-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M1peHZE2P0BSZbk+3zeB4Wf7AfEMQ47mqZKEp7KqlExANULljp1VbYEh9puBuuFR 6jRrKUgVZfvbUYRovi2jqw== 0000891804-98-000106.txt : 19980210 0000891804-98-000106.hdr.sgml : 19980210 ACCESSION NUMBER: 0000891804-98-000106 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19971130 FILED AS OF DATE: 19980209 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND CENTRAL INDEX KEY: 0000897419 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 367032570 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07484 FILM NUMBER: 98525839 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: 333 WEST WACKER DRIVE STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 N-30D 1 NUVEEN MASSACHUSETTS PREM INCOME MUNI FUND(NMT) NUVEEN Exchange-Traded Funds NOVEMBER 30, 1997 SEMIANNUAL REPORT DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN. NTC Connecticut NMT Massachusetts NOM Missouri NPW Washington Photo of: Boy and man playing chess. Contents 1 Dear Shareholder 3 Answering Your Questions 7 NTC Performance Overview 8 NMT Performance Overview 9 NOM Performance Overview 10 NPW Performance Overview 11 Shareholder Meeting Report 13 Portfolio of Investments 25 Statement of Net Assets 27 Statement of Operations 29 Statement of Changes in Net Assets 31 Notes to Financial Statements 38 Financial Highlights 40 Fund Information INSERT: New from Nuveen THE NUVEEN RITTENHOUSE GROWTH FUND General Electric. Johnson & Johnson. Gillette. Familiar names to be sure. And the sort of established "blue chip" companies our new growth fund invests in. For many, these are the holdings that belong at the core of a well-constructed portfolio. Why? They provide attractive long-term growth potential plus the benefits of investing in companies you know and trust. The fund is managed by Rittenhouse Financial Services, a premier growth manager selected by Nuveen for their proven track record and disciplined investment process. The portfolio team focuses on companies that are global industry leaders - household names with a history of strength and consistent growth. Sound reassuring? Ask your financial adviser today about the fund and Nuveen's growing family of equity, balanced and income mutual funds. Or call (800) 621-7227 to receive an investor guide, containing a prospectus which provides more complete information, including charges and expenses. Please read it carefully before you invest. (See other side for a Nuveen product listing) NUVEEN INVESTMENTS CAN HELP YOU SUSTAIN THE WEALTH OF A LIFETIME MUTUAL FUNDS Nuveen Rittenhouse Growth Fund Growth and Income Stock Fund Balanced Stock and Bond Fund Balanced Municipal and Stock Fund National Municipal Bond Funds State-Specific Municipal Bond Funds UNIT TRUSTS Equity Corporate Bond Municipal Bond EXCHANGE-TRADED FUNDS MUNIPREFERRED(R) PRIVATE ASSET MANAGEMENT For more information about any of these Nuveen products, including charges and expenses, call your financial adviser for a prospectus where available, or call Nuveen at (800) 621-7227. Please read it carefully before you invest. Dear Shareholder Photo of: TIMOTHY R. SCHWERTFEGER CHAIRMAN OF THE BOARD Wealth takes a lifetime to build. Once achieved, it should be preserved. It's a pleasure to report to you on the performance of your Nuveen exchange-traded funds. Over the past 12 months, the funds have performed well, rewarding shareholders with dependable tax-free income and attractive returns. Investors in the funds continued to enjoy tax-free dividends generated by each fund's portfolio of municipal bonds. As of November 30, 1997, shareholders were receiving current market yields that ranged from 5.23% to 5.55%. To match these yields, investors in the 31% federal income tax bracket would have had to earn at least 7.58% on taxable alter natives. Dividend stability continues to be a hallmark of your Nuveen exchange-traded funds, as the divi dends for the four funds in this report were declared a total of 48 times over the past year with four dividend increases. For the 12 months ended November 30, 1997, the total return on these funds ranged from 7.65% to 9.19%, pro viding taxable-equivalent returns of 10.57% to 12.57% for investors in the com bined 31% federal and applicable state tax bracket. For share holders in higher federal tax brackets, the tax-adjusted returns were even more attrac tive. You will find additional details on the individual performance of each fund on pages 7-10. THE YEAR IN REVIEW Over the past year, American investors have benefited from robust economic growth with little evidence of infla tionary pressures. With unemployment rates at 20-year lows and the current economic expansion entering its seventh year, the presence of benign inflation has sparked debate over whether the traditional link between growth and inflation has been broken. During 1997, expectations that excess growth would generate inflation disrupted the markets on several occasions, most notably following the Federal Reserve's interest rate tightening in March and speeches by Chairman Greenspan. Still, falling commodity prices kept producer prices in check, while low import prices--due in part to the weakness in Asian markets--limited U.S. companies' ability to raise consumer prices. This combination has kept inflation subdued and the Federal Reserve "on hold" since March. The reduction in the federal deficit and passage of the Taxpayer Relief Act of 1997 offer additional encouragement to long-term fixed-income investors. HELPING YOU BUILD A BETTER PORTFOLIO The events of 1997 have also focused renewed attention on the need for diversification and appropriate asset allocation. Stock market volatility, especially late in the year, provided a vivid illustration of the steadying effect that fixed-income investments can provide in a well-constructed investment portfolio. Nuveen exchange-traded funds provide an excellent balance to other equity and bond investments, and their current yields make them very attractive. You already know that you can rely on Nuveen to provide the tax-advantaged investments you need to achieve your investment goals. Your financial adviser can also introduce you to a variety of other Nuveen products and services designed to round out your portfolio of core investments, including the Nuveen Growth and Income Stock Fund and two balanced stock and bond funds. In addition, we recently expanded our private asset management capabilities through the acquisition of Rittenhouse Financial Services, a well-respected growth investment manager. We encourage you to talk to your financial adviser about ways you can complement your current Nuveen investment by taking advantage of these additional products and services. We at Nuveen remain committed to providing you with quality investment solutions that withstand the test of time. We thank you for your confidence in us and our family of investments, and we look forward to our next report to you. Sincerely, TIMOTHY R. SCHWERTFEGER Chairman of the Board January 15, 1998 "The funds have performed well, rewarding share holders with dependable tax-free income and attractive returns." Answering Your Questions TED NEILD, MANAGING DIRECTOR OF NUVEEN'S PORTFOLIO MANAGEMENT TEAM, TALKS ABOUT THE MUNICIPAL BOND MARKET AND OFFERS INSIGHTS INTO FACTORS THAT AFFECTED THE PERFORMANCE OF THE FUNDS OVER THE PAST YEAR. WHAT ECONOMIC AND MARKET FACTORS INFLUENCED THE PERFORMANCE OF MUNICIPAL BONDS OVER THE PAST YEAR? In 1997, the performance of the municipal bond market was influenced by three major factors: the continued strength of the U.S. economy, minimal inflation and volatility in the equity mar kets. These factors contributed to a positive environment for fixed-income investments, including municipal issues. Between December 1996 and November 1997, the yield on 30-year Treasury bonds dropped from 6.36% to 6.05%, and the municipal market followed suit, as the yield on the Bond Buyer 40 declined from 5.63% to 5.36%. The spread between tax-free municipal bonds and taxable Treasury bonds remained tight, making municipal bonds very attractive. HOW HAVE THE FUNDS PERFORMED DURING THIS PERIOD? As Tim mentioned in his letter to shareholders, the total return for these funds ranged from 7.65% to 9.19% for the 12 months ended November 30, 1997. This compares with the one-year return of 8.66% for the Lehman Municipal Bond Index. The performance of the Nuveen funds covered in this report is especially noteworthy in view of the fact that they were originally constructed in a higher interest rate environment. This means that a large number of bonds in the portfolios are currently valued at substantial premiums. These bonds offer the benefit of additional price stability in volatile markets, but their upside potential during market rallies can be limited. HOW DOES THE USE OF LEVERAGE IMPACT THE FUNDS' DIVIDENDS? All of the funds in this report use leverage as an additional way to enhance income for common shareholders. Leveraged funds issue short-term preferred shares, which is similar to borrowing money at short-term rates and then investing the proceeds in long-term bonds. The dif ference in rates boosts the dividend for common share holders. The dividends of leveraged funds can also be affected by a sudden or prolonged rise in short-term interest rates. As short-term rates increase, preferred shareholders enjoy higher dividends, and less income is available for common shareholders. WHAT ARE YOUR KEY STRATEGIES FOR THE COMING YEAR? While credit spreads remain tight, we will continue to purchase bonds with good credit quality at yields that are similar to those of bonds with lower ratings. During the past year, as yield differentials between AAA and BBB bonds narrowed, the funds would not have been ade quately compensated for the additional risk involved in buying bonds at the lower end of the rating spectrum. We were able to buy more highly rated bonds without sacrificing much yield, thereby enhancing the credit quality of our portfolios. We believe that if credit spreads widen again, these high-quality issues will increase in value relative to lower-rated bonds. SIDEBAR TEXT: "By identifying individual bonds with current yields, prices, credit quality, and future prospects that are exceptionally attractive relative to other bonds in the market, we believe the portfolio will be positioned to deliver above-market performance." We will also continue to look for individual bonds that offer good long-term value and the potential for relative price appreci ation. If we succeed in identifying individual bonds with current yields, prices, credit quality and future prospects that are exceptionally attractive relative to other bonds in the market, the portfolios will be positioned to deliver above-market performance. Our search, backed by outstanding resources of the Nuveen Research Department, emphasizes three strategic sectors: o Healthcare: Increasing competitive pressures in this industry will result in some attrition. We are selective in buying only the bonds of the strongest issues that we believe will show favorable price movement as the market recognizes their value. o Public Utilities: Deregulation of this sector is creating opportunities for the research-intensive bond buying in which Nuveen excels. We are currently focusing on bonds issued by utility companies that we believe are strong enough to weather the deregulation process and the increased risk of credit quality realignments. o Housing: Because the timing of cash flows can be uncertain, these bonds carry some additional risk. However, we believe this is one of the few sectors of the municipal market in which our portfolios are still compensated for assuming that incremental risk. SIDEBAR TEXT: "We are currently focusing on bonds issued by utility companies that we believe are strong enough to weather the deregulation process and the increased risk of credit quality realignments." Whenever possible, we will also pursue strategies aimed at enhancing the structure of the Nuveen exchange-traded funds. Specifically, this means upgrading call protection. By selling bonds with shorter call protection, we can re-deploy assets into bonds with longer protection and better yields, thereby extending call protection and sup porting the funds' embedded yields. We will also be exploring opportunities to purchase discount bonds, which can enhance the potential for price appreciation, extend duration, and provide additional income stability if interest rates continue to decline. WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET? Looking at the year ahead, we believe a potential for weakness exists in the economy, as evidenced by contin uing volatility in the equity market, layoffs that are begin ning to reach a national level, and a shortage of raw material supplies. These factors could increase the demand for municipal bonds. SIDEBAR TEXT: " We will also be exploring opportunities to purchase discount bonds, which can enhance the potential for price appreciation, extend duration, and provide additional income stability if interest rates continue to decline." Nuveen Connecticut Premium Income Municipal Fund Performance Overview As of November 30, 1997 NTC FUND HIGHLIGHTS - --------------------------------------------- Inception Date 5/93 - --------------------------------------------- Share Price 15 1/4 - --------------------------------------------- Net Asset Value $14.23 - --------------------------------------------- Current Market Yield 5.23% - --------------------------------------------- Taxable Equivalent Yield (Federal Only)(1) 7.58% - --------------------------------------------- Taxable Equivalent Yield (Federal and State)(1) 7.92% - --------------------------------------------- - --------------------------------------------- Total Net Assets ($000) $111,818 - --------------------------------------------- Average Weighted Maturity (Years) 20.24 - --------------------------------------------- Average Weighted Duration (Years) 6.87 - --------------------------------------------- ANNUALIZED TOTAL RETURN (AT NAV) - --------------------------------------------- 1-Year 9.12% - --------------------------------------------- 3-Year 16.27% - --------------------------------------------- Since Inception 5.86% - --------------------------------------------- TAXABLE EQUIVALENT TOTAL RETURN(2) - --------------------------------------------- 1-Year 12.12% - --------------------------------------------- 3-Year 19.41% - --------------------------------------------- Since Inception 8.76% - --------------------------------------------- 1 Taxable equivalent rate represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state taxes. It is based on a combined federal and state income tax rate of 34%. 2 Taxable equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 34%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. PIE CHARTS: Credit Quality AAA 67% AA 19% BBB/NR 12% A 2% Diversification Transportation 8% Other 7% Housing 10% Utilities 7% General Obligation 15% Escrowed Bonds 6% Education 20% Water & Sewer 4% Health Care 23% BAR CHART: Dividend History 12/96 0.0635 1/97 0.0635 2/97 0.065 3/97 0.065 4/97 0.065 5/97 0.065 6/97 0.065 7/97 0.065 8/97 0.0665 9/97 0.0665 10/97 0.0665 11/97 0.0665 Nuveen Massachusetts Premium Income Municipal Fund Performance Overview As of November 30, 1997 NMT FUND HIGHLIGHTS - --------------------------------------------- Inception Date 3/93 - --------------------------------------------- Share Price 15 11/16 - --------------------------------------------- Net Asset Value $14.63 - --------------------------------------------- Current Market Yield 5.39% - --------------------------------------------- Taxable Equivalent Yield (Federal Only)(1) 7.81% - --------------------------------------------- Taxable Equivalent Yield (Federal and State)(1) 8.91% - --------------------------------------------- - --------------------------------------------- Total Net Assets ($000) $101,544 - --------------------------------------------- Average Weighted Maturity (Years) 20.00 - --------------------------------------------- Average Weighted Duration (Years) 6.91 - --------------------------------------------- ANNUALIZED TOTAL RETURN (AT NAV) - --------------------------------------------- 1-Year 8.60% - --------------------------------------------- 3-Year 16.10% - --------------------------------------------- Since Inception 6.64% - --------------------------------------------- TAXABLE EQUIVALENT TOTAL RETURN(2) - --------------------------------------------- 1-Year 12.57% - --------------------------------------------- 3-Year 20.28% - --------------------------------------------- Since Inception 10.43% - --------------------------------------------- 1 Taxable equivalent rate represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state taxes. It is based on a combined federal and state income tax rate of 39.5%. 2 Taxable equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 39.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. PIE CHARTS: Credit Quality AAA/Pre-refunded 41% A 29% AA 24% BBB/NR 6% Diversification General Obligation 9% Transportation 9% Escrowed Bonds 13% Water & Sewer 8% Housing 9% Other 4% Education 17% Utilities 3% Health Care 28% BAR CHART: Dividend History 12/96 0.0695 1/97 0.0695 2/97 0.0705 3/97 0.0705 4/97 0.0705 5/97 0.0705 6/97 0.0705 7/97 0.0705 8/97 0.0705 9/97 0.0705 10/97 0.0705 11/97 0.0705 Nuveen Missouri Premium Income Municipal Fund Performance Overview As of November 30, 1997 NOM FUND HIGHLIGHTS - --------------------------------------------- Inception Date 5/93 - --------------------------------------------- Share Price 14 1/16 - --------------------------------------------- Net Asset Value $14.20 - --------------------------------------------- Current Market Yield 5.29% - --------------------------------------------- Taxable Equivalent Yield (Federal Only)(1) 7.67% - --------------------------------------------- Taxable Equivalent Yield (Federal and State)(1) 8.14% - --------------------------------------------- - --------------------------------------------- Total Net Assets ($000) $46,359 - --------------------------------------------- Average Weighted Maturity (Years) 17.74 - --------------------------------------------- Average Weighted Duration (Years) 7.45 - --------------------------------------------- ANNUALIZED TOTAL RETURN (AT NAV) - --------------------------------------------- 1-Year 7.65% - --------------------------------------------- 3-Year 15.93% - --------------------------------------------- Since Inception 5.49% - --------------------------------------------- TAXABLE EQUIVALENT TOTAL RETURN(2) - --------------------------------------------- 1-Year 10.57% - --------------------------------------------- 3-Year 19.00% - --------------------------------------------- Since Inception 8.35% - --------------------------------------------- 1 Taxable equivalent rate represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state taxes. It is based on a combined federal and state income tax rate of 35%. 2 Taxable equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. PIE CHARTS: Credit Quality AAA 76% AA 17% BBB/NR 5% A 2% Diversification Water & Sewer 10% Escrowed Bonds 10% Health Care 12% Transportation 9% Lease Rental 17% Education 3% General Obligation 17% Other 2% Housing 20% BAR CHART: Diversification 12/96 0.061 1/97 0.061 2/97 0.061 3/97 0.061 4/97 0.061 5/97 0.061 6/97 0.061 7/97 0.061 8/97 0.062 9/97 0.062 10/97 0.062 11/97 0.062 Nuveen Washington Premium Income Municipal Fund Performance Overview As of November 30, 1997 NPW FUND HIGHLIGHTS - --------------------------------------------- Inception Date 3/93 - --------------------------------------------- Share Price 13 5/8 - --------------------------------------------- Net Asset Value $14.78 - --------------------------------------------- Current Market Yield 5.55% - --------------------------------------------- Taxable Equivalent Yield(1) 8.04% - --------------------------------------------- - --------------------------------------------- Total Net Assets ($000) $51,282 - --------------------------------------------- Average Weighted Maturity (Years) 20.78 - --------------------------------------------- Average Weighted Duration (Years) 6.98 - --------------------------------------------- ANNUALIZED TOTAL RETURN (AT NAV) - --------------------------------------------- 1-Year 9.19% - --------------------------------------------- 3-Year 15.66% - --------------------------------------------- Since Inception 6.58% - --------------------------------------------- TAXABLE EQUIVALENT TOTAL RETURN(2) - --------------------------------------------- 1-Year 11.63% - --------------------------------------------- 3-Year 18.29% - --------------------------------------------- Since Inception 9.07% - --------------------------------------------- 1 Taxable equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. It is based on the current market yield and a federal income tax rate of 31%. 2 Taxable equivalent total return is based on the annualized total return and a federal income tax rate of 31%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. PIE CHARTS: Credit Quality AAA 67% AA 30% A 3% Diversification Water &Sewer 13% Housing 14% Education 8% Utilities 15% Transportation 7% Health Care 15% Escrowed Bonds 3% General Obligation 25% BAR CHART: Dividend History 12/96 0.063 1/97 0.063 2/97 0.063 3/97 0.063 4/97 0.063 5/97 0.063 6/97 0.063 7/97 0.063 8/97 0.063 9/97 0.063 10/97 0.063 11/97 0.063 Shareholder Meeting Report Annual Meeting Date: November 30, 1997
CONNECTICUT MASSACHUSETTS PREMIUM INCOME PREMIUM INCOME Preferred Preferred Common Shares Common Shares Shares Series-Th Shares Series-Th APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS: ROBERT P. BREMNER For 4,763,746 1,532 4,365,212 1,346 Withhold 31,706 -- 62,246 14 - -------------------------------------------------------------------------------------------------------------------- Total 4,795,452 1,532 4,427,458 1,360 LAWRENCE H. BROWN For 4,765,846 1,532 4,368,112 1,351 Withhold 29,606 -- 59,346 9 - -------------------------------------------------------------------------------------------------------------------- Total 4,795,452 1,532 4,427,458 1,360 ANTHONY T. DEAN For 4,765,846 1,532 4,368,112 1,351 Withhold 29,606 -- 59,346 9 - -------------------------------------------------------------------------------------------------------------------- Total 4,795,452 1,532 4,427,458 1,360 ANNE E. IMPELLIZZERI For 4,765,346 1,532 4,360,880 1,351 Withhold 30,106 -- 66,578 9 - -------------------------------------------------------------------------------------------------------------------- Total 4,795,452 1,532 4,427,458 1,360 PETER R. SAWERS For 4,765,846 1,532 4,368,112 1,351 Withhold 29,606 -- 59,346 9 - -------------------------------------------------------------------------------------------------------------------- Total 4,795,452 1,532 4,427,458 1,360 JUDITH M. STOCKDALE For 4,765,646 1,532 4,365,912 1,351 Withhold 29,806 -- 61,546 9 - -------------------------------------------------------------------------------------------------------------------- Total 4,795,452 1,532 4,427,458 1,360 WILLIAM J. SCHNEIDER For -- 1,532 -- 1,351 Withhold -- -- -- 9 - -------------------------------------------------------------------------------------------------------------------- Total -- 1,532 -- 1,360 TIMOTHY R. SCHWERTFEGER For -- 1,532 -- 1,351 Withhold -- -- -- 9 - -------------------------------------------------------------------------------------------------------------------- Total -- 1,532 -- 1,360 RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 4,738,433 1,532 4,322,301 1,335 Against 12,277 -- 21,080 14 Abstain 44,742 -- 84,077 11 - -------------------------------------------------------------------------------------------------------------------- Total 4,795,452 1,532 4,427,458 1,360 MISSOURI WASHINGTON PREMIUM INCOME PREMIUM INCOME Preferred Preferred Common Shares Common Shares Shares Series-Th Shares Series-Th APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS: ROBERT P. BREMNER For 1,829,170 620 2,203,370 510 Withhold 164,256 -- 28,612 -- - --------------------------------------------------------------------------------------------------------------------- Total 1,993,426 620 2,231,982 510 LAWRENCE H. BROWN For 1,829,813 620 2,203,236 510 Withhold 163,613 -- 28,746 -- - --------------------------------------------------------------------------------------------------------------------- Total 1,993,426 620 2,231,982 510 ANTHONY T. DEAN For 1,830,544 620 2,203,236 510 Withhold 162,882 -- 28,746 -- - --------------------------------------------------------------------------------------------------------------------- Total 1,993,426 620 2,231,982 510 ANNE E. IMPELLIZZERI For 1,829,513 620 2,203,236 510 Withhold 163,913 -- 28,746 -- - --------------------------------------------------------------------------------------------------------------------- Total 1,993,426 620 2,231,982 510 PETER R. SAWERS For 1,830,544 620 2,203,236 510 Withhold 162,882 -- 28,746 -- - --------------------------------------------------------------------------------------------------------------------- Total 1,993,426 620 2,231,982 510 JUDITH M. STOCKDALE For 1,830,213 620 2,201,535 510 Withhold 163,213 -- 30,447 -- - --------------------------------------------------------------------------------------------------------------------- Total 1,993,426 620 2,231,982 510 WILLIAM J. SCHNEIDER For -- 620 -- 510 Withhold -- -- -- -- - --------------------------------------------------------------------------------------------------------------------- Total -- 620 -- 510 TIMOTHY R. SCHWERTFEGER For -- 620 -- 510 Withhold -- -- -- -- - --------------------------------------------------------------------------------------------------------------------- Total -- 620 -- 510 RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 1,973,001 573 2,201,805 510 Against 10,047 -- 4,288 -- Abstain 10,378 47 25,889 -- - --------------------------------------------------------------------------------------------------------------------- Total 1,993,426 620 2,231,982 510
PORTFOLIO OF INVESTMENTS (UNAUDITED) NUVEEN CONNECTICUT PREMIUM INCOME MUNICIPAL FUND (NTC)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE EDUCATIONAL FACILITIES - 19.2% Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds (Family Education Loan Program), 1996 Series A: $ 1,580,000 5.800%, 11/15/14 (Alternative Minimum Tax) 11/06 at 102 Aaa $1,644,353 1,000,000 5.875%, 11/15/17 (Alternative Minimum Tax) 11/06 at 102 Aaa 999,390 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College Issue, Series C: 2,020,000 6.000%, 7/01/22 7/02 at 102 Aaa 2,136,776 2,000,000 5.875%, 7/01/26 7/06 at 102 Aaa 2,098,800 4,450,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac College Issue, Series D, 6.000%, 7/01/23 7/03 at102 BBB- 4,490,139 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University Issue, Series G: 1,000,000 5.000%, 7/01/13 7/03 at 102 Aaa 990,350 475,000 5.000%, 7/01/18 7/03 at 102 Aaa 457,824 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University Issue, Series B: 2,600,000 5.700%, 7/01/16 7/03 at 102 BBB- 2,558,894 1,000,000 5.800%, 7/01/23 7/03 at 102 BBB- 982,930 2,040,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, The Loomis Chaffee School Issue, Series C, 5.500%, 7/01/16 7/06 at 102 Aaa 2,079,270 2,920,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College Issue, Series C-1, 5.500%, 7/01/20 7/07 at 102 Aaa 2,964,880 ESCROWED BONDS - 6.2% 2,405,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford Issue, Series C, 8.000%, 7/01/18 (Pre-refunded to 7/01/03) 7/03 at 100 Aaa 2,784,605 2,500,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital Issue, Series G, 6.250%, 7/01/22 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 2,739,450 1,250,000 State of Connecticut, Health and Educational Facilities Authority, Revenue Bonds, Choate Rosemary Hall Issue, Series A, 7.000%, 7/01/25 (Pre-refunded to 7/01/04) 7/04 at 101 Aaa 1,437,725 GENERAL OBLIGATION BONDS - 14.4% 2,000,000 State of Connecticut, General Obligation Bonds, 1993 Series E, 6.000%, 3/15/12 No Opt. Call AA- 2,218,640 3,250,000 State of Connecticut, General Obligation Bonds, 1993 Series D, 5.100%, 8/01/11 8/03 at 101 1/2 AA- 3,259,588 2,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nursing Home Program Issue, Series 1994, AHF/Hartford, Inc. Project, 7.125%, 11/01/24 11/04 at 102 AA- 2,283,360 2,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nursing Home Program Issue, Series 1993, Mansfield Center for Nursing and Rehabilitation Project, 5.875%, 11/01/12 11/03 at 102 Aaa 2,111,260 1,650,000 State of Connecticut, General Fund Obligation Bonds, 1994 Series A, Issued By Connecticut Development Authority, 6.375%, 10/15/14 10/04 at 102 AA- 1,819,340 1,900,000 Capitol Region Education Council, Revenue Bonds, 6.700%, 10/15/1010/05 at 102 BBB 2,041,873 2,250,000 City of Waterbury Connecticut, General Obligation Tax Revenue Intercept Refunding Bonds, 1993 Issue, 5.375%, 4/15/08 4/03 at 102 Aaa 2,325,240 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE HEALTH CARE FACILITIES - 24.1% $2,000,000 Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, Pfizer Inc. Project, 1994 Series, 7.000%, 7/01/25 (Alternative Minimum Tax)7/05 at 102 Aaa $2,321,660 Connecticut Development Authority, Health Facility Refunding Revenue Bonds, Alzheimer's Resource Center of Connecticut, Inc. Project, 1994 Series A: 1,500,000 6.875%, 8/15/04 No Opt. Call N/R 1,595,550 1,000,000 7.000%, 8/15/09 8/04 at 102 N/R 1,077,890 1,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Newington Children's Hospital, Series A, 6.050%, 7/01/10 7/04 at 102 Aaa 1,067,660 2,725,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Saint Francis Hospital and Medical Center Issue, Series B, 6.200%, 7/01/22 7/02 at 102 Aaa 2,904,441 2,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital of Saint Raphael Issue, Series H, 5.200%, 7/01/08 No Opt. Call Aaa 2,089,400 1,500,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospital Issue, Series D, 5.000%, 7/01/22 7/03 at 102 Aaa 1,428,585 2,200,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Day Kimball Hospital Issue, Series A, 5.375%, 7/01/26 7/06 at 102 Aaa 2,188,736 5,160,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Kent School Issue, Series B, 5.625%, 7/01/16 7/06 at 102 Aaa 5,315,419 1,000,000 State of Connecticut Health and Educational Facilities Authority Revenue Bonds, The William W. Backus Hospital Issue, Series D, 5.750%, 7/01/27 7/07 at 102 Aaa 1,045,610 1,250,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Veterans Memorial Medical Center Issue, Series A, 5.500%, 7/01/26 7/06 at 102 Aaa 1,263,938 3,000,000 State of Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital Issue, Series H, Revenue Bonds, Middlesex Health Services Issue, Series I, 5.125%, 7/01/27 7/07 at 101 Aaa 2,935,020 1,500,000 Puerto Rico Industrial, Tourist, Educational Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Refunding Bonds, 1995 Series A, FHA Insured Mortgage-Doctor Pila Hospital Project, 6.125%, 8/01/25 8/05 at 101 1/2 AAA 1,630,755 HOUSING FACILITIES - 8.7% 3,175,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1993 Series B, 6.200%, 5/15/12 5/03 at 102 Aa 3,371,279 2,500,000 Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, 1996 Subseries E-2, 6.150%, 11/15/27 (Alternative Minimum Tax) 11/06 at 102 Aa 2,601,050 1,450,000 Waterbury Nonprofit Housing Corporation, Connecticut Taxable Mortgage Revenue Refunding Bonds, FHA Insured Mortgage Loan-Fairmont Heights Section 8 Assisted Project, Series 1993A, 6.500%, 7/01/07 7/02 at 101 Aaa 1,560,229 1,930,000 Housing Authority of the City of Willimantic, Multi-Family Housing Revenue Bonds, Series 1995A, GNMA Collateralized Mortgage Loan-Village Heights Apartments Project, 8.000%, 10/20/30 10/05 at 105 AAA 2,218,246 OTHER REVENUE - 7.0% 2,200,000 Connecticut Resources Recovery Authority, Bridgeport Resco Company, L.P. Project Bonds, Series A, Adjustable Convertible Extendable Securities-Aces, 7.625%, 1/01/09 1/03 at 100 A 2,296,800 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE OTHER REVENUE - CONTINUED $ 3,235,000 Connecticut Resources Recovery Authority, Resource Recovery Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut Project, 1989 Series A, 7.700%, 11/15/11 11/98 at 103 AA- $3,516,542 1,800,000 State of Connecticut, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, 1991 Series B, 6.500%, 10/01/10 No Opt. Call AA- 2,068,236 TRANSPORTATION - 7.5% 3,000,000 State of Connecticut, Airport Revenue Refunding Bonds, Bradley International Airport, Series 1992, 7.650%, 10/01/12 10/04 at 100 Aaa 3,506,670 City of New Haven, Connecticut, Air Rights Parking Facility Revenue Bonds, Series 1991: 3,000,000 6.625%, 12/01/05 12/01 at 102 Aaa 3,293,220 1,500,000 6.500%, 12/01/15 12/01 at 102 Aaa 1,635,165 UTILITIES - 6.6% 1,400,000 Connecticut Development Authority, Water Facilities Revenue Bonds, Bridgeport Hydraulic Company Project, 1993 BSeries, 5.500%, 6/01/28 6/03 at 102 Aaa 1,411,984 2,795,000 Connecticut Development Authority, Water Facilities Revenue Bonds, Bridgeport Hydraulic Company Project, 1993 ASeries, 5.600%, 6/01/28 (Alternative Minimum Tax) 6/03 at 102 Aaa 2,815,404 3,250,000 Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, 1993 Series A, 5.000%, 1/01/18 1/04 at102 Aaa 3,153,638 WATER/SEWER FACILITIES - 3.7% 2,000,000 State of Connecticut, Clean Water Fund Subordinate Revenue Refunding Bonds, 1996 Series, 5.250%, 7/01/10 1/05 at 101 Aaa 2,044,879 2,000,000 South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eleventh Series, 5.750%, 8/01/12 8/03 at 102 Aaa 2,090,599 $103,360,000 Total Investments - (cost $104,001,090) - 97.4% 108,873,292 ============ Temporary Investments in Short-Term Municipal Securities - 1.1% $ 1,200,000 Connecticut Second Lien Transportation Infrastructure, Variable Rate Demand Bonds, ============ 3.800%, 12/01/10+ VMIG-1 1,200,000 Other Assets Less Liabilities - 1.5% 1,744,854 Net Assets - 100% $111,818,146 ===================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index.
PORTFOLIO OF INVESTMENTS (UNAUDITED) NUVEEN MASSACHUSETTS PREMIUM INCOME MUNICIPAL FUND (NMT)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE EDUCATIONAL FACILITIES - 16.4% $ 1,000,000 Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue E, Series 1995, 6.150%, 7/01/10 (Alternative Minimum Tax) 7/04 at 102 Aaa $1,064,170 1,970,000 Massachusetts Health and Educational Facilities Authority Revenue Bonds, Boston College Issue, Series K, 5.250%, 6/01/23 6/03 at 102 Aaa 1,929,320 1,175,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Brooks School Issue), Series 1993, 5.950%, 7/01/23 7/03 at 102 A3 1,208,123 3,500,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Phillips Academy Issue, Series 1993, 5.375%, 9/.01/23 9/08 at 102 Aa1 3,504,480 2,645,000 Massachusetts Industrial Finance Agency, Revenue Bonds (Whitehead Institute for Biomedical Research - 1993 Issue), 5.125%, 7/01/26 7/03 at 102 Aa2 2,561,973 1,765,000 The New England Education Loan Marketing Corporation, Student Loan Revenue Bonds, 1992 Subordinated Issue C, 6.750%, 9/01/02 (Alternative Minimum Tax)No Opt. Call A1 1,887,650 4,000,000 The New England Loan Marketing Corporation, Student Loan Revenue Bonds, 1992 Subordinated Issue H, 6.900%, 11/01/09 (Alternative Minimum Tax)No Opt. Call A1 4,462,520 ESCROWED BONDS - 12.4% 1,250,000 Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Worcester Polytechnic Institute Issue, Series E, 6.750%, 9/01/11 (Pre-refunded to 9/01/02) 9/02 at 102 Aaa 1,397,675 2,500,000 Massachusetts Industrial Finance Agency, Revenue Refunding Bonds, College of the Holy Cross - 1992 Issue II, 6.375%, 11/01/15 (Pre-refunded to 11/01/02)11/02 at 102 A1*** 2,762,025 1,355,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Merrimack College Issue, Series 1992, 7.125%, 7/01/12 (Pre-refunded to 7/01/02) 7/02 at 102 BBB-*** 1,536,096 1,000,000 Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 No Opt. Call Aaa 1,706,970 1,750,000 Puerto Rico Aqueduct and Sewer Authority, Revenue Bonds, Series 1988A, 7.875%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 AAA 1,826,650 3,000,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series P, 7.000%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 3,339,000 GENERAL OBLIGATION BONDS - 8.7% Town of Barnstable, Massachusetts, General Obligation Bonds: 1,020,000 5.750%, 9/15/10 9/04 at 102 Aa3 1,081,271 1,020,000 5.750%, 9/15/11 9/04 at 102 Aa3 1,076,059 965,000 5.750%, 9/15/12 9/04 at 102 Aa3 1,018,741 1,000,000 City of Chelsea, Massachusetts, General Obligation Bonds, School Project Loan, Act of 1948, 7.000%, 6/15/03 No Opt. Call Aaa 1,128,290 4,375,000 City of Lowell, Massachusetts, General Obligation State Qualified Bonds, 5.600%, 11/01/12 11/03 at 102 Aaa 4,515,963 HEALTH CARE FACILITIES - 27.1% 1,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Youville Hospital Issue (FHA Insured Project), Series A, 6.250%, 2/15/412/07 at 102Aa2 1,050,080 2,500,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Malden Hospital Issue (FHA Insured Project), Series A, 5.000%, 8/01/16No Opt. Call AAA 2,350,875 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE HEALTH CARE FACILITIES - CONTINUED Massachusetts Health and Educational Facilities Authority, Revenue Bonds, New England Deaconess Hospital Issue Series D: $3,310,000 6.625%, 4/01/12 4/02 at 102 A $3,555,933 1,000,000 6.875%, 4/01/22 4/02 at 102 A 1,091,290 3,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic Medical Center Issue, Series B, 5.625%, 7/01/15 7/03 at 102 Aaa 3,069,540 1,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts General Hospital Issue, Series G, 5.735%, 7/01/11 7/00 at 100 Aaa 1,025,300 4,000,000 Massachusetts Health and Educational Facilities Authority Revenue Bonds, New England Medical Center Hospitals, Series 1993-G1, 5.375%, 7/01/24 7/04 at 102 Aaa 3,941,360 2,000,000 Massachusetts Health and Educational Facilities Authority, Revenue Bonds (Daughters of Charity National Health System-The Carney Hospital), Series D, 6.100%, 7/01/14 7/04 at 102 AA+ 2,131,900 600,000 Massachusetts Health and Educational, Facilities Authority, Revenue Refunding Bonds (Cardinal Cushing General Hospital), Series 1989-A, 8.500%, 7/01/007/99 at 102 1/2N/R 619,860 Massachusetts Health and Educational, Facilities Authority, Revenue Refunding Bonds, Youville Hospital Issue (FHA Insured Project), Series B: 2,695,000 6.125%, 2/15/15 2/04 at 102 Aa 2,827,729 1,000,000 6.000%, 2/15/25 2/04 at 102 Aa 1,034,330 1,125,000 Massachusetts Industrial Financial Agency, Revenue Bonds, Heights Crossing Limited Partnership Issue (FHA Insured Project), Series 1995, 6.000%, 2/01/15 (Alternative Minimum Tax) 2/06 at 102 AAA 1,167,401 3,000,000 Massachusetts Industrial Finance Agency, Revenue Bonds, Harvard Community Health Plan, Inc., Issue 1988 Series B (Refunding Bonds), 8.125%, 10/01/1710/98 at 102 A 3,149,670 500,000 Massachusetts Industrial Finance Agency, Revenue Bonds Briscoe House Assisted Living Issue (FHA Insured Project), 6.050%, 2/01/17 (Alternative Minimum Tax)8/07 at 105AAA 530,515 HOUSING FACILITIES - 8.5% 3,800,000 Massachusetts Housing Finance Agency, Housing Project Revenue Bonds, 6.300%, 10/01/13 4/03 at 102 A1 4,016,486 2,450,000 Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 9, 8.100%, 12/01/21 (Alternative Minimum Tax) 12/98 at 102 Aa 2,527,347 1,950,000 Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, 1995 Series A (FHA Insured Mortgage Loans), 7.350%, 1/01/35 (Alternative Minimum Tax) 1/05 at 102 Aaa 2,134,041 OTHER REVENUE - 3.6% 3,225,000 Massachusetts Industrial Finance Agency, Resource Recovery Revenue Bonds, Semass Project, Series 1991B, 9.250%, 7/01/15 (Alternative Minimum Tax)7/01 at 103 N/R 3,638,219 TRANSPORTATION - 8.6% 4,750,000 Massachusetts Port Authority, Revenue Refunding Bonds, Series 1993-B, 5.000%, 7/01/18 (Alternative Minimum Tax) 7/03 at 100 AA- 4,526,703 4,000,000 Massachusetts Port Authority, Special Facilities Revenue Bonds (US Air Project), Series 1996-A, 5.750%, 9/01/16 (Alternative Minimum Tax) 9/06 at 102 Aaa 4,155,760 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE UTILITIES - 3.4% $1,420,000 Massachusetts Municipal Wholesale Electric Company, Power Supply System Revenue Bonds, 1994 Series B, 5.000%, 7/01/17 7/04 at 102 Aaa $1,380,197 2,000,000 Massachusetts Municipal Wholesale Electric Company, A Public Corporation of The Commonwealth of Massachusetts, Power Supply System Revenue Bonds, 6.000%, 7/01/18 7/02 at 100 Aaa 2,060,380 WATER/SEWER FACILITIES - 7.5% 3,000,000 Massachusetts Water Resources Authority, General Revenue Refunding Bonds, 1993 Series B, 5.000%, 3/01/22 3/03 at 100 A 2,834,670 1,880,000 Massachusetts Water Resources Authority, 5.000%, 3/01/22 3/03 at 100 Aaa 1,793,482 3,000,000 Massachusetts Water Resources Authority, General Revenue Bonds, 1991 Series A, 5.750%, 12/01/21 12/01 at 100 A 3,029,850 $93,495,000 Total Investments - (cost $92,054,704) -96.2% 97,649,894 =========== Other Assets Less Liabilities - 3.8% 3,893,880 Net Assets - 100% $101,543,774 ===================================================================================================== * 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.
PORTFOLIO OF INVESTMENTS (UNAUDITED) NUVEEN MISSOURI PREMIUM INCOME MUNICIPAL FUND (NOM)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE EDUCATIONAL FACILITIES - 2.6% $ 1,250,000 Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (Saint Louis University), Series 1996, 5.200%, 10/01/26 10/06 at 102 Aaa $1,229,725 ESCROWED BONDS - 9.6% 1,290,000 Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (SSM Health Care Obligated Group Projects), Series 1990B, 7.000%, 6/01/15 6/00 at 102 Aaa 1,424,018 1,500,000 Certificates of Receipt, Series 1993, St. Louis County, Missouri, GNMA Collateralized Mortgage Revenue Bonds, Series 1989A, 5.650%, 7/01/20 (Alternative Minimum Tax) No Opt. Call AAA 1,600,005 1,275,000 St. Louis Municipal Finance Corporation, Leasehold Revenue Improvement and Refunding Bonds, Series 1992 (City of St. Louis, Missouri, Lessee), 6.250%, 2/15/12 (Pre-refunded to 2/15/05) 2/05 at 100 Aaa 1,413,121 GENERAL OBLIGATION BONDS - 17.3% 2,020,000 Ritenour School District of St. Louis County, Missouri, General Obligation School Bonds, Series 1995, 7.375%, 2/01/12 No Opt. Call Aaa 2,513,627 1,500,000 Francis Howell School District, St. Charles County, Missouri, General Obligation Refunding Bonds, Series 1994A, 7.800%, 3/01/08 No Opt. Call Aaa 1,883,265 1,000,000 School District of the City of St. Charles, Missouri, General Obligation Bonds (Missouri Direct Deposit Program), Series 1996A, 5.625%, 3/01/14 3/06 at 100 AA 1,040,340 1,395,000 The Board of Education of the City of St. Louis (MIssouri), General Obligation School Refunding Bonds, Series 1993A, 8.500%, 4/01/07 No Opt. Call Aaa 1,798,071 625,000 Reorganized School District No. R-IV of Stone County, Missouri (Reeds Spring, Missouri), General Obligation School Building Refunding and Improvement Bonds, Series 1995, 7.600%, 3/01/10 No Opt. Call Aaa 785,681 HEALTH CARE FACILITIES - 11.5% 1,000,000 Health Facilities Revenue Bonds (Barnes-Jewish, Inc./Christian Health Services), Series 1993, 5.150%, 5/15/10 No Opt. Call AA 1,017,950 1,000,000 Health and Educational Facilities Authority, of the State of Missouri, Health Facilities Revenue Bonds (BJC Health System), Series 1994A, 6.750%, 5/15/12 No Opt. Call AA 1,175,800 1,000,000 Health and Educational Facilities Authority of the State of Missouri, Health Facilities Refunding Revenue Bonds (SSM Health Care), Series 1992AA, 6.250%, 6/01/07 6/02 at 102 Aaa 1,086,200 1,000,000 Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (Lake of the Ozarks General Hospital, Inc.), Series 1996, 6.500%, 2/15/21 2/06 at 102 BBB+ 1,063,580 1,000,000 Ray County, Missouri Hospital Revenue Bonds (Ray County Memorial Hospital), Series 1997, 5.750%, 11/15/12 (WI) 5/05 at 101 1/2 N/R 994,920 HOUSING FACILITIES - 19.5% 2,265,000 Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Series 1991-A (GNMA Mortgage-Backed Securities Program), 7.375%, 8/01/23 (Alternative Minimum Tax) 2/01 at 102 AAA 2,399,881 1,835,000 Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 1995 Series C, 7.250%, 9/01/26 (Alternative Minimum Tax) 3/06 at 105 AAA 2,051,108 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE HOUSING FACILITIES - CONTINUED $ 1,550,000 Missouri Housing Development Commission, Multifamily Housing Revenue Bonds (Brookstone Village Apartments Project), 1996 Series A, 6.100%, 12/01/21 (Alternative Minimum Tax) 12/06 at 102 Aaa $1,611,737 1,045,000 The Industrial Development Authority of the County of St. Louis, Missouri, Multifamily Housing Revenue Refunding Bonds (GNMA Collateralized-South Summit Apartments Project), Series 1997A, 5.950%, 4/20/17 4/07 at 102 AAA 1,080,770 600,000 Multifamily Housing Revenue Refunding Bonds (GNMA Collateralized-South Summit Apartments Project), Series 1997B, 6.000%, 10/20/15 (Alternative Minimum Tax) 4/07 at 102 AAA 622,020 1,250,000 The Industrial Development Authority of The City of University City, Missouri, Multifamily Housing Revenue Refunding Bonds (GNMA Collateralized-Canterbury Gardens Project), Series 1995A, 5.900%, 12/20/20 12/05 at 102 AAA 1,287,213 LEASE RENTAL - 16.5% 1,000,000 Regional Convention and Sports Complex Authority, Convention and Sports Facility Project and Refunding Bonds, Series A 1993 (State of Missouri Sponsor), 5.500%, 8/15/13 8/03 at 102 A1 1,014,340 1,000,000 Fort Zumwalt School District Improvement Corporation, Leasehold Revenue Bonds, Fort Zumwalt S.D., St. Charles County, Series 1997, 5.600%, 3/01/17 3/07 at 100 Aaa 1,027,380 1,000,000 Land Clearance For Redevelopment Authority, of Kansas City, Missouri, Lease Revenue Bonds (Municipal Auditorium and Muehlebach Hotel Redevelopment Projects), Series 1995A, 5.900%, 12/01/18 12/05 at 102 Aaa 1,067,460 1,000,000 Kansas City Municipal Assistance Corporation, Leasehold Revenue Capital Improvement Bonds (Kansas City, Missouri, Lessee), Series 1996B, 5.700%, 1/15/131/06 at 101 Aaa 1,046,780 1,800,000 St. Louis Municipal Finance Corporation, City Justice Center, Leasehold Revenue Improvement Bonds, Series 1996 (City of St. Louis, Missouri, Lessee), 5.750%, 2/15/11 2/06 at 102 Aaa 1,909,764 1,500,000 St. Louis Municipal Finance Corporation, Leasehold Revenue Refunding Bonds, 5.850%, 7/15/09 7/03 at 102 Aa3 1,573,170 OTHER REVENUE - 1.1% 500,000 The Industrial Development Authority of the City of Kansas City, Missouri (Ewing Marion Kauffman Foundation Project), Fixed Rate Revenue Bonds, Series 1997B, 5.700%, 4/01/27 4/07 at 100 AAA 516,405 TRANSPORTATION - 8.8% 1,140,000 City of Kansas City, Missouri, General Improvement Airport Refunding Revenue Bonds, Series 1995, 6.750%, 9/01/09 9/05 at 101 Aaa 1,295,918 1,500,000 City of Kansas City, Missouri, General Improvement Airport Revenue Bonds Series 1994 A, 6.900%, 9/01/11 (Alternative Minimum Tax) 9/04 at 101 Aaa 1,669,605 1,000,000 The City of St. Louis, Missouri Airport Revenue Bonds, Series 1997 (1997 Capital Improvement Program), Lambert-St. Louis International Airport, 6.000%, 7/01/12 (Alternative Minimum Tax) No Opt. Call Aaa 1,097,740 UTILITIES - 1.2% 500,000 City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, 1996 Series, 6.000%, 6/01/16 No Opt. Call Aaa 555,084 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE WATER/SEWER FACILITIES - 10.4% $ 1,225,000 State Environmental Improvement and Energy Resources Authority (State of Missouri), Water Pollution Control Revenue Bonds (State Revolving Fund Program-City of Kansas City Project), Series 1995B, 7.750%, 1/01/08 1/05 at 102 Aa1 $1,473,920 1,000,000 State Environmental Improvement and Energy Resources Authority (State of Missouri), Water Pollution Control Revenue Bonds (State Revolving Fund Program-City of Branson Project), Series 1995A, 6.050%, 7/01/16 7/04 at 102 Aaa 1,071,110 1,000,000 State Environmental Improvement and Energy Resources Authority (State of Missouri), Water Pollution Control Revenue Bonds (State Revolving Fund Program-Multiple Participant Series), Series 1996D, 5.875%, 1/01/15 1/06 at 101 Aa1 1,049,990 350,000 State Environmental Improvement and Energy Resources Authority (State of Missouri), Water Pollution Control Revenue Bonds (State Revolving Fund of Kansas City Project), Series 1997C, 6.750%, 1/01/12 No Opt. Call Aa1 413,550 750,000 The City of St. Louis, Missouri, Water Revenue Refunding and Improvement Bonds, Series 1994, 6.000%, 7/01/14 7/04 at 102 Aaa 796,980 $41,665,000 Total Investments - (cost $42,881,897) - 98.5% 45,658,228 =========== Other Assets Less Liabilities - 1.5% 701,170 Net Assets - 100% $46,359,398 ===================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. N/R - Investment is not rated. (WI) Security purchased on a when-issued basis (see note 1).
PORTFOLIO OF INVESTMENTS (UNAUDITED) NUVEEN WASHINGTON PREMIUM INCOME MUNICIPAL FUND (NPW)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE EDUCATIONAL FACILITIES - 8.1% $1,400,000 Washington State University, Housing and Dining System Revenue and Refunding Bonds, Series 1994, 6.375%, 10/01/18 10/04 at 101 Aaa $1,525,342 1,000,000 University of Washington, Housing and Dining System Revenue Refunding Bonds, Junior Lien, Series 1996, 5.125%, 12/01/15 12/06 at 102 Aaa 993,370 1,500,000 Western Washington University, Housing and Dining System, Revenue Bonds, Series 1992, 6.375%, 10/01/22 10/02 at 101 Aaa 1,626,990 ESCROWED BONDS - 2.7% 1,250,000 Washington Health Care Facilities Authority, Revenue Bonds, Refunding Series 1992 (Franciscan Health System/Saint Clare Hospital, Tacoma), 6.625%, 7/01/20 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 1,389,050 GENERAL OBLIGATION BONDS - 24.3% 2,000,000 State of Washington, General Obligation Bonds, Series 1994B, 6.000%, 5/01/19 5/04 at 100 Aa1 2,107,540 1,655,000 Everett Limited Tax General Obligation Bonds, 5.125%, 9/01/17 9/07 at 100 Aaa 1,639,443 1,000,000 Federal Way School District No. 210, King County, Washington, Unlimited Tax General Obligation and Refunding Bonds, 1993, 5.750%, 12/01/12 No Opt. Call Aaa 1,084,580 1,360,000 Tahoma School District No. 409, King County, Washington Unlimited Tax General Obligation Improvement and Refunding Bonds, 1997, 6.000%, 12/01/10 No Opt. Call Aaa 1,510,974 1,000,000 Peninsula School District No. 401, Pierce County, Washington, Unlimited Tax General Obligation Refunding Bonds, 1993, 5.500%, 12/01/08 No Opt. Call Aaa 1,067,250 1,000,000 The City of Renton, Washington, Limited Tax General Obligation Bonds, General Purpose/ Public Improvement Bonds, 1997B, 5.750%, 12/01/17 6/07 at 100 Aaa 1,040,840 Seattle Indian Services Commission, Special Obligation Bonds, 1994: 1,000,000 6.000%, 11/01/16 11/04 at 100 Aa1 1,050,130 750,000 6.150%, 11/01/24 11/04 at 100 Aa1 791,850 1,500,000 Mukilteo School District No. 6, Snohomish County, Washington, Unlimited Tax General Obligation and Refunding Bonds, 1993, 5.700%, 12/01/12 No Opt. Call Aaa 1,622,310 500,000 Edmonds School District No. 15, Snohomish County, Washington, Unlimited Tax General Obligation Bonds, Series 1994, 6.500%, 12/01/12 No Opt. Call AA- 572,950 HEALTH CARE FACILITIES - 14.7% 2,000,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1992 (The Children's Hospital and Medical Center, Seattle), 6.125%, 10/01/13 10/02 at 102 Aaa 2,111,680 2,400,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1992 (Swedish Hospital Medical Center, Seattle), 6.300%, 11/15/22 11/02 at 102 Aaa 2,596,320 1,000,000 Washington Health Care Facilities Authority, Revenue Bonds, Series 1993A (The Heart Institute of Spokane), 5.800%, 8/15/18 8/04 at 102 AA- 1,023,930 1,640,000 Housing Authority of Skagit County, Low-Income Housing Assistance Revenue Bonds, 1993 (GNMA Collateralized Mortgage Loan-Sea Mar Project), 7.000%, 6/20/35 11/04 at 104 AAA 1,808,936 HOUSING FACILITIES - 14.2% 970,000 Washington State Housing Finance Commission, Multifamily Mortgage Revenue Bonds (GNMA Mortgage Backed Securities Program), Series 1989A, 7.700%, 7/01/32 (Alternative Minimum Tax) 1/00 at 103 AAA 1,016,114 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE HOUSING FACILITIES - CONTINUED $ 1,610,000 Washington State Housing Finance Commission, Single-Family Mortgage Revenue Bonds (Mortgage Backed Securities Program), Series 1992D-1, 6.150%, 1/01/26 (Alternative Minimum Tax) No Opt. Call AAA $1,715,487 500,000 Washington State Housing Finance Commission, Single Family Program Bonds, 1997 Series 2A, 6.050%, 12/01/16 6/07 at 102 Aaa 518,035 2,000,000 Housing Authority of the County of King Washington, Housing Revenue Bonds, 1995 (Woodridge Park Project), 6.350%, 5/01/25 (Alternative Minimum Tax)5/05 at 100 AA+ 2,069,140 1,880,000 Housing Authority of the City of Vancouver Revenue Bonds, 1993, Series B (Fishers Mill Project) (Junior Lien Bonds), 6.000%, 3/01/23 No Opt. Call Aa 1,965,164 TRANSPORTATION - 6.7% 1,000,000 Port of Seattle, Washington, Revenue Bonds, Series 1990A, 6.000%, 12/01/14 12/00 at 100 AA- 1,028,170 1,300,000 Port of Seattle, Washington, Revenue Bonds, Series 1996A, 5.500%, 9/01/219/06 at 101Aaa 1,313,572 1,000,000 Port of Vancouver, Clark County, Washington, Limited Tax General Obligation Bonds, 1994 Series B, 6.000%, 12/01/04 (Alternative Minimum Tax) No Opt. Call Aaa 1,094,330 UTILITIES - 14.3% 1,000,000 Washington Public Power Supply System, Nuclear Project No. 1 Refunding Revenue Bonds, Series 1993A, 5.700%, 7/01/17 7/03 at 102 Aaa 1,020,980 1,000,000 Washington Public Power Supply System, Nuclear Project No. 3 Refunding Revenue Bonds, Series 1993B, 7.000%, 7/01/09 No Opt. Call Aa1 1,174,760 1,100,000 Public Utility District No. 1 of Klickitat County, Washington, Electric Revenue Bonds, 1995, 5.650%, 10/01/15 10/05 at 101 Aaa 1,137,004 1,000,000 Lewis County Public Utility District, Cowlitz Falls Hydroelectric Project, Revenue Refunding Bonds, Series 1993, 5.500%, 10/01/22 10/03 at 102 Aa1 1,004,980 500,000 The City of Seattle, Washington, Municipal Light and Power Revenue Bonds, 1992A, 5.750%, 8/01/12 8/02 at 102 Aa 522,750 1,000,000 City of Seattle, Washington, Municipal Light and Power Revenue Bonds, 5.625%, 10/01/21 10/06 at 102 Aaa 1,021,500 1,385,000 Public Utility District No. 1 of Snohomish County, Washington, Generation System Revenue Bonds, Series 1993B, 5.750%, 1/01/09 (Alternative Minimum Tax) 1/04 at 102 A1 1,441,674 WATER/SEWER FACILITIES - 13.2% 1,050,000 City of Bellevue, King County, Washington, Water and Sewer Revenue Refunding Bonds, 1994, 5.875%, 7/01/09 7/04 at 100 Aa 1,110,659 1,035,000 Covington Water District, Water Revenue Bonds, Refunding Series 1995, 6.050%, 3/01/20 3/05 at 100 Aaa 1,092,650 800,000 Kitsap County, Washington, Sewer Revenue Bonds, 1996, 5.750%, 7/01/167/06 at 100 Aaa 830,136 900,000 City of Richland, Washington, Water and Sewer Improvement Revenue Bonds, 1993, 5.625%, 4/01/12 4/03 at 100 Aaa 927,720 1,200,000 Sammamish Plateau Water and Sewer District, King County, Washington, Water and Sewer Revenue Refunding Bonds, 1996, 5.500%, 12/01/16 12/06 at 100 Aaa 1,220,447 500,000 The City of Seattle, Washington, Water System and Refunding Revenue Bonds, 1993, 5.250%, 12/01/23 6/03 at 101 AA 493,710 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE WATER/SEWER FACILITIES - CONTINUED $ 1,000,000 Yakima-Tieton Irrigation District, Yakima County, Washington, Refunding Revenue Bonds, 1992, 6.125%, 6/01/13 6/03 at 102 Aaa $1,079,170 $47,685,000 Total Investments - (cost $47,610,854) - 98.2% 50,361,637 =========== Temporary Investments in Short-Term Municipal Securities - 0.4% $ 200,000 Washington Health Care Facilities Authority, Variable Rate Demand Revenue Bonds (Sisters =========== of Providence), Series 1985B, 3.900%, 10/01/05+ VMIG-1 200,000 Other Assets Less Liabilities - 1.4% 720,713 Net Assets - 100% $ 51,282,350 ====================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index.
STATEMENT OF NET ASSETS (UNAUDITED) NOVEMBER 30, 1997
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME ASSETS Investments in municipal securities, at market value (note 1) $108,873,292 $ 97,649,894 $ 45,658,228 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value (note 1) 1,200,000 -- -- Cash 220,094 2,489,090 532,667 Receivables: Interest 1,977,534 1,833,990 837,114 Investments sold -- -- 495,656 Other assets 7,647 6,212 7,481 ------------ ------------ ------------ Total assets 112,278,567 101,979,186 47,531,146 ------------ ------------ ------------ LIABILITIES Payable for investments purchased -- -- 983,045 Accrued expenses: Management fees (note 6) 59,540 54,088 24,690 Other 45,327 48,194 22,944 Preferred share dividends payable 11,963 7,681 7,877 Common share dividends payable 343,591 325,449 133,192 ------------ ------------ ------------ Total liabilities 460,421 435,412 1,171,748 ------------ ------------ ------------ Net assets (note 7) $111,818,146 $101,543,774 $ 46,359,398 ============ ============ ============ Preferred shares, at liquidation value $ 38,300,000 $ 34,000,000 $ 16,000,000 ============ ============ ============ Preferred shares outstanding 1,532 1,360 640 ============ ============ ============ Common shares outstanding 5,166,786 4,616,296 2,138,087 ============ ============ ============ Netasset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 14.23 $ 14.63 $ 14.20 ============ ============ ============ See accompanying notes to financial statements.
STATEMENT OF NET ASSETS (UNAUDITED) - CONTINUED NOVEMBER 30, 1997
WASHINGTON PREMIUM INCOME ASSETS Investments in municipal securities, at market value (note 1) $50,361,637 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value (note 1) 200,000 Cash 56,558 Receivables: Interest 885,766 Investments sold -- Other assets 5,799 ----------- Total assets 51,509,760 ----------- LIABILITIES Payable for investments purchased -- Accrued expenses: Management fees (note 6) 27,281 Other 50,612 Preferred share dividends payable 3,354 Common share dividends payable 146,163 ----------- Total liabilities 227,410 ----------- Net assets (note 7) $51,282,350 =========== Preferred shares, at liquidation value $17,000,000 =========== Preferred shares outstanding 680 =========== Common shares outstanding 2,320,051 =========== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 14.78 =========== See accompanying notes to financial statements.
STATEMENT OF OPERATIONS (UNAUDITED) SIX MONTHS ENDED NOVEMBER 30, 1997
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME INVESTMENT INCOME Tax-exempt interest income (note 1) $3,065,730 $2,877,544 $1,274,676 ---------- ---------- ---------- EXPENSES Management fees (note 6) 360,438 328,105 149,756 Preferred shares - auction fees 48,006 42,617 20,055 Preferred shares - dividend disbursing agent fees 4,642 4,561 4,642 Shareholders' servicing agent fees and expenses 8,757 4,429 3,616 Custodian's fees and expenses 19,031 18,671 16,499 Trustees' fees and expenses (note 6) 348 317 145 Professional fees 8,725 8,328 8,662 Shareholders' reports - printing and mailing expenses 16,438 14,166 8,454 Stock exchange listing fees 8,147 8,131 1,001 Investor relations expense 4,712 3,967 2,031 Other expenses 7,277 6,957 6,214 ---------- ---------- ---------- Total expenses 486,521 440,249 221,075 ---------- ---------- ---------- Net investment income 2,579,209 2,437,295 1,053,601 ---------- ---------- ---------- REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investment transactions (notes 1 and 4) 101,914 180,938 78,604 Net change in unrealized appreciation or depreciation of investments 3,043,822 2,256,655 1,040,933 ---------- ---------- ---------- Net gain from investments 3,145,736 2,437,593 1,119,537 ---------- ---------- ---------- Net increase in net assets from operations $5,724,945 $4,874,888 $2,173,138 ========== ========== ========== See accompanying notes to financial statements.
STATEMENT OF OPERATIONS (UNAUDITED) - CONTINUED SIX MONTHS ENDED NOVEMBER 30, 1997
WASHINGTON PREMIUM INCOME INVESTMENT INCOME Tax-exempt interest income (note 1) $1,418,818 ---------- EXPENSES Management fees (note 6) 165,249 Preferred shares - auction fees 21,309 Preferred shares - dividend disbursing agent fees 4,561 Shareholders' servicing agent fees and expenses 1,533 Custodian's fees and expenses 16,150 Trustees' fees and expenses (note 6) 159 Professional fees 8,242 Shareholders' reports - printing and mailing expenses 7,163 Stock exchange listing fees 1,087 Investor relations expense 1,890 Other expenses 6,343 ---------- Total expenses 233,686 ---------- Net investment income 1,185,132 ---------- REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investment transactions (notes 1 and 4) 70,787 Net change in unrealized appreciation or depreciation of investments 1,558,082 ---------- Net gain from investments 1,628,869 ---------- Net increase in net assets from operations $2,814,001 ========== See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
CONNECTICUT PREMIUM INCOME MASSACHUSETTS PREMIUM INCOME SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97 OPERATIONS Net investment income $ 2,579,209 $ 5,134,299 $ 2,437,295 $ 4,887,537 Net realized gain (loss) from investment transactions (notes 1 and 4) 101,914 (580,033) 180,938 (139,469) Net change in unrealized appreciation or depreciation of investments 3,043,822 3,607,938 2,256,655 2,550,049 ------------- ------------- ------------- ------------- Net increase in net assets from operations 5,724,945 8,162,204 4,874,888 7,298,117 ------------- ------------- ------------- ------------- DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1) From undistributed net investment income: Common shareholders (2,043,746) (3,909,724) (1,951,158) (3,840,666) Preferred shareholders (593,967) (1,050,779) (521,371) (1,017,157) ------------- ------------- ------------- ------------- Decrease in net assets from distributions to shareholders (2,637,713) (4,960,503) (2,472,529) (4,857,823) ------------- ------------- ------------- ------------- CAPITAL SHARE TRANSACTIONS (NOTE 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 207,238 394,287 135,327 262,693 ------------- ------------- ------------- ------------- Net increase in net assets 3,294,470 3,595,988 2,537,686 2,702,987 Net assets at beginning of period 108,523,676 104,927,688 99,006,088 96,303,101 ------------- ------------- ------------- ------------- Net assets at end of period $ 111,818,146 $ 108,523,676 $ 101,543,774 $ 99,006,088 ============= ============= ============= ============= Balance of undistributed net investment income at end of period $ 344,166 $ 402,670 $ 289,794 $ 325,028 ============= ============= ============= ============= See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) - CONTINUED
MISSOURI PREMIUM INCOME WASHINGTON PREMIUM INCOME SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97 OPERATIONS Net investment income $ 1,053,601 $ 2,125,190 $ 1,185,132 $ 2,371,693 Net realized gain (loss) from investment transactions (notes 1 and 4) 78,604 135,827 70,787 22,234 Net change in unrealized appreciation or depreciation of investments 1,040,933 1,026,731 1,558,082 1,324,756 ------------ ------------ ------------ ------------ Net increase in net assets from operations 2,173,138 3,287,748 2,814,001 3,718,683 ------------ ------------ ------------ ------------ DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1) From undistributed net investment income: Common shareholders (800,833) (1,553,262) (876,979) (1,742,358) Preferred shareholders (258,588) (524,137) (294,545) (602,507) ------------ ------------ ------------ ------------ Decrease in net assets from distributions to shareholders (1,059,421) (2,077,399) (1,171,524) (2,344,865) ------------ ------------ ------------ ------------ CAPITAL SHARE TRANSACTIONS (NOTE 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 21,359 -- -- -- ------------ ------------ ------------ ------------ Net increase in net assets 1,135,076 1,210,349 1,642,477 1,373,818 Net assets at beginning of period 45,224,322 44,013,973 49,639,873 48,266,055 ------------ ------------ ------------ ------------ Net assets at end of period $ 46,359,398 $ 45,224,322 $ 51,282,350 $ 49,639,873 ============ ============ ============ ============ Balance of undistributed net investment income at end of period $ 173,314 $ 179,134 $ 101,273 $ 87,664 ============ ============ ============ ============ See accompanying notes to financial statements.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The state Funds (the "Funds") covered in this report and their corresponding stock exchange symbols are Nuveen Connecticut Premium Income Municipal Fund (NTC), Nuveen Massachusetts Premium Income Municipal Fund (NMT), Nuveen Missouri Premium Income Municipal Fund (NOM) and Nuveen Washington Premium Income Municipal Fund (NPW). Connecticut Premium Income and Massachusetts Premium Income are traded on the New York Stock Exchange while Missouri Premium Income and Washington Premium Income are traded on the American Stock Exchange. Each Fund invests primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within a single state. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with generally accepted accounting principles. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amoritized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At November 30, 1997, Missouri Premium Income had an outstanding when-issued purchase commitment of $983,045. There were no such outstanding purchase commitments in any of the other funds. Interest Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities when required for federal income tax purposes. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute to all of its tax-exempt net investment income, in addition to any significant amounts of net realized capital gains and/or market discount realized from investment transactions. The Funds currently consider significant net realized capital gains and/or market discount as amounts in excess of $.01 per Common share. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gain and market discount distributions are subject to federal taxation. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared as a dividend monthly and payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one Series. The dividend rate may change every seven days, as set by the auction agent. The number of shares outstanding for each Fund is as follows:
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME Number of shares: Series Th 1,532 1,360 640 ===== ===== === WASHINGTON PREMIUM INCOME Number of shares: Series Th 680 ===
Derivative Financial Instruments The Funds may invest in certain derivative financial instruments including futures, forward, swap, option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended November 30, 1997. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. 2. FUND SHARES Transactions in Common shares were as follows:
CONNECTICUT PREMIUM INCOME MASSACHUSETTS PREMIUM INCOME SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97 Shares issued to shareholders due to reinvestment of distributions 14,040 25,362 9,026 18,609 ====== ====== ===== ====== MISSOURI PREMIUM INCOME WASHINGTON PREMIUM INCOME SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED ENDED 11/30/97 5/31/97 ENDED 11/30/97 5/31/97 Shares issued to shareholders due to reinvestment of distributions 1,550 -- -- -- ===== ===== ===== ====
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS On December 1, 1997, the Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid December 31, 1997, to shareholders of record on December 15, 1997, as follows:
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME Dividend per share $.0665 $.0705 $.0620 ====== ====== ====== WASHINGTON PREMIUM INCOME Dividend per share $.0630 ======
At the same time, Missouri Premium Income also declared taxable distributions, which includes capital gains and/or market discount, of $.0151 per share. 4. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in municipal securities and temporary municipal investments during the six months ended November 30, 1997, were as follows:
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME Purchases: Investments in municipal securities $4,095,485 $2,410,435 $4,032,880 Temporary municipal investments 2,700,000 2,100,000 1,900,000 Sales and Maturities: Investments in municipal securities 4,239,660 4,249,775 3,433,770 Temporary municipal investments 2,200,000 2,300,000 5,200,000 ========== ========== ========== WASHINGTON PREMIUM INCOME Purchases: Investments in municipal securities $3,021,088 Temporary municipal investments 1,400,000 Sales and Maturities: Investments in municipal securities 3,059,330 Temporary municipal investments 1,200,000 ==========
At November 30, 1997, the identified cost of investments owned for federal income tax purposes was the same as the cost for financial reporting purposes for each Fund. At May 31, 1997, the Funds' last fiscal year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME Expiration year: 2002 $ 9,146 $ -- $ -- 2003 1,272,842 1,247,263 1,329,874 2004 1,105,901 945,779 708,417 2005 847,914 195,761 -- ---------- ---------- ---------- Total $3,235,803 $2,388,803 $2,038,291 ========== ========== ========== WASHINGTON PREMIUM INCOME Expiration year: 2002 $ -- 2003 564,873 2004 70,082 2005 -- ---------- Total $ 634,955 ==========
5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 1997, were as follows:
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME Gross unrealized: appreciation $4,969,106 $5,611,500 $2,776,331 depreciation (96,904) (16,310) -- ---------- ---------- ---------- Net unrealized appreciation $4,872,202 $5,595,190 $2,776,331 ========== ========== ========== WASHINGTON PREMIUM INCOME Gross unrealized: appreciation $2,767,445 depreciation (16,662) ---------- Net unrealized appreciation $2,750,783 ==========
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net asset value of each Fund:
AVERAGE DAILY NET ASSET VALUE 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 .5875 of 1
The fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 7. COMPOSITION OF NET ASSETS At November 30, 1997, net assets consisted of:
CONNECTICUT MASSACHUSETTS MISSOURI PREMIUM INCOME PREMIUM INCOME PREMIUM INCOME Preferred shares, $25,000 stated value per share, at liquidation value $ 38,300,000 $ 34,000,000 $16,000,000 Common shares, $.01 par value per share 51,668 46,163 21,381 Paid-in surplus 71,419,507 63,860,179 29,348,059 Balance of undistributed net investment income 344,166 289,794 173,314 Accumulated net realized gain (loss) from investment transactions (3,169,397) (2,247,552) (1,959,687) Net unrealized appreciation of investments 4,872,202 5,595,190 2,776,331 ------------ ------------ ----------- Net assets $111,818,146 $101,543,774 $46,359,398 ------------ ------------ ----------- Authorized shares: Common Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited ============ ============ =========== WASHINGTON PREMIUM INCOME Preferred shares, $25,000 stated value per share, at liquidation value $17,000,000 Common shares, $.01 par value per share 23,201 Paid-in surplus 31,971,261 Balance of undistributed net investment income 101,273 Accumulated net realized gain (loss) from investment transactions (564,168) Net unrealized appreciation of investments 2,750,783 ----------- Net assets $51,282,350 =========== Authorized shares: Common Unlimited Preferred Unlimited ===========
FINANCIAL HIGHLIGHTS (UNAUDITED) Selected data for a common share outstanding throughout each period is as follows:
DIVIDENDS FROM TAX-EXEMPT OPERATING PERFORMANCE NET INVESTMENT INCOME NET REALIZED & NET ASSET NET UNREALIZED VALUE INVEST- GAIN (LOSS) TO TO BEGINNING MENT FROM INVEST- COMMON PREFERRED OF PERIOD INCOME MENTS SHAREHOLDERS SHAREHOLDERS+ CONNECTICUT PREMIUM INCOME Six months ended 11/30/97 $13.63 $ .50 $ .62 $(.40) $(.12) Year ended 5/31: 1997 12.99 1.00 .60 (.76) (.20) 1996 13.20 .98 (.21) (.73) (.25) 1995 12.45 .98 .74 (.74) (.23) 1994 13.96 .77 (1.40) (.61) (.13) 5/20/93 to 5/31/93 14.05 -- -- -- -- MASSACHUSETTS PREMIUM INCOME Six months ended 11/30/97 14.11 .53 .52 (.42) (.11) Year ended 5/31: 1997 13.58 1.06 .53 (.84) (.22) 1996 13.76 1.05 (.19) (.80) (.24) 1995 12.90 1.04 .84 (.78) (.24) 1994 14.08 .87 (1.01) (.74) (.15) 3/18/93 to 5/31/93 14.05 .05 .06 -- -- MISSOURI PREMIUM INCOME Six months ended 11/30/97 $13.68 $ .49 $ .52 $(.37) $(.12) Year ended 5/31: 1997 13.11 1.00 .55 (.73) (.25) 1996 13.37 .96 (.29) (.67) (.25) 1995 12.35 .95 1.02 (.69) (.26) 1994 13.90 .76 (1.40) (.59) (.14) 5/20/93 to 5/31/93 14.05 -- -- -- -- WASHINGTON PREMIUM INCOME Six months ended 11/30/97 14.07 .51 .71 (.38) (.13) Year ended 5/31: 1997 13.48 1.02 .58 (.75) (.26) 1996 13.71 1.02 (.23) (.74) (.28) 1995 12.97 1.01 .77 (.77) (.27) 1994 14.09 .91 (.93) (.76) (.16) 3/18/93 to 5/31/93 14.05 .07 .08 -- -- DISTRIBUTIONS FROM CAPITAL GAINS PER ORGANIZATION COMMON AND OFFERING SHARE COSTS AND MARKET TO TO PREFERRED SHARE NET ASSET VALUE COMMON PREFERRED UNDERWRITING VALUE END END OF SHAREHOLDERS SHAREHOLDERS+ DISCOUNTS OF PERIOD PERIOD CONNECTICUT PREMIUM INCOME Six months ended 11/30/97 $-- $-- $-- $14.23 $15.2500 Year ended 5/31: 1997 -- -- -- 13.63 14.1250 1996 -- -- -- 12.99 13.6250 1995 -- -- -- 13.20 12.6250 1994 -- -- (.14) 12.45 13.1250 5/20/93 to 5/31/93 -- -- (.09) 13.96 15.0000 MASSACHUSETTS PREMIUM INCOME Six months ended 11/30/97 -- -- -- 14.63 15.6875 Year ended 5/31: 1997 -- -- -- 14.11 14.7500 1996 -- -- -- 13.58 13.7500 1995 -- -- -- 13.76 13.3750 1994 -- -- (.15) 12.90 12.5000 3/18/93 to 5/31/93 -- -- (.08) 14.08 15.2500 MISSOURI PREMIUM INCOME Six months ended 11/30/97 $-- $-- $-- $14.20 $14.0625 Year ended 5/31: 1997 -- -- -- 13.68 13.0630 1996 -- -- -- 13.11 12.5000 1995 -- -- -- 13.37 12.0000 1994 -- -- (.18) 12.35 12.0000 5/20/93 to 5/31/93 -- -- (.15) 13.90 15.1250 WASHINGTON PREMIUM INCOME Six months ended 11/30/97 -- -- -- 14.78 13.6250 Year ended 5/31: 1997 -- -- -- 14.07 12.5000 1996 -- -- -- 13.48 11.7500 1995 -- -- -- 13.71 11.6250 1994 (.01) -- (.17) 12.97 12.3750 3/18/93 to 5/31/93 -- -- (.11) 14.09 15.7500 RATIOS/SUPPLEMENTAL DATA TOTAL INVEST- RATIO OF MENT NET RETURN TOTAL NET ASSETS RATIO OF INVESTMENT ON RETURN ON END OF EXPENSES INCOME PORTFOLIO MARKET NET ASSET PERIOD (IN TO AVERAGE TO AVERAGE TURNOVER VALUE** VALUE** THOUSANDS) NET ASSETS++ NET ASSETS++ RATE CONNECTICUT PREMIUM INCOME Six months ended 11/30/97 10.85% 7.38% $111,818 .88%* 4.65%* 4% Year ended 5/31: 1997 9.58 11.01 108,524 .89 4.79 18 1996 14.06 3.97 104,928 .89 4.71 15 1995 2.22 12.74 105,851 .92 4.99 18 1994 (8.73) (6.74) 101,595 .95 3.95 9 5/20/93 to 5/31/93 -- (.64) 67,533 1.04* 1.17* -- MASSACHUSETTS PREMIUM INCOME Six months ended 11/30/97 9.36 6.74 101,544 .87* 4.83* 2 Year ended 5/31: 1997 13.76 10.28 99,006 .88 4.99 22 1996 8.99 4.55 96,303 .88 4.95 18 1995 14.12 13.58 97,071 .94 5.20 29 1994 (13.64) (3.38) 93,078 .97 4.26 33 3/18/93 to 5/31/93 1.67 .21 64,377 .93* 2.17* -- MISSOURI PREMIUM INCOME Six months ended 11/30/97 10.53% 6.56% $46,359 .96%* 4.57%* 8% Year ended 5/31: 1997 10.53 10.09 45,224 .99 4.74 36 1996 10.07 3.09 44,014 1.01 4.57 34 1995 6.13 14.74 44,566 1.08 4.86 34 1994 (17.26) (7.16) 42,343 1.05 3.92 39 5/20/93 to 5/31/93 .83 (1.07) 29,296 1.34* .69* -- WASHINGTON PREMIUM INCOME Six months ended 11/30/97 12.14 7.80 51,282 .92* 4.66* 6 Year ended 5/31: 1997 12.94 10.16 49,640 .94 4.83 11 1996 7.44 3.75 48,266 .94 4.81 20 1995 .41 12.36 48,812 1.04 5.04 16 1994 (16.88) (2.73) 47,095 1.08 4.42 29 3/18/93 to 5/31/93 5.00 .28 32,653 1.02* 2.63* -- * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders.
Fund Information BOARD OF TRUSTEES Robert P. Bremner Lawrence H. Brown Anthony T. Dean Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN The Chase Manhattan Bank 4 New York Plaza New York, NY 10004-2413 (800) 257-8787 LEGAL COUNSEL Fried, Frank, Harris, Shriver & Jacobson Washington, D.C. INDEPENDENT AUDITORS Ernst & Young LLP Chicago, Illinois INSERT: BUILD A BETTER PORTFOLIO WITH NUVEEN Your financial adviser can show you how you can combine this Nuveen fund with other Nuveen stock and bond investments to build a portfolio that meets your short- and longer-term goals. Together, you can craft an investment portfolio that provides the income you need today and the growth you need for tomorrow, while simultaneously offering tax-efficiency and reduced overall risk. Talk with your adviser about putting Nuveen's full family of funds and trusts to work for you. (See other side for a Nuveen product listing) NUVEEN INVESTMENTS CAN HELP YOU SUSTAIN THE WEALTH OF A LIFETIME MUTUAL FUNDS Nuveen Rittenhouse Growth Fund Growth and Income Stock Fund Balanced Stock and Bond Fund Balanced Municipal and Stock Fund National Municipal Bond Funds State-Specific Municipal Bond Funds UNIT TRUSTS Equity Corporate Bond Municipal Bond EXCHANGE-TRADED FUNDS MUNIPREFERRED(R) PRIVATE ASSET MANAGEMENT Serving Investors for Generations Photo of: JOHN NUVEEN, SR. Since our founding in 1898, John Nuveen & Co. has been synonymous with investments that withstand the test of time. Today, we offer a broad range of investments designed for risk-sensitive individuals seeking to build and sustain wealth. In fact, more than 1.3 million investors have trusted Nuveen to help them maintain the lifestyle they currently enjoy. The cornerstone of Nuveen's investment philosophy is a commitment to disciplined long-term investment strategies focused on providing consistent, attractive performance over time - with moderated risk. We emphasize quality securities carefully chosen through in-depth research, and we follow those securities closely over time to ensure that they continue to meet our exacting standards. Whether your focus is long-term growth, dependable current income or sustaining accumulated wealth, Nuveen offers a wide variety of products and services to help meet your unique circumstances and financial planning needs. Our equity, balanced, and income funds, along with our unit trusts and private asset management, can form the foundation of a tax-efficient and risk-resistant portfolio. Talk with your financial adviser to learn more about how Nuveen investment products and services can help you build and sustain your long-term financial security. Or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before you invest. NUVEEN John Nuveen & Co. Incorporated 333 West Wacker Drive Chicago, IL 60606-1286 (800) 257-8787 www.nuveen.com FSA-3.11.97 -----END PRIVACY-ENHANCED MESSAGE-----