-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JoEUw7tm8eXjlTl0n6fhceyU0fDabzlXN0YIJUyeXTieIZlocv64+fp1ptxYBaNP 6c7hNsWZyPdaE6hBHzr3CQ== 0000891804-03-001997.txt : 20030910 0000891804-03-001997.hdr.sgml : 20030910 20030910114319 ACCESSION NUMBER: 0000891804-03-001997 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030630 FILED AS OF DATE: 20030910 EFFECTIVENESS DATE: 20030910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND CENTRAL INDEX KEY: 0000890893 IRS NUMBER: 363839900 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-07120 FILM NUMBER: 03889268 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN FLORIDA PREMIUM INCOME MUNICIPAL FUND DATE OF NAME CHANGE: 19600201 N-CSR 1 file001.txt NUVEEN INSURED FL PREMIUM INCOME MUNICIPAL FUND UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-7120 --------------------- Nuveen Insured Florida Premium Income Municipal Fund ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: June 30, 2003 ------------------ Date of reporting period: June 30, 2003 ----------------- Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Nuveen Municipal Closed-End Exchange-Traded Funds ANNUAL REPORT June 30, 2003 Photo of: Child and man exploring. Photo of: 3 adults and 2 children walking. FLORIDA NQF NUF NFL NWF Dependable, tax-free income because it's not what you earn, it's what you keep.(R) Logo: NUVEEN Investments FASTER INFORMATION RECEIVE YOUR NUVEEN FUND REPORT ELECTRONICALLY By registering for electronic delivery, you will receive an e-mail as soon as your Nuveen Fund information is available. Click on the link and you will be taken directly to the report. Your Fund report can be viewed and saved on your computer. Your report will arrive faster via e-mail than by traditional mail. Registering is easy and only takes a few minutes (see instructions at right). - -------------------------------------------------------------------------------- SOME COMMON CONCERNS: WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES? No, your e-mail address is strictly confidential and will not be used for anything other than notification of shareholder information. WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR MAIL DELIVERY AGAIN? If you decide you do not like receiving your reports electronically, it's a simple process to go back to regular mail delivery. - -------------------------------------------------------------------------------- IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.INVESTORDELIVERY.COM 2 Refer to the address sheet that accompanied this report. Enter the personal 13-CHARACTER ENROLLMENT NUMBER imprinted near your name. 3 You'll be taken to a page with several options. Select the NEW ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g. yourID@providerID.com), and a personal, 4-digit PIN number of your choice. (Pick a number that's easy to remember.) 4 Click Submit. Confirm the information you just entered is correct, then click Submit again. 5 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 6 Use this same process if you need to change your registration information or cancel internet viewing. IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.NUVEEN.COM 2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click on Enrollment Today. 3 You'll be taken to a screen that asks for your Social Security number and e-mail address. Fill in this information, then click Enroll. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. Logo: NUVEEN Investments Timothy R. Schwertfeger Chairman of the Board Photo of: Timothy R. Schwertfeger Sidebar text: "NO ONE KNOWS WHAT THE FUTURE WILL BRING, WHICH IS WHY WE THINK A WELL-BALANCED PORTFOLIO... IS AN IMPORTANT COMPONENT IN ACHIEVING YOUR LONG-TERM FINANCIAL GOALS." Dear SHAREHOLDER Once again, I am pleased to report that over the most recent reporting period your Fund continued to provide you with tax-free monthly income and an attractive total return. For more specific information about the performance of your Fund, please see the Portfolio Managers' Comments and Performance Overview sections of this report. With interest rates at historically low levels, many have begun to wonder whether interest rates will rise, and whether that possibility should cause them to adjust their holdings of fixed-income investments. No one knows what the future will bring, which is why we think a well-balanced portfolio that is structured and carefully monitored with the help of an investment professional is an important component in achieving your long-term financial goals. A well-diversified portfolio may actually help to reduce your overall investment risk, and we believe that municipal bond investments like your Nuveen Fund can be important building blocks in a portfolio crafted to perform well through a variety of market conditions. I'd also like to direct your attention to the inside front cover of this report, which explains the quick and easy process to begin receiving Fund reports like this via e-mail and the internet. Thousands of Nuveen Fund shareholders already have signed-up, and they are getting their Fund information faster and more conveniently than ever. I urge you to consider joining them. Since 1898, Nuveen Investments has offered financial products and solutions that incorporate careful research, diversification, and the application of conservative risk-management principles. We are grateful that you have chosen us as a partner as you pursue your financial goals. We look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board August 15, 2003 1 Nuveen Florida Municipal Closed-End Exchange-Traded Funds (NQF, NUF, NFL, NWF ) Portfolio Managers' COMMENTS Portfolio managers Rick Huber and Tom O'Shaughnessy review economic and market conditions, key investment strategies, and the recent performance of the Funds. Rick, who has 18 years of investment experience, assumed responsibility for NQF and NUF in January 2003. A 20-year veteran of Nuveen, Tom managed NFL from 1992 to 1995 and again since 1998, and has managed NWF since its inception in November 2002. WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE TWELVE-MONTH PERIOD ENDED JUNE 30, 2003? As has been the case for some time, we believe the two biggest influences on the general economy and the municipal market for this reporting period were the slow pace of economic recovery and historically low interest rates. We don't yet see a change in this pattern. In late June 2003, the Federal Reserve, citing a U.S. economy that "has yet to exhibit sustainable growth," cut the fed funds rate by 25 basis points to 1.0%, its lowest level since 1958. A few days later, the GDP for the first quarter of 2003 was revised downward to 1.4%. In addition to historically low interest rates and sluggish economic growth, the core rate of inflation continued to hover around 1.5% throughout the second quarter of 2003, the smallest year-over-year increase in 37 years. This combination of low interest rates, slow economic recovery and the lack of inflationary pressures created conditions that helped many municipal bonds perform well over the period covered by this report. HOW WERE ECONOMIC AND MARKET CONDITIONS IN FLORIDA? The Florida economic picture was brighter than in many other parts of the country over the period covered by this report. The state's service-based economy remained healthy and its travel and tourism industries continued to show improvement. Although job losses in the trade, manufacturing and transportation sectors weighed on the state's economy, Florida's overall job growth rate ranked fourth in the nation for the twelve months ended June 30, 2003. In contrast to many other states, Florida's revenue base remained relatively stable, helped by the state's reliance on sales taxes, rather than a personal income tax. Florida's $22 billion budget for fiscal 2004 was balanced and enacted on schedule, and the state's rainy day fund remained fully funded through 2004. While additional state and local borrowing is anticipated as Florida responds to the demands of a rapidly growing population, we believe debt levels have remained manageable. During the first six months of 2003, Florida issued $12 billion in new municipal bonds, up 40% over the same period in 2002. As of June 30, 2003, the state's credit rating remained at Aa2/AA+, with a stable outlook, from Moody's and Standard & Poor's, respectively. HOW DID THE FUNDS PERFORM OVER THE TWELVE-MONTH PERIOD ENDED JUNE 30, 2003? Individual results for the Funds, as well as for relevant benchmarks, are presented in the accompanying table. 2 TOTAL RETURN LEHMAN LIPPER MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2 - -------------------------------------------------------------------------------- 1 YEAR 1 YEAR 1 YEAR TAXABLE- ENDED ENDED ENDED 6/30/03 EQUIVALENT3 6/30/03 6/30/03 6/30/03 - -------------------------------------------------------------------------------- NQF 5.98% 8.31% 12.02% 8.74% 12.32% - -------------------------------------------------------------------------------- NUF 6.00% 8.33% 11.45% 8.74% 12.32% - -------------------------------------------------------------------------------- NFL 5.51% 7.65% 12.10% 9.78% 12.32% - -------------------------------------------------------------------------------- NWF 5.44% 7.56% NA - - - -------------------------------------------------------------------------------- Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. For the twelve months ended June 30, 2003, the three Funds with at least one year of performance history all outperformed their respective national, unleveraged Lehman Brothers Indexes. Much of this outperformance is attributable to the length of the Fund's durations.4 During periods of declining interest rates, such as that we experienced over most of the past 12 months, longer duration investments generally can be expected to perform well. As of June 30, 2003, the durations of NQF and NUF were 10.14 and 10.03, respectively, compared with 7.94 for their relevant Lehman index. NFL, which began this twelve-month reporting period with a duration of 10.72, saw its duration shorten to 8.61 by June 30, 2003 (compared with 8.72 for the insured Lehman index). However, NFL's performance for this period was helped by the fact that its duration remained longer than that of the index over much of this time. The performance of these Funds also benefited from their use of leverage, a strategy that can provide the opportunity for additional income for common shareholders, especially during periods of low short-term interest rates as was the case for the twelve months ended June 30, 2003. In addition to duration and leverage, factors such as call exposure, portfolio trading activity and the price movement of specific sectors and holdings also had some impact on the Funds' relative performances during this period. For example, NUF's holdings of several bonds with relatively short call positions contributed to this Fund's slight lag in performance behind NQF and NFL. HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES? With short-term interest rates remaining at historically low levels, the dividend-payment capabilities of these Funds benefited from their use of leverage. The extent of this benefit is tied in part to the short-term rates the Funds pay their MuniPreferred(R) shareholders. Low short-term rates can enable the Funds to reduce the amount of income paid to MuniPreferred shareholders, which can potentially leave more earnings to support common share dividends. During the twelve months ended June 30, 2003, the continued low level of short-term interest rates enabled us to implement four dividend increases in NQF and two increases in NFL. As of June 2003, NUF had paid shareholders steady or increasing dividends for 37 consecutive months. NWF, which was introduced in November 2002, declared its first monthly dividend in January 2003. Over the course of this reporting period, strong investor demand and favorable market conditions 1 The total annual returns on common share net asset value (NAV) for NQF and NUF are compared with the total annual return of the Lehman Brothers Municipal Bond Index, an unleveraged, unmanaged national index comprising a broad range of investment-grade municipal bonds. The total annual return on NAV for NFL is compared with the total annual return of the Lehman Insured Municipal Bond Index, an unleveraged, unmanaged national index comprising a broad range of insured municipal bonds. Results for the Lehman indexes do not reflect any expenses. 2 The total returns of the Nuveen Florida Funds are compared with the average annualized return of the 14 funds in the Lipper Florida Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. 3 The taxable-equivalent yield represents the yield that must be earned on a taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. The taxable-equivalent yield is based on the Fund's market yield on the indicated date and a federal income tax rate of 28%. 4 Duration is a measure of a Fund's NAV volatility in reaction to interest rate movements. Fund duration, also known as leverage-adjusted duration, takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. References to duration in this commentary are intended to indicate Fund duration unless otherwise noted. 3 helped to boost the share prices and net asset values of these Funds. As of June 30, 2003, all four Funds continued to trade at premiums to their common share NAVs (see charts on individual Performance Overview pages). WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE TWELVE MONTHS ENDED JUNE 30, 2003? Over this reporting period, we continued to place strong emphasis on diversifying the portfolios of these Funds, enhancing their call protection whenever possible, and supporting their dividend-paying capabilities. Strategically, our focus centered on systematically shortening the Funds' durations, which we believe will enhance our ability to manage the Funds' interest rate risk over time. Interest rate risk is the risk that the value of the bonds in a Fund's portfolio will decline if interest rates rise (since bond prices move in the opposite direction of interest rates). The longer the duration of a Fund's portfolio, the greater its interest rate risk. In line with our desire to shorten durations, we concentrated on finding value in the long-intermediate part of the yield curve (i.e., bonds that mature in about 15 years). In many cases, bonds in this part of the curve were offering yields similar to those of longer-term bonds but, in our opinion, had less inherent interest rate risk. In the older Funds, especially NFL, general market trends over the reporting period caused a number of holdings to be priced to call dates, rather than to maturity. This also served to shorten duration. In general, continued strong municipal bond issuance in Florida over the reporting period created a number of opportunities to purchase the types of bond structures we favor. Issuance was especially heavy in the limited tax obligation and healthcare sectors, and we purchased attractive offerings in both. The hospital segment, in particular, provided several opportunities to buy uninsured issues for NQF, NUF and NWF. Over the period, the healthcare sector outperformed the revenue segment as a whole as well as the broader municipal market, as measured by the Lehman Index. NQF and NUF also continued to hold substantial positions in utility bonds in anticipation of tightening spreads and, therefore, the potential for increasing prices. As of June 30, 2003, NQF held just over 1% of its portfolio in Puerto Rican bonds backed by the 1998 master tobacco settlement agreement. In the spring of 2003 the prices of these bonds weakened as the result of lawsuits involving the major tobacco companies as well as the increased issuance of such bonds by states planning to use the proceeds to help close budget gaps. Although the sector as a whole produced negative returns over the twelve-month reporting period, tobacco bonds showed some recovery late in the period. Our strategy is to maintain our current tobacco holdings while we continue to regularly evaluate the situation. 4 Over the period, we tended to reduce our exposure to industrial development bonds and the transportation sector. We sold some airline-backed and airport bonds in the three older Funds, as well as $12 million of Las Vegas monorail bonds in NQF. In the non-insured Funds, that was part of an effort to improve overall liquidity and, in some instances, credit quality. In NFL, we also began to gradually cut our holdings of AMT (alternative minimum tax) bonds, following a consistent widening of spreads relative to Treasuries over the period. In November 2002, we introduced the Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF), which is now fully invested and, as mentioned earlier, declared its first monthly dividend in January 2003. Although this Fund can invest up to 20% of its assets in uninsured investment-grade quality (rated BBB or higher) securities, 86% of NWF's portfolio was invested in insured bonds as of June 30, 2003. In addition, NWF cannot hold any AMT bonds. As of June 30, 2003, 7% of NWF's assets were invested in Puerto Rico bonds, a level that is fairly typical for a new Nuveen Fund. As we find attractive yield opportunities, we anticipate investing up to an additional 10% of the Fund's assets in other state or territorial bonds as part of our efforts to develop its dividend-paying capabilities. As of June 30, 2003, the call exposure of NQF, NUF, and NFL ranged from 7% to 12% through 2005. The number of actual calls will depend largely on market interest rates in coming months. The recently introduced NWF will not face any significant call exposure for several years. Given the current geopolitical and economic climate, we believe that maintaining strong credit quality remains a vital requirement. As of June 30, 2003, both of the non-insured Funds offered excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA at 72% in NQF and 71% in NUF, while NFL is 100% invested in insured and/or U.S. guaranteed bonds. NWF holds 86% of its portfolio in insured bonds. WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THE FUNDS IN PARTICULAR? Nationally, we think the supply of new municipal bonds should remain strong, as issuers continue to take advantage of the low rate environment. In addition, many states continue to face budget problems and the ongoing need to raise money to cover the costs of essential services, including infrastructure and healthcare. In Florida, much of the concern about funding at the state level involves the need to increase spending for education. In the months ahead, our primary goal will be to continue managing the Funds' durations. In NWF, this will be carefully balanced against the need to develop the Fund's dividend-paying potential. We also plan to enhance each Fund's diversification by watching for attractive opportunities to reduce allocations of limited tax obligation, healthcare, and--in NWF--water and sewer bonds. 5 Nuveen Florida Investment Quality Municipal Fund Performance OVERVIEW As of June 30, 2003 NQF Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 56% AA 16% A 15% BBB 3% NR 10% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $16.75 - -------------------------------------------------- Common Share Net Asset Value $15.87 - -------------------------------------------------- Market Yield 5.98% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.31% - -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $261,856 - -------------------------------------------------- Average Effective Maturity (Years) 20.88 - -------------------------------------------------- Leverage-Adjusted Duration 10.14 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 2/21/91) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 13.28% 12.02% - -------------------------------------------------- 5-Year 5.93% 7.01% - -------------------------------------------------- 10-Year 6.59% 6.61% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Healthcare 17% - -------------------------------------------------- Tax Obligation/Limited 17% - -------------------------------------------------- Utilities 13% - -------------------------------------------------- Transportation 12% - -------------------------------------------------- U.S. Guaranteed 11% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Jul 0.079 Aug 0.079 Sep 0.08 Oct 0.08 Nov 0.08 Dec 0.081 Jan 0.081 Feb 0.081 Mar 0.0825 Apr 0.0825 May 0.0825 Jun 0.0835 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 7/1/02 15.83 15.79 15.87 15.69 15.9 16.12 15.81 15.76 15.92 16.1 15.98 16.18 16.75 16.8 16.39 15.54 15.09 15.25 15.38 15.08 15.14 15.12 15.49 15.55 15.21 15.77 16.01 15.4 15.44 15.65 15.8 16.16 15.81 15.99 15.95 16.14 16.27 15.8 16.1 16.55 16.74 16.61 16.7 16.73 16.85 16.85 17.05 17.33 16.7 6/30/03 16.89 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 calculated using the current market yield and a federal income tax rate of 28%. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2002 of $0.1282 per share. 6 Nuveen Florida Quality Income Municipal Fund Performance OVERVIEW As of June 30, 2003 NUF Pie Chart: CREDIT QUALITY AAA/U.S. Guaranteed 56% AA 15% A 15% BBB 4% NR 8% BB or lower 2% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $16.60 - -------------------------------------------------- Common Share Net Asset Value $15.75 - -------------------------------------------------- Market Yield 6.00% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.33% - -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $224,311 - -------------------------------------------------- Average Effective Maturity (Years) 21.57 - -------------------------------------------------- Leverage-Adjusted Duration 10.03 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 10/17/91) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 11.56% 11.45% - -------------------------------------------------- 5-Year 7.06% 6.26% - -------------------------------------------------- 10-Year 7.06% 6.36% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Healthcare 23% - -------------------------------------------------- Transportation 16% - -------------------------------------------------- Tax Obligation/Limited 13% - -------------------------------------------------- Housing/Multifamily 12% - -------------------------------------------------- Utilities 11% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Jul 0.083 Aug 0.083 Sep 0.083 Oct 0.083 Nov 0.083 Dec 0.083 Jan 0.083 Feb 0.083 Mar 0.083 Apr 0.083 May 0.083 Jun 0.083 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 7/1/02 16.26 16.28 16.29 16.04 16.07 16.2 16.2 16.1 16.2 16.28 16.4 16.6 16.77 16.88 16.6 15.59 15.37 15.63 15.46 15.59 15.32 15.5 15.68 15.84 15.75 16 16.42 15.75 15.78 15.91 16.1 16.27 16.25 16.5 16.25 16.2 16.05 16.01 16.08 16.32 16.3 16.72 16.49 16.6 16.65 16.9 17.04 17.51 16.62 6/30/03 16.43 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 calculated using the current market yield and a federal income tax rate of 28%. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2002 of $0.1775 per share. 7 Nuveen Insured Florida Premium Income Municipal Fund Performance OVERVIEW As of June 30, 2003 NFL Pie Chart: CREDIT QUALITY Insured 84% Insured and U.S. Guaranteed 16% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $17.22 - -------------------------------------------------- Common Share Net Asset Value $16.57 - -------------------------------------------------- Market Yield 5.51% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.65% - -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $237,490 - -------------------------------------------------- Average Effective Maturity (Years) 17.93 - -------------------------------------------------- Leverage-Adjusted Duration 8.61 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 16.05% 12.10% - -------------------------------------------------- 5-Year 9.95% 6.98% - -------------------------------------------------- 10-Year 7.53% 7.00% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 25% - -------------------------------------------------- Transportation 18% - -------------------------------------------------- U.S. Guaranteed 16% - -------------------------------------------------- Housing Multifamily 11% - -------------------------------------------------- Water and Sewer 10% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Jul 0.0765 Aug 0.0765 Sep 0.0775 Oct 0.0775 Nov 0.0775 Dec 0.0775 Jan 0.0775 Feb 0.0775 Mar 0.079 Apr 0.079 May 0.079 Jun 0.079 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 7/1/02 16.06 16.1 16 15.75 15.83 16.23 16.3 16.19 16.16 16.39 16.3 16.5 17 17.32 17.26 15.62 15.37 15.7 15.75 15.85 15.6 15.71 15.98 16.14 15.71 16.15 16.23 16.12 15.95 16.07 16.55 16.74 16.7 16.92 17.05 16.88 16.88 16.52 16.43 16.6 16.9 16.64 16.9 16.87 16.76 16.95 17.24 17.4 17.4 6/30/03 17.35 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 calculated using the current market yield and a federal income tax rate of 28%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.0088 per share. 8 Nuveen Insured Florida Tax-Free Advantage Municipal Fund Performance OVERVIEW As of June 30, 2003 NWF Pie Chart: CREDIT QUALITY Insured 86% AAA (uninsured) 3% AA (uninsured) 3% A (uninsured) 7% BBB (uninsured) 1% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $15.87 - -------------------------------------------------- Common Share Net Asset Value $14.75 - -------------------------------------------------- Market Yield 5.44% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.56% - -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $57,223 - -------------------------------------------------- Average Effective Maturity (Years) 19.65 - -------------------------------------------------- Leverage-Adjusted Duration 10.82 - -------------------------------------------------- CUMULATIVE TOTAL RETURN (Inception 11/21/02) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- Since Inception 8.82% 6.08% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 37% - -------------------------------------------------- Water and Sewer 22% - -------------------------------------------------- Transportation 13% - -------------------------------------------------- Healthcare 12% - -------------------------------------------------- Utilities 7% - -------------------------------------------------- Bar Chart: 2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Jan 0.072 Feb 0.072 Mar 0.072 Apr 0.072 May 0.072 Jun 0.072 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 11/22/02 15 15.15 15 15.1 15.15 15.01 15.01 15 15.06 15.24 15.05 15 14.75 15.05 15.05 15 15.23 15.13 15.15 15.44 15.59 15.34 15.45 15.75 15.62 15.85 15.9 15.81 6/30/03 15.77 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 calculated using the current market yield and a federal income tax rate of 28%. 9 Report of INDEPENDENT AUDITORS THE BOARDS OF TRUSTEES AND SHAREHOLDERS NUVEEN FLORIDA INVESTMENT QUALITY MUNICIPAL FUND NUVEEN FLORIDA QUALITY INCOME MUNICIPAL FUND NUVEEN INSURED FLORIDA PREMIUM INCOME MUNICIPAL FUND NUVEEN INSURED FLORIDA TAX-FREE ADVANTAGE MUNICIPAL FUND We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality Income Municipal Fund, Nuveen Insured Florida Premium Income Municipal Fund, and Nuveen Insured Florida Tax-Free Advantage Municipal Fund as of June 30, 2003, 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 responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. 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 and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2003, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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 positions of Nuveen Florida Investment Quality Municipal Fund, Nuveen Florida Quality Income Municipal Fund, Nuveen Insured Florida Premium Income Municipal Fund, and Nuveen Insured Florida Tax-Free Advantage Municipal Fund as of June 30, 2003, the results of their operations, changes in their net assets and their financial highlights for the periods indicated therein in conformity with accounting principles generally accepted in the United States. Ernst & Young LLP Chicago, Illinois August 8, 2003 10 Nuveen Florida Investment Quality Municipal Fund (NQF) Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 5.1% $ 13,000 Hillsborough County Industrial Development Authority, Florida, 4/10 at 101.00 N/R $ 13,385,580 Exempt Facilities Revenue Bonds, National Gypsum Company- Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 1.7% 5,000 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 5/12 at 100.00 A- 4,331,850 Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 25.2% 4,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A 4,936,858 Revenue Bonds, Adventist Health System Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 500 Highlands County Health Facilities Authority, Florida, Hospital 11/12 at 100.00 A 505,355 Revenue Bonds, Adventist Health System Sunbelt Obligated Group, Series 2002B, 5.250%, 11/15/23 Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: 1,000 5.250%, 10/01/28 10/13 at 100.00 Baa1 976,000 2,580 5.250%, 10/01/34 10/13 at 100.00 Baa1 2,515,190 2,345 Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional 7/12 at 100.00 A 2,415,842 Medical Center Project, Series 2002, 5.375%, 7/01/22 Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center, Series 2003: 3,890 5.000%, 7/01/15 (DD, settling 7/01/03) 7/13 at 100.00 A 4,112,702 1,675 5.000%, 7/01/16 (DD, settling 7/01/03) 7/13 at 100.00 A 1,746,657 1,000 Miami Beach Health Facilities Authority, Florida, Hospital 11/11 at 101.00 BB 947,080 Revenue Bonds, Mount Sinai Medical Center of Florida Project, Series 2001A, 6.800%, 11/15/31 3,000 Miami-Dade County Health Facilities Authority, Florida, 8/11 at 101.00 AAA 3,153,810 Hospital Revenue Bonds, Miami Children's Hospital Refunding, Series 2001A, 5.125%, 8/15/26 - AMBAC Insured 6,000 North Broward Hospital District, Florida, Improvement Revenue 1/11 at 101.00 A- 6,346,560 Bonds, Series 2001, 6.000%, 1/15/31 6,000 Orange County Health Facilities Authority, Florida, Hospital 11/10 at 101.00 A 6,561,600 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2000, 6.500%, 11/15/30 3,695 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A2 3,891,057 Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/27 Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001: 2,500 5.500%, 12/01/21 12/11 at 101.00 A 2,607,200 2,340 5.625%, 12/01/31 12/11 at 101.00 A 2,422,906 10,000 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 10,186,200 Bonds, Baycare Health System, Series 2003, 5.500%, 11/15/33 4,250 St. John's County Industrial Development Authority, Florida, 8/03 at 101.00 A2 4,299,768 Hospital Revenue Bonds, Flagler Hospital Project, Series 1992, 6.000%, 8/01/22 5,375 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 Aa3 5,690,943 Bonds, Series 2002, 5.625%, 5/01/32 2,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 AAA 2,647,600 Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.250%, 11/15/33 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 13.5% 10,985 Broward County Housing Finance Authority, Florida, Multifamily 7/09 at 102.00 N/R 10,794,081 Housing Revenue Bonds, Pier Club Apartments Project, Series 1999, 7.000%, 7/01/34 1,090 Broward County Housing Finance Authority, Florida, Multifamily 5/10 at 101.00 AAA 1,144,140 Housing Revenue Bonds, Emerald Palms Apartments Project, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax) 11 Nuveen Florida Investment Quality Municipal Fund (NQF) (continued) Portfolio of INVESTMENTS June 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) $ 1,430 Florida Housing Finance Agency, General Mortgage Revenue 12/03 at 102.00 AAA $ 1,460,316 Refunding Bonds, Series 1992A, 6.400%, 6/01/24 2,500 Florida Housing Finance Agency, Housing Revenue Bonds, 9/06 at 102.00 AAA 2,634,375 Mariner Club Apartments Project, Series 1996K-1, 6.375%, 9/01/36 (Alternative Minimum Tax) - AMBAC Insured 10,000 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 9,165,500 Pembroke Apartments, Series 2001B, 7.750%, 2/01/41 10,300 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 7,004,000 River Run Apartments, Series 2001, 7.750%, 2/01/41 3,050 Florida Housing Finance Corporation, Revenue Bonds, 1/12 at 100.00 AAA 3,176,392 Mission Bay Apartments, Series 2001N, 5.500%, 7/15/29 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 5.4% 400 Clay County Housing Finance Authority, Florida, Single Family 4/07 at 102.00 Aaa 425,500 Mortgage Revenue Bonds, Multi-County Program, Series 1997, 5.950%, 10/01/19 (Alternative Minimum Tax) 30 Dade County Housing Finance Authority, Florida, Single Family 4/05 at 102.00 AAA 31,325 Mortgage Revenue Bonds, Series 1995, 6.550%, 10/01/27 (Alternative Minimum Tax) 6,935 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102.00 AA 7,265,106 Revenue Bonds, New Money and Refunding Issue, Series 1995-2, 6.200%, 7/01/27 (Alternative Minimum Tax) 1,620 Florida Housing Finance Agency, Homeowner Mortgage 1/07 at 102.00 AA 1,701,065 Revenue Bonds, New Money and Refunding Issue, Series 1996-2, 6.350%, 7/01/28 (Alternative Minimum Tax) 2,745 Florida Housing Finance Agency, Homeowner Mortgage 7/07 at 102.00 AAA 2,883,348 Revenue Bonds, Series 1997-2, 5.900%, 7/01/29 (Alternative Minimum Tax) - MBIA Insured 905 Manatee County Housing Finance Authority, Florida, 11/05 at 102.00 Aaa 948,549 Single Family Mortgage Revenue Bonds, Series 1994, Subseries 3, 7.600%, 11/01/26 (Alternative Minimum Tax) 805 Manatee County Housing Finance Authority, Florida, 5/06 at 105.00 Aaa 876,492 Single Family Mortgage Revenue Bonds, Series 1996, Subseries 1, 7.450%, 5/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.7% 2,810 Broward County, Florida, General Obligation Bonds, No Opt. Call AA+ 2,969,496 Series 1986 Refunding, 12.500%, 1/01/04 9,230 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 9,701,561 Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/31 - FGIC Insured 3,750 Florida State Board of Education, Full Faith and Credit, 6/07 at 101.00 AA+ 3,676,088 Public Education Capital Outlay Bonds, Series 1996B, 4.500%, 6/01/27 8,000 Florida State Board of Education, Full Faith and Credit, 6/12 at 100.00 AA+ 9,019,600 Public Education Capital Outlay Refunding Bonds, Series 2002D, 5.375%, 6/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 24.7% Miami-Dade County, Florida, Beacon Tradeport Community Development District, Special Assessment Bonds, Commercial Project, Series 2002A: 2,375 5.250%, 5/01/16 - RAAI Insured 5/12 at 102.00 AA 2,565,451 1,700 5.625%, 5/01/32 - RAAI Insured 5/12 at 102.00 AA 1,831,461 7,315 Dade County, Florida, Special Obligation and Refunding Bonds, 10/06 at 102.00 AAA 7,487,341 Series 1996B, 5.000%, 10/01/35 - AMBAC Insured Florida Intergovernmental Finance Commission, Capital Revenue Bonds, Daytona Beach Community Redevelopment Agency, Series 2001C-1: 1,280 5.000%, 2/01/20 - AMBAC Insured 8/11 at 100.00 Aaa 1,349,722 5,000 5.125%, 2/01/31 - AMBAC Insured 8/11 at 100.00 Aaa 5,210,200 5,000 Florida Ports Financing Commission, Revenue Bonds, 6/07 at 101.00 AAA 5,157,200 State Transportation Trust Fund, Series 1996, 5.375%, 6/01/27 (Alternative Minimum Tax) - MBIA Insured Florida Department of Environmental Protection, Forever Revenue Bonds, Series 2003A: 2,180 5.000%, 7/01/15 - FGIC Insured 7/13 at 101.00 AAA 2,448,750 2,540 5.000%, 7/01/16 - FGIC Insured 7/13 at 101.00 AAA 2,823,693 12 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,685 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5/13 at 100.00 AAA $ 1,776,630 5.000%, 5/01/22 - MBIA Insured 5,000 Hernando County, Florida, Criminal Justice Complex No Opt. Call AAA 6,989,700 Financing Program, Series 1986, 7.650%, 7/01/16 - FGIC Insured 5,015 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/13 at 100.00 AAA 5,478,085 Bonds, Series 2003, 5.250%, 10/01/21 - MBIA Insured Manchester Housing and Redevelopment Authority, New Hampshire, Revenue Bonds, Series 2000B: 5,140 0.000%, 1/01/21 - ACA Insured 1/10 at 46.78 A 1,895,992 4,640 0.000%, 1/01/25 - ACA Insured 1/10 at 35.11 A 1,290,662 5,140 0.000%, 1/01/28 - ACA Insured 1/10 at 28.27 A 1,183,279 575 Osceola County Industrial Development Authority, Florida, 8/11 at 101.00 AAA 602,566 Industrial Development Revenue Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 - MBIA Insured 2,115 Port St. Lucie, Florida, Sales Tax Revenue Bonds, Series 2003, 9/13 at 100.00 AAA 2,234,899 5.000%, 9/01/23 - MBIA Insured Tampa Sports Authority, Florida, Special Purpose Bonds, State Sales Tax Payment, Tampa Bay Arena Project, Series 1995: 1,250 5.750%, 10/01/20 - MBIA Insured No Opt. Call AAA 1,511,025 2,585 5.750%, 10/01/25 - MBIA Insured No Opt. Call AAA 3,103,680 8,605 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 9,837,494 Bonds, Series 2002, 5.375%, 10/01/15 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 17.8% 11,500 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 11,851,785 Series 2001-J1, 5.250%, 10/01/26 (Alternative Minimum Tax) - AMBAC Insured 3,500 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 3,740,275 5.750%, 10/01/26 (Alternative Minimum Tax) - MBIA Insured 12,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/09 at 101.00 AAA 12,197,400 Revenue Bonds, Series 1999A, 5.125%, 10/01/28 (Alternative Minimum Tax) - FGIC Insured 4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,142,800 Revenue Bonds, Series 2002B, 5.125%, 10/01/21 (Alternative Minimum Tax) - FSA Insured 2,590 Hillsborough County Aviation Authority, Florida, Revenue Bonds, 10/06 at 102.00 AAA 2,852,471 Tampa International Airport, Series 1996A, 6.000%, 10/01/23 (Alternative Minimum Tax) - FGIC Insured 3,500 Hillsborough County Aviation Authority, Florida, Revenue 10/06 at 102.00 AAA 3,926,545 Bonds, Tampa International Airport, Series 1996B, 5.875%, 10/01/23 - FGIC Insured 1,750 Miami-Dade County Industrial Development Authority, 10/09 at 101.00 AAA 1,945,265 Florida, Industrial Development Revenue Bonds, Airis Miami II LLC - Miami International Airport Project, Series 1999, 6.000%, 10/15/25 (Alternative Minimum Tax) - AMBAC Insured 5,390 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 6,022,517 Miami International Airport, Series 2002, 5.750%, 10/01/18 (Alternative Minimum Tax) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 16.6% 2,395 Dade County, Florida, Special Obligation Bonds, Courthouse 4/04 at 102.00 A3*** 2,539,059 Center Project, Series 1994, 6.300%, 4/01/14 (Pre-refunded to 4/01/04) 7,225 Dade County, Florida, Special Obligation and Refunding 10/08 at 48.84 AAA 3,105,450 Bonds, Series 1996B, 0.000%, 10/01/20 (Pre-refunded to 10/01/08) - AMBAC Insured 20,000 Escambia County, Florida, Health Facilities Authority, Revenue 11/09 at 101.00 AAA 24,257,000 Bonds, Ascension Health Credit Group, Series 1999A2, 6.000%, 11/15/31 (Pre-refunded to 11/15/09) 6,955 Florida State Board of Education, Full Faith and Credit 6/05 at 101.00 AAA 7,654,186 Public Education, Capital Outlay Bonds, Series 1993F, 6.000%, 6/01/20 (Pre-refunded to 6/01/05) 1,400 Pembroke Pines, Florida, Capital Improvement Revenue 10/04 at 102.00 AAA 1,514,842 Bonds, Series 1995, 6.000%, 10/01/25 (Pre-refunded to 10/01/04) - AMBAC Insured 3,570 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,448,720 Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured 13 Nuveen Florida Investment Quality Municipal Fund (NQF) (continued) Portfolio of INVESTMENTS June 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 18.7% Hillsborough County Industrial Development Authority, Florida, Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002: $ 4,330 5.100%, 10/01/13 10/12 at 100.00 Baa1 $ 4,317,703 5,000 5.500%, 10/01/23 10/12 at 100.00 Baa1 5,070,100 2,050 Jacksonville Beach, Florida, Utility Revenue Refunding 10/10 at 100.00 Aaa 2,204,816 Bonds, Series 2002, 5.000%, 4/01/17 - AMBAC Insured 6,500 JEA, Florida, Electric System Revenue Bonds, 10/03 at 100.00 AA 6,554,470 Series 2000-3C, 5.625%, 10/01/35 4,250 Lakeland, Florida, Energy System Refunding Revenue No Opt. Call AAA 5,161,030 Bonds, Series 1999C, 6.050%, 10/01/11 - FSA Insured 7,345 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 8,105,575 Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/18 5,000 Orlando Utilities Commission, Florida, Water and Electric 10/12 at 100.00 Aa2 5,521,800 Revenue Refunding Bonds, Series 2002C, 5.250%, 10/01/18 5,000 Orlando Utilities Commission, Florida, Water and Electric No Opt. Call Aa1 6,007,750 Revenue Refunding Bonds, Series 1992, 6.000%, 10/01/10 5,550 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 5,945,660 Series 2002II, 5.125%, 7/01/26 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 10.6% 3,310 Cocoa, Florida, Water and Sewer Revenue Bonds, No Opt. Call AAA 3,870,383 Series 2003 Refunding, 5.500%, 10/01/23 - AMBAC Insured 835 Florida Keys Aqueduct Authority, Water Revenue Bonds, 7/03 at 100.00 AAA 838,749 Series 1991, 6.750%, 9/01/21 (Pre-refunded to 7/28/03) - AMBAC Insured 1,000 Jacksonville, Florida, Water and Sewer Revenue Bonds, 8/05 at 102.00 AAA 1,092,650 United Water Florida Project, Series 1995, 6.350%, 8/01/25 (Alternative Minimum Tax) - AMBAC Insured 8,300 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 8,625,360 Revenue Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured 1,175 Naples, Florida, Water and Sewer Revenue Bonds, 9/12 at 100.00 Aa2 1,323,461 Series 2002, 5.000%, 9/01/14 2,060 Polk County, Florida, Utility System Revenue Bonds, 10/13 at 100.00 Aaa 2,235,883 Series 2003, 5.250%, 10/01/22 - FGIC Insured 1,680 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 2,064,686 Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured 5,000 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/18 at 100.00 AAA 5,318,400 Series 1998, 5.000%, 10/01/28 - AMBAC Insured Winter Springs, Florida, Water and Sewer Revenue Refunding Bonds, Series 2001: 700 5.250%, 4/01/16 - MBIA Insured 4/11 at 101.00 AAA 777,525 1,585 5.000%, 4/01/20 - MBIA Insured 4/11 at 101.00 AAA 1,688,324 - ------------------------------------------------------------------------------------------------------------------------------------ $ 383,420 Total Long-Term Investments (cost $365,403,190) - 149.0% 390,258,162 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.4% 3,597,723 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.4)% (132,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $261,855,885 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * 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. *** 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. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis. See accompanying notes to financial statements. 14
Nuveen Florida Quality Income Municipal Fund (NUF) Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER DISCRETIONARY - 4.6% $ 10,000 Hillsborough County Industrial Development Authority, 4/10 at 101.00 N/R $ 10,296,600 Florida, Exempt Facilities, Revenue Bonds, National Gypsum Company-Apollo Beach Project, Series 2000B, 7.125%, 4/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 35.2% 1,500 Citrus County Hospital Board, Florida, Revenue Bonds, 8/13 at 100.00 Baa3 1,557,660 Citrus Memorial Hospital, Series 2002 Refunding, 6.375%, 8/15/32 2,600 Highlands County Health Facilities Authority, Florida, Hospital 11/11 at 101.00 A 2,790,398 Revenue Bonds, Adventist Health System Sunbelt Obligated Group, Series 2001A, 6.000%, 11/15/31 1,000 Highlands County Health Facilities Authority, Florida, Hospital 11/12 at 100.00 A 1,010,710 Revenue Bonds, Adventist Health System Sunbelt Obligated Group, Series 2002B, 5.250%, 11/15/23 Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B: 1,000 5.250%, 10/01/28 10/13 at 100.00 Baa1 976,000 2,590 5.250%, 10/01/34 10/13 at 100.00 Baa1 2,524,939 8,500 Jacksonville Economic Development Commission, Florida, 11/11 at 101.00 AA 8,969,455 Mayo Foundation Healthcare Facilities Revenue Bonds, Mayo Clinic, Jacksonville, Series 2001A, 5.500%, 11/15/36 10,395 Jacksonville, Florida, Hospital Revenue Bonds, University 8/03 at 101.00 AAA 10,540,114 Medical Center, Inc. Project, Series 1992, 6.600%, 2/01/21 - CONNIE LEE/AMBAC Insured 5,000 Jacksonville Health Facilities Authority, Florida, Revenue 11/12 at 101.00 AA 5,171,550 Bonds, Ascension Health, Series 2002A, 5.250%, 11/15/32 1,500 Leesburg, Florida, Hospital Revenue Refunding Bonds, 8/03 at 102.00 A 1,537,560 Leesburg Regional Medical Center Project, Series 1993A, 6.250%, 7/01/09 (Pre-refunded to 8/05/03) 1,500 Leesburg, Florida, Hospital Revenue Bonds, Leesburg 7/12 at 100.00 A 1,540,155 Regional Medical Center Project, Series 2002, 5.500%, 7/01/32 4,500 Miami Beach Health Facilities Authority, Florida, 11/11 at 101.00 BB 4,298,445 Hospital Revenue Bonds, Mount Sinai Medical Center of Florida Project, Series 2001A, 6.700%, 11/15/19 9,000 North Broward Hospital District, Florida, Improvement 1/11 at 101.00 A- 9,519,840 Revenue Bonds, Series 2001, 6.000%, 1/15/31 6,000 Orange County Health Facilities Authority, Florida, Hospital 12/12 at 100.00 A2 6,277,140 Revenue Bonds, Orlando Regional Healthcare System, Series 2002, 5.750%, 12/01/32 7,000 Orange County Health Facilities Authority, Florida, Hospital 11/12 at 101.00 A 7,278,880 Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 5.250%, 11/15/18 10,000 Pinellas County Health Facilities Authority, Florida, 5/13 at 100.00 A1 10,186,200 Revenue Bonds, Baycare Health System, Series 2003, 5.500%, 11/15/33 4,625 South Broward Hospital District, Florida, Hospital Revenue 5/12 at 101.00 Aa3 4,896,858 Bonds, Series 2002, 5.625%, 5/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 17.5% Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding Bonds, Tamarac Pointe Apartments Project, Series 1996, GNMA Collateralized: 1,500 6.250%, 7/01/26 7/06 at 102.00 AAA 1,587,255 1,000 6.300%, 1/01/32 7/06 at 102.00 AAA 1,055,400 9,600 Broward County Housing Finance Authority, Florida, 6/09 at 102.00 N/R 8,843,808 Multifamily Housing Revenue Bonds, Pembroke Gardens Project, Series 1999, 6.150%, 6/01/39 (Alternative Minimum Tax) (Mandatory put 6/01/29) 1,245 Florida Housing Finance Agency, General Mortgage Revenue 12/03 at 102.00 AAA 1,271,394 Refunding Bonds, Series 1992A, 6.400%, 6/01/24 1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 10/05 at 102.00 AAA 1,042,630 Holly Cove Apartment Project, Series 1995F, 6.150%, 10/01/25 (Alternative Minimum Tax) - AMBAC Insured 15 Nuveen Florida Quality Income Municipal Fund (NUF) (continued) Portfolio of INVESTMENTS June 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) $ 3,170 Florida Housing Finance Corporation, Housing Revenue 12/08 at 102.00 A+ $ 3,197,896 Refunding Bonds, Hunters Ridge at Deerwood Apartments, Series 1998-0, 5.300%, 12/01/28 5,790 Florida Housing Finance Corporation, Housing Revenue 10/10 at 102.00 Aaa 6,183,257 Bonds, Villa de Mallorca Apartments, Series 2000H-1, 6.000%, 7/01/33 (Alternative Minimum Tax) 7,455 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 6,832,880 Pembroke Apartments, Series 2001B, 7.750%, 2/01/41 2,580 Florida Housing Finance Corporation, Revenue Bonds, No Opt. Call N/R 1,754,400 River Run Apartments, Series 2001, 7.750%, 2/01/41 3,630 Miami-Dade County Housing Finance Authority, Florida, 1/11 at 102.00 AAA 3,911,107 Multifamily Revenue Bonds, Sunset Bay Apartments Project, Series 2000-5A, 5.950%, 7/01/30 (Alternative Minimum Tax) - FSA Insured 3,240 Pinellas County Housing Finance Authority, Florida, 1/08 at 100.00 AAA 3,530,272 Multifamily Housing Revenue Bonds, Emerald Bay Apartments Projects, Series 1998A, 5.000%, 4/01/28 (Alternative Minimum Tax) (Mandatory put 4/01/08) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 5.4% 4,790 Broward County Housing Finance Authority, Florida, Single 4/09 at 25.51 Aaa 842,513 Family Mortgage Revenue Refunding Bonds, Series 2000B, 0.000%, 4/01/29 (Alternative Minimum Tax) 2,185 Broward County Housing Finance Authority, Florida, 4/10 at 25.36 Aaa 381,938 Single Family Mortgage Revenue Bonds, Series 2001C, 0.000%, 4/01/33 (Alternative Minimum Tax) 150 Dade County Housing Finance Authority, Florida, Single 4/05 at 102.00 AAA 156,623 Family Mortgage Revenue Bonds, Series 1995, 6.550%, 10/01/27 (Alternative Minimum Tax) 3,545 Florida Housing Finance Agency, Homeowner Mortgage 1/06 at 102.00 AA 3,713,742 Revenue Bonds, New Money and Refunding Issue, Series 1995-2, 6.200%, 7/01/27 (Alternative Minimum Tax) 760 Florida Housing Finance Agency, Home Ownership Revenue No Opt. Call AAA 865,754 Refunding Bonds, Series 1987-G1, 8.595%, 11/01/17 1,205 Lee County Housing Finance Authority, Florida, Single Family 3/07 at 105.00 Aaa 1,314,510 Mortgage Revenue Bonds, Multi-County Program, Series 1997A, Subseries 1, 7.200%, 3/01/27 (Alternative Minimum Tax) 500 Miami-Dade County Housing Authority, Florida, Home 4/08 at 101.50 Aaa 527,170 Owner Mortgage Revenue Bonds, Series 1999A-1, 5.550%, 10/01/19 (Alternative Minimum Tax) 2,590 Orange County Housing Finance Authority, Florida, 4/06 at 102.00 AAA 2,717,558 Single Family Mortgage Revenue Bonds, GNMA/FNMA Mortgage-Backed Securities, Series 1996A, 6.300%, 4/01/28 (Alternative Minimum Tax) 1,555 Orange County Housing Finance Authority, Florida, 9/07 at 102.00 AAA 1,564,610 Single Family Mortgage Revenue Bonds, Series 1997B, 5.100%, 9/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 4.0% 7,285 Atlantic Beach, Florida, Healthcare Facilities Revenue 10/09 at 101.00 A 7,674,310 Refunding Bonds, Fleet Landing Project, Series 1999, 5.750%, 10/01/18 - ACA Insured Jacksonville Health Facilities Authority, Florida, Industrial Development Revenue Bonds, National Benevolent Association - Cypress Village Florida Project, Series 2000A: 500 7.050%, 3/01/24 3/10 at 101.00 Ba2 354,150 1,250 7.100%, 3/01/30 3/10 at 101.00 Ba2 868,137 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 12.6% 4,940 Florida State Board of Education, Full Faith and Credit, 6/11 at 101.00 AAA 5,199,844 Public Education Capital Outlay Bonds, Series 2001C, 5.125%, 6/01/29 - FGIC Insured 3,000 Florida State Board of Education, Full Faith and Credit, 6/08 at 101.00 AA+ 2,981,790 Public Education Capital Outlay Refunding Bonds, Series 1998D, 4.500%, 6/01/24 3,000 Florida State Board of Education, Full Faith and Credit, 6/09 at 101.00 AAA 3,000,780 Public Education Capital Outlay Refunding Bonds, Series 1999A, 4.500%, 6/01/23 - FGIC Insured 15,925 Florida State Board of Education, Full Faith and Credit, 6/12 at 101.00 AAA 17,076,218 Public Education Education Capital Outlay Refunding Bonds, Series 2002B, 5.000%, 6/01/20 - MBIA Insured 16 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 19.5% $ 850 Miami-Dade County, Florida, Beacon Tradeport Community 5/12 at 102.00 AA $ 915,731 Development District, Special Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 - RAAI Insured 5,760 Escambia County, Florida, Capital Improvement Revenue 10/12 at 100.00 AAA 6,001,286 Bonds, Series 2002, 5.000%, 10/01/32 - MBIA Insured 5,000 Florida Department of Environmental Protection, Forever 7/13 at 101.00 AAA 5,616,400 Revenue Bonds, Series 2003A, 5.000%, 7/01/15 - FGIC Insured Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 1,040 0.000%, 11/01/25 - MBIA Insured No Opt. Call AAA 338,052 1,590 0.000%, 11/01/26 - MBIA Insured No Opt. Call AAA 490,356 1,700 Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5/13 at 100.00 AAA 1,772,624 5.000%, 5/01/28 - MBIA Insured 3,145 Jacksonville, Florida, Excise Tax Revenue Refunding 10/13 at 100.00 AAA 3,380,938 Bonds, Series 2003C, 5.250%, 10/01/18 (Alternative Minimum Tax) (WI, settling 7/03/03) - MBIA Insured 1,430 Jacksonville, Florida, Better Jacksonville Sales Tax Revenue 10/11 at 100.00 AAA 1,498,325 Bonds, Series 2001, 5.000%, 10/01/23 - AMBAC Insured 2,750 Jacksonville, Florida, Sales Tax Revenue Bonds, Local 10/12 at 100.00 AAA 3,090,780 Government Refunding and Improvement, Series 2002, 5.375%, 10/01/17 - FGIC Insured 2,475 Northern Palm Beach County Improvement District, 8/10 at 102.00 AA 2,732,771 Florida, Water Control and Improvement Bonds, Unit Development No. 19, Series 2000, 6.100%, 8/01/21 - RAAI Insured 2,000 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/04 at 102.00 AAA 2,081,500 Series 1994, 6.125%, 1/01/24 - FGIC Insured 2,040 Palm Beach County School Board, Florida, Certificates 8/12 at 100.00 AAA 2,207,545 of Participation, Series 2002D, 5.250%, 8/01/21 - FSA Insured 11,815 Volusia County School Board, Florida, Sales Tax Revenue 10/12 at 100.00 AAA 13,607,926 Bonds, Series 2002, 5.375%, 10/01/14 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 24.6% 2,225 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 2,325,147 Series 2001-J1, 5.250%, 10/01/21 (Alternative Minimum Tax) - AMBAC Insured 12,000 Dade County, Florida, Aviation Revenue Bonds, Series 1996A, 10/06 at 102.00 AAA 12,823,800 5.750%, 10/01/26 (Alternative Minimum Tax) - MBIA Insured 1,500 Dade County, Florida, Aviation Revenue Bonds, Series 1995B, 10/05 at 102.00 AAA 1,634,610 6.000%, 10/01/24 (Alternative Minimum Tax) - MBIA Insured 15,000 Dallas and Fort Worth, Texas, Joint Revenue Bonds, Dallas- 11/09 at 100.00 AAA 16,788,000 Fort Worth International Airport, Series 2000A, 6.125%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured 3,500 Greater Orlando Aviation Authority, Florida, Airport 10/07 at 101.00 AAA 3,578,260 Facilities Revenue Bonds, Series 1997, 5.250%, 10/01/23 (Alternative Minimum Tax) - FGIC Insured 4,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA 4,142,800 Revenue Bonds, Series 2002B, 5.125%, 10/01/21 (Alternative Minimum Tax) - FSA Insured 7,500 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 7,600,950 Miami International Airport, Series 1998A, 5.000%, 10/01/24 (Alternative Minimum Tax) - FGIC Insured 4,000 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/08 at 101.00 AAA 4,066,600 Miami International Airport, Series 1998C, 5.000%, 10/01/23 (Alternative Minimum Tax) - MBIA Insured 2,000 Miami-Dade County Expressway Authority, Florida, Toll 7/11 at 101.00 Aaa 2,121,220 System Refunding Revenue Bonds, Series 2001, 5.000%, 7/01/21 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 3.8% 1,500 Bradford County Health Facilities Authority, Florida, Health No Opt. Call AAA 1,827,750 Facilities Revenue Refunding Bonds, SantaFe Health Care Facilities Project, Series 1993, 6.050%, 11/15/16 2,000 Florida Department of Corrections, Certificates of 8/04 at 102.00 AA*** 2,148,180 Participation, Gadsden County Facility, Series 1994, 6.000%, 3/01/14 (Pre-refunded to 8/01/04) 2,300 Sarasota County, Florida, Utility System Revenue Bonds, 10/04 at 102.00 AAA 2,502,929 Series 1994, 6.500%, 10/01/22 (Pre-refunded to 10/01/04) - FGIC Insured 2,000 Seminole County School Board, Florida, Certificates of 7/04 at 102.00 AAA 2,142,980 Participation, Series 1994A, 6.125%, 7/01/19 (Pre-refunded to 7/01/04) - MBIA Insured 17 Nuveen Florida Quality Income Municipal Fund (NUF) (continued) Portfolio of INVESTMENTS June 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.6% $ 10,000 Hillsborough County Industrial Development Authority, Florida, 10/12 at 100.00 Baa1 $ 9,971,600 Pollution Control Revenue Bonds, Tampa Electric Company Project, Series 2002, 5.100%, 10/01/13 9,440 JEA St. John's River Power Park System, Florida, Revenue 10/11 at 100.00 AA 10,370,218 Refunding Bonds, Series 2002-17 Issue 2, 5.000%, 10/01/15 2,145 Jacksonville Beach, Florida, Utility Revenue Refunding Bonds, 10/10 at 100.00 Aaa 2,291,010 Series 2002, 5.000%, 4/01/18 - AMBAC Insured 3,290 Orlando Utilities Commission, Florida, Water and Electric 10/11 at 101.00 Aa1 3,647,919 Revenue Refunding Bonds, Series 2001, 5.250%, 10/01/17 Orlando Utilities Commission, Florida, Water and Electric Revenue Refunding Bonds, Series 2002C: 3,170 5.250%, 10/01/17 10/12 at 100.00 Aa2 3,519,049 4,130 5.000%, 10/01/27 10/12 at 100.00 Aa2 4,303,006 3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 3,213,870 Series 2002II, 5.125%, 7/01/26 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 6.9% 3,310 Cocoa, Florida, Water and Sewer Revenue Bonds, No Opt. Call AAA 3,870,383 Series 2003 Refunding, 5.500%, 10/01/23 - AMBAC Insured 5,000 Davie, Florida, Water and Sewer Improvement and Refunding 10/03 at 101.00 AAA 5,119,850 Revenue Bonds, Series 1992, 6.250%, 10/01/17 - AMBAC Insured 1,065 Lee County Industrial Development Authority, Florida, 11/12 at 100.00 AAA 1,133,991 Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/19 (Alternative Minimum Tax) - MBIA Insured 5,000 Lee County, Florida, Water and Sewer Revenue Refunding 10/13 at 100.00 Aaa 5,244,250 Bonds, Series 2003A, 5.000%, 10/01/27 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 330,770 Total Long-Term Investments (cost $323,670,885) - 150.7% 337,945,056 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.5% 3,365,645 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.2)% (117,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $224,310,701 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * 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. *** 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. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 18
Nuveen Insured Florida Premium Income Municipal Fund (NFL) Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 3.9% $ 5,325 Escambia County Housing Finance Authority, Florida, Dormitory 6/09 at 101.00 AAA $ 5,962,828 Revenue Bonds, University of West Florida Foundation, Inc. Project, Series 1999, 5.750%, 6/01/31 - MBIA Insured 1,985 North Miami, Florida, Educational Facilities Revenue 4/13 at 100.00 AAA 2,126,471 Refunding Bonds, Johnson and Wales University, Series 2003A, 5.000%, 4/01/19 - XLCA Insured 1,100 Village Center Community Development District, Florida, 11/13 at 101.00 AAA 1,149,049 Recreational Revenue Bonds, Series 2003A, 5.000%, 11/01/32 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 12.3% 2,000 Brevard County Health Facilities Authority, Florida, Hospital 10/06 at 101.00 AAA 2,148,680 Revenue Bonds, Holmes Regional Medical Center Project, Series 1996, 5.625%, 10/01/14 - MBIA Insured 2,500 Hillsborough County Industrial Development Authority, No Opt. Call AAA 3,194,075 Florida, Industrial Development Revenue Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 - MBIA Insured 5,000 Lee County Hospital Board of Directors, Florida, Fixed-Rate 4/07 at 102.00 AAA 5,507,850 Hospital Revenue Bonds, Lee Memorial Health System, Series 1997A, 5.750%, 4/01/22 - MBIA Insured 7,220 Miami-Dade County Health Facilities Authority, Florida, 8/11 at 101.00 AAA 7,590,169 Hospital Revenue Bonds, Miami Children's Hospital Refunding, Series 2001A, 5.125%, 8/15/26 - AMBAC Insured 5,000 North Broward Hospital District, Florida, Refunding and 1/07 at 101.00 AAA 5,235,700 Improvement Revenue Bonds, Series 1997, 5.375%, 1/15/24 - MBIA Insured 5,445 Polk County Industrial Development Authority, Florida, 9/03 at 102.00 AAA 5,599,148 Industrial Development Revenue Bonds, Winter Haven Hospital Project, Series 1985-2, 6.250%, 9/01/15 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 16.8% 980 Broward County Housing Finance Authority, Florida, 6/07 at 102.00 AAA 1,029,118 Multifamily Housing Revenue Refunding Bonds, Pompano Oaks Apartments Project, Series 1997, GNMA Collateralized, 6.000%, 12/01/27 (Alternative Minimum Tax) Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1: 1,040 5.350%, 9/01/18 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,085,531 1,400 5.400%, 9/01/23 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,446,774 Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon Manor Isles Project, Series 1998B: 1,260 5.350%, 9/01/18 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,315,163 1,000 5.400%, 9/01/23 (Alternative Minimum Tax) - FSA Insured 3/08 at 101.00 AAA 1,033,410 Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta Pointe Apartments Project, Series 1997A: 1,230 5.650%, 9/01/17 (Alternative Minimum Tax) - FSA Insured 9/07 at 101.00 AAA 1,293,357 1,890 5.750%, 9/01/29 (Alternative Minimum Tax) - FSA Insured 9/07 at 101.00 AAA 1,960,686 1,400 Florida Housing Finance Agency, Housing Revenue Bonds, 4/07 at 102.00 AAA 1,482,838 Riverfront Apartments Project, Series 1997A, 6.250%, 4/01/37 (Alternative Minimum Tax) - AMBAC Insured 1,590 Florida Housing Finance Agency, Housing Revenue Bonds, 12/05 at 102.00 AAA 1,666,304 Williamsburg Village Apartments Project, Series 1995E, 6.100%, 12/01/20 (Alternative Minimum Tax) - AMBAC Insured 1,000 Florida Housing Finance Agency, Housing Revenue Bonds, 5/06 at 102.00 AAA 1,056,420 Turtle Creek Apartments Project, Series 1996-C1, 6.100%, 5/01/16 (Alternative Minimum Tax) - AMBAC Insured Florida Housing Finance Agency, Housing Revenue Bonds, Sterling Palms Apartments Project, Series 1996D-1: 1,000 6.300%, 12/01/16 (Alternative Minimum Tax) - AMBAC Insured 6/06 at 102.00 AAA 1,061,720 1,500 6.400%, 12/01/26 (Alternative Minimum Tax) - AMBAC Insured 6/06 at 102.00 AAA 1,581,360 19 Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued) Portfolio of INVESTMENTS June 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) $ 750 Florida Housing Finance Agency, Housing Revenue Bonds, 12/06 at 102.00 AAA $ 788,317 The Crossings at Indian Run Apartments Project, Series 1996V, 6.100%, 12/01/26 (Alternative Minimum Tax) - AMBAC Insured 2,535 Florida Housing Finance Corporation, GNMA Collateralized 9/10 at 102.00 AAA 2,658,860 Housing Revenue Bonds, Raintree Apartments, Series 2000J-1, 5.950%, 3/01/35 (Alternative Minimum Tax) 2,105 Florida Housing Finance Corporation, GNMA Collateralized 12/10 at 102.00 AAA 2,250,077 Housing Revenue Bonds, Cobblestone Apartments, Series 2000K-1, 6.000%, 12/01/33 (Alternative Minimum Tax) Florida Housing Finance Corporation, Housing Revenue Bonds, Augustine Club Apartments, 2000 Series D-1: 1,500 5.500%, 10/01/20 - MBIA Insured 10/10 at 102.00 Aaa 1,593,135 4,750 5.750%, 10/01/30 - MBIA Insured 10/10 at 102.00 Aaa 5,034,382 3,605 Jacksonville, Florida, GNMA Collateralized Housing Revenue 9/03 at 102.00 AAA 3,650,603 Refunding Bonds, Windermere Manor Apartments Project, Series 1993A, 5.875%, 3/20/28 1,425 Miami-Dade County Housing Finance Authority, Florida, 6/11 at 100.00 AAA 1,503,646 Multifamily Mortgage Revenue Bonds, Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 (Alternative Minimum Tax) - FSA Insured 4,950 Nevada Housing Division, Multi-Unit Housing Bonds, 4/10 at 100.00 AAA 5,223,389 Whispering Palms Project, Series 2000A, 6.300%, 4/01/32 (Alternative Minimum Tax) - FSA Insured 1,065 Palm Beach County Housing Finance Authority, Florida, 7/12 at 100.00 AAA 1,098,899 Multifamily Housing Revenue Bonds, Westlake Apartments Project - Phase II, Series 2002, 5.150%, 7/01/22 (Alternative Minimum Tax) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 4.2% 2,065 Broward County Housing Finance Authority, Florida, Single 4/09 at 101.00 Aaa 2,117,678 Family Mortgage Revenue Refunding Bonds, Series 199B, 5.250%, 4/01/31 (Alternative Minimum Tax) - MBIA Insured 2,165 Duval County Housing Finance Authority, Florida, Single 10/04 at 102.00 Aaa 2,246,902 Family Mortgage Revenue Bonds, GNMA Mortgage-Back Securities Program, Series 1994, 6.700%, 10/01/26 (Alternative Minimum Tax) 2,475 Escambia County Housing Finance Authority, Florida, Single 4/08 at 102.00 Aaa 2,529,054 Family Mortgage Revenue Bonds, Multi County Program, Series 1999, 5.200%, 4/01/32 (Alternative Minimum Tax) - MBIA Insured 12,215 Florida Housing Finance Corporation, Homeowner Mortgage 1/10 at 24.65 AAA 2,030,377 Revenue Bonds, Series 2000-4, 0.000%, 7/01/30 (Alternative Minimum Tax) - FSA Insured 4,095 Florida Housing Finance Corporation, Homeowner Mortgage 1/09 at 31.28 AAA 933,824 Revenue Bonds, Series 1999-2, 0.000%, 7/01/30 (Alternative Minimum Tax) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 0.4% 3,195 Galveston County, Texas, Unlimited Tax Road Bonds, No Opt. Call Aaa 999,907 Series 2001, 0.000%, 2/01/26 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 37.4% 4,835 Cape Coral, Florida, Capital Improvement Revenue Bonds, 10/09 at 101.00 Aaa 5,174,369 Series 1999, 5.375%, 10/01/24 - FSA Insured 2,250 Dade County, Florida, Special Obligation and Refunding 10/06 at 102.00 AAA 2,303,010 Bonds, Series 1996B, 5.000%, 10/01/35 - AMBAC Insured 1,555 DeSoto County, Florida, Capital Improvement Revenue Bonds, 4/12 at 101.00 AAA 1,702,569 Series 2002, 5.250%, 10/01/20 - MBIA Insured Destin, Florida, Capital Improvement Revenue Bonds, Series 2002: 1,000 5.000%, 8/01/27 - MBIA Insured 8/12 at 101.00 Aaa 1,048,080 1,000 5.125%, 8/01/31 - MBIA Insured 8/12 at 101.00 Aaa 1,054,750 1,910 Escambia County, Florida, Capital Improvement Revenue 10/12 at 100.00 AAA 1,995,912 Bonds, Series 2002, 5.000%, 10/01/27 - MBIA Insured 1,000 Escambia County, Florida, Sales Tax Revenue Bonds, 10/12 at 101.00 AAA 1,120,470 Series 2002 Refunding, 5.250%, 10/01/17 - AMBAC Insured 500 Escambia County, Florida, Tourist Development Tax Revenue 10/12 at 100.00 AAA 537,320 Bonds, Series 2002 Refunding, 5.000%, 10/01/19 - MBIA Insured 2,230 Florida Ports Financing Commission, Revenue Bonds, 10/09 at 101.00 AAA 2,352,851 State Transportation Trust Fund - Intermodal Program, Series 1999, 5.500%, 10/01/23 (Alternative Minimum Tax) - FGIC Insured 20 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) Florida Municipal Loan Council, Revenue Bonds, Series 2000B: $ 3,365 5.375%, 11/01/25 - MBIA Insured 11/10 at 101.00 AAA $ 3,589,984 3,345 5.375%, 11/01/30 - MBIA Insured 11/10 at 101.00 AAA 3,550,918 Florida Municipal Loan Council, Revenue Bonds, Series 2001A: 1,000 5.250%, 11/01/18 - MBIA Insured 11/11 at 101.00 AAA 1,104,360 2,000 4.750%, 11/01/21 - MBIA Insured 11/11 at 101.00 AAA 2,061,520 1,080 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,226,686 Remarketed 6-3-1996, Series 1985B, 5.900%, 12/01/15 (Mandatory put 12/01/10) - FGIC Insured 1,020 Gulf Breeze, Florida, Local Government Loan Program, 12/06 at 101.00 AAA 1,158,536 Remarketed 6-3-1996, Series 1985C, 5.900%, 12/01/15 (Mandatory put 12/01/08) - FGIC Insured 1,500 Gulf Breeze, Florida, Local Government Loan Program, 12/10 at 101.00 AAA 1,684,785 Remarketed 7-3-2000, Series 1985E, 5.750%, 12/01/20 (Mandatory put 12/01/19) - FGIC Insured 5,200 Gulf Breeze, Florida, Local Government Loan Program, 12/11 at 101.00 AAA 5,728,892 Remarketed 6-1-2001, Series 1985E, 4.750%, 12/01/20 (Mandatory put 12/01/11) - FGIC Insured 1,765 Julington Creek Plantation Community Development District, 5/12 at 101.00 AAA 1,844,637 Florida, Special Assessment Revenue Bonds, Series 2002, 4.750%, 5/01/19 - MBIA Insured 2,265 Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B, 10/12 at 100.00 AAA 2,419,609 5.000%, 10/01/20 - AMBAC Insured 5,000 Miami-Dade County School Board, Florida, Certificates 8/13 at 100.00 AAA 5,630,350 of Participation, Series 2003D, 5.000%, 8/01/14 - FGIC Insured 18,000 Miami-Dade County, Florida, Subordinate Special Obligation 4/08 at 49.54 AAA 6,935,400 Bonds, Series 1997A, 0.000%, 10/01/21 - MBIA Insured 1,000 Opa-Locka, Florida, Capital Improvement Revenue Bonds, 1/04 at 102.00 AAA 1,047,660 Series 1994, 7.000%, 1/01/14 - FGIC Insured 4,770 Orange County School Board, Florida, Master Lease 8/07 at 101.00 Aaa 5,126,367 Program, Certificates of Participation, Series 1997A, 5.375%, 8/01/22 - MBIA Insured 6,500 Palm Beach County, Florida, Administrative Complex Revenue No Opt. Call AAA 7,480,915 Refunding Bonds, Series 1993, 5.250%, 6/01/11 - FGIC Insured Palm Beach County, Florida, Criminal Justice Facilities, Revenue Refunding Bonds, Series 1993: 2,500 5.375%, 6/01/08 - FGIC Insured No Opt. Call AAA 2,861,600 4,000 5.375%, 6/01/10 - FGIC Insured No Opt. Call AAA 4,628,200 8,830 Palm Beach County School Board, Florida, Certificates of 8/12 at 100.00 AAA 9,202,096 Participation, Series 2002D, 5.000%, 8/01/28 - FSA Insured Pasco County, Florida, Sales Tax Revenue Bonds, Series 2003: 1,365 5.000%, 12/01/18 - AMBAC Insured 12/13 at 100.00 Aaa 1,490,676 1,435 5.000%, 12/01/19 - AMBAC Insured 12/13 at 100.00 Aaa 1,555,612 1,245 Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 4/12 at 100.00 AAA 1,311,184 5.000%, 4/01/22 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 27.1% 9,000 Broward County, Florida, Airport System Revenue Bonds, 10/11 at 101.00 AAA 9,275,310 Series 2001-J1, 5.250%, 10/01/26 (Alternative Minimum Tax) - AMBAC Insured 3,000 Dade County, Florida, Aviation Revenue Refunding Bonds, 10/03 at 102.00 AAA 3,090,240 Series 1993Y, 5.500%, 10/01/11 - FGIC Insured 1,100 Dade County, Florida, Seaport Revenue Refunding Bonds, 10/05 at 102.00 AAA 1,215,566 Series 1995, 5.750%, 10/01/15 - MBIA Insured 15,000 Dallas and Fort Worth, Texas, Joint Revenue Bonds, 11/09 at 100.00 AAA 16,788,000 Dallas-Fort Worth International Airport, Series 2000A, 6.125%, 11/01/35 (Alternative Minimum Tax) - FGIC Insured 5,000 Director of Nevada State Department of Business No Opt. Call AAA 1,501,300 and Industry, Revenue Bonds, Las Vegas Monorail Project, 1st Tier Series 2000, 0.000%, 1/01/27 - AMBAC Insured 3,295 Greater Orlando Aviation Authority, Florida, Airport 10/07 at 101.00 AAA 3,368,676 Facilities Revenue Bonds, Series 1997, 5.250%, 10/01/23 (Alternative Minimum Tax) - FGIC Insured 2,105 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 2,296,239 Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/17 (WI, settling 7/03/03) - FSA Insured 21 Nuveen Insured Florida Premium Income Municipal Fund (NFL) (continued) Portfolio of INVESTMENTS June 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 3,800 Jacksonville Port Authority, Florida, Port Facilities Revenue 11/06 at 102.00 AAA $ 4,118,288 Bonds, 5.625%, 11/01/18 (Alternative Minimum Tax) - MBIA Insured 15,025 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 16,482,876 6.000%, 10/01/32 (Alternative Minimum Tax) - FSA Insured 5,615 Miami-Dade County, Florida, Aviation Revenue Bonds, 10/12 at 100.00 AAA 6,228,439 Miami International Airport, Series 2002, 5.750%, 10/01/19 (Alternative Minimum Tax) - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 22.0% 3,750 Broward County Health Facilities Authority, Florida, Hospital 6/05 at 100.00 AAA 3,835,988 Revenue Bonds, Holy Cross Hospital, Inc., Series 1993, 5.850%, 6/01/12 (Pre-refunded to 6/01/05) - AMBAC Insured 2,700 Cocoa, Florida, Water and Sewer System Revenue Bonds, 10/07 at 101.00 AAA 3,166,749 Series 1997, 5.875%, 10/01/26 (Pre-refunded to 10/01/07) - FGIC Insured 4,500 Florida Department of Environmental Protection, 7/05 at 101.00 AAA 4,946,490 Preservation 2000 Revenue Bonds, Series 1995A, 5.750%, 7/01/11 (Pre-refunded to 7/01/05) - AMBAC Insured 2,350 Jacksonville Port Authority, Florida, Airport Revenue 10/03 at 102.00 AAA 2,419,678 Refunding Bonds, Series 1993, 5.250%, 10/01/17 (Alternative Minimum Tax) (Pre-refunded to 10/01/03) - AMBAC Insured 1,025 Jacksonville, Florida, Sales Tax Revenue Bonds, River City 10/05 at 101.00 AAA 1,131,293 Renaissance Project, Series 1995, 5.500%, 10/01/10 (Pre-refunded to 10/01/05) - FGIC Insured 990 Orange County, Florida, Tourist Development Tax Revenue 10/03 at 101.00 AAA 1,012,186 Bonds, Series 1992A, 6.250%, 10/01/13 - AMBAC Insured St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993: 5,000 5.500%, 10/01/15 - FGIC Insured 10/03 at 102.00 AAA 5,293,350 1,200 5.500%, 10/01/21 - FGIC Insured 10/03 at 102.00 AAA 1,267,692 7,855 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 9,788,430 Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured Sunrise, Florida, Utility System Revenue Bonds, Series 1996A: 6,900 5.750%, 10/01/16 (Pre-refunded to 10/01/06) - AMBAC Insured 10/06 at 101.00 AAA 7,896,705 8,700 5.750%, 10/01/21 (Pre-refunded to 10/01/06) - AMBAC Insured 10/06 at 101.00 AAA 9,956,715 1,500 Tampa, Florida, Allegany Health System Revenue Bonds, 12/03 at 102.00 AAA 1,526,535 St. Joseph Hospital, Inc., Series 1993, 5.125%, 12/01/23 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.9% 1,500 Florida Municipal Power Agency, Revenue Refunding Bonds, 10/03 at 100.00 AAA 1,512,870 Tri-City Project, Series 1992, 5.500%, 10/01/19 - AMBAC Insured 1,585 Florida Municipal Power Agency, Revenue Refunding Bonds, 10/13 at 100.00 Aaa 1,728,997 Tri-City Project, Series 2003A, 5.000%, 10/01/18 (WI, settling 7/09/03) - FSA Insured 2,000 Fort Pierce Utilities Authority, Florida, Utility Revenue 10/13 at 100.00 AAA 2,262,920 Refunding Bonds, Series 2003, 5.000%, 10/01/14 (WI, settling 7/03/03) - AMBAC Insured 3,500 Lee County, Florida, Solid Waste System Revenue Refunding 10/11 at 100.00 Aaa 3,943,345 Bonds, Series 2001, 5.625%, 10/01/13 (Alternative Minimum Tax) - MBIA Insured 3,525 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 4,206,770 Refunding Bonds, Series 1997A, 6.000%, 10/01/09 - AMBAC Insured 8,000 Palm Beach County Solid Waste Authority, Florida, Revenue No Opt. Call AAA 5,069,760 Bonds, Series 2002B, 0.000%, 10/01/14 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 16.2% Clay County, Florida, Utility System Revenue Refunding Bonds, Series 2003B: 590 5.000%, 11/01/14 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 658,894 620 5.000%, 11/01/15 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 682,806 670 5.000%, 11/01/17 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 724,317 755 5.000%, 11/01/18 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 808,696 Clay County, Florida, Utility System Revenue Refunding Bonds, Series 2003C: 1,090 5.000%, 11/01/14 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 1,217,279 1,145 5.000%, 11/01/15 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 1,260,989 510 5.000%, 11/01/17 (WI, settling 8/06/03) - FSA Insured 11/13 at 100.00 Aaa 551,346 22 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 1,000 Florida Governmental Utility Authority, Utility Revenue 7/09 at 101.00 Aaa $ 1,038,250 Bonds, Golden Gate Utility System, Series 1999, 5.000%, 7/01/29 - AMBAC Insured 8,000 Indian River County, Florida, Water and Sewer Revenue 9/08 at 102.00 AAA 8,452,000 Bonds, Series 1993A, 5.250%, 9/01/24 - FGIC Insured 2,000 Indian Trail Water Control District, Florida, Water Control 8/07 at 101.00 AAA 2,180,500 and Improvement Bonds, Unit of Development No. 17, Series 1996, 5.500%, 8/01/22 - MBIA Insured 3,450 JEA, Florida, Water and Sewer System Revenue Bonds, 4/07 at 100.00 AAA 3,648,927 Series 2002A, 5.375%, 10/01/30 - MBIA Insured 560 Lee County Industrial Development Authority, Florida, 11/12 at 100.00 AAA 592,278 Utilities Revenue Bonds, Bonita Springs Utilities Inc. Project, Series 2002, 5.000%, 11/01/20 (Alternative Minimum Tax) - MBIA Insured 2,250 Port Orange, Florida, Water and Sewer Junior Lien Revenue 10/03 at 101.00 AAA 2,289,398 Refunding Bonds, Series 1993, 5.250%, 10/01/21 - AMBAC Insured 1,980 Port St. Lucie, Florida, Stormwater Utility System Revenue 5/12 at 100.00 AAA 2,196,038 Refunding Bonds, Series 2002, 5.250%, 5/01/17 - MBIA Insured 10,000 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/11 at 34.97 AAA 2,276,000 Series 2001, 0.000%, 9/01/29 - MBIA Insured Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002: 1,360 5.250%, 1/01/17 - FGIC Insured 1/13 at 100.00 AAA 1,517,787 770 5.250%, 1/01/18 - FGIC Insured 1/13 at 100.00 AAA 854,792 500 5.250%, 1/01/20 - FGIC Insured 1/13 at 100.00 AAA 546,730 3,530 Seminole County, Florida, Water and Sewer Revenue No Opt. Call AAA 4,338,299 Refunding and Improvement Bonds, Series 1992, 6.000%, 10/01/19 - MBIA Insured 1,300 Sunrise, Florida, Utility System Revenue Refunding Bonds, 10/06 at 102.00 AAA 1,490,749 Series 1996, 5.800%, 10/01/11 - AMBAC Insured 1,100 Wauchula, Florida, Utility Revenue Bonds, Series 2001A, 10/11 at 101.00 AAA 1,147,519 5.000%, 10/01/31 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 365,925 Total Long-Term Investments (cost $322,085,112) - 148.2% 351,920,020 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 1.9% 3,000 Alachua County Health Facilities Authority, Florida, VMIG-1 3,000,000 Continuing Care Retirement Community Revenue Bonds, Oak Hammock Project, Variable Rate Demand Obligations, Series 2002A, 1.000%, 10/01/32+ 1,500 Capital Projects Finance Authority, Florida, Continuing VMIG-1 1,500,000 Care Retirement Community Revenue Bonds, Glenridge on Palmer Ranch, Variable Rate Demand Bonds, Series 2002C, 1.000%, 6/01/12+ - ------------------------------------------------------------------------------------------------------------------------------------ $ 4,500 Total Short-Term Investments (cost $4,500,000) 4,500,000 =============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $326,585,112) - 150.1% 356,420,020 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (3.4)% (7,929,529) -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (46.7)% (111,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $237,490,491 ==================================================================================================================== (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. All of the bonds in the portfolio, excluding temporary investments in short-term municipal securities, are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * 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. (WI) Security purchased on a when-issued basis. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 23
Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) Portfolio of INVESTMENTS June 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 17.8% $ 1,000 Citrus County Hospital Board, Florida, Revenue Bonds, 8/13 at 100.00 Baa3 $ 1,038,440 Citrus Memorial Hospital, Series 2002 Refunding, 6.375%, 8/15/32 1,300 Escambia County Health Facilities Authority, Florida, Revenue No Opt. Call AA 1,453,933 Bonds, Ascension Health Credit Group, Series 2003A, 5.250%, 11/15/13 Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center, Series 2003: 1,750 5.000%, 7/01/17 (DD, settling 7/01/03) 7/13 at 100.00 A 1,809,168 1,200 5.000%, 7/01/18 (DD, settling 7/01/03) 7/13 at 100.00 A 1,230,396 3,000 Pinellas County Health Facilities Authority, Florida, Revenue 5/13 at 100.00 A1 3,146,070 Bonds, Baycare Health System, Series 2003, 5.750%, 11/15/27 1,500 South Miami Health Facilities Authority, Florida, Hospital 2/13 at 100.00 Aa3 1,521,075 Revenue Bonds, Baptist Health Systems of South Florida, Series 2003, 5.200%, 11/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 4.0% 2,025 Florida Housing Finance Agency, Home Ownership Revenue No Opt. Call AAA 2,306,779 Refunding Bonds, Series 1987-G1, 8.595%, 11/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.5% 1,500 State of Florida, Full Faith and Credit, State Board of 6/12 at 101.00 AAA 1,588,365 Education, Public Education Capital Outlay Bonds, Series 2002F, 5.000%, 6/01/22 - MBIA Insured 3,665 State of Florida, Full Faith and Credit, State Board of 6/12 at 101.00 AAA 3,828,386 Education, Public Education Capital Outlay Bonds, Series 2002A, 5.000%, 6/01/32 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 56.2% 5,000 Broward County Board of Education, Florida, Certificates 7/13 at 100.00 AAA 5,321,850 of Participation, Series 2003, 5.000%, 7/01/21 - MBIA Insured 1,000 Collier County, Florida, Gas Tax Revenue Bonds, 6/13 at 100.00 AAA 1,107,100 Series 2003 Refunding, 5.250%, 6/01/19 - AMBAC Insured 2,000 Dade County, Florida, Special Obligation and Refunding 10/06 at 102.00 AAA 2,047,120 Bonds, Series 1996B, 5.000%, 10/01/35 - AMBAC Insured 2,270 Jacksonville, Florida, Sales Tax Revenue Bonds, Local 10/12 at 100.00 AAA 2,538,132 Government Refunding and Improvement, Series 2002, 5.375%, 10/01/18 - FGIC Insured 1,235 Julington Creek Plantation Community Development 5/12 at 101.00 AAA 1,287,055 District, Florida, Special Assessment Revenue Bonds, Series 2002, 5.000%, 5/01/29 - MBIA Insured Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B: 1,730 5.000%, 10/01/18 - AMBAC Insured 10/12 at 100.00 AAA 1,874,420 2,000 5.000%, 10/01/19 - AMBAC Insured 10/12 at 100.00 AAA 2,152,480 3,180 Orange County, Florida, Sales Tax Revenue Bonds, 1/13 at 100.00 AAA 3,461,812 Series 2002B, 5.125%, 1/01/19 - FGIC Insured 3,370 Osceola County School Board, Florida, Certificates of 6/12 at 101.00 Aaa 3,644,824 Participation, Series 2002A, 5.125%, 6/01/20 - AMBAC Insured Palm Beach County School Board, Florida, Certificates of Participation, Series 2002D: 2,950 5.250%, 8/01/20 - FSA Insured 8/12 at 100.00 AAA 3,212,314 3,670 5.000%, 8/01/28 - FSA Insured 8/12 at 100.00 AAA 3,824,654 1,500 Puerto Rico Highway and Transportation Authority, 7/13 at 100.00 AAA 1,661,805 Transportation Revenue Bonds, Series 2003G, 5.250%, 7/01/20 - FGIC Insured 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 20.4% $ 2,000 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/12 at 100.00 AAA $ 2,101,040 Revenue Bonds, Series 2002A, 5.125%, 10/01/32 - FSA Insured 1,500 Greater Orlando Aviation Authority, Florida, Airport Facilities 10/13 at 100.00 AAA 1,625,715 Revenue Refunding Bonds, Series 2003A, 5.000%, 10/01/18 (WI, settling 7/03/03) - FSA Insured 1,500 Orlando-Orange County Expressway Authority, Florida, 7/13 at 100.00 AAA 1,689,570 Expressway Revenue Bonds, Series 2003A Refunding, 5.250%, 7/01/16 - AMBAC Insured 6,000 Orange-Orlando County Expressway Authority, Florida, 7/13 at 100.00 AAA 6,283,800 Expressway Revenue Bonds, Series 2003B, 5.000%, 7/01/28 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.5% 1,400 Florida Municipal Power Agency, Revenue Refunding 10/13 at 100.00 Aaa 1,516,102 Bonds, Tri-City Project, Series 2003A, 5.000%, 10/01/19 (WI, settling 7/09/03) - FSA Insured 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 2,142,580 Series 2002II, 5.125%, 7/01/26 - FSA Insured 2,000 Puerto Rico Electric Power Authority, Power Revenue No Opt. Call AAA 2,339,560 Refunding Bonds, 2002 Series JJ, 5.250%, 7/01/15 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 33.8% JEA, Florida, Water and Sewer System Revenue Bonds, Series 2002A: 2,000 5.375%, 10/01/30 - MBIA Insured 4/07 at 100.00 AAA 2,115,320 4,000 5.500%, 10/01/41 - MBIA Insured 4/07 at 100.00 AAA 4,313,280 2,000 Miami-Dade County, Florida, Water and Sewer System 10/09 at 101.00 AAA 2,078,400 Revenue Bonds, Series 1999A, 5.000%, 10/01/29 - FGIC Insured 750 North Port, Florida, Utility System Revenue Bonds, 10/10 at 101.00 Aaa 781,597 Series 2000, 5.000%, 10/01/25 - FSA Insured Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002: 1,190 5.250%, 5/01/15 - MBIA Insured 5/12 at 100.00 AAA 1,340,785 1,500 5.000%, 5/01/23 - MBIA Insured 5/12 at 100.00 AAA 1,575,870 2,330 Port St. Lucie, Florida, Utility System Revenue Bonds, 9/13 at 100.00 AAA 2,485,830 Series 2003, 5.000%, 9/01/21 - MBIA Insured 4,000 Sunrise, Florida, Utility System Revenue Bonds, No Opt. Call AAA 4,663,520 Series 1998A Refunding, 5.500%, 10/01/15 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 81,015 Total Long-Term Investments (cost $84,370,900) - 152.2% 87,109,147 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (1.5)% (886,611) -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.7)% (29,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $57,222,536 ==================================================================================================================== At least 80% of the Fund's net assets are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * 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. (DD) Security purchased on a delayed delivery basis. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 25
Statement of ASSETS AND LIABILITIES June 30, 2003
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE (NQF) (NUF) (NFL) (NWF) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $365,403,190, $323,670,885, $326,585,112 and $84,370,900, respectively) $390,258,162 $337,945,056 $356,420,020 $87,109,147 Cash 2,370,862 -- 297,261 1,038,811 Receivables: Interest 5,655,640 4,488,027 4,143,944 1,061,515 Investments sold 1,845,000 8,528,568 326,738 10,369,981 Other assets 20,157 31,091 21,262 6,581 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 400,149,821 350,992,742 361,209,225 99,586,035 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- 836,343 -- -- Payable for investments purchased 5,961,266 8,547,342 12,406,302 13,286,043 Accrued expenses: Management fees 209,015 181,782 185,300 24,799 Organization and offering costs -- -- -- 5,000 Other 109,652 103,703 113,954 43,721 Preferred share dividends payable 14,003 12,871 13,178 3,936 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 6,293,936 9,682,041 12,718,734 13,363,499 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 132,000,000 117,000,000 111,000,000 29,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $261,855,885 $224,310,701 $237,490,491 $57,222,536 ==================================================================================================================================== Common shares outstanding 16,495,776 14,242,293 14,336,452 3,878,583 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.87 $ 15.75 $ 16.57 $ 14.75 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 164,958 $ 142,423 $ 143,365 $ 38,786 Paid-in surplus 230,246,431 205,140,993 203,434,885 54,680,629 Undistributed (Over-distribution of) net investment income 3,136,957 2,585,269 2,503,509 (253,061) Accumulated net realized gain from investments 3,452,567 2,167,845 1,573,824 17,935 Net unrealized appreciation of investments 24,854,972 14,274,171 29,834,908 2,738,247 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $261,855,885 $224,310,701 $237,490,491 $57,222,536 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ====================================================================================================================================
See accompanying notes to financial statements. 26 Statement of OPERATIONS Year Ended June 30, 2003
FLORIDA FLORIDA INSURED FLORIDA INSURED FLORIDA INVESTMENT QUALITY QUALITY INCOME PREMIUM INCOME TAX-FREE ADVANTAGE (NQF) (NUF) (NFL) (NWF)* - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $21,229,125 $18,112,831 $17,631,901 $1,771,241 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 2,488,103 2,164,622 2,193,146 301,148 Preferred shares - auction fees 330,385 292,844 278,120 31,617 Preferred shares - dividend disbursing agent fees 20,000 30,000 20,000 4,521 Shareholders' servicing agent fees and expenses 40,980 32,621 29,639 2,141 Custodian's fees and expenses 99,180 96,492 91,394 14,669 Trustees' fees and expenses 4,299 4,847 3,485 827 Professional fees 17,966 17,544 18,011 10,433 Shareholders' reports - printing and mailing expenses 26,991 31,977 26,275 9,898 Stock exchange listing fees 16,300 16,295 16,268 170 Investor relations expense 47,903 42,482 38,317 4,115 Other expenses 24,007 24,440 21,180 1,424 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 3,116,114 2,754,164 2,735,835 380,963 Custodian fee credit (32,219) (34,916) (29,647) (10,278) Expense reimbursement -- -- -- (148,257) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 3,083,895 2,719,248 2,706,188 222,428 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 18,145,230 15,393,583 14,925,713 1,548,813 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investments 3,875,859 3,463,251 2,057,125 17,814 Change in net unrealized appreciation (depreciation) of investments 8,853,791 6,508,220 10,662,174 2,738,247 - ------------------------------------------------------------------------------------------------------------------------------------ Net gain from investments 12,729,650 9,971,471 12,719,299 2,756,061 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (1,204,511) (1,022,349) (1,147,462) (126,559) From accumulated net realized gains from investments (226,303) (275,955) (14,829) -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (1,430,814) (1,298,304) (1,162,291) (126,559) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $29,444,066 $24,066,750 $26,482,721 $4,178,315 ==================================================================================================================================== *For the period November 22, 2002 (commencement of operations) through June 30, 2003. See accompanying notes to financial statements. 27
Statement of CHANGES IN NET ASSETS
FLORIDA INVESTMENT QUALITY (NQF) FLORIDA QUALITY INCOME (NUF) --------------------------------- -------------------------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 6/30/03 6/30/02 6/30/03 6/30/02 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 18,145,230 $ 18,618,829 $ 15,393,583 $ 16,780,301 Net realized gain from investments 3,875,859 1,901,333 3,463,251 1,608,721 Change in net unrealized appreciation (depreciation) of investments 8,853,791 4,563,999 6,508,220 313,706 Distributions to Preferred shareholders: From net investment income (1,204,511) (1,871,953) (1,022,349) (1,699,118) From accumulated net realized gains from investments (226,303) (307,378) (275,955) (185,755) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 29,444,066 22,904,830 24,066,750 16,817,855 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (16,027,701) (15,039,072) (14,168,989) (13,311,602) From accumulated net realized gains from investments (2,098,066) (914,570) (2,512,996) (548,021) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (18,125,767) (15,953,642) (16,681,985) (13,859,623) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 704,166 659,265 874,329 467,585 Preferred shares offering costs -- -- 7,500 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 704,166 659,265 881,829 467,585 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares 12,022,465 7,610,453 8,266,594 3,425,817 Net assets applicable to Common shares at the beginning of period 249,833,420 242,222,967 216,044,107 212,618,290 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $261,855,885 $249,833,420 $224,310,701 $216,044,107 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 3,136,957 $ 2,380,247 $ 2,585,269 $ 2,412,995 ==================================================================================================================================== See accompanying notes to financial statements. 28
INSURED FLORIDA TAX-FREE INSURED FLORIDA PREMIUM INCOME (NFL) ADVANTAGE (NWF) ------------------------------------ --------------- FOR THE PERIOD 11/22/02 (COMMENCEMENT OF OPERATIONS) YEAR ENDED YEAR ENDED THROUGH 6/30/03 6/30/02 6/30/03 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 14,925,713 $ 15,300,279 $ 1,548,813 Net realized gain from investments 2,057,125 354,115 17,814 Change in net unrealized appreciation (depreciation) of investments 10,662,174 3,412,639 2,738,247 Distributions to Preferred shareholders: From net investment income (1,147,462) (1,701,785) (126,559) From accumulated net realized gains from investments (14,829) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 26,482,721 17,365,248 4,178,315 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (13,374,479) (12,243,326) (1,675,194) From accumulated net realized gains from investments (125,967) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (13,500,446) (12,243,326) (1,675,194) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- 55,321,650 Net proceeds from shares issued to shareholders due to reinvestment of distributions 547,078 197,256 24,090 Preferred shares offering costs -- -- (726,600) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 547,078 197,256 54,619,140 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares 13,529,353 5,319,178 57,122,261 Net assets applicable to Common shares at the beginning of period 223,961,138 218,641,960 100,275 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $237,490,491 $223,961,138 $57,222,536 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 2,503,509 $ 2,085,424 $ (253,061) ====================================================================================================================================
See accompanying notes to financial statements. 29 Notes to FINANCIAL STATEMENTS 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The state Funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen Florida Investment Quality Municipal Fund (NQF), Nuveen Florida Quality Income Municipal Fund (NUF), Nuveen Insured Florida Premium Income Municipal Fund (NFL) and Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF). Florida Investment Quality (NQF), Florida Quality Income (NUF) and Insured Florida Premium Income (NFL) are traded on the New York Stock Exchange while Insured Florida Tax-Free Advantage (NWF) is traded on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. Prior to the commencement of operations of Insured Florida Tax-Free Advantage (NWF), the Fund had no operations other than those related to organizational matters, the initial capital contribution of $100,275 by Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. (formerly, The John Nuveen Company), and the recording of the organization expenses ($11,500) and its reimbursement by Nuveen Investments, LLC (formerly, Nuveen Investments), also a wholly owned subsidiary of Nuveen Investments, Inc. Each Fund seeks to provide current income exempt from regular federal income tax, and in the case of Insured Florida Tax-Free Advantage (NWF) the alternative minimum tax applicable to individuals, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of Florida. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. 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. If it is determined that market prices for a security are unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish a fair value for the security. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and/or delayed delivery purchase commitments. At June 30, 2003, Florida Investment Quality (NQF), Florida Quality Income (NUF), Insured Florida Premium Income (NFL) and Insured Florida Tax-Free Advantage (NWF) had outstanding delayed delivery and/or when-issued purchase commitments of $5,961,266, $3,284,103, $12,406,302, and $13,286,043, respectively. 30 Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of Insured Florida Tax-Free Advantage (NWF) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. All monthly tax-exempt income dividends paid during the fiscal year ended June 30, 2003, have been designated Exempt Interest Dividends. Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared and paid monthly. 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 Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, 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 accounting principles generally accepted in the United States. Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one or more Series. The dividend rate on each Series may change every seven days, as set pursuant to a dutch auction process by the auction agent, and is payable at or near the end of each rate period. The number of Preferred shares outstanding, by Series and in total, for each Fund is as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) - -------------------------------------------------------------------------------- Number of shares: Series M -- 1,700 -- -- Series T 3,080 -- -- -- Series W -- -- 1,640 1,160 Series TH -- 1,700 2,800 -- Series F 2,200 1,280 -- -- - -------------------------------------------------------------------------------- Total 5,280 4,680 4,440 1,160 ================================================================================ Effective January 17, 2003, Insured Florida Tax-Free Advantage (NWF) issued 1,160 Series W, $25,000 stated value Preferred shares. Insurance Insured Florida Premium Income (NFL) invests in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest. Insured Florida Tax-Free Advantage (NWF) invests at least 80% of its net assets in municipal securities that are covered by insurance. The Fund may also invest up to 20% of its net assets in municipal securities which are either (i) backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. 31 Notes to FINANCIAL STATEMENTS (continued) Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Funds include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. 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 June 30, 2003. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Offering Costs Nuveen Investments, LLC has agreed to pay all Common share offering costs (other than the sales load) that exceed $.03 per Common share for Insured Florida Tax-Free Advantage (NWF). Insured Florida Tax-Free Advantage's (NWF) share of Common share offering costs ($116,100) were recorded as a reduction of the proceeds from the sale of Common shares. Costs incurred by Insured Florida Tax-Free Advantage (NWF) in connection with its offering of Preferred shares ($726,600) were recorded as a reduction to paid-in surplus. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 32 2. FUND SHARES Transactions in Common and Preferred shares were as follows:
FLORIDA FLORIDA INVESTMENT QUALITY (NQF) QUALITY INCOME (NUF) - --------------------------------------------------------------------------------------------------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 6/30/03 6/30/02 6/30/03 6/30/02 - --------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions 43,415 43,293 53,877 30,277 - --------------------------------------------------------------------------------------------------------- 43,415 43,293 53,877 30,277 ========================================================================================================= Preferred shares sold -- -- -- -- ========================================================================================================= INSURED FLORIDA INSURED FLORIDA TAX-FREE PREMIUM INCOME (NFL) ADVANTAGE (NWF) - --------------------------------------------------------------------------------------------------------- FOR THE PERIOD 11/22/02 (COMMENCEMENT YEAR ENDED YEAR ENDED OF OPERATIONS) 6/30/03 6/30/02 THROUGH 6/30/03 - --------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- 3,870,000 Shares issued to shareholders due to reinvestment of distributions 32,881 12,642 1,583 - --------------------------------------------------------------------------------------------------------- 32,881 12,642 3,871,583 ========================================================================================================= Preferred shares sold -- -- 1,160 =========================================================================================================
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities for the period ended June 30, 2003, were as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF)* - -------------------------------------------------------------------------------- Purchases $62,468,936 $93,965,253 $57,493,474 $115,168,355 Sales and maturities 63,366,397 90,531,388 46,899,576 30,661,835 ================================================================================ * For the period November 22, 2002 (commencement of operations) through June 30, 2003. 33 Notes to FINANCIAL STATEMENTS (continued) 4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At June 30, 2003, the cost of investments were as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) - -------------------------------------------------------------------------------- Cost of investments $365,192,177 $323,652,562 $326,417,665 $84,370,900 ================================================================================ Gross unrealized appreciation and gross unrealized depreciation on investments at June 30, 2003, were as follows:
INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) - ----------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $30,163,474 $17,439,660 $30,281,497 $2,840,266 Depreciation (5,097,489) (3,147,166) (279,142) (102,019) - ----------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments $25,065,985 $14,292,494 $30,002,355 $2,738,247 ===========================================================================================================
The tax components of undistributed net investment income and net realized gains at June 30, 2003, were as follows:
INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) - --------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income $4,269,443 $3,761,927 $3,479,482 $30,133 Undistributed net ordinary income * 212,386 266,129 328,384 17,935 Undistributed net long-term capital gains 3,288,083 1,901,716 1,247,778 -- =========================================================================================================
* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 34 The tax character of distributions paid during the fiscal years ended June 30, 2003 and June 30, 2002, were designated for purposes of the dividends paid deduction as follows:
INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE 2003 (NQF) (NUF) (NFL) (NWF) - --------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $17,151,125 $15,182,483 $14,483,420 $1,518,559 Distributions from net ordinary income * 271,066 62,185 -- -- Distributions from net long-term capital gains 2,068,358 2,736,853 140,796 -- ========================================================================================================= INSURED FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM QUALITY INCOME INCOME 2002 (NQF) (NUF) (NFL) - --------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $16,851,028 $14,915,192 $13,822,033 Distributions from net ordinary income * -- 166,206 -- Distributions from net long-term capital gains 1,221,948 567,570 -- =========================================================================================================
* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' (excluding Insured Florida Tax-Free Advantage (NWF)) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE - -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For the next $3 billion .5875 For net assets over $5 billion .5750 ================================================================================ Under Insured Florida Tax-Free Advantage's (NWF) investment management agreement with the Adviser, the Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of the Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE - -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For net assets over $2 billion .5750 ================================================================================ 35 Notes to FINANCIAL STATEMENTS (continued) For the first eight years of Insured Florida Tax-Free Advantage's (NWF) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts, and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, - -------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured Florida Tax-Free Advantage (NWF) for any portion of its fees and expenses beyond November 30, 2010. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 6. SUBSEQUENT EVENT - DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid August 1, 2003, to shareholders of record on July 15, 2003, as follows: INSURED INSURED FLORIDA FLORIDA FLORIDA FLORIDA INVESTMENT QUALITY PREMIUM TAX-FREE QUALITY INCOME INCOME ADVANTAGE (NQF) (NUF) (NFL) (NWF) - -------------------------------------------------------------------------------- Dividend per share $.0835 $.0830 $.0790 $.0720 ================================================================================ 36 Financial HIGHLIGHTS 37 Financial HIGHLIGHTS Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------------------------------------------ ------------------------------- Distributions Distributions from Net from Net Beginning Net Investment Capital Investment Capital Common Realized/ Income to Gains to Income to Gains to Share Net Unrealized Preferred Preferred Common Common Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== FLORIDA INVESTMENT QUALITY (NQF) Year Ended 6/30: 2003 $15.19 $1.10 $ .76 $(.07) $(.01) $1.78 $ (.97) $(.13) $(1.10) 2002 14.76 1.13 .41 (.11) (.02) 1.41 (.92) (.06) (.98) 2001 14.24 1.19 .52 (.30) -- 1.41 (.89) -- (.89) 2000 15.03 1.21 (.71) (.29) (.01) .20 (.94) (.03) (.97) 1999 15.66 1.16 (.59) (.20) (.01) .36 (.96) (.03) (.99) FLORIDA QUALITY INCOME (NUF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 6/30: 2003 15.23 1.08 .71 (.07) (.02) 1.70 (1.00) (.18) (1.18) 2002 15.02 1.18 .14 (.12) (.01) 1.19 (.94) (.04) (.98) 2001 14.57 1.20 .43 (.30) -- 1.33 (.88) -- (.88) 2000 15.37 1.19 (.77) (.29) -- .13 (.91) -- (.91) 1999 15.96 1.14 (.61) (.22) -- .31 (.90) -- (.90) INSURED FLORIDA PREMIUM INCOME (NFL) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 6/30: 2003 15.66 1.04 .89 (.08) -- 1.85 (.93) (.01) (.94) 2002 15.30 1.07 .27 (.12) -- 1.22 (.86) -- (.86) 2001 14.25 1.09 1.02 (.28) -- 1.83 (.78) -- (.78) 2000 14.86 1.06 (.59) (.28) -- .19 (.80) -- (.80) 1999 15.49 1.03 (.67) (.23) -- .13 (.76) -- (.76) INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 6/30: 2003(a) 14.33 .40 .70 (.03) -- 1.07 (.43) -- (.43) ==================================================================================================================================== Total Returns ----------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ================================================================================== FLORIDA INVESTMENT QUALITY (NQF) Year Ended 6/30: 2003 $ -- $15.87 $16.7500 13.28% 12.02% 2002 -- 15.19 15.8300 13.27 9.77 2001 -- 14.76 14.8900 12.03 10.11 2000 (.02) 14.24 14.1250 (5.54) 1.39 1999 -- 15.03 16.0000 (1.80) 2.22 FLORIDA QUALITY INCOME (NUF) - ---------------------------------------------------------------------------------- Year Ended 6/30: 2003 -- 15.75 16.6000 11.56 11.45 2002 -- 15.23 15.9900 13.80 8.15 2001 -- 15.02 14.9700 12.58 9.37 2000 (.02) 14.57 14.1250 (4.28) .87 1999 -- 15.37 15.7500 2.79 1.88 INSURED FLORIDA PREMIUM INCOME (NFL) - ---------------------------------------------------------------------------------- Year Ended 6/30: 2003 -- 16.57 17.2200 16.05 12.10 2002 -- 15.66 15.7100 14.29 8.13 2001 -- 15.30 14.5400 18.32 13.09 2000 -- 14.25 13.0000 (5.17) 1.47 1999 -- 14.86 14.5625 7.98 .73 INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) - ---------------------------------------------------------------------------------- Year Ended 6/30: 2003(a) (.22) 14.75 15.8700 8.82 6.08 ================================================================================== Ratios/Supplemental Data ----------------------------------------------------------------------------------------------- Before Credit/Reimbursement After Credit/Reimbursement*** ------------------------------ ----------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ======================================================================================================================= FLORIDA INVESTMENT QUALITY (NQF) Year Ended 6/30: 2003 $261,856 1.20% 7.00% 1.19% 7.01% 16% 2002 249,833 1.26 7.53 1.23 7.56 34 2001 242,223 1.33 8.10 1.29 8.14 28 2000 233,290 1.26 8.45 1.24 8.48 16 1999 245,644 1.15 7.38 1.15 7.39 17 FLORIDA QUALITY INCOME (NUF) - ----------------------------------------------------------------------------------------------------------------------- Year Ended 6/30: 2003 224,311 1.24 6.92 1.23 6.94 28 2002 216,044 1.28 7.81 1.26 7.83 30 2001 212,618 1.33 8.00 1.25 8.08 20 2000 206,212 1.26 8.08 1.23 8.10 20 1999 217,433 1.19 7.13 1.19 7.13 16 INSURED FLORIDA PREMIUM INCOME (NFL) - ----------------------------------------------------------------------------------------------------------------------- Year Ended 6/30: 2003 237,490 1.18 6.41 1.16 6.42 14 2002 223,961 1.21 6.89 1.21 6.89 8 2001 218,642 1.27 7.22 1.26 7.23 20 2000 203,591 1.30 7.53 1.29 7.54 22 1999 212,428 1.20 6.58 1.20 6.58 11 INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) - ----------------------------------------------------------------------------------------------------------------------- Year Ended 6/30: 2003(a) 57,223 1.15* 4.18* .67* 4.66* 46 ======================================================================================================================= Preferred Shares at End of Period ------------------------------------------ Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ===================================================================== FLORIDA INVESTMENT QUALITY (NQF) Year Ended 6/30: 2003 $132,000 $25,000 $74,594 2002 132,000 25,000 72,317 2001 132,000 25,000 70,876 2000 132,000 25,000 69,184 1999 110,000 25,000 80,828 FLORIDA QUALITY INCOME (NUF) - --------------------------------------------------------------------- Year Ended 6/30: 2003 117,000 25,000 72,930 2002 117,000 25,000 71,163 2001 117,000 25,000 70,431 2000 117,000 25,000 69,062 1999 105,000 25,000 76,770 INSURED FLORIDA PREMIUM INCOME (NFL) - --------------------------------------------------------------------- Year Ended 6/30: 2003 111,000 25,000 78,489 2002 111,000 25,000 75,442 2001 111,000 25,000 74,244 2000 111,000 25,000 70,854 1999 111,000 25,000 72,844 INSURED FLORIDA TAX-FREE ADVANTAGE (NWF) - --------------------------------------------------------------------- Year Ended 6/30: 2003(a) 29,000 25,000 74,330 =====================================================================
* 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 Common Share Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in Common share net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares, where applicable. (a) For the period November 22, 2002 (commencement of operations) through June 30, 2003. See accompanying notes to financial statements. 38-39 spread Trustees AND OFFICERS The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at eight. None of the trustees who are not "interested" persons of the Funds has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
NUMBER OF PORTFOLIOS IN FUND YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN AND ADDRESS WITH THE FUND APPOINTED(2) DURING PAST 5 YEARS BY TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ TRUSTEE WHO IS AN INTERESTED PERSON OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ Timothy R. Schwertfeger (1) Chairman of the 1994 Chairman and Director (since 1996) of Nuveen 140 3/28/49 Board and Investments, Inc. and Nuveen Investments, LLC; 333 W. Wacker Drive Trustee Director (since 1992) and Chairman (since 1996) of Chicago, IL 60606 Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.; Chairman and Director (since 1997) of Nuveen Asset Management, Inc.; Director (since 1996) of Institutional Capital Corporation; Chairman and Director (since 1999) of Rittenhouse Asset Management, Inc.; Chairman of Nuveen Investments Advisers Inc. (since 2002). TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ William E. Bennett Trustee 2001 Private Investor; previously, President and Chief 140 10/16/46 Executive Officer, Draper & Kramer, Inc., a private 333 W. Wacker Drive company that handles mortgage banking, real estate Chicago, IL 60606 development, pension advisory and real estate management (1995-1998). Prior thereto, Executive Vice President and Chief Credit Officer of First Chicago Corporation and its principal subsidiary, The First National Bank of Chicago. - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner Trustee 1997 Private Investor and Management Consultant. 134 8/22/40 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown Trustee 1993 Retired (since 1989) as Senior Vice President of The 134 7/29/34 Northern Trust Company; Director of the United Way of 333 W. Wacker Drive Highland Park-Highwood (since 2002). Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Anne E. Impellizzeri Trustee 1994 Retired, formerly, Executive Director (since 1998) 134 1/26/33 of Manitoga/The Russel Wright Design Center; prior 333 W. Wacker Drive thereto, President and Chief Executive Officer of Chicago, IL 60606 Blanton-Peale Institute (since 1990); prior thereto, Vice President, Metropolitan Life Insurance Co. - ------------------------------------------------------------------------------------------------------------------------------------ Peter R. Sawers Trustee 1991 Adjunct Professor of Business and Economics, 134 4/3/33 University of Dubuque, Iowa; formerly (1991-2000) 333 W. Wacker Drive Adjunct Professor, Lake Forest Graduate School of Chicago, IL 60606 Management, Lake Forest, Illinois; prior thereto, Executive Director, Towers Perrin Australia, a management consulting firm; Chartered Financial Analyst; Certified Management Consultant; Director, Executive Service Corps of Chicago, a not-for-profit organization. - ------------------------------------------------------------------------------------------------------------------------------------ William J. Schneider Trustee 1997 Senior Partner and Chief Operating Officer, 134 9/24/44 Miller-Valentine Group, Vice President, 333 W. Wacker Drive Miller-Valentine Realty, a development and contract Chicago, IL 60606 company; Chair, MiamiValley Hospital; Chair, Miami Valley Economic Development Coalition; formerly, Member, Community Advisory Board, National City Bank, Dayton, Ohio and Business Advisory Council, Cleveland Federal Reserve Bank. - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale Trustee 1997 Executive Director, Gaylord and Dorothy Donnelley 134 12/29/47 Foundation (since 1994); prior thereto, Executive 333 W. Wacker Drive Director, Great Lakes Protection Fund (from 1990 Chicago, IL 60606 to 1994). 40 NUMBER OF PORTFOLIOS IN FUND YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN AND ADDRESS WITH THE FUND APPOINTED(3) DURING PAST 5 YEARS BY OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary 140 9/9/56 Administrative and Associate General Counsel, formerly, Vice President 333 W. Wacker Drive Officer and Assistant General Counsel of Nuveen Investments, Chicago, IL 60606 LLC; Managing Director (since 2002), General Counsel and Assistant Secretary, formerly, Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.; Managing Director (since 2002), Assistant Secretary and Associate General Counsel, formerly, Vice President (since 2000), of Nuveen Asset Management, Inc.; Assistant Secretary of Nuveen Investments, Inc. (since 1994); Assistant Secretary of NWQ Investment Management Company, LLC (since 2002); Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since May 2003); Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, Assistant 140 2/3/66 and Assistant Vice President (since 2000), previously, Associate of 333 W. Wacker Drive Secretary Nuveen Investments, LLC. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Paul L. Brennan Vice President 1999 Vice President (since 2002), formerly, Assistant 122 11/10/66 Vice President (since 1997), of Nuveen Advisory Corp.; 333 W. Wacker Drive prior thereto, portfolio manager of Flagship Financial Chicago, IL 60606 Inc.; Chartered Financial Analyst and Certified Public Accountant. - ------------------------------------------------------------------------------------------------------------------------------------ Peter H. D'Arrigo Vice President 1999 Vice President of Nuveen Investments, LLC (since 140 11/28/67 and Treasurer 1999), prior thereto, Assistant Vice President 333 W. Wacker Drive (since 1997); Vice President and Treasurer of Nuveen Chicago, IL 60606 Investments, Inc. (since 1999); Vice President and Treasurer of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (since 1999); Vice President and Treasurer of Nuveen Asset Management, Inc. (since 2002) and of Nuveen Investments Advisers Inc. (since 2002); Assistant Treasurer of NWQ Investment Management Company, LLC (since 2002); Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Susan M. DeSanto Vice President 2001 Vice President of Nuveen Advisory Corp. (since 2001); 140 9/8/54 previously, Vice President of Van Kampen Investment 333 W. Wacker Drive Advisory Corp. (since 1998); Vice President of Nuveen Chicago, IL 60606 Institutional Advisory Corp. (since 2002); prior thereto, Assistant Vice President of Van Kampen Investment Advisory Corp. (since 1994). - ------------------------------------------------------------------------------------------------------------------------------------ Jessica R. Droeger Vice President 2000 Vice President (since 2002) and Assistant General 140 9/24/64 and Secretary Counsel (since 1998); formerly, Assistant Vice 333 W. Wacker Drive President (since 1998) of Nuveen Investments, LLC; Chicago, IL 60606 Vice President (since 2002) and Assistant Secretary (since 1998), formerly Assistant Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. 41 Trustees AND OFFICERS (CONTINUED) NUMBER OF PORTFOLIOS IN FUND YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN AND ADDRESS WITH THE FUND APPOINTED(3) DURING PAST 5 YEARS BY OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS (CONTINUED): - ------------------------------------------------------------------------------------------------------------------------------------ Lorna C. Ferguson Vice President 1998 Vice President of Nuveen Investments, LLC; Vice 140 10/24/45 President (since 1998) of Nuveen Advisory Corp. and 333 W. Wacker Drive Nuveen Institutional Advisory Corp. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ William M. Fitzgerald Vice President 1995 Managing Director (since 2002) of Nuveen Investments, 140 3/2/64 LLC; Managing Director (since 2001), formerly Vice 333 W. Wacker Drive President of Nuveen Advisory Corp. and Nuveen Chicago, IL 60606 Institutional Advisory Corp. (since 1995); Managing Director of Nuveen Asset Management, Inc. (since 2001); Vice President of Nuveen Investment Advisers Inc. (since 2002); Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds Controller 140 5/31/54 and Controller (since 1998) of Nuveen Investments, LLC and Vice 333 W. Wacker Drive President and Funds Controller (since 1998) of Nuveen Chicago, IL 60606 Investments, Inc.; Certified Public Accountant. - ------------------------------------------------------------------------------------------------------------------------------------ J. Thomas Futrell Vice President 1988 Vice President of Nuveen Advisory Corp.; 122 7/5/55 Chartered Financial Analyst. 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Richard A. Huber Vice President 1997 Vice President of Nuveen Institutional Advisory Corp. 122 3/26/63 (since 1998) and Nuveen Advisory Corp. (since 1997); 333 W. Wacker Drive prior thereto, Vice President and Portfolio Manager of Chicago, IL 60606 Flagship Financial, Inc. - ------------------------------------------------------------------------------------------------------------------------------------ Steven J. Krupa Vice President 1990 Vice President of Nuveen Advisory Corp. 122 8/21/57 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, 140 3/22/63 LLC, previously Assistant Vice President (since 1999); 333 W. Wacker Drive prior thereto, Associate of Nuveen Investments, LLC; Chicago, IL 60606 Certified Public Accountant. - ------------------------------------------------------------------------------------------------------------------------------------ Tina M. Lazar Vice President 2002 Vice President (since 1999), previously, Assistant 140 8/27/61 Vice President (since 1993) of Nuveen Investments, LLC. 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and Assistant 140 7/27/51 and Assistant General Counsel of Nuveen Investments, LLC; Vice 333 W. Wacker Drive Secretary President and Assistant Secretary of Nuveen Advisory Chicago, IL 60606 Corp. and Nuveen Institutional Advisory Corp.; Assistant Secretary of Nuveen Investments, Inc. and (since 1997) Nuveen Asset Management, Inc.; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Assistant Secretary of NWQ Investment Management Company, LLC (since 2002). 42 NUMBER OF PORTFOLIOS IN FUND YEAR FIRST PRINCIPAL OCCUPATION(S) COMPLEX NAME, BIRTHDATE POSITION(S) HELD ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN AND ADDRESS WITH THE FUND APPOINTED(3) DURING PAST 5 YEARS BY OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS (CONTINUED): - ------------------------------------------------------------------------------------------------------------------------------------ Edward F. Neild, IV Vice President 1996 Managing Director (since 2002) of Nuveen Investments, 140 7/7/65 LLC; Managing Director (since 1997), formerly Vice 333 W. Wacker Drive President (since 1996) of Nuveen Advisory Corp. and Chicago, IL 60606 Nuveen Institutional Advisory Corp.; Managing Director of Nuveen Asset Management, Inc. (since 1999). Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. O'Shaughnessy Vice President 1999 Vice President (since 2002), formerly, Assistant 122 9/4/60 Vice President (since 1998), of Nuveen Advisory Corp.; 333 W. Wacker Drive prior thereto, portfolio manager. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Thomas C. Spalding Vice President 1982 Vice President of Nuveen Advisory Corp. and Nuveen 122 7/31/51 Institutional Advisory Corp.; Chartered Financial 333 W. Wacker Drive Analyst. Chicago, IL 60606
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the Investment Company Act of 1940, because he is an officer and trustee of the Adviser. (2) Trustees serve a one-year term until his/her successor is elected. The year first elected or appointed represents the year in which the Trustee was first elected or appointed to any fund in the Nuveen Complex. (3) Officers serve a one-year term through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. 43 Build Your Wealth AUTOMATICALLY SIDEBAR TEXT: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT 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. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or 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 normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of shares may increase 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. FLEXIBILITY You may 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 reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. 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 advisor or call us at (800) 257-8787. 44 Fund INFORMATION BOARD OF TRUSTEES William E. Bennett Robert P. Bremner Lawrence H. Brown 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 State Street Bank & Trust Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman andCutler LLP Chicago, IL INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL GLOSSARY OF TERMS USED IN THIS REPORT Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return (including change in NAV and reinvested dividends) that would have been necessary on an annual basis to equal the investment's actual performance over the time period being considered. Average Effective Maturity: The average of all the maturities of the bonds in a fund's portfolio, computed by weighting each maturity date (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions. Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's sensitivity to changes in interest rates. Generally, the longer a bond or fund's duration, the more the price of the bond or fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. Market Yield (also known as Dividend Yield or Current Yield): An investment's current annualized dividend divided by its current market price. Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities of the fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. - --------- Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the six-month period ended June 30, 2003. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 45 Serving Investors FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. Managing $80 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in tax-free investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. To learn more about the products and services Nuveen Investments offers and for a prospectus, where applicable, talk to your financial advisor, or call us at (800) 257-8787. Please read the information carefully before you invest. Distributed by NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606 | www.nuveen.com EAN-A-0603D ITEM 2. CODE OF ETHICS. Not applicable at this time. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable at this time. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable at this time. ITEMS 5-6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES In the rare event that a municipal issuer held by the Fund were to issue a proxy or that the Fund were to receive a proxy issued by a cash management security, Nuveen Advisory Corp. (the "Adviser") would either engage an independent third party to determine how the proxy should be voted or vote the proxy with the consent, or based on the instructions, of the Fund's Board of Directors or Trustees or its representative. A member of the Adviser's legal department would oversee the administration of the voting, and ensure that records were maintained in accordance with Rule 206(4)-6, reports were filed with the SEC on Form N-PX, and the results provided to the Board of Directors or Trustees and made available to shareholders as required by applicable rules. ITEM 8. [RESERVED] ITEM 9. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 10. EXHIBITS. File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certification required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of he Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Insured Florida Premium Income Municipal Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: September 9, 2003 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (Principal Executive Officer) Date: September 9, 2003 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (Principal Financial Officer) Date: September 9, 2003 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 3 file002.txt CERTIFICATIONS N-CSR FORM OF CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured Florida Premium Income Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 9, 2003 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Chief Administrative Officer (principal executive officer) N-CSR FORM OF CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured Florida Premium Income Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: September 9, 2003 /s/ Stephen D. Foy ------------------------- -------------------------------- Vice President and Controller (principal financial officer) EX-99.906CERT 4 file003.txt CERTIFICATIONS Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer based on such officer's knowledge and belief. I, Gifford R. Zimmerman, Chief Administrative Officer of Nuveen Insured Florida Premium Income Municipal Fund (the "Fund"), certify that, to the best of my knowledge and belief: 1. The Form N-CSR of the Fund for the period ended June 30, 2003 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: September 9, 2003 ----------------------- /s/ Gifford R. Zimmerman --------------------- Chief Administrative Officer (chief executive officer) Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Financial Officer based on such officer's knowledge and belief. I, Stephen D. Foy, Vice President and Controller of Nuveen Insured Florida Premium Income Municipal Fund (the "Fund"), certify that, to the best of my knowledge and belief: 1. The Form N-CSR of the Fund for the period ended June 30, 2003 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: September 9, 2003 ----------------------- /s/ Stephen D. Foy --------------------- Vice President, Controller (Chief Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----