NUVEEN Exchange-Traded Funds
NOVEMBER 30, 1997
SEMIANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NTC
Connecticut
NMT
Massachusetts
NOM
Missouri
NPW
Washington
Photo of: Boy and man playing chess.
<PAGE>
Contents
1 Dear Shareholder
3 Answering Your Questions
7 NTC Performance Overview
8 NMT Performance Overview
9 NOM Performance Overview
10 NPW Performance Overview
11 Shareholder Meeting Report
13 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
40 Fund Information
<PAGE>
INSERT:
New from Nuveen THE NUVEEN RITTENHOUSE GROWTH FUND
General Electric. Johnson & Johnson. Gillette. Familiar names to be sure.
And the sort of established "blue chip" companies our new growth fund invests
in. For many, these are the holdings that belong at the core of a
well-constructed portfolio. Why? They provide attractive long-term growth
potential plus the benefits of investing in companies you know and trust.
The fund is managed by Rittenhouse Financial Services, a premier growth
manager selected by Nuveen for their proven track record and disciplined
investment process. The portfolio team focuses on companies that are global
industry leaders - household names with a history of strength and consistent
growth.
Sound reassuring? Ask your financial adviser today about the fund and
Nuveen's growing family of equity, balanced and income mutual funds. Or call
(800) 621-7227 to receive an investor guide, containing a prospectus which
provides more complete information, including charges and expenses. Please read
it carefully before you invest.
(See other side for a Nuveen product listing)
<PAGE>
NUVEEN INVESTMENTS CAN HELP YOU SUSTAIN THE WEALTH OF A LIFETIME
MUTUAL FUNDS
Nuveen Rittenhouse Growth Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
National Municipal Bond Funds
State-Specific Municipal Bond Funds
UNIT TRUSTS
Equity
Corporate Bond
Municipal Bond
EXCHANGE-TRADED FUNDS
MUNIPREFERRED(R)
PRIVATE ASSET MANAGEMENT
For more information about any of these Nuveen products, including charges and
expenses, call your financial adviser for a prospectus where available, or call
Nuveen at (800) 621-7227.
Please read it carefully before you invest.
<PAGE>
Dear Shareholder
Photo of: TIMOTHY R. SCHWERTFEGER
CHAIRMAN OF THE BOARD
Wealth takes a lifetime to build. Once achieved, it should be preserved.
It's a pleasure to report to you on the performance of your Nuveen
exchange-traded funds. Over the past 12 months, the funds have performed well,
rewarding shareholders with dependable tax-free income and attractive returns.
Investors in the funds continued to enjoy tax-free dividends generated by each
fund's portfolio of municipal bonds. As of November 30, 1997, shareholders were
receiving current market yields that ranged from 5.23% to 5.55%. To match these
yields, investors in the 31% federal income tax bracket would have had to earn
at least 7.58% on taxable alter natives. Dividend stability continues to be a
hallmark of your Nuveen exchange-traded funds, as the divi dends for the four
funds in this report were declared a total of 48 times over the past year with
four dividend increases.
For the 12 months ended November 30, 1997, the total return on these funds
ranged from 7.65% to 9.19%, pro viding taxable-equivalent returns of 10.57% to
12.57% for investors in the com bined 31% federal and applicable state tax
bracket. For share holders in higher federal tax brackets, the tax-adjusted
returns were even more attrac tive. You will find additional details on the
individual performance of each fund on pages 7-10.
THE YEAR IN REVIEW
Over the past year, American investors have benefited from robust economic
growth with little evidence of infla tionary pressures. With unemployment rates
at 20-year lows and the current economic expansion entering its seventh year,
the presence of benign inflation has sparked debate over whether the traditional
link between growth and inflation has been broken. During 1997, expectations
that excess growth would generate inflation disrupted the markets on several
occasions, most notably following the Federal Reserve's interest rate tightening
in March and speeches by Chairman Greenspan. Still, falling commodity prices
kept producer prices in check, while low import prices--due in part to the
weakness in Asian markets--limited U.S. companies' ability to raise consumer
prices. This combination has kept inflation subdued and the Federal Reserve "on
hold" since March. The reduction in the federal deficit and passage of the
Taxpayer Relief Act of 1997 offer additional encouragement to long-term
fixed-income investors.
<PAGE>
HELPING YOU BUILD A BETTER PORTFOLIO
The events of 1997 have also focused renewed attention on the need for
diversification and appropriate asset allocation. Stock market volatility,
especially late in the year, provided a vivid illustration of the steadying
effect that fixed-income investments can provide in a well-constructed
investment portfolio. Nuveen exchange-traded funds provide an excellent balance
to other equity and bond investments, and their current yields make them very
attractive.
You already know that you can rely on Nuveen to provide the tax-advantaged
investments you need to achieve your investment goals. Your financial adviser
can also introduce you to a variety of other Nuveen products and services
designed to round out your portfolio of core investments, including the Nuveen
Growth and Income Stock Fund and two balanced stock and bond funds. In addition,
we recently expanded our private asset management capabilities through the
acquisition of Rittenhouse Financial Services, a well-respected growth
investment manager. We encourage you to talk to your financial adviser about
ways you can complement your current Nuveen investment by taking advantage of
these additional products and services.
We at Nuveen remain committed to providing you with quality investment solutions
that withstand the test of time. We thank you for your confidence in us and our
family of investments, and we look forward to our next report to you.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
January 15, 1998
"The funds have performed well, rewarding share holders with dependable tax-free
income and attractive returns."
<PAGE>
Answering Your Questions
TED NEILD, MANAGING DIRECTOR OF NUVEEN'S PORTFOLIO MANAGEMENT TEAM, TALKS
ABOUT THE MUNICIPAL BOND MARKET AND OFFERS INSIGHTS INTO FACTORS THAT AFFECTED
THE PERFORMANCE OF THE FUNDS OVER THE PAST YEAR.
WHAT ECONOMIC AND MARKET FACTORS INFLUENCED THE PERFORMANCE OF MUNICIPAL BONDS
OVER THE PAST YEAR?
In 1997, the performance of the municipal bond market was influenced by
three major factors: the continued strength of the U.S. economy, minimal
inflation and volatility in the equity mar kets. These factors contributed to a
positive environment for fixed-income investments, including municipal issues.
Between December 1996 and November 1997, the yield on 30-year Treasury bonds
dropped from 6.36% to 6.05%, and the municipal market followed suit, as the
yield on the Bond Buyer 40 declined from 5.63% to 5.36%. The spread between
tax-free municipal bonds and taxable Treasury bonds remained tight, making
municipal bonds very attractive.
HOW HAVE THE FUNDS PERFORMED DURING THIS PERIOD?
As Tim mentioned in his letter to shareholders, the total return for these funds
ranged from 7.65% to 9.19% for the 12 months ended November 30, 1997. This
compares with the one-year return of 8.66% for the Lehman Municipal Bond Index.
The performance of the Nuveen funds covered in this report is especially
noteworthy in view of the fact that they were originally constructed in a higher
interest rate environment. This means that a large number of bonds in the
portfolios are currently valued at substantial premiums. These bonds offer the
benefit of additional price stability in volatile markets, but their upside
potential during market rallies can be limited.
<PAGE>
HOW DOES THE USE OF LEVERAGE IMPACT THE FUNDS' DIVIDENDS?
All of the funds in this report use leverage as an additional way to enhance
income for common shareholders. Leveraged funds issue short-term preferred
shares, which is similar to borrowing money at short-term rates and then
investing the proceeds in long-term bonds. The dif ference in rates boosts the
dividend for common share holders. The dividends of leveraged funds can also be
affected by a sudden or prolonged rise in short-term interest rates. As
short-term rates increase, preferred shareholders enjoy higher dividends, and
less income is available for common shareholders.
WHAT ARE YOUR KEY STRATEGIES FOR THE COMING YEAR?
While credit spreads remain tight, we will continue to purchase bonds with good
credit quality at yields that are similar to those of bonds with lower ratings.
During the past year, as yield differentials between AAA and BBB bonds narrowed,
the funds would not have been ade quately compensated for the additional risk
involved in buying bonds at the lower end of the rating spectrum. We were able
to buy more highly rated bonds without sacrificing much yield, thereby enhancing
the credit quality of our portfolios. We believe that if credit spreads widen
again, these high-quality issues will increase in value relative to lower-rated
bonds.
SIDEBAR TEXT:
"By identifying individual bonds with current yields, prices, credit
quality, and future prospects that are exceptionally attractive relative to
other bonds in the market, we believe the portfolio will be positioned to
deliver above-market performance."
<PAGE>
We will also continue to look for individual bonds that offer good long-term
value and the potential for relative price appreci ation. If we succeed in
identifying individual bonds with current yields, prices, credit quality and
future prospects that are exceptionally attractive relative to other bonds in
the market, the portfolios will be positioned to deliver above-market
performance. Our search, backed by outstanding resources of the Nuveen Research
Department, emphasizes three strategic sectors:
o Healthcare: Increasing competitive pressures in this industry will result in
some attrition. We are selective in buying only the bonds of the strongest
issues that we believe will show favorable price movement as the market
recognizes their value.
o Public Utilities: Deregulation of this sector is creating opportunities for
the research-intensive bond buying in which Nuveen excels. We are currently
focusing on bonds issued by utility companies that we believe are strong
enough to weather the deregulation process and the increased risk of credit
quality realignments.
o Housing: Because the timing of cash flows can be uncertain, these bonds carry
some additional risk. However, we believe this is one of the few sectors of
the municipal market in which our portfolios are still compensated for
assuming that incremental risk.
SIDEBAR TEXT:
"We are currently focusing on bonds issued by utility companies that we
believe are strong enough to weather the deregulation process and the increased
risk of credit quality realignments."
<PAGE>
Whenever possible, we will also pursue strategies aimed at enhancing the
structure of the Nuveen exchange-traded funds. Specifically, this means
upgrading call protection. By selling bonds with shorter call protection, we can
re-deploy assets into bonds with longer protection and better yields, thereby
extending call protection and sup porting the funds' embedded yields. We will
also be exploring opportunities to purchase discount bonds, which can enhance
the potential for price appreciation, extend duration, and provide additional
income stability if interest rates continue to decline.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET?
Looking at the year ahead, we believe a potential for weakness exists in the
economy, as evidenced by contin uing volatility in the equity market, layoffs
that are begin ning to reach a national level, and a shortage of raw material
supplies. These factors could increase the demand for municipal bonds.
SIDEBAR TEXT:
" We will also be exploring opportunities to purchase discount bonds, which
can enhance the potential for price appreciation, extend duration, and provide
additional income stability if interest rates continue to decline."
<PAGE>
Nuveen Connecticut Premium
Income Municipal Fund
Performance Overview
As of November 30, 1997
NTC
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 5/93
- ---------------------------------------------
Share Price 15 1/4
- ---------------------------------------------
Net Asset Value $14.23
- ---------------------------------------------
Current Market Yield 5.23%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 7.58%
- ---------------------------------------------
Taxable Equivalent Yield (Federal
and State)(1) 7.92%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $111,818
- ---------------------------------------------
Average Weighted Maturity (Years) 20.24
- ---------------------------------------------
Average Weighted Duration (Years) 6.87
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 9.12%
- ---------------------------------------------
3-Year 16.27%
- ---------------------------------------------
Since Inception 5.86%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 12.12%
- ---------------------------------------------
3-Year 19.41%
- ---------------------------------------------
Since Inception 8.76%
- ---------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state taxes. It is based on a combined federal
and state income tax rate of 34%.
2 Taxable equivalent total return is based on the annualized total return
and a combined federal and state income tax rate of 34%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen fund
on an after-tax basis.
PIE CHARTS:
Credit Quality
AAA 67%
AA 19%
BBB/NR 12%
A 2%
Diversification
Transportation 8%
Other 7%
Housing 10%
Utilities 7%
General Obligation 15%
Escrowed Bonds 6%
Education 20%
Water & Sewer 4%
Health Care 23%
BAR CHART:
Dividend History
12/96 0.0635
1/97 0.0635
2/97 0.065
3/97 0.065
4/97 0.065
5/97 0.065
6/97 0.065
7/97 0.065
8/97 0.0665
9/97 0.0665
10/97 0.0665
11/97 0.0665
<PAGE>
Nuveen Massachusetts Premium
Income Municipal Fund
Performance Overview
As of November 30, 1997
NMT
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 3/93
- ---------------------------------------------
Share Price 15 11/16
- ---------------------------------------------
Net Asset Value $14.63
- ---------------------------------------------
Current Market Yield 5.39%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 7.81%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.91%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $101,544
- ---------------------------------------------
Average Weighted Maturity (Years) 20.00
- ---------------------------------------------
Average Weighted Duration (Years) 6.91
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 8.60%
- ---------------------------------------------
3-Year 16.10%
- ---------------------------------------------
Since Inception 6.64%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 12.57%
- ---------------------------------------------
3-Year 20.28%
- ---------------------------------------------
Since Inception 10.43%
- ---------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state taxes. It is based on a combined federal
and state income tax rate of 39.5%.
2 Taxable equivalent total return is based on the annualized total return
and a combined federal and state income tax rate of 39.5%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen fund
on an after-tax basis.
PIE CHARTS:
Credit Quality
AAA/Pre-refunded 41%
A 29%
AA 24%
BBB/NR 6%
Diversification
General Obligation 9%
Transportation 9%
Escrowed Bonds 13%
Water & Sewer 8%
Housing 9%
Other 4%
Education 17%
Utilities 3%
Health Care 28%
BAR CHART:
Dividend History
12/96 0.0695
1/97 0.0695
2/97 0.0705
3/97 0.0705
4/97 0.0705
5/97 0.0705
6/97 0.0705
7/97 0.0705
8/97 0.0705
9/97 0.0705
10/97 0.0705
11/97 0.0705
<PAGE>
Nuveen Missouri Premium
Income Municipal Fund
Performance Overview
As of November 30, 1997
NOM
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 5/93
- ---------------------------------------------
Share Price 14 1/16
- ---------------------------------------------
Net Asset Value $14.20
- ---------------------------------------------
Current Market Yield 5.29%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 7.67%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.14%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $46,359
- ---------------------------------------------
Average Weighted Maturity (Years) 17.74
- ---------------------------------------------
Average Weighted Duration (Years) 7.45
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 7.65%
- ---------------------------------------------
3-Year 15.93%
- ---------------------------------------------
Since Inception 5.49%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 10.57%
- ---------------------------------------------
3-Year 19.00%
- ---------------------------------------------
Since Inception 8.35%
- ---------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current yield and a federal income tax rate of
31%. The rate shown for federal and state highlights the added value of owning
shares that are also exempt from state taxes. It is based on a combined federal
and state income tax rate of 35%.
2 Taxable equivalent total return is based on the annualized total return
and a combined federal and state income tax rate of 35%. It represents the
return on a taxable investment necessary to equal the return of the Nuveen fund
on an after-tax basis.
PIE CHARTS:
Credit Quality
AAA 76%
AA 17%
BBB/NR 5%
A 2%
Diversification
Water & Sewer 10%
Escrowed Bonds 10%
Health Care 12%
Transportation 9%
Lease Rental 17%
Education 3%
General Obligation 17%
Other 2%
Housing 20%
BAR CHART:
Diversification
12/96 0.061
1/97 0.061
2/97 0.061
3/97 0.061
4/97 0.061
5/97 0.061
6/97 0.061
7/97 0.061
8/97 0.062
9/97 0.062
10/97 0.062
11/97 0.062
<PAGE>
Nuveen Washington Premium
Income Municipal Fund
Performance Overview
As of November 30, 1997
NPW
FUND HIGHLIGHTS
- ---------------------------------------------
Inception Date 3/93
- ---------------------------------------------
Share Price 13 5/8
- ---------------------------------------------
Net Asset Value $14.78
- ---------------------------------------------
Current Market Yield 5.55%
- ---------------------------------------------
Taxable Equivalent Yield(1) 8.04%
- ---------------------------------------------
- ---------------------------------------------
Total Net Assets ($000) $51,282
- ---------------------------------------------
Average Weighted Maturity (Years) 20.78
- ---------------------------------------------
Average Weighted Duration (Years) 6.98
- ---------------------------------------------
ANNUALIZED TOTAL RETURN (AT NAV)
- ---------------------------------------------
1-Year 9.19%
- ---------------------------------------------
3-Year 15.66%
- ---------------------------------------------
Since Inception 6.58%
- ---------------------------------------------
TAXABLE EQUIVALENT TOTAL RETURN(2)
- ---------------------------------------------
1-Year 11.63%
- ---------------------------------------------
3-Year 18.29%
- ---------------------------------------------
Since Inception 9.07%
- ---------------------------------------------
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. It is
based on the current market yield and a federal income tax rate of 31%.
2 Taxable equivalent total return is based on the annualized total return
and a federal income tax rate of 31%. It represents the return on a taxable
investment necessary to equal the return of the Nuveen fund on an after-tax
basis.
PIE CHARTS:
Credit Quality
AAA 67%
AA 30%
A 3%
Diversification
Water &Sewer 13%
Housing 14%
Education 8%
Utilities 15%
Transportation 7%
Health Care 15%
Escrowed Bonds 3%
General Obligation 25%
BAR CHART:
Dividend History
12/96 0.063
1/97 0.063
2/97 0.063
3/97 0.063
4/97 0.063
5/97 0.063
6/97 0.063
7/97 0.063
8/97 0.063
9/97 0.063
10/97 0.063
11/97 0.063
<PAGE>
Shareholder Meeting Report
Annual Meeting Date: November 30, 1997
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS
PREMIUM INCOME PREMIUM INCOME
Preferred Preferred
Common Shares Common Shares
Shares Series-Th Shares Series-Th
<S> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 4,763,746 1,532 4,365,212 1,346
Withhold 31,706 -- 62,246 14
- --------------------------------------------------------------------------------------------------------------------
Total 4,795,452 1,532 4,427,458 1,360
LAWRENCE H. BROWN
For 4,765,846 1,532 4,368,112 1,351
Withhold 29,606 -- 59,346 9
- --------------------------------------------------------------------------------------------------------------------
Total 4,795,452 1,532 4,427,458 1,360
ANTHONY T. DEAN
For 4,765,846 1,532 4,368,112 1,351
Withhold 29,606 -- 59,346 9
- --------------------------------------------------------------------------------------------------------------------
Total 4,795,452 1,532 4,427,458 1,360
ANNE E. IMPELLIZZERI
For 4,765,346 1,532 4,360,880 1,351
Withhold 30,106 -- 66,578 9
- --------------------------------------------------------------------------------------------------------------------
Total 4,795,452 1,532 4,427,458 1,360
PETER R. SAWERS
For 4,765,846 1,532 4,368,112 1,351
Withhold 29,606 -- 59,346 9
- --------------------------------------------------------------------------------------------------------------------
Total 4,795,452 1,532 4,427,458 1,360
JUDITH M. STOCKDALE
For 4,765,646 1,532 4,365,912 1,351
Withhold 29,806 -- 61,546 9
- --------------------------------------------------------------------------------------------------------------------
Total 4,795,452 1,532 4,427,458 1,360
WILLIAM J. SCHNEIDER
For -- 1,532 -- 1,351
Withhold -- -- -- 9
- --------------------------------------------------------------------------------------------------------------------
Total -- 1,532 -- 1,360
TIMOTHY R. SCHWERTFEGER
For -- 1,532 -- 1,351
Withhold -- -- -- 9
- --------------------------------------------------------------------------------------------------------------------
Total -- 1,532 -- 1,360
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 4,738,433 1,532 4,322,301 1,335
Against 12,277 -- 21,080 14
Abstain 44,742 -- 84,077 11
- --------------------------------------------------------------------------------------------------------------------
Total 4,795,452 1,532 4,427,458 1,360
<PAGE>
<CAPTION>
MISSOURI WASHINGTON
PREMIUM INCOME PREMIUM INCOME
Preferred Preferred
Common Shares Common Shares
Shares Series-Th Shares Series-Th
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
ROBERT P. BREMNER
For 1,829,170 620 2,203,370 510
Withhold 164,256 -- 28,612 --
- ---------------------------------------------------------------------------------------------------------------------
Total 1,993,426 620 2,231,982 510
LAWRENCE H. BROWN
For 1,829,813 620 2,203,236 510
Withhold 163,613 -- 28,746 --
- ---------------------------------------------------------------------------------------------------------------------
Total 1,993,426 620 2,231,982 510
ANTHONY T. DEAN
For 1,830,544 620 2,203,236 510
Withhold 162,882 -- 28,746 --
- ---------------------------------------------------------------------------------------------------------------------
Total 1,993,426 620 2,231,982 510
ANNE E. IMPELLIZZERI
For 1,829,513 620 2,203,236 510
Withhold 163,913 -- 28,746 --
- ---------------------------------------------------------------------------------------------------------------------
Total 1,993,426 620 2,231,982 510
PETER R. SAWERS
For 1,830,544 620 2,203,236 510
Withhold 162,882 -- 28,746 --
- ---------------------------------------------------------------------------------------------------------------------
Total 1,993,426 620 2,231,982 510
JUDITH M. STOCKDALE
For 1,830,213 620 2,201,535 510
Withhold 163,213 -- 30,447 --
- ---------------------------------------------------------------------------------------------------------------------
Total 1,993,426 620 2,231,982 510
WILLIAM J. SCHNEIDER
For -- 620 -- 510
Withhold -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Total -- 620 -- 510
TIMOTHY R. SCHWERTFEGER
For -- 620 -- 510
Withhold -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
Total -- 620 -- 510
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 1,973,001 573 2,201,805 510
Against 10,047 -- 4,288 --
Abstain 10,378 47 25,889 --
- ---------------------------------------------------------------------------------------------------------------------
Total 1,993,426 620 2,231,982 510
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN CONNECTICUT PREMIUM
INCOME MUNICIPAL FUND (NTC)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 19.2%
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 $1,644,353
1,000,000 5.875%, 11/15/17 (Alternative Minimum Tax) 11/06 at 102 Aaa 999,390
State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Trinity College Issue, Series C:
2,020,000 6.000%, 7/01/22 7/02 at 102 Aaa 2,136,776
2,000,000 5.875%, 7/01/26 7/06 at 102 Aaa 2,098,800
4,450,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds,
Quinnipiac College Issue, Series D, 6.000%, 7/01/23 7/03 at102 BBB- 4,490,139
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 990,350
475,000 5.000%, 7/01/18 7/03 at 102 Aaa 457,824
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- 2,558,894
1,000,000 5.800%, 7/01/23 7/03 at 102 BBB- 982,930
2,040,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, The
Loomis Chaffee School Issue, Series C, 5.500%, 7/01/16 7/06 at 102 Aaa 2,079,270
2,920,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds,
Connecticut College Issue, Series C-1, 5.500%, 7/01/20 7/07 at 102 Aaa 2,964,880
ESCROWED BONDS - 6.2%
2,405,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds,
University of Hartford Issue, Series C, 8.000%, 7/01/18
(Pre-refunded to 7/01/03) 7/03 at 100 Aaa 2,784,605
2,500,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex
Hospital Issue, Series G, 6.250%, 7/01/22
(Pre-refunded to 7/01/02) 7/02 at 102 Aaa 2,739,450
1,250,000 State of Connecticut, Health and Educational Facilities Authority, Revenue Bonds, Choate
Rosemary Hall Issue, Series A, 7.000%, 7/01/25
(Pre-refunded to 7/01/04) 7/04 at 101 Aaa 1,437,725
GENERAL OBLIGATION BONDS - 14.4%
2,000,000 State of Connecticut, General Obligation Bonds, 1993 Series E,
6.000%, 3/15/12 No Opt. Call AA- 2,218,640
3,250,000 State of Connecticut, General Obligation Bonds, 1993 Series D,
5.100%, 8/01/11 8/03 at 101 1/2 AA- 3,259,588
2,000,000 State of Connecticut Health and Educational Facilities Authority,
Revenue Bonds, Nursing Home Program Issue, Series 1994,
AHF/Hartford, Inc. Project, 7.125%, 11/01/24 11/04 at 102 AA- 2,283,360
2,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nursing
Home Program Issue, Series 1993, Mansfield Center for Nursing and Rehabilitation
Project, 5.875%, 11/01/12 11/03 at 102 Aaa 2,111,260
1,650,000 State of Connecticut, General Fund Obligation Bonds, 1994 Series A, Issued By Connecticut
Development Authority, 6.375%, 10/15/14 10/04 at 102 AA- 1,819,340
1,900,000 Capitol Region Education Council, Revenue Bonds, 6.700%, 10/15/1010/05 at 102 BBB 2,041,873
2,250,000 City of Waterbury Connecticut, General Obligation Tax Revenue Intercept Refunding Bonds,
1993 Issue, 5.375%, 4/15/08 4/03 at 102 Aaa 2,325,240
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - 24.1%
$2,000,000 Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Pfizer
Inc. Project, 1994 Series, 7.000%, 7/01/25 (Alternative Minimum Tax)7/05 at 102 Aaa $2,321,660
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 1,595,550
1,000,000 7.000%, 8/15/09 8/04 at 102 N/R 1,077,890
1,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Newington
Children's Hospital, Series A, 6.050%, 7/01/10 7/04 at 102 Aaa 1,067,660
2,725,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Saint Francis
Hospital and Medical Center Issue, Series B, 6.200%, 7/01/22 7/02 at 102 Aaa 2,904,441
2,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital
of Saint Raphael Issue, Series H, 5.200%, 7/01/08 No Opt. Call Aaa 2,089,400
1,500,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence
and Memorial Hospital Issue, Series D, 5.000%, 7/01/22 7/03 at 102 Aaa 1,428,585
2,200,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Day
Kimball Hospital Issue, Series A, 5.375%, 7/01/26 7/06 at 102 Aaa 2,188,736
5,160,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Kent School
Issue, Series B, 5.625%, 7/01/16 7/06 at 102 Aaa 5,315,419
1,000,000 State of Connecticut Health and Educational Facilities Authority Revenue Bonds, The William
W. Backus Hospital Issue, Series D, 5.750%, 7/01/27 7/07 at 102 Aaa 1,045,610
1,250,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Veterans
Memorial Medical Center Issue, Series A, 5.500%, 7/01/26 7/06 at 102 Aaa 1,263,938
3,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex
Hospital Issue, Series H, Revenue Bonds, Middlesex Health Services Issue, Series I,
5.125%, 7/01/27 7/07 at 101 Aaa 2,935,020
1,500,000 Puerto Rico Industrial, Tourist, Educational Medical and Environmental Control Facilities
Financing Authority, Hospital Revenue Refunding Bonds, 1995 Series A, FHA Insured
Mortgage-Doctor Pila Hospital Project, 6.125%, 8/01/25 8/05 at 101 1/2 AAA 1,630,755
HOUSING FACILITIES - 8.7%
3,175,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1993
Series B, 6.200%, 5/15/12 5/03 at 102 Aa 3,371,279
2,500,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1996
Subseries E-2, 6.150%, 11/15/27 (Alternative Minimum Tax) 11/06 at 102 Aa 2,601,050
1,450,000 Waterbury Nonprofit Housing Corporation, Connecticut Taxable Mortgage Revenue
Refunding Bonds, FHA Insured Mortgage Loan-Fairmont Heights Section 8 Assisted
Project, Series 1993A, 6.500%, 7/01/07 7/02 at 101 Aaa 1,560,229
1,930,000 Housing Authority of the City of Willimantic, Multi-Family Housing Revenue Bonds, Series
1995A, GNMA Collateralized Mortgage Loan-Village Heights Apartments Project,
8.000%, 10/20/30 10/05 at 105 AAA 2,218,246
OTHER REVENUE - 7.0%
2,200,000 Connecticut Resources Recovery Authority, Bridgeport Resco Company,
L.P. Project Bonds, Series A, Adjustable Convertible Extendable
Securities-Aces, 7.625%, 1/01/09 1/03 at 100 A 2,296,800
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
OTHER REVENUE - CONTINUED
$ 3,235,000 Connecticut Resources Recovery Authority, Resource Recovery
Revenue Bonds, American Ref-Fuel Company of Southeastern
Connecticut Project, 1989 Series A, 7.700%, 11/15/11 11/98 at 103 AA- $3,516,542
1,800,000 State of Connecticut, Special Tax Obligation Bonds, Transportation Infrastructure Purposes,
1991 Series B, 6.500%, 10/01/10 No Opt. Call AA- 2,068,236
TRANSPORTATION - 7.5%
3,000,000 State of Connecticut, Airport Revenue Refunding Bonds, Bradley International Airport,
Series 1992, 7.650%, 10/01/12 10/04 at 100 Aaa 3,506,670
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 3,293,220
1,500,000 6.500%, 12/01/15 12/01 at 102 Aaa 1,635,165
UTILITIES - 6.6%
1,400,000 Connecticut Development Authority, Water Facilities Revenue Bonds, Bridgeport Hydraulic
Company Project, 1993 BSeries, 5.500%, 6/01/28 6/03 at 102 Aaa 1,411,984
2,795,000 Connecticut Development Authority, Water Facilities Revenue Bonds, Bridgeport Hydraulic
Company Project, 1993 ASeries, 5.600%, 6/01/28 (Alternative
Minimum Tax) 6/03 at 102 Aaa 2,815,404
3,250,000 Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds,
1993 Series A, 5.000%, 1/01/18 1/04 at102 Aaa 3,153,638
WATER/SEWER FACILITIES - 3.7%
2,000,000 State of Connecticut, Clean Water Fund Subordinate Revenue Refunding Bonds, 1996
Series, 5.250%, 7/01/10 1/05 at 101 Aaa 2,044,879
2,000,000 South Central Connecticut Regional Water Authority, Water System Revenue Bonds,
Eleventh Series, 5.750%, 8/01/12 8/03 at 102 Aaa 2,090,599
$103,360,000 Total Investments - (cost $104,001,090) - 97.4% 108,873,292
============
Temporary Investments in Short-Term Municipal Securities - 1.1%
$ 1,200,000 Connecticut Second Lien Transportation Infrastructure, Variable Rate Demand Bonds,
============ 3.800%, 12/01/10+ VMIG-1 1,200,000
Other Assets Less Liabilities - 1.5% 1,744,854
Net Assets - 100% $111,818,146
=====================================================================================================
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ 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>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN MASSACHUSETTS PREMIUM
INCOME MUNICIPAL FUND (NMT)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 16.4%
$ 1,000,000 Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue E,
Series 1995, 6.150%, 7/01/10 (Alternative Minimum Tax) 7/04 at 102 Aaa $1,064,170
1,970,000 Massachusetts Health and Educational Facilities Authority Revenue Bonds, Boston College
Issue, Series K, 5.250%, 6/01/23 6/03 at 102 Aaa 1,929,320
1,175,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Brooks School Issue), Series
1993, 5.950%, 7/01/23 7/03 at 102 A3 1,208,123
3,500,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Phillips Academy Issue, Series
1993, 5.375%, 9/.01/23 9/08 at 102 Aa1 3,504,480
2,645,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Whitehead Institute for
Biomedical Research - 1993 Issue), 5.125%, 7/01/26 7/03 at 102 Aa2 2,561,973
1,765,000 The New England Education Loan Marketing Corporation, Student Loan Revenue Bonds,
1992 Subordinated Issue C, 6.750%, 9/01/02 (Alternative Minimum Tax)No Opt. Call A1 1,887,650
4,000,000 The New England Loan Marketing Corporation, Student Loan Revenue Bonds, 1992
Subordinated Issue H, 6.900%, 11/01/09 (Alternative Minimum Tax)No Opt. Call A1 4,462,520
ESCROWED BONDS - 12.4%
1,250,000 Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds,
Worcester Polytechnic Institute Issue, Series E, 6.750%, 9/01/11
(Pre-refunded to 9/01/02) 9/02 at 102 Aaa 1,397,675
2,500,000 Massachusetts Industrial Finance Agency, Revenue Refunding Bonds, College of the Holy
Cross - 1992 Issue II, 6.375%, 11/01/15 (Pre-refunded to 11/01/02)11/02 at 102 A1*** 2,762,025
1,355,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Merrimack College Issue, Series
1992, 7.125%, 7/01/12 (Pre-refunded to 7/01/02) 7/02 at 102 BBB-*** 1,536,096
1,000,000 Massachusetts Port Authority, Revenue Bonds, Series 1982,
13.000%, 7/01/13 No Opt. Call Aaa 1,706,970
1,750,000 Puerto Rico Aqueduct and Sewer Authority, Revenue Bonds, Series 1988A, 7.875%, 7/01/17
(Pre-refunded to 7/01/98) 7/98 at 102 AAA 1,826,650
3,000,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series P, 7.000%, 7/01/21
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 3,339,000
GENERAL OBLIGATION BONDS - 8.7%
Town of Barnstable, Massachusetts, General Obligation Bonds:
1,020,000 5.750%, 9/15/10 9/04 at 102 Aa3 1,081,271
1,020,000 5.750%, 9/15/11 9/04 at 102 Aa3 1,076,059
965,000 5.750%, 9/15/12 9/04 at 102 Aa3 1,018,741
1,000,000 City of Chelsea, Massachusetts, General Obligation Bonds, School Project Loan, Act of 1948,
7.000%, 6/15/03 No Opt. Call Aaa 1,128,290
4,375,000 City of Lowell, Massachusetts, General Obligation State Qualified Bonds,
5.600%, 11/01/12 11/03 at 102 Aaa 4,515,963
HEALTH CARE FACILITIES - 27.1%
1,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds,
Youville Hospital Issue (FHA Insured Project), Series A, 6.250%, 2/15/412/07 at 102Aa2 1,050,080
2,500,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Malden
Hospital Issue (FHA Insured Project), Series A, 5.000%, 8/01/16No Opt. Call AAA 2,350,875
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - CONTINUED
Massachusetts Health and Educational Facilities Authority, Revenue
Bonds, New England Deaconess Hospital Issue Series D:
$3,310,000 6.625%, 4/01/12 4/02 at 102 A $3,555,933
1,000,000 6.875%, 4/01/22 4/02 at 102 A 1,091,290
3,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic
Medical Center Issue, Series B, 5.625%, 7/01/15 7/03 at 102 Aaa 3,069,540
1,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts
General Hospital Issue, Series G, 5.735%, 7/01/11 7/00 at 100 Aaa 1,025,300
4,000,000 Massachusetts Health and Educational Facilities Authority Revenue Bonds, New England
Medical Center Hospitals, Series 1993-G1, 5.375%, 7/01/24 7/04 at 102 Aaa 3,941,360
2,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds (Daughters of
Charity National Health System-The Carney Hospital), Series D,
6.100%, 7/01/14 7/04 at 102 AA+ 2,131,900
600,000 Massachusetts Health and Educational, Facilities Authority, Revenue Refunding Bonds
(Cardinal Cushing General Hospital), Series 1989-A, 8.500%, 7/01/007/99 at 102 1/2N/R 619,860
Massachusetts Health and Educational, Facilities Authority,
Revenue Refunding Bonds, Youville Hospital Issue (FHA Insured
Project), Series B:
2,695,000 6.125%, 2/15/15 2/04 at 102 Aa 2,827,729
1,000,000 6.000%, 2/15/25 2/04 at 102 Aa 1,034,330
1,125,000 Massachusetts Industrial Financial Agency, Revenue Bonds, Heights Crossing Limited
Partnership Issue (FHA Insured Project), Series 1995, 6.000%, 2/01/15 (Alternative
Minimum Tax) 2/06 at 102 AAA 1,167,401
3,000,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Harvard Community Health
Plan, Inc., Issue 1988 Series B (Refunding Bonds), 8.125%, 10/01/1710/98 at 102 A 3,149,670
500,000 Massachusetts Industrial Finance Agency, Revenue Bonds Briscoe House Assisted Living
Issue (FHA Insured Project), 6.050%, 2/01/17 (Alternative Minimum Tax)8/07 at 105AAA 530,515
HOUSING FACILITIES - 8.5%
3,800,000 Massachusetts Housing Finance Agency, Housing Project Revenue Bonds,
6.300%, 10/01/13 4/03 at 102 A1 4,016,486
2,450,000 Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds,
Series 9, 8.100%, 12/01/21 (Alternative Minimum Tax) 12/98 at 102 Aa 2,527,347
1,950,000 Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, 1995
Series A (FHA Insured Mortgage Loans), 7.350%, 1/01/35
(Alternative Minimum Tax) 1/05 at 102 Aaa 2,134,041
OTHER REVENUE - 3.6%
3,225,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue Bonds, Semass
Project, Series 1991B, 9.250%, 7/01/15 (Alternative Minimum Tax)7/01 at 103 N/R 3,638,219
TRANSPORTATION - 8.6%
4,750,000 Massachusetts Port Authority, Revenue Refunding Bonds, Series 1993-B,
5.000%, 7/01/18 (Alternative Minimum Tax) 7/03 at 100 AA- 4,526,703
4,000,000 Massachusetts Port Authority, Special Facilities Revenue Bonds (US Air Project), Series
1996-A, 5.750%, 9/01/16 (Alternative Minimum Tax) 9/06 at 102 Aaa 4,155,760
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
UTILITIES - 3.4%
$1,420,000 Massachusetts Municipal Wholesale Electric Company, Power Supply System Revenue
Bonds, 1994 Series B, 5.000%, 7/01/17 7/04 at 102 Aaa $1,380,197
2,000,000 Massachusetts Municipal Wholesale Electric Company, A Public Corporation of The
Commonwealth of Massachusetts, Power Supply System Revenue Bonds,
6.000%, 7/01/18 7/02 at 100 Aaa 2,060,380
WATER/SEWER FACILITIES - 7.5%
3,000,000 Massachusetts Water Resources Authority, General Revenue Refunding Bonds, 1993
Series B, 5.000%, 3/01/22 3/03 at 100 A 2,834,670
1,880,000 Massachusetts Water Resources Authority, 5.000%, 3/01/22 3/03 at 100 Aaa 1,793,482
3,000,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1991 Series A,
5.750%, 12/01/21 12/01 at 100 A 3,029,850
$93,495,000 Total Investments - (cost $92,054,704) -96.2% 97,649,894
===========
Other Assets Less Liabilities - 3.8% 3,893,880
Net Assets - 100% $101,543,774
=====================================================================================================
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
***Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities, which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R - Investment is not rated.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN MISSOURI PREMIUM
INCOME MUNICIPAL FUND (NOM)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 2.6%
$ 1,250,000 Health and Educational Facilities Authority of the State of Missouri,
Educational Facilities Revenue Bonds (Saint Louis University),
Series 1996, 5.200%, 10/01/26 10/06 at 102 Aaa $1,229,725
ESCROWED BONDS - 9.6%
1,290,000 Health and Educational Facilities Authority of the State of Missouri, Health Facilities
Revenue Bonds (SSM Health Care Obligated Group Projects), Series 1990B,
7.000%, 6/01/15 6/00 at 102 Aaa 1,424,018
1,500,000 Certificates of Receipt, Series 1993, St. Louis County, Missouri, GNMA Collateralized
Mortgage Revenue Bonds, Series 1989A, 5.650%, 7/01/20
(Alternative Minimum Tax) No Opt. Call AAA 1,600,005
1,275,000 St. Louis Municipal Finance Corporation, Leasehold Revenue Improvement and Refunding
Bonds, Series 1992 (City of St. Louis, Missouri, Lessee), 6.250%, 2/15/12 (Pre-refunded
to 2/15/05) 2/05 at 100 Aaa 1,413,121
GENERAL OBLIGATION BONDS - 17.3%
2,020,000 Ritenour School District of St. Louis County, Missouri, General Obligation School Bonds,
Series 1995, 7.375%, 2/01/12 No Opt. Call Aaa 2,513,627
1,500,000 Francis Howell School District, St. Charles County, Missouri, General Obligation Refunding
Bonds, Series 1994A, 7.800%, 3/01/08 No Opt. Call Aaa 1,883,265
1,000,000 School District of the City of St. Charles, Missouri, General Obligation Bonds (Missouri
Direct Deposit Program), Series 1996A, 5.625%, 3/01/14 3/06 at 100 AA 1,040,340
1,395,000 The Board of Education of the City of St. Louis (MIssouri), General Obligation School
Refunding Bonds, Series 1993A, 8.500%, 4/01/07 No Opt. Call Aaa 1,798,071
625,000 Reorganized School District No. R-IV of Stone County, Missouri (Reeds Spring, Missouri),
General Obligation School Building Refunding and Improvement Bonds, Series 1995,
7.600%, 3/01/10 No Opt. Call Aaa 785,681
HEALTH CARE FACILITIES - 11.5%
1,000,000 Health Facilities Revenue Bonds (Barnes-Jewish, Inc./Christian Health Services), Series
1993, 5.150%, 5/15/10 No Opt. Call AA 1,017,950
1,000,000 Health and Educational Facilities Authority, of the State of Missouri, Health Facilities
Revenue Bonds (BJC Health System), Series 1994A,
6.750%, 5/15/12 No Opt. Call AA 1,175,800
1,000,000 Health and Educational Facilities Authority of the State of Missouri, Health Facilities
Refunding Revenue Bonds (SSM Health Care), Series 1992AA,
6.250%, 6/01/07 6/02 at 102 Aaa 1,086,200
1,000,000 Health and Educational Facilities Authority of the State of Missouri, Health Facilities
Revenue Bonds (Lake of the Ozarks General Hospital, Inc.), Series 1996,
6.500%, 2/15/21 2/06 at 102 BBB+ 1,063,580
1,000,000 Ray County, Missouri Hospital Revenue Bonds (Ray County Memorial Hospital), Series
1997, 5.750%, 11/15/12 (WI) 5/05 at 101 1/2 N/R 994,920
HOUSING FACILITIES - 19.5%
2,265,000 Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds,
Series 1991-A (GNMA Mortgage-Backed Securities Program), 7.375%, 8/01/23
(Alternative Minimum Tax) 2/01 at 102 AAA 2,399,881
1,835,000 Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds
(Homeownership Loan Program), 1995 Series C, 7.250%, 9/01/26 (Alternative
Minimum Tax) 3/06 at 105 AAA 2,051,108
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
$ 1,550,000 Missouri Housing Development Commission, Multifamily Housing Revenue Bonds
(Brookstone Village Apartments Project), 1996 Series A, 6.100%, 12/01/21 (Alternative
Minimum Tax) 12/06 at 102 Aaa $1,611,737
1,045,000 The Industrial Development Authority of the County of St. Louis, Missouri, Multifamily
Housing Revenue Refunding Bonds (GNMA Collateralized-South Summit Apartments
Project), Series 1997A, 5.950%, 4/20/17 4/07 at 102 AAA 1,080,770
600,000 Multifamily Housing Revenue Refunding Bonds (GNMA Collateralized-South Summit
Apartments Project), Series 1997B, 6.000%, 10/20/15
(Alternative Minimum Tax) 4/07 at 102 AAA 622,020
1,250,000 The Industrial Development Authority of The City of University City, Missouri, Multifamily
Housing Revenue Refunding Bonds (GNMA Collateralized-Canterbury Gardens Project),
Series 1995A, 5.900%, 12/20/20 12/05 at 102 AAA 1,287,213
LEASE RENTAL - 16.5%
1,000,000 Regional Convention and Sports Complex Authority, Convention and
Sports Facility Project and Refunding Bonds, Series A 1993 (State
of Missouri Sponsor), 5.500%, 8/15/13 8/03 at 102 A1 1,014,340
1,000,000 Fort Zumwalt School District Improvement Corporation, Leasehold Revenue Bonds, Fort
Zumwalt S.D., St. Charles County, Series 1997, 5.600%, 3/01/17 3/07 at 100 Aaa 1,027,380
1,000,000 Land Clearance For Redevelopment Authority, of Kansas City, Missouri, Lease Revenue
Bonds (Municipal Auditorium and Muehlebach Hotel Redevelopment Projects), Series
1995A, 5.900%, 12/01/18 12/05 at 102 Aaa 1,067,460
1,000,000 Kansas City Municipal Assistance Corporation, Leasehold Revenue Capital Improvement
Bonds (Kansas City, Missouri, Lessee), Series 1996B, 5.700%, 1/15/131/06 at 101 Aaa 1,046,780
1,800,000 St. Louis Municipal Finance Corporation, City Justice Center, Leasehold Revenue
Improvement Bonds, Series 1996 (City of St. Louis, Missouri, Lessee),
5.750%, 2/15/11 2/06 at 102 Aaa 1,909,764
1,500,000 St. Louis Municipal Finance Corporation, Leasehold Revenue Refunding Bonds,
5.850%, 7/15/09 7/03 at 102 Aa3 1,573,170
OTHER REVENUE - 1.1%
500,000 The Industrial Development Authority of the City of Kansas City, Missouri (Ewing Marion
Kauffman Foundation Project), Fixed Rate Revenue Bonds, Series 1997B,
5.700%, 4/01/27 4/07 at 100 AAA 516,405
TRANSPORTATION - 8.8%
1,140,000 City of Kansas City, Missouri, General Improvement Airport Refunding Revenue Bonds,
Series 1995, 6.750%, 9/01/09 9/05 at 101 Aaa 1,295,918
1,500,000 City of Kansas City, Missouri, General Improvement Airport Revenue Bonds Series 1994 A,
6.900%, 9/01/11 (Alternative Minimum Tax) 9/04 at 101 Aaa 1,669,605
1,000,000 The City of St. Louis, Missouri Airport Revenue Bonds, Series 1997 (1997 Capital
Improvement Program), Lambert-St. Louis International Airport, 6.000%, 7/01/12
(Alternative Minimum Tax) No Opt. Call Aaa 1,097,740
UTILITIES - 1.2%
500,000 City of Sikeston, Missouri, Electric System Revenue Refunding Bonds,
1996 Series, 6.000%, 6/01/16 No Opt. Call Aaa 555,084
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - 10.4%
$ 1,225,000 State Environmental Improvement and Energy Resources Authority (State of Missouri),
Water Pollution Control Revenue Bonds (State Revolving Fund Program-City of
Kansas City Project), Series 1995B, 7.750%, 1/01/08 1/05 at 102 Aa1 $1,473,920
1,000,000 State Environmental Improvement and Energy Resources Authority (State of Missouri),
Water Pollution Control Revenue Bonds (State Revolving Fund Program-City of
Branson Project), Series 1995A, 6.050%, 7/01/16 7/04 at 102 Aaa 1,071,110
1,000,000 State Environmental Improvement and Energy Resources Authority (State of Missouri),
Water Pollution Control Revenue Bonds (State Revolving Fund Program-Multiple
Participant Series), Series 1996D, 5.875%, 1/01/15 1/06 at 101 Aa1 1,049,990
350,000 State Environmental Improvement and Energy Resources Authority (State of Missouri),
Water Pollution Control Revenue Bonds (State Revolving Fund of Kansas City Project),
Series 1997C, 6.750%, 1/01/12 No Opt. Call Aa1 413,550
750,000 The City of St. Louis, Missouri, Water Revenue Refunding and Improvement Bonds,
Series 1994, 6.000%, 7/01/14 7/04 at 102 Aaa 796,980
$41,665,000 Total Investments - (cost $42,881,897) - 98.5% 45,658,228
===========
Other Assets Less Liabilities - 1.5% 701,170
Net Assets - 100% $46,359,398
=====================================================================================================
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (see note 1).
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (UNAUDITED)
NUVEEN WASHINGTON PREMIUM
INCOME MUNICIPAL FUND (NPW)
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 8.1%
$1,400,000 Washington State University, Housing and Dining System Revenue and
Refunding Bonds, Series 1994, 6.375%, 10/01/18 10/04 at 101 Aaa $1,525,342
1,000,000 University of Washington, Housing and Dining System Revenue Refunding Bonds, Junior
Lien, Series 1996, 5.125%, 12/01/15 12/06 at 102 Aaa 993,370
1,500,000 Western Washington University, Housing and Dining System, Revenue Bonds, Series 1992,
6.375%, 10/01/22 10/02 at 101 Aaa 1,626,990
ESCROWED BONDS - 2.7%
1,250,000 Washington Health Care Facilities Authority, Revenue Bonds, Refunding Series 1992
(Franciscan Health System/Saint Clare Hospital, Tacoma), 6.625%, 7/01/20
(Pre-refunded to 7/01/02) 7/02 at 102 Aaa 1,389,050
GENERAL OBLIGATION BONDS - 24.3%
2,000,000 State of Washington, General Obligation Bonds, Series 1994B,
6.000%, 5/01/19 5/04 at 100 Aa1 2,107,540
1,655,000 Everett Limited Tax General Obligation Bonds, 5.125%, 9/01/17 9/07 at 100 Aaa 1,639,443
1,000,000 Federal Way School District No. 210, King County, Washington, Unlimited Tax General
Obligation and Refunding Bonds, 1993, 5.750%, 12/01/12 No Opt. Call Aaa 1,084,580
1,360,000 Tahoma School District No. 409, King County, Washington Unlimited Tax General Obligation
Improvement and Refunding Bonds, 1997, 6.000%, 12/01/10 No Opt. Call Aaa 1,510,974
1,000,000 Peninsula School District No. 401, Pierce County, Washington, Unlimited Tax General
Obligation Refunding Bonds, 1993, 5.500%, 12/01/08 No Opt. Call Aaa 1,067,250
1,000,000 The City of Renton, Washington, Limited Tax General Obligation Bonds, General Purpose/
Public Improvement Bonds, 1997B, 5.750%, 12/01/17 6/07 at 100 Aaa 1,040,840
Seattle Indian Services Commission, Special Obligation Bonds, 1994:
1,000,000 6.000%, 11/01/16 11/04 at 100 Aa1 1,050,130
750,000 6.150%, 11/01/24 11/04 at 100 Aa1 791,850
1,500,000 Mukilteo School District No. 6, Snohomish County, Washington, Unlimited Tax General
Obligation and Refunding Bonds, 1993, 5.700%, 12/01/12 No Opt. Call Aaa 1,622,310
500,000 Edmonds School District No. 15, Snohomish County, Washington, Unlimited Tax General
Obligation Bonds, Series 1994, 6.500%, 12/01/12 No Opt. Call AA- 572,950
HEALTH CARE FACILITIES - 14.7%
2,000,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1992 (The Children's
Hospital and Medical Center, Seattle), 6.125%, 10/01/13 10/02 at 102 Aaa 2,111,680
2,400,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1992 (Swedish
Hospital Medical Center, Seattle), 6.300%, 11/15/22 11/02 at 102 Aaa 2,596,320
1,000,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1993A (The Heart
Institute of Spokane), 5.800%, 8/15/18 8/04 at 102 AA- 1,023,930
1,640,000 Housing Authority of Skagit County, Low-Income Housing Assistance Revenue Bonds,
1993 (GNMA Collateralized Mortgage Loan-Sea Mar Project),
7.000%, 6/20/35 11/04 at 104 AAA 1,808,936
HOUSING FACILITIES - 14.2%
970,000 Washington State Housing Finance Commission, Multifamily Mortgage Revenue Bonds
(GNMA Mortgage Backed Securities Program), Series 1989A, 7.700%, 7/01/32
(Alternative Minimum Tax) 1/00 at 103 AAA 1,016,114
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
HOUSING FACILITIES - CONTINUED
$ 1,610,000 Washington State Housing Finance Commission, Single-Family Mortgage Revenue Bonds
(Mortgage Backed Securities Program), Series 1992D-1, 6.150%, 1/01/26 (Alternative
Minimum Tax) No Opt. Call AAA $1,715,487
500,000 Washington State Housing Finance Commission, Single Family Program Bonds, 1997 Series
2A, 6.050%, 12/01/16 6/07 at 102 Aaa 518,035
2,000,000 Housing Authority of the County of King Washington, Housing Revenue Bonds, 1995
(Woodridge Park Project), 6.350%, 5/01/25 (Alternative Minimum Tax)5/05 at 100 AA+ 2,069,140
1,880,000 Housing Authority of the City of Vancouver Revenue Bonds, 1993, Series B (Fishers Mill
Project) (Junior Lien Bonds), 6.000%, 3/01/23 No Opt. Call Aa 1,965,164
TRANSPORTATION - 6.7%
1,000,000 Port of Seattle, Washington, Revenue Bonds, Series 1990A,
6.000%, 12/01/14 12/00 at 100 AA- 1,028,170
1,300,000 Port of Seattle, Washington, Revenue Bonds, Series 1996A, 5.500%, 9/01/219/06 at 101Aaa 1,313,572
1,000,000 Port of Vancouver, Clark County, Washington, Limited Tax General Obligation Bonds, 1994
Series B, 6.000%, 12/01/04 (Alternative Minimum Tax) No Opt. Call Aaa 1,094,330
UTILITIES - 14.3%
1,000,000 Washington Public Power Supply System, Nuclear Project No. 1 Refunding Revenue Bonds,
Series 1993A, 5.700%, 7/01/17 7/03 at 102 Aaa 1,020,980
1,000,000 Washington Public Power Supply System, Nuclear Project No. 3 Refunding Revenue Bonds,
Series 1993B, 7.000%, 7/01/09 No Opt. Call Aa1 1,174,760
1,100,000 Public Utility District No. 1 of Klickitat County, Washington, Electric Revenue Bonds, 1995,
5.650%, 10/01/15 10/05 at 101 Aaa 1,137,004
1,000,000 Lewis County Public Utility District, Cowlitz Falls Hydroelectric Project, Revenue Refunding
Bonds, Series 1993, 5.500%, 10/01/22 10/03 at 102 Aa1 1,004,980
500,000 The City of Seattle, Washington, Municipal Light and Power Revenue Bonds, 1992A,
5.750%, 8/01/12 8/02 at 102 Aa 522,750
1,000,000 City of Seattle, Washington, Municipal Light and Power Revenue Bonds,
5.625%, 10/01/21 10/06 at 102 Aaa 1,021,500
1,385,000 Public Utility District No. 1 of Snohomish County, Washington, Generation System Revenue
Bonds, Series 1993B, 5.750%, 1/01/09 (Alternative Minimum Tax) 1/04 at 102 A1 1,441,674
WATER/SEWER FACILITIES - 13.2%
1,050,000 City of Bellevue, King County, Washington, Water and Sewer Revenue Refunding Bonds,
1994, 5.875%, 7/01/09 7/04 at 100 Aa 1,110,659
1,035,000 Covington Water District, Water Revenue Bonds, Refunding
Series 1995, 6.050%, 3/01/20 3/05 at 100 Aaa 1,092,650
800,000 Kitsap County, Washington, Sewer Revenue Bonds, 1996, 5.750%, 7/01/167/06 at 100 Aaa 830,136
900,000 City of Richland, Washington, Water and Sewer Improvement Revenue Bonds, 1993,
5.625%, 4/01/12 4/03 at 100 Aaa 927,720
1,200,000 Sammamish Plateau Water and Sewer District, King County, Washington, Water and Sewer
Revenue Refunding Bonds, 1996, 5.500%, 12/01/16 12/06 at 100 Aaa 1,220,447
500,000 The City of Seattle, Washington, Water System and Refunding Revenue Bonds, 1993,
5.250%, 12/01/23 6/03 at 101 AA 493,710
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - CONTINUED
$ 1,000,000 Yakima-Tieton Irrigation District, Yakima County, Washington, Refunding Revenue Bonds,
1992, 6.125%, 6/01/13 6/03 at 102 Aaa $1,079,170
$47,685,000 Total Investments - (cost $47,610,854) - 98.2% 50,361,637
===========
Temporary Investments in Short-Term Municipal Securities - 0.4%
$ 200,000 Washington Health Care Facilities Authority, Variable Rate Demand Revenue Bonds (Sisters
=========== of Providence), Series 1985B, 3.900%, 10/01/05+ VMIG-1 200,000
Other Assets Less Liabilities - 1.4% 720,713
Net Assets - 100% $ 51,282,350
======================================================================================================
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
+ 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>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (UNAUDITED)
NOVEMBER 30, 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) $108,873,292 $ 97,649,894 $ 45,658,228
Temporary investments in short-term municipal securities, at
amortized cost, which approximates market value (note 1) 1,200,000 -- --
Cash 220,094 2,489,090 532,667
Receivables:
Interest 1,977,534 1,833,990 837,114
Investments sold -- -- 495,656
Other assets 7,647 6,212 7,481
------------ ------------ ------------
Total assets 112,278,567 101,979,186 47,531,146
------------ ------------ ------------
LIABILITIES
Payable for investments purchased -- -- 983,045
Accrued expenses:
Management fees (note 6) 59,540 54,088 24,690
Other 45,327 48,194 22,944
Preferred share dividends payable 11,963 7,681 7,877
Common share dividends payable 343,591 325,449 133,192
------------ ------------ ------------
Total liabilities 460,421 435,412 1,171,748
------------ ------------ ------------
Net assets (note 7) $111,818,146 $101,543,774 $ 46,359,398
============ ============ ============
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 5,166,786 4,616,296 2,138,087
============ ============ ============
Netasset value per Common share outstanding (net assets
less Preferred shares at liquidation value, divided by
Common shares outstanding) $ 14.23 $ 14.63 $ 14.20
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (UNAUDITED) - CONTINUED
NOVEMBER 30, 1997
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $50,361,637
Temporary investments in short-term municipal securities, at amortized cost, which
approximates market value (note 1) 200,000
Cash 56,558
Receivables:
Interest 885,766
Investments sold --
Other assets 5,799
-----------
Total assets 51,509,760
-----------
LIABILITIES
Payable for investments purchased --
Accrued expenses:
Management fees (note 6) 27,281
Other 50,612
Preferred share dividends payable 3,354
Common share dividends payable 146,163
-----------
Total liabilities 227,410
-----------
Net assets (note 7) $51,282,350
===========
Preferred shares, at liquidation value $17,000,000
===========
Preferred shares outstanding 680
===========
Common shares outstanding 2,320,051
===========
Net asset value per Common share outstanding (net assets less Preferred shares at
liquidation value, divided by Common shares outstanding) $ 14.78
===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
SIX MONTHS ENDED NOVEMBER 30, 1997
<CAPTION>
CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $3,065,730 $2,877,544 $1,274,676
---------- ---------- ----------
EXPENSES
Management fees (note 6) 360,438 328,105 149,756
Preferred shares - auction fees 48,006 42,617 20,055
Preferred shares - dividend disbursing agent fees 4,642 4,561 4,642
Shareholders' servicing agent fees and expenses 8,757 4,429 3,616
Custodian's fees and expenses 19,031 18,671 16,499
Trustees' fees and expenses (note 6) 348 317 145
Professional fees 8,725 8,328 8,662
Shareholders' reports - printing and mailing expenses 16,438 14,166 8,454
Stock exchange listing fees 8,147 8,131 1,001
Investor relations expense 4,712 3,967 2,031
Other expenses 7,277 6,957 6,214
---------- ---------- ----------
Total expenses 486,521 440,249 221,075
---------- ---------- ----------
Net investment income 2,579,209 2,437,295 1,053,601
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investment transactions
(notes 1 and 4) 101,914 180,938 78,604
Net change in unrealized appreciation or depreciation
of investments 3,043,822 2,256,655 1,040,933
---------- ---------- ----------
Net gain from investments 3,145,736 2,437,593 1,119,537
---------- ---------- ----------
Net increase in net assets from operations $5,724,945 $4,874,888 $2,173,138
========== ========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED
SIX MONTHS ENDED NOVEMBER 30, 1997
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $1,418,818
----------
EXPENSES
Management fees (note 6) 165,249
Preferred shares - auction fees 21,309
Preferred shares - dividend disbursing agent fees 4,561
Shareholders' servicing agent fees and expenses 1,533
Custodian's fees and expenses 16,150
Trustees' fees and expenses (note 6) 159
Professional fees 8,242
Shareholders' reports - printing and mailing expenses 7,163
Stock exchange listing fees 1,087
Investor relations expense 1,890
Other expenses 6,343
----------
Total expenses 233,686
----------
Net investment income 1,185,132
----------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investment transactions (notes 1 and 4) 70,787
Net change in unrealized appreciation or depreciation of investments 1,558,082
----------
Net gain from investments 1,628,869
----------
Net increase in net assets from operations $2,814,001
==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
<CAPTION>
CONNECTICUT PREMIUM INCOME MASSACHUSETTS PREMIUM INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C>
OPERATIONS
Net investment income $ 2,579,209 $ 5,134,299 $ 2,437,295 $ 4,887,537
Net realized gain (loss) from investment transactions
(notes 1 and 4) 101,914 (580,033) 180,938 (139,469)
Net change in unrealized appreciation or depreciation
of investments 3,043,822 3,607,938 2,256,655 2,550,049
------------- ------------- ------------- -------------
Net increase in net assets from operations 5,724,945 8,162,204 4,874,888 7,298,117
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (2,043,746) (3,909,724) (1,951,158) (3,840,666)
Preferred shareholders (593,967) (1,050,779) (521,371) (1,017,157)
------------- ------------- ------------- -------------
Decrease in net assets from distributions to shareholders (2,637,713) (4,960,503) (2,472,529) (4,857,823)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 207,238 394,287 135,327 262,693
------------- ------------- ------------- -------------
Net increase in net assets 3,294,470 3,595,988 2,537,686 2,702,987
Net assets at beginning of period 108,523,676 104,927,688 99,006,088 96,303,101
------------- ------------- ------------- -------------
Net assets at end of period $ 111,818,146 $ 108,523,676 $ 101,543,774 $ 99,006,088
============= ============= ============= =============
Balance of undistributed net investment
income at end of period $ 344,166 $ 402,670 $ 289,794 $ 325,028
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) - CONTINUED
<CAPTION>
MISSOURI PREMIUM INCOME WASHINGTON PREMIUM INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 1,053,601 $ 2,125,190 $ 1,185,132 $ 2,371,693
Net realized gain (loss) from investment transactions
(notes 1 and 4) 78,604 135,827 70,787 22,234
Net change in unrealized appreciation or depreciation
of investments 1,040,933 1,026,731 1,558,082 1,324,756
------------ ------------ ------------ ------------
Net increase in net assets from operations 2,173,138 3,287,748 2,814,001 3,718,683
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1)
From undistributed net investment income:
Common shareholders (800,833) (1,553,262) (876,979) (1,742,358)
Preferred shareholders (258,588) (524,137) (294,545) (602,507)
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (1,059,421) (2,077,399) (1,171,524) (2,344,865)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 21,359 -- -- --
------------ ------------ ------------ ------------
Net increase in net assets 1,135,076 1,210,349 1,642,477 1,373,818
Net assets at beginning of period 45,224,322 44,013,973 49,639,873 48,266,055
------------ ------------ ------------ ------------
Net assets at end of period $ 46,359,398 $ 45,224,322 $ 51,282,350 $ 49,639,873
============ ============ ============ ============
Balance of undistributed net investment
income at end of period $ 173,314 $ 179,134 $ 101,273 $ 87,664
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The state Funds (the "Funds") covered in this report and their corresponding
stock exchange symbols are Nuveen Connecticut Premium Income Municipal Fund
(NTC), Nuveen Massachusetts Premium Income Municipal Fund (NMT), Nuveen Missouri
Premium Income Municipal Fund (NOM) and Nuveen Washington Premium Income
Municipal Fund (NPW). Connecticut Premium Income and Massachusetts Premium
Income are traded on the New York Stock Exchange while Missouri Premium Income
and Washington Premium Income are traded on the American Stock Exchange.
Each Fund invests primarily in a diversified portfolio of municipal
obligations issued by state and local government authorities within a single
state. The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service establishes fair market value based on yields or prices of
municipal bonds of comparable quality, type of issue, coupon, maturity and
rating, indications of value from securities dealers and general market
conditions. Temporary investments in securities that have variable rate and
demand features qualifying them as short-term securities are valued at
amoritized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
November 30, 1997, Missouri Premium Income had an outstanding when-issued
purchase commitment of $983,045. There were no such outstanding purchase
commitments in any of the other funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
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, to retain such tax-exempt status when distributed to shareholders of the
Funds. Net realized capital gain and market discount distributions are subject
to federal taxation.
<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 carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
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 Fund is as follows:
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Number of shares:
Series Th 1,532 1,360 640
===== ===== ===
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C>
Number of shares:
Series Th 680
===
</TABLE>
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap, option contracts, and other financial instruments with
similar characteristics. Although the Funds are authorized to invest in such
financial instruments, and may do so in the future, they did not make any such
investments during the six months ended November 30, 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
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 14,040 25,362 9,026 18,609
====== ====== ===== ======
<CAPTION>
MISSOURI PREMIUM INCOME WASHINGTON PREMIUM INCOME
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 1,550 -- -- --
===== ===== ===== ====
</TABLE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On December 1, 1997, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid December 31, 1997, to
shareholders of record on December 15, 1997, as follows:
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Dividend per share $.0665 $.0705 $.0620
====== ====== ======
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C>
Dividend per share $.0630
======
</TABLE>
At the same time, Missouri Premium Income also declared taxable distributions,
which includes capital gains and/or market discount, of $.0151 per share.
<PAGE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
November 30, 1997, were as follows:
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Purchases:
Investments in municipal securities $4,095,485 $2,410,435 $4,032,880
Temporary municipal investments 2,700,000 2,100,000 1,900,000
Sales and Maturities:
Investments in municipal securities 4,239,660 4,249,775 3,433,770
Temporary municipal investments 2,200,000 2,300,000 5,200,000
========== ========== ==========
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C>
Purchases:
Investments in municipal securities $3,021,088
Temporary municipal investments 1,400,000
Sales and Maturities:
Investments in municipal securities 3,059,330
Temporary municipal investments 1,200,000
==========
</TABLE>
At November 30, 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.
<PAGE>
At May 31, 1997, the Funds' last fiscal year end, the Funds had unused capital
loss carryforwards available for federal income tax purposes to be applied
against future capital gains, if any. If not applied, the carryforwards will
expire as follows:
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Expiration year:
2002 $ 9,146 $ -- $ --
2003 1,272,842 1,247,263 1,329,874
2004 1,105,901 945,779 708,417
2005 847,914 195,761 --
---------- ---------- ----------
Total $3,235,803 $2,388,803 $2,038,291
========== ========== ==========
<CAPTION>
WASHINGTON
PREMIUM INCOME
Expiration year:
2002 $ --
2003 564,873
2004 70,082
2005 --
----------
Total $ 634,955
==========
</TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 1997, were as follows:
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Gross unrealized:
appreciation $4,969,106 $5,611,500 $2,776,331
depreciation (96,904) (16,310) --
---------- ---------- ----------
Net unrealized appreciation $4,872,202 $5,595,190 $2,776,331
========== ========== ==========
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C>
Gross unrealized:
appreciation $2,767,445
depreciation (16,662)
----------
Net unrealized appreciation $2,750,783
==========
</TABLE>
<PAGE>
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:
<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 November 30, 1997, net assets consisted of:
<TABLE>
<CAPTION>
CONNECTICUT MASSACHUSETTS MISSOURI
PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $ 38,300,000 $ 34,000,000 $16,000,000
Common shares, $.01 par value per share 51,668 46,163 21,381
Paid-in surplus 71,419,507 63,860,179 29,348,059
Balance of undistributed net investment income 344,166 289,794 173,314
Accumulated net realized gain (loss) from
investment transactions (3,169,397) (2,247,552) (1,959,687)
Net unrealized appreciation of investments 4,872,202 5,595,190 2,776,331
------------ ------------ -----------
Net assets $111,818,146 $101,543,774 $46,359,398
------------ ------------ -----------
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
============ ============ ===========
<CAPTION>
WASHINGTON
PREMIUM INCOME
<S> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $17,000,000
Common shares, $.01 par value per share 23,201
Paid-in surplus 31,971,261
Balance of undistributed net investment income 101,273
Accumulated net realized gain (loss) from
investment transactions (564,168)
Net unrealized appreciation of investments 2,750,783
-----------
Net assets $51,282,350
===========
Authorized shares:
Common Unlimited
Preferred Unlimited
===========
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (UNAUDITED) Selected data for a common share outstanding
throughout each period is as follows:
<CAPTION>
DIVIDENDS FROM TAX-EXEMPT
OPERATING PERFORMANCE NET INVESTMENT INCOME
NET
REALIZED &
NET ASSET NET UNREALIZED
VALUE INVEST- GAIN (LOSS) TO TO
BEGINNING MENT FROM INVEST- COMMON PREFERRED
OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+
<S> <C> <C> <C> <C> <C>
CONNECTICUT PREMIUM INCOME
Six months ended
11/30/97 $13.63 $ .50 $ .62 $(.40) $(.12)
Year ended 5/31:
1997 12.99 1.00 .60 (.76) (.20)
1996 13.20 .98 (.21) (.73) (.25)
1995 12.45 .98 .74 (.74) (.23)
1994 13.96 .77 (1.40) (.61) (.13)
5/20/93 to
5/31/93 14.05 -- -- -- --
<CAPTION>
MASSACHUSETTS PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 14.11 .53 .52 (.42) (.11)
Year ended 5/31:
1997 13.58 1.06 .53 (.84) (.22)
1996 13.76 1.05 (.19) (.80) (.24)
1995 12.90 1.04 .84 (.78) (.24)
1994 14.08 .87 (1.01) (.74) (.15)
3/18/93 to
5/31/93 14.05 .05 .06 -- --
<CAPTION>
MISSOURI PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 $13.68 $ .49 $ .52 $(.37) $(.12)
Year ended 5/31:
1997 13.11 1.00 .55 (.73) (.25)
1996 13.37 .96 (.29) (.67) (.25)
1995 12.35 .95 1.02 (.69) (.26)
1994 13.90 .76 (1.40) (.59) (.14)
5/20/93 to
5/31/93 14.05 -- -- -- --
<CAPTION>
WASHINGTON PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 14.07 .51 .71 (.38) (.13)
Year ended 5/31:
1997 13.48 1.02 .58 (.75) (.26)
1996 13.71 1.02 (.23) (.74) (.28)
1995 12.97 1.01 .77 (.77) (.27)
1994 14.09 .91 (.93) (.76) (.16)
3/18/93 to
5/31/93 14.05 .07 .08 -- --
<PAGE>
<CAPTION>
DISTRIBUTIONS FROM CAPITAL GAINS
PER
ORGANIZATION COMMON
AND OFFERING SHARE
COSTS AND MARKET
TO TO PREFERRED SHARE NET ASSET VALUE
COMMON PREFERRED UNDERWRITING VALUE END END OF
SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD
<S> <C> <C> <C> <C> <C>
CONNECTICUT PREMIUM INCOME
Six months ended
11/30/97 $-- $-- $-- $14.23 $15.2500
Year ended 5/31:
1997 -- -- -- 13.63 14.1250
1996 -- -- -- 12.99 13.6250
1995 -- -- -- 13.20 12.6250
1994 -- -- (.14) 12.45 13.1250
5/20/93 to
5/31/93 -- -- (.09) 13.96 15.0000
<CAPTION>
MASSACHUSETTS PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 -- -- -- 14.63 15.6875
Year ended 5/31:
1997 -- -- -- 14.11 14.7500
1996 -- -- -- 13.58 13.7500
1995 -- -- -- 13.76 13.3750
1994 -- -- (.15) 12.90 12.5000
3/18/93 to
5/31/93 -- -- (.08) 14.08 15.2500
<CAPTION>
MISSOURI PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 $-- $-- $-- $14.20 $14.0625
Year ended 5/31:
1997 -- -- -- 13.68 13.0630
1996 -- -- -- 13.11 12.5000
1995 -- -- -- 13.37 12.0000
1994 -- -- (.18) 12.35 12.0000
5/20/93 to
5/31/93 -- -- (.15) 13.90 15.1250
<CAPTION>
WASHINGTON PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Six months ended
11/30/97 -- -- -- 14.78 13.6250
Year ended 5/31:
1997 -- -- -- 14.07 12.5000
1996 -- -- -- 13.48 11.7500
1995 -- -- -- 13.71 11.6250
1994 (.01) -- (.17) 12.97 12.3750
3/18/93 to
5/31/93 -- -- (.11) 14.09 15.7500
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
TOTAL
INVEST- RATIO OF
MENT NET
RETURN TOTAL NET ASSETS RATIO OF INVESTMENT
ON RETURN ON END OF EXPENSES INCOME PORTFOLIO
MARKET NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER
VALUE** VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE
<S> <C> <C> <C> <C> <C> <C>
CONNECTICUT PREMIUM INCOME
Six months ended
11/30/97 10.85% 7.38% $111,818 .88%* 4.65%* 4%
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>
Six months ended
11/30/97 9.36 6.74 101,544 .87* 4.83* 2
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>
Six months ended
11/30/97 10.53% 6.56% $46,359 .96%* 4.57%* 8%
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>
Six months ended
11/30/97 12.14 7.80 51,282 .92* 4.66* 6
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. Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to
Preferred shareholders.
</FN>
</TABLE>
<PAGE>
Fund Information
BOARD OF TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, Illinois
<PAGE>
INSERT:
BUILD A BETTER PORTFOLIO WITH NUVEEN
Your financial adviser can show you how you can combine this Nuveen fund
with other Nuveen stock and bond investments to build a portfolio that meets
your short- and longer-term goals.
Together, you can craft an investment portfolio that provides the income
you need today and the growth you need for tomorrow, while simultaneously
offering tax-efficiency and reduced overall risk.
Talk with your adviser about putting Nuveen's full family of funds and
trusts to work for you.
(See other side for a Nuveen product listing)
<PAGE>
NUVEEN INVESTMENTS CAN HELP YOU SUSTAIN THE WEALTH OF A LIFETIME
MUTUAL FUNDS
Nuveen Rittenhouse Growth Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
National Municipal Bond Funds
State-Specific Municipal Bond Funds
UNIT TRUSTS
Equity
Corporate Bond
Municipal Bond
EXCHANGE-TRADED FUNDS
MUNIPREFERRED(R)
PRIVATE ASSET MANAGEMENT
<PAGE>
Serving Investors for Generations
Photo of: JOHN NUVEEN, SR.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for risk-sensitive individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them maintain the lifestyle they currently enjoy.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of products and services
to help meet your unique circumstances and financial planning needs. Our equity,
balanced, and income funds, along with our unit trusts and private asset
management, can form the foundation of a tax-efficient and risk-resistant
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you build and sustain your long-term financial
security. Or call us at (800) 257-8787 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) 257-8787
www.nuveen.com
FSA-3.11.97
<PAGE>
