UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07751
Nuveen Multistate Trust IV
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: May 31
Date of reporting period: November 30, 2009
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
Mutual Funds
Nuveen Municipal Bond Funds
Dependable, tax-free income because it’s not what you earn, it’s what you keep.®
Semi-Annual Report
November 30, 2009
Nuveen Kansas Municipal Bond Fund | Nuveen Kentucky Municipal Bond Fund | Nuveen Michigan Municipal Bond Fund | Nuveen Missouri Municipal Bond Fund | Nuveen Ohio Municipal Bond Fund | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund |
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Chairman’s
Letter to Shareholders
Dear Shareholder,
The financial markets in which your Fund operates continue to reflect the larger economic crosscurrents. The illiquidity that infected global credit markets over the last year continues to recede but there is concern about the impact of a reduction in official liquidity support programs. The major institutions that are the linchpin of the international financial system have strengthened their capital structures, but many still struggle with losses in their various portfolios. Global trends include increasing trade and concern about the ability of the U.S. government to address its substantial budgetary deficits.
While the fixed-income and equity markets have recovered from the lows recorded in the first quarter of 2009, identifying those developments that will define the future is never easy, and rarely is it more difficult than at present. A fundamental component of a successful investment program is a commitment to remain focused on long-term investment goals even during periods of heightened market uncertainty. Another component is to re-evaluate investment disciplines and tactics and to confirm their validity following periods of extreme volatility and market dislocation, such as we have recently experienced. Your Board carried out an intensive review of investment performance with these objectives in mind during April and May of 2009 as part of the annual management contract renewal process. Confirming the appropriateness of a long term investment strategy is as important for our shareholders as it is for our professional investment managers. For that reason, I again encourage you to remain in communication with your financial consultant on this subject.
On behalf of the other members of your Fund’s Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Nuveen Fund Board
January 20, 2010
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Portfolio Managers’ Comments
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein. |
Portfolio managers Scott Romans and Daniel Close examine key investment strategies and the six-month performance of the Nuveen Kansas, Kentucky, Michigan, Missouri, Ohio and Wisconsin Municipal Bond Funds. Scott, who has nine years of investment experience, began managing the Kansas, Missouri and Wisconsin Funds in 2003. Dan has ten years of investment experience and began managing the Kentucky, Michigan and Ohio Funds in 2007.
How did the Funds perform during the six-month period ending November 30, 2009?
The table on page three provides Class A Share total returns for the six Funds for the six-month, one-year, five-year and ten-year periods ending November 30, 2009. Each Fund’s total returns are compared with the performance of their corresponding Lipper peer fund category average, the national Barclays Capital Municipal Bond Index, the Standard & Poor’s (S&P) National Municipal Bond Index and their respective S&P state municipal bond index.
The Kansas Fund’s Class A Shares at net asset value outperformed the Lipper Other States Municipal Debt Funds Average as well as the national Barclays Capital index. The Fund’s results matched the national S&P index but fell short of the return of the Kansas-focused S&P Index. The Kentucky Fund’s Class A Shares at net asset value performed in line with the Lipper Other States Municipal Debt Funds Average as well as the Barclays Capital index. The Fund also trailed the national S&P index. The Michigan Fund’s Class A Shares at net asset value trailed all of its points of comparison — the Lipper Michigan Municipal Debt Funds Average, the national and Michigan S&P indexes, and the Barclays Capital index. In contrast, the Missouri Fund’s Class A Shares at net asset value outperformed across the board, surpassing the Lipper Missouri Municipal Debt Funds Average and the national S&P and Barclays indexes. The Ohio Fund’s Class A Shares at net asset value beat the Lipper Ohio Municipal Debt Funds Average and the national Barclays Capital index but trailed the national and Ohio-specific S&P indexes. The Wisconsin Fund’s Class A Shares at net asset value surpassed the performance of the Lipper Other States Municipal Debt Funds Average as well as the Barclays Capital index, but trailed S&P’s Wisconsin and national indexes. The factors determining the performance of each Fund are discussed later in this report.
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1 | The Standard & Poor’s (S&P) Kansas Municipal Bond Index is a market valueweighted index designed to measure the performance of the investment-grade Kansas municipal bond market. The Standard & Poor’s (S&P) Michigan Municipal Bond Index is a market value-weighted index designed to measure the performance of the investment-grade Michigan municipal bond market. The Standard & Poor’s (S&P) Ohio Municipal Bond Index is a market value-weighted index designed to measure the performance of the investment-grade Ohio municipal bond market. The Standard & Poor’s (S&P) Wisconsin Municipal Bond Index is a market value-weighted index designed to measure the performance of the investment-grade Wisconsin municipal bond market. These indexes do not reflect any initial or ongoing expenses and are not available for direct investment. The Standard & Poor’s (S&P) National Municipal Bond Index is a market value-weighted index designed to measure the performance of the investment grade municipal bond market. The index does not reflect any initial or ongoing expenses and is not available for direct investment. |
2 | The Lipper category averages shown represent the average annualized total return for all reporting funds in the respective categories. The Lipper Other States Municipal Debt Funds Average contained 128, 128, 114 and 104 funds for the six-month, one-year, five-year and ten year periods, respectively, ended November 30, 2009. The Lipper Michigan Municipal Debt Funds Average had 14, 14, 12 and 11 funds, the Lipper Missouri Municipal Debt Funds Average had 24, 24, 18 and 17 funds and the Lipper Ohio Municipal Debt Funds Average had 39, 39, 31 and 27 funds respectively. The returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a Lipper Average. |
3 | The Barclays Capital Municipal Bond Index is an unmanaged index containing a broad range of investment-grade municipal bonds and does not reflect any initial or ongoing expenses. An index is not available for direct investment. |
Class A Shares – Average Annual Total Returns
As of 11/30/09
Cumulative Six-Month | Average Annual | |||||||
1-Year | 5-Year | 10-Year | ||||||
Nuveen Kansas Municipal Bond Fund | ||||||||
A Shares at NAV | 5.15% | 15.39% | 4.03% | 5.16% | ||||
A Shares at Offer | 0.74% | 10.55% | 3.14% | 4.71% | ||||
Standard & Poor’s (S&P) Kansas Municipal Bond Index1 | 5.89% | 17.11% | 4.39% | 5.64% | ||||
Standard & Poor’s (S&P) National Municipal Bond Index1 | 5.15% | 14.83% | 4.34% | 5.58% | ||||
Lipper Other States Municipal Debt Funds Average2 | 4.72% | 15.47% | 3.32% | 4.52% | ||||
Barclays Capital Municipal Bond Index3 | 4.75% | 14.19% | 4.51% | 5.64% | ||||
Nuveen Kentucky Municipal Bond Fund | ||||||||
A Shares at NAV | 4.75% | 13.27% | 3.73% | 4.97% | ||||
A Shares at Offer | 0.31% | 8.55% | 2.83% | 4.52% | ||||
Standard & Poor’s (S&P) National Municipal Bond Index1 | 5.15% | 14.83% | 4.34% | 5.58% | ||||
Lipper Other States Municipal Debt Funds Average2 | 4.72% | 15.47% | 3.32% | 4.52% | ||||
Barclays Capital Municipal Bond Index3 | 4.75% | 14.19% | 4.51% | 5.64% | ||||
Nuveen Michigan Municipal Bond Fund | ||||||||
A Shares at NAV | 4.39% | 13.43% | 3.67% | 5.04% | ||||
A Shares at Offer | 0.04% | 8.64% | 2.79% | 4.59% | ||||
Standard & Poor’s (S&P) Michigan Municipal Bond Index1 | 5.63% | 12.97% | 3.95% | 5.46% | ||||
Standard & Poor’s (S&P) National Municipal Bond Index1 | 5.15% | 14.83% | 4.34% | 5.58% | ||||
Lipper Michigan Municipal Debt Funds Average2 | 5.65% | 14.01% | 3.45% | 4.68% | ||||
Barclays Capital Municipal Bond Index3 | 4.75% | 14.19% | 4.51% | 5.64% | ||||
Nuveen Missouri Municipal Bond Fund | ||||||||
A Shares at NAV | 6.88% | 16.83% | 3.75% | 4.96% | ||||
A Shares at Offer | 2.43% | 11.91% | 2.87% | 4.51% | ||||
Standard & Poor’s (S&P) National Municipal Bond Index1 | 5.15% | 14.83% | 4.34% | 5.58% | ||||
Lipper Missouri Municipal Debt Funds Average2 | 5.75% | 16.36% | 3.28% | 4.69% | ||||
Barclays Capital Municipal Bond Index3 | 4.75% | 14.19% | 4.51% | 5.64% | ||||
Nuveen Ohio Municipal Bond Fund | ||||||||
A Shares at NAV | 4.95% | 13.82% | 3.97% | 5.04% | ||||
A Shares at Offer | 0.56% | 9.00% | 3.08% | 4.58% | ||||
Standard & Poor’s (S&P) Ohio Municipal Bond Index1 | 5.99% | 16.75% | 3.78% | 5.21% | ||||
Standard & Poor’s (S&P) National Municipal Bond Index1 | 5.15% | 14.83% | 4.34% | 5.58% | ||||
Lipper Ohio Municipal Debt Funds Average2 | 4.66% | 13.60% | 3.50% | 4.62% | ||||
Barclays Capital Municipal Bond Index3 | 4.75% | 14.19% | 4.51% | 5.64% | ||||
Nuveen Wisconsin Municipal Bond Fund | ||||||||
A Shares at NAV | 4.88% | 16.77% | 3.87% | 5.19% | ||||
A Shares at Offer | 0.44% | 11.87% | 2.99% | 4.74% | ||||
Standard & Poor’s (S&P) Wisconsin Municipal Bond Index1 | 5.46% | 17.85% | 5.39% | 6.26% |
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Cumulative Six-Month | Average Annual | |||||||
1-Year | 5-Year | 10-Year | ||||||
Standard & Poor’s (S&P) National Municipal Bond Index1 | 5.15% | 14.83% | 4.34% | 5.58% | ||||
Lipper Other States Municipal Debt Funds Average2 | 4.72% | 15.47% | 3.32% | 4.52% | ||||
Barclays Capital Municipal Bond Index3 | 4.75% | 14.19% | 4.51% | 5.64% |
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns less than one year are cumulative. Current performance may be higher or lower than the performance shown. The comparative benchmarks and averages shown in the accompanying table may include bonds from other states which may make comparisons between the funds and these benchmarks less meaningful. Returns at NAV would be lower if the sales charge were included. Class A Shares have a 4.2% maximum sales charge. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. For the most recent month-end performance, visit www.nuveen.com or call (800) 257-8787.
Please see each Fund’s Spotlight Page later in this report for more complete performance data and expense ratios.
What strategies were used to manage the Funds during the period? How did these strategies influence performance?
All of the Funds continued to employ the same fundamental investment strategies and tactics used in previous years, although our ability to implement those strategies depended on the individual characteristics of the portfolios as well as market conditions within each state.
Nuveen Kansas, Missouri and Wisconsin Funds
The six month period was a very favorable environment for investors in tax-free municipal debt. The new federal Build America Bonds (BABs) program, created as part of the February 2009 economic stimulus package. BABs allow municipal issuers of taxable debt to receive a 35% federal subsidy of the issuer’s coupon interest payments on bonds issued through this program. BABs thus provided an attractive alternative to the issuance of traditional tax-exempt securities, and the program’s popularity pushed aside much of the long-term supply that previously would have been found in the municipal bond market. Meanwhile, demand for tax-exempt municipal bonds remained strong, and the combination of reduced supply and increased demand served to push up prices.
The Kansas and Wisconsin Funds also benefited from their yield curve positioning. Relative to the national municipal market, both Funds had higher weightings in longer-duration bonds, which benefited disproportionately as interest rates dropped. In addition, both had reduced allocations to the positive-performing but relatively weaker short end of the yield curve. Duration was not a noteworthy factor — either positive or negative — for the Missouri Fund’s performance.
All three Funds were helped by favorable credit-quality allocations. Specifically, compared to the national municipal market, the Kansas Fund benefited from a slight overexposure to BBB-rated bonds. The Missouri Fund had a significantly higher BBB weighting as well as healthy exposure to non-rated bonds and a small allocation to sub-investment-grade-rated debt. This added exposure to lower-rated issues helped greatly as investors became more willing to invest in riskier bonds. The Wisconsin Fund, however, was slightly
4 | Nuveen Investments |
underweighted in BBB-rated debt, although having an allocation to non-rated and A-rated bonds were counterbalancing positives. The Missouri and Kansas Funds benefited further from varying degrees of underexposure to high-quality securities, which lagged their lower-rated counterparts.
A fairly large overweighting in health care bonds significantly boosted the results of both the Kansas and Missouri Funds. The Kansas Fund further benefited from its exposure to two additional positive-performing groups — housing and industrial development revenue (IDR) bonds. Housing bonds continued to appreciate as the real estate market rebounded, while IDR debt is predominantly lower-rated and was helped by investors’ declining risk aversion. In addition to the beneficial overweight to the health care sector, the Missouri Fund also benefited from its allocation to ‘Other Revenue’ bonds, which typically consist of bonds issued by tax increment finance (TIF) districts and economic redevelopment authorities.
In contrast, all three Funds were hurt to varying extents by having relatively modest allocations to utility bonds, which outperformed overall. Also, the Kansas and Wisconsin Funds were hampered by a relative lack of exposure to tobacco bonds, which were absent from both portfolios but found in the national market. This predominantly lower-rated sector rose in the strong performance environment for riskier securities, and lacking any investments detracted modestly. Of final note, the Wisconsin portfolio had a significant weighting in tax-appropriation debt, which regularly makes up a large portion of the state’s tax-exempt bond market. The Fund’s allocation to this underperforming category was a negative factor for our performance, as was an underweight to the health care sector, which performed well during the period.
The Kansas Fund received significant new investment inflows during the period. Needing to put these funds to work, we made a number of new purchases, favoring longer-dated bonds and finding some of the best available values among bonds with credit ratings of AA and A. That said, available supply of new Kansas tax-exempt debt was limited. To help keep the Fund fully invested, we looked outside the state for purchase opportunities. We bought bonds of U.S. territories Guam and Puerto Rico (territorial bonds are generally fully tax-exempt for investors in all fifty states). The Puerto Rico bonds were higher-quality issues, while the Guam bonds offered higher yields, were well-structured and provided what we felt were excellent values. We also bought some high-quality, very liquid New Mexico and North Carolina bonds that we were confident we could sell once appropriate Kansas opportunities became available. In fact, that happened toward period end, when we replaced these positions with a handful of in-state health care and water/sewer bonds we believed were very attractively priced. We did continue to own the territorial bonds at period end.
The supply of tax-exempt bonds was limited in Missouri as well, and those bonds that did come to market tended to be shorter in maturity than we desired. We did make one purchase of Missouri tax-exempt debt during the period — we added to our existing holdings in a continuing care retirement community (CCRC) bond issue in the secondary municipal market. At the time, the bonds were selling at a very significant discount to their face value, and we felt that they offered good long-term potential. As in the Kansas Fund, we invested in out-of-state bonds to keep fully invested.
Nuveen Investments | 5 |
As we have discussed in previous reports, Wisconsin can be a challenging state for portfolio managers because of state laws leading to a relative scarcity of fully tax-exempt bonds. During the period, however, we found more opportunities than usual to buy in-state issues. Overall, we made four purchases, three of which were of fully tax-exempt Wisconsin bonds. The new additions included several A-rated health care opportunities — a significant percentage of Wisconsin issuance happens to carry this credit rating — and we also bought several nonrated bond issues in the secondary market trading at sizable discounts and offering excellent long-term value, in our opinion.
Nuveen Kentucky, Michigan and Ohio Municipal Bond Funds
In our last report, we discussed how securities with better credit quality and shorter durations (meaning bonds with less price sensitivity to changes in interest rates) were the best performers in a weak market environment. During this six-month period, however, the opposite was true — generally speaking, the issues that fared the best were those with lower credit ratings and longer durations.
Credit-quality allocation had a positive influence on the performance of both the Kentucky and Ohio Funds. In Ohio, we had relative overweightings in lower-rated bonds, in part because we took advantage of low valuations in the late-2008 and early-2009 market downturn. At that time, we bought a number of credits that we believed were fundamentally sound but priced at undeservedly low levels. As the market bounced back throughout most of 2009, we continued to hold onto these positions, which performed particularly well. The Ohio Fund and the Kentucky Fund benefited from being relatively underweighted in bonds with the highest credit ratings. In contrast, an underweighting in lower-rated debt hurt the Michigan Fund — lacking excess exposure to this positively performing group hampered our results.
The Kentucky and Michigan Funds were helped by their overall duration positioning. Specifically, they benefited from being somewhat more sensitive to declining interest rates in a market rally. The Kentucky Fund was helped by its underweight to shorter-dated securities and allocation to intermediate-duration securities, although being underweighted in long-dated bonds — the best overall performers on the yield curve — detracted from results. The Michigan Fund benefited the most from being underweighted relative to the national municipal market in weaker-performing short-dated bonds. Unlike the other Funds, duration — especially an underweighting in longer-dated issues — hurt the Ohio Fund’s performance to a modest degree.
The Michigan Fund’s relative underexposure to tax-supported bonds contributed positively to performance. These securities lagged the national market because of their generally high credit quality. In addition, the Michigan, Kentucky and Ohio Funds benefited from our willingness to be patient with certain lower-rated holdings that we had bought before the start of the period, when bond prices were depressed. We held onto
6 | Nuveen Investments |
these positions through the downturn, and as market conditions improved, our patience was rewarded as they gained rapidly in price.
Meanwhile, the Kentucky Fund was helped by some of its especially interest-rate-sensitive investments, such as zero-coupon bonds. However, utilities was a counterbalancing negative. Sector allocation helped the Ohio Fund’s results, especially comparative overweightings in tobacco and industrial development revenue (IDR) bonds, two sectors that did well because they include many lower-rated issues. All three Funds benefited from having overweightings in the strong-performing health care sector.
Purchase activity for the Kentucky portfolio took place across a wide variety of sectors. We generally favored longer-dated issues for the value we felt they offered. Purchasing longer bonds also helped us better accomplish our goal of increasing the portfolio’s duration and bringing it closer to our target level. Notable new purchases of the past six months included dedicated-tax, water/sewer, housing, tax-appropriation and uninsured health care bonds. In a somewhat unusual opportunity, we took advantage of market conditions to establish an inverse floating rate trust (“inverse floater”) for Louisville sports arena bonds offering a very high level of income. Because short-term borrowing costs were extremely low relative to long-term interest rates, we were able to capture significant amounts of income at a modest cost. We adopted a similar approach in the Ohio Fund, converting our Cleveland Clinic health care bonds into an inverse floating rate trust. As in Kentucky, this approach enabled us to both add income and use the inverse floating rate trust as a duration management tool.
In part, funds for our purchases came from a significant amount of bond call activity. In the Kentucky Fund, we also used the proceeds of bonds with structures that typically appeal to individual investors — the primary source of demand for tax-exempt debt for much of the period — namely, relatively liquid intermediate- or longer-dated bonds selling at a slight discount. In the Ohio Fund, we sold two bond issues — a health care issue as well as a continuing care retirement community (CCRC) — whose fundamentals we felt were deteriorating and whose credit quality we had become less confident in.
Given Michigan’s well-publicized economic challenges, our primary focus for this Fund was to continue to invest in names our research team holds a constructive credit view. We sold bonds we felt were likely to struggle in the slowly recovering economy. Instead, we invested in higher-rated essential service bonds (meaning those that fund projects essential to their local communities), which we felt would do better in a difficult environment. We favored high-quality general obligation debt that had been researched by Nuveen’s credit research team and which we felt offered promising performance potential. Other noteworthy purchases included a number of uninsured, longer-dated health-care bonds that we felt offered an exceptional risk/reward tradeoff for shareholders. Purchases were funded through the proceeds of bond calls and through the sale of several CCRC bonds whose fundamentals and credit quality we felt had deteriorated. We also opted to sell one of our charter school holdings for the same reason.
We adopted a similar investment approach for the Ohio portfolio. We were similarly focused on high-quality general obligation and tax-appropriation bonds, which we felt
Nuveen Investments | 7 |
would be better able to withstand Ohio’s economic challenges. Our purchases during the period included two high-quality water/sewer authority bond issues. We also bought several tax-backed bonds secured by a dedicated sales tax. Most of our purchases were on the longer end of the yield curve and emphasized higher-quality bonds whose fundamentals had been examined by Nuveen’s research analysts and about which we felt especially confident about their long-term prospects.
Dividend Information
The Class I Shares of the Kansas and Wisconsin Fund experienced one monthly dividend increase in November 2009. In that same month, the Class B Shares of the Missouri Fund saw a decrease to its monthly dividend. There were no other dividend changes to any of the Funds during the past six months.
Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of November 30, 2009, all six Funds had positive UNII balances, based upon our best estimate, for tax purposes. The Kansas, Missouri, Ohio and Wisconsin Funds had positive UNII balances, while Kentucky and Michigan had negative UNII balances for financial statement purposes.
8 | Nuveen Investments |
Fund Spotlight as of 11/30/09 Nuveen Kansas Municipal Bond Fund
Quick Facts | ||||||||
A Shares | B Shares | C Shares | I Shares | |||||
Fund Symbol | FKSTX | FBKSX | FCKSX | FRKSX | ||||
NAV | $10.35 | $10.26 | $10.34 | $10.39 | ||||
Latest Monthly Dividend1 | $0.0355 | $0.0290 | $0.0310 | $0.0375 | ||||
Inception Date | 1/09/92 | 2/19/97 | 2/11/97 | 2/25/97 |
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.2% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 15.39% | 10.55% | ||
5-Year | 4.03% | 3.14% | ||
10-Year | 5.16% | 4.71% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 14.52% | 10.52% | ||
5-Year | 3.26% | 3.08% | ||
10-Year | 4.54% | 4.54% | ||
C Shares | NAV | |||
1-Year | 14.79% | |||
5-Year | 3.45% | |||
10-Year | 4.58% | |||
I Shares | NAV | |||
1-Year | 15.66% | |||
5-Year | 4.23% | |||
10-Year | 5.36% | |||
Tax-Free Yields | ||||
A Shares | NAV | Offer | ||
Dividend Yield2 | 4.12% | 3.94% | ||
30-Day Yield2 | 3.63% | — | ||
SEC 30-Day Yield2,3 | — | 3.48% | ||
Taxable-Equivalent Yield3,4 | 5.39% | 5.16% | ||
B Shares | NAV | |||
Dividend Yield2 | 3.39% | |||
30-Day Yield2 | 2.88% | |||
Taxable-Equivalent Yield4 | 4.27% | |||
C Shares | NAV | |||
Dividend Yield2 | 3.60% | |||
30-Day Yield2 | 3.08% | |||
Taxable-Equivalent Yield4 | 4.57% | |||
I Shares | NAV | |||
Dividend Yield2 | 4.33% | |||
SEC 30-Day Yield2 | 3.82% | |||
Taxable-Equivalent Yield4 | 5.67% |
Average Annual Total Returns as of 12/31/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 16.70% | 11.75% | ||
5-Year | 3.78% | 2.90% | ||
10-Year | 5.33% | 4.88% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 15.83% | 11.83% | ||
5-Year | 3.00% | 2.82% | ||
10-Year | 4.71% | 4.71% | ||
C Shares | NAV | |||
1-Year | 15.97% | |||
5-Year | 3.19% | |||
10-Year | 4.76% | |||
I Shares | NAV | |||
1-Year | 16.85% | |||
5-Year | 3.97% | |||
10-Year | 5.54% |
Portfolio Statistics
Net Assets ($000) | $155,031 | |
Average Effective Maturity on Securities (Years) | 17.89 | |
Average Duration | 5.61 |
Expense Ratios | ||||
Share Class | Gross Expense Ratios | As of Date | ||
Class A | 0.85% | 5/31/09 | ||
Class B | 1.60% | 5/31/09 | ||
Class C | 1.40% | 5/31/09 | ||
Class I | 0.65% | 5/31/09 |
The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses but excluding interest expense on floating rate obligations, if any.
1 | Paid December 1, 2009. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2009. |
2 | Dividend Yield is the most recent dividend per share (annualized) divided by the appropriate price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the Net Asset Value (NAV) per share. The Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium. |
3 | The SEC 30-Day Yield and Taxable-Equivalent Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. |
4 | The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower. The Taxable-Equivalent Yield is based on the Fund’s 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.6%. |
Nuveen Investments | 9 |
Fund Spotlight as of 11/30/09 Nuveen Kansas Municipal Bond Fund
Bond Credit Quality1
Portfolio Composition1 | ||
Health Care | 22.3% | |
Tax Obligation/Limited | 18.5% | |
Housing/Single Family | 14.6% | |
Water and Sewer | 12.8% | |
Tax Obligation/General | 11.6% | |
Utilities | 6.7% | |
Other | 13.5% |
1 | As a percentage of total investments as of November 30, 2009. Holdings are subject to change. |
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.
Hypothetical Performance | ||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | B Shares | C Shares | I Shares | A Shares | B Shares | C Shares | I Shares | |||||||||||||||||||
Beginning Account Value (6/01/09) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value (11/30/09) | $ | 1,051.50 | $ | 1,047.90 | $ | 1,047.70 | $ | 1,052.30 | $ | 1,020.81 | $ | 1,017.05 | $ | 1,018.05 | $ | 1,021.81 | ||||||||||
Expenses Incurred During Period | $ | 4.37 | $ | 8.21 | $ | 7.19 | $ | 3.34 | $ | 4.31 | $ | 8.09 | $ | 7.08 | $ | 3.29 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .85%, 1.60%, 1.40% and .65% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
10 | Nuveen Investments |
Fund Spotlight as of 11/30/09 Nuveen Kentucky Municipal Bond Fund
Quick Facts | ||||||||
A Shares | B Shares | C Shares | I Shares | |||||
Fund Symbol | FKYTX | FKYBX | FKYCX | FKYRX | ||||
NAV | $10.66 | $10.67 | $10.67 | $10.67 | ||||
Latest Monthly Dividend1 | $0.0365 | $0.0300 | $0.0315 | $0.0380 | ||||
Latest Capital Gain and Ordinary Income Distribution2 | $0.0701 | $0.0701 | $0.0701 | $0.0701 | ||||
Inception Date | 5/04/87 | 2/05/97 | 10/04/93 | 2/07/97 |
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.2% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 13.27% | 8.55% | ||
5-Year | 3.73% | 2.83% | ||
10-Year | 4.97% | 4.52% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 12.40% | 8.40% | ||
5-Year | 2.94% | 2.77% | ||
10-Year | 4.35% | 4.35% | ||
C Shares | NAV | |||
1-Year | 12.60% | |||
5-Year | 3.16% | |||
10-Year | 4.40% | |||
I Shares | NAV | |||
1-Year | 13.45% | |||
5-Year | 3.94% | |||
10-Year | 5.18% | |||
Tax-Free Yields | ||||
A Shares | NAV | Offer | ||
Dividend Yield3 | 4.11% | 3.94% | ||
30-Day Yield3 | 3.35% | — | ||
SEC 30-Day Yield3,4 | — | 3.21% | ||
Taxable-Equivalent Yield4,5 | 4.95% | 4.74% | ||
B Shares | NAV | |||
Dividend Yield3 | 3.37% | |||
30-Day Yield3 | 2.53% | |||
Taxable-Equivalent Yield5 | 3.74% | |||
C Shares | NAV | |||
Dividend Yield3 | 3.54% | |||
30-Day Yield3 | 2.74% | |||
Taxable-Equivalent Yield5 | 4.05% | |||
I Shares | NAV | |||
Dividend Yield3 | 4.27% | |||
SEC 30-Day Yield3 | 3.57% | |||
Taxable-Equivalent Yield5 | 5.27% |
Average Annual Total Returns as of 12/31/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 14.12% | 9.31% | ||
5-Year | 3.55% | 2.66% | ||
10-Year | 5.13% | 4.68% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 13.38% | 9.38% | ||
5-Year | 2.78% | 2.61% | ||
10-Year | 4.50% | 4.50% | ||
C Shares | NAV | |||
1-Year | 13.47% | |||
5-Year | 2.96% | |||
10-Year | 4.55% | |||
I Shares | NAV | |||
1-Year | 14.32% | |||
5-Year | 3.74% | |||
10-Year | 5.33% |
Portfolio Statistics
Net Assets ($000) | $424,960 | |
Average Effective Maturity on Securities (Years) | 15.60 | |
Average Duration | 5.62 |
Expense Ratios | ||||
Share Class | Gross Expense Ratios | As of Date | ||
Class A | 0.82% | 5/31/09 | ||
Class B | 1.57% | 5/31/09 | ||
Class C | 1.37% | 5/31/09 | ||
Class I | 0.62% | 5/31/09 |
The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses but excluding interest expense on floating rate obligations, if any.
1 | Paid December 1, 2009. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2009. |
2 | Paid December 5, 2008. Capital gains and/or ordinary income are subject to federal taxation. |
3 | Dividend Yield is the most recent dividend per share (annualized) divided by the appropriate price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the Net Asset Value (NAV) per share. The Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium. |
4 | The SEC 30-Day Yield and Taxable-Equivalent Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. |
5 | The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower. The Taxable-Equivalent Yield is based on the Fund’s 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.3%. |
Nuveen Investments | 11 |
Fund Spotlight as of 11/30/09 Nuveen Kentucky Municipal Bond Fund
Bond Credit Quality1
Portfolio Composition1 | ||
Tax Obligation/Limited | 27.3% | |
Utilities | 15.5% | |
Water and Sewer | 14.7% | |
Health Care | 13.6% | |
U.S. Guaranteed | 8.3% | |
Transportation | 5.4% | |
Education and Civic Organizations | 5.3% | |
Other | 9.9% |
1 | As a percentage of total investments as of November 30, 2009. Holdings are subject to change. |
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.
Hypothetical Performance | ||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | B Shares | C Shares | I Shares | A Shares | B Shares | C Shares | I Shares | |||||||||||||||||||
Beginning Account Value (6/01/09) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value (11/30/09) | $ | 1,047.50 | $ | 1,043.60 | $ | 1,045.50 | $ | 1,049.30 | $ | 1,020.96 | $ | 1,017.20 | $ | 1,018.20 | $ | 1,021.96 | ||||||||||
Expenses Incurred During Period | $ | 4.21 | $ | 8.04 | $ | 7.03 | $ | 3.19 | $ | 4.16 | $ | 7.94 | $ | 6.93 | $ | 3.14 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .82%, 1.57%, 1.37% and .62% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
12 | Nuveen Investments |
Fund Spotlight as of 11/30/09 Nuveen Michigan Municipal Bond Fund
Quick Facts | ||||||||
A Shares | B Shares | C Shares | I Shares | |||||
Fund Symbol | FMITX | FMIBX | FLMCX | NMMIX | ||||
NAV | $11.07 | $11.09 | $11.06 | $11.06 | ||||
Latest Monthly Dividend1 | $0.0385 | $0.0320 | $0.0335 | $0.0405 | ||||
Latest Capital Gain Distribution2 | $0.0137 | $0.0137 | $0.0137 | $0.0137 | ||||
Inception Date | 6/27/85 | 2/03/97 | 6/22/93 | 2/03/97 |
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.2% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 13.43% | 8.64% | ||
5-Year | 3.67% | 2.79% | ||
10-Year | 5.04% | 4.59% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 12.59% | 8.59% | ||
5-Year | 2.90% | 2.73% | ||
10-Year | 4.41% | �� | 4.41% | |
C Shares | NAV | |||
1-Year | 12.72% | |||
5-Year | 3.09% | |||
10-Year | 4.47% | |||
I Shares | NAV | |||
1-Year | 13.58% | |||
5-Year | 3.87% | |||
10-Year | 5.25% | |||
Tax-Free Yields | ||||
A Shares | NAV | Offer | ||
Dividend Yield3 | 4.17% | 4.00% | ||
30-Day Yield3 | 3.52% | — | ||
SEC 30-Day Yield3,4 | — | 3.37% | ||
Taxable-Equivalent Yield4,5 | 5.11% | 4.89% | ||
B Shares | NAV | |||
Dividend Yield3 | 3.46% | |||
30-Day Yield3 | 2.77% | |||
Taxable-Equivalent Yield5 | 4.02% | |||
C Shares | NAV | |||
Dividend Yield3 | 3.63% | |||
30-Day Yield3 | 2.97% | |||
Taxable-Equivalent Yield5 | 4.31% | |||
I Shares | NAV | |||
Dividend Yield3 | 4.39% | |||
SEC 30-Day Yield3 | 3.72% | |||
Taxable-Equivalent Yield5 | 5.40% |
Average Annual Total Returns as of 12/31/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 12.67% | 7.94% | ||
5-Year | 3.47% | 2.58% | ||
10-Year | 5.22% | 4.77% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 11.84% | 7.84% | ||
5-Year | 2.70% | 2.53% | ||
10-Year | 4.58% | 4.58% | ||
C Shares | NAV | |||
1-Year | 11.96% | |||
5-Year | 2.89% | |||
10-Year | 4.64% | |||
I Shares | NAV | |||
1-Year | 12.82% | |||
5-Year | 3.67% | |||
10-Year | 5.42% |
Portfolio Statistics
Net Assets ($000) | $210,779 | |
Average Effective Maturity on Securities (Years) | 15.28 | |
Average Duration | 5.88 |
Expense Ratios | ||||
Share Class | Gross Expense Ratios | As of Date | ||
Class A | 0.86% | 5/31/09 | ||
Class B | 1.61% | 5/31/09 | ||
Class C | 1.41% | 5/31/09 | ||
Class I | 0.66% | 5/31/09 |
The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses but excluding interest expense on floating rate obligations, if any.
1 | Paid December 1, 2009. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2009. |
2 | Paid December 5, 2008. Capital gains are subject to federal taxation. |
3 | Dividend Yield is the most recent dividend per share (annualized) divided by the appropriate price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the Net Asset Value (NAV) per share. The Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium. |
4 | The SEC 30-Day Yield and Taxable-Equivalent Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. |
5 | The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower. The Taxable-Equivalent Yield is based on the Fund’s 30-Day Yield on the indicated date and a combined federal and state income tax rate of 31.1%. |
Nuveen Investments | 13 |
Fund Spotlight as of 11/30/09 Nuveen Michigan Municipal Bond Fund
Bond Credit Quality1
Portfolio Composition1 | ||
Tax Obligation/General | 37.4% | |
Tax Obligation/Limited | 13.1% | |
Water and Sewer | 11.9% | |
U.S. Guaranteed | 11.5% | |
Health Care | 11.0% | |
Utilities | 6.3% | |
Other | 8.8% |
1 | As a percentage of total investments as of November 30, 2009. Holdings are subject to change. |
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.
Hypothetical Performance | ||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | B Shares | C Shares | I Shares | A Shares | B Shares | C Shares | I Shares | |||||||||||||||||||
Beginning Account Value (6/01/09) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value (11/30/09) | $ | 1,043.90 | $ | 1,039.10 | $ | 1,040.10 | $ | 1,044.10 | $ | 1,020.76 | $ | 1,017.00 | $ | 1,018.00 | $ | 1,021.76 | ||||||||||
Expenses Incurred During Period | $ | 4.41 | $ | 8.23 | $ | 7.21 | $ | 3.38 | $ | 4.36 | $ | 8.14 | $ | 7.13 | $ | 3.35 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .86%, 1.61%, 1.41% and .66% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
14 | Nuveen Investments |
Fund Spotlight as of 11/30/09 Nuveen Missouri Municipal Bond Fund
Quick Facts | ||||||||
A Shares | B Shares | C Shares | I Shares | |||||
Fund Symbol | FMOTX | FMMBX | FMOCX | FMMRX | ||||
NAV | $10.60 | $10.61 | $10.59 | $10.60 | ||||
Latest Monthly Dividend1 | $0.0385 | $0.0320 | $0.0340 | $0.0405 | ||||
Latest Capital Gain Distribution2 | $0.0547 | $0.0547 | $0.0547 | $0.0547 | ||||
Inception Date | 8/03/87 | 2/06/97 | 2/02/94 | 2/19/97 |
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.2% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 16.83% | 11.91% | ||
5-Year | 3.75% | 2.87% | ||
10-Year | 4.96% | 4.51% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 15.86% | 11.86% | ||
5-Year | 2.98% | 2.80% | ||
10-Year | 4.34% | 4.34% | ||
C Shares | NAV | |||
1-Year | 16.23% | |||
5-Year | 3.18% | |||
10-Year | 4.39% | |||
I Shares | NAV | |||
1-Year | 16.99% | |||
5-Year | 3.94% | |||
10-Year | 5.17% | |||
Tax-Free Yields | ||||
A Shares | NAV | Offer | ||
Dividend Yield3 | 4.36% | 4.18% | ||
30-Day Yield3 | 3.86% | — | ||
SEC 30-Day Yield3,4 | — | 3.69% | ||
Taxable-Equivalent Yield4,5 | 5.70% | 5.45% | ||
B Shares | NAV | |||
Dividend Yield3 | 3.62% | |||
30-Day Yield3 | 3.11% | |||
Taxable-Equivalent Yield5 | 4.59% | |||
C Shares | NAV | |||
Dividend Yield3 | 3.85% | |||
30-Day Yield3 | 3.30% | |||
Taxable-Equivalent Yield5 | 4.87% | |||
I Shares | NAV | |||
Dividend Yield3 | 4.58% | |||
SEC 30-Day Yield3 | 4.05% | |||
Taxable-Equivalent Yield5 | 5.98% |
Average Annual Total Returns as of 12/31/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 18.69% | 13.71% | ||
5-Year | 3.55% | 2.66% | ||
10-Year | 5.11% | 4.66% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 17.70% | 13.70% | ||
5-Year | 2.77% | 2.60% | ||
10-Year | 4.48% | 4.48% | ||
C Shares | NAV | |||
1-Year | 17.97% | |||
5-Year | 2.98% | |||
10-Year | 4.53% | |||
I Shares | NAV | |||
1-Year | 18.85% | |||
5-Year | 3.74% | |||
10-Year | 5.30% |
Portfolio Statistics
Net Assets ($000) | $229,885 | |
Average Effective Maturity on Securities (Years) | 15.41 | |
Average Duration | 6.68 |
Expense Ratios | ||||
Share Class | Gross Expense Ratios | As of Date | ||
Class A | 0.84% | 5/31/09 | ||
Class B | 1.59% | 5/31/09 | ||
Class C | 1.39% | 5/31/09 | ||
Class I | 0.65% | 5/31/09 |
The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses but excluding interest expense on floating rate obligations, if any.
1 | Paid December 1, 2009. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2009. |
2 | Paid December 5, 2008. Capital gains are subject to federal taxation. |
3 | Dividend Yield is the most recent dividend per share (annualized) divided by the appropriate price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the Net Asset Value (NAV) per share. The Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium. |
4 | The SEC 30-Day Yield and Taxable-Equivalent Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. |
5 | The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower. The Taxable-Equivalent Yield is based on the Fund’s 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.3%. |
Nuveen Investments | 15 |
Fund Spotlight as of 11/30/09 Nuveen Missouri Municipal Bond Fund
Bond Credit Quality1
Portfolio Composition1 | ||
Tax Obligation/Limited | 20.4% | |
Health Care | 18.7% | |
Tax Obligation/General | 14.2% | |
U.S. Guaranteed | 8.1% | |
Long-Term Care | 7.1% | |
Utilities | 5.5% | |
Consumer Staples | 5.2% | |
Transportation | 4.4% | |
Water and Sewer | 3.7% | |
Other | 12.7% |
1 | As a percentage of total investments as of November 30, 2009. Holdings are subject to change. |
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.
Hypothetical Performance | ||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | B Shares | C Shares | I Shares | A Shares | B Shares | C Shares | I Shares | |||||||||||||||||||
Beginning Account Value (6/01/09) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value (11/30/09) | $ | 1,068.80 | $ | 1,065.00 | $ | 1,066.10 | $ | 1,070.00 | $ | 1,020.81 | $ | 1,017.05 | $ | 1,018.05 | $ | 1,021.81 | ||||||||||
Expenses Incurred During Period | $ | 4.41 | $ | 8.28 | $ | 7.25 | $ | 3.37 | $ | 4.31 | $ | 8.09 | $ | 7.08 | $ | 3.29 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .85%, 1.60%, 1.40% and .65% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
16 | Nuveen Investments |
Fund Spotlight as of 11/30/09 Nuveen Ohio Municipal Bond Fund
Quick Facts | ||||||||
A Shares | B Shares | C Shares | I Shares | |||||
Fund Symbol | FOHTX | FOHBX | FOHCX | NXOHX | ||||
NAV | $11.07 | $11.05 | $11.03 | $11.04 | ||||
Latest Monthly Dividend1 | $0.0380 | $0.0315 | $0.0330 | $0.0400 | ||||
Latest Capital Gain and Ordinary Income Distributions2 | $0.0413 | $0.0413 | $0.0413 | $0.0413 | ||||
Inception Date | 6/27/85 | 2/03/97 | 8/03/93 | 2/03/97 |
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.2% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors. Returns may reflect an expense limitation by the Fund’s investment adviser.
Average Annual Total Returns as of 11/30/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 13.82% | 9.00% | ||
5-Year | 3.97% | 3.08% | ||
10-Year | 5.04% | 4.58% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 13.02% | 9.02% | ||
5-Year | 3.19% | 3.02% | ||
10-Year | 4.41% | 4.41% | ||
C Shares | NAV | |||
1-Year | 13.13% | |||
5-Year | 3.39% | |||
10-Year | 4.46% | |||
I Shares | NAV | |||
1-Year | 14.00% | |||
5-Year | 4.16% | |||
10-Year | 5.24% | |||
Tax-Free Yields | ||||
A Shares | NAV | Offer | ||
Dividend Yield3 | 4.12% | 3.94% | ||
30-Day Yield3 | 3.40% | — | ||
SEC 30-Day Yield3,4 | — | 3.26% | ||
Taxable-Equivalent Yield4,5 | 5.02% | 4.82% | ||
B Shares | NAV | �� | ||
Dividend Yield3 | 3.42% | |||
30-Day Yield3 | 2.65% | |||
Taxable-Equivalent Yield5 | 3.91% | |||
C Shares | NAV | |||
Dividend Yield3 | 3.59% | |||
30-Day Yield3 | 2.85% | |||
Taxable-Equivalent Yield5 | 4.21% | |||
I Shares | NAV | |||
Dividend Yield3 | 4.35% | |||
SEC 30-Day Yield3 | 3.60% | |||
Taxable-Equivalent Yield5 | 5.32% |
Average Annual Total Returns as of 12/31/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 14.06% | 9.22% | ||
5-Year | 3.78% | 2.89% | ||
10-Year | 5.21% | 4.76% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 13.15% | 9.15% | ||
5-Year | 3.01% | 2.83% | ||
10-Year | 4.59% | 4.59% | ||
C Shares | NAV | |||
1-Year | 13.47% | |||
5-Year | 3.22% | |||
10-Year | 4.65% | |||
I Shares | NAV | |||
1-Year | 14.34% | |||
5-Year | 4.00% | |||
10-Year | 5.43% |
Portfolio Statistics
Net Assets ($000) | $513,367 | |
Average Effective Maturity on Securities (Years) | 14.79 | |
Average Duration | 5.63 |
Expense Ratios | ||||
Share Class | Gross Expense Ratios | As of Date | ||
Class A | 0.84% | 5/31/09 | ||
Class B | 1.58% | 5/31/09 | ||
Class C | 1.39% | 5/31/09 | ||
Class I | 0.64% | 5/31/09 |
The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses but excluding interest expense on floating rate obligations, if any.
1 | Paid December 1, 2009. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2009. |
2 | Paid December 5, 2008. Capital gains and/or ordinary income are subject to federal taxation. |
3 | Dividend Yield is the most recent dividend per share (annualized) divided by the appropriate price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the Net Asset Value (NAV) per share. The Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium. |
4 | The SEC 30-Day Yield and Taxable-Equivalent Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. |
5 | The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower. The Taxable-Equivalent Yield is based on the Fund’s 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.3%. |
Nuveen Investments | 17 |
Fund Spotlight as of 11/30/09 Nuveen Ohio Municipal Bond Fund
Bond Credit Quality1
Portfolio Composition1 | ||
Tax Obligation/General | 22.1% | |
U.S. Guaranteed | 16.2% | |
Tax Obligation/Limited | 12.3% | |
Health Care | 10.5% | |
Utilities | 8.5% | |
Water and Sewer | 7.4% | |
Education and Civic Organizations | 7.2% | |
Consumer Staples | 5.2% | |
Other | 10.6% |
1 | As a percentage of total investments as of November 30, 2009. Holdings are subject to change. |
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.
Hypothetical Performance | ||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | B Shares | C Shares | I Shares | A Shares | B Shares | C Shares | I Shares | |||||||||||||||||||
Beginning Account Value (6/01/09) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value (11/30/09) | $ | 1,049.50 | $ | 1,045.80 | $ | 1,045.80 | $ | 1,049.80 | $ | 1,020.91 | $ | 1,017.15 | $ | 1,018.15 | $ | 1,021.91 | ||||||||||
Expenses Incurred During Period | $ | 4.26 | $ | 8.10 | $ | 7.08 | $ | 3.24 | $ | 4.20 | $ | 7.99 | $ | 6.98 | $ | 3.19 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .83%, 1.58%, 1.38% and .63% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
18 | Nuveen Investments |
Fund Spotlight as of 11/30/09 Nuveen Wisconsin Municipal Bond Fund
Quick Facts | ||||||||
A Shares | B Shares | C Shares | I Shares | |||||
Fund Symbol | FWIAX | FWIBX | FWICX | FWIRX | ||||
NAV | $10.24 | $10.26 | $10.25 | $10.27 | ||||
Latest Monthly Dividend1 | $0.0320 | $0.0260 | $0.0275 | $0.0340 | ||||
Latest Capital Gain Distribution2 | $0.0051 | $0.0051 | $0.0051 | $0.0051 | ||||
Inception Date | 6/01/94 | 2/25/97 | 2/25/97 | 2/25/97 |
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains. Class A Shares have a 4.2% maximum sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 16.77% | 11.87% | ||
5-Year | 3.87% | 2.99% | ||
10-Year | 5.19% | 4.74% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 15.89% | 11.89% | ||
5-Year | 3.09% | 2.91% | ||
10-Year | 4.57% | 4.57% | ||
C Shares | NAV | |||
1-Year | 16.12% | |||
5-Year | 3.27% | |||
10-Year | 4.61% | |||
I Shares | NAV | |||
1-Year | 17.06% | |||
5-Year | 4.05% | |||
10-Year | 5.40% | |||
Tax-Free Yields | ||||
A Shares | NAV | Offer | ||
Dividend Yield3 | 3.75% | 3.59% | ||
30-Day Yield3 | 3.46% | — | ||
SEC 30-Day Yield3,4 | — | 3.31% | ||
Taxable-Equivalent Yield4,5 | 5.16% | 4.93% | ||
B Shares | NAV | |||
Dividend Yield3 | 3.04% | |||
30-Day Yield3 | 2.71% | |||
Taxable-Equivalent Yield5 | 4.04% | |||
C Shares | NAV | |||
Dividend Yield3 | 3.22% | |||
30-Day Yield3 | 2.91% | |||
Taxable-Equivalent Yield5 | 4.34% | |||
I Shares | NAV | |||
Dividend Yield3 | 3.97% | |||
SEC 30-Day Yield3 | 3.66% | |||
Taxable-Equivalent Yield5 | 5.45% |
Average Annual Total Returns as of 12/31/09 | ||||
A Shares | NAV | Offer | ||
1-Year | 16.06% | 11.20% | ||
5-Year | 3.59% | 2.70% | ||
10-Year | 5.32% | 4.86% | ||
B Shares | w/o CDSC | w/CDSC | ||
1-Year | 15.07% | 11.07% | ||
5-Year | 2.81% | 2.63% | ||
10-Year | 4.70% | 4.70% | ||
C Shares | NAV | |||
1-Year | 15.29% | |||
5-Year | 3.01% | |||
10-Year | 4.74% | |||
I Shares | NAV | |||
1-Year | 16.12% | |||
5-Year | 3.75% | |||
10-Year | 5.52% |
Portfolio Statistics
Net Assets ($000) | $59,741 | |
Average Effective Maturity on Securities (Years) | 15.53 | |
Average Duration | 6.95 |
Expense Ratios | ||||
Share Class | Gross Expense Ratios | As of Date | ||
Class A | 0.89% | 5/31/09 | ||
Class B | 1.63% | 5/31/09 | ||
Class C | 1.44% | 5/31/09 | ||
Class I | 0.69% | 5/31/09 |
The expense ratios shown factor in Total Annual Fund Operating Expenses including management fees and other fees and expenses but excluding interest expense on floating rate obligations, if any.
1 | Paid December 1, 2009. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2009. |
2 | Paid December 5, 2008. Capital gains are subject to federal taxation. |
3 | Dividend Yield is the most recent dividend per share (annualized) divided by the appropriate price per share. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. The 30-Day Yield is computed under the same formula but is based on the Net Asset Value (NAV) per share. The Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium. |
4 | The SEC 30-Day Yield and Taxable-Equivalent Yield on A Shares at NAV applies only to A Shares purchased at no-load pursuant to the Fund’s policy permitting waiver of the A Share load in certain specified circumstances. |
5 | The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower. The Taxable-Equivalent Yield is based on the Fund’s 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.9%. |
Nuveen Investments | 19 |
Fund Spotlight as of 11/30/09 Nuveen Wisconsin Municipal Bond Fund
Bond Credit Quality1
Portfolio Composition1 | ||
Tax Obligation/Limited | 63.5% | |
Housing/Multifamily | 8.9% | |
Healthcare | 7.1% | |
Utilities | 7.0% | |
U.S. Guaranteed | 5.9% | |
Other | 7.6% |
1 | As a percentage of total investments as of November 30, 2009. Holdings are subject to change. |
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including front and back end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning of the period and held for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as front and back end sales charges (loads) or redemption fees, where applicable. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transactional costs were included, your costs would have been higher.
Hypothetical Performance | ||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | B Shares | C Shares | I Shares | A Shares | B Shares | C Shares | I Shares | |||||||||||||||||||
Beginning Account Value (6/01/09) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value (11/30/09) | $ | 1,048.80 | $ | 1,045.00 | $ | 1,046.00 | $ | 1,050.70 | $ | 1,020.61 | $ | 1,016.85 | $ | 1,017.85 | $ | 1,021.61 | ||||||||||
Expenses Incurred During Period | $ | 4.57 | $ | 8.41 | $ | 7.39 | $ | 3.55 | $ | 4.51 | $ | 8.29 | $ | 7.28 | $ | 3.50 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .89%, 1.64%, 1.44% and .69% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
20 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Kansas Municipal Bond Fund
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Education and Civic Organizations – 1.5% | ||||||||||||
$ | 1,000 | Kansas Development Finance Authority, Athletic Facility Revenue Bonds, University of Kansas Athletic Corporation Project, Series 2004K, 5.000%, 6/01/19 | 6/14 at 100.00 | A1 | $ | 1,050,540 | ||||||
1,200 | Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Kansas State University Housing System, Series 2005A, 5.000%, 4/01/22 – NPFG Insured | 4/15 at 100.00 | A1 | 1,259,904 | ||||||||
2,200 | Total Education and Civic Organizations | 2,310,444 | ||||||||||
Energy – 1.1% | ||||||||||||
1,175 | Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 2003, 6.125%, 7/01/22 (Alternative Minimum Tax) | 1/14 at 100.00 | BBB | 1,185,246 | ||||||||
500 | Virgin Islands Public Finance Authority, Senior Secured Lien Revenue Bonds, Refinery Project – Hovensa LLC, Series 2004, 5.875%, 7/01/22 | 7/14 at 100.00 | BBB | 499,750 | ||||||||
1,675 | Total Energy | 1,684,996 | ||||||||||
Health Care – 20.7% | ||||||||||||
1,005 | Coffeyville Public Building Commission, Kansas, Healthcare Facilities Revenue Bonds, Coffeyville Regional Medical Center, Series 2002, 5.000%, 8/01/18 – AMBAC Insured | 8/12 at 100.00 | N/R | 1,028,306 | ||||||||
1,825 | Colby, Kansas, Health Facilities Revenue Refunding Bonds, Citizens Medical Center Inc., Series 1998, 5.625%, 8/15/16 | 2/10 at 100.00 | N/R | 1,817,080 | ||||||||
3,000 | Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009D, 5.000%, 11/15/29 | 11/17 at 100.00 | A+ | 2,992,410 | ||||||||
4,650 | Kansas Development Finance Authority Hospital Revenue Bonds, Series 2009C (Adventist Health System/Sunbelt Obligated Group), 5.750%, 11/15/38 | No Opt. Call | A+ | 4,773,969 | ||||||||
1,680 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/20 | 11/15 at 100.00 | A2 | 1,724,318 | ||||||||
4,580 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2000K, 6.500%, 12/01/16 | 6/10 at 101.00 | AA | 4,747,674 | ||||||||
2,000 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2007L, 4.750%, 11/15/36 – NPFG Insured | 11/17 at 100.00 | A2 | 1,762,340 | ||||||||
2,000 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2008F, 5.375%, 11/15/28 | 11/17 at 100.00 | A2 | 2,014,740 | ||||||||
1,285 | Kansas Development Finance Authority, Hospital Revenue Bonds, Susan B. Allen Memorial Hospital, Series 2002Q, 5.375%, 12/15/16 – RAAI Insured | 12/12 at 100.00 | BBB– | 1,292,800 | ||||||||
2,850 | Labette County Medical Center, Kansas, Revenue Bonds, Series 2007A, 5.750%, 9/01/37 | 9/17 at 100.00 | N/R | 2,617,497 | ||||||||
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2006: | ||||||||||||
2,500 | 5.125%, 7/01/26 | 7/16 at 100.00 | A3 | 2,506,125 | ||||||||
500 | 5.125%, 7/01/36 | 7/16 at 100.00 | A3 | 467,985 | ||||||||
1,075 | Manhattan, Kansas, Hospital Revenue Bonds, Mercy Health Center, Series 2001, 5.000%, 8/15/15 – FSA Insured | 8/11 at 100.00 | AAA | 1,102,821 | ||||||||
3,000 | Neosho County, Kansas, Hospital Revenue Bonds, Neosho Memorial Regional Medical Center, Series 2006A, 5.150%, 9/01/31 | 9/14 at 100.00 | N/R | 2,519,340 | ||||||||
100 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series 1995A, 6.250%, 7/01/24 – NPFG Insured | 1/10 at 100.00 | A | 100,082 | ||||||||
750 | Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31 | 4/16 at 100.00 | A1 | 706,275 | ||||||||
32,800 | Total Health Care | 32,173,762 |
Nuveen Investments | 21 |
Portfolio of Investments (Unaudited)
Nuveen Kansas Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Housing/Multifamily – 2.1% | ||||||||||||
Wichita, Kansas, Multifamily Housing Revenue Refunding Bonds, Shores Apartments, Series 1994XI-A: | ||||||||||||
$ | 1,500 | 6.700%, 4/01/19 – RAAI Insured | 4/10 at 101.00 | N/R | $ | 1,442,580 | ||||||
2,000 | 6.800%, 4/01/24 – RAAI Insured | 4/10 at 101.00 | N/R | 1,862,440 | ||||||||
3,500 | Total Housing/Multifamily | 3,305,020 | ||||||||||
Housing/Single Family – 13.6% | ||||||||||||
90 | Sedgwick and Shawnee Counties, Kansas, FNMA/GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 2001A, 6.300%, 12/01/32 (Alternative Minimum Tax) | 12/10 at 105.00 | Aaa | 91,611 | ||||||||
3,135 | Sedgwick and Shawnee Counties, Kansas, FNMA/GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 2002B-1, 5.950%, 12/01/33 (Alternative Minimum Tax) | 12/12 at 105.00 | Aaa | 3,261,278 | ||||||||
2,225 | Sedgwick and Shawnee Counties, Kansas, FNMA/GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 2005A, 5.550%, 6/01/37 (Alternative Minimum Tax) | 6/15 at 105.00 | Aaa | 2,313,444 | ||||||||
125 | Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) | No Opt. Call | Aaa | 135,956 | ||||||||
3,855 | Sedgwick and Shawnee Counties, Kansas, Mortgage Backed Securities Program Single Family Mortgage Revenue Bonds, Series 2006A1, 5.500%, 12/01/38 (Alternative Minimum Tax) | 12/16 at 104.00 | Aaa | 4,025,545 | ||||||||
3,630 | Sedgwick and Shawnee Counties, Kansas, Mortgage Backed Securities Program Single Family Mortgage Revenue Bonds, Series 2006A6, 5.550%, 6/01/38 (Alternative Minimum Tax) | 6/16 at 103.00 | Aaa | 3,772,151 | ||||||||
2,925 | Sedgwick and Shawnee Counties, Kansas, Mortgage Backed Securities Program Single Family Mortgage Revenue Bonds, Series 2006B1, 5.300%, 12/01/38 (Alternative Minimum Tax) | 6/16 at 103.00 | Aaa | 3,053,466 | ||||||||
4,215 | Sedgwick and Shawnee Counties, Kansas, Mortgage Backed Securities Program Single Family Mortgage Revenue Bonds, Series 2007B4, 5.550%, 12/01/38 (Alternative Minimum Tax) | 12/16 at 104.00 | Aaa | 4,460,945 | ||||||||
20,200 | Total Housing/Single Family | 21,114,396 | ||||||||||
Industrials – 1.2% | ||||||||||||
1,025 | Wichita Airport Authority, Kansas, Special Facilities Revenue Bonds, Cessna Citation Service Center, Series 2002A, 6.250%, 6/15/32 (Alternative Minimum Tax) | 6/12 at 101.00 | BBB– | 837,630 | ||||||||
1,000 | Wichita, Kansas, Industrial Revenue Bonds, NMF America Inc. Series 2000-II, 5.800%, 8/01/15 (Alternative Minimum Tax) | 2/10 at 100.00 | AA | 1,001,670 | ||||||||
2,025 | Total Industrials | 1,839,300 | ||||||||||
Long-Term Care – 2.3% | ||||||||||||
1,980 | Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B, 5.125%, 5/15/42 | 5/14 at 103.00 | N/R | 1,423,224 | ||||||||
2,000 | Olathe, Kansas, Senior Living Facility Revenue Bonds, Aberdeen Village Inc, Refunding Series 2005A, 5.600%, 5/15/28 | 5/10 at 100.00 | N/R | 1,610,820 | ||||||||
500 | Sedgwick County, Kansas, Healthcare Facilities Revenue Bonds, Catholic Care Center Inc., Series 2001, 5.750%, 11/15/23 | 5/10 at 100.00 | A | 500,430 | ||||||||
4,480 | Total Long-Term Care | 3,534,474 | ||||||||||
Materials – 2.4% | ||||||||||||
3,700 | Ford County, Kansas, Sewage and Solid Waste Disposal Revenue Bonds, Excel Corporation/Cargill Inc. Project, Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax) | 12/09 at 101.00 | A | 3,705,994 |
22 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Tax Obligation/General – 10.8% | ||||||||||||
$ | 2,500 | Butler and Sedgwick Counties Unified School District 385, Andover, Kansas, General Obligation Refunding and Improvement Bonds, Series 2000, 6.000%, 9/01/16 – FSA Insured | No Opt. Call | AAA | $ | 3,015,125 | ||||||
2,000 | Butler County Unified School District 402, Kansas, General Obligation Bonds, Series 2008A, 5.125%, 9/01/32 – AGC Insured | 9/18 at 100.00 | Aa3 | 2,080,660 | ||||||||
65 | Cowley County Unified School District 465, Winfield, Kansas, General Obligation Bonds, Series 2003, 5.250%, 10/01/23 – MBIA Insured | 10/13 at 100.00 | AA | 70,468 | ||||||||
1,500 | Douglas County Unified School District 497, Kansas, General Obligation Bonds, Series 2006A, 5.000%, 9/01/25 – NPFG Insured | 9/16 at 100.00 | Aa3 | 1,612,530 | ||||||||
2,000 | Finney County Unified School District 457, Garden City, Kansas, General Obligation Bonds, Series 2009A, 5.250%, 9/01/24 – AGC Insured | 9/19 at 100.00 | AAA | 2,200,120 | ||||||||
1,100 | Montgomery County Unified School District 445, Coffeyville, Kansas, General Obligation Bonds, Series 2002, 5.000%, 4/01/22 – FGIC Insured | 4/12 at 100.00 | A | 1,122,220 | ||||||||
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A: | ||||||||||||
1,000 | 5.500%, 7/01/20 – NPFG Insured | No Opt. Call | A | 1,052,010 | ||||||||
330 | 5.375%, 7/01/28 | 7/11 at 100.00 | BBB– | 321,473 | ||||||||
1,250 | Sedgwick County Unified School District 259, Wichita, Kansas, General Obligation Bonds, Series 2000, 3.500%, 9/01/16 | 9/10 at 100.00 | AA | 1,261,150 | ||||||||
1,500 | Sedgwick County Unified School District 262, Kansas, General Obligation Bonds, Series 2008, 5.000%, 9/01/23 – AGC Insured | 9/18 at 100.00 | AAA | 1,632,885 | ||||||||
2,085 | Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Series 2008B, 5.500%, 9/01/28 | 9/18 at 100.00 | AA– | 2,350,838 | ||||||||
15,330 | Total Tax Obligation/General | 16,719,479 | ||||||||||
Tax Obligation/Limited – 17.2% | ||||||||||||
3,000 | Butler County Public Building Commission, Kansas, Improvement Revenue Bonds, Public Facilities Projects, Series 2000, 5.550%, 10/01/21 – MBIA Insured | 10/10 at 100.00 | A2 | 3,113,580 | ||||||||
1,000 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34 | 12/19 at 100.00 | BBB– | 1,020,580 | ||||||||
1,000 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/20 | 3/14 at 100.00 | AAA | 1,078,550 | ||||||||
3,000 | Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/23 – AMBAC Insured | 4/13 at 102.00 | AA | 3,150,060 | ||||||||
1,180 | Kansas Development Finance Authority, K-State Olathe Innovation Campus Inc., Johnson County Sales Tax Revenue Bonds, Series 2009L, 5.000%, 9/01/39 | 9/19 at 100.00 | AA | 1,201,806 | ||||||||
500 | Kansas Development Finance Authority, Lease Revenue Bonds, Department of Administration, State Capitol Restoration Parking Facility Project, Series 2002C, 5.000%, 10/01/21 – FSA Insured | 10/12 at 100.00 | AAA | 541,290 | ||||||||
1,140 | Kansas Development Finance Authority, Lease Revenue Bonds, Department of Administration, State Capitol Restoration Project, Series 2004G-1, 5.125%, 4/01/21 – NPFG Insured | 4/14 at 100.00 | AA | 1,244,310 | ||||||||
3,900 | Kansas Development Finance Authority, Revenue Bonds, Department of Administration, Comprehensive Transportation Program, Series 2006A, 5.000%, 11/01/23 – FGIC Insured | 11/16 at 100.00 | AA | 4,178,616 | ||||||||
1,000 | Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2001W, 5.000%, 10/01/17 – NPFG Insured | 10/11 at 100.00 | AA | 1,034,340 | ||||||||
1,155 | Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2004A, 5.000%, 4/01/22 – FGIC Insured | 4/14 at 101.00 | AA | 1,217,220 | ||||||||
5,000 | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.250%, 1/01/32 – AMBAC Insured | 1/17 at 100.00 | BBB– | 4,521,450 |
Nuveen Investments | 23 |
Portfolio of Investments (Unaudited)
Nuveen Kansas Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
Tax Obligation/Limited (continued) | |||||||||||||
$ | 2,000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.375%, 10/01/19 | 10/10 at 101.00 | BBB+ | $ | 2,047,860 | |||||||
2,250 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Redevelopment Project Area B, Series 2005, 5.000%, 12/01/20 | 12/15 at 100.00 | N/R | 2,282,603 | |||||||||
26,125 | Total Tax Obligation/Limited | 26,632,265 | |||||||||||
U.S. Guaranteed – 2.0% (4) | |||||||||||||
1,800 | Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2001A, 7.375%, 1/01/32 (Pre-refunded 1/01/11) | 1/11 at 101.00 | AAA | 1,951,038 | |||||||||
1,010 | Wichita, Kansas, Revenue Bonds, CSJ Health System of Wichita, Inc., Series 1985-XXV, 7.200%, 10/01/15 (ETM) | 2/10 at 100.00 | A+ | (4) | 1,189,659 | ||||||||
2,810 | Total U.S. Guaranteed | 3,140,697 | |||||||||||
Utilities – 6.2% | |||||||||||||
1,225 | Virgin Islands Water and Power Authority, Electric System Revenue Refunding Bonds, Series 1998, 5.300%, 7/01/18 | 1/10 at 100.50 | N/R | 1,213,301 | |||||||||
1,000 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2004B, 5.000%, 9/01/24 – FSA Insured | 9/14 at 100.00 | AAA | 1,045,340 | |||||||||
Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2009A: | |||||||||||||
3,000 | 5.000%, 9/01/29 – BHAC Insured | 3/19 at 100.00 | AAA | 3,172,800 | |||||||||
3,000 | 5.250%, 9/01/34 – BHAC Insured | 3/19 at 100.00 | AAA | 3,131,580 | |||||||||
1,000 | Wynadotte County-Kansas City Unified Government, Kansas, Industrial Revenue Bonds, Board of Public Utilities Office Building Complex, Series 2001, 5.000%, 5/01/21 – NPFG Insured | 5/11 at 100.00 | A | 1,035,610 | |||||||||
9,225 | Total Utilities | 9,598,631 | |||||||||||
Water and Sewer – 11.9% | |||||||||||||
2,300 | Kansas Development Finance Authority, Water Pollution Control Revolving Fund Leveraged Bonds, Series 2002-II, 5.000%, 11/01/23 | 11/12 at 100.00 | AAA | 2,470,614 | |||||||||
5,000 | Kansas Development Finance Authority, Water Pollution Control Revolving Fund, State Match Program, Series 2008-CW, 5.000%, 11/01/24 | 1/13 at 100.00 | AAA | 5,258,850 | |||||||||
5,000 | Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A, 5.000%, 10/01/39 | 10/19 at 100.00 | AA– | 5,100,950 | |||||||||
5,500 | Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, Series 2003, 5.000%, 10/01/22 – FGIC Insured | 10/13 at 100.00 | A1 | 5,644,264 | |||||||||
17,800 | Total Water and Sewer | 18,474,678 | |||||||||||
$ | 141,870 | Total Investments (cost $139,627,334) – 93.0% | 144,234,136 | ||||||||||
Other Assets Less Liabilities – 7.0% | 10,796,706 | ||||||||||||
Net Assets – 100% | $ | 155,030,842 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. |
N/R | Not rated. |
(ETM) | Escrowed to maturity. |
See accompanying notes to financial statements.
24 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Kentucky Municipal Bond Fund
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Consumer Staples – 1.2% | ||||||||||||
$ | 5,170 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 | 5/12 at 100.00 | BBB | $ | 4,921,892 | ||||||
Education and Civic Organizations – 5.2% | ||||||||||||
4,015 | Campbellsville, Kentucky, Industrial Building Revenue Bonds, Campbellsville University Project, Series 1999, 5.500%, 3/01/29 | 3/10 at 101.00 | N/R | 3,621,932 | ||||||||
1,000 | Campbellsville, Kentucky, Revenue Bonds, Campbellsville University, Series 2005, 5.700%, 3/01/34 | 3/15 at 100.00 | N/R | 882,990 | ||||||||
5,660 | Columbia, Kentucky, Educational Development Revenue Bonds, Lindsey Wilson College Project, Series 2001, 6.250%, 4/01/21 | 4/11 at 101.00 | BBB– | 5,674,546 | ||||||||
1,000 | Kentucky Asset/Liability Commission, General Receipts Revenue Bonds, University of Kentucky, Series 2005, 5.000%, 10/01/16 – FGIC Insured | 10/15 at 100.00 | AA– | 1,118,800 | ||||||||
Kentucky Asset/Liability Commission, General Receipts Revenue Bonds, University of Kentucky, Series 2007A: | ||||||||||||
1,645 | 5.000%, 10/01/20 – AMBAC Insured | 10/17 at 100.00 | AA– | 1,790,994 | ||||||||
2,675 | 5.000%, 10/01/21 – AMBAC Insured | 10/17 at 100.00 | AA– | 2,884,640 | ||||||||
4,435 | 5.000%, 10/01/22 – AMBAC Insured | 10/17 at 100.00 | AA– | 4,753,699 | ||||||||
1,500 | Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University, Series 2008A, 6.000%, 5/01/38 | 5/18 at 100.00 | Baa2 | 1,509,750 | ||||||||
21,930 | Total Education and Civic Organizations | 22,237,351 | ||||||||||
Energy – 0.2% | ||||||||||||
1,000 | Virgin Islands Public Finance Authority, Senior Secured Lien Revenue Bonds, Refinery Project – Hovensa LLC, Series 2004, 5.875%, 7/01/22 | 7/14 at 100.00 | BBB | 999,500 | ||||||||
Health Care – 13.5% | ||||||||||||
3,000 | Christian County, Kentucky, Hospital Revenue Refunding Bonds, Jennie Stuart Medical Center, Series 2006A, 5.500%, 2/01/36 – AGC Insured | 2/18 at 100.00 | AAA | 3,023,310 | ||||||||
8,880 | Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured | No Opt. Call | A | 2,661,602 | ||||||||
6,925 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System, Series 2009A, 5.625%, 8/15/27 | 8/19 at 100.00 | Aa3 | 7,439,389 | ||||||||
5,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Series 2009, 5.500%, 5/01/39 (WI/DD, Settling 12/09/09) | 5/19 at 100.00 | AA– | 5,021,650 | ||||||||
9,500 | Kentucky Economic Development Finance Authority, Hospital Revenue Refunding Bonds, Pikeville, United Methodist Hospital of Kentucky Inc. Project, Series 1997, 5.700%, 2/01/28 – CONNIE LEE/AMBA Insured | 2/10 at 100.00 | N/R | 9,501,995 | ||||||||
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare Inc., Series 1997: | ||||||||||||
3,500 | 5.850%, 10/01/17 | 4/10 at 100.00 | BB– | 3,244,255 | ||||||||
1,500 | 5.875%, 10/01/22 | 4/10 at 100.00 | BB– | 1,294,140 | ||||||||
7,000 | Murray Hospital Facilities, Kentucky, Revenue Bonds, Murray-Calloway County Public Hospital, Series 2007, 5.125%, 8/01/37 | 8/17 at 100.00 | Baa2 | 5,740,070 | ||||||||
2,195 | Rockcastle County, Kentucky, First Mortgage Revenue Bonds, Rockcastle Hospital and Respiratory Care Center Inc. Project, Series 2005, 5.550%, 6/01/30 | 6/15 at 100.00 | BBB– | 2,002,235 | ||||||||
16,535 | Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2002A, 5.625%, 11/15/30 | 11/12 at 100.00 | A– | 16,648,430 | ||||||||
1,000 | Warren County, Kentucky, Hospital Facilities Revenue Bonds, Community Hospital, Series 2007A, 5.000%, 8/01/29 | 8/17 at 100.00 | BBB+ | 942,580 | ||||||||
65,035 | Total Health Care | 57,519,656 |
Nuveen Investments | 25 |
Portfolio of Investments (Unaudited)
Nuveen Kentucky Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Housing/Multifamily – 0.6% | ||||||||||||
$ | 3,055 | Henderson, Kentucky, Senior Tax-Exempt Residential Facilities Revenue Bonds, Pleasant Pointe Project, Series 1999A, 6.125%, 5/01/29 | 5/10 at 101.00 | N/R | $ | 2,628,736 | ||||||
Housing/Single Family – 3.3% | ||||||||||||
70 | Kentucky Housing Corporation, Housing Revenue Bonds, Series 1998F, 5.000%, 7/01/18 (Alternative Minimum Tax) | 1/10 at 100.50 | AAA | 70,998 | ||||||||
4,505 | Kentucky Housing Corporation, Housing Revenue Bonds, Series 1999A, 5.200%, 1/01/31 | 4/10 at 100.50 | AAA | 4,516,758 | ||||||||
2,415 | Kentucky Housing Corporation, Housing Revenue Bonds, Series 2004F, 3.900%, 7/01/31 (Alternative Minimum Tax) | 1/14 at 100.00 | AAA | 2,407,948 | ||||||||
1,120 | Kentucky Housing Corporation, Housing Revenue Bonds, Series 2007E, 5.750%, 7/01/39 | 1/19 at 100.00 | AAA | 1,170,702 | ||||||||
675 | Kentucky Housing Corporation, Housing Revenue Bonds, Series 2007K, 5.000%, 7/01/34 | 1/17 at 100.00 | AAA | 668,372 | ||||||||
150 | Kentucky Housing Corporation, Housing Revenue Bonds, Series 2008E, 5.450%, 7/01/38 | 1/18 at 100.00 | AAA | 153,936 | ||||||||
5,000 | Kentucky Housing Corporation, Housing Revenue Bonds, Series 2009B, 5.150%, 7/01/39 | 1/19 at 100.00 | AAA | 5,083,200 | ||||||||
13,935 | Total Housing/Single Family | 14,071,914 | ||||||||||
Long-Term Care – 0.5% | ||||||||||||
2,000 | Kentucky Economic Development Finance Authority, Multifamily Housing Revenue Bonds, Christian Care Communities Projects, Series 2005, 5.250%, 11/20/25 | 11/15 at 103.00 | AAA | 2,099,160 | ||||||||
Materials – 0.6% | ||||||||||||
2,820 | Wickliffe, Kentucky, Solid Waste Disposal Facility Revenue Bonds, Westvaco Corporation, Series 1996, 6.375%, 4/01/26 (Alternative Minimum Tax) | 4/10 at 100.00 | BBB | 2,412,002 | ||||||||
Tax Obligation/General – 3.5% | ||||||||||||
Bowling Green, Kentucky, General Obligation and Special Revenue Bonds, Series 2002B: | ||||||||||||
1,230 | 5.000%, 6/01/24 | 6/12 at 100.00 | Aa3 | 1,295,916 | ||||||||
1,700 | 5.000%, 6/01/25 | 6/12 at 100.00 | Aa3 | 1,776,041 | ||||||||
Crittenden County, Kentucky, General Obligation Bonds, Series 2007: | ||||||||||||
1,085 | 6.000%, 12/01/27 | 12/17 at 100.00 | N/R | 1,086,356 | ||||||||
1,605 | 6.250%, 12/01/32 | 12/17 at 100.00 | N/R | 1,605,995 | ||||||||
2,190 | 6.500%, 12/01/37 | 12/17 at 100.00 | N/R | 2,176,028 | ||||||||
Louisville and Jefferson County Metropolitan Government, Kentucky, General Obligation Bonds, Series 2004A-B: | ||||||||||||
1,195 | 5.000%, 11/01/16 – AMBAC Insured | 11/14 at 100.00 | AA+ | 1,340,396 | ||||||||
1,000 | 5.000%, 11/01/17 – AMBAC Insured | 11/14 at 100.00 | AA+ | 1,146,090 | ||||||||
1,175 | Louisville, Kentucky, General Obligation Bonds, Series 2001A, 5.000%, 11/01/21 | 11/11 at 101.00 | AA+ | 1,260,857 | ||||||||
3,000 | Louisville, Kentucky, General Obligation Bonds, Series 2002A, 5.000%, 10/01/23 – FGIC Insured | 10/12 at 100.00 | AA+ | 3,184,200 | ||||||||
14,180 | Total Tax Obligation/General | 14,871,879 | ||||||||||
Tax Obligation/Limited – 27.2% | ||||||||||||
1,305 | Ballard County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004, 5.000%, 6/01/21 – AMBAC Insured | 6/14 at 100.00 | Aa3 | 1,379,150 | ||||||||
Boone County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004B: | ||||||||||||
1,460 | 5.000%, 5/01/20 – FSA Insured | 5/14 at 100.00 | Aa3 | 1,543,089 | ||||||||
2,580 | 5.000%, 5/01/21 – FSA Insured | 5/14 at 100.00 | Aa3 | 2,709,077 | ||||||||
1,465 | Boone County, Kentucky, Public Properties Corporation, First Mortgage Bonds, AOC Judicial Facility, Series 2001, 5.125%, 9/01/22 | 9/12 at 101.00 | Aa3 | 1,574,216 |
26 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Tax Obligation/Limited (continued) | ||||||||||||
Butler County School District Finance Corporation, Kentucky, Revenue Bonds, School Buildings, Series 2004C: | ||||||||||||
$ | 1,220 | 5.000%, 6/01/20 | 6/14 at 100.00 | Aa3 | $ | 1,302,326 | ||||||
1,255 | 5.000%, 6/01/22 | 6/14 at 100.00 | Aa3 | 1,325,569 | ||||||||
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004: | ||||||||||||
2,115 | 5.000%, 6/01/17 – NPFG Insured | 6/14 at 100.00 | Aa3 | 2,319,478 | ||||||||
3,510 | 5.000%, 6/01/18 – NPFG Insured | 6/14 at 100.00 | Aa3 | 3,799,926 | ||||||||
3,690 | 5.000%, 6/01/19 – NPFG Insured | 6/14 at 100.00 | Aa3 | 3,963,097 | ||||||||
Kentucky Area Development Districts Financing Trust, Ewing, Lease Acquisition Program Revenue Bonds, Series 2000C: | ||||||||||||
750 | 5.850%, 6/01/20 | 6/10 at 102.00 | AA | 770,768 | ||||||||
1,000 | 6.000%, 6/01/30 | 6/10 at 102.00 | AA | 1,019,960 | ||||||||
2,000 | Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 – NPFG Insured | 5/15 at 100.00 | Aa3 | 2,078,720 | ||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008A-1: | ||||||||||||
1,525 | 5.750%, 12/01/28 – AGC Insured | 6/18 at 100.00 | AAA | 1,666,337 | ||||||||
2,955 | 6.000%, 12/01/33 – AGC Insured | 6/18 at 100.00 | AAA | 3,213,090 | ||||||||
3,865 | 6.000%, 12/01/38 – AGC Insured | 6/18 at 100.00 | AAA | 4,143,860 | ||||||||
3,790 | 6.000%, 12/01/42 – AGC Insured | 6/18 at 100.00 | AAA | 4,056,664 | ||||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A2: | ||||||||||||
35 | 0.000%, 12/01/15 – AGC Insured | No Opt. Call | AAA | 28,036 | ||||||||
50 | 0.000%, 12/01/16 – AGC Insured | No Opt. Call | AAA | 37,703 | ||||||||
3,505 | 0.000%, 12/01/22 – AGC Insured | No Opt. Call | AAA | 1,810,157 | ||||||||
3,750 | 0.000%, 12/01/23 – AGC Insured | No Opt. Call | AAA | 1,805,625 | ||||||||
5,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Tender Option Bonds Trust 11810-1, 16.153%, 12/01/28 – AGC Insured (IF) | 6/18 at 100.00 | AAA | 6,853,600 | ||||||||
2,365 | Kentucky Local Correctional Facilities Authority, Multi-County Lease Revenue Bonds, Series 2004, 5.250%, 11/01/14 – NPFG Insured | No Opt. Call | A | 2,669,849 | ||||||||
1,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 81, Series 2003, 5.000%, 11/01/19 – AMBAC Insured | 11/13 at 100.00 | A+ | 1,072,490 | ||||||||
2,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 84, Series 2005, 5.000%, 8/01/18 – NPFG Insured | No Opt. Call | Aa3 | 2,268,480 | ||||||||
5,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 – FSA Insured | No Opt. Call | AAA | 5,720,750 | ||||||||
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009: | ||||||||||||
2,500 | 5.250%, 2/01/28 – AGC Insured | 2/19 at 100.00 | AAA | 2,701,875 | ||||||||
2,500 | 5.250%, 2/01/29 – AGC Insured | 2/19 at 100.00 | AAA | 2,688,075 | ||||||||
3,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 96, Series 2009A, 5.000%, 11/01/29 | 11/19 at 100.00 | Aa3 | 3,155,640 | ||||||||
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B: | ||||||||||||
5,095 | 5.000%, 7/01/15 – AMBAC Insured | No Opt. Call | AA+ | 5,849,620 | ||||||||
5,000 | 5.000%, 7/01/24 – AMBAC Insured | 7/16 at 100.00 | AA+ | 5,325,550 | ||||||||
25 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2008A, 5.000%, 7/01/28 | 7/18 at 100.00 | AA+ | 26,428 | ||||||||
2,820 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2009A, 5.000%, 7/01/29 | 7/19 at 100.00 | AA+ | 2,969,122 | ||||||||
4,000 | Kentucky Turnpike Authority, Economic Development Road Revenue Refunding Bonds, Revitalization Project, Series 2001B, 5.150%, 7/01/19 – FSA Insured | 7/11 at 100.00 | AAA | 4,209,520 | ||||||||
2,060 | Laurel County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, Series 2007, 5.000%, 6/01/27 – FSA Insured | 6/17 at 100.00 | Aa3 | 2,163,762 |
Nuveen Investments | 27 |
Portfolio of Investments (Unaudited)
Nuveen Kentucky Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
Tax Obligation/Limited (continued) | |||||||||||||
Letcher County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004: | |||||||||||||
$ | 1,430 | 5.000%, 6/01/18 – FSA Insured | 6/14 at 100.00 | Aa3 | $ | 1,530,887 | |||||||
1,585 | 5.000%, 6/01/20 – FSA Insured | 6/14 at 100.00 | Aa3 | 1,675,868 | |||||||||
1,695 | Louisville and Jefferson County Visitors and Convention Commission, Kentucky, Dedicated Tax Revenue Bonds, Series 2004A, 5.000%, 12/01/15 – FSA Insured | 6/14 at 101.00 | AAA | 1,899,180 | |||||||||
5,100 | Oldham County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2001A, 5.125%, 4/01/21 | 4/11 at 101.00 | Aa3 | 5,269,269 | |||||||||
Oldham County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004: | |||||||||||||
1,230 | 5.000%, 5/01/18 – NPFG Insured | 5/14 at 100.00 | Aa3 | 1,338,892 | |||||||||
1,635 | 5.000%, 5/01/20 – NPFG Insured | 5/14 at 100.00 | Aa3 | 1,763,675 | |||||||||
1,715 | 5.000%, 5/01/21 – NPFG Insured | 5/14 at 100.00 | Aa3 | 1,840,572 | |||||||||
1,360 | Owen County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2001, 5.000%, 4/01/21 | 4/11 at 101.00 | Aa3 | 1,431,522 | |||||||||
500 | Pendleton County, Kentucky, Leasing Trust Revenue Bonds, Kentucky Association of Counties, Series 1993A, 6.400%, 3/01/19 | No Opt. Call | A | 601,710 | |||||||||
2,520 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 1998A, 5.500%, 7/01/14 – AMBAC Insured | No Opt. Call | BBB | 2,704,792 | |||||||||
11,600 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/34 | No Opt. Call | A+ | 2,394,124 | |||||||||
1,360 | Shelby County School District Finance Corporation, Kentucky, Revenue Bonds, School Buildings, Series 2004, 5.000%, 5/01/21 – NPFG Insured | 5/14 at 100.00 | Aa3 | 1,436,772 | |||||||||
2,185 | Spencer County School District Finance Corporation, Kentucky, Revenue Bonds, School Buildings, Series 2004, 5.000%, 7/01/21 – FSA Insured | 7/14 at 100.00 | Aa3 | 2,295,648 | |||||||||
1,010 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.250%, 10/01/21 – FSA Insured | 10/14 at 100.00 | AAA | 1,042,088 | |||||||||
119,115 | Total Tax Obligation/Limited | 115,446,608 | |||||||||||
Transportation – 5.4% | |||||||||||||
Guam International Airport Authority, Revenue Bonds, Series 2003C: | |||||||||||||
5,000 | 5.250%, 10/01/22 – NPFG Insured (Alternative Minimum Tax) | 10/10 at 100.00 | A | 5,003,750 | |||||||||
2,195 | 5.000%, 10/01/23 – NPFG Insured (Alternative Minimum Tax) | 10/13 at 100.00 | A | 2,143,461 | |||||||||
5,090 | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2003B, 5.000%, 3/01/23 – NPFG Insured (Alternative Minimum Tax) | 3/13 at 100.00 | A | 4,959,696 | |||||||||
2,980 | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2007B, 5.000%, 3/01/13 – SYNCORA GTY Insured (Alternative Minimum Tax) | No Opt. Call | A | 3,111,567 | |||||||||
1,000 | Louisville and Jefferson County Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Series 2003C, 5.250%, 7/01/22 – FSA Insured (Alternative Minimum Tax) | 7/13 at 100.00 | AAA | 1,014,950 | |||||||||
7,285 | Louisville and Jefferson County Regional Airport Authority, Kentucky, Special Facilities Revenue Bonds, Airis Louisville LLC Project, Series 1999A, 5.500%, 3/01/19 (Alternative Minimum Tax) | 3/10 at 100.00 | Baa3 | 6,740,592 | |||||||||
23,550 | Total Transportation | 22,974,016 | |||||||||||
U.S. Guaranteed – 8.2% (4) | |||||||||||||
1,875 | Bell County Public Properties Corporation, Kentucky, First Mortgage Revenue Bonds, Judicial Center Project, Series 2000, 5.850%, 9/01/28 (Pre-refunded 3/01/11) – AMBAC Insured | 3/11 at 102.00 | A | (4) | 2,040,094 | ||||||||
Fayette County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2000: | |||||||||||||
1,665 | 5.500%, 6/01/18 (Pre-refunded 6/01/10) | 6/10 at 101.00 | AA | (4) | 1,725,573 | ||||||||
2,795 | 5.500%, 6/01/20 (Pre-refunded 6/01/10) | 6/10 at 101.00 | AA | (4) | 2,896,682 |
28 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
U.S. Guaranteed (4) (continued) | |||||||||||||
$ | 1,500 | Kentucky Economic Development Finance Authority, College Revenue Refunding and Improvement Bonds, Centre College Project, Series 2002, 5.000%, 4/01/32 (Pre-refunded 10/01/12) – FSA Insured | 10/12 at 100.00 | AAA | $ | 1,667,565 | |||||||
1,000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Series 2001, 5.250%, 9/01/21 (Pre-refunded 9/01/11) | 9/11 at 100.00 | Aa2 | (4) | 1,081,960 | ||||||||
400 | Kentucky State Property and Buildings Commission, Agency Fund Revenue Bonds, Project 66A, Series 2000, 5.750%, 5/01/20 (Pre-refunded 5/01/10) – MBIA Insured | 5/10 at 100.00 | Aa3 | (4) | 409,172 | ||||||||
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005: | |||||||||||||
2,795 | 5.000%, 8/01/22 (Pre-refunded 8/01/15) – FSA Insured | 8/15 at 100.00 | AAA | 3,282,504 | |||||||||
5,085 | 5.000%, 8/01/25 (Pre-refunded 8/01/15) – FSA Insured | 8/15 at 100.00 | AAA | 5,971,926 | |||||||||
5,000 | Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project 79, Series 2003, 5.000%, 10/01/22 (Pre-refunded 10/01/13) – MBIA Insured | 10/13 at 100.00 | Aa3 | (4) | 5,719,300 | ||||||||
650 | Magoffin County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2000, 5.750%, 6/01/20 (Pre-refunded 6/01/10) | 6/10 at 101.00 | Aa3 | (4) | 674,460 | ||||||||
410 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2002D, 5.000%, 7/01/32 (Pre-refunded 7/01/12) – FSA Insured | 7/12 at 100.00 | AAA | 454,711 | |||||||||
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: | |||||||||||||
245 | 6.000%, 8/01/26 – AGC Insured (ETM) | No Opt. Call | AAA | 305,035 | |||||||||
2,755 | 6.000%, 8/01/26 – AGC Insured (ETM) | No Opt. Call | AAA | 3,430,085 | |||||||||
2,600 | Puerto Rico, General Obligation and Public Improvement Bonds, Series 2000, 5.750%, 7/01/26 (Pre-refunded 7/01/10) – NPFG Insured | 7/10 at 100.00 | A | (4) | 2,682,680 | ||||||||
2,720 | Russell, Kentucky, Health System Revenue Bonds, Franciscan Health Partnership Inc. – Our Lady of Bellefonte Hospital, Series 1997, 5.500%, 7/01/15 (Pre-refunded 1/01/10) | 1/10 at 100.00 | Baa2 | (4) | 2,732,022 | ||||||||
31,495 | Total U.S. Guaranteed | 35,073,769 | |||||||||||
Utilities – 15.4% | |||||||||||||
1,175 | Boone County, Kentucky, Collateralized Pollution Control Revenue Bonds, Dayton Power & Light Company, Series 2005A, 4.700%, 1/01/28 – FGIC Insured | 7/15 at 100.00 | Aa3 | 1,162,251 | |||||||||
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Series 2007A: | |||||||||||||
4,000 | 5.000%, 9/01/37 – NPFG Insured | 9/17 at 100.00 | A | 3,981,840 | |||||||||
4,600 | 5.250%, 9/01/42 – NPFG Insured | 9/17 at 100.00 | A | 4,492,038 | |||||||||
1,535 | 5.250%, 9/01/42 – MBIA Insured | 9/17 at 100.00 | AAA | 1,571,180 | |||||||||
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B: | |||||||||||||
7,100 | 0.000%, 1/01/11 – AMBAC Insured | No Opt. Call | A2 | 6,933,292 | |||||||||
6,475 | 0.000%, 1/01/12 – AMBAC Insured | No Opt. Call | A2 | 6,154,293 | |||||||||
5,810 | 0.000%, 1/01/15 – AMBAC Insured | No Opt. Call | A2 | 4,843,390 | |||||||||
7,900 | 0.000%, 1/01/17 – AMBAC Insured | No Opt. Call | A2 | 5,880,444 | |||||||||
13,300 | 0.000%, 1/01/18 – AMBAC Insured | No Opt. Call | A2 | 9,295,237 | |||||||||
Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A: | |||||||||||||
2,945 | 5.000%, 10/01/20 – AGC Insured | 4/19 at 100.00 | Aa3 | 3,282,909 | |||||||||
8,525 | 5.250%, 10/01/35 – AGC Insured | 4/19 at 100.00 | Aa3 | 8,758,670 | |||||||||
2,975 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | A | 3,086,265 | |||||||||
3,990 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/24 – FGIC Insured | 7/15 at 100.00 | A | 4,009,112 | |||||||||
1,895 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005SS, 5.000%, 7/01/17 – NPFG Insured | 7/15 at 100.00 | A | 1,991,474 | |||||||||
72,225 | Total Utilities | 65,442,395 |
Nuveen Investments | 29 |
Portfolio of Investments (Unaudited)
Nuveen Kentucky Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Water and Sewer – 14.7% | ||||||||||||
Campbell & Kenton Counties Sanitation District 1, Kentucky, Revenue Bonds, Series 2007: | ||||||||||||
$ | 100 | 5.000%, 8/01/21 – NPFG Insured | 8/17 at 100.00 | AA | $ | 109,719 | ||||||
3,795 | 5.000%, 8/01/24 – NPFG Insured | 8/17 at 100.00 | AA | 4,092,186 | ||||||||
1,000 | Kentucky Rural Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term Program, Series 2001A, 5.375%, 2/01/20 | 2/11 at 102.00 | AA– | 1,032,110 | ||||||||
Louisville and Jefferson County Metropolitan Government Board of Water Works, Kentucky, Water System Revenue Bonds, Series 2006: | ||||||||||||
2,565 | 5.000%, 11/15/27 | 11/16 at 100.00 | AAA | 2,716,207 | ||||||||
4,990 | 5.000%, 11/15/29 | 11/16 at 100.00 | AAA | 5,225,528 | ||||||||
9,660 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 1998A, 5.000%, 5/15/30 – FGIC Insured | 5/10 at 100.00 | AA– | 9,682,991 | ||||||||
16,000 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 – NPFG Insured | 11/11 at 101.00 | AA– | 16,691,519 | ||||||||
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2004A: | ||||||||||||
7,365 | 5.250%, 5/15/37 – FGIC Insured | 5/14 at 101.00 | AA– | 7,522,390 | ||||||||
750 | 5.000%, 5/15/38 – FGIC Insured | 5/14 at 101.00 | AA– | 752,445 | ||||||||
2,000 | Northern Kentucky Water District, Revenue Bonds, Series 2009, 6.500%, 2/01/33 – FSA Insured | 8/18 at 100.00 | Aa3 | 2,217,700 | ||||||||
7,225 | Northern Kentucky Water District, Revenue Refunding Bonds, Series 2002A, 5.000%, 2/01/27 – FGIC Insured | 2/12 at 100.00 | A2 | 7,316,324 | ||||||||
2,740 | Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009A, 6.250%, 6/01/39 | 6/19 at 100.00 | BBB+ | 2,894,673 | ||||||||
2,000 | Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009B, 5.625%, 9/01/39 | 9/19 at 100.00 | BBB+ | 2,036,620 | ||||||||
60,190 | Total Water and Sewer | 62,290,412 | ||||||||||
$ | 435,700 | Total Investments (cost $412,301,402) – 99.5% | 422,989,290 | |||||||||
Other Assets Less Liabilities – 0.5% | 1,970,658 | |||||||||||
Net Assets – 100% | $ | 424,959,948 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. |
N/R | Not rated. |
(ETM) | Escrowed to maturity. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
(IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
30 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Michigan Municipal Bond Fund
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Consumer Staples – 1.4% | ||||||||||||
$ | 2,450 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/18 at 100.00 | Baa3 | $ | 2,223,424 | ||||||
785 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 | 5/12 at 100.00 | BBB | 747,328 | ||||||||
3,235 | Total Consumer Staples | 2,970,752 | ||||||||||
Education and Civic Organizations – 1.4% | ||||||||||||
Michigan Technological University, General Revenue Bonds, Series 2004A: | ||||||||||||
1,230 | 5.000%, 10/01/24 – NPFG Insured | 10/13 at 100.00 | A1 | 1,238,450 | ||||||||
1,740 | 5.000%, 10/01/29 – NPFG Insured | 10/13 at 100.00 | A1 | 1,758,026 | ||||||||
2,970 | Total Education and Civic Organizations | 2,996,476 | ||||||||||
Health Care – 10.8% | ||||||||||||
1,500 | City of Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William Beaumont Hospital Obligated Group, Series 2009W, 6.000%, 8/01/39 (WI/DD, Settling 12/15/09) | 8/19 at 100.00 | A1 | 1,463,340 | ||||||||
3,300 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 | 11/19 at 100.00 | A1 | 3,133,152 | ||||||||
1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Michigan Community Hospital, Series 1996, 6.250%, 10/01/27 | 4/10 at 100.00 | BBB– | 999,980 | ||||||||
3,350 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Oakwood Obligated Group, Series 2002A, 5.750%, 4/01/32 | 4/13 at 100.00 | A | 3,223,471 | ||||||||
1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured | 6/19 at 100.00 | AAA | 1,032,400 | ||||||||
1,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Crittenton Hospital, Series 2002A, 5.625%, 3/01/27 | 3/12 at 101.00 | A | 998,260 | ||||||||
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, Series 2005A: | ||||||||||||
1,000 | 5.000%, 5/15/12 | No Opt. Call | Baa3 | 1,026,950 | ||||||||
1,400 | 5.000%, 5/15/26 | 5/15 at 100.00 | Baa3 | 1,208,704 | ||||||||
2,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Sparrow Obligated Group, Series 2005, 5.000%, 11/15/36 – NPFG Insured | 5/15 at 100.00 | A+ | 1,785,640 | ||||||||
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A: | ||||||||||||
105 | 6.250%, 8/15/13 | 2/10 at 100.00 | BB– | 104,995 | ||||||||
3,885 | 6.500%, 8/15/18 | 2/10 at 100.00 | BB– | 3,796,383 | ||||||||
1,000 | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 | 9/18 at 100.00 | A1 | 1,159,460 | ||||||||
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Series 2001M: | ||||||||||||
1,060 | 5.250%, 11/15/31 – NPFG Insured | 11/11 at 100.00 | A1 | 969,677 | ||||||||
2,010 | 5.250%, 11/15/35 – NPFG Insured | 11/11 at 100.00 | A1 | 1,783,955 | ||||||||
23,610 | Total Health Care | 22,686,367 | ||||||||||
Housing/Multifamily – 3.2% | ||||||||||||
1,200 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 4/01/31 – FSA Insured (Alternative Minimum Tax) | 7/15 at 100.00 | AAA | 1,212,420 | ||||||||
2,175 | Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A, 5.700%, 10/01/39 | 10/18 at 100.00 | AA | 2,238,662 | ||||||||
4,460 | Michigan Housing Development Authority, Section 8 Assisted Mortgage Revenue Bonds, Series 1983I, 0.000%, 4/01/14 | No Opt. Call | AA | 3,222,528 | ||||||||
7,835 | Total Housing/Multifamily | 6,673,610 | ||||||||||
Industrials – 0.9% | ||||||||||||
2,000 | Michigan Strategic Fund, Solid Waste Disposal Limited Obligation Revenue Bonds, Waste Management Inc., Series 2004, 4.500%, 12/01/13 (Alternative Minimum Tax) | No Opt. Call | BBB | 2,024,840 |
Nuveen Investments | 31 |
Portfolio of Investments (Unaudited)
Nuveen Michigan Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Materials – 0.8% | ||||||||||||
$ | 1,750 | Dickinson County Economic Development Corporation, Michigan, Pollution Control Revenue Bonds, International Paper Company, Series 2004A, 4.800%, 11/01/18 | 11/14 at 100.00 | BBB | $ | 1,676,483 | ||||||
Tax Obligation/General – 36.5% | ||||||||||||
660 | Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 5/01/23 | 5/18 at 100.00 | AA+ | 705,302 | ||||||||
800 | Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement Series 2008, 5.000%, 5/01/38 | 5/18 at 100.00 | AA+ | 826,328 | ||||||||
1,435 | Bay City, Michigan, General Obligation Bonds, Series 2008B, 5.500%, 4/01/28 – FSA Insured | 4/18 at 100.00 | AAA | 1,562,873 | ||||||||
1,020 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2003, 5.250%, 5/01/22 | 5/13 at 100.00 | AA– | 1,096,194 | ||||||||
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2005: | ||||||||||||
1,000 | 5.000%, 5/01/23 – NPFG Insured | 5/15 at 100.00 | AA– | 1,040,350 | ||||||||
2,085 | 5.000%, 5/01/24 – NPFG Insured | 5/15 at 100.00 | AA– | 2,163,292 | ||||||||
1,000 | 5.000%, 5/01/25 – NPFG Insured | 5/15 at 100.00 | AA– | 1,033,830 | ||||||||
2,013 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Tender Option Bond Trust 2008-1096, 7.914%, 5/01/32 – NPFG Insured (IF) | 5/17 at 100.00 | AA– | 1,890,247 | ||||||||
1,000 | Charter County of Wayne, Michigan, General Obligation Limited Tax Building Improvement Bonds, Series 2009, 6.750%, 11/01/39 | 12/19 at 100.00 | A | 1,037,680 | ||||||||
1,850 | Chippewa Valley Schools, Macomb County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/24 – NPFG Insured | 5/15 at 100.00 | AA– | 1,919,468 | ||||||||
Detroit-Wayne County Stadium Authority, Michigan, Limited Tax General Obligation Building Authority Stadium Bonds, Series 1997: | ||||||||||||
500 | 5.500%, 2/01/17 – FGIC Insured | 2/10 at 100.00 | A | 500,590 | ||||||||
11,000 | 5.250%, 2/01/27 – FGIC Insured | 2/10 at 100.00 | A | 11,002,638 | ||||||||
1,245 | Edwardsburg Public School, Cass County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/24 – FSA Insured | 5/14 at 100.00 | AAA | 1,298,162 | ||||||||
5,850 | Hartland Consolidated School District, Livingston County, Michigan, General Obligation Refunding Bonds, Series 2001, 5.125%, 5/01/29 | 5/11 at 100.00 | AA– | 5,885,919 | ||||||||
50 | Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 5.125%, 5/01/32 – NPFG Insured | 5/16 at 100.00 | AA– | 50,721 | ||||||||
1,675 | Hopkins Public Schools, Allegan County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/25 – NPFG Insured | 5/17 at 100.00 | AA– | 1,749,504 | ||||||||
2,000 | Howell Public Schools, Livingston County, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/24 | 11/13 at 100.00 | AA– | 2,083,620 | ||||||||
1,000 | Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site Bonds, Series 2004, 5.000%, 5/01/22 – FSA Insured | 5/14 at 100.00 | AAA | 1,055,200 | ||||||||
1,215 | Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 – FSA Insured | 5/16 at 100.00 | AAA | 1,284,352 | ||||||||
1,300 | Lansing Community College, Michigan, General Obligation Bonds, Series 2003, 5.000%, 5/01/20 – NPFG Insured | 5/13 at 100.00 | AA | 1,401,959 | ||||||||
840 | Lowell Area Schools, Counties of Ionia and Kent, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/37 – FSA Insured | 5/17 at 100.00 | AAA | 841,000 | ||||||||
3,250 | Michigan, General Obligation Bonds, Environmental Protection Program, Series 2003A, 5.250%, 5/01/21 | 5/13 at 100.00 | AA– | 3,387,378 | ||||||||
350 | Michigan, General Obligation Bonds, Environmental Protection Program, Series 2009A, 5.500%, 11/01/25 | 5/19 at 100.00 | AA– | 377,734 | ||||||||
140 | Oakland County Building Authority, Michigan, General Obligation Bonds, Refunding Series 2006, 5.000%, 6/01/27 | 6/13 at 100.00 | AAA | 145,671 |
32 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Tax Obligation/General (continued) | ||||||||||||
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, Series 2007: | ||||||||||||
$ | 500 | 5.000%, 5/01/27 – FSA Insured | 5/17 at 100.00 | AAA | $ | 529,175 | ||||||
820 | 5.000%, 5/01/36 – FSA Insured | 5/17 at 100.00 | AAA | 834,711 | ||||||||
1,370 | Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/24 – NPFG Insured | 5/15 at 100.00 | AA– | 1,443,144 | ||||||||
Okemos Public School District, Ingham County, Michigan, General Obligation Refunding Bonds, Series 1993: | ||||||||||||
1,000 | 0.000%, 5/01/17 – NPFG Insured | No Opt. Call | A1 | 767,470 | ||||||||
1,020 | 0.000%, 5/01/18 – NPFG Insured | No Opt. Call | A1 | 740,306 | ||||||||
4,000 | Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%, 8/01/30 – NPFG Insured | 8/17 at 100.00 | Aa1 | 4,157,200 | ||||||||
1,075 | Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option Bond Trust 2836, 11.046%, 5/01/36 – FSA Insured (IF) | 5/17 at 100.00 | AAA | 953,299 | ||||||||
150 | South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 – AGC Insured | 12/19 at 100.00 | AAA | 153,000 | ||||||||
500 | South Redford School District, Wayne County, Michigan, General Obligation Bonds, School Building and Site, Series 2005, 5.000%, 5/01/30 – NPFG Insured | 5/15 at 100.00 | AA– | 507,325 | ||||||||
1,400 | South Redford School District, Wayne County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/21 – FGIC Insured | 11/14 at 100.00 | AA– | �� | 1,477,910 | |||||||
1,405 | Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 – NPFG Insured | 5/17 at 100.00 | AA– | 1,417,069 | ||||||||
1,530 | Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%, 5/01/34 – FSA Insured | 5/18 at 100.00 | AAA | 1,538,293 | ||||||||
1,350 | Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building and Site, Series 2008, 5.000%, 5/01/38 – FSA Insured | 5/18 at 100.00 | AAA | 1,349,946 | ||||||||
1,500 | Wayland Union School District, Allegan County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 5/01/28 – FSA Insured | 5/18 at 100.00 | AAA | 1,563,765 | ||||||||
1,150 | Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/17 – FSA Insured | 11/14 at 100.00 | AAA | 1,312,944 | ||||||||
1,915 | West Bloomfield School District, Oakland County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/20 – FSA Insured | 5/15 at 100.00 | AAA | 2,061,498 | ||||||||
3,270 | West Ottawa Public School District, Ottawa County, Michigan, General Obligation Refunding Bonds, Series 1992, 0.000%, 5/01/17 – FGIC Insured | No Opt. Call | A1 | 2,473,330 | ||||||||
5,175 | Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured | No Opt. Call | A1 | 5,937,847 | ||||||||
3,170 | Zeeland Public Schools, Ottawa and Allegan Counties, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/22 – FGIC Insured | 5/15 at 100.00 | A | 3,333,382 | ||||||||
75,578 | Total Tax Obligation/General | 76,891,626 | ||||||||||
Tax Obligation/Limited – 12.8% | ||||||||||||
645 | Detroit, Michigan, Building Authority Revenue Bonds, District Court Madison Center, Series 1996A, 6.150%, 2/01/11 | 2/10 at 100.00 | A | 646,787 | ||||||||
Grand Rapids Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Series 1994: | ||||||||||||
3,985 | 0.000%, 6/01/17 – NPFG Insured | No Opt. Call | A | 2,811,218 | ||||||||
3,295 | 0.000%, 6/01/18 – NPFG Insured | No Opt. Call | A | 2,169,461 | ||||||||
3,375 | Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 5.125%, 5/01/14 | No Opt. Call | N/R | 3,455,831 | ||||||||
Michigan Building Authority, Revenue Bonds, Series 2006IA: | ||||||||||||
3,000 | 0.000%, 10/15/27 – FGIC Insured | 10/16 at 58.27 | AAA | 1,117,410 | ||||||||
1,500 | 0.000%, 10/15/28 – FGIC Insured | 10/16 at 55.35 | AAA | 520,590 | ||||||||
3,960 | 5.000%, 10/15/36 – FGIC Insured | 10/16 at 100.00 | A+ | 3,807,025 |
Nuveen Investments | 33 |
Portfolio of Investments (Unaudited)
Nuveen Michigan Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
Tax Obligation/Limited (continued) | |||||||||||||
$ | 1,230 | Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/34 – AMBAC Insured | 6/17 at 100.00 | N/R | $ | 1,097,984 | |||||||
4,770 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.000%, 10/15/24 | 10/11 at 100.00 | A+ | 4,846,511 | |||||||||
4,400 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II, 5.000%, 10/15/30 – AMBAC Insured | 10/15 at 100.00 | A+ | 4,424,200 | |||||||||
2,000 | Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2003II, 5.000%, 10/15/22 – NPFG Insured | 10/13 at 100.00 | A+ | 2,024,460 | |||||||||
32,160 | Total Tax Obligation/Limited | 26,921,477 | |||||||||||
Transportation – 0.8% | |||||||||||||
25 | Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 2007, 5.000%, 1/01/32 | 1/17 at 100.00 | AAA | 25,583 | |||||||||
1,535 | Wayne County Airport Authority, Michigan, Revenue Refunding Bonds, Detroit Metropolitan Airport, Series 2007, 5.000%, 12/01/12 – FGIC Insured | No Opt. Call | A | 1,647,469 | |||||||||
1,560 | Total Transportation | 1,673,052 | |||||||||||
U.S. Guaranteed – 11.2% (4) | |||||||||||||
1,000 | Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/21 (Pre-refunded 10/01/12) | 10/12 at 100.50 | AAA | 1,120,170 | |||||||||
250 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 2001A, 5.125%, 5/01/31 (Pre-refunded 5/01/12) – FSA Insured | 5/12 at 100.00 | AAA | 275,488 | |||||||||
3,000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001A, 5.125%, 7/01/31 (Pre-refunded 7/01/11) – FGIC Insured | 7/11 at 100.00 | A+ | (4) | 3,214,200 | ||||||||
2,505 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/25 (Pre-refunded 7/01/13) – MBIA Insured | 7/13 at 100.00 | A+ | (4) | 2,836,712 | ||||||||
3,750 | Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A, 5.500%, 1/15/31 (Pre-refunded 7/15/11) | 7/11 at 101.00 | AA | (4) | 4,080,975 | ||||||||
1,000 | Livonia Municipal Building Authority, Wayne County, Michigan, General Obligation Bonds, Series 2001, 5.000%, 5/01/27 (Pre-refunded 5/01/10) – FGIC Insured | 5/10 at 100.00 | AA | (4) | 1,019,920 | ||||||||
6,000 | Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | N/R | (4) | 3,322,200 | ||||||||
75 | Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 6.000%, 5/01/12 (ETM) | No Opt. Call | A3 | (4) | 80,371 | ||||||||
230 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2001I, 5.000%, 10/15/24 (Pre-refunded 10/15/11) | 10/11 at 100.00 | A+ | (4) | 248,839 | ||||||||
3,000 | Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Henry Ford Health System, Series 2003A, 5.625%, 3/01/17 (Pre-refunded 3/01/13) | 3/13 at 100.00 | A1 | (4) | 3,439,080 | ||||||||
1,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005, 5.000%, 5/15/37 (Pre-refunded 5/15/15) | 5/15 at 100.00 | AAA | 1,168,530 | |||||||||
1,500 | Michigan, Certificates of Participation, Series 2000, 5.500%, 6/01/20 (Pre-refunded 6/01/10) – AMBAC Insured | 6/10 at 100.00 | A2 | (4) | 1,538,880 | ||||||||
1,235 | Rochester Community School District, Oakland and Macomb Counties, Michigan, General Obligation Bonds, Series 2000I, 5.750%, 5/01/19 (Pre-refunded 5/01/10) – FGIC Insured | 5/10 at 100.00 | AA– | (4) | 1,262,997 | ||||||||
24,545 | Total U.S. Guaranteed | 23,608,362 | |||||||||||
Utilities – 6.1% | |||||||||||||
1,000 | Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2003A, 5.000%, 7/01/21 – FSA Insured | 7/13 at 100.00 | AAA | 1,043,080 | |||||||||
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2008A: | |||||||||||||
175 | 5.000%, 7/01/28 | 7/18 at 100.00 | AA– | 183,327 | |||||||||
2,130 | 5.000%, 7/01/32 | 7/18 at 100.00 | AA– | 2,174,624 |
34 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Utilities (continued) | ||||||||||||
$ | 1,000 | Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2001A, 5.250%, 1/01/27 – AMBAC Insured | 1/12 at 100.00 | A2 | $ | 1,031,010 | ||||||
925 | Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 6.000%, 5/01/12 | No Opt. Call | A3 | 988,150 | ||||||||
3,300 | Michigan Strategic Fund, Collateralized Limited Obligation Pollution Control Revenue Refunding Bonds, Fixed Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 – SYNCORA GTY Insured (Alternative Minimum Tax) | 9/11 at 100.00 | A2 | 3,276,405 | ||||||||
1,000 | Monroe County Economic Development Corporation, Michigan, Collateralized Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22 – FGIC Insured | No Opt. Call | A2 | 1,157,500 | ||||||||
4,000 | Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 1989O, 0.000%, 7/01/17 – NPFG Insured | No Opt. Call | A | 3,031,520 | ||||||||
13,530 | Total Utilities | 12,885,616 | ||||||||||
Water and Sewer – 11.6% | ||||||||||||
2,495 | Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 2003A, 5.000%, 7/01/25 – NPFG Insured | 7/13 at 100.00 | A+ | 2,486,866 | ||||||||
4,455 | Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A, 0.000%, 7/01/19 – FGIC Insured | No Opt. Call | A+ | 2,894,324 | ||||||||
4,000 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%, 1/01/30 – NPFG Insured | 7/15 at 100.00 | AA+ | 4,109,600 | ||||||||
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008: | ||||||||||||
145 | 5.000%, 1/01/28 | 1/18 at 100.00 | AA+ | 153,388 | ||||||||
3,500 | 5.000%, 1/01/38 | 1/18 at 100.00 | AA+ | 3,558,030 | ||||||||
2,000 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – AGC Insured | 1/19 at 100.00 | AAA | 2,049,600 | ||||||||
1,625 | Lansing, Michigan, Sewerage Disposal System Revenue Bonds, Series 2003, 5.000%, 5/01/21 – FGIC Insured | 5/14 at 100.00 | AA– | 1,679,795 | ||||||||
2,075 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2005, 5.000%, 10/01/19 | 10/15 at 100.00 | AAA | 2,270,009 | ||||||||
4,055 | Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24 | 10/14 at 100.00 | AAA | 4,268,820 | ||||||||
1,000 | Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/23 | 10/17 at 100.00 | AAA | 1,085,350 | ||||||||
25,350 | Total Water and Sewer | 24,555,782 | ||||||||||
$ | 214,123 | Total Investments (cost $198,179,049) – 97.5% | 205,564,443 | |||||||||
Other Assets Less Liabilities – 2.5% | 5,215,010 | |||||||||||
Net Assets – 100% | $ | 210,779,453 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. |
N/R | Not rated. |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
(ETM) | Escrowed to maturity. |
(IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
Nuveen Investments | 35 |
Portfolio of Investments (Unaudited)
Nuveen Missouri Municipal Bond Fund
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Consumer Discretionary – 1.0% | ||||||||||||
$ | 3,225 | St. Louis Industrial Development Authority, Missouri, Senior Lien Revenue Bonds, St. Louis Convention Center Headquarters Hotel, Series 2000A, 0.000%, 7/15/15 – AMBAC Insured | No Opt. Call | N/R | $ | 2,322,774 | ||||||
Consumer Staples – 5.1% | ||||||||||||
3,000 | Cape Girardeau County Industrial Development Authority, Missouri, Solid Waste Disposal Revenue Bonds, Procter & Gamble Products Company Project, Series 1998, 5.300%, 5/15/28 (Alternative Minimum Tax) | 5/10 at 100.00 | AA– | 3,000,090 | ||||||||
8,555 | Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) | No Opt. Call | AA– | 8,648,078 | ||||||||
11,555 | Total Consumer Staples | 11,648,168 | ||||||||||
Education and Civic Organizations – 3.6% | ||||||||||||
900 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Stephens College, Series 1999, 6.000%, 6/01/24 | 12/09 at 101.00 | A1 | 905,652 | ||||||||
1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2001A, 5.500%, 6/15/16 | No Opt. Call | AAA | 1,207,740 | ||||||||
1,360 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2001, 5.500%, 4/01/18 – NPFG Insured | 4/11 at 100.00 | A3 | 1,385,758 | ||||||||
2,590 | Missouri State University, Auxiliary Enterprise System Revenue Bonds, Series 2007A, 5.000%, 4/01/24 – SYNCORA GTY Insured | 4/17 at 100.00 | A | 2,726,182 | ||||||||
2,060 | Southeast Missouri State University, System Facilities Revenue Refunding and Improvement Bonds, Series 2001, 5.000%, 4/01/26 – NPFG Insured | 4/11 at 100.00 | Baa1 | 2,065,665 | ||||||||
7,910 | Total Education and Civic Organizations | 8,290,997 | ||||||||||
Energy – 0.6% | ||||||||||||
500 | Virgin Islands Public Finance Authority, Senior Secured Lien Revenue Bonds, Refinery Project – Hovensa LLC, Series 2004, 5.875%, 7/01/22 | 7/14 at 100.00 | BBB | 499,750 | ||||||||
1,000 | Virgin Islands, Senior Secured Revenue Bonds, Government Refinery Facilities – Hovensa LLC Coker, Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax) | 1/13 at 100.00 | BBB | 1,017,200 | ||||||||
1,500 | Total Energy | 1,516,950 | ||||||||||
Health Care – 18.3% | ||||||||||||
2,150 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A, 5.750%, 6/01/39 | 6/19 at 100.00 | A+ | 2,159,374 | ||||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007: | ||||||||||||
1,290 | 5.000%, 6/01/27 | 6/17 at 100.00 | N/R | 1,192,154 | ||||||||
2,500 | 5.000%, 6/01/36 | 6/17 at 100.00 | N/R | 2,126,400 | ||||||||
5,520 | Cass County, Missouri, Hospital Revenue Bonds, Series 2007, 5.625%, 5/01/38 | 11/16 at 100.00 | N/R | 4,739,086 | ||||||||
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007: | ||||||||||||
1,250 | 5.000%, 12/01/32 | 12/17 at 100.00 | N/R | 909,938 | ||||||||
3,995 | 5.000%, 12/01/37 | 12/17 at 100.00 | N/R | 2,756,190 | ||||||||
1,250 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/29 | 2/15 at 102.00 | BBB+ | 1,211,000 | ||||||||
1,000 | Missouri Health & Educational Facilities Authority, St. Luke’s Episcopal- Presbyterian Hospitals Revenue Bonds, Series 2001, 5.250%, 12/01/26 – FSA Insured | 6/11 at 101.00 | AAA | 1,015,670 | ||||||||
1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/25 | 5/13 at 100.00 | AA | 1,016,590 | ||||||||
1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2005A, 5.000%, 5/15/22 | 5/15 at 100.00 | AA | 1,027,350 |
36 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Health Care (continued) | ||||||||||||
$ | 500 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Capital Region Medical Center, Series 1998, 5.250%, 11/01/23 | 5/10 at 100.00 | Baa1 | $ | 479,945 | ||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Freeman Health System, Series 1998: | ||||||||||||
1,310 | 5.250%, 2/15/18 | 2/10 at 100.00 | BBB+ | 1,310,052 | ||||||||
1,300 | 5.250%, 2/15/28 | 2/10 at 100.00 | BBB+ | 1,211,834 | ||||||||
2,750 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, 5.700%, 2/15/34 | 2/14 at 100.00 | BBB+ | 2,591,628 | ||||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H: | ||||||||||||
1,650 | 0.000%, 9/01/17 – MBIA Insured | No Opt. Call | A | 1,228,623 | ||||||||
2,955 | 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | A | 1,661,419 | ||||||||
3,915 | 0.000%, 9/01/22 – MBIA Insured | No Opt. Call | A | 2,078,513 | ||||||||
7,140 | Missouri Health and Educational Facilities Authority, Revenue Refunding Bonds, CoxhHealth Systems Inc., Series 2008A, 5.500%, 11/15/39 | 11/18 at 100.00 | A2 | 7,067,386 | ||||||||
1,000 | New Liberty Hospital District, Missouri, Revenue Bonds, Series 2001, 5.000%, 12/01/21 – AMBAC Insured | 12/11 at 100.00 | A+ | 1,004,660 | ||||||||
1,000 | North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39 | 6/19 at 100.00 | AA | 998,470 | ||||||||
St. Louis County Industrial Development Authority, Missouri, Healthcare Facilities Revenue Bonds, Ranken-Jordan Project, Refunding Series 2007: | ||||||||||||
770 | 5.000%, 11/15/22 | 11/16 at 100.00 | N/R | 636,728 | ||||||||
675 | 5.000%, 11/15/27 | 11/16 at 100.00 | N/R | 526,068 | ||||||||
1,300 | 5.000%, 11/15/35 | 11/16 at 100.00 | N/R | 952,861 | ||||||||
2,880 | Taney County Industrial Development Authority, Missouri, Hospital Revenue Bonds, Skaggs Community Hospital Association, Series 1998, 5.400%, 5/15/28 | 5/10 at 100.00 | BB | 2,182,003 | ||||||||
50,100 | Total Health Care | 42,083,942 | ||||||||||
Housing/Multifamily – 3.5% | ||||||||||||
1,280 | Clay County Industrial Development Authority, Missouri, GNMA Multifamily Housing Revenue Bonds, Oak Creek Apartments, Series 2002, 6.125%, 7/20/25 (Alternative Minimum Tax) | 7/13 at 105.00 | AAA | 1,352,333 | ||||||||
1,915 | Jefferson County Industrial Development Authority, Missouri, Multifamily Housing Revenue Bonds, Lakewood Apartments Project, Series 2001B, 5.750%, 11/01/34 (Mandatory put 11/01/16) (Alternative Minimum Tax) | 12/11 at 100.00 | N/R | 1,815,439 | ||||||||
Missouri Housing Development Commission, GNMA Collateralized Multifamily Housing Revenue Bonds, JB Hughes Apartments I and II, Series 2002G: | ||||||||||||
206 | 6.200%, 5/20/19 | 5/12 at 105.00 | Aaa | 224,670 | ||||||||
975 | 6.300%, 5/20/37 | 5/12 at 105.00 | Aaa | 1,001,471 | ||||||||
2,185 | Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Mansion Apartments II, Series 1999, 6.125%, 4/01/22 (Alternative Minimum Tax) | 4/10 at 100.00 | N/R | 1,873,310 | ||||||||
1,805 | St. Louis County Industrial Development Authority, Missouri, GNMA Collateralized Subordinate Lien Housing Revenue Refunding Bonds, Southfield and Oak Forest II Apartments, Series 2002A, 5.200%, 1/20/36 | 1/10 at 104.00 | AAA | 1,828,988 | ||||||||
8,366 | Total Housing/Multifamily | 8,096,211 | ||||||||||
Housing/Single Family – 2.8% | ||||||||||||
Missouri Housing Development Commission, GNMA Single Family Remarketed Mortgage Revenue Bonds, Homeownership Loan Program, Series 1995B: | ||||||||||||
200 | 6.375%, 9/01/20 (Alternative Minimum Tax) | 3/10 at 100.00 | AAA | 200,254 | ||||||||
155 | 6.450%, 9/01/27 (Alternative Minimum Tax) | 3/10 at 100.00 | AAA | 155,158 | ||||||||
90 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1998B-2, 6.400%, 3/01/29 (Alternative Minimum Tax) | 3/10 at 103.00 | AAA | 93,071 |
Nuveen Investments | 37 |
Portfolio of Investments (Unaudited)
Nuveen Missouri Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Housing/Single Family (continued) | ||||||||||||
$ | 190 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000A-1, 6.300%, 9/01/25 (Alternative Minimum Tax) | 3/10 at 100.00 | AAA | $ | 193,962 | ||||||
135 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000B-1, 6.200%, 9/01/25 (Alternative Minimum Tax) | 3/10 at 100.00 | AAA | 141,384 | ||||||||
1,535 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2005A-1, 5.900%, 9/01/35 (Alternative Minimum Tax) | 9/14 at 100.00 | AAA | 1,602,878 | ||||||||
1,765 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007A-1, 4.700%, 9/01/27 (Alternative Minimum Tax) | 9/16 at 100.00 | AAA | 1,705,467 | ||||||||
2,460 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007E-1, 5.200%, 9/01/38 (Alternative Minimum Tax) | No Opt. Call | AAA | 2,434,441 | ||||||||
6,530 | Total Housing/Single Family | 6,526,615 | ||||||||||
Long-Term Care – 7.0% | ||||||||||||
2,250 | Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35 | 2/14 at 100.00 | N/R | 2,013,638 | ||||||||
1,500 | Joplin, Missouri, Industrial Development Authority, Revenue Refunding Bonds, Christian Homes, Inc. Obligated Group, Series 2007F, 5.750%, 5/15/31 | 5/17 at 100.00 | N/R | 1,130,445 | ||||||||
4,250 | Kansas City Industrial Development Authority, Missouri, Retirement Center Revenue Refunding and Improvement Bonds, Kingswood Project, Series 1998A, 5.875%, 11/15/29 | 5/10 at 101.00 | N/R | 3,417,425 | ||||||||
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A: | ||||||||||||
1,500 | 5.125%, 8/15/26 | 8/17 at 100.00 | N/R | 1,375,920 | ||||||||
2,525 | 5.125%, 8/15/32 | 8/17 at 100.00 | N/R | 2,155,441 | ||||||||
1,285 | Missouri Development Finance Board, Healthcare Facilities Revenue Bonds, Lutheran Home for the Aged, Series 2001A, 5.600%, 11/01/21 | 11/11 at 100.00 | Aa2 | 1,304,288 | ||||||||
2,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A, 4.875%, 2/01/37 | 2/17 at 100.00 | N/R | 1,618,060 | ||||||||
1,200 | St. Louis County Industrial Development Authority, Missouri, GNMA Collateralized Healthcare Facilities Revenue Bonds, Mary, Queen and Mother Association, Series 2001, 5.400%, 9/20/34 | 3/10 at 102.00 | AA+ | 1,207,380 | ||||||||
2,000 | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.500%, 9/01/28 | 9/17 at 100.00 | N/R | 1,821,080 | ||||||||
18,510 | Total Long-Term Care | 16,043,677 | ||||||||||
Materials – 0.4% | ||||||||||||
1,000 | Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) | 6/13 at 101.00 | BBB– | 862,400 | ||||||||
Tax Obligation/General – 13.9% | ||||||||||||
2,000 | Cass County Reorganized School District R-II, Raymore and Peculiar, Missouri, General Obligation Bonds, Series 2002, 5.250%, 3/01/20 – FSA Insured | 3/12 at 100.00 | AAA | 2,171,700 | ||||||||
540 | Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2001C, 5.200%, 3/01/21 | 3/12 at 100.00 | AA+ | 579,101 | ||||||||
1,280 | Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2002B, 5.000%, 3/01/22 – FSA Insured | 3/12 at 100.00 | AAA | 1,349,478 | ||||||||
1,000 | Greene County Reorganized School District R8, Missouri, General Obligation Bonds, Series 2002, 5.250%, 3/01/20 – FSA Insured | 3/12 at 100.00 | AAA | 1,085,850 | ||||||||
1,450 | Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, Series 2004, 5.000%, 3/01/21 – NPFG Insured | 3/14 at 100.00 | Aa2 | 1,565,696 |
38 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Tax Obligation/General (continued) | ||||||||||||
$ | 2,000 | Kansas City, Missouri, General Obligation Bonds, Series 2004F, 5.000%, 2/01/24 | 2/14 at 100.00 | AA | $ | 2,126,760 | ||||||
2,000 | Miller County School District R-2, Osage, Missouri, General Obligation Bonds, Series 2006, 5.000%, 3/01/24 – FSA Insured | 3/16 at 100.00 | AAA | 2,122,860 | ||||||||
Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007: | ||||||||||||
1,070 | 5.250%, 3/01/26 – FSA Insured | 3/17 at 100.00 | AAA | 1,151,320 | ||||||||
625 | 5.250%, 3/01/27 – FSA Insured | 3/17 at 100.00 | AAA | 669,256 | ||||||||
1,250 | Nixa Reorganized School District R 02, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/24 – FSA Insured | 3/16 at 100.00 | AAA | 1,376,400 | ||||||||
1,240 | North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Series 2007, 5.000%, 3/01/27 | 3/18 at 100.00 | AA+ | 1,355,060 | ||||||||
4,500 | North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Series 2005, 5.000%, 3/01/25 | 3/15 at 100.00 | AA+ | 4,810,590 | ||||||||
750 | Polk County R-1 School District, Bolivar, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2000, 5.700%, 3/01/20 | 3/10 at 100.00 | AA+ | 759,255 | ||||||||
Springfield School District R12, Missouri, General Obligation Bonds, Series 2003: | ||||||||||||
2,875 | 5.125%, 3/01/20 – FGIC Insured | 3/13 at 100.00 | AA+ | 3,121,445 | ||||||||
3,000 | 5.000%, 3/01/22 – FGIC Insured | 3/13 at 100.00 | AA+ | 3,217,620 | ||||||||
1,250 | 5.000%, 3/01/23 – FGIC Insured | 3/13 at 100.00 | AA+ | 1,311,425 | ||||||||
1,345 | St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2000, 6.500%, 3/01/14 – FGIC Insured | No Opt. Call | AA– | 1,622,258 | ||||||||
1,450 | St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/20 – FSA Insured | 3/14 at 100.00 | AAA | 1,602,961 | ||||||||
29,625 | Total Tax Obligation/General | 31,999,035 | ||||||||||
Tax Obligation/Limited – 20.0% | ||||||||||||
1,290 | Cape Girardeau County Building Corporation, Missouri, Leasehold Revenue Bonds, Reorganized School District R-02, Jackson R-II School District High School Project, Series 2005, 5.250%, 3/01/21 – NPFG Insured | 3/16 at 100.00 | A | 1,389,962 | ||||||||
1,875 | Christian County Public Building Corporation, Missouri, Leasehold Revenue Bonds, Justice Center Project, Series 2000, 5.450%, 6/01/15 – RAAI Insured | 6/10 at 100.00 | N/R | 1,889,363 | ||||||||
420 | Cottleville, Missouri, Certificates of Participation, Series 2006, 5.250%, 8/01/31 | 8/14 at 100.00 | N/R | 353,808 | ||||||||
1,035 | Dunklin County, Missouri, Certificates of Participation, Series 2004, 5.000%, 12/01/19 – FGIC Insured | 12/14 at 100.00 | A | 1,059,116 | ||||||||
1,200 | Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2006, 4.500%, 4/01/21 | 4/14 at 100.00 | N/R | 1,168,740 | ||||||||
1,685 | Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 | 6/16 at 100.00 | N/R | 1,289,345 | ||||||||
3,000 | Harrisonville, Missouri, Lease Participation Certificates, Series 2003, 5.000%, 12/01/22 – SYNCORA GTY Insured | 12/13 at 100.00 | A+ | 3,066,960 | ||||||||
2,525 | Kansas City Tax Increment Financing District, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24 | 6/14 at 102.00 | N/R | 2,094,210 | ||||||||
500 | Kansas City Tax Increment Financing District, Missouri, Tax Increment Revenue Bonds, Maincor Project, Series 2007A, 5.250%, 3/01/18 | No Opt. Call | N/R | 489,160 | ||||||||
2,000 | Lakeside 370 Levee District, Saint Charles County, Missouri, Levee District Improvement Bonds, Series 2008, 7.000%, 4/01/28 | 4/16 at 100.00 | N/R | 1,983,440 | ||||||||
3,885 | Missouri Association of Rural Education, Pulaski County, Certificates of Participation, Waynesville School District R-6, Series 2004, 5.100%, 3/01/24 – NPFG Insured | 2/10 at 100.00 | A | 3,876,880 | ||||||||
2,335 | Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Crackerneck Creek Project, Series 2006C, 5.000%, 3/01/28 | 3/16 at 100.00 | A+ | 2,315,503 |
Nuveen Investments | 39 |
Portfolio of Investments (Unaudited)
Nuveen Missouri Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
Tax Obligation/Limited (continued) | |||||||||||||
$ | 4,920 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%, 6/01/35 | 6/15 at 100.00 | A | $ | 4,328,075 | |||||||
450 | Monarch-Chesterfield Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured | 3/10 at 101.00 | A | 459,180 | |||||||||
1,705 | O’Fallon, Missouri, Certificates of Participation, Series 2002, 5.250%, 2/01/15 – NPFG Insured | 2/12 at 100.00 | A1 | 1,845,850 | |||||||||
2,500 | Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23 | 5/12 at 102.00 | N/R | 1,939,500 | |||||||||
1,000 | Pevely, Missouri, General Obligation Bonds, Series 2004, 5.250%, 3/01/24 – RAAI Insured | 3/13 at 100.00 | N/R | 981,240 | |||||||||
3,000 | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 1993L, 5.500%, 7/01/21 | No Opt. Call | BBB– | 3,113,190 | |||||||||
1,170 | Riverside, Missouri, L-385 Levee Redevelopment Plan Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20 | 5/15 at 100.00 | A | 1,187,012 | |||||||||
1,945 | Springfield Center City Development Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Exposition Center, Series 2002A, 5.000%, 6/01/27 – AMBAC Insured | 6/12 at 100.00 | A1 | 1,973,300 | |||||||||
2,950 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured | 6/10 at 100.00 | N/R | 2,967,907 | |||||||||
2,500 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Series 2004, 5.000%, 3/01/24 – AMBAC Insured | 3/14 at 100.00 | Aa3 | 2,597,425 | |||||||||
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A: | |||||||||||||
660 | 5.375%, 11/01/24 | 11/14 at 100.00 | N/R | 585,103 | |||||||||
1,600 | 5.500%, 11/01/27 | 11/14 at 100.00 | N/R | 1,383,328 | |||||||||
1,800 | St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27 | 11/14 at 100.00 | N/R | 1,556,244 | |||||||||
47,950 | Total Tax Obligation/Limited | 45,893,841 | |||||||||||
Transportation – 4.3% | |||||||||||||
2,000 | Kansas City, Missouri, Passenger Facility Charge Revenue Bonds, Kansas City International Airport, Series 2001, 5.000%, 4/01/23 – AMBAC Insured (Alternative Minimum Tax) | 4/11 at 101.00 | A | 1,980,680 | |||||||||
St. Louis Land Clearance Redevelopment Authority, Missouri, Revenue Refunding and Improvement Bonds, LCRA Parking Facilities, Series 1999C: | |||||||||||||
1,000 | 7.000%, 9/01/19 | 3/10 at 102.00 | N/R | 967,690 | |||||||||
2,400 | 7.050%, 9/01/24 | 3/10 at 102.00 | N/R | 2,185,464 | |||||||||
St. Louis, Missouri, Airport Revenue Refunding Bonds, Series 2003A: | |||||||||||||
3,450 | 5.250%, 7/01/16 – FSA Insured | 7/13 at 100.00 | AAA | 3,645,167 | |||||||||
1,000 | 5.250%, 7/01/18 – FSA Insured | 7/13 at 100.00 | AAA | 1,039,310 | |||||||||
9,850 | Total Transportation | 9,818,311 | |||||||||||
U.S. Guaranteed – 7.9% (4) | |||||||||||||
4,500 | Cape Girardeau County, Missouri, Single Family Mortgage Revenue Bonds, Series 1983, 0.000%, 12/01/14 (ETM) (5) | No Opt. Call | Aaa | 4,045,005 | |||||||||
1,025 | Excelsior Springs School District, Missouri, Leasehold Revenue Bonds, Series 1994, 0.000%, 3/01/14 – FSA Insured (ETM) | No Opt. Call | AAA | 944,240 | |||||||||
2,500 | Fenton, Missouri, Tax Increment Refunding and Improvement Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2002, 6.125%, 10/01/21 (Pre-refunded 10/01/12) | 10/12 at 100.00 | N/R | (4) | 2,832,875 | ||||||||
525 | Jefferson City School District, Missouri, General Obligation Bonds, Series 1991A, 6.700%, 3/01/11 (ETM) | No Opt. Call | Aa2 | (4) | 548,688 | ||||||||
1,500 | Lees Summit Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Knox Village, Series 2002, 5.700%, 8/15/22 (Pre-refunded 8/15/12) | 8/12 at 101.00 | N/R | (4) | 1,693,455 |
40 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
U.S. Guaranteed (4) (continued) | |||||||||||||
$ | 2,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Riverside-Quindaro Bend Levee District L-385, Series 2001, 5.800%, 3/01/20 (Pre-refunded 3/01/10) | 3/10 at 100.00 | N/R | (4) | $ | 2,026,160 | ||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H: | |||||||||||||
1,000 | 0.000%, 9/01/17 – MBIA Insured (ETM) | No Opt. Call | A | (4) | 754,310 | ||||||||
1,785 | 0.000%, 9/01/21 – NPFG Insured (ETM) | No Opt. Call | A | (4) | 1,062,896 | ||||||||
2,385 | 0.000%, 9/01/22 – MBIA Insured (ETM) | No Opt. Call | A | (4) | 1,342,564 | ||||||||
2,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, St. Anthony’s Medical Center, Series 2000, 6.250%, 12/01/30 (Pre-refunded 12/01/10) | 12/10 at 101.00 | N/R | (4) | 2,133,760 | ||||||||
750 | Texas County, Missouri, Hospital Revenue Bonds, Texas County Memorial Hospital, Series 2000, 7.250%, 6/15/25 (Pre-refunded 6/15/10) | 6/10 at 100.00 | N/R | (4) | 777,788 | ||||||||
19,970 | Total U.S. Guaranteed | 18,161,741 | |||||||||||
Utilities – 5.4% | |||||||||||||
2,710 | Columbia, Missouri, Water and Electric Revenue Bonds, Series 2002A, 5.000%, 10/01/26 – AMBAC Insured | 10/12 at 100.00 | AA– | 2,753,468 | |||||||||
3,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Kansas City Power & Light Company Project, Series 2008, 4.900%, 5/01/38 (Mandatory put 7/01/13) | No Opt. Call | Baa1 | 3,154,830 | |||||||||
1,195 | Nixa, Missouri, Electric System Revenue Bonds, Series 2005, 5.000%, 4/01/25 – SYNCORA GTY Insured | 4/13 at 100.00 | N/R | 1,163,715 | |||||||||
2,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | A | 2,074,800 | |||||||||
3,030 | Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 1996, 6.000%, 6/01/14 – NPFG Insured | No Opt. Call | A | 3,229,010 | |||||||||
11,935 | Total Utilities | 12,375,823 | |||||||||||
Water and Sewer – 4.3% | |||||||||||||
1,000 | Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39 | 3/18 at 100.00 | A | 1,028,040 | |||||||||
1,825 | Kansas City, Missouri, Sewerage System Revenue Bonds, Series 2002D-1, 5.375%, 1/01/22 | 1/12 at 100.00 | AA | 1,935,175 | |||||||||
1,600 | Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series 2004, 5.000%, 11/01/24 – AMBAC Insured | 11/14 at 100.00 | A+ | 1,628,528 | |||||||||
2,965 | Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) | 12/16 at 100.00 | AAA | 2,579,906 | |||||||||
1,635 | Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Refunding Bonds, Tri-County Water Authority, Series 1999, 6.000%, 4/01/22 – RAAI Insured | 4/10 at 100.00 | N/R | 1,635,736 | |||||||||
1,000 | St. Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2002A, 5.250%, 12/01/28 – NPFG Insured | 12/11 at 100.00 | Baa1 | 1,000,937 | |||||||||
10,025 | Total Water and Sewer | 9,808,322 | |||||||||||
$238,051 | Total Investments (cost $223,349,449) – 98.1% | 225,448,807 | |||||||||||
Floating Rate Obligations – (1.0)% | (2,225,000) | ||||||||||||
Other Assets Less Liabilities – 2.9% | 6,661,372 | ||||||||||||
Net Assets – 100% | $ | 229,885,179 |
Nuveen Investments | 41 |
Portfolio of Investments (Unaudited)
Nuveen Missouri Municipal Bond Fund (continued)
November 30, 2009
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. |
(5) | Portion of investment has been pledged as collateral for inverse floating rate transactions. |
N/R | Not rated. |
(ETM) | Escrowed to maturity. |
(UB) | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – Inverse Floating Rate Securities for more information. |
See accompanying notes to financial statements.
42 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Ohio Municipal Bond Fund
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Consumer Staples – 5.0% | ||||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||||||||
$ | 8,615 | 5.875%, 6/01/30 | 6/17 at 100.00 | BBB | $ | 7,255,725 | ||||||
5,000 | 5.750%, 6/01/34 | 6/17 at 100.00 | BBB | 4,020,650 | ||||||||
12,805 | 5.875%, 6/01/47 | 6/17 at 100.00 | BBB | 9,120,873 | ||||||||
5,575 | Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 | 5/12 at 100.00 | BBB | 5,307,456 | ||||||||
31,995 | Total Consumer Staples | 25,704,704 | ||||||||||
Education and Civic Organizations – 7.0% | ||||||||||||
4,090 | Cleveland State University, Ohio, General Receipts Bonds, Series 2003A, 5.000%, 6/01/23 – FGIC Insured | 6/13 at 100.00 | A+ | 4,125,256 | ||||||||
Ohio Higher Education Facilities Commission, General Revenue Bonds, Case Western Reserve University, Series 2004A: | ||||||||||||
2,310 | 5.000%, 12/01/16 – AMBAC Insured | 12/13 at 100.00 | AA– | 2,538,852 | ||||||||
2,825 | 5.000%, 12/01/17 – AMBAC Insured | 12/13 at 100.00 | AA– | 3,076,792 | ||||||||
2,975 | 5.000%, 12/01/18 – AMBAC Insured | 12/13 at 100.00 | AA– | 3,212,643 | ||||||||
1,600 | Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41 | 7/16 at 100.00 | A+ | 1,592,368 | ||||||||
1,750 | Ohio Higher Education Facilities Commission, General Revenue Bonds, Oberlin College, Series 2003, 5.125%, 10/01/24 | 10/13 at 100.00 | AA | 1,843,520 | ||||||||
910 | Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 1990B, 6.500%, 10/01/20 | No Opt. Call | AA– | 1,088,451 | ||||||||
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 2005: | ||||||||||||
1,000 | 5.000%, 12/01/24 | 12/15 at 100.00 | Baa2 | 930,040 | ||||||||
1,000 | 5.000%, 12/01/29 | 12/15 at 100.00 | Baa2 | 883,350 | ||||||||
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 2004: | ||||||||||||
1,315 | 5.000%, 12/01/25 – AMBAC Insured | 12/14 at 100.00 | A | 1,350,084 | ||||||||
1,060 | 5.000%, 12/01/27 – AMBAC Insured | 12/14 at 100.00 | A | 1,081,698 | ||||||||
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series 2001: | ||||||||||||
1,200 | 5.500%, 12/01/21 | 12/11 at 100.00 | Baa2 | 1,194,792 | ||||||||
2,075 | 5.000%, 12/01/26 | 12/11 at 100.00 | Baa2 | 1,888,686 | ||||||||
1,885 | Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 2006, 5.000%, 12/01/44 – NPFG Insured | 12/16 at 100.00 | AA– | 1,922,361 | ||||||||
Ohio University at Athens, Subordinate Lien General Receipts Bonds, Series 2004: | ||||||||||||
1,855 | 5.000%, 12/01/21 – NPFG Insured | 6/14 at 100.00 | A+ | 2,010,820 | ||||||||
1,900 | 5.000%, 12/01/23 – NPFG Insured | 6/14 at 100.00 | A+ | 1,972,827 | ||||||||
1,675 | University of Cincinnati, Ohio, General Receipts Bonds, Series 2004A, 5.000%, 6/01/21 – AMBAC Insured | 6/14 at 100.00 | A+ | 1,742,486 | ||||||||
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D: | ||||||||||||
1,325 | 5.000%, 6/01/24 – AMBAC Insured | 6/14 at 100.00 | A+ | 1,367,533 | ||||||||
1,005 | 5.000%, 6/01/26 – AMBAC Insured | 6/14 at 100.00 | A+ | 1,033,522 | ||||||||
1,025 | University of Cincinnati, Ohio, General Receipts Bonds, Series 2004E, 5.000%, 6/01/21 – AMBAC Insured | 12/14 at 100.00 | A+ | 1,070,438 | ||||||||
34,780 | Total Education and Civic Organizations | 35,926,519 | ||||||||||
Health Care – 10.2% | ||||||||||||
7,130 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Series 1998A, 5.375%, 11/15/24 | 5/10 at 101.00 | Baa1 | 7,011,214 | ||||||||
1,065 | Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, Children’s Hospital Medical Center, Series 2003, 5.250%, 11/15/25 – FSA Insured | 11/13 at 100.00 | Aa3 | 1,092,871 |
Nuveen Investments | 43 |
Portfolio of Investments (Unaudited)
Nuveen Ohio Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Health Care (continued) | ||||||||||||
$ | 1,000 | Cuyahoga County, Ohio, Hospital Revenue Refunding and Improvement Bonds, MetroHealth System, Series 1997, 5.625%, 2/15/17 – NPFG Insured | 2/10 at 100.00 | A | $ | 1,001,010 | ||||||
3,900 | Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland Clinic Health System, Series 2003A, 6.000%, 1/01/32 | 7/13 at 100.00 | Aa2 | 4,094,220 | ||||||||
2,500 | Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, Series 2002A, 5.625%, 8/15/32 | 8/12 at 101.00 | A | 2,263,875 | ||||||||
130 | Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross Health System Corporation, Series 1996, 5.800%, 6/01/16 | 2/10 at 100.00 | AA | 130,234 | ||||||||
3,000 | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 2005, 5.000%, 11/01/40 | 11/18 at 100.00 | Aa2 | 2,833,320 | ||||||||
1,560 | Lorain County, Ohio, Hospital Revenue Bonds, Catholic Healthcare Partners, Series 1997B, 5.500%, 9/01/27 – NPFG Insured | 3/10 at 100.00 | A1 | 1,560,343 | ||||||||
2,000 | Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%, 5/15/26 | 5/16 at 100.00 | A– | 2,010,820 | ||||||||
4,000 | Middleburg Heights, Ohio, Hospital Improvement Revenue Refunding Bonds, Southwest General Hospital, Series 1995, 5.625%, 8/15/15 – FSA Insured | 2/10 at 101.00 | AAA | 4,052,160 | ||||||||
7,000 | Montgomery County, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Kettering Medical Center, Series 1996, 6.250%, 4/01/20 – NPFG Insured | No Opt. Call | A | 8,250,690 | ||||||||
2,270 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/32 | No Opt. Call | AA | 2,274,358 | ||||||||
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A: | ||||||||||||
2,000 | 6.250%, 11/15/33 | 11/14 at 100.00 | Aa3 | 2,099,600 | ||||||||
1,125 | 6.250%, 11/15/39 | 11/14 at 100.00 | Aa3 | 1,175,513 | ||||||||
1,150 | Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University Hospitals Health System, Series 2009, 6.750%, 1/15/39 | 1/15 at 100.00 | A | 1,219,138 | ||||||||
5,625 | Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 3551, 19.697%, 1/01/39 (IF) | 1/19 at 100.00 | Aa2 | 6,206,175 | ||||||||
665 | Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System Obligated Group, Series 2000B, 6.375%, 11/15/22 | 11/10 at 101.00 | A– | 680,155 | ||||||||
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006: | ||||||||||||
75 | 5.000%, 11/15/13 | No Opt. Call | A– | 78,996 | ||||||||
2,700 | 5.250%, 11/15/36 | 11/16 at 100.00 | A– | 2,523,069 | ||||||||
375 | Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 5.750%, 12/01/35 | 12/18 at 100.00 | A | 383,186 | ||||||||
1,200 | Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, Union Hospital Project, Series 2001, 5.250%, 10/01/31 – RAAI Insured | 10/11 at 101.00 | Ba1 | 1,301,208 | ||||||||
50,470 | Total Health Care | 52,242,155 | ||||||||||
Housing/Multifamily – 3.5% | ||||||||||||
995 | Clark County, Ohio, Multifamily Housing Revenue Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (Alternative Minimum Tax) | 5/10 at 102.00 | N/R | 747,325 | ||||||||
3,045 | Franklin County, Ohio, GNMA Collateralized Multifamily Housing Mortgage Revenue Bonds, Carriage House Apartments Project, Series 2002, 5.400%, 3/20/37 | 9/11 at 102.00 | Aaa | 3,085,438 | ||||||||
2,635 | Henry County, Ohio, GNMA Collateralized Healthcare Facility Revenue Bonds, Alpine Village Project, Series 1999, 6.375%, 2/20/41 | 2/10 at 102.00 | Aaa | 2,682,509 | ||||||||
1,805 | Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax) | 10/18 at 101.00 | Aaa | 1,831,010 |
44 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Housing/Multifamily (continued) | ||||||||||||
$ | 4,185 | Ohio Capital Corporation for Housing, FHA-Insured Section 8 Assisted Mortgage Loan Revenue Refunding Bonds, Series 1999D, 5.950%, 2/01/23 | 2/10 at 101.00 | Aa2 | $ | 4,241,456 | ||||||
2,370 | Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax) | 9/17 at 102.00 | AAA | 2,326,629 | ||||||||
3,000 | Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007, 5.000%, 5/20/49 (Alternative Minimum Tax) | 11/17 at 102.00 | Aaa | 2,919,390 | ||||||||
18,035 | Total Housing/Multifamily | 17,833,757 | ||||||||||
Housing/Single Family – 0.5% | ||||||||||||
790 | Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program Residential Mortgage Revenue Bonds, Series 1998A-1, 5.300%, 9/01/19 – FSA Insured (Alternative Minimum Tax) | 3/10 at 100.00 | Aaa | 807,238 | ||||||||
2,020 | Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006H, 5.000%, 9/01/31 (Alternative Minimum Tax) | 9/15 at 100.00 | Aaa | 1,965,016 | ||||||||
2,810 | Total Housing/Single Family | 2,772,254 | ||||||||||
Industrials – 2.1% | ||||||||||||
500 | Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland Christian Home Project, Series 2002C, 5.950%, 5/15/22 | 5/12 at 102.00 | N/R | 465,045 | ||||||||
340 | Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund Program – Columbia National Group Project, Series 2005D, 5.000%, 5/15/20 (Alternative Minimum Tax) | 11/15 at 100.00 | N/R | 298,425 | ||||||||
1,825 | Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Jergens Inc., Series 1998A, 5.375%, 5/15/18 (Alternative Minimum Tax) | 5/10 at 100.00 | N/R | 1,684,019 | ||||||||
75 | Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Port Cleveland Bond Fund, Series 1997A, 5.800%, 5/15/27 (Alternative Minimum Tax) | No Opt. Call | N/R | 64,923 | ||||||||
570 | Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Port Cleveland Bond Fund, Series 2002A, 5.600%, 11/15/15 | 5/12 at 102.00 | N/R | 554,485 | ||||||||
2,000 | Ohio State Water Development Authority, Solid Waste Revenue Bonds, Allied Waste Industries, Inc., Series 2007A, 5.150%, 7/15/15 (Alternative Minimum Tax) | 7/12 at 100.00 | BBB | 1,990,240 | ||||||||
Ohio, Economic Development Revenue Bonds, Enterprise Bond Fund Loan Pool, Series 2002-4: | ||||||||||||
385 | 5.000%, 6/01/15 (Alternative Minimum Tax) | 6/12 at 102.00 | AA– | 401,397 | ||||||||
675 | 5.450%, 6/01/22 (Alternative Minimum Tax) | 6/12 at 102.00 | AA– | 688,176 | ||||||||
1,020 | Ohio, Economic Development Revenue Bonds, Enterprise Bond Fund Loan Pool, Series 2002-7, 5.850%, 12/01/22 (Alternative Minimum Tax) | No Opt. Call | AA– | 1,060,790 | ||||||||
State of Ohio Economic Development Bonds, Ohio Enterprise Bond Fund, Series 2009-5 (Shearer’s Foods, Inc. Project): | ||||||||||||
1,455 | 5.000%, 6/01/22 | 12/19 at 100.00 | AA– | 1,595,990 | ||||||||
1,645 | 5.000%, 12/01/24 | 12/19 at 100.00 | AA– | 1,774,165 | ||||||||
10,490 | Total Industrials | 10,577,655 | ||||||||||
Long-Term Care – 1.2% | ||||||||||||
3,120 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Heinzerling Foundation, Series 1995, 6.200%, 11/01/20 | 5/10 at 100.00 | Aa1 | 3,124,992 | ||||||||
2,000 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Presbyterian Retirement Services, Series 2002A, 5.125%, 7/01/22 – RAAI Insured | 7/12 at 100.00 | BBB | 1,911,440 | ||||||||
1,070 | Napoleon, Ohio, FHA-Insured Healthcare Facilities Mortgage Revenue Refunding Bonds, Lutheran Orphans and Old Folks Home Society, Series 1994, 6.875%, 8/01/23 | 2/10 at 100.00 | Aa2 | 1,072,129 | ||||||||
6,190 | Total Long-Term Care | 6,108,561 |
Nuveen Investments | 45 |
Portfolio of Investments (Unaudited)
Nuveen Ohio Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Materials – 0.6% | ||||||||||||
$ | 1,000 | Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004A, 4.800%, 3/01/22 | 3/14 at 101.00 | A | $ | 1,009,170 | ||||||
2,000 | Toledo-Lucas County Port Authority, Ohio, Port Revenue Bonds, Cargill Inc., Series 2004B, 4.500%, 12/01/15 | No Opt. Call | A | 2,083,240 | ||||||||
3,000 | Total Materials | 3,092,410 | ||||||||||
Tax Obligation/General – 21.4% | ||||||||||||
Adams County Valley School District, Adams and Highland Counties, Ohio, Unlimited Tax School Improvement General Obligation Bonds, Series 1995: | ||||||||||||
6,000 | 7.000%, 12/01/15 – NPFG Insured | No Opt. Call | A | 6,899,040 | ||||||||
9,500 | 5.250%, 12/01/21 – NPFG Insured | 12/09 at 100.00 | A | 9,509,975 | ||||||||
600 | Anthony Wayne Local School District, Lucas, Wood and Fulton Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 1995, 0.000%, 12/01/13 – FGIC Insured | No Opt. Call | A2 | 549,690 | ||||||||
1,000 | Beavercreek City School District, Ohio, General Obligation Bonds, Series 2009, 5.000%, 12/01/36 | 6/19 at 100.00 | AA | 1,025,860 | ||||||||
1,670 | Buckeye Valley Local School District, Ohio, Unlimited Tax General Obligation Bonds, Series 1995A, 6.850%, 12/01/15 – NPFG Insured | No Opt. Call | A | 1,910,764 | ||||||||
1,000 | Butler County, Hamilton, Ohio, Limited Tax General Obligation Bonds, One Renaissance Center Acquisition, Series 2001, 5.375%, 11/01/17 – AMBAC Insured | 11/11 at 101.00 | A2 | 1,092,730 | ||||||||
2,515 | Canton City School District, Stark County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/19 – NPFG Insured | 6/15 at 100.00 | A | 2,677,595 | ||||||||
2,295 | Central Ohio Solid Waste Authority, General Obligation Bonds, Series 2004A, 5.000%, 12/01/15 – AMBAC Insured | 6/14 at 100.00 | AAA | 2,565,397 | ||||||||
130 | Chesapeake-Union Exempt Village School District, Ohio, General Obligation Bonds, Series 1986, 8.500%, 12/01/09 | No Opt. Call | N/R | 130,021 | ||||||||
1,000 | Clyde-Green Springs Exempt Village School District, Summit County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/27 – FSA Insured | 6/18 at 100.00 | Aa3 | 1,062,590 | ||||||||
1,000 | Columbus City School District Franklin County, Ohio, School Facilities Construction and Improvement Bonds, Series 2009B (General Obligation-Unlimited Tax), 5.000%, 12/01/29 | 12/19 at 100.00 | AA– | 1,059,760 | ||||||||
2,675 | Cuyahoga County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/22 | 12/14 at 100.00 | AA+ | 2,861,474 | ||||||||
1,345 | Cuyahoga County, Ohio, Limited Tax General Obligation Bonds, Series 1993, 5.650%, 5/15/18 | No Opt. Call | Aa1 | 1,554,363 | ||||||||
820 | Cuyahoga County, Ohio, Limited Tax General Obligation Various Purpose Refunding Bonds, Series 1993B, 5.250%, 10/01/13 | No Opt. Call | AA+ | 863,042 | ||||||||
1,245 | Cuyahoga Falls, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/18 – NPFG Insured | 6/14 at 100.00 | Aa3 | 1,369,637 | ||||||||
1,170 | Dayton, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/15 – AMBAC Insured | 6/14 at 100.00 | AA– | 1,334,479 | ||||||||
Delaware City School District, Delaware County, Ohio, Unlimited Tax General Obligation School Facilities Construction and Improvement Bonds, Series 1995: | ||||||||||||
1,000 | 0.000%, 12/01/10 – FGIC Insured | No Opt. Call | A | 988,670 | ||||||||
1,000 | 0.000%, 12/01/11 – FGIC Insured | No Opt. Call | A | 973,220 | ||||||||
1,000 | Fairview Park, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/25 – NPFG Insured | 12/15 at 100.00 | A1 | 1,040,980 | ||||||||
1,005 | Findlay, Ohio, General Obligation Bonds, Series 2004, 5.250%, 7/01/15 – NPFG Insured | 7/14 at 100.00 | AA | 1,155,278 | ||||||||
3,160 | Franklin County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/28 | 12/17 at 100.00 | AAA | 3,443,452 | ||||||||
115 | Geauga County, Ohio, Limited Tax General Obligation, Sewer District Improvement Bonds, Bainbridge Water Project, Series 1995, 6.850%, 12/01/10 | 12/09 at 100.00 | Aa2 | 115,616 |
46 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Tax Obligation/General (continued) | ||||||||||||
$ | 3,810 | Greater Cleveland Regional Transit Authority, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/17 – NPFG Insured | 12/14 at 100.00 | Aa3 | $ | 4,118,115 | ||||||
1,000 | Hilliard, Ohio, General Obligation Bonds, Various Purpose Series 2009, 5.000%, 12/01/29 | 12/19 at 100.00 | AA | 1,044,010 | ||||||||
2,425 | Hubbard Exempt Village School District, Trumbull County, Ohio, General Obligation Bonds, Classroom Facilities Improvements, Series 2007, 5.000%, 12/01/34 – CIFG Insured | 6/17 at 100.00 | A | 2,453,736 | ||||||||
Indian Creek Local School District, Jefferson County, Ohio, General Obligation Bonds, School Facilities Construction and Improvements, Series 2009: | ||||||||||||
1,750 | 5.000%, 12/01/34 | No Opt. Call | Aa3 | 1,772,453 | ||||||||
1,100 | 5.125%, 12/01/36 | No Opt. Call | Aa3 | 1,115,279 | ||||||||
1,270 | Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/23 – NPFG Insured | 6/13 at 100.00 | Aa3 | 1,350,340 | ||||||||
1,400 | Kent City School District, Portage County, Ohio, General Obligation Library Improvement Bonds, Series 2004, 5.000%, 12/01/20 – FGIC Insured | 12/14 at 100.00 | A+ | 1,508,794 | ||||||||
1,500 | Kettering City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2007, 5.250%, 12/01/31 – FSA Insured | No Opt. Call | AAA | 1,703,970 | ||||||||
520 | Kettering, Ohio, Limited Tax General Obligation Bonds, Series 1991, 6.650%, 12/01/12 | 12/09 at 100.00 | Aa3 | 522,699 | ||||||||
Kings Local School District, Warren County, Ohio, General Obligation School Improvement Bonds, Series 2005: | ||||||||||||
1,000 | 5.000%, 12/01/22 – NPFG Insured | 6/15 at 100.00 | Aaa | 1,073,820 | ||||||||
1,480 | 5.000%, 12/01/24 – NPFG Insured | 6/15 at 100.00 | Aaa | 1,580,847 | ||||||||
555 | Lake County, Ohio, Limited Tax Sewer District Improvement Bonds, Series 2000, 5.600%, 12/01/20 | No Opt. Call | Aa2 | 663,874 | ||||||||
1,725 | Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/30 – FGIC Insured | 12/17 at 100.00 | AA– | 1,789,463 | ||||||||
1,000 | Lorain, Ohio, General Obligation Bonds, Pellet Terminal Improvement Series 2008, 6.750%, 12/01/28 – AMBAC Insured | 12/12 at 100.00 | Baa2 | 1,000,660 | ||||||||
1,855 | Marysville Exempted School District, Union County, Ohio, General Obligation Bonds, Series 2006, 5.000%, 12/01/24 – FSA Insured | 12/15 at 100.00 | AAA | 1,962,460 | ||||||||
1,000 | Mason City School District, Counties of Warren and Butler, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/31 | 6/17 at 100.00 | Aa1 | 1,053,990 | ||||||||
1,000 | Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 5.250%, 12/01/36 | 12/18 at 100.00 | A2 | 1,020,850 | ||||||||
1,265 | Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20 – AMBAC Insured | No Opt. Call | A2 | 1,558,354 | ||||||||
530 | Newark, Ohio, General Obligation Bonds, Storm Sewer Improvement Series 2009, 5.500%, 12/01/34 | 12/19 at 100.00 | A2 | 552,779 | ||||||||
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Series 2005: | ||||||||||||
3,740 | 5.000%, 12/01/23 – FSA Insured | 12/15 at 100.00 | AAA | 4,028,130 | ||||||||
1,000 | 5.000%, 12/01/25 – FSA Insured | 12/15 at 100.00 | AAA | 1,070,290 | ||||||||
1,000 | Ohio, Common Schools Capital Facilities, General Obligation Bonds, Series 2001B, 5.000%, 9/15/21 | 9/11 at 100.00 | AA+ | 1,055,780 | ||||||||
1,000 | Ohio, Full Faith and Credit General Obligation Infrastructure Improvement Bonds, Series 1994, 6.000%, 8/01/10 | No Opt. Call | AA+ | 1,037,620 | ||||||||
730 | Ohio, General Obligation Bonds, Common Schools, Series 2004B, 5.000%, 3/15/21 | 3/14 at 100.00 | AA+ | 775,224 | ||||||||
6,055 | Ohio, General Obligation Bonds, Infrastructure Improvements, Series 2003F, 5.000%, 2/01/22 | 2/13 at 100.00 | AA+ | 6,339,767 | ||||||||
1,845 | Ohio, General Obligation Bonds, Series 2005A, 5.000%, 9/01/16 | 3/15 at 100.00 | AA+ | 2,072,876 | ||||||||
1,000 | Olmsted Falls City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/35 – SYNCORA GTY Insured | 6/17 at 100.00 | A | 1,008,090 |
Nuveen Investments | 47 |
Portfolio of Investments (Unaudited)
Nuveen Ohio Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Tax Obligation/General (continued) | ||||||||||||
$ | 1,500 | Pettisville Local School District, Fulton County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement Bonds, Series 2009, 5.000%, 12/01/36 | No Opt. Call | Aa3 | $ | 1,516,965 | ||||||
500 | Pickerington Local School District, Fairfield County, Ohio, General Obligation Bonds, Series 1993, 0.000%, 12/01/11 – AMBAC Insured | No Opt. Call | A1 | 491,245 | ||||||||
3,315 | South Point Local School District, Lawrence County, Ohio, General Obligation Bonds, Series 2004, 5.000%, 12/01/24 – FSA Insured | 12/14 at 100.00 | AAA | 3,533,094 | ||||||||
30 | Strongsville, Ohio, Limited Tax General Obligation Various Purpose Improvement Bonds, Series 1996, 5.950%, 12/01/21 | 2/10 at 100.00 | Aa1 | 30,131 | ||||||||
2,315 | Summit County, Ohio, General Obligation Bonds, Series 2002R, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | AA | 2,744,595 | ||||||||
1,300 | Sylvania City School District, Ohio, General Obligation School Improvement Bonds, Series 1995, 5.250%, 12/01/36 – AGC Insured | 6/17 at 100.00 | AAA | 1,340,625 | ||||||||
3,755 | Toledo City School District, Lucas County, Ohio, General Obligation Bonds, Series 2003B, 5.000%, 12/01/22 – FGIC Insured | 12/13 at 100.00 | Aa3 | 3,908,842 | ||||||||
1,000 | Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, School Improvment Series 2009, 5.125%, 12/01/37 | No Opt. Call | AA | 1,026,870 | ||||||||
500 | Wadsworth City School District, Medina County, Ohio, General Obligation Bonds, School Improvement Series 2009, 5.000%, 12/01/37 – AGC Insured | 12/17 at 100.00 | AAA | 505,915 | ||||||||
West Chester Township, Butler County, Ohio, General Obligation Bonds, Series 2003: | ||||||||||||
1,365 | 5.250%, 12/01/19 – NPFG Insured | 12/13 at 100.00 | Aa1 | 1,514,276 | ||||||||
1,515 | 5.250%, 12/01/21 – NPFG Insured | 12/13 at 100.00 | Aa1 | 1,677,696 | ||||||||
2,000 | West Clermont Local School District, Clermont County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/31 – FSA Insured | 12/18 at 100.00 | AAA | 2,127,400 | ||||||||
102,895 | Total Tax Obligation/General | 109,835,557 | ||||||||||
Tax Obligation/Limited – 11.9% | ||||||||||||
5,690 | Akron, Ohio, Income Tax Revenue Bonds, Community Learning Centers, Series 2004A, 5.000%, 12/01/33 – FGIC Insured | 12/13 at 100.00 | AA+ | 5,755,776 | ||||||||
Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006: | ||||||||||||
950 | 5.000%, 12/01/25 | 12/16 at 102.00 | N/R | 839,031 | ||||||||
1,165 | 5.000%, 12/01/30 | 12/16 at 102.00 | N/R | 947,972 | ||||||||
1,150 | Cincinnati, Ohio, Economic Development Revenue Bonds, Keystone Parke Project, Series 2008A, 5.000%, 11/01/38 | 11/13 at 102.00 | AA | 1,120,779 | ||||||||
1,850 | Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, R.I.T.A. Project, Series 2004, 5.000%, 11/15/19 – RAAI Insured | 11/14 at 100.00 | N/R | 1,853,182 | ||||||||
1,380 | Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/25 – AMBAC Insured | 6/14 at 100.00 | BBB+ | 1,404,467 | ||||||||
1,700 | Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, Library Fund Library Facilities Notes, Series 2009 (Special Obligation), 5.000%, 12/01/34 | 12/19 at 100.00 | A1 | 1,669,060 | ||||||||
5,615 | Franklin County, Ohio, Excise Tax and Lease Revenue Anticipation Bonds, Convention Facilities Authority, Series 2005, 5.000%, 12/01/25 – AMBAC Insured | 12/15 at 100.00 | Aaa | 6,009,678 | ||||||||
Franklin County, Ohio, Excise Tax and Lease Revenue Refunding Anticipation Bonds, Convention Facilities Authority, Series 2007: | ||||||||||||
2,215 | 5.000%, 12/01/26 | 12/17 at 100.00 | Aaa | 2,405,689 | ||||||||
2,000 | 5.000%, 12/01/27 | 12/17 at 100.00 | Aaa | 2,162,120 | ||||||||
1,210 | Groveport, Ohio, Special Obligation Income Tax Receipts Bonds, Series 2002, 5.000%, 12/01/22 – NPFG Insured | 12/12 at 100.00 | A3 | 1,221,737 | ||||||||
Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue Bonds, Series 2004: | ||||||||||||
2,300 | 5.000%, 12/01/20 – FGIC Insured | 6/14 at 100.00 | A+ | 2,406,260 | ||||||||
2,535 | 5.000%, 12/01/22 – FGIC Insured | 6/14 at 100.00 | A+ | 2,625,195 |
48 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
Tax Obligation/Limited (continued) | |||||||||||||
$ | 10,000 | Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 5.000%, 12/01/32 – AMBAC Insured | 12/16 at 100.00 | A2 | $ | 10,111,799 | |||||||
3,300 | Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B, 0.000%, 12/01/28 – AMBAC Insured | No Opt. Call | A2 | 1,214,499 | |||||||||
2,635 | Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B, 5.000%, 9/01/31 | 9/19 at 100.00 | Aa3 | 2,694,024 | |||||||||
2,015 | Milton Union Exempt Village School District, Ohio, Special Limited Obligation Bonds, Series 2009, 5.000%, 12/01/32 | 12/19 at 100.00 | A+ | 1,998,679 | |||||||||
1,485 | New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2001B, 5.500%, 10/01/16 – AMBAC Insured | 4/12 at 100.00 | A2 | 1,543,108 | |||||||||
495 | Ohio Department of Transportation, Certificates of Participation, Panhandle Rail Line, Series 1992A, 6.500%, 4/15/12 – FSA Insured | 4/10 at 100.00 | AAA | 497,317 | |||||||||
1,050 | Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, Series 2002A, 5.000%, 4/01/22 – FSA Insured | 4/12 at 100.00 | AAA | 1,107,656 | |||||||||
1,900 | Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, Series 2005A, 5.000%, 4/01/25 – FSA Insured | 4/15 at 100.00 | AAA | 2,004,956 | |||||||||
3,135 | Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund Project, Series 2005A, 5.000%, 4/01/23 – FSA Insured | 4/15 at 100.00 | AAA | 3,326,360 | |||||||||
1,490 | Ohio, State Appropriation Lease Bonds, Mental Health Capital Facilities, Series 2003B-II, 5.000%, 6/01/16 | 6/13 at 100.00 | AA | 1,667,474 | |||||||||
1,000 | Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities, Series 2004A-II, 5.000%, 12/01/15 | 12/13 at 100.00 | AA | 1,127,050 | |||||||||
1,000 | Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities, Series 2005A-II, 5.250%, 2/01/19 – FSA Insured | 2/15 at 100.00 | AAA | 1,108,270 | |||||||||
11,900 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 0.000%, 8/01/34 | No Opt. Call | A+ | 2,456,041 | |||||||||
71,165 | Total Tax Obligation/Limited | 61,278,179 | |||||||||||
Transportation – 2.5% | |||||||||||||
1,025 | Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2003C, 5.250%, 12/01/27 – RAAI Insured (Alternative Minimum Tax) | 12/13 at 100.00 | A– | 963,613 | |||||||||
10,000 | Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/24 – FGIC Insured | No Opt. Call | AA | 11,756,099 | |||||||||
11,025 | Total Transportation | 12,719,712 | |||||||||||
U.S. Guaranteed – 15.6% (4) | |||||||||||||
90 | Athens, Ohio, Sanitary Sewer System Mortgage Revenue Bonds, Series 1989, 7.300%, 12/01/14 (Pre-refunded 12/01/09) | 12/09 at 100.00 | N/R | (4) | 90,016 | ||||||||
700 | Buckeye Local School District, Medina County, Ohio, General Obligation Bonds, Series 2000, 5.500%, 12/01/25 (Pre-refunded 12/01/10) – FGIC Insured | 12/10 at 100.00 | A2 | (4) | 736,715 | ||||||||
Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B: | |||||||||||||
3,420 | 5.000%, 12/01/26 (Pre-refunded 6/01/15) – MBIA Insured | 6/15 at 100.00 | A3 | (4) | 3,988,575 | ||||||||
3,590 | 5.000%, 12/01/27 (Pre-refunded 6/01/15) – MBIA Insured | 6/15 at 100.00 | A3 | (4) | 4,186,838 | ||||||||
1,255 | Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2001, 5.375%, 12/01/17 (Pre-refunded 12/01/11) – MBIA Insured | 12/11 at 100.00 | AA | (4) | 1,374,514 | ||||||||
4,045 | Columbus, Ohio, General Obligation Bonds, Series 2000, 5.250%, 11/15/17 (Pre-refunded 11/15/10) | 11/10 at 101.00 | Aaa | 4,277,992 | |||||||||
1,235 | Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2005B, 5.000%, 12/01/14 – SYNCORA GTY Insured (ETM) | No Opt. Call | A– | (4) | 1,439,862 | ||||||||
1,200 | Heath City School District, Licking County, Ohio, Unlimited Tax General Obligation School Improvement Bonds, Series 2000A, 5.500%, 12/01/27 (Pre-refunded 12/01/10) – FGIC Insured | 12/10 at 100.00 | A2 | (4) | 1,262,700 |
Nuveen Investments | 49 |
Portfolio of Investments (Unaudited)
Nuveen Ohio Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
U.S. Guaranteed (4) (continued) | |||||||||||||
$ | 3,385 | Lakota Local School District, Butler County, Ohio, Unlimited Tax General Obligation School Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 (Pre-refunded 6/01/11) – FGIC Insured | 6/11 at 100.00 | Aa1 | (4) | $ | 3,620,427 | ||||||
565 | Lebanon, Ohio, Electric System Mortgage Revenue Bonds, Series 2001, 5.500%, 12/01/17 (Pre-refunded 12/01/10) – AMBAC Insured | 12/10 at 101.00 | A2 | (4) | 600,154 | ||||||||
520 | Lorain, Ohio, Hospital Revenue Refunding Bonds, Lakeland Community Hospital Inc., Series 1992, 6.500%, 11/15/12 (ETM) | 2/10 at 100.00 | A1 | (4) | 551,080 | ||||||||
1,925 | Montgomery County, Ohio, Health System Revenue Bonds, Franciscan Medical Center – Dayton Campus, Series 1997, 5.500%, 7/01/18 (Pre-refunded 1/01/10) | 1/10 at 100.00 | Baa2 | (4) | 1,932,046 | ||||||||
9,500 | Montgomery County, Ohio, Hospital Facilities Revenue Bonds, Kettering Medical Center, Series 1999, 6.750%, 4/01/22 (Pre-refunded 4/01/10) | 4/10 at 101.00 | A | (4) | 9,799,344 | ||||||||
5,610 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2001, 5.375%, 9/01/21 (ETM) | 9/11 at 100.00 | Aa2 | (4) | 6,054,761 | ||||||||
2,390 | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2001, 5.375%, 9/01/21 (Pre-refunded 9/01/11) | 9/11 at 100.00 | Aa2 | (4) | 2,579,240 | ||||||||
3,000 | Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 2002B, 5.500%, 10/01/22 (Pre-refunded 10/01/12) | 10/12 at 100.00 | N/R | (4) | 3,385,080 | ||||||||
Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 1985B: | |||||||||||||
6,460 | 0.000%, 1/15/15 (Pre-refunded 1/15/11) – FGIC Insured | 1/11 at 67.04 | AAA | 4,303,135 | |||||||||
5,700 | 0.000%, 1/15/15 (Pre-refunded 7/15/11) – FGIC Insured | 7/11 at 70.48 | AAA | 3,971,817 | |||||||||
5,065 | Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 5,796,031 | |||||||||
8,140 | Ohio, General Obligation Higher Education Capital Facilities Bonds, Series 2001A, 5.000%, 2/01/20 (Pre-refunded 2/01/11) | 2/11 at 100.00 | AA+ | (4) | 8,576,467 | ||||||||
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Series 2004A: | |||||||||||||
400 | 5.250%, 12/01/21 (Pre-refunded 6/01/14) – FGIC Insured | 6/14 at 100.00 | AA+ | (4) | 466,880 | ||||||||
3,055 | 5.250%, 12/01/22 (Pre-refunded 6/01/14) – FGIC Insured | 6/14 at 100.00 | AA+ | (4) | 3,565,796 | ||||||||
1,495 | Otsego Local School District, Wood, Henry and Lucas Counties, Ohio, General Obligation Bonds, Series 2004, 5.375%, 12/01/22 (Pre-refunded 12/01/14) – FSA Insured | 12/14 at 100.00 | Aa3 | (4) | 1,772,248 | ||||||||
1,335 | Richland County, Ohio, Hospital Facilities Revenue Improvement Bonds, MedCentral Health System Obligated Group, Series 2000B, 6.375%, 11/15/22 (Pre-refunded 11/15/10) | 11/10 at 101.00 | A– | (4) | 1,423,978 | ||||||||
1,185 | Sugarcreek Local School District, Athens County, Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/24 (Pre-refunded 12/01/13) – MBIA Insured | 12/13 at 100.00 | A1 | (4) | 1,370,405 | ||||||||
University of Cincinnati, Ohio, General Receipts Bonds, Series 2001A: | |||||||||||||
1,500 | 5.750%, 6/01/18 (Pre-refunded 6/01/11) – FGIC Insured | 6/11 at 101.00 | A+ | (4) | 1,631,805 | ||||||||
1,520 | 5.750%, 6/01/19 (Pre-refunded 6/01/11) – FGIC Insured | 6/11 at 101.00 | A+ | (4) | 1,653,562 | ||||||||
78,285 | Total U.S. Guaranteed | 80,411,468 | |||||||||||
Utilities – 8.2% | |||||||||||||
5,000 | American Municipal Power Ohio Inc., General Revenue Bonds, Series 2008, 5.250%, 2/15/43 | 2/18 at 100.00 | A1 | 5,007,500 | |||||||||
1,535 | Cleveland Public Power System, Ohio, First Mortgage Improvement Revenue Bonds, Series 1994A, 0.000%, 11/15/13 – NPFG Insured | No Opt. Call | A | 1,408,209 | |||||||||
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B: | |||||||||||||
4,740 | 0.000%, 11/15/34 – NPFG Insured | No Opt. Call | A | 1,269,704 | |||||||||
2,000 | 5.000%, 11/15/38 – NPFG Insured | 5/18 at 100.00 | A | 1,987,840 | |||||||||
7,500 | 0.000%, 11/15/38 – NPFG Insured | No Opt. Call | A | 1,605,750 | |||||||||
5,000 | Ohio Air Quality Development Authority, Revenue Bonds, JMG Funding Limited Partnership Project, Series 1997, 5.625%, 1/01/23 – AMBAC Insured (Alternative Minimum Tax) | 4/10 at 100.00 | N/R | 4,343,150 |
50 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Utilities (continued) | ||||||||||||
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project – Joint Venture 5, Series 2004: | ||||||||||||
$ | 1,000 | 5.000%, 2/15/20 – AMBAC Insured | 2/14 at 100.00 | A1 | $ | 1,028,090 | ||||||
5,450 | 5.000%, 2/15/21 – AMBAC Insured | 2/14 at 100.00 | A1 | 5,569,846 | ||||||||
1,465 | 5.000%, 2/15/22 – AMBAC Insured | 2/14 at 100.00 | A1 | 1,487,312 | ||||||||
3,295 | 5.000%, 2/15/23 – AMBAC Insured | 2/14 at 100.00 | A1 | 3,333,354 | ||||||||
10,250 | Ohio Water Development Authority, Solid Waste Disposal Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) | 3/10 at 101.00 | N/R | 9,573,807 | ||||||||
1,545 | Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 1989O, 0.000%, 7/01/17 | No Opt. Call | AAA | 1,175,127 | ||||||||
4,460 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 (Alternative Minimum Tax) | 6/10 at 101.00 | Baa3 | 4,502,102 | ||||||||
53,240 | Total Utilities | 42,291,791 | ||||||||||
Water and Sewer – 7.2% | ||||||||||||
1,730 | Butler County, Ohio, Sewerage System Revenue Bonds, Series 2005, 5.000%, 12/01/23 – FSA Insured | No Opt. Call | Aa3 | 1,956,232 | ||||||||
4,355 | Cincinnati, Ohio, Water System Revenue Bonds, Series 2007B, 5.000%, 12/01/32 | 12/17 at 100.00 | AAA | 4,573,098 | ||||||||
865 | City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – AMBAC Insured | 12/17 at 100.00 | A3 | 867,258 | ||||||||
10,325 | Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured | No Opt. Call | Aa2 | 11,860,223 | ||||||||
2,030 | Hebron, Ohio, Mortgage Revenue Bonds, Waterworks System Improvements, Series 2004, 5.875%, 12/01/25 | 6/14 at 100.00 | N/R | 1,913,011 | ||||||||
1,260 | Lancaster, Ohio, Wastewater System Improvement Revenue Bonds, Series 2004, 5.000%, 12/01/25 – AMBAC Insured | 12/14 at 100.00 | N/R | 1,264,977 | ||||||||
4,590 | Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 4.750%, 12/01/47 – SYNCORA GTY Insured | 12/17 at 100.00 | A– | 4,109,060 | ||||||||
530 | Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, Series 2008, 5.000%, 6/01/28 – FSA Insured | 6/18 at 100.00 | AAA | 572,442 | ||||||||
1,255 | Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2004, 5.250%, 12/01/15 | 6/14 at 100.00 | AAA | 1,427,826 | ||||||||
Ohio Water Development Authority, Revenue Bonds, Water Development Community Assistance Program, Refunding Series 2009: | ||||||||||||
1,405 | 5.000%, 12/01/25 | 12/19 at 100.00 | Aa2 | 1,535,763 | ||||||||
1,475 | 5.000%, 12/01/26 | 12/19 at 100.00 | Aa2 | 1,601,953 | ||||||||
3,500 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water Quality Project, Series 2005B, 5.000%, 6/01/25 | 6/15 at 100.00 | AAA | 3,771,075 | ||||||||
1,390 | Waterworks System Mortgage Revenue Improvement and Refunding Bonds, Ohio, Series 2009, 5.000%, 3/01/34 – AGC Insured | 3/19 at 100.00 | Aa3 | 1,399,105 | ||||||||
34,710 | Total Water and Sewer | 36,852,023 | ||||||||||
$ | 509,090 | Total Investments (cost $481,073,277) – 96.9% | 497,646,745 | |||||||||
Other Assets Less Liabilities – 3.1% | 15,720,592 | |||||||||||
Net Assets – 100% | $ | 513,367,337 |
Nuveen Investments | 51 |
Portfolio of Investments (Unaudited)
Nuveen Ohio Municipal Bond Fund (continued)
November 30, 2009
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. |
N/R | Not rated. |
(ETM) | Escrowed to maturity. |
(IF) | Inverse floating rate investment. |
See accompanying notes to financial statements.
52 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Wisconsin Municipal Bond Fund
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Education and Civic Organizations – 2.1% | ||||||||||||
$ | 500 | Delafield Community Development Authority, Wisconsin, Redevelopment Revenue Bonds, Saint John’s Northwestern Milirary Academy, Series 2009, 4.700%, 6/01/34 | 6/19 at 100.00 | Aaa | $ | 503,430 | ||||||
370 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System, Series 1999, 5.375%, 2/01/29 | 2/10 at 100.50 | BBB– | 336,393 | ||||||||
200 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series 2001, 5.250%, 9/01/21 | 9/11 at 100.00 | BBB | 200,248 | ||||||||
250 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31 | 12/12 at 101.00 | BBB– | 226,638 | ||||||||
1,320 | Total Education and Civic Organizations | 1,266,709 | ||||||||||
Health Care – 7.0% | ||||||||||||
1,230 | Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009, 5.875%, 2/15/39 | 2/19 at 100.00 | A3 | 1,227,319 | ||||||||
385 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, FHA-Insured Mortgage Hospital Revenue Bonds, Doctor Pila Hospital, Series 1995A, 5.875%, 8/01/12 | 2/10 at 100.00 | AA+ | 386,247 | ||||||||
500 | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series 1995A, 6.250%, 7/01/24 – NPFG Insured | 1/10 at 100.00 | A | 500,410 | ||||||||
1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/32 | 2/14 at 100.00 | A+ | 1,042,410 | ||||||||
1,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38 | 12/19 at 100.00 | A1 | 1,008,420 | ||||||||
4,115 | Total Health Care | 4,164,806 | ||||||||||
Housing/Multifamily – 8.7% | ||||||||||||
675 | Kenosha Housing Authority, Wisconsin, GNMA Collateralized Multifamily Housing Revenue Bonds, Villa Ciera Inc., Series 2000A, 5.900%, 11/20/30 | 5/10 at 100.00 | N/R | 676,775 | ||||||||
570 | Lake Delton Community Development Agency, Wisconsin, GNMA Collateralized Multifamily Housing Revenue Bonds, Woodland Park Project, Series 2001, 5.300%, 2/20/31 (Alternative Minimum Tax) | 1/12 at 102.00 | N/R | 571,841 | ||||||||
1,000 | Madison Community Development Authority, Wisconsin, GNMA Multifamily Housing Revenue Refunding Bonds, Greentree Glen Apartments, Series 1999A, 5.500%, 9/20/29 (Alternative Minimum Tax) | 3/10 at 100.00 | AAA | 1,000,290 | ||||||||
200 | Milwaukee Redevelopment Authority, Wisconsin, FHA-Insured Multifamily Housing Revenue Bonds, City Hall Square Apartments, Series 1993, 6.000%, 8/01/22 (Alternative Minimum Tax) | 2/10 at 100.00 | N/R | 200,402 | ||||||||
1,000 | Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27 | 12/18 at 100.00 | AA– | 1,015,490 | ||||||||
500 | Sheboygan Housing Authority, Wisconsin, GNMA Multifamily Revenue Refunding Bonds, Lake Shore Apartments, Series 1998A, 5.100%, 11/20/26 | 5/10 at 100.00 | AAA | 500,170 | ||||||||
300 | Walworth County Housing Authority, Wisconsin, FHA-Insured Housing Revenue Bonds, Kiwanis Heritage Inc. Senior Apartments, Series 1997, 5.550%, 9/01/22 | 3/10 at 100.00 | N/R | 300,183 | ||||||||
1,000 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2006A, 4.550%, 5/01/27 (Alternative Minimum Tax) | 5/16 at 100.00 | AA | 931,720 | ||||||||
5,245 | Total Housing/Multifamily | 5,196,871 | ||||||||||
Housing/Single Family – 4.1% | ||||||||||||
30 | Virgin Islands Housing Finance Corporation, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1995A, 6.450%, 3/01/16 (Alternative Minimum Tax) | 3/10 at 100.00 | N/R | 30,040 |
Nuveen Investments | 53 |
Portfolio of Investments (Unaudited)
Nuveen Wisconsin Municipal Bond Fund (continued)
November 30, 2009
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||||||||
Housing/Single Family (continued) | ||||||||||||
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2005E: | ||||||||||||
$ | 1,250 | 4.900%, 11/01/35 | 5/15 at 100.00 | AA | $ | 1,213,163 | ||||||
1,300 | 4.900%, 11/01/35 – AMBAC Insured | 5/15 at 100.00 | AA | 1,226,069 | ||||||||
2,580 | Total Housing/Single Family | 2,469,272 | ||||||||||
Industrials – 0.9% | ||||||||||||
600 | Milwaukee Redevelopment Authority, Wisconsin, Schlitz Park Mortgage Revenue Refunding Bonds, Series 1998A, 5.500%, 1/01/17 (Alternative Minimum Tax) | 1/11 at 100.00 | N/R | 563,730 | ||||||||
Tax Obligation/General – 0.2% | ||||||||||||
95 | Guam, General Obligation Bonds, Series 1993A, 5.400%, 11/15/18 | 5/10 at 100.00 | B+ | 93,149 | ||||||||
Tax Obligation/Limited – 62.1% | ||||||||||||
1,500 | Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Refunding Bonds, Arena Project, Series 2002, 5.150%, 6/01/29 | 6/12 at 100.00 | Aa2 | 1,548,705 | ||||||||
2,000 | Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Bayshore Public Parking Project, Series 2004A, 5.000%, 10/01/24 | 10/14 at 100.00 | A3 | 2,075,460 | ||||||||
100 | Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Refunding Bonds, Tax Increment District 6, Series 2001, 5.000%, 10/01/19 | 10/11 at 100.00 | A3 | 102,011 | ||||||||
350 | Green Bay Brown County Professional Football Stadium District, Wisconsin, Sales Tax Revenue Bonds, Lambeau Field Renovation Project, Series 2001A, 5.000%, 2/01/19 – AMBAC Insured | 2/11 at 100.00 | AA | 361,722 | ||||||||
960 | Madison Community Development Authority, Wisconsin, Lease Revenue Refunding Bonds, Monona Terrace, Series 2002, 4.375%, 3/01/20 | 3/12 at 100.00 | Aa2 | 980,170 | ||||||||
675 | Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I LLC Project Revenue Bonds, Series 2008, 5.125%, 6/01/29 | 6/16 at 100.00 | A2 | 648,068 | ||||||||
2,000 | Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Neighborhood Public Schools Initiative, Series 2002A, 4.875%, 8/01/21 – AMBAC Insured | 8/12 at 100.00 | A1 | 2,049,540 | ||||||||
1,000 | Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Neighborhood Public Schools Initiative, Series 2007A, 4.000%, 8/01/23 – AMBAC Insured | 8/17 at 100.00 | A1 | 1,006,730 | ||||||||
275 | Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2005A, 4.600%, 8/01/22 | 8/15 at 100.00 | A2 | 280,261 | ||||||||
Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Summerfest Project, Series 2001: | ||||||||||||
400 | 4.850%, 8/01/17 | 8/11 at 100.00 | A | 410,388 | ||||||||
1,000 | 4.950%, 8/01/20 | 8/11 at 100.00 | A | 1,015,660 | ||||||||
1,500 | Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2004A, 5.000%, 12/01/26 | 12/14 at 100.00 | A1 | 1,561,185 | ||||||||
Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A: | ||||||||||||
500 | 4.625%, 12/01/28 | 12/18 at 100.00 | A1 | 528,465 | ||||||||
1,000 | 4.750%, 12/01/32 | 12/18 at 100.00 | A1 | 1,038,600 | ||||||||
1,000 | Onalaska Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Series 2003, 4.875%, 10/01/27 | 10/13 at 100.00 | A2 | 965,830 | ||||||||
1,500 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004-I, 5.000%, 7/01/23 – FGIC Insured | 7/14 at 100.00 | BBB | 1,445,490 | ||||||||
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: | ||||||||||||
2,500 | 5.500%, 7/01/25 – AGC Insured | No Opt. Call | AAA | 2,767,400 | ||||||||
2,000 | 5.250%, 7/01/33 – NPFG Insured | No Opt. Call | A | 1,859,480 |
54 | Nuveen Investments |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | |||||||||
Tax Obligation/Limited (continued) | |||||||||||||
$ | 1,000 | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured | No Opt. Call | BBB+ | $ | 997,710 | |||||||
Saint Francis Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2007: | |||||||||||||
400 | 4.150%, 3/01/20 | 3/17 at 100.00 | A3 | 407,256 | |||||||||
300 | 4.350%, 3/01/22 | 3/17 at 100.00 | A3 | 300,816 | |||||||||
280 | 4.500%, 3/01/24 | 3/17 at 100.00 | A3 | 280,843 | |||||||||
520 | 4.600%, 3/01/27 | 3/17 at 100.00 | A3 | 515,684 | |||||||||
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A: | |||||||||||||
850 | 5.500%, 12/15/18 – NPFG Insured | No Opt. Call | AA– | 1,029,996 | |||||||||
400 | 5.500%, 12/15/19 – NPFG Insured | No Opt. Call | AA– | 485,332 | |||||||||
2,195 | 5.500%, 12/15/20 – NPFG Insured | No Opt. Call | AA– | 2,665,784 | |||||||||
500 | 5.500%, 12/15/26 – NPFG Insured | No Opt. Call | AA– | 571,945 | |||||||||
1,220 | Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Series 2006A, 4.500%, 10/01/21 | 10/16 at 100.00 | N/R | 1,230,516 | |||||||||
1,305 | Sun Prairie Community Development Authority, Wisconsin, Lease Revenue Bonds, Tax Increment District 8, Series 2006, 4.250%, 8/01/25 | 8/16 at 100.00 | A2 | 1,265,250 | |||||||||
1,000 | Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2004A, 5.250%, 10/01/21 | 10/14 at 100.00 | A3 | 1,054,770 | |||||||||
1,000 | Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2005A, 5.000%, 10/01/21 | 10/15 at 100.00 | A3 | 1,022,670 | |||||||||
Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999: | |||||||||||||
2,900 | 5.250%, 12/15/23 – FSA Insured | No Opt. Call | AAA | 3,266,529 | |||||||||
500 | 5.250%, 12/15/27 – FSA Insured | No Opt. Call | AAA | 559,855 | |||||||||
2,000 | Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A, 0.000%, 12/15/28 – FSA Insured | No Opt. Call | AAA | 775,180 | |||||||||
36,630 | Total Tax Obligation/Limited | 37,075,301 | |||||||||||
U.S. Guaranteed – 5.7% (4) | |||||||||||||
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2003A: | |||||||||||||
2,000 | 5.125%, 8/01/21 (Pre-refunded 8/01/13) – AMBAC Insured | 8/13 at 100.00 | A1 | (4) | 2,285,200 | ||||||||
1,000 | 5.125%, 8/01/22 (Pre-refunded 8/01/13) – AMBAC Insured | 8/13 at 100.00 | A1 | (4) | 1,142,600 | ||||||||
3,000 | Total U.S. Guaranteed | 3,427,800 | |||||||||||
Utilities – 6.9% | |||||||||||||
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | A | 1,037,400 | |||||||||
2,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%, 7/01/24 – NPFG Insured | 7/17 at 100.00 | A | 2,012,460 | |||||||||
1,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/24 – FGIC Insured | No Opt. Call | A | 1,036,130 | |||||||||
4,000 | Total Utilities | 4,085,990 | |||||||||||
$ | 57,585 | Total Investments (cost $57,725,053) – 97.7% | 58,343,628 | ||||||||||
Other Assets Less Liabilities – 2.3% | 1,397,789 | ||||||||||||
Net Assets – 100% | $ | 59,741,417 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | 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. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
(3) | Ratings: Using the higher of Standard & Poor’s Group (“Standard & Poor’s”) or Moody’s Investor Service, Inc. (“Moody’s”) rating. Ratings below BBB by Standard & Poor’s or Baa by Moody’s are considered to be below investment grade. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. |
N/R | Not rated. |
See accompanying notes to financial statements.
Nuveen Investments | 55 |
Statement of Assets and Liabilities (Unaudited)
November 30, 2009
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Investments, at value (cost $139,627,334, $412,301,402, $198,179,049, $223,349,449, $481,073,277 and $57,725,053, respectively) | $ | 144,234,136 | $ | 422,989,290 | $ | 205,564,443 | $ | 225,448,807 | $ | 497,646,745 | $ | 58,343,628 | ||||||||||||
Cash | 3,230,505 | 2,840,694 | 5,563,518 | 3,982,813 | 388,755 | — | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Interest | 2,226,049 | 5,456,314 | 1,903,391 | 3,095,231 | 9,455,004 | 969,243 | ||||||||||||||||||
Investments sold | 5,600,606 | 1,002,840 | — | 50,650 | 6,292,000 | 500,000 | ||||||||||||||||||
Shares sold | 220,123 | 202,452 | 466,608 | 202,899 | 921,441 | 261,985 | ||||||||||||||||||
Other assets | 222 | 42,926 | 23,786 | 14,378 | 53,018 | 84 | ||||||||||||||||||
Total assets | 155,511,641 | 432,534,516 | 213,521,746 | 232,794,778 | 514,756,963 | 60,074,940 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Cash overdraft | — | — | — | — | — | 189,753 | ||||||||||||||||||
Floating rate obligations | — | — | — | 2,225,000 | — | — | ||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Dividends | 185,545 | 521,725 | 344,346 | 287,492 | 757,473 | 56,240 | ||||||||||||||||||
Investments purchased | — | 5,956,380 | 1,449,555 | — | — | — | ||||||||||||||||||
Shares redeemed | 140,382 | 661,418 | 709,370 | 166,729 | 106,388 | 22,450 | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Management fees | 68,338 | 183,233 | 92,636 | 100,525 | 224,597 | 26,251 | ||||||||||||||||||
12b-1 distribution and service fees | 39,390 | 95,803 | 47,106 | 49,567 | 95,160 | 14,020 | ||||||||||||||||||
Other | 47,144 | 156,009 | 99,280 | 80,286 | 206,008 | 24,809 | ||||||||||||||||||
Total liabilities | 480,799 | 7,574,568 | 2,742,293 | 2,909,599 | 1,389,626 | 333,523 | ||||||||||||||||||
Net assets | $ | 155,030,842 | $ | 424,959,948 | $ | 210,779,453 | $ | 229,885,179 | $ | 513,367,337 | $ | 59,741,417 | ||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net assets | $ | 114,890,678 | $ | 359,697,741 | $ | 157,747,260 | $ | 194,236,170 | $ | 330,678,858 | $ | 47,854,463 | ||||||||||||
Shares outstanding | 11,103,152 | 33,732,592 | 14,256,066 | 18,320,425 | 29,881,546 | 4,673,991 | ||||||||||||||||||
Net asset value per share | $ | 10.35 | $ | 10.66 | $ | 11.07 | $ | 10.60 | $ | 11.07 | $ | 10.24 | ||||||||||||
Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering price) | $ | 10.80 | $ | 11.13 | $ | 11.56 | $ | 11.06 | $ | 11.55 | $ | 10.69 | ||||||||||||
Class B Shares | ||||||||||||||||||||||||
Net assets | $ | 2,609,849 | $ | 6,123,291 | $ | 2,031,626 | $ | 2,978,005 | $ | 6,166,762 | $ | 1,389,926 | ||||||||||||
Shares outstanding | 254,404 | 573,739 | 183,260 | 280,602 | 558,283 | 135,420 | ||||||||||||||||||
Net asset value and offering price per share | $ | 10.26 | $ | 10.67 | $ | 11.09 | $ | 10.61 | $ | 11.05 | $ | 10.26 | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Net assets | $ | 29,871,647 | $ | 51,995,739 | $ | 31,547,916 | $ | 24,890,080 | $ | 58,248,575 | $ | 8,468,559 | ||||||||||||
Shares outstanding | 2,887,750 | 4,873,146 | 2,852,437 | 2,350,714 | 5,279,898 | 825,829 | ||||||||||||||||||
Net asset value and offering price per share | $ | 10.34 | $ | 10.67 | $ | 11.06 | $ | 10.59 | $ | 11.03 | $ | 10.25 | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Net assets | $ | 7,658,668 | $ | 7,143,177 | $ | 19,452,651 | $ | 7,780,924 | $ | 118,273,142 | $ | 2,028,469 | ||||||||||||
Shares outstanding | 736,838 | 669,616 | 1,758,914 | 733,946 | 10,711,459 | 197,583 | ||||||||||||||||||
Net asset value and offering price per share | $ | 10.39 | $ | 10.67 | $ | 11.06 | $ | 10.60 | $ | 11.04 | $ | 10.27 | ||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||
Capital paid-in | $ | 151,288,834 | $ | 420,516,650 | $ | 207,199,949 | $ | 229,220,614 | $ | 499,307,442 | $ | 59,188,321 | ||||||||||||
Undistributed (Over-distribution of) net investment income | 200,753 | (681,139 | ) | (109,363 | ) | 468,202 | 590,644 | 1,844 | ||||||||||||||||
Accumulated net realized gain (loss) from investments and derivative transactions | (1,065,547 | ) | (5,563,451 | ) | (3,696,527 | ) | (1,902,995 | ) | (3,104,217 | ) | (67,323 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments | 4,606,802 | 10,687,888 | 7,385,394 | 2,099,358 | 16,573,468 | 618,575 | ||||||||||||||||||
Net assets | $ | 155,030,842 | $ | 424,959,948 | $ | 210,779,453 | $ | 229,885,179 | $ | 513,367,337 | $ | 59,741,417 |
See accompanying notes to financial statements.
56 | Nuveen Investments |
Statement of Operations (Unaudited)
Six Months Ended November 30, 2009
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Investment Income | $ | 3,897,493 | $ | 10,327,364 | $ | 5,262,158 | $ | 6,055,950 | $ | 13,058,279 | $ | 1,367,820 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fees | 410,386 | 1,104,971 | 561,321 | 602,160 | 1,329,479 | 157,560 | ||||||||||||||||||
12b-1 service fees – Class A | 115,811 | 356,381 | 156,252 | 190,204 | 330,174 | 47,129 | ||||||||||||||||||
12b-1 distribution and service fees – Class B | 13,494 | 30,852 | 11,595 | 15,183 | 32,311 | 6,931 | ||||||||||||||||||
12b-1 distribution and service fees – Class C | 103,449 | 186,937 | 119,424 | 88,864 | 208,240 | 28,566 | ||||||||||||||||||
Shareholders’ servicing agent fees and expenses | 38,129 | 95,484 | 63,392 | 54,422 | 143,819 | 15,433 | ||||||||||||||||||
Interest expense on floating rate obligations | — | — | — | 5,664 | — | — | ||||||||||||||||||
Custodian’s fees and expenses | 15,577 | 38,359 | 21,491 | 22,812 | 48,067 | 8,180 | ||||||||||||||||||
Trustees’ fees and expenses | 1,600 | 4,365 | 2,224 | 2,437 | 5,374 | 601 | ||||||||||||||||||
Professional fees | 6,712 | 14,973 | 8,435 | 8,590 | 14,601 | 4,939 | ||||||||||||||||||
Shareholders’ reports – printing and mailing expenses | 10,497 | 28,185 | 18,804 | 15,287 | 39,794 | 5,149 | ||||||||||||||||||
Federal and state registration fees | 4,258 | 6,391 | 6,996 | 6,182 | 7,199 | 7,729 | ||||||||||||||||||
Other expenses | 2,197 | 6,857 | 3,453 | 3,720 | 8,438 | 1,096 | ||||||||||||||||||
Total expenses before custodian fee credit | 722,110 | 1,873,755 | 973,387 | 1,015,525 | 2,167,496 | 283,313 | ||||||||||||||||||
Custodian fee credit | (182 | ) | (83 | ) | (69 | ) | (155 | ) | (88 | ) | (20 | ) | ||||||||||||
Net expenses | 721,928 | 1,873,672 | 973,318 | 1,015,370 | 2,167,408 | 283,293 | ||||||||||||||||||
Net investment income | 3,175,565 | 8,453,692 | 4,288,840 | 5,040,580 | 10,890,871 | 1,084,527 | ||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
Net realized gain (loss) from investments | (188,294 | ) | 266,339 | (1,133,770 | ) | (11,808 | ) | (1,354,909 | ) | 2,019 | ||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | 4,798,756 | 10,655,391 | 5,543,908 | 9,811,685 | 14,504,760 | 1,627,365 | ||||||||||||||||||
Net realized and unrealized gain (loss) | 4,610,462 | 10,921,730 | 4,410,138 | 9,799,877 | 13,149,851 | 1,629,384 | ||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 7,786,027 | $ | 19,375,422 | $ | 8,698,978 | $ | 14,840,457 | $ | 24,040,722 | $ | 2,713,911 |
See accompanying notes to financial statements.
Nuveen Investments | 57 |
Statement of Changes in Net Assets (Unaudited)
Kansas | Kentucky | |||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 3,175,565 | $ | 5,548,520 | $ | 8,453,692 | $ | 16,685,877 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (188,294 | ) | (850,008 | ) | 266,339 | (5,341,455 | ) | |||||||||
Forward swaps | — | — | — | 369,923 | ||||||||||||
Futures | — | — | — | 907,790 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | 4,798,756 | (1,241,863 | ) | 10,655,391 | (8,599,539 | ) | ||||||||||
Forward swaps | — | — | — | (336,570 | ) | |||||||||||
Futures | — | — | — | 23,058 | ||||||||||||
Net increase (decrease) in net assets from operations | 7,786,027 | 3,456,649 | 19,375,422 | 3,709,084 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (2,407,933 | ) | (4,341,033 | ) | (7,382,783 | ) | (14,525,292 | ) | ||||||||
Class B | (48,377 | ) | (138,435 | ) | (109,629 | ) | (290,744 | ) | ||||||||
Class C | (505,813 | ) | (842,823 | ) | (895,020 | ) | (1,644,837 | ) | ||||||||
Class I | (121,547 | ) | (202,938 | ) | (102,500 | ) | (128,929 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | (2,296,878 | ) | |||||||||||
Class B | — | — | — | (56,792 | ) | |||||||||||
Class C | — | — | — | (301,635 | ) | |||||||||||
Class I | — | — | — | (19,308 | ) | |||||||||||
Decrease in net assets from distributions to shareholders | (3,083,670 | ) | (5,525,229 | ) | (8,489,932 | ) | (19,264,415 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 19,398,571 | 34,957,401 | 25,386,278 | 40,513,801 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 1,863,141 | 2,968,272 | 5,290,642 | 11,934,196 | ||||||||||||
21,261,712 | 37,925,673 | 30,676,920 | 52,447,997 | |||||||||||||
Cost of shares redeemed | (15,091,504 | ) | (16,062,233 | ) | (21,563,387 | ) | (53,830,586 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | 6,170,208 | 21,863,440 | 9,113,533 | (1,382,589 | ) | |||||||||||
Net increase (decrease) in net assets | 10,872,565 | 19,794,860 | 19,999,023 | (16,937,920 | ) | |||||||||||
Net assets at the beginning of period | 144,158,277 | 124,363,417 | 404,960,925 | 421,898,845 | ||||||||||||
Net assets at the end of period | $ | 155,030,842 | $ | 144,158,277 | $ | 424,959,948 | $ | 404,960,925 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 200,753 | $ | 108,858 | $ | (681,139 | ) | $ | (644,899 | ) |
58 | Nuveen Investments |
Michigan | Missouri | |||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 4,288,840 | $ | 8,925,224 | $ | 5,040,580 | $ | 9,797,487 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (1,133,770 | ) | (2,683,376 | ) | (11,808 | ) | (1,891,626 | ) | ||||||||
Forward swaps | — | 181,473 | — | — | ||||||||||||
Futures | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | 5,543,908 | (3,927,130 | ) | 9,811,685 | (10,090,955 | ) | ||||||||||
Forward swaps | — | (165,110 | ) | — | — | |||||||||||
Futures | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 8,698,978 | 2,331,081 | 14,840,457 | (2,185,094 | ) | |||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (3,284,724 | ) | (6,507,362 | ) | (4,220,155 | ) | (8,252,429 | ) | ||||||||
Class B | (41,552 | ) | (117,337 | ) | (59,211 | ) | (162,829 | ) | ||||||||
Class C | (581,366 | ) | (1,230,142 | ) | (466,852 | ) | (848,721 | ) | ||||||||
Class I | (397,028 | ) | (816,942 | ) | (161,378 | ) | (194,364 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | (193,863 | ) | — | (994,525 | ) | ||||||||||
Class B | — | (4,218 | ) | — | (22,490 | ) | ||||||||||
Class C | — | (41,482 | ) | — | (118,362 | ) | ||||||||||
Class I | — | (22,781 | ) | — | (16,734 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (4,304,670 | ) | (8,934,127 | ) | (4,907,596 | ) | (10,610,454 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 17,308,685 | 37,640,269 | 17,353,195 | 29,399,588 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,197,148 | 4,347,974 | 3,013,647 | 5,940,903 | ||||||||||||
19,505,833 | 41,988,243 | 20,366,842 | 35,340,491 | |||||||||||||
Cost of shares redeemed | (18,196,233 | ) | (48,999,293 | ) | (16,159,679 | ) | (32,474,756 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | 1,309,600 | (7,011,050 | ) | 4,207,163 | 2,865,735 | |||||||||||
Net increase (decrease) in net assets | 5,703,908 | (13,614,096 | ) | 14,140,024 | (9,929,813 | ) | ||||||||||
Net assets at the beginning of period | 205,075,545 | 218,689,641 | 215,745,155 | 225,674,968 | ||||||||||||
Net assets at the end of period | $ | 210,779,453 | $ | 205,075,545 | $ | 229,885,179 | $ | 215,745,155 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (109,363 | ) | $ | (93,533 | ) | $ | 468,202 | $ | 335,218 |
See accompanying notes to financial statements.
Nuveen Investments | 59 |
Statement of Changes in Net Assets (Unaudited) (continued)
Ohio | Wisconsin | |||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 10,890,871 | $ | 21,323,599 | $ | 1,084,527 | $ | 2,214,173 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments | (1,354,909 | ) | (1,861,519 | ) | 2,019 | (52,303 | ) | |||||||||
Forward swaps | — | — | — | — | ||||||||||||
Futures | — | 1,089,084 | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments | 14,504,760 | (9,120,799 | ) | 1,627,365 | (1,400,517 | ) | ||||||||||
Forward swaps | — | — | — | — | ||||||||||||
Futures | — | 35,297 | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 24,040,722 | 11,465,662 | 2,713,911 | 761,353 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (6,865,419 | ) | (13,655,312 | ) | (893,561 | ) | (1,812,399 | ) | ||||||||
Class B | (116,050 | ) | (330,150 | ) | (22,304 | ) | (56,840 | ) | ||||||||
Class C | (1,010,895 | ) | (1,904,559 | ) | (124,903 | ) | (213,829 | ) | ||||||||
Class I | (2,454,914 | ) | (4,996,722 | ) | (36,076 | ) | (52,163 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | (1,232,855 | ) | — | (24,233 | ) | ||||||||||
Class B | — | (34,958 | ) | — | (936 | ) | ||||||||||
Class C | — | (195,817 | ) | — | (3,316 | ) | ||||||||||
Class I | — | (432,505 | ) | — | (629 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (10,447,278 | ) | (22,782,878 | ) | (1,076,844 | ) | (2,164,345 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 35,101,938 | 58,042,769 | 4,377,265 | 9,173,090 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 5,813,614 | 12,792,960 | 726,493 | 1,349,987 | ||||||||||||
40,915,552 | 70,835,729 | 5,103,758 | 10,523,077 | |||||||||||||
Cost of shares redeemed | (32,430,784 | ) | (85,936,655 | ) | (4,010,572 | ) | (12,941,123 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | 8,484,768 | (15,100,926 | ) | 1,093,186 | (2,418,046 | ) | ||||||||||
Net increase (decrease) in net assets | 22,078,212 | (26,418,142 | ) | 2,730,253 | (3,821,038 | ) | ||||||||||
Net assets at the beginning of period | 491,289,125 | 517,707,267 | 57,011,164 | 60,832,202 | ||||||||||||
Net assets at the end of period | $ | 513,367,337 | $ | 491,289,125 | $ | 59,741,417 | $ | 57,011,164 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 590,644 | $ | 147,051 | $ | 1,844 | $ | (5,839 | ) |
See accompanying notes to financial statements.
60 | Nuveen Investments |
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
The Nuveen Multistate Trust IV (the “Trust”) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Kansas Municipal Bond Fund (“Kansas”), Nuveen Kentucky Municipal Bond Fund (“Kentucky”), Nuveen Michigan Municipal Bond Fund (“Michigan”), Nuveen Missouri Municipal Bond Fund (“Missouri”), Nuveen Ohio Municipal Bond Fund (“Ohio”) and Nuveen Wisconsin Municipal Bond Fund (“Wisconsin”) (collectively, the “Funds”). The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as a series of predecessor trusts or corporations prior to that date.
Each Fund’s investment objective is to provide as high a level of current interest income exempt from regular federal, state and, in some cases, local income taxes as is consistent with preservation of capital through investing primarily in Portfolios in quality municipal bonds. Each Fund invests substantially all of its assets in municipal bonds that pay interest that is exempt from regular federal income tax and its respective state personal income tax. Under normal circumstances, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield,” “high risk” or “junk” bonds. Each Fund may invest up to 15% of its assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (i.e., inverse floating rate securities). Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (”Nuveen”), uses a value-oriented strategy and looks for higher-yielding and undervalued municipal bonds that offer potentially above-average total return. The Adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds.
In June 2009, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification™ (the “Codification”) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with generally accepted accounting principles (GAAP). The Codification supersedes existing non-grandfathered, non-SEC accounting and reporting standards. The Codification did not change GAAP but rather organized it into a hierarchy where all guidance within the Codification carries an equal level of authority. The Codification became effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Codification did not have a material effect on the Funds’ financial statements.
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.
Investment 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. Prices of forward swap contracts are also provided by an independent pricing service approved by each Fund’s Board of Trustees. Futures contracts are valued using the closing settlement price, or, in the absence of such a price, at the mean of the bid and asked prices. When market price quotes are not readily available (which is usually the case for municipal securities), the pricing service or, in the absence of a pricing service for a particular investment or derivative instrument, the Board of Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At November 30, 2009, Kentucky and Michigan had outstanding when-issued/delayed delivery purchase commitments of $5,956,380 and $1,449,555, respectively. There were no such outstanding purchase commitments in any of the other Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. 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. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
Nuveen Investments | 61 |
Notes to Financial Statements (Unaudited) (continued)
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least 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.
Flexible Sales Charge Program
Class A Shares are generally sold with an up-front sales charge and incur a .20% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .55% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within one year of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as “Interest expense on floating rate obligations” on the Statement of Operations.
During the six months ended November 30, 2009, Kentucky, Michigan, Missouri and Ohio invested in externally-deposited inverse floaters and/or self-deposited inverse floaters. Kansas and Wisconsin did not invest in any such instruments during the six months ended November 30, 2009.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
62 | Nuveen Investments |
At November 30, 2009, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Maximum exposure to Recourse Trusts | $ | — | $ | 15,000,000 | $ | — | $ | — | $ | — | $ | — |
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended November 30, 2009, were as follows:
Missouri | |||
Average floating rate obligations outstanding | $ | 2,225,000 | |
Average annual interest rate and fees | 0.51% |
Forward Swap Contracts
Each Fund is authorized to enter into forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Each Fund’s use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund’s interest rate sensitivity with that of the broader municipal market. Forward interest rate swap transactions involve each Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of the Fund’s swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as “Unrealized appreciation or depreciation on forward swaps” with the change during the fiscal period recognized on the Statement of Operations as “Change in net unrealized appreciation (depreciation) of forward swaps.”
The Funds may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. The Funds did not invest in forward interest rate swap transactions during the six months ended November 30, 2009.
Futures Contracts
Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers
for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract and is recognized as “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as “Net realized gain (loss) from futures contracts” on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not invest in futures contracts during the six months ended November 30, 2009.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option
Nuveen Investments | 63 |
Notes to Financial Statements (Unaudited) (continued)
and swap transactions. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. Such securities are included in the Portfolios of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Expense Allocation
Expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
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.
2. Fair Value Measurements
In determining the value of each Fund’s investments various inputs are used. These inputs are summarized in the three broad levels listed below:
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of each Fund’s fair value measurements as of November 30, 2009:
Kansas | Level 1 | Level 2 | Level 3 | Total | ||||||||
Investments: | ||||||||||||
Municipal Bonds | $ | — | $ | 144,234,136 | $ | — | $ | 144,234,136 | ||||
Kentucky | Level 1 | Level 2 | Level 3 | Total | ||||||||
Investments: | ||||||||||||
Municipal Bonds | $ | — | $ | 422,989,290 | $ | — | $ | 422,989,290 |
64 | Nuveen Investments |
Michigan | Level 1 | Level 2 | Level 3 | Total | ||||||||
Investments: | ||||||||||||
Municipal Bonds | $ | — | $ | 205,564,443 | $ | — | $ | 205,564,443 | ||||
Missouri | Level 1 | Level 2 | Level 3 | Total | ||||||||
Investments: | ||||||||||||
Municipal Bonds | $ | — | $ | 225,448,807 | $ | — | $ | 225,448,807 | ||||
Ohio | Level 1 | Level 2 | Level 3 | Total | ||||||||
Investments: | ||||||||||||
Municipal Bonds | $ | — | $ | 497,646,745 | $ | — | $ | 497,646,745 | ||||
Wisconsin | Level 1 | Level 2 | Level 3 | Total | ||||||||
Investments: | ||||||||||||
Municipal Bonds | $ | — | $ | 58,343,628 | $ | — | $ | 58,343,628 |
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended November 30, 2009.
4. Fund Shares
Transactions in Fund shares were as follows:
Kansas | ||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Shares sold: | ||||||||||||||
Class A | 1,139,977 | $ | 11,619,197 | 2,751,536 | $ | 27,041,625 | ||||||||
Class A – automatic conversion of Class B Shares | 77,931 | 786,502 | 54,770 | 544,274 | ||||||||||
Class B | 100 | 1,015 | 930 | 8,991 | ||||||||||
Class C | 433,826 | 4,433,204 | 646,888 | 6,361,138 | ||||||||||
Class I | 246,766 | 2,558,653 | 104,636 | 1,001,373 | ||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||
Class A | 149,255 | 1,527,839 | 247,816 | 2,416,754 | ||||||||||
Class B | 2,548 | 25,825 | 7,524 | 72,734 | ||||||||||
Class C | 27,638 | 282,733 | 44,070 | 430,233 | ||||||||||
Class I | 2,600 | 26,744 | 4,960 | 48,551 | ||||||||||
2,080,641 | 21,261,712 | 3,863,130 | 37,925,673 | |||||||||||
Shares redeemed: | ||||||||||||||
Class A | (1,244,929 | ) | (12,783,817 | ) | (1,286,547 | ) | (12,533,221 | ) | ||||||
Class B | (10,596 | ) | (107,579 | ) | (77,757 | ) | (762,172 | ) | ||||||
Class B – automatic conversion to Class A Shares | (78,578 | ) | (786,502 | ) | (55,240 | ) | (544,274 | ) | ||||||
Class C | (123,563 | ) | (1,250,903 | ) | (202,951 | ) | (1,979,651 | ) | ||||||
Class I | (15,852 | ) | (162,703 | ) | (24,215 | ) | (242,915 | ) | ||||||
(1,473,518 | ) | (15,091,504 | ) | (1,646,710 | ) | (16,062,233 | ) | |||||||
Net increase (decrease) | 607,123 | $ | 6,170,208 | 2,216,420 | $ | 21,863,440 |
Nuveen Investments | 65 |
Notes to Financial Statements (Unaudited) (continued)
Kentucky | ||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Shares sold: | ||||||||||||||
Class A | 1,425,011 | $ | 14,978,274 | 3,013,432 | $ | 30,915,159 | ||||||||
Class A – automatic conversion of Class B Shares | 59,430 | 617,787 | 91,296 | 924,603 | ||||||||||
Class B | 577 | 6,091 | 2,442 | 24,632 | ||||||||||
Class C | 556,725 | 5,883,669 | 743,140 | 7,625,323 | ||||||||||
Class I | 367,053 | 3,900,457 | 100,952 | 1,024,084 | ||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||
Class A | 435,190 | 4,592,524 | 1,029,006 | 10,407,171 | ||||||||||
Class B | 7,458 | 78,692 | 25,328 | 256,349 | ||||||||||
Class C | 52,802 | 557,761 | 114,963 | 1,162,918 | ||||||||||
Class I | 5,834 | 61,665 | 10,657 | 107,758 | ||||||||||
2,910,080 | 30,676,920 | 5,131,216 | 52,447,997 | |||||||||||
Shares redeemed: | ||||||||||||||
Class A | (1,577,994 | ) | (16,655,646 | ) | (4,378,647 | ) | (44,737,243 | ) | ||||||
Class B | (75,911 | ) | (795,725 | ) | (132,944 | ) | (1,377,233 | ) | ||||||
Class B – automatic conversion to Class A Shares | (59,373 | ) | (617,787 | ) | (91,220 | ) | (924,603 | ) | ||||||
Class C | (299,718 | ) | (3,176,730 | ) | (614,034 | ) | (6,255,500 | ) | ||||||
Class I | (29,973 | ) | (317,499 | ) | (52,962 | ) | (536,007 | ) | ||||||
(2,042,969 | ) | (21,563,387 | ) | (5,269,807 | ) | (53,830,586 | ) | |||||||
Net increase (decrease) | 867,111 | $ | 9,113,533 | (138,591 | ) | $ | (1,382,589 | ) | ||||||
Michigan | ||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Shares sold: | ||||||||||||||
Class A | 1,269,933 | $ | 13,875,616 | 3,163,889 | $ | 33,408,034 | ||||||||
Class A – automatic conversion of Class B Shares | 32,163 | 352,815 | 27,158 | 294,003 | ||||||||||
Class B | 603 | 6,626 | 2,024 | 21,573 | ||||||||||
Class C | 80,331 | 876,871 | 234,914 | 2,499,362 | ||||||||||
Class I | 199,096 | 2,196,757 | 132,753 | 1,417,297 | ||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||
Class A | 149,000 | 1,636,506 | 296,070 | 3,128,595 | ||||||||||
Class B | 1,907 | 20,972 | 4,927 | 52,148 | ||||||||||
Class C | 23,030 | 252,615 | 51,656 | 545,770 | ||||||||||
Class I | 26,170 | 287,055 | 58,797 | 621,461 | ||||||||||
1,782,233 | 19,505,833 | 3,972,188 | 41,988,243 | |||||||||||
Shares redeemed: | ||||||||||||||
Class A | (1,212,364 | ) | (13,268,838 | ) | (3,792,635 | ) | (39,910,664 | ) | ||||||
Class B | (50,388 | ) | (549,482 | ) | (81,767 | ) | (871,713 | ) | ||||||
Class B – automatic conversion to Class A Shares | (32,104 | ) | (352,815 | ) | (27,091 | ) | (294,003 | ) | ||||||
Class C | (212,386 | ) | (2,325,400 | ) | (538,388 | ) | (5,666,670 | ) | ||||||
Class I | (156,101 | ) | (1,699,698 | ) | (215,098 | ) | (2,256,243 | ) | ||||||
(1,663,343 | ) | (18,196,233 | ) | (4,654,979 | ) | (48,999,293 | ) | |||||||
Net increase (decrease) | 118,890 | $ | 1,309,600 | (682,791 | ) | $ | (7,011,050 | ) |
66 | Nuveen Investments |
Missouri | ||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Shares sold: | ||||||||||||||
Class A | 1,083,903 | $ | 11,220,285 | 1,923,488 | $ | 19,303,025 | ||||||||
Class A – automatic conversion of Class B Shares | 49,893 | 511,123 | 51,073 | 515,483 | ||||||||||
Class B | 178 | 1,865 | 1,158 | 11,105 | ||||||||||
Class C | 271,248 | 2,820,870 | 558,037 | 5,501,759 | ||||||||||
Class I | 267,864 | 2,799,052 | 413,063 | 4,068,216 | ||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||
Class A | 257,171 | 2,682,910 | 537,165 | 5,308,062 | ||||||||||
Class B | 4,459 | 46,473 | 13,332 | 132,078 | ||||||||||
Class C | 21,882 | 228,121 | 45,818 | 451,754 | ||||||||||
Class I | 5,373 | 56,143 | 4,975 | 49,009 | ||||||||||
1,961,971 | 20,366,842 | 3,548,109 | 35,340,491 | |||||||||||
Shares redeemed: | ||||||||||||||
Class A | (1,203,054 | ) | (12,454,394 | ) | (2,620,666 | ) | (25,695,058 | ) | ||||||
Class B | (22,199 | ) | (229,829 | ) | (154,097 | ) | (1,562,317 | ) | ||||||
Class B – automatic conversion to Class A Shares | (49,835 | ) | (511,123 | ) | (51,015 | ) | (515,483 | ) | ||||||
Class C | (126,267 | ) | (1,317,464 | ) | (429,967 | ) | (4,194,438 | ) | ||||||
Class I | (153,076 | ) | (1,646,869 | ) | (51,849 | ) | (507,460 | ) | ||||||
(1,554,431 | ) | (16,159,679 | ) | (3,307,594 | ) | (32,474,756 | ) | |||||||
Net increase (decrease) | 407,540 | $ | 4,207,163 | 240,515 | $ | 2,865,735 | ||||||||
Ohio | ||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Shares sold: | ||||||||||||||
Class A | 1,913,338 | $ | 20,929,025 | 4,367,262 | $ | 46,061,223 | ||||||||
Class A – automatic conversion of Class B Shares | 75,413 | 813,698 | 113,739 | 1,192,975 | ||||||||||
Class B | 977 | 10,658 | 15,992 | 165,009 | ||||||||||
Class C | 525,638 | 5,736,036 | 775,088 | 8,122,686 | ||||||||||
Class I | 691,496 | 7,612,521 | 237,852 | 2,500,876 | ||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||
Class A | 317,178 | 3,472,241 | 724,275 | 7,584,844 | ||||||||||
Class B | 5,384 | 58,782 | 17,414 | 182,017 | ||||||||||
Class C | 43,891 | 479,290 | 88,954 | 928,685 | ||||||||||
Class I | 165,197 | 1,803,301 | 391,826 | 4,097,414 | ||||||||||
3,738,512 | 40,915,552 | 6,732,402 | 70,835,729 | |||||||||||
Shares redeemed: | ||||||||||||||
Class A | (2,248,663 | ) | (24,707,145 | ) | (6,198,724 | ) | (64,756,107 | ) | ||||||
Class B | (96,865 | ) | (1,062,582 | ) | (250,041 | ) | (2,626,824 | ) | ||||||
Class B – automatic conversion to Class A Shares | (75,532 | ) | (813,698 | ) | (113,913 | ) | (1,192,975 | ) | ||||||
Class C | (196,338 | ) | (2,142,979 | ) | (577,764 | ) | (6,045,941 | ) | ||||||
Class I | (337,055 | ) | (3,704,380 | ) | (1,073,812 | ) | (11,314,808 | ) | ||||||
(2,954,453 | ) | (32,430,784 | ) | (8,214,254 | ) | (85,936,655 | ) | |||||||
Net increase (decrease) | 784,059 | $ | 8,484,768 | (1,481,852 | ) | $ | (15,100,926 | ) |
Nuveen Investments | 67 |
Notes to Financial Statements (Unaudited) (continued)
Wisconsin | ||||||||||||||
Six Months Ended 11/30/09 | Year Ended 5/31/09 | |||||||||||||
Shares | Amount | Shares | Amount | |||||||||||
Shares sold: | ||||||||||||||
Class A | 233,391 | $ | 2,360,798 | 744,953 | $ | 7,250,697 | ||||||||
Class A – automatic conversion of Class B Shares | 10,899 | 111,326 | 19,350 | 180,818 | ||||||||||
Class B | 12 | 119 | 24 | 230 | ||||||||||
Class C | 150,494 | 1,526,852 | 138,212 | 1,347,215 | ||||||||||
Class I | 37,362 | 378,170 | 39,840 | 394,130 | ||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||
Class A | 58,364 | 590,875 | 116,178 | 1,113,035 | ||||||||||
Class B | 1,506 | 15,273 | 4,291 | 41,182 | ||||||||||
Class C | 9,012 | 91,395 | 15,330 | 147,152 | ||||||||||
Class I | 2,853 | 28,950 | 5,047 | 48,618 | ||||||||||
503,893 | 5,103,758 | 1,083,225 | 10,523,077 | |||||||||||
Shares redeemed: | ||||||||||||||
Class A | (346,486 | ) | (3,467,063 | ) | (1,180,567 | ) | (11,041,181 | ) | ||||||
Class B | (15,428 | ) | (154,522 | ) | (39,741 | ) | (382,901 | ) | ||||||
Class B – automatic conversion to Class A Shares | (10,877 | ) | (111,326 | ) | (19,305 | ) | (180,818 | ) | ||||||
Class C | (26,835 | ) | (274,438 | ) | (104,680 | ) | (985,367 | ) | ||||||
Class I | (319 | ) | (3,223 | ) | (36,047 | ) | (350,856 | ) | ||||||
(399,945 | ) | (4,010,572 | ) | (1,380,340 | ) | (12,941,123 | ) | |||||||
Net increase (decrease) | 103,948 | $ | 1,093,186 | (297,115 | ) | $ | (2,418,046 | ) |
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments) during the six months ended November 30, 2009, were as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Purchases | $ | 23,357,699 | $ | 36,304,332 | $ | 15,657,228 | $ | 2,205,915 | $ | 23,102,484 | $ | 3,297,095 | ||||||
Sales and maturities | 18,943,674 | 23,603,340 | 16,281,551 | 1,063,000 | 23,761,896 | 2,127,180 |
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
At November 30, 2009, the cost of investments was as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Cost of investments | $ | 139,546,077 | $ | 412,298,302 | $ | 198,046,842 | $ | 220,989,142 | $ | 480,332,674 | $ | 57,720,681 |
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2009, were as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 6,040,660 | $ | 16,462,175 | $ | 9,495,883 | $ | 8,794,724 | $ | 25,034,801 | $ | 1,718,236 | ||||||||||||
Depreciation | (1,352,601 | ) | (5,771,187 | ) | (1,978,282 | ) | (6,559,321 | ) | (7,720,730 | ) | (1,095,289 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments | $ | 4,688,059 | $ | 10,690,988 | $ | 7,517,601 | $ | 2,235,403 | $ | 17,314,071 | $ | 622,947 |
68 | Nuveen Investments |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at May 31, 2009, the Funds’ last tax year end, were as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Undistributed net tax-exempt income* | $ | 546,660 | $ | 717,552 | $ | 505,147 | $ | 1,059,230 | $ | 1,204,999 | $ | 168,711 | ||||||
Undistributed net ordinary income** | — | — | — | — | — | — | ||||||||||||
Undistributed net long-term capital gains | — | 15,133 | — | — | — | — |
* | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 11, 2009, paid on June 1, 2009. |
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended May 31, 2009, was designated for purposes of the dividends paid deduction as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Distributions from net tax-exempt income | $ | 5,447,753 | $ | 16,595,925 | $ | 8,697,138 | $ | 9,427,756 | $ | 20,948,408 | $ | 2,140,593 | ||||||
Distributions from net ordinary income** | — | 907,423 | 21 | — | 506,273 | — | ||||||||||||
Distributions from net long-term capital gains | — | 1,767,190 | 261,564 | 1,150,105 | 1,384,354 | 29,114 |
** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
At May 31, 2009, the Funds’ last tax 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:
Kansas | Michigan | Missouri | |||||||
Expiration: | |||||||||
May 31, 2017 | $ | 781,659 | $ | 419,508 | $ | 1,063,171 |
The Funds have elected to defer net realized losses from investments incurred from November 1, 2008 through May 31, 2009, the Funds’ last tax year end, (“post-October losses”) in accordance with federal income tax regulations. Post-October losses are treated as having arisen on the first day of the current fiscal year:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Post-October capital losses | $ | 76,502 | $ | 5,812,380 | $ | 2,143,249 | $ | 828,015 | $ | 1,749,310 | $ | 69,340 |
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee is separated into two components – a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser and a specific fund-level component, based only on the amount of assets within each individual Fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the average daily net assets of each Fund as follows:
Average Daily Net Assets (1) | Fund-Level Fee Rate | ||
For the first $125 million | .3500 | % | |
For the next $125 million | .3375 | ||
For the next $250 million | .3250 | ||
For the next $500 million | .3125 | ||
For the next $1 billion | .3000 | ||
For the next $3 billion | .2750 | ||
For net assets over $5 billion | .2500 |
The annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund net assets managed as stated in the following table. As of November 30, 2009, the complex-level fee rate was .1896%.
Nuveen Investments | 69 |
Notes to Financial Statements (Unaudited) (continued)
The complex-level fee schedule is as follows:
Complex-Level Net Asset Breakpoint Level (1) | Effective Rate at Breakpoint Level | ||
$55 billion | .2000 | % | |
$56 billion | .1996 | ||
$57 billion | .1989 | ||
$60 billion | .1961 | ||
$63 billion | .1931 | ||
$66 billion | .1900 | ||
$71 billion | .1851 | ||
$76 billion | .1806 | ||
$80 billion | .1773 | ||
$91 billion | .1691 | ||
$125 billion | .1599 | ||
$200 billion | .1505 | ||
$250 billion | .1469 | ||
$300 billion | .1445 |
(1) | The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed net assets of all Nuveen funds, with such daily managed net assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fee components, daily managed net assets include assets managed by the Adviser that are attributable to each fund’s use of financial leverage. For these purposes, financial leverage includes the funds use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed net assets in certain circumstances. |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Trust pays no compensation directly to those of its Trustees who are affiliated with the Adviser or to its Officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent Trustees that enables Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.
The Adviser has agreed to waive fees or reimburse expenses of Ohio so that total annual Fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed .75% of the average daily net assets of any class of Fund shares. The Adviser may also voluntarily reimburse additional expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.
During the six months ended November 30, 2009, Nuveen Investments, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Sales charges collected | $ | 181,710 | $ | 247,671 | $ | 143,969 | $ | 174,789 | $ | 260,588 | $ | 45,926 | ||||||
Paid to financial intermediaries | 161,042 | 215,788 | 119,552 | 154,066 | 220,834 | 39,062 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended November 30, 2009, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Commission advances | $ | 81,106 | $ | 91,316 | $ | 7,933 | $ | 54,235 | $ | 74,223 | $ | 16,722 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended November 30, 2009, the Distributor retained such 12b-1 fees as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
12b-1 fees retained | $ | 32,536 | $ | 51,354 | $ | 23,405 | $ | 30,405 | $ | 55,243 | $ | 12,302 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
70 | Nuveen Investments |
The Distributor also collected and retained CDSC on share redemptions during the six months ended November 30, 2009, as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
CDSC retained | $ | 4,956 | $ | 3,490 | $ | 4,248 | $ | 2,664 | $ | 1,966 | $ | 606 |
8. New Accounting Standards
Accounting for Transfers of Financial Assets
During June 2009, the FASB issued changes to the authoritative guidance under GAAP on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets.
This guidance is effective as of the beginning of each reporting entity’s first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any.
9. Subsequent Events
Distributions to Shareholders
The Funds declared dividend distributions from their tax-exempt net investment income which were paid on December 28, 2009, to shareholders of record on December 23, 2009, as follows:
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |||||||||||||
Dividend per share: | ||||||||||||||||||
Class A | $ | .0355 | $ | .0365 | $ | .0385 | $ | .0385 | $ | .0380 | $ | .0320 | ||||||
Class B | .0290 | .0300 | .0320 | .0320 | .0315 | .0260 | ||||||||||||
Class C | .0310 | .0315 | .0335 | .0340 | .0330 | .0275 | ||||||||||||
Class I | .0375 | .0380 | .0405 | .0405 | .0400 | .0340 |
Kentucky also declared a capital gain distribution, for each share class, of $.0004, which was paid on December 4, 2009, to shareholders of record on December 2, 2009.
Evaluation Date
In May 2009, the FASB issued changes to authoritative guidance under GAAP for subsequent events. This guidance requires an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. This guidance is intended to establish general standards of accounting and for disclosure of events that occur after the balance sheet date but before financial statements are issued or are available to be issued. This guidance requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date – that is, whether that date represents the date the financial statements were issued or were available to be issued. This guidance is effective for interim and annual periods ending after June 15, 2009. The Funds have performed an evaluation of subsequent events through January 26, 2010, which is the date the financial statements were issued.
Nuveen Investments | 71 |
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
Class (Commencement Date) | |||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||
KANSAS | |||||||||||||||||||||||||||||||
Year Ended May 31, | Beginning Net Asset Value | Net Invest- ment Income(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains | Total | Ending Net Asset Value | Total Return(b) | ||||||||||||||||||||||
Class A (1/92) | |||||||||||||||||||||||||||||||
2010(f) | $ | 10.03 | $ | .22 | $ | .31 | $ | .53 | $ | (.21 | ) | $ | — | $ | (.21 | ) | $ | 10.35 | 5.15 | % | |||||||||||
2009 | 10.23 | .43 | (.20 | ) | .23 | (.43 | ) | — | (.43 | ) | 10.03 | 2.62 | |||||||||||||||||||
2008 | 10.40 | .43 | (.16 | ) | .27 | (.42 | ) | (.02 | ) | (.44 | ) | 10.23 | 2.70 | ||||||||||||||||||
2007 | 10.38 | .42 | .01 | .43 | (.41 | ) | — | (.41 | ) | 10.40 | 4.22 | ||||||||||||||||||||
2006 | 10.66 | .42 | (.29 | ) | .13 | (.41 | ) | — | (.41 | ) | 10.38 | 1.28 | |||||||||||||||||||
2005 | 10.20 | .44 | .46 | .90 | (.44 | ) | — | (.44 | ) | 10.66 | 8.95 | ||||||||||||||||||||
Class B (2/97) | |||||||||||||||||||||||||||||||
2010(f) | 9.94 | .18 | .31 | .49 | (.17 | ) | — | (.17 | ) | 10.26 | 4.79 | ||||||||||||||||||||
2009 | 10.14 | .35 | (.20 | ) | .15 | (.35 | ) | — | (.35 | ) | 9.94 | 1.82 | |||||||||||||||||||
2008 | 10.31 | .35 | (.16 | ) | .19 | (.34 | ) | (.02 | ) | (.36 | ) | 10.14 | 1.95 | ||||||||||||||||||
2007 | 10.30 | .34 | .01 | .35 | (.34 | ) | — | (.34 | ) | 10.31 | 3.38 | ||||||||||||||||||||
2006 | 10.58 | .34 | (.28 | ) | .06 | (.34 | ) | — | (.34 | ) | 10.30 | .54 | |||||||||||||||||||
2005 | 10.12 | .36 | .46 | .82 | (.36 | ) | — | (.36 | ) | 10.58 | 8.21 | ||||||||||||||||||||
Class C (2/97) | |||||||||||||||||||||||||||||||
2010(f) | 10.03 | .19 | .31 | .50 | (.19 | ) | — | (.19 | ) | 10.34 | 4.77 | ||||||||||||||||||||
2009 | 10.23 | .38 | (.21 | ) | .17 | (.37 | ) | — | (.37 | ) | 10.03 | 2.05 | |||||||||||||||||||
2008 | 10.40 | .37 | (.15 | ) | .22 | (.37 | ) | (.02 | ) | (.39 | ) | 10.23 | 2.17 | ||||||||||||||||||
2007 | 10.38 | .37 | .01 | .38 | (.36 | ) | — | (.36 | ) | 10.40 | 3.69 | ||||||||||||||||||||
2006 | 10.67 | .37 | (.30 | ) | .07 | (.36 | ) | — | (.36 | ) | 10.38 | .67 | |||||||||||||||||||
2005 | 10.21 | .38 | .46 | .84 | (.38 | ) | — | (.38 | ) | 10.67 | 8.39 | ||||||||||||||||||||
Class I (2/97)(e) | |||||||||||||||||||||||||||||||
2010(f) | 10.07 | .23 | .31 | .54 | (.22 | ) | — | (.22 | ) | 10.39 | 5.23 | ||||||||||||||||||||
2009 | 10.27 | .45 | (.20 | ) | .25 | (.45 | ) | — | (.45 | ) | 10.07 | 2.82 | |||||||||||||||||||
2008 | 10.45 | .45 | (.16 | ) | .29 | (.45 | ) | (.02 | ) | (.47 | ) | 10.27 | 2.83 | ||||||||||||||||||
2007 | 10.42 | .45 | .02 | .47 | (.44 | ) | — | (.44 | ) | 10.45 | 4.54 | ||||||||||||||||||||
2006 | 10.71 | .45 | (.30 | ) | .15 | (.44 | ) | — | (.44 | ) | 10.42 | 1.41 | |||||||||||||||||||
2005 | 10.24 | .46 | .47 | .93 | (.46 | ) | — | (.46 | ) | 10.71 | 9.26 |
72 | Nuveen Investments |
Ratios/Supplemental Data | |||||||||||||
Ratios to Average Net Assets(c) | |||||||||||||
Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Invest- ment Income | Portfolio Turnover Rate | |||||||||
$ | 114,891 | .85 | %* | .85 | %* | 4.30 | %* | 13 | % | ||||
110,130 | .85 | .85 | 4.38 | 13 | |||||||||
94,259 | .87 | .87 | 4.12 | 16 | |||||||||
97,477 | .85 | .85 | 4.03 | 22 | |||||||||
100,128 | .86 | .86 | 4.02 | 18 | |||||||||
97,861 | .88 | .88 | 4.17 | 21 | |||||||||
2,610 | 1.60 | * | 1.60 | * | 3.55 | * | 13 | ||||||
3,389 | 1.60 | 1.60 | 3.62 | 13 | |||||||||
4,721 | 1.62 | 1.62 | 3.37 | 16 | |||||||||
5,840 | 1.61 | 1.61 | 3.28 | 22 | |||||||||
7,379 | 1.61 | 1.61 | 3.26 | 18 | |||||||||
10,031 | 1.63 | 1.63 | 3.42 | 21 | |||||||||
29,872 | 1.40 | * | 1.40 | * | 3.74 | * | 13 | ||||||
25,570 | 1.40 | 1.40 | 3.83 | 13 | |||||||||
21,090 | 1.42 | 1.42 | 3.57 | 16 | |||||||||
21,767 | 1.40 | 1.40 | 3.48 | 22 | |||||||||
22,736 | 1.41 | 1.41 | 3.47 | 18 | |||||||||
22,836 | 1.43 | 1.43 | 3.62 | 21 | |||||||||
7,659 | .65 | * | .65 | * | 4.49 | * | 13 | ||||||
5,069 | .65 | .65 | 4.58 | 13 | |||||||||
4,293 | .67 | .67 | 4.31 | 16 | |||||||||
3,264 | .65 | .65 | 4.23 | 22 | |||||||||
1,560 | .66 | .66 | 4.22 | 18 | |||||||||
1,449 | .68 | .68 | 4.37 | 21 |
* | Annualized. |
(a) | Per share Net Investment Income is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(c) | Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(d) | The expense ratios in the above table reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 – Inverse Floating Rate Securities. |
(e) | Effective May 1, 2008, Class R Shares were renamed Class I Shares. |
(f) | For the six months ended November 30, 2009. |
See accompanying notes to financial statements.
Nuveen Investments | 73 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date) | |||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||
KENTUCKY | |||||||||||||||||||||||||||||||
Year Ended May 31, | Beginning Net Asset Value | Net Invest- ment Income(a) | Net Gain | Total | Net | Capital Gains | Total | Ending Net Asset Value | Total Return(b) | ||||||||||||||||||||||
Class A (5/87) | |||||||||||||||||||||||||||||||
2010(f) | $ | 10.39 | $ | .22 | $ | .27 | $ | .49 | $ | (.22 | ) | $ | — | $ | (.22 | ) | $ | 10.66 | 4.75 | % | |||||||||||
2009 | 10.78 | .44 | (.32 | ) | .12 | (.44 | ) | (.07 | ) | (.51 | ) | 10.39 | 1.33 | ||||||||||||||||||
2008 | 10.96 | .44 | (.16 | ) | .28 | (.44 | ) | (.02 | ) | (.46 | ) | 10.78 | 2.63 | ||||||||||||||||||
2007 | 10.96 | .44 | .03 | .47 | (.45 | ) | (.02 | ) | (.47 | ) | 10.96 | 4.35 | |||||||||||||||||||
2006 | 11.30 | .46 | (.30 | ) | .16 | (.46 | ) | (.04 | ) | (.50 | ) | 10.96 | 1.38 | ||||||||||||||||||
2005 | 10.88 | .48 | .43 | .91 | (.48 | ) | (.01 | ) | (.49 | ) | 11.30 | 8.51 | |||||||||||||||||||
Class B (2/97) | |||||||||||||||||||||||||||||||
2010(f) | 10.40 | .18 | .27 | .45 | (.18 | ) | — | (.18 | ) | 10.67 | 4.36 | ||||||||||||||||||||
2009 | 10.79 | .36 | (.32 | ) | .04 | (.36 | ) | (.07 | ) | (.43 | ) | 10.40 | .56 | ||||||||||||||||||
2008 | 10.97 | .36 | (.17 | ) | .19 | (.35 | ) | (.02 | ) | (.37 | ) | 10.79 | 1.85 | ||||||||||||||||||
2007 | 10.97 | .36 | .03 | .39 | (.37 | ) | (.02 | ) | (.39 | ) | 10.97 | 3.56 | |||||||||||||||||||
2006 | 11.31 | .37 | (.30 | ) | .07 | (.37 | ) | (.04 | ) | (.41 | ) | 10.97 | .62 | ||||||||||||||||||
2005 | 10.88 | .40 | .44 | .84 | (.40 | ) | (.01 | ) | (.41 | ) | 11.31 | 7.80 | |||||||||||||||||||
Class C (10/93) | |||||||||||||||||||||||||||||||
2010(f) | 10.39 | .19 | .28 | .47 | (.19 | ) | — | (.19 | ) | 10.67 | 4.55 | ||||||||||||||||||||
2009 | 10.79 | .38 | (.33 | ) | .05 | (.38 | ) | (.07 | ) | (.45 | ) | 10.39 | .64 | ||||||||||||||||||
2008 | 10.96 | .38 | (.15 | ) | .23 | (.38 | ) | (.02 | ) | (.40 | ) | 10.79 | 2.15 | ||||||||||||||||||
2007 | 10.96 | .38 | .02 | .40 | (.38 | ) | (.02 | ) | (.40 | ) | 10.96 | 3.73 | |||||||||||||||||||
2006 | 11.29 | .39 | (.29 | ) | .10 | (.39 | ) | (.04 | ) | (.43 | ) | 10.96 | .88 | ||||||||||||||||||
2005 | 10.87 | .42 | .43 | .85 | (.42 | ) | (.01 | ) | (.43 | ) | 11.29 | 7.91 | |||||||||||||||||||
Class I (2/97)(e) | |||||||||||||||||||||||||||||||
2010(f) | 10.39 | .23 | .28 | .51 | (.23 | ) | — | (.23 | ) | 10.67 | 4.93 | ||||||||||||||||||||
2009 | 10.79 | .46 | (.33 | ) | .13 | (.46 | ) | (.07 | ) | (.53 | ) | 10.39 | 1.41 | ||||||||||||||||||
2008 | 10.96 | .46 | (.15 | ) | .31 | (.46 | ) | (.02 | ) | (.48 | ) | 10.79 | 2.90 | ||||||||||||||||||
2007 | 10.96 | .47 | .02 | .49 | (.47 | ) | (.02 | ) | (.49 | ) | 10.96 | 4.52 | |||||||||||||||||||
2006 | 11.29 | .48 | (.30 | ) | .18 | (.47 | ) | (.04 | ) | (.51 | ) | 10.96 | 1.64 | ||||||||||||||||||
2005 | 10.87 | .51 | .42 | .93 | (.50 | ) | (.01 | ) | (.51 | ) | 11.29 | 8.70 |
74 | Nuveen Investments |
Ratios/Supplemental Data | |||||||||||||
Ratios to Average Net Assets(c) | |||||||||||||
Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Invest- ment Income | Portfolio Turnover Rate | |||||||||
$ | 359,698 | .82 | %* | .82 | %* | 4.13 | %* | 6 | % | ||||
346,849 | .85 | .82 | 4.28 | 19 | |||||||||
362,734 | .89 | .83 | 4.04 | 8 | |||||||||
392,262 | .90 | .82 | 4.00 | 9 | |||||||||
398,636 | .82 | .82 | 4.09 | 13 | |||||||||
427,106 | .83 | .83 | 4.35 | 15 | |||||||||
6,123 | 1.57 | * | 1.57 | * | 3.38 | * | 6 | ||||||
7,289 | 1.60 | 1.57 | 3.52 | 19 | |||||||||
9,685 | 1.64 | 1.58 | 3.29 | 8 | |||||||||
13,466 | 1.65 | 1.57 | 3.26 | 9 | |||||||||
18,388 | 1.57 | 1.57 | 3.34 | 13 | |||||||||
21,216 | 1.57 | 1.57 | 3.60 | 15 | |||||||||
51,996 | 1.37 | * | 1.37 | * | 3.58 | * | 6 | ||||||
47,428 | 1.40 | 1.37 | 3.73 | 19 | |||||||||
46,588 | 1.44 | 1.38 | 3.49 | 8 | |||||||||
46,650 | 1.45 | 1.37 | 3.45 | 9 | |||||||||
45,919 | 1.37 | 1.37 | 3.54 | 13 | |||||||||
46,160 | 1.37 | 1.37 | 3.80 | 15 | |||||||||
7,143 | .62 | * | .62 | * | 4.32 | * | 6 | ||||||
3,394 | .65 | .62 | 4.48 | 19 | |||||||||
2,891 | .69 | .63 | 4.24 | 8 | |||||||||
3,069 | .70 | .62 | 4.20 | 9 | |||||||||
2,451 | .62 | .62 | 4.29 | 13 | |||||||||
1,581 | .63 | .63 | 4.54 | 15 |
* | Annualized. |
(a) | Per share Net Investment Income is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(c) | Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(d) | The expense ratios in the above table reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 – Inverse Floating Rate Securities. |
(e) | Effective May 1, 2008, Class R Shares were renamed Class I Shares. |
(f) | For the six months ended November 30, 2009. |
See accompanying notes to financial statements.
Nuveen Investments | 75 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date) | |||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||
MICHIGAN | |||||||||||||||||||||||||||||||
Year Ended May 31, | Beginning Net Asset Value | Net Invest- ment Income(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains | Total | Ending Net Asset Value | Total Return(b) | ||||||||||||||||||||||
Class A (6/85) |
| ||||||||||||||||||||||||||||||
2010(f) | $ | 10.83 | $ | .23 | $ | .24 | $ | .47 | $ | (.23 | ) | $ | — | $ | (.23 | ) | $ | 11.07 | 4.39 | % | |||||||||||
2009 | 11.15 | .47 | (.32 | ) | .15 | (.46 | ) | (.01 | ) | (.47 | ) | 10.83 | 1.59 | ||||||||||||||||||
2008 | 11.41 | .47 | (.23 | ) | .24 | (.47 | ) | (.03 | ) | (.50 | ) | 11.15 | 2.17 | ||||||||||||||||||
2007 | 11.45 | .47 | .07 | .54 | (.48 | ) | (.10 | ) | (.58 | ) | 11.41 | 4.70 | |||||||||||||||||||
2006 | 11.89 | .49 | (.32 | ) | .17 | (.48 | ) | (.13 | ) | (.61 | ) | 11.45 | 1.48 | ||||||||||||||||||
2005 | 11.45 | .51 | .45 | .96 | (.51 | ) | (.01 | ) | (.52 | ) | 11.89 | 8.48 | |||||||||||||||||||
Class B (2/97) |
| ||||||||||||||||||||||||||||||
2010(f) | 10.86 | .19 | .23 | .42 | (.19 | ) | — | (.19 | ) | 11.09 | 3.91 | ||||||||||||||||||||
2009 | 11.17 | .40 | (.32 | ) | .08 | (.38 | ) | (.01 | ) | (.39 | ) | 10.86 | .94 | ||||||||||||||||||
2008 | 11.43 | .38 | (.22 | ) | .16 | (.39 | ) | (.03 | ) | (.42 | ) | 11.17 | 1.41 | ||||||||||||||||||
2007 | 11.48 | .39 | .05 | .44 | (.39 | ) | (.10 | ) | (.49 | ) | 11.43 | 3.85 | |||||||||||||||||||
2006 | 11.92 | .40 | (.32 | ) | .08 | (.39 | ) | (.13 | ) | (.52 | ) | 11.48 | .71 | ||||||||||||||||||
2005 | 11.47 | .42 | .46 | .88 | (.42 | ) | (.01 | ) | (.43 | ) | 11.92 | 7.73 | |||||||||||||||||||
Class C (6/93) |
| ||||||||||||||||||||||||||||||
2010(f) | 10.83 | .20 | .23 | .43 | (.20 | ) | — | (.20 | ) | 11.06 | 4.01 | ||||||||||||||||||||
2009 | 11.15 | .42 | (.33 | ) | .09 | (.40 | ) | (.01 | ) | (.41 | ) | 10.83 | 1.04 | ||||||||||||||||||
2008 | 11.40 | .41 | (.23 | ) | .18 | (.40 | ) | (.03 | ) | (.43 | ) | 11.15 | 1.67 | ||||||||||||||||||
2007 | 11.44 | .41 | .06 | .47 | (.41 | ) | (.10 | ) | (.51 | ) | 11.40 | 4.11 | |||||||||||||||||||
2006 | 11.88 | .42 | (.32 | ) | .10 | (.41 | ) | (.13 | ) | (.54 | ) | 11.44 | .91 | ||||||||||||||||||
2005 | 11.43 | .44 | .46 | .90 | (.44 | ) | (.01 | ) | (.45 | ) | 11.88 | 7.98 | |||||||||||||||||||
Class I (2/97)(e) |
| ||||||||||||||||||||||||||||||
2010(f) | 10.83 | .24 | .23 | .47 | (.24 | ) | — | (.24 | ) | 11.06 | 4.41 | ||||||||||||||||||||
2009 | 11.15 | .50 | (.32 | ) | .18 | (.49 | ) | (.01 | ) | (.50 | ) | 10.83 | 1.82 | ||||||||||||||||||
2008 | 11.41 | .49 | (.23 | ) | .26 | (.49 | ) | (.03 | ) | (.52 | ) | 11.15 | 2.39 | ||||||||||||||||||
2007 | 11.45 | .50 | .06 | .56 | (.50 | ) | (.10 | ) | (.60 | ) | 11.41 | 4.92 | |||||||||||||||||||
2006 | 11.89 | .51 | (.32 | ) | .19 | (.50 | ) | (.13 | ) | (.63 | ) | 11.45 | 1.69 | ||||||||||||||||||
2005 | 11.45 | .53 | .45 | .98 | (.53 | ) | (.01 | ) | (.54 | ) | 11.89 | 8.70 |
76 | Nuveen Investments |
Ratios/Supplemental Data | |||||||||||||
Ratios to Average Net Assets(c) | |||||||||||||
Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Invest- ment Income | Portfolio Turnover Rate | |||||||||
$ | 157,747 | .86 | %* | .86 | %* | 4.19 | %* | 8 | % | ||||
151,852 | .86 | .86 | 4.45 | 9 | |||||||||
159,696 | .86 | .85 | 4.14 | 14 | |||||||||
169,395 | .91 | .84 | 4.09 | 12 | |||||||||
170,278 | .86 | .86 | 4.16 | 11 | |||||||||
181,302 | .86 | .86 | 4.32 | 16 | |||||||||
2,032 | 1.61 | * | 1.61 | * | 3.45 | * | 8 | ||||||
2,858 | 1.61 | 1.61 | 3.70 | 9 | |||||||||
4,080 | 1.61 | 1.60 | 3.40 | 14 | |||||||||
4,845 | 1.67 | 1.60 | 3.35 | 12 | |||||||||
6,794 | 1.61 | 1.61 | 3.41 | 11 | |||||||||
8,938 | 1.61 | 1.61 | 3.57 | 16 | |||||||||
31,548 | 1.41 | * | 1.41 | * | 3.64 | * | 8 | ||||||
32,068 | 1.41 | 1.41 | 3.90 | 9 | |||||||||
35,814 | 1.41 | 1.40 | 3.59 | 14 | |||||||||
37,779 | 1.46 | 1.39 | 3.54 | 12 | |||||||||
38,141 | 1.41 | 1.41 | 3.61 | 11 | |||||||||
38,386 | 1.41 | 1.41 | 3.77 | 16 | |||||||||
19,453 | .66 | * | .66 | * | 4.39 | * | 8 | ||||||
18,297 | .66 | .66 | 4.65 | 9 | |||||||||
19,100 | .66 | .65 | 4.34 | 14 | |||||||||
20,351 | .71 | .64 | 4.29 | 12 | |||||||||
21,871 | .66 | .66 | 4.36 | 11 | |||||||||
23,675 | .66 | .66 | 4.52 | 16 |
* | Annualized. |
(a) | Per share Net Investment Income is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(c) | Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(d) | The expense ratios in the above table reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 – Inverse Floating Rate Securities. |
(e) | Effective May 1, 2008, Class R Shares were renamed Class I Shares. |
(f) | For the six months ended November 30, 2009. |
See accompanying notes to financial statements.
Nuveen Investments | 77 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MISSOURI | ||||||||||||||||||||||||||||||||
Year Ended May 31, | Beginning Net Asset Value | Net Invest- ment Income(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains | Total | Ending Net Asset Value | Total Return(b) | |||||||||||||||||||||||
Class A (8/87) | ||||||||||||||||||||||||||||||||
2010(f) | $ | 10.14 | $ | .24 | $ | .45 | $ | .69 | $ | (.23 | ) | $ | — | $ | (.23 | ) | $ | 10.60 | 6.88 | % | ||||||||||||
2009 | 10.73 | .47 | (.56 | ) | (.09 | ) | (.45 | ) | (.05 | ) | (.50 | ) | 10.14 | (.52 | ) | |||||||||||||||||
2008 | 11.03 | .45 | (.28 | ) | .17 | (.45 | ) | (.02 | ) | (.47 | ) | 10.73 | 1.59 | |||||||||||||||||||
2007 | 10.98 | .46 | .05 | .51 | (.45 | ) | (.01 | ) | (.46 | ) | 11.03 | 4.66 | ||||||||||||||||||||
2006 | 11.25 | .47 | (.26 | ) | .21 | (.48 | ) | — | (.48 | ) | 10.98 | 1.88 | ||||||||||||||||||||
2005 | 10.78 | .48 | .47 | .95 | (.48 | ) | — | (.48 | ) | 11.25 | 8.97 | |||||||||||||||||||||
Class B (2/97) | ||||||||||||||||||||||||||||||||
2010(f) | 10.15 | .20 | .45 | .65 | (.19 | ) | — | (.19 | ) | 10.61 | 6.50 | |||||||||||||||||||||
2009 | 10.74 | .39 | (.55 | ) | (.16 | ) | (.38 | ) | (.05 | ) | (.43 | ) | 10.15 | (1.26 | ) | |||||||||||||||||
2008 | 11.04 | .37 | (.28 | ) | .09 | (.37 | ) | (.02 | ) | (.39 | ) | 10.74 | .81 | |||||||||||||||||||
2007 | 10.99 | .38 | .05 | .43 | (.37 | ) | (.01 | ) | (.38 | ) | 11.04 | 3.87 | ||||||||||||||||||||
2006 | 11.26 | .39 | (.27 | ) | .12 | (.39 | ) | — | (.39 | ) | 10.99 | 1.12 | ||||||||||||||||||||
2005 | 10.79 | .40 | .47 | .87 | (.40 | ) | — | (.40 | ) | 11.26 | 8.15 | |||||||||||||||||||||
Class C (2/94) | ||||||||||||||||||||||||||||||||
2010(f) | 10.13 | .21 | .45 | .66 | (.20 | ) | — | (.20 | ) | 10.59 | 6.61 | |||||||||||||||||||||
2009 | 10.72 | .41 | (.55 | ) | (.14 | ) | (.40 | ) | (.05 | ) | (.45 | ) | 10.13 | (1.06 | ) | |||||||||||||||||
2008 | 11.02 | .39 | (.28 | ) | .11 | (.39 | ) | (.02 | ) | (.41 | ) | 10.72 | 1.03 | |||||||||||||||||||
2007 | 10.97 | .40 | .05 | .45 | (.39 | ) | (.01 | ) | (.40 | ) | 11.02 | 4.10 | ||||||||||||||||||||
2006 | 11.24 | .41 | (.26 | ) | .15 | (.42 | ) | — | (.42 | ) | 10.97 | 1.34 | ||||||||||||||||||||
2005 | 10.77 | .42 | .47 | .89 | (.42 | ) | — | (.42 | ) | 11.24 | 8.39 | |||||||||||||||||||||
Class I (2/97)(e) | ||||||||||||||||||||||||||||||||
2010(f) | 10.14 | .25 | .45 | .70 | (.24 | ) | — | (.24 | ) | 10.60 | 7.00 | |||||||||||||||||||||
2009 | 10.73 | .49 | (.55 | ) | (.06 | ) | (.48 | ) | (.05 | ) | (.53 | ) | 10.14 | (.29 | ) | |||||||||||||||||
2008 | 11.03 | .47 | (.28 | ) | .19 | (.47 | ) | (.02 | ) | (.49 | ) | 10.73 | 1.81 | |||||||||||||||||||
2007 | 10.99 | .48 | .04 | .52 | (.47 | ) | (.01 | ) | (.48 | ) | 11.03 | 4.79 | ||||||||||||||||||||
2006 | 11.26 | .49 | (.26 | ) | .23 | (.50 | ) | — | (.50 | ) | 10.99 | 2.10 | ||||||||||||||||||||
2005 | 10.79 | .50 | .47 | .97 | (.50 | ) | — | (.50 | ) | 11.26 | 9.20 |
78 | Nuveen Investments |
Ratios/Supplemental Data | |||||||||||||
Ratios to Average Net Assets(c) | |||||||||||||
Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Invest- ment Income | Portfolio Turnover Rate | |||||||||
$ | 194,236 | .85 | %* | .84 | %* | 4.57 | %* | — | %** | ||||
183,868 | .86 | .84 | 4.68 | 12 | |||||||||
195,691 | .87 | .84 | 4.16 | 14 | |||||||||
227,412 | .88 | .84 | 4.13 | 16 | |||||||||
231,378 | .83 | .83 | 4.23 | 12 | |||||||||
232,171 | .84 | .84 | 4.35 | 16 | |||||||||
2,978 | 1.60 | * | 1.59 | * | 3.83 | * | — | ** | |||||
3,533 | 1.61 | 1.59 | 3.90 | 12 | |||||||||
5,785 | 1.62 | 1.59 | 3.41 | 14 | |||||||||
7,351 | 1.63 | 1.59 | 3.38 | 16 | |||||||||
8,570 | 1.58 | 1.58 | 3.48 | 12 | |||||||||
9,197 | 1.58 | 1.58 | 3.60 | 16 | |||||||||
24,890 | 1.40 | * | 1.39 | * | 4.01 | * | — | ** | |||||
22,120 | 1.41 | 1.39 | 4.13 | 12 | |||||||||
21,541 | 1.42 | 1.39 | 3.61 | 14 | |||||||||
21,263 | 1.43 | 1.39 | 3.58 | 16 | |||||||||
21,387 | 1.38 | 1.38 | 3.68 | 12 | |||||||||
19,955 | 1.39 | 1.39 | 3.80 | 16 | |||||||||
7,781 | .65 | * | .64 | * | 4.76 | * | — | ** | |||||
6,224 | .67 | .65 | 4.90 | 12 | |||||||||
2,657 | .68 | .65 | 4.36 | 14 | |||||||||
2,169 | .68 | .64 | 4.31 | 16 | |||||||||
895 | .63 | .63 | 4.44 | 12 | |||||||||
561 | .64 | .64 | 4.54 | 16 |
* | Annualized. |
** | Calculates to less than 1%. |
(a) | Per share Net Investment Income is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(c) | Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(d) | The expense ratios in the above table reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 – Inverse Floating Rate Securities. |
(e) | Effective May 1, 2008, Class R Shares were renamed Class I Shares. |
(f) | For the six months ended November 30, 2009. |
See accompanying notes to financial statements.
Nuveen Investments | 79 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date) | |||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||
OHIO | |||||||||||||||||||||||||||||||
Year Ended May 31, | Beginning Net Asset Value | Net Invest- ment Income(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains | Total | Ending Net Asset Value | Total Return(b) | ||||||||||||||||||||||
Class A (6/85) | |||||||||||||||||||||||||||||||
2010(f) | $ | 10.77 | $ | .24 | $ | .29 | $ | .53 | $ | (.23 | ) | $ | — | $ | (.23 | ) | $ | 11.07 | 4.95 | % | |||||||||||
2009 | 10.99 | .47 | (.19 | ) | .28 | (.46 | ) | (.04 | ) | (.50 | ) | 10.77 | 2.75 | ||||||||||||||||||
2008 | 11.25 | .46 | (.19 | ) | .27 | (.46 | ) | (.07 | ) | (.53 | ) | 10.99 | 2.47 | ||||||||||||||||||
2007 | 11.27 | .47 | .01 | .48 | (.47 | ) | (.03 | ) | (.50 | ) | 11.25 | 4.30 | |||||||||||||||||||
2006 | 11.65 | .48 | (.34 | ) | .14 | (.48 | ) | (.04 | ) | (.52 | ) | 11.27 | 1.30 | ||||||||||||||||||
2005 | 11.17 | .51 | .48 | .99 | (.51 | ) | — | (.51 | ) | 11.65 | 9.00 | ||||||||||||||||||||
Class B (2/97) | |||||||||||||||||||||||||||||||
2010(f) | 10.75 | .20 | .29 | .49 | (.19 | ) | — | (.19 | ) | 11.05 | 4.58 | ||||||||||||||||||||
2009 | 10.97 | .39 | (.19 | ) | .20 | (.38 | ) | (.04 | ) | (.42 | ) | 10.75 | 1.97 | ||||||||||||||||||
2008 | 11.24 | .38 | (.21 | ) | .17 | (.37 | ) | (.07 | ) | (.44 | ) | 10.97 | 1.61 | ||||||||||||||||||
2007 | 11.25 | .38 | .02 | .40 | (.38 | ) | (.03 | ) | (.41 | ) | 11.24 | 3.64 | |||||||||||||||||||
2006 | 11.64 | .40 | (.35 | ) | .05 | (.40 | ) | (.04 | ) | (.44 | ) | 11.25 | .47 | ||||||||||||||||||
2005 | 11.16 | .42 | .48 | .90 | (.42 | ) | — | (.42 | ) | 11.64 | 8.22 | ||||||||||||||||||||
Class C (8/93) | |||||||||||||||||||||||||||||||
2010(f) | 10.74 | .21 | .28 | .49 | (.20 | ) | — | (.20 | ) | 11.03 | 4.58 | ||||||||||||||||||||
2009 | 10.96 | .41 | (.19 | ) | .22 | (.40 | ) | (.04 | ) | (.44 | ) | 10.74 | 2.19 | ||||||||||||||||||
2008 | 11.22 | .40 | (.19 | ) | .21 | (.40 | ) | (.07 | ) | (.47 | ) | 10.96 | 1.93 | ||||||||||||||||||
2007 | 11.24 | .40 | .02 | .42 | (.41 | ) | (.03 | ) | (.44 | ) | 11.22 | 3.77 | |||||||||||||||||||
2006 | 11.63 | .42 | (.35 | ) | .07 | (.42 | ) | (.04 | ) | (.46 | ) | 11.24 | .68 | ||||||||||||||||||
2005 | 11.15 | .45 | .48 | .93 | (.45 | ) | — | (.45 | ) | 11.63 | 8.45 | ||||||||||||||||||||
Class I (2/97)(e) | |||||||||||||||||||||||||||||||
2010(f) | 10.75 | .25 | .28 | .53 | (.24 | ) | — | (.24 | ) | 11.04 | 4.98 | ||||||||||||||||||||
2009 | 10.97 | .49 | (.19 | ) | .30 | (.48 | ) | (.04 | ) | (.52 | ) | 10.75 | 2.99 | ||||||||||||||||||
2008 | 11.24 | .49 | (.21 | ) | .28 | (.48 | ) | (.07 | ) | (.55 | ) | 10.97 | 2.60 | ||||||||||||||||||
2007 | 11.25 | .49 | .02 | .51 | (.49 | ) | (.03 | ) | (.52 | ) | 11.24 | 4.53 | |||||||||||||||||||
2006 | 11.64 | .50 | (.34 | ) | .16 | (.51 | ) | (.04 | ) | (.55 | ) | 11.25 | 1.51 | ||||||||||||||||||
2005 | 11.16 | .53 | .48 | 1.01 | (.53 | ) | — | (.53 | ) | 11.64 | 9.24 |
80 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(c) | |||||||||||||||||||||
Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Invest- ment Income | Expenses Including Interest(d) | Expenses Excluding Interest | Net Invest- ment Income | Portfolio Turnover Rate | |||||||||||||||
$ | 330,679 | .83 | %* | .83 | %* | 4.35 | %* | .83 | %* | .83 | %* | 4.35 | %* | 5 | % | |||||||
321,253 | .84 | .84 | 4.40 | .84 | .84 | 4.40 | 9 | |||||||||||||||
338,770 | .93 | .84 | 4.16 | .93 | .84 | 4.16 | 20 | |||||||||||||||
346,298 | .98 | .83 | 4.11 | .98 | .83 | 4.11 | 10 | |||||||||||||||
348,198 | .83 | .83 | 4.21 | .83 | .83 | 4.21 | 13 | |||||||||||||||
358,529 | .84 | .84 | 4.43 | .84 | .84 | 4.43 | 11 | |||||||||||||||
6,167 | 1.58 | * | 1.58 | * | 3.60 | * | 1.58 | * | 1.58 | * | 3.60 | * | 5 | |||||||||
7,790 | 1.58 | 1.58 | 3.64 | 1.58 | 1.58 | 3.64 | 9 | |||||||||||||||
11,577 | 1.67 | 1.58 | 3.42 | 1.67 | 1.58 | 3.42 | 20 | |||||||||||||||
16,125 | 1.73 | 1.58 | 3.36 | 1.73 | 1.58 | 3.36 | 10 | |||||||||||||||
20,504 | 1.58 | 1.58 | 3.45 | 1.58 | 1.58 | 3.45 | 13 | |||||||||||||||
25,621 | 1.58 | 1.58 | 3.69 | 1.58 | 1.58 | 3.69 | 11 | |||||||||||||||
58,249 | 1.38 | * | 1.38 | * | 3.80 | * | 1.38 | * | 1.38 | * | 3.80 | * | 5 | |||||||||
52,693 | 1.39 | 1.39 | 3.85 | 1.39 | 1.39 | 3.85 | 9 | |||||||||||||||
50,642 | 1.48 | 1.39 | 3.61 | 1.48 | 1.39 | 3.61 | 20 | |||||||||||||||
49,084 | 1.53 | 1.38 | 3.56 | 1.53 | 1.38 | 3.56 | 10 | |||||||||||||||
46,325 | 1.38 | 1.38 | 3.66 | 1.38 | 1.38 | 3.66 | 13 | |||||||||||||||
45,791 | 1.38 | 1.38 | 3.88 | 1.38 | 1.38 | 3.88 | 11 | |||||||||||||||
118,273 | .63 | * | .63 | * | 4.55 | * | .63 | * | .63 | * | 4.55 | * | 5 | |||||||||
109,553 | .64 | .64 | 4.60 | .64 | .64 | 4.60 | 9 | |||||||||||||||
116,718 | .73 | .64 | 4.36 | .73 | .64 | 4.36 | 20 | |||||||||||||||
125,050 | .78 | .63 | 4.31 | .78 | .63 | 4.31 | 10 | |||||||||||||||
128,133 | .63 | .63 | 4.41 | .63 | .63 | 4.41 | 13 | |||||||||||||||
139,017 | .64 | .64 | 4.64 | .64 | .64 | 4.64 | 11 |
* | Annualized. |
(a) | Per share Net Investment Income is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(c) | After expense reimbursement from the Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(d) | The expense ratios in the above table reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 – Inverse Floating Rate Securities. |
(e) | Effective May 1, 2008, Class R Shares were renamed Class I Shares. |
(f) | For the six months ended November 30, 2009. |
See accompanying notes to financial statements.
Nuveen Investments | 81 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date) | |||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | ||||||||||||||||||||||||||||||
WISCONSIN | |||||||||||||||||||||||||||||||
Year Ended May 31, | Beginning Net Asset Value | Net Invest- ment Income(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains | Total | Ending Net Asset Value | Total Return(b) | ||||||||||||||||||||||
Class A (6/94) | |||||||||||||||||||||||||||||||
2010(f) | $ | 9.95 | $ | .19 | $ | .29 | $ | .48 | $ | (.19 | ) | $ | — | $ | (.19 | ) | $ | 10.24 | 4.88 | % | |||||||||||
2009 | 10.09 | .39 | (.14 | ) | .25 | (.38 | ) | (.01 | ) | (.39 | ) | 9.95 | 2.61 | ||||||||||||||||||
2008 | 10.24 | .38 | (.13 | ) | .25 | (.38 | ) | (.02 | ) | (.40 | ) | 10.09 | 2.51 | ||||||||||||||||||
2007 | 10.20 | .39 | .06 | .45 | (.39 | ) | (.02 | ) | (.41 | ) | 10.24 | 4.46 | |||||||||||||||||||
2006 | 10.54 | .40 | (.28 | ) | .12 | (.41 | ) | (.05 | ) | (.46 | ) | 10.20 | 1.11 | ||||||||||||||||||
2005 | 10.16 | .42 | .37 | .79 | (.41 | ) | — | (.41 | ) | 10.54 | 7.94 | ||||||||||||||||||||
Class B (2/97) | |||||||||||||||||||||||||||||||
2010(f) | 9.97 | .16 | .29 | .45 | (.16 | ) | — | (.16 | ) | 10.26 | 4.50 | ||||||||||||||||||||
2009 | 10.12 | .32 | (.16 | ) | .16 | (.30 | ) | (.01 | ) | (.31 | ) | 9.97 | 1.74 | ||||||||||||||||||
2008 | 10.26 | .30 | (.11 | ) | .19 | (.31 | ) | (.02 | ) | (.33 | ) | 10.12 | 1.82 | ||||||||||||||||||
2007 | 10.22 | .32 | .05 | .37 | (.31 | ) | (.02 | ) | (.33 | ) | 10.26 | 3.67 | |||||||||||||||||||
2006 | 10.57 | .32 | (.29 | ) | .03 | (.33 | ) | (.05 | ) | (.38 | ) | 10.22 | .26 | ||||||||||||||||||
2005 | 10.18 | .34 | .39 | .73 | (.34 | ) | — | (.34 | ) | 10.57 | 7.25 | ||||||||||||||||||||
Class C (2/97) | |||||||||||||||||||||||||||||||
2010(f) | 9.96 | .17 | .29 | .46 | (.17 | ) | — | (.17 | ) | 10.25 | 4.60 | ||||||||||||||||||||
2009 | 10.11 | .34 | (.16 | ) | .18 | (.32 | ) | (.01 | ) | (.33 | ) | 9.96 | 1.93 | ||||||||||||||||||
2008 | 10.26 | .32 | (.12 | ) | .20 | (.33 | ) | (.02 | ) | (.35 | ) | 10.11 | 1.96 | ||||||||||||||||||
2007 | 10.23 | .34 | .05 | .39 | (.34 | ) | (.02 | ) | (.36 | ) | 10.26 | 3.91 | |||||||||||||||||||
2006 | 10.57 | .35 | (.29 | ) | .06 | (.35 | ) | (.05 | ) | (.40 | ) | 10.23 | .49 | ||||||||||||||||||
2005 | 10.18 | .36 | .39 | .75 | (.36 | ) | — | (.36 | ) | 10.57 | 7.47 | ||||||||||||||||||||
Class I (2/97)(e) | |||||||||||||||||||||||||||||||
2010(f) | 9.97 | .20 | .30 | .50 | (.20 | ) | — | (.20 | ) | 10.27 | 5.07 | ||||||||||||||||||||
2009 | 10.12 | .41 | (.15 | ) | .26 | (.40 | ) | (.01 | ) | (.41 | ) | 9.97 | 2.72 | ||||||||||||||||||
2008 | 10.28 | .40 | (.13 | ) | .27 | (.41 | ) | (.02 | ) | (.43 | ) | 10.12 | 2.64 | ||||||||||||||||||
2007 | 10.25 | .42 | .04 | .46 | (.41 | ) | (.02 | ) | (.43 | ) | 10.28 | 4.59 | |||||||||||||||||||
2006 | 10.59 | .42 | (.28 | ) | .14 | (.43 | ) | (.05 | ) | (.48 | ) | 10.25 | 1.34 | ||||||||||||||||||
2005 | 10.20 | .44 | .39 | .83 | (.44 | ) | — | (.44 | ) | 10.59 | 8.25 |
82 | Nuveen Investments |
Ratios/Supplemental Data | |||||||||||||
Ratios to Average Net Assets(c) | |||||||||||||
Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Invest- ment Income | Portfolio Turnover Rate | |||||||||
$ | 47,854 | .89 | %* | .89 | %* | 3.83 | %* | 4 | % | ||||
46,933 | .89 | .89 | 4.02 | 12 | |||||||||
50,640 | .88 | .88 | 3.72 | 3 | |||||||||
42,279 | .90 | .90 | 3.78 | 10 | |||||||||
36,624 | .92 | .92 | 3.84 | 11 | |||||||||
36,325 | .92 | .92 | 3.99 | 15 | |||||||||
1,390 | 1.64 | * | 1.64 | * | 3.08 | * | 4 | ||||||
1,598 | 1.63 | 1.63 | 3.27 | 12 | |||||||||
2,174 | 1.63 | 1.63 | 2.98 | 3 | |||||||||
2,464 | 1.65 | 1.65 | 3.04 | 10 | |||||||||
3,295 | 1.67 | 1.67 | 3.09 | 11 | |||||||||
4,600 | 1.67 | 1.67 | 3.24 | 15 | |||||||||
8,469 | 1.44 | * | 1.44 | * | 3.27 | * | 4 | ||||||
6,907 | 1.44 | 1.44 | 3.46 | 12 | |||||||||
6,512 | 1.43 | 1.43 | 3.17 | 3 | |||||||||
5,975 | 1.45 | 1.45 | 3.24 | 10 | |||||||||
5,422 | 1.47 | 1.47 | 3.29 | 11 | |||||||||
4,797 | 1.47 | 1.47 | 3.44 | 15 | |||||||||
2,028 | .69 | * | .69 | * | 4.02 | * | 4 | ||||||
1,573 | .69 | .69 | 4.20 | 12 | |||||||||
1,506 | .68 | .68 | 3.92 | 3 | |||||||||
1,031 | .69 | .69 | 3.97 | 10 | |||||||||
202 | .72 | .72 | 4.04 | 11 | |||||||||
63 | .72 | .72 | 4.21 | 15 |
* | Annualized. |
(a) | Per share Net Investment Income is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(c) | Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(d) | The expense ratios in the above table reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 – Inverse Floating Rate Securities. |
(e) | Effective May 1, 2008, Class R Shares were renamed Class I Shares. |
(f) | For the six months ended November 30, 2009. |
See accompanying notes to financial statements.
Nuveen Investments | 83 |
Glossary of Terms Used in this Report
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed”, with current holders receiving a formula-based interest rate until the next scheduled auction.
Pre-refundings: Pre-refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Average Effective Maturity: The average of the number of years to maturity of the bonds in a Fund’s portfolio, computed by weighting each bond’s time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio’s residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust.
Average Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or Fund’s duration, the more the price of the bond or Fund will change as interest rates change.
Dividend Yield (also known as Market Yield or Current Yield): An investment’s current annualized dividend divided by its current offering price.
Inverse Floaters: Inverse floating rate securities are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.
SEC 30-Day Yield: A standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis at a specified assumed tax rate, the yield of a municipal bond investment.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
84 | Nuveen Investments |
Fund Information
Fund Manager
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
State Street Bank & Trust Company
Boston, MA
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (“SEC”). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.
The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. Financial Industry Regulatory Authority also provides an investor brochure that includes information describing the Public Disclosure Program.
Nuveen Investments | 85 |
Nuveen Investments:
Serving Investors For Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. Over this time, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that can be integral parts of a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles.
We offer many different investing solutions
for our clients’ different needs.
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $141 billion of assets on September 30, 2009.
Find out how we can help you reach your financial goals.
An investor should carefully consider the Fund’s objectives, risks, charges and expenses before investing. For a prospectus containing this and other information about the Fund, please contact your financial advisor or Nuveen Investments at (800) 257-8787. Read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at www.nuveen.com/mf
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Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-MS6-1109D
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multistate Trust IV
By | (Signature and Title) | /s/ Kevin J. McCarthy | ||||
Kevin J. McCarthy Vice President and Secretary |
Date February 5, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | (Signature and Title) | /s/ Gifford R. Zimmerman | ||||
Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) |
Date February 5, 2010
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date February 5, 2010