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
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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
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Nuveen Investments o 333 West Wacker Drive
Chicago, IL 60606 o www.nuveen.com FSA-3-11-01