N-30D 1 nv25792.txt FSA-3-11-01 SEMIANNUAL REPORT November 30, 2001 [LOGO: NUVEEN Investments] MUNICIPAL CLOSED-END EXCHANGE-TRADED FUNDS Dependable, tax-free income to help you keep more of what you earn. CONNECTICUT NTC NFC GEORGIA NPG NZX MASSACHUSETTS NMT NMB MISSOURI NOM Invest well. Look ahead. LEAVE YOUR MARK.SM [PHOTO: rippling water] [PHOTO: image of people at laptop] Less Mail, More Freedom with online fund reports [PHOTO: image of the sky] [PHOTO: image of hand on computer mouse] There is a new way to receive your Nuveen Fund updates faster than ever. Nuveen now can link you with electronic versions of the important financial information we send you by regular mail. By registering for online access via the internet, you will be able to view and save the Fund information you currently receive in the mail. This information can be stored on your computer and retrieved any time. In addition, you can select only the specific pages you want to view or print. With this new service, you'll receive an e-mail notice the moment Fund reports are ready. This notice will contain a link to the report - all you have to do is click your computer mouse on the internet address provided. You'll be saving time, as well as saving your Fund paper, printing and distribution expenses. Registering for electronic access is easy and only takes a few minutes. (see box at right) The e-mail address you provide is strictly confidential and will not be used for anything other than notifications of shareholder information. And if you decide you don't like receiving your reports electronically, it's a simple process to go back to regular mail delivery. SIGN UP TODAY -- Here's what you need to do... IF YOUR NUVEEN FUND DIVIDENDS ARE PAID TO YOUR BROKERAGE ACCOUNT, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.INVESTORDELIVERY.COM 2 Look at the address sheet that accompanied this report. Enter the personal 13-CHARACTER ENROLLMENT NUMBER imprinted near your name on the address sheet. 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 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 COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.NUVEEN.COM 2 Select the Access Account tab. Select the E-REPORT ENROLLMENT section. Click on Enrollment Page. 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. Dear Shareholder [PHOTO of Timothy R. Schwertfeger] Timothy R. Schwertfeger Chairman of the Board Sidebar text: "A diversified portfolio can leave you well positioned to reduce overall investment risk." In the aftermath of September 11, the financial markets have reacted with volatility and uncertainty as investors attempt to better understand how the U.S. and world economies are likely to perform in the months ahead. It's too soon to tell what the long-term impact will be on the markets or your Fund, but one thing that is increasingly clear to us is that a diversified portfolio that includes high quality municipal bonds can leave you well positioned to reduce overall investment volatility. For example, during the period covered by this report, all of these Nuveen Funds continued to meet their primary objectives of providing attractive monthly income from a portfolio of high quality municipal bonds. Detailed information on your Fund's performance can be found in the Portfolio Managers' Comments and Performance Overview sections of this report. I urge you to take the time to read them. In addition to providing you with steady tax-free income, your Nuveen Fund also features several characteristics that can help make it an essential part of your overall investment strategy. These include careful research, constant surveillance and judicious trading by Nuveen's seasoned portfolio management team, with every action designed to supplement income, improve Fund structure, better adapt to current market conditions or increase diversification. In turbulent times like these, prudent investors understand the importance of diversification, balance, and risk management, all attributes your Nuveen Fund can bring to your portfolio. For more than 100 years, Nuveen has specialized in offering quality investments such as these Nuveen Funds to those seeking to accumulate and preserve wealth and establish a lasting legacy. Our mission continues to be to assist you and your financial advisor by offering the investment services and products that can help you invest well and leave your mark for future generations. We thank you for continuing to choose Nuveen Investments as your partner as you work toward that goal. Sidebar text: "Today, perhaps more than ever, investors have the ability to make a lasting impact on their families and their world for generations to come." Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board January 15, 2002 Nuveen Municipal Closed-End Exchange-Traded Funds (NTC, NFC, NPG, NZX, NMT, NMB, NOM) Portfolio Managers' Comments Portfolio managers Paul Brennan, Tom O'Shaughnessy, Tom Futrell, and Mike Davern review economic and market conditions, key strategies, and recent Fund performance. Paul assumed portfolio management responsibility for NTC in 1999, while Tom O'Shaughnessy, Tom Futrell, and Mike have managed NPG, NMT, and NOM, respectively, since 1998. In January 2001, Paul and Tom Futrell added management responsibilities for the new Nuveen Dividend Advantage Municipal Funds for Connecticut (NFC) and Massachusetts (NMB), respectively, and Tom O'Shaughnessy assumed management responsibility for the Nuveen Georgia Dividend Advantage Municipal Fund (NZX) at its inception in September 2001. WHAT FACTORS HAD THE GREATEST INFLUENCE ON THE U.S. ECONOMY AND THE MUNICIPAL MARKET DURING THIS REPORTING PERIOD? The two major forces at work during the twelve months ended November 30, 2001, were the continued slowdown in economic growth and the Federal Reserve's aggressive approach to easing short-term interest rates. While these two factors had an impact over the entire period covered in this report, the events of September 11, 2001, and their aftermath also had a profound effect on the economy and the markets. In January 2001, the Fed embarked on a series of rate cuts designed to stimulate the sluggish U.S. economy. During the first eleven months of 2001, the Fed announced 10 reductions totaling 450 basis points. (On December 11, following the end of the period covered in this report, the Fed cut the target rate by an additional 25 basis points, bringing the federal funds rate to 1.75%, its lowest level since 1961.) The consensus among market observers is that the Fed could decide to cut rates yet again if signs of a significant economic slowdown continue. The last two years, 2000 and 2001, represented one of the best two-year periods for total returns in the municipal bond markets since the late 1980s. The Fed's interest rate cuts also created favorable conditions for both new municipal issuance and refundings, which together totaled $252.1 billion nationwide during the first eleven months of 2001, an increase of almost 37% over January-November 2000. On the demand side, municipal bonds continued to be highly sought after by individual investors looking for diversification, tax-free income, quality, and an alternative to a volatile stock market. Institutional investors, especially insurance companies, also have been active buyers in the new issue market. In general, improved supply and strong demand helped to keep municipal bond prices higher than they were twelve months ago, while municipal yields have been correspondingly lower. Nevertheless, we believe the municipal market continues to represent good value. WHAT WAS THE ECONOMIC ENVIRONMENT IN THE FOUR STATES COVERED IN THIS REPORT? PAUL BRENNAN: Connecticut continues to have the highest income levels and the highest per capita taxes in the nation. As of November 2001, the state's unemployment rate stood at 3.0%, up from 1.9% a year ago, but still well below the November national average of 5.7%. Recently, however, employment growth in Connecticut has slowed, especially among insurance and financial services companies concentrated in Fairfield and Hartford counties, reflecting the effects of September 11, 2001, on these industries. The nationwide recession in manufacturing also has led to the loss of jobs in this sector over the past year. Given the national economic slowdown and Connecticut's tight labor markets, growth in the state could trail national averages over the near term. Earlier this year, however, Moody's cited Connecticut's well-established trend of financial performance and generally favorable economic conditions in upgrading the state's credit rating to Aa2 from Aa3, while Standard & Poor's and Fitch affirmed their ratings at AA. Through November 2001, Connecticut had issued $5.2 billion in municipal bonds, up 84% over the same period in 2000. TOM O'SHAUGHNESSY: The Georgia economy has slowed significantly from the rapid expansion seen during the 1990s, as the general slowdown worked its way through the state's economic system. Job growth in Georgia has become virtually non-existent, with construction, finance/insurance/real estate (FIRE), services, and transportation all experiencing negative growth over the past year. Georgia's manufacturing sector has also been hard-hit. In November 2001, the state unemployment figure was 4.4%, up from 3.4% in November 2000. While the Georgia economy has benefited from the presence of several blue-chip communications companies, growth in this sector is expected to weaken in coming months, as firms continue to eliminate jobs in response to weaker demand. In recent years, the state's popularity as a travel destination for business conventions, historic tours, and sporting events, particularly golf, has also meant strong tourism-related spending. However, following September 11, Georgia's tourism industry was significantly impacted, and business-related travel declined sharply as well. During 2001, municipal supply in Georgia continued to be sporadic, with $3.8 billion in new issuance through November, most of which was very high quality and/or insured. This represented a decrease of 25% from the first eleven months of 2000. TOM FUTRELL: Massachusetts also was impacted by the events of September 11. However, the economic impact, felt mainly in the financial sector, was offset to some degree by the commonwealth's continued diversification away from a heavy reliance on manufacturing, which helped to protect Massachusetts from the full effects of the severe downturn taking place in that sector. Going forward, increased defense spending in the wake of September 11 should benefit government contractors based in Massachusetts. As of November 2001, unemployment in Massachusetts was 4.3%, up from 2.5% a year earlier. Although employment growth could slow in coming months, Massachusetts is expected to fare better than some of the other economies in the region. Currently Massachusetts ranks second only to Connecticut in terms of per capita income. Overall, municipal supply in Massachusetts lagged the national trend, with $8.8 billion in new issuance, up only 6% from the first eleven months of 2000. MIKE DAVERN: In contrast to Massachusetts, issuance in the Missouri municipal market through November 2001 was up 102% over that of 2000, with almost $6.0 billion in new bonds. Over the past several years, the Missouri economy has failed to achieve the levels of growth seen in other states. In 2001, this situation was compounded by the recession in the manufacturing sector. Substantial job losses in this sector, as well as a general lack of job creation in other sectors, has hampered growth in St. Louis and Kansas City, the state's two largest metropolitan areas, and across the state. In November 2001, unemployment in Missouri was 4.3%, up from 3.2% in November 2000. Over the near term, job cuts and layoffs are expected to continue to weigh on the Missouri economy. HOW DID THE NUVEEN FUNDS FOR THESE STATES PERFORM OVER THE PAST TWELVE MONTHS? For the year ended November 30, 2001, the four older Nuveen Closed-End Exchange-Traded Funds covered in this report produced total annual returns on net asset value (NAV) as shown in the accompanying table. The annual returns for the Lehman Brothers Municipal Bond Index1 and relevant Lipper Peer Group2 are also presented. TOTAL RETURN LEHMAN LIPPER MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2 -------------------------------------------------------------------------- 1 YEAR 1 YEAR 1 YEAR TAXABLE- ENDED ENDED ENDED 11/30/01 EQUIVALENT3 11/30/01 11/30/01 11/30/01 -------------------------------------------------------------------------- NTC 5.18% 7.79% 11.35% 8.75% 11.18% -------------------------------------------------------------------------- NFC 5.25% 7.89% N/A -- -- -------------------------------------------------------------------------- NPG 5.36% 8.18% 11.24% 8.75% 11.18% -------------------------------------------------------------------------- NZX 5.30% 8.09% N/A -- -- -------------------------------------------------------------------------- NMT 5.17% 7.89% 10.43% 8.75% 11.18% -------------------------------------------------------------------------- NMB 5.66% 8.64% N/A -- -- -------------------------------------------------------------------------- NOM 5.22% 7.97% 12.18% 8.75% 11.18% -------------------------------------------------------------------------- Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. Over the past twelve months, the Fed's change in interest rate policy from tightening to easing, combined with 1 The Funds' performances are compared with that of the Lehman Brothers Municipal Bond Index, a national unleveraged index comprising a broad range of investment-grade municipal bonds. Results for the Lehman index do not reflect any expenses. 2 The Funds' total returns are compared with the average annualized return of the 19 funds in the Lipper Other States 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 30.5% plus the applicable state income tax rate. The combined federal and state tax rates used in this report are as follows: Connecticut 33.5%, Georgia 34.5%, Massachusetts 34.5%, and Missouri 34.5%. 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. Unless otherwise noted, references to duration in this commentary are intended to indicate Fund duration. generally favorable market technicals, created a positive total return environment for municipal bonds. The four older Funds' participation in the market's gains is reflected in the total returns on NAV listed in the previous table. In a market characterized by rising bond values and falling yields, funds with longer durations would typically be expected to perform well. As of November 30, 2001, the durations4 of these Funds ranged from 7.90 to 9.50, compared with 7.68 for the unleveraged Lehman Municipal Bond Index. While duration was one primary driver of total return over the past twelve months, the relative performance of these Funds was also influenced by differences in structure and individual holdings. Among the newer Funds, the durations of NFC and NMB, which were established in January 2001, were 13.60 and 14.98, respectively, and NZX, which was introduced in September 2001, had a duration of 17.74, all of which we believe are typical of new Funds. Over time, we plan to bring these durations more closely in line with the other Nuveen Closed-End Exchange-Traded Funds. Since our last shareholder report in May, in fact, the durations of NFC and NMB have shortened significantly. HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES? With the Fed's move to a policy of interest rate easing as of January 2001, the dividend-payment capabilities of these Funds benefited from the use of leverage, a strategy that can potentially enhance the dividends paid to common shareholders. This benefit is tied in part to the short-term rates the leveraged Funds pay their MuniPreferred(R) shareholders. For example, declining short-term rates can enable the Funds to reduce the amount of income they pay preferred shareholders, which can leave more earnings to support common share dividends. During the year ended November 30, 2001, steady or falling short-term interest rates enabled us to implement three dividend increases in NOM, two in NPG, and one each in NTC and NMT. NFC and NMB, which were introduced in January 2001, began paying regular monthly dividends in April and are currently providing very attractive levels of tax-free income to shareholders. NZX, established in September 2001, paid its first dividend on schedule in December 2001. In coming months, the lower rates offered by municipal securities with shorter maturities could potentially continue to benefit the dividends of these Funds by further reducing the amount paid to MuniPreferred shareholders. However, this trend could be offset by the effect of bond calls on higher-yielding securities held by the four older Funds, especially if refundings increase as the result of lower rates. The level of short-term rates, the number of bond calls, and the interest rates at which we can reinvest the proceeds of any calls will all influence the dividends of these Nuveen Funds over the next twelve months. Over the past year, as the stock market remained volatile and the bond market continued to perform well, many investors turned to tax-free fixed-income investments as a way to add balance to their portfolios and reduce overall risk. As a result, the share prices of the four older Funds improved (see the charts on the individual Performance Overview pages). As investors recognized this opportunity, increased demand caused the premiums (share price above NAV) on NTC, NPG, and NMT to widen over the past twelve months, while NOM moved from trading at a discount (share price below NAV) to a premium. The three newer Funds - NFC, NZX, and NMB - have also benefited from strong demand since their introductions earlier in 2001 and finished November with share prices trading above their initial offering prices. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NUVEEN FUNDS DURING THE YEAR ENDED NOVEMBER 30, 2001? In view of recent world events, maintaining strong credit quality has been a key concern for all the Funds. As of November 2001, these Nuveen Funds continued to offer excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 71% in NFC to 86% in NMB as of November 30, 2001. All of the Funds except NZX also had a portion of their assets invested in BBB and non-rated bonds, which serve to enhance the Funds' income streams. The allocations to this credit sector ranged from 7% in NMT to 20% in NOM. All of the Funds also offer excellent levels of call protection through 2002 and 2003. Among the newer Funds, NZX and NMB have no call exposure over this period, while 2% of NFC becomes callable in 2003. The four older Funds - NTC, NPG, NMT, and NOM - all reach their 10-year anniversaries in 2003, a point in the bond market cycle normally associated with an increase in call exposure. However, we have been successful in our recent efforts to significantly reduce this exposure. NOM now has no expected call exposure over this two-year period, while the other three Funds could see up to 21-30% of their portfolios called over the next two years. The number of actual calls will depend largely on market interest rates over this time. In general, we believe this call exposure is very manageable, and we foresee no problems in working through it. Given the current level of rates, our general approach has been to hold higher-yielding bonds as long as possible to help support the Funds' dividends, while we look for attractive replacement opportunities. Currently we have focused on the 15- to 20 -year part of yield curve, since these shorter bonds have lower durations and are therefore less sensitive to interest rate changes, while providing yields similar to those offered by longer bonds. In investing new cash and bond call proceeds over the past twelve months, we focused on finding attractive bonds with the potential to support the Funds' long-term dividend-payment capabilities, enhance total return potential, and add value and diversification. Among the sectors where we found value were those regarded as providers of essential services, such as healthcare and education. As of November 30, 2001, all of these Funds listed healthcare and/or education among their top five sectors. Looking specifically at the Nuveen Connecticut Funds, increased issuance in the Connecticut market enabled us to sell some Puerto Rico holdings in both NTC and NFC and replace them with in-state securities, and we plan to continue to do so as attractive opportunities arise. Overall, turnover remained low in these two Funds, as we believe their structure (e.g., call exposure, duration, quality) and sector diversification are currently well positioned. In Georgia, we took advantage of several BBB issues earlier in 2001 to purchase bonds that could help to diversify NPG and enhance its yield potential, increasing the Fund's allocation to BBB rated bonds to 12% from 1% a year ago. In September 2001, Nuveen introduced the Nuveen Georgia Dividend Advantage Municipal Fund (NZX). As of November 2001, NZX was fully invested and, in our opinion, performing well for shareholders. As mentioned earlier, the Fund announced the payment of its first dividend on schedule in December 2001, and its holdings place NZX in an excellent position to pay attractive dividends on a monthly basis going forward. Despite the uneven supply of municipal bonds in the Georgia marketplace, we were basically able to find the types of issues we wanted for this Fund, purchasing a diversified mix of high-quality, research-intensive securities, as reflected in NZX's 81% allocation of bonds rated AAA and AA. However, due to the lack of BBB and non-rated issuance during the time we were assembling this Fund, NZX held no BBB or non-rated bonds as of November 30, 2001. The Fund's three largest sector weightings are water and sewer, limited tax obligations, and education bonds. Among the bonds we purchased for NZX were $2.5 million of Gainesville Hospital Authority for Northeast Georgia Health, which was rated A-. These bonds were also added to NPG's portfolio. In Massachusetts, we continued to find value opportunities in the essential services sectors, including healthcare, education, and general obligation bonds. One of the issues added to NMT was a new series of resource recovery bonds issued by the Massachusetts Industrial Finance Agency for the Semass project. NMT had previously purchased bonds issued in 1991 for this project and benefited as they became pre-refunded and then insured. We also continue to watch lower-rated issuance for additional opportunities to purchase bonds that can enhance NMB's yield. Our focus in Missouri over the past year has been on minimizing NOM's call exposure and positioning the Fund defensively in case interest rates start to rise in the future. Increased issuance in the Missouri market, which offered many well-structured issues, allowed us to be selective in purchasing the bonds that best fit our goals for the Fund. Some examples of bonds that have worked very well for NOM are a non-rated student housing issue for Mineral Area Junior College, which was used to finance dorm construction, and non-rated tax increment district bonds offering very attractive yields and low risk. We also increased the Fund's healthcare exposure to 19% from 9% a year ago. The Georgia and Massachusetts Funds also had some exposure to bonds and sectors affected by the events of September 11, 2001, including issues for Hartsfield Atlanta International Airport and the Massachusetts Port Authority for a US Air project. Although the majority of these bonds experienced a decline immediately after the terrorist attacks, their valuations have since improved. Many of these holdings were insured and, in general, have not impacted the Funds' performance. While Standard & Poor's placed major air carriers and North American airports on credit watch following September 11, Moody's current median rating for airports is A2, which is solidly investment grade. The federal government's commitment to the air transportation sector was demonstrated by the approval of a $15 billion airline aid package of grants and loan guarantees. Overall, airline traffic appears to be improving, and we continue to be positive about the long-term prospects of this sector. WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THESE NUVEEN FUNDS IN PARTICULAR? In general, our outlook for the fixed-income markets over the next twelve months remains positive. While the long-term economic effects of September 11 are still to be determined, we believe the U.S. economy is headed for a recovery, but one characterized by a slower pace of growth, with inflation and interest rates remaining low over the near term. We expect new municipal issuance to continue at current strong levels, with annual totals for 2001 now anticipated to be the largest since 1998. In 2002, declining tax revenues could cause many states and municipalities to access the debt markets to finance budget deficits. At the same time, demand for tax-exempt municipal bonds is expected to remain strong, as investors continue to look for ways to rebalance their portfolios and reduce risk. The federal government's recent decision to discontinue the 30-year Treasury bond removed one of the pricing benchmarks for the municipal market, which could result in some pricing uncertainty and create additional opportunities. Overall, we continue to watch the fixed-income markets carefully, especially those sectors that were directly impacted by the events of September 11 or that would be affected by any further deceleration in the economy. We believe that the Nuveen Funds covered in this report are currently well diversified and well positioned for the market environment ahead, and we will continue to respond to events as appropriate. Over the next six months, we plan to remain focused on strategies that add value for our shareholders, provide support for the Funds' dividends, and fully utilize Nuveen's experience and research expertise to adjust to any shifts in market conditions. Strong supply could present us with a number of opportunities to implement such strategies, and we will continue to closely watch issuance in the essential services sectors. One of our priorities will be managing portfolio structure, including duration and credit quality, to strategically position the Funds for a potential economic recovery. Our emphasis will continue to be on research-intensive credits that have the potential to increase the Funds' income stream. Overall, we believe these Nuveen Funds will continue to play an important role in investors' long-range financial programs, providing balance and diversification, dependable tax-free income, quality investments, and a measure of security in uncertain times such as these. NTC Nuveen Connecticut Premium Income Municipal Fund Performance Overview As of November 30, 2001 CREDIT QUALITY [PIE CHART] AAA/U.S. Guaranteed 67% AA 16% A 3% BBB 12% NR 2% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $16.00 -------------------------------------------------- Net Asset Value $14.48 -------------------------------------------------- Market Yield 5.18% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.45% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 7.79% -------------------------------------------------- Fund Net Assets ($000) $114,541 -------------------------------------------------- Average Effective Maturity (Years) 17.76 -------------------------------------------------- Leverage-Adjusted Duration 7.90 -------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 5/93) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 16.18% 11.35% -------------------------------------------------- 5-Year 8.66% 6.93% -------------------------------------------------- Since Inception 6.21% 6.11% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Education and Civic Organizations 18% -------------------------------------------------- Healthcare 13% -------------------------------------------------- Tax Obligation/General 10% -------------------------------------------------- U.S.Guaranteed 10% -------------------------------------------------- Tax Obligation/Limited 8% -------------------------------------------------- 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 [BAR CHART] Dec 0.068 Jan 0.068 Feb 0.068 Mar 0.068 Apr 0.068 May 0.068 Jun 0.068 Jul 0.068 Aug 0.068 Sep 0.069 Oct 0.069 Nov 0.069 SHARE PRICE PERFORMANCE [LINE CHART] 12/01/00 14.38 14.31 14.56 14.75 14.88 15.5 15.69 15.81 15.81 16.06 16.07 16 16.1 16.11 16.43 15.93 15.71 15.5 15.63 15.75 15.78 15.81 15.85 15.79 16.05 16.03 16.05 16.12 16.1 16.2 16.3 16.46 16.56 16.62 16.44 16.38 16.58 16.66 16.6 16.63 16.65 16.64 16.37 16.44 16.29 16.2 16.22 16.15 16.23 16.31 16.18 16.18 11/30/01 16 Weekly Closing Price Past performance is not predictive of future results. 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 30.5%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2000 of $0.0071 per share. NFC Nuveen Connecticut Dividend Advantage Municipal Fund Performance Overview As of November 30, 2001 CREDIT QUALITY [PIE CHART] AAA/U.S. Guaranteed 56% AA 15% A 21% BBB 6% NR 2% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $16.00 -------------------------------------------------- Net Asset Value $14.21 -------------------------------------------------- Market Yield 5.25% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.55% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 7.89% -------------------------------------------------- Fund Net Assets ($000) $55,620 -------------------------------------------------- Average Effective Maturity (Years) 21.86 -------------------------------------------------- Leverage-Adjusted Duration 13.60 -------------------------------------------------- TOTAL RETURN (Inception 1/01) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- Since Inception 11.08% 3.65% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/General 19% -------------------------------------------------- Education and Civic Organizations 17% -------------------------------------------------- Utilities 14% -------------------------------------------------- Tax Obligation/Limited 13% -------------------------------------------------- Housing/Single Family 10% -------------------------------------------------- 2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 [BAR CHART] Mar 0.070 Apr 0.070 May 0.070 Jun 0.070 Jul 0.070 Aug 0.070 Sep 0.070 Oct 0.070 Nov 0.070 SHARE PRICE PERFORMANCE [LINE CHART] 1/26/01 15.11 15.14 15.15 15.10 15.10 15.04 15.04 15.10 15.00 14.95 15.05 14.30 14.30 14.90 15.08 15.16 15.26 15.40 15.56 15.79 15.57 15.77 15.58 15.64 15.69 15.70 15.80 15.95 15.90 15.88 16.03 15.98 15.92 15.45 15.97 16.00 15.71 15.95 15.72 16.00 15.95 15.91 15.91 11/30/01 16.00 Weekly Closing Price Past performance is not predictive of future results. 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 30.5%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. NPG Nuveen Georgia Premium Income Municipal Fund Performance Overview As of November 30, 2001 CREDIT QUALITY [PIE CHART] AAA/U.S. Guaranteed 60% AA 16% A 12% BBB 12% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.21 -------------------------------------------------- Net Asset Value $14.46 -------------------------------------------------- Market Yield 5.36% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.71% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.18% -------------------------------------------------- Fund Net Assets ($000) $82,210 -------------------------------------------------- Average Effective Maturity (Years) 19.44 -------------------------------------------------- Leverage-Adjusted Duration 8.79 -------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 5/93) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 15.02% 11.24% -------------------------------------------------- 5-Year 8.15% 6.75% -------------------------------------------------- Since Inception 5.78% 6.14% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Housing/Multifamily 15% -------------------------------------------------- Healthcare 15% -------------------------------------------------- Tax Obligation/Limited 14% -------------------------------------------------- Utilities 9% -------------------------------------------------- Basic Materials 9% -------------------------------------------------- 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 [BAR CHART] Dec 0.064 Jan 0.064 Feb 0.064 Mar 0.064 Apr 0.064 May 0.064 Jun 0.0665 Jul 0.0665 Aug 0.0665 Sep 0.068 Oct 0.068 Nov 0.068 SHARE PRICE PERFORMANCE [LINE CHART] 12/01/00 14 14.06 13.88 14 14.13 14.75 15 15.06 15.13 15.25 15.3 15.21 15.23 15.35 15.48 15.33 15.4 15.32 15.45 15.48 15.46 15.5 15.5 15.45 15.26 15.24 15.35 15.38 15.38 15.25 15 15.16 15.21 15.25 15.46 15.49 15.42 15.55 15.59 15.46 15.46 15.43 15.03 14.95 15.03 15.02 15.15 15.22 15.52 15.35 15.21 15.2 11/30/01 15.21 Weekly Closing Price Past performance is not predictive of future results. 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 30.5%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 34.5%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2000 of $0.0104 per share. NZX Nuveen Georgia Dividend Advantage Municipal Fund Performance Overview As of November 30, 2001 CREDIT QUALITY [PIE CHART] AAA/U.S. Guaranteed 47% AA 34% A 19% THE FUND PAID ITS FIRST REGULAR MONTHLY DIVIDEND OF $0.0665 PER SHARE ON DECEMBER 3, 2001. PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.05 -------------------------------------------------- Net Asset Value $14.04 -------------------------------------------------- Market Yield 5.30% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.63% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.09% -------------------------------------------------- Fund Net Assets ($000) $42,462 -------------------------------------------------- Average Effective Maturity (Years) 23.53 -------------------------------------------------- Leverage-Adjusted Duration 17.73 -------------------------------------------------- TOTAL RETURN (Inception 9/01) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- Since Inception .78% -1.56% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Water and Sewer 25% -------------------------------------------------- Tax Obligation/Limited 20% -------------------------------------------------- Education and Civic Organizations 13% -------------------------------------------------- Housing/Multifamily 9% -------------------------------------------------- Utilities 8% -------------------------------------------------- SHARE PRICE PERFORMANCE [LINE CHART] 9/28/01 15.1 15.01 15.04 15.01 15.11 15.19 15.12 15.12 15.13 11/30/01 15.05 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 30.5%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 34.5%. NMT Nuveen Massachusetts Premium Income Municipal Fund Performance Overview As of November 30, 2001 CREDIT QUALITY [PIE CHART] AAA/U.S. Guaranteed 58% AA 18% A 17% BBB 2% NR 5% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $16.02 -------------------------------------------------- Net Asset Value $14.56 -------------------------------------------------- Market Yield 5.17% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.44% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 7.89% -------------------------------------------------- Fund Net Assets ($000) $102,084 -------------------------------------------------- Average Effective Maturity (Years) 18.43 -------------------------------------------------- Leverage-Adjusted Duration 9.06 -------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 3/93) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 18.06% 10.43% -------------------------------------------------- 5-Year 8.33% 6.41% -------------------------------------------------- Since Inception 6.44% 6.28% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Education and Civic Organizations 18% -------------------------------------------------- Housing/Multifamily 18% -------------------------------------------------- U.S.Guaranteed 17% -------------------------------------------------- Healthcare 14% -------------------------------------------------- Tax Obligation/General 14% -------------------------------------------------- 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 [BAR CHART] Dec 0.068 Jan 0.068 Feb 0.068 Mar 0.068 Apr 0.068 May 0.068 Jun 0.068 Jul 0.068 Aug 0.068 Sep 0.069 Oct 0.069 Nov 0.069 SHARE PRICE PERFORMANCE [LINE CHART] 12/01/00 14.31 14.38 14.31 14.56 14.56 14.94 15.19 15.44 15.19 15.35 15.33 15.32 14.9 15.22 15.2 15.3 15.2 15.15 15.37 15.25 15.31 15.23 15.49 15.37 15.49 15.28 15.33 15.32 15.26 15.2 15.24 15.43 15.33 15.4 15.4 15.6 15.7 15.89 15.85 15.91 16.05 16.05 15.45 15.35 15.65 15.58 15.84 15.68 15.8 15.86 15.83 15.94 11/30/01 16.02 Weekly Closing Price Past performance is not predictive of future results. 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 30.5%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 34.5%. NMB Nuveen Massachusetts Dividend Advantage Municipal Fund Performance Overview As of November 30, 2001 CREDIT QUALITY [PIE CHART] AAA/U.S. Guaranteed 64% AA 22% A 5% BBB 9% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.49 -------------------------------------------------- Net Asset Value $14.36 -------------------------------------------------- Market Yield 5.66% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.14% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.64% -------------------------------------------------- Fund Net Assets ($000) $42,895 -------------------------------------------------- Average Effective Maturity (Years) 26.44 -------------------------------------------------- Leverage-Adjusted Duration 14.98 -------------------------------------------------- TOTAL RETURN (Inception 1/01) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- Since Inception 7.85% 4.92% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Education and Civic Organizations 21% -------------------------------------------------- Tax Obligation/General 20% -------------------------------------------------- Transportation 10% -------------------------------------------------- Water and Sewer 10% -------------------------------------------------- Healthcare 8% -------------------------------------------------- 2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 [BAR CHART] Mar 0.073 Apr 0.073 May 0.073 Jun 0.073 Jul 0.073 Aug 0.073 Sep 0.073 Oct 0.073 Nov 0.073 SHARE PRICE PERFORMANCE [LINE CHART] 1/26/01 15 15 15.05 15 15.03 14.64 14.75 14.75 15 14.85 14.99 14.8 14.99 14.99 14.85 14.89 14.77 14.78 14.91 14.82 14.89 14.81 14.98 14.93 14.88 14.99 15.04 15.17 15.38 15.65 15.66 15.51 15.57 15.25 15.15 15.5 15.53 15.48 15.42 15.49 15.79 15.55 15.63 11/30/01 15.49 Weekly Closing Price Past performance is not predictive of future results. 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 30.5%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 34.5%. NOM Nuveen Missouri Premium Income Municipal Fund Performance Overview As of November 30, 2001 CREDIT QUALITY [PIE CHART] AAA/U.S. Guaranteed 63% AA 13% A 3% BBB 7% NR 13% Other 1% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.30 -------------------------------------------------- Net Asset Value $14.37 -------------------------------------------------- Market Yield 5.22% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.51% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 7.97% -------------------------------------------------- Fund Net Assets ($000) $47,521 -------------------------------------------------- Average Effective Maturity (Years) 16.75 -------------------------------------------------- Leverage-Adjusted Duration 9.50 -------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 5/93) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 23.51% 12.18% -------------------------------------------------- 5-Year 9.70% 6.29% -------------------------------------------------- Since Inception 5.72% 5.71% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Healthcare 19% -------------------------------------------------- U.S.Guaranteed 18% -------------------------------------------------- Tax Obligation/General 18% -------------------------------------------------- Tax Obligation/Limited 15% -------------------------------------------------- Education and Civic Organizations 11% -------------------------------------------------- 2000-2001 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 [BAR CHART] Dec 0.0615 Jan 0.0615 Feb 0.0615 Mar 0.063 Apr 0.063 May 0.063 Jun 0.0655 Jul 0.0655 Aug 0.0655 Sep 0.0665 Oct 0.0665 Nov 0.0665 SHARE PRICE PERFORMANCE [LINE CHART] 12/01/00 13.06 13.06 13 13.19 13.44 14 14.31 14.44 14.44 14.33 14.37 14.22 14.24 14.25 14.25 14.28 14.28 14.19 14.16 13.9 14.05 14.17 14.19 14.11 14.24 14.14 14.25 14.27 14.29 14.3 14.39 14.42 14.59 14.6 14.7 14.82 14.82 14.93 15 15.05 15.09 15.09 14.87 14.98 15.24 15.08 15.08 15.1 15.21 15.33 15.3 15.35 11/30/01 15.3 Weekly Closing Price Past performance is not predictive of future results. 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 30.5%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 34.5%. Shareholder Meeting Report The Shareholder Meeting was held October 24, 2001 in Chicago at Nuveen's headquarters.
NTC NPG ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Common Shares Common Shares Shares Series-TH Shares Series-TH ==================================================================================================================================== Robert P. Bremner For 4,869,493 1,516 3,567,956 1,001 Withhold 20,666 -- 13,047 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,890,159 1,516 3,581,003 1,001 ==================================================================================================================================== Lawrence H. Brown For 4,867,543 1,516 3,567,956 1,001 Withhold 22,616 -- 13,047 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,890,159 1,516 3,581,003 1,001 ==================================================================================================================================== Anne E. Impellizzeri For 4,867,543 1,516 3,566,908 1,001 Withhold 22,616 -- 14,095 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,890,159 1,516 3,581,003 1,001 ==================================================================================================================================== Peter R. Sawers For 4,867,543 1,516 3,567,956 1,001 Withhold 22,616 -- 13,047 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,890,159 1,516 3,581,003 1,001 ==================================================================================================================================== Judith M. Stockdale For 4,869,493 1,516 3,566,956 1,001 Withhold 20,666 -- 14,047 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,890,159 1,516 3,581,003 1,001 ==================================================================================================================================== William J. Schneider For -- 1,516 -- 1,001 Withhold -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,516 -- 1,001 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,516 -- 1,001 Withhold -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,516 -- 1,001 ==================================================================================================================================== Shareholder Meeting Report (continued) NMT NOM ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Common Shares Common Shares Shares Series-TH Shares Series-TH ==================================================================================================================================== Robert P. Bremner For 4,417,366 1,267 1,848,045 603 Withhold 43,144 4 239,563 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,460,510 1,271 2,087,608 603 ==================================================================================================================================== Lawrence H. Brown For 4,417,366 1,267 1,848,045 603 Withhold 43,144 4 239,563 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,460,510 1,271 2,087,608 603 ==================================================================================================================================== Anne E. Impellizzeri For 4,416,766 1,267 1,847,181 603 Withhold 43,744 4 240,427 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,460,510 1,271 2,087,608 603 ==================================================================================================================================== Peter R. Sawers For 4,416,766 1,267 1,848,445 603 Withhold 43,744 4 239,163 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,460,510 1,271 2,087,608 603 ==================================================================================================================================== Judith M. Stockdale For 4,416,966 1,267 1,845,054 603 Withhold 43,544 4 242,554 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 4,460,510 1,271 2,087,608 603 ==================================================================================================================================== William J. Schneider For -- 1,267 -- 603 Withhold -- 4 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,271 -- 603 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,267 -- 603 Withhold -- 4 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,271 -- 603 ====================================================================================================================================
Nuveen Connecticut Premium Income Municipal Fund (NTC) Portfolio of Investments November 30, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 1.3% $ 1,415 The Children's Trust Fund, Puerto Rico, Tobacco 7/10 at 100 Aa3 $ 1,489,797 Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 18.0% Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds (Family Education Loan Program), 1996 Series A: 1,290 5.800%, 11/15/14 (Alternative Minimum Tax) 11/06 at 102 AAA 1,358,499 825 5.875%, 11/15/17 (Alternative Minimum Tax) 11/06 at 102 AAA 860,079 870 Connecticut Higher Education Supplemental Loan 11/09 at 102 AAA 920,077 Authority, Revenue Bonds (Family Education Loan Program), 1999 Series A, 6.000%, 11/15/18 1,000 Connecticut Higher Education Supplemental Loan 11/11 at 100 Aaa 983,990 Authority, Revenue Bonds (Family Education Loan Program), 2001 Series A, 5.250%, 11/15/18 (Alternative Minimum Tax) 1,540 State of Connecticut Health and Educational Facilities 7/03 at 102 BBB 1,547,531 Authority, Revenue Bonds, Quinnipiac College Issue, Series D, 6.000%, 7/01/23 2,000 State of Connecticut Health and Educational Facilities 7/06 at 102 AAA 2,117,180 Authority, Revenue Bonds, Trinity College Issue, Series E, 5.875%, 7/01/26 1,500 State of Connecticut Health and Educational Facilities 7/06 at 102 AAA 1,548,825 Authority, Revenue Bonds, The Loomis Chaffee School Issue, Series C, 5.500%, 7/01/16 1,800 State of Connecticut Health and Educational Facilities 7/08 at 102 AAA 1,800,540 Authority, Revenue Bonds, Fairfield University Issue, Series H, 5.000%, 7/01/23 2,920 State of Connecticut Health and Educational Facilities 7/07 at 102 AAA 3,015,747 Authority, Revenue Bonds, Connecticut College Issue, Series C-1, 5.500%, 7/01/20 1,250 State of Connecticut Health and Educational Facilities 7/09 at 101 AAA 1,273,988 Authority, Revenue Bonds, Fairfield University Issue, Series I, 5.250%, 7/01/25 750 State of Connecticut Health and Educational Facilities 7/09 at 101 Aaa 780,795 Authority, Revenue Bonds, The Horace Bushnell Memorial Hall Issue, Series A, 5.625%, 7/01/29 500 State of Connecticut Health and Educational Facilities 7/11 at 101 AAA 498,065 Authority, Revenue Bonds, Trinity College Issue, Series 2001G, 5.000%, 7/01/31 650 State of Connecticut Health and Educational Facilities 7/11 at 101 A2 673,998 Authority, Revenue Bonds, The Loomis Chaffee School Issue, Series D, 5.500%, 7/01/23 450 State of Connecticut Health and Educational Facilities 3/11 at 101 AAA 448,016 Authority, Revenue Bonds, Greenwich Academy Issue, Series 2001B, 5.000%, 3/01/32 3,060 The University of Connecticut, Student Fee Revenue 11/08 at 101 AAA 2,930,531 Bonds, 1998 Series A, 4.750%, 11/15/27 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 12.9% 1,000 State of Connecticut Health and Educational Facilities 7/04 at 102 AAA 1,083,890 Authority, Revenue Bonds, Newington Children's Hospital Issue, Series A, 6.050%, 7/01/10 1,625 State of Connecticut Health and Educational Facilities 7/02 at 102 AAA 1,683,679 Authority, Revenue Bonds, Saint Francis Hospital and Medical Center Issue, Series B, 6.200%, 7/01/22 2,000 State of Connecticut Health and Educational Facilities 7/09 at 101 Aaa 1,974,320 Authority, Revenue Bonds, Stamford Hospital Issue, Series G, 5.000%, 7/01/24 1,000 State of Connecticut Health and Educational Facilities 7/07 at 102 AAA 1,046,820 Authority, Revenue Bonds, The William W. Backus Hospital Issue, Series D, 5.750%, 7/01/27 3,000 State of Connecticut Health and Educational Facilities 7/07 at 101 Aaa 3,004,530 Authority, Revenue Bonds, Middlesex Health Services Issue, Series 1997H Refunding, 5.125%, 7/01/27 2,000 State of Connecticut Health and Educational Facilities 7/10 at 101 AA 2,115,600 Authority, Revenue Bonds, Eastern Connecticut Health Network Issue, Series A, 6.000%, 7/01/25 Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued) Portfolio of Investments November 30, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 2,000 Connecticut Development Authority, Solid Waste 7/05 at 102 AAA $ 2,230,720 Disposal Facilities Revenue Bonds (Pfizer, Inc. Project), 1994 Series, 7.000%, 7/01/25 (Alternative Minimum Tax) 1,500 Puerto Rico Industrial, Tourist, Educational, Medical 8/05 at 101 1/2 AAA 1,587,795 and Environmental Control Facilities Financing Authority, Hospital Revenue Refunding Bonds, 1995 Series A (FHA-Insured Mortgage Pila HospitalProject), 6.125%, 8/01/25 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 6.3% 1,000 Connecticut Housing Finance Authority, Housing Mortgage 12/09 at 100 AAA 1,039,250 Finance Program Bonds, 1999 Series D2, 6.200%, 11/15/41 (Alternative Minimum Tax) 3,000 Housing Authority of the City of Waterbury, Connecticut, 1/02 at 100 AAA 3,000,180 Mortgage Refunding Revenue Bonds, Series 1998C (FHA-Insured Mortgage Loan - Waterbury NSA-II Section 8 Assisted Project), 5.450%, 7/01/23 1,030 Waterbury Nonprofit Housing Corporation, Connecticut, 7/02 at 101 AAA 1,049,663 Taxable Mortgage Revenue Refunding Bonds (FHA-Insured Mortgage Loan - Fairmont Height Section 8 Assisted Project), Series 1993A, 6.500%, 7/01/07 1,925 Housing Authority of the City of Willimantic, Connecticut, 10/05 at 105 AAA 2,126,644 Multifamily Housing Revenue Bonds, Series 1995A (GNMA Collateralized Mortgage Loan - Village Heights Apartments Project), 8.000%, 10/20/30 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 6.4% 3,175 Connecticut Housing Finance Authority, Housing 5/03 at 102 AAA 3,331,242 Mortgage Finance Program Bonds, 1993 Series B, 6.200%, 5/15/12 2,145 Connecticut Housing Finance Authority, Housing 11/06 at 102 AAA 2,216,879 Mortgage Finance Program Bonds, 1996 Subseries E-2, 6.150%, 11/15/27 (Alternative Minimum Tax) 250 Connecticut Housing Finance Authority, Housing 5/10 at 100 AAA 261,785 Mortgage Finance Program Bonds, 2000 Series A-1, 6.000%, 11/15/28 500 Connecticut Housing Finance Authority, Housing 5/10 at 100 AAA 496,420 Mortgage Finance Program Bonds, 2001 Series A-1, 5.250%, 11/15/28 1,000 Connecticut Housing Finance Authority, Housing 11/10 at 100 AAA 980,060 Mortgage Finance Program Bonds, 2001 Series C, 5.300%, 11/15/33 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 6.8% 1,300 State of Connecticut Health and Educational Facilities 8/08 at 102 AAA 1,303,952 Authority, Revenue Bonds, Hebrew Home and Hospital Issue, Series B (FHA-Insured Mortgage), 5.200%, 8/01/38 2,000 State of Connecticut Health and Educational Facilities 11/03 at 102 AAA 2,090,260 Authority, Revenue Bonds, Nursing Home Program Issue, Series 1993 (Mansfield Center for Nursing and Rehabilitation Project), 5.875%, 11/01/12 615 Connecticut Development Authority, First Mortgage 9/09 at 102 AA 634,858 Gross Revenue Health Care Project Refunding Bonds (Connecticut Baptist Homes, Inc. Project), 1999 Series, 5.500%, 9/01/15 Connecticut Development Authority, Revenue Refunding Bonds (Duncaster, Inc. Project), Series 1999A: 1,000 5.250%, 8/01/19 2/10 at 102 AA 1,002,560 1,000 5.375%, 8/01/24 2/10 at 102 AA 1,006,670 Connecticut Development Authority, Health Facility Refunding Revenue Bonds (Alzheimers Resource Center of Connecticut, Inc. Project), Series 1994A: 695 6.875%, 8/15/04 No Opt. Call N/R 695,493 1,000 7.000%, 8/15/09 8/04 at 102 N/R 1,002,230 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 10.3% 1,500 City of Bridgeport, Connecticut, General Obligation 7/10 at 101 AAA 1,637,445 Bonds, 2000 Series A, 6.000%, 7/15/19 Town of Cheshire, Connecticut, General Obligation Bonds, Issue of 1999: 660 5.625%, 10/15/16 10/09 at 101 Aa3 708,616 660 5.625%, 10/15/17 10/09 at 101 Aa3 705,461 1,000 State of Connecticut, General Obligation Bonds, 11/09 at 101 AA 1,056,220 1999 Series B, 5.500%, 11/01/18 1,960 State of Connecticut, General Obligation Bonds, No Opt. Call AA 2,238,986 1993 Series E, 6.000%, 3/15/12 1,650 Connecticut Development Authority, General Fund 10/04 at 102 AA 1,808,367 Obligation Bonds, 1994 Series A, 6.375%, 10/15/14 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 1,000 City of Hartford, Connecticut, General Obligation 6/10 at 102 AAA $ 1,057,780 Bonds, 5.500%, 6/15/20 400 Northern Mariana Islands Commonwealth, General 6/10 at 100 A 416,884 Obligation Bonds, Series 2000A, 6.000%, 6/01/20 Regional School District No. 16, Towns of Beacon Falls and Prospect, Connecticut, General Obligation Bonds, Issue of 2000: 350 5.500%, 3/15/18 3/10 at 101 Aaa 373,167 350 5.625%, 3/15/19 3/10 at 101 Aaa 376,166 350 5.700%, 3/15/20 3/10 at 101 Aaa 377,836 965 City of Waterbury, Connecticut, General Obligation 2/09 at 101 AA 1,014,784 Tax Revenue Intercept Bonds, 2000 Issue, 6.000%, 2/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 8.2% 1,900 Capitol Region Education Council, Connecticut, 10/05 at 102 BBB 2,029,865 Revenue Bonds, 6.700%, 10/15/10 2,000 State of Connecticut Health and Educational Facilities 7/09 at 102 AAA 2,090,300 Authority, Revenue Bonds (Child Care Facilities Program), Series C, 5.625%, 7/01/29 1,000 State of Connecticut, Special Tax Obligation Bonds, 12/09 at 101 AAA 1,063,120 Transportation Infrastructure Purposes, 1999 Series A, 5.625%, 12/01/19 1,800 State of Connecticut, Special Tax Obligation Bonds, No Opt. Call AA- 2,103,588 Transportation Infrastructure Purposes, 1991 Series B, 6.500%, 10/01/10 1,000 State of Connecticut, Second Injury Fund Special 1/11 at 101 AAA 1,062,310 Assessment Revenue Bonds, Series 2000A, 5.250%, 1/01/14 1,000 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 1,083,010 (Virgin Islands Gross Receipts Taxes Loan Notes), Series 1999A, 6.500%, 10/01/24 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 4.9% 750 State of Connecticut, Airport Revenue Bonds, Bradley 4/11 at 101 AAA 735,488 International Airport, Series 2001A, 5.125%, 10/01/26 (Alternative Minimum Tax) 2,075 State of Connecticut, General Airport Revenue 10/04 at 100 AAA 2,314,953 Refunding Bonds, Bradley International Airport, Series 1992, 7.650%, 10/01/12 1,000 City of Hartford, Connecticut, Parking System Revenue 7/10 at 100 BBB 1,041,300 Bonds, 2000 Series A, 6.400%, 7/01/20 1,500 City of New Haven, Connecticut, Air Rights Parking 12/01 at 102 AAA 1,537,230 Facility Revenue Bonds, Series 1991, 6.500%, 12/01/15 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 9.3% 40 State of Connecticut, General Obligation Bonds, No Opt. Call AA*** 45,694 1993 Series E, 6.000%, 3/15/12 2,600 State of Connecticut Health and Educational Facilities 7/03 at 102 Baa3*** 2,780,856 Authority, Revenue Bonds, Sacred Heart University Issue, Series B, 5.700%, 7/01/16 (Pre-refunded to 7/01/03) 20 State of Connecticut Health and Educational Facilities 7/02 at 102 AAA 20,868 Authority, Revenue Bonds, Trinity College Issue, Series C, 6.000%, 7/01/22 (Pre-refunded to 7/01/02) 2,910 State of Connecticut Health and Educational Facilities 7/03 at 102 BBB*** 3,125,922 Authority, Revenue Bonds, Quinnipiac College Issue, Series D, 6.000%, 7/01/23 (Pre-refunded to 7/01/03) 2,000 State of Connecticut Health and Educational Facilities 11/04 at 102 AA-*** 2,274,960 Authority, Revenue Bonds, Nursing Home Program Issue, Series 1994 (AHF/Hartford, Inc. Project), 7.125%, 11/01/24 (Pre-refunded to 11/01/04) 1,250 State of Connecticut Health and Educational Facilities 7/04 at 101 AAA 1,391,513 Authority, Revenue Bonds, Choate Rosemary Hall Issue, Series A, 7.000%, 7/01/25 (Pre-refunded to 7/01/04) 925 State of Connecticut, Airport Revenue Refunding Bonds, 10/04 at 100 AAA 1,046,314 Bradley International Airport, Series 1992, 7.650%, 10/01/12 (Pre-refunded to 10/01/04) ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.4% 2,500 Connecticut Development Authority, Pollution Control 10/08 at 102 A3 2,552,075 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 1,750 Connecticut Municipal Electric Energy Cooperative, 1/04 at 102 AAA 1,751,523 Power Supply System Revenue Bonds, 1993 Series A, 5.000%, 1/01/18 Nuveen Connecticut Premium Income Municipal Fund (NTC) (continued) Portfolio of Investments November 30, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 2,630 Connecticut Resources Recovery Authority, Resource 5/02 at 102 AAA $ 2,747,140 Recovery Revenue Bonds (American Ref-Fuel Company of Southeastern Connecticut Project), 1989 Series A, 7.700%, 11/15/11 1,000 Connecticut Resources Recovery Authority, Corporate 12/11 at 102 Baa2 991,330 Credit Resource Recovery Revenue Bonds (American Ref-Fuel Company of Southeastern Connecticut), I Series A, 5.500%, 11/15/15 (Alternative Minimum Tax) 395 Eastern Connecticut Resource Recovery Authority, 1/03 at 102 BBB 390,181 Solid Waste Revenue Bonds (Wheelabrator Lisbon Project), Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 6.3% 1,400 Connecticut Development Authority, Water Facilities 6/03 at 102 AAA 1,420,030 Refunding Revenue Bonds (Bridgeport Hydraulic Company Project), 1993B Series, 5.500%, 6/01/28 2,500 Connecticut Development Authority, Water Facilities 9/06 at 102 AAA 2,631,600 Revenue Bonds (Bridgeport Hydraulic Company Project), 1996 Series, 6.000%, 9/01/36 (Alternative Minimum Tax) 1,000 State of Connecticut, Clean Water Fund Revenue 10/11 at 100 AAA 1,050,700 Bonds, Series 2001, 5.500%, 10/01/20 2,000 South Central Connecticut Regional Water Authority, 8/03 at 102 AAA 2,124,500 Water System Revenue Bonds, Eleventh Series, 5.750%, 8/01/12 ------------------------------------------------------------------------------------------------------------------------------------ $ 107,370 Total Investments (cost $107,179,573) - 98.1% 112,391,240 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 2,149,547 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 114,540,787 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) Portfolio of Investments November 30, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 7.5% $ 685 The Children's Trust Fund, Puerto Rico, Tobacco 7/10 at 100 Aa3 $ 721,209 Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 Guam Economic Development Authority, Asset-Backed Bonds, Series 2001A: 250 5.000%, 5/15/22 5/11 at 100 A2 250,275 500 5.400%, 5/15/31 5/11 at 100 A2 510,980 1,270 Guam Economic Development Authority, Asset-Backed 5/11 at 100 A2 1,291,984 Bonds, 2001 Series B, 5.500%, 5/15/41 Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement Asset-Backed Bonds, Series 2001B: 700 6.000%, 5/15/22 5/11 at 101 A1 720,517 625 6.375%, 5/15/28 5/11 at 101 A1 658,631 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 16.5% 785 Connecticut Higher Education Supplemental Loan 11/11 at 100 Aaa 772,432 Authority, Revenue Bonds (Family Education Loan Program), 2001 Series A, 5.250%, 11/15/18 (Alternative Minimum Tax) 50 State of Connecticut Health and Educational Facilities 7/08 at 101 AA 48,356 Authority, Revenue Bonds, Sacred Heart University Issue, Series E, 5.000%, 7/01/28 100 State of Connecticut Health and Educational Facilities 7/08 at 102 AAA 100,030 Authority, Revenue Bonds, Fairfield University Issue, Series H, 5.000%, 7/01/23 2,750 State of Connecticut Health and Educational Facilities 7/11 at 101 AAA 2,739,358 Authority, Revenue Bonds, Trinity College Issue, Series 2001G, 5.000%, 7/01/31 1,000 State of Connecticut Health and Educational Facilities 7/11 at 101 A2 1,036,920 Authority, Revenue Bonds, The Loomis Chaffee School Issue, Series D, 5.500%, 7/01/23 625 State of Connecticut Health and Educational Facilities 3/11 at 101 AAA 622,244 Authority, Revenue Bonds, Greenwich Academy Issue, Series 2001B, 5.000%, 3/01/32 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Series 1999 (Ana G. Mendez University System Project): 125 5.375%, 2/01/19 2/09 at 101 BBB 123,064 270 5.375%, 2/01/29 2/09 at 101 BBB 259,910 The University of Connecticut, General Obligation Bonds, 2001 Series A: 500 4.750%, 4/01/19 4/11 at 101 AA 495,020 1,000 5.250%, 4/01/20 4/11 at 101 AA 1,028,460 1,000 4.750%, 4/01/20 4/11 at 101 AA 986,090 1,000 4.750%, 4/01/21 4/11 at 101 AA 979,490 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 0.2% 125 State of Connecticut Health and Educational Facilities 7/09 at 101 Aaa 123,395 Authority, Revenue Bonds, Stamford Hospital Issue, Series G, 5.000%, 7/01/24 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 3.6% 2,000 Housing Authority of the City of Stamford, Connecticut, No Opt. Call A3 1,987,060 Multifamily Housing Revenue Refunding Bonds (The Fairfield Apartments Project), Series 1998, 4.750%, 12/01/28 (Mandatory put 12/01/08) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 9.7% 2,000 Connecticut Housing Finance Authority, Housing 11/05 at 102 AAA 2,094,580 Mortgage Finance Program Bonds, 1995 Series F-1, 6.000%, 5/15/17 1,265 Connecticut Housing Finance Authority, Housing 5/10 at 100 AAA 1,255,943 Mortgage Finance Program Bonds, 2001 Series A-1, 5.250%, 11/15/28 Nuveen Connecticut Dividend Advantage Municipal Fund (NFC) (continued) Portfolio of Investments November 30, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY (continued) $ 1,065 Connecticut Housing Finance Authority, Housing 5/10 at 100 AAA $ 1,067,258 Mortgage Finance Program Bonds, 2001 Series A-2, 5.450%, 5/15/32 1,000 Connecticut Housing Finance Authority, Housing 11/10 at 100 AAA 980,060 Mortgage Finance Program Bonds, 2001 Series C, 5.300%, 11/15/33 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 0.8% 500 Connecticut Development Authority, Health Facility 8/04 at 102 N/R 467,710 Refunding Revenue Bonds (Alzheimers Resource Center of Connecticut, Inc. Project), Series 1994A, 7.250%, 8/15/21 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 18.6% Town of East Lyme, Connecticut, General Obligation Bonds: 150 5.000%, 7/15/18 7/11 at 102 Aaa 151,907 500 5.125%, 7/15/20 7/11 at 102 Aaa 508,345 700 Town of Farmington, Connecticut, General Obligation 3/11 at 101 Aa1 700,511 Bonds, Series 2001, 4.875%, 3/15/20 Town of Hamden, Connecticut, General Obligation Bonds: 640 5.250%, 8/15/18 8/11 at 102 AAA 663,488 635 5.000%, 8/15/19 8/11 at 102 AAA 639,718 300 5.000%, 8/15/20 8/11 at 102 AAA 301,695 1,000 City of Hartford, Connecticut, General Obligation 1/08 at 102 AAA 1,008,490 Bonds, Series 1998, 4.700%, 1/15/15 875 City of New Haven, Connecticut, General Obligation 2/08 at 101 AAA 876,164 Bonds, Series 1999, 4.700%, 2/01/15 1,000 City of New Haven, Connecticut, General Obligation 11/10 at 101 AAA 1,005,790 Bonds, Series 2001A, 5.000%, 11/01/20 250 Northern Mariana Islands Commonwealth, General 6/10 at 100 A 260,553 Obligation Bonds, Series 2000A, 6.000%, 6/01/20 Town of Norwich, Connecticut, General Obligation Bonds, Series 2001A: 585 5.000%, 4/01/15 4/09 at 100 Aaa 613,759 245 5.000%, 4/01/16 4/09 at 100 Aaa 255,057 575 5.000%, 4/01/17 4/09 at 100 Aaa 594,619 475 5.000%, 4/01/18 4/09 at 100 Aaa 488,086 575 5.000%, 4/01/19 4/09 at 100 Aaa 590,100 275 5.000%, 4/01/20 4/09 at 100 Aaa 280,794 270 Commonwealth of Puerto Rico, Public Improvement 7/08 at 101 A 264,886 Bonds of 1999 (General Obligation), 5.000%, 7/01/28 Town of Windsor, Connecticut, General Obligation Bonds: 390 5.000%, 7/15/18 7/09 at 100 Aa2 394,290 390 5.000%, 7/15/19 7/09 at 100 Aa2 392,804 370 5.000%, 7/15/20 7/09 at 100 Aa2 371,957 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 12.4% 1,000 State of Connecticut Health and Educational Facilities 7/08 at 105 A 1,081,910 Authority, Revenue Bonds, New Opportunities for Waterbury, Inc. Issue, Series 1998A, 6.750%, 7/01/28 1,475 State of Connecticut, Special Tax Obligation Bonds, No Opt. Call AAA 1,628,577 Transportation Infrastructure Purposes, 1998 Series B, 5.500%, 11/01/12 State of Connecticut, Certificates of Participation, Juvenile Training School, Series 2001: 600 5.000%, 12/15/20 12/11 at 101 AA- 598,158 1,000 5.000%, 12/15/30 12/11 at 101 AA- 981,200 1,250 Puerto Rico Infrastructure Financing Authority, Special 1/08 at 101 AAA 1,257,800 Tax Revenue Bonds, Series 1997A, 5.000%, 7/01/21 500 Virgin Islands Public Finance Authority, Revenue and 10/08 at 101 AA 509,595 Refunding Bonds (Virgin Islands Matching Fund Loan Notes), Series 1998A (Senior Lien/Refunding), 5.500%, 10/01/18 750 Virgin Islands Public Finance Authority, Revenue 10/10 at 101 BBB- 812,340 Bonds (Virgin Islands Gross Receipts Taxes Loan Notes), Series 1999A, 6.375%, 10/01/19 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 5.8% $ 2,500 State of Connecticut, General Airport Revenue Bonds, 4/11 at 101 AAA $ 2,451,625 Series 2001A, Bradley International Airport, 5.125%, 10/01/26 (Alternative Minimum Tax) 1,000 Minneapolis-St. Paul Metropolitan Airports Commission, 4/11 at 101 N/R 780,600 Minnesota, Special Facilities Revenue Bonds (Northwest Airlines, Inc. Project), Series 2001A, 7.000%, 4/01/25 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 5.5% Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, 2000 Series A: 1,425 5.500%, 10/01/32 10/10 at 101 AAA 1,495,880 1,500 5.500%, 10/01/40 10/10 at 101 AAA 1,569,945 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 14.2% 2,500 Connecticut Development Authority, Pollution Control 10/08 at 102 A3 2,552,075 Revenue Refunding Bonds, Connecticut Light and Power Company, Series 1993A, 5.850%, 9/01/28 1,000 Connecticut Resources Recovery Authority, Corporate 12/11 at 102 Baa2 991,330 Credit Resource Recovery Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut, Series A-I, 5.500%, 11/15/15 (Alternative Minimum Tax) 1,000 Eastern Connecticut Resource Recovery Authority, 1/03 at 102 BBB 987,800 Solid Waste Revenue Bonds (Wheelabrator Lisbon Project), Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) 555 Guam Power Authority, Revenue Bonds, 1999 10/09 at 101 AAA 558,530 Series A, 5.125%, 10/01/29 1,975 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101 AAA 2,012,900 Bonds, Series HH, 5.250%, 7/01/29 790 Puerto Rico Electric Power Authority, Power Revenue 7/05 at 100 A- 794,445 Refunding Bonds, Series Z, 5.250%, 7/01/21 ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.8% 2,000 State of Connecticut, Clean Water Fund Revenue 10/11 at 100 AAA 2,101,400 Bonds, Series 2001, 5.500%, 10/01/20 ------------------------------------------------------------------------------------------------------------------------------------ $ 54,210 Total Investments (cost $54,461,546) - 98.6% 54,850,099 ============------------------------------------------------------------------------------------------------------------------------ Other Assets Less Liabilities - 1.4% 769,746 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 55,619,845 ==================================================================================================================== * 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.
Nuveen Georgia Premium Income Municipal Fund (NPG) Portfolio of Investments November 30, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ BASIC MATERIALS - 9.4% $ 2,500 Effingham County Industrial Development Authority, 6/11 at 101 BBB- $ 2,588,475 Georgia, Pollution Control Revenue Refunding Bonds (Georgia-Pacific Project), Series 2001, 6.500%, 6/01/31 5,000 Development Authority of Richmond County, Georgia, 2/11 at 101 BBB 5,108,350 Environmental Improvement Revenue Bonds (International Paper Company Project), Series 2001A, 6.250%, 2/01/25 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 6.0% 3,000 Albany Dougherty Payroll Development Authority, 5/08 at 101 AA- 2,890,500 Georgia, Solid Waste Disposal Revenue Bonds (The Procter & Gamble Paper Products Company Project), 1998 Series, 5.300%, 5/15/26 (Alternative Minimum Tax) 2,000 Development Authority of Cartersville, Georgia, 5/07 at 101 A+ 2,082,300 Sewage Facilities Refunding Revenue Bonds (Anheuser-Busch Project), Series 1997, 6.125%, 5/01/27 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 7.3% Urban Residential Finance Authority of the City of Atlanta, Georgia, Dormitory Facility Refunding Revenue Bonds (Morehouse College Project), Series 1995: 1,210 5.750%, 12/01/20 12/05 at 102 AAA 1,267,729 1,375 5.750%, 12/01/25 12/05 at 102 AAA 1,436,958 1,555 Development Authority of DeKalb County, Georgia, 10/04 at 102 Aa1 1,679,058 Revenue Bonds (Emory University Project), Series 1994-A, 6.000%, 10/01/14 1,550 Private Colleges and Universities Authority, Georgia, 6/03 at 102 AA 1,582,023 Revenue Bonds (Agnes Scott College Project), Series 1993, 5.625%, 6/01/23 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 14.8% 3,000 Hospital Authority of Albany-Dougherty County, 9/03 at 102 AAA 3,135,540 Georgia, Revenue Bonds (Phoebe Putney Memorial Hospital), Series 1993, 5.700%, 9/01/13 2,300 Chatham County Hospital Authority, Savannah, Georgia, 7/11 at 101 A- 2,388,803 Hospital Revenue Improvement Bonds (Memorial Health University Medical Center, Inc.), Series 2001A, 6.125%, 1/01/24 1,765 The Hospital Authority of Hall County and the City of 10/05 at 102 AAA 1,883,414 Gainesville, Georgia, Revenue Anticipation Certificates (Northeast Georgia Healthcare Project), Series 1995, 6.000%, 10/01/25 1,750 Gainesville and Hall County Hospital Authority, Georgia, 5/11 at 100 A- 1,701,000 Revenue Anticipation Certificates (Northeast Georgia Health System, Inc. Project), Series 2001, 5.500%, 5/15/31 (WI, settling 12/06/01) 3,000 The Glynn-Brunswick Memorial Hospital Authority, 8/06 at 102 AAA 3,118,560 Georgia, Revenue Anticipation Certificates (Southeast Georgia Health Systems Project), Series 1996, 5.250%, 8/01/13 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 15.0% 1,145 Housing Authority of Clayton County, Georgia, 12/05 at 102 AAA 1,172,102 Multifamily Housing Revenue Bonds, Series 1995 (The Advantages Project), 5.800%, 12/01/20 3,400 Housing Authority of the County of DeKalb, Georgia, 1/05 at 102 AAA 3,621,442 Multifamily Housing Revenue Bonds (The Lakes at Indian Creek Apartments Project), Series 1994, 7.150%, 1/01/25 (Alternative Minimum Tax) 955 Housing Authority of the City of Decatur, Georgia, 7/02 at 102 AAA 977,318 Mortgage Revenue Refunding Bonds, Series 1992A (FHA-Insured Mortgage Loan - Park Trace Apartments - Section 8 Assisted Project), 6.450%, 7/01/25 2,000 Housing Authority of the City of Lawrenceville, Georgia, 12/10 at 100 AAA 2,043,000 Multifamily Housing Senior Revenue Bonds (Brisben Greens of Hillcrest II Project), Series 2000A-1, 5.800%, 12/01/33 (Alternative Minimum Tax) 3,000 Macon-Bibb County Urban Development Authority, 1/04 at 103 AAA 3,022,380 Georgia, Multifamily Housing Refunding Revenue Bonds, Series 1997A, 5.550%, 1/01/24 1,500 Housing Authority of the City of Marietta, Georgia, 10/06 at 102 AAA 1,543,065 Multifamily Housing Revenue Bonds (GNMA Collateralized - Country Oaks Apartments), Series 1996, 6.150%, 10/20/26 (Alternative Minimum Tax) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 8.4% $ 345 Housing Authority of Fulton County, Georgia, Single 3/05 at 102 AAA $ 357,165 Family Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), Series 1995A, 6.550%, 3/01/18 (Alternative Minimum Tax) 2,995 Georgia Housing and Finance Authority, Single Family 6/04 at 102 AAA 3,093,775 Mortgage Bonds, 1994 Series A, 6.500%, 12/01/17 (Alternative Minimum Tax) 405 Georgia Housing and Finance Authority, Single Family 6/06 at 102 AAA 419,758 Mortgage Bonds, 1996 Series A-2, 6.450%, 12/01/27 (Alternative Minimum Tax) 3,000 Georgia Housing and Finance Authority, Single Family 12/10 at 100 AAA 3,045,120 Mortgage Bonds, 2001 Series A-2, 5.700%, 12/01/31 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.3% 2,500 Forsyth County School District, Georgia, General 2/10 at 102 Aa2 2,694,375 Obligation Bonds, Series 1999, 5.750%, 2/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 14.0% 1,000 Downtown Development Authority of the City of 10/02 at 102 AA 1,049,910 Atlanta, Georgia, Refunding Revenue Bonds (Underground Atlanta Project), Series 1992, 6.250%, 10/01/12 3,000 Solid Waste Management Authority of the City of 12/06 at 100 AA 3,032,160 Atlanta, Georgia, Revenue Bonds (Landfill Closure Project), Series 1996, 5.250%, 12/01/21 1,000 Carroll City-County Hospital Authority, Georgia, 7/11 at 101 AAA 974,410 Revenue Anticipation Certificates (Tanner Medical Center, Inc. Project), Series 2001, 5.000%, 7/01/28 3,000 Cobb-Marietta Coliseum and Exhibit Hall Authority, 10/19 at 100 AAA 3,267,030 Georgia, Revenue Refunding Bonds, Series 1993, 5.625%, 10/01/26 2,000 The Fulton-DeKalb Hospital Authority, Georgia, 7/03 at 102 AAA 2,027,460 Revenue Refunding Certificates, Series 1993, 5.500%, 1/01/20 1,000 Metropolitan Atlanta Rapid Transit Authority, Georgia, No Opt. Call AAA 1,168,120 Sales Tax Revenue Bonds, Refunding Series P, 6.250%, 7/01/20 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 1.4% 1,000 City of Atlanta, Georgia, Airport Facilities Revenue No Opt. Call AAA 1,137,360 Refunding Bonds, Series 1994A, 6.500%, 1/01/09 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 7.3% 3,115 City of Albany, Georgia, Sewerage System Revenue 7/02 at 102 AAA 3,261,280 Bonds, Series 1992, 6.625%, 7/01/17 (Pre-refunded to 7/01/02) 500 City of Atlanta, Georgia, General Obligation and Public 12/04 at 102 AA*** 555,865 Improvement Bonds, Series 1994A, 6.100%, 12/01/19 (Pre-refunded to 12/01/04) 2,000 Fulco Hospital Authority, Georgia, Revenue Anticipation 9/02 at 102 Baa1*** 2,102,900 Certificates (Georgia Baptist Health Care System Project), Series 1992A, 6.375%, 9/01/22 (Pre-refunded to 9/01/02) 85 Municipal Electric Authority of Georgia, Project One No Opt. Call A*** 97,222 Special Obligation Bonds, Fifth Crossover Series, 6.400%, 1/01/09 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 9.6% 1,900 Municipal Electric Authority of Georgia, General Power 1/03 at 100 AAA 1,910,925 Revenue Bonds, 1992B Series, 5.500%, 1/01/18 1,000 Municipal Electric Authority of Georgia, Power No Opt. Call AAA 1,079,650 Revenue Bonds, Series Z, 5.500%, 1/01/20 1,665 Municipal Electric Authority of Georgia, Project One No Opt. Call A 1,872,559 Special Obligation Bonds, Fifth Crossover Series, 6.400%, 1/01/09 2,000 Development Authority of Monroe County, Georgia, 3/02 at 100 A+ 2,001,960 Pollution Control Revenue Bonds (Gulf Power Company Plant Scherer Project), First Series 1994, 6.300%, 9/01/24 1,000 Development Authority of Monroe County, Georgia, No Opt. Call AAA 987,000 Pollution Control Revenue Bonds (Georgia Power Company Scherer Plant Project), Series 2001, 4.200%, 1/01/12 (Mandatory put 12/01/08) (WI, settling 1/03/02) Nuveen Georgia Premium Income Municipal Fund (NPG) (continued) Portfolio of Investments November 30, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 5.7% $ 3,500 Coweta County Water and Sewer Authority, Georgia, 6/11 at 102 Aaa $ 3,540,705 Revenue Bonds, Series 2001, 5.250%, 6/01/26 1,000 City of Milledgeville, Georgia, Water and Sewerage No Opt. Call AAA 1,134,420 Revenue and Refunding Bonds, Series 1996, 6.000%, 12/01/21 ------------------------------------------------------------------------------------------------------------------------------------ $ 81,015 Total Investments (cost $79,957,965) - 102.2% 84,053,146 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (2.2)% (1,843,030) -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 82,210,116 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements.
Nuveen Georgia Dividend Advantage Municipal Fund (NZX) Portfolio of Investments November 30, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 14.6% $ 1,200 Atlanta Development Authority, Georgia, Revenue 1/12 at 100 AAA $ 1,193,232 Bonds (Yamacraw Design Center Project), Series 2001A, 5.125%, 1/01/27 Private Colleges and Universities Authority, Georgia, Emory University Revenue Bonds, Series 2001A: 1,225 5.000%, 9/01/31 9/11 at 100 Aa1 1,199,826 1,315 5.125%, 9/01/33 9/11 at 100 Aa1 1,308,767 2,500 Private Colleges and Universities Authority, Georgia 10/11 at 102 A3 2,515,775 (Mercer University Project), Revenue Bonds, Series 2001, 5.750%, 10/01/31 (WI, settling 12/12/01) ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 8.0% 2,500 Gainesville and Hall County Hospital Authority, Georgia, 5/11 at 100 A- 2,430,000 Revenue Anticipation Certificates (Northeast Georgia Health System, Inc. Project), Series 2001, 5.500%, 5/15/31 (WI, settling 12/06/01) 1,000 Illinois Health Facilities Authority, Revenue Bonds, 7/11 at 100 A3 984,890 Loyola University Health System, Series 2001A, 6.125%, 7/01/31 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 8.1% 1,000 Housing Authority of the County of DeKalb, Georgia, 8/11 at 103 Aaa 999,060 Multifamily Housing Revenue Bonds (GNMA Collateralized - Castaways Apartments Project), Series 2001A, 5.400%, 2/20/29 1,000 Housing Authority of the County of DeKalb, Georgia, 12/11 at 103 Aaa 1,004,470 Multifamily Housing Revenue Bonds (GNMA Collateralized - Snapwoods Apartments Project), Series 2001A, 5.500%, 12/20/32 1,400 Housing Authority of Savannah, Georgia, Multifamily 8/16 at 100 Aaa 1,448,776 Housing Revenue Refunding Bonds (Chatham Gardens Project), Series 2001, 5.625%, 8/01/31 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 5.9% 2,500 Georgia Housing and Finance Authority, Single Family 6/11 at 100 AAA 2,497,775 Mortgage Bonds, 2001 Series B-2, 5.400%, 12/01/31 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.3% 760 Dade County School District, Georgia, General No Opt. Call AA 759,772 Obligation Bonds, Series 2001A, 3.750%, 9/01/07 1,500 County of DeKalb, Georgia, General Obligation Bonds, No Opt. Call Aaa 1,575,480 Special Recreation Tax District, Series 2001, 5.000%, 12/01/14 1,500 Commonwealth of Puerto Rico, Public Improvement No Opt. Call A 1,603,320 General Obligation Bonds, 2002 Series A, 5.500%, 7/01/29 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 22.8% 500 Solid Waste Management Authority of the City of No Opt. Call AA 524,095 Atlanta, Georgia, Revenue Bonds (Landfill Closure Project), Series 1996, 4.500%, 12/01/04 2,000 Carroll City-County Hospital Authority, Georgia, 7/11 at 101 AAA 1,866,820 Revenue Anticipation Certificates (Tanner Medical Center, Inc. Project), Series 2001, 4.750%, 7/01/25 1,400 Development Authority of Clayton County, Georgia, 7/12 at 100 AAA 1,370,544 Revenue Bonds (TUFF Archives LLC Project), Series 2001A, 5.000%, 7/01/33 2,000 Fayette County Public Facilities Authority, Georgia, 6/11 at 101 Aa2 1,962,740 Revenue Bonds (Criminal Justice Center Project), Refunding Series 2001, 5.000%, 6/01/30 2,500 Metropolitan Atlanta Rapid Transit Authority, No Opt. Call AAA 2,920,300 Georgia, Sales Tax Revenue Bonds, Refunding Series P, 6.250%, 7/01/20 1,000 Rockdale County Water and Sewerage Authority, 1/10 at 101 AAA 1,020,120 Georgia, Revenue Bonds, Series 1999A, 5.375%, 7/01/29 Nuveen Georgia Dividend Advantage Municipal Fund (NZX) (continued) Portfolio of Investments November 30, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 2.5% $ 1,000 City of Atlanta, Georgia, Airport General Revenue and 1/10 at 101 AAA $ 1,045,290 Refunding Bonds, Series 2000A, 5.400%, 1/01/15 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 2.7% 1,015 Peach County Georgia School District, Georgia, 2/05 at 102 AAA 1,129,319 General Obligation School Bonds, Series 1994, 6.300%, 2/01/14 (Pre-refunded to 2/01/05) ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.3% 1,500 Development Authority of Burke County, Georgia, No Opt. Call A 1,480,305 Pollution Control Revenue Bonds (Georgia Power Company Vogtle Plant Project), Series 2001, 4.450%, 1/01/32 (Mandatory put 12/01/08) (WI, settling 1/03/02) 1,200 Savannah Resource Recovery Development Authority, No Opt. Call AAA 1,189,477 Georgia, Revenue Bonds (Savannah Waste-to-Energy Project), Refunding Series 2001, 3.400%, 12/01/06 ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 27.8% 2,360 Unified Government of Athens-Clarke County, Georgia, No Opt. Call Aa2 2,365,640 Water and Sewerage Revenue Bonds, Series 2001, 4.000%, 1/01/08 1,000 City of Atlanta, Georgia, Water and Wastewater 5/09 at 101 AAA 971,270 Revenue Bonds, Series 1999A, 5.000%, 11/01/38 1,000 Columbia County, Georgia, Water and Sewerage 12/11 at 100 Aa3 964,490 Revenue Refunding Bonds, Series 2001A, 4.700%, 6/01/18 DeKalb County, Georgia, Water and Sewerage Bonds, Series 2000: 5,000 5.125%, 10/01/31 10/10 at 101 AA 4,986,000 2,500 5.375%, 10/01/35 10/10 at 101 AA 2,549,750 ------------------------------------------------------------------------------------------------------------------------------------ $ 45,375 Total Investments (cost $46,106,488) - 108.0% 45,867,303 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 5.8% 1,350 Burke County Development Authority, Georgia, A-1+ 1,350,000 Pollution Control Revenue Bonds (Oglethorpe Power Corporation - Vogtle Plant Project), Variable Rate Demand Bonds, Series 1993A, 1.550, 1/01/16+ 1,100 Cobb County Housing Authority, Georgia, Multifamily A-1+ 1,100,000 Housing Revenue Bonds (Greenhouse Frey Apartments Project), Variable Rate Demand Bonds, Refunding Series 1996, 1.600, 9/15/26+ ------------------------------------------------------------------------------------------------------------------------------------ $ 2,450 Total Short-Term Investments (cost $2,450,000) 2,450,000 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (13.8)% (5,854,828) -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 42,462,475 ==================================================================================================================== * 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. + 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. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements.
Nuveen Massachusetts Premium Income Municipal Fund (NMT) Portfolio of Investments November 30, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 18.3% $ 630 Massachusetts Educational Financing Authority, 7/04 at 102 AAA $ 659,119 Education Loan Revenue Bonds, Issue E, Series 1995, 6.150%, 7/01/10 (Alternative Minimum Tax) 2,090 Massachusetts Development Finance Authority, No Opt. Call A3 2,266,814 Revenue Bonds, Series 1999P, Boston University Refunding Issue, 6.000%, 5/15/29 890 Massachusetts Development Finance Agency, Revenue 3/09 at 101 A 927,932 Bonds, Curry College Issue, Series A, 6.000%, 3/01/20 500 Massachusetts Development Finance Authority, 9/11 at 101 A 504,730 Revenue Bonds, Belmont Hills School Issue, Series 2001, 5.375%, 9/01/23 1,500 Massachusetts Health and Educational Facilities 10/11 at 100 AAA 1,511,925 Authority, Revenue Bonds, UMASS-Worcester Campus Issue, Series 2001B, 5.250%, 10/01/31 2,645 Massachusetts Industrial Finance Agency, Revenue 7/03 at 102 Aa1 2,641,218 Bonds, Whitehead Institute for Biomedical Research, 1993 Issue, 5.125%, 7/01/26 1,500 Massachusetts Industrial Finance Agency, Revenue 9/08 at 102 AAA 1,536,690 Bonds, Phillips Academy Issue, Series 1993, 5.375%, 9/01/23 2,300 Massachusetts Industrial Finance Agency, Education 9/08 at 101 A 2,238,567 Revenue Bonds, Belmont Hill School Issue, Series 1998, 5.250%, 9/01/28 1,765 The New England Education Loan Marketing No Opt. Call A3 1,813,467 Corporation, Massachusetts, Student Loan Revenue Bonds, 1992 Subordinated Issue C, 6.750%, 9/01/02 (Alternative Minimum Tax) 4,000 The New England Education Loan Marketing No Opt. Call A3 4,485,120 Corporation, Student Loan Revenue Bonds, 1992 Subordinated Issue H, 6.900%, 11/01/09 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 14.0% 3,000 Massachusetts Health and Educational Facilities 7/04 at 102 AAA 3,019,200 Authority, Revenue Bonds, New England Medical Center Hospitals Issue, Series G-1, 5.375%, 7/01/24 3,000 Massachusetts Health and Educational Facilities 7/03 at 102 AAA 3,081,990 Authority, Revenue Bonds, Lahey Clinic Medical Center Issue, Series B, 5.625%, 7/01/15 Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Youville Hospital Issue (FHA-Insured Project), Series B: 1,705 6.125%, 2/15/15 2/04 at 102 Aa2 1,812,534 1,000 6.000%, 2/15/25 2/04 at 102 Aa2 1,049,350 2,000 Massachusetts Health and Educational Facilities 7/11 at 101 AA- 2,035,280 Authority, Revenue Bonds, Partners HealthCare System Issue, Series C, 5.750%, 7/01/32 2,395 Massachusetts Health and Educational Facilities 7/08 at 102 AAA 2,325,473 Authority, Revenue Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25 1,000 Massachusetts Health and Educational Facilities 11/11 at 101 AA 972,760 Authority, Revenue Bonds, Cape Cod Health Care, Inc. Issue, Series 2001C, 5.250%, 11/15/31 (DD, settling 12/03/01) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 17.9% 3,000 Massachusetts Development Finance Agency, 9/10 at 105 AAA 3,595,770 Assisted Living Facility Revenue Bonds (GNMA Collateralized - The Monastery at West Springfield Project), Series 1999A, 7.625%, 3/20/41 (Alternative Minimum Tax) 2,500 Massachusetts Development Finance Agency, Revenue 10/11 at 105 AAA 2,892,525 Bonds (GNMA Collateralized - VOA Concord Assisted Living, Inc. Project), Series 2000A, 6.900%, 10/20/41 (Alternative Minimum Tax) Nuveen Massachusetts Premium Income Municipal Fund (NMT) (continued) Portfolio of Investments November 30, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) $ 2,000 Massachusetts Development Finance Agency, 12/09 at 102 N/R $ 2,031,580 Assisted Living Revenue Bonds (Prospect House Apartments), Series 1999, 7.000%, 12/01/31 (Alternative Minimum Tax) 2,000 Massachusetts Development Finance Agency, 6/11 at 105 AAA 2,227,880 Assisted Living Facility Revenue Bonds (GNMA Collateralized - Haskell House on Parker Hill Project), Series 2000A, 6.500%, 12/20/41 (Alternative Minimum Tax) 1,500 Massachusetts Development Finance Agency, 3/12 at 105 AAA 1,594,965 Assisted Living Facility Revenue Bonds (GNMA Collateralized - The Arbors at Chicopee Project), Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax) 3,800 Massachusetts Housing Finance Agency, Housing 4/03 at 102 A+ 3,952,798 Project Revenue Bonds, Series 1993A Refunding, 6.300%, 10/01/13 1,880 Massachusetts Housing Finance Agency, Rental 1/05 at 102 AAA 1,995,940 Housing Mortgage Revenue Bonds, 1995 Series A (FHA-Insured Mortgage Loans), 7.350%, 1/01/35 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 5.2% 1,270 City of Boston, Massachusetts, Revenue Bonds 10/08 at 105 AAA 1,370,190 (Deutsches Altenheim, Inc. Project - FHA-Insured Mortgage), Series 1998A, 6.125%, 10/01/31 1,000 Massachusetts Health and Educational Facilities 2/07 at 102 Aa2 1,054,130 Authority, Revenue Refunding Bonds, Youville Hospital Issue (FHA-Insured Project), Series A, 6.250%, 2/15/41 2,000 Massachusetts Industrial Finance Agency, Healthcare 5/07 at 102 A+ 1,951,520 Facilities Revenue Bonds, Series 1997B (Jewish Geriatric Services, Inc. Obligated Group), 5.500%, 5/15/27 945 Massachusetts Industrial Financial Agency, Revenue 2/06 at 102 AAA 976,582 Bonds, Heights Crossing Limited Partnership Issue (FHA-Insured Project), Series 1995, 6.000%, 2/01/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 13.5% 4,375 City of Lowell, Massachusetts, General Obligation 11/03 at 102 AAA 4,666,113 State Qualified Bonds, 5.600%, 11/01/12 2,500 Massachusetts Bay Transportation Authority, General No Opt. Call AAA 3,081,050 Transportation System Bonds, 1991 Series A, 7.000%, 3/01/21 3,000 State of Massachusetts, General Obligation Bonds, No Opt. Call AAA 3,424,920 Consolidated Loan, Series D of 2001, 6.000%, 11/01/13 (DD, settling 12/03/01) 1,250 The Commonwealth of Massachusetts, General 2/10 at 101 Aa2 1,422,825 Obligation Bonds, Consolidated Loan, Series 2000A, 6.000%, 2/01/14 1,000 Narragansett Regional School District, Massachusetts, 6/10 at 101 Aaa 1,155,690 General Obligation Bonds, Series 2000, 6.500%, 6/01/16 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 5.4% 1,300 Massachusetts Development Finance Agency, Revenue 6/09 at 101 AA 1,361,776 Bonds, Worcester Redevelopment Authority Issue, Series 1999, 6.000%, 6/01/24 4,000 Massachusetts Port Authority, Special Facilities 9/06 at 102 AAA 4,154,720 Revenue Bonds (US Air Project), Series 1996-A, 5.750%, 9/01/16 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 17.1% Town of Barnstable, Massachusetts, General Obligation Bonds: 1,020 5.750%, 9/15/10 (Pre-refunded to 9/15/04) 9/04 at 102 AA*** 1,118,073 1,020 5.750%, 9/15/11 (Pre-refunded to 9/15/04) 9/04 at 102 AA*** 1,118,073 2,500 Massachusetts Health and Educational Facilities No Opt. Call AAA 2,585,400 Authority, Revenue Bonds, Malden Hospital Issue (FHA-Insured Project), Series A, 5.000%, 8/01/16 2,000 Massachusetts Health and Educational Facilities 7/06 at 100 Aaa 2,165,820 Authority, Revenue Bonds (Daughters of Charity National Health System - The Carney Hospital), Series D, 6.100%, 7/01/14 (Pre-refunded to 7/01/06) 3,310 Massachusetts Health and Educational Facilities 4/02 at 102 AAA 3,427,273 Authority, Revenue Bonds, New England Deaconess Hospital Issue, Series D, 6.625%, 4/01/12 (Pre-refunded to 4/01/02) 410 Massachusetts Health and Educational Facilities 7/08 at 102 AAA 412,792 Authority, Revenue Bonds, Caregroup Issue, Series A, 5.000%, 7/01/25 1,000 Massachusetts Port Authority, Revenue Bonds, 1/02 at 100 AAA 1,550,610 Series 1982, 13.000%, 7/01/13 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 2,500 Massachusetts Industrial Finance Agency, Revenue 11/02 at 102 AA-*** $ 2,649,500 Refunding Bonds, College of the Holy Cross - 1992 Issue II, 6.375%, 11/01/15 (Pre-refunded to 11/01/02) 1,150 Massachusetts Industrial Finance Agency, Revenue 7/02 at 102 AAA 1,207,328 Bonds, Merrimack College Issue, Series 1992, 7.125%, 7/01/12 (Pre-refunded to 7/01/02) 1,175 Massachusetts Industrial Finance Agency, Revenue 7/03 at 102 A3*** 1,261,844 Bonds, Brooks School Issue, Series 1993, 5.950%, 7/01/23 (Pre-refunded to 7/01/03) ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.5% 1,000 Massachusetts Municipal Wholesale Electric Company, 7/02 at 100 AAA 1,015,690 Power Supply System Revenue Bonds, 1992 Series A, 6.000%, 7/01/18 3,150 Massachusetts Industrial Finance Agency, Resource 1/02 at 103 N/R 3,251,493 Recovery Revenue Bonds (Semass Project), Series 1991B, 9.250%, 7/01/15 (Alternative Minimum Tax) 2,500 Massachusetts Industrial Finance Agency, Resource 12/08 at 102 BBB 2,372,374 Recovery Revenue Refunding Bonds (Ogden Haverhill Project), Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 1.2% 1,250 Massachusetts Water Resources Authority, General 3/03 at 100 AA 1,233,450 Revenue Refunding Bonds, 1993 Series B, 5.000%, 3/01/22 ------------------------------------------------------------------------------------------------------------------------------------ $ 95,225 Total Investments (cost $96,046,328) - 99.1% 101,162,863 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.9% 921,023 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 102,083,886 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis. See accompanying notes to financial statements.
Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) Portfolio of Investments November 30, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.9% $ 2,000 The Children's Trust Fund, Puerto Rico, Tobacco 7/10 at 100 Aa3 $ 2,115,960 Settlement Asset-Backed Bonds, Series 2000, 6.000%, 7/01/26 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 19.1% 1,500 Massachusetts Educational Financing Authority, 7/10 at 100 AAA 1,513,305 Educational Loan Revenue Bonds, Issue E, Series 2001, 5.300%, 1/01/16 (Alternative Minimum Tax) 2,000 Massachusetts Development Finance Authority, 5/29 at 105 A3 2,139,400 Revenue Bonds, Series 1999P, Boston University Refunding Issue, 6.000%, 5/15/59 1,250 Massachusetts Health and Educational Facilities 10/09 at 101 Aaa 1,228,100 Authority, Revenue Bonds, Brandeis University Issue, Series J, 5.000%, 10/01/26 2,000 Massachusetts Health and Educational Facilities 2/11 at 100 AA- 2,064,560 Authority, Revenue Bonds, Tufts University Issue, Series 2001-I, 5.500%, 2/15/36 1,250 University of Massachusetts Building Authority, 11/10 at 100 AAA 1,267,275 Project Revenue Bonds, Senior Series 2000-2, 5.250%, 11/01/20 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 7.6% 1,000 Massachusetts Health and Educational Facilities 7/09 at 101 AA- 972,850 Authority, Revenue Bonds, Partners HealthCare System Issue, Series B, 5.125%, 7/01/19 1,000 Massachusetts Health and Educational Facilities 7/11 at 101 AA- 1,017,640 Authority, Revenue Bonds, Partners HealthCare System Issue, Series C, 5.750%, 7/01/32 1,250 Massachusetts Health and Educational Facilities 7/11 at 100 BBB 1,286,050 Authority, Revenue Bonds, UMass Memorial Health Care Issue, Series 2001C, 6.625%, 7/01/32 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.5% 1,000 Massachusetts Development Finance Agency, 3/12 at 105 AAA 1,063,310 Assisted Living Facility Revenue Bonds (GNMA Collateralized - The Arbors at Chicopee Project), Series 2001A, 6.250%, 9/20/42 (Alternative Minimum Tax) 1,250 Massachusetts Housing Finance Agency, Rental 1/11 at 100 AAA 1,274,800 Housing Mortgage Revenue Bonds, Series 2001A, 5.850%, 7/01/35 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 7.4% 935 Massachusetts Housing Finance Agency, Single Family 12/04 at 102 AA 973,242 Housing Revenue Bonds, Series 36, 6.600%, 12/01/26 (Alternative Minimum Tax) 2,175 Massachusetts Housing Finance Agency, Single 6/10 at 100 AAA 2,186,789 Family Housing Revenue Bonds, Series 82, 5.375%, 12/01/20 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.6% 655 Massachusetts Development Finance Agency, First 7/11 at 102 BBB- 673,019 Mortgage Revenue Bonds (Edgecombe Project), Series 2001A, 6.750%, 7/01/21 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 20.3% 1,000 City of Boston, Massachusetts, General Obligation 8/11 at 100 Aa2 994,030 Bonds, Series 2001A, 5.000%, 2/01/20 2,000 Town of Brookline, Massachusetts, General Obligation 4/10 at 101 Aaa 2,103,540 Bonds, Series 2000, 5.375%, 4/01/17 1,750 City of Lawrence, Massachusetts, General Obligation 2/11 at 100 Aaa 1,742,405 Bonds, Series 2001, 5.000%, 2/01/21 1,020 Massachusetts Bay Transportation Authority, General 3/07 at 101 AAA 1,001,691 Transportation System Bonds, 1997 Series A, 5.000%, 3/01/27 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 1,250 The Commonwealth of Massachusetts, General 10/10 at 100 Aa2 $ 1,402,013 Obligation Bonds, Consolidated Loan, Series 2000C, 5.750%, 10/01/19 1,420 Triton Regional School District, Massachusetts, 4/11 at 101 Aaa 1,421,732 General Obligation Bonds, Series 2001, 5.000%, 4/01/21 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 7.5% 1,000 Massachusetts Bay Transportation Authority, 7/10 at 100 AAA 1,007,170 Assessment Bonds, 2000 Series A, 5.250%, 7/01/30 1,000 Puerto Rico Municipal Finance Agency, 1999 8/09 at 101 AAA 1,118,950 Series A Bonds, 6.000%, 8/01/16 1,000 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 1,083,120 (Virgin Islands Gross Receipts Taxes Loan Notes), Series 1999A, 6.375%, 10/01/19 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.1% 2,000 Massachusetts Port Authority, Revenue Bonds, Series 7/08 at 101 AAA 1,923,140 1998-D, 5.000%, 7/01/28 2,500 Massachusetts Turnpike Authority, Metropolitan 1/07 at 102 AAA 2,394,375 Highway System Revenue Bonds (Senior), 1997 Series A, 5.000%, 1/01/37 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 2.4% 1,000 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101 AAA 1,046,630 Obligation Bonds, 2000 Series A, 5.500%, 10/01/40 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 2.2% 1,000 Massachusetts Industrial Finance Agency, Resource 12/08 at 102 BBB 948,950 Recovery Revenue Refunding Bonds (Ogden Haverhill Project), Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 9.6% 2,000 Boston Water and Sewer Commission, Massachusetts, 11/08 at 101 AAA 1,957,900 General Revenue Bonds (Senior), 1998 Series D, 5.000%, 11/01/28 1,750 Massachusetts Water Pollution Abatement Trust, 8/09 at 101 Aaa 1,849,486 Water Pollution Abatement Revenue Bonds (MWRA Program), Subordinate Series 1999A, 5.750%, 8/01/29 300 Massachusetts Water Resources Authority, General 8/10 at 101 AAA 319,020 Revenue Bonds, 2000 Series A, 5.750%, 8/01/30 ------------------------------------------------------------------------------------------------------------------------------------ $ 41,255 Total Investments (cost $41,534,609) - 98.2% 42,090,452 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 2.3% $ 1,000 Massachusetts Health and Educational Facilities VMIG-1 1,000,000 ============= Authority, Revenue Bonds (Capital Asset Program), Variable Rate Demand Bonds, Series E, 1.550, 1/01/35+ -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (0.5)% (195,559) -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 42,894,893 ==================================================================================================================== * 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. + 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.
Nuveen Missouri Premium Income Municipal Fund (NOM) Portfolio of Investments November 30, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.1% $ 1,000 Missouri State Development Finance Board, Solid No Opt. Call AA- $ 987,710 Waste Disposal Revenue Bonds (Procter & Gamble Paper Products Company Project), Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 10.6% 1,875 The Junior College District of Mineral Area, Missouri 9/10 at 102 N/R 2,029,969 (Mineral Area College), Student Housing System Revenue Bonds, Series 2000, 7.200%, 9/01/20 2,000 Health and Educational Facilities Authority of the 6/10 at 100 Baa2 2,107,240 State of Missouri, Educational Facilities Revenue Bonds (Maryville University of St. Louis Project), Series 2000, 6.750%, 6/15/30 500 Health and Educational Facilities Authority of the 2/08 at 101 A3 510,435 State of Missouri, Educational Facilities Revenue Bonds (St. Louis Priory School Project), 5.650%, 2/01/25 365 Health and Educational Facilities Authority of the 4/11 at 100 Aaa 378,870 State of Missouri, Educational Facilities Revenue Bonds (Webster University), Series 2001, 5.500%, 4/01/18 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.3% 1,800 Johnson County, Missouri, Hospital Revenue Bonds 6/10 at 100 AA 1,878,462 (Western Missouri Medical Center Project), Series 2000, 6.000%, 6/01/20 2,500 Health and Educational Facilities Authority of the 6/11 at 101 AAA 2,502,200 State of Missouri, Revenue Bonds (SSM Health Care), Series 2001A, 5.250%, 6/01/28 500 Health and Educational Facilities Authority of the 6/11 at 101 AAA 502,605 State of Missouri, Health Facilities Revenue Bonds (St. Luke's Episcopal-Presbyterian Hospitals), Series 2001, 5.250%, 12/01/26 425 Health and Educational Facilities Authority of the 2/06 at 102 BBB+ 437,380 State of Missouri, Health Facilities Revenue Bonds (Lake of the Ozarks General Hospital, Inc.), Series 1996, 6.500%, 2/15/21 1,000 Health and Educational Facilities Authority of the 12/10 at 101 A 1,047,320 State of Missouri, Health Facilities Revenue Bonds (St. Anthony's Medical Center), Series 2000, 6.250%, 12/01/30 1,000 Ray County, Missouri, Hospital Revenue Bonds (Ray 5/05 at 101 1/2 N/R 986,010 County Memorial Hospital), Series 1997, 5.750%, 11/15/12 950 Texas County, Missouri, Hospital Revenue Bonds 6/10 at 100 N/R 951,748 (Texas County Memorial Hospital), Series 2000, 7.250%, 6/15/25 500 The Industrial Development Authority of the City of 11/07 at 101 BB+ 452,475 West Plains, Missouri, Hospital Facilities Revenue Bonds (Ozark Medical Center), Series 1997, 5.600%, 11/15/17 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 7.3% 1,000 Missouri Housing Development Commission, 12/11 at 100 AA 1,020,280 Multifamily Housing Revenue Bonds, 2001 Series II, 5.250%, 12/01/16 1,250 The Industrial Development Authority of St. Charles 4/08 at 102 AAA 1,250,063 County, Missouri, Multifamily Housing Revenue Bonds (Ashwood Apartments Project), Series 1998A, 5.600%, 4/01/30 (Alternative Minimum Tax) 545 The Industrial Development Authority of the County 4/07 at 102 AAA 567,541 of St. Louis, Missouri, Multifamily Housing Revenue Refunding Bonds (GNMA Collateralized - South Summit Apartments Project), Series 1997A, 5.950%, 4/20/17 600 The Industrial Development Authority of the County 4/07 at 102 AAA 625,734 of St. Louis, Missouri, Multifamily Housing Revenue Refunding Bonds (GNMA Collateralized - South Summit Apartments Project), Series 1997B, 6.000%, 10/20/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 4.6% 1,060 Missouri Housing Development Commission, Single 3/06 at 105 AAA 1,185,313 Family Mortgage Revenue Bonds (Homeownership Loan Program), 1995 Series C, 7.250%, 9/01/26 (Alternative Minimum Tax) 945 Missouri Housing Development Commission, Single 3/10 at 100 AAA 992,052 Family Mortgage Revenue Bonds (Homeownership Loan Program), 2000 Series B-1, 6.250%, 3/01/31 (Alternative Minimum Tax) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 17.4% $ 2,020 Ritenour School District of St. Louis County, Missouri, No Opt. Call AAA $ 2,481,954 General Obligation School Bonds, Series 1995, 7.375%, 2/01/12 1,500 Francis Howell School District, St. Charles County, No Opt. Call AAA 1,769,445 Missouri, General Obligation Refunding Bonds, Series 1994A, 7.800%, 3/01/08 1,000 School District of the City of St. Charles, Missouri, 3/06 at 100 AA+ 1,046,770 General Obligation Bonds (Missouri Direct Deposit Program), Series 1996A, 5.625%, 3/01/14 1,000 Pattonville R-3 School District, St. Louis County, 3/10 at 101 AAA 1,082,520 Missouri, General Obligation Bonds, Series 2000, 5.750%, 3/01/17 895 The Board of Education of the City of St. Louis, No Opt. Call AAA 1,095,399 Missouri, General Obligation School Refunding Bonds, Series 1993A, 8.500%, 4/01/07 625 Reorganized School District No. R-IV of Stone County, No Opt. Call AAA 776,550 Reeds Spring, Missouri, General Obligation School Building Refunding and Improvement Bonds, Series 1995, 7.600%, 3/01/10 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 14.4% 1,000 City of Brentwood, Missouri, Tax Increment Revenue 5/05 at 100 N/R 990,780 Bonds, Brentwood Square Refunding and Improvement Bonds, Series 2001, 5.700%, 5/01/22 1,000 Land Clearance for Redevelopment Authority of 12/05 at 102 AAA 1,057,630 Kansas City, Missouri, Lease Revenue Bonds (Municipal Auditorium and Muehlebach Hotel Redevelopment Projects), Series 1995A, 5.900%, 12/01/18 2,000 Missouri Development Finance Board, Infrastructure 4/10 at 100 AAA 2,121,380 Facilities Revenue Bonds, Kansas City, Missouri (Midtown Redevelopment Projects), Series 2000A, 5.750%, 4/01/22 450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101 AAA 483,516 Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 2,000 The Public Building Corporation of the City of 6/10 at 100 AAA 2,188,340 Springfield, Missouri, Leasehold Revenue Bonds, Series 2000A (Jordan Valley Park Projects), 6.125%, 6/01/21 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 3.3% 500 Kansas City, Missouri, Passenger Facility Charge 4/11 at 101 AAA 483,100 Revenue Bonds (Kansas City International Airport), Series 2001, 5.000%, 4/01/23 (Alternative Minimum Tax) 1,000 Land Clearance for Redevelopment Authority of the 9/09 at 102 N/R 1,066,430 City of St. Louis, Missouri, Parking Facility Revenue Refunding and Improvement Bonds, Series of 1999C (LCRA Parking Facilities Project), 7.000%, 9/01/19 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 17.7% 675 Health and Educational Facilities Authority of the 2/06 at 102 BBB+*** 763,088 State of Missouri, Health Facilities Revenue Bonds (Lake of the Ozarks General Hospital, Inc.), Series 1996, 6.500%, 2/15/21 (Pre-refunded to 2/15/06) 1,290 Health and Educational Facilities Authority of the 12/01 at 101 AAA 1,324,379 State of Missouri, Health Facilities Revenue Bonds (SSM Health Care Obligated Group Projects), Series 1990B, 7.000%, 6/01/15 825 Health and Educational Facilities Authority of the 3/10 at 101 Aa1*** 936,243 State of Missouri, Educational Facilities Revenue Bonds (The Washington University), Series 2000A, 6.000%, 3/01/30 (Pre-refunded to 3/01/10) 530 State Environmental Improvement and Energy 7/04 at 102 AAA 582,603 Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - City of Branson Project), Series 1995A, 6.050%, 7/01/16 (Pre-refunded to 7/01/04) 540 State Environmental Improvement and Energy 1/06 at 101 Aaa 593,860 Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund - Multiple Participant Program), Series 1996D, 5.875%, 1/01/15 (Pre-refunded to 1/01/06) 1,000 St. Louis County Certificates of Receipt, Missouri, No Opt. Call AAA 1,068,610 GNMA Collateralized Mortgage Revenue Bonds, Series 1993D, 5.650%, 7/01/20 (Alternative Minimum Tax) 1,275 St. Louis Municipal Finance Corporation, St. Louis, 2/05 at 100 AAA 1,394,850 Missouri (Lessee), Leasehold Revenue Improvement and Refunding Bonds, Series 1992, 6.250%, 2/15/12 (Pre-refunded to 2/15/05) 1,600 St. Louis Municipal Finance Corporation, City Justice 2/06 at 102 AAA 1,768,288 Center, St. Louis, Missouri (Lessee), Leasehold Revenue Improvement Bonds, Series 1996A, 5.750%, 2/15/11 (Pre-refunded to 2/15/06) Nuveen Missouri Premium Income Municipal Fund (NOM) (continued) Portfolio of Investments November 30, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 2.4% $ 350 State Environmental Improvement and Energy No Opt. Call Aaa $ 416,871 Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - City of Kansas City Project), Series 1997C, 6.750%, 1/01/12 470 State Environmental Improvement and Energy 7/04 at 102 AAA 504,384 Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - City of Branson Project), Series 1995A, 6.050%, 7/01/16 210 State Environmental Improvement and Energy 1/06 at 101 Aaa 224,640 Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - Multiple Participant Series), Series 1996D, 5.875%, 1/01/15 ------------------------------------------------------------------------------------------------------------------------------------ $ 43,570 Total Investments (cost $43,880,720) - 98.1% 46,635,037 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 886,156 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 47,521,193 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
Statement of Net Assets November 30, 2001 (Unaudited)
CONNECTICUT CONNECTICUT GEORGIA GEORGIA PREMIUM DIVIDEND PREMIUM DIVIDEND INCOME ADVANTAGE INCOME ADVANTAGE (NTC) (NFC) (NPG) (NZX) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $112,391,240 $54,850,099 $84,053,146 $45,867,303 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value -- -- -- 2,450,000 Cash -- -- -- 5,657,348 Receivables: Interest 1,760,418 725,925 1,683,754 415,575 Investments sold 1,068,243 1,014,236 -- -- Other assets 14,386 5,792 43,631 -- ------------------------------------------------------------------------------------------------------------------------------------ Total assets 115,234,287 56,596,052 85,780,531 54,390,226 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 266,423 681,211 525,976 -- Payable for investments purchased -- -- 2,716,267 11,542,362 Accrued expenses: Management fees 61,656 16,178 44,263 10,598 Organization and offering costs -- -- -- 63,208 Other 886 99,006 27,583 178,715 Preferred share dividends payable 1,206 1,922 438 2,794 Common share dividends payable 363,329 177,890 255,888 130,074 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 693,500 976,207 3,570,415 11,927,751 ------------------------------------------------------------------------------------------------------------------------------------ Net assets $114,540,787 $55,619,845 $82,210,116 $42,462,475 ==================================================================================================================================== Preferred shares, at liquidation value $ 38,300,000 $19,500,000 $27,800,000 $15,000,000 ==================================================================================================================================== Preferred shares outstanding 1,532 780 1,112 600 ==================================================================================================================================== Common shares outstanding 5,266,265 2,541,325 3,763,066 1,956,000 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 14.48 $ 14.21 $ 14.46 $ 14.04 ==================================================================================================================================== See accompanying notes to financial statements Statement of Net Assets (Unaudited) (continued) MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME (NMT) (NMB) (NOM) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $101,162,863 $42,090,452 $46,635,037 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value -- 1,000,000 -- Cash 27,627 -- 126,655 Receivables: Interest 1,705,865 713,478 885,488 Investments sold 4,057,640 -- 55,972 Other assets 12,463 6,140 7,865 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 106,966,458 43,810,070 47,711,017 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- 661,068 -- Payable for investments purchased 4,479,125 -- -- Accrued expenses: Management fees 54,974 12,464 25,626 Organization and offering costs -- -- -- Other 24,246 97,826 17,623 Preferred share dividends payable 1,583 2,034 745 Common share dividends payable 322,644 141,785 145,830 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 4,882,572 915,177 189,824 ------------------------------------------------------------------------------------------------------------------------------------ Net assets $102,083,886 $42,894,893 $47,521,193 ==================================================================================================================================== Preferred shares, at liquidation value $ 34,000,000 $15,000,000 $16,000,000 ==================================================================================================================================== Preferred shares outstanding 1,360 600 640 ==================================================================================================================================== Common shares outstanding 4,676,011 1,942,265 2,192,940 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 14.56 $ 14.36 $ 14.37 ==================================================================================================================================== See accompanying notes to financial statements.
Statement of Operations Six Months Ended November 30, 2001 (Unaudited)
CONNECTICUT CONNECTICUT GEORGIA GEORGIA PREMIUM DIVIDEND PREMIUM DIVIDEND INCOME ADVANTAGE INCOME ADVANTAGE (NTC) (NFC) (NPG) (NZX)* ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $3,162,047 $1,439,341 $2,336,105 $ 217,517 ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 373,775 182,215 268,164 35,557 Preferred shares - auction fees 48,006 24,279 34,845 1,541 Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 411 Shareholders' servicing agent fees and expenses 7,060 3,285 3,358 651 Custodian's fees and expenses 16,334 20,677 18,672 4,641 Trustees' fees and expenses 639 501 546 181 Professional fees 7,846 10,160 7,821 3,443 Shareholders' reports - printing and mailing expenses 12,455 16,913 6,302 4,860 Stock exchange listing fees 9,723 -- 2,300 -- Investor relations expense 9,046 3,788 6,645 -- Other expenses 5,763 2,670 4,891 359 ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 495,661 269,502 358,558 51,644 Custodian fee credit (1,043) (9,760) (5,614) (446) Expense reimbursement -- (84,099) -- (15,970) ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 494,618 175,643 352,944 35,228 ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 2,667,429 1,263,698 1,983,161 182,289 ----------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions 368,535 (101,697) 62,397 14,218 Change in net unrealized appreciation (depreciation) of investments 897,103 939,447 918,338 (239,185) ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments 1,265,638 837,750 980,735 (224,967) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations $3,933,067 $2,101,448 $2,963,896 $ (42,678) =================================================================================================================================== * For the period September 25, 2001 (commencement of operations) through November 30, 2001. See accompanying notes to financial statements. Statement of Operations Six Months Ended November 30, 2001 (Unaudited) (continued) MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME (NMT) (NMB) (NOM) ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $2,904,466 $1,134,041 $1,321,620 ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 333,068 140,056 154,682 Preferred shares - auction fees 42,617 18,676 20,055 Preferred shares - dividend disbursing agent fees 5,014 5,014 5,014 Shareholders' servicing agent fees and expenses 3,937 3,285 3,173 Custodian's fees and expenses 18,595 26,819 13,844 Trustees' fees and expenses 590 501 413 Professional fees 8,071 10,160 7,569 Shareholders' reports - printing and mailing expenses 13,164 10,158 7,530 Stock exchange listing fees 9,781 -- 1,143 Investor relations expense 8,603 3,627 3,999 Other expenses 5,618 7,582 3,155 ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 449,058 225,878 220,577 Custodian fee credit (4,201) (16,503) (2,819) Expense reimbursement -- (64,641) -- ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 444,857 144,734 217,758 ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 2,459,609 989,307 1,103,862 ----------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions 334,297 (31,957) (11,039) Change in net unrealized appreciation (depreciation) of investments 863,849 994,066 828,419 ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments 1,198,146 962,109 817,380 ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations $3,657,755 $1,951,416 $1,921,242 =================================================================================================================================== See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited)
CONNECTICUT CONNECTICUT PREMIUM INCOME (NTC) DIVIDEND ADVANTAGE (NFC) GEORGIA PREMIUM INCOME (NPG) ------------------------------- -------------------------------- ------------------------------ FOR THE PERIOD 1/26/01 (COMMENCEMENT SIX MONTHS YEAR ENDED SIX MONTHS OF OPERATIONS) SIX MONTHS YEAR ENDED ENDED 11/30/01 5/31/01 ENDED 11/30/01 THROUGH 5/31/01 ENDED 11/30/01 5/31/01 ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 2,667,429 $ 5,383,842 $ 1,263,698 $ 537,367 $ 1,983,161 $ 3,987,219 Net realized gain (loss) from investment transactions 368,535 576 (101,697) (57,242) 62,397 1,111,221 Change in net unrealized appreciation (depreciation) of investments 897,103 6,892,339 939,447 (548,693) 918,338 3,931,839 ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 3,933,067 12,276,757 2,101,448 (68,568) 2,963,896 9,030,279 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income: Common shareholders (2,162,619) (4,316,867) (1,067,168) (533,518) (1,517,552) (2,989,672) Preferred shareholders (345,584) (1,264,121) (180,041) (122,470) (281,161) (981,605) ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (2,508,203) (5,580,988) (1,247,209) (655,988) (1,798,713) (3,971,277) ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- 36,216,383 -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 174,090 366,668 11,103 1,776 77,209 117,835 Preferred shares: Net proceeds from sale of shares -- -- -- 19,160,625 -- -- ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 174,090 366,668 11,103 55,378,784 77,209 117,835 ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets 1,598,954 7,062,437 865,342 54,654,228 1,242,392 5,176,837 Net assets at the beginning of period 112,941,833 105,879,396 54,754,503 100,275 80,967,724 75,790,887 ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $114,540,787 $112,941,833 $55,619,845 $54,754,503 $82,210,116 $80,967,724 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 494,904 $ 231,595 $ (99,931) $ (118,621) $ 497,263 $ 169,607 =================================================================================================================================== See accompanying notes to financial statements. Statement of Changes in Net Assets (Unaudited) (continued) GEORGIA DIVIDEND MASSACHUSETTS PREMIUM MASSACHUSETTS ADVANTAGE (NZX) INCOME (NMT) DIVIDEND ADVANTAGE (NMB) ---------------- -------------------------------- ------------------------------ FOR THE FOR THE PERIOD 9/25/01 PERIOD 1/31/01 (COMMENCEMENT (COMMENCEMENT OF OPERATIONS) SIX MONTHS YEAR ENDED SIX MONTHS OF OPERATIONS) THROUGH 11/30/01 ENDED 11/30/01 5/31/01 ENDED 11/30/01 THROUGH 5/31/01 ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 182,289 $ 2,459,609 $ 4,893,855 $ 989,307 $ 472,617 Net realized gain (loss) from investment transactions 14,218 334,297 22,543 (31,957) (25,524) Change in net unrealized appreciation (depreciation) of investments (239,185) 863,849 5,076,539 994,066 (435,935) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (42,678) 3,657,755 9,992,937 1,951,416 11,158 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income: Common shareholders (130,075) (1,920,640) (3,804,794) (850,626) (425,298) Preferred shareholders (10,252) (341,461) (1,136,585) (161,136) (102,546) ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (140,327) (2,262,101) (4,941,379) (1,011,762) (527,844) ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares 27,860,955 -- -- -- 27,660,825 Net proceeds from shares issued to shareholders due to reinvestment of distributions -- 109,467 203,930 4,060 15 Preferred shares: Net proceeds from sale of shares 14,684,250 -- -- -- 14,706,750 ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 42,545,205 109,467 203,930 4,060 42,367,590 ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets 42,362,200 1,505,121 5,255,488 943,714 41,850,904 Net assets at the beginning of period 100,275 100,578,765 95,323,277 41,951,179 100,275 ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $42,462,475 $102,083,886 $100,578,765 $42,894,893 $41,951,179 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 41,962 $ 427,999 $ 30,016 $ (75,394) $ (55,227) =================================================================================================================================== See accompanying notes to financial statements. MISSOURI PREMIUM INCOME (NOM) ------------------------------ SIX MONTHS YEAR ENDED ENDED 11/30/01 5/31/01 ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 1,103,862 $ 2,229,305 Net realized gain (loss) from investment transactions (11,039) 181,966 Change in net unrealized appreciation (depreciation) of investments 828,419 2,388,233 ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 1,921,242 4,799,504 ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income: Common shareholders (866,789) (1,616,505) Preferred shareholders (186,838) (555,464) ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (1,053,627) (2,171,969) ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 145,248 180,182 Preferred shares: Net proceeds from sale of shares -- -- ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 145,248 180,182 ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets 1,012,863 2,807,717 Net assets at the beginning of period 46,508,330 43,700,613 ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $47,521,193 $46,508,330 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 161,805 $ 88,313 =================================================================================================================================== See accompanying notes to financial statements.
Notes to Financial Statements (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The state Funds (the "Funds") covered in this report and their corresponding stock exchange symbols are Nuveen Connecticut Premium Income Municipal Fund (NTC), Nuveen Connecticut Dividend Advantage Municipal Fund (NFC), Nuveen Georgia Premium Income Municipal Fund (NPG), Nuveen Georgia Dividend Advantage Municipal Fund (NZX), Nuveen Massachusetts Premium Income Municipal Fund (NMT), Nuveen Massachusetts Dividend Advantage Municipal Fund (NMB) and Nuveen Missouri Premium Income Municipal Fund (NOM). Connecticut Premium Income (NTC) and Massachusetts Premium Income (NMT) are traded on the New York Stock Exchange while Connecticut Dividend Advantage (NFC), Georgia Premium Income (NPG), Georgia Dividend Advantage (NZX), Massachusetts Dividend Advantage (NMB) and Missouri Premium Income (NOM) are traded on the American Stock Exchange. Prior to the commencement of operations of Connecticut Dividend Advantage (NFC), Georgia Dividend Advantage (NZX) and Massachusetts Dividend Advantage (NMB), each 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 The John Nuveen Company and the recording of the organizational expenses ($15,000, $11,500 and $15,000, respectively) and their reimbursement by Nuveen Investments, also a wholly owned subsidiary of The John Nuveen Company. Each Fund seeks to provide current income exempt from both regular federal and designated state income taxes by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within a single state. The Funds are registered under the Investment Company Act of 1940 as closed-end 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 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 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 in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At November 30, 2001, Georgia Premium Income (NPG), Georgia Dividend Advantage (NZX) and Massachusetts Premium Income (NMT) had outstanding when-issued or delayed delivery purchase commitments of $2,716,267, $6,510,806 and $4,479,125, respectively. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities for financial reporting purposes. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its 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 and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared monthly as a dividend and payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, 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. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one Series. The dividend rate on each Series may change every seven days, as set by the auction agent. The number of shares outstanding for each Fund is as follows:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX) (NMT) (NMB) (NOM) ------------------------------------------------------------------------------------------------------------- Number of Shares: Series M -- -- -- 600 -- -- -- Series T -- 780 -- -- -- 600 -- Series Th 1,532 -- 1,112 -- 1,360 -- 640 =============================================================================================================
Effective November 16, 2001, Georgia Dividend Advantage (NZX) issued 600 Series M $25,000 stated value Preferred shares. 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 period ended November 30, 2001. 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 has agreed to pay all offering costs (other than the sales load) that exceed $.03 per Common share for Connecticut Dividend Advantage (NFC), Georgia Dividend Advantage (NZX) and Massachusetts Dividend Advantage (NMB). Connecticut Dividend Advantage's (NFC), Georgia Dividend Advantage's (NZX) and Massachusetts Dividend Advantage's (NMB) share of offering costs ($76,005, $58,470 and $58,050, respectively) were recorded as a reduction of the proceeds from the sale of common shares. Costs incurred by Connecticut Dividend Advantage (NFC), Georgia Dividend Advantage (NZX) and Massachusetts Dividend Advantage (NMB) in connection with their offering of Preferred shares ($339,375, $315,750 and $293,250, respectively) were recorded as a reduction of the proceeds from the sale of the Preferred shares. Notes to Financial Statements (Unaudited) (continued) 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 from operations during the reporting period. Actual results may differ from those estimates. Change in Accounting Policy As required, effective June 1, 2001, the Funds have adopted the provisions of the new AICPA Audit and Accounting Guide for Investment Companies and began accreting taxable market discount on debt securities. Prior to June 1, 2001, the Funds did not accrete taxable market discounts on debt securities until they were sold. The cumulative effect of this accounting change had no impact on the total net assets or the net assets values of the Funds, but resulted in an increase in the cost of securities and a corresponding decrease in unrealized appreciation based on securities held by the Funds on June 1, 2001 as follows:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX) (NMT) (NMB) (NOM) -------------------------------------------------------------------------------------------------------------- $104,083 $2,201 $143,208 $-- $200,475 $2,288 $23,257 ==============================================================================================================
The effect of this change for the six months ended November 30, 2001, was to increase net investment income with a corresponding decrease in net unrealized appreciation as follows:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX) (NMT) (NMB) (NOM) -------------------------------------------------------------------------------------------------------------- $7,584 $3,655 $11,147 $-- $19,006 $4,388 $1,658 ==============================================================================================================
The Statement of Changes in Net Assets and Financial Highlights for the prior periods have not been restated to reflect this change in presentation. 2. FUND SHARES Transactions in Common and Preferred shares were as follows:
GEORGIA DIVIDEND CONNECTICUT CONNECTICUT DIVIDEND GEORGIA ADVANTAGE PREMIUM INCOME (NTC) ADVANTAGE (NFC) PREMIUM INCOME (NPG) (NZX) ---------------------------- ------------------------------ ------------------------- ---------------- FOR THE FOR THE PERIOD 1/26/01 PERIOD 9/25/01 (COMMENCEMENT (COMMENCEMENT SIX MONTHS YEAR ENDED SIX MONTHS OF OPERATIONS) SIX MONTHS YEAR ENDED OF OPERATIONS) ENDED 11/30/01 5/31/01 ENDED 11/30/01 THROUGH 5/31/01 ENDED 11/30/01 5/31/01 THROUGH 11/30/01 ------------------------------------------------------------------------------------------------------------------------------------ Common shares: Shares sold -- -- -- 2,533,500 -- -- 1,949,000 Shares issued to shareholders due to reinvestment of distributions 10,660 24,620 705 120 5,064 8,153 -- ------------------------------------------------------------------------------------------------------------------------------------ 10,660 24,620 705 2,533,620 5,064 8,153 1,949,000 ==================================================================================================================================== Preferred shares sold -- -- -- 780 -- -- 600 ==================================================================================================================================== MASSACHUSETTS MASSACHUSETTS DIVIDEND MISSOURI PREMIUM INCOME (NMT) ADVANTAGE (NMB) PREMIUM INCOME (NOM) -------------------------- ------------------------------- ------------------------------- FOR THE PERIOD 1/31/01 (COMMENCEMENT SIX MONTHS YEAR ENDED SIX MONTHS OF OPERATIONS) SIX MONTHS YEAR ENDED ENDED 11/30/01 5/31/01 ENDED 11/30/01 THROUGH 5/31/01 ENDED 11/30/01 5/31/01 --------------------------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- 1,935,000 -- -- Shares issued to shareholders due to reinvestment of distributions 7,082 13,928 264 1 9,862 13,147 --------------------------------------------------------------------------------------------------------------------------- 7,082 13,928 264 1,935,001 9,862 13,147 =========================================================================================================================== Preferred shares sold -- -- -- 600 -- -- ===========================================================================================================================
Notes to Financial Statements (Unaudited) (continued) 3. DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on December 28, 2001, to shareholders of record on December 15, 2001, as follows:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX) (NMT) (NMB) (NOM) ---------------------------------------------------------------------------------------------------------------- Dividend per share $.0700 $.0700 $.0700 $.0665 $.0700 $.0730 $.0675 ================================================================================================================
At the same time, the following Funds also declared ordinary taxable income distributions as follows: CONNECTICUT GEORGIA PREMIUM PREMIUM INCOME INCOME (NTC) (NPG) -------------------------------------------------------------------------------- Ordinary taxable income distributions per share $.0019 $.0189 ================================================================================ 4. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities and short-term municipal securities for the six months ended November 30, 2001, were as follows:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX)* (NMT) (NMB) (NOM) ---------------------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $6,577,015 $ 6,114,817 $14,314,199 $47,076,802 $8,017,925 $1,050,000 $2,686,785 Short-term municipal securities -- -- -- 4,900,000 -- 1,000,000 -- Sales and maturities: Long-term municipal securities 8,951,447 13,050,757 17,537,505 974,910 5,405,800 3,461,395 2,482,306 Short-term municipal securities -- -- -- 2,450,000 2,000,000 -- -- ====================================================================================================================== * For the period September 25, 2001 (commencement of operations) through November 30, 2001.
At November 30, 2001, the cost of investments owned for federal income tax purposes were as follows:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX)* (NMT) (NMB) (NOM) ---------------------------------------------------------------------------------------------------------------------- $107,089,906 $54,455,690 $79,806,798 $48,556,488 $95,826,847 $42,527,933 $43,855,805 ======================================================================================================================
At May 31, 2001, the Funds' last fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
CONNECTICUT CONNECTICUT GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NMT) (NMB) (NOM) ------------------------------------------------------------------------------------------------------------- Expiration year: 2003 $ 715,734 $-- $-- $ 552,942 $-- $ 768,346 2004 1,105,901 -- 1,837,441 945,779 -- 708,417 2005 847,914 -- 340,685 195,761 -- -- 2006 -- -- -- -- -- -- 2007 -- -- -- -- -- -- 2008 7,281 -- 129,908 210,989 -- 57,432 2009 168,464 57,242 -- 718,509 25,524 -- ------------------------------------------------------------------------------------------------------------- Total $2,845,294 $57,242 $2,308,034 $2,623,980 $25,524 $1,534,195 =============================================================================================================
5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments for federal income tax purposes at November 30, 2001, were as follows:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX)* (NMT) (NMB) (NOM) ---------------------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $5,446,401 $ 665,909 $4,363,468 $ 82,524 $5,501,309 $645,983 $2,839,656 depreciation (145,067) (271,500) (117,120) (321,709) (165,293) (83,464) (60,424) ---------------------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $5,301,334 $ 394,409 $4,246,348 $(239,185) $5,336,016 $562,519 $2,779,232 ======================================================================================================================
Notes to Financial Statements (Unaudited) (continued) 6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' (excluding Connecticut Dividend Advantage (NFC), Georgia Dividend Advantage (NZX)and Massachusetts Dividend Advantage (NMB)) 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 of each Fund as follows: AVERAGE DAILY NET ASSETS MANAGEMENT FEE ------------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For the next $3 billion .5875 of 1 For net assets over $5 billion .5750 of 1 =============================================================================== Under Connecticut Dividend Advantage's (NFC), Georgia Dividend Advantage's (NZX) and Massachusetts Dividend Advantage's (NMB) 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 of each Fund as follows: AVERAGE DAILY NET ASSETS MANAGEMENT FEE ------------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .5750 of 1 =============================================================================== The Adviser has agreed to waive part of its management fees or reimburse certain expenses of Connecticut Dividend Advantage (NFC) and Massachusetts Dividend Advantage (NMB) in an amount equal to .30% of the average daily net assets for the period from each Fund's commencement of operations through January 31, 2006, .25% of the average daily net assets for the year ended January 31, 2007, .20% of the average daily net assets for the year ended January 31, 2008, .15% of the average daily net assets for the year ended January 31, 2009, .10% of the average daily net assets for the year ended January 31, 2010, and .05% of the average daily net assets for the year ended January 31, 2011. The Adviser has not agreed to reimburse Connecticut Dividend Advantage (NFC) and Massachusetts Dividend Advantage (NMB) for any portion of its fees and expenses beyond January 31, 2011. The Adviser has agreed to waive part of its management fees or reimburse certain expenses of Georgia Dividend Advantage (NZX) in an amount equal to .30% of the average daily net assets for the period September 25, 2001 (commencement of operations) through September 30, 2006, .25% of the average daily net assets for the year ended September 30, 2007, .20% of the average daily net assets for the year ended September 30, 2008, .15% of the average daily net assets for the year ended September 30, 2009, .10% of the average daily net assets for the year ended September 30, 2010, and .05% of the average daily net assets for the year ended September 30, 2011. The Adviser has not agreed to reimburse Georgia Dividend Advantage (NZX) for any portion of its fees and expenses beyond September 30, 2011. 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. 7. COMPOSITION OF NET ASSETS At November 30, 2001, net assets consisted of:
CONNECTICUT CONNECTICUT GEORGIA GEORGIA MASSACHUSETTS MASSACHUSETTS MISSOURI PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM DIVIDEND PREMIUM INCOME ADVANTAGE INCOME ADVANTAGE INCOME ADVANTAGE INCOME (NTC) (NFC) (NPG) (NZX) (NMT) (NMB) (NOM) --------------------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $ 38,300,000 $19,500,000 $27,800,000 $15,000,000 $ 34,000,000 $15,000,000 $16,000,000 Common shares, $.01 par value per share 52,663 25,413 37,631 19,560 46,760 19,423 21,929 Paid-in surplus 72,958,312 35,964,749 52,025,678 27,625,920 64,782,275 27,452,502 30,128,376 Undistributed (Over-distribution of) net investment income 494,904 (99,931) 497,263 41,962 427,999 (75,394) 161,805 Accumulated net realized gain (loss) from investment transactions (2,476,759) (158,939) (2,245,637) 14,218 (2,289,683) (57,481) (1,545,234) Net unrealized appreciation (depreciation) of investments 5,211,667 388,553 4,095,181 (239,185) 5,116,535 555,843 2,754,317 --------------------------------------------------------------------------------------------------------------------- Net assets $114,540,787 $55,619,845 $82,210,116 $42,462,475 $102,083,886 $42,894,893 $47,521,193 ===================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Unlimited Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited Unlimited Unlimited Unlimited Unlimited =====================================================================================================================
Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------ ------------------------------------------------------- From and From and in Excess in Excess of Net of Net Net Investment Investment Capital Capital Realized/ Income to Income to Gains to Gains to Beginning Net Unrealized Common Preferred Common Preferred Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) Total holders holders+ holders holders+ Total =============================================================================================================================== CONNECTICUT PREMIUM INCOME (NTC) ------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(c) $14.20 $ .51 $ .25 $ .76 $(.41) $(.07) $-- $-- $ (.48) 2001 12.92 1.02 1.32 2.34 (.82) (.24) -- -- (1.06) 2000 14.44 1.06 (1.54) (.48) (.82) (.22) -- -- (1.04) 1999 14.49 1.00 (.05) .95 (.80) (.20) -- -- (1.00) 1998 13.63 1.00 .89 1.89 (.80) (.23) -- -- (1.03) 1997 12.99 1.00 .60 1.60 (.76) (.20) -- -- (.96) CONNECTICUT DIVIDEND ADVANTAGE (NFC) ------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(c) 13.88 .50 .32 .82 (.42) (.07) -- -- (.49) 2001(a) 14.33 .21 (.23) (.02) (.21) (.05) -- -- (.26) GEORGIA PREMIUM INCOME (NPG) ------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(c) 14.15 .52 .26 .78 (.40) (.07) -- -- (.47) 2001 12.80 1.06 1.35 2.41 (.80) (.26) -- -- (1.06) 2000 14.45 1.03 (1.65) (.62) (.80) (.23) -- -- (1.03) 1999 14.58 1.01 (.13) .88 (.80) (.21) -- -- (1.01) 1998 13.70 1.01 .90 1.91 (.79) (.24) -- -- (1.03) 1997 13.00 1.01 .69 1.70 (.77) (.23) -- -- (1.00) GEORGIA DIVIDEND ADVANTAGE (NZX) ------------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) 14.33 .09 (.10) (.01) (.07) (.01) -- -- (.08) =============================================================================================================================== Total Returns ----------------- Offering Costs and Based Preferred Ending Based on Share Net Ending on Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** ============================================================================= CONNECTICUT PREMIUM INCOME (NTC) ----------------------------------------------------------------------------- Year Ended 5/31: 2002(c) $ -- $14.48 $16.0000 1.91% 4.89% 2001 -- 14.20 16.1000 25.91 16.57 2000 -- 12.92 13.5000 (14.85) (4.87) 1999 -- 14.44 16.7500 13.50 5.22 1998 -- 14.49 15.5000 15.61 12.39 1997 -- 13.63 14.1250 9.58 11.01 CONNECTICUT DIVIDEND ADVANTAGE (NFC) ----------------------------------------------------------------------------- Year Ended 5/31: 2002(c) -- 14.21 16.0000 7.10 5.41 2001(a) (.17) 13.88 15.3400 3.71 (1.67) GEORGIA PREMIUM INCOME (NPG) ----------------------------------------------------------------------------- Year Ended 5/31: 2002(c) -- 14.46 15.2100 1.74 5.14 2001 -- 14.15 15.3500 30.41 16.98 2000 -- 12.80 12.4375 (18.84) (5.87) 1999 -- 14.45 16.2500 13.42 4.64 1998 -- 14.58 15.0625 14.56 12.43 1997 -- 13.70 13.8750 19.95 11.53 GEORGIA DIVIDEND ADVANTAGE (NZX) ----------------------------------------------------------------------------- Year Ended 5/31: 2002(b) (.20) 14.04 15.0500 .78 (1.56) ============================================================================= Ratios/Supplemental Data ------------------------------------------------------------------------ Before Credit/Reimbursement --------------------------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Ending Net Assets Net Assets Total Total Net Applicable Applicable Net Assets Net Assets Assets to Common to Common Including Including (000) Shares++ Shares++ Preferred++ Preferred++ ============================================================================================= CONNECTICUT PREMIUM INCOME (NTC) --------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(c) $114,541 1.29%* 6.96%* .86%* 4.64%* 2001 112,942 1.33 7.36 .87 4.83 2000 105,879 1.36 7.87 .88 5.08 1999 113,465 1.32 6.83 .88 4.54 1998 113,384 1.33 7.02 .88 4.61 1997 108,524 1.38 7.46 .89 4.79 CONNECTICUT DIVIDEND ADVANTAGE (NFC) --------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(c) 55,620 1.48* 6.41* .96* 4.17* 2001(a) 54,755 1.22* 4.10* .91* 3.07* GEORGIA PREMIUM INCOME (NPG) --------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(c) 82,210 1.31* 7.24* .87* 4.79* 2001 80,968 1.41 7.67 .92 4.99 2000 75,791 1.43 7.73 .91 4.95 1999 81,822 1.34 6.87 .89 4.57 1998 82,152 1.33 7.10 .87 4.66 1997 78,697 1.40 7.52 .90 4.83 GEORGIA DIVIDEND ADVANTAGE (NZX) --------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) 42,462 1.06* 3.42* .94* 3.03* ============================================================================================= Ratios/Supplemental Data ---------------------------------------------------------------------- Municipal Auction Rate Cumulative After Credit/Reimbursement*** Preferred Stock at End of Period -------------------------------------------------------- ------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Net Assets Net Assets Total Total Aggregate Liquidation Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset to Common to Common Including Including Turnover Outstanding Value Coverage Shares++ Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share ==================================================================================================================================== CONNECTICUT PREMIUM INCOME (NTC) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2002(c) 1.29%* 6.97%* .86%* 4.64%* 6% $38,300 $25,000 $74,766 2001 1.31 7.39 .86 4.84 8 38,300 25,000 73,722 2000 1.32 7.91 .85 5.10 19 38,300 25,000 69,112 1999 1.30 6.84 .87 4.55 7 38,300 25,000 74,063 1998 1.33 7.02 .88 4.61 13 38,300 25,000 74,010 1997 1.38 7.46 .89 4.79 18 38,300 25,000 70,838 CONNECTICUT DIVIDEND ADVANTAGE (NFC) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2002(c) .96* 6.93* .63* 4.51* 11 19,500 25,000 71,307 2001(a) .80* 4.52* .60* 3.38* 29 19,500 25,000 70,198 GEORGIA PREMIUM INCOME (NPG) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2002(c) 1.29* 7.26* .86* 4.81* 17 27,800 25,000 73,930 2001 1.40 7.68 .91 5.00 15 27,800 25,000 72,813 2000 1.40 7.76 .90 4.97 17 27,800 25,000 68,157 1999 1.33 6.88 .89 4.57 14 27,800 25,000 73,581 1998 1.33 7.10 .87 4.66 17 27,800 25,000 73,878 1997 1.40 7.52 .90 4.83 30 27,800 25,000 70,771 GEORGIA DIVIDEND ADVANTAGE (NZX) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2002(b) .73* 3.76* .64* 3.33* 3 15,000 25,000 70,771 ==================================================================================================================================== * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. *** 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. (a) For the period January 26, 2001 (commencement of operations) through May 31, 2001. (b) For the period September 25, 2001 (commencement of operations) through November 30, 2001. (c) For the six months ended November 30, 2001. See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------ --------------------------------------------------- From and From and in Excess in Excess of Net of Net Net Investment Investment Capital Capital Realized/ Income to Income to Gains to Gains to Beginning Net Unrealized Common Preferred Common Preferred Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) Total holders holders+ holders holders+ Total ============================================================================================================================ MASSACHUSETTS PREMIUM INCOME (NMT) ---------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) $14.26 $ .53 $ .25 $ .78 $(.41) $(.07) $-- $-- $ (.48) 2001 13.17 1.05 1.10 2.15 (.82) (.24) -- -- (1.06) 2000 14.72 1.05 (1.54) (.49) (.85) (.21) -- -- (1.06) 1999 14.91 1.02 (.16) .86 (.85) (.20) -- -- (1.05) 1998 14.11 1.06 .83 1.89 (.85) (.24) -- -- (1.09) 1997 13.58 1.06 .53 1.59 (.84) (.22) -- -- (1.06) MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ---------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) 13.88 .51 .49 1.00 (.44) (.08) -- -- (.52) 2001(a) 14.33 .24 (.24) -- (.22) (.05) -- -- (.27) MISSOURI PREMIUM INCOME (NOM) ---------------------------------------------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) 13.97 .50 .39 .89 (.40) (.09) -- -- (.49) 2001 12.77 1.02 1.18 2.20 (.74) (.26) -- -- (1.00) 2000 14.20 .99 (1.39) (.40) (.77) (.26) -- -- (1.03) 1999 14.44 .97 (.22) .75 (.77) (.22) -- -- (.99) 1998 13.68 .99 .78 1.77 (.76) (.25) -- -- (1.01) 1997 13.11 1.00 .55 1.55 (.73) (.25) -- -- (.98) ============================================================================================================================ Total Returns ----------------- Offering Costs and Based Preferred Ending Based on Share Net Ending on Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** ============================================================================== MASSACHUSETTS PREMIUM INCOME (NMT) ------------------------------------------------------------------------------ Year Ended 5/31: 2002(b) $ -- $14.56 $16.0200 7.29% 5.01% 2001 -- 14.26 15.3300 15.71 14.72 2000 -- 13.17 14.0000 (7.66) (4.79) 1999 -- 14.72 16.0625 2.48 4.47 1998 -- 14.91 16.5000 18.08 11.91 1997 -- 14.11 14.7500 13.76 10.28 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ------------------------------------------------------------------------------ Year Ended 5/31: 2002(b) -- 14.36 15.4900 7.71 6.64 2001(a) (.18) 13.88 14.8000 .13 (1.61) MISSOURI PREMIUM INCOME (NOM) ------------------------------------------------------------------------------ Year Ended 5/31: 2002(b) -- 14.37 15.3000 10.25 5.72 2001 -- 13.97 14.2500 17.41 15.48 2000 -- 12.77 12.8125 (4.35) (4.63) 1999 -- 14.20 14.1875 5.24 3.64 1998 -- 14.44 14.1875 14.53 11.31 1997 -- 13.68 13.0625 10.53 10.09 ============================================================================== Ratios/Supplemental Data -------------------------------------------------------------------- Before Credit/Reimbursement ----------------------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Ending Net Assets Net Assets Total Total Net Applicable Applicable Net Assets Net Assets Assets to Common to Common Including Including (000) Shares++ Shares++ Preferred++ Preferred++ ========================================================================================= MASSACHUSETTS PREMIUM INCOME (NMT) ----------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) $102,084 1.31%* 7.18%* .88%* 4.79%* 2001 100,579 1.37 7.46 .90 4.91 2000 95,323 1.32 7.71 .86 5.02 1999 102,288 1.30 6.87 .88 4.61 1998 102,936 1.31 7.22 .88 4.81 1997 99,006 1.34 7.63 .88 4.99 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ----------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) 42,895 1.61* 6.48* 1.05* 4.22* 2001(a) 41,951 1.28* 4.84* .95* 3.57* MISSOURI PREMIUM INCOME (NOM) ----------------------------------------------------------------------------------------- Year Ended 5/31: 2002(b) 47,521 1.40* 6.98* .93* 4.63* 2001 46,508 1.39 7.48 .91 4.86 2000 43,701 1.48 7.49 .95 4.80 1999 46,603 1.44 6.72 .95 4.44 1998 46,935 1.47 7.03 .97 4.60 1997 45,224 1.54 7.38 .99 4.74 ========================================================================================= Ratios/Supplemental Data --------------------------------------------------------------------- Municipal Auction Rate Cumulative After Credit/Reimbursement*** Preferred Stock at End of Period ------------------------------------------------------- ------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Net Assets Net Assets Total Total Aggregate Liquidation Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset to Common to Common Including Including Turnover Outstanding Value Coverage Shares++ Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share ==================================================================================================================================== MASSACHUSETTS PREMIUM INCOME (NMT) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2002(b) 1.30%* 7.19%* .87%* 4.80%* 5% $34,000 $25,000 $75,062 2001 1.35 7.48 .89 4.92 14 34,000 25,000 73,955 2000 1.31 7.73 .85 5.03 11 34,000 25,000 70,091 1999 1.30 6.88 .87 4.62 11 34,000 25,000 75,212 1998 1.31 7.22 .88 4.81 17 34,000 25,000 75,688 1997 1.34 7.63 .88 4.99 22 34,000 25,000 72,799 MASSACHUSETTS DIVIDEND ADVANTAGE (NMB) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2002(b) 1.03* 7.06* .67* 4.59* 2 15,000 25,000 71,491 2001(a) .84* 5.28* .62* 3.90* 18 15,000 25,000 69,919 MISSOURI PREMIUM INCOME (NOM) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 5/31: 2002(b) 1.38* 7.00* .92* 4.64* 5 16,000 25,000 74,252 2001 1.38 7.50 .90 4.87 31 16,000 25,000 72,669 2000 1.47 7.51 .94 4.81 23 16,000 25,000 68,282 1999 1.43 6.72 .95 4.44 10 16,000 25,000 72,817 1998 1.47 7.03 .97 4.60 25 16,000 25,000 73,336 1997 1.54 7.38 .99 4.74 36 16,000 25,000 70,663 ==================================================================================================================================== * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. *** 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. (a) For the period January 31, 2001 (commencement of operations) through May 31, 2001. (b) For the six months ended November 30, 2001. See accompanying notes to financial statements.
Build Your Wealth Automatically Sidebar Text: Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. 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. Fund Information BOARD OF TRUSTEES 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, TRANSFER AGENT AND SHAREHOLDER SERVICES JPMorgan Chase Bank 4 New York Plaza New York, NY 10004-2413 (800) 257-8787 LEGAL COUNSEL Morgan, Lewis & Bockius LLP Washington, D.C. INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL 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 November 30, 2001. Any future repurchases will be reported to shareholders in the next annual or semiannual report. Serving Investors for Generations [PHOTO of John Nuveen, Sr.] For over a century, generations of Americans have relied on Nuveen Investments to help them grow and keep the money they've earned. Financial advisors, investors and their families have associated Nuveen Investments with quality, expertise and dependability since 1898. That is why financial advisors have entrusted the assets of more than 1.3 million investors to Nuveen. With the know-how that comes from a century of experience, Nuveen continues to build upon its reputation for quality. Now, financial advisors and investors can count on Nuveen Investments to help them design customized solutions that meet the far-reaching financial goals unique to family wealth strategies - solutions that can translate into legacies. To find out more about how Nuveen Investments' products and services can help you preserve your financial security, talk with your financial advisor, or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before you invest. Invest Well Look Ahead. LEAVE YOUR MARK.SM [LOGO: NUVEEN Investments] Nuveen Investments o 333 West Wacker Drive Chicago, IL 60606 o www.nuveen.com FSA-3-11-01