municipal Light and Power Revenue
Bonds, 5.625%, 10/01/21 10/06 at 102 AAA 1,066,030
500,000 The City of Seattle, Washington, Municipal Light and Power Revenue
Bonds, Series 1992A, 5.750%, 8/01/12 8/02 at 102 AA 536,690
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) 1/04 at 102 A+ 1,479,402
1,000,000 Washington Public Power Supply System, Nuclear Project No. 1
Refunding Revenue Bonds, Series 1993A, 5.700%, 7/01/17 7/03 at 102 AAA 1,045,270
1,000,000 Washington Public Power Supply System, Nuclear Project No. 3
Refunding Revenue Bonds, Series 1993B, 7.000%, 7/01/09 No Opt. Call Aa1 1,201,630
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 13.2%
1,050,000 City of Bellevue, King County, Washington, Water and Sewer Revenue
Refunding Bonds, Series 1994, 5.875%, 7/01/09 7/04 at 100 Aa 1,139,985
1,035,000 Covington Water District, 6.050%, 3/01/20 3/05 at 100 AAA 1,120,046
800,000 Kitsap County, Washington, Sewer Revenue Bonds, Series 1996,
5.750%, 7/01/16 7/06 at 100 AAA 865,504
900,000 City of Richland, Washington, Water and Sewer Improvement Revenue
Bonds, Series 1993, 5.625%, 4/01/12 4/03 at 100 AAA 963,918
1,200,000 Sammamish Plateau Water and Sewer District, King County, Washington,
Water and Sewer Revenue Refunding Bonds, 1996, 5.500%, 12/01/16 12/06 at 100 AAA 1,250,820
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer (continued)
$ 500,000 The City of Seattle, Washington, Water System and Refunding Revenue
Bonds, 1993, 5.250%, 12/01/23 6/03 at 101 AA $ 505,345
1,000,000 Yakima - Tieton Irrigation District, Yakima County, Washington, Refunding
Revenue Bonds, 1992, 6.125%, 6/01/13 6/03 at 102 AAA 1,099,798
- ------------------------------------------------------------------------------------------------------------------------------------
$ 48,015,000 Total Investments - (cost $47,698,973) - 98.1% 51,548,407
=============
Other Assets Less Liabilities - 1.9% 999,041
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $52,547,448
====================================================================================================================
* 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.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely payment
of principal and interest. Securities are normally considered to be equivalent
to AAA rated securities.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
November 30, 1998
(Unaudited)
<CAPTION>
Connecticut Massachusetts Missouri Washington
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in municipal securities, at
market value (note 1) $112,965,134 $101,145,061 $46,597,670 $51,548,407
Cash 407,976 76,500 145,573 327,998
Receivables:
Interest 1,978,935 1,881,649 859,177 895,701
Investments sold -- 1,438,100 40,725 --
Other assets 10,146 8,644 8,652 7,061
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 115,362,191 104,549,954 47,651,797 52,779,167
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Accrued expenses:
Management fees (note 6) 61,182 55,422 25,283 27,990
Other 47,487 44,424 30,233 46,685
Preferred share dividends payable 9,989 10,957 4,819 6,241
Common share dividends payable 345,349 326,596 135,255 150,803
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 464,007 437,399 195,590 231,719
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $114,898,184 $104,112,555 $47,456,207 $52,547,448
====================================================================================================================================
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 5,193,215 4,632,575 2,146,908 2,320,051
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 14.75 $ 15.13 $ 14.65 $ 15.32
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Six Months Ended November 30, 1998
(Unaudited)
<CAPTION>
Connecticut Massachusetts Missouri Washington
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income (note 1) $3,099,304 $2,846,455 $1,272,941 $1,415,081
- ------------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 6) 372,005 337,135 153,744 170,294
Preferred shares - auction fees 48,006 42,617 20,055 21,309
Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 5,014
Shareholders' servicing agent fees and expenses 8,106 4,152 3,616 1,498
Custodian's fees and expenses 19,380 18,803 15,930 16,344
Trustees' fees and expenses (note 6) 536 487 223 245
Professional fees 8,660 8,647 8,570 8,577
Shareholders' reports - printing and mailing expenses 19,314 18,897 10,885 10,660
Stock exchange listing fees 8,147 8,131 1,001 1,087
Investor relations expense 5,078 4,343 2,200 2,101
Other expenses 4,672 4,546 3,180 3,228
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses 498,918 452,772 224,418 240,357
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 2,600,386 2,393,683 1,048,523 1,174,724
- ------------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment transactions
(notes 1 and 4) 63,498 28,637 (6,830) 148,001
Net change in unrealized appreciation or
depreciation of investments 1,235,664 1,054,087 482,804 461,416
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 1,299,162 1,082,724 475,974 609,417
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $3,899,548 $3,476,407 $1,524,497 $1,784,141
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
(Unaudited)
<CAPTION>
Connecticut Massachusetts
- -----------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/98 5/31/98 11/30/98 5/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 2,600,386 $ 5,159,370 $ 2,393,683 $ 4,891,388
Net realized gain (loss) from investment transactions
(notes 1 and 4) 63,498 422,013 28,637 671,439
Net change in unrealized appreciation or
depreciation of investments 1,235,664 4,143,106 1,054,087 3,102,632
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 3,899,548 9,724,489 3,476,407 8,665,459
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (2,069,968) (4,108,452) (1,964,836) (3,905,877)
Preferred shareholders (523,143) (1,169,485) (467,634) (1,096,311)
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (2,593,111) (5,277,937) (2,432,470) (5,002,188)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders due
to reinvestment of distributions 207,675 413,844 132,648 266,611
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 1,514,112 4,860,396 1,176,585 3,929,882
Net assets at beginning of period 113,384,072 108,523,676 102,935,970 99,006,088
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $114,898,184 $113,384,072 $104,112,555 $102,935,970
===================================================================================================================================
Balance of undistributed net investment
income at end of period $ 291,378 $ 284,103 $ 175,441 $ 214,228
===================================================================================================================================
<CAPTION>
Missouri Washington
- -----------------------------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/98 5/31/98 11/30/98 5/31/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 1,048,523 $ 2,134,126 $ 1,174,724 $ 2,368,345
Net realized gain (loss) from investment transactions
(notes 1 and 4) (6,830) 380,799 148,001 94,941
Net change in unrealized appreciation or
depreciation of investments 482,804 1,267,040 461,416 2,195,317
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 1,524,497 3,781,965 1,784,141 4,658,603
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (812,903) (1,629,870) (895,539) (1,753,958)
Preferred shareholders (257,887) (526,508) (289,249) (596,423)
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (1,070,790) (2,156,378) (1,184,788) (2,350,381)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders due
to reinvestment of distributions 67,180 85,411 -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets 520,887 1,710,998 599,353 2,308,222
Net assets at beginning of period 46,935,320 45,224,322 51,948,095 49,639,873
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $47,456,207 $46,935,320 $52,547,448 $51,948,095
===================================================================================================================================
Balance of undistributed net investment
income at end of period $ 134,615 $ 156,882 $ 95,564 $ 105,628
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
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). Connecticut and Massachusetts are traded on the New York
Stock Exchange while Missouri and Washington 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
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service establishes fair market value based on yields or prices of
municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications of value from securities dealers and general market
conditions. Temporary investments in securities that have variable rate and
demand features qualifying them as short-term securities are valued at amortized
cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
November 30, 1998, there were no such outstanding purchase commitments in any of
the Funds.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.01 per Common share. Furthermore, each Fund
intends to satisfy conditions which will enable interest from municipal
securities, which is exempt from regular federal and designated state income
taxes, if any, 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 Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
<PAGE>
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one Series. The dividend rate on each
Series may change every seven days, as set by the auction agent. The number of
shares outstanding for each Fund is as follows:
<TABLE>
<CAPTION>
Connecticut Massachusetts Missouri Washington
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Number of Shares:
Series Th 1,532 1,360 640 680
================================================================================
</TABLE>
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended November 30, 1998.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period. Actual results may differ
from those estimates.
2. Fund Shares
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
Connecticut Massachusetts
- ---------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/98 5/31/98 11/30/98 5/31/98
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of
distributions 13,023 27,446 8,051 17,254
===============================================================================================================
<CAPTION>
Missouri Washington
- ---------------------------------------------------------------------------------------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/98 5/31/98 11/30/98 5/31/98
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of
distributions 4,448 5,923 -- --
===============================================================================================================
</TABLE>
3. Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on December 28, 1998, to shareholders of
record on December 15, 1998, as follows:
<TABLE>
<CAPTION>
Connecticut Massachusetts Missouri Washington
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Dividend per share $.0665 $.0705 $.0630 $.0650
================================================================================
</TABLE>
At the same time, Massachusetts and Missouri also declared taxable
distributions, which include capital gains and/or market discount, of $.0051 and
$.0095 per share, respectively.
4. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments for the six months ended November
30, 1998, were as follows:
<TABLE>
<CAPTION>
Connecticut Massachusetts Missouri Washington
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
Investments in municipal securities $2,205,923 $ 8,343,284 $ 389,732 $2,627,838
Temporary municipal investments 2,500,000 11,800,000 800,000 300,000
Sales and Maturities:
Investments in municipal securities 2,439,755 8,940,500 155,000 2,704,045
Temporary municipal investments 2,500,000 12,100,000 1,100,000 500,000
===========================================================================================================
</TABLE>
At November 30, 1998, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
<PAGE>
At May 31, 1998, the Funds' last fiscal year end, the Funds had unused capital
loss carryforwards available for federal income tax purposes to be applied
against future capital gains, if any. If not applied, the carryforwards will
expire as follows:
<TABLE>
<CAPTION>
Connecticut Massachusetts Missouri Washington
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Expiration year:
2003 $ 895,482 $ 615,511 $ 949,075 $469,931
2004 1,105,901 945,779 708,417 70,082
2005 847,914 195,761 -- --
- -----------------------------------------------------------------------------------------------------------
Total $2,849,297 $ 1,757,051 $1,657,492 $540,013
===========================================================================================================
</TABLE>
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 1998, were as follows:
<TABLE>
<CAPTION>
Connecticut Massachusetts Missouri Washington
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $7,207,151 $7,509,607 $3,485,242 $3,854,825
depreciation -- (14,353) -- (5,391)
- -----------------------------------------------------------------------------------------------------------
Net unrealized appreciation $7,207,151 $7,495,254 $3,485,242 $3,849,434
===========================================================================================================
</TABLE>
6. Management Fee and Other Transactions with Affiliates
Under the Funds' investment management agreements with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net asset value of each Fund as follows:
Average Daily Net Asset Value Management Fee
- --------------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
================================================================================
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Trustees who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
<PAGE>
7. Composition of Net Assets
At November 30, 1998, net assets consisted of:
<TABLE>
<CAPTION>
Connecticut Massachusetts Missouri Washington
- -----------------------------------------------------------------------------------------------------------
<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 51,932 46,326 21,469 23,201
Paid-in surplus 71,832,934 64,123,948 29,479,203 31,971,262
Balance of undistributed net investment income 291,378 175,441 134,615 95,564
Accumulated net realized gain (loss)
from investment transactions (2,785,211) (1,728,414) (1,664,322) (392,013)
Net unrealized appreciation of investments 7,207,151 7,495,254 3,485,242 3,849,434
- -----------------------------------------------------------------------------------------------------------
Net assets $114,898,184 $104,112,555 $47,456,207 $52,547,448
===========================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited Unlimited
===========================================================================================================
</TABLE>
<PAGE>
<TABLE>
Financial Highlights
(Unaudited)
Selected data for a Common share outstanding throughout each
period is as follows:
<CAPTION>
Investment Operations
---------------------------------------
Net
Realized/
Beginning Net Unrealized
Net Asset Investment Investment
Value Income Gain (Loss) Total
<S> <C> <C> <C> <C>
Connecticut
Year Ended 5/31:
1999 (a) $14.49 $ .50 $ .26 $ .76
1998 13.63 1.00 .89 1.89
1997 12.99 1.00 .60 1.60
1996 13.20 .98 (.21) .77
1995 12.45 .98 .74 1.72
1994 13.96 .77 (1.40) (.63)
<CAPTION>
Massachusetts
<S> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) 14.91 .52 .22 .74
1998 14.11 1.06 .83 1.89
1997 13.58 1.06 .53 1.59
1996 13.76 1.05 (.19) .86
1995 12.90 1.04 .84 1.88
1994 14.08 .87 (1.01) (.14)
<CAPTION>
Missouri
<S> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) 14.44 .49 .22 .71
1998 13.68 .99 .78 1.77
1997 13.11 1.00 .55 1.55
1996 13.37 .96 (.30) .66
1995 12.35 .95 1.02 1.97
1994 13.90 .76 (1.40) (.64)
<CAPTION>
Washington
<S> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) 15.06 .51 .27 .78
1998 14.07 1.02 .99 2.01
1997 13.48 1.02 .58 1.60
1996 13.71 1.02 (.23) .79
1995 12.97 1.01 .77 1.78
1994 14.09 .91 (.93) (.02)
<PAGE>
<CAPTION>
Less Distributions
--------------------------------------------------------------------------
Net Net
Investment Investment Capital Capital
Income Income Gain Gain
To Common To Preferred To Common To Preferred
Shareholders Shareholders+ Shareholders Shareholders+ Total
<S> <C> <C> <C> <C> <C>
Connecticut
Year Ended 5/31:
1999 (a) $(.40) $(.10) $-- $-- $ (.50)
1998 (.80) (.23) -- -- (1.03)
1997 (.76) (.20) -- -- (.96)
1996 (.73) (.25) -- -- (.98)
1995 (.74) (.23) -- -- (.97)
1994 (.61) (.13) -- -- (.74)
<CAPTION>
Massachusetts
<S> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) (.42) (.10) -- -- (.52)
1998 (.85) (.24) -- -- (1.09)
1997 (.84) (.22) -- -- (1.06)
1996 (.80) (.24) -- -- (1.04)
1995 (.78) (.24) -- -- (1.02)
1994 (.74) (.15) -- -- (.89)
<CAPTION>
Missouri
<S> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) (.38) (.12) -- -- (.50)
1998 (.76) (.25) -- -- (1.01)
1997 (.73) (.25) -- -- (.98)
1996 (.67) (.25) -- -- (.92)
1995 (.69) (.26) -- -- (.95)
1994 (.59) (.14) -- -- (.73)
<CAPTION>
Washington
<S> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) (.39) (.13) -- -- (.52)
1998 (.76) (.26) -- -- (1.02)
1997 (.75) (.26) -- -- (1.01)
1996 (.74) (.28) -- -- (1.02)
1995 (.77) (.27) -- -- (1.04)
1994 (.76) (.16) (.01) -- (.93)
<PAGE>
<CAPTION>
Total Returns
------------------------------
Organization and
Offering Costs and
Preferred Share Ending
Underwriting Net Asset Ending Based on Based on Net
Discounts Value Market Value Market Value** Asset Value**
<S> <C> <C> <C> <C> <C>
Connecticut
Year Ended 5/31:
1999 (a) $-- $14.75 $16.3750 8.29% 4.59%
1998 -- 14.49 15.5000 15.61 12.39
1997 -- 13.63 14.1250 9.58 11.01
1996 -- 12.99 13.6250 14.06 3.97
1995 -- 13.20 12.6250 2.22 12.74
1994 (.14) 12.45 13.1250 (8.73) (6.74)
<CAPTION>
Massachusetts
<S> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) -- 15.13 16.5625 2.98 4.36
1998 -- 14.91 16.5000 18.08 11.91
1997 -- 14.11 14.7500 13.76 10.28
1996 -- 13.58 13.7500 8.99 4.55
1995 -- 13.76 13.3750 14.12 13.58
1994 (.15) 12.90 12.5000 (13.64) (3.38)
<CAPTION>
Missouri
<S> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) -- 14.65 15.3750 11.12 4.10
1998 -- 14.44 14.1875 14.53 11.31
1997 -- 13.68 13.0625 10.53 10.09
1996 -- 13.11 12.5000 10.07 3.09
1995 -- 13.37 12.0000 6.13 14.74
1994 (.18) 12.35 12.0000 (17.26) (7.16)
<CAPTION>
Washington
<S> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) -- 15.32 14.8750 12.15 4.33
1998 -- 15.06 13.6250 15.26 12.64
1997 -- 14.07 12.5000 12.94 10.16
1996 -- 13.48 11.7500 7.44 3.75
1995 -- 13.71 11.6250 .41 12.36
1994 (.17) 12.97 12.3750 (16.88) (2.73)
<PAGE>
<CAPTION>
Ratios/Supplemental Data
-------------------------------------------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses to Income to Expenses to Income to
Average Average Average Total Average Total
Ending Net Assets Net Assets Net Assets Net Assets Portfolio
Net Assets Applicable to Applicable to Including Including Turnover
(000) Common Shares++ Common Shares++ Preferred++ Preferred++ Rate
<S> <C> <C> <C> <C> <C> <C>
Connecticut
Year Ended 5/31:
1999 (a) $114,898 1.31%* 6.84%* .87%* 4.54%* 2%
1998 113,384 1.33 7.02 .88 4.61 13
1997 108,524 1.38 7.46 .89 4.79 18
1996 104,928 1.40 7.37 .89 4.71 15
1995 105,851 1.49 8.09 .92 4.99 18
1994 101,595 1.36 5.60 .95 3.95 9
<CAPTION>
Massachusetts
<S> <C> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) 104,113 1.30* 6.87* .87* 4.61* 8
1998 102,936 1.31 7.22 .88 4.81 17
1997 99,006 1.34 7.63 .88 4.99 22
1996 96,303 1.35 7.61 .88 4.95 18
1995 97,071 1.49 8.28 .94 5.20 29
1994 93,078 1.43 6.24 .97 4.26 33
<CAPTION>
Missouri
<S> <C> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) 47,456 1.44* 6.71* .95* 4.43* --
1998 46,935 1.47 7.03 .97 4.60 25
1997 45,224 1.54 7.38 .99 4.74 36
1996 44,014 1.57 7.13 1.01 4.57 34
1995 44,566 1.75 7.88 1.08 4.86 34
1994 42,343 1.51 5.62 1.05 3.92 39
<CAPTION>
Washington
<S> <C> <C> <C> <C> <C> <C>
Year Ended 5/31:
1999 (a) 52,547 1.36* 6.65* .92* 4.48* 5
1998 51,948 1.36 6.92 .91 4.62 10
1997 49,640 1.43 7.38 .94 4.83 11
1996 48,266 1.44 7.37 .94 4.81 20
1995 48,812 1.64 7.97 1.04 5.04 16
1994 47,095 1.58 6.45 1.08 4.42 29
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gain 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 gain distributions, if any, and
changes in net asset value per share. Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended November 30, 1998.
</TABLE>
<PAGE>
Building a Better Portfolio Can Make You a Successful Investor
NUVEEN FAMILY OF MUTUAL FUNDS
Nuveen offers a variety of funds designed to help you reach your financial
goals.
GROWTH
Nuveen Rittenhouse Growth Fund
GROWTH AND INCOME
European Value Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
TAX-FREE INCOME
National Funds
Long-Term
Insured
Intermediate-Term
Limited-Term
State Funds
Arizona
California
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
New Jersey
New Mexico
New York
North Carolina
Ohio
Pennsylvania
Tennessee
Virginia
Wisconsin
Successful investors know that a well-diversified portfolio - one that balances
different types of investments, levels of risk and tax management - can be the
foundation for building and sustaining wealth. That's why Nuveen offers you and
your financial adviser a wide range of quality investments that can help you
build a better portfolio in the pursuit of your financial goals
Exchange-Traded Funds
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MuniPreferred(R)
Nuveen MuniPreferred offers investors a AAA rated investment with an attractive
tax-free yield for the cash reserves portion of an investment portfolio.
MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen
dual-class exchange-traded funds and are available for national as well as a
wide variety of state-specific portfolios.
Mutual Funds
Nuveen offers a family of equity, balanced and municipal bond funds featuring
Premier AdvisersSM including Institutional Capital Corporation, Rittenhouse
Financial Services, and Nuveen Advisory Corp. Each brings a specialized
expertise in a particular investment style or asset class, time-tested
investment strategies and a focus on consistent, long-term performance. With
Nuveen's Premier Adviser funds, you have all the advantages of a family of funds
plus the benefits of specialized investment expertise.
Private Asset Management
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more to invest. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
Defined Portfolios
Nuveen Defined Portfolios are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, while also offering
experienced, professional security selection and surveillance. In addition,
Nuveen Defined Portfolios provide daily liquidity at that day's net asset value
for quick access to your assets.
<PAGE>
Fund Information
Board of Trustees
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
Custodian, Transfer Agent
and Shareholder Services
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
Legal Counsel
Morgan, Lewis &
Bockius LLP
Washington, D.C.
Independent Auditors
Ernst & Young LLP
Chicago, IL
Year 2000
The concern that computer systems may have problems processing date-related
information in the year 2000 and beyond has challenged businesses and
organizations to thoroughly review all aspects of their operations. We have
undertaken just such an approach at Nuveen in preparation for the millennium.
Over the last 10 years, our trading, fund management and pricing systems at
Nuveen - the systems that directly affect our investors and their financial
advisers - have been updated or replaced to address the Year 2000 concerns.
We continue to work closely with our transfer agent, custodian and other service
partners to monitor readiness and address other remaining systems issues. Our
initial testing indicates we are on schedule, and we have targeted year-end 1998
to complete verification of vendor compliance and service partner readiness.
However, we can give no complete assurance at this time that the steps we have
taken will be sufficient to prevent any problems that would impact the Nuveen
Exchange-Traded Funds.
Each fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the six-months ended November 30, 1998. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
Photo of: John Nuveen, Sr.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today we offer a broad range of
quality investments designed for individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them pursue their financial goals.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of investments and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and tax-free income funds, along with our defined portfolios and
private asset management, can help you build a better, well-diversified
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you. Or call us at (800) 257-8787 for more
information, including a prospectus where applicable. Please read that
information carefully before investing.
FSA-3-11-98
LOGO:
NUVEEN
1898 1998
OUR SECOND CENTURY
helping investors sustain the wealth of a lifetime(TM).
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
