Nuveen Multistate Trust IV
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
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312 917-7700)
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Date of fiscal year end: May 31st
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Date of reporting period: May 31st
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under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Nuveen Investments Municipal Bond Funds
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Annual Report dated May 31, 2003
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Dependable, tax-free income because it's not what you earn, it's what you
keep.(R)
[PHOTO]
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
[LOGO] Nuveen Investments
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Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
[PHOTO]
Timothy R. Schwertfeger
"No one knows
what the future
will bring, which
is why we think
a well-balanced
portfolio ... is
an important
component in
achieving your
long-term
financial goals."
Dear Shareholder,
Once again, I am pleased to report that over the most recent reporting period
your Fund continued to provide you with attractive tax-free monthly income and
total return. For more specific information about the performance of your Fund,
please see the Portfolio Manager's Comments and Fund Spotlight sections of this
report.
With interest rates at historically low levels, many have begun to wonder
whether interest rates will rise, and whether that possibility should cause
them to adjust their holdings of fixed-income investments. No one knows what
the future will bring, which is why we think a well-balanced portfolio that is
structured and carefully monitored with the help of an investment professional
is an important component in achieving your long-term financial goals. A
well-diversified portfolio may actually help to reduce your overall investment
risk, and we believe that municipal bond investments like your Nuveen
Investments Fund can be important building blocks in a portfolio crafted to
perform well through a variety of market conditions.
I'd also like to direct your attention to the inside front cover of this
report, which explains the quick and easy process to begin receiving Fund
reports like this via e-mail and the internet. Thousands of Nuveen Investments
Fund shareholders already have signed-up, and they are getting their Fund
information faster and more conveniently than ever. I urge you to consider
joining them.
Since 1898, Nuveen Investments has offered financial products and solutions
that incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen
us as a partner as you pursue your financial goals. We look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
July 15, 2003
Annual Report l Page 1
Portfolio Manager's Comments
Portfolio manager Rick Huber examines economic and market conditions, key
investment strategies, and the performance of the Kansas, Kentucky, Michigan,
Missouri, Ohio and Wisconsin Funds. Rick, who has 18 years of investment
management experience, assumed primary management responsibility for these
Funds in January 2003.
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What was the general condition of the U.S. economy and the municipal markets in
these states during the twelve-month reporting period?
Nationally, the year ended May 31, 2003, was a period of slow economic growth,
low inflation and low interest rates. In this environment, many fixed income
investments, including municipal bonds, performed well. Insured and
higher-rated bonds, in particular, showed generally strong returns as many
investors sought quality in an uncertain economic environment.
The six states covered in this report presented a wide variety of economic and
financial conditions during this twelve-month reporting period. For example,
the Kansas economy, partially supported by non-durable form-related industries
activity, remained relatively strong, though the struggling airline industry
and a disappointing telecommunication services sector offset some of that
growth. Despite experiencing some shortfall of projected revenues, Kansas was
able to balance its fiscal year 2004 without major tax increases. As of May 31,
2003, the state maintained its Aa1 and AA+ ratings from Moody's and Standard &
Poor's, respectively.
Kentucky's economy also was relatively strong compared with many other states
as it continued to emerge from the recent recession. Modest growth was led by
the service and manufacturing sectors, and the state was able to balance its
budget without resorting to a major tax increase, thanks to a variety of
cost-containment measures and the use of non-recurring revenues. As of the end
of the reporting period, Kentucky had ratings of Aa2 and AA- from Moody's and
Standard & Poor's.
Michigan's economy continued to endure challenging conditions, with
manufacturing job losses outpacing service sector employment increases. At the
end of May, Michigan had a 2003 budget shortfall of about $285 million and a
projected deficit of almost $2 billion in fiscal 2004. While rainy day reserves
and other special funds may be depleted by the end of fiscal 2003, we believe
that the state's overall debt position is well managed and its total debt
burden is relatively low. As of May 31, 2003, Michigan maintained a Aaa rating
from Moody's, although the rating agency did have the state on its negative
watch list. Standard & Poor's also maintained its AAA rating as of the end of
the reporting period.
In Missouri, the state faced job losses in the construction, wholesale trade
and manufacturing sectors. On a positive note, Missouri's financial position
remained very solid, thanks to a build-up of financial reserves and a series of
recent budget cuts. The state had Aaa and AAA ratings from Moody's and Standard
& Poor's at the end of the reporting period.
Ohio's economy continued to be weak. Manufacturing remained in a recession,
affecting some service industries. The Steel tariffs imposed by the president
have driven up the price of steel and increased costs to Ohio's industrial
users, thus rendering them less profitable because of higher production costs.
Further constraining Ohio's economic growth was the state's weakening
demographic profile, particularly its difficulty holding on to university
graduates. Housing market conditions remained weak. As of May 31, 2003, the
state had Aa1/AA+ credit ratings from Moody's and Standard & Poor's, but both
agencies revised their outlook to negative during the reporting period.
As the reporting period progressed, Wisconsin's economy steadily improved,
thanks to improving
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The views expressed reflect those of the portfolio manager and are subject to
change at any time, based on market and other conditions.
Annual Report l Page 2
Class A Shares--
One-Year Total Returns as of 5/31/03
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Nuveen Kansas Municipal Bond Fund/1/ 10.03%
Lipper Kansas Municipal Debt Funds
category average/2/ 7.16%
Lehman Brothers Municipal Bond Index/3/ 10.36%
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Nuveen Kentucky Municipal Bond Fund/1/ 9.03%
Lipper Kentucky Municipal Debt Funds
category average/2/ 8.92%
Lehman Brothers Municipal Bond Index/3/ 10.36%
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Nuveen Michigan Municipal Bond Fund/1/ 10.40%
Lipper Michigan Municipal Debt Funds
category average/2/ 9.49%
Lehman Brothers Municipal Bond Index/3/ 10.36%
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Nuveen Missouri Municipal Bond Fund/1/ 9.63%
Lipper Missouri Municipal Debt Funds
category average/2/ 9.77%
Lehman Brothers Municipal Bond Index/3/ 10.36%
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Nuveen Ohio Municipal Bond Fund/1/ 10.65%
Lipper Ohio Municipal Debt Funds category
average/2/ 9.19%
Lehman Brothers Municipal Bond Index/3/ 10.36%
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Nuveen Wisconsin Municipal Bond Fund/1/ 9.41%
Lipper Other States Municipal Debt Funds
category average/2/ 8.14%
Lehman Brothers Municipal Bond Index/3/ 10.36%
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fortunes for its manufacturing and service sectors. Substantial gains in the
health-services industry also helped Wisconsin's economic performance, though
these gains were counterbalanced by weak demand for automobiles and paper
products. Despite the economic growth, the state is facing substantial budget
deficits as tax revenues continue below projections. Wisconsin is rated Aa3/AA-
by Moody's and Standard & Poor's, respectively.
Nationally, the municipal bond market saw record new issuance in 2002, and
continued strong issuance during the first five months of 2003. However, among
these six states, only Kansas and Wisconsin showed an increase in issuance
during the first five
months of 2003 when compared with the same period in 2002.
How did the Funds perform during the twelve months ended May 31, 2003?
The accompanying chart provides performance information for the six Nuveen
Funds discussed in this report (Class A shares at net asset value) for the year
ended May 31, 2003. The chart also compares the Funds' performances to that of
their peers (as measured by their Lipper peer group average) and to the overall
municipal bond market (as measured by the Lehman Brothers Municipal Bond Index
("Lehman Index")).
Of the six Funds, five outperformed their respective Lipper peer group
averages. The Missouri Fund's return was in line with its peer group average.
The Michigan and Ohio Funds also outperformed the national Lehman Index, while
the other four Funds underperformed this benchmark. There were two primary
reasons for this underperformance over the reporting period. First, each of the
Funds' total returns reflects the impact of management fees, while the Lehman
Index is unmanaged. Second, each of the Funds had a shorter duration than the
Lehman Index. During a period of falling interest rates, as was the case during
much of the twelve-month period, a longer duration investment generally will be
expected to perform better than a shorter duration investment assuming no
special circumstances in either case. As of May 31, 2003, the duration of the
Lehman Index was 7.80, compared with durations ranging between 5.88 and 7.16
for the four underperforming Funds. The Michigan and Ohio Funds outperformed
the Index despite the effects of management fees and shorter durations.
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1Performance figures are for Class A shares at net asset value as of May 31,
2003. Current performance may be more or less than the performance shown.
2For each state, the Lipper peer group returns shown represent the average
annualized total return for all reporting funds for the one-year period ended
May 31, 2003. As of that date, the Lipper peer groups included 10 Kansas
funds, 12 Kentucky funds, 39 Michigan funds, 21 Missouri funds, 42 Ohio funds
and 62 Other State funds. The returns assume reinvestment of dividends and do
not reflect any applicable sales charges.
3The Lehman Brothers Municipal Bond Index is an unmanaged index composed of 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.
Annual Report l Page 3
Helping the total returns of each Fund during this period were their relatively
large concentrations of AAA/U.S. guaranteed and AA rated bonds, which, as
previously noted, were among the market's best performers during the past year.
Please see the Fund Spotlight pages for more information about each Fund's
performance and holdings.
What strategies did you use to manage the Funds during the twelve-month
reporting period?
We managed these six Funds with the same overall strategy that we use to manage
all of our municipal bond funds. We followed a disciplined, research- driven
approach with a view toward uncovering attractively valued bonds that we
thought had above-average return potential.
We also sought to avoid excessive turnover in all of the Fund portfolios. With
interest rates at near-historic lows, we believed it generally made little
sense to sell older investments often with higher coupons and buy new
securities offering the lower prevailing yields--all while increasing our
shareholders' capital gains exposure. Thus, we limited the Funds' trading
activity to include only those transactions that, in our opinion, improved
diversification, enhanced the Fund's call protection or otherwise were in the
best long-term interests of shareholders.
To manage credit risk in the current uncertain environment, we maintained each
Fund's high credit quality Portfolio. We also sought to take advantage of
unique opportunities in each state. Here is a brief summary of specific
strategies we followed on a portfolio-by-portfolio basis:
Kansas
As the period began, we concentrated on seeking opportunities to enhance the
Fund's diversification, call structure and total-return potential. In
particular, we were attracted to bonds due to mature in approximately 15 to 20
years, because we believed this part of the yield curve offered our
shareholders attractive income and total return potential while limiting some
of the exposure to interest rate risk. Throughout the period, however, trading
activity was limited because of the relatively scarce supply of new issuance
within the state. When opportunities did arise or new cash came into the Fund,
we looked to buy high-quality bonds.
Kentucky
We sought to reduce the Fund's exposure to economically sensitive projects or
securities backed by corporate revenues, since we believed these bonds might be
especially vulnerable to credit problems if economic conditions deteriorated.
In general, we focused on improving diversification and credit quality. We
thought this approach made particular sense in Kentucky, a state with limited
issuance and a significant percentage of insured new issue supply.
Michigan
As the reporting period progressed, we sought to improve the Fund's call
protection. Approximately 22 percent of the portfolio may be subject to calls
during the remainder of 2003 through 2005, and this could affect the Fund's
dividend-paying capabilities over time if interest rates remain low. To improve
the Fund's structure, we sought to add new bonds that offered longer durations
and maturities. However, we proceeded cautiously, since we believed that buying
too many similar securities at the same time might subject the Fund to
increased interest rate risk in the event of an unexpected rise in rates.
Missouri
During much of the reporting period many Missouri investors seemed eager to own
municipal bonds, and this led to strong cash flows into the Fund. The need
Annual Report l Page 4
to invest these inflows, along with our desire to improve the Fund's call
protection, required us to be relatively active in our trading. We were
particularly alert to the need for adequate diversification, although we were
reluctant to increase our exposure to the multifamily housing and health care
sectors, both of which we believed might underperform in the future.
Ohio
With interest rates at historically low levels, we sought to limit the Fund's
interest rate risk by reducing its duration. In particular, we sold some of the
Fund's longer-maturity bonds and reinvested the proceeds in shorter-maturity
investments. Otherwise, our trading activity was relatively modest, as we
focused on improving the Fund's diversification and call protection structure.
Wisconsin
Trading activity in this Fund was modest during the past year, as we sought to
fine tune the Fund's diversification, call protection and total-return
potential. One challenge faced by any portfolio manager of a Wisconsin
municipal bond fund is the extremely limited supply of fully tax-exempt
securities. The lack of attractive in-state opportunities led us to participate
in a handful of Puerto Rico bond issues (U.S. territorial bonds are fully
tax-exempt in all 50 states). It is our intention to sell the territorial bonds
and reinvest the proceeds into in-state securities as attractive opportunities
become available.
What is your outlook for the municipal market and the Funds?
In the coming months, we do not expect to make major changes to the portfolios
of any of these Funds. Although we think the economic growth will continue to
be slow, we believe that each state's economic condition will begin to improve
as the national picture brightens. As a result, we will work to position each
Fund to perform well in a stable rate environment while mitigating as much as
possible the risks inherent in a fixed-income portfolio should interest rates
begin to rise. We believe the tax-free income and diversification potential
offered by these Funds continue to make them attractive investments.
Annual Report l Page 5
Growth of an Assumed $10,000 Investment
Nuveen Kansas Municipal Bond Fund*
[CHART]
Nuveen Nuveen Lehman
Kansas Kansas Brothers
Municipal Bond Municipal Bond Municipal
Fund (Offer) Fund (NAV) Bond Index
5/93 $ 9,580 $10,000 $10,000
6/93 9,791 10,220 10,167
7/93 9,772 10,201 10,180
8/93 10,033 10,473 10,392
9/93 10,181 10,627 10,510
10/93 10,208 10,656 10,530
11/93 10,054 10,495 10,438
12/93 10,276 10,727 10,658
1/94 10,418 10,875 10,779
2/94 10,085 10,527 10,500
3/94 9,482 9,898 10,073
4/94 9,488 9,904 10,159
5/94 9,642 10,065 10,247
6/94 9,540 9,958 10,184
7/94 9,764 10,192 10,371
8/94 9,780 10,209 10,407
9/94 9,577 9,997 10,254
10/94 9,374 9,785 10,072
11/94 9,148 9,549 9,889
12/94 9,427 9,840 10,107
1/95 9,749 10,176 10,396
2/95 10,026 10,466 10,698
3/95 10,084 10,526 10,821
4/95 10,089 10,531 10,834
5/95 10,394 10,850 11,180
6/95 10,285 10,736 11,083
7/95 10,354 10,808 11,188
8/95 10,476 10,936 11,330
9/95 10,523 10,985 11,402
10/95 10,731 11,201 11,567
11/95 10,949 11,429 11,759
12/95 11,094 11,581 11,872
1/96 11,112 11,599 11,962
2/96 10,975 11,456 11,881
3/96 10,764 11,236 11,729
4/96 10,725 11,195 11,696
5/96 10,773 11,245 11,691
6/96 10,919 11,398 11,818
7/96 11,012 11,495 11,926
8/96 11,007 11,489 11,924
9/96 11,198 11,689 12,091
10/96 11,304 11,799 12,227
11/96 11,497 12,001 12,451
12/96 11,468 11,971 12,399
1/97 11,462 11,965 12,422
2/97 11,569 12,076 12,537
3/97 11,447 11,949 12,370
4/97 11,578 12,086 12,474
5/97 11,766 12,281 12,661
6/97 11,862 12,382 12,796
7/97 12,214 12,750 13,151
8/97 12,079 12,608 13,027
9/97 12,212 12,747 13,182
10/97 12,309 12,849 13,266
11/97 12,384 12,927 13,345
12/97 12,578 13,129 13,540
1/98 12,701 13,258 13,679
2/98 12,682 13,238 13,683
3/98 12,734 13,292 13,695
4/98 12,642 13,196 13,634
5/98 12,863 13,427 13,849
6/98 12,916 13,482 13,903
7/98 12,957 13,525 13,938
8/98 13,157 13,734 14,154
9/98 13,320 13,904 14,331
10/98 13,287 13,869 14,331
11/98 13,340 13,925 14,381
12/98 13,356 13,941 14,417
1/99 13,484 14,075 14,589
2/99 13,425 14,013 14,524
3/99 13,415 14,004 14,545
4/99 13,468 14,058 14,581
5/99 13,355 13,940 14,497
6/99 13,126 13,702 14,288
7/99 13,128 13,703 14,339
8/99 12,936 13,503 14,225
9/99 12,860 13,423 14,230
10/99 12,628 13,182 14,077
11/99 12,733 13,291 14,226
12/99 12,578 13,129 14,119
1/00 12,435 12,980 14,058
2/00 12,633 13,187 14,221
3/00 12,978 13,547 14,533
4/00 12,873 13,438 14,447
5/00 12,768 13,328 14,372
6/00 13,104 13,678 14,753
7/00 13,322 13,906 14,958
8/00 13,528 14,121 15,188
9/00 13,464 14,054 15,109
10/00 13,589 14,185 15,274
11/00 13,661 14,260 15,390
12/00 14,008 14,622 15,770
1/01 14,107 14,726 15,926
2/01 14,194 14,816 15,977
3/01 14,309 14,936 16,121
4/01 14,145 14,765 15,947
5/01 14,303 14,930 16,119
6/01 14,406 15,037 16,227
7/01 14,608 15,248 16,467
8/01 14,853 15,505 16,739
9/01 14,758 15,405 16,682
10/01 14,919 15,573 16,881
11/01 14,809 15,458 16,739
12/01 14,698 15,342 16,580
1/02 14,890 15,543 16,867
2/02 15,084 15,745 17,071
3/02 14,796 15,445 16,736
4/02 15,079 15,740 17,063
5/02 15,170 15,835 17,167
6/02 15,335 16,007 17,348
7/02 15,516 16,196 17,571
8/02 15,697 16,385 17,782
9/02 16,074 16,778 18,172
10/02 15,655 16,341 17,871
11/02 15,609 16,293 17,797
12/02 15,987 16,688 18,172
1/03 15,834 16,528 18,126
2/03 16,093 16,798 18,379
3/03 16,092 16,798 18,390
4/03 16,291 17,005 18,512
5/03 16,692 17,424 18,946
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Growth of an Assumed $10,000 Investment
Nuveen Kentucky Municipal Bond Fund*
[CHART]
Nuveen Nuveen Lehman
Kentucky Kentucky Brothers
Municipal Bond Municipal Bond Municipal
Fund (Offer) Fund (NAV) Bond Index
5/31/1993 $ 9,580 $10,000 $10,000
6/30/1993 9,756 10,184 10,167
7/31/1993 9,761 10,189 10,180
8/31/1993 9,976 10,413 10,392
9/30/1993 10,101 10,543 10,510
10/31/1993 10,130 10,574 10,530
11/30/1993 10,015 10,455 10,438
12/31/1993 10,197 10,644 10,658
1/31/1994 10,325 10,778 10,779
2/28/1994 10,054 10,494 10,500
3/31/1994 9,632 10,055 10,073
4/30/1994 9,652 10,075 10,159
5/31/1994 9,764 10,192 10,247
6/30/1994 9,710 10,136 10,184
7/31/1994 9,905 10,339 10,371
8/31/1994 9,926 10,361 10,407
9/30/1994 9,750 10,178 10,254
10/31/1994 9,546 9,965 10,072
11/30/1994 9,369 9,780 9,889
12/31/1994 9,645 10,068 10,107
1/31/1995 9,951 10,387 10,396
2/28/1995 10,272 10,723 10,698
3/31/1995 10,332 10,785 10,821
4/30/1995 10,342 10,796 10,834
5/31/1995 10,684 11,152 11,180
6/30/1995 10,577 11,040 11,083
7/31/1995 10,648 11,114 11,188
8/31/1995 10,768 11,240 11,330
9/30/1995 10,817 11,292 11,402
10/31/1995 10,988 11,470 11,567
11/30/1995 11,188 11,679 11,759
12/31/1995 11,309 11,805 11,872
1/31/1996 11,360 11,858 11,962
2/29/1996 11,307 11,802 11,881
3/31/1996 11,115 11,602 11,729
4/30/1996 11,073 11,559 11,696
5/31/1996 11,115 11,603 11,691
6/30/1996 11,228 11,720 11,818
7/31/1996 11,321 11,817 11,926
8/31/1996 11,322 11,818 11,924
9/30/1996 11,487 11,991 12,091
10/31/1996 11,602 12,111 12,227
11/30/1996 11,790 12,307 12,451
12/31/1996 11,744 12,259 12,399
1/31/1997 11,765 12,281 12,422
2/28/1997 11,861 12,381 12,537
3/31/1997 11,742 12,257 12,370
4/30/1997 11,838 12,357 12,474
5/31/1997 11,989 12,514 12,661
6/30/1997 12,107 12,638 12,796
7/31/1997 12,434 12,979 13,151
8/31/1997 12,346 12,887 13,027
9/30/1997 12,477 13,024 13,182
10/31/1997 12,564 13,115 13,266
11/30/1997 12,630 13,183 13,345
12/31/1997 12,808 13,369 13,540
1/31/1998 12,918 13,484 13,679
2/28/1998 12,927 13,493 13,683
3/31/1998 12,958 13,526 13,695
4/30/1998 12,875 13,439 13,634
5/31/1998 13,067 13,640 13,849
6/30/1998 13,122 13,697 13,903
7/31/1998 13,153 13,730 13,938
8/31/1998 13,324 13,908 14,154
9/30/1998 13,449 14,039 14,331
10/31/1998 13,422 14,011 14,331
11/30/1998 13,477 14,068 14,381
12/31/1998 13,490 14,081 14,417
1/31/1999 13,592 14,188 14,589
2/28/1999 13,565 14,160 14,524
3/31/1999 13,584 14,179 14,545
4/30/1999 13,614 14,211 14,581
5/31/1999 13,548 14,142 14,497
6/30/1999 13,349 13,935 14,288
7/31/1999 13,368 13,954 14,339
8/31/1999 13,179 13,757 14,225
9/30/1999 13,125 13,701 14,230
10/31/1999 12,935 13,502 14,077
11/30/1999 13,017 13,587 14,226
12/31/1999 12,892 13,457 14,119
1/31/2000 12,812 13,374 14,058
2/29/2000 12,994 13,564 14,221
3/31/2000 13,253 13,834 14,533
4/30/2000 13,185 13,763 14,447
5/31/2000 13,104 13,678 14,372
6/30/2000 13,366 13,952 14,753
7/31/2000 13,566 14,160 14,958
8/31/2000 13,754 14,357 15,188
9/30/2000 13,711 14,312 15,109
10/31/2000 13,823 14,429 15,274
11/30/2000 13,896 14,505 15,390
12/31/2000 14,192 14,814 15,770
1/31/2001 14,279 14,905 15,926
2/28/2001 14,352 14,981 15,977
3/31/2001 14,465 15,099 16,121
4/30/2001 14,340 14,968 15,947
5/31/2001 14,467 15,101 16,119
6/30/2001 14,582 15,221 16,227
7/31/2001 14,791 15,439 16,467
8/31/2001 15,028 15,687 16,739
9/30/2001 14,913 15,567 16,682
10/31/2001 15,084 15,745 16,881
11/30/2001 14,994 15,652 16,739
12/31/2001 14,877 15,529 16,580
1/31/2002 15,062 15,723 16,867
2/28/2002 15,262 15,931 17,071
3/31/2002 15,018 15,677 16,736
4/30/2002 15,248 15,916 17,063
5/31/2002 15,366 16,040 17,167
6/30/2002 15,499 16,179 17,348
7/31/2002 15,647 16,333 17,571
8/31/2002 15,795 16,487 17,782
9/30/2002 16,072 16,777 18,172
10/31/2002 15,793 16,485 17,871
11/30/2002 15,799 16,492 17,797
12/31/2002 16,105 16,811 18,172
1/31/2003 16,040 16,743 18,126
2/28/2003 16,293 17,008 18,379
3/31/2003 16,241 16,953 18,390
4/30/2003 16,394 17,113 18,512
5/31/2003 16,754 17,489 18,946
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Growth of an Assumed $10,000 Investment
Nuveen Michigan Municipal Bond Fund*
[CHART]
Nuveen Nuveen Lehman
Michigan Michigan Brothers
Municipal Bond Municipal Bond Municipal
Fund (Offer) Fund (NAV) Bond Index
5/31/1993 $ 9,580 $10,000 $10,000
6/30/1993 9,755 10,183 10,167
7/31/1993 9,752 10,180 10,180
8/31/1993 9,963 10,400 10,392
9/30/1993 10,083 10,525 10,510
10/31/1993 10,097 10,539 10,530
11/30/1993 10,001 10,439 10,438
12/31/1993 10,180 10,626 10,658
1/31/1994 10,303 10,755 10,779
2/28/1994 10,041 10,482 10,500
3/31/1994 9,638 10,060 10,073
4/30/1994 9,658 10,081 10,159
5/31/1994 9,757 10,185 10,247
6/30/1994 9,717 10,143 10,184
7/31/1994 9,895 10,329 10,371
8/31/1994 9,908 10,342 10,407
9/30/1994 9,779 10,208 10,254
10/31/1994 9,590 10,010 10,072
11/30/1994 9,433 9,847 9,889
12/31/1994 9,668 10,092 10,107
1/31/1995 9,949 10,386 10,396
2/28/1995 10,209 10,657 10,698
3/31/1995 10,258 10,708 10,821
4/30/1995 10,269 10,720 10,834
5/31/1995 10,592 11,056 11,180
6/30/1995 10,467 10,926 11,083
7/31/1995 10,536 10,998 11,188
8/31/1995 10,651 11,118 11,330
9/30/1995 10,719 11,189 11,402
10/31/1995 10,892 11,369 11,567
11/30/1995 11,101 11,587 11,759
12/31/1995 11,245 11,738 11,872
1/31/1996 11,285 11,780 11,962
2/29/1996 11,210 11,701 11,881
3/31/1996 11,013 11,495 11,729
4/30/1996 10,955 11,436 11,696
5/31/1996 10,976 11,457 11,691
6/30/1996 11,092 11,579 11,818
7/31/1996 11,201 11,692 11,926
8/31/1996 11,213 11,705 11,924
9/30/1996 11,390 11,889 12,091
10/31/1996 11,509 12,014 12,227
11/30/1996 11,707 12,220 12,451
12/31/1996 11,670 12,181 12,399
1/31/1997 11,675 12,187 12,422
2/28/1997 11,777 12,293 12,537
3/31/1997 11,627 12,137 12,370
4/30/1997 11,730 12,244 12,474
5/31/1997 11,903 12,425 12,661
6/30/1997 12,027 12,554 12,796
7/31/1997 12,376 12,919 13,151
8/31/1997 12,234 12,770 13,027
9/30/1997 12,368 12,910 13,182
10/31/1997 12,473 13,020 13,266
11/30/1997 12,537 13,087 13,345
12/31/1997 12,714 13,271 13,540
1/31/1998 12,819 13,381 13,679
2/28/1998 12,829 13,392 13,683
3/31/1998 12,851 13,415 13,695
4/30/1998 12,777 13,337 13,634
5/31/1998 12,970 13,538 13,849
6/30/1998 13,023 13,594 13,903
7/31/1998 13,045 13,617 13,938
8/31/1998 13,229 13,809 14,154
9/30/1998 13,392 13,979 14,331
10/31/1998 13,370 13,956 14,331
11/30/1998 13,414 14,002 14,381
12/31/1998 13,432 14,021 14,417
1/31/1999 13,531 14,124 14,589
2/28/1999 13,465 14,055 14,524
3/31/1999 13,476 14,066 14,545
4/30/1999 13,508 14,100 14,581
5/31/1999 13,416 14,004 14,497
6/30/1999 13,234 13,814 14,288
7/31/1999 13,244 13,825 14,339
8/31/1999 13,060 13,633 14,225
9/30/1999 13,025 13,596 14,230
10/31/1999 12,827 13,389 14,077
11/30/1999 12,906 13,472 14,226
12/31/1999 12,754 13,313 14,119
1/31/2000 12,612 13,165 14,058
2/29/2000 12,810 13,371 14,221
3/31/2000 13,103 13,677 14,533
4/30/2000 13,005 13,575 14,447
5/31/2000 12,906 13,472 14,372
6/30/2000 13,239 13,819 14,753
7/31/2000 13,441 14,030 14,958
8/31/2000 13,644 14,242 15,188
9/30/2000 13,555 14,150 15,109
10/31/2000 13,687 14,287 15,274
11/30/2000 13,720 14,322 15,390
12/31/2000 14,074 14,692 15,770
1/31/2001 14,145 14,766 15,926
2/28/2001 14,242 14,866 15,977
3/31/2001 14,376 15,006 16,121
4/30/2001 14,197 14,820 15,947
5/31/2001 14,383 15,014 16,119
6/30/2001 14,545 15,183 16,227
7/31/2001 14,771 15,418 16,467
8/31/2001 15,048 15,708 16,739
9/30/2001 14,995 15,652 16,682
10/31/2001 15,210 15,877 16,881
11/30/2001 15,077 15,738 16,739
12/31/2001 14,899 15,552 16,580
1/31/2002 15,142 15,806 16,867
2/28/2002 15,346 16,019 17,071
3/31/2002 15,001 15,658 16,736
4/30/2002 15,273 15,942 17,063
5/31/2002 15,348 16,020 17,167
6/30/2002 15,529 16,210 17,348
7/31/2002 15,711 16,400 17,571
8/31/2002 15,921 16,618 17,782
9/30/2002 16,292 17,007 18,172
10/31/2002 15,977 16,678 17,871
11/30/2002 15,946 16,645 17,797
12/31/2002 16,305 17,020 18,172
1/31/2003 16,232 16,943 18,126
2/28/2003 16,501 17,225 18,379
3/31/2003 16,441 17,162 18,390
4/30/2003 16,616 17,345 18,512
5/31/2003 16,945 17,687 18,946
- --------------------------------------------------------------------------------
The graphs do not reflect the deduction of taxes, such as state and local
income taxes or capital gains taxes, that a shareholder may pay on Fund
distributions or the redemption of shares.
*The Index Comparisons show the change in value of a $10,000 investment in the
Class A shares of the Nuveen Funds compared with the Lehman Brothers Municipal
Bond Index. The Lehman Brothers Municipal Bond Index is comprised of a broad
range of investment-grade municipal bonds, from many different states, and does
not reflect any initial or ongoing expenses. An index is not available for
direct investment. The Nuveen Funds returns include reinvestment of all
dividends and distributions, and the Funds returns at offer depicted in the
charts reflect the initial maximum sales charge applicable to A shares (4.20%)
and all ongoing Fund expenses. The performance data quoted represents past
performance, which is not indicative of future results. Current performance may
be more or less than the performance shown.
Annual Report l Page 6
Growth of an Assumed $10,000 Investment
Nuveen Missouri Municipal Bond Fund*
[CHART]
Nuveen Nuveen Lehman
Missouri Missouri Brothers
Municipal Bond Municipal Bond Municipal
Fund (Offer) Fund (NAV) Bond Index
5/31/1993 $ 9,580 10,000 10,000
6/30/1993 9,775 10,204 10,167
7/31/1993 9,770 10,198 10,180
8/31/1993 10,013 10,452 10,392
9/30/1993 10,148 10,593 10,510
10/31/1993 10,177 10,624 10,530
11/30/1993 10,070 10,511 10,438
12/31/1993 10,269 10,719 10,658
1/31/1994 10,408 10,864 10,779
2/28/1994 10,139 10,584 10,500
3/31/1994 9,690 10,115 10,073
4/30/1994 9,690 10,115 10,159
5/31/1994 9,812 10,242 10,247
6/30/1994 9,756 10,184 10,184
7/31/1994 9,926 10,361 10,371
8/31/1994 9,937 10,372 10,407
9/30/1994 9,775 10,203 10,254
10/31/1994 9,595 10,016 10,072
11/30/1994 9,413 9,825 9,889
12/31/1994 9,644 10,067 10,107
1/31/1995 9,935 10,371 10,396
2/28/1995 10,214 10,661 10,698
3/31/1995 10,282 10,733 10,821
4/30/1995 10,290 10,741 10,834
5/31/1995 10,615 11,081 11,180
6/30/1995 10,495 10,956 11,083
7/31/1995 10,555 11,018 11,188
8/31/1995 10,676 11,144 11,330
9/30/1995 10,755 11,226 11,402
10/31/1995 10,916 11,395 11,567
11/30/1995 11,097 11,584 11,759
12/31/1995 11,218 11,710 11,872
1/31/1996 11,279 11,773 11,962
2/29/1996 11,212 11,704 11,881
3/31/1996 10,995 11,477 11,729
4/30/1996 10,939 11,418 11,696
5/31/1996 10,988 11,469 11,691
6/30/1996 11,099 11,585 11,818
7/31/1996 11,191 11,681 11,926
8/31/1996 11,210 11,701 11,924
9/30/1996 11,375 11,873 12,091
10/31/1996 11,488 11,992 12,227
11/30/1996 11,698 12,210 12,451
12/31/1996 11,652 12,163 12,399
1/31/1997 11,650 12,160 12,422
2/28/1997 11,765 12,281 12,537
3/31/1997 11,631 12,141 12,370
4/30/1997 11,737 12,251 12,474
5/31/1997 11,897 12,419 12,661
6/30/1997 12,026 12,553 12,796
7/31/1997 12,376 12,918 13,151
8/31/1997 12,250 12,787 13,027
9/30/1997 12,390 12,934 13,182
10/31/1997 12,476 13,023 13,266
11/30/1997 12,551 13,101 13,345
12/31/1997 12,740 13,299 13,540
1/31/1998 12,850 13,413 13,679
2/28/1998 12,846 13,409 13,683
3/31/1998 12,877 13,441 13,695
4/30/1998 12,815 13,377 13,634
5/31/1998 13,006 13,576 13,849
6/30/1998 13,059 13,632 13,903
7/31/1998 13,089 13,663 13,938
8/31/1998 13,283 13,865 14,154
9/30/1998 13,431 14,019 14,331
10/31/1998 13,402 13,990 14,331
11/30/1998 13,457 14,047 14,381
12/31/1998 13,476 14,067 14,417
1/31/1999 13,589 14,185 14,589
2/28/1999 13,549 14,143 14,524
3/31/1999 13,543 14,137 14,545
4/30/1999 13,599 14,195 14,581
5/31/1999 13,521 14,114 14,497
6/30/1999 13,333 13,918 14,288
7/31/1999 13,352 13,937 14,339
8/31/1999 13,186 13,764 14,225
9/30/1999 13,144 13,720 14,230
10/31/1999 12,929 13,495 14,077
11/30/1999 12,997 13,567 14,226
12/31/1999 12,891 13,456 14,119
1/31/2000 12,772 13,332 14,058
2/29/2000 12,930 13,497 14,221
3/31/2000 13,177 13,755 14,533
4/30/2000 13,133 13,709 14,447
5/31/2000 13,051 13,623 14,372
6/30/2000 13,327 13,911 14,753
7/31/2000 13,516 14,109 14,958
8/31/2000 13,694 14,294 15,188
9/30/2000 13,638 14,236 15,109
10/31/2000 13,777 14,381 15,274
11/30/2000 13,865 14,473 15,390
12/31/2000 14,177 14,799 15,770
1/31/2001 14,266 14,891 15,926
2/28/2001 14,341 14,970 15,977
3/31/2001 14,458 15,091 16,121
4/30/2001 14,319 14,947 15,947
5/31/2001 14,477 15,112 16,119
6/30/2001 14,581 15,220 16,227
7/31/2001 14,781 15,429 16,467
8/31/2001 15,077 15,738 16,739
9/30/2001 15,004 15,662 16,682
10/31/2001 15,164 15,829 16,881
11/30/2001 15,061 15,722 16,739
12/31/2001 14,944 15,600 16,580
1/31/2002 15,133 15,797 16,867
2/28/2002 15,309 15,980 17,071
3/31/2002 15,049 15,709 16,736
4/30/2002 15,283 15,953 17,063
5/31/2002 15,374 16,048 17,167
6/30/2002 15,523 16,204 17,348
7/31/2002 15,687 16,374 17,571
8/31/2002 15,865 16,560 17,782
9/30/2002 16,145 16,853 18,172
10/31/2002 15,833 16,528 17,871
11/30/2002 15,795 16,487 17,797
12/31/2002 16,136 16,843 18,172
1/31/2003 16,053 16,757 18,126
2/28/2003 16,293 17,007 18,379
3/31/2003 16,298 17,013 18,390
4/30/2003 16,510 17,234 18,512
5/31/2003 16,855 17,593 18,946
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Growth of an Assumed $10,000 Investment
Nuveen Ohio Municipal Bond Fund*
[CHART]
Lehman
Nuveen Ohio Nuveen Ohio Brothers
Municipal Bond Municipal Bond Municipal
Fund (Offer) Fund (NAV) Bond Index
5/31/1993 $ 9,580 $10,000 $10,000
6/30/1993 9,749 10,176 10,167
7/31/1993 9,753 10,181 10,180
8/31/1993 9,942 10,378 10,392
9/30/1993 10,079 10,521 10,510
10/31/1993 10,092 10,534 10,530
11/30/1993 10,002 10,441 10,438
12/31/1993 10,159 10,605 10,658
1/31/1994 10,282 10,733 10,779
2/28/1994 10,050 10,490 10,500
3/31/1994 9,683 10,107 10,073
4/30/1994 9,685 10,110 10,159
5/31/1994 9,792 10,222 10,247
6/30/1994 9,750 10,178 10,184
7/31/1994 9,912 10,347 10,371
8/31/1994 9,924 10,359 10,407
9/30/1994 9,775 10,204 10,254
10/31/1994 9,619 10,040 10,072
11/30/1994 9,496 9,912 9,889
12/31/1994 9,688 10,113 10,107
1/31/1995 9,936 10,372 10,396
2/28/1995 10,190 10,637 10,698
3/31/1995 10,275 10,726 10,821
4/30/1995 10,277 10,728 10,834
5/31/1995 10,576 11,039 11,180
6/30/1995 10,476 10,935 11,083
7/31/1995 10,545 11,008 11,188
8/31/1995 10,661 11,129 11,330
9/30/1995 10,720 11,190 11,402
10/31/1995 10,884 11,361 11,567
11/30/1995 11,075 11,561 11,759
12/31/1995 11,192 11,682 11,872
1/31/1996 11,223 11,715 11,962
2/29/1996 11,146 11,634 11,881
3/31/1996 10,974 11,455 11,729
4/30/1996 10,926 11,405 11,696
5/31/1996 10,956 11,437 11,691
6/30/1996 11,074 11,559 11,818
7/31/1996 11,173 11,663 11,926
8/31/1996 11,165 11,655 11,924
9/30/1996 11,314 11,810 12,091
10/31/1996 11,425 11,926 12,227
11/30/1996 11,604 12,113 12,451
12/31/1996 11,566 12,073 12,399
1/31/1997 11,568 12,075 12,422
2/28/1997 11,670 12,182 12,537
3/31/1997 11,529 12,034 12,370
4/30/1997 11,611 12,120 12,474
5/31/1997 11,765 12,281 12,661
6/30/1997 11,879 12,400 12,796
7/31/1997 12,180 12,714 13,151
8/31/1997 12,065 12,594 13,027
9/30/1997 12,191 12,725 13,182
10/31/1997 12,275 12,813 13,266
11/30/1997 12,339 12,880 13,345
12/31/1997 12,520 13,069 13,540
1/31/1998 12,646 13,201 13,679
2/28/1998 12,645 13,200 13,683
3/31/1998 12,677 13,233 13,695
4/30/1998 12,599 13,152 13,634
5/31/1998 12,794 13,354 13,849
6/30/1998 12,836 13,398 13,903
7/31/1998 12,868 13,432 13,938
8/31/1998 13,031 13,603 14,154
9/30/1998 13,185 13,763 14,331
10/31/1998 13,172 13,749 14,331
11/30/1998 13,226 13,806 14,381
12/31/1998 13,240 13,821 14,417
1/31/1999 13,362 13,948 14,589
2/28/1999 13,315 13,899 14,524
3/31/1999 13,325 13,909 14,545
4/30/1999 13,369 13,955 14,581
5/31/1999 13,298 13,881 14,497
6/30/1999 13,134 13,710 14,288
7/31/1999 13,132 13,707 14,339
8/31/1999 12,966 13,535 14,225
9/30/1999 12,905 13,471 14,230
10/31/1999 12,714 13,272 14,077
11/30/1999 12,805 13,366 14,226
12/31/1999 12,678 13,234 14,119
1/31/2000 12,615 13,168 14,058
2/29/2000 12,778 13,338 14,221
3/31/2000 13,026 13,597 14,533
4/30/2000 12,962 13,530 14,447
5/31/2000 12,874 13,438 14,372
6/30/2000 13,173 13,751 14,753
7/31/2000 13,365 13,951 14,958
8/31/2000 13,557 14,152 15,188
9/30/2000 13,505 14,097 15,109
10/31/2000 13,601 14,197 15,274
11/30/2000 13,685 14,285 15,390
12/31/2000 13,994 14,607 15,770
1/31/2001 14,079 14,696 15,926
2/28/2001 14,114 14,732 15,977
3/31/2001 14,225 14,848 16,121
4/30/2001 14,070 14,687 15,947
5/31/2001 14,167 14,789 16,119
6/30/2001 14,278 14,904 16,227
7/31/2001 14,491 15,126 16,467
8/31/2001 14,706 15,350 16,739
9/30/2001 14,598 15,238 16,682
10/31/2001 14,762 15,409 16,881
11/30/2001 14,664 15,307 16,739
12/31/2001 14,527 15,163 16,580
1/31/2002 14,743 15,390 16,867
2/28/2002 14,921 15,575 17,071
3/31/2002 14,623 15,265 16,736
4/30/2002 14,856 15,507 17,063
5/31/2002 14,956 15,612 17,167
6/30/2002 15,097 15,759 17,348
7/31/2002 15,292 15,962 17,571
8/31/2002 15,474 16,153 17,782
9/30/2002 15,834 16,528 18,172
10/31/2002 15,487 16,165 17,871
11/30/2002 15,439 16,116 17,797
12/31/2002 15,803 16,496 18,172
1/31/2003 15,713 16,402 18,126
2/28/2003 15,983 16,683 18,379
3/31/2003 15,976 16,676 18,390
4/30/2003 16,136 16,843 18,512
5/31/2003 16,549 17,274 18,946
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Growth of an Assumed $10,000 Investment
Nuveen Wisconsin Municipal Bond Fund*
[CHART]
Nuveen Nuveen Lehman
Wisconsin Wisconsin Brothers
Municipal Bond Municipal Bond Municipal
Fund (Offer) Fund (NAV) Bond Index
5/31/1994 $ 9,580 $10,000 $10,000
6/30/1994 9,560 9,979 9,939
7/31/1994 9,742 10,170 10,121
8/31/1994 9,766 10,194 10,156
9/30/1994 9,556 9,975 10,007
10/31/1994 9,376 9,787 9,829
11/30/1994 9,113 9,512 9,651
12/31/1994 9,321 9,729 9,863
1/31/1995 9,581 10,001 10,145
2/28/1995 9,879 10,312 10,441
3/31/1995 9,933 10,368 10,561
4/30/1995 9,945 10,381 10,573
5/31/1995 10,283 10,734 10,911
6/30/1995 10,138 10,582 10,816
7/31/1995 10,257 10,706 10,918
8/31/1995 10,365 10,820 11,057
9/30/1995 10,431 10,888 11,127
10/31/1995 10,594 11,059 11,288
11/30/1995 10,768 11,240 11,476
12/31/1995 10,922 11,401 11,586
1/31/1996 10,947 11,427 11,674
2/29/1996 10,861 11,337 11,594
3/31/1996 10,635 11,101 11,446
4/30/1996 10,592 11,057 11,414
5/31/1996 10,628 11,094 11,409
6/30/1996 10,729 11,200 11,534
7/31/1996 10,821 11,296 11,639
8/31/1996 10,802 11,276 11,636
9/30/1996 10,949 11,429 11,799
10/31/1996 11,065 11,550 11,933
11/30/1996 11,236 11,729 12,151
12/31/1996 11,194 11,685 12,100
1/31/1997 11,197 11,688 12,123
2/28/1997 11,291 11,786 12,234
3/31/1997 11,156 11,645 12,072
4/30/1997 11,251 11,744 12,173
5/31/1997 11,415 11,915 12,356
6/30/1997 11,511 12,015 12,488
7/31/1997 11,887 12,408 12,834
8/31/1997 11,725 12,239 12,713
9/30/1997 11,881 12,402 12,864
10/31/1997 11,979 12,504 12,947
11/30/1997 12,053 12,581 13,023
12/31/1997 12,247 12,784 13,213
1/31/1998 12,404 12,948 13,349
2/28/1998 12,405 12,949 13,353
3/31/1998 12,430 12,975 13,365
4/30/1998 12,334 12,875 13,305
5/31/1998 12,580 13,131 13,516
6/30/1998 12,617 13,171 13,568
7/31/1998 12,641 13,196 13,602
8/31/1998 12,851 13,415 13,813
9/30/1998 13,049 13,621 13,986
10/31/1998 13,000 13,569 13,986
11/30/1998 13,049 13,621 14,035
12/31/1998 13,049 13,621 14,070
1/31/1999 13,172 13,749 14,237
2/28/1999 13,119 13,694 14,174
3/31/1999 13,129 13,705 14,194
4/30/1999 13,165 13,742 14,230
5/31/1999 13,061 13,633 14,147
6/30/1999 12,815 13,377 13,944
7/31/1999 12,800 13,361 13,994
8/31/1999 12,576 13,127 13,882
9/30/1999 12,480 13,028 13,887
10/31/1999 12,203 12,738 13,737
11/30/1999 12,303 12,843 13,883
12/31/1999 12,163 12,696 13,779
1/31/2000 12,066 12,595 13,720
2/29/2000 12,300 12,839 13,879
3/31/2000 12,640 13,194 14,183
4/30/2000 12,542 13,092 14,099
5/31/2000 12,404 12,947 14,026
6/30/2000 12,802 13,363 14,397
7/31/2000 13,039 13,611 14,598
8/31/2000 13,265 13,846 14,822
9/30/2000 13,178 13,756 14,745
10/31/2000 13,296 13,879 14,906
11/30/2000 13,388 13,975 15,019
12/31/2000 13,782 14,386 15,390
1/31/2001 13,847 14,454 15,543
2/28/2001 13,953 14,565 15,592
3/31/2001 14,046 14,662 15,733
4/30/2001 13,847 14,454 15,563
5/31/2001 13,996 14,610 15,731
6/30/2001 14,118 14,737 15,836
7/31/2001 14,368 14,998 16,071
8/31/2001 14,604 15,244 16,336
9/30/2001 14,500 15,136 16,280
10/31/2001 14,653 15,295 16,474
11/30/2001 14,534 15,171 16,336
12/31/2001 14,372 15,002 16,180
1/31/2002 14,569 15,208 16,460
2/28/2002 14,782 15,430 16,659
3/31/2002 14,473 15,107 16,333
4/30/2002 14,716 15,361 16,651
5/31/2002 14,872 15,524 16,753
6/30/2002 15,029 15,688 16,930
7/31/2002 15,201 15,868 17,148
8/31/2002 15,404 16,079 17,354
9/30/2002 15,711 16,399 17,734
10/31/2002 15,305 15,976 17,440
11/30/2002 15,285 15,955 17,368
12/31/2002 15,671 16,358 17,734
1/31/2003 15,546 16,227 17,689
2/28/2003 15,752 16,443 17,936
3/31/2003 15,717 16,407 17,947
4/30/2003 15,910 16,608 18,066
5/31/2003 16,272 16,985 18,489
- --------------------------------------------------------------------------------
The graphs do not reflect the deduction of taxes, such as state and local
income taxes or capital gains taxes, that a shareholder may pay on Fund
distributions or the redemption of shares.
*The Index Comparisons show the change in value of a $10,000 investment in the
Class A shares of the Nuveen Funds compared with the Lehman Brothers Municipal
Bond Index. The Lehman Brothers Municipal Bond Index is comprised of a broad
range of investment-grade municipal bonds, from many different states, and does
not reflect any initial or ongoing expenses. An index is not available for
direct investment. The Nuveen Funds returns include reinvestment of all
dividends and distributions, and the Funds returns at offer depicted in the
charts reflect the initial maximum sales charge applicable to A shares (4.20%)
and all ongoing Fund expenses. The performance data quoted represents past
performance, which is not indicative of future results. Current performance may
be more or less than the performance shown.
Annual Report l Page 7
- --------------------------------------------------------------------------------
Fund Spotlight as of 5/31/03 Nuveen Kansas Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $10.77 $10.69 $10.78 $10.82
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0395 $0.0330 $0.0350 $0.0415
--------------------------------------------------------------
Commencement Date 1/09/92 2/19/97 2/11/97 2/25/97
--------------------------------------------------------------
Average Annual Total Returns as of 5/31/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 10.03% 5.40%
---------------------------------------------
5-Year 5.35% 4.46%
---------------------------------------------
10-Year 5.70% 5.25%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 9.18% 5.18%
---------------------------------------------
5-Year 4.56% 4.39%
---------------------------------------------
10-Year 5.09% 5.09%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 9.35%
---------------------------------------------
5-Year 4.75%
---------------------------------------------
10-Year 5.23%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 10.23%
---------------------------------------------
5-Year 5.56%
---------------------------------------------
10-Year 5.89%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Market Yield /3/ 4.40% 4.22%
---------------------------------------------
SEC 30-Day Yield 3.63% 3.48%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.38% 5.16%
---------------------------------------------
B Shares NAV
---------------------------------------------
Market Yield /3/ 3.70%
---------------------------------------------
SEC 30-Day Yield 3.04%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.50%
---------------------------------------------
C Shares NAV
---------------------------------------------
Market Yield /3/ 3.90%
---------------------------------------------
SEC 30-Day Yield 3.24%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.80%
---------------------------------------------
R Shares NAV
---------------------------------------------
Market Yield /3/ 4.60%
---------------------------------------------
SEC 30-Day Yield 3.98%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.90%
---------------------------------------------
Average Annual Total Returns as of 6/30/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 8.14% 3.62%
---------------------------------------------
5-Year 5.13% 4.24%
---------------------------------------------
10-Year 5.41% 4.96%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 7.29% 3.29%
---------------------------------------------
5-Year 4.33% 4.16%
---------------------------------------------
10-Year 4.79% 4.79%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 7.57%
---------------------------------------------
5-Year 4.55%
---------------------------------------------
10-Year 4.93%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 8.34%
---------------------------------------------
5-Year 5.33%
---------------------------------------------
10-Year 5.60%
---------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 53%
AA 14%
A 12%
BBB 9%
NR 12%
Top Five Sectors/5/
Healthcare 20%
-------------------------------------------
Tax Obligation/Limited 19%
-------------------------------------------
Tax Obligation/General 16%
-------------------------------------------
U.S. Guaranteed 10%
-------------------------------------------
Housing/Multifamily 8%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $142,094
-------------------------------------------
Average Effective Maturity (Years) 18.21
-------------------------------------------
Duration 7.16
-------------------------------------------
- --------------------------------------------------------------------------------
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the Fund prospectus.
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.
1Paid June 2, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended May 31, 2003.
2Class A share returns are actual. Class B, C and R share returns are actual
for the period since class inception; returns prior to class inception are
Class A share returns adjusted for differences in sales charges and (in the
case of Classes B and C) expenses, which are primarily differences in
distribution and service fees. Class A shares have a 4.2% maximum sales
charge. Class B shares have a contingent deferred sales charge (CDSC), also
known as a back-end sales charge, that begins at 5% for redemptions during the
first year after purchase and declines periodically to 0% over the following
five years. 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.
3The Market Yield is an investment's current annualized dividend divided by its
current offering price while the SEC 30-Day Yield is 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.
4Based on the SEC 30-Day Yield and a combined federal and state income tax rate
of 32.5%.
5As a percentage of total holdings as of May 31, 2003. Holdings are subject to
change.
Annual Report l Page 8
- --------------------------------------------------------------------------------
Fund Spotlight as of 5/31/03 Nuveen Kentucky Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.35 $11.35 $11.34 $11.33
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0445 $0.0375 $0.0395 $0.0460
--------------------------------------------------------------
Latest Capital Gain/2/ $0.0077 $0.0077 $0.0077 $0.0077
--------------------------------------------------------------
Commencement Date 5/04/87 2/05/97 10/04/93 2/07/97
--------------------------------------------------------------
Average Annual Total Returns as of 5/31/03/3/
A Shares NAV Offer
---------------------------------------------
1-Year 9.03% 4.44%
---------------------------------------------
5-Year 5.09% 4.20%
---------------------------------------------
10-Year 5.75% 5.30%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 8.21% 4.21%
---------------------------------------------
5-Year 4.32% 4.15%
---------------------------------------------
10-Year 5.20% 5.20%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 8.45%
---------------------------------------------
5-Year 4.53%
---------------------------------------------
10-Year 5.17%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 9.23%
---------------------------------------------
5-Year 5.29%
---------------------------------------------
10-Year 5.86%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Market Yield /4/ 4.71% 4.51%
---------------------------------------------
SEC 30-Day Yield 3.36% 3.22%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.98% 4.77%
---------------------------------------------
B Shares NAV
---------------------------------------------
Market Yield /4/ 3.97%
---------------------------------------------
SEC 30-Day Yield 2.77%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.10%
---------------------------------------------
C Shares NAV
---------------------------------------------
Market Yield /4/ 4.18%
---------------------------------------------
SEC 30-Day Yield 2.97%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.40%
---------------------------------------------
R Shares NAV
---------------------------------------------
Market Yield /4/ 4.88%
---------------------------------------------
SEC 30-Day Yield 3.71%
---------------------------------------------
Taxable-Equivalent Yield/5/ 5.50%
---------------------------------------------
Average Annual Total Returns as of 6/30/03/3/
A Shares NAV Offer
---------------------------------------------
1-Year 8.04% 3.52%
---------------------------------------------
5-Year 5.00% 4.10%
---------------------------------------------
10-Year 5.55% 5.10%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 7.14% 3.14%
---------------------------------------------
5-Year 4.22% 4.05%
---------------------------------------------
10-Year 5.00% 5.00%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 7.47%
---------------------------------------------
5-Year 4.43%
---------------------------------------------
10-Year 4.97%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 8.23%
---------------------------------------------
5-Year 5.20%
---------------------------------------------
10-Year 5.66%
---------------------------------------------
Bond Credit Quality/6/
[CHART]
AAA/U.S. Guaranteed 55%
AA 11%
A 13%
BBB 15%
NR 3%
BB or Lower 3%
Top Five Sectors/6/
Tax Obligation/Limited 22%
-------------------------------------------
Healthcare 13%
-------------------------------------------
U.S. Guaranteed 11%
-------------------------------------------
Water and Sewer 9%
-------------------------------------------
Education and Civic Organizations 8%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $499,354
-------------------------------------------
Average Effective Maturity (Years) 18.36
-------------------------------------------
Duration 5.88
-------------------------------------------
- --------------------------------------------------------------------------------
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the Fund prospectus.
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.
1Paid June 2, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended May 31, 2003.
2Paid December 4, 2002. Capital gains and/or ordinary income distributions are
subject to federal taxation.
3Class A share returns are actual. Class B, C and R share returns are actual
for the period since class inception; returns prior to class inception are
Class A share returns adjusted for differences in sales charges and (in the
case of Classes B and C) expenses, which are primarily differences in
distribution and service fees. Class A shares have a 4.2% maximum sales
charge. Class B shares have a contingent deferred sales charge (CDSC), also
known as a back-end sales charge, that begins at 5% for redemptions during the
first year after purchase and declines periodically to 0% over the following
five years. 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.
4The Market Yield is an investment's current annualized dividend divided by its
current offering price while the SEC 30-Day Yield is 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.
5Based on the SEC 30-Day Yield and a combined federal and state income tax rate
of 32.5%.
6As a percentage of total holdings as of May 31, 2003. Holdings are subject to
change.
Annual Report l Page 9
- --------------------------------------------------------------------------------
Fund Spotlight as of 5/31/03 Nuveen Michigan Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $12.16 $12.18 $12.14 $12.16
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0465 $0.0390 $0.0410 $0.0485
--------------------------------------------------------------
Latest Capital Gain/2/ $0.0072 $0.0072 $0.0072 $0.0072
--------------------------------------------------------------
Commencement Date 6/27/85 2/03/97 6/22/93 2/03/97
--------------------------------------------------------------
Average Annual Total Returns as of 5/31/03/3/
A Shares NAV Offer
---------------------------------------------
1-Year 10.40% 5.74%
---------------------------------------------
5-Year 5.49% 4.59%
---------------------------------------------
10-Year 5.87% 5.41%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 9.56% 5.56%
---------------------------------------------
5-Year 4.70% 4.53%
---------------------------------------------
10-Year 5.33% 5.33%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 9.71%
---------------------------------------------
5-Year 4.89%
---------------------------------------------
10-Year 5.24%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 10.53%
---------------------------------------------
5-Year 5.69%
---------------------------------------------
10-Year 5.99%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Market Yield /4/ 4.59% 4.40%
---------------------------------------------
SEC 30-Day Yield 3.11% 2.98%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.51% 4.32%
---------------------------------------------
B Shares NAV
---------------------------------------------
Market Yield /4/ 3.84%
---------------------------------------------
SEC 30-Day Yield 2.51%
---------------------------------------------
Taxable-Equivalent Yield/5/ 3.64%
---------------------------------------------
C Shares NAV
---------------------------------------------
Market Yield /4/ 4.05%
---------------------------------------------
SEC 30-Day Yield 2.71%
---------------------------------------------
Taxable-Equivalent Yield/5/ 3.93%
---------------------------------------------
R Shares NAV
---------------------------------------------
Market Yield /4/ 4.79%
---------------------------------------------
SEC 30-Day Yield 3.45%
---------------------------------------------
Taxable-Equivalent Yield/5/ 5.00%
---------------------------------------------
Average Annual Total Returns as of 6/30/03/3/
A Shares NAV Offer
---------------------------------------------
1-Year 8.28% 3.73%
---------------------------------------------
5-Year 5.24% 4.34%
---------------------------------------------
10-Year 5.59% 5.15%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 7.54% 3.54%
---------------------------------------------
5-Year 4.47% 4.30%
---------------------------------------------
10-Year 5.05% 5.05%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 7.78%
---------------------------------------------
5-Year 4.68%
---------------------------------------------
10-Year 5.01%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 8.58%
---------------------------------------------
5-Year 5.47%
---------------------------------------------
10-Year 5.73%
---------------------------------------------
Bond Credit Quality/6/
[CHART]
AAA/U.S. Guaranteed 74%
AA 6%
A 7%
BBB 9%
NR 2%
BB or Lower 2%
Top Five Sectors/6/
Tax Obligation/General 23%
-------------------------------------------
U.S. Guaranteed 21%
-------------------------------------------
Healthcare 15%
-------------------------------------------
Tax Obligation/Limited 14%
-------------------------------------------
Utilities 7%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $284,474
-------------------------------------------
Average Effective Maturity (Years) 16.25
-------------------------------------------
Duration 6.18
-------------------------------------------
- --------------------------------------------------------------------------------
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the Fund prospectus.
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.
1Paid June 2, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended May 31, 2003.
2Paid December 4, 2002. Capital gains and/or ordinary income distributions are
subject to federal taxation.
3Class A share returns are actual. Class B, C and R share returns are actual
for the period since class inception; returns prior to class inception are
Class A share returns adjusted for differences in sales charges and (in the
case of Classes B and C) expenses, which are primarily differences in
distribution and service fees. Class A shares have a 4.2% maximum sales
charge. Class B shares have a contingent deferred sales charge (CDSC), also
known as a back-end sales charge, that begins at 5% for redemptions during the
first year after purchase and declines periodically to 0% over the following
five years. 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.
4The Market Yield is an investment's current annualized dividend divided by its
current offering price while the SEC 30-Day Yield is 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.
5Based on the SEC 30-Day Yield and a combined federal and state income tax rate
of 31%.
6As a percentage of total holdings as of May 31, 2003. Holdings are subject to
change.
Annual Report l Page 10
- --------------------------------------------------------------------------------
Fund Spotlight as of 5/31/03 Nuveen Missouri Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.30 $11.30 $11.29 $11.31
--------------------------------------------------------------
Latest Monthly Dividend/1/ $ 0.0415 $ 0.0345 $ 0.0360 $ 0.0430
--------------------------------------------------------------
Commencement Date 8/03/87 2/06/97 2/02/94 2/19/97
--------------------------------------------------------------
Average Annual Total Returns as of 5/31/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 9.63% 5.06%
---------------------------------------------
5-Year 5.32% 4.42%
---------------------------------------------
10-Year 5.81% 5.36%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 8.80% 4.80%
---------------------------------------------
5-Year 4.52% 4.36%
---------------------------------------------
10-Year 5.26% 5.26%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 8.93%
---------------------------------------------
5-Year 4.72%
---------------------------------------------
10-Year 5.23%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 9.80%
---------------------------------------------
5-Year 5.53%
---------------------------------------------
10-Year 5.94%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Market Yield /3/ 4.41% 4.22%
---------------------------------------------
SEC 30-Day Yield 3.45% 3.31%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.11% 4.90%
---------------------------------------------
B Shares NAV
---------------------------------------------
Market Yield /3/ 3.66%
---------------------------------------------
SEC 30-Day Yield 2.86%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.24%
---------------------------------------------
C Shares NAV
---------------------------------------------
Market Yield /3/ 3.83%
---------------------------------------------
SEC 30-Day Yield 3.06%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.53%
---------------------------------------------
R Shares NAV
---------------------------------------------
Market Yield /3/ 4.56%
---------------------------------------------
SEC 30-Day Yield 3.80%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.63%
---------------------------------------------
Average Annual Total Returns as of 6/30/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 7.92% 3.35%
---------------------------------------------
5-Year 5.11% 4.21%
---------------------------------------------
10-Year 5.53% 5.09%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 7.20% 3.20%
---------------------------------------------
5-Year 4.35% 4.18%
---------------------------------------------
10-Year 4.98% 4.98%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 7.43%
---------------------------------------------
5-Year 4.55%
---------------------------------------------
10-Year 4.96%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 8.19%
---------------------------------------------
5-Year 5.31%
---------------------------------------------
10-Year 5.67%
---------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 74%
AA 6%
A 7%
BBB 9%
NR 2%
BB or Lower 2%
Top Five Sectors/5/
Tax Obligation/Limited 17%
-------------------------------------------
Housing/Multifamily 11%
-------------------------------------------
Transportation 11%
-------------------------------------------
Long-Term Care 11%
-------------------------------------------
Education and Civic Organizations 10%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $269,778
-------------------------------------------
Average Effective Maturity (Years) 18.71
-------------------------------------------
Duration 6.48
-------------------------------------------
- --------------------------------------------------------------------------------
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the Fund prospectus.
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.
1Paid June 2, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended May 31, 2003.
2Class A share returns are actual. Class B, C and R share returns are actual
for the period since class inception; returns prior to class inception are
Class A share returns adjusted for differences in sales charges and (in the
case of Classes B and C) expenses, which are primarily differences in
distribution and service fees. Class A shares have a 4.2% maximum sales
charge. Class B shares have a contingent deferred sales charge (CDSC), also
known as a back-end sales charge, that begins at 5% for redemptions during the
first year after purchase and declines periodically to 0% over the following
five years. 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.
3The Market Yield is an investment's current annualized dividend divided by its
current offering price while the SEC 30-Day Yield is 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.
4Based on the SEC 30-Day Yield and a combined federal and state income tax rate
of 32.5%.
5As a percentage of total holdings as of May 31, 2003. Holdings are subject to
change.
Annual Report l Page 11
- --------------------------------------------------------------------------------
Fund Spotlight as of 5/31/03 Nuveen Ohio Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.78 $11.77 $11.76 $11.77
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0450 $0.0380 $0.0400 $0.0470
--------------------------------------------------------------
Commencement Date 6/27/85 2/03/97 8/03/93 2/03/97
--------------------------------------------------------------
Average Annual Total Returns as of 5/31/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 10.65% 6.00%
---------------------------------------------
5-Year 5.28% 4.39%
---------------------------------------------
10-Year 5.62% 5.16%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 9.85% 5.85%
---------------------------------------------
5-Year 4.51% 4.35%
---------------------------------------------
10-Year 5.07% 5.07%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 9.99%
---------------------------------------------
5-Year 4.71%
---------------------------------------------
10-Year 5.04%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 10.89%
---------------------------------------------
5-Year 5.50%
---------------------------------------------
10-Year 5.75%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Market Yield /3/ 4.58% 4.39%
---------------------------------------------
SEC 30-Day Yield 3.31% 3.17%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.94% 4.73%
---------------------------------------------
B Shares NAV
---------------------------------------------
Market Yield /3/ 3.87%
---------------------------------------------
SEC 30-Day Yield 2.71%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.04%
---------------------------------------------
C Shares NAV
---------------------------------------------
Market Yield /3/ 4.08%
---------------------------------------------
SEC 30-Day Yield 2.91%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.34%
---------------------------------------------
R Shares NAV
---------------------------------------------
Market Yield /3/ 4.79%
---------------------------------------------
SEC 30-Day Yield 3.66%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.46%
---------------------------------------------
Average Annual Total Returns as of 6/30/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 8.92% 4.36%
---------------------------------------------
5-Year 5.07% 4.18%
---------------------------------------------
10-Year 5.36% 4.92%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 8.14% 4.14%
---------------------------------------------
5-Year 4.31% 4.14%
---------------------------------------------
10-Year 4.81% 4.81%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 8.27%
---------------------------------------------
5-Year 4.51%
---------------------------------------------
10-Year 4.79%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 9.06%
---------------------------------------------
5-Year 5.28%
---------------------------------------------
10-Year 5.50%
---------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 63%
AA 16%
A 10%
BBB 6%
NR 4%
BB or Lower 1%
Top Five Sectors/5/
Tax Obligation/General 23%
-------------------------------------------
Healthcare 16%
-------------------------------------------
U.S. Guaranteed 12%
-------------------------------------------
Utilities 10%
-------------------------------------------
Tax Obligation/Limited 8%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $619,479
-------------------------------------------
Average Effective Maturity (Years) 17.22
-------------------------------------------
Duration 6.64
-------------------------------------------
- --------------------------------------------------------------------------------
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the Fund prospectus.
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.
1Paid June 2, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended May 31, 2003.
2Class A share returns are actual. Class B, C and R share returns are actual
for the period since class inception; returns prior to class inception are
Class A share returns adjusted for differences in sales charges and (in the
case of Classes B and C) expenses, which are primarily differences in
distribution and service fees. Class A shares have a 4.2% maximum sales
charge. Class B shares have a contingent deferred sales charge (CDSC), also
known as a back-end sales charge, that begins at 5% for redemptions during the
first year after purchase and declines periodically to 0% over the following
five years. 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.
3The Market Yield is an investment's current annualized dividend divided by its
current offering price while the SEC 30-Day Yield is 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.
4Based on the SEC 30-Day Yield and a combined federal and state income tax rate
of 33%.
5As a percentage of total holdings as of May 31, 2003. Holdings are subject to
change.
Annual Report l Page 12
- --------------------------------------------------------------------------------
Fund Spotlight as of 5/31/03 Nuveen Wisconsin Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $10.62 $10.65 $10.65 $10.67
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0370 $0.0310 $0.0325 $0.0390
--------------------------------------------------------------
Commencement Date 6/01/94 2/25/97 2/25/97 2/25/97
--------------------------------------------------------------
Average Annual Total Returns as of 5/31/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 9.41% 4.86%
---------------------------------------------
5-Year 5.28% 4.38%
---------------------------------------------
Since Inception 6.06% 5.56%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 8.53% 4.53%
---------------------------------------------
5-Year 4.48% 4.31%
---------------------------------------------
Since Inception 5.46% 5.46%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 8.83%
---------------------------------------------
5-Year 4.71%
---------------------------------------------
Since Inception 5.57%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 9.62%
---------------------------------------------
5-Year 5.50%
---------------------------------------------
Since Inception 6.24%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Market Yield/3/ 4.18% 4.00%
---------------------------------------------
SEC 30-Day Yield 3.10% 2.97%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.63% 4.43%
---------------------------------------------
B Shares NAV
---------------------------------------------
Market Yield/3/ 3.49%
---------------------------------------------
SEC 30-Day Yield 2.49%
---------------------------------------------
Taxable-Equivalent Yield/4/ 3.72%
---------------------------------------------
C Shares NAV
---------------------------------------------
Market Yield/3/ 3.66%
---------------------------------------------
SEC 30-Day Yield 2.69%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.01%
---------------------------------------------
R Shares NAV
---------------------------------------------
Market Yield/3/ 4.39%
---------------------------------------------
SEC 30-Day Yield 3.44%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.13%
---------------------------------------------
Average Annual Total Returns as of 6/30/03/2/
A Shares NAV Offer
---------------------------------------------
1-Year 7.73% 3.18%
---------------------------------------------
5-Year 5.11% 4.22%
---------------------------------------------
Since Inception 6.00% 5.50%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 6.97% 2.97%
---------------------------------------------
5-Year 4.36% 4.19%
---------------------------------------------
Since Inception 5.40% 5.40%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 7.26%
---------------------------------------------
5-Year 4.56%
---------------------------------------------
Since Inception 5.52%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 8.04%
---------------------------------------------
5-Year 5.35%
---------------------------------------------
Since Inception 6.20%
---------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 53%
AA 16%
A 10%
BBB 5%
NR 14%
BB or Lower 2%
Top Five Sectors/5/
Tax Obligation/Limited 48%
------------------------------------------
U.S. Guaranteed 25%
------------------------------------------
Housing/Multifamily 9%
------------------------------------------
Education and Civic Organizations 6%
------------------------------------------
Healthcare 4%
------------------------------------------
Portfolio Statistics
Net Assets ($000) $53,032
------------------------------------------
Average Effective Maturity (Years) 15.51
------------------------------------------
Duration 6.16
------------------------------------------
- --------------------------------------------------------------------------------
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the Fund prospectus.
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.
1Paid June 2, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended May 31, 2003.
2Class A share returns are actual. Class B, C and R share returns are actual
for the period since class inception; returns prior to class inception are
Class A share returns adjusted for differences in sales charges and (in the
case of Classes B and C) expenses, which are primarily differences in
distribution and service fees. Class A shares have a 4.2% maximum sales
charge. Class B shares have a contingent deferred sales charge (CDSC), also
known as a back-end sales charge, that begins at 5% for redemptions during the
first year after purchase and declines periodically to 0% over the following
five years. 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.
3The Market Yield is an investment's current annualized dividend divided by its
current offering price while the SEC 30-Day Yield is 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.
4Based on the SEC 30-Day Yield and a combined federal and state income tax rate
of 33%.
5As a percentage of total holdings as of May 31, 2003. Holdings are subject to
change.
Annual Report l Page 13
Portfolio of Investments
NUVEEN KANSAS MUNICIPAL BOND FUND
May 31, 2003
Principal
Amount (000) Description
- -------------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.2%
$ 320 Wichita Airport Authority, Kansas, Airport Facilities Refunding Revenue Bonds, Wichita Airport Hotel
Associates LP Project, Series 1992, 7.000%, 3/01/05 - RAAI Insured
- -------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.9%
2,465 Neosho County Community College, Kansas, Student Union and Dormitory System Refunding and
Improvement Revenue Bonds, Series 1999, 7.000%, 6/01/30
1,500 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/19
955 Washburn University of Topeka, Kansas, Revenue Bonds, Series 2001A, 5.500%, 7/01/16 -
AMBAC Insured
270 Washburn University of Topeka, Kansas, Revenue Bonds, Series 2001B, 5.500%, 7/01/16 -
AMBAC Insured
- -------------------------------------------------------------------------------------------------------------------
Healthcare - 19.6%
Coffeyville Public Building Commission, Kansas, Healthcare Facilities Revenue Bonds, Coffeyville
Regional Medical Center, Series 2002:
1,005 5.000%, 8/01/18 - AMBAC Insured
1,050 5.000%, 8/01/19 - AMBAC Insured
1,000 5.000%, 8/01/20 - AMBAC Insured
4,250 Colby, Kansas, Health Facilities Revenue Refunding Bonds, Citizens Medical Center, Inc., Series 1998,
5.625%, 8/15/16
1,285 Kansas Development Finance Authority, Hospital Revenue Bonds, Susan B. Allen Memorial Hospital,
Series 2002Q, 5.375%, 12/15/16 - RAAI Insured
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
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 1994:
575 6.200%, 7/01/14
400 6.200%, 7/01/19
1,110 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 1999,
5.750%, 7/01/24 - RAAI Insured
Manhattan, Kansas, Hospital Revenue Bonds, Mercy Health Center of Manhattan, Series 2001:
1,025 5.000%, 8/15/14 - FSA Insured
1,075 5.000%, 8/15/15 - FSA Insured
Newton, Kansas, Hospital Refunding Revenue Bonds, Series 1998A, Newton Healthcare Corporation:
1,000 5.700%, 11/15/18
1,750 5.750%, 11/15/24
100 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Hospital Revenue Bonds, Hospital Auxilio Mutuo Obligated Group Project, 1995 Series A,
6.250%, 7/01/24 - MBIA Insured
5,780 Wichita, Kansas, Hospital Facilities Improvement and Revenue Refunding Bonds, Via Christi Health
System, Inc., Series XI 1999, 6.250%, 11/15/24
- -------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.8%
5,000 Kansas Development Finance Authority, Multifamily Housing Revenue Refunding Bonds, First Kansas
State Partnership, LP Project, Series 1998Y, 6.125%, 12/01/28 (Alternative Minimum Tax)
1,715 Kansas Development Finance Authority, Multifamily Housing Senior Revenue Bonds, Chimney Hills
Apartments Project, Series 2000U-1, 5.900%, 12/01/20 (Alternative Minimum Tax) - AMBAC Insured
1,000 Olathe, Kansas, Multifamily Housing Revenue Refunding Bonds, FNMA Program - Deerfield
Apartments Project, Series 1994A, 6.450%, 6/01/19
Wichita, Kansas, Multifamily Housing Revenue Refunding Bonds, Shores Apartments Project,
Series 1994XI-A:
1,500 6.700%, 4/01/19 - RAAI Insured
2,000 6.800%, 4/01/24 - RAAI Insured
- -------------------------------------------------------------------------------------------------------------------
Optional Call
Description Provisions* Ratings**
- --------------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.2%
Wichita Airport Authority, Kansas, Airport Facilities Refunding Revenue Bonds, Wichita Airport Hotel 9/03 at 101.00 AA
Associates LP Project, Series 1992, 7.000%, 3/01/05 - RAAI Insured
- --------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.9%
Neosho County Community College, Kansas, Student Union and Dormitory System Refunding and 6/09 at 100.00 N/R
Improvement Revenue Bonds, Series 1999, 7.000%, 6/01/30
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 2/09 at 101.00 BBB
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/19
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2001A, 5.500%, 7/01/16 - 7/09 at 100.00 AAA
AMBAC Insured
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2001B, 5.500%, 7/01/16 - 7/09 at 100.00 AAA
AMBAC Insured
- --------------------------------------------------------------------------------------------------------------------------------
Healthcare - 19.6%
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 AAA
5.000%, 8/01/19 - AMBAC Insured 8/12 at 100.00 AAA
5.000%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA
Colby, Kansas, Health Facilities Revenue Refunding Bonds, Citizens Medical Center, Inc., Series 1998, 8/08 at 100.00 N/R
5.625%, 8/15/16
Kansas Development Finance Authority, Hospital Revenue Bonds, Susan B. Allen Memorial Hospital, 12/12 at 100.00 AA
Series 2002Q, 5.375%, 12/15/16 - RAAI Insured
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Sisters of Charity of 6/10 at 101.00 AA
Leavenworth Health Services Corporation, Series 2000K, 6.500%, 12/01/16
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 1994:
6.200%, 7/01/14 7/04 at 100.00 Baa1
6.200%, 7/01/19 7/04 at 100.00 Baa1
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 1999, 7/09 at 100.00 AA
5.750%, 7/01/24 - RAAI Insured
Manhattan, Kansas, Hospital Revenue Bonds, Mercy Health Center of Manhattan, Series 2001:
5.000%, 8/15/14 - FSA Insured 8/11 at 100.00 AAA
5.000%, 8/15/15 - FSA Insured 8/11 at 100.00 AAA
Newton, Kansas, Hospital Refunding Revenue Bonds, Series 1998A, Newton Healthcare Corporation:
5.700%, 11/15/18 11/08 at 100.00 BBB-
5.750%, 11/15/24 11/08 at 100.00 BBB-
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 1/05 at 102.00 AAA
Authority, Hospital Revenue Bonds, Hospital Auxilio Mutuo Obligated Group Project, 1995 Series A,
6.250%, 7/01/24 - MBIA Insured
Wichita, Kansas, Hospital Facilities Improvement and Revenue Refunding Bonds, Via Christi Health 11/09 at 101.00 A+
System, Inc., Series XI 1999, 6.250%, 11/15/24
- --------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.8%
Kansas Development Finance Authority, Multifamily Housing Revenue Refunding Bonds, First Kansas 12/08 at 101.00 N/R
State Partnership, LP Project, Series 1998Y, 6.125%, 12/01/28 (Alternative Minimum Tax)
Kansas Development Finance Authority, Multifamily Housing Senior Revenue Bonds, Chimney Hills 12/10 at 100.00 AAA
Apartments Project, Series 2000U-1, 5.900%, 12/01/20 (Alternative Minimum Tax) - AMBAC Insured
Olathe, Kansas, Multifamily Housing Revenue Refunding Bonds, FNMA Program - Deerfield 6/04 at 102.00 AAA
Apartments Project, Series 1994A, 6.450%, 6/01/19
Wichita, Kansas, Multifamily Housing Revenue Refunding Bonds, Shores Apartments Project,
Series 1994XI-A:
6.700%, 4/01/19 - RAAI Insured 4/09 at 102.00 AA
6.800%, 4/01/24 - RAAI Insured 4/09 at 102.00 AA
- --------------------------------------------------------------------------------------------------------------------------------
Market
Description Value
- --------------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.2%
Wichita Airport Authority, Kansas, Airport Facilities Refunding Revenue Bonds, Wichita Airport Hotel $ 324,614
Associates LP Project, Series 1992, 7.000%, 3/01/05 - RAAI Insured
- --------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.9%
Neosho County Community College, Kansas, Student Union and Dormitory System Refunding and 2,612,506
Improvement Revenue Bonds, Series 1999, 7.000%, 6/01/30
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 1,583,145
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/19
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2001A, 5.500%, 7/01/16 - 1,092,023
AMBAC Insured
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2001B, 5.500%, 7/01/16 - 308,740
AMBAC Insured
- --------------------------------------------------------------------------------------------------------------------
Healthcare - 19.6%
Coffeyville Public Building Commission, Kansas, Healthcare Facilities Revenue Bonds, Coffeyville
Regional Medical Center, Series 2002:
5.000%, 8/01/18 - AMBAC Insured 1,084,254
5.000%, 8/01/19 - AMBAC Insured 1,124,466
5.000%, 8/01/20 - AMBAC Insured 1,064,610
Colby, Kansas, Health Facilities Revenue Refunding Bonds, Citizens Medical Center, Inc., Series 1998, 3,944,553
5.625%, 8/15/16
Kansas Development Finance Authority, Hospital Revenue Bonds, Susan B. Allen Memorial Hospital, 1,420,221
Series 2002Q, 5.375%, 12/15/16 - RAAI Insured
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Sisters of Charity of 5,408,293
Leavenworth Health Services Corporation, Series 2000K, 6.500%, 12/01/16
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 1994:
6.200%, 7/01/14 586,650
6.200%, 7/01/19 406,084
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 1999, 1,186,457
5.750%, 7/01/24 - RAAI Insured
Manhattan, Kansas, Hospital Revenue Bonds, Mercy Health Center of Manhattan, Series 2001:
5.000%, 8/15/14 - FSA Insured 1,130,360
5.000%, 8/15/15 - FSA Insured 1,176,276
Newton, Kansas, Hospital Refunding Revenue Bonds, Series 1998A, Newton Healthcare Corporation:
5.700%, 11/15/18 1,034,600
5.750%, 11/15/24 1,787,275
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 107,978
Authority, Hospital Revenue Bonds, Hospital Auxilio Mutuo Obligated Group Project, 1995 Series A,
6.250%, 7/01/24 - MBIA Insured
Wichita, Kansas, Hospital Facilities Improvement and Revenue Refunding Bonds, Via Christi Health 6,321,817
System, Inc., Series XI 1999, 6.250%, 11/15/24
- --------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.8%
Kansas Development Finance Authority, Multifamily Housing Revenue Refunding Bonds, First Kansas 4,355,500
State Partnership, LP Project, Series 1998Y, 6.125%, 12/01/28 (Alternative Minimum Tax)
Kansas Development Finance Authority, Multifamily Housing Senior Revenue Bonds, Chimney Hills 1,846,335
Apartments Project, Series 2000U-1, 5.900%, 12/01/20 (Alternative Minimum Tax) - AMBAC Insured
Olathe, Kansas, Multifamily Housing Revenue Refunding Bonds, FNMA Program - Deerfield 1,037,490
Apartments Project, Series 1994A, 6.450%, 6/01/19
Wichita, Kansas, Multifamily Housing Revenue Refunding Bonds, Shores Apartments Project,
Series 1994XI-A:
6.700%, 4/01/19 - RAAI Insured 1,618,350
6.800%, 4/01/24 - RAAI Insured 2,168,740
- --------------------------------------------------------------------------------------------------------------------
- ----
14
Principal
Amount (000) Description
- --------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.2%
$ 60 Olathe, Labette County, Kansas, Collateralized Single Family Mortgage Revenue Refunding Bonds,
Series 1994C-I, 7.800%, 2/01/25
940 Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed
Securities Program, 1997 Series A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
3,450 Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed
Securities Program, 1998 Series A-1, 6.500%, 12/01/22 (Alternative Minimum Tax)
1,490 Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed
Securities Program, 2000 Series A-2, 7.600%, 12/01/31 (Alternative Minimum Tax)
465 Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed
Securities Program, Series 2001A, 6.300%, 12/01/32 (Alternative Minimum Tax)
290 Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue
Refunding Bonds, Series 1994A-III, 8.125%, 5/01/24 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------
Industrials - 1.5%
1,000 Wichita Airport Authority, Kansas, Special Facilities Revenue Bonds, Cessna Citation Service Center,
Series 2002A, 6.250%, 6/15/32 (Alternative Minimum Tax)
1,000 Wichita, Kansas, Industrial Revenue Bonds, NMF America, Inc., Series 2000-II, 5.800%, 8/01/15,
(Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------
Long-Term Care - 0.4%
500 Sedgwick County, Kansas, Healthcare Facilities Revenue Bonds, Catholic Care Center, Inc., Series 2001,
5.750%, 11/15/23
- --------------------------------------------------------------------------------------------------------------------
Materials - 3.5%
1,000 Dodge City, Kansas, Pollution Control Revenue Refunding Bonds, Excel Corporation Project -
Cargill, Inc., Series 1992, 6.625%, 5/01/05
3,700 Ford County, Kansas, Sewage and Solid Waste Disposal Revenue Bonds, Excel Corporation Project -
Cargill, Inc., Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 15.5%
2,500 Andover, Butler County, Kansas, Unified School District 385, General Obligation Refunding and
Improvement Bonds, Series 2000, 6.000%, 9/01/16 - FSA Insured
750 Derby, Kansas, General Obligation Bonds, Series 2001A, 5.250%, 12/01/21 - AMBAC Insured
560 Derby, Kansas, General Obligation Bonds, Series 2002B, 5.000%, 12/01/18 - FSA Insured
650 Hesston, Harvey County, Kansas, Unified School District 460, General Obligation Bonds, Series 2002,
5.000%, 9/01/22 - FGIC Insured
525 Johnson County, Kansas, Unified School District 232, General Obligation Bonds, Series 2002A,
5.000%, 9/01/17 - FSA Insured
1,100 Coffeyville, Montgomery County, Kansas, Unified School District 445, General Obligation Bonds,
Series 2002, 5.000%, 4/01/22 - FGIC Insured
2,000 Puerto Rico Public Improvement, General Obligation Bonds, Series 2002A, 5.375%, 7/01/28
1,000 Puerto Rico Public Improvement, General Obligation Refunding Bonds, Series 2002A, 5.500%, 7/01/20 -
MBIA Insured
1,070 Scott County Unified School District 466, Kansas, General Obligation Refunding Bonds, Series 2002,
5.250%, 9/01/18 - FGIC Insured
1,250 Wichita, Sedgwick County, Kansas, Unified School District 259, General Obligation Bonds, Series 2000,
3.500%, 9/01/16
1,000 Shawnee County, Kansas, General Obligation Refunding and Improvement Bonds, Series 2002,
4.750%, 9/01/22 - FSA Insured
Optional Call
Description Provisions* Ratings**
- ---------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.2%
Olathe, Labette County, Kansas, Collateralized Single Family Mortgage Revenue Refunding Bonds, 2/05 at 105.00 Aaa
Series 1994C-I, 7.800%, 2/01/25
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed No Opt. Call Aaa
Securities Program, 1997 Series A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed 6/08 at 105.00 Aaa
Securities Program, 1998 Series A-1, 6.500%, 12/01/22 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed 12/09 at 105.00 Aaa
Securities Program, 2000 Series A-2, 7.600%, 12/01/31 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed 12/10 at 105.00 Aaa
Securities Program, Series 2001A, 6.300%, 12/01/32 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue 11/04 at 105.00 Aaa
Refunding Bonds, Series 1994A-III, 8.125%, 5/01/24 (Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------------------
Industrials - 1.5%
Wichita Airport Authority, Kansas, Special Facilities Revenue Bonds, Cessna Citation Service Center, 6/12 at 101.00 A-
Series 2002A, 6.250%, 6/15/32 (Alternative Minimum Tax)
Wichita, Kansas, Industrial Revenue Bonds, NMF America, Inc., Series 2000-II, 5.800%, 8/01/15, 8/07 at 101.00 AA-
(Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 0.4%
Sedgwick County, Kansas, Healthcare Facilities Revenue Bonds, Catholic Care Center, Inc., Series 2001, 11/09 at 100.00 A
5.750%, 11/15/23
- ---------------------------------------------------------------------------------------------------------------------------------
Materials - 3.5%
Dodge City, Kansas, Pollution Control Revenue Refunding Bonds, Excel Corporation Project - 11/03 at 101.00 Aa3
Cargill, Inc., Series 1992, 6.625%, 5/01/05
Ford County, Kansas, Sewage and Solid Waste Disposal Revenue Bonds, Excel Corporation Project - 6/08 at 102.00 A+
Cargill, Inc., Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 15.5%
Andover, Butler County, Kansas, Unified School District 385, General Obligation Refunding and No Opt. Call AAA
Improvement Bonds, Series 2000, 6.000%, 9/01/16 - FSA Insured
Derby, Kansas, General Obligation Bonds, Series 2001A, 5.250%, 12/01/21 - AMBAC Insured 12/11 at 100.00 Aaa
Derby, Kansas, General Obligation Bonds, Series 2002B, 5.000%, 12/01/18 - FSA Insured 12/10 at 100.00 Aaa
Hesston, Harvey County, Kansas, Unified School District 460, General Obligation Bonds, Series 2002, 9/12 at 100.00 AAA
5.000%, 9/01/22 - FGIC Insured
Johnson County, Kansas, Unified School District 232, General Obligation Bonds, Series 2002A, 9/10 at 100.00 Aaa
5.000%, 9/01/17 - FSA Insured
Coffeyville, Montgomery County, Kansas, Unified School District 445, General Obligation Bonds, 4/12 at 100.00 AAA
Series 2002, 5.000%, 4/01/22 - FGIC Insured
Puerto Rico Public Improvement, General Obligation Bonds, Series 2002A, 5.375%, 7/01/28 7/11 at 100.00 A-
Puerto Rico Public Improvement, General Obligation Refunding Bonds, Series 2002A, 5.500%, 7/01/20 - No Opt. Call AAA
MBIA Insured
Scott County Unified School District 466, Kansas, General Obligation Refunding Bonds, Series 2002, 9/12 at 100.00 AAA
5.250%, 9/01/18 - FGIC Insured
Wichita, Sedgwick County, Kansas, Unified School District 259, General Obligation Bonds, Series 2000, 9/10 at 100.00 AA
3.500%, 9/01/16
Shawnee County, Kansas, General Obligation Refunding and Improvement Bonds, Series 2002, 9/12 at 100.00 Aaa
4.750%, 9/01/22 - FSA Insured
Market
Description Value
- -----------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.2%
Olathe, Labette County, Kansas, Collateralized Single Family Mortgage Revenue Refunding Bonds, $ 64,465
Series 1994C-I, 7.800%, 2/01/25
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed 1,019,815
Securities Program, 1997 Series A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed 3,840,195
Securities Program, 1998 Series A-1, 6.500%, 12/01/22 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed 1,700,448
Securities Program, 2000 Series A-2, 7.600%, 12/01/31 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, Single Family Mortgage Revenue Bonds, Mortgage-Backed 520,874
Securities Program, Series 2001A, 6.300%, 12/01/32 (Alternative Minimum Tax)
Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue 310,375
Refunding Bonds, Series 1994A-III, 8.125%, 5/01/24 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------
Industrials - 1.5%
Wichita Airport Authority, Kansas, Special Facilities Revenue Bonds, Cessna Citation Service Center, 1,041,430
Series 2002A, 6.250%, 6/15/32 (Alternative Minimum Tax)
Wichita, Kansas, Industrial Revenue Bonds, NMF America, Inc., Series 2000-II, 5.800%, 8/01/15, 1,079,830
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------
Long-Term Care - 0.4%
Sedgwick County, Kansas, Healthcare Facilities Revenue Bonds, Catholic Care Center, Inc., Series 2001, 523,415
5.750%, 11/15/23
- -----------------------------------------------------------------------------------------------------------------
Materials - 3.5%
Dodge City, Kansas, Pollution Control Revenue Refunding Bonds, Excel Corporation Project - 1,031,140
Cargill, Inc., Series 1992, 6.625%, 5/01/05
Ford County, Kansas, Sewage and Solid Waste Disposal Revenue Bonds, Excel Corporation Project - 3,879,339
Cargill, Inc., Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 15.5%
Andover, Butler County, Kansas, Unified School District 385, General Obligation Refunding and 3,159,600
Improvement Bonds, Series 2000, 6.000%, 9/01/16 - FSA Insured
Derby, Kansas, General Obligation Bonds, Series 2001A, 5.250%, 12/01/21 - AMBAC Insured 821,258
Derby, Kansas, General Obligation Bonds, Series 2002B, 5.000%, 12/01/18 - FSA Insured 605,220
Hesston, Harvey County, Kansas, Unified School District 460, General Obligation Bonds, Series 2002, 695,923
5.000%, 9/01/22 - FGIC Insured
Johnson County, Kansas, Unified School District 232, General Obligation Bonds, Series 2002A, 575,101
5.000%, 9/01/17 - FSA Insured
Coffeyville, Montgomery County, Kansas, Unified School District 445, General Obligation Bonds, 1,174,811
Series 2002, 5.000%, 4/01/22 - FGIC Insured
Puerto Rico Public Improvement, General Obligation Bonds, Series 2002A, 5.375%, 7/01/28 2,110,220
Puerto Rico Public Improvement, General Obligation Refunding Bonds, Series 2002A, 5.500%, 7/01/20 - 1,205,850
MBIA Insured
Scott County Unified School District 466, Kansas, General Obligation Refunding Bonds, Series 2002, 1,205,590
5.250%, 9/01/18 - FGIC Insured
Wichita, Sedgwick County, Kansas, Unified School District 259, General Obligation Bonds, Series 2000, 1,232,325
3.500%, 9/01/16
Shawnee County, Kansas, General Obligation Refunding and Improvement Bonds, Series 2002, 1,038,250
4.750%, 9/01/22 - FSA Insured
- ----
15
Portfolio of Investments
NUVEEN KANSAS MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal
Amount (000) Description
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,795 Wichita, Kansas, General Obligation Bonds, Series 2002, 5.000%, 4/01/17
3,050 Wyandotte County, Kansas, Unified School District 500, General Obligation School Bonds, Series 2001,
4.000%, 9/01/20 - FSA Insured
3,000 Wyandotte County, Kansas, Unified School District 500, General Obligation Bonds, Series 2002,
5.000%, 9/01/20 - FSA Insured
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 18.4%
1,000 Butler County, Kansas, Public Building Commission, Improvement Revenue Bonds, Public Facilities
Projects, Series 2000, 5.550%, 10/01/21 - MBIA Insured
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
1,000 Kansas Development Finance Authority, Revenue Bonds, State of Kansas Projects, Series 2001W,
5.000%, 10/01/17 - MBIA Insured
5,000 Kansas Development Finance Authority, Revenue Bonds, Kansas Board of Regents, Scientific Research
and Development Facilities Projects, Series 2003C, 5.000%, 10/01/23 - AMBAC Insured
5,000 Overland Park, Kansas, Development Corporation, First Tier Revenue Bonds, Overland Park Convention
Center Project, Series 2000A, 7.375%, 1/01/32
1,300 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 1996Y,
5.500%, 7/01/36
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
1,000 6.000%, 8/01/26
2,500 5.500%, 8/01/29
1,000 Virgin Islands Public Finance Authority, Revenue Refunding Bonds, Virgin Islands Matching Fund Senior
Lien/Refunding Loan Notes, Series 1998A, 5.625%, 10/01/25
2,000 Virgin Islands Public Finance Authority, Revenue Bonds, Virgin Islands Gross Receipts Tax Loan Note,
Series 1999A, 6.375%, 10/01/19
13,025 Wyandotte County, Kansas City, Kansas, Unified Government Sales Tax Special Obligation Revenue
Bonds, Kansas International Speedway Corporation Project, Series 1999, 0.000%, 12/01/27 -
MBIA Insured
- -------------------------------------------------------------------------------------------------------------------
Transportation - 0.4%
1,500 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines, Inc. Project, 1996
Series A, 6.250%, 6/01/26 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 10.2%
440 Jefferson County, Kansas, Unified School District 340, General Obligation Bonds, Series 1994,
6.350%, 9/01/14 (Pre-refunded to 9/01/04) - FSA Insured
12,175 Johnson County, Kansas, Residual Revenue Refunding Bonds, Series 1992, 0.000%, 5/01/12
1,350 Puerto Rico Public Improvement, General Obligation Bonds, Series 1994, 6.450%, 7/01/17 (Pre-refunded
to 7/01/04)
2,000 Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series 2000B,
6.500%, 7/01/27 (Pre-refunded to 7/01/10)
150 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T, 6.000%, 7/01/16
(Pre-refunded to 7/01/04)
1,010 Wichita, Kansas, Remarketed Revenue Bonds, CSJ Health System of Wichita, Inc., Series 1985XXV,
7.200%, 10/01/15
- -------------------------------------------------------------------------------------------------------------------
Utilities - 4.3%
1,000 Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company
Project, Series 1998A, 4.750%, 9/01/15 (Mandatory put 10/01/07)
1,010 Kansas City, Kansas, Utility System Revenue Refunding and Improvement Bonds, Series 1994,
6.375%, 9/01/23 - FGIC Insured
Optional Call
Description Provisions* Ratings**
- --------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Wichita, Kansas, General Obligation Bonds, Series 2002, 5.000%, 4/01/17 4/09 at 101.00 AA
Wyandotte County, Kansas, Unified School District 500, General Obligation School Bonds, Series 2001, 9/11 at 100.00 AAA
4.000%, 9/01/20 - FSA Insured
Wyandotte County, Kansas, Unified School District 500, General Obligation Bonds, Series 2002, 9/12 at 100.00 AAA
5.000%, 9/01/20 - FSA Insured
- --------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 18.4%
Butler County, Kansas, Public Building Commission, Improvement Revenue Bonds, Public Facilities 10/10 at 100.00 Aaa
Projects, Series 2000, 5.550%, 10/01/21 - MBIA Insured
Kansas Development Finance Authority, Lease Revenue Bonds, Department of Administration State 10/12 at 100.00 AAA
Capitol Restoration Parking Facility Project, Series 2002C, 5.000%, 10/01/21 - FSA Insured
Kansas Development Finance Authority, Revenue Bonds, State of Kansas Projects, Series 2001W, 10/11 at 100.00 AAA
5.000%, 10/01/17 - MBIA Insured
Kansas Development Finance Authority, Revenue Bonds, Kansas Board of Regents, Scientific Research 4/13 at 102.00 AAA
and Development Facilities Projects, Series 2003C, 5.000%, 10/01/23 - AMBAC Insured
Overland Park, Kansas, Development Corporation, First Tier Revenue Bonds, Overland Park Convention 1/11 at 101.00 N/R
Center Project, Series 2000A, 7.375%, 1/01/32
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 1996Y, 7/16 at 100.00 A
5.500%, 7/01/36
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
6.000%, 8/01/26 No Opt. Call BBB+
5.500%, 8/01/29 2/12 at 100.00 BBB+
Virgin Islands Public Finance Authority, Revenue Refunding Bonds, Virgin Islands Matching Fund Senior 10/08 at 101.00 BBB-
Lien/Refunding Loan Notes, Series 1998A, 5.625%, 10/01/25
Virgin Islands Public Finance Authority, Revenue Bonds, Virgin Islands Gross Receipts Tax Loan Note, 10/10 at 101.00 BBB-
Series 1999A, 6.375%, 10/01/19
Wyandotte County, Kansas City, Kansas, Unified Government Sales Tax Special Obligation Revenue No Opt. Call AAA
Bonds, Kansas International Speedway Corporation Project, Series 1999, 0.000%, 12/01/27 -
MBIA Insured
- --------------------------------------------------------------------------------------------------------------------------------
Transportation - 0.4%
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines, Inc. Project, 1996 6/06 at 102.00 Caa2
Series A, 6.250%, 6/01/26 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 10.2%
Jefferson County, Kansas, Unified School District 340, General Obligation Bonds, Series 1994, 9/04 at 100.00 AAA
6.350%, 9/01/14 (Pre-refunded to 9/01/04) - FSA Insured
Johnson County, Kansas, Residual Revenue Refunding Bonds, Series 1992, 0.000%, 5/01/12 No Opt. Call Aaa
Puerto Rico Public Improvement, General Obligation Bonds, Series 1994, 6.450%, 7/01/17 (Pre-refunded 7/04 at 102.00 AAA
to 7/01/04)
Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series 2000B, 7/10 at 101.00 A***
6.500%, 7/01/27 (Pre-refunded to 7/01/10)
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T, 6.000%, 7/01/16 7/04 at 102.00 A-***
(Pre-refunded to 7/01/04)
Wichita, Kansas, Remarketed Revenue Bonds, CSJ Health System of Wichita, Inc., Series 1985XXV, 11/03 at 100.00 A+***
7.200%, 10/01/15
- --------------------------------------------------------------------------------------------------------------------------------
Utilities - 4.3%
Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company No Opt. Call A2
Project, Series 1998A, 4.750%, 9/01/15 (Mandatory put 10/01/07)
Kansas City, Kansas, Utility System Revenue Refunding and Improvement Bonds, Series 1994, 9/04 at 102.00 AAA
6.375%, 9/01/23 - FGIC Insured
Market
Description Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Wichita, Kansas, General Obligation Bonds, Series 2002, 5.000%, 4/01/17 $1,962,240
Wyandotte County, Kansas, Unified School District 500, General Obligation School Bonds, Series 2001, 3,025,447
4.000%, 9/01/20 - FSA Insured
Wyandotte County, Kansas, Unified School District 500, General Obligation Bonds, Series 2002, 3,255,300
5.000%, 9/01/20 - FSA Insured
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 18.4%
Butler County, Kansas, Public Building Commission, Improvement Revenue Bonds, Public Facilities 1,131,990
Projects, Series 2000, 5.550%, 10/01/21 - MBIA Insured
Kansas Development Finance Authority, Lease Revenue Bonds, Department of Administration State 538,810
Capitol Restoration Parking Facility Project, Series 2002C, 5.000%, 10/01/21 - FSA Insured
Kansas Development Finance Authority, Revenue Bonds, State of Kansas Projects, Series 2001W, 1,096,000
5.000%, 10/01/17 - MBIA Insured
Kansas Development Finance Authority, Revenue Bonds, Kansas Board of Regents, Scientific Research 5,400,500
and Development Facilities Projects, Series 2003C, 5.000%, 10/01/23 - AMBAC Insured
Overland Park, Kansas, Development Corporation, First Tier Revenue Bonds, Overland Park Convention 5,111,600
Center Project, Series 2000A, 7.375%, 1/01/32
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 1996Y, 1,419,652
5.500%, 7/01/36
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E:
6.000%, 8/01/26 1,207,050
5.500%, 8/01/29 2,665,650
Virgin Islands Public Finance Authority, Revenue Refunding Bonds, Virgin Islands Matching Fund Senior 1,033,240
Lien/Refunding Loan Notes, Series 1998A, 5.625%, 10/01/25
Virgin Islands Public Finance Authority, Revenue Bonds, Virgin Islands Gross Receipts Tax Loan Note, 2,324,640
Series 1999A, 6.375%, 10/01/19
Wyandotte County, Kansas City, Kansas, Unified Government Sales Tax Special Obligation Revenue 4,159,794
Bonds, Kansas International Speedway Corporation Project, Series 1999, 0.000%, 12/01/27 -
MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Transportation - 0.4%
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines, Inc. Project, 1996 585,045
Series A, 6.250%, 6/01/26 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 10.2%
Jefferson County, Kansas, Unified School District 340, General Obligation Bonds, Series 1994, 468,912
6.350%, 9/01/14 (Pre-refunded to 9/01/04) - FSA Insured
Johnson County, Kansas, Residual Revenue Refunding Bonds, Series 1992, 0.000%, 5/01/12 8,905,404
Puerto Rico Public Improvement, General Obligation Bonds, Series 1994, 6.450%, 7/01/17 (Pre-refunded 1,449,063
to 7/01/04)
Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series 2000B, 2,528,060
6.500%, 7/01/27 (Pre-refunded to 7/01/10)
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T, 6.000%, 7/01/16 161,006
(Pre-refunded to 7/01/04)
Wichita, Kansas, Remarketed Revenue Bonds, CSJ Health System of Wichita, Inc., Series 1985XXV, 1,020,484
7.200%, 10/01/15
- ----------------------------------------------------------------------------------------------------------------
Utilities - 4.3%
Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company 1,063,330
Project, Series 1998A, 4.750%, 9/01/15 (Mandatory put 10/01/07)
Kansas City, Kansas, Utility System Revenue Refunding and Improvement Bonds, Series 1994, 1,090,275
6.375%, 9/01/23 - FGIC Insured
- ----
16
Principal Optional Call
Amount (000) Description Provisions*
- ---------------------------------------------------------------------------------------------------------------------------------
Utilities (continued)
$ 500 Pratt, Kansas, Electric System Revenue Bonds, 2001 Series 1, 5.250%, 5/01/18 - AMBAC Insured 5/10 at 100.00
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002-II, 5.125%, 7/01/26 - 7/12 at 101.00
FSA Insured
Wellington, Kansas, Electric, Water and Sewer Utility System, Revenue Bonds, Series 2002:
335 5.250%, 11/01/25 - AMBAC Insured 11/12 at 100.00
785 5.250%, 11/01/27 - AMBAC Insured 11/12 at 100.00
1,000 Kansas City, Wynadotte County, Kansas, Unified Government Industrial Revenue Bonds, Board of Public 5/11 at 100.00
Utilities Office Building Complex Project, Series 2001, 5.000%, 5/01/21 - MBIA Insured
- ---------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 6.6%
2,000 Augusta, Kansas, Waterworks System Revenue Bonds, Series 2000-A, 6.150%, 10/01/20 - RAAI 10/08 at 101.50
Insured
1,040 Chisholm Creek Utility Authority, Kansas, Water and Wastewater Facilities Revenue Bonds, 9/12 at 100.00
Series 2002, 5.250%, 9/01/22 - MBIA Insured
5,500 Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/22 - FGIC 10/13 at 100.00
Insured
- ---------------------------------------------------------------------------------------------------------------------------------
$142,975 Total Long-Term Investments (cost $128,986,770) - 97.5%
- ---------------------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 2.5%
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100%
--------------------------------------------------------------------------------------------------------------------
Market
Description Ratings** Value
- --------------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Pratt, Kansas, Electric System Revenue Bonds, 2001 Series 1, 5.250%, 5/01/18 - AMBAC Insured AAA $ 557,210
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002-II, 5.125%, 7/01/26 - AAA 1,080,340
FSA Insured
Wellington, Kansas, Electric, Water and Sewer Utility System, Revenue Bonds, Series 2002:
5.250%, 11/01/25 - AMBAC Insured AAA 360,906
5.250%, 11/01/27 - AMBAC Insured AAA 841,230
Kansas City, Wynadotte County, Kansas, Unified Government Industrial Revenue Bonds, Board of Public AAA 1,064,970
Utilities Office Building Complex Project, Series 2001, 5.000%, 5/01/21 - MBIA Insured
- --------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 6.6%
Augusta, Kansas, Waterworks System Revenue Bonds, Series 2000-A, 6.150%, 10/01/20 - RAAI AA 2,342,020
Insured
Chisholm Creek Utility Authority, Kansas, Water and Wastewater Facilities Revenue Bonds, Aaa 1,139,226
Series 2002, 5.250%, 9/01/22 - MBIA Insured
Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/22 - FGIC AAA 5,925,368
Insured
- --------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (cost $128,986,770) - 97.5% 138,481,573
- --------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 3,612,188
- --------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $142,093,761
- --------------------------------------------------------------------------------------------------------------------------
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
- ----
17
Portfolio of Investments
NUVEEN KENTUCKY MUNICIPAL BOND FUND
May 31, 2003
Principal
Amount (000) Description
- --------------------------------------------------------------------------------------------------------------------
Consumer Staples - 2.3%
$ 12,955 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
Series 2002, 5.375%, 5/15/33
- --------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 7.2%
5,085 Campbellsville, Kentucky, Industrial Building Revenue Bonds, Campbellsville University Project,
Series 1999, 5.500%, 3/01/29
9,295 Columbia, Kentucky, Educational Development Revenue Bonds, Lindsey Wilson College Project,
Series 2001, 6.250%, 4/01/21
5,930 Jefferson, Kentucky, College Revenue Bonds, Bellarmine College Project, Series 1999, 5.250%, 5/01/29
9,000 Kentucky Economic Development Finance Authority, College Revenue Refunding and Improvement
Bonds, Centre College Project, Series 2002, 5.000%, 4/01/32 - FSA Insured
35 Kentucky Higher Education Student Loan Corporation, Insured Student Loan Revenue Bonds,
Series 1991B, 6.800%, 6/01/03 (Alternative Minimum Tax)
2,500 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/29
3,000 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001,
5.250%, 9/01/31
- --------------------------------------------------------------------------------------------------------------------
Energy - 3.8%
5,000 Ashland, Kentucky, Pollution Control Revenue Refunding Bonds, Ashland Oil, Inc. Project, Series 1992,
6.650%, 8/01/09
9,000 Ashland, Kentucky, Sewage and Solid Waste Revenue Bonds, Ashland Oil, Inc. Project, Series 1995,
7.125%, 2/01/22 (Alternative Minimum Tax)
4,360 Ashland, Kentucky, Solid Waste Revenue Bonds, Ashland Oil, Inc. Project, Series 1991,
7.200%, 10/01/20 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------
Healthcare - 13.2%
1,310 Christian, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 1996A,
6.000%, 7/01/17
3,500 Christian, Kentucky, Hospital Revenue Refunding Bonds, Jennie Stuart Medical Center, Series 1997A,
6.000%, 7/01/13
5,270 Clark, Kentucky, Hospital Revenue Refunding and Improvement Bonds, Clark Regional Medical Center
Project, Series 1997, 6.200%, 4/01/13
2,900 Jefferson, Kentucky, Insured Hospital Revenue Bonds, Alliant Health System, Inc. Project, Series 1992,
6.436%, 10/01/14 - MBIA Insured
1,000 Kentucky Development Finance Authority, Hospital Revenue Refunding and Improvement Bonds,
St. Elizabeth's Medical Center, Series 1991A, 6.000%, 11/01/10 - FGIC Insured
5,000 Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, St. Elizabeth's
Medical Center, Inc. Project, Series 1993A, 6.000%, 12/01/22 - FGIC Insured
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/AMBAC Insured
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and
Improvement Bonds, Appalachian Regional Healthcare, Inc. Project, Series 1997:
500 5.500%, 10/01/07
500 5.600%, 10/01/08
3,500 5.850%, 10/01/17
1,500 5.875%, 10/01/22
6,000 Kentucky Economic Development Finance Authority, Revenue Refunding and Improvement Bonds,
Catholic Health Initiatives, Series 1998A, 5.000%, 12/01/27
Optional Call
Description Provisions* Ratings**
- ---------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 2.3%
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, 5/12 at 100.00 A-
Series 2002, 5.375%, 5/15/33
- ---------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 7.2%
Campbellsville, Kentucky, Industrial Building Revenue Bonds, Campbellsville University Project, 3/09 at 102.00 A+
Series 1999, 5.500%, 3/01/29
Columbia, Kentucky, Educational Development Revenue Bonds, Lindsey Wilson College Project, 4/11 at 101.00 BBB-
Series 2001, 6.250%, 4/01/21
Jefferson, Kentucky, College Revenue Bonds, Bellarmine College Project, Series 1999, 5.250%, 5/01/29 5/09 at 101.00 Baa2
Kentucky Economic Development Finance Authority, College Revenue Refunding and Improvement 10/12 at 100.00 AAA
Bonds, Centre College Project, Series 2002, 5.000%, 4/01/32 - FSA Insured
Kentucky Higher Education Student Loan Corporation, Insured Student Loan Revenue Bonds, No Opt. Call Aaa
Series 1991B, 6.800%, 6/01/03 (Alternative Minimum Tax)
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 2/09 at 101.00 BBB
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/29
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 9/11 at 100.00 BBB
Authority, Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001,
5.250%, 9/01/31
- ---------------------------------------------------------------------------------------------------------------------------------
Energy - 3.8%
Ashland, Kentucky, Pollution Control Revenue Refunding Bonds, Ashland Oil, Inc. Project, Series 1992, 8/03 at 101.00 Baa1
6.650%, 8/01/09
Ashland, Kentucky, Sewage and Solid Waste Revenue Bonds, Ashland Oil, Inc. Project, Series 1995, 2/05 at 102.00 Baa2
7.125%, 2/01/22 (Alternative Minimum Tax)
Ashland, Kentucky, Solid Waste Revenue Bonds, Ashland Oil, Inc. Project, Series 1991, 10/03 at 100.00 Baa1
7.200%, 10/01/20 (Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------------------
Healthcare - 13.2%
Christian, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 1996A, 7/06 at 102.00 A-
6.000%, 7/01/17
Christian, Kentucky, Hospital Revenue Refunding Bonds, Jennie Stuart Medical Center, Series 1997A, 7/06 at 102.00 A-
6.000%, 7/01/13
Clark, Kentucky, Hospital Revenue Refunding and Improvement Bonds, Clark Regional Medical Center 3/07 at 102.00 BBB-
Project, Series 1997, 6.200%, 4/01/13
Jefferson, Kentucky, Insured Hospital Revenue Bonds, Alliant Health System, Inc. Project, Series 1992, 10/03 at 101.00 AAA
6.436%, 10/01/14 - MBIA Insured
Kentucky Development Finance Authority, Hospital Revenue Refunding and Improvement Bonds, 11/03 at 100.00 AAA
St. Elizabeth's Medical Center, Series 1991A, 6.000%, 11/01/10 - FGIC Insured
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, St. Elizabeth's 12/03 at 102.00 AAA
Medical Center, Inc. Project, Series 1993A, 6.000%, 12/01/22 - FGIC Insured
Kentucky Economic Development Finance Authority, Hospital Revenue Refunding Bonds, Pikeville 2/07 at 102.00 AAA
United Methodist Hospital of Kentucky, Inc. Project, Series 1997, 5.700%, 2/01/28 - CONNIE
LEE/AMBAC Insured
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and
Improvement Bonds, Appalachian Regional Healthcare, Inc. Project, Series 1997:
5.500%, 10/01/07 No Opt. Call BB-
5.600%, 10/01/08 4/08 at 102.00 BB-
5.850%, 10/01/17 4/08 at 102.00 BB-
5.875%, 10/01/22 4/08 at 102.00 BB-
Kentucky Economic Development Finance Authority, Revenue Refunding and Improvement Bonds, 6/08 at 101.00 AA
Catholic Health Initiatives, Series 1998A, 5.000%, 12/01/27
Market
Description Value
- ----------------------------------------------------------------------------------------------------------------------
Consumer Staples - 2.3%
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, $ 11,372,676
Series 2002, 5.375%, 5/15/33
- ----------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 7.2%
Campbellsville, Kentucky, Industrial Building Revenue Bonds, Campbellsville University Project, 5,176,022
Series 1999, 5.500%, 3/01/29
Columbia, Kentucky, Educational Development Revenue Bonds, Lindsey Wilson College Project, 9,772,670
Series 2001, 6.250%, 4/01/21
Jefferson, Kentucky, College Revenue Bonds, Bellarmine College Project, Series 1999, 5.250%, 5/01/29 5,834,824
Kentucky Economic Development Finance Authority, College Revenue Refunding and Improvement 9,462,060
Bonds, Centre College Project, Series 2002, 5.000%, 4/01/32 - FSA Insured
Kentucky Higher Education Student Loan Corporation, Insured Student Loan Revenue Bonds, 35,004
Series 1991B, 6.800%, 6/01/03 (Alternative Minimum Tax)
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 2,579,000
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/29
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 3,120,930
Authority, Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001,
5.250%, 9/01/31
- ----------------------------------------------------------------------------------------------------------------------
Energy - 3.8%
Ashland, Kentucky, Pollution Control Revenue Refunding Bonds, Ashland Oil, Inc. Project, Series 1992, 5,051,300
6.650%, 8/01/09
Ashland, Kentucky, Sewage and Solid Waste Revenue Bonds, Ashland Oil, Inc. Project, Series 1995, 9,439,380
7.125%, 2/01/22 (Alternative Minimum Tax)
Ashland, Kentucky, Solid Waste Revenue Bonds, Ashland Oil, Inc. Project, Series 1991, 4,383,239
7.200%, 10/01/20 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------------
Healthcare - 13.2%
Christian, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 1996A, 1,381,421
6.000%, 7/01/17
Christian, Kentucky, Hospital Revenue Refunding Bonds, Jennie Stuart Medical Center, Series 1997A, 3,737,265
6.000%, 7/01/13
Clark, Kentucky, Hospital Revenue Refunding and Improvement Bonds, Clark Regional Medical Center 5,323,859
Project, Series 1997, 6.200%, 4/01/13
Jefferson, Kentucky, Insured Hospital Revenue Bonds, Alliant Health System, Inc. Project, Series 1992, 2,968,672
6.436%, 10/01/14 - MBIA Insured
Kentucky Development Finance Authority, Hospital Revenue Refunding and Improvement Bonds, 1,003,970
St. Elizabeth's Medical Center, Series 1991A, 6.000%, 11/01/10 - FGIC Insured
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, St. Elizabeth's 5,203,200
Medical Center, Inc. Project, Series 1993A, 6.000%, 12/01/22 - FGIC Insured
Kentucky Economic Development Finance Authority, Hospital Revenue Refunding Bonds, Pikeville 10,520,775
United Methodist Hospital of Kentucky, Inc. Project, Series 1997, 5.700%, 2/01/28 - CONNIE
LEE/AMBAC Insured
Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and
Improvement Bonds, Appalachian Regional Healthcare, Inc. Project, Series 1997:
5.500%, 10/01/07 488,285
5.600%, 10/01/08 486,655
5.850%, 10/01/17 3,216,745
5.875%, 10/01/22 1,342,755
Kentucky Economic Development Finance Authority, Revenue Refunding and Improvement Bonds, 6,093,840
Catholic Health Initiatives, Series 1998A, 5.000%, 12/01/27
- ----
18
Principal
Amount (000) Description
- -----------------------------------------------------------------------------------------------------------------------
Healthcare (continued)
Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Series 2001:
$ 1,000 5.250%, 9/01/21
1,000 5.250%, 9/01/24
10,340 Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton
Healthcare, Inc., Series 2000B, 0.000%, 10/01/28 - MBIA Insured
1,665 McCracken County, Kentucky, Hospital Facilities Revenue Refunding Bonds, Mercy Health System,
Series 1994A, 6.300%, 11/01/06 - MBIA Insured
16,500 Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Inc., Series 2002A, 5.625%, 11/15/30
- -----------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 1.1%
2,500 Greater Kentucky Housing Assistance Corporation, Mortgage Revenue Refunding Bonds, FHA-Insured
Mortgage Loans - Section 8 Assisted Projects, Series 1993A, 6.250%, 7/01/24 - MBIA Insured
3,440 Henderson, Kentucky, Residential Facilities Senior Tax-Exempt Revenue Bonds, Pleasant Pointe Project,
Series 1999A, 6.125%, 5/01/29
- -----------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.2%
2,000 Kentucky Housing Corporation, Housing Revenue Bonds, 2000 Series F, 5.850%, 7/01/20 (Alternative
Minimum Tax)
3,715 Kentucky Housing Corporation, Housing Revenue Bonds, 1996 Series E, 6.300%, 1/01/28 (Alternative
Minimum Tax)
2,140 Kentucky Housing Corporation, Housing Revenue Bonds, 1997 Series B, 6.250%, 7/01/28 (Alternative
Minimum Tax)
1,410 Kentucky Housing Corporation, Housing Revenue Bonds, 1998 Series F, 5.000%, 7/01/18 (Alternative
Minimum Tax)
430 Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage
Loans, 1994 Series A, 6.500%, 7/01/17
9,480 Kentucky Housing Corporation, Housing Revenue Bonds, Series 1999A, 5.200%, 1/01/31
930 Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage
Loans, 1994 Series C, 6.400%, 1/01/17
810 Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage
Loans, 1995 Series B, 6.625%, 7/01/26 (Alternative Minimum Tax)
3,690 Kentucky Housing Corporation, Housing Revenue Bonds, 1999 Series B, 5.250%, 1/01/28 (Alternative
Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------
Long-Term Care - 3.5%
4,840 Florence, Kentucky, Housing Facilities Revenue Bonds, Bluegrass RHF Housing, Inc. Project,
Series 1999, 6.375%, 8/15/29 - ACA Insured
555 Jefferson, Kentucky, First Mortgage Revenue Bonds, First Christian Church Homes of Kentucky Project,
Series 1994, 6.000%, 11/15/09
Kentucky Economic Development Finance Authority, Healthcare Facilities Revenue Bonds, Christian
Church Homes of Kentucky, Inc. Obligated Group, Series 1998:
1,800 5.375%, 11/15/23
3,500 5.500%, 11/15/30
Kentucky Economic Development Finance Authority, Tax-Exempt Mortgage Revenue Bonds, South
Central Nursing Homes, Inc. Project, Series 1997A:
2,000 6.000%, 7/01/27 (Mandatory put 7/01/20) - MBIA Insured
3,700 6.000%, 7/01/27 (Mandatory put 1/01/24) - MBIA Insured
- -----------------------------------------------------------------------------------------------------------------------
Materials - 4.5%
2,370 Hancock County, Kentucky, Solid Waste Disposal Revenue Bonds, Willamette Industries, Inc. Project,
Series 1996, 6.600%, 5/01/26
5,250 Henderson County, Kentucky, Solid Waste Disposal Revenue Bonds, MacMillan Bloedel Project,
Series 1995, 7.000%, 3/01/25 (Alternative Minimum Tax)
Optional Call
Description Provisions*
- --------------------------------------------------------------------------------------------------------------------------
Healthcare (continued)
Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Series 2001:
5.250%, 9/01/21 9/11 at 100.00
5.250%, 9/01/24 9/11 at 100.00
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton No Opt. Call
Healthcare, Inc., Series 2000B, 0.000%, 10/01/28 - MBIA Insured
McCracken County, Kentucky, Hospital Facilities Revenue Refunding Bonds, Mercy Health System, 11/04 at 102.00
Series 1994A, 6.300%, 11/01/06 - MBIA Insured
Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Inc., Series 2002A, 5.625%, 11/15/30 11/12 at 100.00
- --------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 1.1%
Greater Kentucky Housing Assistance Corporation, Mortgage Revenue Refunding Bonds, FHA-Insured 7/03 at 100.00
Mortgage Loans - Section 8 Assisted Projects, Series 1993A, 6.250%, 7/01/24 - MBIA Insured
Henderson, Kentucky, Residential Facilities Senior Tax-Exempt Revenue Bonds, Pleasant Pointe Project, 5/09 at 102.00
Series 1999A, 6.125%, 5/01/29
- --------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.2%
Kentucky Housing Corporation, Housing Revenue Bonds, 2000 Series F, 5.850%, 7/01/20 (Alternative 11/10 at 100.00
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1996 Series E, 6.300%, 1/01/28 (Alternative 7/06 at 102.00
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1997 Series B, 6.250%, 7/01/28 (Alternative 6/07 at 102.00
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1998 Series F, 5.000%, 7/01/18 (Alternative 1/09 at 101.00
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage 1/04 at 102.00
Loans, 1994 Series A, 6.500%, 7/01/17
Kentucky Housing Corporation, Housing Revenue Bonds, Series 1999A, 5.200%, 1/01/31 4/09 at 101.00
Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage 7/04 at 102.00
Loans, 1994 Series C, 6.400%, 1/01/17
Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage 1/05 at 102.00
Loans, 1995 Series B, 6.625%, 7/01/26 (Alternative Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1999 Series B, 5.250%, 1/01/28 (Alternative 4/09 at 101.00
Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 3.5%
Florence, Kentucky, Housing Facilities Revenue Bonds, Bluegrass RHF Housing, Inc. Project, 8/09 at 101.00
Series 1999, 6.375%, 8/15/29 - ACA Insured
Jefferson, Kentucky, First Mortgage Revenue Bonds, First Christian Church Homes of Kentucky Project, 11/04 at 102.00
Series 1994, 6.000%, 11/15/09
Kentucky Economic Development Finance Authority, Healthcare Facilities Revenue Bonds, Christian
Church Homes of Kentucky, Inc. Obligated Group, Series 1998:
5.375%, 11/15/23 5/08 at 102.00
5.500%, 11/15/30 5/08 at 102.00
Kentucky Economic Development Finance Authority, Tax-Exempt Mortgage Revenue Bonds, South
Central Nursing Homes, Inc. Project, Series 1997A:
6.000%, 7/01/27 (Mandatory put 7/01/20) - MBIA Insured 1/08 at 105.00
6.000%, 7/01/27 (Mandatory put 1/01/24) - MBIA Insured 1/08 at 105.00
- --------------------------------------------------------------------------------------------------------------------------
Materials - 4.5%
Hancock County, Kentucky, Solid Waste Disposal Revenue Bonds, Willamette Industries, Inc. Project, 5/06 at 102.00
Series 1996, 6.600%, 5/01/26
Henderson County, Kentucky, Solid Waste Disposal Revenue Bonds, MacMillan Bloedel Project, 3/05 at 102.00
Series 1995, 7.000%, 3/01/25 (Alternative Minimum Tax)
Market
Description Ratings** Value
- -------------------------------------------------------------------------------------------------------------------------------
Healthcare (continued)
Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Series 2001:
5.250%, 9/01/21 AA $ 1,054,330
5.250%, 9/01/24 AA 1,042,400
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton AAA 2,992,706
Healthcare, Inc., Series 2000B, 0.000%, 10/01/28 - MBIA Insured
McCracken County, Kentucky, Hospital Facilities Revenue Refunding Bonds, Mercy Health System, AAA 1,801,364
Series 1994A, 6.300%, 11/01/06 - MBIA Insured
Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Inc., Series 2002A, 5.625%, 11/15/30 A- 17,187,225
- -------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 1.1%
Greater Kentucky Housing Assistance Corporation, Mortgage Revenue Refunding Bonds, FHA-Insured AAA 2,502,950
Mortgage Loans - Section 8 Assisted Projects, Series 1993A, 6.250%, 7/01/24 - MBIA Insured
Henderson, Kentucky, Residential Facilities Senior Tax-Exempt Revenue Bonds, Pleasant Pointe Project, N/R 3,226,066
Series 1999A, 6.125%, 5/01/29
- -------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.2%
Kentucky Housing Corporation, Housing Revenue Bonds, 2000 Series F, 5.850%, 7/01/20 (Alternative AAA 2,171,000
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1996 Series E, 6.300%, 1/01/28 (Alternative AAA 3,920,179
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1997 Series B, 6.250%, 7/01/28 (Alternative AAA 2,283,145
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1998 Series F, 5.000%, 7/01/18 (Alternative AAA 1,468,910
Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage AAA 443,696
Loans, 1994 Series A, 6.500%, 7/01/17
Kentucky Housing Corporation, Housing Revenue Bonds, Series 1999A, 5.200%, 1/01/31 AAA 9,864,509
Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage AAA 959,472
Loans, 1994 Series C, 6.400%, 1/01/17
Kentucky Housing Corporation, Housing Revenue Bonds, Federally Insured or Guaranteed Mortgage AAA 844,385
Loans, 1995 Series B, 6.625%, 7/01/26 (Alternative Minimum Tax)
Kentucky Housing Corporation, Housing Revenue Bonds, 1999 Series B, 5.250%, 1/01/28 (Alternative AAA 3,816,604
Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 3.5%
Florence, Kentucky, Housing Facilities Revenue Bonds, Bluegrass RHF Housing, Inc. Project, A 5,227,974
Series 1999, 6.375%, 8/15/29 - ACA Insured
Jefferson, Kentucky, First Mortgage Revenue Bonds, First Christian Church Homes of Kentucky Project, BBB 567,643
Series 1994, 6.000%, 11/15/09
Kentucky Economic Development Finance Authority, Healthcare Facilities Revenue Bonds, Christian
Church Homes of Kentucky, Inc. Obligated Group, Series 1998:
5.375%, 11/15/23 BBB 1,808,766
5.500%, 11/15/30 BBB 3,525,025
Kentucky Economic Development Finance Authority, Tax-Exempt Mortgage Revenue Bonds, South
Central Nursing Homes, Inc. Project, Series 1997A:
6.000%, 7/01/27 (Mandatory put 7/01/20) - MBIA Insured AAA 2,255,960
6.000%, 7/01/27 (Mandatory put 1/01/24) - MBIA Insured AAA 4,173,526
- -------------------------------------------------------------------------------------------------------------------------------
Materials - 4.5%
Hancock County, Kentucky, Solid Waste Disposal Revenue Bonds, Willamette Industries, Inc. Project, BBB 2,437,758
Series 1996, 6.600%, 5/01/26
Henderson County, Kentucky, Solid Waste Disposal Revenue Bonds, MacMillan Bloedel Project, BBB 5,494,073
Series 1995, 7.000%, 3/01/25 (Alternative Minimum Tax)
- ----
19
Portfolio of Investments
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal
Amount (000) Description
- --------------------------------------------------------------------------------------------------------------------
Materials (continued)
$ 1,000 Jefferson, Kentucky, Pollution Control Revenue Bonds, E.I. du Pont de Nemours Company Project,
Series 1982A, 6.300%, 7/01/12
3,750 Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1994,
7.000%, 6/01/24 (Alternative Minimum Tax)
4,240 Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1996,
6.800%, 5/01/26 (Alternative Minimum Tax)
2,000 Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1996,
6.550%, 4/15/27 (Alternative Minimum Tax)
2,820 Wickliffe, Kentucky, Solid Waste Disposal Revenue Bonds, Westvaco Corporation Project, Series 1996,
6.375%, 4/01/26 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 2.8%
2,500 Jefferson, Kentucky, General Obligation Refunding Bonds, Series 1999C, 6.150%, 5/15/16 (Alternative
Minimum Tax)
1,175 Louisville, Kentucky, General Obligation Bonds, Series 2001A, 5.000%, 11/01/21
3,000 Louisville, Kentucky, General Obligation Bonds, Series 2002A, 5.000%, 10/01/23 - FGIC Insured
4,400 Puerto Rico, Public Improvement Bonds, TICS 2001-2, 10.540%, 7/01/19 (IF) - FSA Insured
- --------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 21.4%
1,875 Bell County, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Judicial Center
Project, Series 2000, 5.850%, 9/01/28 - AMBAC Insured
1,465 Boone County, Kentucky, Public Properties Corporation, First Mortgage Bonds, AOC Judicial Facility,
Series 2001, 5.125%, 9/01/22
Bowling Green, Kentucky, General Obligation and Special Revenue Bonds, Series 2002B:
1,785 5.000%, 6/01/23
1,230 5.000%, 6/01/24
1,665 5.000%, 6/01/25
Daviess County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1994:
505 5.800%, 5/01/11
535 5.800%, 5/01/12
570 5.800%, 5/01/13
600 5.800%, 5/01/14
Fayette County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 2000:
1,665 5.500%, 6/01/18
2,795 5.500%, 6/01/20
3,155 Florence, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Administrative Office
Complex Project, Series 1997, 5.500%, 6/01/27 - MBIA Insured
1,200 Floyd County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1995, 5.500%, 5/01/15
141 Jefferson County, Kentucky, Equipment Lease Purchase Revenue Bonds, Energy System Project,
Series 1987, 9.000%, 6/01/03
27 Jefferson County, Kentucky, Equipment Lease Purchase Revenue Bonds, Energy System Project,
Series 1988, 9.500%, 6/01/03
4,500 Kenton County, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Courthouse
Facilities Project, 1998 Series A, 5.000%, 3/01/29
Ewing, Kentucky, Lease Acquisition Program, Fixed-Rate Revenue Bonds, Kentucky Area Development
Districts' Financing Trust, Series 2000C:
750 5.850%, 6/01/20
1,000 6.000%, 6/01/30
Optional Call
Description Provisions* Ratings**
- ---------------------------------------------------------------------------------------------------------------------------------
Materials (continued)
Jefferson, Kentucky, Pollution Control Revenue Bonds, E.I. du Pont de Nemours Company Project, 7/03 at 103.00 AA-
Series 1982A, 6.300%, 7/01/12
Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1994, 6/04 at 102.00 Baa2
7.000%, 6/01/24 (Alternative Minimum Tax)
Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1996, 5/06 at 102.00 N/R
6.800%, 5/01/26 (Alternative Minimum Tax)
Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1996, 4/07 at 102.00 Baa2
6.550%, 4/15/27 (Alternative Minimum Tax)
Wickliffe, Kentucky, Solid Waste Disposal Revenue Bonds, Westvaco Corporation Project, Series 1996, 4/06 at 102.00 BBB
6.375%, 4/01/26 (Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 2.8%
Jefferson, Kentucky, General Obligation Refunding Bonds, Series 1999C, 6.150%, 5/15/16 (Alternative 5/09 at 100.00 AA
Minimum Tax)
Louisville, Kentucky, General Obligation Bonds, Series 2001A, 5.000%, 11/01/21 11/11 at 101.00 AA-
Louisville, Kentucky, General Obligation Bonds, Series 2002A, 5.000%, 10/01/23 - FGIC Insured 10/12 at 100.00 AAA
Puerto Rico, Public Improvement Bonds, TICS 2001-2, 10.540%, 7/01/19 (IF) - FSA Insured No Opt. Call AAA
- ---------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 21.4%
Bell County, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Judicial Center 3/11 at 102.00 AAA
Project, Series 2000, 5.850%, 9/01/28 - AMBAC Insured
Boone County, Kentucky, Public Properties Corporation, First Mortgage Bonds, AOC Judicial Facility, 9/12 at 101.00 Aa3
Series 2001, 5.125%, 9/01/22
Bowling Green, Kentucky, General Obligation and Special Revenue Bonds, Series 2002B:
5.000%, 6/01/23 6/12 at 100.00 Aa2
5.000%, 6/01/24 6/12 at 100.00 Aa2
5.000%, 6/01/25 6/12 at 100.00 Aa2
Daviess County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1994:
5.800%, 5/01/11 5/04 at 102.00 Aa3
5.800%, 5/01/12 5/04 at 102.00 Aa3
5.800%, 5/01/13 5/04 at 102.00 Aa3
5.800%, 5/01/14 5/04 at 102.00 Aa3
Fayette County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 2000:
5.500%, 6/01/18 6/10 at 101.00 AA-
5.500%, 6/01/20 6/10 at 101.00 AA-
Florence, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Administrative Office 6/07 at 102.00 AAA
Complex Project, Series 1997, 5.500%, 6/01/27 - MBIA Insured
Floyd County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 5/05 at 102.00 Aa3
Series 1995, 5.500%, 5/01/15
Jefferson County, Kentucky, Equipment Lease Purchase Revenue Bonds, Energy System Project, No Opt. Call N/R
Series 1987, 9.000%, 6/01/03
Jefferson County, Kentucky, Equipment Lease Purchase Revenue Bonds, Energy System Project, No Opt. Call N/R
Series 1988, 9.500%, 6/01/03
Kenton County, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Courthouse 3/09 at 101.00 Aa3
Facilities Project, 1998 Series A, 5.000%, 3/01/29
Ewing, Kentucky, Lease Acquisition Program, Fixed-Rate Revenue Bonds, Kentucky Area Development
Districts' Financing Trust, Series 2000C:
5.850%, 6/01/20 6/10 at 102.00 AA
6.000%, 6/01/30 6/10 at 102.00 AA
Market
Description Value
- -----------------------------------------------------------------------------------------------------------------
Materials (continued)
Jefferson, Kentucky, Pollution Control Revenue Bonds, E.I. du Pont de Nemours Company Project, $1,033,580
Series 1982A, 6.300%, 7/01/12
Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1994, 3,892,163
7.000%, 6/01/24 (Alternative Minimum Tax)
Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1996, 4,436,100
6.800%, 5/01/26 (Alternative Minimum Tax)
Perry, Kentucky, Solid Waste Disposal Revenue Bonds, TJ International Project, Series 1996, 2,085,720
6.550%, 4/15/27 (Alternative Minimum Tax)
Wickliffe, Kentucky, Solid Waste Disposal Revenue Bonds, Westvaco Corporation Project, Series 1996, 2,869,435
6.375%, 4/01/26 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 2.8%
Jefferson, Kentucky, General Obligation Refunding Bonds, Series 1999C, 6.150%, 5/15/16 (Alternative 2,815,975
Minimum Tax)
Louisville, Kentucky, General Obligation Bonds, Series 2001A, 5.000%, 11/01/21 1,267,108
Louisville, Kentucky, General Obligation Bonds, Series 2002A, 5.000%, 10/01/23 - FGIC Insured 3,196,740
Puerto Rico, Public Improvement Bonds, TICS 2001-2, 10.540%, 7/01/19 (IF) - FSA Insured 6,944,784
- -----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 21.4%
Bell County, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Judicial Center 2,089,463
Project, Series 2000, 5.850%, 9/01/28 - AMBAC Insured
Boone County, Kentucky, Public Properties Corporation, First Mortgage Bonds, AOC Judicial Facility, 1,594,008
Series 2001, 5.125%, 9/01/22
Bowling Green, Kentucky, General Obligation and Special Revenue Bonds, Series 2002B:
5.000%, 6/01/23 1,901,471
5.000%, 6/01/24 1,307,404
5.000%, 6/01/25 1,764,634
Daviess County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1994:
5.800%, 5/01/11 534,229
5.800%, 5/01/12 565,966
5.800%, 5/01/13 602,992
5.800%, 5/01/14 634,614
Fayette County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 2000:
5.500%, 6/01/18 1,894,404
5.500%, 6/01/20 3,142,530
Florence, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Administrative Office 3,489,493
Complex Project, Series 1997, 5.500%, 6/01/27 - MBIA Insured
Floyd County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 1,266,480
Series 1995, 5.500%, 5/01/15
Jefferson County, Kentucky, Equipment Lease Purchase Revenue Bonds, Energy System Project, 141,264
Series 1987, 9.000%, 6/01/03
Jefferson County, Kentucky, Equipment Lease Purchase Revenue Bonds, Energy System Project, 26,508
Series 1988, 9.500%, 6/01/03
Kenton County, Kentucky, Public Properties Corporation, First Mortgage Revenue Bonds, Courthouse 4,614,975
Facilities Project, 1998 Series A, 5.000%, 3/01/29
Ewing, Kentucky, Lease Acquisition Program, Fixed-Rate Revenue Bonds, Kentucky Area Development
Districts' Financing Trust, Series 2000C:
5.850%, 6/01/20 829,013
6.000%, 6/01/30 1,123,500
- ----
20
Principal
Amount (000) Description
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 400 Kentucky State Property and Buildings Commission, Project 66A, Agency Fund Revenue Bonds,
Series 2000, 5.750%, 5/01/20 - MBIA Insured
Kentucky State Property and Buildings Commission, Project 72, Revenue Refunding Bonds, Series 2001:
4,375 5.375%, 10/01/18 - MBIA Insured
5,860 5.375%, 10/01/19 - MBIA Insured
4,000 Kentucky Turnpike Authority, Economic Development Road Revenue Refunding Bonds, Revitalization
Project, Series 2001B, 5.150%, 7/01/19 - FSA Insured
11,000 Urban County Government of Lexington and Fayette Counties, Kentucky, Public Facilities Corporation,
Mortgage Revenue Bonds, Series 1998, 5.125%, 10/01/31 - FSA Insured
650 Magoffin County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 2000, 5.750%, 6/01/20
1,525 McCracken County, Kentucky, Public Properties Corporation, Revenue Bonds, Court Facilities Project,
Series 1995, 5.900%, 9/01/26 - AMBAC Insured
8,000 Mount Sterling, Kentucky, Lease Revenue Bonds, Kentucky League of Cities Funding Program,
Series 1993A, 6.200%, 3/01/18
5,100 Oldham County School District Finance Corporation, Kentucky, School Building Revenue Bonds,
Series 2001A, 5.125%, 4/01/21
1,360 Owen County School District Finance Corporation, Kentucky, School Building Revenue Bonds,
Series 2001, 5.000%, 4/01/21
Pendleton County, Kentucky, County Lease Revenue Bonds, Kentucky Associated Counties Leasing Trust
Program, Series 1993A:
16,460 6.500%, 3/01/19
500 6.400%, 3/01/19
4,000 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Reset Option Long
Certificates, Series 1996Y-II-R-66, 8.100%, 1/01/13 (IF)
55 Puerto Rico Infrastructure Finance Authority, Special Tax Revenue Bonds, Series 1988A,
7.750%, 7/01/08
3,185 Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 1993L,
5.500%, 7/01/21 - FSA Insured
7,000 Warren County, Kentucky, Justice Center Expansion Corporation, First Mortgage Revenue Bonds, AOC
Judicial Facility, Series 1997A, 5.250%, 9/01/24 - MBIA Insured
- -------------------------------------------------------------------------------------------------------------------
Transportation - 5.1%
10,540 Kenton County Airport Board, Kentucky, Special Facilities Revenue Bonds, Delta Airlines Project,
Series 1992A, 6.125%, 2/01/22 (Alternative Minimum Tax)
1,250 Kenton County Airport Board, Kentucky, Cincinnati-Northern Kentucky International Airport Revenue
Bonds, Series 1996B, 5.750%, 3/01/13 - MBIA Insured
5,090 Kenton County Airport Board, Kentucky, Cincinnati-Northern Kentucky International Airport Revenue
Bonds, Series 2003B, 5.000%, 3/01/23 (Alternative Minimum Tax) - MBIA Insured
5,000 Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Airport System Revenue Bonds,
Series 1995A, 5.625%, 7/01/25 (Alternative Minimum Tax) - MBIA Insured
1,000 Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Airport System Revenue Bonds,
Series 2003C, 5.250%, 7/01/22 (Alternative Minimum Tax) - FSA Insured
6,000 Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Special Facilities Revenue
Bonds, Airis Louisville LLC Project, Series 1999A, 5.500%, 3/01/19 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 10.8%
1,595 Bowling Green, Kentucky, Municipal Projects Corporation, Lease Revenue Bonds, Series 1994,
6.500%, 12/01/14 (Pre-refunded to 12/01/04)
1,005 Casey County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1995, 5.750%, 3/01/15 (Pre-refunded to 3/01/05)
Optional Call
Description Provisions* Ratings**
- --------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
Kentucky State Property and Buildings Commission, Project 66A, Agency Fund Revenue Bonds, 5/10 at 100.00 AAA
Series 2000, 5.750%, 5/01/20 - MBIA Insured
Kentucky State Property and Buildings Commission, Project 72, Revenue Refunding Bonds, Series 2001:
5.375%, 10/01/18 - MBIA Insured 10/11 at 100.00 AAA
5.375%, 10/01/19 - MBIA Insured 10/11 at 100.00 AAA
Kentucky Turnpike Authority, Economic Development Road Revenue Refunding Bonds, Revitalization 7/11 at 100.00 AAA
Project, Series 2001B, 5.150%, 7/01/19 - FSA Insured
Urban County Government of Lexington and Fayette Counties, Kentucky, Public Facilities Corporation, 7/08 at 102.00 AAA
Mortgage Revenue Bonds, Series 1998, 5.125%, 10/01/31 - FSA Insured
Magoffin County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 6/10 at 101.00 Aa3
Series 2000, 5.750%, 6/01/20
McCracken County, Kentucky, Public Properties Corporation, Revenue Bonds, Court Facilities Project, 9/06 at 102.00 AAA
Series 1995, 5.900%, 9/01/26 - AMBAC Insured
Mount Sterling, Kentucky, Lease Revenue Bonds, Kentucky League of Cities Funding Program, 9/03 at 102.00 Aa3
Series 1993A, 6.200%, 3/01/18
Oldham County School District Finance Corporation, Kentucky, School Building Revenue Bonds, 4/11 at 101.00 Aa3
Series 2001A, 5.125%, 4/01/21
Owen County School District Finance Corporation, Kentucky, School Building Revenue Bonds, 4/11 at 101.00 Aa3
Series 2001, 5.000%, 4/01/21
Pendleton County, Kentucky, County Lease Revenue Bonds, Kentucky Associated Counties Leasing Trust
Program, Series 1993A:
6.500%, 3/01/19 9/03 at 102.00 A
6.400%, 3/01/19 No Opt. Call A
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Reset Option Long No Opt. Call AAA
Certificates, Series 1996Y-II-R-66, 8.100%, 1/01/13 (IF)
Puerto Rico Infrastructure Finance Authority, Special Tax Revenue Bonds, Series 1988A, 7/03 at 100.00 BBB+
7.750%, 7/01/08
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 1993L, No Opt. Call AAA
5.500%, 7/01/21 - FSA Insured
Warren County, Kentucky, Justice Center Expansion Corporation, First Mortgage Revenue Bonds, AOC 9/07 at 102.00 AAA
Judicial Facility, Series 1997A, 5.250%, 9/01/24 - MBIA Insured
- --------------------------------------------------------------------------------------------------------------------------------
Transportation - 5.1%
Kenton County Airport Board, Kentucky, Special Facilities Revenue Bonds, Delta Airlines Project, 8/03 at 100.00 BB-
Series 1992A, 6.125%, 2/01/22 (Alternative Minimum Tax)
Kenton County Airport Board, Kentucky, Cincinnati-Northern Kentucky International Airport Revenue 3/06 at 102.00 AAA
Bonds, Series 1996B, 5.750%, 3/01/13 - MBIA Insured
Kenton County Airport Board, Kentucky, Cincinnati-Northern Kentucky International Airport Revenue 3/13 at 100.00 AAA
Bonds, Series 2003B, 5.000%, 3/01/23 (Alternative Minimum Tax) - MBIA Insured
Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Airport System Revenue Bonds, 7/05 at 102.00 AAA
Series 1995A, 5.625%, 7/01/25 (Alternative Minimum Tax) - MBIA Insured
Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Airport System Revenue Bonds, 7/13 at 100.00 AAA
Series 2003C, 5.250%, 7/01/22 (Alternative Minimum Tax) - FSA Insured
Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Special Facilities Revenue 3/09 at 101.00 Baa3
Bonds, Airis Louisville LLC Project, Series 1999A, 5.500%, 3/01/19 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 10.8%
Bowling Green, Kentucky, Municipal Projects Corporation, Lease Revenue Bonds, Series 1994, 12/04 at 102.00 A2***
6.500%, 12/01/14 (Pre-refunded to 12/01/04)
Casey County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 3/05 at 102.00 Aa3***
Series 1995, 5.750%, 3/01/15 (Pre-refunded to 3/01/05)
Market
Description Value
- -----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
Kentucky State Property and Buildings Commission, Project 66A, Agency Fund Revenue Bonds, $ 463,440
Series 2000, 5.750%, 5/01/20 - MBIA Insured
Kentucky State Property and Buildings Commission, Project 72, Revenue Refunding Bonds, Series 2001:
5.375%, 10/01/18 - MBIA Insured 4,947,906
5.375%, 10/01/19 - MBIA Insured 6,587,753
Kentucky Turnpike Authority, Economic Development Road Revenue Refunding Bonds, Revitalization 4,387,680
Project, Series 2001B, 5.150%, 7/01/19 - FSA Insured
Urban County Government of Lexington and Fayette Counties, Kentucky, Public Facilities Corporation, 11,562,980
Mortgage Revenue Bonds, Series 1998, 5.125%, 10/01/31 - FSA Insured
Magoffin County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 730,795
Series 2000, 5.750%, 6/01/20
McCracken County, Kentucky, Public Properties Corporation, Revenue Bonds, Court Facilities Project, 1,726,941
Series 1995, 5.900%, 9/01/26 - AMBAC Insured
Mount Sterling, Kentucky, Lease Revenue Bonds, Kentucky League of Cities Funding Program, 8,174,400
Series 1993A, 6.200%, 3/01/18
Oldham County School District Finance Corporation, Kentucky, School Building Revenue Bonds, 5,539,569
Series 2001A, 5.125%, 4/01/21
Owen County School District Finance Corporation, Kentucky, School Building Revenue Bonds, 1,460,137
Series 2001, 5.000%, 4/01/21
Pendleton County, Kentucky, County Lease Revenue Bonds, Kentucky Associated Counties Leasing Trust
Program, Series 1993A:
6.500%, 3/01/19 16,821,955
6.400%, 3/01/19 632,315
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Reset Option Long 5,190,160
Certificates, Series 1996Y-II-R-66, 8.100%, 1/01/13 (IF)
Puerto Rico Infrastructure Finance Authority, Special Tax Revenue Bonds, Series 1988A, 56,067
7.750%, 7/01/08
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 1993L, 3,820,949
5.500%, 7/01/21 - FSA Insured
Warren County, Kentucky, Justice Center Expansion Corporation, First Mortgage Revenue Bonds, AOC 7,568,400
Judicial Facility, Series 1997A, 5.250%, 9/01/24 - MBIA Insured
- -----------------------------------------------------------------------------------------------------------------
Transportation - 5.1%
Kenton County Airport Board, Kentucky, Special Facilities Revenue Bonds, Delta Airlines Project, 7,247,515
Series 1992A, 6.125%, 2/01/22 (Alternative Minimum Tax)
Kenton County Airport Board, Kentucky, Cincinnati-Northern Kentucky International Airport Revenue 1,396,763
Bonds, Series 1996B, 5.750%, 3/01/13 - MBIA Insured
Kenton County Airport Board, Kentucky, Cincinnati-Northern Kentucky International Airport Revenue 5,262,347
Bonds, Series 2003B, 5.000%, 3/01/23 (Alternative Minimum Tax) - MBIA Insured
Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Airport System Revenue Bonds, 5,368,000
Series 1995A, 5.625%, 7/01/25 (Alternative Minimum Tax) - MBIA Insured
Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Airport System Revenue Bonds, 1,058,150
Series 2003C, 5.250%, 7/01/22 (Alternative Minimum Tax) - FSA Insured
Louisville and Jefferson Counties Regional Airport Authority, Kentucky, Special Facilities Revenue 5,044,980
Bonds, Airis Louisville LLC Project, Series 1999A, 5.500%, 3/01/19 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 10.8%
Bowling Green, Kentucky, Municipal Projects Corporation, Lease Revenue Bonds, Series 1994, 1,755,792
6.500%, 12/01/14 (Pre-refunded to 12/01/04)
Casey County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 1,105,460
Series 1995, 5.750%, 3/01/15 (Pre-refunded to 3/01/05)
- ----
21
Portfolio of Investments
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal
Amount (000) Description
- ---------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 1,070 Fleming County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1995, 5.875%, 3/01/15 (Pre-refunded to 3/01/05)
1,260 Floyd County, Kentucky, Public Properties Corporation First Mortgage Revenue Bonds, Floyd County
Justice Center Project, Series 1995A, 5.550%, 9/01/23 (Pre-refunded to 3/01/06)
3,550 Floyd County, Kentucky, Public Properties Corporation First Mortgage Revenue Bonds, Floyd County
Justice Center Project, Series 1996B, 6.200%, 9/01/26 (Pre-refunded to 3/01/06)
Hardin County, Kentucky, Building Commission Revenue Bonds, Detention Facility Project, Series 1994:
525 6.200%, 12/01/11 (Pre-refunded to 12/01/04) - MBIA Insured
1,775 6.250%, 12/01/14 (Pre-refunded to 12/01/04) - MBIA Insured
3,465 Hopkins County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1994, 6.200%, 6/01/19 (Pre-refunded to 6/01/04)
2,000 Jefferson County, Kentucky, Student Housing Industrial Building Revenue Bonds, University of Louisville
Collegiate Housing Foundation Project, Series 1999A, 7.125%, 9/01/29 (Pre-refunded to 9/01/09)
Kentucky Infrastructure Authority, Infrastructure Revolving Fund Program Revenue Bonds, Series 1995J:
440 6.300%, 6/01/10 (Pre-refunded to 6/01/05)
360 6.350%, 6/01/11 (Pre-refunded to 6/01/05)
600 6.375%, 6/01/14 (Pre-refunded to 6/01/05)
420 Kentucky Infrastructure Authority, Governmental Agencies Program, Revenue Bonds, 1995 Series G,
6.300%, 8/01/10 (Pre-refunded to 8/01/05)
1,000 Lawrence County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1994, 6.750%, 11/01/14 (Pre-refunded to 11/01/04)
Lexington-Fayette Urban County Government, Kentucky, Governmental Project Revenue Bonds,
University of Kentucky Alumni Association, Inc. Commonwealth Library Project, Series 1994:
3,195 6.750%, 11/01/17 (Pre-refunded to 11/01/04) - MBIA Insured
4,320 6.750%, 11/01/24 (Pre-refunded to 11/01/04) - MBIA Insured
Louisville and Jefferson Counties Metropolitan Sewer District, Kentucky, Sewer and Drainage System
Revenue Bonds, Series 1994A:
2,720 6.750%, 5/15/19 (Pre-refunded to 11/15/04) - AMBAC Insured
2,070 6.500%, 5/15/24 (Pre-refunded to 11/15/04) - AMBAC Insured
2,500 6.750%, 5/15/25 (Pre-refunded to 11/15/04) - AMBAC Insured
1,365 McCreary County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Second Series of 1995, 5.600%, 8/01/16 (Pre-refunded to 8/01/05)
1,410 Morgan County, Kentucky, School District Finance Corporation, School Building Revenue Bonds,
Series 1994, 6.000%, 9/01/14 (Pre-refunded to 9/01/04)
1,310 Puerto Rico Public Improvement, General Obligation Bonds, Series 1996, 5.400%, 7/01/25 (Pre-refunded
to 7/01/06)
2,000 Puerto Rico Public Improvement, General Obligation Refunding Bonds, Series 1997, 5.375%, 7/01/25
(Pre-refunded to 7/01/07)
2,600 Puerto Rico Public Improvement, General Obligation Bonds, Series 2000, 5.750%, 7/01/26 -
(Pre-refunded to 7/01/10) - MBIA Insured
3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T, 6.000%, 7/01/16
(Pre-refunded to 7/01/04)
2,800 Russell, Kentucky, Health System Revenue Refunding Bonds, Franciscan Health Partnership, Inc.,
Our Lady of Bellefonte Hospital Issue, Series 1997, 5.500%, 7/01/15 (Pre-refunded to 1/01/10)
- ---------------------------------------------------------------------------------------------------------------------
Utilities - 7.1%
6,000 Boone, Kentucky, Collateralized Pollution Control Revenue Refunding Bonds, Cincinnati Gas and Electric
Company Project, Series 1994A, 5.500%, 1/01/24 - MBIA Insured
1,750 Jefferson, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project,
Series 1995A, 5.900%, 4/15/23
Optional Call
Description Provisions*
- ------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
Fleming County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 3/05 at 102.00
Series 1995, 5.875%, 3/01/15 (Pre-refunded to 3/01/05)
Floyd County, Kentucky, Public Properties Corporation First Mortgage Revenue Bonds, Floyd County 3/06 at 102.00
Justice Center Project, Series 1995A, 5.550%, 9/01/23 (Pre-refunded to 3/01/06)
Floyd County, Kentucky, Public Properties Corporation First Mortgage Revenue Bonds, Floyd County 3/06 at 102.00
Justice Center Project, Series 1996B, 6.200%, 9/01/26 (Pre-refunded to 3/01/06)
Hardin County, Kentucky, Building Commission Revenue Bonds, Detention Facility Project, Series 1994:
6.200%, 12/01/11 (Pre-refunded to 12/01/04) - MBIA Insured 12/04 at 102.00
6.250%, 12/01/14 (Pre-refunded to 12/01/04) - MBIA Insured 12/04 at 102.00
Hopkins County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 6/04 at 102.00
Series 1994, 6.200%, 6/01/19 (Pre-refunded to 6/01/04)
Jefferson County, Kentucky, Student Housing Industrial Building Revenue Bonds, University of Louisville 9/09 at 102.00
Collegiate Housing Foundation Project, Series 1999A, 7.125%, 9/01/29 (Pre-refunded to 9/01/09)
Kentucky Infrastructure Authority, Infrastructure Revolving Fund Program Revenue Bonds, Series 1995J:
6.300%, 6/01/10 (Pre-refunded to 6/01/05) 6/05 at 102.00
6.350%, 6/01/11 (Pre-refunded to 6/01/05) 6/05 at 102.00
6.375%, 6/01/14 (Pre-refunded to 6/01/05) 6/05 at 102.00
Kentucky Infrastructure Authority, Governmental Agencies Program, Revenue Bonds, 1995 Series G, 8/05 at 102.00
6.300%, 8/01/10 (Pre-refunded to 8/01/05)
Lawrence County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 11/04 at 102.00
Series 1994, 6.750%, 11/01/14 (Pre-refunded to 11/01/04)
Lexington-Fayette Urban County Government, Kentucky, Governmental Project Revenue Bonds,
University of Kentucky Alumni Association, Inc. Commonwealth Library Project, Series 1994:
6.750%, 11/01/17 (Pre-refunded to 11/01/04) - MBIA Insured 11/04 at 102.00
6.750%, 11/01/24 (Pre-refunded to 11/01/04) - MBIA Insured 11/04 at 102.00
Louisville and Jefferson Counties Metropolitan Sewer District, Kentucky, Sewer and Drainage System
Revenue Bonds, Series 1994A:
6.750%, 5/15/19 (Pre-refunded to 11/15/04) - AMBAC Insured 11/04 at 102.00
6.500%, 5/15/24 (Pre-refunded to 11/15/04) - AMBAC Insured 11/04 at 102.00
6.750%, 5/15/25 (Pre-refunded to 11/15/04) - AMBAC Insured 11/04 at 102.00
McCreary County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 8/05 at 102.00
Second Series of 1995, 5.600%, 8/01/16 (Pre-refunded to 8/01/05)
Morgan County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, 9/04 at 102.00
Series 1994, 6.000%, 9/01/14 (Pre-refunded to 9/01/04)
Puerto Rico Public Improvement, General Obligation Bonds, Series 1996, 5.400%, 7/01/25 (Pre-refunded 7/06 at 101.50
to 7/01/06)
Puerto Rico Public Improvement, General Obligation Refunding Bonds, Series 1997, 5.375%, 7/01/25 7/07 at 100.00
(Pre-refunded to 7/01/07)
Puerto Rico Public Improvement, General Obligation Bonds, Series 2000, 5.750%, 7/01/26 - 7/10 at 100.00
(Pre-refunded to 7/01/10) - MBIA Insured
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T, 6.000%, 7/01/16 7/04 at 102.00
(Pre-refunded to 7/01/04)
Russell, Kentucky, Health System Revenue Refunding Bonds, Franciscan Health Partnership, Inc., 1/10 at 100.00
Our Lady of Bellefonte Hospital Issue, Series 1997, 5.500%, 7/01/15 (Pre-refunded to 1/01/10)
- ------------------------------------------------------------------------------------------------------------------------
Utilities - 7.1%
Boone, Kentucky, Collateralized Pollution Control Revenue Refunding Bonds, Cincinnati Gas and Electric 1/04 at 102.00
Company Project, Series 1994A, 5.500%, 1/01/24 - MBIA Insured
Jefferson, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, 4/05 at 102.00
Series 1995A, 5.900%, 4/15/23
Market
Description Ratings** Value
- ----------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
Fleming County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, A+*** $1,178,873
Series 1995, 5.875%, 3/01/15 (Pre-refunded to 3/01/05)
Floyd County, Kentucky, Public Properties Corporation First Mortgage Revenue Bonds, Floyd County N/R*** 1,424,644
Justice Center Project, Series 1995A, 5.550%, 9/01/23 (Pre-refunded to 3/01/06)
Floyd County, Kentucky, Public Properties Corporation First Mortgage Revenue Bonds, Floyd County N/R*** 4,075,968
Justice Center Project, Series 1996B, 6.200%, 9/01/26 (Pre-refunded to 3/01/06)
Hardin County, Kentucky, Building Commission Revenue Bonds, Detention Facility Project, Series 1994:
6.200%, 12/01/11 (Pre-refunded to 12/01/04) - MBIA Insured AAA 575,337
6.250%, 12/01/14 (Pre-refunded to 12/01/04) - MBIA Insured AAA 1,946,501
Hopkins County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, Aa3*** 3,711,881
Series 1994, 6.200%, 6/01/19 (Pre-refunded to 6/01/04)
Jefferson County, Kentucky, Student Housing Industrial Building Revenue Bonds, University of Louisville N/R*** 2,556,040
Collegiate Housing Foundation Project, Series 1999A, 7.125%, 9/01/29 (Pre-refunded to 9/01/09)
Kentucky Infrastructure Authority, Infrastructure Revolving Fund Program Revenue Bonds, Series 1995J:
6.300%, 6/01/10 (Pre-refunded to 6/01/05) Aa3*** 493,478
6.350%, 6/01/11 (Pre-refunded to 6/01/05) Aa3*** 404,111
6.375%, 6/01/14 (Pre-refunded to 6/01/05) Aa3*** 673,812
Kentucky Infrastructure Authority, Governmental Agencies Program, Revenue Bonds, 1995 Series G, A-*** 455,213
6.300%, 8/01/10 (Pre-refunded to 8/01/05)
Lawrence County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, Aa3*** 1,099,110
Series 1994, 6.750%, 11/01/14 (Pre-refunded to 11/01/04)
Lexington-Fayette Urban County Government, Kentucky, Governmental Project Revenue Bonds,
University of Kentucky Alumni Association, Inc. Commonwealth Library Project, Series 1994:
6.750%, 11/01/17 (Pre-refunded to 11/01/04) - MBIA Insured AAA 3,513,126
6.750%, 11/01/24 (Pre-refunded to 11/01/04) - MBIA Insured AAA 4,750,142
Louisville and Jefferson Counties Metropolitan Sewer District, Kentucky, Sewer and Drainage System
Revenue Bonds, Series 1994A:
6.750%, 5/15/19 (Pre-refunded to 11/15/04) - AMBAC Insured AAA 2,996,706
6.500%, 5/15/24 (Pre-refunded to 11/15/04) - AMBAC Insured AAA 2,273,129
6.750%, 5/15/25 (Pre-refunded to 11/15/04) - AMBAC Insured AAA 2,754,325
McCreary County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, Aa3*** 1,448,593
Second Series of 1995, 5.600%, 8/01/16 (Pre-refunded to 8/01/05)
Morgan County, Kentucky, School District Finance Corporation, School Building Revenue Bonds, Aa3*** 1,524,915
Series 1994, 6.000%, 9/01/14 (Pre-refunded to 9/01/04)
Puerto Rico Public Improvement, General Obligation Bonds, Series 1996, 5.400%, 7/01/25 (Pre-refunded A-*** 1,487,610
to 7/01/06)
Puerto Rico Public Improvement, General Obligation Refunding Bonds, Series 1997, 5.375%, 7/01/25 A-*** 2,284,240
(Pre-refunded to 7/01/07)
Puerto Rico Public Improvement, General Obligation Bonds, Series 2000, 5.750%, 7/01/26 - AAA 3,139,006
(Pre-refunded to 7/01/10) - MBIA Insured
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T, 6.000%, 7/01/16 A-*** 3,220,110
(Pre-refunded to 7/01/04)
Russell, Kentucky, Health System Revenue Refunding Bonds, Franciscan Health Partnership, Inc., Baa2*** 3,247,188
Our Lady of Bellefonte Hospital Issue, Series 1997, 5.500%, 7/01/15 (Pre-refunded to 1/01/10)
- ----------------------------------------------------------------------------------------------------------------------------
Utilities - 7.1%
Boone, Kentucky, Collateralized Pollution Control Revenue Refunding Bonds, Cincinnati Gas and Electric AAA 6,244,620
Company Project, Series 1994A, 5.500%, 1/01/24 - MBIA Insured
Jefferson, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, A1 1,832,180
Series 1995A, 5.900%, 4/15/23
- ----
22
Principal Optional Call
Amount (000) Description Provisions*
- ---------------------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B:
$ 7,100 0.000%, 1/01/11 - AMBAC Insured No Opt. Call
6,475 0.000%, 1/01/12 - AMBAC Insured No Opt. Call
7,900 0.000%, 1/01/17 - AMBAC Insured No Opt. Call
13,300 0.000%, 1/01/18 - AMBAC Insured No Opt. Call
5,100 0.000%, 1/01/19 - AMBAC Insured No Opt. Call
4,725 0.000%, 1/01/20 - AMBAC Insured No Opt. Call
400 Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1993A, 0.000%, 1/01/04 No Opt. Call
(Alternative Minimum Tax) - AMBAC Insured
- ---------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 9.3%
1,405 Christian County, Kentucky, Water District, Waterworks Revenue Bonds, Series 1999, 10/09 at 101.00
6.000%, 1/01/30 - AMBAC Insured
1,750 Henderson, Kentucky, Water and Sewer Revenue Refunding Bonds, Series 1994A, 6.100%, 11/01/14 - 11/04 at 103.00
FSA Insured
Kentucky Infrastructure Authority, Governmental Agencies Program, Revenue Bonds, 1995 Series G:
445 6.350%, 8/01/11 8/05 at 102.00
825 6.375%, 8/01/14 8/05 at 102.00
1,000 Kentucky Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term 2/11 at 102.00
Program, Series 2001A, 5.375%, 2/01/20
Louisville and Jefferson Counties Metropolitan Sewer District, Kentucky, Sewer and Drainage System
Revenue Bonds, Series 1997B:
6,000 5.350%, 5/15/22 - MBIA Insured 11/07 at 101.00
2,500 5.200%, 5/15/25 - MBIA Insured 11/07 at 101.00
Louisville and Jefferson Counties Metropolitan Sewer District, Kentucky, Sewer and Drainage System
Revenue Bonds, Series 2001A:
16,000 5.500%, 5/15/34 - MBIA Insured 11/11 at 101.00
5,805 5.000%, 5/15/36 - MBIA Insured 11/11 at 101.00
6,920 Northern Kentucky Water District, Revenue Refunding Bonds, Series 2002A, 5.000%, 2/01/27 - 2/12 at 100.00
FGIC Insured
- ---------------------------------------------------------------------------------------------------------------------------------
$488,158 Total Long-Term Investments (cost $454,479,572) - 97.3%
- ---------------------------------------------------------------------------------------------------------------------------------
- ------------
Short-Term Investments - 1.2%
2,100 Alachua County Health Facilities Authority, Florida, Continuing Care Retirement Community Bonds,
Oak Hammock at the University of Florida Project, Series 2002A, Variable Rate Demand Obligations,
1.300%, 10/01/32+
3,700 Michigan Higher Education Facilities Authority, Limited Obligation Revenue Bonds, Concordia College
Project, Variable Rate Demand Bonds, Series 1999, 1.350%, 9/01/14+
- ---------------------------------------------------------------------------------------------------------------------------------
$ 5,800 Total Short-Term Investments (cost $5,800,000)
- ---------------------------------------------------------------------------------------------------------------------------------
- ------------
Total Investments (cost $460,279,572) - 98.5%
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5%
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100%
--------------------------------------------------------------------------------------------------------------------
Market
Description Ratings** Value
- --------------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B:
0.000%, 1/01/11 - AMBAC Insured AAA $ 5,505,908
0.000%, 1/01/12 - AMBAC Insured AAA 4,790,594
0.000%, 1/01/17 - AMBAC Insured AAA 4,509,320
0.000%, 1/01/18 - AMBAC Insured AAA 7,181,335
0.000%, 1/01/19 - AMBAC Insured AAA 2,599,878
0.000%, 1/01/20 - AMBAC Insured AAA 2,273,339
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1993A, 0.000%, 1/01/04 AAA 397,484
(Alternative Minimum Tax) - AMBAC Insured
- --------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 9.3%
Christian County, Kentucky, Water District, Waterworks Revenue Bonds, Series 1999, Aaa 1,658,406
6.000%, 1/01/30 - AMBAC Insured
Henderson, Kentucky, Water and Sewer Revenue Refunding Bonds, Series 1994A, 6.100%, 11/01/14 - AAA 1,914,010
FSA Insured
Kentucky Infrastructure Authority, Governmental Agencies Program, Revenue Bonds, 1995 Series G:
6.350%, 8/01/11 A- 491,276
6.375%, 8/01/14 A- 911,229
Kentucky Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term AA- 1,117,090
Program, Series 2001A, 5.375%, 2/01/20
Louisville and Jefferson Counties Metropolitan Sewer District, Kentucky, Sewer and Drainage System
Revenue Bonds, Series 1997B:
5.350%, 5/15/22 - MBIA Insured AAA 6,594,540
5.200%, 5/15/25 - MBIA Insured AAA 2,679,222
Louisville and Jefferson Counties Metropolitan Sewer District, Kentucky, Sewer and Drainage System
Revenue Bonds, Series 2001A:
5.500%, 5/15/34 - MBIA Insured AAA 17,652,320
5.000%, 5/15/36 - MBIA Insured AAA 6,103,551
Northern Kentucky Water District, Revenue Refunding Bonds, Series 2002A, 5.000%, 2/01/27 - Aaa 7,294,230
FGIC Insured
- --------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (cost $454,479,572) - 97.3% 486,023,810
- --------------------------------------------------------------------------------------------------------------------------
Short-Term Investments - 1.2%
Alachua County Health Facilities Authority, Florida, Continuing Care Retirement Community Bonds, VMIG-1 2,100,000
Oak Hammock at the University of Florida Project, Series 2002A, Variable Rate Demand Obligations,
1.300%, 10/01/32+
Michigan Higher Education Facilities Authority, Limited Obligation Revenue Bonds, Concordia College VMIG-1 3,700,000
Project, Variable Rate Demand Bonds, Series 1999, 1.350%, 9/01/14+
- --------------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $5,800,000) 5,800,000
- --------------------------------------------------------------------------------------------------------------------------
Total Investments (cost $460,279,572) - 98.5% 491,823,810
- --------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 7,530,588
- --------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $499,354,398
- --------------------------------------------------------------------------------------------------------------------------
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
(IF) Inverse floating rate security.
+ Security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term
security. The rate disclosed is that currently in effect. This
rate changes periodically based on market conditions or a
specified market index.
See accompanying notes to financial statements.
- ----
23
Portfolio of Investments
NUVEEN MICHIGAN MUNICIPAL BOND FUND
May 31, 2003
Principal
Amount (000) Description
- -------------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.7%
$ 2,000 Michigan Strategic Fund, Multi-Modal Interchangeable Rate Pollution Control Revenue Refunding
Bonds, General Motors Corporation, Series 1995, 6.200%, 9/01/20
- -------------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.3%
970 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2002
Refunding, 5.375%, 5/15/33
- -------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 2.3%
6,150 Board of Governors of Wayne State University, Michigan, General Revenue Bonds, Series 1999,
5.125%, 11/15/29 - FGIC Insured
- -------------------------------------------------------------------------------------------------------------------
Healthcare - 14.3%
Flint, Michigan, Hospital Building Authority, Revenue Rental Bonds, Hurley Medical Center,
Series 1998B:
1,000 5.375%, 7/01/18
1,000 5.375%, 7/01/28
3,750 Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A,
5.500%, 1/15/31
3,530 Lake View Community Hospital Authority, Michigan, Hospital Revenue Refunding Bonds, Series 1997,
6.250%, 2/15/13
6,400 Michigan State Hospital Finance Authority, Revenue and Refunding Bonds, Detroit Medical Center
Obligated Group, Series 1993A, 6.500%, 8/15/18
2,920 Michigan State Hospital Finance Authority, Hospital Revenue and Refunding Bonds, Detroit Medical
Center Obligated Group, Series 1993B, 5.500%, 8/15/23
3,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
Series 2003A Refunding, 5.625%, 3/01/17
1,000 Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Otsego Memorial
Hospital, Gaylord, Michigan, Series 1995, 6.125%, 1/01/15
860 Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Gratiot Community
Hospital, Series 1995, 6.100%, 10/01/07
1,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Michigan Community Hospital,
Series 1996, 6.250%, 10/01/27
1,475 Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Chelsea Community
Hospital, Series 1998, 5.375%, 5/15/19
1,000 Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Crittenton Hospital,
Series 2002A, 5.625%, 3/01/27
2,200 Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
Series 1999A, 6.000%, 11/15/24
Pontiac, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, NOMC Obligated
Group, Series 1993:
3,000 6.000%, 8/01/18
5,165 6.000%, 8/01/23
3,000 Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, William
Beaumont Hospital, Series 1996I, 5.250%, 1/01/20 - MBIA Insured
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Bonds, William Beaumont Hospital,
Series 2001M:
1,000 5.250%, 11/15/31 - MBIA Insured
2,000 5.250%, 11/15/35 - MBIA Insured
500 Saginaw, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. Luke's Hospital,
Series 1991C, 6.750%, 7/01/17 - MBIA Insured
- -------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.5%
400 Grand Rapids, Michigan, Housing Corporation, Multifamily Revenue Refunding Bonds, FHA-Insured
Mortgage Loan - Section 8 Assisted Elderly Project, Series 1992, 7.375%, 7/15/41
Optional Call
Description Provisions* Ratings**
- --------------------------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.7%
Michigan Strategic Fund, Multi-Modal Interchangeable Rate Pollution Control Revenue Refunding 9/05 at 102.00 A3
Bonds, General Motors Corporation, Series 1995, 6.200%, 9/01/20
- --------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.3%
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2002 5/12 at 100.00 A-
Refunding, 5.375%, 5/15/33
- --------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 2.3%
Board of Governors of Wayne State University, Michigan, General Revenue Bonds, Series 1999, 11/09 at 101.00 AAA
5.125%, 11/15/29 - FGIC Insured
- --------------------------------------------------------------------------------------------------------------------------------
Healthcare - 14.3%
Flint, Michigan, Hospital Building Authority, Revenue Rental Bonds, Hurley Medical Center,
Series 1998B:
5.375%, 7/01/18 7/08 at 101.00 Baa3
5.375%, 7/01/28 7/08 at 101.00 Baa3
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A, 7/11 at 101.00 AA
5.500%, 1/15/31
Lake View Community Hospital Authority, Michigan, Hospital Revenue Refunding Bonds, Series 1997, 2/07 at 101.00 N/R
6.250%, 2/15/13
Michigan State Hospital Finance Authority, Revenue and Refunding Bonds, Detroit Medical Center 8/03 at 102.00 BBB-
Obligated Group, Series 1993A, 6.500%, 8/15/18
Michigan State Hospital Finance Authority, Hospital Revenue and Refunding Bonds, Detroit Medical 8/04 at 102.00 BBB-
Center Obligated Group, Series 1993B, 5.500%, 8/15/23
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 3/13 at 100.00 A1
Series 2003A Refunding, 5.625%, 3/01/17
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Otsego Memorial 1/05 at 102.00 A+
Hospital, Gaylord, Michigan, Series 1995, 6.125%, 1/01/15
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Gratiot Community No Opt. Call BBB
Hospital, Series 1995, 6.100%, 10/01/07
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Michigan Community Hospital, 10/06 at 102.00 BBB-
Series 1996, 6.250%, 10/01/27
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Chelsea Community 5/08 at 101.00 BBB
Hospital, Series 1998, 5.375%, 5/15/19
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Crittenton Hospital, 3/12 at 101.00 A+
Series 2002A, 5.625%, 3/01/27
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 11/09 at 101.00 A1
Series 1999A, 6.000%, 11/15/24
Pontiac, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, NOMC Obligated
Group, Series 1993:
6.000%, 8/01/18 8/03 at 102.00 Ba1
6.000%, 8/01/23 8/03 at 102.00 Ba1
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, William 1/06 at 102.00 AAA
Beaumont Hospital, Series 1996I, 5.250%, 1/01/20 - MBIA Insured
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Bonds, William Beaumont Hospital,
Series 2001M:
5.250%, 11/15/31 - MBIA Insured 11/11 at 100.00 AAA
5.250%, 11/15/35 - MBIA Insured 11/11 at 100.00 AAA
Saginaw, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. Luke's Hospital, 7/03 at 100.00 AAA
Series 1991C, 6.750%, 7/01/17 - MBIA Insured
- --------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.5%
Grand Rapids, Michigan, Housing Corporation, Multifamily Revenue Refunding Bonds, FHA-Insured 1/04 at 104.00 AAA
Mortgage Loan - Section 8 Assisted Elderly Project, Series 1992, 7.375%, 7/15/41
Market
Description Value
- ----------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.7%
Michigan Strategic Fund, Multi-Modal Interchangeable Rate Pollution Control Revenue Refunding $2,092,120
Bonds, General Motors Corporation, Series 1995, 6.200%, 9/01/20
- ----------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.3%
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2002 851,524
Refunding, 5.375%, 5/15/33
- ----------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 2.3%
Board of Governors of Wayne State University, Michigan, General Revenue Bonds, Series 1999, 6,465,495
5.125%, 11/15/29 - FGIC Insured
- ----------------------------------------------------------------------------------------------------------------
Healthcare - 14.3%
Flint, Michigan, Hospital Building Authority, Revenue Rental Bonds, Hurley Medical Center,
Series 1998B:
5.375%, 7/01/18 904,840
5.375%, 7/01/28 839,080
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health, Series 2001A, 3,934,838
5.500%, 1/15/31
Lake View Community Hospital Authority, Michigan, Hospital Revenue Refunding Bonds, Series 1997, 3,390,777
6.250%, 2/15/13
Michigan State Hospital Finance Authority, Revenue and Refunding Bonds, Detroit Medical Center 5,091,648
Obligated Group, Series 1993A, 6.500%, 8/15/18
Michigan State Hospital Finance Authority, Hospital Revenue and Refunding Bonds, Detroit Medical 1,977,716
Center Obligated Group, Series 1993B, 5.500%, 8/15/23
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 3,292,410
Series 2003A Refunding, 5.625%, 3/01/17
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Otsego Memorial 1,048,320
Hospital, Gaylord, Michigan, Series 1995, 6.125%, 1/01/15
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Gratiot Community 903,817
Hospital, Series 1995, 6.100%, 10/01/07
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Michigan Community Hospital, 975,740
Series 1996, 6.250%, 10/01/27
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Chelsea Community 1,449,247
Hospital, Series 1998, 5.375%, 5/15/19
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Crittenton Hospital, 1,055,200
Series 2002A, 5.625%, 3/01/27
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 2,360,622
Series 1999A, 6.000%, 11/15/24
Pontiac, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, NOMC Obligated
Group, Series 1993:
6.000%, 8/01/18 2,473,230
6.000%, 8/01/23 4,121,050
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, William 3,186,480
Beaumont Hospital, Series 1996I, 5.250%, 1/01/20 - MBIA Insured
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Bonds, William Beaumont Hospital,
Series 2001M:
5.250%, 11/15/31 - MBIA Insured 1,050,100
5.250%, 11/15/35 - MBIA Insured 2,105,960
Saginaw, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, St. Luke's Hospital, 502,055
Series 1991C, 6.750%, 7/01/17 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.5%
Grand Rapids, Michigan, Housing Corporation, Multifamily Revenue Refunding Bonds, FHA-Insured 417,092
Mortgage Loan - Section 8 Assisted Elderly Project, Series 1992, 7.375%, 7/15/41
- ----
24
Principal Optional Call
Amount (000) Description Provisions*
- ----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily (continued)
$ 750 Grand Rapids, Michigan, Housing Finance Authority, Multifamily Housing Refunding Revenue Bonds, 9/04 at 100.00
Fannie Mae Collateralized, Series 1990A, 7.625%, 9/01/23
1,190 Michigan State Housing Development Authority, Limited Obligation Multifamily Revenue Refunding 4/05 at 102.00
Bonds, GNMA Collateralized Program, Parc Pointe Apartments, Series 1995A, 6.500%, 10/01/15
6,000 Michigan State Housing Development Authority, Section 8 Assisted Mortgage Revenue Bonds, No Opt. Call
Series 1983I, 0.000%, 4/01/14
800 Michigan State Housing Development Authority, Rental Housing Revenue Bonds, 1995 Series B, 6/05 at 102.00
6.150%, 10/01/15 - MBIA Insured
1,590 Michigan State Housing Development Authority, Rental Housing Revenue Bonds, 1999 Series A, 4/09 at 101.00
5.300%, 10/01/37 (Alternative Minimum Tax) - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 1.2%
2,000 Michigan State Housing Development Authority, Single Family Mortgage Revenue Bonds, 6/10 at 100.00
Series 1999B-1, 6.300%, 12/01/20 (Alternative Minimum Tax) - MBIA Insured
1,100 Michigan State Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2002B, 6/12 at 100.00
5.500%, 6/01/30 (Alternative Minimum Tax) - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------------------------
Industrials - 0.4%
1,055 Michigan Strategic Fund, Limited Obligation Revenue Bonds, WMX Technologies, Inc. Project, 12/03 at 102.00
Series 1993, 6.000%, 12/01/13 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 4.5%
1,500 Economic Development Corporation of the Charter Township of Grand Rapids, Michigan, Limited 7/09 at 101.00
Obligation Bonds, Porter Hills Obligated Group, Cook Valley Estate Project, Series 1999, 5.450%,
7/01/29
2,500 Economic Development Corporation of the City of Kalamazoo, Michigan, Limited Obligation Revenue 5/07 at 102.00
Refunding Revenue Bonds, Friendship Village of Kalamazoo, Series 1997A, 6.250%, 5/15/27
1,200 Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan 1/06 at 102.00
Obligated Group, Series 1995, 6.500%, 1/01/25
Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan
Obligated Group, Series 1997:
600 6.375%, 1/01/15 1/07 at 102.00
500 6.375%, 1/01/25 1/07 at 102.00
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Porter Hills Presbyterian
Village, Series 1998:
400 5.300%, 7/01/18 7/08 at 101.00
1,675 5.375%, 7/01/28 7/08 at 101.00
4,800 Michigan Strategic Fund, Limited Obligation Revenue Bonds, Clark Retirement Community, Inc. Project, 6/08 at 100.00
Series 1998, 5.250%, 6/01/18
- ----------------------------------------------------------------------------------------------------------------------------------
Materials - 0.6%
1,650 Economic Development Corporation of Dickinson County, Michigan, Pollution Control Revenue 10/03 at 102.00
Refunding Bonds, Champion International Corporation Project, Series 1993, 5.850%, 10/01/18
- ----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 22.9%
1,000 Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds, 5/12 at 100.00
Series 2002, 5.500%, 5/01/18
1,175 Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/21 10/12 at 100.50
1,625 Brighton Township Sanitary Sewer Drainage District, Livingston County, Michigan, General Obligation 4/09 at 100.00
Limited Tax Bonds, Series 2000, 5.250%, 10/01/19 - FSA Insured
1,020 Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, 5/13 at 100.00
Series 2003, 5.250%, 5/01/22
1,195 Carman-Ainsworth Community School District, Genesee County, Michigan, General Obligation Bonds, 5/12 at 100.00
Series 2002, 5.500%, 5/01/19 - FGIC Insured
Market
Description Ratings** Value
- -------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily (continued)
Grand Rapids, Michigan, Housing Finance Authority, Multifamily Housing Refunding Revenue Bonds, AAA $ 776,955
Fannie Mae Collateralized, Series 1990A, 7.625%, 9/01/23
Michigan State Housing Development Authority, Limited Obligation Multifamily Revenue Refunding Aaa 1,250,631
Bonds, GNMA Collateralized Program, Parc Pointe Apartments, Series 1995A, 6.500%, 10/01/15
Michigan State Housing Development Authority, Section 8 Assisted Mortgage Revenue Bonds, AA- 2,317,320
Series 1983I, 0.000%, 4/01/14
Michigan State Housing Development Authority, Rental Housing Revenue Bonds, 1995 Series B, AAA 845,736
6.150%, 10/01/15 - MBIA Insured
Michigan State Housing Development Authority, Rental Housing Revenue Bonds, 1999 Series A, AAA 1,636,285
5.300%, 10/01/37 (Alternative Minimum Tax) - MBIA Insured
- -------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 1.2%
Michigan State Housing Development Authority, Single Family Mortgage Revenue Bonds, AAA 2,194,320
Series 1999B-1, 6.300%, 12/01/20 (Alternative Minimum Tax) - MBIA Insured
Michigan State Housing Development Authority, Single Family Mortgage Revenue Bonds, Series 2002B, AAA 1,158,212
5.500%, 6/01/30 (Alternative Minimum Tax) - MBIA Insured
- -------------------------------------------------------------------------------------------------------------------------
Industrials - 0.4%
Michigan Strategic Fund, Limited Obligation Revenue Bonds, WMX Technologies, Inc. Project, BBB 1,084,266
Series 1993, 6.000%, 12/01/13 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 4.5%
Economic Development Corporation of the Charter Township of Grand Rapids, Michigan, Limited A- 1,527,525
Obligation Bonds, Porter Hills Obligated Group, Cook Valley Estate Project, Series 1999, 5.450%,
7/01/29
Economic Development Corporation of the City of Kalamazoo, Michigan, Limited Obligation Revenue BBB 2,428,050
Refunding Revenue Bonds, Friendship Village of Kalamazoo, Series 1997A, 6.250%, 5/15/27
Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan N/R 1,136,148
Obligated Group, Series 1995, 6.500%, 1/01/25
Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan
Obligated Group, Series 1997:
6.375%, 1/01/15 N/R 588,666
6.375%, 1/01/25 N/R 464,640
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Porter Hills Presbyterian
Village, Series 1998:
5.300%, 7/01/18 A- 410,216
5.375%, 7/01/28 A- 1,689,171
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Clark Retirement Community, Inc. Project, BBB 4,602,336
Series 1998, 5.250%, 6/01/18
- -------------------------------------------------------------------------------------------------------------------------
Materials - 0.6%
Economic Development Corporation of Dickinson County, Michigan, Pollution Control Revenue BBB 1,698,609
Refunding Bonds, Champion International Corporation Project, Series 1993, 5.850%, 10/01/18
- -------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 22.9%
Anchor Bay School District, Macomb and St. Clair Counties, Michigan, General Obligation Bonds, AAA 1,144,240
Series 2002, 5.500%, 5/01/18
Birmingham, Michigan, General Obligation Bonds, Series 2002, 5.000%, 10/01/21 AAA 1,271,221
Brighton Township Sanitary Sewer Drainage District, Livingston County, Michigan, General Obligation AAA 1,802,548
Limited Tax Bonds, Series 2000, 5.250%, 10/01/19 - FSA Insured
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, AAA 1,120,450
Series 2003, 5.250%, 5/01/22
Carman-Ainsworth Community School District, Genesee County, Michigan, General Obligation Bonds, AAA 1,358,572
Series 2002, 5.500%, 5/01/19 - FGIC Insured
- ----
25
Portfolio of Investments
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal Optional Call
Amount (000) Description Provisions*
- ----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,500 Clarkston, Michigan, Community Schools, General Obligation Q-SBLF Bonds, Series 1997, 5.250%, 5/07 at 100.00
5/01/23 - MBIA Insured
1,800 Coopersville Area Public Schools, Ottawa and Muskegon Counties, Michigan, School Building and Site 5/09 at 100.00
Bonds, General Obligation - Unlimited Tax, Series 1999, 5.000%, 5/01/29 - MBIA Insured
2,520 Detroit, Michigan, General Obligation Bonds, Unlimited Tax, Series 1999-B, 5.500%, 4/01/18 - 4/10 at 101.00
MBIA Insured
1,000 School District of Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 5/13 at 100.00
5.375%, 5/01/24 - FGIC Insured
2,500 School District of Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2003B, 5/13 at 100.00
5.000%, 5/01/23 - FGIC Insured
School District of Detroit, Wayne County, Michigan, School Building and Site Improvement Bonds,
Unlimited Tax - General Obligation, Series 2001A:
2,000 5.500%, 5/01/21 - FSA Insured 5/12 at 100.00
250 5.125%, 5/01/31 - FSA Insured 5/12 at 100.00
1,000 Frankenmuth School District, Saginaw and Tuscola Counties, Michigan, School Building and Site Bonds, 5/10 at 100.00
General Obligation - Unlimited Tax, Series 2000, 5.625%, 5/01/16 - FGIC Insured
2,430 School District of Garden City, Wayne County, Michigan, Refunding Bonds, General Obligation - 5/04 at 101.00
Unlimited Tax, Series 1994, 6.400%, 5/01/11 - FSA Insured
2,000 School District of Garden City, Wayne County, Michigan, General Obligation Bonds, Series 2001 5/11 at 100.00
Refunding, 5.000%, 5/01/26
5,600 Grand Ledge Public Schools, Eaton, Clinton and Ionia Counties, Michigan, Refunding Bonds, 5/05 at 102.00
Series 1995, 5.375%, 5/01/24 - MBIA Insured
4,350 Hartland Consolidated School District, Livingston County, Michigan, General Obligation Bonds, 5/11 at 100.00
Series 2001 Refunding, 5.125%, 5/01/29
1,000 Hastings Area School System, Barry County, Michigan, Building and Site Bonds, General Obligation - 5/11 at 100.00
Unlimited Tax, Series 2001, 5.000%, 5/01/26 - MBIA Insured
2,000 Jonesville Community Schools, Hillsdale and Jackson Counties, Michigan, School Building and Site 5/09 at 100.00
Bonds, General Obligation - Unlimited Tax, Series 1999, 5.750%, 5/01/29 - FGIC Insured
1,000 Livonia Municipal Building Authority, Wayne County, Michigan, Building Authority Bonds, Series 2001, 5/10 at 100.00
5.000%, 5/01/27 - FGIC Insured
2,700 Livonia Public Schools District, Wayne County, Michigan, School Building and Site Bonds, General No Opt. Call
Obligation - Unlimited Tax, Series 1992II, 0.000%, 5/01/08 - FGIC Insured
2,000 Livonia Public Schools District, Wayne County, Michigan, School Building and Site Bonds, General 5/10 at 100.00
Obligation - Unlimited Tax, Series 2000, 5.875%, 5/01/25 - FGIC Insured
2,800 Michigan Municipal Bond Authority, Local Government Loan Program Revenue Bonds, Pontiac School No Opt. Call
District, Series 1991C, 0.000%, 6/15/08 - FSA Insured
Okemos Public Schools, Ingham County, Michigan, Refunding Bonds, Series 1993:
1,000 0.000%, 5/01/17 - MBIA Insured No Opt. Call
1,020 0.000%, 5/01/18 - MBIA Insured No Opt. Call
1,500 Portage Lake Water and Sewage Authority, Houghton County, Michigan, General Obligation Limited Tax 10/05 at 102.00
Refunding Bonds, Series 1995, 6.200%, 10/01/20 - AMBAC Insured
1,235 Rochester Community School District, Oakland and Macomb Counties, Michigan, General Obligation 5/10 at 100.00
Bonds, Series 2000-I, 5.750%, 5/01/19 - FGIC Insured
3,000 Southgate Community School District, Wayne County, Michigan, General Obligation Bonds, 5/09 at 100.00
Series 1999, 5.000%, 5/01/25 - FGIC Insured
2,500 City of Taylor Building Authority, Wayne County, Michigan, General Obligation Limited Tax Bonds, 3/10 at 100.00
Series 2000, 5.125%, 3/01/17 - AMBAC Insured
3,270 West Ottawa Public Schools, Ottawa County, Michigan, Refunding Bonds, Series 1992, No Opt. Call
0.000%, 5/01/17 - FGIC Insured
5,175 Williamston Community School District, Michigan, General Obligation Unlimited Tax Q-SBLF Bonds, No Opt. Call
Series 1996, 5.500%, 5/01/25 - MBIA Insured
Market
Description Ratings** Value
- -------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Clarkston, Michigan, Community Schools, General Obligation Q-SBLF Bonds, Series 1997, 5.250%, AAA $1,625,325
5/01/23 - MBIA Insured
Coopersville Area Public Schools, Ottawa and Muskegon Counties, Michigan, School Building and Site AAA 1,862,514
Bonds, General Obligation - Unlimited Tax, Series 1999, 5.000%, 5/01/29 - MBIA Insured
Detroit, Michigan, General Obligation Bonds, Unlimited Tax, Series 1999-B, 5.500%, 4/01/18 - AAA 2,864,232
MBIA Insured
School District of Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2002A, AAA 1,104,310
5.375%, 5/01/24 - FGIC Insured
School District of Detroit, Wayne County, Michigan, General Obligation Bonds, Series 2003B, AAA 2,672,325
5.000%, 5/01/23 - FGIC Insured
School District of Detroit, Wayne County, Michigan, School Building and Site Improvement Bonds,
Unlimited Tax - General Obligation, Series 2001A:
5.500%, 5/01/21 - FSA Insured AAA 2,247,380
5.125%, 5/01/31 - FSA Insured AAA 264,510
Frankenmuth School District, Saginaw and Tuscola Counties, Michigan, School Building and Site Bonds, AAA 1,156,810
General Obligation - Unlimited Tax, Series 2000, 5.625%, 5/01/16 - FGIC Insured
School District of Garden City, Wayne County, Michigan, Refunding Bonds, General Obligation - AAA 2,563,407
Unlimited Tax, Series 1994, 6.400%, 5/01/11 - FSA Insured
School District of Garden City, Wayne County, Michigan, General Obligation Bonds, Series 2001 AAA 2,096,480
Refunding, 5.000%, 5/01/26
Grand Ledge Public Schools, Eaton, Clinton and Ionia Counties, Michigan, Refunding Bonds, AAA 6,052,984
Series 1995, 5.375%, 5/01/24 - MBIA Insured
Hartland Consolidated School District, Livingston County, Michigan, General Obligation Bonds, AAA 4,584,683
Series 2001 Refunding, 5.125%, 5/01/29
Hastings Area School System, Barry County, Michigan, Building and Site Bonds, General Obligation - AAA 1,048,240
Unlimited Tax, Series 2001, 5.000%, 5/01/26 - MBIA Insured
Jonesville Community Schools, Hillsdale and Jackson Counties, Michigan, School Building and Site AAA 2,285,500
Bonds, General Obligation - Unlimited Tax, Series 1999, 5.750%, 5/01/29 - FGIC Insured
Livonia Municipal Building Authority, Wayne County, Michigan, Building Authority Bonds, Series 2001, AAA 1,042,510
5.000%, 5/01/27 - FGIC Insured
Livonia Public Schools District, Wayne County, Michigan, School Building and Site Bonds, General AAA 2,393,199
Obligation - Unlimited Tax, Series 1992II, 0.000%, 5/01/08 - FGIC Insured
Livonia Public Schools District, Wayne County, Michigan, School Building and Site Bonds, General AAA 2,319,020
Obligation - Unlimited Tax, Series 2000, 5.875%, 5/01/25 - FGIC Insured
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Bonds, Pontiac School AAA 2,473,296
District, Series 1991C, 0.000%, 6/15/08 - FSA Insured
Okemos Public Schools, Ingham County, Michigan, Refunding Bonds, Series 1993:
0.000%, 5/01/17 - MBIA Insured AAA 562,230
0.000%, 5/01/18 - MBIA Insured AAA 542,263
Portage Lake Water and Sewage Authority, Houghton County, Michigan, General Obligation Limited Tax AAA 1,683,570
Refunding Bonds, Series 1995, 6.200%, 10/01/20 - AMBAC Insured
Rochester Community School District, Oakland and Macomb Counties, Michigan, General Obligation AAA 1,429,883
Bonds, Series 2000-I, 5.750%, 5/01/19 - FGIC Insured
Southgate Community School District, Wayne County, Michigan, General Obligation Bonds, AAA 3,150,660
Series 1999, 5.000%, 5/01/25 - FGIC Insured
City of Taylor Building Authority, Wayne County, Michigan, General Obligation Limited Tax Bonds, AAA 2,764,800
Series 2000, 5.125%, 3/01/17 - AMBAC Insured
West Ottawa Public Schools, Ottawa County, Michigan, Refunding Bonds, Series 1992, AAA 1,838,492
0.000%, 5/01/17 - FGIC Insured
Williamston Community School District, Michigan, General Obligation Unlimited Tax Q-SBLF Bonds, AAA 6,103,706
Series 1996, 5.500%, 5/01/25 - MBIA Insured
- ----
26
Principal
Amount (000) Description
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 13.4%
$ 2,000 Detroit, Michigan, Building Authority, Revenue Bonds, District Court Madison Center, Series 1996A,
6.150%, 2/01/11
1,000 Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development
Area 1 Projects, Series 1998A, 4.750%, 7/01/25 - MBIA Insured
11,000 Detroit/Wayne County Stadium Authority, Michigan, Building Authority Stadium Bonds, General
Obligation Limited Tax, Series 1997, 5.250%, 2/01/27 - FGIC Insured
Downtown Development Authority of Grand Rapids, Michigan, Tax Increment Revenue Bonds,
Series 1994:
3,985 0.000%, 6/01/17 - MBIA Insured
3,295 0.000%, 6/01/18 - MBIA Insured
1,650 6.875%, 6/01/24 - MBIA Insured
250 Michigan Municipal Bond Authority, Local Government Loan Program Revenue Bonds, Series 1991A,
4.750%, 12/01/09 - FGIC Insured
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2001,
2,720 5.500%, 10/15/19
5,000 5.000%, 10/15/24
1,500 Michigan, Certificates of Participation, 525 Redevco, Inc., Series 2000, 5.500%, 6/01/20 -
AMBAC Insured
1,220 Michigan, Certificates of Participation, New Center Development, Inc., Series 2001, 5.375%, 9/01/21 -
MBIA Insured
2,000 Michigan, State Trunk Line Fund Bonds, Series 2001A, 5.000%, 11/01/25
6,000 Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 -
AMBAC Insured
1,085 Romulus Tax Increment Finance Authority, Wayne County, Michigan, Limited Obligation Revenue
Development Bonds, Remarketed, Series 1994, 6.750%, 11/01/19
- -------------------------------------------------------------------------------------------------------------------
Transportation - 1.1%
3,000 Wayne Charter County, Michigan, Detroit Metropolitan Wayne County Airport, Airport Revenue Bonds,
Series 1998B, 5.000%, 12/01/28
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 20.7%
1,000 Battle Creek Downtown Development Authority, Calhoun County, Michigan, Tax Increment Revenue
Bonds, Series 1994, 7.600%, 5/01/16 (Pre-refunded to 5/01/04)
1,800 Battle Creek Tax Increment Finance Authority, Calhoun County, Michigan, Development Bonds,
Series 1994, 7.400%, 5/01/16 (Pre-refunded to 5/01/04)
235 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000,
5.750%, 7/01/20 (Pre-refunded to 7/01/10)
5,000 Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development
Area 1 Projects, Series 1996C, 6.250%, 7/01/25 (Pre-refunded to 7/01/06)
2,500 Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 1999-A, 5.875%, 7/01/27
(Pre-refunded to 1/01/10) - FGIC Insured
6,500 Detroit, Michigan, Sewage Disposal System Revenue Bonds, Residual Option Long Series II-R-103,
8.490%, 7/01/20 (IF) (Pre-refunded to 1/01/10)
2,000 Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 1999-A, 5.750%, 7/01/26
(Pre-refunded to 1/01/10) - FGIC Insured
1,300 Board of Regents of Eastern Michigan University, General Revenue Bonds, Series 1997,
5.500%, 6/01/27 (Pre-refunded to 12/01/06) - FGIC Insured
1,000 Holt Public Schools, Ingham and Eaton Counties, Michigan, School Building and Site Bonds, General
Obligation - Unlimited Tax, Series 2000A, 5.500%, 5/01/23 (Pre-refunded to 5/01/10) - FGIC Insured
4,000 Lake Orion Community School District, Oakland County, Michigan, School Building and Site Refunding
Bonds, Series 1994, 7.000%, 5/01/15 (Pre-refunded to 5/01/05) - AMBAC Insured
Optional Call
Description Provisions* Ratings**
- --------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 13.4%
Detroit, Michigan, Building Authority, Revenue Bonds, District Court Madison Center, Series 1996A, 2/07 at 101.00 A
6.150%, 2/01/11
Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development 7/08 at 100.00 AAA
Area 1 Projects, Series 1998A, 4.750%, 7/01/25 - MBIA Insured
Detroit/Wayne County Stadium Authority, Michigan, Building Authority Stadium Bonds, General 2/07 at 102.00 AAA
Obligation Limited Tax, Series 1997, 5.250%, 2/01/27 - FGIC Insured
Downtown Development Authority of Grand Rapids, Michigan, Tax Increment Revenue Bonds,
Series 1994:
0.000%, 6/01/17 - MBIA Insured No Opt. Call AAA
0.000%, 6/01/18 - MBIA Insured No Opt. Call AAA
6.875%, 6/01/24 - MBIA Insured 6/04 at 102.00 AAA
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Bonds, Series 1991A, 6/03 at 100.00 AAA
4.750%, 12/01/09 - FGIC Insured
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2001,
5.500%, 10/15/19 10/11 at 100.00 AA+
5.000%, 10/15/24 10/11 at 100.00 AA+
Michigan, Certificates of Participation, 525 Redevco, Inc., Series 2000, 5.500%, 6/01/20 - 6/10 at 100.00 AAA
AMBAC Insured
Michigan, Certificates of Participation, New Center Development, Inc., Series 2001, 5.375%, 9/01/21 - 9/11 at 100.00 AAA
MBIA Insured
Michigan, State Trunk Line Fund Bonds, Series 2001A, 5.000%, 11/01/25 11/11 at 100.00 AAA
Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 - No Opt. Call AAA
AMBAC Insured
Romulus Tax Increment Finance Authority, Wayne County, Michigan, Limited Obligation Revenue 11/06 at 100.00 N/R
Development Bonds, Remarketed, Series 1994, 6.750%, 11/01/19
- --------------------------------------------------------------------------------------------------------------------------------
Transportation - 1.1%
Wayne Charter County, Michigan, Detroit Metropolitan Wayne County Airport, Airport Revenue Bonds, 12/08 at 101.00 AAA
Series 1998B, 5.000%, 12/01/28
- --------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 20.7%
Battle Creek Downtown Development Authority, Calhoun County, Michigan, Tax Increment Revenue 5/04 at 102.00 N/R***
Bonds, Series 1994, 7.600%, 5/01/16 (Pre-refunded to 5/01/04)
Battle Creek Tax Increment Finance Authority, Calhoun County, Michigan, Development Bonds, 5/04 at 102.00 A-***
Series 1994, 7.400%, 5/01/16 (Pre-refunded to 5/01/04)
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, 7/10 at 100.00 AAA
5.750%, 7/01/20 (Pre-refunded to 7/01/10)
Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development 7/06 at 102.00 AAA
Area 1 Projects, Series 1996C, 6.250%, 7/01/25 (Pre-refunded to 7/01/06)
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 1999-A, 5.875%, 7/01/27 1/10 at 101.00 AAA
(Pre-refunded to 1/01/10) - FGIC Insured
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Residual Option Long Series II-R-103, 1/10 at 101.00 AAA
8.490%, 7/01/20 (IF) (Pre-refunded to 1/01/10)
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 1999-A, 5.750%, 7/01/26 1/10 at 101.00 AAA
(Pre-refunded to 1/01/10) - FGIC Insured
Board of Regents of Eastern Michigan University, General Revenue Bonds, Series 1997, 12/06 at 101.00 AAA
5.500%, 6/01/27 (Pre-refunded to 12/01/06) - FGIC Insured
Holt Public Schools, Ingham and Eaton Counties, Michigan, School Building and Site Bonds, General 5/10 at 100.00 AAA
Obligation - Unlimited Tax, Series 2000A, 5.500%, 5/01/23 (Pre-refunded to 5/01/10) - FGIC Insured
Lake Orion Community School District, Oakland County, Michigan, School Building and Site Refunding 5/05 at 101.00 AAA
Bonds, Series 1994, 7.000%, 5/01/15 (Pre-refunded to 5/01/05) - AMBAC Insured
Market
Description Value
- -----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 13.4%
Detroit, Michigan, Building Authority, Revenue Bonds, District Court Madison Center, Series 1996A, $ 2,181,380
6.150%, 2/01/11
Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development 1,016,900
Area 1 Projects, Series 1998A, 4.750%, 7/01/25 - MBIA Insured
Detroit/Wayne County Stadium Authority, Michigan, Building Authority Stadium Bonds, General 11,816,640
Obligation Limited Tax, Series 1997, 5.250%, 2/01/27 - FGIC Insured
Downtown Development Authority of Grand Rapids, Michigan, Tax Increment Revenue Bonds,
Series 1994:
0.000%, 6/01/17 - MBIA Insured 2,232,796
0.000%, 6/01/18 - MBIA Insured 1,745,526
6.875%, 6/01/24 - MBIA Insured 1,770,797
Michigan Municipal Bond Authority, Local Government Loan Program Revenue Bonds, Series 1991A, 250,720
4.750%, 12/01/09 - FGIC Insured
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2001,
5.500%, 10/15/19 3,098,080
5.000%, 10/15/24 5,296,050
Michigan, Certificates of Participation, 525 Redevco, Inc., Series 2000, 5.500%, 6/01/20 - 1,690,350
AMBAC Insured
Michigan, Certificates of Participation, New Center Development, Inc., Series 2001, 5.375%, 9/01/21 - 1,350,394
MBIA Insured
Michigan, State Trunk Line Fund Bonds, Series 2001A, 5.000%, 11/01/25 2,104,440
Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 - 2,347,980
AMBAC Insured
Romulus Tax Increment Finance Authority, Wayne County, Michigan, Limited Obligation Revenue 1,156,925
Development Bonds, Remarketed, Series 1994, 6.750%, 11/01/19
- -----------------------------------------------------------------------------------------------------------------
Transportation - 1.1%
Wayne Charter County, Michigan, Detroit Metropolitan Wayne County Airport, Airport Revenue Bonds, 3,110,280
Series 1998B, 5.000%, 12/01/28
- -----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 20.7%
Battle Creek Downtown Development Authority, Calhoun County, Michigan, Tax Increment Revenue 1,079,130
Bonds, Series 1994, 7.600%, 5/01/16 (Pre-refunded to 5/01/04)
Battle Creek Tax Increment Finance Authority, Calhoun County, Michigan, Development Bonds, 1,940,454
Series 1994, 7.400%, 5/01/16 (Pre-refunded to 5/01/04)
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, 264,001
5.750%, 7/01/20 (Pre-refunded to 7/01/10)
Detroit, Michigan, Downtown Development Authority, Tax Increment Refunding Bonds, Development 5,821,500
Area 1 Projects, Series 1996C, 6.250%, 7/01/25 (Pre-refunded to 7/01/06)
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 1999-A, 5.875%, 7/01/27 3,012,850
(Pre-refunded to 1/01/10) - FGIC Insured
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Residual Option Long Series II-R-103, 9,069,060
8.490%, 7/01/20 (IF) (Pre-refunded to 1/01/10)
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 1999-A, 5.750%, 7/01/26 2,393,900
(Pre-refunded to 1/01/10) - FGIC Insured
Board of Regents of Eastern Michigan University, General Revenue Bonds, Series 1997, 1,487,447
5.500%, 6/01/27 (Pre-refunded to 12/01/06) - FGIC Insured
Holt Public Schools, Ingham and Eaton Counties, Michigan, School Building and Site Bonds, General 1,181,500
Obligation - Unlimited Tax, Series 2000A, 5.500%, 5/01/23 (Pre-refunded to 5/01/10) - FGIC Insured
Lake Orion Community School District, Oakland County, Michigan, School Building and Site Refunding 4,484,080
Bonds, Series 1994, 7.000%, 5/01/15 (Pre-refunded to 5/01/05) - AMBAC Insured
- ----
27
Portfolio of Investments
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal Optional Call
Amount (000) Description Provisions*
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 2,000 Macomb County Township Building Authority, Michigan, Building Authority Bonds, Series 2000, 4/08 at 101.00
6.000%, 4/01/27 (Pre-refunded to 4/01/08) - FGIC Insured
Michigan Municipal Bond Authority, State Revolving Fund Revenue Bonds, Series 1994:
1,000 6.500%, 10/01/14 (Pre-refunded to 10/01/04) 10/04 at 102.00
1,000 6.500%, 10/01/17 (Pre-refunded to 10/01/04) 10/04 at 102.00
500 Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2000, 10/10 at 101.00
5.875%, 10/01/17 (Pre-refunded to 10/01/10)
5,000 Michigan State Hospital Finance Authority, Revenue Bonds, Ascension Health Credit Group, 11/09 at 101.00
Series 1999A, 6.125%, 11/15/26 (Pre-refunded to 11/15/09)
2,775 Milan Area Schools, Washtenaw and Monroe Counties, Michigan, School Building and Site Bonds, 5/10 at 100.00
General Obligation - Unlimited Tax, Series 2000A, 5.750%, 5/01/20 (Pre-refunded to 5/01/10) -
FGIC Insured
1,000 Oakland County Economic Development Corporation, Michigan, Limited Obligation Revenue 11/04 at 102.00
Refunding Bonds, Cranbrook Educational Community, Series 1994C, 6.900%, 11/01/14 (Pre-refunded
to 11/01/04)
1,215 Potterville Public Schools, Easton County, Michigan, School Building and Site Bonds, General 5/09 at 100.00
Obligation - Unlimited Tax, Series 1999, 5.750%, 5/01/20 (Pre-refunded to 5/01/09) - FSA Insured
180 Saginaw-Midland Municipal Water Supply Corporation, Michigan, Water Supply Revenue Bonds, 9/04 at 102.00
General Obligation Limited Tax, Series 1992, 6.875%, 9/01/16 (Pre-refunded to 9/01/04)
7,000 Vicksburg Community Schools, Kalamazoo and St. Joseph Counties, Michigan, School Building and Site 5/06 at 37.24
Bonds, Series 1991, 0.000%, 5/01/20 (Pre-refunded to 5/01/06) - MBIA Insured
2,470 Waterford School District, Oakland County, Michigan, General Obligation Bonds, Series 1995, 6/04 at 101.00
6.375%, 6/01/14 (Pre-refunded to 6/01/04) - FGIC Insured
5,000 Wayland Union School District, Allegan, Barry and Kent Counties, Michigan, School Building and Site 5/05 at 101.00
Bonds, General Obligation - Unlimited Tax, Series 1994, 6.250%, 5/01/14 (Pre-refunded to
5/01/05) - FGIC Insured
- ---------------------------------------------------------------------------------------------------------------------------------
Utilities - 6.9%
1,000 Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, 2001 Series A, 1/12 at 100.00
5.250%, 1/01/27 - AMBAC Insured
3,000 Michigan State South Central Power Agency, Power Supply System Revenue Refunding Bonds, 11/04 at 102.00
Series 1994, 7.000%, 11/01/11
1,000 Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, No Opt. Call
6.000%, 5/01/12
3,300 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company 9/11 at 100.00
Pollution Control Project Bonds, Collateralized, Fixed-Rate Conversion, Series 1999C,
5.650%, 9/01/29 (Alternative Minimum Tax)
3,500 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, 6/04 at 102.00
Series 1994B, 6.450%, 6/15/24 - AMBAC Insured
1,000 Monroe County, Michigan, Economic Development Corporation, Limited Obligation Revenue Refunding No Opt. Call
Bonds, Collateralized, Detroit Edison Company Project, Series 1992AA, 6.950%, 9/01/22 -
FGIC Insured
1,000 Monroe County, Michigan, Pollution Control Revenue Bonds, Detroit Edison Company Project, No Opt. Call
Series 1994A, 6.350%, 12/01/04 (Alternative Minimum Tax) - AMBAC Insured
4,000 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 1989O, No Opt. Call
0.000%, 7/01/17 - MBIA Insured
2,000 Wyandotte, Michigan, Electric Revenue Bonds, Series 2002 Refunding, 5.375%, 10/01/16 - 10/08 at 101.00
MBIA Insured
- ---------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 6.6%
4,455 Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 1999A, 0.000%, 7/01/19 - No Opt. Call
FGIC Insured
Market
Description Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
Macomb County Township Building Authority, Michigan, Building Authority Bonds, Series 2000, AAA $2,382,560
6.000%, 4/01/27 (Pre-refunded to 4/01/08) - FGIC Insured
Michigan Municipal Bond Authority, State Revolving Fund Revenue Bonds, Series 1994:
6.500%, 10/01/14 (Pre-refunded to 10/01/04) AAA 1,091,610
6.500%, 10/01/17 (Pre-refunded to 10/01/04) AAA 1,091,610
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2000, AAA 612,655
5.875%, 10/01/17 (Pre-refunded to 10/01/10)
Michigan State Hospital Finance Authority, Revenue Bonds, Ascension Health Credit Group, AAA 6,164,800
Series 1999A, 6.125%, 11/15/26 (Pre-refunded to 11/15/09)
Milan Area Schools, Washtenaw and Monroe Counties, Michigan, School Building and Site Bonds, AAA 3,322,313
General Obligation - Unlimited Tax, Series 2000A, 5.750%, 5/01/20 (Pre-refunded to 5/01/10) -
FGIC Insured
Oakland County Economic Development Corporation, Michigan, Limited Obligation Revenue Aaa 1,101,670
Refunding Bonds, Cranbrook Educational Community, Series 1994C, 6.900%, 11/01/14 (Pre-refunded
to 11/01/04)
Potterville Public Schools, Easton County, Michigan, School Building and Site Bonds, General AAA 1,443,420
Obligation - Unlimited Tax, Series 1999, 5.750%, 5/01/20 (Pre-refunded to 5/01/09) - FSA Insured
Saginaw-Midland Municipal Water Supply Corporation, Michigan, Water Supply Revenue Bonds, A2*** 196,481
General Obligation Limited Tax, Series 1992, 6.875%, 9/01/16 (Pre-refunded to 9/01/04)
Vicksburg Community Schools, Kalamazoo and St. Joseph Counties, Michigan, School Building and Site AAA 2,492,700
Bonds, Series 1991, 0.000%, 5/01/20 (Pre-refunded to 5/01/06) - MBIA Insured
Waterford School District, Oakland County, Michigan, General Obligation Bonds, Series 1995, AAA 2,625,832
6.375%, 6/01/14 (Pre-refunded to 6/01/04) - FGIC Insured
Wayland Union School District, Allegan, Barry and Kent Counties, Michigan, School Building and Site AAA 5,534,100
Bonds, General Obligation - Unlimited Tax, Series 1994, 6.250%, 5/01/14 (Pre-refunded to
5/01/05) - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------
Utilities - 6.9%
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, 2001 Series A, AAA 1,074,620
5.250%, 1/01/27 - AMBAC Insured
Michigan State South Central Power Agency, Power Supply System Revenue Refunding Bonds, Baa1 3,253,350
Series 1994, 7.000%, 11/01/11
Michigan South Central Power Agency, Power Supply System Revenue Bonds, Series 2000, Baa1 1,109,550
6.000%, 5/01/12
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company A- 3,459,225
Pollution Control Project Bonds, Collateralized, Fixed-Rate Conversion, Series 1999C,
5.650%, 9/01/29 (Alternative Minimum Tax)
Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, AAA 3,745,385
Series 1994B, 6.450%, 6/15/24 - AMBAC Insured
Monroe County, Michigan, Economic Development Corporation, Limited Obligation Revenue Refunding AAA 1,371,750
Bonds, Collateralized, Detroit Edison Company Project, Series 1992AA, 6.950%, 9/01/22 -
FGIC Insured
Monroe County, Michigan, Pollution Control Revenue Bonds, Detroit Edison Company Project, AAA 1,071,490
Series 1994A, 6.350%, 12/01/04 (Alternative Minimum Tax) - AMBAC Insured
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 1989O, AAA 2,230,400
0.000%, 7/01/17 - MBIA Insured
Wyandotte, Michigan, Electric Revenue Bonds, Series 2002 Refunding, 5.375%, 10/01/16 - AAA 2,279,640
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 6.6%
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 1999A, 0.000%, 7/01/19 - AAA 2,225,985
FGIC Insured
- ----
28
Principal Optional Call
Amount (000) Description Provisions*
- ------------------------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 3,000 Detroit, Michigan, Sewage Disposal System Revenue Bonds, Senior Lien Series 2001A, 7/11 at 100.00
5.125%, 7/01/31 - FGIC Insured
Detroit, Michigan, Water Supply System Revenue Senior Lien Bonds, Series 2001A:
2,500 5.000%, 7/01/30 - FGIC Insured 7/11 at 100.00
3,000 5.500%, 7/01/33 - FGIC Insured 7/11 at 101.00
7,000 Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/25 - 7/13 at 100.00
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------
$285,730 Total Long-Term Investments (cost $254,778,714) - 98.4%
- ------------------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.6%
-----------------------------------------------------------------------------------------------------------------
Net Assets - 100%
-----------------------------------------------------------------------------------------------------------------
Market
Description Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Senior Lien Series 2001A, AAA $ 3,160,500
5.125%, 7/01/31 - FGIC Insured
Detroit, Michigan, Water Supply System Revenue Senior Lien Bonds, Series 2001A:
5.000%, 7/01/30 - FGIC Insured AAA 2,610,550
5.500%, 7/01/33 - FGIC Insured AAA 3,293,940
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/25 - AAA 7,423,774
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------
Total Long-Term Investments (cost $254,778,714) - 98.4% 280,000,897
- ------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 4,473,414
- ------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $284,474,311
- ------------------------------------------------------------------------------------------------------------------------
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
(IF) Inverse floating rate security.
N/R Investment is not rated.
See accompanying notes to financial statements.
- ----
29
Portfolio of Investments
NUVEEN MISSOURI MUNICIPAL BOND FUND
May 31, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- --------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.7%
$ 3,225 St. Louis Industrial Development Authority, Missouri, No Opt. Call AAA $2,014,206
Senior Lien Revenue Bonds, St. Louis Convention Center
Headquarters Hotel Project, Series 2000A, 0.000%, 7/15/15
- AMBAC Insured
- --------------------------------------------------------------------------------------------------------------
Consumer Staples - 4.5%
3,000 Cape Girardeau County Industrial Development Authority, 5/08 at 101.00 AA- 3,094,500
Missouri, Solid Waste Disposal Revenue Bonds, Procter &
Gamble Paper Products Company Project, 1998 Series,
5.300%, 5/15/28 (Alternative Minimum Tax)
8,100 Missouri State Development Finance Board, Solid Waste No Opt. Call AA- 8,979,417
Disposal Revenue Bonds, Procter & Gamble Paper Products
Company Project, Series 1999, 5.200%, 3/15/29 (Alternative
Minimum Tax)
- --------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 9.6%
1,000 Kansas City Metropolitan Community Colleges Building 7/11 at 100.00 Aaa 1,143,240
Corporation, Missouri, Leasehold Revenue Bonds, Series
2001, 5.500%, 7/01/18 - FGIC Insured
1,000 Missouri Development Finance Board, Cultural Facilities 12/11 at 100.00 AAA 1,049,050
Revenue Bonds, Nelson Gallery Foundation, Series 2001A,
5.000%, 12/01/30 - MBIA Insured
1,000 Missouri Higher Education Loan Authority, Student Loan 8/03 at 101.00 A2 1,013,040
Subordinate Lien Revenue Bonds, Series 1992, 6.500%,
2/15/06 (Alternative Minimum Tax)
4,190 Missouri Higher Education Loan Authority, Student Loan 2/04 at 102.00 A2 4,357,432
Subordinate Lien Revenue Bonds, Series 1994F, 6.750%,
2/15/09 (Alternative Minimum Tax)
1,000 Missouri Health and Educational Facilities Authority, No Opt. Call AA+ 1,209,720
Educational Facilities Revenue Bonds, Washington
University Issue, Series 2001A, 5.500%, 6/15/16
1,475 Missouri Health and Educational Facilities Authority, 3/11 at 100.00 AA+ 1,541,877
Educational Facilities Revenue Refunding Bonds, Washington
University, Series 2001B, 5.000%, 3/01/30
Missouri Health and Educational Facilities Authority,
Educational Facilities Revenue Bonds, Maryville University
of St. Louis Project, Series 1997:
1,000 5.625%, 6/15/13 6/07 at 101.00 Baa2 1,069,940
1,750 5.750%, 6/15/17 6/07 at 101.00 Baa2 1,848,578
1,100 Missouri Health and Educational Facilities Authority, 10/08 at 100.00 N/R 1,092,850
Educational Facilities Revenue Bonds, Barstow School,
Series 1998, 5.250%, 10/01/23
1,000 Missouri Health and Educational Facilities Authority, 1/10 at 100.00 AA 1,106,940
Educational Facilities Revenue Bonds, Central Institute
for the Deaf, Series 1999, 5.850%, 1/01/22 - RAAI Insured
900 Missouri Health and Educational Facilities Authority, 6/08 at 102.00 A1 969,867
Educational Facilities Revenue Bonds, Stephens College
Issue, Series 1999, 6.000%, 6/01/24
3,375 Missouri Health and Educational Facilities Authority, 6/10 at 100.00 Baa2 3,618,439
Educational Facilities Revenue Bonds, Maryville University
of St. Louis Project, Series 2000, 6.750%, 6/15/30
1,360 Missouri Health and Educational Facilities Authority, 4/11 at 100.00 Aaa 1,552,440
Educational Facilities Revenue Bonds, Webster University,
Series 2001, 5.500%, 4/01/18 - MBIA Insured
Missouri Industrial Development Authority, Industrial
Revenue Refunding Bonds, Kiel Center Multipurpose Arena
Project, Series 1992:
650 7.625%, 12/01/09 (Alternative Minimum Tax) 6/03 at 102.00 N/R 658,405
1,000 7.750%, 12/01/13 (Alternative Minimum Tax) 6/03 at 102.00 N/R 1,014,690
500 7.875%, 12/01/24 (Alternative Minimum Tax) 6/03 at 102.00 N/R 508,225
2,060 Southeast Missouri State University System, Facilities 4/11 at 100.00 Aaa 2,157,047
Revenue Refunding and Improvement Bonds, Series 2001,
5.000%, 4/01/26 - MBIA Insured
- --------------------------------------------------------------------------------------------------------------
Healthcare - 6.5%
1,000 Missouri Health and Educational Facilities Authority, 6/11 at 101.00 AAA 1,069,140
Health Facilities Revenue Bonds, St. Luke's
Episcopal-Presbyterian Hospital, Series 2001, 5.250%,
12/01/26 - FSA Insured
Missouri Health and Educational Facilities Authority,
Health Facilities Revenue Bonds, Freeman Health System
Project, Series 1998:
1,500 5.250%, 2/15/18 2/08 at 102.00 BBB+ 1,523,940
1,300 5.250%, 2/15/28 2/08 at 102.00 BBB+ 1,286,584
- ----
30
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- --------------------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 500 Missouri Health and Educational Facilities Authority, 11/06 at 100.00 BBB+ $ 501,450
Health Facilities Revenue Bonds, Capital Region Medical
Center, Series 1998, 5.250%, 11/01/23
2,000 Missouri Health and Educational Facilities Authority, 12/10 at 101.00 A 2,154,960
Health Facilities Revenue Bonds, St. Anthony's Medical
Center, Series 2000, 6.250%, 12/01/30
Missouri Health and Educational Facilities Authority,
Health Facilities Revenue Bonds, Lester Cox Medical Center,
Series 1992H:
2,650 0.000%, 9/01/17 - MBIA Insured No Opt. Call AAA 1,475,679
4,740 0.000%, 9/01/21 - MBIA Insured No Opt. Call AAA 2,088,871
6,300 0.000%, 9/01/22 - MBIA Insured No Opt. Call AAA 2,614,815
1,000 New Liberty Hospital District, Missouri, Revenue Bonds, 12/11 at 100.00 AAA 1,059,270
Series 2001, 5.000%, 12/01/21 - AMBAC Insured
2,880 Taney County Industrial Development Authority, Missouri, 5/08 at 101.00 BBB 2,837,606
Hospital Revenue Bonds, Skaggs Community Hospital
Association, Series 1998, 5.400%, 5/15/28
950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R 961,932
County Memorial Hospital, Series 2000, 7.250%, 6/15/25
- --------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 10.9%
Clay County Industrial Development Authority, Missouri,
Multifamily Housing Revenue Bonds, Oak Creek Apartments,
GNMA Collateral, Series 2002A:
1,320 6.125%, 7/20/25 (Alternative Minimum Tax) 7/13 at 105.00 AAA 1,486,016
2,530 6.300%, 1/20/38 (Alternative Minimum Tax) 7/13 at 103.00 AAA 2,811,918
1,630 Lees Summit Industrial Development Authority, Missouri, 10/09 at 100.00 AAA 1,728,208
Multifamily Housing Revenue Bonds, Crossroads of Lees
Summit Apartments Project, Series 1999A, 6.100%, 4/01/24
(Alternative Minimum Tax) - FSA Insured
1,675 Missouri Housing Development Commission, Housing 7/03 at 100.00 AA+ 1,676,541
Development Refunding Bonds, Federally Insured Mortgage
Loans, Series 1992, 6.600%, 7/01/24
885 Missouri Housing Development Commission, Multifamily 12/05 at 103.00 N/R 901,452
Housing Revenue Bonds, Primm Place Apartments Project,
Series 1995A, 6.250%, 12/01/17 (Alternative Minimum Tax)
2,690 Missouri Housing Development Commission, Multifamily 4/08 at 102.00 N/R 2,517,383
Housing Revenue Bonds, Mansion Apartment Phase II Project,
Series 1999, 6.125%, 10/01/22 (Alternative Minimum Tax)
Missouri Housing Development Commission, Multifamily
Housing Revenue Bonds, GNMA Collateralized Mortgage Loan,
JB Hughes Apartments, Series 2002G:
294 6.200%, 5/20/19 5/12 at 105.00 Aaa 336,492
975 6.300%, 5/20/37 5/12 at 105.00 Aaa 1,100,161
1,805 St. Louis County Industrial Development Authority, 1/09 at 105.00 AAA 1,864,186
Missouri, Housing Revenue Refunding Bonds, Southfield and
Oak Forest II Apartments, GNMA Collateralized Subordinate
Lien, Series 2002A, 5.200%, 1/20/36
2,000 Housing Authority of St. Louis County, Missouri, 3/05 at 102.00 AAA 2,102,780
Multifamily Housing Revenue Refunding Bonds, Kensington
Square Apartments Project, Series 1995, 6.650%, 3/01/20
9,105 St. Louis County Industrial Development Authority, 8/06 at 105.00 AAA 9,887,484
Missouri, Multifamily Housing Revenue Bonds, GNMA
Mortgage-Backed Securities, Covington Manor Apartments,
Series 1996A, 6.875%, 8/20/36 (Alternative Minimum Tax)
1,890 St. Louis Land Clearance for Redevelopment Authority, 11/03 at 102.00 AAA 1,936,626
Missouri, Multifamily Mortgage Refunding Bonds,
FHA-Insured Mortgage Loan, St. Louis Place Apartments,
Series 1993, 6.250%, 8/01/27
925 University City Industrial Development Authority, Missouri, 8/07 at 102.00 Aaa 979,742
Revenue Refunding Bonds, GNMA Collateralized - River
Valley Apartments, Series 1997A, 5.900%, 2/20/37
- --------------------------------------------------------------------------------------------------------------
Housing/Single Family - 4.1%
1,275 Greene County, Missouri, Collateralized Single Family No Opt. Call AAA 1,515,809
Mortgage Revenue Bonds, Series 1996, 6.300%, 12/01/22
(Alternative Minimum Tax)
790 Missouri Housing Development Commission, Single Family 1/07 at 102.00 AAA 832,573
Mortgage Revenue Bonds, Homeownership Loan Program, 1996
Series D, 6.125%, 3/01/28 (Alternative Minimum Tax)
- ----
31
Portfolio of Investments
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- --------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 350 Missouri Housing Development Commission, Single Family 3/07 at 105.00 AAA $ 366,800
Mortgage Revenue Bonds, Homeownership Loan Program, 1997
Series A-2, 7.300%, 3/01/28 (Alternative Minimum Tax)
800 Missouri Housing Development Commission, Single Family 3/06 at 105.00 AAA 833,904
Mortgage Revenue Bonds, Homeownership Loan Program, 1995
Series C, 7.250%, 9/01/26 (Alternative Minimum Tax)
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, Homeownership Loan Program, 1995
Series B Remarketing:
1,010 6.375%, 9/01/20 (Alternative Minimum Tax) 9/06 at 102.00 AAA 1,077,599
800 6.450%, 9/01/27 (Alternative Minimum Tax) 9/06 at 102.00 AAA 849,064
895 Missouri Housing Development Commission, Single Family 9/06 at 105.00 AAA 921,931
Mortgage Revenue Bonds, Homeownership Loan Program, 1996
Series B, 7.550%, 9/01/27 (Alternative Minimum Tax)
Missouri Housing Development Commission, Single Family
Mortgage Revenue Bonds, GNMA Mortgage-Backed Securities
Program, 1994 Series A:
100 6.700%, 12/01/07 (Alternative Minimum Tax) 12/04 at 102.00 AAA 104,378
425 7.125%, 12/01/14 (Alternative Minimum Tax) 12/04 at 102.00 AAA 442,230
185 7.200%, 12/01/17 (Alternative Minimum Tax) 12/04 at 102.00 AAA 192,561
535 Missouri Housing Development Commission, Single Family 3/08 at 105.00 AAA 560,461
Mortgage Revenue Bonds, Homeownership Loan Program, 1998
Series B-2, 6.400%, 3/01/29 (Alternative Minimum Tax)
2,055 Missouri Housing Development Commission, Single Family 9/09 at 100.00 AAA 2,206,556
Mortgage Revenue Bonds, Homeownership Loan Program, 2000
Series A-1, 6.300%, 9/01/25
1,035 Missouri Housing Development Commission, Single Family 3/10 at 100.00 AAA 1,114,798
Mortgage Revenue Bonds, Homeownership Loan Program, 2000
Series B-1, 6.200%, 9/01/25 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------
Long-Term Care - 10.5%
4,800 Industrial Development Authority of Kansas City, Missouri, 11/08 at 102.00 N/R 4,328,544
Retirement Facility Revenue Refunding and Improvement
Bonds, Kingswood Project, Series 1998A, 5.875%, 11/15/29
1,000 Industrial Development Authority of the City of Lees 8/05 at 102.00 N/R 1,048,690
Summit, Missouri, Health Facilities Revenue Bonds, John
Knox Village Project, Series 1995, 6.625%, 8/15/13
5,000 Industrial Development Authority of the City of Lees 8/09 at 101.00 N/R 5,366,500
Summit, Missouri, Health Facilities Revenue Bonds, John
Knox Village Project, Series 1999, 6.000%, 8/15/17
1,500 Industrial Development Authority of the City of Lees 8/12 at 101.00 N/R 1,563,405
Summit, Missouri, Health Facilities Revenue Bonds, John
Knox Village Project, Series 2002, 5.700%, 8/15/22
1,285 Missouri Development Finance Board, Healthcare Facilities 11/11 at 100.00 A2 1,355,726
Revenue Bonds, Lutheran Home for the Aged Project, Series
2001A, 5.600%, 11/01/21
3,750 Health and Educational Facilities Authority of the State of 2/06 at 102.00 N/R 3,917,362
Missouri, Health Facilities Revenue Bonds, Lutheran Senior
Services, Series 1996A, 6.375%, 2/01/27
3,500 Health and Educational Facilities Authority of the State of 2/07 at 102.00 N/R 3,610,110
Missouri, Health Facilities Revenue Bonds, Lutheran Senior
Services, Series 1997, 5.875%, 2/01/23
Industrial Development Authority of the County of St.
Louis, Missouri, Refunding Revenue Bonds, Friendship
Village of West County Project, Series 1996A:
1,265 5.750%, 9/01/05 No Opt. Call N/R 1,292,058
1,800 6.250%, 9/01/10 9/06 at 102.00 N/R 1,921,644
2,425 Industrial Development Authority of the County of St. 8/05 at 104.00 AAA 2,701,596
Louis, Missouri, Healthcare Facilities Revenue Bonds, GNMA
Collateralized, Mother of Perpetual Help Project, Series
1995, 6.250%, 8/01/28
1,200 Industrial Development Authority of the County of St. 3/10 at 102.00 AAA 1,273,776
Louis, Missouri, Healthcare Facilities Revenue Bonds, GNMA
Collateralized, Mary, Queen and Mother Association
Project, Series 2001, 5.400%, 9/20/34
- --------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 9.3%
2,000 Cass County Reorganized School District R-02, Missouri, 3/12 at 100.00 AAA 2,210,180
General Obligation Bonds, Series 2002, 5.250%, 3/01/20 -
FSA Insured
540 Clay County Public School District 53, Liberty, Missouri, 3/12 at 100.00 AA+ 589,340
General Obligation Bonds, Series 2001C, 5.200%, 3/01/21
- ----
32
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- --------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,280 Clay County Public School District 53, Liberty, Missouri, 3/12 at 100.00 AAA $1,365,389
General Obligation Bonds, Series 2002B, 5.000%, 3/01/22 -
FSA Insured
2,515 Jackson County Consolidated School District 2, Raytown, No Opt. Call AAA 2,875,852
Missouri, General Obligation Bonds, Series 2002 Refunding,
5.000%, 3/01/11 - FSA Insured
1,000 Lees Summit Reorganized School District 7, Jackson County, 3/12 at 100.00 AAA 1,117,710
Missouri, General Obligation Bonds, Series 2002 Refunding
and Improvement, 5.250%, 3/01/18 - FSA Insured
1,000 Jefferson City School District, Missouri, General No Opt. Call Aa2 1,236,550
Obligation Bonds, Series 1991A, 6.700%, 3/01/11
3,000 State of Missouri, General Obligation Bonds, Fourth State 10/12 at 100.00 AAA 3,341,700
Building Refunding, Series 2002A, 5.000%, 10/01/18
750 Polk County, Missouri, Bolivar R-1 School District, General 3/10 at 100.00 AA+ 828,998
Obligation Bonds, Missouri Direct Deposit Program, Series
2000, 5.700%, 3/01/20
1,345 Pattonville R-3 School District, St. Louis County, No Opt. Call AAA 1,731,150
Missouri, General Obligation Bonds, Series 2000, 6.500%,
3/01/14 - FGIC Insured
3,000 Board of Education of the City of St. Louis, Missouri, 4/12 at 100.00 AA+ 3,334,470
General Obligation Bonds, Series 2002A, 5.250%, 4/01/19
1,560 Board of Education of the City of St. Louis, Missouri, 4/13 at 100.00 AAA 1,686,407
General Obligation Bonds, Series 2003A Refunding, 5.000%,
4/01/21 - FSA Insured
School District of Springfield, Missouri, General
Obligation Bonds, Series 2003:
3,000 5.000%, 3/01/22 - FGIC Insured 3/13 at 100.00 AAA 3,221,310
1,500 5.000%, 3/01/23 - FGIC Insured 3/13 at 100.00 AAA 1,603,170
- --------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 16.6%
970 Brentwood, Missouri, Tax Increment Bonds, Promenade 4/09 at 100.00 AA 1,000,448
Project, Series 2002 Refunding, 4.700%, 4/01/19 - RAAI
Insured
1,875 Public Building Corporation of Christian County, Missouri, 6/10 at 100.00 AA 2,105,288
Leasehold Revenue Bonds, Justice Center Project, Series
2000, 5.450%, 6/01/15 - RAAI Insured
1,025 Excelsior Springs, Missouri, School District 40 Building No Opt. Call AAA 690,696
Corporation, Leasehold Revenue Bonds, Series 1994, 0.000%,
3/01/14 - FSA Insured
2,750 Fenton, Missouri, Tax Increment Bonds, Gravois Bluffs 10/12 at 100.00 N/R 2,840,503
Project, Series 2002 Refunding and Improvement, 6.125%,
10/01/21
4,240 Howard Bend Levee District, St. Louis County, Missouri, 3/09 at 101.00 N/R 4,477,567
Levee District Improvement Bonds, Series 1999, 5.850%,
3/01/19
1,200 Land Clearance for Redevelopment Authority of Kansas City, 12/05 at 102.00 AAA 1,344,084
Missouri, Lease Revenue Bonds, Municipal Auditorium and
Muehlebach Hotel Redevelopment Projects, Series 1995A,
5.900%, 12/01/18 - FSA Insured
Mehlville R-9 School District, St. Louis County, Missouri,
Certificates of Participation, Capital Improvement
Projects, Series 2002:
1,275 5.500%, 9/01/17 - FSA Insured 9/12 at 100.00 AAA 1,469,004
1,000 5.500%, 9/01/18 - FSA Insured 9/12 at 100.00 AAA 1,145,370
1,500 Kansas City Development Finance Board, Missouri, 4/10 at 100.00 AAA 1,723,785
Infrastructure Facilities Revenue Bonds, Midtown
Redevelopment Projects, Series 2000A, 5.750%, 4/01/22 -
MBIA Insured
4,000 Independence Development Finance Board, Missouri, 4/11 at 100.00 A+ 4,146,560
Infrastructure Facilities Revenue Bonds, Santa Fe
Redevelopment Project, Series 2001, 5.250%, 4/01/23
2,000 Platte County Development Finance Board, Missouri, 3/10 at 100.00 N/R 2,036,080
Infrastructure Facilities Revenue Bonds, Riverside-
Quindaro Bend Levee District, L-385 Project, Series 2001,
5.800%, 3/01/20
450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101.00 AAA 523,544
Missouri, Levee District Improvement Bonds, Series 1999,
5.750%, 3/01/19--MBIA Insured
1,705 O'Fallon, Missouri, Certificates of Participation, Series 2/12 at 100.00 Aaa 1,937,988
2002, 5.250%, 2/01/15--MBIA Insured
Puerto Rico Highway and Transportation Authority, Highway
Revenue Bonds, Series Y of 1996:
900 5.500%, 7/01/36 7/16 at 100.00 A 982,836
4,500 5.000%, 7/01/36 7/16 at 100.00 A 4,605,435
- ----
33
Portfolio of Investments
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- --------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 3,000 Puerto Rico Public Buildings Authority, Guaranteed No Opt. Call A- $3,394,410
Government Facilities Revenue Bonds, Series 1993L, 5.500%,
7/01/21
1,240 St. Louis, Missouri, Municipal Finance Corporation, 2/12 at 100.00 Aaa 1,448,308
Leasehold Revenue Bonds, Carnahan Courthouse Project,
Series 2002A, 5.750%, 2/15/17 - FGIC Insured
1,750 Regional Convention and Sports Complex Authority, City of 8/07 at 100.00 AAA 1,936,918
St. Louis, Missouri, Convention and Sports Facility
Project, Refunding Bonds, Series 1997C, 5.300%, 8/15/20 -
AMBAC Insured
25 Regional Convention and Sports Complex Authority, City of 8/03 at 100.00 N/R 25,156
St. Louis, Missouri, Convention and Sports Facility Bonds,
Series 1991C, 7.900%, 8/15/21
2,950 Public Building Corporation of the City of Springfield, 6/10 at 100.00 AAA 3,485,484
Missouri, Leasehold Revenue Bonds, Jordan Valley Park
Projects, Series 2000A, 6.125%, 6/01/21 - AMBAC Insured
1,945 Springfield, Missouri, City Center Development Corporation, 6/12 at 100.00 Aaa 2,053,920
Leasehold Revenue Bonds, Jordan Valley Park Exposition
Center, Series 2002A, 5.000%, 6/01/27 - AMBAC Insured
1,380 Springfield, Missouri, City Center Development Corporation, 11/11 at 100.00 Aaa 1,461,489
Leasehold Revenue Bonds, Jordan Valley Park Parking Garage
Project, Series 2002D, 5.000%, 11/01/22 - AMBAC Insured
- --------------------------------------------------------------------------------------------------------------
Transportation - 10.8%
5,750 Missouri-Illinois Metropolitan District Bi-State 10/13 at 100.00 AAA 6,085,167
Development Agency, Metrolink Cross County Extension
Project, Mass Transit Sales Tax Appropriation Bonds,
Series 2002B, 5.000%, 10/01/32 - FSA Insured
2,000 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 2,069,800
Bonds, Kansas City International Airport, Series 2001,
5.000%, 4/01/23 (Alternative Minimum Tax) - AMBAC Insured
2,000 Puerto Rico Ports Authority, Special Facilities Revenue 6/06 at 102.00 Caa2 780,060
Bonds, American Airlines, Inc. Project, 1996 Series A,
6.250%, 6/01/26 (Alternative Minimum Tax)
1,000 St. Louis, Missouri, Airport Revenue Bonds, Capital 7/07 at 101.00 AAA 1,027,180
Improvement Program, Lambert-St. Louis International
Airport, Series 1997B, 5.250%, 7/01/27 (Alternative
Minimum Tax) - FGIC Insured
St. Louis, Missouri, Airport Revenue Bonds, Airport
Development Program, Series 2001A:
5,000 5.000%, 7/01/26 - MBIA Insured 7/11 at 100.00 AAA 5,248,950
1,000 5.250%, 7/01/31 - MBIA Insured 7/11 at 100.00 AAA 1,065,530
1,500 St. Louis, Missouri, Airport Revenue Bonds, Capital 7/12 at 100.00 AAA 1,574,205
Improvement Program, Series 2002A, 5.000%, 7/01/32 - MBIA
Insured
St. Louis, Missouri, Airport Revenue Bonds, Series 2003A
Refunding:
3,450 5.250%, 7/01/16 - FSA Insured 7/13 at 100.00 AAA 3,923,098
1,000 5.250%, 7/01/18 - FSA Insured 7/13 at 100.00 AAA 1,121,850
St. Louis Land Clearance for Redevelopment Authority,
Missouri, Tax-Exempt Parking Facility Revenue Refunding and
Improvement Bonds, LCRA Parking Facilities Project, Series
1999C:
1,000 7.000%, 9/01/19 9/09 at 102.00 N/R 1,090,650
2,400 7.050%, 9/01/24 9/09 at 102.00 N/R 2,596,248
2,250 St. Louis, Missouri, Parking Revenue Refunding Bonds, 12/06 at 102.00 AAA 2,497,342
Series 1996, 5.375%, 12/15/21 - MBIA Insured
- --------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 9.1%
2,285 Branson Public Building Corporation, Missouri, Leasehold 11/06 at 101.00 BBB+*** 2,659,969
Revenue Bonds, City Hall and Fire Station Improvement
Projects, Series 1995, 6.250%, 11/01/12 (Pre-refunded to
11/01/06)
4,500 Cape Girardeau County, Missouri, Single Family Mortgage No Opt. Call Aaa 2,905,380
Revenue Bonds, Series 1983, 0.000%,12/01/14
575 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 645,961
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded to 7/01/10)
235 Greene County, Missouri, Single Family Mortgage Revenue No Opt. Call Aaa 140,051
Bonds, Series 1984, 0.000%, 3/01/16
2,000 Jackson County, Missouri, Public Facilities Authority, 12/04 at 100.00 AAA 2,150,160
Leasehold Revenue Refunding and Improvement Bonds, Capital
Improvements Project, Series 1994, 6.125%, 12/01/15
(Pre-refunded to 12/01/04) - MBIA Insured
4,000 Kansas City, Missouri, General Improvement Airport Revenue 9/04 at 101.00 AAA 4,328,360
Bonds, Series 1994B, 6.875%, 9/01/14 (Pre-refunded to
9/01/04) - FSA Insured
- ----
34
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
Health and Educational Facilities Authority of the State of
Missouri, Health Facilities Revenue Bonds, BJC Health
System, Series 1994A:
$ 2,395 6.750%, 5/15/14 No Opt. Call Aa3*** $ 3,130,265
650 6.500%, 5/15/20 5/04 at 102.00 Aa3*** 693,050
3,630 Health and Educational Facilities Authority of the State of 6/04 at 102.00 A1*** 3,894,046
Missouri, Educational Facilities Revenue Bonds, University
of Health Sciences Project, Series 1994, 6.350%, 6/01/14
(Pre-refunded to 6/01/04)
600 Health and Educational Facilities Authority of the State of 10/04 at 101.00 A2*** 647,610
Missouri, Educational Facilities Revenue Bonds, St. Louis
University High School, Series 1994, 6.350%, 10/01/14
(Pre-refunded to 10/01/04)
340 State Environmental Improvement and Energy Resources 7/04 at 102.00 Aaa 369,267
Authority, Missouri, Water Pollution Control Revenue
Bonds, State Revolving Fund Program - Multiple Participant
Series, Series 1994B, 7.200%, 7/01/16 (Pre-refunded to
7/01/04)
750 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 A*** 923,843
Transportation Revenue Bonds, Series 2000B, 6.000%,
7/01/39 (Pre-refunded to 7/01/10) - MBIA Insured
1,000 Regional Convention and Sports Complex Authority, County of 8/03 at 100.00 AAA 1,012,430
St. Louis, Missouri, Convention and Sports Facility
Project Bonds, Series 1991B, 7.000%, 8/15/11 (Pre-refunded
to 8/15/03)
955 Regional Convention and Sports Complex Authority, City of 8/03 at 100.00 AAA 968,609
St. Louis, Missouri, Convention and Sports Facility Bonds,
Series 1991C, 7.900%, 8/15/21 (Pre-refunded to 8/15/03)
- ----------------------------------------------------------------------------------------------------------------
Utilities - 3.8%
2,710 Columbia, Missouri, Water and Electric Revenue Bonds, 10/12 at 100.00 AAA 2,864,064
Series 2002A, 5.000%, 10/01/26 - AMBAC Insured
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 1,080,340
2002 Series II, 5.125%, 7/01/26 - FSA Insured
2,000 Sikeston, Missouri, Electric System Revenue Bonds, 1992 No Opt. Call AAA 2,421,760
Series, 6.200%, 6/01/10 - MBIA Insured
3,030 Sikeston, Missouri, Electric System Revenue Refunding No Opt. Call AAA 3,782,561
Bonds, 1996 Series, 6.000%, 6/01/14 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer - 2.6%
1,825 Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, 1/12 at 100.00 AA 2,016,242
2002 Series D-1, 5.375%, 1/01/22
1,635 Missouri State Environmental Improvement and Energy 4/09 at 100.00 AA 1,819,788
Resources Authority, Water Facilities Revenue Refunding
Bonds, Tri-County Water Authority Project, Series 1999,
6.000%, 4/01/22 - RAAI Insured
545 State Environmental Improvement and Energy Resources 10/03 at 100.00 Aaa 547,665
Authority, Missouri, Water Pollution Control Revenue
Bonds, State Revolving Fund, City of Springfield Project,
Series 1990A, 7.000%, 10/01/10
365 State Environmental Improvement and Energy Resources 7/03 at 101.00 Aaa 373,866
Authority, Missouri, Water Pollution Control Revenue
Bonds, State Revolving Fund, Multi-Participant Program,
Series 1992A, 6.550%, 7/01/14
260 State Environmental Improvement and Energy Resources 7/04 at 102.00 Aaa 281,078
Authority, Missouri, Water Pollution Control Revenue
Bonds, State Revolving Fund Program - Multiple Participant
Series, Series 1994B, 7.200%, 7/01/16
98 Osceola, Missouri, Sewer System Revenue Refunding and 11/03 at 100.00 N/R 98,361
Improvement Bonds, Series 1989, 8.000%, 11/01/09
St. Charles County, Missouri, Public Water Supply District
2, Certificates of Participation, Series 2002A:
750 5.000%, 12/01/26 - MBIA Insured 12/11 at 100.00 Aaa 787,875
1,000 5.250%, 12/01/28 - MBIA Insured 12/11 at 100.00 Aaa 1,071,833
- ----------------------------------------------------------------------------------------------------------------
$260,662 Total Long-Term Investments (cost $248,426,023) - 99.0% 266,972,827
- ----------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.0% 2,805,133
--------------------------------------------------------------------------------------------------
Net Assets - 100% $269,777,960
--------------------------------------------------------------------------------------------------
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
- ----
35
Portfolio of Investments
NUVEEN OHIO MUNICIPAL BOND FUND
May 31, 2003
Principal
Amount (000) Description
- --------------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.8%
$ 12,955 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2002
Refunding, 5.375%, 5/15/33
- --------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 5.2%
2,000 Cincinnati State Technical and Community College, Ohio, General Receipts Revenue Bonds,
Series 2002, 5.000%, 10/01/28 - AMBAC Insured
3,500 Ohio State Education Loan Revenue Bonds, Supplemental Student Loan Program, Series 1997A-1,
5.850%, 12/01/19 (Alternative Minimum Tax) - AMBAC Insured
1,200 Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Findlay Project,
Series 1996, 6.125%, 9/01/16
5,000 Ohio Higher Educational Facilities Commission, Revenue Bonds, Xavier University Project, Series 1997,
5.375%, 5/15/22 - MBIA Insured
1,000 Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton Project,
Series 2000, 5.500%, 12/01/30 - AMBAC Insured
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University Project,
Series 2001:
1,200 5.500%, 12/01/21
2,000 5.000%, 12/01/26
910 Ohio Higher Educational Facilities Commission, Revenue Bonds, Case Western Reserve University
Project, Series 1990B, 6.500%, 10/01/20
3,000 Ohio Higher Educational Facilities Commission, Revenue Bonds, Case Western Reserve University
Project, Series 2002B, 5.500%, 10/01/22
University of Cincinnati, Ohio, General Receipts Bonds, Series 2001A:
1,500 5.750%, 6/01/18 - FGIC Insured
1,520 5.750%, 6/01/19 - FGIC Insured
2,000 5.250%, 6/01/24 - FGIC Insured
4,250 University of Cincinnati, Ohio, General Receipts Bonds, Series 1997AB, 5.375%, 6/01/20 - MBIA Insured
- --------------------------------------------------------------------------------------------------------------------
Healthcare - 16.3%
10,000 Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds,
Summa Health System Project, Series 1998A, 5.375%, 11/15/24
11,900 Cuyahoga County, Ohio, Hospital Improvement Revenue Bonds, MetroHealth System Project,
Series 1999, 6.125%, 2/15/24
1,000 Cuyahoga County, Ohio, Hospital Revenue Refunding and Improvement Bonds, MetroHealth System
Project, Series 1997, 5.625%, 2/15/17 - MBIA Insured
4,400 Cuyahoga County, Ohio, Revenue Bonds, Cleveland Clinic Health System, Series 2003A Refunding,
6.000%, 1/01/32
2,500 Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, Series 2002A,
5.625%, 8/15/32
Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Children's Hospital Project,
Series 1996A:
1,575 5.750%, 11/01/15
5,275 5.875%, 11/01/25
Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross Health Systems Corporation, Series 1996:
965 5.800%, 6/01/16
2,000 5.875%, 6/01/21
5,690 Lorain County, Ohio, Hospital Facilities Revenue Refunding Bonds, EMH Regional Medical Center,
Series 1995, 5.375%, 11/01/21 - AMBAC Insured
2,000 Marion County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Community Hospital,
Series 1996, 6.375%, 5/15/11
1,250 Maumee, Ohio, Hospital Facilities Revenue Bonds, St. Luke's Hospital, Series 1994,
5.800%, 12/01/14 - AMBAC Insured
Optional Call
Description Provisions* Ratings**
- ---------------------------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.8%
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2002 5/12 at 100.00 A-
Refunding, 5.375%, 5/15/33
- ---------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 5.2%
Cincinnati State Technical and Community College, Ohio, General Receipts Revenue Bonds, 10/13 at 100.00 Aaa
Series 2002, 5.000%, 10/01/28 - AMBAC Insured
Ohio State Education Loan Revenue Bonds, Supplemental Student Loan Program, Series 1997A-1, 6/07 at 102.00 AAA
5.850%, 12/01/19 (Alternative Minimum Tax) - AMBAC Insured
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Findlay Project, 9/06 at 101.00 Ba1
Series 1996, 6.125%, 9/01/16
Ohio Higher Educational Facilities Commission, Revenue Bonds, Xavier University Project, Series 1997, 5/07 at 102.00 AAA
5.375%, 5/15/22 - MBIA Insured
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton Project, 12/10 at 101.00 AAA
Series 2000, 5.500%, 12/01/30 - AMBAC Insured
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University Project,
Series 2001:
5.500%, 12/01/21 12/11 at 100.00 Baa1
5.000%, 12/01/26 12/11 at 100.00 Baa1
Ohio Higher Educational Facilities Commission, Revenue Bonds, Case Western Reserve University No Opt. Call AA
Project, Series 1990B, 6.500%, 10/01/20
Ohio Higher Educational Facilities Commission, Revenue Bonds, Case Western Reserve University 10/12 at 100.00 AA
Project, Series 2002B, 5.500%, 10/01/22
University of Cincinnati, Ohio, General Receipts Bonds, Series 2001A:
5.750%, 6/01/18 - FGIC Insured 6/11 at 101.00 AAA
5.750%, 6/01/19 - FGIC Insured 6/11 at 101.00 AAA
5.250%, 6/01/24 - FGIC Insured 6/11 at 101.00 AAA
University of Cincinnati, Ohio, General Receipts Bonds, Series 1997AB, 5.375%, 6/01/20 - MBIA Insured 6/07 at 100.00 AAA
- ---------------------------------------------------------------------------------------------------------------------------------
Healthcare - 16.3%
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, 11/09 at 101.00 Baa1
Summa Health System Project, Series 1998A, 5.375%, 11/15/24
Cuyahoga County, Ohio, Hospital Improvement Revenue Bonds, MetroHealth System Project, 2/09 at 101.00 A-
Series 1999, 6.125%, 2/15/24
Cuyahoga County, Ohio, Hospital Revenue Refunding and Improvement Bonds, MetroHealth System 2/07 at 102.00 AAA
Project, Series 1997, 5.625%, 2/15/17 - MBIA Insured
Cuyahoga County, Ohio, Revenue Bonds, Cleveland Clinic Health System, Series 2003A Refunding, 7/13 at 100.00 A1
6.000%, 1/01/32
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, Series 2002A, 8/12 at 101.00 A
5.625%, 8/15/32
Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Children's Hospital Project,
Series 1996A:
5.750%, 11/01/15 11/06 at 101.00 Aa2
5.875%, 11/01/25 11/06 at 101.00 Aa2
Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross Health Systems Corporation, Series 1996:
5.800%, 6/01/16 6/06 at 102.00 AA-
5.875%, 6/01/21 6/06 at 102.00 AA-
Lorain County, Ohio, Hospital Facilities Revenue Refunding Bonds, EMH Regional Medical Center, 11/05 at 102.00 AAA
Series 1995, 5.375%, 11/01/21 - AMBAC Insured
Marion County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Community Hospital, 5/06 at 102.00 BBB+
Series 1996, 6.375%, 5/15/11
Maumee, Ohio, Hospital Facilities Revenue Bonds, St. Luke's Hospital, Series 1994, 12/04 at 102.00 AAA
5.800%, 12/01/14 - AMBAC Insured
Market
Description Value
- ------------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.8%
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2002 $11,372,676
Refunding, 5.375%, 5/15/33
- ------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 5.2%
Cincinnati State Technical and Community College, Ohio, General Receipts Revenue Bonds, 2,119,320
Series 2002, 5.000%, 10/01/28 - AMBAC Insured
Ohio State Education Loan Revenue Bonds, Supplemental Student Loan Program, Series 1997A-1, 3,719,555
5.850%, 12/01/19 (Alternative Minimum Tax) - AMBAC Insured
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Findlay Project, 1,223,196
Series 1996, 6.125%, 9/01/16
Ohio Higher Educational Facilities Commission, Revenue Bonds, Xavier University Project, Series 1997, 5,510,700
5.375%, 5/15/22 - MBIA Insured
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton Project, 1,107,670
Series 2000, 5.500%, 12/01/30 - AMBAC Insured
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University Project,
Series 2001:
5.500%, 12/01/21 1,286,196
5.000%, 12/01/26 2,035,340
Ohio Higher Educational Facilities Commission, Revenue Bonds, Case Western Reserve University 1,205,359
Project, Series 1990B, 6.500%, 10/01/20
Ohio Higher Educational Facilities Commission, Revenue Bonds, Case Western Reserve University 3,378,690
Project, Series 2002B, 5.500%, 10/01/22
University of Cincinnati, Ohio, General Receipts Bonds, Series 2001A:
5.750%, 6/01/18 - FGIC Insured 1,743,450
5.750%, 6/01/19 - FGIC Insured 1,757,485
5.250%, 6/01/24 - FGIC Insured 2,170,740
University of Cincinnati, Ohio, General Receipts Bonds, Series 1997AB, 5.375%, 6/01/20 - MBIA Insured 4,693,912
- ------------------------------------------------------------------------------------------------------------------
Healthcare - 16.3%
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, 9,285,100
Summa Health System Project, Series 1998A, 5.375%, 11/15/24
Cuyahoga County, Ohio, Hospital Improvement Revenue Bonds, MetroHealth System Project, 12,634,230
Series 1999, 6.125%, 2/15/24
Cuyahoga County, Ohio, Hospital Revenue Refunding and Improvement Bonds, MetroHealth System 1,125,550
Project, Series 1997, 5.625%, 2/15/17 - MBIA Insured
Cuyahoga County, Ohio, Revenue Bonds, Cleveland Clinic Health System, Series 2003A Refunding, 4,790,500
6.000%, 1/01/32
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center, Series 2002A, 2,622,500
5.625%, 8/15/32
Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Children's Hospital Project,
Series 1996A:
5.750%, 11/01/15 1,680,399
5.875%, 11/01/25 5,521,132
Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross Health Systems Corporation, Series 1996:
5.800%, 6/01/16 1,030,118
5.875%, 6/01/21 2,114,620
Lorain County, Ohio, Hospital Facilities Revenue Refunding Bonds, EMH Regional Medical Center, 6,236,468
Series 1995, 5.375%, 11/01/21 - AMBAC Insured
Marion County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Community Hospital, 2,147,440
Series 1996, 6.375%, 5/15/11
Maumee, Ohio, Hospital Facilities Revenue Bonds, St. Luke's Hospital, Series 1994, 1,349,312
5.800%, 12/01/14 - AMBAC Insured
- ----
36
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 2,000 Miami County, Ohio, Hospital Facilities Revenue Refunding 5/06 at 102.00 BBB+ $ 2,107,840
and Improvement Bonds, Upper Valley Medical Center, Series
1996A, 6.250%, 5/15/16
4,205 Miami County, Ohio, Hospital Facilities Revenue Refunding 5/06 at 102.00 BBB+ 4,474,667
and Improvement Bonds, Upper Valley Medical Center, Series
1996C, 6.250%, 5/15/13
4,000 Middleburg Heights, Ohio, Hospital Improvement Revenue 8/08 at 102.00 AAA 4,604,680
Refunding Bonds, Southwest General Health Center Project,
Series 1995, 5.625%, 8/15/15 - FSA Insured
Montgomery County, Ohio, Hospital Facilities Revenue
Refunding and Improvement Bonds, Kettering Medical Center,
Series 1996:
1,500 5.625%, 4/01/16 - MBIA Insured 4/06 at 102.00 AAA 1,669,530
7,000 6.250%, 4/01/20 - MBIA Insured No Opt. Call AAA 8,870,960
9,500 Montgomery County, Ohio, Hospital Facilities Revenue Bonds, 4/10 at 101.00 BBB+ 10,378,275
Kettering Medical Center Network Obligated Group, Series
1999, 6.750%, 4/01/22
13,000 Montgomery County, Ohio, Revenue Bonds, Catholic Health 9/11 at 100.00 AA 13,826,670
Initiatives, Series 2001, 5.375%, 9/01/21
1,250 Parma, Ohio, Hospital Revenue Refunding and Improvement 11/08 at 101.00 A- 1,304,050
Bonds, Parma Community Hospital Association, Series 1998,
5.350%, 11/01/18
2,000 Richland County, Ohio, Hospital Facilities Revenue 11/10 at 101.00 A- 2,169,600
Improvement Bonds, MedCentral Health System Obligated
Group, Series 2000B, 6.375%, 11/15/22
1,200 Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, 10/11 at 101.00 AA 1,246,992
Union Hospital Project, Series 2001, 5.250%, 10/01/31 -
RAAI Insured
- ---------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 5.2%
1,560 Butler County, Ohio, Multifamily Housing Revenue Bonds, 9/08 at 103.00 N/R 1,463,639
Anthony Wayne Apartments Project, Series 1998, 6.500%,
9/01/30 (Alternative Minimum Tax)
1,120 Clark County, Ohio, Multifamily Housing Revenue Bonds, 11/08 at 103.00 N/R 1,043,818
Church of God Retirement Home, Series 1998, 6.250%,
11/01/30 (Alternative Minimum Tax)
16,105 Franklin County, Ohio, Mortgage Revenue Bonds, GNMA 10/07 at 103.00 Aaa 16,687,840
Collateralized, Columbus Properties Project, Series 1997,
5.600%, 4/20/39 (Alternative Minimum Tax)
3,045 Franklin County, Ohio, Multifamily Housing Mortgage Revenue 9/11 at 102.00 Aaa 3,228,309
Bonds, GNMA Collateralized, Carriage House Apartments
Project, Series 2002, 5.400%, 3/20/37
2,705 Henry County, Ohio, Healthcare Facility Revenue Bonds, GNMA 8/09 at 102.00 AAA 2,962,651
Collateralized, Alpine Village Project, Series 1999,
6.375%, 2/20/41
6,315 Ohio Capital Corporation, Housing Mortgage Revenue 2/09 at 102.00 Aa2 6,813,948
Refunding Bonds, FHA-Insured Mortgage Loans - Section 8
Assisted Projects, Series 1999G, 5.950%, 2/01/23
- ---------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.0%
2,490 Ohio Housing Finance Agency, Residential Mortgage Revenue 7/09 at 100.00 Aaa 2,614,799
Bonds, Mortgage-Backed Securities Program, Fixed-Rate,
1999 Series C, 5.750%, 9/01/30 (Alternative Minimum Tax)
4,255 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/07 at 102.00 Aaa 4,477,792
Bonds, Mortgage-Backed Securities Program, 1996 Series
B-3, 5.750%, 9/01/28 (Alternative Minimum Tax)
4,160 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/07 at 102.00 Aaa 4,377,818
Bonds, Series 1997C, 5.750%, 9/01/28 (Alternative Minimum
Tax)
5,290 Ohio Housing Finance Agency, Residential Mortgage Revenue 3/08 at 101.50 AAA 5,559,155
Bonds, 1998 Series A-1, 5.300%, 9/01/19 (Alternative
Minimum Tax) - FSA Insured
1,425 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/04 at 102.00 Aaa 1,486,532
bonds, GNMA Mortgage-Backed Securities Program, Series
1994A-1, 6.100%, 9/01/14
1,735 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/04 at 102.00 AAA 1,812,728
Bonds, Series 1994B-1, 6.375%, 9/01/14
10,135 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/07 at 102.00 Aaa 10,823,673
Bonds, Series 1997A, Remarketed, 6.150%, 3/01/29
(Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------
Industrials - 0.8%
2,525 Cleveland-Cuyahoga County Port Authority, Ohio, Development 5/08 at 102.00 N/R 2,560,754
Revenue Bonds, Port of Cleveland Bond Fund, Series 1998A,
5.375%, 5/15/18 (Alternative Minimum Tax)
- ----
37
Portfolio of Investments
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
Industrials (continued)
Ohio, Economic Development Revenue Bonds, Ohio Enterprise
Bond Fund Loan, Series 2002-4:
$ 500 5.000%, 6/01/15 (Alternative Minimum Tax) 6/12 at 102.00 A- $ 526,165
675 5.450%, 6/01/22 (Alternative Minimum Tax) 6/12 at 102.00 A- 709,337
1,020 Ohio, Economic Development Revenue Bonds, Ohio Enterprise No Opt. Call A- 1,092,930
Bond Fund Loan, Series 2002-7, 5.850%, 12/01/22
(Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.7%
1,740 Cuyahoga County, Ohio, Industrial Development Revenue 8/03 at 101.00 AAA 1,782,421
Refunding Bonds, University Health Care Center Project,
FHA-Insured Mortgage, Series 1991, 7.300%, 8/01/11
3,120 Franklin County, Ohio, Healthcare Facilities Revenue Bonds, 11/05 at 102.00 Aa2 3,338,681
Heinzerling Foundation, Series 1995, 6.200%, 11/01/20
525 Franklin County, Ohio, Hospital Revenue Refunding Bonds, 8/03 at 100.50 N/R 531,431
FHA-Insured Mortgage Loan, Worthington Christian Village
Nursing Home, 7.000%, 8/01/16
1,250 Hamilton County, Ohio, Healthcare Facilities Revenue Bonds, 10/08 at 101.00 BBB+ 1,163,300
Twin Towers, Series 1998A, 5.125%, 10/01/23
940 Marion County, Ohio, Healthcare Facilities Revenue 11/03 at 102.00 BBB- 964,177
Refunding and Improvement Bonds, United Church Homes, Inc.
Project, Series 1993, 6.375%, 11/15/10
750 Marion County, Ohio, Healthcare Facilities Revenue 11/03 at 102.00 BBB- 766,380
Refunding and Improvement Bonds, United Church Homes, Inc.
Project, Series 1993, 6.300%, 11/15/15
1,820 Napoleon, Ohio, Healthcare Facilities Mortgage Revenue 9/04 at 102.00 Aa2 1,920,682
Refunding Bonds, Lutheran Orphans and Old Folks Home
Society, Inc., FHA-Insured Project, Series 1994, 6.875%,
8/01/23
- ---------------------------------------------------------------------------------------------------------------
Materials - 0.3%
1,650 Toledo Port Authority, Lucas County, Ohio, Port Facilities 9/03 at 101.00 A+ 1,688,099
Revenue Refunding Bonds, Cargill, Inc. Project, Series
1992, 7.250%, 3/01/22
- ---------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 23.2%
Ohio Valley School District, Counties of Adams and
Highland, Ohio, School Improvement General Obligation
Unlimited Tax Bonds, Series 1995:
6,000 7.000%, 12/01/15 - MBIA Insured No Opt. Call AAA 7,963,380
9,500 5.250%, 12/01/21 - MBIA Insured 12/05 at 102.00 AAA 10,393,190
600 Anthony Wayne Local School District, Lucas, Wood and Fulton No Opt. Call AAA 411,630
Counties, Ohio, School Facilities Construction and
Improvement Bonds, 0.000%, 12/01/13 - FGIC Insured
1,000 Aurora City School District, Ohio, General Obligation 12/05 at 102.00 AAA 1,118,430
Unlimited Tax School Improvement Bonds, Series 1995,
5.800%, 12/01/16 - FGIC Insured
700 Buckeye Local School District, Medina County, Ohio, General 12/10 at 100.00 Aaa 777,196
Obligation Bonds, Construction and Improvement Bonds,
Series 2000, 5.500%, 12/01/25 - FGIC Insured
2,500 Buckeye Valley Local School District, Ohio, General No Opt. Call AAA 3,225,150
Obligation Unlimited Tax School Improvement Bonds, Series
1995A, 6.850%, 12/01/15 - MBIA Insured
Butler County, Ohio, General Obligation Bonds, Series 2002:
1,345 5.000%, 12/01/21 - MBIA Insured 12/12 at 100.00 Aaa 1,460,024
1,200 5.000%, 12/01/22 - MBIA Insured 12/12 at 101.00 Aaa 1,294,080
2,140 5.250%, 12/01/22 12/12 at 101.00 Aa3 2,361,747
3,560 Canal Winchester Local School District, Franklin and 12/11 at 100.00 Aaa 3,745,476
Fairfield Counties, Ohio, School Facilities Construction
and Improvement Bonds, Series 2001B, 5.000%, 12/01/28 -
FGIC Insured
Chesapeake-Union Exempt Village School District, Ohio,
General Obligation Bonds, Series 1986:
125 8.500%, 12/01/04 No Opt. Call N/R 137,394
125 8.500%, 12/01/05 No Opt. Call N/R 144,815
125 8.500%, 12/01/06 No Opt. Call N/R 150,765
125 8.500%, 12/01/07 No Opt. Call N/R 155,101
125 8.500%, 12/01/08 No Opt. Call N/R 159,249
130 8.500%, 12/01/09 No Opt. Call N/R 169,823
- ----
38
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- --------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Cincinnati City School District, Hamilton County, Ohio,
General Obligation Bonds, Series 2001:
$ 2,000 5.375%, 12/01/15 - MBIA Insured 12/11 at 100.00 AAA $2,292,900
6,745 5.375%, 12/01/16 - MBIA Insured 12/11 at 100.00 AAA 7,700,632
1,255 5.375%, 12/01/17 - MBIA Insured 12/11 at 100.00 AAA 1,427,663
3,805 Cleveland, Ohio, General Obligation Bonds, Series 2002, 12/12 at 100.00 AAA 4,176,368
5.250%, 12/01/22 - MBIA Insured
Columbus, Franklin County, Ohio, General Obligation Bonds,
Series 1985:
590 9.375%, 4/15/06 No Opt. Call AAA 720,284
500 9.375%, 4/15/07 No Opt. Call AAA 639,010
7,045 Columbus, Ohio, General Obligation Bonds, Various Purpose 11/10 at 101.00 AAA 8,006,290
Unlimited Tax Bonds, Series 2000, 5.250%, 11/15/17
1,300 Crawford County, Ohio, General Obligation Bonds, Series 12/12 at 100.00 AAA 1,397,708
2002, 5.200%, 12/01/26 - AMBAC Insured
1,000 Cuyahoga County, Ohio, General Obligation Various Purpose No Opt. Call AA+ 1,189,340
Refunding Bonds, Limited Tax Obligation, Series 1993B,
5.250%, 10/01/13
1,345 Cuyahoga County, Ohio, General Obligation Bonds, Limited No Opt. Call AA+ 1,648,566
Tax Obligation, 5.650%, 5/15/18
5,830 Cuyahoga County, Ohio, General Obligation Limited Tax 12/10 at 100.00 AA+ 6,861,444
Capital Improvement Bonds, Series 2000, 5.750%, 12/01/16
750 Defiance, Ohio, Waterworks System Improvement Bonds, Series 12/04 at 102.00 AAA 815,933
1994, 6.200%, 12/01/20 - MBIA Insured
Delaware City School District, Delaware County, Ohio,
School Facilities Construction and Improvement Bonds,
General Obligation Unlimited Tax, Series 1995:
1,000 0.000%, 12/01/10 - FGIC Insured No Opt. Call AAA 791,790
1,000 0.000%, 12/01/11 - FGIC Insured No Opt. Call AAA 751,520
1,000 Evergreen Local School District, Ohio, General Obligation 12/09 at 101.00 Aaa 1,129,930
Unlimited Tax School Improvement Bonds, Series 1999,
5.625%, 12/01/24 - FGIC Insured
4,040 Franklin County, Ohio, Refunding Bonds, General Obligation 12/08 at 102.00 AAA 4,596,187
Limited Tax Bonds, Series 1993, 5.375%, 12/01/20
1,000 Garfield Heights City School District, Cuyahoga County, 12/11 at 100.00 Aaa 1,146,390
Ohio, General Obligation School Improvement Bonds, Series
2001, 5.500%, 12/15/18 - MBIA Insured
420 Geauga County, Ohio, General Obligation Limited Tax, Sewer 12/05 at 102.00 Aa2 485,121
District Improvement Bonds, Bainbridge Water Project,
6.850%, 12/01/10
1,000 Grandview Heights City School District, Franklin County, 12/05 at 101.00 AA 1,115,900
Ohio, School Facilities Construction and Improvement
Bonds, General Obligation Unlimited Tax, Series 1995,
6.100%, 12/01/19
3,000 Granville Exempt Village School District, General 12/11 at 100.00 Aa3 3,282,510
Obligation Bonds, Series 2001, 5.500%, 12/01/28
1,200 Heath City School District, Licking County, Ohio, School 12/10 at 100.00 Aaa 1,329,288
Improvement Bonds, General Obligation Unlimited Tax,
Series 2000A, 5.500%, 12/01/27 - FGIC Insured
2,500 Highland Local School District, Morrow and Delaware 12/11 at 100.00 Aaa 2,639,025
Counties, Ohio, General Obligation Bonds, Series 2001,
5.000%, 12/01/26 - FSA Insured
1,000 Huron County, Ohio, Correctional Facility Bonds, General 12/07 at 102.00 AAA 1,163,910
Obligation Limited Tax, 5.850%, 12/01/16 - MBIA Insured
1,270 Kenston Local School District, Geauga County, Ohio, General 6/13 at 100.00 Aaa 1,359,256
Obligation Bonds, Series 2003, 5.000%, 12/01/23 - MBIA
Insured
1,070 Kettering, Ohio, General Obligation Limited Tax Bonds, 6/03 at 101.00 Aa3 1,085,387
Series 1991, 6.650%, 12/01/12
1,000 Kettering City School District, Montgomery County, Ohio, 12/05 at 101.00 AAA 1,087,670
General Obligation Bonds, Series 1994, 5.250%, 12/01/22 -
FGIC Insured
555 Lake County, Ohio, Sewer District Limited Tax Improvement No Opt. Call Aa2 657,103
Bonds, Series 2000, 5.600%, 12/01/20
1,440 Lakewood, Ohio, General Obligation Bonds, Series 1995B, 12/05 at 102.00 Aa2 1,608,782
5.750%, 12/01/15
3,385 Lakota Local School District, Butler County, Ohio, General 6/11 at 100.00 Aaa 3,593,110
Obligation Unlimited Tax School Improvement and Refunding
Bonds, Series 2001, 5.125%, 12/01/26 - FGIC Insured
- ----
39
Portfolio of Investments
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- --------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Logan County, Ohio, General Obligation Bonds, Series 1986:
$ 155 7.750%, 12/01/03 No Opt. Call A+ $ 160,138
155 7.750%, 12/01/04 No Opt. Call A+ 170,038
155 7.750%, 12/01/05 No Opt. Call A+ 179,253
155 7.750%, 12/01/06 No Opt. Call A+ 186,998
345 Lucas County, Ohio, General Obligation Bonds, Various 6/03 at 102.00 A1 357,558
Improvements, Series 1992, 6.650%, 12/01/12
1,000 Lucas County, Ohio, General Obligation Bonds, Series 12/05 at 102.00 AAA 1,107,620
1995-1, 5.400%, 12/01/15 - AMBAC Insured
1,750 Medina City School District, Medina County, Ohio, School 12/09 at 100.00 AAA 1,880,690
Building Construction Bonds, General Obligation Unlimited
Tax, Series 1999, 5.250%, 12/01/28 - FGIC Insured
1,265 Monroe Local School District, Butler County, Ohio, General No Opt. Call Aaa 1,562,591
Obligation Bonds, Series 2002, 5.750%, 12/01/20 - AMBAC
Insured
North Royalton City School District, Ohio, School
Improvement Bonds, Series 1994:
2,200 6.000%, 12/01/14 - MBIA Insured 12/09 at 102.00 AAA 2,645,302
2,400 6.100%, 12/01/19 - MBIA Insured 12/09 at 102.00 AAA 2,877,720
1,000 Ohio Full Faith and Credit, General Obligation No Opt. Call AA+ 1,216,080
Infrastructure Improvement Bonds, Series 1994,
6.000%, 8/01/10
5,000 Ohio, General Obligation Higher Education Bonds, Series No Opt. Call AA+ 6,018,050
2002C Refunding, 5.500%, 11/01/12
1,315 Ohio, General Obligation Higher Education Bonds, Series 5/13 at 100.00 AA+ 1,406,748
2003A, 5.000%, 5/01/23 (WI, settling 6/05/03)
4,035 Olentangy Local School District, Delaware and Franklin 12/09 at 101.00 AA 4,230,859
Counties, Ohio, Various Purpose Bonds, Series 1999,
5.000%, 12/01/27
500 Pickerington Local School District, Fairfield County, Ohio, No Opt. Call AAA 375,760
General Obligation Bonds, Series 1993, 0.000%, 12/01/11 -
AMBAC Insured
1,000 Revere Local School District, Ohio, School Improvement 12/03 at 102.00 AAA 1,042,250
Bonds, General Obligation Unlimited Tax, Series 1993,
6.000%, 12/01/16 - AMBAC Insured
3,500 Board of Education of Springfield City School District, 12/11 at 102.00 Aaa 3,827,845
Clark County, Ohio, General Obligation Bonds, Series 2001,
5.200%, 12/01/23 - FGIC Insured
2,340 Stow, Ohio, Safety Center Construction Bonds, General 12/05 at 102.00 A1 2,501,577
Obligation Limited Tax, Series 1995, 6.200%, 12/01/20
30 Strongsville, Ohio, Various Purpose Improvement Bonds, 12/06 at 102.00 Aa2 34,373
General Obligation Limited Tax, Series 1996,
5.950%, 12/01/21
1,315 Summit County, Ohio, General Obligation Bonds, Series 2002R No Opt. Call AAA 1,574,029
Refunding, 5.500%, 12/01/21 - FGIC Insured
2,290 Tipp City Exempted Village School District, Ohio, School 6/11 at 100.00 Aaa 2,420,599
Facilities Construction and Improvement Bonds, Series
2001, 5.000%, 12/01/24 - FGIC Insured
540 Trumbull County, Ohio, General Obligation Sewer Bonds, 12/04 at 102.00 AAA 588,389
Series 1994, 6.200%, 12/01/14 - AMBAC Insured
1,910 Vandalia, Ohio, General Obligation Bonds, Series 1996, 12/06 at 101.00 Aa3 2,160,095
5.850%, 12/01/21
4,000 Westerville City School District, Franklin and Delaware 6/11 at 100.00 AAA 4,205,040
Counties, Ohio, General Obligation Various Purpose Bonds,
Series 2001, 5.000%, 12/01/27 - MBIA Insured
300 Youngstown, Ohio, General Obligation Bonds, Limited Tax, 12/04 at 102.00 AAA 326,409
Series 1994, 6.125%, 12/01/14 - MBIA Insured
2,000 Zanesville City School District, Muskingum County, Ohio, 12/12 at 101.00 AAA 2,135,000
General Obligation Bonds, Series 2002,
5.050%, 12/01/29--MBIA Insured
- --------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 7.8%
6,300 Cleveland, Ohio, Certificates of Participation, Cleveland 11/07 at 102.00 AAA 6,757,884
Stadium Project, Series 1997, 5.250%, 11/15/27 - AMBAC
Insured
1,000 Deerfield Township, Ohio, Tax Increment Revenue Notes, 12/11 at 101.00 Aaa 1,059,340
Series 2001B, 5.000%, 12/01/25 - MBIA Insured
- ----
40
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 1,210 Groveport, Ohio, Income Tax Receipts Bonds, Special 12/12 at 100.00 Aaa $ 1,299,431
Obligation, Series 2002, 5.000%, 12/01/22 - MBIA Insured
3,300 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series No Opt. Call Aaa 948,750
B, Series 2000, 0.000%, 12/01/28 - AMBAC Insured
1,000 Hamilton, Butler County, Ohio, One Renaissance Center 11/11 at 101.00 Aaa 1,142,750
Acquisition, General Obligation Limited Tax Bonds, Series
2001, 5.375%, 11/01/17 - AMBAC Insured
1,485 New Albany Community Authority, Ohio, Community Facilities 4/12 at 100.00 AAA 1,719,378
Revenue Bonds, Series 2001B Refunding, 5.500%, 10/01/16 -
AMBAC Insured
8,140 Ohio Higher Education, Capital Facilities Bonds, Series 2/11 at 100.00 AA+ 8,824,167
2001A-II, 5.000%, 2/01/20
1,050 Ohio Building Authority, State Facilities Bonds, 4/12 at 100.00 AAA 1,123,017
Administrative Building Fund Projects, Series 2002A,
5.000%, 4/01/22 - FSA Insured
1,030 Ohio Department of Transportation, Certificates of 10/03 at 101.00 AAA 1,044,667
Participation, Panhandle Rail Line Project, Series 1992A,
6.500%, 4/15/12 - FSA Insured
11,700 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 15,181,218
Revenue Bonds, Reset Option Long Certificates, Series
1996YII-R-66, 8.100%, 1/01/13 (IF)
6,550 Puerto Rico Public Buildings Authority, Guaranteed Revenue No Opt. Call AAA 9,165,677
Bonds, Reset Option Long Trust Certificates, Series
1993L-II-R-56, 8.100%, 7/01/18 (IF)
- ---------------------------------------------------------------------------------------------------------------
Transportation - 5.5%
Cleveland, Ohio, Airport System Revenue Bonds, Series 2000A:
5,000 5.250%, 1/01/16 - FSA Insured 1/10 at 101.00 AAA 5,556,600
5,000 5.000%, 1/01/31 - FSA Insured 1/10 at 101.00 AAA 5,212,800
7,300 Dayton, Ohio, Special Facilities Revenue Refunding Bonds, 2/08 at 102.00 BB+ 5,987,460
Series 1998A (Emery Air Freight Corporation and Emery
Worldwide Airlines, Inc. - Guarantors), 5.625%, 2/01/18
5,000 Ohio Turnpike Commission, Turnpike Revenue Refunding Bonds, No Opt. Call AA- 6,901,600
Residual Option Longs, Series 1998A-II-R-51, 8.050%,
2/15/24 (IF)
7,500 Ohio Turnpike Commission, Turnpike Revenue Bonds, Residual No Opt. Call Aaa 10,512,750
Option Longs, Series 2001II-R-75, 8.050%, 2/15/12 (IF)
- ---------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 11.6%
3,955 Akron, Ohio, Various Purpose Improvement Bonds, General 12/04 at 102.00 AAA 4,366,518
Obligation Limited Tax, Series 1994, 6.750%, 12/01/14
(Pre-refunded to 12/01/04) - MBIA Insured
730 Athens County, Ohio, Sanitary Sewer System Mortgage Revenue 12/09 at 100.00 N/R*** 897,331
Bonds, Series 1989, 7.300%, 12/01/14 (Pre-refunded to
12/01/09)
2,905 Board of Education, Batavia Local School District, Clermont 12/05 at 102.00 AAA 3,326,457
County, Ohio, School Improvement Bonds, Unlimited Tax Bank
Qualified, Series 1995, 6.300%, 12/01/22 (Pre-refunded to
12/01/05) - MBIA Insured
4,745 Cleveland, Ohio, Various Purpose General Obligation Bonds, 11/04 at 102.00 AAA 5,219,168
Series 1994, 6.625%, 11/15/14 (Pre-refunded to 11/15/04) -
MBIA Insured
Cleveland, Ohio, Waterworks Improvement and Refunding
Revenue Bonds, 1st Mortgage, Series 1996H:
2,280 5.750%, 1/01/21 (Pre-refunded to 1/01/06) - MBIA Insured 1/06 at 102.00 AAA 2,577,814
5,795 5.750%, 1/01/26 (Pre-refunded to 1/01/06) - MBIA Insured 1/06 at 102.00 AAA 6,551,943
550 Columbiana County, Ohio, County Jail Facilities 12/04 at 102.00 AA*** 606,265
Construction Bonds, General Obligation Unlimited Tax,
Series 1994, 6.600%, 12/01/17 (Pre-refunded to 12/01/04) -
RAAI Insured
Cuyahoga County, Ohio, Hospital Revenue Bonds, Meridia
Health System, Series 1995:
250 6.250%, 8/15/14 (Pre-refunded to 8/15/05) 8/05 at 102.00 AAA 282,480
5,500 6.250%, 8/15/24 (Pre-refunded to 8/15/05) 8/05 at 102.00 AAA 6,214,560
1,000 Lakeview Local School District, Trumbull County, Ohio, 12/04 at 102.00 AAA 1,106,920
General Obligation Bonds, Series 1994, 6.900%, 12/01/14
(Pre-refunded to 12/01/04) - AMBAC Insured
1,000 Lakota Local School District, Butler County, Ohio, School 12/05 at 100.00 AAA 1,120,570
Improvement Bonds, General Obligation Unlimited Tax,
Series 1994, 6.125%, 12/01/17 (Pre-refunded to 12/01/05) -
AMBAC Insured
- ----
41
Portfolio of Investments
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 1,405 Lorain, Ohio, Hospital Revenue Refunding Bonds, Lakeland 11/03 at 101.00 A1*** $ 1,441,249
Community Hospital, Inc., Series 1992, 6.500%, 11/15/12
11,000 Montgomery County, Ohio, Health System Revenue Bonds, 1/08 at 102.00 Baa2*** 12,845,250
Franciscan Medical Center Dayton Campus Issue, Series
1997, 5.500%, 7/01/18 (Pre-refunded to 1/01/08)
Ohio Housing Finance Agency, Single Family Mortgage Revenue
Bonds, Series 1985B:
6,460 0.000%, 1/15/15 (Pre-refunded to 1/15/11) - FGIC Insured 1/11 at 67.04 AAA 3,358,942
5,700 0.000%, 1/15/15 (Pre-refunded to 7/15/11) - FGIC Insured 7/11 at 70.48 AAA 3,060,501
State of Ohio, Full Faith and Credit General Obligation
Infrastructure Improvement Bonds, Series 1995:
750 6.200%, 8/01/13 (Pre-refunded to 8/01/05) 8/05 at 102.00 AA+*** 845,333
2,000 6.200%, 8/01/14 (Pre-refunded to 8/01/05) 8/05 at 102.00 AA+*** 2,254,220
1,500 Ohio Building Authority, State Facilities Bonds, Juvenile 10/04 at 102.00 AAA 1,639,185
Correctional Building Fund Projects, Series 1994A, 6.600%,
10/01/14 (Pre-refunded to 10/01/04) - AMBAC Insured
2,025 Ohio Higher Educational Facilities Commission, Revenue 12/03 at 102.00 AAA 2,122,139
Bonds, University of Dayton Project, Series 1992, 6.600%,
12/01/17 (Pre-refunded to 12/01/03) - FGIC Insured
5,065 Ohio Water Development Authority, Pure Water Development No Opt. Call AAA 6,191,912
Revenue Bonds, Series 1990I, 6.000%, 12/01/16 - AMBAC
Insured
2,840 Strongsville, Ohio, Various Purpose Improvement Bonds, 12/06 at 102.00 Aa2*** 3,318,767
General Obligation Limited Tax, Series 1996, 5.950%,
12/01/21 (Pre-refunded to 12/01/06)
1,000 Woodridge Local School District, Ohio, General Obligation 12/04 at 102.00 AAA 1,093,060
Bonds, Series 1994, 6.000%, 12/01/19 (Pre-refunded to
12/01/04) - AMBAC Insured
1,230 Youngstown State University, Ohio, General Receipts Bonds, 12/04 at 102.00 AAA 1,346,764
Series 1994, 6.000%, 12/15/16 (Pre-refunded to 12/15/04) -
AMBAC Insured
- ---------------------------------------------------------------------------------------------------------------
Utilities - 9.5%
1,535 Cleveland, Ohio, Public Power System First Mortgage Revenue No Opt. Call AAA 1,054,775
Bonds, Series 1994A, 0.000%, 11/15/13 - MBIA Insured
2,500 Cleveland, Ohio, Public Power System, First Mortgage 11/06 at 102.00 AAA 2,630,050
Revenue Refunding Bonds, Series 1996, Subseries 1, 5.000%,
11/15/24 - MBIA Insured
565 Lebanon, Ohio, Electric System Mortgage Revenue Bonds, 12/10 at 101.00 AAA 650,298
Series 2001, 5.500%, 12/01/17 - AMBAC Insured
3,695 Ohio Municipal Electric Generation Agency, American 8/03 at 102.00 AAA 3,779,320
Municipal Power Ohio, Inc., Series 1993, 5.375%, 2/15/24 -
AMBAC Insured
Ohio Air Quality Development Authority, Revenue Bonds,
Columbus Southern Power Company Project, Series 1985A:
1,750 6.375%, 12/01/20 - FGIC Insured 6/03 at 102.00 AAA 1,792,053
4,500 6.250%, 12/01/20 6/03 at 102.00 A3 4,588,020
12,000 Ohio Air Quality Development Authority, Air Quality 9/05 at 102.00 A3 12,254,880
Development Revenue Refunding Bonds, Dayton Power and
Light Company Project, Series 1995, 6.100%, 9/01/30
5,000 Ohio Air Quality Development Authority, Air Quality 4/07 at 102.00 AAA 5,510,100
Development Revenue Bonds, MG Funding LLP Project, Series
1997, 5.625%, 1/01/23 (Alternative Minimum Tax) - AMBAC
Insured
500 Ohio Water Development Authority, Collateralized Water 8/03 at 101.00 A2 509,760
Development Revenue Refunding Bonds, Dayton Power and
Light Company Project, Series 1992A, 6.400%, 8/15/27
21,850 Ohio Water Development Authority, Solid Waste Disposal 9/08 at 102.00 N/R 20,379,058
Revenue Bonds, Bay Shore Power Project, Convertible Series
1998A, 5.875%, 9/01/20 (Alternative Minimum Tax)
1,545 Puerto Rico Electric Power Authority, Power Revenue No Opt. Call A- 859,128
Refunding Bonds, Series 1989O, 0.000%, 7/01/17
4,500 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa2 4,752,090
Environmental Control Facilities Financing Authority,
Cogeneration Facility Revenue Bonds, Series 2000A, 6.625%,
6/01/26 (Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------
Water and Sewer - 5.2%
3,000 Butler County, Ohio, Sewer System Revenue Bonds, Series 12/06 at 101.00 AAA 3,282,630
1996, 5.250%, 12/01/21 - AMBAC Insured
- ----
42
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 2,000 Cincinnati, Ohio, Water System Revenue Bonds, Series 2003, 6/11 at 100.00 AA+ $ 2,115,460
5.000%, 12/01/23
Cincinnati, Ohio, Water System Revenue Bonds, ROLS RR
II-R212,1-3, Series 2003:
1,300 7.150%, 12/01/11 (IF) 6/11 at 100.00 AAA 1,871,285
1,640 7.150%, 12/01/12 (IF) 6/11 at 100.00 AAA 2,311,875
550 7.180%, 12/01/13 (IF) 6/11 at 100.00 AAA 760,342
10,000 Cleveland, Ohio, Waterworks Improvement First Mortgage No Opt. Call AAA 11,831,900
Refunding Revenue Bonds, Series 1993G, 5.500%, 1/01/21 -
MBIA Insured
1,600 Greene County, Ohio, Water System Revenue Bonds, Series 12/07 at 102.00 AAA 1,875,664
1996, 6.125%, 12/01/21 - FGIC Insured
4,260 Ohio Water Development Authority, Water Development Revenue 12/07 at 102.00 AAA 4,668,577
Bonds, Community Assistance Program, Series 1997, 5.375%,
12/01/24 - AMBAC Insured
2,000 Ohio Water Development Authority, Fresh Water Development 6/08 at 101.00 AAA 2,137,580
Revenue Bonds, Series 1998, 5.125%, 12/01/23 - AMBAC
Insured
750 Toledo, Ohio, Sewer System Revenue Mortgage Bonds, Series 11/04 at 102.00 AAA 816,600
1994, 6.350%, 11/15/17 - AMBAC Insured
500 Toledo, Ohio, Waterworks Revenue Refunding Mortgage Bonds, 11/04 at 102.00 AAA 544,960
Series 1994, 6.450%, 11/15/24 - AMBAC Insured
- ----------------------------------------------------------------------------------------------------------------
$570,890 Total Long-Term Investments (cost $558,581,353) - 99.1% 613,670,701
- ----------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 0.9% 5,808,290
--------------------------------------------------------------------------------------------------
Net Assets - 100% $619,478,991
--------------------------------------------------------------------------------------------------
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
(IF) Inverse floating rate security.
N/R Investment is not rated.
(WI)Security purchased on a when-issued basis.
See accompanying notes to financial statements.
- ----
43
Portfolio of Investments
NUVEEN WISCONSIN MUNICIPAL BOND FUND
May 31, 2003
Principal
Amount (000) Description
- --------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 6.0%
$ 475 Ashland Housing Authority, Wisconsin, Student Housing Revenue Bonds, Northland College Project,
Series 1998, 5.100%, 4/01/18
500 Madison Community Development Authority, Wisconsin, Fixed-Rate Development Revenue Bonds,
Fluno Center Project, Series 1998A, 5.000%, 11/01/20
500 Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Marquette University, Series 2002
Refunding, 4.350%, 11/01/18 - XLCA Insured
370 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/29
200 Puerto Rico Industrial, Educational, Medical and Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001,
5.250%, 9/01/21
1,000 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project Refunding,
Series 2002, 5.500%, 12/01/31
- --------------------------------------------------------------------------------------------------------------------
Healthcare - 4.2%
500 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Hospital Revenue Bonds, Hospital Auxilio Mutuo Obligated Group Project, Series 1995A,
6.250%, 7/01/24 - MBIA Insured
450 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Hospital Revenue Refunding Bonds, FHA-Insured Mortgage, Dr. Pila Hospital Project,
Series 1995A, 5.875%, 8/01/12
1,000 Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing
Authority, Hospital Revenue Bonds, Hospital de la Concepcion Project, Series 2000A,
6.500%, 11/15/20
- --------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 8.8%
Dane County Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Forest Harbor
Apartments Project, Series 1994:
25 5.900%, 7/01/12
50 5.950%, 7/01/13
50 6.000%, 7/01/14
675 Kenosha Housing Authority, Wisconsin, GNMA Collateralized Multifamily Housing Revenue Bonds, Villa
Ciera, Inc. Project, Series 2000A, 5.900%, 11/20/30
570 Lake Delton Community Development Agency, Wisconsin, Multifamily Housing Project Revenue Bonds,
GNMA Collateralized Mortgage Loan, Woodland Park Project, Series 2001, 5.300%, 2/20/31
1,000 Madison Community Development Authority, Wisconsin, Multifamily Housing Revenue Refunding
Bonds, Greentree Glen Project, Series 1999A, 5.500%, 9/20/29 (Alternative Minimum Tax)
200 Milwaukee Redevelopment Authority, Wisconsin, Multifamily Housing Revenue Bonds, FHA-Insured
FHA-Insured Mortgage Loan, City Hall Square Apartments Project, Series 1993A, 6.000%, 8/01/22
(Alternative Minimum Tax)
500 Sheboygan Housing Authority, Wisconsin, Multifamily Revenue Refunding Bonds, Lake Shore
Apartments, Series 1998A, 5.100%, 11/20/26
300 Walworth County Housing Authority, Wisconsin, Housing Revenue Bonds, FHA-Insured Mortgage Loan,
Kiwanis Heritage, Inc. Senior Apartments Project, Series 1997, 5.550%, 9/01/22
Waukesha Housing Authority, Wisconsin, Multifamily Housing Revenue Refunding Bonds, GNMA
Collateralized Mortgage Loan, Westgrove Woods Project, Series 1996A:
350 5.800%, 12/01/18 (Alternative Minimum Tax)
750 6.000%, 12/01/31 (Alternative Minimum Tax)
Optional Call
Description Provisions* Ratings**
- ---------------------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 6.0%
Ashland Housing Authority, Wisconsin, Student Housing Revenue Bonds, Northland College Project, 4/08 at 100.00 Aa1
Series 1998, 5.100%, 4/01/18
Madison Community Development Authority, Wisconsin, Fixed-Rate Development Revenue Bonds, 11/06 at 102.00 AA-
Fluno Center Project, Series 1998A, 5.000%, 11/01/20
Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Marquette University, Series 2002 11/12 at 100.00 AAA
Refunding, 4.350%, 11/01/18 - XLCA Insured
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 2/09 at 101.00 BBB
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/29
Puerto Rico Industrial, Educational, Medical and Environmental Control Facilities Financing Authority, 9/11 at 100.00 BBB
Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001,
5.250%, 9/01/21
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 12/12 at 101.00 BBB
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project Refunding,
Series 2002, 5.500%, 12/01/31
- ---------------------------------------------------------------------------------------------------------------------------------
Healthcare - 4.2%
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 1/05 at 102.00 AAA
Authority, Hospital Revenue Bonds, Hospital Auxilio Mutuo Obligated Group Project, Series 1995A,
6.250%, 7/01/24 - MBIA Insured
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 8/05 at 101.50 AAA
Authority, Hospital Revenue Refunding Bonds, FHA-Insured Mortgage, Dr. Pila Hospital Project,
Series 1995A, 5.875%, 8/01/12
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 11/10 at 101.00 AA
Authority, Hospital Revenue Bonds, Hospital de la Concepcion Project, Series 2000A,
6.500%, 11/15/20
- ---------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 8.8%
Dane County Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Forest Harbor
Apartments Project, Series 1994:
5.900%, 7/01/12 7/03 at 101.00 N/R
5.950%, 7/01/13 7/03 at 101.00 N/R
6.000%, 7/01/14 7/03 at 101.00 N/R
Kenosha Housing Authority, Wisconsin, GNMA Collateralized Multifamily Housing Revenue Bonds, Villa 5/08 at 102.00 N/R
Ciera, Inc. Project, Series 2000A, 5.900%, 11/20/30
Lake Delton Community Development Agency, Wisconsin, Multifamily Housing Project Revenue Bonds, 1/12 at 102.00 N/R
GNMA Collateralized Mortgage Loan, Woodland Park Project, Series 2001, 5.300%, 2/20/31
Madison Community Development Authority, Wisconsin, Multifamily Housing Revenue Refunding 9/06 at 102.00 AAA
Bonds, Greentree Glen Project, Series 1999A, 5.500%, 9/20/29 (Alternative Minimum Tax)
Milwaukee Redevelopment Authority, Wisconsin, Multifamily Housing Revenue Bonds, FHA-Insured 8/07 at 102.00 N/R
FHA-Insured Mortgage Loan, City Hall Square Apartments Project, Series 1993A, 6.000%, 8/01/22
(Alternative Minimum Tax)
Sheboygan Housing Authority, Wisconsin, Multifamily Revenue Refunding Bonds, Lake Shore 5/06 at 102.00 AAA
Apartments, Series 1998A, 5.100%, 11/20/26
Walworth County Housing Authority, Wisconsin, Housing Revenue Bonds, FHA-Insured Mortgage Loan, 9/05 at 102.00 N/R
Kiwanis Heritage, Inc. Senior Apartments Project, Series 1997, 5.550%, 9/01/22
Waukesha Housing Authority, Wisconsin, Multifamily Housing Revenue Refunding Bonds, GNMA
Collateralized Mortgage Loan, Westgrove Woods Project, Series 1996A:
5.800%, 12/01/18 (Alternative Minimum Tax) 12/06 at 102.00 AAA
6.000%, 12/01/31 (Alternative Minimum Tax) 12/06 at 102.00 AAA
Market
Description Value
- ---------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 6.0%
Ashland Housing Authority, Wisconsin, Student Housing Revenue Bonds, Northland College Project, $ 491,886
Series 1998, 5.100%, 4/01/18
Madison Community Development Authority, Wisconsin, Fixed-Rate Development Revenue Bonds, 535,915
Fluno Center Project, Series 1998A, 5.000%, 11/01/20
Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Marquette University, Series 2002 520,185
Refunding, 4.350%, 11/01/18 - XLCA Insured
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 381,692
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999,
5.375%, 2/01/29
Puerto Rico Industrial, Educational, Medical and Environmental Control Facilities Financing Authority, 211,432
Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001,
5.250%, 9/01/21
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 1,049,220
Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project Refunding,
Series 2002, 5.500%, 12/01/31
- ---------------------------------------------------------------------------------------------------------------------
Healthcare - 4.2%
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 539,890
Authority, Hospital Revenue Bonds, Hospital Auxilio Mutuo Obligated Group Project, Series 1995A,
6.250%, 7/01/24 - MBIA Insured
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 497,295
Authority, Hospital Revenue Refunding Bonds, FHA-Insured Mortgage, Dr. Pila Hospital Project,
Series 1995A, 5.875%, 8/01/12
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing 1,171,150
Authority, Hospital Revenue Bonds, Hospital de la Concepcion Project, Series 2000A,
6.500%, 11/15/20
- ---------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 8.8%
Dane County Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Forest Harbor
Apartments Project, Series 1994:
5.900%, 7/01/12 25,062
5.950%, 7/01/13 50,077
6.000%, 7/01/14 50,051
Kenosha Housing Authority, Wisconsin, GNMA Collateralized Multifamily Housing Revenue Bonds, Villa 719,483
Ciera, Inc. Project, Series 2000A, 5.900%, 11/20/30
Lake Delton Community Development Agency, Wisconsin, Multifamily Housing Project Revenue Bonds, 597,320
GNMA Collateralized Mortgage Loan, Woodland Park Project, Series 2001, 5.300%, 2/20/31
Madison Community Development Authority, Wisconsin, Multifamily Housing Revenue Refunding 1,031,900
Bonds, Greentree Glen Project, Series 1999A, 5.500%, 9/20/29 (Alternative Minimum Tax)
Milwaukee Redevelopment Authority, Wisconsin, Multifamily Housing Revenue Bonds, FHA-Insured 207,374
FHA-Insured Mortgage Loan, City Hall Square Apartments Project, Series 1993A, 6.000%, 8/01/22
(Alternative Minimum Tax)
Sheboygan Housing Authority, Wisconsin, Multifamily Revenue Refunding Bonds, Lake Shore 512,710
Apartments, Series 1998A, 5.100%, 11/20/26
Walworth County Housing Authority, Wisconsin, Housing Revenue Bonds, FHA-Insured Mortgage Loan, 311,352
Kiwanis Heritage, Inc. Senior Apartments Project, Series 1997, 5.550%, 9/01/22
Waukesha Housing Authority, Wisconsin, Multifamily Housing Revenue Refunding Bonds, GNMA
Collateralized Mortgage Loan, Westgrove Woods Project, Series 1996A:
5.800%, 12/01/18 (Alternative Minimum Tax) 367,441
6.000%, 12/01/31 (Alternative Minimum Tax) 784,223
- ----
44
Principal Optional Call
Amount (000) Description Provisions*
- --------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.6%
$ 190 Puerto Rico Housing Bank and Finance Agency, Single Family Mortgage Revenue Bonds, Affordable 4/05 at 102.00
Housing Mortgage Subsidy Program, Portfolio I, Series 1995, 6.250%, 4/01/29 (Alternative
Minimum Tax)
90 Virgin Islands Housing Finance Authority, Single Family Mortgage Revenue Refunding Bonds, GNMA 3/05 at 102.00
Mortgage-Backed Securities Program, Series 1995A, 6.450%, 3/01/16 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------------------
Industrials - 0.6%
300 Menomonee Falls Community Development Authority, Wisconsin, Development Revenue Bonds, Herker 9/03 at 101.00
Industries, Inc. Project, Series 1996, 5.250%, 3/01/08 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.1%
1,120 Waukesha County Housing Authority, Wisconsin, Housing Revenue Refunding Bonds, Arboretum 12/03 at 102.00
Project, Series 1998, 5.250%, 12/01/21 (Alternative Minimum Tax) (Mandatory put 12/01/12)
- --------------------------------------------------------------------------------------------------------------------------------
Materials - 1.5%
1,000 Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James No Opt. Call
Project, Series 1999, 5.600%, 5/01/19
- --------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 0.5%
250 Government of Guam, General Obligation Bonds, Series 1993A, 5.400%, 11/15/18 11/03 at 102.00
- --------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 46.1%
1,500 Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Arena Project, 6/12 at 100.00
Series 2002 Refunding, 5.150%, 6/01/29
1,500 Cudahy Community Development Authority, Wisconsin, Redevelopment Lease Revenue Bonds, 6/06 at 100.00
Series 1995, 6.000%, 6/01/11
1,000 De Forest Redevelopment Authority, Wisconsin, Redevelopment Lease Revenue Bonds, Series 1999B, 2/08 at 100.00
5.100%, 2/01/18
100 Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue 10/11 at 100.00
Refunding Bonds, Tax Increment District 6, Series 2001, 5.000%, 10/01/19
350 Green Bay-Brown County Professional Football Stadium District, Wisconsin, Sales Tax Revenue Bonds, 2/11 at 100.00
Lambeau Field Renovation Project, Series 2001A, 5.000%, 2/01/19 - AMBAC Insured
Green Bay Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Convention Center Project,
Series 1999A:
1,300 5.250%, 6/01/24 6/09 at 100.00
1,650 5.100%, 6/01/29 6/09 at 100.00
500 Jackson Community Development Authority, Wisconsin, Community Development Revenue Refunding 12/09 at 100.00
Bonds, Series 1999, 5.100%, 12/01/17
960 Madison Community Development Authority, Wisconsin, Lease Revenue Bonds, Monona Terrace 3/12 at 100.00
Project, Series 2002 Refunding, 4.375%, 3/01/20
Milwaukee Redevelopment Authority, Wisconsin, Revenue Refunding Bonds, 2430 West Wisconsin
Avenue Project and 1600 North Martin Luther King Jr. Drive Project, Series 2003:
500 3.500%, 3/01/13 - FSA Insured 3/10 at 100.00
500 3.600%, 3/01/14 - FSA Insured 3/10 at 100.00
Milwaukee Redevelopment Authority, Wisconsin, Redevelopment Revenue Bonds, Summerfest Project,
Series 2001:
400 4.850%, 8/01/17 8/11 at 100.00
1,000 4.950%, 8/01/20 8/11 at 100.00
2,000 Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Milwaukee Public School 8/12 at 100.00
Neighborhood Schools Initiative, Series 2002A, 4.875%, 8/01/21 - AMBAC Insured
Market
Description Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.6%
Puerto Rico Housing Bank and Finance Agency, Single Family Mortgage Revenue Bonds, Affordable AAA $ 198,803
Housing Mortgage Subsidy Program, Portfolio I, Series 1995, 6.250%, 4/01/29 (Alternative
Minimum Tax)
Virgin Islands Housing Finance Authority, Single Family Mortgage Revenue Refunding Bonds, GNMA AAA 94,008
Mortgage-Backed Securities Program, Series 1995A, 6.450%, 3/01/16 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------
Industrials - 0.6%
Menomonee Falls Community Development Authority, Wisconsin, Development Revenue Bonds, Herker N/R 303,435
Industries, Inc. Project, Series 1996, 5.250%, 3/01/08 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.1%
Waukesha County Housing Authority, Wisconsin, Housing Revenue Refunding Bonds, Arboretum N/R 1,128,658
Project, Series 1998, 5.250%, 12/01/21 (Alternative Minimum Tax) (Mandatory put 12/01/12)
- -----------------------------------------------------------------------------------------------------------------------
Materials - 1.5%
Green Bay Redevelopment Authority, Wisconsin, Industrial Development Revenue Bonds, Fort James Ba2 789,020
Project, Series 1999, 5.600%, 5/01/19
- -----------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 0.5%
Government of Guam, General Obligation Bonds, Series 1993A, 5.400%, 11/15/18 B 247,028
- -----------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 46.1%
Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Arena Project, Aa2 1,600,230
Series 2002 Refunding, 5.150%, 6/01/29
Cudahy Community Development Authority, Wisconsin, Redevelopment Lease Revenue Bonds, N/R 1,635,240
Series 1995, 6.000%, 6/01/11
De Forest Redevelopment Authority, Wisconsin, Redevelopment Lease Revenue Bonds, Series 1999B, N/R 1,035,380
5.100%, 2/01/18
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue A2 108,055
Refunding Bonds, Tax Increment District 6, Series 2001, 5.000%, 10/01/19
Green Bay-Brown County Professional Football Stadium District, Wisconsin, Sales Tax Revenue Bonds, AAA 383,649
Lambeau Field Renovation Project, Series 2001A, 5.000%, 2/01/19 - AMBAC Insured
Green Bay Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Convention Center Project,
Series 1999A:
5.250%, 6/01/24 Aa2 1,405,326
5.100%, 6/01/29 Aa2 1,721,841
Jackson Community Development Authority, Wisconsin, Community Development Revenue Refunding N/R 504,210
Bonds, Series 1999, 5.100%, 12/01/17
Madison Community Development Authority, Wisconsin, Lease Revenue Bonds, Monona Terrace Aa2 978,845
Project, Series 2002 Refunding, 4.375%, 3/01/20
Milwaukee Redevelopment Authority, Wisconsin, Revenue Refunding Bonds, 2430 West Wisconsin
Avenue Project and 1600 North Martin Luther King Jr. Drive Project, Series 2003:
3.500%, 3/01/13 - FSA Insured Aaa 508,175
3.600%, 3/01/14 - FSA Insured Aaa 505,245
Milwaukee Redevelopment Authority, Wisconsin, Redevelopment Revenue Bonds, Summerfest Project,
Series 2001:
4.850%, 8/01/17 A 429,328
4.950%, 8/01/20 A 1,063,660
Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Milwaukee Public School AAA 2,118,160
Neighborhood Schools Initiative, Series 2002A, 4.875%, 8/01/21 - AMBAC Insured
- ----
45
Portfolio of Investments
NUVEEN WISCONSIN MUNICIPAL BOND FUND (continued)
May 31, 2003
Principal
Amount (000) Description
- --------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 2,500 Puerto Rico Public Buildings Authority, Revenue Refunding Bonds, Guaranteed by the Commonwealth of
Puerto Rico, Series 1993L, 5.500%, 7/01/21
200 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E,
6.000%, 8/01/26
Sheboygan County Housing Authority, Wisconsin, Housing Revenue Refunding Bonds, Rocky Knoll
Health Center Project, Series 1994:
150 5.300%, 12/01/17
195 5.300%, 12/01/18
395 5.300%, 12/01/19
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds,
Series 1998A:
1,100 5.500%, 12/15/18 - MBIA Insured
500 5.500%, 12/15/26 - MBIA Insured
375 Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, Redevelopment Lease Revenue Bonds,
Series 1998A, 5.200%, 10/01/21
600 Virgin Islands Public Finance Authority, Revenue Refunding Bonds, Virgin Islands Matching Fund Loan
Notes, Senior Lien/Refunding, Series 1998A, 5.625%, 10/01/25
500 Wauwatosa Redevelopment Authority, Milwaukee County, Wisconsin, Redevelopment Authority Lease
Revenue Bonds, Series 1997, 5.650%, 12/01/16 - MBIA Insured
Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999:
1,020 5.250%, 12/15/16 - FSA Insured
1,000 5.250%, 12/15/23 - FSA Insured
705 5.250%, 12/15/27 - FSA Insured
- --------------------------------------------------------------------------------------------------------------------
Transportation - 0.4%
500 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines, Inc. Project, Series
1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)
- --------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 23.7%
Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Arena Project,
Series 1999A:
2,000 5.700%, 6/01/24 (Pre-refunded to 6/01/09)
700 5.800%, 6/01/29 (Pre-refunded to 6/01/09)
460 Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, 5.750%,
7/01/20 (Pre-refunded to 7/01/10)
1,500 Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue
Bonds, Series 1998A, 5.400%, 9/01/18 (Pre-refunded to 9/01/08)
300 Madison Community Development Authority, Wisconsin, Lease Revenue Bonds, Monona Terrace
Community and Convention Center Project, Series 1995, 6.100%, 3/01/10 (Pre-refunded to 3/01/05)
2,000 Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series 2000B,
6.500%, 7/01/27 (Pre-refunded to 7/01/10)
Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, 2000 Series A:
250 5.375%, 10/01/16
750 5.500%, 10/01/20
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T:
115 6.000%, 7/01/16 (Pre-refunded to 7/01/04)
145 6.375%, 7/01/24 (Pre-refunded to 7/01/04)
Optional Call
Description Provisions* Ratings**
- ---------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
Puerto Rico Public Buildings Authority, Revenue Refunding Bonds, Guaranteed by the Commonwealth of No Opt. Call A-
Puerto Rico, Series 1993L, 5.500%, 7/01/21
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, No Opt. Call BBB+
6.000%, 8/01/26
Sheboygan County Housing Authority, Wisconsin, Housing Revenue Refunding Bonds, Rocky Knoll
Health Center Project, Series 1994:
5.300%, 12/01/17 12/04 at 100.00 A1
5.300%, 12/01/18 12/04 at 100.00 A1
5.300%, 12/01/19 12/04 at 100.00 A1
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds,
Series 1998A:
5.500%, 12/15/18 - MBIA Insured No Opt. Call AAA
5.500%, 12/15/26 - MBIA Insured No Opt. Call AAA
Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, Redevelopment Lease Revenue Bonds, 10/08 at 100.00 N/R
Series 1998A, 5.200%, 10/01/21
Virgin Islands Public Finance Authority, Revenue Refunding Bonds, Virgin Islands Matching Fund Loan 10/08 at 101.00 BBB-
Notes, Senior Lien/Refunding, Series 1998A, 5.625%, 10/01/25
Wauwatosa Redevelopment Authority, Milwaukee County, Wisconsin, Redevelopment Authority Lease 12/07 at 100.00 AAA
Revenue Bonds, Series 1997, 5.650%, 12/01/16 - MBIA Insured
Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999:
5.250%, 12/15/16 - FSA Insured No Opt. Call AAA
5.250%, 12/15/23 - FSA Insured No Opt. Call AAA
5.250%, 12/15/27 - FSA Insured No Opt. Call AAA
- ---------------------------------------------------------------------------------------------------------------------------------
Transportation - 0.4%
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines, Inc. Project, Series 6/06 at 102.00 Caa2
1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 23.7%
Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Arena Project,
Series 1999A:
5.700%, 6/01/24 (Pre-refunded to 6/01/09) 6/09 at 100.00 Aa2***
5.800%, 6/01/29 (Pre-refunded to 6/01/09) 6/09 at 100.00 Aa2***
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/10 at 100.00 AAA
7/01/20 (Pre-refunded to 7/01/10)
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue 9/08 at 100.00 N/R***
Bonds, Series 1998A, 5.400%, 9/01/18 (Pre-refunded to 9/01/08)
Madison Community Development Authority, Wisconsin, Lease Revenue Bonds, Monona Terrace 3/05 at 100.00 Aa2***
Community and Convention Center Project, Series 1995, 6.100%, 3/01/10 (Pre-refunded to 3/01/05)
Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series 2000B, 7/10 at 101.00 A***
6.500%, 7/01/27 (Pre-refunded to 7/01/10)
Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, 2000 Series A:
5.375%, 10/01/16 10/10 at 101.00 AAA
5.500%, 10/01/20 10/10 at 101.00 AAA
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T:
6.000%, 7/01/16 (Pre-refunded to 7/01/04) 7/04 at 102.00 A-***
6.375%, 7/01/24 (Pre-refunded to 7/01/04) 7/04 at 102.00 AAA
Market
Description Value
- -----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
Puerto Rico Public Buildings Authority, Revenue Refunding Bonds, Guaranteed by the Commonwealth of $2,828,675
Puerto Rico, Series 1993L, 5.500%, 7/01/21
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E, 241,410
6.000%, 8/01/26
Sheboygan County Housing Authority, Wisconsin, Housing Revenue Refunding Bonds, Rocky Knoll
Health Center Project, Series 1994:
5.300%, 12/01/17 151,722
5.300%, 12/01/18 196,958
5.300%, 12/01/19 398,452
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds,
Series 1998A:
5.500%, 12/15/18 - MBIA Insured 1,324,433
5.500%, 12/15/26 - MBIA Insured 594,490
Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, Redevelopment Lease Revenue Bonds, 389,235
Series 1998A, 5.200%, 10/01/21
Virgin Islands Public Finance Authority, Revenue Refunding Bonds, Virgin Islands Matching Fund Loan 619,944
Notes, Senior Lien/Refunding, Series 1998A, 5.625%, 10/01/25
Wauwatosa Redevelopment Authority, Milwaukee County, Wisconsin, Redevelopment Authority Lease 568,735
Revenue Bonds, Series 1997, 5.650%, 12/01/16 - MBIA Insured
Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999:
5.250%, 12/15/16 - FSA Insured 1,208,149
5.250%, 12/15/23 - FSA Insured 1,154,820
5.250%, 12/15/27 - FSA Insured 813,542
- -----------------------------------------------------------------------------------------------------------------
Transportation - 0.4%
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines, Inc. Project, Series 195,015
1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 23.7%
Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Arena Project,
Series 1999A:
5.700%, 6/01/24 (Pre-refunded to 6/01/09) 2,374,800
5.800%, 6/01/29 (Pre-refunded to 6/01/09) 835,079
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2000, 5.750%, 516,769
7/01/20 (Pre-refunded to 7/01/10)
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue 1,715,835
Bonds, Series 1998A, 5.400%, 9/01/18 (Pre-refunded to 9/01/08)
Madison Community Development Authority, Wisconsin, Lease Revenue Bonds, Monona Terrace 325,863
Community and Convention Center Project, Series 1995, 6.100%, 3/01/10 (Pre-refunded to 3/01/05)
Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series 2000B, 2,528,060
6.500%, 7/01/27 (Pre-refunded to 7/01/10)
Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, 2000 Series A:
5.375%, 10/01/16 288,408
5.500%, 10/01/20 863,175
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 1994T:
6.000%, 7/01/16 (Pre-refunded to 7/01/04) 123,438
6.375%, 7/01/24 (Pre-refunded to 7/01/04) 156,240
- ----
46
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 600 Southeast Wisconsin Professional Baseball Park District, 3/07 at 101.00 AAA $ 693,504
Sales Tax Revenue Bonds, Series 1996, 5.800%, 12/15/26
(Pre-refunded to 3/13/07) - MBIA Insured
1,000 Southeast Wisconsin Professional Baseball Park District, 12/04 at 100.00 AAA 1,076,459
Sales Tax Revenue Bonds, Series 1999, 6.100%, 12/15/29
(Pre-refunded to 12/15/04) - MBIA Insured
1,000 Wisconsin Center District, Junior Dedicated Tax Revenue 12/06 at 101.00 AAA 1,150,479
Bonds, Series 1996B, 5.700%, 12/15/20 (Pre- refunded to
12/15/06)
- ---------------------------------------------------------------------------------------------------------------
Utilities - 1.1%
500 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 572,484
2002 Series II, 5.375%, 7/01/19 - MBIA Insured
- ---------------------------------------------------------------------------------------------------------------
$46,735 Total Long-Term Investments (cost $46,738,046) - 95.6% 50,720,127
- ---------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 4.4% 2,311,872
-------------------------------------------------------------------------------------------------
Net Assets - 100% $53,031,999
-------------------------------------------------------------------------------------------------
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
- ----
47
Statement of Assets and Liabilities
May 31, 2003
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------------------------------------------
Assets
Investments, at market value (cost
$128,986,770,
$460,279,572, $254,778,714,
$248,426,023, $558,581,353 and
$46,738,046, respectively) $138,481,573 $491,823,810 $280,000,897 $266,972,827 $613,670,701 $50,720,127
Cash 1,055,163 543,151 2,022,234 -- -- 847,810
Receivables:
Interest 2,270,618 6,374,571 3,458,303 4,168,200 10,427,323 932,817
Investments sold 715,068 4,986,043 1,135,000 1,005,784 504,500 704,000
Shares sold 489,972 1,290,165 453,707 66,169 668,121 77,626
Other assets 125 21,101 13,180 198 27,902 321
- ----------------------------------------------------------------------------------------------------------------------
Total assets 143,012,519 505,038,841 287,083,321 272,213,178 625,298,547 53,282,701
- ----------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft -- -- -- 951,092 776,145 --
Payables:
Investments purchased -- 2,984,848 1,037,088 -- 1,398,384 --
Shares redeemed 265,339 285,008 203,371 245,969 681,138 800
Accrued expenses:
Management fees 65,393 224,234 130,443 123,581 277,229 24,429
12b-1 distribution and service fees 43,040 119,951 71,381 63,871 119,392 14,653
Other 44,803 154,840 100,856 78,459 205,688 33,467
Dividends payable 500,183 1,915,562 1,065,871 972,246 2,361,580 177,353
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 918,758 5,684,443 2,609,010 2,435,218 5,819,556 250,702
- ----------------------------------------------------------------------------------------------------------------------
Net assets $142,093,761 $499,354,398 $284,474,311 $269,777,960 $619,478,991 $53,031,999
- ----------------------------------------------------------------------------------------------------------------------
Class A Shares
Net assets $102,937,763 $426,782,383 $204,651,779 $233,996,120 $385,618,902 $42,359,666
Shares outstanding 9,560,636 37,610,565 16,834,553 20,708,028 32,737,179 3,986,936
Net asset value per share $ 10.77 $ 11.35 $ 12.16 $ 11.30 $ 11.78 $ 10.62
Offering price per share (net asset
value per share plus maximum sales
charge of 4.20% of offering price) $ 11.24 $ 11.85 $ 12.69 $ 11.80 $ 12.30 $ 11.09
- ----------------------------------------------------------------------------------------------------------------------
Class B Shares
Net assets $ 12,797,198 $ 21,206,445 $ 11,178,766 $ 11,911,918 $ 28,080,211 $ 5,960,084
Shares outstanding 1,197,214 1,868,359 918,134 1,053,766 2,386,556 559,445
Net asset value and offering price per $ 10.69
share $ 11.35 $ 12.18 $ 11.30 $ 11.77 $ 10.65
- ----------------------------------------------------------------------------------------------------------------------
Class C Shares
Net assets $ 25,048,898 $ 50,193,519 $ 43,693,143 $ 23,336,404 $ 50,998,974 $ 4,536,267
Shares outstanding 2,323,315 4,427,081 3,598,071 2,066,327 4,336,427 425,975
Net asset value and offering price per $ 10.78
share $ 11.34 $ 12.14 $ 11.29 $ 11.76 $ 10.65
- ----------------------------------------------------------------------------------------------------------------------
Class R Shares
Net assets $ 1,309,902 $ 1,172,051 $ 24,950,623 $ 533,518 $154,780,904 $ 175,982
Shares outstanding 121,104 103,453 2,051,930 47,167 13,151,565 16,492
Net asset value and offering price per $ 10.82
share $ 11.33 $ 12.16 $ 11.31 $ 11.77 $ 10.67
- ----------------------------------------------------------------------------------------------------------------------
Net Assets Consist of:
- --------------------------------------------------------------------------------------------------------------------------
Capital paid-in $133,783,644 $465,913,252 $256,542,310 $253,201,085 $567,796,707 $49,922,958
Undistributed (Over-distribution of) (88,597)
net investment income 208,962 140,194 (334,393) 191,800 20,591
Accumulated net realized gain (loss) (1,096,089)
from investments 1,687,946 2,569,624 (1,635,536) (3,598,864) (893,631)
Net unrealized appreciation of 9,494,803
investments 31,544,238 25,222,183 18,546,804 55,089,348 3,982,081
- --------------------------------------------------------------------------------------------------------------------------
Net assets $142,093,761 $499,354,398 $284,474,311 $269,777,960 $619,478,991 $53,031,999
- --------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
48
Statement of Operations
Year Ended May 31, 2003
Kansas Kentucky Michigan Missouri
- --------------------------------------------------------------------------------------------------------------------------
Investment Income $ 7,259,689 $27,020,413 $15,559,828 $14,028,989
- --------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees 732,722 2,567,685 1,524,075 1,382,282
12b-1 service fees - Class A 199,565 829,669 408,779 442,569
12b-1 distribution and service fees - Class B 110,120 178,321 98,364 102,637
12b-1 distribution and service fees - Class C 154,751 341,201 315,327 163,305
Shareholders' servicing agent fees and expenses 84,039 268,636 181,362 148,526
Custodian's fees and expenses 49,387 123,543 86,237 78,689
Trustees' fees and expenses 1,456 8,418 5,147 5,391
Professional fees 11,591 26,535 17,859 19,295
Shareholders' reports - printing and mailing expenses 12,038 43,787 33,618 25,760
Federal and state registration fees 5,802 10,432 9,385 10,646
Other expenses 5,531 14,235 9,690 8,236
- --------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 1,367,002 4,412,462 2,689,843 2,387,336
Custodian fee credit (14,457) (24,413) (11,077) (17,436)
- --------------------------------------------------------------------------------------------------------------------------
Net expenses 1,352,545 4,388,049 2,678,766 2,369,900
- --------------------------------------------------------------------------------------------------------------------------
Net investment income 5,907,144 22,632,364 12,881,062 11,659,089
- --------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investments 158,850 2,114,527 2,802,585 117,007
Net change in unrealized appreciation (depreciation) of investments 6,480,501 16,859,562 11,764,886 11,511,004
- --------------------------------------------------------------------------------------------------------------------------
Net gain from investments 6,639,351 18,974,089 14,567,471 11,628,011
- --------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $12,546,495 $41,606,453 $27,448,533 $23,287,100
- --------------------------------------------------------------------------------------------------------------------------
Ohio Wisconsin
- ---------------------------------------------------------------------------------------------
Investment Income $33,480,226 $2,574,730
- ---------------------------------------------------------------------------------------------
Expenses
Management fees 3,195,793 276,973
12b-1 service fees - Class A 757,374 81,936
12b-1 distribution and service fees - Class B 236,362 52,462
12b-1 distribution and service fees - Class C 357,866 28,038
Shareholders' servicing agent fees and expenses 432,889 26,996
Custodian's fees and expenses 161,268 37,106
Trustees' fees and expenses 11,351 965
Professional fees 124,646 7,655
Shareholders' reports - printing and mailing expenses 73,472 4,399
Federal and state registration fees 9,641 7,499
Other expenses 17,148 3,381
- ---------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 5,377,810 527,410
Custodian fee credit (20,419) (7,954)
- ---------------------------------------------------------------------------------------------
Net expenses 5,357,391 519,456
- ---------------------------------------------------------------------------------------------
Net investment income 28,122,835 2,055,274
- ---------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investments 1,268,680 (213,617)
Net change in unrealized appreciation (depreciation) of investments 31,686,941 2,623,140
- ---------------------------------------------------------------------------------------------
Net gain from investments 32,955,621 2,409,523
- ---------------------------------------------------------------------------------------------
Net increase in net assets from operations $61,078,456 $4,464,797
- ---------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
49
Statement of Changes in Net Assets
Kansas
--------------------------
Year Ended Year Ended
5/31/03 5/31/02
- ----------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 5,907,144 $ 5,473,926
Net realized gain (loss) from investments 158,850 37,787
Net change in unrealized appreciation (depreciation) of investments 6,480,501 1,101,468
- ----------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 12,546,495 6,613,181
- ----------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (4,628,215) (4,645,235)
Class B (452,354) (371,187)
Class C (841,745) (493,373)
Class R (67,888) (89,675)
From accumulated net realized gains from investment transactions:
Class A -- --
Class B -- --
Class C -- --
Class R -- --
- ----------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (5,990,202) (5,599,470)
- ----------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 23,090,960 27,853,495
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 2,915,310 2,495,684
- ----------------------------------------------------------------------------------------------------------
26,006,270 30,349,179
Cost of shares redeemed (15,507,694) (12,561,659)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions 10,498,576 17,787,520
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 17,054,869 18,801,231
Net assets at the beginning of year 125,038,892 106,237,661
- ----------------------------------------------------------------------------------------------------------
Net assets at the end of year $142,093,761 $125,038,892
- ----------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end of year $ (88,597) $ (16,519)
- ----------------------------------------------------------------------------------------------------------
Kentucky
--------------------------
Year Ended Year Ended
5/31/03 5/31/02
- ----------------------------------------------------------------------------------------------------------
Operations
Net investment income $22,632,364 $ 22,779,661
Net realized gain (loss) from investments 2,114,527 2,566,122
Net change in unrealized appreciation (depreciation) of investments 16,859,562 2,087,059
- ----------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 41,606,453 27,432,842
- ----------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (20,028,647) (20,222,418)
Class B (762,133) (610,341)
Class C (1,946,364) (1,661,723)
Class R (51,875) (48,663)
From accumulated net realized gains from investment transactions:
Class A (289,143) --
Class B (13,099) --
Class C (32,628) --
Class R (713) --
- ----------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (23,124,602) (22,543,145)
- ----------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 50,759,048 37,218,281
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 11,151,301 11,016,189
- ----------------------------------------------------------------------------------------------------------
61,910,349 48,234,470
Cost of shares redeemed (47,280,723) (40,310,418)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions 14,629,626 7,924,052
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 33,111,477 12,813,749
Net assets at the beginning of year 466,242,921 453,429,172
- ----------------------------------------------------------------------------------------------------------
Net assets at the end of year $499,354,398 $466,242,921
- ----------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end of year $ 208,962 $ 263,445
- ----------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
50
Michigan
--------------------------
Year Ended Year Ended
5/31/03 5/31/02
- ----------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 12,881,062 $ 13,426,608
Net realized gain (loss) from investments 2,802,585 2,047,892
Net change in unrealized appreciation (depreciation) of investments 11,764,886 2,539,436
- ----------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 27,448,533 18,013,936
- ----------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (9,642,292) (10,328,225)
Class B (407,534) (367,861)
Class C (1,748,339) (1,597,244)
Class R (1,207,750) (1,200,109)
From accumulated net realized gains from investment transactions:
Class A (124,373) (482,823)
Class B (6,398) (20,281)
Class C (26,125) (84,723)
Class R (15,064) (53,859)
- ----------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (13,177,875) (14,135,125)
- ----------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 23,926,058 22,785,790
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 4,784,615 5,013,073
- ----------------------------------------------------------------------------------------------------------
28,710,673 27,798,863
Cost of shares redeemed (35,934,398) (33,807,060)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions (7,223,725) (6,008,197)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 7,046,933 (2,129,386)
Net assets at the beginning of year 277,427,378 279,556,764
- ----------------------------------------------------------------------------------------------------------
Net assets at the end of year $284,474,311 $277,427,378
- ----------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end of year $ 140,194 $ 403,051
- ----------------------------------------------------------------------------------------------------------
Missouri
--------------------------
Year Ended Year Ended
5/31/03 5/31/02
- ---------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 11,659,089 $ 11,484,989
Net realized gain (loss) from investments 117,007 29,802
Net change in unrealized appreciation (depreciation) of investments 11,511,004 2,233,432
- ---------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 23,287,100 13,748,223
- ---------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (10,568,434) (10,524,923)
Class B (431,777) (364,677)
Class C (919,808) (749,596)
Class R (25,536) (25,949)
From accumulated net realized gains from investment transactions:
Class A -- --
Class B -- --
Class C -- --
Class R -- --
- ---------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (11,945,555) (11,665,145)
- ---------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 37,213,355 27,907,280
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 5,035,402 4,748,824
- ---------------------------------------------------------------------------------------------------------
42,248,757 32,656,104
Cost of shares redeemed (21,376,429) (19,923,492)
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions 20,872,328 12,732,612
- ---------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 32,213,873 14,815,690
Net assets at the beginning of year 237,564,087 222,748,397
- ---------------------------------------------------------------------------------------------------------
Net assets at the end of year $269,777,960 $237,564,087
- ---------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end of year $ (334,393) $ (77,229)
- ---------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
51
Statement of Changes in Net Assets (continued)
Ohio
--------------------------
Year Ended Year Ended
5/31/03 5/31/02
- ----------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 28,122,835 $ 29,478,027
Net realized gain (loss) from investments 1,268,680 (2,454,590)
Net change in unrealized appreciation (depreciation) of investments 31,686,941 5,503,360
- ----------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 61,078,456 32,526,797
- ----------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (17,957,323) (18,923,407)
Class B (993,978) (900,852)
Class C (2,010,781) (1,922,355)
Class R (7,473,631) (7,575,179)
From accumulated net realized gains from investment transactions:
Class A -- --
Class B -- --
Class C -- --
Class R -- --
- ----------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (28,435,713) (29,321,793)
- ----------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 44,313,612 54,521,113
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 13,425,680 13,555,900
- ----------------------------------------------------------------------------------------------------------
57,739,292 68,077,013
Cost of shares redeemed (65,962,814) (69,367,991)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions (8,223,522) (1,290,978)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 24,419,221 1,914,026
Net assets at the beginning of year 595,059,770 593,145,744
- ----------------------------------------------------------------------------------------------------------
Net assets at the end of year $619,478,991 $595,059,770
- ----------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end of year $ 191,800 $ 396,889
- ----------------------------------------------------------------------------------------------------------
Wisconsin
------------------------
Year Ended Year Ended
5/31/03 5/31/02
- -------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 2,055,274 $ 1,944,798
Net realized gain (loss) from investments (213,617) 79,096
Net change in unrealized appreciation (depreciation) of investments 2,623,140 602,216
- -------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 4,464,797 2,626,110
- -------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (1,758,397) (1,580,364)
Class B (197,486) (177,210)
Class C (139,711) (176,847)
Class R (5,832) (3,685)
From accumulated net realized gains from investment transactions:
Class A -- --
Class B -- --
Class C -- --
Class R -- --
- -------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (2,101,426) (1,938,106)
- -------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 7,418,035 13,041,410
Net proceeds from shares issued to shareholders due
to reinvestment of distributions 1,257,045 1,087,251
- -------------------------------------------------------------------------------------------------------
8,675,080 14,128,661
Cost of shares redeemed (6,808,683) (6,818,562)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions 1,866,397 7,310,099
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 4,229,768 7,998,103
Net assets at the beginning of year 48,802,231 40,804,128
- -------------------------------------------------------------------------------------------------------
Net assets at the end of year $53,031,999 $48,802,231
- -------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end of year $ 20,591 $ 55,681
- -------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
52
Notes to Financial Statements
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
comprises 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 organized as
series of predecessor trusts or corporations prior to that date.
The Funds seek to provide high tax-free income and preservation of capital
through investments in diversified portfolios of quality municipal bonds.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. If it is determined that market prices for a security are
unavailable or inappropriate, the Board of Trustees of the Funds, or its
designee, may establish a fair value for the security. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are valued at amortized cost, which approximates market
value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. Any securities 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 and delayed delivery purchase commitments. At May 31, 2003,
Ohio had an outstanding when-issued purchase commitment of $1,398,384. 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.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend. Generally,
payment is made or reinvestment is credited to shareholder accounts on the
first business day after month-end. Net realized capital gains and/or market
discount from investment transactions, if any, are distributed to shareholders
not less frequently than annually. Furthermore, capital gains are distributed
only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from accounting principles
generally accepted in the United States.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will
enable interest from municipal securities, which is exempt from regular federal
and designated state income taxes, to retain such tax-exempt status when
distributed to shareholders of the Funds. All monthly tax-exempt income
dividends paid during the fiscal year ended May 31, 2003, have been designated
Exempt Interest Dividends.
- ----
53
Notes to Financial Statements (continued)
Flexible Sales Charge Program
Each Fund offers Class A, B, C and R Shares. Class A Shares are sold with a
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 18 months of purchase. Class B Shares are sold without a sales
charge but incur a .75% annual 12b-1 distribution fee and a .20% annual 12b-1
service fee. An investor purchasing Class B Shares agrees to pay 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 a
sales charge but incur a .55% annual 12b-1 distribution fee and a .20% annual
12b-1 service fee. An investor purchasing Class C Shares agrees to pay a CDSC
of 1% if Class C Shares are redeemed within one year of purchase. Class R
Shares are not subject to any sales charge or 12b-1 distribution or service
fees. Class R Shares are available only under limited circumstances.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics including inverse floating rate securities. During
the fiscal year ended May 31, 2003, Kentucky, Michigan and Ohio invested in
inverse floating rate securities for the purpose of enhancing portfolio yield.
Inverse floating rate securities are identified in the Portfolio of Investments
and are marked to market daily. The interest rate of an inverse floating rate
security has an inverse relationship to the interest rate of a short-term
floating rate security. Consequently, as the interest rate of the floating rate
security rises, the interest rate on the inverse floating rate security
declines. Conversely, as the interest rate of the floating rate security
declines, the interest rate on the inverse floating rate security rises. The
price of an inverse floating rate security will be more volatile than that of
an otherwise comparable fixed rate security since the interest rate is
dependent on an underlying fixed coupon rate or the general level of long-term
interest rates as well as the short-term interest paid on the floating rate
security, and because the inverse floating rate security typically bears the
risk of loss of a greater face value of an underlying bond. Kansas, Missouri
and Wisconsin did not invest in any such securities during the fiscal year
ended May 31, 2003.
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 credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
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.
- ----
54
2. Fund Shares
Transactions in Fund shares were as follows:
Kansas
--------------------------------------------------
Year Ended Year Ended
5/31/03 5/31/02
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------------
Shares sold:
Class A 1,063,903 $ 11,127,933 1,214,623 $ 12,440,214
Class B 261,424 2,722,034 350,408 3,558,864
Class C 862,578 9,029,763 1,119,614 11,475,912
Class R 20,017 211,230 36,648 378,505
Shares issued to shareholders due to reinvestment of
distributions:
Class A 213,938 2,232,298 206,556 2,118,130
Class B 20,670 214,205 15,704 159,962
Class C 44,657 466,919 21,047 215,767
Class R 180 1,888 177 1,825
- --------------------------------------------------------------------------------------------------------
2,487,367 26,006,270 2,964,777 30,349,179
- --------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,122,005) (11,705,711) (982,932) (10,049,876)
Class B (87,869) (908,480) (42,259) (430,436)
Class C (233,992) (2,447,500) (115,533) (1,187,317)
Class R (42,271) (446,003) (86,395) (894,030)
- --------------------------------------------------------------------------------------------------------
(1,486,137) (15,507,694) (1,227,119) (12,561,659)
- --------------------------------------------------------------------------------------------------------
Net increase 1,001,230 $ 10,498,576 1,737,658 $ 17,787,520
- --------------------------------------------------------------------------------------------------------
Kentucky
--------------------------------------------------
Year Ended Year Ended
5/31/03 5/31/02
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------------
Shares sold:
Class A 2,987,211 $ 33,128,568 2,312,067 $ 25,231,282
Class B 429,304 4,755,279 428,624 4,666,171
Class C 1,153,800 12,772,504 666,972 7,265,040
Class R 9,266 102,697 5,056 55,788
Shares issued to shareholders due to reinvestment of
distributions:
Class A 881,467 9,748,497 900,522 9,826,452
Class B 36,069 399,076 27,706 302,277
Class C 86,797 959,216 77,980 850,253
Class R 4,032 44,512 3,418 37,207
- --------------------------------------------------------------------------------------------------------
5,587,946 61,910,349 4,422,345 48,234,470
- --------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (3,595,606) (39,730,221) (3,256,866) (35,485,945)
Class B (135,981) (1,503,715) (118,604) (1,289,915)
Class C (547,753) (6,046,787) (324,539) (3,526,043)
Class R -- -- (780) (8,515)
- --------------------------------------------------------------------------------------------------------
(4,279,340) (47,280,723) (3,700,789) (40,310,418)
- --------------------------------------------------------------------------------------------------------
Net increase 1,308,606 $ 14,629,626 721,556 $ 7,924,052
- --------------------------------------------------------------------------------------------------------
- ----
55
Notes to Financial Statements (continued)
Michigan
---------------------------------------------------
Year Ended Year Ended
5/31/03 5/31/02
------------------------- ------------------------
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------------------------------
Shares sold:
Class A 1,147,174 $ 13,590,360 1,158,899 $ 13,426,800
Class B 191,037 2,263,633 143,564 1,667,792
Class C 613,129 7,268,172 562,830 6,512,765
Class R 68,242 803,893 102,079 1,178,433
Shares issued to shareholders due to reinvestment of
distributions:
Class A 275,851 3,261,898 299,341 3,468,628
Class B 11,689 138,439 12,692 147,250
Class C 47,722 563,598 48,321 559,055
Class R 69,386 820,680 72,320 838,140
- ----------------------------------------------------------------------------------------------------------
2,424,230 28,710,673 2,400,046 27,798,863
- ----------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (2,403,385) (28,411,154) (2,252,924) (26,023,705)
Class B (81,059) (960,241) (117,499) (1,360,422)
Class C (421,866) (4,999,002) (427,081) (4,924,471)
Class R (131,775) (1,564,001) (129,487) (1,498,462)
- ----------------------------------------------------------------------------------------------------------
(3,038,085) (35,934,398) (2,926,991) (33,807,060)
- ----------------------------------------------------------------------------------------------------------
Net increase (decrease) (613,855) $ (7,223,725) (526,945) $ (6,008,197)
- ----------------------------------------------------------------------------------------------------------
Missouri
---------------------------------------------------
Year Ended Year Ended
5/31/03 5/31/02
------------------------- ------------------------
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------------------------------
Shares sold:
Class A 2,629,463 $ 28,861,715 1,511,164 $ 16,371,053
Class B 306,097 3,367,562 253,693 2,749,675
Class C 453,975 4,984,078 808,669 8,746,553
Class R -- -- 3,738 39,999
Shares issued to shareholders due to reinvestment
of distributions:
Class A 413,086 4,534,618 401,119 4,345,559
Class B 17,952 197,082 14,336 155,288
Class C 27,386 300,388 22,732 246,063
Class R 302 3,314 177 1,914
- ----------------------------------------------------------------------------------------------------------
3,848,261 42,248,757 3,015,628 32,656,104
- ----------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,563,588) (17,165,813) (1,613,059) (17,438,485)
Class B (111,014) (1,216,887) (80,282) (862,724)
Class C (272,997) (2,993,729) (149,727) (1,612,283)
Class R -- -- (928) (10,000)
- ----------------------------------------------------------------------------------------------------------
(1,947,599) (21,376,429) (1,843,996) (19,923,492)
- ----------------------------------------------------------------------------------------------------------
Net increase 1,900,662 $ 20,872,328 1,171,632 $ 12,732,612
- ----------------------------------------------------------------------------------------------------------
- ----
56
Ohio
--------------------------------------------------
Year Ended Year Ended
5/31/03 5/31/02
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------------
Shares sold:
Class A 2,388,290 $ 27,234,695 3,035,155 $ 33,967,857
Class B 520,124 5,932,156 514,511 5,747,368
Class C 619,754 7,076,225 805,256 8,996,874
Class R 358,046 4,070,536 519,279 5,809,014
Shares issued to shareholders due to reinvestment of
distributions:
Class A 625,025 7,115,671 642,355 7,192,029
Class B 30,778 350,186 27,677 309,569
Class C 69,847 794,388 66,551 744,276
Class R 454,082 5,165,435 474,500 5,310,026
- --------------------------------------------------------------------------------------------------------
5,065,946 57,739,292 6,085,284 68,077,013
- --------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (4,260,086) (48,660,023) (4,396,949) (49,138,338)
Class B (176,004) (1,989,404) (320,164) (3,585,121)
Class C (388,410) (4,420,801) (569,965) (6,355,839)
Class R (955,771) (10,892,586) (919,025) (10,288,693)
- --------------------------------------------------------------------------------------------------------
(5,780,271) (65,962,814) (6,206,103) (69,367,991)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) (714,325) $ (8,223,522) (120,819) $ (1,290,978)
- --------------------------------------------------------------------------------------------------------
Wisconsin
----------------------------------------------
Year Ended Year Ended
5/31/03 5/31/02
--------------------- -----------------------
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------------------------
Shares sold:
Class A 478,781 $ 4,961,350 1,001,935 $10,134,949
Class B 73,841 769,287 142,538 1,439,120
Class C 156,529 1,621,327 140,755 1,423,816
Class R 6,385 66,071 4,260 43,525
Shares issued to shareholders due to reinvestment of
distributions:
Class A 101,556 1,048,681 90,064 910,410
Class B 11,032 114,246 8,971 90,959
Class C 8,551 88,556 8,128 82,379
Class R 536 5,562 345 3,503
- ----------------------------------------------------------------------------------------------------
837,211 8,675,080 1,396,996 14,128,661
- ----------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (559,306) (5,764,985) (229,152) (2,306,280)
Class B (39,206) (401,473) (77,717) (784,684)
Class C (62,106) (642,225) (366,968) (3,726,380)
Class R -- -- (121) (1,218)
- ----------------------------------------------------------------------------------------------------
(660,618) (6,808,683) (673,958) (6,818,562)
- ----------------------------------------------------------------------------------------------------
Net increase 176,593 $ 1,866,397 723,038 $ 7,310,099
- ----------------------------------------------------------------------------------------------------
- ----
57
Notes to Financial Statements (continued)
3. Securities Transactions
Purchases and sales (including maturities) of investments in long-term
municipal securities for the fiscal year ended May 31, 2003, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------
Purchases $23,711,619 $73,799,658 $27,136,879 $55,252,936 $73,590,137 $3,887,152
Sales and
maturities 16,048,185 65,927,643 35,364,773 35,752,785 80,438,324 3,898,515
- ----------------------------------------------------------------------------------
4. 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 income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At May 31, 2003, the cost of investments were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ------------------------------------------------------------------------------------------------
Cost of investments $128,973,462 $460,100,261 $254,774,692 $248,384,409 $558,180,856 $46,724,316
- ------------------------------------------------------------------------------------------------
Gross unrealized appreciation and gross unrealized depreciation of investments
at May 31, 2003, were as follows:
Kansas Kentucky Michigan Missouri Ohio
- --------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $11,284,978 $37,398,228 $28,581,932 $20,437,837 $59,092,263
Depreciation (1,776,867) (5,674,679) (3,355,727) (1,849,419) (3,607,418)
- --------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments $ 9,508,111 $31,723,549 $25,226,205 $18,588,418 $55,489,845
- --------------------------------------------------------------------------------------------------------------------------
Wisconsin
- ------------------------------------------------------
Gross unrealized:
Appreciation $4,498,088
Depreciation (502,277)
- ------------------------------------------------------
Net unrealized appreciation on investments $3,995,811
- ------------------------------------------------------
The tax components of undistributed net investment income and net realized
gains at May 31, 2003, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $398,280 $1,878,557 $ 924,463 $596,029 $2,216,357 $183,133
Undistributed net ordinary income* -- 66,683 78,164 214 6,673 1,079
Undistributed net long-term capital gains -- 1,687,447 2,769,039 -- -- --
- ------------------------------------------------------------------------------------------------------
*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 fiscal years ended May 31,
2003 and May 31, 2002, was designated for purposes of the dividends paid
deduction as follows:
2003 Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $5,966,173 $22,742,904 $13,042,876 $11,944,635 $28,473,859 $2,099,102
Distributions from net ordinary income* -- -- 16,718 -- -- --
Distributions from net long-term capital gains -- 335,583 155,242 -- -- --
- ----------------------------------------------------------------------------------------------------------------------
2002 Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $5,559,994 $22,559,782 $13,554,778 $11,659,139 $29,405,893 $1,908,543
Distributions from net ordinary income* -- -- -- -- -- --
Distributions from net long-term capital gains -- -- 641,686 -- -- --
- ----------------------------------------------------------------------------------------------------------------------
*Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
- ----
58
At May 31, 2003, 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 Missouri Ohio Wisconsin
-----------------------------------------------
2008 $ 671,721 $ 739,077 $ -- $ 19,279
2009 424,368 691,893 1,144,274 649,372
2010 -- 204,566 2,454,590 --
-----------------------------------------------
$1,096,089 $1,635,536 $3,598,864 $668,651
-----------------------------------------------
Wisconsin has elected to defer net realized losses from investments incurred
from November 1, 2002 through May 31, 2003 ("post-October losses") in
accordance with Federal income tax regulations. Wisconsin has $224,981 of
post-October losses that are treated as having arisen in the following fiscal
year.
5. Management Fee and Other Transactions with Affiliates
Under the Trust's investment management agreement with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
(formerly, The John Nuveen Company), each Fund pays an annual management fee,
payable monthly, at the rates set forth below which are based upon the average
daily net assets of each Fund as follows:
Average Daily Net Assets Management Fee
----------------------------------------------
For the first $125 million .5500%
For the next $125 million .5375
For the next $250 million .5250
For the next $500 million .5125
For the next $1 billion .5000
For the next $3 billion .4750
For net assets over $5 billion .4500
----------------------------------------------
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 Adviser has agreed to waive part of its management fees or reimburse
certain expenses of Ohio in order to limit total expenses to .75% of the
average daily net assets, excluding any 12b-1 fees applicable to Class A, B and
C Shares. The Adviser may also voluntarily agree to 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 fiscal year ended May 31, 2003, Nuveen Investments, LLC (the
"Distributor") (formerly, Nuveen Investments), a wholly owned subsidiary of
Nuveen Investments, Inc., collected sales charges on purchases of Class A
Shares, the majority of which were paid out as concessions to authorized
dealers as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ---------------------------------------------------------------------------------------------
Sales charges collected (unaudited) $260,669 $911,873 $264,858 $496,290 $481,489 $156,632
Paid to authorized dealers (unaudited) 249,641 827,146 233,229 496,290 441,511 138,572
- ---------------------------------------------------------------------------------------------
The Distributor also received 12b-1 service fees on Class A Shares,
substantially all of which were paid to compensate authorized dealers for
providing services to shareholders relating to their investments.
During the fiscal year ended May 31, 2003, the Distributor compensated
authorized dealers directly with commission advances at the time of purchase as
follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- --------------------------------------------------------------------------------------
Commission advances (unaudited) $236,373 $326,704 $159,593 $324,960 $289,596 $47,969
- --------------------------------------------------------------------------------------
- ----
59
Notes to Financial Statements (continued)
To compensate for commissions advanced to authorized dealers, 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 fiscal year
ended May 31, 2003, the Distributor retained such 12b-1 fees as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- --------------------------------------------------------------------------------------
12b-1 fees retained (unaudited) $173,353 $194,435 $145,568 $141,268 $252,118 $54,105
- --------------------------------------------------------------------------------------
The remaining 12b-1 fees charged to the Funds were paid to compensate
authorized dealers for providing services to shareholders relating to their
investments.
The Distributor also collected and retained CDSC on share redemptions during
the fiscal year ended May 31, 2003, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
------------------------------------------------------------------------------
CDSC retained (unaudited) $29,924 $44,019 $22,434 $23,758 $74,386 $30,010
------------------------------------------------------------------------------
6. Subsequent Event - Distributions to Shareholders
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on July 1, 2003, to shareholders of record on June 9,
2003, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
------------------------------------------------------------------
Dividend
per
share:
Class A $.0395 $.0445 $.0465 $.0415 $.0450 $.0370
Class B .0330 .0375 .0390 .0345 .0380 .0310
Class C .0350 .0395 .0410 .0360 .0400 .0325
Class R .0415 .0460 .0485 .0430 .0470 .0390
------------------------------------------------------------------
- ----
60
Financial Highlights
Selected data for a share outstanding throughout each year:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------
KANSAS
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending
Net Invest- ment Invest- Net
Asset ment Gain ment Capital Asset Total
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b)
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Class A (1/92)
2003 $10.25 $.48 $ .52 $1.00 $(.48) $-- $(.48) $10.77 10.03%
2002 10.16 .50 .10 .60 (.51) -- (.51) 10.25 6.06
2001 9.54 .51 .62 1.13 (.51) -- (.51) 10.16 12.02
2000 10.49 .50 (.96) (.46) (.49) -- (.49) 9.54 (4.38)
1999 10.60 .51 (.11) .40 (.51) -- (.51) 10.49 3.81
Class B (2/97)
2003 10.18 .40 .52 .92 (.41) -- (.41) 10.69 9.18
2002 10.09 .42 .11 .53 (.44) -- (.44) 10.18 5.30
2001 9.48 .44 .61 1.05 (.44) -- (.44) 10.09 11.17
2000 10.43 .42 (.95) (.53) (.42) -- (.42) 9.48 (5.14)
1999 10.54 .43 (.11) .32 (.43) -- (.43) 10.43 3.07
Class C (2/97)
2003 10.27 .42 .52 .94 (.43) -- (.43) 10.78 9.35
2002 10.17 .44 .12 .56 (.46) -- (.46) 10.27 5.60
2001 9.56 .46 .61 1.07 (.46) -- (.46) 10.17 11.29
2000 10.51 .45 (.96) (.51) (.44) -- (.44) 9.56 (4.89)
1999 10.63 .45 (.11) .34 (.46) -- (.46) 10.51 3.18
Class R (2/97)
2003 10.30 .50 .53 1.03 (.51) -- (.51) 10.82 10.23
2002 10.20 .53 .11 .64 (.54) -- (.54) 10.30 6.38
2001 9.59 .54 .60 1.14 (.53) -- (.53) 10.20 12.12
2000 10.55 .52 (.96) (.44) (.52) -- (.52) 9.59 (4.22)
1999 10.66 .54 (.11) .43 (.54) -- (.54) 10.55 4.06
- -------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
---------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(c) Reimbursement(d)
KANSAS ----------------- ----------------- -----------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Assets Net Net Net Net Net Net Turnover
Year Ended May 31, (000) Assets Assets Assets Assets Assets Assets Rate
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Class A (1/92)
2003 $102,938 .88% 4.57% .88% 4.57% .87% 4.58% 12%
2002 96,411 .90 4.90 .90 4.90 .89 4.91 17
2001 91,062 .90 5.13 .90 5.13 .89 5.14 18
2000 86,460 1.01 5.04 1.01 5.05 1.00 5.06 54
1999 113,140 .90 4.63 .76 4.78 .75 4.78 27
Class B (2/97)
2003 12,797 1.63 3.81 1.63 3.81 1.62 3.82 12
2002 10,210 1.65 4.13 1.65 4.13 1.64 4.15 17
2001 6,851 1.65 4.38 1.65 4.38 1.64 4.39 18
2000 5,361 1.77 4.31 1.77 4.31 1.76 4.32 54
1999 6,497 1.65 3.89 1.51 4.03 1.51 4.03 27
Class C (2/97)
2003 25,049 1.43 4.01 1.43 4.01 1.42 4.02 12
2002 16,943 1.44 4.31 1.44 4.31 1.43 4.32 17
2001 6,359 1.45 4.58 1.45 4.58 1.44 4.59 18
2000 5,633 1.57 4.51 1.56 4.51 1.56 4.52 54
1999 6,171 1.45 4.10 1.32 4.23 1.32 4.23 27
Class R (2/97)
2003 1,310 .68 4.77 .68 4.77 .67 4.78 12
2002 1,475 .70 5.12 .70 5.12 .69 5.13 17
2001 1,967 .69 5.33 .69 5.33 .68 5.34 18
2000 1,360 .85 5.32 .85 5.32 .84 5.33 54
1999 679 .70 4.87 .59 4.97 .59 4.97 27
- --------------------------------------------------------------------------------------------------------------------
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(c) After expense reimbursement from the Adviser, where applicable.
(d) After custodian fee credit and expense reimbursement, where applicable.
See accompanying notes to financial statements.
- ----
61
Financial Highlights (continued)
Selected data for a share outstanding throughout each year:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- -----------------------
KENTUCKY
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending
Net Invest- ment Invest- Net
Asset ment Gain ment Capital Asset Total
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b)
- --------------------------------------------------------------------------------------------------------------------------
Class A (5/87)
2003 $10.92 $.53 $ .44 $ .97 $(.53) $(.01) $(.54) $11.35 9.03%
2002 10.80 .54 .12 .66 (.54) -- (.54) 10.92 6.22
2001 10.30 .55 .50 1.05 (.55) -- (.55) 10.80 10.40
2000 11.22 .55 (.92) (.37) (.55) -- (.55) 10.30 (3.27)
1999 11.39 .56 (.15) .41 (.56) (.02) (.58) 11.22 3.66
Class B (2/97)
2003 10.92 .45 .44 .89 (.45) (.01) (.46) 11.35 8.21
2002 10.80 .46 .12 .58 (.46) -- (.46) 10.92 5.42
2001 10.30 .47 .51 .98 (.48) -- (.48) 10.80 9.60
2000 11.22 .47 (.92) (.45) (.47) -- (.47) 10.30 (3.99)
1999 11.39 .48 (.15) .33 (.48) (.02) (.50) 11.22 2.90
Class C (10/93)
2003 10.91 .47 .44 .91 (.47) (.01) (.48) 11.34 8.45
2002 10.79 .48 .12 .60 (.48) -- (.48) 10.91 5.64
2001 10.29 .49 .50 .99 (.49) -- (.49) 10.79 9.80
2000 11.21 .50 (.93) (.43) (.49) -- (.49) 10.29 (3.82)
1999 11.38 .50 (.15) .35 (.50) (.02) (.52) 11.21 3.12
Class R (2/97)
2003 10.90 .55 .44 .99 (.55) (.01) (.56) 11.33 9.23
2002 10.78 .57 .11 .68 (.56) -- (.56) 10.90 6.40
2001 10.27 .57 .51 1.08 (.57) -- (.57) 10.78 10.72
2000 11.20 .57 (.93) (.36) (.57) -- (.57) 10.27 (3.18)
1999 11.37 .58 (.15) .43 (.58) (.02) (.60) 11.20 3.89
- --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
---------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(c) Reimbursement(d)
KENTUCKY ----------------- ----------------- -----------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Assets Net Net Net Net Net Net Turnover
Year Ended May 31, (000) Assets Assets Assets Assets Assets Assets Rate
- --------------------------------------------------------------------------------------------------------------------
Class A (5/87)
2003 $426,782 .84% 4.79% .84% 4.79% .83% 4.79% 14%
2002 407,706 .85 4.99 .85 4.99 .84 5.00 14
2001 403,793 .87 5.11 .87 5.11 .85 5.13 14
2000 394,048 .96 5.23 .96 5.23 .96 5.23 7
1999 467,127 .84 4.88 .82 4.90 .82 4.90 10
Class B (2/97)
2003 21,206 1.59 4.04 1.59 4.04 1.58 4.04 14
2002 16,808 1.59 4.24 1.59 4.24 1.58 4.25 14
2001 12,977 1.62 4.36 1.62 4.36 1.60 4.38 14
2000 10,148 1.72 4.48 1.72 4.48 1.72 4.48 7
1999 9,923 1.59 4.13 1.57 4.15 1.56 4.16 10
Class C (10/93)
2003 50,194 1.39 4.24 1.39 4.24 1.38 4.24 14
2002 40,746 1.40 4.44 1.40 4.44 1.39 4.45 14
2001 35,770 1.42 4.56 1.42 4.56 1.40 4.58 14
2000 31,078 1.51 4.68 1.51 4.68 1.51 4.68 7
1999 37,246 1.39 4.33 1.37 4.36 1.37 4.36 10
Class R (2/97)
2003 1,172 .64 4.99 .64 4.99 .63 4.99 14
2002 983 .65 5.19 .65 5.19 .64 5.20 14
2001 889 .67 5.31 .67 5.31 .65 5.33 14
2000 842 .77 5.43 .77 5.43 .77 5.43 7
1999 839 .64 5.08 .62 5.10 .62 5.11 10
- --------------------------------------------------------------------------------------------------------------------
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(c) After expense reimbursement from the Adviser, where applicable.
(d) After custodian fee credit and expense reimbursement, where applicable.
See accompanying notes to financial statements.
- ----
62
Selected data for a share outstanding throughout each year:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- -----------------------
MICHIGAN
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending
Net Invest- ment Invest- Net
Asset ment Gain ment Capital Asset Total
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b)
- --------------------------------------------------------------------------------------------------------------------------
Class A (6/85)
2003 $11.55 $.55 $ .63 $1.18 $(.56) $(.01) $(.57) $12.16 10.40%
2002 11.39 .56 .20 .76 (.57) (.03) (.60) 11.55 6.70
2001 10.75 .58 .63 1.21 (.57) -- (.57) 11.39 11.45
2000 11.83 .58 (1.03) (.45) (.58) (.05) (.63) 10.75 (3.80)
1999 12.07 .60 (.18) .42 (.60) (.06) (.66) 11.83 3.45
Class B (2/97)
2003 11.57 .46 .63 1.09 (.47) (.01) (.48) 12.18 9.56
2002 11.41 .48 .19 .67 (.48) (.03) (.51) 11.57 5.88
2001 10.77 .50 .63 1.13 (.49) -- (.49) 11.41 10.61
2000 11.85 .50 (1.03) (.53) (.50) (.05) (.55) 10.77 (4.52)
1999 12.09 .51 (.18) .33 (.51) (.06) (.57) 11.85 2.69
Class C (6/93)
2003 11.54 .49 .61 1.10 (.49) (.01) (.50) 12.14 9.71
2002 11.38 .50 .19 .69 (.50) (.03) (.53) 11.54 6.11
2001 10.74 .52 .63 1.15 (.51) -- (.51) 11.38 10.84
2000 11.82 .52 (1.03) (.51) (.52) (.05) (.57) 10.74 (4.35)
1999 12.06 .53 (.18) .35 (.53) (.06) (.59) 11.82 2.90
Class R (2/97)
2003 11.56 .58 .61 1.19 (.58) (.01) (.59) 12.16 10.53
2002 11.39 .59 .20 .79 (.59) (.03) (.62) 11.56 6.99
2001 10.75 .60 .63 1.23 (.59) -- (.59) 11.39 11.63
2000 11.83 .60 (1.03) (.43) (.60) (.05) (.65) 10.75 (3.62)
1999 12.07 .62 (.18) .44 (.62) (.06) (.68) 11.83 3.66
- --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
---------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(c) Reimbursement(d)
MICHIGAN ----------------- ----------------- -----------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Assets Net Net Net Net Net Net Turnover
Year Ended May 31, (000) Assets Assets Assets Assets Assets Assets Rate
- --------------------------------------------------------------------------------------------------------------------
Class A (6/85)
2003 $204,652 .86% 4.67% .86% 4.67% .86% 4.67% 10%
2002 205,808 .87 4.86 .87 4.86 .87 4.86 19
2001 211,992 .87 5.15 .87 5.15 .86 5.16 11
2000 208,290 .97 5.22 .97 5.22 .96 5.22 28
1999 260,396 .84 4.94 .84 4.94 .84 4.94 18
Class B (2/97)
2003 11,179 1.61 3.91 1.61 3.91 1.61 3.92 10
2002 9,214 1.62 4.11 1.62 4.11 1.62 4.11 19
2001 8,642 1.62 4.40 1.62 4.40 1.61 4.41 11
2000 7,741 1.73 4.48 1.73 4.48 1.72 4.49 28
1999 7,733 1.60 4.20 1.60 4.20 1.60 4.20 18
Class C (6/93)
2003 43,693 1.41 4.12 1.41 4.12 1.41 4.12 10
2002 38,763 1.42 4.31 1.42 4.31 1.42 4.31 19
2001 36,123 1.42 4.60 1.42 4.60 1.41 4.61 11
2000 35,678 1.51 4.66 1.51 4.66 1.50 4.67 28
1999 48,946 1.39 4.39 1.39 4.39 1.39 4.39 18
Class R (2/97)
2003 24,951 .66 4.87 .66 4.87 .66 4.87 10
2002 23,643 .67 5.06 .67 5.06 .67 5.06 19
2001 22,799 .67 5.35 .67 5.35 .66 5.36 11
2000 22,035 .77 5.42 .77 5.42 .76 5.43 28
1999 26,310 .64 5.14 .64 5.14 .64 5.14 18
- --------------------------------------------------------------------------------------------------------------------
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(c) After expense reimbursement from the Adviser, where applicable.
(d) After custodian fee credit and expense reimbursement, where applicable.
See accompanying notes to financial statements.
- ----
63
Financial Highlights (continued)
Selected data for a share outstanding throughout each year:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- -----------------------
MISSOURI
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending
Net Invest- ment Invest- Net
Asset ment Gain ment Capital Asset Total
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b)
- --------------------------------------------------------------------------------------------------------------------------
Class A (8/87)
2003 $10.81 $.51 $ .51 $1.02 $(.53) $ -- $(.53) $11.30 9.63%
2002 10.71 .54 .11 .65 (.55) -- (.55) 10.81 6.20
2001 10.18 .56 .53 1.09 (.56) -- (.56) 10.71 10.93
2000 11.12 .55 (.93) (.38) (.55) (.01) (.56) 10.18 (3.47)
1999 11.23 .55 (.11) .44 (.55) -- (.55) 11.12 3.95
Class B (2/97)
2003 10.81 .43 .50 .93 (.44) -- (.44) 11.30 8.80
2002 10.71 .46 .11 .57 (.47) -- (.47) 10.81 5.38
2001 10.18 .48 .53 1.01 (.48) -- (.48) 10.71 10.10
2000 11.11 .47 (.93) (.46) (.46) (.01) (.47) 10.18 (4.13)
1999 11.23 .47 (.12) .35 (.47) -- (.47) 11.11 3.09
Class C (2/94)
2003 10.81 .45 .49 .94 (.46) -- (.46) 11.29 8.93
2002 10.70 .48 .12 .60 (.49) -- (.49) 10.81 5.72
2001 10.17 .50 .53 1.03 (.50) -- (.50) 10.70 10.31
2000 11.11 .49 (.93) (.44) (.49) (.01) (.50) 10.17 (4.03)
1999 11.23 .49 (.12) .37 (.49) -- (.49) 11.11 3.31
Class R (2/97)
2003 10.82 .53 .50 1.03 (.54) -- (.54) 11.31 9.80
2002 10.71 .57 .11 .68 (.57) -- (.57) 10.82 6.47
2001 10.18 .58 .53 1.11 (.58) -- (.58) 10.71 11.11
2000 11.12 .57 (.93) (.36) (.57) (.01) (.58) 10.18 (3.29)
1999 11.23 .58 (.12) .46 (.57) -- (.57) 11.12 4.17
- --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
---------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(c) Reimbursement(d)
MISSOURI ----------------- ----------------- -----------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Assets Net Net Net Net Net Net Turnover
Year Ended May 31, (000) Assets Assets Assets Assets Assets Assets Rate
- --------------------------------------------------------------------------------------------------------------------
Class A (8/87)
2003 $233,996 .86% 4.65% .86% 4.65% .85% 4.66% 14%
2002 207,890 .87 5.02 .87 5.02 .86 5.03 13
2001 202,698 .87 5.31 .87 5.31 .87 5.31 13
2000 194,271 .96 5.25 .96 5.25 .95 5.26 21
1999 238,498 .86 4.87 .86 4.87 .86 4.87 12
Class B (2/97)
2003 11,912 1.61 3.90 1.61 3.90 1.60 3.91 14
2002 9,091 1.62 4.27 1.62 4.27 1.61 4.27 13
2001 6,991 1.62 4.55 1.62 4.55 1.61 4.56 13
2000 5,165 1.71 4.51 1.71 4.51 1.70 4.52 21
1999 5,286 1.61 4.12 1.61 4.13 1.61 4.13 12
Class C (2/94)
2003 23,336 1.41 4.10 1.41 4.10 1.40 4.11 14
2002 20,076 1.41 4.46 1.41 4.46 1.41 4.47 13
2001 12,589 1.42 4.76 1.42 4.76 1.42 4.76 13
2000 10,229 1.50 4.69 1.50 4.69 1.49 4.70 21
1999 13,444 1.41 4.32 1.41 4.32 1.41 4.32 12
Class R (2/97)
2003 534 .66 4.86 .66 4.86 .65 4.86 14
2002 507 .67 5.22 .67 5.22 .66 5.23 13
2001 470 .67 5.51 .67 5.51 .67 5.51 13
2000 442 .77 5.47 .77 5.47 .76 5.48 21
1999 393 .66 5.07 .65 5.08 .65 5.08 12
- --------------------------------------------------------------------------------------------------------------------
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(c) After expense reimbursement from the Adviser, where applicable.
(d) After custodian fee credit and expense reimbursement, where applicable.
See accompanying notes to financial statements.
- ----
64
Selected data for a share outstanding throughout each year:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- -----------------------
OHIO
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending
Net Invest- ment Invest- Net
Year Ended Asset ment Gain ment Capital Asset Total
May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b)
- --------------------------------------------------------------------------------------------------------------------------
Class A (6/85)
2003 $11.16 $.54 $ .62 $1.16 $(.54) $ -- $(.54) $11.78 10.65%
2002 11.10 .55 .06 .61 (.55) -- (.55) 11.16 5.57
2001 10.62 .57 .48 1.05 (.57) -- (.57) 11.10 10.05
2000 11.57 .57 (.93) (.36) (.57) (.02) (.59) 10.62 (3.18)
1999 11.74 .58 (.13) .45 (.58) (.04) (.62) 11.57 3.92
Class B (2/97)
2003 11.15 .45 .63 1.08 (.46) -- (.46) 11.77 9.85
2002 11.09 .47 .05 .52 (.46) -- (.46) 11.15 4.79
2001 10.62 .48 .48 .96 (.49) -- (.49) 11.09 9.16
2000 11.56 .49 (.93) (.44) (.48) (.02) (.50) 10.62 (3.82)
1999 11.73 .49 (.12) .37 (.50) (.04) (.54) 11.56 3.18
Class C (8/93)
2003 11.15 .47 .62 1.09 (.48) -- (.48) 11.76 9.99
2002 11.09 .49 .06 .55 (.49) -- (.49) 11.15 5.01
2001 10.61 .51 .48 .99 (.51) -- (.51) 11.09 9.46
2000 11.56 .51 (.93) (.42) (.51) (.02) (.53) 10.61 (3.71)
1999 11.73 .52 (.13) .39 (.52) (.04) (.56) 11.56 3.39
Class R (2/97)
2003 11.15 .56 .62 1.18 (.56) -- (.56) 11.77 10.89
2002 11.09 .57 .06 .63 (.57) -- (.57) 11.15 5.80
2001 10.62 .59 .48 1.07 (.60) -- (.60) 11.09 10.19
2000 11.57 .60 (.94) (.34) (.59) (.02) (.61) 10.62 (2.97)
1999 11.73 .60 (.12) .48 (.60) (.04) (.64) 11.57 4.22
- --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
---------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(c) Reimbursement(d)
OHIO ----------------- ----------------- -----------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Year Ended Assets Net Net Net Net Net Net Turnover
May 31, (000) Assets Assets Assets Assets Assets Assets Rate
- --------------------------------------------------------------------------------------------------------------------
Class A (6/85)
2003 $385,619 .87% 4.69% .87% 4.69% .87% 4.69% 12%
2002 379,342 .86 4.93 .86 4.93 .86 4.93 21
2001 385,226 .86 5.13 .86 5.13 .85 5.13 12
2000 389,898 .90 5.25 .90 5.25 .89 5.25 11
1999 471,075 .85 4.94 .85 4.94 .85 4.94 11
Class B (2/97)
2003 28,080 1.62 3.94 1.62 3.94 1.61 3.94 12
2002 22,433 1.61 4.17 1.61 4.17 1.61 4.18 21
2001 19,846 1.61 4.37 1.61 4.37 1.60 4.37 12
2000 14,970 1.65 4.51 1.65 4.51 1.64 4.52 11
1999 14,494 1.61 4.20 1.61 4.20 1.61 4.20 11
Class C (8/93)
2003 50,999 1.42 4.14 1.42 4.14 1.41 4.14 12
2002 44,984 1.41 4.37 1.41 4.37 1.41 4.38 21
2001 41,396 1.41 4.57 1.41 4.57 1.40 4.58 12
2000 41,220 1.45 4.69 1.45 4.69 1.44 4.70 11
1999 50,889 1.40 4.39 1.40 4.39 1.40 4.39 11
Class R (2/97)
2003 154,781 .67 4.89 .67 4.89 .67 4.89 12
2002 148,302 .66 5.12 .66 5.12 .66 5.13 21
2001 146,678 .66 5.32 .66 5.32 .65 5.33 12
2000 142,031 .70 5.45 .70 5.45 .69 5.46 11
1999 161,491 .65 5.14 .65 5.14 .65 5.14 11
- --------------------------------------------------------------------------------------------------------------------
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(c) After expense reimbursement from the Adviser, where applicable.
(d) After custodian fee credit and expense reimbursement, where applicable.
See accompanying notes to financial statements.
- ----
65
Financial Highlights (continued)
Selected data for a share outstanding throughout each year:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------
WISCONSIN
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending
Net Invest- ment Invest- Net
Asset ment Gain ment Capital Asset Total
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b)
- -------------------------------------------------------------------------------------------------------------------------
Class A (6/94)
2003 $10.14 $.43 $ .49 $ .92 $(.44) $ -- $(.44) $10.62 9.41%
2002 9.97 .44 .17 .61 (.44) -- (.44) 10.14 6.26
2001 9.24 .45 .72 1.17 (.44) -- (.44) 9.97 12.84
2000 10.20 .44 (.95) (.51) (.44) (.01) (.45) 9.24 (5.04)
1999 10.28 .47 (.08) .39 (.47) -- (.47) 10.20 3.83
Class B (2/97)
2003 10.17 .36 .49 .85 (.37) -- (.37) 10.65 8.53
2002 10.00 .37 .17 .54 (.37) -- (.37) 10.17 5.49
2001 9.27 .38 .72 1.10 (.37) -- (.37) 10.00 11.98
2000 10.23 .37 (.95) (.58) (.37) (.01) (.38) 9.27 (5.75)
1999 10.31 .39 (.08) .31 (.39) -- (.39) 10.23 3.05
Class C (2/97)
2003 10.16 .38 .50 .88 (.39) -- (.39) 10.65 8.83
2002 10.00 .39 .16 .55 (.39) -- (.39) 10.16 5.58
2001 9.26 .40 .73 1.13 (.39) -- (.39) 10.00 12.31
2000 10.22 .39 (.95) (.56) (.39) (.01) (.40) 9.26 (5.56)
1999 10.30 .41 (.07) .34 (.42) -- (.42) 10.22 3.29
Class R (2/97)
2003 10.18 .46 .50 .96 (.47) -- (.47) 10.67 9.62
2002 10.02 .47 .16 .63 (.47) -- (.47) 10.18 6.36
2001 9.28 .47 .73 1.20 (.46) -- (.46) 10.02 13.10
2000 10.23 .46 (.94) (.48) (.46) (.01) (.47) 9.28 (4.73)
1999 10.31 .49 (.08) .41 (.49) -- (.49) 10.23 4.04
- -------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
--------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(c) Reimbursement(d)
WISCONSIN ----------------- ----------------- -----------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Assets Net Net Net Net Net Net Turnover
Year Ended May 31, (000) Assets Assets Assets Assets Assets Assets Rate
- -------------------------------------------------------------------------------------------------------------------
Class A (6/94)
2003 $42,360 .93% 4.19% .93% 4.19% .91% 4.20% 8%
2002 40,199 .93 4.39 .93 4.39 .92 4.40 19
2001 30,944 .97 4.59 .97 4.59 .95 4.61 16
2000 30,146 1.14 4.50 1.02 4.62 1.01 4.63 26
1999 29,217 1.16 4.05 .68 4.53 .68 4.53 9
Class B (2/97)
2003 5,960 1.67 3.44 1.67 3.44 1.66 3.45 8
2002 5,224 1.68 3.65 1.68 3.65 1.67 3.66 19
2001 4,401 1.72 3.84 1.72 3.84 1.70 3.86 16
2000 3,977 1.89 3.75 1.76 3.87 1.75 3.88 26
1999 3,795 1.91 3.30 1.43 3.78 1.43 3.79 9
Class C (2/97)
2003 4,536 1.47 3.64 1.47 3.64 1.45 3.65 8
2002 3,282 1.51 3.85 1.51 3.85 1.49 3.86 19
2001 5,408 1.52 4.04 1.52 4.04 1.50 4.05 16
2000 4,366 1.69 3.95 1.57 4.07 1.56 4.08 26
1999 3,457 1.71 3.51 1.23 3.99 1.23 3.99 9
Class R (2/97)
2003 176 .72 4.39 .72 4.39 .70 4.41 8
2002 97 .73 4.60 .73 4.60 .72 4.62 19
2001 51 .77 4.79 .77 4.79 .75 4.80 16
2000 45 .92 4.67 .79 4.81 .78 4.82 26
1999 107 .96 4.26 .48 4.73 .48 4.74 9
- -------------------------------------------------------------------------------------------------------------------
(a) Per share Net Investment Income is calculated using the average daily
shares method.
(b) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(c) After expense reimbursement from the Adviser, where applicable.
(d) After custodian fee credit and expense reimbursement, where applicable.
See accompanying notes to financial statements.
- ----
66
Report of Independent Auditors
To the Board of Trustees and Shareholders of
Nuveen Multistate Trust IV:
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of 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 and Nuveen Wisconsin Municipal Bond Fund (constituting the Nuveen
Multistate Trust IV, hereafter referred to as the "Funds") at May 31, 2003, the
results of each of their operations for the year then ended, the changes in
each of their net assets and the financial highlights for the two years then
ended, in conformity with accounting principles generally accepted in the
United States of America. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Funds' management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with auditing standards generally accepted
in the United States of America, which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits, which included confirmation of securities at May 31,
2003 by correspondence with the custodian and brokers, provide a reasonable
basis for our opinion. The financial highlights of the Funds as of May 31, 2001
and for the periods then ended and prior were audited by other independent
accountants who have ceased operations. Those independent accountants expressed
an unqualified opinion on those statements in their report dated July 11, 2001.
PRICEWATERHOUSECOOPERS LLP
Chicago, Illinois
July 24, 2003
- ----
67
Notes
- --------------------------------------------------------------------------------
68
Notes
- --------------------------------------------------------------------------------
69
- --------------------------------------------------------------------------------
Trustees and Officers
================================================================================
The management of the Fund, including general supervision of the duties
performed for the Fund under the management agreement between Nuveen Advisory
and the Fund, is the responsibility of the Board of Trustees of the Fund. The
number of trustees of the Fund is currently set at seven. None of the trustees
who are not "interested" persons of the Fund has ever been a director or
employee of, or consultant to, Nuveen or its affiliates. The names and business
addresses of the trustees and officers of the Fund, their principal occupations
and other affiliations during the past five years, the number of portfolios
each oversees and other directorships they hold are set forth below.
The Funds' Statement of Additional Information ("SAI") includes more
information about the Trustees. To request a free copy, call Nuveen Investments
at (800) 257-8787.
Number of
Portfolios in
Name, Position(s) Year First Principal Occupation(s) Fund Complex
Birthdate Held with Elected or Including other Directorships Overseen by
and Address the Fund Appointed(2) During Past 5 Years Trustee
- --------------------------------------------------------------------------------------------------------------------
Trustee who is an interested person of the Funds:
- --------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger (1) Chairman of the 1994 Chairman and Director (since 1996) of Nuveen 140
3/28/49 Board and Investments, Inc. and Nuveen Investments,
333 W. Wacker Drive Trustee LLC; Director (since 1992) and Chairman
Chicago, IL 60606 (since 1996) of Nuveen Advisory Corp. and
Nuveen Institutional Advisory Corp.;
Chairman and Director (since 1997) of Nuveen
Asset Management, Inc.; Director (since
1996) of Institutional Capital Corporation;
Chairman and Director (since 1999) of
Rittenhouse Asset Management, Inc.; Chairman
of Nuveen Investments Advisers Inc. (since
2002).
Trustees who are not interested persons of the Funds:
- --------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Trustee 1997 Private Investor and Management Consultant. 122
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
- --------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Trustee 1993 Retired (August 1989) as Senior Vice 122
7/29/34 President of The Northern Trust Company;
333 W. Wacker Drive Director of the United Way of Highland
Chicago, IL 60606 Park-Highwood (since 2002).
- --------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri Trustee 1994 Retired, formerly, Executive Director (since 122
1/26/33 1998) of Manitoga/The Russel Wright Design
333 W. Wacker Drive Center; prior thereto, President and Chief
Chicago, IL 60606 Executive Officer of Blanton-Peale Institute
(since 1990); prior thereto, Vice President,
Metropolitan Life Insurance Co.
- --------------------------------------------------------------------------------------------------------------------
Peter R. Sawers Trustee 1991 Adjunct Professor of Business and Economics, 122
4/3/33 University of Dubuque, Iowa; formerly
333 W. Wacker Drive (1991-2000) Adjunct Professor, Lake Forest
Chicago, IL 60606 Graduate School of Management, Lake Forest,
Illinois; prior thereto, Executive Director,
Towers Perrin Australia, a management
consulting firm; Chartered Financial
Analyst; Certified Management Consultant;
Director, Executive Service Corps of
Chicago, a not-for-profit organization.
- --------------------------------------------------------------------------------------------------------------------
William J. Schneider Trustee 1997 Senior Partner and Chief Operating Officer, 122
9/24/44 Miller-Valentine Group, Vice President,
333 W. Wacker Drive Miller-Valentine Realty, a development and
Chicago, IL 60606 contract company; Chair, Miami Valley
Hospital; Chair, Miami Valley Economic
Development Coalition; formerly, Member,
Community Advisory Board, National City
Bank, Dayton, Ohio and Business Advisory
Council, Cleveland Federal Reserve Bank.
- --------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Trustee 1997 Executive Director, Gaylord and Dorothy 122
12/29/47 Donnelley Foundation (since 1994); prior
333 W. Wacker Drive thereto, Executive Director, Great Lakes
Chicago, IL 60606 Protection Fund (from 1990 to 1994).
- ----
70
- --------------------------------------------------------------------------------
Number of
Portfolios in
Name, Position(s) Year First Principal Occupation(s) Fund Complex
Birthdate Held with Elected or Including other Directorships Overseen by
and Address the Fund Appointed(3) During Past 5 Years Officer
- -----------------------------------------------------------------------------------------------------------------
Officers of the Funds:
- -----------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant 140
9/9/56 Administrative Secretary and Associate General Counsel,
333 W. Wacker Drive Officer formerly, Vice President and Assistant
Chicago, IL 60606 General Counsel of Nuveen Investments, LLC;
Managing Director (since 2002), General
Counsel and Assistant Secretary, formerly,
Vice President of Nuveen Advisory Corp. and
Nuveen Institutional Advisory Corp.;
Managing Director (since 2002), Assistant
Secretary and Associate General Counsel,
formerly, Vice President (since 2000), of
Nuveen Asset Management, Inc.; Assistant
Secretary of Nuveen Investments, Inc. (since
1994); Assistant Secretary of NWQ Investment
Management Company, LLC (since 2002); Vice
President and Assistant Secretary of Nuveen
Investments Advisers Inc. (since 2002);
Managing Director, Associate General Counsel
and Assistant Secretary of Rittenhouse Asset
Management, Inc. (since May 2003); Chartered
Financial Analyst.
- -----------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President and 2000 Vice President (since 2002), formerly, 140
2/3/66 Assistant Assistant Vice President (since 2000),
333 W. Wacker Drive Secretary previously, Associate of Nuveen Investments,
Chicago, IL 60606 LLC.
- -----------------------------------------------------------------------------------------------------------------
Paul L. Brennan Vice President 1999 Vice President (since 2002), formerly, 134
11/10/66 Assistant Vice President (since 1997), of
333 W. Wacker Drive Nuveen Advisory Corp.; prior thereto,
Chicago, IL 60606 portfolio manager of Flagship Financial
Inc.; Chartered Financial Analyst and
Certified Public Accountant.
- -----------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President and 1999 Vice President of Nuveen Investments, LLC 140
11/28/67 Treasurer (since 1999), prior thereto, Assistant Vice
333 W. Wacker Drive President (since 1997); Vice President and
Chicago, IL 60606 Treasurer of Nuveen Investments, Inc. (since
1999); Vice President and Treasurer of
Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp (since 1999);
Vice President and Treasurer of Nuveen Asset
Management, Inc. (since 2002) and of Nuveen
Investments Advisers Inc. (since 2002);
Assistant Treasurer of NWQ Investment
Management Company, LLC (since 2002);
Chartered Financial Analyst.
- -----------------------------------------------------------------------------------------------------------------
Susan M. DeSanto Vice President 2001 Vice President of Nuveen Advisory Corp. 140
9/8/54 (since 2001); previously, Vice President of
333 W. Wacker Drive Van Kampen Investment Advisory Corp. (since
Chicago, IL 60606 1998); Vice President of Nuveen
Institutional Advisory Corp. (since 2002);
prior thereto, Assistant Vice President of
Van Kampen Investment Advisory Corp. (since
1994).
- -----------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President and 2000 Vice President (since 2002) and Assistant 140
9/24/64 Secretary General Counsel (since 1998); formerly,
333 W. Wacker Drive Assistant Vice President (since 1998) of
Chicago, IL 60606 Nuveen Investments, LLC; Vice President
(since 2002) and Assistant Secretary (since
1998), formerly Assistant Vice President of
Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.
- -----------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Vice President of Nuveen Investments, LLC; 140
10/24/45 Vice President (since 1998) of Nuveen
333 W. Wacker Drive Advisory Corp. and Nuveen Institutional
Chicago, IL 60606 Advisory Corp.
- -----------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002) of Nuveen 140
3/2/64 Investments, LLC; Managing Director (since
333 W. Wacker Drive 2001), formerly Vice President of Nuveen
Chicago, IL 60606 Advisory Corp. and Nuveen Institutional
Advisory Corp. (since 1995); Managing
Director of Nuveen Asset Management, Inc.
(since 2001); Vice President of Nuveen
Investment Advisers Inc. (since 2002);
Chartered Financial Analyst.
- ----
97
Trustees and Officers (continued)
================================================================================
Number of
Portfolios in
Name, Position(s) Year First Principal Occupation(s) Fund Complex
Birthdate Held with Elected or Including other Directorships Overseen by
and Address the Fund Appointed(3) During Past 5 Years Officer
- -------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice President and 1998 Vice President (since 1993) and Funds 140
5/31/54 Controller Controller (since 1998) of Nuveen
333 W. Wacker Drive Investments, LLC and Vice President and
Chicago, IL 60606 Funds Controller (since 1998) of Nuveen
Investments, Inc.; Certified Public
Accountant.
- -------------------------------------------------------------------------------------------------------------------
J. Thomas Futrell Vice President 1988 Vice President of Nuveen Advisory Corp.; 134
7/5/55 Chartered Financial Analyst.
333 W. Wacker Drive
Chicago, IL 60606
- -------------------------------------------------------------------------------------------------------------------
Richard A. Huber Vice President 1997 Vice President of Nuveen Institutional 134
3/26/63 Advisory Corp. (since 1998) and Nuveen
333 W. Wacker Drive Advisory Corp. (since 1997); prior
Chicago, IL 60606 thereto, Vice President and Portfolio
Manager of Flagship Financial, Inc.
- -------------------------------------------------------------------------------------------------------------------
Steven J. Krupa Vice President 1990 Vice President of Nuveen Advisory Corp. 134
8/21/57
333 W. Wacker Drive
Chicago, IL 60606
- -------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen 140
3/22/63 Investments, LLC, previously Assistant Vice
333 W. Wacker Drive President (since 1999); prior thereto,
Chicago, IL 60606 Associate of Nuveen Investments, LLC;
Certified Public Accountant.
- -------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President (since 1999), previously, 140
8/27/61 Assistant Vice President (since 1993) of
333 W. Wacker Drive Nuveen Investments, LLC.
Chicago, IL 60606
- -------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice President and 1988 Vice President, Assistant Secretary and 140
7/27/51 Assistant Assistant General Counsel of Nuveen
333 W. Wacker Drive Secretary Investments, LLC; Vice President and
Chicago, IL 60606 Assistant Secretary of Nuveen Advisory Corp.
and Nuveen Institutional Advisory Corp.;
Assistant Secretary of Nuveen Investments,
Inc. and (since 1997) Nuveen Asset
Management, Inc.; Vice President (since
2000), Assistant Secretary and Assistant
General Counsel (since 1998) of Rittenhouse
Asset Management, Inc.; Vice President and
Assistant Secretary of Nuveen Investments
Advisers Inc. (since 2002); Assistant
Secretary of NWQ Investment Management
Company, LLC (since 2002).
- -------------------------------------------------------------------------------------------------------------------
Edward F. Neild, IV Vice President 1996 Managing Director (since 2002) of Nuveen 140
7/7/65 Investments, LLC; Managing Director (since
333 W. Wacker Drive 1997), formerly Vice President (since 1996)
Chicago, IL 60606 of Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.; Managing
Director of Nuveen Asset Management, Inc.
(since 1999). Chartered Financial Analyst.
- -------------------------------------------------------------------------------------------------------------------
Thomas J. O'Shaughnessy Vice President 1999 Vice President (since 2002), formerly, 134
9/4/60 Assistant Vice President (since 1998), of
333 W. Wacker Drive Nuveen Advisory Corp.; prior thereto,
Chicago, IL 60606 portfolio manager.
- -------------------------------------------------------------------------------------------------------------------
Thomas C. Spalding Vice President 1982 Vice President of Nuveen Advisory Corp. and 134
7/31/51 Nuveen Institutional Advisory Corp.;
333 W. Wacker Drive Chartered Financial Analyst.
Chicago, IL 60606
(1)Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and trustee of
Nuveen Institutional Advisory Corp.
(2)Trustees serve an indefinite term until his/her successor is elected. The
year first elected or appointed represents the year in which the Trustee was
first elected or appointed to any fund in the Nuveen Complex.
(3)Officers serve one year terms through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
- ----
72
- --------------------------------------------------------------------------------
Fund Information
================================================================================
Fund Manager Legal Counsel Transfer Agent and
Nuveen Advisory Corp. Morgan, Lewis & Bockius LLP Shareholder Services
333 West Wacker Drive Washington, D.C. Boston Financial
Chicago, IL 60606 Data Services, Inc.
Independent Auditors Nuveen Investor Services
PricewaterhouseCoopers LLP P.O. Box 8530
Chicago, IL Boston, MA 02266-8530
(800) 257-8787
Custodian
State Street Bank & Trust
Boston, MA
================================================================================
Glossary of Terms Used in this Report
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 (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (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.
Duration: Duration is a measure of a bond or bond fund's sensitivity to changes
in interest rates. Generally, the longer a bond or fund's duration, the more
the price of the bond or fund will change as interest rates change.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current offering price.
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 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, the yield of a municipal bond investment.
================================================================================
NASD Regulation, Inc. provides a Public Disclosure Program which supplies
certain information regarding the disciplinary history of NASD members and
their associated persons in response to either telephone inquiries at (800)
289-9999 or written inquiries at www.nasdr.com. NASD Regulation, Inc. also
provides an investor brochure that includes information describing the Public
Disclosure Program.
- ----
73
- --------------------------------------------------------------------------------
Serving
Investors
for Generations
- --------------------------------------------------------------------------------
Since 1898, financial advisors and their
clients have relied on Nuveen Investments to
provide dependable investment solutions. For
the past century, 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 are integral to 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.
Managing $80 billion in assets, Nuveen
Investments offers access to a number of
different asset classes and investing
solutions through a variety of products.
Nuveen Investments markets its capabilities
under four distinct brands: Nuveen, a leader
in tax-free investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader
in growth-style equities; and Symphony, a
leading institutional manager of
market-neutral alternative investment
portfolios.
To learn more about the products and services
Nuveen Investments offers and for a
prospectus, where applicable, talk to your
financial advisor, or call us at (800)
257-8787. Please read the information
carefully before you invest.
Distributed by
Nuveen Investments, LLC 333 West Wacker Drive Chicago, Illinois 60606 www.nuveen.com
MAN-MS6-0503D
ITEM 2. CODE OF ETHICS.
Not applicable at this time.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable at this time.
ITEM 1. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEM 5-6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to this registrant.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's Disclosure Controls and Procedures are
effective, based on our evaluation of such Disclosure Controls and Procedures as
of a date within 90 days of the filing of this report on Form N-CSR.
(b) There were no significant changes in the registrant's internal controls or
in other factors that could significantly affect these controls subsequent to
the date of our evaluation.
ITEM 10. EXHIBITS
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment hereto, 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.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act (17
CFR 270.30a-2) in the exact form set forth below: EX-99.CERT Attached hereto.
(c) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Section 906 of the
Sarbanes-Oxley Act of 2002. EX-99.906CERT 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/ Jessica R. Droeger
-------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date August 1, 2003
----------------------------------------------------------------
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 August 1, 2003
----------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
-------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date August 1, 2003
----------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.