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: November 30th, 2003
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Form N-CSR is to be use by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure
review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Nuveen Investments Municipal Bond Funds
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Semiannual Report dated November
30, 2003
-----------------------------------
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
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. For
more specific information about the performance of your Fund, please see the
Portfolio Managers' 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
January 15, 2004
[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."
Semiannual Report l Page 1
Portfolio Managers' Comments
Portfolio managers Scott Romans and Dan Solender examine economic and market
conditions, key investment strategies, and the performance of the Nuveen
Kansas, Kentucky, Michigan, Missouri, Ohio, and Wisconsin Municipal Bond Funds.
Scott, who has over three years of investment experience, assumed primary
management responsibility for the Kansas, Missouri, and Wisconsin Funds in
2003. Dan, with 16 years of investment experience, began managing the Kentucky,
Michigan, and Ohio Funds in 2003.
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What factors had the greatest influence on the U.S. economy and the municipal
market during the six-month reporting period ended November 30, 2003?
When the period began, inflation remained under control while the economy
continued to turn in sluggish growth. In June, the Federal Reserve Board cut
its target interest rate yet again, this time to one percent, the lowest level
for the Fed Funds rate in 45 years. Beginning in late October, however, it
became clear that the economy turned a corner, at least temporarily, during the
third quarter of 2003. In July, August, and September, the gross domestic
product (GDP) grew at an 8.2% annual rate. This was more than double the GDP's
second-quarter performance, and the strongest growth achieved since 1984. Along
with a major tax cut that put spending money in consumers' pockets, the
continued low interest rate environment contributed to the economy's rapid
expansion and the steady upward movement of the stock market.
Although recent signs pointed to a mending economy, states and municipalities
around the country continued to face budget deficits and other financial
challenges. To meet these challenges, they issued a record amount of debt. For
the first 11 months of 2003, municipal bond issuance nationwide surpassed $347
billion, a five percent increase over the same period in the prior year.
Much of that new supply came to market in early 2003, when long-term municipal
interest rates were at their lowest. Issuance slowed as bond yields began
rising in mid-summer. However, with yields still low by historical standards, a
steady stream of new debt continued to come to market, satisfying the healthy
appetite for municipal securities during the period.
Among the six states discussed in this report, four saw an increase in
municipal bond supply during 2003 (through November). Issuance in Kentucky,
Michigan, Missouri, and Ohio rose 29%, 4%, 3%, and 13%, respectively. Kansas's
issuance fell 28% compared to the same time period in 2002, while Wisconsin's
fell 37 percent.
Kansas' economy, heavily dependent on aircraft manufacturing, continued to face
challenges during the past six months. These challenges have had a negative
effect on the state's tax-revenue collections. Once possessing a healthy
balance sheet, the state ended its 2003 fiscal year with a general fund balance
of just $100 million. While unemployment remained below the national average,
the state has created few new jobs in recent years. As of the end of November,
Kansas maintained credit ratings of Aa1 from Moody's and AA+ from Standard &
Poor's, both of whom had a "negative" outlook for the state.
Kentucky earned credit ratings of Aa2 and AA- from Moody's and Standard &
Poor's, respectively, reflecting an ongoing fiscal crisis and the absence of a
long-term plan to balance the state's budget. Kentucky's economy remained
sluggish, though we believed it was likely to improve in line with the U.S.
economy. The state's unemployment rate was 5.5% at the end of November 2003, up
slightly from the prior year but remaining below the national average of 5.9
percent.
Michigan, though possessing a AAA credit rating from Standard & Poor's, was
downgraded to Aa1 by Moody's late in the period because of ongoing shortfalls
in tax revenues and declining manufacturing activity. Michigan's economy
remained sluggish during the period and trailed the national recovery,
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The views expressed reflect those of the portfolio managers and are subject to
change at any time, based on market and other conditions.
Semiannual Report l Page 2
Class A Shares--
One-Year Total Returns as of 11/30/03
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Nuveen Kansas Municipal Bond Fund/1/ 6.03%
Lipper Kansas Municipal Debt Funds
category average/2/ 5.03%
Lehman Brothers Municipal Bond Index/3/ 6.65%
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Nuveen Kentucky Municipal Bond Fund/1/ 6.98%
Lipper Kentucky Municipal Debt Funds
category average/2/ 5.75%
Lehman Brothers Municipal Bond Index/3/ 6.65%
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Nuveen Michigan Municipal Bond Fund/1/ 5.85%
Lipper Michigan Municipal Debt Funds
category average/2/ 5.63%
Lehman Brothers Municipal Bond Index/3/ 6.65%
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Nuveen Missouri Municipal Bond Fund/1/ 6.73%
Lipper Missouri Municipal Debt Funds
category average/2/ 6.00%
Lehman Brothers Municipal Bond Index/3/ 6.65%
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Nuveen Ohio Municipal Bond Fund/1/ 7.24%
Lipper Ohio Municipal Debt Funds
category average/2/ 6.14%
Lehman Brothers Municipal Bond Index/3/ 6.65%
----------------------------------------------
Nuveen Wisconsin Municipal Bond Fund/1/ 6.50%
Lipper Other States Municipal Debt Funds
category average/2/ 5.32%
Lehman Brothers Municipal Bond Index/3/ 6.65%
----------------------------------------------
due in part to inefficiencies in the state's automobile industry. Michigan
unemployment was 7.0% in November 2003, well above the national average and
0.9% higher than in the prior year.
At period end, Missouri maintained credit ratings of Aaa and AAA from Moody's
and Standard & Poor's, respectively, reflecting the state's solid financial
position. Missouri's economy remained in recession, however, partly due to
continued job losses in construction and wholesale trade as well as a
continuing decline in manufacturing. Despite those difficulties, the state's
unemployment rate fell to 5.0% in November, below its June peak of 5.7 percent.
Tax revenues continued to lag expectations, though the state benefited from
having relatively low debt levels and a solid reserve fund providing financial
flexibility.
Ohio's economy remained heavily dependent on a declining manufacturing base and
had difficulty attracting technology and other high-growth employers, though
healthcare remained a source of economic expansion. The state's economy has
grown at a 1.7% rate in 2003 (through November) and is expected to benefit from
a recovering national economy. Ohio managed to close its 2004 budget gap
through a temporary increase in the state's sales tax. After several years of
low tax collections, however, the state's reserve fund fell to just $181
million, down from $1 billion two years ago. At the end of the period, Ohio's
general obligation debt was rated Aa1 by Moody's and AA+ by Standard & Poor's.
Wisconsin's economy struggled as its traditional manufacturing sector continued
to weaken and retail and service businesses encountered difficulties. The state
faced substantial fiscal challenges, due to declines in corporate and personal
income-tax collections and a lack of financial reserves. The state's
unemployment rate was 5.0% as of the end of November, a 0.6% decline from the
prior year and 0.9% below the national average. On November 30, Moody's
maintained a Aa3 credit rating with a negative outlook on Wisconsin's general
obligation debt. Standard & Poor's maintained a AA- credit rating with a stable
outlook.
How did the Funds perform during the 12 months ended November 30, 2003?
The accompanying chart provides performance information for the six Nuveen
Investments Funds discussed in this report (Class A shares at net asset value)
for the 12 months ended November 30, 2003. The chart also compares the Funds'
performance to
1Performance figures are for Class A shares at net asset value as of November
30, 2003. Current performance may be more or less than the performance shown.
2For each state, the Lipper peer category averages shown represents the average
annualized total return for all reporting funds for the year ended November
30, 2003. As of that date, the Lipper peer categories included 11 Kansas
funds, 17 Kentucky funds, 39 Michigan funds, 21 Missouri funds, 43 Ohio funds
and 63 Other States funds. All returns assume reinvestment of dividends and do
not reflect any 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.
Semiannual Report l Page 3
that of their peers (as measured by their respective Lipper peer category
average) and to the national municipal bond market (as measured by the Lehman
Brothers Municipal Bond Index). The total return of all six Funds outperformed
their Lipper peer category averages during the past 12 months. In addition, the
returns of the Kentucky, Missouri, and Ohio Funds outperformed the Lehman
Index, while the Kansas, Michigan and Wisconsin Funds underperformed this
national benchmark to varying degrees.
Each Fund seeks to pay dividends at a rate that reflects the past and projected
performance of the Fund. To permit a Fund to maintain a more stable monthly
dividend, the Fund may pay dividends at a rate that may be more or less than
the amount of net investment income actually earned by the Fund during the
period. If the Fund has cumulatively earned more than it has paid in dividends,
it will hold the excess in reserve as undistributed net investment income
(UNII) as part of the Fund's net asset value. Conversely, if the Fund has
cumulatively paid in dividends more than it has earned, the excess will
constitute a negative UNII which will likewise be reflected in the Fund's net
asset value. Each Fund will, over time, pay all its net investment income as
dividends to shareholders. As of November 30, 2003, the Nuveen Michigan and
Ohio Municipal Bond Funds had positive UNII, while Nuveen Kansas, Kentucky,
Missouri and Wisconsin Municipal Bond Funds had negative UNII.
What strategies were used to manage these Funds during the six-months ended
November 30, 2003 and how did these strategies influence performance over this
period?
For each of the six Funds, we continued to follow the same disciplined,
research-driven investment approach that we use for every Nuveen Investments
fixed-income fund. We identified the long-intermediate part of the yield curve,
bonds maturing in approximately 15 to 25 years, as a source of potential value.
Thus, when making new purchases for the Funds, we tended to favor tax-free
securities in this maturity range. That said, we tended to limit our trading
activity during the past six months. With interest rates continuing to be
historically low, we believed that our shareholders were best served by
maintaining many of the Funds' existing holdings.
Even as we followed these strategies, the management of each Fund also
reflected the unique characteristics of each state. The following is a
portfolio-by-portfolio summary of our management approaches during the past six
months.
Kansas
Supply of new Kansas bonds is traditionally limited and was especially so
during the past six months. When we were unable to identify attractive in-state
investment opportunities, we looked instead to U.S. territorial bonds, such as
those issued by Puerto Rico and the U.S. Virgin Islands, which made up
approximately 18% of the Fund's portfolio and are fully tax-exempt in Kansas
and all 49 other states. We were generally comfortable with the portfolio's
structure during the past six months and made only modest changes. For example,
we looked to enhance the Fund's credit quality by increasing its weighting in
AAA-rated or U.S. Guaranteed municipal securities, from 53% of the portfolio on
May 31 to 58% on November 30. We kept our eyes open for other ways to improve
credit quality, a process that was ongoing as the reporting period came to a
close, though the limited issuance of new Kansas paper slowed our efforts.
Kentucky
As with the other Funds, new purchases were made with an eye toward capturing
the value we believed could be found in the long-intermediate part of the yield
curve. The Fund benefited from its weighting in BBB-rated securities, 17% of
the portfolio on November 30, as lower-rated securities outperformed during
this period of economic recovery. At the same time, we sought to upgrade the
Fund's credit quality during the period, with our position in AAA-rated or U.S.
Guaranteed paper rising from 55% to 57% between the end of May and the end of
November. Changes to the portfolio were modest during the past six months,
though we did face a handful of bond calls from some of our holdings in the
housing sector.
Semiannual Report l Page 4
Some of the proceeds from these calls were reinvested in tax-obligation/limited
bonds, which grew from 22% to 26% of the portfolio.
Michigan
Trading activity was modest in the Nuveen Michigan Municipal Bond Fund during
the past six months. This Fund's credit quality was very strong, with 74% of
the portfolio invested in bonds rated AAA or U.S. Guaranteed, the highest
rating from S&P. Just 15% of the Fund, by contrast, was invested in BBB, BB or
lower, or non-rated securities. The Fund's duration remained relatively
consistent during the past six months, indicating a stable level of sensitivity
to interest-rate changes. At period end, approximately 22% of the Fund's
portfolio was invested in the U.S. Guaranteed sector, reflecting a large
exposure to pre-refunded bonds. Because the pre-refunded bonds generally are
backed by federal government securities placed in escrow, these bonds tend to
have very limited volatility.
Missouri
We were relatively comfortable with the Fund's structure and thus made few
changes to the portfolio during the past six months. Portfolio duration
remained relatively steady, as we believed the Fund maintained a manageable
amount of interest-rate risk.
Ohio
The Ohio Fund's duration decreased modestly during the past six months,
reflecting a decision to sell some of our longer-dated holdings whose
characteristics were no longer meeting our investment criteria. To replace the
bonds we sold, we looked for new opportunities with 15- to 20-year maturity
dates, representing the area of the yield curve that we believed offered the
best value potential. We also kept our eyes open for attractive BBB-rated
securities. During the past six months, the Fund's BBB weighting grew from 6%
to 11% of the portfolio.
Wisconsin
Supply of fully tax-free Wisconsin municipal bonds tends to be very limited. To
keep the Fund fully invested, we invested in securities issued by Puerto Rico
and other U.S. territories, which are fully tax exempt in all 50 states. Within
Wisconsin, the Fund also held industrial revenue bonds backed by
Georgia-Pacific, a forest-products company with substantial operations in Green
Bay.
Semiannual Report l Page 5
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Fund Spotlight as of 11/30/03 Nuveen Kansas Municipal Bond Fund
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Quick Facts
A Shares B Shares C Shares R Shares
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NAV $10.44 $10.37 $10.46 $10.49
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Latest Monthly Dividend/1/ $0.0375 $0.0310 $0.0330 $0.0395
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Inception Date 1/09/92 2/19/97 2/11/97 2/25/97
--------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/
A Shares NAV Offer
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1-Year 6.03% 1.59%
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5-Year 4.41% 3.52%
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10-Year 5.11% 4.66%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 5.28% 1.28%
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5-Year 3.64% 3.47%
----------------------------------------------
10-Year 4.49% 4.49%
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C Shares NAV
----------------------------------------------
1-Year 5.48%
----------------------------------------------
5-Year 3.85%
----------------------------------------------
10-Year 4.63%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 6.24%
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5-Year 4.62%
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10-Year 5.31%
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Tax-Free Yields
A Shares NAV Offer
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Market Yield/3/ 4.31% 4.13%
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SEC 30-Day Yield 3.70% 3.54%
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Taxable-Equivalent Yield/4/ 5.48% 5.24%
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B Shares NAV
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Market Yield/3/ 3.59%
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SEC 30-Day Yield 3.12%
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Taxable-Equivalent Yield/4/ 4.62%
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C Shares NAV
----------------------------------------------
Market Yield/3/ 3.79%
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SEC 30-Day Yield 3.31%
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Taxable-Equivalent Yield/4/ 4.90%
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R Shares NAV
----------------------------------------------
Market Yield/3/ 4.52%
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SEC 30-Day Yield 4.06%
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Taxable-Equivalent Yield/4/ 6.01%
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Average Annual Total Returns as of 12/31/03/2/
A Shares NAV Offer
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1-Year 4.39% 0.01%
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5-Year 4.56% 3.66%
----------------------------------------------
10-Year 4.96% 4.52%
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B Shares w/o CDSC w/CDSC
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1-Year 3.64% -0.35%
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5-Year 3.77% 3.60%
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10-Year 4.34% 4.34%
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C Shares NAV
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1-Year 3.85%
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5-Year 3.98%
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10-Year 4.48%
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R Shares NAV
----------------------------------------------
1-Year 4.61%
----------------------------------------------
5-Year 4.75%
----------------------------------------------
10-Year 5.16%
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Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 58%
AA 14%
A 12%
BBB 8%
NR 7%
BB or Lower 1%
Top Five Sectors/5/
Tax Obligation/Limited 24%
-------------------------------------------
Healthcare 19%
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Tax Obligation/General 17%
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U.S. Guaranteed 11%
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Water and Sewer 7%
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Portfolio Statistics
Net Assets ($000) $137,382
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Average Effective Maturity (Years) 17.37
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Average Duration 7.28
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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 December 1, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 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.
4The taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield on the Nuveen Investments
Fund on an after-tax basis. With respect to investments that generate
qualified dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is based on
the Fund's SEC 30-Day Yield on the indicated date and a combined federal and
state income tax rate of 32.5%.
5As a percentage of total holdings as of November 30, 2003. Holdings are
subject to change.
Semiannual Report l Page 6
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Fund Spotlight as of 11/30/03 Nuveen Kentucky Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.17 $11.18 $11.16 $11.16
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0425 $0.0355 $0.0375 $0.0440
--------------------------------------------------------------
Inception Date 5/04/87 2/05/97 10/04/93 2/07/97
--------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 6.98% 2.49%
----------------------------------------------
5-Year 4.63% 3.74%
----------------------------------------------
10-Year 5.37% 4.92%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 6.27% 2.27%
----------------------------------------------
5-Year 3.87% 3.71%
----------------------------------------------
10-Year 4.81% 4.81%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 6.41%
----------------------------------------------
5-Year 4.06%
----------------------------------------------
10-Year 4.79%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 7.26%
----------------------------------------------
5-Year 4.85%
----------------------------------------------
10-Year 5.50%
----------------------------------------------
Tax-Free Yields
A Shares NAV Offer
----------------------------------------------
Market Yield/3/ 4.57% 4.38%
----------------------------------------------
SEC 30-Day Yield 3.41% 3.27%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.05% 4.84%
----------------------------------------------
B Shares NAV
----------------------------------------------
Market Yield/3/ 3.81%
----------------------------------------------
SEC 30-Day Yield 2.84%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.21%
----------------------------------------------
C Shares NAV
----------------------------------------------
Market Yield/3/ 4.03%
----------------------------------------------
SEC 30-Day Yield 3.03%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.49%
----------------------------------------------
R Shares NAV
----------------------------------------------
Market Yield/3/ 4.73%
----------------------------------------------
SEC 30-Day Yield 3.76%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.57%
----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 5.91% 1.44%
----------------------------------------------
5-Year 4.81% 3.91%
----------------------------------------------
10-Year 5.28% 4.83%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 5.21% 1.21%
----------------------------------------------
5-Year 4.04% 3.88%
----------------------------------------------
10-Year 4.72% 4.72%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 5.35%
----------------------------------------------
5-Year 4.24%
----------------------------------------------
10-Year 4.70%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 6.19%
----------------------------------------------
5-Year 5.02%
----------------------------------------------
10-Year 5.41%
----------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 57%
AA 11%
A 11%
BBB 17%
NR 3%
BB or Lower 1%
Top Five Sectors/5/
Tax Obligation/Limited 26%
-------------------------------------------
Healthcare 12%
-------------------------------------------
U.S. Guaranteed 11%
-------------------------------------------
Water and Sewer 9%
-------------------------------------------
Utilities 9%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $495,152
-------------------------------------------
Average Effective Maturity (Years) 17.77
-------------------------------------------
Average Duration 6.06
-------------------------------------------
- --------------------------------------------------------------------------------
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 December 1, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 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.
4The taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield on the Nuveen Investments
Fund on an after-tax basis. With respect to investments that generate
qualified dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is based on
the Fund's SEC 30-Day Yield on the indicated date and a combined federal and
state income tax rate of 32.5%.
5As a percentage of total holdings as of November 30, 2003. Holdings are
subject to change.
Semiannual Report l Page 7
- --------------------------------------------------------------------------------
Fund Spotlight as of 11/30/03 Nuveen Michigan Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.83 $11.85 $11.81 $11.83
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0455 $0.0380 $0.0400 $0.0475
--------------------------------------------------------------
Inception Date 6/27/85 2/03/97 6/22/93 2/03/97
--------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 5.85% 1.44%
----------------------------------------------
5-Year 4.70% 3.82%
----------------------------------------------
10-Year 5.37% 4.92%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 5.13% 1.13%
----------------------------------------------
5-Year 3.91% 3.74%
----------------------------------------------
10-Year 4.81% 4.81%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 5.27%
----------------------------------------------
5-Year 4.11%
----------------------------------------------
10-Year 4.80%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 6.06%
----------------------------------------------
5-Year 4.90%
----------------------------------------------
10-Year 5.51%
----------------------------------------------
Tax-Free Yields
A Shares NAV Offer
----------------------------------------------
Market Yield/3/ 4.62% 4.43%
----------------------------------------------
SEC 30-Day Yield 3.30% 3.16%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.78% 4.68%
----------------------------------------------
B Shares NAV
----------------------------------------------
Market Yield/3/ 3.85%
----------------------------------------------
SEC 30-Day Yield 2.70%
----------------------------------------------
Taxable-Equivalent Yield/4/ 3.91%
----------------------------------------------
C Shares NAV
----------------------------------------------
Market Yield/3/ 4.06%
----------------------------------------------
SEC 30-Day Yield 2.90%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.20%
----------------------------------------------
R Shares NAV
----------------------------------------------
Market Yield/3/ 4.82%
----------------------------------------------
SEC 30-Day Yield 3.64%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.28%
----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 3.98% -0.37%
----------------------------------------------
5-Year 4.77% 3.87%
----------------------------------------------
10-Year 5.23% 4.78%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 3.19% -0.74%
----------------------------------------------
5-Year 3.99% 3.82%
----------------------------------------------
10-Year 4.68% 4.68%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 3.41%
----------------------------------------------
5-Year 4.20%
----------------------------------------------
10-Year 4.66%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 4.19%
----------------------------------------------
5-Year 4.96%
----------------------------------------------
10-Year 5.37%
----------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 74%
AA 5%
A 6%
BBB 8%
NR 2%
BB or Lower 5%
Top Five Sectors/5/
Tax Obligation/General 24%
-------------------------------------------
U.S. Guaranteed 22%
-------------------------------------------
Healthcare 15%
-------------------------------------------
Tax Obligation/Limited 14%
-------------------------------------------
Utilities 6%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $267,312
-------------------------------------------
Average Effective Maturity (Years) 15.64
-------------------------------------------
Average Duration 5.93
-------------------------------------------
- --------------------------------------------------------------------------------
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 December 1, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 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.
4The taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield on the Nuveen Investments
Fund on an after-tax basis. With respect to investments that generate
qualified dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is based on
the Fund's SEC 30-Day Yield on the indicated date and a combined federal and
state income tax rate of 31.0%.
5As a percentage of total holdings as of November 30, 2003. Holdings are
subject to change.
Semiannual Report l Page 8
Fund Spotlight as of 11/30/03 Nuveen Missouri Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.05 $11.05 $11.04 $11.06
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0400 $0.0330 $0.0350 $0.0415
--------------------------------------------------------------
Inception Date 8/03/87 2/06/97 2/02/94 2/19/97
--------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 6.73% 2.20%
----------------------------------------------
5-Year 4.61% 3.71%
----------------------------------------------
10-Year 5.29% 4.83%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 5.82% 1.82%
----------------------------------------------
5-Year 3.83% 3.66%
----------------------------------------------
10-Year 4.73% 4.73%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 6.04%
----------------------------------------------
5-Year 4.03%
----------------------------------------------
10-Year 4.70%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 6.89%
----------------------------------------------
5-Year 4.81%
----------------------------------------------
10-Year 5.43%
----------------------------------------------
Tax-Free Yields
A Shares NAV Offer
----------------------------------------------
Market Yield/3/ 4.34% 4.16%
----------------------------------------------
SEC 30-Day Yield 3.83% 3.67%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.67% 5.44%
----------------------------------------------
B Shares NAV
----------------------------------------------
Market Yield/3/ 3.58%
----------------------------------------------
SEC 30-Day Yield 3.27%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.84%
----------------------------------------------
C Shares NAV
----------------------------------------------
Market Yield/3/ 3.80%
----------------------------------------------
SEC 30-Day Yield 3.47%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.14%
----------------------------------------------
R Shares NAV
----------------------------------------------
Market Yield/3/ 4.50%
----------------------------------------------
SEC 30-Day Yield 4.19%
----------------------------------------------
Taxable-Equivalent Yield/4/ 6.21%
----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 5.23% 0.85%
----------------------------------------------
5-Year 4.73% 3.83%
----------------------------------------------
10-Year 5.16% 4.71%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 4.44% 0.44%
----------------------------------------------
5-Year 3.94% 3.77%
----------------------------------------------
10-Year 4.59% 4.59%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 4.65%
----------------------------------------------
5-Year 4.15%
----------------------------------------------
10-Year 4.57%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 5.40%
----------------------------------------------
5-Year 4.93%
----------------------------------------------
10-Year 5.30%
----------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 54%
AA 14%
A 9%
BBB 6%
NR 16%
BB or Lower 1%
Top Five Sectors/5/
Tax Obligation/Limited 18%
-------------------------------------------
Education and Civic Organizations 11%
-------------------------------------------
Housing/Multifamily 11%
-------------------------------------------
Long-Term Care 10%
-------------------------------------------
Transportation 10%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $267,076
-------------------------------------------
Average Effective Maturity (Years) 18.84
-------------------------------------------
Average Duration 6.52
-------------------------------------------
- --------------------------------------------------------------------------------
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 December 1, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 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.
4The taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield on the Nuveen Investments
Fund on an after-tax basis. With respect to investments that generate
qualified dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is based on
the Fund's SEC 30-Day Yield on the indicated date and a combined federal and
state income tax rate of 32.5%.
5As a percentage of total holdings as of November 30, 2003. Holdings are
subject to change.
Semiannual Report l Page 9
- --------------------------------------------------------------------------------
Fund Spotlight as of 11/30/03 Nuveen Ohio Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.51 $11.50 $11.49 $11.50
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0450 $0.0380 $0.0400 $0.0470
--------------------------------------------------------------
Inception Date 6/27/85 2/03/97 8/03/93 2/03/97
--------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 7.24% 2.77%
----------------------------------------------
5-Year 4.59% 3.70%
----------------------------------------------
10-Year 5.17% 4.71%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 6.56% 2.56%
----------------------------------------------
5-Year 3.83% 3.66%
----------------------------------------------
10-Year 4.61% 4.61%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 6.70%
----------------------------------------------
5-Year 4.02%
----------------------------------------------
10-Year 4.59%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 7.47%
----------------------------------------------
5-Year 4.80%
----------------------------------------------
10-Year 5.31%
----------------------------------------------
Tax-Free Yields
A Shares NAV Offer
----------------------------------------------
Market Yield/3/ 4.69% 4.49%
----------------------------------------------
SEC 30-Day Yield 3.50% 3.35%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.22% 5.00%
----------------------------------------------
B Shares NAV
----------------------------------------------
Market Yield/3/ 3.97%
----------------------------------------------
SEC 30-Day Yield 2.91%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.34%
----------------------------------------------
C Shares NAV
----------------------------------------------
Market Yield/3/ 4.18%
----------------------------------------------
SEC 30-Day Yield 3.11%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.64%
----------------------------------------------
R Shares NAV
----------------------------------------------
Market Yield/3/ 4.90%
----------------------------------------------
SEC 30-Day Yield 3.86%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.76%
----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 5.64% 1.23%
----------------------------------------------
5-Year 4.74% 3.84%
----------------------------------------------
10-Year 5.09% 4.64%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 4.97% 0.97%
----------------------------------------------
5-Year 3.96% 3.79%
----------------------------------------------
10-Year 4.53% 4.53%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 5.10%
----------------------------------------------
5-Year 4.17%
----------------------------------------------
10-Year 4.52%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 5.87%
----------------------------------------------
5-Year 4.95%
----------------------------------------------
10-Year 5.24%
----------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 60%
AA 17%
A 6%
BBB 11%
NR 5%
BB or Lower 1%
Top Five Sectors/5/
Tax Obligation/General 23%
-------------------------------------------
Healthcare 17%
-------------------------------------------
U.S. Guaranteed 12%
-------------------------------------------
Utilities 10%
-------------------------------------------
Tax Obligation/Limited 8%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $587,200
-------------------------------------------
Average Effective Maturity (Years) 16.92
-------------------------------------------
Average Duration 6.38
-------------------------------------------
- --------------------------------------------------------------------------------
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 December 1, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 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.
4The taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield on the Nuveen Investments
Fund on an after-tax basis. With respect to investments that generate
qualified dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is based on
the Fund's SEC 30-Day Yield on the indicated date and a combined federal and
state income tax rate of 33.0%.
5As a percentage of total holdings as of November 30, 2003. Holdings are
subject to change.
Semiannual Report l Page 10
- --------------------------------------------------------------------------------
Fund Spotlight as of 11/30/03 Nuveen Wisconsin Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $10.41 $10.44 $10.44 $10.46
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0360 $0.0300 $0.0315 $0.0380
--------------------------------------------------------------
Inception Date 6/01/94 2/25/97 2/25/97 2/25/97
--------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 6.50% 2.00%
----------------------------------------------
5-Year 4.52% 3.62%
----------------------------------------------
Since Inception 5.74% 5.26%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 5.75% 1.75%
----------------------------------------------
5-Year 3.75% 3.58%
----------------------------------------------
Since Inception 5.17% 5.17%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 6.04%
----------------------------------------------
5-Year 3.97%
----------------------------------------------
Since Inception 5.25%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 6.82%
----------------------------------------------
5-Year 4.76%
----------------------------------------------
Since Inception 5.93%
----------------------------------------------
Tax-Free Yields
A Shares NAV Offer
----------------------------------------------
Market Yield/3/ 4.15% 3.98%
----------------------------------------------
SEC 30-Day Yield 3.17% 3.04%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.73% 4.50%
----------------------------------------------
B Shares NAV
----------------------------------------------
Market Yield/3/ 3.45%
----------------------------------------------
SEC 30-Day Yield 2.57%
----------------------------------------------
Taxable-Equivalent Yield/4/ 3.84%
----------------------------------------------
C Shares NAV
----------------------------------------------
Market Yield/3/ 3.62%
----------------------------------------------
SEC 30-Day Yield 2.77%
----------------------------------------------
Taxable-Equivalent Yield/4/ 4.13%
----------------------------------------------
R Shares NAV
----------------------------------------------
Market Yield/3/ 4.36%
----------------------------------------------
SEC 30-Day Yield 3.51%
----------------------------------------------
Taxable-Equivalent Yield/4/ 5.24%
----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/
A Shares NAV Offer
----------------------------------------------
1-Year 4.65% 0.22%
----------------------------------------------
5-Year 4.67% 3.77%
----------------------------------------------
Since Inception 5.77% 5.29%
----------------------------------------------
B Shares w/o CDSC w/CDSC
----------------------------------------------
1-Year 3.82% -0.18%
----------------------------------------------
5-Year 3.89% 3.71%
----------------------------------------------
Since Inception 5.20% 5.20%
----------------------------------------------
C Shares NAV
----------------------------------------------
1-Year 4.10%
----------------------------------------------
5-Year 4.10%
----------------------------------------------
Since Inception 5.27%
----------------------------------------------
R Shares NAV
----------------------------------------------
1-Year 4.87%
----------------------------------------------
5-Year 4.88%
----------------------------------------------
Since Inception 5.95%
----------------------------------------------
Bond Credit Quality/5/
[CHART]
AAA/U.S. Guaranteed 50%
AA 15%
A 13%
BBB 5%
NR 14%
BB or Lower 3%
Top Five Sectors/5/
Tax Obligation/Limited 48%
------------------------------------------
U.S. Guaranteed 26%
------------------------------------------
Housing/Multifamily 10%
------------------------------------------
Education and Civic Organizations 5%
------------------------------------------
Healthcare 5%
------------------------------------------
Portfolio Statistics
Net Assets ($000) $48,658
------------------------------------------
Average Effective Maturity (Years) 15.43
------------------------------------------
Average Duration 6.13
------------------------------------------
- --------------------------------------------------------------------------------
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 December 1, 2003. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 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.
4The taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield on the Nuveen Investments
Fund on an after-tax basis. With respect to investments that generate
qualified dividend income that is taxable at a maximum rate of 15%, the
taxable-equivalent yield is lower. The taxable-equivalent yield is based on
the Fund's SEC 30-Day Yield on the indicated date and a combined federal and
state income tax rate of 33.0%.
5As a percentage of total holdings as of November 30, 2003. Holdings are
subject to change.
Semiannual Report l Page 11
Shareholder
Meeting Report
The annual shareholder meeting was held on July 28, 2003, at the Northern Trust
Bank, Chicago, Illinois.
- --------------------------------------------------------------------------------
Nuveen Nuveen Nuveen Nuveen Nuveen Nuveen
Kansas Kentucky Michigan Missouri Ohio Wisconsin
Municipal Municipal Municipal Municipal Municipal Municipal
Bond Bond Bond Bond Bond Bond
Approval of the Board Members was reached as follows: Fund Fund Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------
William E. Bennett
For 9,101,016 28,305,194 14,124,759 15,000,022 33,924,548 3,000,797
Withhold 252,179 738,129 467,370 534,993 1,282,461 76,185
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
Robert P. Bremner
For 9,104,986 28,337,488 14,121,845 15,004,274 33,907,788 3,001,377
Withhold 248,209 705,835 470,284 530,741 1,299,221 75,605
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown
For 9,094,748 28,320,682 14,127,163 15,011,067 33,893,323 2,990,763
Withhold 258,447 722,641 464,966 523,948 1,313,686 86,219
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
Jack B. Evans
For 9,104,986 28,324,212 14,126,173 14,987,720 33,930,533 2,990,183
Withhold 248,209 719,111 465,956 547,295 1,276,476 86,799
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri
For 9,104,986 28,320,271 14,123,934 14,991,645 33,875,594 3,001,377
Withhold 248,209 723,052 468,195 543,370 1,331,415 75,605
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
William L. Kissick
For 9,102,282 28,319,283 14,101,634 14,982,963 33,855,048 3,001,377
Withhold 250,913 724,040 490,495 552,052 1,351,961 75,605
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
Thomas E. Leafstrand
For 9,099,989 28,312,709 14,086,231 14,989,981 33,881,546 2,990,763
Withhold 253,206 730,614 505,898 545,034 1,325,463 86,219
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
Peter R. Sawers
For 9,098,294 28,342,514 14,088,435 14,988,203 33,880,195 2,990,763
Withhold 254,901 700,809 503,694 546,812 1,326,814 86,219
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
William J. Schneider
For 9,104,986 28,356,307 14,122,345 15,013,214 33,935,408 2,990,763
Withhold 248,209 687,016 469,784 521,801 1,271,601 86,219
- ---------------------------------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ---------------------------------------------------------------------------------------------------------------------
- ----
12
- ----------------------------------------------------------------------------------------------
Nuveen Nuveen Nuveen Nuveen Nuveen Nuveen
Kansas Kentucky Michigan Missouri Ohio Wisconsin
Municipal Municipal Municipal Municipal Municipal Municipal
Approval of the Board Members Bond Bond Bond Bond Bond Bond
was reached as follows: Fund Fund Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------
Timothy R. Schwertfeger
For 9,102,693 28,335,947 14,126,184 15,004,077 33,929,853 2,989,140
Withhold 250,502 707,376 465,945 530,938 1,277,156 87,842
- ----------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ----------------------------------------------------------------------------------------------
Judith M. Stockdale
For 9,097,805 28,338,754 14,140,261 14,981,646 33,907,509 3,001,377
Withhold 255,390 704,569 451,868 553,369 1,299,500 75,605
- ----------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ----------------------------------------------------------------------------------------------
Sheila W. Wellington
For 9,090,271 28,294,020 14,109,636 14,942,758 33,878,394 3,000,797
Withhold 262,924 749,303 482,493 592,257 1,328,615 76,185
- ----------------------------------------------------------------------------------------------
Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982
- ----------------------------------------------------------------------------------------------
To approve a change to a
fundamental investment
restriction with respect to
lending*
For 6,820,885 21,091,412 10,751,193 10,607,964 26,306,311 2,111,334
Against 535,916 1,032,077 885,083 692,381 1,706,228 64,524
Abstain 472,731 1,433,765 717,141 651,467 1,535,799 175,058
Broker Non-Vote 2,516,138 6,610,032 2,238,712 3,583,203 5,658,671 726,066
- ----------------------------------------------------------------------------------------------
Total 10,345,670 30,167,286 14,592,129 15,535,015 35,207,009 3,076,982
- ----------------------------------------------------------------------------------------------
To approve a change to a
fundamental investment
restriction with respect to
borrowing*
For 6,802,562 20,928,163 10,765,916 10,483,979 26,125,918 2,600,174
Against 588,410 1,140,407 911,368 833,197 1,829,579 1,011,949
Abstain 438,560 1,488,684 676,133 634,636 1,592,841 197,287
Broker Non-Vote 2,516,138 6,610,032 2,238,712 3,583,203 5,658,671 558,562
- ----------------------------------------------------------------------------------------------
Total 10,345,670 30,167,286 14,592,129 15,535,015 35,207,009 4,367,972
- ----------------------------------------------------------------------------------------------
To approve a change to a
fundamental investment
restriction with respect to
investing in municipal
securities*
For 6,811,797 21,080,636 10,857,094 10,903,035 26,156,088 2,062,310
Against 507,699 1,030,323 783,076 1,099,357 1,775,848 175,491
Abstain 510,036 1,446,295 713,247 758,011 1,616,402 113,115
Broker Non-Vote 2,516,138 6,610,032 2,238,712 3,340,816 5,658,671 726,066
- ----------------------------------------------------------------------------------------------
Total 10,345,670 30,167,286 14,592,129 16,101,219 35,207,009 3,076,982
- ----------------------------------------------------------------------------------------------
* For each Fund, the shareholder meetings were convened on July 28, 2003, but
were adjourned to September 10, 2003 for the Nuveen Kansas Municipal Bond
Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Missouri Municipal Bond
Fund and Nuveen Wisconsin Municipal Bond Fund with respect to the proposals
to amend the fundamental policies concerning lending, borrowing and
investing up to 5% of the Fund's assets in certain non-municipal securities.
At the July 28, 2003 meeting for the Nuveen Michigan Municipal Bond Fund and
Nuveen Ohio Municipal Bond, sufficient votes were received on all three
proposals and all three proposals passed. The vote totals shown reflect the
totals received as of July 28, 2003. At the September 10, 2003 reconvened
meeting for the Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal
Bond Fund, Nuveen Missouri Municipal Bond Fund and Nuveen Wisconsin
Municipal Bond Fund, sufficient votes were received on all three proposals
and all three proposals passed. The vote totals shown reflect the totals
received as of September 10, 2003.
- ----
13
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.2%
$ 320 Wichita Airport Authority, Kansas, Airport 3/04 at 100.00 AA $ 324,416
Facilities Revenue Bonds, Wichita Airport
Hotel Associates L.P. Project, Series 1992,
7.000%, 3/01/05 - RAAI Insured
- ----------------------------------------------------------------------------------------------------
Education and Civic Organizations - 2.1%
1,500 Puerto Rico Industrial, Tourist, Educational, 2/09 at 101.00 BBB 1,551,090
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 7/09 at 100.00 AAA 1,069,724
Bonds, Series 2001A, 5.500%, 7/01/16 - AMBAC
Insured
270 Washburn University of Topeka, Kansas, Revenue 7/09 at 100.00 AAA 302,435
Bonds, Series 2001B, 5.500%, 7/01/16 - AMBAC
Insured
- ----------------------------------------------------------------------------------------------------
Healthcare - 18.9%
Coffeyville Public Building Commission, Kansas,
Healthcare Facilities Revenue Bonds, Coffeyville
Regional Medical Center, Series 2002:
1,005 5.000%, 8/01/18 - AMBAC Insured 8/12 at 100.00 AAA 1,053,572
1,050 5.000%, 8/01/19 - AMBAC Insured 8/12 at 100.00 AAA 1,094,573
1,000 5.000%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,035,880
4,250 Colby, Kansas, Health Facilities Revenue 8/08 at 100.00 N/R 3,849,097
Refunding Bonds, Citizens Medical Center, Inc.,
Series 1998, 5.625%, 8/15/16
1,285 Kansas Development Finance Authority, Hospital 12/12 at 100.00 AA 1,388,108
Revenue Bonds, Susan B. Allen Memorial Hospital,
Series 2002Q, 5.375%, 12/15/16 - RAAI Insured
4,580 Kansas Development Finance Authority, Health 6/10 at 101.00 AA 5,284,267
Facilities Revenue Bonds, Sisters of Charity of
Leavenworth Health Services Corporation, Series
2000K, 6.500%, 12/01/16
1,110 City of Lawrence, Kansas, Hospital Revenue Bonds, 7/09 at 100.00 AA 1,168,064
The Lawrence Memorial Hospital, Series 1999,
5.750%, 7/01/24 - RAAI Insured
City of Manhattan, Kansas, Hospital Revenue
Bonds, Mercy Health Center of Manhattan, Series
2001:
1,025 5.000%, 8/15/14 - FSA Insured 8/11 at 100.00 AAA 1,098,370
1,075 5.000%, 8/15/15 - FSA Insured 8/11 at 100.00 AAA 1,143,112
City of Newton, Kansas, Hospital Refunding
Revenue Bonds, Newton Healthcare Corporation,
Series 1998A:
1,000 5.700%, 11/15/18 11/08 at 100.00 BBB- 1,019,200
1,750 5.750%, 11/15/24 11/08 at 100.00 BBB- 1,760,815
100 Puerto Rico Industrial, Tourist, Educational, 1/05 at 102.00 AAA 106,839
Medical and Environmental Control Facilities
Financing Authority, Hospital Revenue Bonds,
Hospital Aixilio Mutuo, Series 1995A, 6.250%,
7/01/24 - MBIA Insured
5,530 City of Wichita, Kansas, Hospital Facilities 11/09 at 101.00 A+ 5,948,898
Improvement and Refunding Revenue Bonds, Via
Christi Health System, Inc., Series 1999XI,
6.250%, 11/15/24
- ----------------------------------------------------------------------------------------------------
Housing/Multifamily - 4.8%
1,715 Kansas Development Finance Authority, Multifamily 12/10 at 100.00 AAA 1,799,927
Housing Senior Revenue Bonds, Chimney Hills
Apartments Project, Series 2000U-1, 5.900%,
12/01/20 (Alternative Minimum Tax) - AMBAC
Insured
1,000 City of Olathe, Kansas, Multifamily Housing 6/04 at 102.00 AAA 1,027,020
Refunding Revenue Bonds, Federal National
Mortgage Association Program - Deerfield
Apartments Project, Series 1994A, 6.450%, 6/01/19
City of Wichita, Kansas, Multifamily Housing
Revenue Refunding Bonds, The Shores Apartments
Project, Series 1994XI-A:
1,500 6.700%, 4/01/19 - RAAI Insured 4/09 at 102.00 AA 1,594,830
2,000 6.800%, 4/01/24 - RAAI Insured 4/09 at 102.00 AA 2,116,160
- ----
14
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Housing/Single Family - 3.9%
$ 45 City of Olathe, Kansas, Labette County, Kansas, 2/05 at 105.00 Aaa $ 47,718
Collateralized Single Family Mortgage Refunding
Revenue Bonds, Series 1994C-I, 7.800%, 2/01/25
670 Sedgwick and Shawnee Counties, Kansas, GNMA No Opt. Call Aaa 712,344
Mortgage-Backed Securities Program, Single
Family Revenue Bonds, Series 1997A-1, 6.950%,
6/01/29 (Alternative Minimum Tax)
2,570 Sedgwick and Shawnee Counties, Kansas, GNMA 6/08 at 105.00 Aaa 2,810,732
Mortgage-Backed Securities Program, Single
Family Revenue Bonds, Series 1998A-1, 6.500%,
12/01/22 (Alternative Minimum Tax)
995 Sedgwick and Shawnee Counties, Kansas, Single 12/09 at 105.00 Aaa 1,086,331
Family Mortgage Revenue Bonds, Mortgaged-Backed
Securities Program, Series 2000A-2, 7.600%,
12/01/31 (Alternative Minimum Tax)
410 Sedgwick and Shawnee Counties, Kansas, Single 12/10 at 105.00 Aaa 450,135
Family Mortgage Revenue Bonds, Mortgaged-Backed
Securities Program, Series 2001A, 6.300%,
12/01/32 (Alternative Minimum Tax)
175 Sedgwick and Shawnee Counties, Kansas, 11/04 at 105.00 Aaa 185,190
Collateralized Single Family Mortgage Refunding
Revenue Bonds, Series 1994A-III, 8.125%, 5/01/24
(Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Industrials - 1.5%
1,000 Wichita Airport Authority, Kansas, Special 6/12 at 101.00 A- 1,058,140
Facilities Revenue Bonds, Cessna Citation
Service Center, Series 2002A, 6.250%, 6/15/32
(Alternative Minimum Tax)
1,000 City of Wichita, Kansas, Industrial Revenue 8/07 at 101.00 AA- 1,054,050
Bonds, NMF America, Inc., Series 2000II, 5.800%,
8/01/15 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Long-Term Care - 0.4%
500 Sedgwick County, Kansas, Healthcare Facilities 11/09 at 100.00 A 514,320
Revenue Bonds, Catholic Care Center, Inc.,
Series 2001, 5.750%, 11/15/23
- ----------------------------------------------------------------------------------------------------
Materials - 3.5%
1,000 Dodge City, Kansas, Pollution Control Revenue 5/04 at 100.00 A1 1,020,660
Refunding Bonds, Excel Corporation
Project/Cargill, Inc. Series 1992, 6.625%,
5/01/05
3,700 Ford County, Kansas, Sewage and Solid Waste 6/08 at 102.00 A+ 3,805,561
Disposal Revenue Bonds, Excel
Corporation/Cargill, Inc. Project, Series 1998,
5.400%, 6/01/28 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Tax Obligation/General - 16.4%
2,500 Butler and Sedgwick Counties, Unified School No Opt. Call AAA 3,005,400
District 385, Andover, Kansas, General
Obligation Refunding and Improvement Bonds,
Series 2000, 6.000%, 9/01/16 - FSA Insured
1,675 Cowley County Unified School District No. 465, 10/13 at 100.00 AAA 1,782,820
Winfield, Kansas, General Obligation
Bonds, Series 2003, 5.250%, 10/01/23 - MBIA
Insured
750 Derby, Kansas, General Obligation Bonds, Series 12/11 at 100.00 Aaa 805,508
2001A, 5.250%, 12/01/21 - AMBAC Insured
560 Derby, Kansas, General Obligation Bonds, Series 12/10 at 100.00 Aaa 590,257
2002B, 5.000%, 12/01/15 - FSA Insured
650 Harvey County, Unified School District 460, 9/12 at 100.00 AAA 674,934
Hesston, Kansas, General Obligation Bonds,
Series 2002, 5.000%, 9/01/22 - FGIC Insured
1,100 Montgomery County Unified School District No. 4/12 at 100.00 AAA 1,140,546
445, Coffeyville, Kansas, General Obligation
Bonds, Series 2002, 5.000%, 4/01/22 - FGIC
Insured
2,000 Puerto Rico Public Improvement, General 7/11 at 100.00 A- 2,075,960
Obligation Bonds, Series 2002A, 5.375%, 7/01/28
1,000 Puerto Rico Public Improvement, General No Opt. Call AAA 1,157,430
Obligation Refunding Bonds, Series
2002A, 5.500%, 7/01/20 - MBIA Insured
1,070 Scott County Unified School District No. 466, 9/12 at 100.00 AAA 1,165,048
Kansas, General Obligation Refunding Bonds,
Series 2002, 5.250%, 9/01/18 - FGIC Insured
1,250 Sedgwick County Unified School District No. 259, 9/10 at 100.00 AA 1,176,600
Wichita, Kansas, General Obligation
Bonds, Series 2000, 3.500%, 9/01/16
1,000 Shawnee County, Kansas, General Obligation 9/12 at 100.00 Aaa 1,016,060
Refunding and Improvement Bonds, Series
2002, 4.750%, 9/01/22 - FSA Insured
- ----
15
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,795 City of Wichita, Kansas, General Obligation 4/09 at 101.00 AA $1,913,829
Bonds, Series 2002, 5.000%, 4/01/17
3,050 Unified School District No. 500, Wyandotte 9/11 at 100.00 AAA 2,894,115
County, Kansas, General Obligation School Bonds,
Series 2001, 4.000%, 9/01/20 - FSA Insured
3,000 Unified School District No. 500, Wyandotte 9/12 at 100.00 AAA 3,152,850
County, Kansas, General Obligation Bonds, Series
2002, 5.000%, 9/01/20 - FSA Insured
- ----------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 24.2%
1,000 Butler County Public Building Commission, Kansas, 10/10 at 100.00 Aaa 1,110,800
Improvement Revenue Bonds, Public Facilities
Projects, Series 2000, 5.550%, 10/01/21 - MBIA
Insured
500 Kansas Development Finance Authority, Lease 10/12 at 100.00 AAA 522,680
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 10/11 at 100.00 AAA 1,071,630
Bonds, State of Kansas Projects, Series 2001W,
5.000%, 10/01/17 - MBIA Insured
5,000 Kansas Development Finance Authority, Revenue 4/13 at 102.00 AAA 5,205,100
Bonds, Kansas Board of Regents, Scientific
Research and Development Facilities Projects,
Series 2003C, 5.000%, 10/01/23 - AMBAC Insured
2,355 Kansas Development Finance Authority, Revenue 8/13 at 100.00 AAA 2,546,885
Bonds, State Projects, Series
2003J, 5.250%, 8/01/20 - AMBAC Insured
5,000 Overland Park Development Corporation, Kansas, 1/11 at 101.00 N/R 5,027,250
First Tier Revenue Bonds, Overland Park
Convention Center Project, Series 2000A, 7.375%,
1/01/32
1,300 Puerto Rico Highway and Transportation Authority, 7/16 at 100.00 A 1,384,812
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 No Opt. Call BBB+ 1,151,760
4,500 6.000%, 8/01/26 No Opt. Call AAA 5,391,585
2,500 5.500%, 8/01/29 2/12 at 100.00 BBB+ 2,619,575
1,000 Virgin Islands Public Finance Authority, Revenue 10/08 at 101.00 BBB- 1,016,650
Refunding Senior Lien Bonds, Matching Fund Loan
Notes, Series 1998A, 5.625%, 10/01/25
2,000 Virgin Islands Public Finance Authority, Gross 10/10 at 101.00 BBB 2,223,960
Receipts Tax Loan Bonds, Series 1999A, 6.375%,
10/01/19
13,025 The Unified Government of Wyandotte County, No Opt. Call AAA 3,812,808
Kansas City, Kansas, Sales Tax Special
Obligation Revenue Bonds, Kansas International
Speedway Corporation Project, Series
1999, 0.000%, 12/01/27 - MBIA Insured
- ----------------------------------------------------------------------------------------------------
Transportation - 0.7%
1,500 Puerto Rico Ports Authority, Special Facilities 6/06 at 102.00 CCC 991,110
Revenue Bonds, American Airlines, Inc.
Project, Series 1996A, 6.250%, 6/01/26
(Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
U.S. Guaranteed - 11.1%
440 Jefferson County Unified School District 340, 9/04 at 100.00 AAA 457,472
Kansas, General Obligation Bonds, Series
1994, 6.350%, 9/01/14 (Pre-refunded to 9/01/04)
- CAP GTY/FSA Insured
12,175 Johnson County, Kansas, Residual Revenue and No Opt. Call Aaa 8,766,244
Refunding Bonds, Series 1992, 0.000%, 5/01/12
City of Lawrence, Kansas, Hospital Revenue Bonds,
The Lawrence Memorial Hospital, Series 1994:
575 6.200%, 7/01/14 (Pre-refunded to 7/01/04) 7/04 at 100.00 Baa1*** 591,112
400 6.200%, 7/01/19 (Pre-refunded to 7/01/04) 7/04 at 100.00 Baa1*** 411,208
1,350 Commonwealth of Puerto Rico, Public Improvement 7/04 at 102.00 AAA 1,413,032
General Obligation Bonds, Series 1994, 6.450%,
7/01/17 (Pre-refunded to 7/01/04)
2,000 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 A*** 2,453,080
Highway Revenue Bonds, Series 2000B, 6.500%,
7/01/27 (Pre-refunded to 7/01/10)
150 Puerto Rico Electric Power Authority, Power 7/04 at 102.00 A-*** 157,343
Revenue Bonds, Series T, 6.000%, 7/01/16
(Pre-refunded to 7/01/04)
1,010 City of Wichita, Kansas, Revenue Bonds, CSJ 5/04 at 100.00 A+*** 1,015,393
Health System of Wichita, Inc., Series
1985XXV, 7.200%, 10/01/15
- ----
16
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------
Utilities - 4.3%
$ 1,000 Burlington, Kansas, Environmental Improvement No Opt. Call A3 $ 1,066,760
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 9/04 at 102.00 AAA 1,066,853
Refunding and Improvement Bonds, Series
1994, 6.375%, 9/01/23 - FGIC Insured
500 City of Pratt, Kansas, Electric System Revenue 5/10 at 100.00 AAA 546,185
Bonds, Series 2001-1, 5.250%, 5/01/18 - AMBAC
Insured
1,000 Puerto Rico Electric Power Authority, Power 7/12 at 101.00 AAA 1,048,050
Revenue Bonds, Series 2002II, 5.125%, 7/01/26
- 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 AAA 350,155
785 5.250%, 11/01/27 - AMBAC Insured 11/12 at 100.00 AAA 818,355
1,000 Unified Government of Wynadotte County, Kansas 5/11 at 100.00 AAA 1,036,020
City, Kansas, Industrial Revenue Bonds, Board of
Public 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, 10/08 at 101.50 AA 2,289,860
Series 2000A, 6.150%, 10/01/20 - RAAI Insured
1,040 Chisholm Creek Utility Authority, Kansas, Water 9/12 at 100.00 Aaa 1,107,101
and Wastewater Facilities Revenue Bonds,
Series 2002, 5.250%, 9/01/22 - MBIA Insured
5,500 Wichita, Kansas, Water, Sewer and Utility Revenue 10/13 at 100.00 AAA 5,731,932
Bonds, Series 2003, 5.000%, 10/01/22 - FGIC
Insured
- ------------------------------------------------------------------------------------------------------
$141,435 Total Long-Term Investments (cost $128,437,653) - 135,435,695
98.6%
- ------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.4% 1,946,098
----------------------------------------------------------------------------------------
Net Assets - 100% $137,381,793
----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. 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 (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Consumer Staples - 2.5%
$ 12,885 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB $12,299,119
Settlement Asset-Backed Refunding Bonds,
Series 2002, 5.375%, 5/15/33
- -----------------------------------------------------------------------------------------------------
Education and Civic Organizations - 5.1%
9,295 Columbia, Kentucky, Educational Development 4/11 at 101.00 BBB- 9,623,021
Revenue Bonds, Lindsey Wilson College Project,
Series 2001, 6.250%, 4/01/21
5,930 Jefferson County, Kentucky, College Revenue 5/09 at 101.00 Baa2 5,638,540
Bonds, Bellarmine College Project, Series 1999,
5.250%, 5/01/29
4,500 Kentucky Economic Development Finance Authority, 10/12 at 100.00 AAA 4,576,905
College Revenue Refunding and Improvement Bonds,
Centre College Project, Series 2002, 5.000%,
4/01/32 - FSA Insured
2,500 Puerto Rico Industrial, Tourist, Educational, 2/09 at 101.00 BBB 2,527,975
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, 9/11 at 100.00 BBB 3,048,450
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 - 2.9%
5,000 Ashland, Kentucky, Pollution Control Revenue 2/04 at 101.00 Baa2 5,116,500
Refunding Bonds, Ashland Oil, Inc. Project,
Series 1992, 6.650%, 8/01/09
9,000 Ashland, Kentucky, Sewerage and Solid Waste 2/05 at 102.00 Baa2 9,457,650
Revenue Bonds, Ashland, Inc. Project, Series
1995, 7.125%, 2/01/22 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------
Healthcare - 11.2%
1,310 Christian County, Kentucky, Hospital Revenue 7/06 at 102.00 A- 1,363,906
Bonds, Jennie Stuart Medical Center, Series
1996A, 6.000%, 7/01/17
3,500 Christian County, Kentucky, Hospital Revenue 7/06 at 102.00 A- 3,686,200
Refunding Bonds, Jennie Stuart Medical Center,
Series 1997A, 6.000%, 7/01/13
5,270 Clark County, Kentucky, Hospital Revenue 3/07 at 102.00 BBB- 5,396,849
Refunding and Improvement Bonds, Clark Regional
Medical Center Project, Series 1997, 6.200%,
4/01/13
9,500 Kentucky Economic Development Finance Authority, 2/07 at 102.00 AAA 10,233,970
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 No Opt. Call BB- 497,385
500 5.600%, 10/01/08 4/08 at 102.00 BB- 495,725
3,500 5.850%, 10/01/17 4/08 at 102.00 BB- 3,228,890
1,500 5.875%, 10/01/22 4/08 at 102.00 BB- 1,330,860
6,000 Kentucky Economic Development Finance Authority, 6/08 at 101.00 AA 6,001,620
Revenue Refunding and Improvement Bonds,
Catholic Health Initiatives, Series 1998A,
5.000%, 12/01/27
Kentucky Economic Development Finance Authority,
Revenue Bonds, Catholic Health Initiatives,
Series 2001:
1,000 5.250%, 9/01/21 9/11 at 100.00 AA 1,028,460
1,000 5.250%, 9/01/24 9/11 at 100.00 AA 1,018,730
10,340 Kentucky Economic Development Finance Authority, No Opt. Call AAA 2,726,865
Health System Revenue Bonds, Norton Healthcare,
Inc., Series 2000B, 0.000%, 10/01/28 - MBIA
Insured
1,665 McCracken County, Kentucky, Hospital Facilities 11/04 at 102.00 AAA 1,764,883
Revenue Refunding Bonds, Mercy Health System,
Series 1994A, 6.300%, 11/01/06 - MBIA Insured
16,500 Russell, Kentucky, Revenue Bonds, Bon Secours 11/12 at 100.00 A- 16,766,475
Health System, Inc., Series 2002A, 5.625%,
11/15/30
- ----
18
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Housing/Multifamily - 1.1%
$ 2,485 Greater Kentucky Housing Assistance Corporation, 1/04 at 100.00 AAA $2,487,336
FHA-Insured Section 8 Mortgage Revenue Refunding
Bonds, Brown Proctor and California Square II
Apartment Projects, Series 1993A,
6.250%, 7/01/24 -MBIA Insured
3,440 Henderson, Kentucky, Senior Tax-Exempt 5/09 at 102.00 N/R 3,110,861
Residential Facilities Revenue Bonds, Pleasant
Pointe Project, Series 1999A, 6.125%, 5/01/29
- ----------------------------------------------------------------------------------------------------
Housing/Single Family - 3.8%
2,000 Kentucky Housing Corporation, Housing Revenue 11/10 at 100.00 AAA 2,115,400
Bonds, Series 2000F, 5.850%, 7/01/20
(Alternative Minimum Tax)
1,180 Kentucky Housing Corporation, Housing Revenue 7/06 at 102.00 AAA 1,230,681
Bonds, Series 1996E, 6.300%, 1/01/28
(Alternative Minimum Tax)
1,630 Kentucky Housing Corporation, Housing Revenue 6/07 at 102.00 AAA 1,715,754
Bonds, Series 1997B, 6.250%, 7/01/28
(Alternative Minimum Tax)
980 Kentucky Housing Corporation, Housing Revenue 1/09 at 101.00 AAA 1,006,431
Bonds, Series 1998F, 5.000%, 7/01/18
(Alternative Minimum Tax)
320 Kentucky Housing Corporation, Housing Revenue 1/04 at 102.00 AAA 326,851
Bonds, Federally Insured or Guaranteed Mortgage
Loans, Series 1994A, 6.500%, 7/01/17
9,480 Kentucky Housing Corporation, Housing Revenue 4/09 at 101.00 AAA 9,728,755
Bonds, Series 1999A, 5.200%, 1/01/31
15 Kentucky Housing Corporation, Housing Revenue 7/04 at 102.00 AAA 15,238
Bonds, Federally Insured or Guaranteed Mortgage
Loans, Series 1994C, 6.400%, 1/01/17
2,730 Kentucky Housing Corporation, Housing Revenue 4/09 at 101.00 AAA 2,778,021
Bonds, Series 1999B, 5.250%, 1/01/28
(Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Long-Term Care - 3.5%
4,840 Florence, Kentucky, Housing Facilities Revenue 8/09 at 101.00 A 5,172,169
Bonds, Bluegrass RHF Housing, Inc. Project,
Series 1999, 6.375%, 8/15/29 - ACA Insured
555 Jefferson County, Kentucky, First Mortgage 11/04 at 102.00 BBB 572,904
Revenue Bonds, First Christian Church Homes of
Kentucky Project, Series 1994, 6.000%, 11/15/09
Kentucky Economic Development Finance Authority,
Revenue Bonds, Christian Church Homes of
Kentucky, Inc. Obligated Group, Series 1998:
1,800 5.375%, 11/15/23 5/08 at 102.00 BBB 1,756,926
3,500 5.500%, 11/15/30 5/08 at 102.00 BBB 3,401,755
Kentucky Economic Development Finance Authority,
Mortgage Revenue Bonds, South Central Nursing
Homes, Inc. Project, Series 1997A:
2,000 6.000%, 7/01/27 (Mandatory put 7/01/20) - MBIA 1/08 at 105.00 AAA 2,255,860
Insured
3,700 6.000%, 7/01/27 (Mandatory put 1/01/24) - MBIA 1/08 at 105.00 AAA 4,173,341
Insured
- ----------------------------------------------------------------------------------------------------
Materials - 4.5%
2,370 Hancock County, Kentucky, Solid Waste Disposal 5/06 at 102.00 BBB 2,432,710
Revenue Bonds, Willamette Industries, Inc.
Project, Series 1996, 6.600%, 5/01/26
5,250 Henderson County, Kentucky, Solid Waste Disposal 3/05 at 102.00 BBB 5,518,065
Revenue Bonds, MacMillan Bloedel Project,
Series 1995, 7.000%, 3/01/25 (Alternative
Minimum Tax)
1,000 Jefferson County, Kentucky, Pollution Control 1/04 at 103.00 AA- 1,034,110
Revenue Bonds, E.I. du Pont de Nemours and
Company Project, Series 1982A, 6.300%, 7/01/12
3,750 County of Perry, Kentucky, Solid Waste Disposal 6/04 at 102.00 Baa2 3,891,413
Revenue Bonds, TJ International Project, Series
1994, 7.000%, 6/01/24 (Alternative Minimum Tax)
4,240 County of Perry, Kentucky, Solid Waste Disposal 5/06 at 102.00 N/R 4,430,758
Revenue Bonds, TJ International Project, Series
1996, 6.800%, 5/01/26 (Alternative Minimum Tax)
2,000 County of Perry, Kentucky, Solid Waste Disposal 4/07 at 102.00 Baa2 2,089,880
Revenue, TJ International Project, Series 1996,
6.550%, 4/15/27 (Alternative Minimum Tax)
2,820 City of Wickliffe, Kentucky, Solid Waste Disposal 4/06 at 102.00 BBB 2,874,680
Facility Revenue Bonds, Westvaco Corporation
Project, Series 1996, 6.375%, 4/01/26
(Alternative Minimum Tax)
- ----
19
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Tax Obligation/General - 2.7%
$ 2,500 Jefferson County, Kentucky, General Obligation 5/09 at 100.00 AA $ 2,730,400
Refunding Bonds, Series 1999C, 6.150%, 5/15/16
(Alternative Minimum Tax)
1,175 Louisville, Kentucky, General Obligation Bonds, 11/11 at 101.00 AA- 1,232,845
Series 2001A, 5.000%, 11/01/21
3,000 Louisville, Kentucky, General Obligation Bonds, 10/12 at 100.00 AAA 3,089,490
Series 2002A, 5.000%, 10/01/23 - FGIC Insured
4,400 Commonwealth of Puerto Rico, Public Improvement No Opt. Call AAA 6,331,556
Bonds, TICS, 12.999%, 7/01/19 - FSA Insured
- -----------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 25.8%
1,875 Bell County Public Properties Corporation, 3/11 at 102.00 AAA 2,041,406
Kentucky, First Mortgage Revenue Bonds, Judicial
Center Project, Series 2000, 5.850%,
9/01/28 - AMBAC Insured
1,465 Boone County, Kentucky, Public Properties 9/12 at 101.00 Aa3 1,546,820
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 6/12 at 100.00 Aa2 1,841,781
1,230 5.000%, 6/01/24 6/12 at 100.00 Aa2 1,263,001
1,665 5.000%, 6/01/25 6/12 at 100.00 Aa2 1,703,795
Daviess County School District Finance
Corporation, Kentucky, School Building Revenue
Bonds, Series 1994:
505 5.800%, 5/01/11 5/04 at 102.00 Aa3 524,614
535 5.800%, 5/01/12 5/04 at 102.00 Aa3 555,710
570 5.800%, 5/01/13 5/04 at 102.00 Aa3 592,065
600 5.800%, 5/01/14 5/04 at 102.00 Aa3 622,908
Fayette County School District Finance
Corporation, Kentucky, School Building Revenue
Bonds, Series 2000:
1,665 5.500%, 6/01/18 6/10 at 101.00 AA- 1,856,192
2,795 5.500%, 6/01/20 6/10 at 101.00 AA- 3,083,640
3,155 Florence Public Properties Corporation, Kentucky, 6/07 at 102.00 AAA 3,405,823
First Mortgage Revenue Bonds, Administrative
Office Complex Project, Series 1997, 5.500%,
6/01/27 - MBIA Insured
1,200 Floyd County School District Finance Corporation, 5/05 at 102.00 Aa3 1,278,324
Kentucky, School Building Revenue Bonds,
Series 1995, 5.500%, 5/01/15
4,500 Kenton County Public Properties Corporation, 3/09 at 101.00 Aa3 4,534,515
Kentucky, First Mortgage Revenue Bonds,
Courthouse Facilities Project, Series 1998A,
5.000%, 3/01/29
Kentucky Area Development Districts Financing
Trust, Ewing, Lease Acquisition Program Revenue
Bonds, Series 2000C:
750 5.850%, 6/01/20 6/10 at 102.00 AA 808,215
1,000 6.000%, 6/01/30 6/10 at 102.00 AA 1,100,870
500 Kentucky State Property and Buildings Commission, 11/09 at 100.00 AAA 557,695
Revenue Bonds, Project No. 64, Series 1999,
5.500%, 5/01/18 - MBIA Insured
Kentucky State Property and Buildings Commission,
Revenue Refunding Bonds, Project No. 72,
Series 2001:
4,375 5.375%, 10/01/18 - MBIA Insured 10/11 at 100.00 AAA 4,837,306
5,860 5.375%, 10/01/19 - MBIA Insured 10/11 at 100.00 AAA 6,437,151
Kentucky State Property and Buildings Commission,
Revenue Refunding Bonds, Project No. 79,
Series 2003:
5,000 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 5,251,550
6,500 5.000%, 10/01/22 - MBIA Insured 10/13 at 100.00 AAA 6,779,370
1,845 Kentucky State Property and Buildings Commission, 11/13 at 100.00 AAA 1,911,402
Revenue Bonds, Project No. 81, Series 2003,
5.000%, 11/01/23 - AMBAC Insured
4,000 Kentucky Turnpike Authority, Economic Development 7/11 at 100.00 AAA 4,286,040
Road Revenue and Refunding Bonds, Revitalization
Project, Series 2001B, 5.150%, 7/01/19 - FSA
Insured
11,000 The Urban County Government of Lexington and 7/08 at 102.00 AAA 11,262,350
Fayette County, Kentucky, Public Facilities
Corporation Mortgage Revenue Bonds, Series 1998,
5.125%, 10/01/31 - FSA Insured
- ----
20
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 650 Magoffin County, Kentucky, School District 6/10 at 101.00 Aa3 $ 734,181
Finance Corporation, School Building Revenue
Bonds, Series of 2000, 5.750%, 6/01/20
1,525 McCracken County, Kentucky, Public Properties 9/06 at 102.00 AAA 1,687,397
Corporation, Public Project Revenue Bonds, Court
Facilities Project, Series 1995, 5.900%,
9/01/26 - AMBAC Insured
8,000 Mount Sterling, Kentucky, Lease Revenue Bonds, 3/04 at 101.00 Aa3 8,171,680
Kentucky League of Cities Funding Program,
Series 1993A, 6.200%, 3/01/18
5,100 Oldham County School District Finance 4/11 at 101.00 Aa3 5,358,366
Corporation, Kentucky, School Building Revenue
Bonds, Series 2001A, 5.125%, 4/01/21
1,360 Owen County School District Finance Corporation, 4/11 at 101.00 Aa3 1,420,955
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 1993-A:
16,460 6.500%, 3/01/19 3/04 at 101.00 A 16,815,701
500 6.400%, 3/01/19 No Opt. Call A 601,475
1,000 Puerto Rico Highway and Transportation Authority, 7/16 at 100.00 A 1,008,050
Highway Revenue Bonds, Series 1996Y,
5.000%, 7/01/36
4,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 4,884,400
Highway Revenue Bonds, Series 1996Y, Reset
Option Long Certificates, Series II-R-66, Series
1996Y, 9.770%, 1/01/13 (IF)
2,545 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 2,961,515
Transportation Revenue Bonds, Series A,
5.500%, 7/01/14 (Alternative Minimum
Tax) - AMBAC Insured
1,000 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 AAA 1,026,300
Highway Revenue Bonds, Series 2002D,
5.000%, 7/01/32 - FSA Insured
3,185 Puerto Rico Public Buildings Authority, No Opt. Call AAA 3,672,464
Guaranteed Government Facilities Revenue Bonds,
Series 1993L, 5.500%, 7/01/21 - FSA Insured
3,000 Puerto Rico Public Finance Corporation, No Opt. Call AAA 3,594,390
Commonwealth Appropriation Bonds, Series 2002E,
6.000%, 8/01/26
7,000 Warren County, Kentucky, Justice Center Expansion 9/07 at 102.00 AAA 7,358,820
Corporation, First Mortgage Revenue Bonds, AOC
Judicial Facility, Series 1997A, 5.250%,
9/01/24 - MBIA Insured
- -----------------------------------------------------------------------------------------------------
Transportation - 5.2%
Guam International Airport Authority, Revenue
Bonds, Series 2003C:
5,000 5.250%, 10/01/22 (Alternative Minimum 10/10 at 100.00 AAA 5,263,550
Tax) - MBIA Insured
2,195 5.000%, 10/01/23 (Alternative Minimum 10/13 at 100.00 AAA 2,228,123
Tax) - MBIA Insured
1,250 Kenton County Airport Board, Kentucky, Airport 3/06 at 102.00 AAA 1,376,975
Revenue Bonds, Cincinnati/Northern Kentucky
International Airport, Series 1996B, 5.750%,
3/01/13 - MBIA Insured
5,090 Kenton County Airport Board, Kentucky, Airport 3/13 at 100.00 AAA 5,159,275
Revenue Bonds, Cincinnati/Northern Kentucky
International Airport, Series 2003B, 5.000%,
3/01/23 (Alternative Minimum Tax) - MBIA Insured
5,000 Regional Airport Authority of Louisville and 7/05 at 102.00 AAA 5,268,450
Jefferson County, Kentucky, Airport System
Revenue Bonds, 1995 Series A, 5.625%, 7/01/25
(Alternative Minimum Tax) - MBIA Insured
1,000 Regional Airport Authority of Louisville and 7/13 at 100.00 AAA 1,036,950
Jefferson County, Kentucky, Airport System
Revenue Bonds, Series 2003C, 5.250%, 7/01/22
(Alternative Minimum Tax) - FSA Insured
6,000 Regional Airport Authority of Louisville and 3/09 at 101.00 Baa3 5,334,660
Jefferson County, Kentucky, Special Facilities
Revenue Bonds, Airis Louisville, L.L.C. Project,
Series 1999A, 5.500%, 3/01/19 (Alternative
Minimum Tax)
- -----------------------------------------------------------------------------------------------------
U.S. Guaranteed - 11.9%
1,595 Bowling Green Municipal Project Corporation, 12/04 at 102.00 A2*** 1,712,934
Kentucky, Lease Revenue Bonds, Series 1994,
6.500%, 12/01/14 (Pre-refunded to 12/01/04)
5,085 Campbellsville, Kentucky, Industrial Building 3/09 at 102.00 A+*** 4,999,369
Revenue Bonds, Campbellsville University
Project, Series 1999, 5.500%, 3/01/29
(Pre-refunded to 3/01/09)
1,005 Casey County School District Finance Corporation, 3/05 at 102.00 Aa3*** 1,081,661
Kentucky, School Building Revenue Bonds,
Series 1995, 5.750%, 3/01/15 (Pre-refunded to
3/01/05)
- ----
21
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 1,070 Fleming County School District Finance 3/05 at 102.00 A+*** $1,153,000
Corporation, Kentucky, School Building Revenue
Bonds, Series 1995, 5.875%, 3/01/15
(Pre-refunded to 3/01/05)
1,260 Floyd County Public Properties Corporation, 3/06 at 102.00 N/R*** 1,394,807
Kentucky, 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 Public Properties Corporation, 3/06 at 102.00 N/R*** 3,980,793
Kentucky, First Mortgage Revenue Bonds, Floyd
County Justice Center Project, Series 1996B,
6.200%, 9/01/26 (Pre-refunded to 3/01/06)
Hardin County Building Commission, Kentucky,
Revenue Bonds, Detention Facility Project, Series
1994:
525 6.200%, 12/01/11 (Pre-refunded to 12/04 at 102.00 AAA 562,028
12/01/04) - MBIA Insured
1,775 6.250%, 12/01/14 (Pre-refunded to 12/04 at 102.00 AAA 1,901,078
12/01/04) - MBIA Insured
3,465 Hopkins County School District Finance 6/04 at 102.00 Aa3*** 3,623,940
Corporation, Kentucky, School Building Revenue
Bonds, Series 1994, 6.200%, 6/01/19
(Pre-refunded to 6/01/04)
2,000 Jefferson County Collegiate Housing Foundation, 9/09 at 102.00 N/R*** 2,486,780
Kentucky, Student Housing Revenue Bonds,
University of Louisville Project, Series 1999A,
7.125%, 9/01/29 (Pre-refunded to 9/01/09)
Kentucky Infrastructure Authority, Infrastructure
Revolving Loan Program Revenue Bonds, Series
1995J:
440 6.300%, 6/01/10 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 481,580
360 6.350%, 6/01/11 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 394,286
600 6.375%, 6/01/14 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 657,372
420 Kentucky Infrastructure Authority, Governmental 8/05 at 102.00 A-*** 447,250
Agencies Program Revenue Bonds, Series 1995G,
6.300%, 8/01/10 (Pre-refunded to 8/01/05)
400 Kentucky State Property and Buildings Commission, 5/10 at 100.00 AAA 466,940
Agency Fund Revenue Bonds, Project No. 66A,
Series 2000, 5.750%, 5/01/20 (Pre-refunded to
5/01/10) - MBIA Insured
1,000 Lawrence County, Kentucky, School District 11/04 at 102.00 Aa3*** 1,071,400
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) - 11/04 at 102.00 AAA 3,424,050
MBIA Insured
4,320 6.750%, 11/01/24 (Pre-refunded to 11/01/04) - 11/04 at 102.00 AAA 4,629,701
MBIA Insured
Louisville and Jefferson County 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) - 11/04 at 102.00 AAA 2,920,763
AMBAC Insured
2,070 6.500%, 5/15/24 (Pre-refunded to 11/15/04) - 11/04 at 102.00 AAA 2,217,839
AMBAC Insured
2,500 6.750%, 5/15/25 (Pre-refunded to 11/15/04) - 11/04 at 102.00 AAA 2,684,525
AMBAC Insured
1,365 McCreary County School District Finance 8/05 at 102.00 Aa3*** 1,488,505
Corporation, Kentucky, 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 9/04 at 102.00 Aa3*** 1,490,582
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 7/06 at 101.50 A-*** 1,454,179
Obligation Bonds, Series 1996, 5.400%, 7/01/25
(Pre-refunded to 7/01/06)
2,000 Puerto Rico Public Improvement, General 7/07 at 100.00 A-*** 2,241,260
Obligation Refunding Bonds, Series 1997, 5.375%,
7/01/25 (Pre-refunded to 7/01/07)
2,600 Puerto Rico Public Improvement, General 7/10 at 100.00 AAA 3,035,682
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 7/04 at 102.00 A-*** 3,146,850
Revenue Bonds, Series T, 6.000%, 7/01/16
(Pre-refunded to 7/01/04)
2,800 City of Russell, Kentucky, Health System Revenue 1/10 at 100.00 Baa2*** 3,179,484
Bonds, Our Lady of Bellefonte Hospital Issue,
Franciscan Health Partnership, Inc., Series
1997, 5.500%, 7/01/15 (Pre-refunded to 1/01/10)
- ----------------------------------------------------------------------------------------------------
Utilities - 8.4%
6,000 Boone County, Kentucky, Collateralized Pollution 1/04 at 102.00 AAA 6,136,620
Control Revenue Refunding Bonds, Cincinnati Gas
and Electric Company Project, Series 1994A,
5.500%, 1/01/24 - MBIA Insured
1,750 Jefferson County, Kentucky, Pollution Control 4/05 at 102.00 A1 1,811,460
Revenue Bonds, Louisville Gas and Electric
Company Project, Series 1995A, 5.900%, 4/15/23
- ----
22
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------
Utilities (continued)
City of Owensboro, Kentucky, Electric Light and
Power System Revenue Bonds, Series 1991B:
$ 7,100 0.000%, 1/01/11 - AMBAC Insured No Opt. Call AAA $ 5,512,724
6,475 0.000%, 1/01/12 - AMBAC Insured No Opt. Call AAA 4,752,067
5,810 0.000%, 1/01/15 - AMBAC Insured No Opt. Call AAA 3,612,658
7,900 0.000%, 1/01/17 - AMBAC Insured No Opt. Call AAA 4,377,943
13,300 0.000%, 1/01/18 - AMBAC Insured No Opt. Call AAA 6,958,826
5,100 0.000%, 1/01/19 - AMBAC Insured No Opt. Call AAA 2,514,912
4,725 0.000%, 1/01/20 - AMBAC Insured No Opt. Call AAA 2,192,117
400 City of Owensboro, Kentucky, Electric Light and No Opt. Call AAA 399,488
Power System Revenue Bonds, Series 1993A,
0.000%, 1/01/04 (Alternative Minimum Tax) -
AMBAC Insured
3,000 Puerto Rico Electric Power Authority, Power No Opt. Call AAA 3,326,100
Revenue Bonds, Series 2003NN,
5.250%, 7/01/23 - MBIA Insured
- ------------------------------------------------------------------------------------------------------
Water and Sewer - 9.0%
1,405 Christian County Water District, Kentucky, 10/09 at 101.00 Aaa 1,596,684
Waterworks Revenue Bonds, Series 1999,
6.000%, 1/01/30 - AMBAC Insured
1,750 Henderson, Kentucky, Water and Sewer Revenue 11/04 at 103.00 AAA 1,878,835
Refunding Bonds, Series 1994A,
6.100%, 11/01/14 - CAP GTY/FSA Insured
Kentucky Infrastructure Authority, Governmental
Agencies Program Revenue Bonds, Series 1995G:
445 6.350%, 8/01/11 8/05 at 102.00 A- 487,253
825 6.375%, 8/01/14 8/05 at 102.00 A- 903,672
1,000 Kentucky Rural Water Finance Corporation, 2/11 at 102.00 AA- 1,087,250
Multimodal Public Projects Revenue Bonds,
Flexible Term Program, Series 2001A, 5.375%,
2/01/20
Louisville and Jefferson County Metropolitan
Sewer District, Commonwealth of Kentucky, Sewer
and Drainage System Revenue Bonds, Series 1997B:
6,000 5.350%, 5/15/22 - MBIA Insured 11/07 at 101.00 AAA 6,440,820
2,500 5.200%, 5/15/25 - MBIA Insured 11/07 at 101.00 AAA 2,574,075
3,200 Louisville and Jefferson County Metropolitan 5/08 at 101.00 AAA 3,244,896
Sewer District, Kentucky, Sewer and Drainage
System Revenue Bonds, Series 1998A, 5.000%,
5/15/30 - FGIC Insured
16,000 Louisville and Jefferson County Metropolitan 11/11 at 101.00 AAA 17,129,600
Sewer District, Kentucky, Sewer and Drainage
System Revenue Bonds, 2001 Series A, 5.500%,
5/15/34 - MBIA Insured
Northern Kentucky Water District, Revenue Bonds,
Series 2002A Refunding:
1,250 4.750%, 2/01/19 - FGIC Insured 2/12 at 100.00 Aaa 1,289,663
6,920 5.000%, 2/01/27 - FGIC Insured 2/12 at 100.00 Aaa 7,061,030
1,000 Northern Kentucky Water District, Revenue Bonds, 8/13 at 100.00 Aaa 973,017
Series 2003B, 4.000%, 2/01/18 - FGIC Insured
- ------------------------------------------------------------------------------------------------------
$490,285 Total Long-Term Investments (cost 482,969,736
$457,123,016) - 97.6%
- ------------------------------------------------------------------------------------------------------
- ------------
Short-Term Investments - 0.5%
2,635 Kentucky Economic Development Finance Authority, A-1+ 2,635,000
Hospital Revenue Bonds, Baptist Healthcare
Obligated Group, Variable Rate Demand
Obligations, Series 1999C, 1.110%, 8/15/31+ -
MBIA Insured
- ------------------------------------------------------------------------------------------------------
$ 2,635 Total Short-Term Investments (cost $2,635,000) 2,635,000
- ------------------------------------------------------------------------------------------------------
- ------------
Total Investments (cost $459,758,016) - 98.1% 485,604,736
----------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 9,547,759
----------------------------------------------------------------------------------------
Net Assets - 100% $495,152,495
----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
+ 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.
(IF) Inverse floating rate security.
See accompanying notes to financial statements.
- ----
23
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.8%
$ 2,000 Michigan Strategic Fund, Multi-Modal 9/05 at 102.00 Baa1 $2,065,300
Interchangeable Rate Pollution Control Refunding
Revenue Bonds, General Motors Corporation,
Series 1995, 6.200%, 9/01/20
- ----------------------------------------------------------------------------------------------------
Consumer Staples - 0.3%
965 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 921,121
Settlement Asset-Backed Refunding Bonds, Series
2002, 5.375%, 5/15/33
- ----------------------------------------------------------------------------------------------------
Education and Civic Organizations - 2.4%
6,150 Wayne State University, Michigan, General Revenue 11/09 at 101.00 AAA 6,310,208
Bonds, Series 1999, 5.125%, 11/15/29 - FGIC
Insured
- ----------------------------------------------------------------------------------------------------
Healthcare - 14.7%
Flint Hospital Building Authority, Michigan,
Revenue Rental Bonds, Hurley Medical
Center, Series 1998B:
1,000 5.375%, 7/01/18 7/08 at 101.00 Baa3 883,300
1,000 5.375%, 7/01/28 7/08 at 101.00 Baa3 823,140
3,750 Kent Hospital Finance Authority, Michigan, 7/11 at 101.00 AA 3,862,650
Revenue Bonds, Spectrum Health, Series 2001A,
5.500%, 1/15/31
3,530 Lake View Community Hospital Authority, Michigan, 2/07 at 101.00 N/R 3,331,402
Hospital Revenue Refunding Bonds, Series 1997,
6.250%, 2/15/13
6,400 Michigan State Hospital Finance Authority, 2/04 at 102.00 Ba3 4,751,040
Revenue and Refunding Bonds, Detroit Medical
Center Obligated Group, Series 1993A, 6.500%,
8/15/18
2,920 Michigan State Hospital Finance Authority, 8/04 at 102.00 Ba3 1,834,402
Hospital Revenue and Refunding Bonds, The
Detroit Medical Center Obligated Group, Series
1993B, 5.500%, 8/15/23
3,000 Michigan State Hospital Finance Authority, 3/13 at 100.00 A1 3,200,340
Hospital Revenue Refunding Bonds, Henry Ford
Health System, Series 2003A, 5.625%, 3/01/17
1,000 Michigan State Hospital Finance Authority, 1/05 at 102.00 A+ 1,035,850
Hospital Revenue and Refunding Bonds, Otsego
Memorial Hospital Gaylord, Series 1995, 6.125%,
1/01/15
710 Michigan State Hospital Finance Authority, No Opt. Call BBB 737,868
Hospital Revenue Refunding Bonds, Gratiot
Community Hospital, Alma, Michigan, Series 1995,
6.100%, 10/01/07
1,000 Michigan State Hospital Finance Authority, 10/06 at 102.00 BBB- 962,540
Hospital Revenue Bonds, Michigan Community
Hospital, Series 1996, 6.250%, 10/01/27
1,475 Michigan State Hospital Finance Authority, 5/08 at 101.00 BBB 1,402,710
Hospital Revenue and Refunding Bonds, Chelsea
Community Hospital, Series 1998, 5.375%, 5/15/19
1,000 Michigan State Hospital Finance Authority, 3/12 at 101.00 A+ 1,029,720
Revenue Refunding Bonds, Crittenton
Hospital, Series 2002A, 5.625%, 3/01/27
2,200 Michigan State Hospital Finance Authority, 11/09 at 101.00 A1 2,309,450
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 2/04 at 102.00 Ba1 2,409,450
5,165 6.000%, 8/01/23 2/04 at 102.00 Ba1 3,993,165
3,000 Royal Oak Hospital Finance Authority, Michigan, 1/06 at 102.00 AAA 3,151,230
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 11/11 at 100.00 AAA 1,032,610
2,000 5.250%, 11/15/35 - MBIA Insured 11/11 at 100.00 AAA 2,065,760
500 City of Saginaw Hospital Finance Authority, 1/04 at 100.00 AAA 502,485
Michigan, Hospital Revenue Bonds, Saint Luke's
Health Hospital, Series 1991C, 6.750%, 7/01/17 -
MBIA Insured
- ----------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.6%
395 Grand Rapids Housing Corporation, Michigan, 1/04 at 104.00 AAA 406,684
FHA-Insured Section 8 Multifamily Mortgage Loan
Revenue Refunding Bonds, Series 1992, 7.375%,
7/15/41
- ----
24
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Housing/Multifamily (continued)
$ 750 Grand Rapids Housing Finance Authority, Michigan, 9/04 at 100.00 AAA $ 763,095
FNMA Collateralized Multifamily Housing Revenue
Refunding Bonds, Series 1990A, 7.625%, 9/01/23
1,190 Michigan State Housing Development Authority, 4/05 at 102.00 Aaa 1,234,661
Limited Obligation Multifamily Revenue Refunding
Bonds, GNMA Collateralized Program, Parc Pointe
Apartments, Series 1995A, 6.500%, 10/01/15
6,000 Michigan State Housing Development Authority, No Opt. Call AA- 2,349,360
Section 8 Assisted Mortgage Revenue
Bonds, Series 1983I, 0.000%, 4/01/14
710 Michigan Housing Development Authority, Rental 6/05 at 102.00 AAA 739,486
Housing Revenue Bonds, Series 1995B,
6.150%, 10/01/15 - MBIA Insured
1,320 Michigan Housing Development Authority, Rental 4/09 at 101.00 AAA 1,340,262
Housing Revenue Bonds, Series 1999A,
5.300%, 10/01/37 (Alternative Minimum Tax) -
MBIA Insured
- ----------------------------------------------------------------------------------------------------
Housing/Single Family - 0.4%
1,100 Michigan State Housing Development Authority, 6/12 at 100.00 AAA 1,138,500
Single Family Mortgage Revenue Bonds, Series
2002B, 5.500%, 6/01/30 (Alternative Minimum Tax)
- MBIA Insured
- ----------------------------------------------------------------------------------------------------
Industrials - 0.4%
1,055 Michigan Strategic Fund, Limited Obligation 12/03 at 102.00 BBB 1,077,292
Revenue Bonds, WMX Technologies, Inc. Project,
Series 1993, 6.000%, 12/01/13 (Alternative
Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Long-Term Care - 3.7%
2,500 Kalamazoo Economic Development Corporation, 5/07 at 102.00 BBB 2,381,650
Michigan, Limited Obligation Revenue and
Refunding Bonds, Friendship Village of
Kalamazoo, Series 1997A, 6.250%, 5/15/27
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 N/R 569,142
500 6.375%, 1/01/25 1/07 at 102.00 N/R 446,875
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 A- 404,120
1,675 5.375%, 7/01/28 7/08 at 101.00 A- 1,641,333
4,800 Michigan Strategic Fund, Limited Obligation 6/08 at 100.00 BBB 4,507,104
Revenue Bonds, Clark Retirement Community, Inc.
Project, Series 1998, 5.250%, 6/01/18
- ----------------------------------------------------------------------------------------------------
Materials - 0.6%
1,650 Dickinson County Economic Development 4/04 at 102.00 BBB 1,685,558
Corporation, Michigan, Pollution Control Revenue
Refunding Bonds, Champion International
Corporation Project, Series 1993, 5.850%,
10/01/18
- ----------------------------------------------------------------------------------------------------
Tax Obligation/General - 24.2%
1,000 Anchor Bay School District, Macomb and St. Clair 5/12 at 100.00 AAA 1,105,980
Counties, Michigan, General Obligation Bonds,
Series 2002-3, 5.500%, 5/01/18
1,175 Birmingham, Michigan, General Obligation Bonds, 10/12 at 100.50 AAA 1,232,305
Series 2002, 5.000%, 10/01/21
1,625 Brighton Township Sanitary Sewer Drainage 4/09 at 100.00 AAA 1,757,763
District, Livingston County, Michigan, Limited
Tax General Obligation Bonds, Series 2000,
5.250%, 10/01/19 - FSA Insured
1,020 Caledonia Community Schools, Kent, Allegan and 5/13 at 100.00 AAA 1,089,921
Barry Counties, Michigan, General Obligation
Bonds, Series 2003, 5.250%, 5/01/22
1,195 Carman-Ainsworth Community School District, 5/12 at 100.00 AAA 1,316,257
Genesee County, Michigan, General Obligation
Bonds, Series 2002, 5.500%, 5/01/19 - FGIC
Insured
1,500 Clarkston Community Schools, Michigan, General 5/07 at 100.00 AAA 1,581,015
Obligation Bonds, School Bond Loan Fund - QSBLF,
Series 1997, 5.250%, 5/01/23 - MBIA Insured
1,800 Coopersville Area Public Schools, Ottawa and 5/09 at 100.00 AAA 1,822,518
Muskegon Counties, Michigan, Unlimited Tax
General Obligation School Building and Site
Bonds, Series 1999, 5.000%, 5/01/29 - MBIA
Insured
2,520 Detroit, Michigan, Unlimited Tax General 4/10 at 101.00 AAA 2,806,852
Obligation Bonds, Series 1999B, 5.500%, 4/01/18
- MBIA Insured
- ----
25
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,000 Detroit School District, Wayne County, Michigan, 5/13 at 100.00 AAA $ 1,066,180
General Obligation Bonds, Series 2002A,
5.375%, 5/01/24 - FGIC Insured
Detroit School District, Wayne County, Michigan,
Unlimited General Obligation Tax School Building
and Site Improvement Bonds, Series 2001A:
2,000 5.500%, 5/01/21 - FSA Insured 5/12 at 100.00 AAA 2,183,560
250 5.125%, 5/01/31 - FSA Insured 5/12 at 100.00 AAA 257,102
1,000 Frankenmuth School District, Saginaw and Tuscola 5/10 at 100.00 AAA 1,121,900
Counties, Michigan, Unlimited Tax General
Obligation School Building and Site Bonds,
Series 2000, 5.625%, 5/01/16 - FGIC Insured
2,430 Garden City School District, Wayne County, 5/04 at 101.00 AAA 2,507,128
Michigan, Unlimited Tax General Obligation
Refunding Bonds, Series 1994, 6.400%, 5/01/11 -
FSA Insured
2,000 Garden City School District, Wayne County, 5/11 at 100.00 AAA 2,037,800
Michigan, General Obligation Refunding Bonds,
Series 2001, 5.000%, 5/01/26
5,600 Grand Ledge Public Schools, Eaton, Clinton and 5/05 at 102.00 AAA 5,918,976
Ionia Counties, Michigan, General Obligation
Refunding Bonds, Series 1995, 5.375%, 5/01/24 -
MBIA Insured
4,350 Hartland Consolidated School District, Livingston 5/11 at 100.00 AAA 4,469,538
County, Michigan, General Obligation Refunding
Bonds, Series 2001, 5.125%, 5/01/29
1,000 Hastings Area School System, Barry County, 5/11 at 100.00 AAA 1,018,900
Michigan, Unlimited Tax General Obligation
Building and Site Bonds, Series 2001, 5.000%,
5/01/26 - MBIA Insured
2,000 Jonesville Community Schools, Hillsdale and 5/09 at 100.00 AAA 2,210,340
Jackson Counties, Michigan, Unlimited Tax
General Obligation Building and Site Bonds,
Series 1999, 5.750%, 5/01/29 - FGIC Insured
1,000 Municipal Building Authority of Livonia, Wayne 5/10 at 100.00 AAA 1,016,320
County, Michigan, Building Authority Bonds,
Series 2001, 5.000%, 5/01/27 - FGIC Insured
2,700 Livonia Public Schools District, Wayne County, No Opt. Call AAA 2,401,002
Michigan, School Building and Site Bonds, Series
1992II, General Obligation-Unlimited Tax,
0.000%, 5/01/08 - FGIC Insured
2,000 Livonia Public Schools District, Wayne County, 5/10 at 100.00 AAA 2,250,680
Michigan, School Building and Site Bonds,
General Obligation - Unlimited Tax, Series 2000,
5.875%, 5/01/25 - FGIC Insured
2,800 Michigan Municipal Bond Authority, Local No Opt. Call AAA 2,480,212
Government Loan Program Revenue Bonds, Pontiac
School District, Series 1991C, 0.000%, 6/15/08 -
FSA Insured
3,000 State of Michigan, General Obligation Bonds, 5/13 at 100.00 AAA 3,239,340
Environmental Protection Program, Series 2003A,
5.250%, 5/01/21
Okemos Public Schools, County of Ingham, State of
Michigan, Refunding Bonds, Series 1993:
1,000 0.000%, 5/01/17 - MBIA Insured No Opt. Call AAA 545,910
1,020 0.000%, 5/01/18 - MBIA Insured No Opt. Call AAA 525,565
1,500 Portage Lake Water and Sewage Authority, Houghton 10/05 at 102.00 AAA 1,652,370
County, Michigan, General Obligation Limited Tax
Refunding Bonds, 6.200%, 10/01/20 - AMBAC Insured
1,235 Rochester Community School District, Oakland and 5/10 at 100.00 AAA 1,396,649
Macomb Counties, Michigan, General Obligation
Bonds, Series 2000I, 5.750%, 5/01/19 - FGIC
Insured
3,000 Southgate Community School District, County of 5/09 at 100.00 AAA 3,046,140
Wayne, State of Michigan, General Obligation
Bonds, Series 1999, 5.000%, 5/01/25 - FGIC
Insured
2,500 Taylor Building Authority, Wayne, Michigan, 3/10 at 100.00 AAA 2,699,000
Limited Tax General Obligation Bonds, Series
2000, 5.125%, 3/01/17 - AMBAC Insured
3,270 West Ottawa Public Schools, Ottawa County, No Opt. Call AAA 1,785,126
Michigan, Refunding Bonds, Series
1992, 0.000%, 5/01/17 - FGIC Insured
5,175 Williamston Community School District, Michigan, No Opt. Call AAA 5,778,716
Unlimited Tax General Obligation QSBLF Bonds,
Series 1996, 5.500%, 5/01/25 - MBIA Insured
- -----------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 14.3%
2,000 Detroit, Michigan, Building Authority Revenue 2/07 at 101.00 A 2,137,840
Bonds, District Court Madison Center, Series
1996A, 6.150%, 2/01/11
11,000 Detroit-Wayne County Stadium Authority, Michigan, 2/07 at 102.00 AAA 11,551,650
Limited Tax General Obligation Building
Authority Stadium Bonds, Series 1997, 5.250%,
2/01/27 - FGIC Insured
- ----
26
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
Grand Rapids Downtown Development Authority,
Michigan, Tax Increment Revenue Bonds, Series
1994:
$ 3,985 0.000%, 6/01/17 - MBIA Insured No Opt. Call AAA $2,167,282
3,295 0.000%, 6/01/18 - MBIA Insured No Opt. Call AAA 1,691,291
1,650 6.875%, 6/01/24 - MBIA Insured 6/04 at 102.00 AAA 1,729,497
250 Michigan Municipal Bond Authority, Wayne County, 12/03 at 100.00 AAA 250,710
Local Government Loan Program Revenue Bonds,
Series 1991A, 4.750%, 12/01/09 - FGIC Insured
Michigan State Building Authority, Facilities
Program Revenue Refunding Bonds, Series 2001I:
2,720 5.500%, 10/15/19 10/11 at 100.00 AA+ 3,030,080
5,000 5.000%, 10/15/24 10/11 at 100.00 AA+ 5,115,750
2,000 Michigan State Building Authority, Facilities 10/13 at 100.00 AAA 2,079,760
Program Revenue Refunding Bonds, Series 2003-II,
5.000%, 10/15/22 (WI, Settling 12/01/03) - MBIA
Insured
1,500 Michigan State, Certificates of Participation, 6/10 at 100.00 AAA 1,654,905
Series 2000, 5.500%, 6/01/20 - AMBAC Insured
1,220 Michigan State, Certificates of Participation, 9/11 at 100.00 AAA 1,320,040
New Center Development, Inc., Series 2001,
5.375%, 9/01/21 - MBIA Insured
2,000 Michigan State Trunk Line, Trunk Line Fund Bonds, 11/11 at 100.00 AAA 2,042,560
Series 2001A, 5.000%, 11/01/25
6,000 The House of Representatives of the State of No Opt. Call AAA 2,231,760
Michigan, Certificates of Participation,
0.000%, 8/15/23 - AMBAC Insured
1,085 Romulus Tax Increment Finance Authority, Wayne 11/06 at 100.00 N/R 1,142,657
County, Michigan, Limited Obligation Development
Revenue Bonds, Series 1994, 6.750%, 11/01/19
- ----------------------------------------------------------------------------------------------------
Transportation - 1.1%
3,000 Wayne County, Michigan, Airport Revenue Bonds, 12/08 at 101.00 AAA 3,041,760
Detroit Metropolitan Wayne County
Airport, Series 1998B, 5.000%, 12/01/28
- ----------------------------------------------------------------------------------------------------
U.S. Guaranteed - 21.5%
1,000 Battle Creek Downtown Development Authority, 5/04 at 102.00 N/R*** 1,047,190
Calhoun County, Michigan, Development
Bonds, Series 1994, 7.600%, 5/01/16
(Pre-refunded to 5/01/04)
1,800 Battle Creek Tax Increment Finance Authority, 5/04 at 102.00 A-*** 1,884,006
Michigan, Tax Increment Finance Authority
Bonds, Series 1994, 7.400%, 5/01/16
(Pre-refunded to 5/01/04)
235 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 264,274
Settlement Asset-Backed Bonds, Series
2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10)
5,000 Detroit, Michigan, Downtown Development 7/06 at 102.00 AAA 5,679,000
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 1/10 at 101.00 AAA 2,944,975
Bonds, Series 1999A, 5.875%,
7/01/27 (Pre-refunded to 1/01/10) - FGIC Insured
6,500 Detroit, Michigan, Sewage Disposal System Revenue 1/10 at 101.00 AAA 8,723,520
Bonds, Residual Option Long Series II-R-103,
10.250%, 7/01/20 (IF) (Pre-refunded to 1/01/10)
2,000 Detroit, Michigan, Water Supply System Senior 1/10 at 101.00 AAA 2,339,640
Lien Revenue Bonds, Series 1999A, 5.750%,
7/01/26 (Pre-refunded to 1/01/10) - FGIC Insured
1,500 Grand Rapids Township Economic Development 7/09 at 101.00 A-*** 1,726,890
Corporation, Michigan, Limited Obligation
Revenue Bonds, Porter Hills Obligated Group,
Cook Valley Estate Project, Series 1999, 5.450%,
7/01/29 (Pre-refunded to 7/01/09)
1,000 Holt Public Schools, Ingham and Eaton Counties, 5/10 at 100.00 AAA 1,152,780
Michigan, Unlimited Tax General Obligation
School Building and Site Bonds, Series 2000A,
5.500%, 5/01/23 (Pre-refunded to 5/01/10) - FGIC
Insured
4,000 Lake Orion Community School District, Oakland 5/05 at 101.00 AAA 4,363,200
County, Michigan, School Building and Site
Revenue Refunding Bonds, Series 1994, 7.000%,
5/01/15 (Pre-refunded to 5/01/05) - AMBAC Insured
2,000 Macomb Township Building Authority, County of 4/08 at 101.00 AAA 2,328,000
Macomb, Michigan, Building Authority
Bonds, Series 2000, 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 AAA 1,065,050
1,000 6.500%, 10/01/17 (Pre-refunded to 10/01/04) 10/04 at 102.00 AAA 1,065,050
- ----
27
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 500 Michigan Municipal Bond Authority, Drinking Water 10/10 at 101.00 AAA $ 595,795
Revolving Fund Revenue Bonds, Series 2000,
5.875%, 10/01/17 (Pre-refunded to 10/01/10)
5,000 Michigan State Hospital Finance Authority, 11/09 at 101.00 AAA 6,003,000
Revenue Bonds, Ascension Health Credit
Group, Series 1999A, 6.125%, 11/15/26
(Pre-refunded to 11/15/09)
2,775 Milan Area Schools, Washtenaw and Monroe 5/10 at 100.00 AAA 3,239,396
Counties, Michigan, General Obligation School
Building and Site Bonds, Series 2000A, 5.750%,
5/01/20 (Pre-refunded to 5/01/10) - FGIC Insured
1,000 Oakland County Economic Development Corporation, 11/04 at 102.00 Aaa 1,073,070
Michigan, Limited Obligation Refunding Revenue
Bonds, Cranbrook Educational Community, Series
C, 6.900%, 11/01/14 (Pre-refunded to 11/01/04)
1,215 Potterville Public Schools, County of Easton, 5/09 at 100.00 AAA 1,409,121
Michigan, School Building and Site Bonds,
General Obligation - Unlimited Tax, Series 1999,
5.750%, 5/01/20 (Pre-refunded to 5/01/09) - FSA
Insured
180 Saginaw-Midland Municipal Water Supply 9/04 at 102.00 A2*** 191,387
Corporation, Michigan, Limited Tax General
Obligation Water Supply Revenue Bonds, Series
1992, 6.875%, 9/01/16 (Pre-refunded to 9/01/04)
7,000 Vicksburg Community Schools, Kalamazoo and St. 5/06 at 37.24 AAA 2,497,810
Joseph Counties, Michigan, General Obligation
Bonds, Series 1991, 0.000%, 5/01/20
(Pre-refunded to 5/01/06) - MBIA Insured
2,470 Waterford School District, Oakland County, 6/04 at 101.00 AAA 2,560,921
Michigan, General Obligation Bonds, Series 1995,
6.375%, 6/01/14 (Pre-refunded to 6/01/04) - FGIC
Insured
5,000 Wayland Union School District, Allegan, Barry and 5/05 at 101.00 AAA 5,401,200
Kent Counties, Michigan, General Obligation
Bonds, Series 1994, 6.250%, 5/01/14
(Pre-refunded to 5/01/05) - FGIC Insured
- ----------------------------------------------------------------------------------------------------
Utilities - 6.3%
1,000 Michigan Public Power Agency, Revenue Bonds, 1/12 at 100.00 AAA 1,045,180
Combustion Turbine 1 Project, Series 2001A,
5.250%, 1/01/27 - AMBAC Insured
3,000 Michigan State South Central Power Agency, Power 11/04 at 102.00 Baa1 3,209,250
Supply System Refunding Revenue Bonds,
7.000%, 11/01/11
1,000 Michigan South Central Power Agency, Power Supply No Opt. Call Baa1 1,084,110
System Revenue Bonds, Series 2000,
6.000%, 5/01/12
3,300 Michigan Strategic Fund, Collateralized Limited 9/11 at 100.00 A- 3,400,947
Obligation Revenue Refunding Pollution Control
Bonds, Fixed-Rate Conversion, Detroit Edison
Company, Series 1999C, 5.650%, 9/01/29
(Alternative Minimum Tax)
3,500 Michigan Strategic Fund, Limited Obligation 6/04 at 102.00 AAA 3,663,730
Revenue Refunding Bonds, Detroit Edison Company,
Series 1994B, 6.450%, 6/15/24 - AMBAC Insured
1,000 Monroe County Michigan Economic Development No Opt. Call AAA 1,306,410
Corporation, Collateralized, Limited Obligation
Revenue Refunding Bonds, Detroit Edison Company,
Series AA, 6.950%, 9/01/22 - FGIC Insured
1,000 Monroe County, Michigan, Pollution Control No Opt. Call AAA 1,049,810
Revenue Bonds, Detroit Edison Company Project,
Series 1994A, 6.350%, 12/01/04 (Alternative
Minimum Tax) - AMBAC Insured
4,000 Puerto Rico Electric Power Authority, Power No Opt. Call AAA 2,181,720
Revenue Refunding Bonds, Series O,
0.000%, 7/01/17 -MBIA Insured
- ----------------------------------------------------------------------------------------------------
Water and Sewer - 6.0%
4,455 Detroit, Michigan, Sewage Disposal System Revenue No Opt. Call AAA 2,143,390
Bonds, Series 1999A,
0.000%, 7/01/19 - FGIC Insured
3,000 Detroit, Michigan, Sewage Disposal System Senior 7/11 at 100.00 AAA 3,078,180
Lien Revenue Bonds, Series 2001A, 5.125%,
7/01/31 - FGIC Insured
Detroit, Michigan, Water Supply System Senior
Lien Revenue Bonds, Series 2001A:
2,500 5.000%, 7/01/30 - FGIC Insured 7/11 at 100.00 AAA 2,540,125
3,000 5.500%, 7/01/33 - FGIC Insured 7/11 at 101.00 AAA 3,207,390
- ----
28
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 5,000 Detroit, Michigan, Water Supply System Senior 7/13 at 100.00 AAA $ 5,124,247
Lien Revenue Bonds, Series 2003A,
5.000%, 7/01/25 - MBIA Insured
- -----------------------------------------------------------------------------------------------------
$278,210 Total Long-Term Investments (cost $247,987,647) - 265,399,234
99.3%
- -----------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 0.7% 1,912,592
---------------------------------------------------------------------------------------
Net Assets - 100% $267,311,826
---------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency securities
which ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
(IF) Inverse floating rate security.
See accompanying notes to financial statements.
- ----
29
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.7%
$ 3,225 The Industrial Development Authority of the City No Opt. Call AAA $1,950,641
of St. Louis, Missouri, Senior Lien Revenue
Bonds, St. Louis Convention Center Headquarters
Hotel Project, Series 2000A,
0.000%, 7/15/15 - AMBAC Insured
- ----------------------------------------------------------------------------------------------------
Consumer Staples - 4.3%
3,000 Cape Girardeau County Industrial Development 5/08 at 101.00 AA- 3,050,790
Authority, Missouri, Solid Waste Disposal
Revenue Bonds, Procter & Gamble Products Company
Project, Series 1998, 5.300%,
5/15/28 (Alternative Minimum Tax)
8,100 Missouri State Development Finance Board, Solid No Opt. Call AA- 8,491,797
Waste Disposal Revenue Bonds, Procter & Gamble
Paper Products Company Project, Series 1999,
5.200%, 3/15/29 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Education and Civic Organizations - 10.9%
5,000 Curators of the University of Missouri, System 11/13 at 100.00 AA 5,111,750
Facilities Revenue Bonds, Series 2003A,
5.000%, 11/01/31
1,000 Kansas City Metropolitan Community Colleges 7/11 at 100.00 Aaa 1,117,730
Building Corporation, Missouri, Leasehold
Revenue Bonds, Junior College District of
Metropolitan Kansas City, Series 2001,
5.500%, 7/01/18 - FGIC Insured
1,000 Missouri Development Finance Board, Cultural 12/11 at 100.00 AAA 1,018,160
Facilities Revenue Bonds, The Nelson Gallery
Foundation, Series 2001A, 5.000%, 12/01/30 -
MBIA Insured
1,000 Missouri Higher Education Loan Authority, Student 2/04 at 100.00 A2 1,007,850
Loan Revenue Bonds, Subordinate Lien, Series
1992, 6.500%, 2/15/06 (Alternative Minimum Tax)
4,190 Missouri Higher Education Loan Authority, Student 2/04 at 102.00 A2 4,298,186
Loan Revenue Bonds, Subordinate Lien,
Series 1994F, 6.750%, 2/15/09 (Alternative
Minimum Tax)
1,000 Health and Educational Facilities Authority of No Opt. Call AA+ 1,158,090
the State of Missouri, Educational Facilities
Revenue Bonds, Washington University Issue,
Series 2001A, 5.500%, 6/15/16
Health and Educational Facilities Authority of
the State of Missouri, 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 1,048,410
1,750 5.750%, 6/15/17 6/07 at 101.00 Baa2 1,814,908
1,100 Health and Educational Facilities Authority of 10/08 at 100.00 N/R 1,065,020
the State of Missouri, Educational Facilities
Revenue Bonds, The Barstow School, Series 1998,
5.250%, 10/01/23
1,000 Health and Educational Facilities Authority of 1/10 at 100.00 AA 1,081,530
the State of Missouri, Educational Facilities
Revenue Bonds, Central Institute for the Deaf,
Series 1999, 5.850%, 1/01/22-RAAI Insured
900 Health and Educational Facilities Authority of 6/08 at 102.00 A1 951,264
the State of Missouri, Educational Facilities
Revenue Bonds, Stephens College Issue, Series
1999, 6.000%, 6/01/24
3,375 Health and Educational Facilities Authority of 6/10 at 100.00 Baa2 3,570,986
the State of Missouri, Educational Facilities
Revenue Bonds, Maryville University of St. Louis
Project, Series 2000, 6.750%, 6/15/30
1,360 Health and Educational Facilities Authority of 4/11 at 100.00 Aaa 1,518,086
the State of Missouri, Educational Facilities
Revenue Bonds, Webster University, Series 2001,
5.500%, 4/01/18 - MBIA Insured
The Industrial Development Authority of the City
of St. Louis, Missouri, Revenue Bonds, Kiel
Center Multipupose Arena Project, Series 1992:
650 7.625%, 12/01/09 (Alternative Minimum Tax) 12/03 at 101.00 N/R 654,440
1,000 7.750%, 12/01/13 (Alternative Minimum Tax) 12/03 at 101.00 N/R 1,006,620
500 7.875%, 12/01/24 (Alternative Minimum Tax) 12/03 at 101.00 N/R 504,615
2,060 Southeast Missouri State, University System 4/11 at 100.00 Aaa 2,099,799
Facilities Revenue Refunding and Improvement
Bonds, Series 2001, 5.000%, 4/01/26 - MBIA
Insured
- ----------------------------------------------------------------------------------------------------
Healthcare - 8.5%
1,000 Health and Educational Facilities Authority of 6/11 at 101.00 AAA 1,037,140
the State of Missouri, Health Facilities Revenue
Bonds, Saint Luke's Episcopal-Presbyterian
Hospitals, Series 2001, 5.250%, 12/01/26 - FSA
Insured
1,000 Health and Educational Facilities Authority of 5/13 at 100.00 AA 1,024,850
the State of Missouri, Health Facilities Revenue
Bonds, BJC Health System, Series 2003, 5.125%,
5/15/25
- ----
30
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 2,750 Health and Educational Facilities Authority of 2/14 at 100.00 BBB+ $2,747,773
the State of Missouri, Health Facilities Revenue
Bonds, Lake Regional Health System, Series 2003,
5.700%, 2/15/34 (WI, Settling 12/10/03)
Health and Educational Facilities Authority of
the State of Missouri, Health Facilities Revenue
Bonds, Freeman Health System Project, Series 1998:
1,500 5.250%, 2/15/18 2/08 at 102.00 BBB+ 1,485,810
1,300 5.250%, 2/15/28 2/08 at 102.00 BBB+ 1,234,194
500 Health and Educational Facilities Authority of 11/06 at 100.00 BBB+ 488,805
the State of Missouri, Health Facilities Revenue
Bonds, Capital Region Medical Center, Series
1998, 5.250%, 11/01/23
2,000 Health and Educational Facilities Authority of 12/10 at 101.00 A 2,108,680
the State of Missouri, Health Facilities Revenue
Bonds, Saint Anthony's Medical Center, Series
2000, 6.250%, 12/01/30
Health and Educational Facilities Authority of
the State of Missouri, Health Facilities Revenue
Bonds, Lester Cox Medical Center, Series 1992H:
2,650 0.000%, 9/01/17 - MBIA Insured No Opt. Call AAA 1,413,616
4,740 0.000%, 9/01/21 - MBIA Insured No Opt. Call AAA 1,999,522
6,300 0.000%, 9/01/22 - MBIA Insured No Opt. Call AAA 2,499,273
1,000 New Liberty Hospital District, Missouri, Revenue 12/11 at 100.00 AAA 1,031,610
Bonds, Series 2001, 5.000%, 12/01/21 - AMBAC
Insured
2,000 North Kansas City, Missouri, North Kansas City 11/13 at 100.00 AAA 2,061,840
Hospital and Affiliate, Hospital Revenue Bonds,
Series 2003A, 5.125%, 11/15/33 - FSA Insured
2,880 Taney County Industrial Development Authority, 5/08 at 101.00 BBB 2,721,370
Missouri, Hospital Revenue Bonds, Skaggs
Community Hospital Association, Series 1998,
5.400%, 5/15/28
950 Texas County, Missouri, Hospital Revenue Bonds, 6/10 at 100.00 N/R 944,832
Texas County Memorial Hospital, Series 2000,
7.250%, 6/15/25
- ----------------------------------------------------------------------------------------------------
Housing/Multifamily - 10.7%
Clay County Industrial Development Authority,
Missouri, GNMA Multifamily Housing Revenue Bonds,
Oak Creek Apartments, Series 2002:
1,320 6.125%, 7/20/25 (Alternative Minimum Tax) 7/13 at 105.00 AAA 1,378,159
2,530 6.300%, 1/20/38 (Alternative Minimum Tax) 7/13 at 103.00 AAA 2,614,780
1,630 The Industrial Development Authority of the City 10/09 at 100.00 AAA 1,696,634
of Lees Summit, Missouri, 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 1/04 at 100.00 AA+ 1,675,754
Development Refunding Bonds, Federally Insured
Mortgage Loans, 6.600%, 7/01/24
885 Missouri Housing Development Commission, 12/05 at 103.00 N/R 894,062
Multifamily Housing Revenue Bonds, Primm Place
Apartments Project, Series 1995A, 6.250%,
12/01/17 (Alternative Minimum Tax)
2,690 Missouri Housing Development Commission, 4/08 at 102.00 N/R 2,433,240
Multifamily Housing Revenue Bonds, The Mansion
Apartments Phase II Project, Series 1999,
6.125%, 10/01/22 (Alternative Minimum Tax)
Missouri Housing Development Commission,
Multifamily Housing Revenue Bonds, JB Hughes
Apartments I & II - GNMA Collateralized Mortgage
Loan, Series 2002G:
289 6.200%, 5/20/19 5/12 at 105.00 Aaa 306,011
975 6.300%, 5/20/37 5/12 at 105.00 Aaa 1,020,981
1,805 St. Louis County Industrial Development 1/09 at 105.00 AAA 1,833,338
Authority, Missouri, Housing Revenue Refunding
Bonds, Southfield and Oak Forest II Apartments,
GNMA Collateral, Subordinate Lien, Series 2002A,
5.200%, 1/20/36
2,000 Housing Authority of St. Louis County, Missouri, 3/05 at 102.00 AAA 2,077,280
Multifamily Housing Revenue Refunding Bonds,
Kensington Square Apartments Project, Series
1995, 6.650%, 3/01/20
9,105 The Industrial Development Authority of the 8/06 at 105.00 AAA 9,767,025
County of St. Louis, Missouri, Multifamily
Housing Revenue Bonds, Series 1996A, GNMA
Mortgage-Backed Securities-Covington Manor
Apartments, 6.875%, 8/20/36 (Alternative Minimum
Tax)
1,890 Land Clearance for Redevelopment Authority of the 5/04 at 101.00 AAA 1,916,989
City of St. Louis, Missouri, Multifamily
Mortgage Refunding Bonds, Series 1993,
FHA-Insured Mortgage Loan - St. Louis Place
Apartments, 6.250%, 8/01/27
- ----
31
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Housing/Multifamily (continued)
$ 925 The Industrial Development Authority, University 8/07 at 102.00 Aaa $ 967,485
City, Missouri Revenue Refunding Bonds, Series
1997A, GNMA Collateralized - River Valley
Apartments, 5.900%, 2/20/37
- ----------------------------------------------------------------------------------------------------
Housing/Single Family - 2.5%
400 Greene County, Missouri, Collateralized Single No Opt. Call AAA 432,496
Family Mortgage Revenue Bonds, Series 1996,
6.300%, 12/01/22 (Alternative Minimum Tax)
585 Missouri Housing Development Commission, Single 1/07 at 102.00 AAA 607,844
Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 1996D, 6.125%, 3/01/28
(Alternative Minimum Tax)
230 Missouri Housing Development Commission, 3/07 at 105.00 AAA 236,675
Homeownership Loan Program Single Family
Mortgage Revenue Bonds, Series 1997A-2, 7.300%,
3/01/28 (Alternative Minimum Tax)
530 Missouri Housing Development Commission, Single 3/06 at 105.00 AAA 542,158
Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 1995C, 7.250%, 9/01/26
(Alternative Minimum Tax)
Missouri Housing Development Commission, Single
Family Mortgage Revenue Bonds, Homeownership Loan
Program, Series 1995B Remarketing:
645 6.375%, 9/01/20 (Alternative Minimum Tax) 9/06 at 102.00 AAA 677,418
515 6.450%, 9/01/27 (Alternative Minimum Tax) 9/06 at 102.00 AAA 539,200
495 Missouri Housing Development Commission, Single 9/06 at 105.00 AAA 498,024
Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 1996B, 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:
70 6.700%, 12/01/07 (Alternative Minimum Tax) 12/04 at 102.00 AAA 72,138
315 7.125%, 12/01/14 (Alternative Minimum Tax) 12/04 at 102.00 AAA 323,489
135 7.200%, 12/01/17 (Alternative Minimum Tax) 12/04 at 102.00 AAA 138,727
355 Missouri Housing Development Commission, Single 3/08 at 105.00 AAA 365,469
Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 1998B-2, 6.400%, 3/01/29
(Alternative Minimum Tax)
1,310 Missouri Housing Development Commission, 9/09 at 100.00 AAA 1,378,526
Homeownership Loan Program, Single Family
Mortgage Revenue Bonds, Series 2000A-1, 6.300%,
9/01/25
700 Missouri Housing Development Commission, Single 3/10 at 100.00 AAA 738,752
Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 2000B-1, 6.200%, 9/01/25
(Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Long-Term Care - 10.1%
4,250 Kansas City Industrial Development Authority, 11/08 at 102.00 N/R 3,694,907
Missouri, Retirement Center Revenue Refunding
and Improvement Bonds, Kingswood Project, Series
1998A, 5.875%, 11/15/29
1,000 The Industrial Development Authority of the City 8/05 at 102.00 N/R 1,053,880
of Lees Summit, Missouri, Health Facilities
Revenue Bonds, John Knox Village Project, Series
1995, 6.625%, 8/15/13
5,000 The Industrial Development Authority of the City 8/09 at 101.00 N/R 5,315,150
of Lees Summit, Missouri, Health Facilities
Revenue Bonds, John Knox Village Project, Series
1999, 6.000%, 8/15/17
1,500 The Industrial Development Authority of the City 8/12 at 101.00 N/R 1,546,680
of Lees Summit, Missouri, Health Facilities
Revenue Bonds, John Knox Village Project, Series
2002, 5.700%, 8/15/22
1,285 Missouri Development Finance Board, Healthcare 11/11 at 100.00 A2 1,321,597
Facilities Revenue Bonds, Lutheran Home for the
Aged Project, Series 2001A, 5.600%, 11/01/21
3,750 Health and Educational Facilities Authority of 2/06 at 102.00 N/R 3,860,025
the State of Missouri, Health Facilities Revenue
Bonds, Lutheran Senior Services, Series 1996A,
6.375%, 2/01/27
3,500 Health and Educational Facilities Authority of 2/07 at 102.00 N/R 3,555,755
the State of Missouri, Health Facilities Revenue
Bonds, Lutheran Senior Services, Series 1997,
5.875%, 2/01/23
The Industrial Development Authority of the
County of St. Louis, Missouri, Refunding Revenue
Bonds, Friendship Village of West County, Series
1996A:
865 5.750%, 9/01/05 No Opt. Call N/R 877,456
1,800 6.250%, 9/01/10 9/06 at 102.00 N/R 1,898,334
2,425 The Industrial Development Authority of the 8/05 at 104.00 AAA 2,685,809
County of St. Louis, Missouri, Healthcare
Facilities Revenue Bonds, GNMA Collateralized,
Mother of Perpetual Help, Series 1995, 6.250%,
8/01/28
- ----
32
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Long-Term Care (continued)
$ 1,200 The Industrial Development Authority of the 3/10 at 102.00 AAA $1,246,944
County of St. Louis, Missouri, Healthcare
Facilities Revenue Bonds, GNMA Collateralized,
Mary, Queen and Mother Association Project,
Series 2001, 5.400%, 9/20/34
- ----------------------------------------------------------------------------------------------------
Materials - 0.4%
1,000 Sugar Creek, Missouri, Industrial Development 6/13 at 101.00 BBB 990,050
Revenue Bonds, Lafarge North America, Inc.,
Series 2003A, 5.650%, 6/01/37 (Alternative
Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Tax Obligation/General - 8.5%
2,000 Cass County Reorganized School District R-II, 3/12 at 100.00 AAA 2,147,300
Raymore and Peculiar, Missouri, General
Obligation Bonds, Series 2002, 5.250%, 3/01/20 -
FSA Insured
540 Clay County Public School District 53, Liberty, 3/12 at 100.00 AA+ 572,600
Missouri, General Obligation Bonds, Series
2001C, 5.200%, 3/01/21
1,280 Clay County Public School District 53, Liberty, 3/12 at 100.00 AAA 1,324,992
Missouri, General Obligation Bonds, Series
2002B, 5.000%, 3/01/22 - FSA Insured
2,500 Hickman Mills C-1 School District, Jackson 3/13 at 100.00 AAA 2,619,675
County, Missouri, General Obligation Bonds,
Series 2003, 5.000%, 3/01/21 - FSA Insured
1,000 Jackson County R-7 School District, Lees Summit, 3/12 at 100.00 AAA 1,083,820
Missouri, General Obligation Refunding and
Improvement Bonds, Series 2002, 5.250%, 3/01/18
- FSA Insured
1,000 Jefferson City School District, Missouri, General No Opt. Call Aa2 1,210,040
Obligation Bonds, Series 1991A, 6.700%, 3/01/11
3,000 State of Missouri, General Obligation Bonds, 10/12 at 100.00 AAA 3,227,190
Series 2002A, Fourth State Building Refunding,
5.000%, 10/01/18
750 Bolivar R-1 School District of Polk County, 3/10 at 100.00 AA+ 843,225
Missouri, General Obligation Bonds, Missouri
Direct Deposit Program, Series 2000, 5.700%,
3/01/20
1,345 Pattonville R-3 School District, St. Louis No Opt. Call AAA 1,663,308
County, Missouri, General Obligation Bonds,
Series 2000, 6.500%, 3/01/14 - FGIC Insured
3,000 The Board of Education of the City of St. Louis, 4/12 at 100.00 AA+ 3,231,600
Missouri, General Obligation Bonds, Series
2002A, 5.250%, 4/01/19
The 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 3,122,730
1,500 5.000%, 3/01/23 - FGIC Insured 3/13 at 100.00 AAA 1,551,000
- ----------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 17.9%
950 Brentwood, Missouri, Tax Increment Refunding 4/09 at 100.00 AA 966,730
Bonds, Promenade Project, Series 2002,
4.700%, 4/01/19 - RAAI Insured
1,875 Christian County Public Building Corporation, 6/10 at 100.00 AA 2,062,106
Missouri, Leasehold Revenue Bonds, Justice
Center Project, Series 2000, 5.450%, 6/01/15 -
RAAI Insured
1,025 Excelsior Springs School District, Missouri, No Opt. Call AAA 666,834
Leasehold Revenue Bonds, Series 1994,
0.000%, 3/01/14 - CAP GTY/FSA Insured
2,750 Fenton, Missouri, Tax Increment Refunding and 10/12 at 100.00 N/R 2,806,128
Improvement Bonds, Gravois Bluffs Project,
Series 2002, 6.125%, 10/01/21
3,000 Harrisonville, Missouri, Lease Participation 12/13 at 100.00 AAA 3,121,020
Certificates, Series 2003, 5.000%, 12/01/22 -
XLCA Insured
4,240 Howard Bend Levee District, St. Louis County, 3/09 at 101.00 N/R 4,416,681
Missouri, Levee District Improvement Bonds,
Series 1999, 5.850%, 3/01/19
2,000 Jackson County Public Building Corporation, 12/13 at 100.00 Aa3 2,046,820
Missouri, Leasehold Revenue Bonds, Capital
Improvement Projects, Series 2003, 5.000%,
12/01/28
1,200 Kansas City Land Clearance Redevelopment 12/05 at 102.00 AAA 1,325,580
Authority, Missouri, Lease Revenue Bonds,
Municipal Auditorium and Muehlebach Hotel
Redevelopment Projects, Series 1995A, 5.900%,
12/01/18 - CAP GTY/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 1,419,534
1,000 5.500%, 9/01/18 - FSA Insured 9/12 at 100.00 AAA 1,106,340
- ----
33
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 1,500 Missouri Development Finance Board, 4/10 at 100.00 AAA $1,687,920
Infrastructure Facilities Revenue Bonds, Kansas
City Midtown Redevelopment Projects, Series
2000A, 5.750%, 4/01/22 - MBIA Insured
4,000 Missouri Development Finance Board, 4/11 at 100.00 A+ 4,056,880
Infrastructure Facilities Revenue Bonds, City of
Independence, Santa Fe Redevelopment Project,
Series 2001, 5.250%, 4/01/23
2,000 Missouri Development Finance Board, 3/10 at 100.00 N/R 2,014,480
Infrastructure Facilities Revenue Bonds,
Riverside-Quindaro Bend Levee District of Platte
County, L-385 Project, Series 2001, 5.800%,
3/01/20
450 Monarch-Chesterfield Levee District, St. Louis 3/10 at 101.00 AAA 511,146
County, Missouri, Levee District Improvement
Bonds, Series 1999, 5.750%, 3/01/19 - MBIA
Insured
1,705 O'Fallon, Missouri, Certificates of 2/12 at 100.00 Aaa 1,875,347
Participation, Series 2002, 5.250%, 2/01/15 -
MBIA Insured
Puerto Rico Highway and Transportation Authority,
Highway Revenue Bonds, Series 1996Y:
900 5.500%, 7/01/36 7/16 at 100.00 A 958,716
4,500 5.000%, 7/01/36 7/16 at 100.00 A 4,536,225
3,000 Puerto Rico Public Buildings Authority, No Opt. Call A- 3,317,340
Guaranteed Government Facilities Revenue Bonds,
Series 1993L, 5.500%, 7/01/21
1,240 St. Louis, Missouri, Municipal Finance 2/12 at 100.00 Aaa 1,403,085
Corporation, Leasehold Revenue Bonds, Series
2002A, Carnahan Courthouse Project, 5.750%,
2/15/17 - FGIC Insured
1,750 Regional Convention and Sports Complex Authority, 8/07 at 100.00 AAA 1,887,830
City of St. Louis, Missouri, Convention and
Sports Facility Project and Refunding Bonds,
Series 1997C, 5.300%, 8/15/20 - AMBAC Insured
2,950 The Public Building Corporation of the City of 6/10 at 100.00 AAA 3,427,015
Springfield, Missouri, Leasehold Revenue Bonds,
Jordan Valley Park Projects, Series 2000A,
6.125%, 6/01/21 - AMBAC Insured
1,945 Springfield, Missouri, City Center Development 6/12 at 100.00 Aaa 1,986,759
Corporation, Leasehold Revenue Bonds, Jordan
Valley Park Exposition Center, Series 2002A,
5.000%, 6/01/27 - AMBAC Insured
- ----------------------------------------------------------------------------------------------------
Transportation - 10.0%
5,250 Missouri-Illinois Metropolitan District Bi-State 10/13 at 100.00 AAA 5,351,903
Development Agency, Mass Transit Sales Tax
Appropriation Bonds, Metrolink Cross County
Extension Project, Series 2002B,
5.000%, 10/01/32 - FSA Insured
2,000 Kansas City, Missouri, Passenger Facility Charge 4/11 at 101.00 AAA 2,027,440
Revenue 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 6/06 at 102.00 CCC 1,321,480
Revenue Bonds, American Airlines, Inc. Project,
Series 1996A, 6.250%, 6/01/26 (Alternative
Minimum Tax)
1,000 The City of St. Louis, Missouri, Airport Revenue 7/07 at 101.00 AAA 1,018,020
Bonds, 1997 Capital Improvement Program,
Lambert-St. Louis International Airport, Series
1997B, 5.250%, 7/01/27 (Alternative Minimum Tax)
- FGIC Insured
The City of St. Louis, Missouri, Airport Revenue
Bonds, Series 2001A, Airport Development Program:
5,000 5.000%, 7/01/26 - MBIA Insured 7/11 at 100.00 AAA 5,083,450
1,000 5.250%, 7/01/31 - MBIA Insured 7/11 at 100.00 AAA 1,041,540
The City of St. Louis, Missouri, Airport Revenue
Refunding Bonds, Series 2003A:
3,450 5.250%, 7/01/16 - FSA Insured 7/13 at 100.00 AAA 3,809,421
1,000 5.250%, 7/01/18 - FSA Insured 7/13 at 100.00 AAA 1,090,820
Land Clearance for Redevelopment Authority of the
City of St. Louis, 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 1,072,560
2,400 7.050%, 9/01/24 9/09 at 102.00 N/R 2,566,536
2,250 St. Louis, Missouri, Parking Revenue Refunding 12/06 at 102.00 AAA 2,440,463
Bonds, Series 1996, 5.375%, 12/15/21 - MBIA
Insured
- ----------------------------------------------------------------------------------------------------
U.S. Guaranteed - 8.2%
2,285 Branson Public Building Corporation, Missouri, 11/06 at 101.00 BBB+*** 2,599,896
Leasehold 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 No Opt. Call Aaa 2,841,570
Mortgage Revenue Bonds, Series 1983, 0.000%,
12/01/14
575 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 646,628
Settlement Asset-Backed Bonds, Series
2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10)
- ----
34
Principal
Amount (000) Description
- --------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 235 Greene County, Missouri, Single Family Mortgage Revenue Bonds, Series 1984, 0.000%, 3/01/16
2,000 Jackson County Public Finance Authority, Missouri, Leasehold Revenue Refunding and Improvement
Bonds, Capital Improvement Projects, Series 1994, 6.125%, 12/01/15 (Pre-refunded to
12/01/04) - MBIA Insured
4,000 Kansas City, Missouri, General Improvement Airport Revenue Bonds, Series 1994B, 6.875%, 9/01/14
(Pre-refunded to 9/01/04) - FSA Insured
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
650 6.500%, 5/15/20
3,630 Health and Educational Facilities Authority of the State of 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 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 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, Highway Revenue Bonds, Series 2000B,
6.000%, 7/01/39 (Pre-refunded to 7/01/10)
- --------------------------------------------------------------------------------------------------------------------
Utilities - 4.5%
2,710 Columbia, Missouri, Water and Electric Revenue Bonds, Series 2002A,
5.000%, 10/01/26 - AMBAC Insured
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II,
5.125%, 7/01/26 - FSA Insured
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN,
5.250%, 7/01/23 - MBIA Insured
2,000 City of Sikeston, Missouri, Electric System Revenue Bonds, Series 1992,
6.200%, 6/01/10 - MBIA Insured
3,030 City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 1996,
6.000%, 6/01/14 - MBIA Insured
- --------------------------------------------------------------------------------------------------------------------
Water and Sewer - 2.5%
1,825 Kansas City, Missouri, Sewerage System Revenue Bonds, Series 2002D-1, 5.375%, 1/01/22
1,635 Missouri State Environmental Improvement and Energy Resources Authority, Water Facilities Refunding
Revenue Bonds, Tri-County Water Authority Project, Series 1999, 6.000%, 4/01/22 - RAAI Insured
490 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control
Revenue Bonds, State Revolving Fund, City of Springfield Project, Series 1990A, 7.000%, 10/01/10
365 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control
Revenue Bonds, State Revolving Fund, Multi-Participant Program, Series 1992A, 6.550%, 7/01/14
260 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control
Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B,
7.200%, 7/01/16
Optional Call
Description Provisions* Ratings**
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
Greene County, Missouri, Single Family Mortgage Revenue Bonds, Series 1984, 0.000%, 3/01/16 No Opt. Call Aaa
Jackson County Public Finance Authority, Missouri, Leasehold Revenue Refunding and Improvement 12/04 at 100.00 AAA
Bonds, Capital Improvement Projects, Series 1994, 6.125%, 12/01/15 (Pre-refunded to
12/01/04) - MBIA Insured
Kansas City, Missouri, General Improvement Airport Revenue Bonds, Series 1994B, 6.875%, 9/01/14 9/04 at 101.00 AAA
(Pre-refunded to 9/01/04) - FSA Insured
Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds,
BJC Health System, Series 1994A:
6.750%, 5/15/14 No Opt. Call Aa3***
6.500%, 5/15/20 5/04 at 102.00 Aa3***
Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 6/04 at 102.00 A1***
Bonds, University of Health Sciences Project, Series 1994, 6.350%, 6/01/14
(Pre-refunded to 6/01/04)
Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 10/04 at 101.00 A2***
Bonds, St. Louis University High School, Series 1994, 6.350%, 10/01/14 (Pre-refunded to 10/01/04)
State Environmental Improvement and Energy Resources Authority, Missouri, Water Pollution Control 7/04 at 102.00 Aaa
Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B,
7.200%, 7/01/16 (Pre-refunded to 7/01/04)
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 7/10 at 101.00 A***
6.000%, 7/01/39 (Pre-refunded to 7/01/10)
- ---------------------------------------------------------------------------------------------------------------------------------
Utilities - 4.5%
Columbia, Missouri, Water and Electric Revenue Bonds, Series 2002A, 10/12 at 100.00 AAA
5.000%, 10/01/26 - AMBAC Insured
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 7/12 at 101.00 AAA
5.125%, 7/01/26 - FSA Insured
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, No Opt. Call AAA
5.250%, 7/01/23 - MBIA Insured
City of Sikeston, Missouri, Electric System Revenue Bonds, Series 1992, No Opt. Call AAA
6.200%, 6/01/10 - MBIA Insured
City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 1996, No Opt. Call AAA
6.000%, 6/01/14 - MBIA Insured
- ---------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 2.5%
Kansas City, Missouri, Sewerage System Revenue Bonds, Series 2002D-1, 5.375%, 1/01/22 1/12 at 100.00 AA
Missouri State Environmental Improvement and Energy Resources Authority, Water Facilities Refunding 4/09 at 100.00 AA
Revenue Bonds, Tri-County Water Authority Project, Series 1999, 6.000%, 4/01/22 - RAAI Insured
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 4/04 at 100.00 Aaa
Revenue Bonds, State Revolving Fund, City of Springfield Project, Series 1990A, 7.000%, 10/01/10
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 1/04 at 101.00 Aaa
Revenue Bonds, State Revolving Fund, Multi-Participant Program, Series 1992A, 6.550%, 7/01/14
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 7/04 at 102.00 Aaa
Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B,
7.200%, 7/01/16
Market
Description Value
- -----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
Greene County, Missouri, Single Family Mortgage Revenue Bonds, Series 1984, 0.000%, 3/01/16 $ 136,848
Jackson County Public Finance Authority, Missouri, Leasehold Revenue Refunding and Improvement 2,100,000
Bonds, Capital Improvement Projects, Series 1994, 6.125%, 12/01/15 (Pre-refunded to
12/01/04) - MBIA Insured
Kansas City, Missouri, General Improvement Airport Revenue Bonds, Series 1994B, 6.875%, 9/01/14 4,214,320
(Pre-refunded to 9/01/04) - FSA Insured
Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds,
BJC Health System, Series 1994A:
6.750%, 5/15/14 2,999,115
6.500%, 5/15/20 677,645
Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 3,799,267
Bonds, University of Health Sciences Project, Series 1994, 6.350%, 6/01/14
(Pre-refunded to 6/01/04)
Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 632,172
Bonds, St. Louis University High School, Series 1994, 6.350%, 10/01/14 (Pre-refunded to 10/01/04)
State Environmental Improvement and Energy Resources Authority, Missouri, Water Pollution Control 359,026
Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B,
7.200%, 7/01/16 (Pre-refunded to 7/01/04)
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 897,510
6.000%, 7/01/39 (Pre-refunded to 7/01/10)
- -----------------------------------------------------------------------------------------------------------------
Utilities - 4.5%
Columbia, Missouri, Water and Electric Revenue Bonds, Series 2002A, 2,771,056
5.000%, 10/01/26 - AMBAC Insured
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 1,048,050
5.125%, 7/01/26 - FSA Insured
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 2,217,400
5.250%, 7/01/23 - MBIA Insured
City of Sikeston, Missouri, Electric System Revenue Bonds, Series 1992, 2,374,540
6.200%, 6/01/10 - MBIA Insured
City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 1996, 3,630,728
6.000%, 6/01/14 - MBIA Insured
- -----------------------------------------------------------------------------------------------------------------
Water and Sewer - 2.5%
Kansas City, Missouri, Sewerage System Revenue Bonds, Series 2002D-1, 5.375%, 1/01/22 1,957,167
Missouri State Environmental Improvement and Energy Resources Authority, Water Facilities Refunding 1,802,261
Revenue Bonds, Tri-County Water Authority Project, Series 1999, 6.000%, 4/01/22 - RAAI Insured
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 492,332
Revenue Bonds, State Revolving Fund, City of Springfield Project, Series 1990A, 7.000%, 10/01/10
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 370,267
Revenue Bonds, State Revolving Fund, Multi-Participant Program, Series 1992A, 6.550%, 7/01/14
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 274,344
Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B,
7.200%, 7/01/16
- ----
35
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
Saint Charles County Public Water Supply District
No. 2, Missouri, Certificates of Participation,
Series 2002A:
$ 750 5.000%, 12/01/26 - MBIA Insured 12/11 at 100.00 Aaa $ 765,623
1,000 5.250%, 12/01/28 - MBIA Insured 12/11 at 100.00 Aaa 1,044,215
- ------------------------------------------------------------------------------------------------------
$265,904 Total Long-Term Investments (cost $253,514,290) - 266,172,837
99.7%
- ------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 0.3% 902,860
----------------------------------------------------------------------------------------
Net Assets - 100% $267,075,697
----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
- ----
36
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Consumer Staples - 2.1%
$ 12,885 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB $12,299,119
Settlement Asset-Backed Refunding Bonds,
Series 2002, 5.375%, 5/15/33
- -----------------------------------------------------------------------------------------------------
Education and Civic Organizations - 6.0%
2,000 Cincinnati State Technical and Community College, 10/13 at 100.00 Aaa 2,048,140
Ohio, General Receipts Revenue Bonds,
Series 2002, 5.000%, 10/01/28 - AMBAC Insured
3,500 Ohio State Education Student Loan Revenue Bonds, 6/07 at 102.00 AAA 3,679,410
Supplemental Student Loan Program,
Series 1997A-1, 5.850%, 12/01/19 (Alternative
Minimum Tax) - AMBAC Insured
1,200 Ohio Higher Education Facilities Commission, 9/06 at 101.00 Ba1 1,206,240
Revenue Bonds, University of Findlay Project,
Series 1996, 6.125%, 9/01/16
5,000 Ohio Higher Education Facilities Commission, 5/07 at 102.00 AAA 5,397,550
Revenue Bonds, Xavier University Project, Series
1997, 5.375%, 5/15/22 - MBIA Insured
1,000 Ohio Higher Education Facilities Commission, 12/10 at 101.00 AAA 1,082,710
Revenue Bonds, University of Dayton Project,
Series 2000, 5.500%, 12/01/30 - AMBAC Insured
Ohio Higher Education Facilities Commission,
Revenue Bonds, Wittenberg University Project,
Series 2001:
1,200 5.500%, 12/01/21 12/11 at 100.00 Baa1 1,252,464
2,000 5.000%, 12/01/26 12/11 at 100.00 Baa1 1,985,120
910 Ohio Higher Education Facilities Commission, No Opt. Call AA 1,147,474
Revenue Bonds, Case Western Reserve University
Project, Series 1990B, 6.500%, 10/01/20
3,000 Ohio Higher Education Facilities Commission, 10/12 at 100.00 AA 3,284,220
Revenue Bonds, Case Western Reserve University
Project, Series 2002B, 5.500%, 10/01/22
1,750 Ohio State Higher Education Facilities Revenue 10/13 at 100.00 AA 1,817,603
Commission, Revenue Bonds, Oberlin College,
Series 2003, 5.125%, 10/01/24
2,000 Ohio State University, General Receipts Bonds, 6/13 at 100.00 AA 2,040,500
Series 2003B, 5.000%, 6/01/28
University of Cincinnati, Ohio, General Receipts
Bonds, Series 2001A:
1,500 5.750%, 6/01/18 - FGIC Insured 6/11 at 101.00 AAA 1,690,860
1,520 5.750%, 6/01/19 - FGIC Insured 6/11 at 101.00 AAA 1,708,130
2,000 5.250%, 6/01/24 - FGIC Insured 6/11 at 101.00 AAA 2,108,680
4,250 University of Cincinnati, Ohio, General Receipts 6/07 at 100.00 AAA 4,585,198
Bonds, 5.375%, 6/01/20 - MBIA Insured
- -----------------------------------------------------------------------------------------------------
Healthcare - 16.9%
10,000 Akron, Bath and Copley Joint Township Hospital 11/09 at 101.00 Baa1 9,198,300
District, Ohio, Hospital Facilities Revenue
Bonds, Summa Health System Project, Series
1998A, 5.375%, 11/15/24
11,900 Cuyahoga County, Ohio, Hospital Improvement 2/09 at 101.00 A- 12,434,310
Revenue Bonds, MetroHealth System Project,
Series 1999, 6.125%, 2/15/24
1,000 Cuyahoga County, Ohio, Hospital Improvement and 2/07 at 102.00 AAA 1,106,460
Revenue Refunding Bonds, MetroHealth System
Project, Series 1997, 5.625%, 2/15/17 - MBIA
Insured
4,400 Cuyahoga County, Ohio, Revenue Refunding Bonds, 7/13 at 100.00 A1 4,681,776
Cleveland Clinic Health System, Series 2003A,
6.000%, 1/01/32
2,500 Erie County, Ohio, Hospital Facilities Revenue 8/12 at 101.00 A 2,558,000
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 11/06 at 101.00 Aa2 1,653,435
5,275 5.875%, 11/01/25 11/06 at 101.00 Aa2 5,438,367
Franklin County, Ohio, Hospital Revenue Bonds,
Holy Cross Health Systems Corporation, Series
1996:
965 5.800%, 6/01/16 6/06 at 102.00 AA- 1,014,640
2,000 5.875%, 6/01/21 6/06 at 102.00 AA- 2,085,500
5,690 County of Lorain, Ohio, Hospital Facilities 11/05 at 102.00 AAA 6,118,002
Revenue and Refunding Bonds, EMH Regional
Medical Center, Series 1995, 5.375%,
11/01/21 - AMBAC Insured
- ----
37
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 2,000 Marion County, Ohio, Hospital Revenue Refunding 5/06 at 102.00 BBB+ $ 2,121,280
and Improvement Bonds, The Community Hospital,
Series 1996, 6.375%, 5/15/11
1,250 Maumee, Ohio, Hospital Facilities Revenue Bonds, 12/04 at 102.00 AAA 1,327,950
St. Luke's Hospital, Series 1994,
5.800%, 12/01/14 - AMBAC Insured
2,000 Miami County, Ohio, Hospital Facilities Revenue 5/06 at 102.00 BBB+ 2,085,300
Refunding and Improvement Bonds, Upper Valley
Medical Center, Series 1996A, 6.250%, 5/15/16
4,205 Miami County, Ohio, Hospital Facilities Revenue 5/06 at 102.00 BBB+ 4,415,292
Refunding and Improvement Bonds, Upper Valley
Medical Center, Series 1996C, 6.250%, 5/15/13
4,000 City of Middleburg Heights, Ohio, Hospital 8/08 at 102.00 AAA 4,510,840
Improvement Refunding Revenue 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 1,638,375
7,000 6.250%, 4/01/20 - MBIA Insured No Opt. Call AAA 8,447,110
9,500 Montgomery County, Ohio, Hospital Facilities 4/10 at 101.00 BBB+ 10,208,130
Revenue Bonds, Kettering Medical Center, Series
1999, 6.750%, 4/01/22
13,000 Montgomery County, Ohio, Revenue Bonds, Catholic 9/11 at 100.00 AA 13,474,110
Health Initiatives, Series 2001, 5.375%, 9/01/21
1,250 Parma Community General Hospital Association, 11/08 at 101.00 A- 1,286,713
Ohio, Hospital Revenue Refunding and Improvement
Bonds, Series 1998, 5.350%, 11/01/18
2,000 Richland County, Ohio, Hospital Facilities 11/10 at 101.00 A- 2,134,680
Revenue Improvement Bonds, MedCentral Health
System Obligated Group, Series 2000B, 6.375%,
11/15/22
1,200 Tuscarawas County, Ohio, Hospital Facilities 10/11 at 101.00 AA 1,225,356
Revenue Bonds, Union Hospital Project, Series
2001, 5.250%, 10/01/31 - RAAI Insured
- ------------------------------------------------------------------------------------------------------
Housing/Multifamily - 5.4%
1,540 Butler County, Ohio, Multifamily Housing Revenue 9/08 at 103.00 N/R 1,389,142
Bonds, Anthony Wayne Apartments Project,
Series 1998, 6.500%, 9/01/30 (Alternative
Minimum Tax)
1,105 Clark County, Ohio, Multifamily Housing Revenue 11/08 at 103.00 N/R 992,854
Bonds, Church of God Retirement Home, Series
1998, 6.250%, 11/01/30 (Alternative Minimum Tax)
16,105 Franklin County, Ohio, GNMA Collateralized 10/07 at 103.00 Aaa 16,474,288
Mortgage Revenue Bonds, Columbus Properties
Project, Series 1997, 5.600%, 4/20/39
(Alternative Minimum Tax)
3,045 Franklin County, Ohio, GNMA Collateralized 9/11 at 102.00 Aaa 3,173,560
Multifamily Housing Mortgage Revenue Bonds,
Carriage House Apartments Project, Series 2002,
5.400%, 3/20/37
2,705 Henry County, Ohio, GNMA Collateralized 8/09 at 102.00 AAA 2,915,151
Healthcare Facility Revenue Bonds, Alpine
Village Project, Series 1999, 6.375%, 2/20/41
6,315 Ohio Capital Corporation for Housing, FHA-Insured 2/09 at 102.00 Aa2 6,701,731
Section 8 Mortgage Loan, Revenue Refunding
Bonds, Series 1999G, 5.950%, 2/01/23
- ------------------------------------------------------------------------------------------------------
Housing/Single Family - 4.3%
2,270 Ohio Housing Finance Agency, Residential Mortgage 7/09 at 100.00 Aaa 2,350,926
Revenue Bonds, Mortgage-Backed Securities
Program, Series 1999C, 5.750%, 9/01/30
(Alternative Minimum Tax)
3,540 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 3,671,122
Securities Program, Residential Mortgage Revenue
Bonds, Series 1996B-3, 5.750%, 9/01/28
(Alternative Minimum Tax)
3,695 Ohio Housing Finance Agency, Residential Mortgage 9/07 at 102.00 Aaa 3,831,863
Revenue Bonds, Series 1997C, 5.750%, 9/01/28
(Alternative Minimum Tax)
4,620 Ohio Housing Finance Agency, GNMA Mortgage-Backed 3/08 at 101.50 AAA 4,773,985
Securities Program Residential Mortgage Revenue
Bonds, Series 1998A-1, 5.300%, 9/01/19
(Alternative Minimum Tax) - FSA Insured
1,185 Ohio Housing Finance Agency, Residential Mortgage 9/04 at 102.00 Aaa 1,222,742
Revenue Bonds, GNMA Mortgage-Backed Securities
Program, Series 1994-A1, 6.100%, 9/01/14
1,135 Ohio Housing Finance Agency, Residential Mortgage 9/04 at 102.00 AAA 1,172,069
Revenue Bonds, Series 1994B1, 6.375%, 9/01/14
- ----
38
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 7,980 Ohio Housing Finance Agency, Residential Mortgage 9/07 at 102.00 Aaa $ 8,410,361
Revenue Bonds, Series 1997A, Remarketed, 6.150%,
3/01/29 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------
Industrials - 0.8%
2,520 Cleveland-Cuyahoga County Port Authority, Ohio, 5/08 at 102.00 N/R 2,527,434
Development Revenue Bonds, Jergens, Inc.
Project, Series 1998A, 5.375%, 5/15/18
(Alternative Minimum Tax)
State of Ohio, Economic Development Revenue
Bonds, Ohio Enterprise Bond Fund, Series 2002-4:
500 5.000%, 6/01/15 (Alternative Minimum Tax) 6/12 at 102.00 AA- 511,700
675 5.450%, 6/01/22 (Alternative Minimum Tax) 6/12 at 102.00 AA- 688,419
1,020 State of Ohio, Economic Development Revenue No Opt. Call AA- 1,056,261
Bonds, Ohio Enterprise Bond Fund Loan, Series
2002-7, 5.850%, 12/01/22 (Alternative Minimum
Tax)
- -----------------------------------------------------------------------------------------------------
Long-Term Care - 1.7%
1,670 Cuyahoga County, Ohio, FHA-Insured Industrial 2/04 at 101.00 AAA 1,694,983
Development Mortgage Revenue Refunding Bonds,
University Healthcare Center Project, Series
1991, 7.300%, 8/01/11
3,120 Franklin County, Ohio, Healthcare Facilities 11/05 at 102.00 Aa2 3,285,235
Revenue Bonds, Heinzerling Foundation, Series
1995, 6.200%, 11/01/20
515 Franklin County, Ohio, FHA-Insured Hospital 2/04 at 100.50 N/R 518,584
Revenue Refunding Mortgage Loan Bonds,
Worthington Christian Village Nursing Home,
Series 1992, 7.000%, 8/01/16
1,250 Hamilton, Ohio, Healthcare Facilities Revenue 10/08 at 101.00 BBB+ 1,115,363
Bonds, Twin Towers, Series 1998A, 5.125%,
10/01/23
846 County of Marion, Ohio, Healthcare Facilities 5/04 at 102.00 BBB- 863,614
Refunding and Improvement Revenue Bonds, United
Church Homes, Inc. Project, Series 1993, 6.375%,
11/15/10
750 Marion County, Ohio, Healthcare Facilities 5/04 at 102.00 BBB- 759,908
Revenue Refunding and Improvement Bonds, United
Church Homes, Inc. Project, Series 1993, 6.300%,
11/15/15
1,775 City of Napoleon, Ohio, Healthcare Facilities 9/04 at 102.00 Aa2 1,842,610
Mortgage Revenue Refunding Bonds, The Lutheran
Orphans and Old Folks Home Society at Napoleon,
Ohio, Inc., FHA-Insured Project, Series 1994,
6.875%, 8/01/23
- -----------------------------------------------------------------------------------------------------
Materials - 0.3%
1,650 Toledo-Lucas County Port Authority, Ohio, Port 3/04 at 100.00 A+ 1,674,783
Revenue Bonds, Cargill, Inc. Project, Series
1992, 7.250%, 3/01/22
- -----------------------------------------------------------------------------------------------------
Tax Obligation/General - 23.0%
Adams County Valley School District, Adams and
Highland Counties, Ohio, Unlimited Tax School
Improvement General Obligation Bonds, Series 1995:
6,000 7.000%, 12/01/15 - MBIA Insured No Opt. Call AAA 7,719,780
9,500 5.250%, 12/01/21 - MBIA Insured 12/05 at 102.00 AAA 10,206,135
600 Anthony Wayne Local School District, Lucas, Wood No Opt. Call AAA 405,714
and Fulton Counties, Ohio, School Facilities
Construction and Improvement Bonds, Series 1995,
0.000%, 12/01/13 - FGIC Insured
1,000 Aurora City School District, Ohio, Unlimited Tax 12/05 at 102.00 AAA 1,102,260
General Obligation School Improvement Bonds,
Series 1995, 5.800%, 12/01/16 - FGIC Insured
700 Buckeye Local School District, Medina County, 12/10 at 100.00 Aaa 766,038
Ohio, General Obligation Bonds, Series 2000,
5.500%, 12/01/25 - FGIC Insured
2,500 Buckeye Valley Local School District, Ohio, No Opt. Call AAA 3,128,150
Unlimited Tax General Obligation Bonds, Series
1995A, 6.850%, 12/01/15 - MBIA Insured
Chesapeake-Union Exempt Village School District,
Ohio, General Obligation Bonds, Series 1986:
125 8.500%, 12/01/04 No Opt. Call N/R 133,246
125 8.500%, 12/01/05 No Opt. Call N/R 140,513
125 8.500%, 12/01/06 No Opt. Call N/R 146,446
125 8.500%, 12/01/07 No Opt. Call N/R 151,288
125 8.500%, 12/01/08 No Opt. Call N/R 155,238
130 8.500%, 12/01/09 No Opt. Call N/R 164,841
- ----
39
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 $2,231,820
6,745 5.375%, 12/01/16 - MBIA Insured 12/11 at 100.00 AAA 7,526,813
1,255 5.375%, 12/01/17 - MBIA Insured 12/11 at 100.00 AAA 1,394,857
3,805 Cleveland, Ohio, General Obligation Bonds, Series 12/12 at 100.00 AAA 4,062,370
2002, 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 695,291
500 9.375%, 4/15/07 No Opt. Call AAA 618,935
7,045 Columbus, Ohio, General Obligation Bonds, Series 11/10 at 101.00 AAA 7,774,510
2000, 5.250%, 11/15/17
1,300 Crawford County, Ohio, General Obligation Bonds, 12/12 at 100.00 AAA 1,356,797
Series 2002, 5.200%, 12/01/26 - AMBAC Insured
1,000 Cuyahoga County, Ohio, Limited Tax General No Opt. Call AA+ 1,136,120
Obligation Various Purpose Refunding Bonds,
Series 1993B, 5.250%, 10/01/13
1,345 Cuyahoga County, Ohio, Limited Tax General No Opt. Call AA+ 1,564,813
Obligation Bonds, Series 1993, 5.650%, 5/15/18
5,830 Cuyahoga County, Ohio, Limited Tax General 12/10 at 100.00 AA+ 6,654,537
Obligation Capital Improvement Bonds, Series
2000, 5.750%, 12/01/16
2,765 Dayton City School District, Ohio, General 6/13 at 100.00 AAA 2,838,881
Obligation Bonds, Series 2003A, 5.000%,
12/01/27 - FGIC Insured
750 Defiance, Ohio, Waterworks System Improvement 12/04 at 102.00 AAA 800,708
Bonds, Series 1994, 6.200%,
12/01/20 - MBIA Insured
Delaware City School District, Delaware County,
Ohio, Unlimited Tax General Obligation School
Facilities Construction and Improvement Bonds,
Series 1995:
1,000 0.000%, 12/01/10 - FGIC Insured No Opt. Call AAA 795,130
1,000 0.000%, 12/01/11 - FGIC Insured No Opt. Call AAA 752,760
1,000 Evergreen Local School District, Ohio, Unlimited 12/09 at 101.00 Aaa 1,096,940
Tax General Obligation School Improvement Bonds,
Series 1999, 5.625%, 12/01/24 - FGIC Insured
4,040 Franklin County, Ohio, Limited Tax General 12/08 at 102.00 AAA 4,461,008
Obligation Refunding Bonds, Series 1993, 5.375%,
12/01/20
1,000 Garfield Heights City School District, Cuyahoga 12/11 at 100.00 Aaa 1,120,430
County, Ohio, General Obligation School
Improvement Bonds, Series 2001, 5.500%,
12/15/18 - MBIA Insured
420 Geauga County, Ohio, Limited Tax General 12/05 at 102.00 Aa2 472,198
Obligation Sewer District Improvement Bonds,
Bainbridge Water Project, Series 1995, 6.850%,
12/01/10
1,000 Grandview Heights City School District, Franklin 12/05 at 101.00 AA 1,093,880
County, Ohio, Unlimited Tax General Obligation
School Facilities Construction and Improvement
Bonds, Series 1995, 6.100%, 12/01/19
3,000 Granville Exempt Village School District, Ohio, 12/11 at 100.00 Aa3 3,196,950
General Obligation Bonds, Series 2001,
5.500%, 12/01/28
1,200 Heath City School District, Licking County, Ohio, 12/10 at 100.00 Aaa 1,297,188
Unlimited Tax General Obligation School
Improvement Bonds, Series 2000A, 5.500%,
12/01/27 - FGIC Insured
2,500 Highland Local School District, Morrow and 12/11 at 100.00 Aaa 2,560,300
Delaware Counties, Ohio, General Obligation
Bonds, Series 2001, 5.000%, 12/01/26 - FSA
Insured
1,000 Huron County, Ohio, Limited Tax General 12/07 at 102.00 AAA 1,143,460
Obligation Correctional Facility Bonds, Series
1996, 5.850%, 12/01/16 - MBIA Insured
1,270 Kenston Local School District, Geauga County, 6/13 at 100.00 Aaa 1,315,199
Ohio, General Obligation Bonds, Series 2003,
5.000%, 12/01/23 - MBIA Insured
1,070 Kettering, Ohio, Limited Tax General Obligation 12/03 at 100.00 Aa3 1,074,740
Bonds, Series 1991, 6.650%, 12/01/12
1,000 Kettering City School District, Montgomery 12/05 at 101.00 AAA 1,067,940
County, Ohio, General Obligation Bonds, Series
1994, 5.250%, 12/01/22 - FGIC Insured
555 Lake County, Ohio, Limited Tax Sewer District No Opt. Call Aa2 626,806
Improvement Bonds, Series 2000, 5.600%, 12/01/20
1,440 Lakewood, Ohio, General Obligation Bonds, Series 12/05 at 102.00 Aa2 1,585,843
1995B, 5.750%, 12/01/15
3,385 Lakota Local School District, Butler County, 6/11 at 100.00 Aaa 3,498,262
Ohio, Unlimited Tax General Obligation School
Improvement and Refunding Bonds, Series 2001,
5.125%, 12/01/26 - FGIC Insured
- ----
40
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Logan County, Ohio, General Obligation Bonds:
$ 155 7.750%, 12/01/03 No Opt. Call A+ $ 155,084
155 7.750%, 12/01/04 No Opt. Call A+ 165,104
155 7.750%, 12/01/05 No Opt. Call A+ 174,226
155 7.750%, 12/01/06 No Opt. Call A+ 181,854
345 Lucas County, Ohio, General Obligation Various 12/03 at 101.00 A1 357,317
Improvements Bonds, Series 1992, 6.650%, 12/01/12
1,750 Medina City School District, Medina County, Ohio, 12/09 at 100.00 AAA 1,847,440
Unlimited Tax General Obligation School Building
Construction Bonds, Series 1999, 5.250%,
12/01/28 - FGIC Insured
1,265 Monroe Local School District, Butler County, No Opt. Call Aaa 1,487,197
Ohio, General 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 2,578,840
2,400 6.100%, 12/01/19 - MBIA Insured 12/09 at 102.00 AAA 2,810,160
1,000 State of Ohio, Full Faith and Credit, General No Opt. Call AA+ 1,183,720
Obligation Infrastructure Improvement Bonds,
Series 1994, 6.000%, 8/01/10
6,055 State of Ohio, General Obligation Bonds, 2/13 at 100.00 AA+ 6,324,145
Infrastructure Improvements, Series 2003F,
5.000%, 2/01/22 (WI, Settling 12/04/03)
4,035 Olentangy Local School District, Delaware and 12/09 at 101.00 AA 4,107,993
Franklin Counties, Ohio, Various Purpose Bonds,
Series 1999, 5.000%, 12/01/27
500 Pickerington Local School District, Fairfield No Opt. Call AAA 373,755
County, Ohio, General Obligation Bonds, Series
1993, 0.000%, 12/01/11 - AMBAC Insured
3,500 The Board of Education of Springfield City School 12/11 at 102.00 Aaa 3,711,295
District, Clark County, Ohio, General Obligation
Bonds, Series 2001, 5.200%, 12/01/23 - FGIC
Insured
2,340 City of Stow, Ohio, Safety Center General 12/05 at 102.00 A1 2,457,959
Obligation Construction Bonds, Series 1995,
6.200%, 12/01/20
30 Strongsville, Ohio, Limited Tax General 12/06 at 102.00 Aa2 33,785
Obligation Various Purpose Improvement Bonds,
Series 1996, 5.950%, 12/01/21
1,185 Sugarcreek Local School District, Athens County, 12/13 at 100.00 Aaa 1,258,434
Ohio, General Obligation Bonds, Series 2003,
5.250%, 12/01/24 - MBIA Insured
1,315 County of Summit, Ohio, General Obligation Bonds, No Opt. Call AAA 1,503,361
Series 2002R Refunding, 5.500%, 12/01/21 -
FGIC Insured
2,290 Tipp City Exempted Village School District, Ohio, 6/11 at 100.00 Aaa 2,349,792
School Facilities Construction and Improvement
Bonds, Series 2001, 5.000%, 12/01/24 - FGIC
Insured
540 Trumbull County, Ohio, General Obligation Sewer 12/04 at 102.00 AAA 577,022
Bonds, Series 1994, 6.200%, 12/01/14 -
AMBAC Insured
1,910 Vandalia, Ohio, General Obligation Bonds, 5.850%, 12/06 at 101.00 Aa3 2,125,830
12/01/21
West Chester Township, Butler County, Ohio,
General Obligation Bonds, Series 2003:
1,365 5.250%, 12/01/19 - MBIA Insured 12/13 at 100.00 Aaa 1,492,218
1,515 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 Aaa 1,636,821
4,000 Westerville City School District, Franklin and 6/11 at 100.00 AAA 4,088,120
Delaware Counties, Ohio, Various Purpose General
Obligation Bonds, Series 2001, 5.000%,
12/01/27 - MBIA Insured
300 Youngstown, Ohio, General Obligation Bonds, 12/04 at 102.00 AAA 320,250
Limited Tax, Series 1994, 6.125%, 12/01/14 -
MBIA Insured
2,000 Zanesville City School District, Muskingum 12/12 at 101.00 AAA 2,068,660
County, Ohio, General Obligation Bonds, Series
2002, 5.050%, 12/01/29 - MBIA Insured
- ----------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 7.7%
6,300 Cleveland, Ohio, Certificates of Participation, 11/07 at 102.00 AAA 6,650,469
Cleveland Stadium Project, Series 1997,
5.250%, 11/15/27 - AMBAC Insured
1,210 Groveport, Ohio, Income Tax Receipts Bonds, 12/12 at 100.00 Aaa 1,259,404
Special Obligation, Series 2002, 5.000%,
12/01/22 - MBIA Insured
- ----
41
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 3,300 Hamilton County, Ohio, Sales Tax Bonds, No Opt. Call Aaa $ 914,265
Subordinate Series 2000B, 0.000%,
12/01/28 - AMBAC Insured
1,000 Hamilton, Butler County, Ohio, Limited Tax 11/11 at 101.00 Aaa 1,105,260
General Obligation Bonds, One Renaissance Center
Acquisition, Series 2001, 5.375%,
11/01/17 - AMBAC Insured
1,485 New Albany Community Authority, Ohio, Community 4/12 at 100.00 AAA 1,661,136
Facilities Revenue Refunding Bonds, Series
2001B, 5.500%, 10/01/16 - AMBAC Insured
8,140 State of Ohio, Higher Education Capital 2/11 at 100.00 AA+ 8,556,361
Facilities Appropriation Bonds, Series 2001A-II,
5.000%, 2/01/20
1,050 Ohio State Building Authority, State Facilities 4/12 at 100.00 AAA 1,090,184
Bonds, Administrative Building Fund Projects,
Series 2002A, 5.000%, 4/01/22 - FSA Insured
1,030 Ohio Department of Transportation, Certificates 4/04 at 100.00 AAA 1,044,678
of Participation, Panhandle Rail Line Project,
Series 1992A, 6.500%, 4/15/12 - CAP GTY/FSA
Insured
11,700 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 14,286,870
Highway Revenue Bonds, Series 1996Y, Reset
Option Long Certificates, Series II-R-66,
9.770%, 1/01/13 (IF)
6,550 Puerto Rico Public Buildings Authority, No Opt. Call AAA 8,554,890
Guaranteed Revenue Bonds, Series 1993L, Reset
Option Long Trust Certificates, Series II-R56,
9.770%, 7/01/18 (IF)
- -----------------------------------------------------------------------------------------------------
Transportation - 4.3%
3,000 Cleveland, Ohio, Airport System Revenue Bonds, 1/10 at 101.00 AAA 3,050,910
Series 2000A, 5.000%, 1/01/31 - FSA Insured
1,000 Dayton, Ohio, Airport Revenue Bonds, James M. Cox 12/13 at 100.00 AA 1,012,420
International Airport, Series 2003C,
5.250%, 12/01/27 (Alternative Minimum
Tax) - RAAI Insured
6,300 Dayton, Ohio, Special Facilities Revenue 2/08 at 102.00 BB+ 5,186,097
Refunding Bonds, Emery Air Freight Corporation
and Emery Worldwide Airlines, Inc. - Guarantors,
Series 1998A, 5.625%, 2/01/18
5,000 State of Ohio, Turnpike Revenue Refunding Bonds, No Opt. Call AA- 6,239,200
Issued by the Ohio Turnpike Commission,
Series 1998A, Residual Option Longs, Series
II-R51, 9.750%, 2/15/24 (IF)
7,500 State of Ohio, Turnpike Revenue Bonds, Issued by No Opt. Call Aaa 9,743,250
the Ohio Turnpike Commission, Residual Option
Longs, Series II-R75, 9.750%, 2/15/12 (IF)
- -----------------------------------------------------------------------------------------------------
U.S. Guaranteed - 11.6%
3,955 Akron, Ohio, Various Purpose Improvement Limited 12/04 at 102.00 AAA 4,255,699
Tax General Obligation Bonds, Series 1994,
6.750%, 12/01/14 (Pre-refunded to
12/01/04) - MBIA Insured
730 Athens, Ohio, Sanitary Sewer System Mortgage 12/09 at 100.00 N/R*** 875,854
Revenue Bonds, Series 1989, 7.300%, 12/01/14
(Pre-refunded to 12/01/09)
2,905 Batavia Local School District, Clermont County, 12/05 at 102.00 AAA 3,250,172
Ohio, Unlimited Tax Bank Qualified School
Improvement Bonds, Series 1995, 6.300%, 12/01/22
(Pre-refunded to 12/01/05) - MBIA Insured
4,745 Cleveland, Ohio, Various Purpose General 11/04 at 102.00 AAA 5,089,534
Obligation Bonds, Series 1994, 6.625%, 11/15/14
(Pre-refunded to 11/15/04) - MBIA Insured
Cleveland, Ohio, Waterworks First Mortgage
Revenue Refunding and Improvement Bonds,
Series 1996H:
2,280 5.750%, 1/01/21 (Pre-refunded to 1/01/06) - MBIA 1/06 at 102.00 AAA 2,523,709
Insured
5,795 5.750%, 1/01/26 (Pre-refunded to 1/01/06) - MBIA 1/06 at 102.00 AAA 6,414,428
Insured
550 Columbiana County, Ohio, Unlimited Tax General 12/04 at 102.00 AA*** 591,217
Obligation Bonds, County Jail Facilities
Construction Project, 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 275,748
5,500 6.250%, 8/15/24 (Pre-refunded to 8/15/05) 8/05 at 102.00 AAA 6,066,445
1,000 Lakeview Local School District, Trumbull County, 12/04 at 102.00 AAA 1,078,050
Ohio, 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, 12/05 at 100.00 AAA 1,095,240
Ohio, Unlimited Tax General Obligation School
Improvement Bonds, Series 1994, 6.125%, 12/01/17
(Pre-refunded to 12/01/05) - AMBAC Insured
1,300 City of Lorain, Ohio, Hospital Refunding Revenue 5/04 at 101.00 A1*** 1,333,618
Bonds, Lakeland Community Hospital, Inc.,
Series 1992, 6.500%, 11/15/12
- ----
42
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
U.S. Guaranteed (continued)
$ 11,000 Montgomery County, Ohio, Health System Revenue 1/08 at 102.00 Baa2*** $12,550,560
Bonds, 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:
5,700 0.000%, 1/15/15 (Pre-refunded to 7/15/11) - FGIC 7/11 at 70.48 AAA 3,045,795
Insured
6,460 0.000%, 1/15/15 (Pre-refunded to 1/15/11) - FGIC 1/11 at 67.04 AAA 3,348,153
Insured
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+*** 825,293
2,000 6.200%, 8/01/14 (Pre-refunded to 8/01/05) 8/05 at 102.00 AA+*** 2,200,780
1,500 Ohio Building Authority, State Facilities Bonds, 10/04 at 102.00 AAA 1,598,625
Juvenile Correctional Building Fund Projects,
Series 1994A, 6.600%, 10/01/14 (Pre-refunded to
10/01/04) - AMBAC Insured
5,065 Ohio Water Development Authority, Water No Opt. Call AAA 5,949,856
Development Revenue Bonds, Pure Water Series
1990-I, 6.000%, 12/01/16 - AMBAC Insured
2,840 Strongsville, Ohio, Limited Tax General 12/06 at 102.00 Aa2*** 3,251,204
Obligation Various Purpose Improvement Bonds,
Series 1996, 5.950%, 12/01/21 (Pre-refunded to
12/01/06)
130 Toledo, Ohio, Sewer System Revenue Mortgage 11/04 at 102.00 AAA 139,075
Bonds, Series 1994, 6.350%, 11/15/17
(Pre-refunded to 11/15/04) - AMBAC Insured
110 Toledo, Ohio, Waterworks Revenue Mortgage Bonds, 11/04 at 102.00 AAA 117,785
Series 1994, 6.450%, 11/15/24 (Pre-refunded to
11/15/04) - AMBAC Insured
1,000 Woodridge Local School District, Ohio, General 12/04 at 102.00 AAA 1,068,730
Obligation Bonds, 6.000%, 12/01/19 (Pre-refunded
to 12/01/04) - AMBAC Insured
1,230 Youngstown State University, Ohio, General 12/04 at 102.00 AAA 1,316,764
Receipts Bonds, 6.000%, 12/15/16 (Pre-refunded
to 12/15/04) - AMBAC Insured
- -----------------------------------------------------------------------------------------------------
Utilities - 9.9%
1,535 Cleveland, Ohio, Public Power System First No Opt. Call AAA 1,040,884
Mortgage Revenue Bonds, Series 1994A,
0.000%, 11/15/13 - MBIA Insured
2,500 Cleveland, Ohio, Public Power System, First 11/06 at 102.00 AAA 2,543,325
Mortgage Revenue Refunding Bonds, Series 1996,
Sub-Series 1, 5.000%, 11/15/24 - MBIA Insured
565 Lebanon, Ohio, Electric System Mortgage Revenue 12/10 at 101.00 AAA 634,625
Bonds, Series 2001, 5.500%, 12/01/17 -
AMBAC Insured
3,695 Ohio Municipal Electric Generation Agency, 2/04 at 101.00 AAA 3,777,842
American Municipal Power - Ohio, Inc., 5.375%,
2/15/24 - AMBAC Insured
Ohio Air Quality Development Authority, Pollution
Control Revenue Bonds, Columbus Southern Power
Company Project, Series 1985A:
1,750 6.375%, 12/01/20 - FGIC Insured 12/03 at 101.00 AAA 1,774,588
4,500 6.250%, 12/01/20 12/03 at 102.00 A3 4,598,685
12,000 Ohio Air Quality Development Authority, Revenue 9/05 at 102.00 Baa2 12,256,560
Refunding Bonds, Dayton Power and Light Company
Project, Series 1995, 6.100%, 9/01/30
5,000 Ohio Air Quality Development Authority, Revenue 4/07 at 102.00 AAA 5,320,950
Bonds, JMG Funding Limited Partnership Project,
Series 1997, 5.625%, 1/01/23 (Alternative
Minimum Tax) - AMBAC Insured
500 Ohio Water Development Authority, Collateralized 2/04 at 101.00 Baa1 511,150
Water Development Revenue Refunding Bonds, The
Dayton Power and Light Company Project, Series
1992A, 6.400%, 8/15/27
21,350 Ohio Water Development Authority, Solid Waste 9/08 at 102.00 N/R 19,902,684
Disposal Revenue Bonds, Bay Shore Power Project,
Series 1998A, 5.875%, 9/01/20 (Alternative
Minimum Tax)
1,545 Puerto Rico Electric Power Authority, Power No Opt. Call A- 831,565
Revenue Refunding Bonds, Series O, 0.000%,
7/01/17
4,500 Puerto Rico Industrial, Tourist, Educational, 6/10 at 101.00 Baa2 4,677,075
Medical and Environmental Control Facilities
Financing Authority, Cogeneration Facility
Revenue Bonds, Series 2000A, 6.625%, 6/01/26
(Alternative Minimum Tax)
- ----
43
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------
Water and Sewer - 5.2%
$ 3,000 Butler County, Ohio, Sewer System Revenue Bonds, 12/06 at 101.00 AAA $ 3,223,530
Series 1996, 5.250%, 12/01/21 - AMBAC Insured
2,000 Cincinnati, Ohio, Water System Revenue Bonds, 6/11 at 100.00 AA+ 2,057,340
Series 2003, 5.000%, 12/01/23
Cincinnati, Ohio, Water System Revenue Bonds,
ROLS RR-II-R212 Series:
1,300 12.430%, 12/01/11 (IF) 6/11 at 100.00 AAA 1,757,509
1,640 12.440%, 12/01/12 (IF) 6/11 at 100.00 AAA 2,134,509
550 12.480%, 12/01/13 (IF) 6/11 at 100.00 AAA 700,563
10,000 Cleveland, Ohio, Waterworks First Mortgage No Opt. Call AAA 11,330,800
Revenue Refunding and Improvement Bonds,
Series 1993G, 5.500%, 1/01/21 - MBIA Insured
1,600 Greene County, Ohio, Water System Revenue Bonds, 12/07 at 102.00 AAA 1,840,896
Series 1996, 6.125%, 12/01/21 - FGIC Insured
4,260 Ohio Water Development Authority, Water 12/07 at 102.00 AAA 4,561,736
Development Revenue Bonds, Community Assistance
Program, Series 1997, 5.375%, 12/01/24 - AMBAC
Insured
2,000 Ohio Water Development Authority, Water 6/08 at 101.00 AAA 2,067,520
Development Revenue Bonds, Fresh Water Series
1998, 5.125%, 12/01/23 - AMBAC Insured
620 Toledo, Ohio, Sewer System Revenue Mortgage 11/04 at 102.00 AAA 662,450
Bonds, Series 1994, 6.350%, 11/15/17 -
AMBAC Insured
390 Toledo, Ohio, Waterworks Revenue Mortgage Bonds, 11/04 at 102.00 AAA 416,140
Series 1994, 6.450%, 11/15/24 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------
$554,941 Total Long-Term Investments (cost 582,762,203
$542,258,814) - 99.2%
- ------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 0.8% 4,437,653
----------------------------------------------------------------------------------------
Net Assets - 100% $587,199,856
----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. Such
securities are normally considered to be equivalent to AAA rated
securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
(IF) Inverse floating rate security.
See accompanying notes to financial statements.
- ----
44
Portfolio of Investments (Unaudited)
NUVEEN WISCONSIN MUNICIPAL BOND FUND
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Education and Civic Organizations - 5.4%
$ 475 Ashland Housing Authority, Wisconsin, Student 4/08 at 100.00 Aaa $ 481,517
Housing Revenue Bonds, Northland College
Project, Series 1998, 5.100%, 4/01/18
500 Community Development Authority of the City of 11/06 at 102.00 AA- 520,775
Madison, Wisconsin, Fixed-Rate Development
Revenue Bonds, Fluno Center Project, Series
1998A, 5.000%, 11/01/20
370 Puerto Rico Industrial, Tourist, Educational, 2/09 at 101.00 BBB 374,140
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, Tourist, Educational, 9/11 at 100.00 BBB 206,346
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, 12/12 at 101.00 BBB 1,023,570
Medical and Environmental Control Facilities
Financing Authority, Higher Education Revenue
Refunding Bonds, Ana G. Mendez University System
Project, Series 2002, 5.500%, 12/01/31
- ----------------------------------------------------------------------------------------------------
Healthcare - 4.4%
500 Puerto Rico Industrial, Tourist, Educational, 1/05 at 102.00 AAA 534,195
Medical and Environmental Control Facilities
Financing Authority, Hospital Revenue Bonds,
Hospital Aixilio Mutuo, Series 1995A, 6.250%,
7/01/24 - MBIA Insured
450 Puerto Rico Industrial, Tourist, Educational, 8/05 at 101.50 AAA 486,473
Medical and Environmental Control Facilities
Financing Authority, Insured Mortgage Hospital
Revenue Bonds, Pila Hospital, Series 1995A,
5.875%, 8/01/12
1,000 Puerto Rico Industrial, Tourist, Educational, 11/10 at 101.00 AA 1,134,410
Medical and Environmental Control Facilities
Financing Authority, Hospital Revenue Bonds,
Hospital de la Concepcion Project, Series
2000A, 6.500%, 11/15/20
- ----------------------------------------------------------------------------------------------------
Housing/Multifamily - 9.4%
Dane County Housing Authority, Wisconsin,
Multifamily Housing Revenue Bonds, Forest Harbor
Apartments Project, Series 1994:
25 5.900%, 7/01/12 1/04 at 101.00 N/R 24,849
50 5.950%, 7/01/13 1/04 at 101.00 N/R 49,350
50 6.000%, 7/01/14 1/04 at 101.00 N/R 49,112
675 Kenosha Housing Authority, Wisconsin, GNMA 5/08 at 102.00 N/R 708,750
Collateralized Multifamily Housing Revenue
Bonds, Villa Ciera, Inc. Project, Series 2000A,
5.900%, 11/20/30
570 Lake Delton Community Development Agency, 1/12 at 102.00 N/R 586,080
Wisconsin, GNMA Collateralized Multifamily
Housing Revenue Bonds, Woodland Park Project,
Series 2001, 5.300%, 2/20/31
1,000 Community Development Authority of the City of 9/06 at 102.00 AAA 1,019,780
Madison, Wisconsin, Multifamily Housing Revenue
Refunding Bonds, Greentree Glen Project, Series
1999A, 5.500%, 9/20/29 (Alternative Minimum Tax)
200 Redevelopment Authority of the City of Milwaukee, 8/07 at 102.00 N/R 201,028
Wisconsin, Multifamily Housing Revenue Bonds,
FHA-Insured Mortgage Loan - City Hall Square
Apartments Project, Series 1993, 6.000%, 8/01/22
(Alternative Minimum Tax)
500 Housing Authority of the City of Sheboygan, 5/06 at 102.00 AAA 506,515
Wisconsin, Multifamily Revenue Refunding Bonds,
Lake Shore Apartments, Series 1998A, 5.100%,
11/20/26
300 Walworth County, Wisconsin, Housing Authority, 9/05 at 102.00 N/R 307,452
Housing Revenue Bonds, FHA-Insured Mortgage Loan
- Kiwanis Heritage, Inc., Senior Apartments
Project, Series 1997, 5.550%, 9/01/22
Housing Authority of the City of Waukesha,
Wisconsin, Multifamily Housing Revenue Refunding
Bonds, GNMA Collateralized Mortgage Loan -
Westgrove Woods Project, Series 1996A:
350 5.800%, 12/01/18 (Alternative Minimum Tax) 12/06 at 102.00 AAA 362,677
750 6.000%, 12/01/31 (Alternative Minimum Tax) 12/06 at 102.00 AAA 773,490
- ----------------------------------------------------------------------------------------------------
Housing/Single Family - 0.6%
190 Puerto Rico Housing Bank and Finance Agency, 4/05 at 102.00 AAA 197,334
Single Family Mortgage Revenue Bonds, Affordable
Housing Mortgage Subsidy Program, Series 1995-I,
6.250%, 4/01/29 (Alternative Minimum Tax)
90 Virgin Islands Housing Finance Corporation, 3/05 at 102.00 AAA 92,909
Single Family Mortgage Revenue Refunding Bonds,
GNMA Mortgage-Backed Securities Program, Series
1995A, 6.450%, 3/01/16 (Alternative Minimum Tax)
- ----
45
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------
Industrials - 0.6%
$ 300 Menomomee Falls Community Development Authority, 3/04 at 100.00 N/R $ 301,434
Wisconsin, Development Revenue Bonds, Herker
Industries, Inc. Project, Series 1996, 5.250%,
3/01/08 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------
Long-Term Care - 2.3%
1,120 Waukesha County Housing Authority, Wisconsin, 12/03 at 102.00 N/R 1,121,266
Housing Revenue Bonds, Arboretum Project, Series
1998, 5.250%, 12/01/21 (Alternative Minimum Tax)
(Mandatory put 12/01/12)
- ----------------------------------------------------------------------------------------------------
Materials - 1.8%
1,000 Green Bay Redevelopment Authority, Wisconsin, No Opt. Call Ba2 855,670
Industrial Development Revenue Bonds, Fort James
Project, Series 1999, 5.600%, 5/01/19
- ----------------------------------------------------------------------------------------------------
Tax Obligation/General - 0.5%
250 Guam, General Obligation Bonds, Series 1993A, 5/04 at 102.00 B 235,433
5.400%, 11/15/18
- ----------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 46.6%
1,500 Ashwaubenon Community Development Authority, 6/12 at 100.00 Aa2 1,556,790
Wisconsin, Lease Revenue Refunding Bonds, Arena
Project, Series 2002, 5.150%, 6/01/29
1,500 Cudahy Community Development Authority, 6/06 at 100.00 N/R 1,601,085
Wisconsin, Redevelopment Lease Revenue
Bonds, Series 1995, 6.000%, 6/01/11
1,000 De Forest Redevelopment Authority, Wisconsin, 2/08 at 100.00 N/R 1,018,920
Redevelopment Lease Revenue Bonds, Series 1999B,
5.100%, 2/01/18
100 Glendale Community Development Authority, 10/11 at 100.00 A2 105,518
Wisconsin, Community Development Lease Revenue
Refunding Bonds, Tax Increment District 6,
Series 2001, 5.000%, 10/01/19
350 Green Bay-Brown County Professional Football 2/11 at 100.00 AAA 369,523
Stadium District, Wisconsin, Sales Tax Revenue
Bonds, 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 Aa2 1,366,625
1,650 5.100%, 6/01/29 6/09 at 100.00 Aa2 1,687,076
500 Jackson Community Development Authority, 12/09 at 100.00 N/R 496,980
Wisconsin, Revenue Refunding Bonds, Series 1999,
5.100%, 12/01/17
960 Community Development Authority of the City of 3/12 at 100.00 Aa2 954,422
Madison, Wisconsin, Lease Revenue Refunding
Bonds, Monona Terrace Project, Series 2002,
4.375%, 3/01/20
Milwaukee Redevelopment Authority, Wisconsin,
Redevelopment Revenue Bonds, Summerfest Project,
Series 2001:
400 4.850%, 8/01/17 8/11 at 100.00 A 418,624
1,000 4.950%, 8/01/20 8/11 at 100.00 A 1,034,320
2,000 Milwaukee Redevelopment Authority, Wisconsin, 8/12 at 100.00 AAA 2,058,320
Revenue Bonds, Milwaukee Public Schools -
Neighborhood Schools Initiative, Series 2002A,
4.875%, 8/01/21 - AMBAC Insured
1,000 Onalaska Community Development Authority, 10/13 at 100.00 A3 1,015,180
Wisconsin, Community Development Lease Revenue
Bonds, Series 2003, 4.875%, 10/01/27
2,500 Puerto Rico Public Buildings Authority, No Opt. Call A- 2,764,450
Guaranteed Government Facilities Revenue
Bonds, Series 1993L, 5.500%, 7/01/21
200 Puerto Rico Public Finance Corporation, No Opt. Call BBB+ 230,352
Commonwealth Appropriation Bonds, Series
2002E, 6.000%, 8/01/26
Housing Authority of Sheboygan County, Wisconsin,
Housing Revenue Refunding Bonds, Rocky Knoll
Health Center Project, Series 1994:
150 5.300%, 12/01/17 12/04 at 100.00 A1 150,506
195 5.300%, 12/01/18 12/04 at 100.00 A1 195,449
395 5.300%, 12/01/19 12/04 at 100.00 A1 395,502
Southeast Wisconsin Professional Baseball Park
District, Sales Tax Revenue Refunding
Bonds, Series 1998A:
850 5.500%, 12/15/18 - MBIA Insured No Opt. Call AAA 975,911
500 5.500%, 12/15/26 - MBIA Insured No Opt. Call AAA 563,135
- ----
46
Portfolio of Investments (Unaudited)
NUVEEN WISCONSIN MUNICIPAL BOND FUND (continued)
November 30, 2003
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 375 Waterfront Redevelopment Authority of the City of 10/08 at 100.00 N/R $ 383,059
Sturgeon Bay, Wisconsin, Redevelopment Lease
Revenue Bonds, Series 1998A, 5.200%, 10/01/21
600 Virgin Islands Public Finance Authority, Revenue 10/08 at 101.00 BBB- 609,990
Refunding Senior Lien Bonds, Matching Fund Loan
Notes, Series 1998A, 5.625%, 10/01/25
500 Wauwatosa Redevelopment Authority, Milwaukee 12/07 at 100.00 AAA 558,095
County, Wisconsin, Lease Revenue Bonds, Series
1997, 5.650%, 12/01/16 - MBIA Insured
Wisconsin Center District, Junior Dedicated Tax
Revenue Refunding Bonds, Series 1999:
1,000 5.250%, 12/15/23 - FSA Insured No Opt. Call AAA 1,097,650
500 5.250%, 12/15/27 - FSA Insured No Opt. Call AAA 545,820
2,000 Wisconsin Center District, Senior Dedicated Tax No Opt. Call AAA 540,980
Revenue Refunding Bonds, Series 2003A, 0.000%,
12/15/28 - FSA Insured
- -----------------------------------------------------------------------------------------------------
Transportation - 0.7%
500 Puerto Rico Ports Authority, Special Facilities 6/06 at 102.00 CCC 330,370
Revenue Bonds, American Airlines, Inc.
Project, Series 1996A, 6.250%, 6/01/26
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------
U.S. Guaranteed - 25.4%
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) 6/09 at 100.00 Aa2*** 2,317,940
700 5.800%, 6/01/29 (Pre-refunded to 6/01/09) 6/09 at 100.00 Aa2*** 814,849
460 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 517,302
Settlement Asset-Backed Bonds, Series
2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10)
1,500 Glendale Community Development Authority, 9/08 at 100.00 N/R*** 1,680,210
Wisconsin, Community Development Lease Revenue
Bonds, Series 1998A, 5.400%, 9/01/18
(Pre-refunded to 9/01/08)
300 Madison Community Development Authority, 3/05 at 100.00 Aa2*** 318,243
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, 7/10 at 101.00 A*** 2,453,080
Highway Revenue Bonds, Series 2000B,
6.500%, 7/01/27 (Pre-refunded to 7/01/10)
Puerto Rico Infrastructure Financing Authority,
Special Obligation Bonds, Series 2000A:
250 5.375%, 10/01/16 10/10 at 101.00 AAA 280,553
750 5.500%, 10/01/20 10/10 at 101.00 AAA 825,030
Puerto Rico Electric Power Authority, Power
Revenue Bonds, Series T:
115 6.000%, 7/01/16 (Pre-refunded to 7/01/04) 7/04 at 102.00 A-*** 120,629
145 6.375%, 7/01/24 (Pre-refunded to 7/01/04) 7/04 at 102.00 AAA 152,427
600 Southeast Wisconsin Professional Baseball Park 3/07 at 101.00 AAA 680,418
District, 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 12/04 at 100.00 AAA 1,051,490
District, 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 12/06 at 101.00 AAA 1,128,646
Revenue Bonds, Series 1996B, 5.700%,
12/15/20 (Pre-refunded to 12/15/06)
- -----------------------------------------------------------------------------------------------------
$ 46,260 Total Long-Term Investments (cost $44,637,313) - 47,520,024
97.7%
- -----------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 2.3% 1,138,333
---------------------------------------------------------------------------------------
Net Assets - 100% $48,658,357
---------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which
ensures the timely payment of principal and interest. 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 (Unaudited)
November 30, 2003
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ---------------------------------------------------------------------------------------------------------------------
Assets
Investments, at market value (cost
$128,437,653, $459,758,016,
$247,987,647, $253,514,290,
$542,258,814 and $44,637,313,
respectively) $135,435,695 $485,604,736 $265,399,234 $266,172,837 $582,762,203 $47,520,024
Cash -- 405,266 484,394 14,127 2,322,267 466,753
Receivables:
Interest 2,024,342 6,354,979 3,313,206 4,107,993 10,174,596 868,670
Investments sold 1,750,531 5,100,000 2,000,000 797,309 1,020,000 --
Shares sold 168,144 299,755 52,953 72,073 515,884 65,271
Other assets 376 25,165 15,441 1,021 32,882 201
- ---------------------------------------------------------------------------------------------------------------------
Total assets 139,379,088 497,789,901 271,265,228 271,165,360 596,827,832 48,920,919
- ---------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 1,366,253 -- -- -- -- --
Payables:
Investments purchased -- -- 2,075,660 2,754,010 6,302,892 --
Shares redeemed 11,265 334,727 587,288 148,983 489,319 49,905
Accrued expenses:
Management fees 62,334 215,958 119,144 117,936 254,330 21,778
12b-1 distribution and service fees 41,660 115,126 65,236 60,733 109,540 12,914
Other 30,392 117,456 89,196 64,862 181,997 15,323
Dividends payable 485,391 1,854,139 1,016,878 943,139 2,289,898 162,642
- ---------------------------------------------------------------------------------------------------------------------
Total liabilities 1,997,295 2,637,406 3,953,402 4,089,663 9,627,976 262,562
- ---------------------------------------------------------------------------------------------------------------------
Net assets $137,381,793 $495,152,495 $267,311,826 $267,075,697 $587,199,856 $48,658,357
- ---------------------------------------------------------------------------------------------------------------------
Class A Shares
Net assets $ 97,974,789 $424,737,542 $191,932,529 $232,023,946 $366,282,751 $38,927,822
Shares outstanding 9,381,101 38,015,809 16,229,893 21,004,542 31,823,623 3,738,279
Net asset value per share $ 10.44 $ 11.17 $ 11.83 $ 11.05 $ 11.51 $ 10.41
Offering price per share (net asset
value per share plus maximum sales
charge of 4.20% of offering price) $ 10.90 $ 11.66 $ 12.35 $ 11.53 $ 12.01 $ 10.87
- ---------------------------------------------------------------------------------------------------------------------
Class B Shares
Net assets $ 12,043,974 $ 21,585,348 $ 10,931,887 $ 11,320,403 $ 27,167,874 $ 4,797,659
Shares outstanding 1,161,761 1,931,413 922,875 1,024,329 2,363,304 459,618
Net asset value and offering price per
share $ 10.37 $ 11.18 $ 11.85 $ 11.05 $ 11.50 $ 10.44
- ---------------------------------------------------------------------------------------------------------------------
Class C Shares
Net assets $ 26,234,374 $ 47,648,805 $ 40,393,721 $ 23,208,050 $ 47,179,050 $ 4,754,498
Shares outstanding 2,508,885 4,268,590 3,419,354 2,101,953 4,106,180 455,374
Net asset value and offering price per
share $ 10.46 $ 11.16 $ 11.81 $ 11.04 $ 11.49 $ 10.44
- ---------------------------------------------------------------------------------------------------------------------
Class R Shares
Net assets $ 1,128,656 $ 1,180,800 $ 24,053,689 $ 523,298 $146,570,181 $ 178,378
Shares outstanding 107,580 105,839 2,033,516 47,315 12,746,405 17,057
Net asset value and offering price per
share $ 10.49 $ 11.16 $ 11.83 $ 11.06 $ 11.50 $ 10.46
- ---------------------------------------------------------------------------------------------------------------------
Net Assets Consist of:
- ---------------------------------------------------------------------------------------------------------------------------
Capital paid-in $133,377,343 $469,572,995 $247,196,766 $256,539,514 $550,046,909 $46,675,245
Undistributed (Over-distribution of) (158,210)
net investment income (119,711) 72,852 (332,312) 61,804 (17,870)
Accumulated net realized gain (loss) (2,835,382)
from investments (147,509) 2,630,621 (1,790,052) (3,412,246) (881,729)
Net unrealized appreciation of 6,998,042
investments 25,846,720 17,411,587 12,658,547 40,503,389 2,882,711
- ---------------------------------------------------------------------------------------------------------------------------
Net assets $137,381,793 $495,152,495 $267,311,826 $267,075,697 $587,199,856 $48,658,357
- ---------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
48
Statement of Operations (Unaudited)
Six Months Ended November 30, 2003
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ------------------------------------------------------------------------------------------------------------------------
Investment Income $ 3,679,003 $13,509,102 $ 7,538,429 $ 7,089,173 $ 16,422,518 $ 1,255,431
- ------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees 381,409 1,316,313 737,697 717,285 1,569,079 136,615
12b-1 service fees - Class A 99,863 421,631 194,654 229,331 368,439 39,797
12b-1 distribution and service fees -
Class B 57,845 100,346 52,241 54,944 130,001 24,493
12b-1 distribution and service fees -
Class C 96,596 182,291 158,300 85,808 177,279 17,057
Shareholders' servicing agent fees and
expenses 39,857 124,834 82,038 65,617 185,862 13,787
Custodian's fees and expenses 22,761 63,409 40,786 41,056 69,140 13,411
Trustees' fees and expenses 1,091 3,836 2,319 2,068 4,412 452
Professional fees 5,629 12,951 8,709 8,499 19,736 4,050
Shareholders' reports - printing and
mailing expenses 17,046 35,794 34,621 25,708 82,701 7,262
Federal and state registration fees 2,046 -- 5,666 4,161 5,265 3,960
Other expenses 2,627 9,445 5,796 4,984 14,226 1,121
- ------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 726,770 2,270,850 1,322,827 1,239,461 2,626,140 262,005
Custodian fee credit (5,764) (10,567) (6,119) (6,200) (3,576) (4,101)
- ------------------------------------------------------------------------------------------------------------------------
Net expenses 721,006 2,260,283 1,316,708 1,233,261 2,622,564 257,904
- ------------------------------------------------------------------------------------------------------------------------
Net investment income 2,957,997 11,248,819 6,221,721 5,855,912 13,799,954 997,527
- ------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss)
from Investments
Net realized gain (loss) from
investments (1,739,293) (1,835,455) 60,997 (154,516) 186,618 11,902
Net change in unrealized appreciation
(depreciation) of investments (2,496,761) (5,697,517) (7,810,596) (5,888,258) (14,585,959) (1,099,367)
- ------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (4,236,054) (7,532,972) (7,749,599) (6,042,774) (14,399,341) (1,087,465)
- ------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations $(1,278,057) $ 3,715,847 $(1,527,878) $ (186,862) $ (599,387) $ (89,938)
- ------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
49
Statement of Changes in Net Assets (Unaudited)
Kansas Kentucky
------------------------------ ------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/03 5/31/03 11/30/03 5/31/03
- --------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 2,957,997 $ 5,907,144 $11,248,819 $ 22,632,364
Net realized gain (loss) from
investments (1,739,293) 158,850 (1,835,455) 2,114,527
Net change in unrealized appreciation
(depreciation) of investments (2,496,761) 6,480,501 (5,697,517) 16,859,562
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (1,278,057) 12,546,495 3,715,847 41,606,453
- --------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (2,254,629) (4,628,215) (10,089,382) (20,028,647)
Class B (230,747) (452,354) (424,336) (762,133)
Class C (513,670) (841,745) (1,035,070) (1,946,364)
Class R (28,564) (67,888) (28,704) (51,875)
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 (3,027,610) (5,990,202) (11,577,492) (23,124,602)
- --------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 8,919,729 23,090,960 23,381,394 50,759,048
Net proceeds from shares issued to
shareholders due
to reinvestment of distributions 1,507,117 2,915,310 5,491,944 11,151,301
- --------------------------------------------------------------------------------------------------------
10,426,846 26,006,270 28,873,338 61,910,349
Cost of shares redeemed (10,833,147) (15,507,694) (25,213,596) (47,280,723)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions (406,301) 10,498,576 3,659,742 14,629,626
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (4,711,968) 17,054,869 (4,201,903) 33,111,477
Net assets at the beginning of period 142,093,761 125,038,892 499,354,398 466,242,921
- --------------------------------------------------------------------------------------------------------
Net assets at the end of period $137,381,793 $142,093,761 $495,152,495 $499,354,398
- --------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
net investment income at the end of
period $ (158,210) $ (88,597) $ (119,711) $ 208,962
- --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
50
Michigan Missouri
------------------------------ ------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/03 5/31/03 11/30/03 5/31/03
- --------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 6,221,721 $ 12,881,062 $ 5,855,912 $ 11,659,089
Net realized gain (loss) from
investments 60,997 2,802,585 (154,516) 117,007
Net change in unrealized appreciation
(depreciation) of investments (7,810,596) 11,764,886 (5,888,258) 11,511,004
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (1,527,878) 27,448,533 (186,862) 23,287,100
- --------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (4,594,916) (9,642,292) (5,173,566) (10,568,434)
Class B (217,342) (407,534) (216,997) (431,777)
Class C (880,562) (1,748,339) (451,148) (919,808)
Class R (596,243) (1,207,750) (12,120) (25,536)
From accumulated net realized gains
from investment transactions:
Class A -- (124,373) -- --
Class B -- (6,398) -- --
Class C -- (26,125) -- --
Class R -- (15,064) -- --
- --------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (6,289,063) (13,177,875) (5,853,831) (11,945,555)
- --------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 10,856,917 23,926,058 15,304,030 37,213,355
Net proceeds from shares issued to
shareholders due to reinvestment of
distributions 2,328,355 4,784,615 2,615,958 5,035,402
- --------------------------------------------------------------------------------------------------------
13,185,272 28,710,673 17,919,988 42,248,757
Cost of shares redeemed (22,530,816) (35,934,398) (14,581,558) (21,376,429)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions (9,345,544) (7,223,725) 3,338,430 20,872,328
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (17,162,485) 7,046,933 (2,702,263) 32,213,873
Net assets at the beginning of period 284,474,311 277,427,378 269,777,960 237,564,087
- --------------------------------------------------------------------------------------------------------
Net assets at the end of period $267,311,826 $284,474,311 $267,075,697 $269,777,960
- --------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
net investment income at the end of
period $ 72,852 $ 140,194 $ (332,312) $ (334,393)
Michigan
- --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
51
Statement of Changes in Net Assets (Unaudited) (continued)
Ohio Wisconsin
------------------------------ -----------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/03 5/31/03 11/30/03 5/31/03
- -------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 13,799,954 $ 28,122,835 $ 997,527 $ 2,055,274
Net realized gain (loss) from 1,268,680 11,902 (213,617)
investments 186,618
Net change in unrealized appreciation 31,686,941 (1,099,367) 2,623,140
(depreciation) of investments (14,585,959)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (599,387) 61,078,456 (89,938) 4,464,797
- -------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (8,721,098) (17,957,323) (855,747) (1,758,397)
Class B (547,728) (993,978) (91,870) (197,486)
Class C (998,711) (2,010,781) (84,442) (139,711)
Class R (3,662,413) (7,473,631) (3,929) (5,832)
From accumulated net realized gains
from investment transactions:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class R -- -- -- --
- -------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (13,929,950) (28,435,713) (1,035,988) (2,101,426)
- -------------------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from sale of shares 16,020,159 44,313,612 3,444,740 7,418,035
Net proceeds from shares issued to
shareholders due to reinvestment of
distributions 6,595,522 13,425,680 624,523 1,257,045
- -------------------------------------------------------------------------------------------------------
22,615,681 57,739,292 4,069,263 8,675,080
Cost of shares redeemed (40,365,479) (65,962,814) (7,316,979) (6,808,683)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions (17,749,798) (8,223,522) (3,247,716) 1,866,397
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (32,279,135) 24,419,221 (4,373,642) 4,229,768
Net assets at the beginning of period 619,478,991 595,059,770 53,031,999 48,802,231
- -------------------------------------------------------------------------------------------------------
Net assets at the end of period $587,199,856 $619,478,991 $48,658,357 $53,031,999
- -------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
net investment income at the end
of period $ 61,804 $ 191,800 $ (17,870) $ 20,591
- -------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
52
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
The Nuveen Multistate Trust IV (the "Trust") is an open-end investment company
registered under the Investment Company Act of 1940, as amended. The Trust
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, evaluations
of anticipated cash flows or collateral 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 November 30,
2003, Michigan, Missouri and Ohio had outstanding when-issued purchase
commitments of $2,075,660, $2,754,010 and $6,302,892, respectively. There were
no such outstanding purchase commitments in Kansas, Kentucky, or Wisconsin.
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.
- ----
53
Notes to Financial Statements (Unaudited) (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 six months ended November 30, 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 six months ended
November 30, 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
--------------------------------------------------
Six Months Ended Year Ended
11/30/03 5/31/03
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Shares sold:
Class A 428,102 $ 4,474,902 1,063,903 $ 11,127,933
Class B 39,606 412,368 261,424 2,722,034
Class C 381,420 3,993,198 862,578 9,029,763
Class R 3,847 39,261 20,017 211,230
Shares issued to shareholders due to
reinvestment of distributions:
Class A 106,296 1,109,339 213,938 2,232,298
Class B 9,991 103,495 20,670 214,205
Class C 27,918 291,589 44,657 466,919
Class R 257 2,694 180 1,888
- --------------------------------------------------------------------------------------------
997,437 10,426,846 2,487,367 26,006,270
- --------------------------------------------------------------------------------------------
Shares redeemed:
Class A (713,933) (7,458,169) (1,122,005) (11,705,711)
Class B (85,050) (869,574) (87,869) (908,480)
Class C (223,768) (2,321,471) (233,992) (2,447,500)
Class R (17,628) (183,933) (42,271) (446,003)
- --------------------------------------------------------------------------------------------
(1,040,379) (10,833,147) (1,486,137) (15,507,694)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (42,942) $ (406,301) 1,001,230 $ 10,498,576
- --------------------------------------------------------------------------------------------
Kentucky
--------------------------------------------------
Six Months Ended Year Ended
11/30/03 5/31/03
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Shares sold:
Class A 1,623,696 $ 18,084,400 2,987,211 $ 33,128,568
Class B 141,682 1,568,170 429,304 4,755,279
Class C 332,654 3,715,373 1,153,800 12,772,504
Class R 1,210 13,451 9,266 102,697
Shares issued to shareholders due to
reinvestment of distributions:
Class A 425,935 4,724,156 881,467 9,748,497
Class B 20,731 229,943 36,069 399,076
Class C 46,469 514,866 86,797 959,216
Class R 2,075 22,979 4,032 44,512
- --------------------------------------------------------------------------------------------
2,594,452 28,873,338 5,587,946 61,910,349
- --------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,644,387) (18,177,709) (3,595,606) (39,730,221)
Class B (99,359) (1,099,901) (135,981) (1,503,715)
Class C (537,614) (5,926,229) (547,753) (6,046,787)
Class R (899) (9,757) -- --
- --------------------------------------------------------------------------------------------
(2,282,259) (25,213,596) (4,279,340) (47,280,723)
- --------------------------------------------------------------------------------------------
Net increase 312,193 $ 3,659,742 1,308,606 $ 14,629,626
- --------------------------------------------------------------------------------------------
- ----
55
Michigan
--------------------------------------------------
Six Months Ended Year Ended
11/30/03 5/31/03
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Shares sold:
Class A 651,923 $ 7,679,327 1,147,174 $ 13,590,360
Class B 55,371 657,134 191,037 2,263,633
Class C 181,335 2,147,094 613,129 7,268,172
Class R 31,260 373,362 68,242 803,893
Shares issued to shareholders due to
reinvestment of distributions:
Class A 134,391 1,586,824 275,851 3,261,898
Class B 6,435 76,065 11,689 138,439
Class C 22,726 267,983 47,722 563,598
Class R 33,656 397,483 69,386 820,680
- --------------------------------------------------------------------------------------------
1,117,097 13,185,272 2,424,230 28,710,673
- --------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,390,974) (16,376,261) (2,403,385) (28,411,154)
Class B (57,065) (669,670) (81,059) (960,241)
Class C (382,778) (4,503,597) (421,866) (4,999,002)
Class R (83,330) (981,288) (131,775) (1,564,001)
- --------------------------------------------------------------------------------------------
(1,914,147) (22,530,816) (3,038,085) (35,934,398)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (797,050) $ (9,345,544) (613,855) $ (7,223,725)
- --------------------------------------------------------------------------------------------
Missouri
--------------------------------------------------
Six Months Ended Year Ended
11/30/03 5/31/03
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Shares sold:
Class A 1,222,123 $ 13,373,377 2,629,463 $ 28,861,715
Class B 53,962 595,769 306,097 3,367,562
Class C 122,147 1,334,884 453,975 4,984,078
Class R -- -- -- --
Shares issued to shareholders due to
reinvestment of distributions:
Class A 213,873 2,348,581 413,086 4,534,618
Class B 9,940 109,203 17,952 197,082
Class C 14,254 156,550 27,386 300,388
Class R 148 1,624 302 3,314
- --------------------------------------------------------------------------------------------
1,636,447 17,919,988 3,848,261 42,248,757
- --------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,139,482) (12,457,993) (1,563,588) (17,165,813)
Class B (93,339) (1,021,121) (111,014) (1,216,887)
Class C (100,775) (1,102,444) (272,997) (2,993,729)
Class R -- -- -- --
- --------------------------------------------------------------------------------------------
(1,333,596) (14,581,558) (1,947,599) (21,376,429)
- --------------------------------------------------------------------------------------------
Net increase 302,851 $ 3,338,430 1,900,662 $ 20,872,328
- --------------------------------------------------------------------------------------------
- ----
56
Notes to Financial Statements (Unaudited) (continued)
Ohio
--------------------------------------------------
Six Months Ended Year Ended
11/30/03 5/31/03
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------------
Shares sold:
Class A 994,793 $ 11,413,798 2,388,290 $ 27,234,695
Class B 113,622 1,310,445 520,124 5,932,156
Class C 237,435 2,706,463 619,754 7,076,225
Class R 51,563 589,453 358,046 4,070,536
Shares issued to shareholders due to reinvestment of
distributions:
Class A 301,796 3,448,581 625,025 7,115,671
Class B 17,558 200,365 30,778 350,186
Class C 33,722 384,880 69,847 794,388
Class R 224,391 2,561,696 454,082 5,165,435
- --------------------------------------------------------------------------------------------------------
1,974,880 22,615,681 5,065,946 57,739,292
- --------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (2,210,145) (25,130,354) (4,260,086) (48,660,023)
Class B (154,432) (1,750,942) (176,004) (1,989,404)
Class C (501,404) (5,730,559) (388,410) (4,420,801)
Class R (681,114) (7,753,624) (955,771) (10,892,586)
- --------------------------------------------------------------------------------------------------------
(3,547,095) (40,365,479) (5,780,271) (65,962,814)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) (1,572,215) $(17,749,798) (714,325) $ (8,223,522)
- --------------------------------------------------------------------------------------------------------
Wisconsin
--------------------------------------------
Six Months Ended Year Ended
11/30/03 5/31/03
--------------------- ---------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------
Shares sold:
Class A 235,083 $ 2,463,388 478,781 $ 4,961,350
Class B 26,768 282,402 73,841 769,287
Class C 66,592 696,905 156,529 1,621,327
Class R 188 2,045 6,385 66,071
Shares issued to shareholders due to reinvestment of
distributions:
Class A 49,454 512,540 101,556 1,048,681
Class B 5,186 53,990 11,032 114,246
Class C 5,210 54,069 8,551 88,556
Class R 377 3,924 536 5,562
- --------------------------------------------------------------------------------------------------
388,858 4,069,263 837,211 8,675,080
- --------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (533,194) (5,525,457) (559,306) (5,764,985)
Class B (131,781) (1,354,104) (39,206) (401,473)
Class C (42,403) (437,418) (62,106) (642,225)
Class R -- -- -- --
- --------------------------------------------------------------------------------------------------
(707,378) (7,316,979) (660,618) (6,808,683)
- --------------------------------------------------------------------------------------------------
Net increase (decrease) (318,520) $(3,247,716) 176,593 $ 1,866,397
- --------------------------------------------------------------------------------------------------
- ----
57
3. Securities Transactions
Purchases and sales (including maturities) of investments in long-term
municipal securities for the six months ended November 30, 2003, were as
follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ---------------------------------------------------------------------------------
Purchases $9,371,490 $56,331,857 $ 5,146,280 $21,405,545 $19,481,177 $1,749,533
Sales and
maturities 8,445,104 52,477,258 12,614,031 16,310,157 36,175,210 3,866,371
- ---------------------------------------------------------------------------------
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 November 30, 2003, the cost of investments were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ------------------------------------------------------------------------------------------------
Cost of investments $128,423,031 $459,562,646 $247,965,546 $253,468,845 $541,821,356 $44,622,136
- ------------------------------------------------------------------------------------------------
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 2003, were as follows:
Kansas Kentucky Michigan Missouri Ohio
- ------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $7,880,241 $28,208,833 $21,696,144 $14,531,328 $43,547,521
Depreciation (867,577) (2,166,743) (4,262,456) (1,827,336) (2,606,674)
- ------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $7,012,664 $26,042,090 $17,433,688 $12,703,992 $40,940,847
- ------------------------------------------------------------------------------------------------------------------------
Wisconsin
- ------------------------------------------------------
Gross unrealized:
Appreciation $3,217,410
Depreciation (319,522)
- ------------------------------------------------------
Net unrealized appreciation of investments $2,897,888
- ------------------------------------------------------
The tax components of undistributed net investment income and net realized
gains at May 31, 2003, the Funds' last fiscal year end, 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 year ended May 31,
2003, the Funds' last fiscal year end, 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 -- -- --
- ----------------------------------------------------------------------------------------------------------------------
*Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At May 31, 2003, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
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 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 treated $224,981 of post-October
losses as having arisen on the first day of the current fiscal year.
- ----
58
Notes to Financial Statements (Unaudited) (continued)
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., 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 six months ended November 30, 2003, Nuveen Investments, LLC (the
"Distributor"), 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 $112,850 $524,372 $121,254 $210,161 $226,171 $65,900
Paid to authorized dealers 97,218 457,878 108,568 183,024 199,607 57,132
- ---------------------------------------------------------------------------------
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 six months ended November 30, 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 $61,024 $132,778 $73,165 $59,941 $78,388 $18,488
------------------------------------------------------------------------
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 six months
ended November 30, 2003, the Distributor retained such 12b-1 fees as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-------------------------------------------------------------------------
12b-1 fees retained $78,787 $115,821 $71,343 $60,271 $133,013 $26,428
-------------------------------------------------------------------------
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 six months ended November 30, 2003, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
------------------------------------------------------------------
CDSC retained $19,196 $28,052 $12,802 $30,854 $31,431 $36,368
------------------------------------------------------------------
- ----
59
6. Subsequent Event - Distributions to Shareholders
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on December 29, 2003, to shareholders of record on
December 9, 2003, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-------------------------------------------------------------
Dividend
per
share:
Class A $.0375 $.0425 $.0455 $.0400 $.0450 $.0360
Class B .0310 .0355 .0380 .0330 .0380 .0300
Class C .0330 .0375 .0400 .0350 .0400 .0315
Class R .0395 .0440 .0475 .0415 .0470 .0380
-------------------------------------------------------------
The following Funds also declared capital gain and net ordinary income
distributions, which were paid on December 3, 2003, to shareholders of record
on December 1, 2003, as follows:
Kentucky Michigan Ohio Wisconsin
------------------------------------------------
Capital
gain
distribution
per share $.0381 $.1224 $ -- $ --
Net
ordinary
income
distribution
per
share* .0015 .0035 .0002 .0003
------------------------------------------------
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
- ----
60
Notes to Financial Statements (Unaudited) (continued)
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ---------------------- --------
KANSAS
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending Ending
Net Invest- ment Invest- Net Net
Asset ment Gain ment Capital Asset Total Assets
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000)
- ----------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------
Class A (1/92)
2004(e) $10.77 $.23 $(.32) $(.09) $(.24) $-- $(.24) $10.44 (.85)% $ 97,975
2003 10.25 .48 .52 1.00 (.48) -- (.48) 10.77 10.03 102,938
2002 10.16 .50 .10 .60 (.51) -- (.51) 10.25 6.06 96,411
2001 9.54 .51 .62 1.13 (.51) -- (.51) 10.16 12.02 91,062
2000 10.49 .50 (.96) (.46) (.49) -- (.49) 9.54 (4.38) 86,460
1999 10.60 .51 (.11) .40 (.51) -- (.51) 10.49 3.81 113,140
Class B (2/97)
2004(e) 10.69 .19 (.31) (.12) (.20) -- (.20) 10.37 (1.14) 12,044
2003 10.18 .40 .52 .92 (.41) -- (.41) 10.69 9.18 12,797
2002 10.09 .42 .11 .53 (.44) -- (.44) 10.18 5.30 10,210
2001 9.48 .44 .61 1.05 (.44) -- (.44) 10.09 11.17 6,851
2000 10.43 .42 (.95) (.53) (.42) -- (.42) 9.48 (5.14) 5,361
1999 10.54 .43 (.11) .32 (.43) -- (.43) 10.43 3.07 6,497
Class C (2/97)
2004(e) 10.78 .20 (.31) (.11) (.21) -- (.21) 10.46 (1.01) 26,234
2003 10.27 .42 .52 .94 (.43) -- (.43) 10.78 9.35 25,049
2002 10.17 .44 .12 .56 (.46) -- (.46) 10.27 5.60 16,943
2001 9.56 .46 .61 1.07 (.46) -- (.46) 10.17 11.29 6,359
2000 10.51 .45 (.96) (.51) (.44) -- (.44) 9.56 (4.89) 5,633
1999 10.63 .45 (.11) .34 (.46) -- (.46) 10.51 3.18 6,171
Class R (2/97)
2004(e) 10.82 .24 (.32) (.08) (.25) -- (.25) 10.49 (.73) 1,129
2003 10.30 .50 .53 1.03 (.51) -- (.51) 10.82 10.23 1,310
2002 10.20 .53 .11 .64 (.54) -- (.54) 10.30 6.38 1,475
2001 9.59 .54 .60 1.14 (.53) -- (.53) 10.20 12.12 1,967
2000 10.55 .52 (.96) (.44) (.52) -- (.52) 9.59 (4.22) 1,360
1999 10.66 .54 (.11) .43 (.54) -- (.54) 10.55 4.06 679
- ----------------------------------------------------------------------------------------------------------------------------
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
to to to to to to
Average Average Average Average Average Average Portfolio
Net Net Net Net Net Net Turnover
Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate
- ----------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------
Class A (1/92)
2004(e) .88%* 4.40%* .88%* 4.40%* .87%* 4.41%* 6%
2003 .88 4.57 .88 4.57 .87 4.58 12
2002 .90 4.90 .90 4.90 .89 4.91 17
2001 .90 5.13 .90 5.13 .89 5.14 18
2000 1.01 5.04 1.01 5.05 1.00 5.06 54
1999 .90 4.63 .76 4.78 .75 4.78 27
Class B (2/97)
2004(e) 1.62* 3.65* 1.62* 3.65* 1.62* 3.66* 6
2003 1.63 3.81 1.63 3.81 1.62 3.82 12
2002 1.65 4.13 1.65 4.13 1.64 4.15 17
2001 1.65 4.38 1.65 4.38 1.64 4.39 18
2000 1.77 4.31 1.77 4.31 1.76 4.32 54
1999 1.65 3.89 1.51 4.03 1.51 4.03 27
Class C (2/97)
2004(e) 1.43* 3.85* 1.43* 3.85* 1.42* 3.86* 6
2003 1.43 4.01 1.43 4.01 1.42 4.02 12
2002 1.44 4.31 1.44 4.31 1.43 4.32 17
2001 1.45 4.58 1.45 4.58 1.44 4.59 18
2000 1.57 4.51 1.56 4.51 1.56 4.52 54
1999 1.45 4.10 1.32 4.23 1.32 4.23 27
Class R (2/97)
2004(e) .68* 4.60* .68* 4.60* .67* 4.61* 6
2003 .68 4.77 .68 4.77 .67 4.78 12
2002 .70 5.12 .70 5.12 .69 5.13 17
2001 .69 5.33 .69 5.33 .68 5.34 18
2000 .85 5.32 .85 5.32 .84 5.33 54
1999 .70 4.87 .59 4.97 .59 4.97 27
- ----------------------------------------------------------------------------------------------------------
* Annualized.
(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.
(e) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
- ----
61
Selected data for a share outstanding throughout each
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------- ---------
KENTUCKY
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending Ending
Net Invest- ment Invest- Net Net
Asset ment Gain ment Capital Asset Total Assets
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000)
- -----------------------------------------------------------------------------------------------------------------------------
Class A (5/87)
2004(e) $11.35 $.26 $(.17) $ .09 $(.27) $ -- $(.27) $11.17 .88% $ 424,738
2003 10.92 .53 .44 .97 (.53) (.01) (.54) 11.35 9.03 426,782
2002 10.80 .54 .12 .66 (.54) -- (.54) 10.92 6.22 407,706
2001 10.30 .55 .50 1.05 (.55) -- (.55) 10.80 10.40 403,793
2000 11.22 .55 (.92) (.37) (.55) -- (.55) 10.30 (3.27) 394,048
1999 11.39 .56 (.15) .41 (.56) (.02) (.58) 11.22 3.66 467,127
Class B (2/97)
2004(e) 11.35 .22 (.17) .05 (.22) -- (.22) 11.18 .59 21,585
2003 10.92 .45 .44 .89 (.45) (.01) (.46) 11.35 8.21 21,206
2002 10.80 .46 .12 .58 (.46) -- (.46) 10.92 5.42 16,808
2001 10.30 .47 .51 .98 (.48) -- (.48) 10.80 9.60 12,977
2000 11.22 .47 (.92) (.45) (.47) -- (.47) 10.30 (3.99) 10,148
1999 11.39 .48 (.15) .33 (.48) (.02) (.50) 11.22 2.90 9,923
Class C (10/93)
2004(e) 11.34 .23 (.17) .06 (.24) -- (.24) 11.16 .61 47,649
2003 10.91 .47 .44 .91 (.47) (.01) (.48) 11.34 8.45 50,194
2002 10.79 .48 .12 .60 (.48) -- (.48) 10.91 5.64 40,746
2001 10.29 .49 .50 .99 (.49) -- (.49) 10.79 9.80 35,770
2000 11.21 .50 (.93) (.43) (.49) -- (.49) 10.29 (3.82) 31,078
1999 11.38 .50 (.15) .35 (.50) (.02) (.52) 11.21 3.12 37,246
Class R (2/97)
2004(e) 11.33 .27 (.17) .10 (.27) -- (.27) 11.16 1.06 1,181
2003 10.90 .55 .44 .99 (.55) (.01) (.56) 11.33 9.23 1,172
2002 10.78 .57 .11 .68 (.56) -- (.56) 10.90 6.40 983
2001 10.27 .57 .51 1.08 (.57) -- (.57) 10.78 10.72 889
2000 11.20 .57 (.93) (.36) (.57) -- (.57) 10.27 (3.18) 842
1999 11.37 .58 (.15) .43 (.58) (.02) (.60) 11.20 3.89 839
- -----------------------------------------------------------------------------------------------------------------------------
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
to to to to to to
Average Average Average Average Average Average Portfolio
Net Net Net Net Net Net Turnover
Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate
- ----------------------------------------------------------------------------------------------------------
Class A (5/87)
2004(e) .83%* 4.64%* .83%* 4.64%* .83%* 4.64%* 11%
2003 .84 4.79 .84 4.79 .83 4.79 14
2002 .85 4.99 .85 4.99 .84 5.00 14
2001 .87 5.11 .87 5.11 .85 5.13 14
2000 .96 5.23 .96 5.23 .96 5.23 7
1999 .84 4.88 .82 4.90 .82 4.90 10
Class B (2/97)
2004(e) 1.58* 3.89* 1.58* 3.89* 1.58* 3.89* 11
2003 1.59 4.04 1.59 4.04 1.58 4.04 14
2002 1.59 4.24 1.59 4.24 1.58 4.25 14
2001 1.62 4.36 1.62 4.36 1.60 4.38 14
2000 1.72 4.48 1.72 4.48 1.72 4.48 7
1999 1.59 4.13 1.57 4.15 1.56 4.16 10
Class C (10/93)
2004(e) 1.38* 4.09* 1.38* 4.09* 1.38* 4.09* 11
2003 1.39 4.24 1.39 4.24 1.38 4.24 14
2002 1.40 4.44 1.40 4.44 1.39 4.45 14
2001 1.42 4.56 1.42 4.56 1.40 4.58 14
2000 1.51 4.68 1.51 4.68 1.51 4.68 7
1999 1.39 4.33 1.37 4.36 1.37 4.36 10
Class R (2/97)
2004(e) .63* 4.84* .63* 4.84* .63* 4.84* 11
2003 .64 4.99 .64 4.99 .63 4.99 14
2002 .65 5.19 .65 5.19 .64 5.20 14
2001 .67 5.31 .67 5.31 .65 5.33 14
2000 .77 5.43 .77 5.43 .77 5.43 7
1999 .64 5.08 .62 5.10 .62 5.11 10
- ----------------------------------------------------------------------------------------------------------
* Annualized.
(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.
(e) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
- ----
62
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------- --------
MICHIGAN
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending Ending
Net Invest- ment Invest- Net Net
Asset ment Gain ment Capital Asset Total Assets
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000)
- -----------------------------------------------------------------------------------------------------------------------------
Class A (6/85)
2004(e) $12.16 $.28 $ (.33) $(.05) $(.28) $ -- $(.28) $11.83 (.39)% $191,933
2003 11.55 .55 .63 1.18 (.56) (.01) (.57) 12.16 10.40 204,652
2002 11.39 .56 .20 .76 (.57) (.03) (.60) 11.55 6.70 205,808
2001 10.75 .58 .63 1.21 (.57) -- (.57) 11.39 11.45 211,992
2000 11.83 .58 (1.03) (.45) (.58) (.05) (.63) 10.75 (3.80) 208,290
1999 12.07 .60 (.18) .42 (.60) (.06) (.66) 11.83 3.45 260,396
Class B (2/97)
2004(e) 12.18 .23 (.33) (.10) (.23) -- (.23) 11.85 (.77) 10,932
2003 11.57 .46 .63 1.09 (.47) (.01) (.48) 12.18 9.56 11,179
2002 11.41 .48 .19 .67 (.48) (.03) (.51) 11.57 5.88 9,214
2001 10.77 .50 .63 1.13 (.49) -- (.49) 11.41 10.61 8,642
2000 11.85 .50 (1.03) (.53) (.50) (.05) (.55) 10.77 (4.52) 7,741
1999 12.09 .51 (.18) .33 (.51) (.06) (.57) 11.85 2.69 7,733
Class C (6/93)
2004(e) 12.14 .24 (.32) (.08) (.25) -- (.25) 11.81 (.67) 40,394
2003 11.54 .49 .61 1.10 (.49) (.01) (.50) 12.14 9.71 43,693
2002 11.38 .50 .19 .69 (.50) (.03) (.53) 11.54 6.11 38,763
2001 10.74 .52 .63 1.15 (.51) -- (.51) 11.38 10.84 36,123
2000 11.82 .52 (1.03) (.51) (.52) (.05) (.57) 10.74 (4.35) 35,678
1999 12.06 .53 (.18) .35 (.53) (.06) (.59) 11.82 2.90 48,946
Class R (2/97)
2004(e) 12.16 .29 (.33) (.04) (.29) -- (.29) 11.83 (.29) 24,054
2003 11.56 .58 .61 1.19 (.58) (.01) (.59) 12.16 10.53 24,951
2002 11.39 .59 .20 .79 (.59) (.03) (.62) 11.56 6.99 23,643
2001 10.75 .60 .63 1.23 (.59) -- (.59) 11.39 11.63 22,799
2000 11.83 .60 (1.03) (.43) (.60) (.05) (.65) 10.75 (3.62) 22,035
1999 12.07 .62 (.18) .44 (.62) (.06) (.68) 11.83 3.66 26,310
- -----------------------------------------------------------------------------------------------------------------------------
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
to to to to to to
Average Average Average Average Average Average Portfolio
Net Net Net Net Net Net Turnover
Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate
- ----------------------------------------------------------------------------------------------------------
Class A (6/85)
2004(e) .87%* 4.65%* .87%* 4.65%* .87%* 4.66%* 2%
2003 .86 4.67 .86 4.67 .86 4.67 10
2002 .87 4.86 .87 4.86 .87 4.86 19
2001 .87 5.15 .87 5.15 .86 5.16 11
2000 .97 5.22 .97 5.22 .96 5.22 28
1999 .84 4.94 .84 4.94 .84 4.94 18
Class B (2/97)
2004(e) 1.62* 3.91* 1.62* 3.91* 1.62* 3.91* 2
2003 1.61 3.91 1.61 3.91 1.61 3.92 10
2002 1.62 4.11 1.62 4.11 1.62 4.11 19
2001 1.62 4.40 1.62 4.40 1.61 4.41 11
2000 1.73 4.48 1.73 4.48 1.72 4.49 28
1999 1.60 4.20 1.60 4.20 1.60 4.20 18
Class C (6/93)
2004(e) 1.42* 4.10* 1.42* 4.10* 1.42* 4.11* 2
2003 1.41 4.12 1.41 4.12 1.41 4.12 10
2002 1.42 4.31 1.42 4.31 1.42 4.31 19
2001 1.42 4.60 1.42 4.60 1.41 4.61 11
2000 1.51 4.66 1.51 4.66 1.50 4.67 28
1999 1.39 4.39 1.39 4.39 1.39 4.39 18
Class R (2/97)
2004(e) .67* 4.85* .67* 4.85* .67* 4.86* 2
2003 .66 4.87 .66 4.87 .66 4.87 10
2002 .67 5.06 .67 5.06 .67 5.06 19
2001 .67 5.35 .67 5.35 .66 5.36 11
2000 .77 5.42 .77 5.42 .76 5.43 28
1999 .64 5.14 .64 5.14 .64 5.14 18
- ----------------------------------------------------------------------------------------------------------
* Annualized.
(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.
(e) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
- ----
63
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
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)
2004(e) $11.30 $.25 $(.25) $ -- $(.25) $ -- $(.25) $11.05 .02%
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)
2004(e) 11.30 .21 (.25) (.04) (.21) -- (.21) 11.05 (.36)
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)
2004(e) 11.29 .22 (.25) (.03) (.22) -- (.22) 11.04 (.26)
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)
2004(e) 11.31 .26 (.25) .01 (.26) -- (.26) 11.06 .10
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)
2004(e) $232,024 .86%* 4.49%* .86%* 4.49%* .85%* 4.50%* 6%
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)
2004(e) 11,320 1.60* 3.74* 1.60* 3.74* 1.60* 3.75* 6
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)
2004(e) 23,208 1.40* 3.95* 1.40* 3.95* 1.40* 3.95* 6
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)
2004(e) 523 .66* 4.69* .66* 4.69* .65* 4.70* 6
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
- --------------------------------------------------------------------------------------------------------------------------
* Annualized.
(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.
(e) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
- ----
64
Selected data for a share outstanding throughout each period:
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)
2004(e) $11.78 $.27 $(.27) $ -- $(.27) $ -- $(.27) $11.51 .05%
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)
2004(e) 11.77 .23 (.27) (.04) (.23) -- (.23) 11.50 (.32)
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)
2004(e) 11.76 .24 (.27) (.03) (.24) -- (.24) 11.49 (.21)
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)
2004(e) 11.77 .28 (.27) .01 (.28) -- (.28) 11.50 .15
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)
2004(e) $366,283 .86%* 4.68%* .86%* 4.68%* .86%* 4.69%* 3%
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)
2004(e) 27,168 1.61* 3.94* 1.61* 3.94* 1.60* 3.94* 3
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)
2004(e) 47,179 1.41* 4.14* 1.41* 4.14* 1.40* 4.14* 3
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)
2004(e) 146,570 .66* 4.88* .66* 4.88* .66* 4.88* 3
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
- --------------------------------------------------------------------------------------------------------------------------
* Annualized.
(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.
(e) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
- ----
65
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ---------------------- -------
WISCONSIN
Net
Realized/
Unrealized
Beginning Net Invest- Net Ending Ending
Net Invest- ment Invest- Net Net
Asset ment Gain ment Capital Asset Total Assets
Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000)
- --------------------------------------------------------------------------------------------------------------------------
Class A (6/94)
2004(e) $10.62 $.21 $(.20) $ .01 $(.22) $ -- $(.22) $10.41 .04% $38,928
2003 10.14 .43 .49 .92 (.44) -- (.44) 10.62 9.41 42,360
2002 9.97 .44 .17 .61 (.44) -- (.44) 10.14 6.26 40,199
2001 9.24 .45 .72 1.17 (.44) -- (.44) 9.97 12.84 30,944
2000 10.20 .44 (.95) (.51) (.44) (.01) (.45) 9.24 (5.04) 30,146
1999 10.28 .47 (.08) .39 (.47) -- (.47) 10.20 3.83 29,217
Class B (2/97)
2004(e) 10.65 .18 (.20) (.02) (.19) -- (.19) 10.44 (.21) 4,798
2003 10.17 .36 .49 .85 (.37) -- (.37) 10.65 8.53 5,960
2002 10.00 .37 .17 .54 (.37) -- (.37) 10.17 5.49 5,224
2001 9.27 .38 .72 1.10 (.37) -- (.37) 10.00 11.98 4,401
2000 10.23 .37 (.95) (.58) (.37) (.01) (.38) 9.27 (5.75) 3,977
1999 10.31 .39 (.08) .31 (.39) -- (.39) 10.23 3.05 3,795
Class C (2/97)
2004(e) 10.65 .19 (.21) (.02) (.19) -- (.19) 10.44 (.12) 4,754
2003 10.16 .38 .50 .88 (.39) -- (.39) 10.65 8.83 4,536
2002 10.00 .39 .16 .55 (.39) -- (.39) 10.16 5.58 3,282
2001 9.26 .40 .73 1.13 (.39) -- (.39) 10.00 12.31 5,408
2000 10.22 .39 (.95) (.56) (.39) (.01) (.40) 9.26 (5.56) 4,366
1999 10.30 .41 (.07) .34 (.42) -- (.42) 10.22 3.29 3,457
Class R (2/97)
2004(e) 10.67 .23 (.21) .02 (.23) -- (.23) 10.46 .25 178
2003 10.18 .46 .50 .96 (.47) -- (.47) 10.67 9.62 176
2002 10.02 .47 .16 .63 (.47) -- (.47) 10.18 6.36 97
2001 9.28 .47 .73 1.20 (.46) -- (.46) 10.02 13.10 51
2000 10.23 .46 (.94) (.48) (.46) (.01) (.47) 9.28 (4.73) 45
1999 10.31 .49 (.08) .41 (.49) -- (.49) 10.23 4.04 107
- --------------------------------------------------------------------------------------------------------------------------
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
to to to to to to
Average Average Average Average Average Average Portfolio
Net Net Net Net Net Net Turnover
Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate
- ----------------------------------------------------------------------------------------------------------
Class A (6/94)
2004(e) .92%* 4.11%* .92%* 4.11%* .91%* 4.13%* 4%
2003 .93 4.19 .93 4.19 .91 4.20 8
2002 .93 4.39 .93 4.39 .92 4.40 19
2001 .97 4.59 .97 4.59 .95 4.61 16
2000 1.14 4.50 1.02 4.62 1.01 4.63 26
1999 1.16 4.05 .68 4.53 .68 4.53 9
Class B (2/97)
2004(e) 1.67* 3.36* 1.67* 3.36* 1.66* 3.38* 4
2003 1.67 3.44 1.67 3.44 1.66 3.45 8
2002 1.68 3.65 1.68 3.65 1.67 3.66 19
2001 1.72 3.84 1.72 3.84 1.70 3.86 16
2000 1.89 3.75 1.76 3.87 1.75 3.88 26
1999 1.91 3.30 1.43 3.78 1.43 3.79 9
Class C (2/97)
2004(e) 1.47* 3.57* 1.47* 3.57* 1.46* 3.59* 4
2003 1.47 3.64 1.47 3.64 1.45 3.65 8
2002 1.51 3.85 1.51 3.85 1.49 3.86 19
2001 1.52 4.04 1.52 4.04 1.50 4.05 16
2000 1.69 3.95 1.57 4.07 1.56 4.08 26
1999 1.71 3.51 1.23 3.99 1.23 3.99 9
Class R (2/97)
2004(e) .73* 4.32* .73* 4.32* .71* 4.34* 4
2003 .72 4.39 .72 4.39 .70 4.41 8
2002 .73 4.60 .73 4.60 .72 4.62 19
2001 .77 4.79 .77 4.79 .75 4.80 16
2000 .92 4.67 .79 4.81 .78 4.82 26
1999 .96 4.26 .48 4.73 .48 4.74 9
- ----------------------------------------------------------------------------------------------------------
* Annualized.
(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.
(e) For the six months ended November 30, 2003.
See accompanying notes to financial statements.
- ----
66
Notes
- ----
67
Notes
- ----
68
- --------------------------------------------------------------------------------
Fund Information
================================================================================
Fund Manager Legal Counsel Transfer Agent and
Nuveen Advisory Corp. Chapman and Cutler LLP Shareholder Services
333 West Wacker Drive Chicago, IL 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.
================================================================================
Proxy Voting Policies and Procedures: A description of the policies and
procedures that the Funds use to determine how to vote proxies relating to
portfolio securities is available (i) without charge, upon request, by calling
Nuveen Investments at (800) 257-8787; and (ii) on the Commission's website at
http://www.sec.gov.
================================================================================
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.
- ----
69
- --------------------------------------------------------------------------------
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 $90 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
MSA-MS6-1103D
ITEM 2. CODE OF ETHICS.
Not applicable for this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable for this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to this registrant.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to this registrant.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable to this registrant.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable at this time.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c))) are effective, as of a date within 90 days of the filing date of
this report that includes the disclosure required by this paragraph, based on
their evaluation of the controls and procedures required by Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))
that occurred during the registrant's last fiscal half-year (the registrant's
second fiscal half-year in the case of an annual report) that has materially
affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS
File the exhibits listed below as part of this Form.
(a)(1) 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
because posted on registrant's website at www.nuveen.com/mf.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: EX-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable
to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 or Title 18 of
the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registration specifically incorporates it by
reference. 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
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date February 4, 2004
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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
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Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date February 4, 2004
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By (Signature and Title)* /s/ Stephen D. Foy
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Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date February 4, 2004
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* Print the name and title of each signing officer under his or her signature.