-----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, AzpEFEpx3jNGIH12Qo8P4qbapbGlStc7aUdV4WAKst11H9nd/62IVze/Ou58t9rh 0GO9ewcW+fR6OhIyGVt59A== 0000891804-96-000032.txt : 19960131 0000891804-96-000032.hdr.sgml : 19960131 ACCESSION NUMBER: 0000891804-96-000032 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951130 FILED AS OF DATE: 19960129 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND CENTRAL INDEX KEY: 0000897419 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 367032570 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-07484 FILM NUMBER: 96508488 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 N-30D 1 NUVEEN MASSACHUSETTS PREMIUM INCOME MUNI FD (NMT) Nuveen Exchange-Traded Funds Providing tax-free income to help you live your dreams. NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND SEMIANNUAL REPORT/NOVEMBER 30, 1995 Photographic image of man seated at breakfast table with wife standing behind him. CONTENTS 3 Dear shareholder 5 Answering your questions 9 Fund performance 11 Commonly used terms 13 Shareholder meeting report 14 Portfolio of investments 26 Statement of net assets 27 Statement of operations 28 Statement of changes in net assets 30 Notes to financial statements 36 Financial highlights Dear shareholder "Over time, municipal bonds have proven to be a valuable and dependable component of successful investment programs." Photographic image of Richard J. Franke, Chairman of the Board Since the beginning of 1995, we have enjoyed a rebound in the bond markets--a welcome change from 1994, which was one of the most volatile periods in bond market history. In fact, 1995 has unfolded as one of the best years for bonds in a decade. The juxtaposition of these two contrasting periods serves as a reminder that weathering the ups and downs of the markets is a normal part of the investment process. We can gain a better perspective on this process if we remember one of the basic principles of investing: A financial plan that focuses on your long-term goals can minimize the impact of any short-term market volatility. Municipal bond funds continue to be an attractive way to invest for the long term. Your Fund offered steady tax-free income and diversification across market sectors. Throughout the past year, we have kept our sights focused on successfully meeting these objectives: seeking to provide you with a solid source of current income and enhanced share price relative to the market as a whole. As of November 30, 1995, current annual yields on share prices for the funds covered in this report ranged from 5.56% to 6.14%. To match these yields, an investor in the 36% federal income tax bracket would have had to earn at least 8.69% on taxable alternatives. Without question, taxable yields at these levels on investments of comparable quality are difficult to achieve in today's markets. The addition of state taxes to these calculations further enhances the after-tax yield advantage provided by municipal bonds. Reflecting the rebound in the bond market, each of these funds reported substantial gains in net asset value over November 30, 1994, as well as increases in share price. The 12-month total returns on net asset value, reflecting gains plus reinvested dividend income, ranged from 33.77% to 36.74%, which translates to 37.62% to 41.07% on a tax-equivalent basis. These performance results remind us of the important role that municipal bonds--and the tax-free income they provide--can play as part of an investment strategy focused on diversification and long-term performance. The value and dependability of your municipal bond investments are enhanced by the fact that you have chosen tax-free exchange-traded funds managed by Nuveen. We offer a combination of professional management, award-winning research, and shareholder service that distinguishes Nuveen as a fund manager. Our portfolio management strategy, which we call value investing, relies on a disciplined approach to security selection and portfolio construction designed to deliver above-market performance by emphasizing securities that are underpriced or undervalued by the market. This approach is supported by the strength of Nuveen Research, which provides the insights and experience to assist portfolio managers in identifying and selecting bonds with strong credit quality. Our research professionals continually monitor our holdings in order to alert portfolio managers concerning changes that may affect quality. Nuveen also prides itself on its exceptional service to shareholders. Through annual and semiannual reports, regular statements, as well as our toll-free information lines, our communication programs help us stay in touch with your needs and concerns. We also provide support to financial advisers across the nation by supplying them with the information they need to answer your questions and to recommend products to meet your needs. As you review the following pages detailing the solid performance of your funds, we trust you will come away with the feeling that these results, coupled with Nuveen's continued pledge of premium service, add up to a rewarding investment experience. We look forward to serving your tax-free investment needs in the future. Sincerely, Richard J. Franke Chairman of the Board January 16, 1996 Answering your questions Tom Spalding, head of Nuveen's portfolio management team, offers insights into the bond market recovery and the outlook for 1996. How has the recovery of the municipal bond market affected Nuveen funds? The market recovery has helped most Nuveen funds regain some of the share price they lost during 1994's market. The setback in the bond market in 1994--which goes on record as one of the most volatile periods in decades--was the first downturn experienced by many Nuveen exchange-traded fund investors, and some reacted by selling their shares. This, in turn, drove share prices down even further. Since the beginning of the recovery in early 1995, however, municipal bond prices have increased, and most Nuveen funds have seen their prices rise 12% to 15%. Because of their capital structure, leveraged funds such as the ones covered in this report experienced greater price declines in 1994 than unleveraged funds, and they generally responded more quickly to the stabilizing interest rate environment with recovering prices in 1995. Why do these funds continue to trade at a discount despite the recovery? To understand why this is happening, it may be helpful to remember that each share has two prices: the net asset value (NAV), which represents the underlying value of the fund, and the share price, which reflects the market's assessment of the fund. PAGE Photographic image of Tom Spalding Tom Spalding, head of Nuveen's portfolio management team, answers investors' questions on developments in the municipal market. As the market turned around in 1995, net asset values appreciated more quickly than share prices. This is typical of a market that sometimes takes time to recognize underlying value balanced against the various factors that affect share price, such as interest rates, inflation forecasts, the relative strength of the stock market, and the legislative and tax outlooks. The fact that gains in NAVs are currently outpacing the rate of change in share prices means that the market is lagging in recognizing the value currently offered by municipal bonds. Nuveen investors should be aware that the net asset values for the funds covered in this report remain quite strong. For long-term investors, in fact, the current period may present a buying opportunity, as shares can be purchased at prices lower than their underlying value--and at a time when the bond market is strong. What does Nuveen see as the impact of the flat tax proposals? We have been closely monitoring the various flat tax proposals currently being debated in Congress and their implications for tax-free funds. Four major tax reform proposals are currently under discussion, all with the common goal of simplifying the federal tax code and increasing incentives for saving and investment. It is important to note that none of the proposals has gained a strong consensus and that implementation of any measure that manages to pass both houses is at least two years away. We believe that some action on the tax reform front is likely, as federal tax laws are constantly being reevaluated and revised, although changes of the magnitude outlined in these proposals are rare. As we look at the bond market today, we can see some evidence that the market is already compensating investors for the uncertainty of the tax reform situation. Yields on municipal bonds are currently at levels equal to 90% or more of long-term Treasury bond yields, an historically high position; the typical yield ratio is 80-85%. Current municipal yields are comparable to taxable yields in the 10% range, providing good value that is difficult to match. Once the tax reform issue is resolved, we're confident that municipal bonds--because of their high credit quality and attractive yields--will continue to hold a strategic place in the prudent investor's portfolio. The importance of municipal bonds is enhanced by the integral role they play in maintaining our way of life in this country. Our cities, counties, and states will always have a need for financing to build and upgrade projects such as roads, hospitals, and water treatment systems, and municipal bonds will continue to be an essential way to match America's long-term needs for capital improvements with investors' long-term needs for secure income. What is Nuveen's outlook as we head into 1996? Inflation remains low, and the economy seems to be expanding at a reasonable pace. While both of these factors can change and have an impact on the bond market, the current environment is favorable for bonds. Although the supply of municipal bonds is down from past years, demand from institutional investors such as insurance companies was strong in 1995, contributing to the rebound in municipal prices. If we experience continued slow and steady economic growth, combined with low inflation and stable interest rates, that should attract greater numbers of individual investors as well. What does Nuveen mean by "value investing"? Where are Nuveen analysts finding value today? At Nuveen, we define value investing as a disciplined approach to security selection and portfolio construction that concentrates on identifying individual bonds with current yields, prices, credit quality, and future prospects that are exceptionally attractive in relation to other bonds in the market. As we search for value in the market today, our analysts continue to assess investment potential across the entire spectrum of geographical and sector opportunities. During 1995, we saw many credit upgrades on portfolio holdings, meaning that our judgments about credit quality have been rewarded. We currently favor revenue bonds that offer a dedicated revenue stream (such as those issued for tollways or recycling plants) over general obligation bonds, which rely on the taxing power of a state or municipality. NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND NTC The dividend income remained attractive compared with other fixed income alternatives. The fund adjusted its monthly level twice during the year, seeking a level in line with its earnings.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 12/09/94 $0.0625 1/09/95 $0.0625 2/09/95 $0.0600 3/09/95 $0.0600 4/07/95 $0.0600 5/09/95 $0.0600 6/13/95 $0.0600 7/12/95 $0.0600 8/11/95 $0.0600 9/13/95 $0.0600 10/11/95 $0.0600 11/13/95 $0.0620 FUND HIGHLIGHTS 11/30/95 Yield 5.56% Taxable-equivalent yield 9.11% Annual total return on NAV 35.50% Taxable-equivalent total return 39.96% Combined federal and state tax rate 39.00% Share price $13.375 NAV $13.71 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND NMT In keeping with the Fund's objective of providing dependable tax-free income, shareholders enjoyed 12 months of stable dividends.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 12/09/94 $0.0660 1/09/95 $0.0660 2/09/95 $0.0660 3/09/95 $0.0660 4/07/95 $0.0660 5/09/95 $0.0660 6/13/95 $0.0660 7/12/95 $0.0660 8/11/95 $0.0660 9/13/95 $0.0660 10/11/95 $0.0660 11/13/95 $0.0660 FUND HIGHLIGHTS 11/30/95 Yield 5.87% Taxable-equivalent yield 10.39% Annual total return on NAV 35.56% Taxable-equivalent total return 41.19% Combined federal and state tax rate 43.50% Share price $13.50 NAV $14.24 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND NOM While the dividend income remained attractive compared with other fixed income alternatives, the fund adjusted its monthly dividend in May to a level in line with its earnings.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 12/09/94 $0.0580 1/09/95 $0.0580 2/09/95 $0.0580 3/09/95 $0.0580 4/07/95 $0.0580 5/09/95 $0.0550 6/13/95 $0.0550 7/12/95 $0.0550 8/11/95 $0.0550 9/13/95 $0.0550 10/11/95 $0.0550 11/13/95 $0.0550 FUND HIGHLIGHTS 11/30/95 Yield 5.68% Taxable-equivalent yield 9.47% Annual total return on NAV 36.74% Taxable-equivalent total return 41.07% Combined federal and state tax rate 40.00% Share price $11.625 NAV $13.83 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND NPW While the dividend income remained attractive compared with other fixed income alternatives, the fund adjusted its monthly dividend in February of 1995 to a level in line with its earnings.
12 MONTH DIVIDEND HISTORY Date Monthly Dividends Supplemental Dividends Capital Gains 12/09/94 $0.0650 1/09/95 $0.0650 2/09/95 $0.0620 3/09/95 $0.0620 4/07/95 $0.0620 5/09/95 $0.0620 6/13/95 $0.0620 7/12/95 $0.0620 8/11/95 $0.0620 9/13/95 $0.0620 10/11/95 $0.0620 11/13/95 $0.0620 FUND HIGHLIGHTS 11/30/95 Yield 6.14% Taxable-equivalent yield 9.59% Annual total return on NAV 33.77% Taxable-equivalent total return 37.62% Combined federal and state tax rate 36.00% Share price $12.125 NAV $14.20 The dividend history used in this chart constitutes past performance and does not necessarily predict the future dividends of the Fund.
Commonly used terms Yield An exchange-traded fund's annualized monthly dividend on a given date (in the case of this report, November 30, 1995) divided by its closing price per share on that date. Taxable equivalent yield The return an investor subject to a given state and federal income tax rate would need to obtain from a fully taxable investment to equal the fund's stated annualized yield on share price. In this report, these tax rates are assumed to be 39% for CT, 43.5% for MA, 40% for MO, and 36.0% for WA, based on 1995 incomes of $117,950-$256,500 for investors filing singly, $143,600-$256,500 for those filing jointly. Net Asset Value (NAV) The market value of all securities and other assets held by an exchange-traded fund, minus any liabilities. The NAV per share is the fund's net assets, less the value of its preferred shares, divided by its total number of common shares outstanding. Total return on NAV The percentage change in a fund's NAV per common share for a given period, assuming reinvestment of all dividends and capital gains distributions, if any. Taxable equivalent total return The total return an investor subject to a given state and federal income tax rate would need to obtain from a fully taxable investment to equal the Fund's stated total return on NAV. Leverage A technique used to enhance the income produced for common shareholders by a long-term municipal bond fund through the issuance of short-term preferred shares. The proceeds from the sale of the preferred shares can be used to purchase additional long-term bonds, thus increasing the portfolio's income stream. Changes in net asset value, both up and down, are also magnified by leverage. Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as are deemed advisable. No shares were repurchased during the 6-month period ended November 30, 1995. Any future repurchases will be reported to shareholders. SHAREHOLDER MEETING REPORT On November 16, 1995, the following Nuveen Exchange-Traded Funds held an Annual Meeting of Shareholders. At the meeting, shareholders voted to elect directors of the Funds and to ratify the selection of Ernst & Young L.L.P. as the auditors for the Funds. The directors elected at the meeting include: Lawrence H. Brown, Richard J. Franke, Anne E. Impellizzeri, and Peter R. Sawers.
NTC NMT NOM NPW Approval of the DIRECTORS was reached as follows: Lawrence H. Brown For 4,688,776 4,336,959 1,948,719 2,195,343 Abstain 47,628 54,642 22,075 36,895 --------- --------- --------- --------- Total 4,736,404 4,391,601 1,970,794 2,232,238 ========= ========= ========= ========= Richard J. Franke For 4,686,776 4,336,759 1,947,319 2,197,143 Abstain 49,628 54,842 23,475 35,095 --------- --------- --------- --------- Total 4,736,404 4,391,601 1,970,794 2,232,238 ========= ========= ========= ========= Anne E. Impellizzeri For 4,689,976 4,333,659 1,948,719 2,197,143 Abstain 46,428 57,942 22,075 35,095 --------- --------- --------- --------- Total 4,736,404 4,391,601 1,970,794 2,232,238 ========= ========= ========= ========= Peter R. Sawers For 4,689,776 4,336,959 1,948,719 2,197,143 Abstain 46,628 54,642 22,075 35,095 --------- --------- --------- --------- Total 4,736,404 4,391,601 1,970,794 2,232,238 ========= ========= ========= ========= Ratification of auditors was reached as follows: For 4,657,969 4,324,874 1,945,623 2,190,977 Against 8,664 14,289 8,468 1,932 Abstain 69,771 52,438 16,703 39,329 --------- --------- --------- --------- Total 4,736,404 4,391,601 1,970,794 2,232,238 ========= ========= ========= =========
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (NTC)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 3,000,000 Connecticut State Airport (Bradley International), 7.650%, 10/01/12 10/04 at 100 Aaa $ 3,596,400 1,650,000 Connecticut Development Authority, 6.375%, 10/15/14 10/04 at 102 AA- 1,784,426 1,750,000 Connecticut Development Authority (Bridgeport Hydraulic Company), 5.500%, 6/01/28 6/03 at 102 Aaa 1,746,045 2,795,000 Connecticut Development Authority (Bridgeport Hydraulic Company), Alternative Minimum Tax, 5.600%, 6/01/28 6/03 at 102 Aaa 2,751,817 1,130,000 Connecticut Development Authority (Stamford Water Company), 5.300%, 9/01/28 9/03 at 102 A+ 1,068,777 2,000,000 Connecticut Development Authority, Solid Waste (Pfizer, Inc.), Alternative Minimum Tax, 7.000%, 7/01/25 7/05 at 102 Aaa 2,243,260 Connecticut Development Authority (Alzheimer's Resource Center of Connecticut): 1,500,000 6.875%, 8/15/04 No Opt. Call N/R 1,590,975 1,000,000 7.000%, 8/15/09 8/04 at 102 N/R 1,081,330 Connecticut General Obligation: 3,250,000 5.100%, 8/01/11 8/03 at 101 1/2 Aa 3,203,233 2,000,000 6.000%, 3/15/12 No Opt. Call Aa 2,170,740 3,525,000 Connecticut Health and Educational Facilities Authority (University of Hartford), 8.000%, 7/01/18 (Pre-refunded to 7/01/03) 7/03 at 100 Aaa 4,081,915 1,000,000 Connecticut Health and Educational Facilities Authority (Newington Children's Hospital), 6.050%, 7/01/10 7/04 at 102 Aaa 1,058,040 2,500,000 Connecticut Health and Educational Facilities Authority (Bridgeport Hospital), 6.250%, 7/01/22 7/02 at 102 Aaa 2,627,675 Connecticut Health and Educational Facilities Authority (Lawrence and Memorial Hospital): 1,700,000 6.250%, 7/01/22 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 1,906,703 1,500,000 5.000%, 7/01/22 7/03 at 102 Aaa 1,404,735 2,020,000 Connecticut Health and Educational Facilities Authority (Trinity College), 6.000%, 7/01/22 7/02 at 102 Aaa 2,094,558 Connecticut Health and Educational Facilities Authority (The Taft School): 1,300,000 5.250%, 7/01/13 7/00 at 102 A 1,271,478 1,120,000 5.400%, 7/01/20 7/00 at 102 A 1,086,590 4,450,000 Connecticut Health and Educational Facilities Authority (Quinnipiac College), 6.000%, 7/01/23 7/03 at 102 BBB- 4,152,562 Connecticut Health and Educational Facilities Authority (Fairfield University): 1,000,000 5.000%, 7/01/13 7/03 at 102 Aaa 963,140 975,000 5.000%, 7/01/18 7/03 at 102 Aaa 933,602 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 4,500,000 Connecticut Health and Educational Facilities Authority (Saint Francis Hospital and Medical Center), 5.000%, 7/01/23 7/03 at 102 Aaa $ 4,209,480 Connecticut Health and Educational Facilities Authority (Sacred Heart University): 2,600,000 5.700%, 7/01/16 7/03 at 102 Baa 2,391,818 1,000,000 5.800%, 7/01/23 7/03 at 102 Baa 912,470 Connecticut Health and Educational Facilities Authority (Hospital of Saint Raphael): 2,585,000 5.100%, 7/01/07 No Opt. Call Aaa 2,608,549 2,000,000 5.200%, 7/01/08 No Opt. Call Aaa 2,019,240 1,250,000 Connecticut Health and Educational Facilities Authority (Choate Rosemary Hall), 7.000%, 7/01/25 7/04 at 101 Aaa 1,419,175 2,000,000 Connecticut Health and Educational Facilities Authority, Nursing Home Program (AHF/Hartford), 7.125%, 11/01/24 11/04 at 102 AA- 2,287,120 2,000,000 Connecticut Health and Educational Facilities Authority (Mansfield Center Nursing and Rehabilitation), 5.875%, 11/01/12 11/03 at 102 Aaa 2,080,680 2,200,000 Connecticut Health and Educational Facilities Authority (Day Kimball Hospital), 5.375%, 7/01/26 7/06 at 102 Aaa 2,167,396 3,175,000 Connecticut Housing Finance Authority, 6.200%, 5/15/12 5/03 at 102 Aa 3,278,029 2,480,000 Connecticut Housing Finance Authority, Alternative Minimum Tax, 6.050%, 11/15/25 11/02 at 102 Aa 2,462,938 3,250,000 Connecticut Municipal Electric Energy Co-op, 5.000%, 1/01/18 1/04 at 102 Aaa 3,113,630 2,200,000 Connecticut Resource Recovery Authority (Bridgeport Resco Company), 7.625%, 1/01/09 1/97 at 103 A 2,319,350 3,475,000 Connecticut Resource Recovery Authority (American Ref-Fuel Company), 7.700%, 11/15/11 11/98 at 103 AA- 3,774,337 Connecticut Special Tax Obligation: 750,000 5.250%, 9/01/06 9/03 at 102 AA- 775,095 1,000,000 4.600%, 10/01/06 10/03 at 102 AA- 974,540 1,000,000 5.400%, 9/01/09 9/03 at 102 AA- 1,016,980 1,800,000 6.500%, 10/01/10 No Opt. Call AA- 2,052,792 1,900,000 Capitol Region Education Council, 6.700%, 10/15/10 10/05 at 102 BBB 1,925,422 Cheshire General Obligation: 620,000 5.100%, 8/15/08 8/03 at 102 Aa 622,939 630,000 5.100%, 8/15/09 8/03 at 102 Aa 627,184 620,000 5.200%, 8/15/10 8/03 at 102 Aa 620,217 630,000 5.200%, 8/15/11 8/03 at 102 Aa 626,938 New Haven Parking Facilities: 3,000,000 6.625%, 12/01/05 12/01 at 102 Aaa 3,335,250 1,500,000 6.500%, 12/01/15 12/01 at 102 Aaa 1,623,510 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE South Central Connecticut Regional Water Authority: $ 1,275,000 5.125%, 8/01/07 8/03 at 102 Aaa $ 1,294,342 2,100,000 5.200%, 8/01/08 8/03 at 102 Aaa 2,127,720 2,000,000 5.750%, 8/01/12 8/03 at 102 Aaa 2,071,080 3,750,000 Waterbury General Obligation, 5.375%, 4/15/08 4/03 at 102 Aaa 3,827,250 1,620,000 Waterbury Nonprofit Housing Corporation (Fairmont Heights), 6.500%, 7/01/07 7/02 at 101 Aaa 1,785,223 1,930,000 Willimantic Housing Authority, Multi-Family GNMA (Village Heights Apartments), 8.000%, 10/20/30 10/05 at 105 AAA 2,233,376 1,500,000 Puerto Rico Industrial Medical, Educational and Environmental Authority, 6.125%, 8/01/25 8/05 at 101 1/2 AAA 1,556,144 $103,505,000 Total Investments - (cost $105,202,459) - 98.6% 106,958,215 ============ Other Assets Less Liabilities - 1.4% 1,553,788 Net Assets - 100% $108,512,003 ============ NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 28 $ 62,879,935 59% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 15 26,277,508 25 PORTFOLIO OF A+ A1 1 1,068,777 1 INVESTMENTS: A, A- A, A2, A3 3 4,677,418 4 BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 4 9,382,272 9 Non-rated Non-rated 2 2,672,305 2 TOTAL 53 $106,958,215 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (NMT)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE Massachusetts Bay Transportation Authority: $ 2,250,000 7.625%, 3/01/15 (Pre-refunded to 3/01/00) 3/00 at 102 Aaa $ 2,582,865 1,700,000 5.500%, 3/01/21 3/03 at 100 A+ 1,655,732 1,000,000 Massachusetts Education Loan Authority, Alternative Minimum Tax, 6.150%, 7/01/10 7/04 at 102 Aaa 1,064,800 3,310,000 Massachusetts Health and Educational Facilities Authority (New England Deaconess Hospital), 6.625%, 4/01/12 4/02 at 102 A 3,448,193 1,600,000 Massachusetts Health and Educational Facilities Authority (Children's Hospital), 5.500%, 10/01/19 10/02 at 102 Aa 1,554,368 3,000,000 Massachusetts Health and Educational Facilities Authority (Lahey Clinic Medical Center), 5.625%, 7/01/15 7/03 at 102 Aaa 3,015,270 2,000,000 Massachusetts Health and Educational Facilities Authority (Massachusetts General Hospital), 5.375%, 7/01/11 7/00 at 100 Aaa 2,011,800 3,000,000 Massachusetts Health and Educational Facilities Authority (Baystate Medical Center), 5.000%, 7/01/12 7/03 at 100 Aaa 2,886,960 1,500,000 Massachusetts Health and Educational Facilities Authority (Boston College), 5.250%, 6/01/23 6/03 at 102 A1 1,452,315 1,400,000 Massachusetts Health and Educational Facilities Authority (Daughters of Charity), 6.100%, 7/01/14 7/04 at 102 Aa 1,456,392 Massachusetts Health and Educational Facilities Authority (Youville Hospital): 3,145,000 6.125%, 2/15/15 2/04 at 102 Aa 3,227,462 1,000,000 6.000%, 2/15/25 2/04 at 102 Aa 1,014,370 3,800,000 Massachusetts Housing Finance Agency, 6.300%, 10/01/13 4/03 at 102 A1 3,869,350 Massachusetts Housing Finance Agency, Alternative Minimum Tax: 645,000 7.500%, 12/01/06 12/96 at 102 Aaa 671,439 2,450,000 8.100%, 12/01/21 12/98 at 102 Aa 2,591,022 2,500,000 Massachusetts Housing Finance Authority, Insured Rental Housing, Alternative Minimum Tax, 6.650%, 7/01/19 7/04 at 102 Aaa 2,613,850 4,850,000 Massachusetts Industrial Finance Agency, Pollution Control (Eastern Edison), 5.875%, 8/01/08 8/03 at 102 Baa2 4,858,051 3,175,000 Massachusetts Industrial Finance Agency, Resource Recovery (SEMASS Project), Alternative Minimum Tax, 9.250%, 7/01/15 7/01 at 103 N/R 3,521,424 2,500,000 Massachusetts Industrial Finance Agency (College of the Holy Cross), 6.375%, 11/01/15 11/02 at 102 A1 2,640,725 1,400,000 Massachusetts Industrial Finance Agency (Merrimack College), 7.125%, 7/01/12 7/02 at 102 BBB- 1,510,278 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 1,175,000 Massachusetts Industrial Finance Agency (Brooks School), 5.950%, 7/01/23 7/03 at 102 A $ 1,202,060 4,750,000 Massachusetts Industrial Finance Agency (Phillips Academy), 5.375%, 9/01/23 9/08 at 102 Aa1 4,668,870 2,645,000 Massachusetts Industrial Finance Agency (Whitehead Institute for Biomedical Research), 5.125%, 7/01/26 7/03 at 102 Aa 2,390,604 Massachusetts Municipal Wholesale Electric Company: 1,420,000 5.000%, 7/01/17 7/04 at 102 Aaa 1,341,999 2,000,000 6.000%, 7/01/18 7/02 at 100 Aaa 2,060,640 1,000,000 Massachusetts Port Authority, 13.000%, 7/01/13 No Opt. Call Aaa 1,717,250 4,750,000 Massachusetts Port Authority, Alternative Minimum Tax, 5.000%, 7/01/18 7/03 at 100 Aa 4,482,813 3,090,000 Massachusetts Water Pollution Abatement (Pool Loan Program), 5.600%, 8/01/13 8/03 at 102 Aa 3,150,966 Massachusetts Water Resources Authority: 3,000,000 5.750%, 12/01/21 12/01 at 100 A 2,997,990 3,000,000 5.000%, 3/01/22 3/03 at 100 A 2,775,030 Barnstable General Obligation: 1,020,000 5.750%, 9/15/10 9/04 at 102 Aa 1,061,942 1,020,000 5.750%, 9/15/11 9/04 at 102 Aa 1,057,689 965,000 5.750%, 9/15/12 9/04 at 102 Aa 996,652 1,420,000 Boston City Hospital, 5.750%, 2/15/23 8/00 at 102 Aa 1,415,981 2,500,000 Boston Water and Sewer Commission, 5.250%, 11/01/11 11/03 at 102 Aaa 2,487,875 1,000,000 Chelsea General Obligation, 7.000%, 6/15/03 No Opt. Call Aaa 1,146,310 1,600,000 Chicopee Electric System, 9.125%, 1/01/17 No Opt. Call Aaa 2,272,384 4,875,000 Lowell General Obligation, 5.600%, 11/01/12 11/03 at 102 Aaa 4,933,939 1,765,000 New England Education Loan Marketing Corporation, Student Loan, Alternative Minimum Tax, 6.750%, 9/01/02 No Opt. Call A 1,954,155 1,750,000 Puerto Rico Aqueduct and Sewer Authority, 7.875%, 7/01/17 7/98 at 102 A 1,945,387 3,000,000 Puerto Rico Electric Power Authority, 7.000%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 A- 3,453,690 $93,970,000 Total Investments - (cost $93,332,903) - 97.8% 97,160,892 =========== TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.6% $ 600,000 Massachusetts Dedicated Income Tax, Variable Rate =========== Demand Bonds, 3.750%, 12/01/97t VMIG-1 600,000 Other Assets Less Liabilities - 1.6% 1,550,001 Net Assets - 100% $99,310,893 =========== NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 14 $30,807,381 32% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 29,069,131 30 PORTFOLIO OF A+ A1 4 9,618,122 10 INVESTMENTS A, A- A, A2, A3 7 17,776,505 18 (EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 2 6,368,329 6 TEMPORARY Non-rated Non-rated 1 3,521,424 4 INVESTMENTS): TOTAL 41 $97,160,892 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. t The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND (NOM)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 1,225,000 Missouri Environmental Improvement and Energy Resource Authority, Water Pollution Control (Kansas City Project), 7.750%, 1/01/08 1/05 at 102 Aa1 $ 1,501,887 1,000,000 Missouri Environmental Improvement and Energy Resource Authority, Water Pollution Control (City of Branson Project), 6.050%, 7/01/16 7/04 at 102 Aaa 1,056,380 Missouri Health and Educational Facilities Authority (SSM Health Care Obligated Group): 1,000,000 6.250%, 6/01/07 6/02 at 102 Aaa 1,090,460 1,290,000 7.000%, 6/01/15 6/00 at 102 Aaa 1,563,493 2,000,000 Missouri Health and Educational Facilities Authority (St. Luke's Health System), 5.125%, 11/15/19 11/03 at 102 Aaa 1,912,280 Missouri Health and Educational Facilities Authority (Barnes Jewish Christian): 1,000,000 5.150%, 5/15/10 No Opt. Call Aa 981,490 1,000,000 6.750%, 5/15/12 No Opt. Call Aa 1,113,860 600,000 Missouri Housing Development Commission, 6.600%, 11/15/10 5/96 at 101 1/2 AA+ 610,902 Missouri Housing Development Commission, Single Family Mortgage, Alternative Minimum Tax: 2,270,000 7.375%, 8/01/23 2/01 at 102 AAA 2,412,011 2,000,000 7.250%, 9/01/26 3/06 at 105 AAA 2,210,620 1,000,000 Missouri Regional Convention and Sports Complex Authority, 5.500%, 8/15/13 8/03 at 102 A1 992,650 1,400,000 Boone County Hospital, 5.500%, 8/01/09 8/02 at 102 A 1,408,988 885,000 Clayton Industrial Development Authority (Park Place Project), 5.375%, 5/01/08 5/98 at 103 AA 906,877 1,000,000 Franklin County Union Reorganized School District No. R-X1, General Obligation, 5.750%, 3/01/13 3/03 at 100 Aaa 1,028,230 2,785,000 Greene County, Single Family Mortgage, 0.000%, 3/01/16 No Opt. Call Aaa 895,600 1,500,000 Jackson County Consolidated School District No. 2, General Obligation, 5.250%, 3/15/11 3/03 at 102 Aaa 1,509,195 1,550,000 Jackson County, Single Family Mortgage, 0.000%, 3/01/15 No Opt Call Aaa 544,515 1,500,000 Kansas City Airport, Alternative Minimum Tax, 6.900%, 9/01/11 9/04 at 101 Aaa 1,669,545 1,000,000 Kansas City Land Clearance Redevelopment Authority, 5.900%, 12/01/18 12/05 at 102 Aaa 1,034,250 2,000,000 Kansas City School District Building Corporation, 5.000%, 2/01/14 2/04 at 102 Aaa 1,929,280 2,020,000 Ritenour Consolidated School District, General Obligation, 7.375%, 2/01/12 No Opt. Call Aaa 2,518,152 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 1,500,000 St. Charles County, Francis Howell School District, General Obligation, 7.800%, 3/01/08 No Opt. Call Aaa $ 1,890,495 1,400,000 St. Louis County General Obligation, 5.500%, 2/01/13 2/03 at 100 Aa1 1,418,494 1,500,000 St. Louis County (GNMA), Alternative Minimum Tax, 5.650%, 7/01/20 No Opt. Call AAA 1,521,930 2,000,000 St. Louis County, Pattonville School District No. R3, General Obligation, 5.000%, 2/01/10 2/03 at 100 Aaa 1,976,880 1,395,000 St. Louis Board of Education, General Obligation, 8.500%, 4/01/07 No Opt. Call Aaa 1,827,701 1,275,000 St. Louis Municipal Finance Corporation, 6.250%, 2/15/12 2/03 at 102 Aaa 1,374,119 1,000,000 Sikeston Electric System, 6.250%, 6/01/12 6/02 at 102 Aaa 1,073,070 1,000,000 Springfield School District No. R-12, General Obligation, 5.250%, 3/01/11 3/03 at 100 Aaa 1,005,000 625,000 Stone County, School District No. R4 (Reeds Spring), General Obligation, 7.600%, 3/01/10 No Opt. Call Aaa 787,325 1,250,000 University City Industrial Development Authority, GNMA (Canterbury Apartments), 5.900%, 12/20/20 (DD) 12/05 at 102 AAA 1,260,688 1,075,000 University Development Foundation Power Plant, 5.750%, 5/01/18 5/03 at 102 A 1,051,758 700,000 Puerto Rico Electric Power Authority, 6.000%, 7/01/14 7/04 at 102 Aaa 733,201 $44,745,000 Total Investments - (cost $42,495,948) - 98.4% 44,811,326 =========== TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.9% $ 400,000 Missouri Health and Educational Facilities Authority =========== (St. Louis University), Series 1985, Variable Rate Demand Bonds, 3.900%, 12/01/05t VMIG-1 400,000 Other Assets Less Liabilities - 0.7% 346,957 Net Assets - 100% $45,558,283 =========== NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 24 $34,824,420 78% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 6 6,533,510 15 PORTFOLIO OF A+ A1 1 992,650 2 INVESTMENTS A, A- A, A2, A3 2 2,460,746 5 (EXCLUDING TEMPORARY INVESTMENTS): TOTAL 33 $44,811,326 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (DD) Security purchased on a delayed delivery basis (note 1). t The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND (NPW)
PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE $ 2,000,000 Washington General Obligation, 6.000%, 5/01/19 5/04 at 100 Aa $ 2,076,800 2,000,000 Washington Health Care Facilities Authority (Children's Hospital and Medical Center), 6.125%, 10/01/13 10/02 at 102 Aaa 2,087,080 2,400,000 Washington Health Care Facilities Authority (Swedish Hospital Medical Center of Seattle), 6.300%, 11/15/22 11/02 at 102 Aaa 2,516,136 650,000 Washington Health Care Facilities Authority (Empire Health Services), 5.625%, 11/01/19 11/03 at 102 Aaa 645,743 1,000,000 Washington Health Care Facilities Authority (The Heart Institute of Spokane), 5.800%, 8/15/18 8/04 at 102 AA- 1,000,290 1,390,000 Washington Housing Development Corporation, FHA-Insured, 5.950%, 1/01/25 7/03 at 103 Aaa 1,400,773 980,000 Washington Housing Finance Commission (GNMA), Alternative Minimum Tax, 7.700%, 7/01/32 1/00 at 103 AAA 1,051,863 1,610,000 Washington Housing Finance Commission, Single Family Mortgage, Alternative Minimum Tax, 6.150%, 1/01/26 No Opt. Call AAA 1,596,814 1,000,000 Washington Public Power Supply System, Nuclear Project No. 1, 5.700%, 7/01/17 7/03 at 102 Aaa 1,000,310 1,000,000 Washington Public Power Supply System Nuclear Project No. 3, 7.000%, 7/01/09 No Opt. Call Aa 1,133,930 1,400,000 Washington State University, 6.375%, 10/01/18 10/04 at 101 Aaa 1,491,840 1,050,000 Bellevue Water and Sewer System, 5.875%, 7/01/09 7/04 at 100 Aa 1,092,998 1,000,000 Benton County Public Utility District No. 1, 13.500%, 11/01/02 (Pre-refunded to 11/01/97) 11/97 at 100 Aaa 1,173,360 1,895,000 Chelan County Public Utility District No. 1 (Columbia River-Rock Island Hydroelectric System), 6.375%, 6/01/29 12/95 at 102 A1 1,923,273 1,035,000 Covington Water District, 6.050%, 3/01/20 3/05 at 100 Aaa 1,076,131 1,000,000 King County School District No. 210 (Federal Way), General Obligation, 5.750%, 12/01/12 No Opt. Call Aaa 1,044,870 1,600,000 Klickitat County, Public Utility District No. 1, 5.650%, 10/01/15 10/05 at 101 Aaa 1,633,024 1,000,000 Lewis County Public Utility District (Cowlitz Falls Hydroelectric Project), 5.500%, 10/01/09 10/03 at 102 Aa 1,054,700 1,000,000 Pierce County (Peninsula School District No. 401), General Obligation, 5.500%, 12/01/08 No Opt. Call Aaa 1,038,160 1,000,000 Port of Seattle, 6.000%, 12/01/14 12/00 at 100 AA- 1,017,020 1,500,000 Port of Seattle, Alternative Minimum Tax, 6.000%, 12/01/14 12/00 at 100 AA- 1,525,530 1,000,000 Port of Vancouver, Limited Tax, Alternative Minimum Tax, 6.000%, 12/01/04 No Opt. Call Aaa 1,094,920 1,160,000 Richland Water and Sewer System, 5.625%, 4/01/12 4/03 at 100 Aaa 1,181,530 PRINCIPAL OPT. CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE Seattle Indian Services Commission: $ 1,525,000 6.000%, 11/01/16 11/04 at 100 Aa1 $ 1,597,255 750,000 6.150%, 11/01/24 11/04 at 100 Aa1 788,010 1,500,000 Seattle Drain and Wastewater Utility System, 5.750%, 12/01/22 12/02 at 101 Aa 1,502,370 500,000 Seattle Municipal Light and Power, 5.750%, 8/01/12 8/02 at 102 Aa 513,165 1,000,000 Seattle Metropolitan Municipality Sewer System, 5.450%, 1/01/19 1/03 at 102 Aaa 983,830 1,500,000 Seattle Water System, 5.250%, 12/01/23 6/03 at 101 Aa 1,451,940 1,640,000 Skagit County Housing Authority (GNMA), 7.000%, 6/20/35 11/04 at 104 AAA 1,791,208 1,385,000 Snohomish County Public Utility District No. 1, Alternative Minimum Tax, 5.750%, 1/01/09 1/04 at 102 A1 1,405,027 1,500,000 Snohomish County School District No. 6 (Mukilteo District), General Obligation, 5.700%, 12/01/12 No Opt. Call Aaa 1,570,980 500,000 Snohomish County School District No. 15, General Obligation, 6.500%, 12/01/08 No Opt. Call AA- 561,380 1,500,000 Spokane Arena Project, 5.750%, 1/01/18 1/05 at 100 Aaa 1,510,995 1,940,000 Vancouver Housing Authority (Fishers Mill Project), 6.000%, 3/01/23 3/03 at 100 Aa 1,932,045 1,500,000 Western Washington University Housing and Dining System, 6.375%, 10/01/22 10/02 at 101 Aaa 1,582,845 1,000,000 Yakima-Tieton Irrigation District, 6.125%, 6/01/13 6/03 at 102 Aaa 1,058,290 $47,410,000 Total Investments - (cost $47,566,507) - 98.3% 49,106,435 =========== TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 0.2% $ 100,000 Washington Health Care Facilities Authority (Sisters of =========== Providence), Variable Rate Demand Bonds, 3.700%, 10/01/05t VMIG-1 100,000 Other Assets Less Liabilities - 1.5% 741,527 Net Assets - 100% $49,947,962 =========== NUMBER MARKET MARKET STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT SUMMARY OF AAA Aaa 21 $28,530,702 58% RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 14 17,247,433 35 PORTFOLIO OF A+ A1 2 3,328,300 7 INVESTMENTS (EXCLUDING TEMPORARY INVESTMENTS): TOTAL 37 $49,106,435 100% * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. t The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
STATEMENT OF NET ASSETS (Unaudited)
NTC NMT NOM NPW ASSETS Investments in municipal securities, at market value (note 1) $106,958,215 $97,160,892 $44,811,326 $49,106,435 Temporary investments in short-term municipal securities, at amortized cost (note 1) -- 600,000 400,000 100,000 Cash 89,038 86,541 45,847 50,508 Receivables: Interest 1,907,638 1,902,243 718,261 930,460 Investments sold -- -- 998,840 -- Other assets 20,670 22,278 14,129 -- ------------ ----------- ----------- ----------- Total assets 108,975,561 99,771,954 46,988,403 50,187,403 ------------ ----------- ----------- ----------- LIABILITIES Payable for investments purchased -- -- 1,250,410 -- Accrued expenses: Management fees (note 6) 57,230 52,367 24,011 26,352 Other 66,873 82,810 25,671 56,890 Preferred share dividends payable 22,030 23,147 12,518 12,356 Common share dividends payable 317,425 302,737 117,510 143,843 ------------ ----------- ----------- ----------- Total liabilities 463,558 461,061 1,430,120 239,441 ------------ ----------- ----------- ----------- Net assets (note 7) $108,512,003 $99,310,893 $45,558,283 $49,947,962 ============ =========== =========== =========== Preferred shares, at liquidation value $ 38,300,000 $34,000,000 $16,000,000 $17,000,000 ============ =========== =========== =========== Preferred shares outstanding 1,532 1,360 640 680 ============ =========== =========== =========== Common shares outstanding 5,119,761 4,586,928 2,136,537 2,320,051 ============ =========== =========== =========== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 13.71 $ 14.24 $ 13.83 $ 14.20 ============ =========== =========== =========== See accompanying notes to financial statements.
STATEMENT OF OPERATIONS Six months ended November 30, 1995 (Unaudited)
NTC NMT NOM NPW INVESTMENT INCOME Tax-exempt interest income (note 1) $2,976,700 $2,824,534 $1,237,864 $1,411,952 ---------- ---------- ---------- ---------- Expenses: Management fees (note 6) 342,911 313,698 143,808 157,874 Preferred shares--auction fees 48,006 42,616 20,055 21,308 Preferred shares--dividend disbursing agent fees 7,521 7,521 7,521 7,521 Shareholders' servicing agent fees and expenses 8,670 3,045 2,974 1,418 Custodian's fees and expenses 21,006 17,454 20,537 15,998 Trustees' fees and expenses (note 6) 897 632 737 620 Professional fees 9,504 8,438 7,160 8,375 Shareholders' reports--printing and mailing expenses 13,201 4,485 16,692 5,777 Stock exchange listing fees 11,190 8,180 169 1,014 Investor relations expense 2,173 2,583 560 1,562 Other expenses 6,313 7,711 5,282 6,717 ---------- ---------- ---------- ---------- Total expenses 471,392 416,363 225,495 228,184 ---------- ---------- ---------- ---------- Net investment income 2,505,308 2,408,171 1,012,369 1,183,768 ---------- ---------- ---------- ---------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions (note 3) (402,859) (351,036) (146,920) 49,751 Net change in unrealized appreciation or depreciation of investments 3,000,750 2,518,735 1,107,379 1,091,886 ---------- ---------- ---------- ---------- Net gain from investments 2,597,891 2,167,699 960,459 1,141,637 ---------- ---------- ---------- ---------- Net increase in net assets from operations $5,103,199 $4,575,870 $1,972,828 $2,325,405 ========== ========== ========== ========== See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
NTC NMT 6 months ended Year ended 6 months ended Year ended 11/30/95 5/31/95 11/30/95 5/31/95 OPERATIONS Net investment income $ 2,505,308 $ 4,985,001 $ 2,408,171 $ 4,749,143 Net realized gain (loss) from investment transactions, net of taxes, if applicable (notes 1 and 3) (402,859) (1,734,762) (351,036) (1,683,784) Net change in unrealized appreciation or depreciation of investments 3,000,750 5,546,402 2,518,735 5,569,783 ------------ ------------ ----------- ----------- Net increase in net assets from operations 5,103,199 8,796,641 4,575,870 8,635,142 ------------ ------------ ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS (note 1) From undistributed net investment income: Common shareholders (1,853,190) (3,756,444) (1,816,239) (3,574,337) Preferred shareholders (623,704) (1,174,880) (556,769) (1,107,248) ------------ ------------ ----------- ----------- Decrease in net assets from distributions to shareholders (2,476,894) (4,931,324) (2,373,008) (4,681,585) ------------ ------------ ----------- ----------- CAPITAL SHARE TRANSACTIONS (note 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions 35,126 390,670 37,383 38,944 ------------ ------------ ----------- ----------- Net increase in net assets derived from capital share transactions 35,126 390,670 37,383 38,944 ------------ ------------ ----------- ----------- Net increase in net assets 2,661,431 4,255,987 2,240,245 3,992,501 Net assets at beginning of period 105,850,572 101,594,585 97,070,648 93,078,147 ------------ ------------ ----------- ----------- Net assets at end of period $108,512,003 $105,850,572 $99,310,893 $97,070,648 ============ ============ =========== =========== Balance of undistributed net investment income at end of period $ 264,657 $ 236,243 $ 282,093 $ 246,930 ============ ============ =========== =========== See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
NOM NPW 6 months ended Year ended 6 months ended Year ended 11/30/95 5/31/95 11/30/95 5/31/95 OPERATIONS Net investment income $ 1,012,369 $ 2,023,496 $ 1,183,768 $ 2,333,554 Net realized gain (loss) from investment transactions, net of taxes, if applicable (notes 1 and 3) (146,920) (780,117) 49,751 (381,623) Net change in unrealized appreciation or depreciation of investments 1,107,379 2,955,027 1,091,886 2,157,234 ----------- ----------- ----------- ----------- Net increase in net assets from operations 1,972,828 4,198,406 2,325,405 4,109,165 ----------- ----------- ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS (note 1) From undistributed net investment income: Common shareholders (705,058) (1,479,743) (863,060) (1,774,839) Preferred shareholders (275,011) (549,597) (326,385) (616,848) ----------- ----------- ----------- ----------- Decrease in net assets from distributions to shareholders (980,069) (2,029,340) (1,189,445) (2,391,687) ----------- ----------- ----------- ----------- CAPITAL SHARE TRANSACTIONS (note 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 53,910 -- -- ----------- ----------- ----------- ----------- Net increase in net assets derived from capital share transactions -- 53,910 -- -- ----------- ----------- ----------- ----------- Net increase in net assets 992,759 2,222,976 1,135,960 1,717,478 Net assets at beginning of period 44,565,524 42,342,548 48,812,002 47,094,524 ----------- ----------- ----------- ----------- Net assets at end of period $45,558,283 $44,565,524 $49,947,962 $48,812,002 =========== =========== =========== =========== Balance of undistributed net investment income at end of period $ 89,595 $ 57,295 $ 64,453 $ 70,130 =========== =========== =========== =========== See accompanying notes to financial statements.
NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES At November 30, 1995, the state Funds (the "Funds") covered in this report and their corresponding stock exchange symbols are Nuveen Connecticut Premium Income Municipal Fund (NTC), Nuveen Massachusetts Premium Income Municipal Fund (NMT), Nuveen Missouri Premium Income Municipal Fund (NOM) and Nuveen Washington Premium Income Municipal Fund (NPW). NTC and NMT are traded on the New York Stock Exchange while NOM and NPW are traded on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with generally accepted accounting principles. Securities Valuation Portfolio securities for which market quotations are readily available are valued at the mean between the quoted bid and asked prices or the yield equivalent. Portfolio securities for which market quotations are not readily available are valued at fair value by consistent application of methods determined in good faith by the Trustees. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are traded and valued at amortized cost. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may be settled a month or more after the transaction date. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of their purchase commitments. At November 30, 1995, NOM had outstanding purchase commitments of $1,250,410. There were no such purchase commitments in any of the other Funds. Interest Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities when required for federal income tax purposes. Income Taxes The Funds intend to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies by distributing all of their net investment income, in addition to any significant amounts of net realized gains from investments, to shareholders. The Funds currently consider significant net realized gains as amounts in excess of $.01 per Common share. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax exempt status when distributed to shareholders of the Funds. Dividends and Distributions to Shareholders Net investment income is declared as a dividend monthly and payment is made or reinvestment is credited to shareholder accounts after month-end. Net realized gains from securities transactions are distributed to shareholders not less frequently than annually only to the extent they exceed available capital loss carryovers. Distributions to shareholders of net investment income and net realized capital gains are recorded on the ex-dividend date. The amount and timing of such distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. Accordingly, temporary over-distributions as a result of these differences may result and will be classified as either distributions in excess of net investment income or distributions in excess of net realized capital gains, if applicable. Preferred Shares The following Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one Series. The dividend rate on each Series may change every seven days, as set by the Auction Agent. The number of shares outstanding by Series at November 30, 1995, for each Fund is as follows:
NTC NMT NOM NPW Number of shares: Series Th 1,532 1,360 640 680 ===== ===== === === Derivative Financial Instruments In October 1994, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 119 Disclosure about Derivative Financial Instruments and Fair Value of Financial Instruments which prescribes disclosure requirements for transactions in certain derivative financial instruments including futures, forward, swap, and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended November 30, 1995.
2. FUND SHARES Transactions in Common shares were as follows:
NTC NMT 6 months ended Year ended 6 months ended Year ended 11/30/95 5/31/95 11/30/95 5/31/95 Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions 2,702 31,483 2,795 3,350 ----- ------ ----- ----- Net increase 2,702 31,483 2,795 3,350 ===== ====== ===== ===== NOM NPW 6 months ended Year ended 6 months ended Year ended 11/30/95 5/31/95 11/30/95 5/31/95 Common shares issued to shareholders due to reinvestment of distributions from net investment income and from net realized gains from investment transactions -- 4,393 -- -- ----- ----- ----- ----- Net increase -- 4,393 -- -- ===== ===== ===== ===== 3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in municipal securities and temporary municipal investments during the six months ended November 30, 1995, were as follows: NTC NMT NOM NPW PURCHASES Investments in municipal securities $8,974,217 $7,497,575 $8,955,336 $4,746,922 Temporary municipal investments 2,800,000 3,700,000 6,600,000 4,900,000 SALES AND MATURITIES Investments in municipal securities 8,535,710 7,897,098 8,954,958 4,513,000 Temporary municipal investments 2,800,000 3,250,000 6,200,000 5,100,000 ========== ========== ========== ========= At November 30, 1995, the identified cost of investments owned for federal income tax purposes was the same as the cost for financial reporting purposes for each Fund.
At May 31, 1995, the Funds' last fiscal year end, the Funds had unused capital loss carryovers available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryovers will expire as follows:
NTC NMT NOM NPW Expiration year: 2002 $ 9,146 $ -- $ -- $ -- 2003 1,272,842 1,247,263 1,427,894 580,800 ---------- ---------- ---------- -------- Total $1,281,988 $1,247,263 $1,427,894 $580,800 ========== ========== ========== ======== 4. DISTRIBUTIONS TO COMMON SHAREHOLDERS On December 1, 1995, the Funds declared Common share dividend distributions from their ordinary income which were paid December 29, 1995, to shareholders of record on December 15, 1995, as follows: NTC NMT NOM NPW Dividend per share $.0620 $.0660 $.0550 $.0620 ====== ====== ====== ====== 5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 1995, were as follows: NTC NMT NOM NPW Gross unrealized: Appreciation $ 2,872,159 $4,033,329 $2,318,122 $1,586,998 Depreciation (1,116,403) (205,340) (2,744) (47,070) ----------- ----------- ---------- ---------- Net unrealized appreciation $ 1,755,756 $3,827,989 $2,315,378 $1,539,928 =========== ========== ========== ==========
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund pays to the Adviser an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net asset value of each Fund.
Average daily net asset value Management fee For the first $125,000,000 .65 of 1% For the next $125,000,000 .6375 of 1 For the next $250,000,000 .625 of 1 For the next $500,000,000 .6125 of 1 For the next $1,000,000,000 .6 of 1 For net assets over $2,000,000,000 .5875 of 1 The fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 7. COMPOSITION OF NET ASSETS At November 30, 1995, net assets consisted of: NTC NMT NOM NPW Preferred shares, $25,000 stated value per share, at liquidation value $ 38,300,000 $34,000,000 $16,000,000 $17,000,000 Common shares, $.01 par value per share 51,198 45,869 21,365 23,201 Paid-in surplus 70,714,666 63,438,624 29,327,360 31,971,262 Balance of undistributed net investment income 264,657 282,093 89,595 64,453 Accumulated net realized gain (loss) from investment transactions (2,574,274) (2,283,682) (2,195,415) (650,882) Net unrealized appreciation or depreciation of investments 1,755,756 3,827,989 2,315,378 1,539,928 ------------ ----------- ----------- ----------- Net assets $108,512,003 $99,310,893 $45,558,283 $49,947,962 ============ =========== =========== =========== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited ============ =========== =========== ===========
8. INVESTMENT COMPOSITION Each Fund invests in municipal securities which include general obligation, escrowed and revenue bonds. At November 30, 1995, the revenue sources by municipal purpose for these investments, expressed as a percent of total investments, were as follows:
NTC NMT NOM NPW Revenue Bonds: Health Care Facilities 18% 15% 15% 13% Electric Utilities 3 3 4 18 Water / Sewer Facilities 5 14 6 17 Educational Facilities 14 17 2 6 Housing Facilities 11 16 14 16 Lease Rental Facilities -- -- 12 3 Transportation 8 5 4 7 Pollution Control Facilities 7 5 -- -- Other 10 4 2 -- General Obligation Bonds 18 11 31 18 Escrowed Bonds 6 10 10 2 ---- ---- ---- ---- 100% 100% 100% 100% ==== ==== ==== ==== Certain long-term and intermediate-term investments owned by the Funds are covered by insurance issued by several private insurers or are backed by an escrow or trust containing U.S. Government or U.S. Government agency securities, either of which ensure the timely payment of principal and interest in the event of default (53% for NTC, 35% for NMT, 65% for NOM, and 49% for NPW). Such insurance or escrow, however, does not guarantee the market value of the municipal securities or the value of any of the Funds' shares. All of the temporary investments in short-term municipal securities have credit enhancements (letters of credit, guarantees or insurance) issued by third party domestic or foreign banks or other institutions. For additional information regarding each investment security, refer to the Portfolio of Investments of each Fund.
FINANCIAL HIGHLIGHTS (Unaudited) Selected data for a common share outstanding throughout each period is as follows:
Dividends from net Operating performance investment income Net realized & Net asset unrealized value Net gain (loss) To To beginning investment from Common Preferred of period income investmentstt shareholders shareholderst NTC 6 mos. ended 11/30/95 $13.200 $ .489 $ .505 $(.362) $(.122) Year ended 5/31, 1995 12.450 .977 .739 (.736) (.230) 1994 13.960 .768 (1.400) (.605) (.129) 5/20/93 to 5/31/93 14.050 .002 .001 -- -- NMT 6 mos. ended 11/30/95 13.760 .525 .472 (.396) (.121) Year ended 5/31, 1995 12.900 1.036 .846 (.780) (.242) 1994 14.080 .872 (1.020) (.738) (.149) 3/18/93 to 5/31/93 14.050 .054 .056 -- -- Distributions from capital gains Organization Per and Common Total offering costs share investment To To and Preferred Net asset market Common Preferred underwriting value end value end shareholders shareholderst discounts of period of period NTC 6 mos. ended 11/30/95 $ -- $ -- $ -- $13.710 $13.375 Year ended 5/31, 1995 -- -- -- 13.200 12.625 1994 -- -- (.144) 12.450 13.125 5/20/93 to 5/31/93 -- -- (.093) 13.960 15.000 NMT 6 mos. ended 11/30/95 -- -- -- 14.240 13.500 Year ended 5/31, 1995 -- -- -- 13.760 13.375 1994 -- -- (.145) 12.900 12.500 3/18/93 to 5/31/93 -- -- (.080) 14.080 15.250 Ratios/Supplemental data Ratio of Total net investment Total Net assets Ratio of investment return return end of expenses income Portfolio on market on net asset period (in to average to average turnover value** value** thousands) net assets@ net assets@ rate NTC 6 mos. ended 11/30/95 9.01% 6.76% $108,512 .89%* 4.73%* 8% Year ended 5/31, 1995 2.22 12.74 105,851 .92 4.99 18 1994 (8.73) (6.74) 101,595 .95 3.95 9 5/20/93 to 5/31/93 -- (.64) 67,533 1.04* 1.17* -- NMT 6 mos. ended 11/30/95 3.98 6.53 99,311 .86* 4.97* 8 Year ended 5/31, 1995 14.12 13.58 97,071 .94 5.20 29 1994 (13.64) (3.38) 93,078 .97 4.26 33 3/18/93 to 5/31/93 1.67 .21 64,377 .93* 2.17* -- See notes on page 38.
FINANCIAL HIGHLIGHTS (Unaudited) Selected data for a common share outstanding throughout each period is as follows:
Dividends from net Operating performance investment income Net realized & Net asset unrealized value Net gain (loss) To To beginning investment from Common Preferred of period income investmentstt shareholders shareholderst NOM 6 mos. ended 11/30/95 $13.370 $ .474 $ .445 $(.330) $(.129) Year ended 5/31, 1995 12.350 .948 1.022 (.693) (.257) 1994 13.900 .759 (1.397) (.594) (.136) 5/20/93 to 5/31/93 14.050 .001 (.001) -- -- NPW 6 mos. ended 11/30/95 13.710 .510 .493 (.372) (.141) Year ended 5/31, 1995 12.970 1.006 .765 (.765) (.266) 1994 14.090 .906 (.923) (.762) (.155) 3/18/93 to 5/31/93 14.050 .066 .088 -- -- Distributions from capital gains Organization Per and Common offering costs share To To and Preferred Net asset market Common Preferred underwriting value end value end shareholders shareholderst discounts of period of period NOM 6 mos. ended 11/30/95 $ -- $ -- $ -- $13.830 $11.625 Year ended 5/31, 1995 -- -- -- 13.370 12.000 1994 -- -- (.182) 12.350 12.000 5/20/93 to 5/31/93 -- -- (.150) 13.900 15.125 NPW 6 mos. ended 11/30/95 -- -- -- 14.200 12.125 Year ended 5/31, 1995 -- -- -- 13.710 11.625 1994 (.014)@@ (.003)@@ (.169) 12.970 12.375 3/18/93 to 5/31/93 -- -- (.114) 14.090 15.750 Ratios/Supplemental data Ratio of Total net investment Total Net assets Ratio of investment return return end of expenses income Portfolio on market on net asset period (in to average to average turnover value** value** thousands) net asset@ net assets@ rate NOM 6 mos. ended 11/30/95 (.38)% 6.05% $45,558 1.02%* 4.56%* 21% Year ended 5/31, 1995 6.13 14.74 44,566 1.08 4.86 34 1994 (17.26) (7.16) 42,343 1.05 3.92 39 5/20/93 to 5/31/93 .83 (1.07) 29,296 1.34* .69* -- NPW 6 mos. ended 11/30/95 7.60 6.44 49,948 .94* 4.86* 9 Year ended 5/31, 1995 .41 12.36 48,812 1.04 5.04 16 1994 (16.88) (2.73) 47,095 1.08 4.42 29 3/18/93 to 5/31/93 5.00 .28 32,653 1.02* 2.63* -- * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. t The amounts shown are based on Common share equivalents. tt Net of taxes, if applicable. @ Ratios do not reflect the effect of dividend payments to Preferred shareholders. @@ The amounts shown reflect distributions in excess of net realized gains from investment transactions (note 1).
Your investment partner Photographic image of John Nuveen, Sr., founder of Nuveen For nearly 100 years, Nuveen has earned its reputation as a tax-free income specialist by focusing on municipal bonds. Since 1898, John Nuveen & Co. Incorporated has worked to bring together the various participants in the municipal bond industry and build strong partnerships that benefit all concerned. Investors, financial advisers, municipal officials, investment bankers--Nuveen believes that forging relationships with these groups based on trust and value is the key to successful investing. As the oldest and largest municipal bond specialist in the United States, Nuveen's investment bankers work with issuers to understand and meet their needs in structuring and selling their bond issues. Nuveen also works closely with financial advisers around the country, including brokerage firms, banks, insurance companies, and independent financial planners, to bring the benefits of tax-free investing to you. These advisers are experts at identifying your needs and recommending the best solutions for your situation. Together we make a powerful team, helping you create a successful investment plan that meets your needs today and in the future. John Nuveen & Co. Incorporated 333 West Wacker Drive Chicago, Illinois 60606-1286 ETF3-JAN 96 -----END PRIVACY-ENHANCED MESSAGE-----