Nuveen Exchange-Traded Funds
May 31, 1997
Annual Report
Dependable, tax-free income to help you keep more of what you earn.
NTC
Connecticut
NMT
Massachusetts
NOM
Missouri
NPW
Washington
Photographic image of grandfather and grandson on porch playing chess.
<PAGE>
Build Your Wealth Automatically
Managing your portfolio takes skill, experience, and informed judgment, but our
efforts to help you build your wealth don't stop there. At Nuveen, we offer a
number of convenient ways to add to your tax-free portfolio and earn the
tax-free income you need to achieve your financial goals.
Nuveen exchange-traded funds dividend reinvestment plan
Your Nuveen exchange-traded fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check, or can be
deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to set aside money regu larly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also benefit from dollar-cost averaging, a technique of
investing at regular intervals, which allows you to build a high-quality,
tax-free portfolio conveniently and cost effectively over time. All
reinvestments are invested in full fractional shares and are kept in
non-certificated form by the Plan Agent, Chase Manhattan Bank.
To make recordkeeping easy and convenient, each month you'll receive a
statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number of
shares you own. Income or capital gains taxes may be payable on dividends or
distributions that are reinvested.
The shares you acquire by reinvesting will either be purchased on the open
market or be newly issued by the fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will be
invested within 30 days of the dividend payment date; no interest will be paid
on dividends and distributions awaiting reinvestment. Because the market price
of shares may increase
(continued on inside back cover)
<PAGE>
Contents
2 Dear Shareholder
4 Answering Your Questions
6 Connecticut Overview
7 Massachusetts Overview
8 Missouri Overview
9 Washington Overview
10 Independent Auditor's Report
11 Portfolio of Investments
25 Statement of Net Assets
27 Statement of Operations
29 Statement of Changes in Net Assets
31 Notes to Financial Statements
38 Financial Highlights
41 Fund Information
Screen of photo on cover (grandfather and grandson playing chess).
<PAGE>
Dear Shareholder
Photographic image of Timothy R. Schwertfeger, CEO.
"In addition to substantial returns, shareholders continue to enjoy very
attractive current yields generated by portfolios of quality bonds."
It's a pleasure to report to you on the performance of Nuveen's exchange-traded
funds. Over the past year, the funds covered in this report posted sizable
gains. For the fiscal year ended May 31, 1997, the value of your investment rose
between 10.09% and 11.01% if, you chose to reinvest your tax-free income
dividends.
Over this 12-month period, the total return performance for these funds outpaced
the 8.28% increase (with income reinvested) produced by the Lehman Brothers
Municipal Bond Index, which represents the broad municipal bond market on an
unmanaged basis. Similarly, the leveraged, municipal bond funds tracked by
Lipper Analytical Services rose an average of 7.43% over the past year.
In addition to substantial returns, shareholders in these funds continue to
enjoy very attractive current yields generated by portfolios of quality bonds,
which provide excellent income for investors. As of May 31, 1997, shareholders
in the funds covered in this report were receiving annual tax-free yields on the
net asset value that ranged from 5.52% to 6.05%. To match these yields,
investors in the 31% federal income tax bracket would have had to earn at least
8.00% on taxable alternatives of comparable quality.
These results were produced against a backdrop of continued economic
expansion and the lowest unemployment rates in almost two decades, a combination
that in the past has foreshadowed an increase in inflation. In March, the
Federal Reserve made a preemptive strike by raising short-term interest rates by
0.25%, but then maintained the status quo at its May and July meetings. Overall
market returns continue to be good, but fear of inflation has hampered the
performance of municipals and led to increased volatility in both the equity and
bond markets.
In the first six months of the year, the markets also focused on fiscal
issues, including the federal budget accord and discussion of plans to reduce
taxes and eliminate the deficit. The economy appeared to be moderating,
corporate earnings reports continued to exhibit strength, and interest rates
fell in the second quarter. All of this was positive news. The net effect is
that the markets are better off now than at the beginning of the year, but the
volatility in getting there has been significant.
<PAGE>
Currently, the need for diversification and a renewed emphasis on asset
allocation - as well as attractive yields - have sparked increased interest in
tax-free investments. The rapid rise in the stock market reminds investors to
re-allocate profits to other segments of the market in order to limit risk.
Nuveen exchange-traded funds provide an excellent alternative, and their current
yields make them very attractive in relation to the rest of the market. In the
past month, these yields have reached 80% of those offered by Treasuries, a very
appealing ratio given the tax advantage provided by municipal bonds. We have
also seen the discounts on many funds narrow dramatically, with the average
state fund now trading at a premium of 1.18%. Consideration of these factors is
leading investors to take another look at tax-free municipal bond funds and lock
in at current rates.
On behalf of everyone at Nuveen, I thank you for your confidence in us and our
family of investments. We will continue to strive to provide you with
high-quality investments that withstand the test of time. We look forward to
reporting to you again in six months.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
July 15, 1997
<PAGE>
Answering Your Questions
Photographic image of Tom Spalding, Portfolio Manager.
Tom Spalding, head of Nuveen's Chicago-based portfolio management team,
talks about the municipal bond market and offers insights into factors that
affected fund performance over the past year.
What are the investment objectives of these funds?
The primary investment objective of these funds is to maintain a high level of
current tax-free income consistent with preservation of capital. Their secondary
objective is to enhance portfolio value through investments in tax-exempt
municipal bonds that are either underrated or undervalued or that represent
undervalued sectors of the municipal market.
What is your strategy for meeting these objectives?
To meet these funds' objectives of income and enhanced value, our portfolio
management strategy relies on conservative value investing principles, sound
research and credit surveillance activities, and senior management involvement.
At Nuveen, value investing means taking a fundamental approach to finding bonds
that offer the best balance of return with low risk regardless of the direction
of interest rates. This approach focuses on the characteristics of individual
bonds, such as the sector, geographic region, structure and intrinsic credit
quality. The idea behind this philosophy is that we, as investment managers, can
control the selection process, but not the direction of the market overall.
Our goal is to determine whether an issue is undervalued by the market, that is,
whether the bond's current market value, or price, is lower than its long-term
value, as evidenced by yield, maturity and credit quality. We also assess
whether the issue has the potential to reach intrinsic value. For example, we
may find an opportunity to purchase bonds that offer extended call protection at
prices similar to those with shorter calls. If rates move down, the bonds with
longer call protection will appreciate in value more than those with shorter
calls. Value determinations require in-depth knowledge and understanding of the
municipal market, the issuers, and the characteristics of specific issues.
Proper implementation of this strategy creates, well-constructed portfolios
designed to provide shareholders with a dependable stream of tax-free income.
What role does research play in helping you achieve the funds' objectives?
As an integral part of our portfolio management strategy, Nuveen Research
provides portfolio managers with objective appraisals of the creditworthiness of
new municipal issues, while maintaining surveillance of the credit performance
for all portfolio holdings. Creditworthiness is evaluated through our research
into factors such as the credit history of the issuer, capital structure, total
debt load, revenue sources and projections, call provisions, and local economic
forecasts. To track the credit performance of individual holdings, each Nuveen
Research analyst is responsible for a specific surveillance portfolio, which is
defined in terms of geography and sector (e.g., healthcare, housing).
Specialization by sector enables our Research team to focus their credit quality
evaluation efforts and complement the vantage point of each portfolio manager.
<PAGE>
What is the current outlook for the municipal market?
As we make our way through the seventh year of the current economic expansion,
some observers believe that a fundamental shift may have occurred in our
economy. Based on past experience and months of reports of economic growth,
especially employment statistics, the markets have long been anticipating an
increase in inflation. However, even with almost full employment, we have not
seen the expected rise in hourly wages that would be considered inflationary.
This change in the traditional economic cause-and-effect relationship has been
variously attributed to the globalization of the economy, to increased use of
technology and to corporations' recent ability to downsize as necessary.
Whatever the cause, inflation has not ignited. Although structural changes in
the economy appear to have suspended the relationship between faster growth and
higher inflation, the risk remains that inflation may reassert itself if
capacity constraints are reached and resources are stretched too thin.
Speculation of Fed tightening may continue. If the Fed does act to increase
rates, it will be perceived as a pre-emptive move against inflation. If the Fed
does not tighten, it will be seen as an indication that the economy is moving at
a moderate non-inflationary pace.
Nonetheless, for the remainder of 1997, the municipal market will continue to
offer attractive yields and tax advantages that make it a good alternative if
and when a correction in the stock market occurs. While money continues to flow
into equity mutual funds, investors are also beginning to evaluate the effect of
the huge run-up in stock prices on their asset allocation, and many are
rebalancing their portfolios by shifting some assets into bonds.
<PAGE>
Connecticut Premium Income
NTC
NTC
Pie Chart:
Credit Quality
BBB/NR 11%
A 2%
AA 20%
AAA 67%
Pie Chart:
Diversification
Pollution Control 6%
Housing Facilities 10%
Transportation 8%
Health Care Facilities 20%
Water & Sewer 4%
General Obligations 16%
Electric Utilities 3%
Other 7%
Educational Facilities 21%
Escrowed Bonds 5%
Bar Chart:
Dividend History
June 1996 .062
July 1996 .062
August 1996 .062
September 1996 .062
October 1996 .062
November 1996 .0635
December 1996 .0635
January 1997 .0635
February 1997 .065
March 1997 .065
April 1997 .065
May 1997 .065
Fund Highlights
- ---------------------------------------------------------
Inception Date 5/93
- ---------------------------------------------------------
Share Price 14 1/8
- ---------------------------------------------------------
Net Asset Value $13.63
- ---------------------------------------------------------
Current Yield 5.52%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal Only)1 8.00%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal and State)1 8.36%
- ---------------------------------------------------------
Annualized Total Return at NAV
- ---------------------------------------------------------
1-Year 11.01%
- ---------------------------------------------------------
3-Year 9.15%
- ---------------------------------------------------------
Inception 4.78%
- ---------------------------------------------------------
Taxable Equivalent Total Return2
- ---------------------------------------------------------
1-Year 14.11%
- ---------------------------------------------------------
3-Year 12.21%
- ---------------------------------------------------------
Inception 7.62%
- ---------------------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current yield and a federal tax rate of 31%. The rate shown for
federal and state highlights the added value of owning shares that are also
exempt from state taxes. It is based on a combined federal and state tax rate
of 34%.
2 Taxable equivalent total return is based on the annualized total return
figures above and a combined federal and state income tax rate of 34%. It
represents the return on a taxable investment necessary to equal the after-tax
return of the Nuveen fund.
<PAGE>
Massachusetts Premium Income
NMT
NMT
Pie Chart:
Credit Quality
BBB/NR 7%
A 30%
AA 23%
AAA 40%
Pie Chart:
Diversification
Pollution Control 5%
Housing Facilities 16%
Transportation 4%
Other 7%
Educational Facilities 18%
General Obligations 9%
Health Care Facilities 22%
Water & Sewer 8%
Escrowed Bonds 11%
Bar Chart:
Dividend History
June 1996 .068
July 1996 .068
August 1996 .0695
September 1996 .0695
October 1996 .0695
November 1996 .0695
December 1996 .0695
January 1997 .0695
February 1997 .0705
March 1997 .0705
April 1997 .0705
May 1997 .0705
Fund Highlights
- -------------------------------------------------------
Inception Date 3/93
- -------------------------------------------------------
Share Price 14 3/4
- -------------------------------------------------------
Net Asset Value $14.11
- -------------------------------------------------------
Current Yield 5.74%
- -------------------------------------------------------
Taxable Equivalent Yield (Federal Only)1 8.32%
- -------------------------------------------------------
Taxable Equivalent Yield (Federal and State)1 8.83%
- -------------------------------------------------------
Annualized Total Return at NAV
- -------------------------------------------------------
1-Year 10.28%
- -------------------------------------------------------
3-Year 9.38%
- -------------------------------------------------------
Inception 5.80%
- -------------------------------------------------------
Taxable Equivalent Total Return2
- -------------------------------------------------------
1-Year 14.41%
- -------------------------------------------------------
3-Year 13.41%
- -------------------------------------------------------
Inception 9.49%
- -------------------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current yield and a federal tax rate of 31%. The rate shown for
federal and state highlights the added value of owning shares that are also
exempt from state taxes. It is based on a combined federal and state tax rate
of 39.50%.
2 Taxable equivalent total return is based on the annualized total return
figures above and a combined federal and state income tax rate of 39.50%. It
represents the return on a taxable investment necessary to equal the
after-tax return of the Nuveen fund.
<PAGE>
Missouri Premium Income
NOM
NOM
Pie Chart:
Credit Quality
BBB/NR 2%
A 2%
AA 22%
AAA 74%
Pie Chart:
Diversification
General Obligations 19%
Escrowed Bonds 10%
Water & Sewer 11%
Educational Facilities 4%
Housing Facilities 21%
Health Care Facilities 10%
Transportation 7%
Lease Rental 14%
Other 4%
Bar Chart
Dividend History
June 1996 .0585
July 1996 .0585
August 1996 .061
September 1996 .061
October 1996 .061
November 1996 .061
December 1996 .061
January 1997 .061
February 1997 .061
March 1997 .061
April 1997 .061
May 1997 .061
Fund Highlights
- -------------------------------------------------------
Inception Date 5/93
- -------------------------------------------------------
Share Price 13 1/16
- -------------------------------------------------------
Net Asset Value $13.68
- -------------------------------------------------------
Current Yield 5.60%
- -------------------------------------------------------
Taxable Equivalent Yield (Federal Only)1 8.12%
- -------------------------------------------------------
Taxable Equivalent Yield (Federal and State)1 8.62%
- -------------------------------------------------------
Annualized Total Return at NAV
- -------------------------------------------------------
1-Year 10.09%
- -------------------------------------------------------
3-Year 9.18%
- -------------------------------------------------------
Inception 4.57%
- -------------------------------------------------------
Taxable Equivalent Total Return2
- -------------------------------------------------------
1-Year 13.15%
- -------------------------------------------------------
3-Year 12.15%
- -------------------------------------------------------
Inception 7.37%
- -------------------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current yield and a federal tax rate of 31%. The rate shown for
federal and state highlights the added value of owning shares that are also
exempt from state taxes. It is based on a combined federal and state tax rate
of 35%.
2 Taxable equivalent total return is based on the annualized total return
figures above and a combined federal and state income tax rate of 35%. It
represents the return on a taxable investment necessary to equal the after-tax
return of the Nuveen fund.
<PAGE>
Washington Premium Income
NPW
NPW
Pie Chart:
Credit Quality
A 3%
AA 33%
AAA 64%
Pie Chart:
Diversification
General Obligations 18%
Water & Sewer 17%
Health Care Facilities 14%
Electric Utilities 16%
Transportation 7%
Educational Facilities 8%
Housing Facilities 18%
Escrowed Bonds 2%
Bar Chart
Dividend History
June 1996 .062
July 1996 .062
August 1996 .062
September 1996 .062
October 1996 .062
November 1996 .063
December 1996 .063
January 1997 .063
February 1997 .063
March 1997 .063
April 1997 .063
May 1997 .063
Fund Highlights
- -------------------------------------------------------
Inception Date 3/93
- -------------------------------------------------------
Share Price 12 1/2
- -------------------------------------------------------
Net Asset Value $14.07
- -------------------------------------------------------
Current Yield 6.05%
- -------------------------------------------------------
Taxable Equivalent Yield (31% Tax Bracket) 8.77%
- -------------------------------------------------------
Annualized Total Return at NAV
- -------------------------------------------------------
1-Year 10.16%
- -------------------------------------------------------
3-Year 8.67%
- -------------------------------------------------------
Inception 5.50%
- -------------------------------------------------------
Taxable Equivalent Total Return1
- -------------------------------------------------------
1-Year 12.72%
- -------------------------------------------------------
3-Year 11.27%
- -------------------------------------------------------
Inception 7.94%
- -------------------------------------------------------
1 Taxable equivalent total return is based on the annualized total return
figures above and a federal income tax rate of 31%. It represents the return on
a taxable investment necessary to equal the after-tax return of the Nuveen fund.
<PAGE>
Independent Auditor's Report
To the Board of Trustees and Shareholders
Nuveen Connecticut Premium Income Municipal Fund
Nuveen Massachusetts Premium Income Municipal Fund
Nuveen Missouri Premium Income Municipal Fund
Nuveen Washington Premium Income Municipal Fund
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen Connecticut Premium Income Municipal Fund,
Nuveen Massachusetts Premium Income Municipal Fund, Nuveen Missouri Premium
Income Municipal Fund and Nuveen Washington Premium Income Municipal Fund, as of
May 31, 1997, and the related statements of operations, changes in net assets
and the financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsi bility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and the financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of May
31, 1997, by correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Nuveen Connecticut Premium Income Municipal Fund, Nuveen Massachusetts Premium
Income Municipal Fund, Nuveen Missouri Premium Income Municipal Fund and Nuveen
Washington Premium Income Municipal Fund, as of May 31, 1997, the results of
their operations, changes in their net assets and financial highlights for the
periods indicated therein in conformity with generally accepted accounting
principles.
Ernst & Young LLP
Chicago, Illinois
July 14, 1997
<PAGE>
Portfolio of Investments
Nuveen Connecticut Premium Income Municipal Fund (NTC)
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,400,000 Connecticut Development Authority, Water Facilities 6/03 at 102 Aaa $ 1,348,648
Revenue Bonds, Bridgeport Hydraulic Company
Project, 1993 B Series, 5.500%, 6/01/28
2,795,000 Connecticut Development Authority, Water Facilities 6/03 at 102 Aaa 2,701,340
Revenue Bonds, Bridgeport Hydraulic Company
Project, 1993 A Series, 5.600%, 6/01/28 (Alternative
Minimum Tax)
2,000,000 Connecticut Development Authority, Solid Waste Disposal 7/05 at 102 Aaa 2,285,060
Facilities Revenue Bonds, Pfizer Inc. Project, 1994
Series, 7.000%, 7/01/25 (Alternative Minimum Tax)
Connecticut Development Authority, Health Facility
Refunding Revenue Bonds, Alzheimer's Resource Center
of Connecticut, Inc. Project, 1994 Series A:
1,500,000 6.875%, 8/15/04 No Opt. Call N/R 1,569,465
1,000,000 7.000%, 8/15/09 8/04 at 102 N/R 1,056,800
Connecticut Higher Education Supplemental Loan
Authority, Revenue Bonds (Family Education Loan
Program), 1996 Series A:
1,580,000 5.800%, 11/15/14 (Alternative Minimum Tax) 11/06 at 102 Aaa 1,589,148
1,000,000 5.875%, 11/15/17 (Alternative Minimum Tax) 11/06 at 102 Aaa 984,770
3,175,000 Connecticut Housing Finance Authority, Housing 5/03 at 102 Aa 3,283,522
Mortgage Finance Program Bonds, 1993 Series B,
6.200%, 5/15/12
2,500,000 Connecticut Housing Finance Authority, Housing 11/06 at 102 Aa 2,516,250
Mortgage Finance Program Bonds, 1996 Subseries
E-2, 6.150%, 11/15/27 (Alternative Minimum Tax)
3,250,000 Connecticut Municipal Electric Energy Cooperative, 1/04 at 102 Aaa 3,011,450
Power Supply System Revenue Bonds, 1993 Series A,
5.000%, 1/01/18
2,200,000 Connecticut Resources Recovery Authority, Bridgeport 1/03 at 100 A 2,272,754
Resco Company, L.P. Project Bonds, Series A,
Adjustable Convertible Extendable Securities-Aces,
7.625%, 1/01/09
3,360,000 Connecticut Resources Recovery Authority, Resource 11/98 at 103 AA- 3,657,830
Recovery Revenue Bonds, American Ref-Fuel
Company of Southeastern Connecticut Project, 1989
Series A, 7.700%, 11/15/11
2,000,000 State of Connecticut, General Obligation Bond, 1993 No Opt. Call AA- 2,145,300
Series E, 6.000%, 3/15/12
3,250,000 State of Connecticut, General Obligation Bonds, 1993 8/03 at 101 1/2 AA- 3,161,893
Series D, 5.100%, 8/01/11
3,405,000 State of Connecticut Health and Educational Facilities 7/03 at 100 Aaa 3,787,586
Authority, Revenue Bonds, University of Hartford
Issue, Series C, 8.000%, 7/01/18 (Pre-refunded
to 7/01/03)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,000,000 State of Connecticut Health and Educational Facilities 7/04 at 102 Aaa $ 1,051,050
Authority, Revenue Bonds, Newington Children's
Hospital, Series A, 6.050%, 7/01/10
2,725,000 State of Connecticut Health and Educational Facilities 7/02 at 102 Aaa 2,836,344
Authority, Revenue Bonds, Saint Francis Hospital and
Medical Center Issue, Series B, 6.200%, 7/01/22
1,700,000 State of Connecticut Health and Educational Facilities 7/02 at 102 Aaa 1,847,560
Authority, Revenue Bonds, Lawrence and Memorial
Hospital Issue, Series C, 6.250%, 7/01/22
(Pre-refunded to 7/01/02)
2,020,000 State of Connecticut Health and Educational Facilities 7/02 at 102 Aaa 2,076,701
Authority, Revenue Bonds, Trinity College Issue,
Series C, 6.000%, 7/01/22
4,450,000 State of Connecticut Health and Educational Facilities 7/03 at 102 BBB- 4,332,565
Authority, Revenue Bonds, Quinnipiac College Issue,
Series D, 6.000%, 7/01/23
State of Connecticut Health and Educational Facilities
Authority, Revenue Bonds, Sacred Heart University
Issue, Series G:
1,000,000 5.000%, 7/01/13 7/03 at 102 Aaa 951,640
475,000 5.000%, 7/01/18 7/03 at 102 Aaa 438,582
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- 2,462,486
1,000,000 5.800%, 7/01/23 7/03 at 102 BBB- 941,780
2,000,000 State of Connecticut Health and Educational Facilities No Opt. Call Aaa 2,018,200
Authority, Revenue Bonds, Hospital of Saint Raphael
Issue, Series H, 5.200%, 7/01/08
1,500,000 State of Connecticut Health and Educational Facilities 7/03 at 102 Aaa 1,352,385
Authority, Revenue Bonds, Lawrence and Memorial
Hospital Issue, Series D, 5.000%, 7/01/22
2,500,000 State of Connecticut Health and Educational Facilities 7/02 at 102 Aaa 2,622,850
Authority, Revenue Bonds, Middlesex Hospital Issue,
Series G, 6.250%, 7/01/22
1,250,000 State of Connecticut Health and Educational Facilities 7/04 at 101 Aaa 1,387,813
Authority, Revenue Bonds, Choate Rosemary Hall
Issue, Series A, 7.000%, 7/01/25
2,000,000 State of Connecticut Health and Educational Facilities 11/04 at 102 AA- 2,240,000
Authority, Revenue Bonds, Nursing Home Program
Issue, Series 1994, AHF/Hartford, Inc. Project,
7.125%, 11/01/24
2,000,000 State of Connecticut Health and Educational Facilities 11/03 at 102 Aaa 2,062,120
Authority, Revenue Bonds, Nursing Home Program
Issue, Series 1993, Mansfield Center for Nursing and
Rehabilitation Project, 5.875%, 11/01/12
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 2,200,000 State of Connecticut Health and Educational Facilities 7/06 at 102 Aaa $ 2,124,628
Authority, Revenue Bonds, Day Kimball Hospital Issue
Series A, 5.375%, 7/01/26
2,000,000 State of Connecticut Health and Educational Facilities 7/06 at 102 Aaa 2,031,640
Authority, Revenue Bonds, Trinity College Issue,
Series C, 5.875%, 7/01/26
5,160,000 State of Connecticut Health and Educational Facilities 7/06 at 102 Aaa 5,163,922
Authority, Revenue Bonds, Kent School Issue, Series
B, 5.625%, 7/01/16
2,040,000 State of Connecticut Health and Educational Facilities 7/06 at 102 Aaa 2,029,168
Authority, Revenue Bonds, The Loomis Chaffee
School Issue, Series C, 5.500%, 7/01/16
2,920,000 State of Connecticut Health and Educational Facilities 7/07 at 102 Aaa 2,876,696
Authority, Revenue Bonds, Connecticut College Issue,
Series C-1, 5.500%, 7/10/20
1,000,000 State of Connecticut Health and Educational Facilities 7/07 at 102 Aaa 1,002,100
Authority, Revenue Bonds, The William W. Backus
Hospital Issue, Series D, 5.750%, 7/01/27
1,800,000 State of Connecticut, Special Tax Obligation Bonds, No Opt. Call AA-- 2,020,140
Transportation Infrastructure Purposes, 1991 Series
B, 6.500%, 10/01/10
3,000,000 State of Connecticut, Airport Revenue Refunding Bonds, 10/04 at 100 Aaa 3,412,860
Bradley International Airport, Series 1992,
7.650%, 10/01/12
1,650,000 State of Connecticut, General Fund Obligation Bonds, 10/04 at 102 AA- 1,783,122
1994 Series A, Issued By Connecticut Development
Authority, 6.375%, 10/15/14
2,000,000 State of Connecticut, Clean Water Fund Subordinate 1/05 at 101 Aaa 1,995,220
Revenue Refunding Bonds, 1996 Series,
5.250%, 7/01/10
1,900,000 Capitol Region Educational Council, Revenue Bonds, 10/05 at 102 BBB 1,985,766
6.700%, 10/15/10
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 3,256,350
1,500,000 6.500%, 12/01/15 12/01 at 102 Aaa 1,626,705
2,000,000 South Central Connecticut Regional Water Authority, 8/03 at 102 Aaa 2,042,260
Water System Revenue Bonds, Eleventh Series,
5.750%, 8/01/12
3,250,000 City of Waterbury Connecticut, General Obligation Tax 4/03 at 102 Aaa 3,290,364
Revenue Intercept Refunding Bonds, 1993 Issue,
5.375%, 4/15/08
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,495,000 Waterbury Nonprofit Housing Corporation, Connecticut 7/02 at 101 Aaa $ 1,603,387
Taxable Mortgage Revenue Refunding Bonds, FHA
Insured Mortgage Loan - Fairmont Heights Section 8
Assisted Project, Series 1993A, 6.500%, 7/01/07
1,930,000 Housing Authority of the City of Willimantic, 10/05 at 105 AAA 2,199,794
Multi-Family Housing Revenue Bonds, Series 1995A,
GNMA Collateralized Mortgage Loan - Village Heights
Apartments Project, 8.000%, 10/20/30
1,500,000 Puerto Rico Industrial, Tourist, Educational, Medical 8/05 at 101 1/2 AAA 1,565,444
andEnvironmental Control Facilities Financing Authority,
Hospital Revenue Refunding Bonds, 1995 Series A,
FHA Insured Mortgage, Doctor Pila Hospital Project,
6.125%, 8/01/25
$102,980,000 Total Investments - (cost $104,175,078) - 97.7% 106,003,458
============
Temporary Investments in Short-Term
Municipal Securities - 0.6%
$ 700,000 Connecticut Second Lien Transportation Infrastructure, VMIG-1 700,000
============ Variable Rate Demand Bonds, 3.850%, 12/01/10+
Other Assets Less Liabilities - 1.7% 1,820,218
Net Assets - 100% $108,523,676
=============================================================================================
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio os Investments
Nuveen Massachusetts Premium Income Municipal Fund (NMT)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,000,000 Massachusetts Health & Ed FACS Authority Revenue 2/07 at 102 Aa2 $ 1,012,730
Bonds, Youville House Issue (FHA Insured Project),
Series A, 6.250%, 2/15/41
1,000,000 Massachusetts Educational Financing Authority, 7/04 at 102 Aaa 1,033,660
Education Loan Revenue Bonds, Issue E, Series 1995,
6.150%, 7/01/10 (Alternative Minimum Tax)
1,250,000 Massachusetts Health and Educational Facilities 9/02 at 102 A2 1,388,450
Authority, Revenue Refunding Bonds, Worcester
Polytechnic Institute Issue, Series E, 6.750%, 9/01/11
(Pre-refunded to 9/01/02)
Massachusetts Health and Educational Facilities
Authority, Revenue Bonds, New England and
Deaconess Hospital Issue, Series D:
3,310,000 6.625%, 4/01/12 4/02 at 102 A 3,474,342
1,000,000 6.875%, 4/01/22 4/02 at 102 A 1,075,850
3,000,000 Massachusetts Health and Educational Facilities 7/03 at 102 Aaa 2,988,030
Authority, Revenue Bonds, Lahey Clinic Medical
Center Issue, Series B, 5.625%, 7/01/15
1,000,000 Massachusetts Health and Educational Facilities 7/00 at 100 Aaa 1,001,900
Authority, Revenue Bonds, Massachusetts General
Hospital Issue, Series G, 5.375%, 7/01/11
1,970,000 Massachusetts Health and Educational Facilities 6/03 at 102 Aaa 1,839,172
Authority, Revenue Bonds, Boston College Issue,
Series K, 5.250%, 6/01/23
4,000,000 Massachusetts Health and Educational Facilities 7/04 at 102 Aaa 3,771,560
Authority, Revenue Bonds, New England Medical
Center Hospitals, Series 1993-G1, 5.375%, 7/01/24
2,000,000 Massachusetts Health and Educational Facilities 7/04 at 102 Aa 2,079,720
Authority, Revenue Bonds (Daughters of Charity
National Health System - The Carney Hospital),
Series D, 6.100%, 7/01/14
700,000 Massachusetts Health and Educational, Facilities 7/99 at 102 1/2 N/R 720,286
Authority, Revenue Refunding Bonds (Cardinal Cushing
General Hospital), Series 1989-A, 8.500%, 7/01/00
Massachusetts Health and Educational, Facilities
Authority, Revenue Refunding Bonds, Youville Hospital
Issue (FHA Insured Project), Series B:
2,810,000 6.125%, 2/15/15 2/04 at 102 Aa 2,885,561
1,000,000 6.000%, 2/15/25 2/04 at 102 Aa 1,011,580
3,800,000 Massachusetts Housing Finance Agency, Housing Project 4/03 at 102 A1 3,908,300
Revenue Bonds, 6.300%, 10/01/13
2,450,000 Massachusetts Housing Finance Agency, Single Family 12/98 at 102 Aa 2,532,247
Housing Revenue Bonds, Series 9, 8.100%, 12/01/21
(Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 2,500,000 Massachusetts Housing Finance Agency, Insured Rental 7/04 at 102 Aaa $ 2,596,425
Housing Bonds, 194 Series A, 6.650%, 7/01/19
(Alternative Minimum Tax)
1,955,000 Massachusetts Housing Finance Agency, Rental Housing 1/05 at 102 Aaa 2,100,882
Mortgage Revenue Bonds, 1995 Series A (FHA Insured
Mortgage Loans), 7.350%, 1/01/35 (Alternative
Minimum Tax)
1,350,000 Massachusetts Industrial Finance Agency, Pollution 8/03 at 102 Baa2 1,331,316
Control Revenue Bonds, 1993 Series (Eastern Edison
Company Project), 5.875%, 8/01/08
3,175,000 Massachusetts Industrial Finance Agency, Resource 7/01 at 103 N/R 3,564,668
Recovery Revenue Bonds, Semass Project, Series
1991B, 9.250%, 7/01/15 (Alternative Minimum Tax)
1,125,000 Massachusetts Industrial Finance Agency, Revenue 2/06 at 102 AAA 1,135,474
Bonds, Heights Crossing Limited Partnership Issue
(FHA Insured Project), Series 1995, 6.000%, 2/01/15
(Alternative Minimum Tax)
2,500,000 Massachusetts Industrial Finance Agency, Revenue 11/02 at 102 A1 2,738,950
Refunding Bonds, College of the Holy Cross, 1992
Series II, 6.375%, 11/01/15 (Pre-refunded to 11/01/02)
1,355,000 Massachusetts Industrial Finance Agency, Revenue 7/02 at 102 BBB- 1,461,042
Bonds, Merrimack College Issue, Series 1992,
7.125%, 7/01/12
1,175,000 Massachusetts Industrial Finance Agency, Revenue Bonds 7/03 at 102 A3 1,184,294
(Brooks School Issue), Series 1993, 5.950%, 7/01/23
3,500,000 Massachusetts Industrial Finance Agency, Revenue Bonds, 9/08 at 102 Aa1 3,417,890
Phillips Academy Issue, Series 1993, 5.375%, 9/01/23
2,645,000 Massachusetts Industrial Finance Agency, Revenue Bonds 7/03 at 102 Aa2 2,445,937
(Whitehead Institute for Biomedical Research - 1993
Issue), 5.125%, 7/01/26
3,000,000 Massachusetts Industrial Finance Agency, Revenue Bonds, 10/98 at 102 A 3,183,000
Harvard Community Health Plan, Inc., Issue 1988
Series B (Refunding Bonds), 8.125%, 10/01/17
500,000 Massachusetts Industrial Finance Agency, Revenue Bonds 8/07 at 105 AAA 510,170
Briscoe House Assisted Living Issue (FHA Insured
Project), 6.050%, 2/01/17 (Alternative Minimum Tax)
1,420,000 Massachusetts Municipal Wholesale Electric Company, 7/04 at 102 Aaa 1,305,917
Power Supply System Revenue Bonds, 1994 Series B,
5.000%, 7/01/17
2,000,000 Massachusetts Municipal Wholesale Electric Company, 7/02 at 100 Aaa 2,032,660
A Public Corporation of The Commonwealth of
Massachusetts, Power Supply System Revenue Bonds,
6.000%, 7/01/18
1,000,000 Massachusetts Port Authority, Revenue Bonds, Series No Opt. Call Aaa 1,676,210
1982, 13.000%, 7/01/13
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 4,750,000 Massachusetts Port Authority, Revenue Refunding Bonds, 7/03 at 100 Aa $ 4,358,410
Series 1993-B, 5.000%, 7/01/18 (Alternative Minimum Tax)
4,000,000 Massachusetts Port Authority, Special Facilities Revenue 9/06 at 102 Aaa 4,007,800
Bonds (US Air Project), Series 1996-A, 5.750%, 9/01/16
(Alternative Minimum Tax)
3,000,000 Massachusetts Water Resources Authority, General Revenue 3/03 at 100 A 2,691,870
Refunding Bonds, 1993 Series B, 5.000%, 3/01/22
1,880,000 Massachusetts Water Resources Authority, 5.000%, 3/01/22 3/03 at 100 Aaa 1,698,336
3,000,000 Massachusetts Water Resources Authority, General 12/01 at 100 A 2,963,130
Revenue Bonds, 1991 Series A, 5.750%, 12/01/21
Town of Barnstable, Massachusetts, General Obligation Bonds:
1,020,000 5.750%, 9/15/10 9/04 at 102 Aa3 1,052,864
1,020,000 5.750%, 9/15/11 9/04 at 102 Aa3 1,048,346
965,000 5.750%, 9/15/12 9/04 at 102 Aa3 988,276
1,000,000 City of Chelsea, Massachusetts, General Obligation No Opt. Call Aaa 1,111,680
Bonds, School Project Loan, Act of 1948,
7.000%, 6/15/03
4,375,000 City of Lowell, Massachusetts, General Obligation State 11/03 at 102 Aaa 4,400,418
Qualified Bonds, 5.600%, 11/01/12
1,765,000 The New England Education Loan Marketing Corporation, No Opt. Call A1 1,879,160
Student Loan Revenue Bonds, 1992 Subordinated Issue C,
6.750%, 9/01/02 (Alternative Minimum Tax)
4,000,000 The New England Loan Marketing Corporation, Student No Opt. Call A1 4,379,840
Loan Revenue Bonds, 1992 Subordinated Issue H,
6.900%, 11/01/09 (Alternative Minimum Tax)
1,750,000 Puerto Rico Aqueduct and Sewer Authority, Revenue Bonds, 7/98 at 102 AAA 1,859,270
Series 1988A, 7.875%, 7/01/17 (Pre-refunded to 7/01/98)
3,000,000 Puerto Rico Electric Power Authority, Power Revenue 7/01 at 102 Aaa 3,335,910
Bonds, Series P, 7.000%, 7/01/21
(Pre-refunded to 7/01/01)
$ 95,015,000 Total Investments - (cost $93,844,998) - 98.2% 97,183,533
============
Temporary Investments in Short-Term
Municipal Securities - 0.2%
$ 200,000 The Commonwealth of Massachusetts, Dedicated Income VMIG-1 200,000
============ Tax Bonds, Fiscal Recovery Loan, Act of 1990, Series E,
Variable Rate Demand Bonds, 4.000%, 12/01/97
Other Assets Less Liabilities - 1.6% 1,622,555
Net Assets - 100% $99,006,088
=============================================================================================
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio os Investments
Nuveen Missouri Premium Income Municipal Fund (NOM)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,000,000 Health Facilities Revenue Bonds (Barnes-Jewish, Inc. /No Opt. Call Aa $ 989,360
Christian Health Services), Series 1993,
5.150%, 5/15/10
1,000,000 Health and Educational Facilities Authority, of the No Opt. Call AA 1,138,410
State of Missouri, Health Facilities Revenue Bonds
(BJC Health System), Series 1994A, 6.750%, 5/15/12
1,000,000 Health and Educational Facilities Authority of the State 6/02 at 102 Aaa 1,068,510
of Missouri, Health Facilities Refunding Revenue
Bonds (SSM Health Care), Series 1992AA,
6.250%, 6/01/07
1,290,000 Health and Educational Facilities Authority of the State 6/00 at 102 Aaa 1,465,608
of Missouri, Health Facilities Revenue Bonds (SSM
Health Care Obligated Group Projects), Series 1990B,
7.000%, 6/01/15
1,000,000 Health and Educational Facilities Authority of the State 2/06 at 102 BBB+ 1,029,970
of Missouri, Health Facilities Revenue Bonds (Lake of
the Ozarks General Hospital, Inc.), Series 1996,
6.500%, 2/15/21
1,750,000 Health and Educational Facilities Authority of the 10/06 at 102 Aaa 1,662,868
State of Missouri, Educational Facilities Revenue Bonds
(Saint Louis University), Series 1996, 5.200%, 10/01/26
555,000 Missouri Housing Development Commission, Mortgage 11/97 at 101 AA+ 565,362
Purchase Bonds, Series May 15, 1979 (FHA Insured or
VA Guaranteed Mortgage Loans), 6.600%, 11/15/10
2,270,000 Missouri Housing Development Commission, Single 2/01 at 102 AAA 2,400,026
Family Mortgage Revenue Bonds, Series 1991-A
(GNMA Mortgage-Backed Securities Program),
7.375%, 8/01/23 (Alternative Minimum Tax)
1,835,000 Missouri Housing Development Commission, Single 3/06 at 105 AAA 2,015,069
Family Mortgage Revenue Bonds (Homeownership
Loan Program), 1995 Series C., 7.250%, 9/01/26
(Alternative Minimum Tax)
1,550,000 Missouri Housing Development Commission, Multifamily 12/06 at 102 Aaa 1,555,084
Housing Revenue Bonds (Brookstone Village
Apartments Project), 1996 Series A, 6.100%, 12/01/21
(Alternative Minimum Tax)4
1,000,000 Regional Convention and Sports Complex Authority, 8/03 at 102 A1 988,820
Convention and Sports Facility Project and Refunding
Bonds, Series A 1993 (State of Missouri Sponsor),
5.500%, 8/15/13
1,000,000 State Environmental Improvement and Energy Resources 12/06 at 101 AA 1,004,720
Authority (Missouri), Pollution Control Revenue
Refunding Bonds, Series 1996 (Associated Electric
Cooperative, Inc. Thomas Hill Project),
5.250%, 12/01/09
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,225,000 State Environmental Improvement and Energy Resources 1/05 at 102 Aa1 $ 1,459,588
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
1,000,000 State Environmental Improvement and Energy Resources 7/04 at 102 Aaa 1,039,220
Authority (State of Missouri), Water Pollution Control
Revenue Bonds (State Revolving Fund Program - City of
Branson Project), Series 1995A, 6.050%, 7/01/16
1,000,000 State Environmental Improvement and Energy Resources 1/06 at 101 Aa2 1,020,480
Authority (State of Missouri), Water Pollution Control
Revenue Bonds (State Revolving Fund Program -
Multiple Participant Series), Series 1996D,
5.875%, 1/01/15
350,000 State Environmental Improvement and Energy Resources No Opt. Call Aa1 400,124
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
1,000,000 Fort Zumwalt School District Impt Corp Leasehold 3/07 at 100 Aaa 999,780
Revenue Bonds Fort Zumwalt S.D., St Charles
County - 97, 5.600%, 3/01/17
1,140,000 City of Kansas City, Missouri, General Improvement 9/05 at 101 Aaa 1,269,971
Airport Refunding Revenue Bonds, Series 1995,
6.750%, 9/01/09
1,500,000 City of Kansas City, Missouri, General Improvement 9/04 at 101 Aaa 1,654,485
Airport Revenue Bonds Series 1994 A., 6.900%, 9/01/11
(Alternative Minimum Tax)
1,000,000 Land Clearance For Redevelopment Authority, of Kansas 12/05 at 102 Aaa 1,022,650
City, Missouri, Lease Revenue Bonds (Municipal
Auditorium and Muehlebach Hotel Redevelopment
Projects), Series 1995A, 5.900%, 12/01/18
500,000 The Industrial Development Authority of the City of 4/07 at 100 AAA 500,890
Kansas City, Missouri (Ewing Marion Kauffman
Foundation Project), Fixed Rate Revenue Bonds, Series
1997B, 5.700%, 4/01/27
2,020,000 Ritenour School District of St. Louis County, Missouri, No Opt. Call Aaa 2,435,635
General Obligation School Bonds, Series 1995,
7.375%, 2/01/12
1,500,000 Francis Howell School District, St. Charles County, No Opt. Call Aaa 1,838,445
Missouri, General Obligation Refunding Bonds, Series
1994A, 7.800%, 3/01/08
1,400,000 School District of the City of St. Charles, Missouri, 3/06 at 100 AA 1,424,934
General Obligation Bonds (Missouri Direct Deposit
Program), Series 1996A, 5.625%, 3/01/14
1,045,000 The Industrial Development Authority of the County of 4/07 at 102 AAA 1,055,575
St. Louis, Missouri, Multifamily Housing Revenue
Refunding Bonds (GNMA Collateralized - South Summit
Apartments Project), Series 1997A, 5.950%, 4/20/17
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 600,000 Multifamily Housing Revenue Refunding Bonds (GNMA 4/07 at 102 AAA $ 603,504
Collateralized - South Summit Apartments Project),
Series 1997B, 6.000%, 10/20/15 (Alternative
Minimum Tax)
1,500,000 Certificates of Receipt, Series 1993, St. Louis County, No Opt. Call AAA 1,533,690
Missouri, GNMA Collateralized Mortgage Revenue
Bonds, Series1989A, 5.650%, 7/01/20 (Alternative
Minimum Tax)
1,395,000 The Board of Education of the City of St. Louis No Opt. Call Aaa 1,771,190
(Missouri), General Obligation School
Refunding Bonds, Series 1993A, 8.500%, 4/01/07
1,800,000 St. Louis Municipal Finance Corporation, City Justice 2/06 at 102 Aaa 1,852,776
Center, Leasehold Revenue Improvement Bonds,
Series 1996A (City of St. Louis, Missouri, Lessee),
5.750%, 2/15/11
1,500,000 St. Louis Municipal Finance Corporation, Leasehold 7/03 at 102 Aa3 1,513,875
Revenue Refunding Bonds, 5.850%, 7/15/09
1,275,000 St. Louis Municipal Finance Corporation, Leasehold 2/05 at 100 Aaa 1,391,548
Revenue Improvement and Refunding Bonds, Series
1992 (City of St. Louis, Missouri, Lessee),
6.250% 2/15/12 (Pre-refunded to 2/15/05)
750,000 The City of St. Louis, Missouri, Water Revenue 7/04 at 102 Aaa 777,307
Refunding and Improvement Bonds, Series 1994,
6.000%, 7/01/14
500,000 City of Sikeston, Missouri, Electric System Revenue No Opt. Call Aaa 534,444
Refunding Bonds, 1996 Series, 6.000%, 6/01/16
625,000 Reorganized School District No. R-IV of Stone County, No Opt. Call Aaa 760,543
Missouri (Reeds Spring, Missouri), General Obligation
School Building Refunding and Improvement Bonds,
Series 1995, 7.600%, 3/01/10
1,250,000 The Industrial Development Authority of The City of 12/05 at 102 AAA 1,259,712
University City, Missouri, Multifamily Housing
Revenue Refunding Bonds (GNMA Collateralized -
Canterbury Gardens Project), Series 1995A,
5.900%, 12/20/20
$ 41,125,000 Total Investments - (cost $42,268,775) - 97.3% 44,004,173
============
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Temporary Investments in Short-Term
Municipal Securities - 7.3%
$ 700,000 Kansas City Industrial Development Authority, (Research VMIG-1 $ 700,000
Health System), Variable Rate Demand Bonds,
4.000%, 10/15/14+
1,300,000 Kansas City Industrial Development Authority, (Research VMIG-1 1,300,000
Health System), Variable Rate Demand Bonds,
4.000%, 10/15/15+
1,300,000 Health and Educational Facilities Authority of the State A-1+ 1,300,000
of Missouri, Health Facilities Revenue Bonds
(St. Francis Medical Center), Series 1996A, Variable
Rate Demand Bonds, 3.950%, 6/01/26+
$ 3,300,000 Total Temporary Investments - 7.3% 3,300,000
============
Other Assets Less Liabilities - (4.6)% (2,079,851)
Net Assets - 100% $45,224,322
===========================================================================================
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using
the higher of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio os Investments
Nuveen Washington Premium Income Municipal Fund (NPW)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 2,000,000 State of Washington, General Obligation Bonds, Series 5/04 at 100 Aa $ 2,045,840
1994B, 6.000%, 5/01/19
1,250,000 Washington Health Care Facilities Authority, Revenue 7/02 at 102 Aaa 1,348,775
Bonds, Refunding Series 1992 (Franciscan Health
System/Saint Clare Hospital, Tacoma), 6.625%, 7/01/20
2,000,000 Washington Health Care Facilities Authority, Revenue 10/02 at 102 Aaa 2,064,100
Bonds, Series 1992 (The Children's Hospital and
Medical Center, Seattle), 6.125%, 10/01/13
2,400,000 Washington Health Care Facilities Authority, Revenue 11/02 at 102 Aaa 2,496,024
Bonds, Series 1992 (Swedish Hospital Medical Center,
Seattle), 6.300%, 11/15/22
1,000,000 Washington Health Care Facilities Authority, Revenue 8/04 at 102 AA- 992,070
Bonds, Series 1993A (The Heart Institute of Spokane),
5.800%, 8/15/18
1,000,000 Washington Public Power Supply System, Nuclear 7/03 at 102 Aaa 989,920
Project No. 1 Refunding Revenue Bonds, Series 1993A,
5.700%, 7/01/17
1,000,000 Washington Public Power Supply System, Nuclear No Opt. Call Aa1 1,138,710
Project No. 3 Refunding Revenue Bonds, Series 1993B,
7.000%, 7/01/09
975,000 Washington State Housing Finance Commission, Multi- 1/00 at 103 AAA 1,022,444
Family Mortgage Revenue Bonds (GNMA Mortgage
Backed Securities Program), Series 1989A,
7.700%, 7/01/32 (Alternative Minimum Tax)
1,610,000 Washington State Housing Finance Commission, Single- No Opt. Call AAA 1,626,181
Family Mortgage Revenue Bonds (Mortgage Backed
Securities Program), Series 1992D-1, 6.150%, 1/01/26
(Alternative Minimum Tax)
500,000 Washington State Housing Finance Commission, Single 6/07 at 102 Aaa 506,385
Family Program Bonds, 1997 Series 2A,
6.050%, 12/01/16
1,400,000 Washington State University, Housing and Dining System 10/04 at 101 Aaa 1,480,234
Revenue and Refunding Bonds, Series 1994,
6.375%, 10/01/18
1,050,000 City of Bellevue, King County, Washington, Water and 7/04 at 100 Aa 1,088,357
Sewer Revenue Refunding Bonds, 1994,
5.875%, 7/01/09
1,000,000 Public Utility District No. 1 of Benton County, 11/97 at 100 Aaa 1,040,070
Washington, Electric Revenue Bonds, Series B 1982,
13.500%, 11/01/02 (Pre-refunded to 11/01/97)
1,035,000 Covington Water District, Water Revenue Bonds, 3/05 at 100 Aaa 1,060,264
Refunding Series 1995, 6.050%, 3/01/20
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 2,000,000 Housing Authority of the County of King Washington, 5/05 at 100 AA+ $ 2,038,440
Housing Revenue Bonds, 1995 (Woodridge Park
Project), 6.350%, 5/01/25 (Alternative Minimum Tax)
1,000,000 Federal Way School District No. 210, King County, No Opt. Call Aaa 1,041,250
Washington, Unlimited Tax General Obligation and
Refunding Bonds, 1993, 5.750%, 12/01/12
800,000 Kitsap County, Washington, Sewer Revenue Bonds, 1996, 7/06 at 100 Aaa 810,968
5.750%, 7/01/16
1,600,000 Public Utility District No. 1 of Klickitat County, 10/05 at 101 Aaa 1,616,400
Washington, Electric Revenue Bonds, 1995,
5.650%, 10/01/15
1,000,000 Lewis County Public Utility District, Cowlitz Falls 10/03 at 102 Aa1 967,030
Hydroelectric Project, Revenue Refunding Bonds,
Series 1993, 5.500%, 10/01/22
1,000,000 Peninsula School District No. 401, Pierce County, No Opt. Call Aaa 1,034,920
Washington, Unlimited Tax General Obligation
Refunding Bonds, 1993, 5.500%, 12/01/08
1,000,000 Port of Seattle, Washington, Revenue Bonds, Series 12/00 at 100 AA- 1,016,850
1990A, 6.000%, 12/01/14
1,300,000 Port of Seattle, Washington, Revenue Bonds, Series 9/06 at 101 Aaa 1,263,431
1996A, 5.500%, 9/01/21
1,000,000 Port of Vancouver, Clark County, Washington, Limited No Opt. Call Aaa 1,072,580
Tax General Obligation Bonds, 1994 Series B,
6.000%, 12/01/04 (Alternative Minimum Tax)
1,000,000 The City of Renton, Washington, Limited Tax General 6/07 at 100 Aaa 1,010,220
Obligation Bonds, General Purpose/Public Improvement
Bonds, 1977B, 5.750%, 12/01/17
900,000 City of Richland, Washington, Water and Sewer 4/03 at 100 Aaa 910,089
Improvement Revenue Bonds, 1993, 5.625%, 4/01/12
1,200,000 Sammamish Plateau Water and Sewer District, King 12/06 at 100 Aaa 1,175,412
County, Washington, Water and Sewer Revenue
Refunding Bonds, 1996, 5.500%, 12/01/16
Seattle Indian Services Commission, Special Obligation
Bonds, 1994:
1,000,000 6.000%, 11/01/16 11/04 at 100 Aa1 1,029,770
750,000 6.150%, 11/01/24 11/04 at 100 Aa1 772,658
1,500,000 The City of Seattle, Washington, Drainage and 12/02 at 101 Aa 1,491,060
Wastewater Utility Revenue Bonds, 1992,
5.750%, 12/01/22
500,000 The City of Seattle, Washington, Municipal Light and 8/02 at 102 Aa 505,365
Power Revenue Bonds, 1992A, 5.750%, 8/01/12
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
$ 1,000,000 The City of Seattle, Washington, Municipal Light and 10/06 at 102 Aaa $ 985,580
Power Revenue Bonds, 5.625%, 10/01/21
500,000 The City of Seattle, Washington, Water System and 6/03 at 101 AA 465,620
Refunding Revenue Bonds, 1993, 5.250%, 12/01/23
1,640,000 Housing Authority of Skagit County, Low- Income Housing 11/04 at 104 AAA 1,748,699
Assistance Revenue Bonds, 1993 (GNMA Collateralized
Mortgage Loan - Sea Mar Project), 7.000%, 6/20/35
1,385,000 Public Utility District No. 1 of Snohomish County, 1/04 at 102 A1 1,400,817
Washington, Generation System Revenue Bonds,
Series 1993B, 5.750%, 1/01/09 (Alternative
Minimum Tax)
1,500,000 Mukilteo School District No. 6, Snohomish County, No Opt. Call Aaa 1,554,045
Washington, Unlimited Tax General Obligation and
Refunding Bonds, 1993, 5.700%, 12/01/12
500,000 Edmonds School District No. 15, Snohomish County, No Opt. Call AA- 557,580
Washington, Unlimited Tax General Obligation Bonds,
Series 1994, 6.500%, 12/01/08
1,000,000 University of Washington, Housing and Dining System 12/06 at 102 Aaa 947,910
Revenue Refunding Bonds, Junior Lien Series 1996,
5.125%, 12/01/15
1,880,000 Housing Authority of the City of Vancouver Revenue No Opt. Call Aa 1,892,105
Bonds, 1993, Series B (Fishers Mill Project) (Junior
Lien Bonds), 6.000%, 3/01/23
1,500,000 Western Washington University, Housing and Dining 10/02 at 101 Aaa 1,567,185
System, Revenue Bonds, Series 1992,
6.375%, 10/01/22
1,000,000 Yakima Tieton Irrigation District, Yakima County, 6/03 at 102 Aaa 1,038,390
Washington, Refunding Revenue Bonds, 1992,
6.125%, 6/01/13
$ 47,675,000 Total Investments - (cost $47,621,048) - 98.3% 48,813,748
Other Assets Less Liabilities - 1.7% 826,125
Net Assets - 100% $49,639,873
=============================================================================================
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
May 31, 1997
<CAPTION>
Connecticut Massachusetts Missouri
Premium Income Premium Income Premium Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in municipal securities,
at market value (note 1) $106,003,458 $97,183,533 $44,004,173
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) 700,000 200,000 3,300,000
Cash 215,372 -- --
Receivables:
Interest 1,983,316 1,894,288 806,255
Investments sold 65,000 200,000 --
Other assets 13,252 11,372 4,786
- ---------------------------------------------------------------------------------------------------------
Total assets 108,980,398 99,489,193 48,115,214
- ---------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft -- 36,763 2,698,970
Accrued expenses:
Management fees (note 6) 59,624 54,384 24,851
Other 56,086 60,811 33,418
Preferred share dividends payable 6,084 6,334 3,324
Common share dividends payable 334,928 324,813 130,329
- ---------------------------------------------------------------------------------------------------------
Total liabilities 456,722 483,105 2,890,892
- ---------------------------------------------------------------------------------------------------------
Net assets (note 7) $108,523,676 $99,006,088 $45,224,322
=========================================================================================================
Preferred shares, at liquidation value $ 38,300,000 $34,000,000 $16,000,000
=========================================================================================================
Preferred shares outstanding 1,532 1,360 640
=========================================================================================================
Common shares outstanding 5,152,746 4,607,270 2,136,537
=========================================================================================================
Netasset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 13.63 $ 14.11 $ 13.68
=========================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
<CAPTION>
Washington
Premium Income
- -------------------------------------------------------------------
<S> <C>
Assets
Investments in municipal securities,
at market value (note 1) $48,813,748
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) --
Cash 194,044
Receivables:
Interest 868,302
Investments sold --
Other assets 3,137
- -------------------------------------------------------------------
Total assets 49,879,231
- -------------------------------------------------------------------
Liabilities
Cash overdraft --
Accrued expenses:
Management fees (note 6) 27,262
Other 62,486
Preferred share dividends payable 3,447
Common share dividends payable 146,163
- -------------------------------------------------------------------
Total liabilities 239,358
- -------------------------------------------------------------------
Net assets (note 7) $49,639,873
===================================================================
Preferred shares, at liquidation value $17,000,000
===================================================================
Preferred shares outstanding 680
===================================================================
Common shares outstanding 2,320,051
===================================================================
Netasset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 14.07
===================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Year ended May 31, 1997
<CAPTION>
Connecticut Massachusetts Missouri
Premium Income Premium Income Premium Income
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $ 6,083,486 $ 5,747,637 $ 2,568,963
- ---------------------------------------------------------------------------------------------------------
Expenses:
Management fees (note 6) 696,406 637,033 291,118
Preferred shares - auction fees 95,749 84,999 40,001
Preferred shares - dividend disbursing agent fees 12,038 11,205 12,038
Shareholders' servicing agent fees and expenses 16,164 8,450 7,141
Custodian's fees and expenses 38,718 34,446 32,312
Trustees' fees and expenses (note 6) 1,377 1,433 909
Professional fees 17,288 17,351 18,032
Shareholders' reports - printing and mailing expenses 35,226 31,703 22,861
Stock exchange listing fees 16,212 16,180 1,877
Investor relations expense 9,037 7,410 3,993
Other expenses 10,972 9,890 13,491
- ---------------------------------------------------------------------------------------------------------
Total expenses 949,187 860,100 443,773
- ---------------------------------------------------------------------------------------------------------
Net investment income 5,134,299 4,887,537 2,125,190
- ---------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment transactions
(notes 1 and 4) (580,033) (139,469) 135,827
Net change in unrealized appreciation or depreciation
of investments 3,607,938 2,550,049 1,026,731
- ---------------------------------------------------------------------------------------------------------
Net gain from investments 3,027,905 2,410,580 1,162,558
- ---------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 8,162,204 $ 7,298,117 $ 3,287,748
=========================================================================================================
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Year ended May 31, 1997
<CAPTION>
Washington
Premium Income
- -------------------------------------------------------------------
<S> <C>
Investment Income
Tax-exempt interest income (note 1) $ 2,831,854
- -------------------------------------------------------------------
Expenses:
Management fees (note 6) 319,233
Preferred shares - auction fees 42,501
Preferred shares - dividend disbursing agent fees 11,205
Shareholders' servicing agent fees and expenses 3,069
Custodian's fees and expenses 32,292
Trustees' fees and expenses (note 6) 950
Professional fees 17,285
Shareholders' reports - printing and mailing expenses 16,628
Stock exchange listing fees 2,269
Investor relations expense 3,583
Other expenses 11,146
- -------------------------------------------------------------------
Total expenses 460,161
- -------------------------------------------------------------------
Net investment income 2,371,693
- -------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment transactions
(notes 1 and 4) 22,234
Net change in unrealized appreciation or depreciation
of investments 1,324,756
- -------------------------------------------------------------------
Net gain from investments 1,346,990
- -------------------------------------------------------------------
Net increase in net assets from operations $ 3,718,683
===================================================================
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- --------------------------------------------------------------------------------------------------------------------------------
Year ended Year ended Year ended Year ended
5/31/97 5/31/96 5/31/97 5/31/96
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 5,134,299 $ 5,014,273 $ 4,887,537 $ 4,817,006
Net realized gain (loss) from investment transactions
(notes 1 and 4) (580,033) (521,214) (139,469) (356,375)
Net change in unrealized appreciation or depreciation
of investments 3,607,938 (534,565) 2,550,049 (520,768)
- --------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 8,162,204 3,958,494 7,298,117 3,939,863
- --------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (3,909,724) (3,758,689) (3,840,666) (3,669,476)
Preferred shareholders (1,050,779) (1,262,953) (1,017,157) (1,099,146)
- --------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (4,960,503) (5,021,642) (4,857,823) (4,768,622)
- --------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 394,287 140,264 262,693 61,212
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 3,595,988 (922,884) 2,702,987 (767,547)
Net assets at beginning of year 104,927,688 105,850,572 96,303,101 97,070,648
- --------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $108,523,676 $104,927,688 $ 99,006,088 $96,303,101
================================================================================================================================
Balance of undistributed net investment income at end of year $ 402,670 $ 228,874 $ 325,028 $ 295,314
================================================================================================================================
<CAPTION>
Missouri Premium Income Washington Premium Income
- --------------------------------------------------------------------------------------------------------------------------------
Year ended Year ended Year ended Year ended
5/31/97 5/31/96 5/31/97 5/31/96
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 2,125,190 $ 2,042,610 $ 2,371,693 $ 2,357,858
Net realized gain (loss) from investment transactions
(notes 1 and 4) 135,827 (126,266) 22,234 43,444
Net change in unrealized appreciation or depreciation
of investments 1,026,731 (499,333) 1,324,756 (580,097)
- --------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 3,287,748 1,417,011 3,718,683 1,821,205
- --------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (1,553,262) (1,440,028) (1,742,358) (1,726,118)
Preferred shareholders (524,137) (528,534) (602,507) (641,034)
- --------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (2,077,399) (1,968,562) (2,344,865) (2,367,152)
- --------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 1,210,349 (551,551) 1,373,818 (545,947)
Net assets at beginning of year 44,013,973 44,565,524 48,266,055 48,812,002
- --------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $ 45,224,322 $ 44,013,973 $ 49,639,873 $ 48,266,055
================================================================================================================================
Balance of undistributed net investment income at end of year $ 179,134 $ 131,343 $ 87,664 $ 60,836
================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- ----------------------------------------------------------------------------------------------------------------------------------
Year ended Year ended Year ended Year ended
5/31/97 5/31/96 5/31/97 5/31/96
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 5,134,299 $ 5,014,273 $ 4,887,537 $ 4,817,006
Net realized gain (loss) from investment transactions
(notes 1 and 4) (580,033) (521,214) (139,469) (356,375)
Net change in unrealized appreciation or depreciation
of investments 3,607,938 (534,565) 2,550,049 (520,768)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 8,162,204 3,958,494 7,298,117 3,939,863
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (3,909,724) (3,758,689) (3,840,666) (3,669,476)
Preferred shareholders (1,050,779) (1,262,953) (1,017,157) (1,099,146)
- ----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (4,960,503) (5,021,642) (4,857,823) (4,768,622)
- ----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 394,287 140,264 262,693 61,212
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 3,595,988 (922,884) 2,702,987 (767,547)
Net assets at beginning of year 104,927,688 105,850,572 96,303,101 97,070,648
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $108,523,676 $104,927,688 $ 99,006,088 $96,303,101
==================================================================================================================================
Balance of undistributed net investment income at end of year $ 402,670 $ 228,874 $ 325,028 $ 295,314
==================================================================================================================================
<PAGE>
<CAPTION>
Missouri Premium Income Washington Premium Income
- ----------------------------------------------------------------------------------------------------------------------------------
Year ended Year ended Year ended Year ended
5/31/97 5/31/96 5/31/97 5/31/96
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 2,125,190 $ 2,042,610 $ 2,371,693 $ 2,357,858
Net realized gain (loss) from investment transactions
(notes 1 and 4) 135,827 (126,266) 22,234 43,444
Net change in unrealized appreciation or depreciation
of investments 1,026,731 (499,333) 1,324,756 (580,097)
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 3,287,748 1,417,011 3,718,683 1,821,205
- ----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (1,553,262) (1,440,028) (1,742,358) (1,726,118)
Preferred shareholders (524,137) (528,534) (602,507) (641,034)
- ----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (2,077,399) (1,968,562) (2,344,865) (2,367,152)
- ----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions -- -- -- --
- ----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 1,210,349 (551,551) 1,373,818 (545,947)
Net assets at beginning of year 44,013,973 44,565,524 48,266,055 48,812,002
- ----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $ 45,224,322 $ 44,013,973 $ 49,639,873 $ 48,266,055
==================================================================================================================================
Balance of undistributed net investment income at end of year $ 179,134 $ 131,343 $ 87,664 $ 60,836
==================================================================================================================================
</TABLE>
<PAGE>
Notes to Financial Statements
1. General Information and Significant Accounting Policies
At May 31, 1997, the state Funds (the "Funds") covered in this report and
their corresponding stock exchange symbols are Nuveen Connecticut Premium Income
Municipal Fund (NTC), Nuveen Massachusetts Premium Income Municipal Fund (NMT),
Nuveen Missouri Premium Income Municipal Fund (NOM) and Nuveen Washington
Premium Income Municipal Fund (NPW). NTC and NMT are traded on the New York
Stock Exchange while NOM and NPW are traded on the American Stock Exchange.
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within a single state. The
Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the prepa ration 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. Any securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of their when-issued and delayed delivery purchase commitments. At
May 31, 1997, there were no such purchase commitments in any of the Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
as 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 to 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 share
holders of the Funds. All income dividends paid during the fiscal year ended May
31, 1997, have been designated Exempt Interest Dividends. Net realized capital
gain and market discount distributions are subject to federal taxation.
<PAGE>
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts 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 carryovers.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of 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 invest ment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one Series. The dividend rate may
change every seven days, as set by the Auction Agent. The number of shares
outstanding for each of the Funds is as follows:
<TABLE>
<CAPTION>
Connecticut Massachusetts
Premium Income Premium Income
- --------------------------------------------------------------------------
<S> <C> <C>
Number of shares:
Series Th 1,532 1,360
- --------------------------------------------------------------------------
<CAPTION>
Missouri Washington
Premium Income Premium Income
- --------------------------------------------------------------------------
<S> <C> <C>
Number of shares:
Series Th 640 680
- --------------------------------------------------------------------------
</TABLE>
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap, and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the fiscal year ended May 31, 1997.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period.
<PAGE>
2. Fund Shares
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- -----------------------------------------------------------------------------------------------------------
Year ended Year ended Year ended Year ended
5/31/97 5/31/96 5/31/97 5/31/96
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 25,362 10,325 18,609 4,528
- -----------------------------------------------------------------------------------------------------------
<CAPTION>
Missouri Washington
Premium Income Premium Income
- -----------------------------------------------------------------------------------------------------------
Year ended Year ended Year ended Year ended
5/31/97 5/31/96 5/31/97 5/31/96
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions -- -- -- --
- -----------------------------------------------------------------------------------------------------------
</TABLE>
3. Distributions to Shareholders
On June 2, 1997, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid July 1, 1997, to
shareholders of record on June 15, 1997, as follows:
<TABLE>
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Dividend per share $.0650 $.0705
- ------------------------------------------------------------------------------------------------------------
<CAPTION>
Missouri Premium Income Washington Premium Income
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Dividend per share $.0610 $.0630
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
4. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the fiscal year ended May
31, 1997, were as follows:
<TABLE>
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Purchases:
Investments in municipal securities $19,372,256 $22,187,232
Temporary municipal investments 10,200,000 11,400,000
Sales:
Investments in municipal securities 19,173,260 21,199,306
Temporary municipal investments 9,800,000 11,200,000
<CAPTION>
Missouri Premium Income Washington Premium Income
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Purchases:
Investments in municipal securities $15,647,459 $5,693,162
Temporary municipal investments 11,400,000 8,410,000
Sales:
Investments in municipal securities 15,682,617 5,394,784
Temporary municipal investments 8,600,000 8,710,000
</TABLE>
At May 31, 1997, the identified cost of investments owned for federal income tax
purposes was the same as the cost for financial reporting purposes for each
Fund.
At May 31, 1997, the Funds had unused capital loss carryovers available for
federal income tax purposes to be applied against future capital gains, if any.
If not applied, the carryovers will expire as follows:
<TABLE>
Connecticut Premium Income Massachusetts Premium Income
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Expiration year:
2002 $ 9,146 $ --
2003 1,272,842 1,247,263
2004 1,105,901 945,779
2005 847,914 195,761
- -------------------------------------------------------------------------------------------------------------
Total $3,235,803 $2,388,803
=============================================================================================================
<CAPTION>
Missouri Premium Income Washington Premium Income
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Expiration year:
2002 $-- $ --
2003 1,329,874 564,873
2004 708,417 70,082
2005 -- --
- -------------------------------------------------------------------------------------------------------------
Total $2,038,291 $634,955
=============================================================================================================
</TABLE>
<PAGE>
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at May 31, 1997, were as follows:
<TABLE>
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Gross unrealized:
appreciation $2,799,131 $3,474,076
depreciation (970,751) (135,541)
- -------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $1,828,380 $3,338,535
=============================================================================================================
<CAPTION>
Missouri Premium Income Washington Premium Income
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Gross unrealized:
appreciation $1,748,828 $1,247,186
depreciation (13,430) (54,486)
- -------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $1,735,398 $1,192,700
=============================================================================================================
</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:
<TABLE>
<CAPTION>
Average daily net asset value Management fee
- ------------------------------------------------------------------------------
<S> <C>
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
- ------------------------------------------------------------------------------
</TABLE>
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Trustees who are affiliated with the Adviser or
to their officers, all of whom receive remuneration for their services to the
Funds from the Adviser.
<PAGE>
7. Composition of Net Assets
At May 31, 1997, net assets consisted of:
<TABLE>
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ 38,300,000 $34,000,000
Common shares, $.01 par value per share 51,527 46,073
Paid-in surplus 71,213,481 63,724,942
Balance of undistributed net investment income 402,670 325,028
Accumulated net realized gain (loss) from
investment transactions (3,272,382) (2,428,490)
Net unrealized appreciation of investments 1,828,380 3,338,535
- -------------------------------------------------------------------------------------------------------------
Net assets $108,523,676 $99,006,088
=============================================================================================================
Authorized shares:
Common Unlimited Unlimited
Preferred Unlimited Unlimited
=============================================================================================================
<CAPTION>
Missouri Premium Income Washington Premium Income
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $16,000,000 $17,000,000
Common shares, $.01 par value per share 21,365 23,201
Paid-in surplus 29,326,716 31,971,263
Balance of undistributed net investment income 179,134 87,664
Accumulated net realized gain (loss) from
investment transactions (2,038,291) (634,955)
Net unrealized appreciation of investments 1,735,398 1,192,700
- -------------------------------------------------------------------------------------------------------------
Net assets $45,224,322 $49,639,873
=============================================================================================================
Authorized shares:
Common Unlimited Unlimited
Preferred Unlimited Unlimited
=============================================================================================================
</TABLE>
<PAGE>
8. Investment Composition
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At May 31, 1997, the revenue sources by municipal
purpose for these investments, expressed as a percent of total investments, were
as follows:
<TABLE>
<CAPTION>
Connecticut Premium Income Massachusetts Premium Income
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Revenue Bonds:
Health Care Facilities 20% 22%
Housing Facilities 10 16
Educational Facilities 21 18
Water / Sewer Facilities 4 8
Electric Utilities 3 3
Lease Rental Facilities -- --
Transportation 8 4
Pollution Control Facilities 6 5
Other 7 4
General Obligation Bonds 16 9
Escrowed Bonds 5 11
- ------------------------------------------------------------------------------------------------------------
100% 100%
============================================================================================================
<CAPTION>
Missouri Premium Income Washington Premium Income
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Revenue Bonds:
Health Care Facilities 10% 14%
Housing Facilities 21 18
Educational Facilities 4 8
Water / Sewer Facilities 11 17
Electric Utilities 1 16
Lease Rental Facilities 14 --
Transportation 7 7
Pollution Control Facilities 2 --
Other 1 --
General Obligation Bonds 19 18
Escrowed Bonds 10 2
- ------------------------------------------------------------------------------------------------------------
100% 100%
============================================================================================================
</TABLE>
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed by
an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest in
the event of default (61% for Connecticut Premium Income, 42% for Massachusetts
Premium Income, 56% for Missouri Premium Income and 54% for Washington Premium
Income). Such insurance or escrow, however, does not guarantee the market value
of the municipal securities or the value of any of the Funds' shares.
All of the temporary investments in short-term municipal securities have credit
enhancements (letters of credit, guarantees or insurance) issued by third party
domestic or foreign banks or other institutions.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
Financial Highlights
Selected data for a common share outstanding throughout each period is as
follows:
<TABLE>
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net asset Net realized
value Net and unrealized
beginning investment gain (loss) To Common To Preferred
of period income from investments shareholders shareholders+
CONNECTICUT
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 $12.990 $ .998 $ .607 $(.761) $(.204)
1996 13.200 .979 (.208) (.734) (.247)
1995 12.450 .977 .739 (.736) (.230)
1994 13.960 .768 (1.400) (.605) (.129)
5/20/93 to 5/31/93 14.050 .002 .001 -- --
<CAPTION>
MASSACHUSETTS
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 13.580 1.062 .524 (.835) (.221)
1996 13.760 1.050 (.190) (.800) (.240)
1995 12.900 1.036 .846 (.780) (.242)
1994 14.080 .872 (1.020) (.738) (.149)
3/18/93 to 5/31/93 14.050 .054 .056 -- --
<CAPTION>
MISSOURI
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 13.110 .995 .547 (.727) (.245)
1996 13.370 .956 (.295) (.674) (.247)
1995 12.350 .948 1.022 (.693) (.257)
1994 13.900 .759 (1.397) (.594) (.136)
5/20/93 to 5/31/93 14.050 .001 (.001) -- --
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 13.480 1.022 .579 (.751) (.260)
1996 13.710 1.016 (.226) (.744) (.276)
1995 12.970 1.006 .765 (.765) (.266)
1994 14.090 .906 (.923) (.762) (.155)
3/18/93 to 5/31/93 14.050 .066 .088 -- --
<PAGE>
<CAPTION>
Distributions from
capital gains
Organization and
offering costs and Per common
preferred share Net asset share
To Common To Preferred underwriting value market value
shareholders shareholders+ discounts end of period end of period
CONNECTICUT
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 $ -- $ -- $ -- $13.630 $14.125
1996 -- -- -- 12.990 13.625
1995 -- -- -- 13.200 12.625
1994 -- -- (.144) 12.450 13.125
5/20/93 to 5/31/93 -- -- (.093) 13.960 15.000
<CAPTION>
MASSACHUSETTS
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 -- -- -- 14.110 14.750
1996 -- -- -- 13.580 13.750
1995 -- -- -- 13.760 13.375
1994 -- -- (.145) 12.900 12.500
3/18/93 to 5/31/93 -- -- (.080) 14.080 15.250
<CAPTION>
MISSOURI
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 -- -- -- 13.680 13.063
1996 -- -- -- 13.110 12.500
1995 -- -- -- 13.370 12.000
1994 -- -- (.182) 12.350 12.000
5/20/93 to 5/31/93 -- -- (.150) 13.900 15.125
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 -- -- -- 14.070 12.500
1996 -- -- -- 13.480 11.750
1995 -- -- -- 13.710 11.625
1994 (.014) (.003) (.169) 12.970 12.375
3/18/93 to 5/31/93 -- -- (.114) 14.090 15.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of net
Total Ratio of investment
investment Total return Net assets expenses to income to Portfolio
return on on net end of period average average turnover
market value** asset value** (in thousands) net assets++ net assets++ rate
CONNECTICUT
PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 9.58% 11.01% $108,524 .89% 4.79% 18%
1996 14.06 3.97 104,928 .89 4.71 15
1995 2.22 12.74 105,851 .92 4.99 18
1994 (8.73) (6.74) 101,595 .95 3.95 9
5/20/93 to 5/31/93 -- (.64) 67,533 1.04* 1.17* --
<CAPTION>
MASSACHUSETTS
PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 13.76 10.28 99,006 .88 4.99 22
1996 8.99 4.55 96,303 .88 4.95 18
1995 14.12 13.58 97,071 .94 5.20 29
1994 (13.64) (3.38) 93,078 .97 4.26 33
3/18/93 to 5/31/93 1.67 .21 64,377 .93* 2.17* --
<CAPTION>
MISSOURI
PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 10.53 10.09 45,224 .99 4.74 36
1996 10.07 3.09 44,014 1.01 4.57 34
1995 6.13 14.74 44,566 1.08 4.86 34
1994 (17.26) (7.16) 42,343 1.05 3.92 39
5/20/93 to 5/31/93 .83 (1.07) 29,296 1.34* .69* --
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C>
Year ended 5/31:
1997 12.94 10.16 49,640 .94 4.83 11
1996 7.44 3.75 48,266 .94 4.81 20
1995 .41 12.36 48,812 1.04 5.04 16
1994 (16.88) (2.73) 47,095 1.08 4.42 29
3/18/93 to 5/31/93 5.00 .28 32,653 1.02* 2.63* --
<FN>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share. Total Return on Net Asset Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if any, and
changes in net asset value per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
</FN>
</TABLE>
<PAGE>
Fund Information
Board of Directors
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
Custodian
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004
Legal Counsel
Fried, Frank, Harris
Shriver & Jacobson
Washington, D.C.
Public Accountants
Ernst & Young LLP
Chicago, IL
<PAGE>
"At Nuveen, we make reinvesting easy. A phone call is all it takes to set up
your reinvestment account."
(continued from inside front cover)
before purchases are completed, the average purchase price per share may
exceed the market price at the time of valuation resulting in the acquisition of
fewer shares than if the dividend or distribution had been paid in shares issued
by the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
You may, of course, change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. Should you withdraw, you can
receive a certificate for all whole shares credited to your reinvestment account
and cash payment for fractional shares, or cash payment for all reinvestment
account shares, less brokerage commissions and a $2.50 service fee.
You can also reinvest if your shares are registered in the name of a brokerage
firm, bank, or other nominee. Just ask your investment adviser if the firm will
participate on your behalf. If not, it's easy to have the shares registered in
your name and to apply for a reinvestment account directly. Participants whose
shares are registered in the name of one firm may not be able to transfer the
shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll
in or withdraw from the Plan, speak with your financial adviser or call us
toll-free at (800) 257-8787.
<PAGE>
Serving Investors for Generations
Photographic image 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
investments designed for mature investors whose portfolios are the principal
source of their ongoing financial security. More than 1.3 million investors have
trusted Nuveen to help them maintain the lifestyle they currently enjoy.
A value investing approach - purchasing securities of strong companies and
communities that represent good long-term value - is the cornerstone of Nuveen's
investment philosophy. It is a careful, long-term strategy that offers the
potential for attractive returns with moderated risk. Successful value investing
begins with in-depth research and a discerning eye for marketplace opportunity.
Nuveen's team of investment professionals is backed by the discipline, resources
and expertise of almost a century of investment experience, including one of the
most recognized research departments in the industry.
To meet the unique circumstances and financial planning needs of mature
investors, Nuveen offers a wide array of equity and fixed-income mutual funds,
unit trusts, exchange-traded funds, individual managed account services, and
cash management products, including many that generate tax-free income.
To find out more about how Nuveen investment products and services can help
you preserve your financial security, talk with your financial adviser, or call
us at (800) 621-7227 for more information, including a prospectus where
applicable. Please read that information carefully before you invest.
Nuveen
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
(800) 621-7227
www.nuveen.com
FAN-3 5-97
