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 31
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Date of reporting period: November 30, 2004
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Nuveen Investments
Municipal Bond Funds
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Semiannual Report dated November
30, 2004
-----------------------------------
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
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------------------------------
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
[PHOTO]
Timothy R. Schwertfeger
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 long-term interest rates still relatively low, 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 helping to lower Fund expenses. 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 14, 2005
"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 Page 1
Portfolio Managers' Comments
Portfolio managers Scott Romans, Dan Solender, and Cathryn Steeves examine
key investment strategies and the performance of the Nuveen Kansas, Kentucky,
Michigan, Missouri, Ohio, and Wisconsin Municipal Bond Funds. Scott, who has
4 years of investment experience, began managing the Kansas, Missouri, and
Wisconsin Funds in 2003. Dan, with 17 years of investment experience, began
managing the Michigan Fund in 2003. Cathryn has 8 years of investment
experience and assumed primary management responsibility for the Kentucky and
Ohio Funds in August of 2004.
Effective January 1, 2005, Cathryn Steeves took over portfolio manager duties
for the Nuveen Michigan Municipal Bond Fund. The Fund will continue to
utilize a team approach. This does not change the Fund's investment
objectives, policies or day-to-day portfolio management practices.
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How did the Funds perform during the six months ended November 30, 2004?
The table on page 3 provides total return performance information for the six
Funds discussed in this report for the six-month, one-year, five-year and
ten-year periods ended November 30, 2004. Each Fund's total return performance
is compared with the national Lehman Brothers Municipal Bond Index, as well as
with its Lipper peer fund category average. The reasons for each Fund's
variance from the national Lehman Brothers Index and corresponding Lipper
category are discussed later in the report. Although we believe that comparing
the performance of a state Fund with that of a national municipal index may
offer some insights into how the Fund performed relative to the general
municipal market, we also think that closely comparing the results of state
Funds with a national average is difficult since most of the national index's
results come from out-of-state bonds.
Each Fund seeks to pay dividends at a rate that reflects the past and projected
performance of the Fund. To permit a Fund to maintain a more stable monthly
dividend, the Fund may pay dividends at a rate that may be more or less than
the amount of net investment income actually earned by the Fund during the
period. If the Fund has cumulatively earned more than it has paid in dividends,
it will hold the excess in reserve as undistributed net investment income
(UNII) as part of the Fund's net asset value. Conversely, if the Fund has
cumulatively paid in dividends more than it has earned, the excess will
constitute a negative UNII that will likewise be reflected in the Fund's net
asset value. Each Fund will, over time, pay all its net investment income as
dividends to shareholders. As of November 30, 2004, the Nuveen Kansas,
Kentucky, Michigan, Missouri, Ohio and Wisconsin Municipal Bond Funds had
negative UNII for financial statement purposes and positive UNII balances for
tax purposes.
What strategies were used to manage the Funds during the six months ended
November 30, 2004? How did these strategies influence performance throughout
the period?
All six Funds outperformed their Lipper peer group averages. Compared to the
national Lehman Brothers Municipal Bond Index, the Funds' results varied from
strong outperformance to modest underperformance. To varying degrees, each
portfolio benefited from being overweighted in lower-investment-grade
securities, especially BBB-rated and, to a lesser extent, nonrated bonds. Such
holdings enjoyed strong performance during the period as a growing economy and
strong investor demand led to declining credit spreads.
Our overall management approach was consistent across the six Funds, although
our ability to implement our strategy varied by state, depending on the
availability of suitable municipal securities. We sold longer bonds from the
portfolio, especially bonds with lower coupons. Such bonds are
================================================================================
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 Page 2
Class A Shares--
Total Returns as of 11/30/04
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Average Annual
Cumulative ---------------------
6-Month 1-Year 5-Year 10-Year
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Nuveen Kansas Municipal
Bond Fund
A Shares at NAV 4.58% 4.40% 6.30% 6.56%
A Shares at Offer 0.16% -0.01% 5.38% 6.11%
Lipper Kansas Municipal
Debt Funds Category
Average/1/ 2.64% 2.38% 5.24% 5.53%
Lehman Brothers Municipal
Bond Index/2/ 4.30% 4.07% 6.78% 7.16%
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Nuveen Kentucky Municipal
Bond Fund
A Shares at NAV 4.15% 4.16% 6.23% 6.51%
A Shares at Offer -0.25% -0.21% 5.32% 6.06%
Lipper Kentucky Municipal
Debt Funds Category
Average/1/ 3.75% 3.48% 5.33% 6.14%
Lehman Brothers Municipal
Bond Index/2/ 4.30% 4.07% 6.78% 7.16%
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Nuveen Michigan Municipal
Bond Fund
A Shares at NAV 4.29% 4.43% 6.43% 6.45%
A Shares at Offer -0.07% 0.03% 5.51% 5.99%
Lipper Michigan Municipal
Debt Funds Category
Average/1/ 3.50% 2.77% 5.78% 6.35%
Lehman Brothers Municipal
Bond Index/2/ 4.30% 4.07% 6.78% 7.16%
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Average Annual
Cumulative ---------------------
6-Month 1-Year 5-Year 10-Year
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Nuveen Missouri Municipal
Bond Fund
A Shares at NAV 4.38% 4.07% 6.18% 6.43%
A Shares at Offer 0.02% -0.27% 5.27% 5.97%
Lipper Missouri Municipal
Debt Funds Category
Average/1/ 3.65% 2.94% 5.90% 6.33%
Lehman Brothers Municipal
Bond Index/2/ 4.30% 4.07% 6.78% 7.16%
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Nuveen Ohio Municipal
Bond Fund
A Shares at NAV 4.75% 4.06% 6.12% 6.14%
A Shares at Offer 0.35% -0.27% 5.20% 5.68%
Lipper Ohio Municipal Debt
Funds Category Average/1/ 3.82% 3.04% 5.70% 6.17%
Lehman Brothers Municipal
Bond Index/2/ 4.30% 4.07% 6.78% 7.16%
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Nuveen Wisconsin
Municipal Bond Fund
A Shares at NAV 4.02% 3.64% 6.52% 6.35%
A Shares at Offer -0.39% -0.75% 5.61% 5.90%
Lipper Other States
Municipal Debt Funds
Category Average/1/ 3.22% 2.69% 5.55% 5.92%
Lehman Brothers Municipal
Bond Index/2/ 4.30% 4.07% 6.78% 7.16%
------------------------------------------------------------
Returns quoted represent past performance, which is no guarantee of future
results. Returns at NAV would be lower if the sales charge were included.
Returns less than one year are cumulative. Current performance may be higher or
lower than the performance shown. Investment returns and principal value will
fluctuate so that when shares are redeemed, they may be worth more or less than
their original cost. Class A shares have a 4.2% maximum sales charge. Returns
do not reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of shares. For the most recent month-end
performance, visit www.nuveen.com or call (800) 257-8787.
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relatively sensitive to changes in interest rates. Although these investments
generally performed well in response to falling rates during the period, we
redeployed investments to maturities that we believe offer better risk-return
characteristics.
For example, we preferred long-intermediate-term premium bonds, which,
depending on availability and the characteristics of each portfolio, meant
buying securities with maturities of anywhere from 10 to 23 years. The
long-intermediate part of the yield curve (the yield curve is a graphical
representation of bond yields of different maturities) represented the maturity
range that we believed offered our shareholders the most favorable balance of
performance potential and investment risk.
We also took advantage of the continued strong performance of lower-rated
credits. As these bonds
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1For each Fund, the Lipper category average shown represents the average
annualized total return for all reporting funds for the periods ended November
30, 2004. The Lipper categories contained 11, 11, 10 and 6 funds in the Lipper
Kansas Municipal Debt Funds Category, 17, 17, 16 and 7 funds in the Lipper
Kentucky Municipal Debt Funds Category, 37, 37, 35 and 24 funds in the Lipper
Michigan Municipal Debt Funds Category, 21, 21, 20 and 14 funds in the Lipper
Missouri Municipal Debt Funds Category, 43, 42, 37 and 27 funds in the Lipper
Ohio Municipal Debt Funds Category and 63, 63, 52 and 29 funds in the Lipper
Wisconsin Municipal Debt Funds Category for the respective six-month, one-,
five- and ten-year periods ended November 30, 2004. The returns account for
the effects of management fees and assume reinvestment of dividends, but do
not reflect any applicable sales charges. You cannot invest directly in a
Lipper Category.
2The 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 Page 3
have outperformed, and credit spreads (the difference in market yield between
highly-rated bonds and lower-rated bonds) are relatively tight by historical
measures, we believed that market conditions provided us with an opportune time
to lock in gains on lower-rated bonds while reducing the Funds' risk.
Accordingly, we sold some of the most concentrated positions in lower-grade
credits within the portfolios at favorable prices. Because of their higher
income streams, we did continue to emphasize a diversified exposure of
lower-rated bonds.
The Nuveen Kansas Municipal Bond Fund enjoyed strong relative total return at
NAV performance. The portfolio's somewhat long duration helped results during
the period. The Fund also benefited from the strong performance of lower-rated
credits. Heavy demand for these types of bonds not only contributed to returns
but also provided us with opportunities to sell bonds in whose long-term credit
prospects we no longer had sufficient confidence. For example, among the Fund's
strongest-performing bonds during the past six months were issued or backed by
American Airlines. We had serious questions about the airline sector's
financial health, particularly its over-reliance on debt, and the likelihood of
future market volatility. Despite these factors, the bonds performed quite well
during the period. We saw this strength as a window of opportunity to liquidate
most of our position, help reduce the Fund's credit risk, and reinvest the
proceeds in areas of the market that we believed offered better future
appreciation potential. (After the period ended, the remainder of the Fund's
stake in the American Airlines bonds was sold.) Market conditions also factored
into our decision to sell some of the Fund's healthcare revenue bonds issued
for Citizens Medical Center in Colby, Kansas, reducing risk, increasing
diversification, and capturing better value potential elsewhere in the market.
The Nuveen Kentucky Municipal Bond Fund benefited from its relatively long
duration, which helped total return performance as interest rates remained low
during the past six months. The portfolio also was overweighted in BBB-rated
bonds, which benefited from high investor demand. For example, the Fund saw
strong performance from its holdings in Bon Secours Health System revenue
bonds, maturing in 2030 and offering a coupon of 5.625 percent. Tobacco bonds,
which benefited from strong demand, also added to results. So did the
portfolio's zero-coupon and inverse-floating-rate bonds, which were greatly
helped by the favorable interest-rate environment. On the negative side, the
Fund was hurt by its holdings in short-term, high-income bonds that were held
during the reporting period. Although owning these securities for as long as
possible added to the Fund's income stream, they also detracted from
performance as interest rates on the short end of the yield curve rose and
corresponding prices dropped.
In the Kentucky Fund, we followed the same broad strategies as in the other
portfolios, including selling some of our longest bonds and replacing them with
intermediate bonds that we believed offered our shareholders better value
potential. We also bought some premium planned amortization class (PAC) housing
bonds that we expect to perform well in a rising rate environment. A PAC bond
is a type of mortgage security that repays its obligations at a fast rate.
Accordingly, these securities have very short durations, and our decision to
add them was part of our strategy to reduce the Fund's interest-rate risk.
In the Nuveen Michigan Municipal Bond Fund, we looked to invest in
premium-coupon defensive bond structures when we could identify suitable
opportunities. Often, this meant investing in the intermediate range of the
yield curve, where we believed the best values could be found. We also reduced
the Fund's exposure to very short and very long bonds. Although long bonds
outperformed during the past six months as interest rates remained low, we
continued to anticipate better future performance from intermediate bonds if
interest rates rise.
The Nuveen Michigan Municipal Bond Fund owned a number of bonds with near-term
call dates as well as pre-refunded securities; both contributed to the
portfolio's relatively short duration.
Semiannual Report Page 4
Although these bonds were hurt by rising short-term rates, we continued to hold
them as long as possible because of the high income they generated. The Fund
benefited from its exposure to lower-rated bonds, particularly in the
strong-performing healthcare sector. For example, the Fund's longtime holdings
in Detroit Medical Center rebounded significantly during the period. As with
the other portfolios, we looked for opportunities to reduce our exposure to
lower-rated credit positions that have experienced strong recent performance.
The Nuveen Missouri Municipal Bond Fund performed well as a result of positive
security selection and its weighting in lower-rated securities. The portfolio's
holdings in long-term care bonds, which significantly outperformed the general
market, also helped performance, as did being under-represented in industrial
development revenue bonds, a sector we were cautious about and that lagged the
market during the period. Particularly strong performers during the past six
months were Texas County Memorial Hospital revenue bonds. These bonds, which
offer coupon income of 7.25 percent, were advance refunded during the period,
resulting in a nearly 25 percent total return during the reporting period for
the securities. The Fund also benefited from holdings in American Airlines
bonds, which we described in our comments about the Kansas Fund. During the
period we sold most of the portfolio's position because of our questions about
airline industry credit. (After the period ended, the remainder of the Fund's
stake in the American Airlines bonds was sold.)
As part of our overall management strategy, consistent with that pursued in the
other Funds, we were fairly active in buying and selling new bonds during the
period. A notable example was our decision to add to our position in Freeman
Health System bonds. These bonds, providing coupon income of 5.50 percent and
maturing in 2029, met our goal of trying to add exposure to the uninsured
healthcare sector. We believed the securities were reasonably priced relative
to their risk. We also purchased continuing care retirement community (CCRC)
bonds for the Lutheran Senior Services Heisinger facility. Nuveen has a
dedicated research analyst devoted to the CCRC sector, providing us with added
confidence in the credit quality of these non-rated bonds.
The Nuveen Ohio Municipal Bond Fund enjoyed strong total returns during the
past six months, outpacing both its Lipper peer group average and the national
Lehman Brothers Municipal Bond Index. The Fund was helped by its weighting in
BBB-rated bonds, especially in the hospital sector, which enjoyed generally
strong performance during the past six months. Positions in certain industrial
development credits also helped performance, as did our holdings in tobacco
bonds because of the relative scarcity of high yield municipal paper and strong
demand. Investors perceived a declining litigation risk for tobacco companies,
whose revenues secure the bonds' income stream. By contrast, the Fund's
overweighting in bonds on the short end of the yield curve detracted from
performance; these securities were hurt as short-term rates rose in line with
the Fed's rate hikes. We continued to hold onto these bonds as long as possible
for the high income stream they provided.
As with the other Funds, we continued to favor high-grade premium-coupon
long-intermediate bonds. For example, we purchased additional credits issued by
Olentangy Local School District. The bonds mature in 2022 and provide coupons
of 5.25 percent. We also continued to take advantage of market conditions and
the strong demand for lower-rated securities to scale back concentrated
positions. By selling some of our holdings, we were able to add to the
portfolio's diversification and reinvest proceeds in securities we believed
offered better future value.
In the Nuveen Wisconsin Municipal Bond Fund, we continually looked for
opportunities to implement our desired management strategy, although finding
these opportunities can be challenging in a relatively small state with modest
fully-tax-exempt municipal issuance. However, during the past six months we
were more able than usual to identify suitable in-state bonds.
Semiannual Report Page 5
Accordingly, we sold some of the portfolio's territorial bond holdings and
invested in tax-exempt Wisconsin issues. Among the territorial bonds sold were
the American Airlines bonds described in the Kansas and Missouri Funds. The
sale of most of our holdings in this issue allowed us to lock in gains as well
as reinvest the proceeds in Wisconsin paper. (After the period ended, the
remainder of the Fund's stake in the American Airlines bonds was sold.)
Wisconsin bonds added during the period included a tax-increment finance bond
for Weston, Wisconsin. Although the bond was non-rated, the village has a
credit rating of A2, and the bonds offered an attractive level of income, in
our opinion. We also sold some of the Fund's pre-refunded Glendale, Wisconsin,
bonds with call dates of 2008, buying longer non-rated Glendale bonds in their
place. This transaction allowed us to maintain our exposure to the credit and
provide the Fund with upside potential if the bonds get pre-refunded.
The Wisconsin Fund benefited from its holdings in lower-rated bonds, which rose
as investor demand soared for higher-yielding, higher-risk securities. By
contrast, a large exposure to pre-refunded bonds was a detractor from
performance, as their short durations hurt performance as short-term interest
rates rose. A large exposure to multifamily housing bonds also detracted from
results; investors worried about these securities' prepayment risks.
Semiannual Report Page 6
Fund Spotlight as of 11/30/04 Nuveen Kansas Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
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NAV $10.44 $10.36 $10.45 $10.49
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Latest Monthly Dividend/1/ $0.0375 $0.0310 $0.0330 $0.0395
--------------------------------------------------------------
Inception Date 1/09/92 2/19/97 2/11/97 2/25/97
--------------------------------------------------------------
Returns quoted represent past performance which is no guarantee of future
results. Returns without sales charges would be lower if the sales charge were
included. Current performance may be higher or lower than the performance
shown. Investment returns and principal value will fluctuate so that when
shares are redeemed, they may be worth more or less than their original cost.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of shares. Income is generally exempt from
regular federal income taxes. Some income may be subject to state and local
taxes and to the federal alternative minimum tax. Capital gains, if any, are
subject to tax. For the most recent month-end performance visit www.nuveen.com
or call (800) 257-8787.
Class 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.
Average Annual Total Returns as of 11/30/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.40% -0.01%
-------------------------------------------
5-Year 6.30% 5.38%
-------------------------------------------
10-Year 6.56% 6.11%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.55% -0.44%
-------------------------------------------
5-Year 5.52% 5.36%
-------------------------------------------
10-Year 5.92% 5.92%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.76%
-------------------------------------------
5-Year 5.73%
-------------------------------------------
10-Year 6.06%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.62%
-------------------------------------------
5-Year 6.51%
-------------------------------------------
10-Year 6.79%
-------------------------------------------
Tax-Free Yields
A Shares NAV Offer
-------------------------------------------
Dividend Yield/2/ 4.31% 4.13%
-------------------------------------------
SEC 30-Day Yield/3/ 3.67% 3.52%
-------------------------------------------
Taxable-Equivalent Yield/4/ 5.44% 5.21%
-------------------------------------------
B Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.59%
-------------------------------------------
SEC 30-Day Yield/3/ 2.92%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.33%
-------------------------------------------
C Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.79%
-------------------------------------------
SEC 30-Day Yield/3/ 3.12%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.62%
-------------------------------------------
R Shares NAV
-------------------------------------------
Dividend Yield/2/ 4.52%
-------------------------------------------
SEC 30-Day Yield/3/ 3.87%
-------------------------------------------
Taxable-Equivalent Yield/4/ 5.73%
-------------------------------------------
Average Annual Total Returns as of 12/31/04
A Shares NAV Offer
-------------------------------------------
1-Year 5.29% 0.87%
-------------------------------------------
5-Year 6.92% 6.01%
-------------------------------------------
10-Year 6.42% 5.97%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 4.55% 0.55%
-------------------------------------------
5-Year 6.12% 5.97%
-------------------------------------------
10-Year 5.78% 5.78%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 4.75%
-------------------------------------------
5-Year 6.35%
-------------------------------------------
10-Year 5.91%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 5.61%
-------------------------------------------
5-Year 7.13%
-------------------------------------------
10-Year 6.65%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $127,923
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.63
---------------------------------------------------------
Average Duration 6.35
---------------------------------------------------------
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1Paid December 1, 2004. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2004.
2Dividend Yield is the most recent dividend per share (annualized) divided by
the appropriate price per share. The SEC 30-Day Yield is a standardized
measure of the current market yield on the fund's portfolio and is based on
the maximum offer price per share. The Dividend Yield also differs from the
SEC 30-Day Yield because a fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
3The SEC 30-Day Yield and Taxable Equivalent Yield on A Shares at NAV applies
only to A Shares purchased at no-load pursuant to the Fund's policy permitting
waiver of the A Share load in certain specified circumstances.
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%.
Semiannual Report Page 7
Fund Spotlight as of 11/30/04 Nuveen Kansas Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 57.5%
AA 19.1%
A 11.0%
BBB 6.6%
NR 5.5%
BB or Lower 0.3%
1As a percentage of total holdings as of November 30, 2004. Holdings are
subject to change.
Sectors/1/
Tax Obligation/Limited 27.7%
----------------------------
Healthcare 18.2%
----------------------------
Tax Obligation/General 15.5%
----------------------------
U.S. Guaranteed 8.1%
----------------------------
Water and Sewer 7.2%
----------------------------
Housing/Single Family 4.9%
----------------------------
Utilities 4.6%
----------------------------
Other 13.8%
----------------------------
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Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/04) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
- -----------------------------------------------------------------------------------------------------------------
Ending Account Value (11/30/04) $1,045.80 $1,042.30 $1,043.10 $1,047.80 $1,020.66 $1,016.90 $1,017.95 $1,021.66
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.51 $ 8.35 $ 7.27 $ 3.49 $ 4.46 $ 8.24 $ 7.18 $ 3.45
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .88%, 1.63%, 1.42% and .68% for Classes A, B, C and R,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report Page 8
Fund Spotlight as of 11/30/04 Nuveen Kentucky Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------------
NAV $11.08 $11.09 $11.07 $11.07
--------------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0410 $0.0340 $0.0355 $0.0425
--------------------------------------------------------------------
Latest Capital Gain and Ordinary
Income Distribution/2/ $0.0062 $0.0062 $0.0062 $0.0062
--------------------------------------------------------------------
Inception Date 5/04/87 2/05/97 10/04/93 2/07/97
--------------------------------------------------------------------
Returns quoted represent past performance which is no guarantee of future
results. Returns without sales charges would be lower if the sales charge were
included. Current performance may be higher or lower than the performance
shown. Investment returns and principal value will fluctuate so that when
shares are redeemed, they may be worth more or less than their original cost.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of shares. Income is generally exempt from
regular federal income taxes. Some income may be subject to state and local
taxes and to the federal alternative minimum tax. Capital gains, if any, are
subject to tax. For the most recent month-end performance visit www.nuveen.com
or call (800) 257-8787.
Class A and C share returns are actual. Class B 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 Class B) 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.
Average Annual Total Returns as of 11/30/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.16% -0.21%
-------------------------------------------
5-Year 6.23% 5.32%
-------------------------------------------
10-Year 6.51% 6.06%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.38% -0.59%
-------------------------------------------
5-Year 5.45% 5.29%
-------------------------------------------
10-Year 5.93% 5.93%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.60%
-------------------------------------------
5-Year 5.65%
-------------------------------------------
10-Year 5.94%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.34%
-------------------------------------------
5-Year 6.43%
-------------------------------------------
10-Year 6.66%
-------------------------------------------
Tax-Free Yields
A Shares NAV Offer
-------------------------------------------
Dividend Yield/3/ 4.44% 4.25%
-------------------------------------------
SEC 30-Day Yield/4/ 3.26% 3.12%
-------------------------------------------
Taxable-Equivalent Yield/5/ 4.83% 4.62%
-------------------------------------------
B Shares NAV
-------------------------------------------
Dividend Yield/3/ 3.68%
-------------------------------------------
SEC 30-Day Yield/4/ 2.51%
-------------------------------------------
Taxable-Equivalent Yield/5/ 3.72%
-------------------------------------------
C Shares NAV
-------------------------------------------
Dividend Yield/3/ 3.85%
-------------------------------------------
SEC 30-Day Yield/4/ 2.71%
-------------------------------------------
Taxable-Equivalent Yield/5/ 4.01%
-------------------------------------------
R Shares NAV
-------------------------------------------
Dividend Yield/3/ 4.61%
-------------------------------------------
SEC 30-Day Yield/4/ 3.46%
-------------------------------------------
Taxable-Equivalent Yield/5/ 5.13%
-------------------------------------------
Average Annual Total Returns as of 12/31/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.68% 0.29%
-------------------------------------------
5-Year 6.73% 5.83%
-------------------------------------------
10-Year 6.35% 5.89%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.80% -0.20%
-------------------------------------------
5-Year 5.94% 5.78%
-------------------------------------------
10-Year 5.77% 5.77%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 4.11%
-------------------------------------------
5-Year 6.15%
-------------------------------------------
10-Year 5.78%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.86%
-------------------------------------------
5-Year 6.94%
-------------------------------------------
10-Year 6.50%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $483,548
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.95
---------------------------------------------------------
Average Duration 5.59
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2004. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2004.
2Paid December 3, 2004. Capital gains and/or ordinary income are subject to
federal taxation.
3Dividend Yield is the most recent dividend per share (annualized) divided by
the appropriate price per share. The SEC 30-Day Yield is a standardized
measure of the current market yield on the fund's portfolio and is based on
the maximum offer price per share. The Dividend Yield also differs from the
SEC 30-Day Yield because a fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
4The SEC 30-Day Yield and Taxable Equivalent Yield on A Shares at NAV applies
only to A Shares purchased at no-load pursuant to the Fund's policy permitting
waiver of the A Share load in certain specified circumstances.
5The 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%.
Semiannual Report Page 9
Fund Spotlight as of 11/30/04 Nuveen Kentucky Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 63.2%
AA 10.8%
A 9.6%
BBB 13.6%
NR 1.6%
BB or Lower 1.2%
1As a percentage of total holdings as of November 30, 2004. Holdings are
subject to change.
Sectors/1/
Tax Obligation/Limited 33.2%
---------------------------------------
Healthcare 11.8%
---------------------------------------
U.S. Guaranteed 10.2%
---------------------------------------
Water and Sewer 8.5%
---------------------------------------
Utilities 7.8%
---------------------------------------
Transportation 5.4%
---------------------------------------
Education and Civic Organizations 4.8%
---------------------------------------
Housing/Single Family 4.1%
---------------------------------------
Other 14.2%
---------------------------------------
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/04) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
- -----------------------------------------------------------------------------------------------------------------
Ending Account Value (11/30/04) $1,041.50 $1,038.50 $1,038.70 $1,042.40 $1,020.91 $1,017.15 $1,018.15 $1,021.91
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.25 $ 8.07 $ 7.05 $ 3.23 $ 4.20 $ 7.99 $ 6.98 $ 3.19
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .83%, 1.58%, 1.38% and .63% for Classes A, B, C and R,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report Page 10
Fund Spotlight as of 11/30/04 Nuveen Michigan Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------------
NAV $11.68 $11.70 $11.67 $11.68
--------------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0415 $0.0340 $0.0360 $0.0435
--------------------------------------------------------------------
Latest Capital Gain and Ordinary
Income Distribution/2/ $0.0059 $0.0059 $0.0059 $0.0059
--------------------------------------------------------------------
Inception Date 6/27/85 2/03/97 6/22/93 2/03/97
--------------------------------------------------------------------
Returns quoted represent past performance which is no guarantee of future
results. Returns without sales charges would be lower if the sales charge were
included. Current performance may be higher or lower than the performance
shown. Investment returns and principal value will fluctuate so that when
shares are redeemed, they may be worth more or less than their original cost.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of shares. Income is generally exempt from
regular federal income taxes. Some income may be subject to state and local
taxes and to the federal alternative minimum tax. Capital gains, if any, are
subject to tax. For the most recent month-end performance visit www.nuveen.com
or call (800) 257-8787.
Class A and C share returns are actual. Class B 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 Class B) 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.
Average Annual Total Returns as of 11/30/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.43% 0.03%
-------------------------------------------
5-Year 6.43% 5.51%
-------------------------------------------
10-Year 6.45% 5.99%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.62% -0.33%
-------------------------------------------
5-Year 5.64% 5.47%
-------------------------------------------
10-Year 5.86% 5.86%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.93%
-------------------------------------------
5-Year 5.86%
-------------------------------------------
10-Year 5.88%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.64%
-------------------------------------------
5-Year 6.65%
-------------------------------------------
10-Year 6.61%
-------------------------------------------
Tax-Free Yields
A Shares NAV Offer
-------------------------------------------
Dividend Yield/3/ 4.26% 4.09%
-------------------------------------------
SEC 30-Day Yield/4/ 3.49% 3.34%
-------------------------------------------
Taxable-Equivalent Yield/5/ 5.06% 4.84%
-------------------------------------------
B Shares NAV
-------------------------------------------
Dividend Yield/3/ 3.49%
-------------------------------------------
SEC 30-Day Yield/4/ 2.74%
-------------------------------------------
Taxable-Equivalent Yield/5/ 3.97%
-------------------------------------------
C Shares NAV
-------------------------------------------
Dividend Yield/3/ 3.70%
-------------------------------------------
SEC 30-Day Yield/4/ 2.94%
-------------------------------------------
Taxable-Equivalent Yield/5/ 4.26%
-------------------------------------------
R Shares NAV
-------------------------------------------
Dividend Yield/3/ 4.47%
-------------------------------------------
SEC 30-Day Yield/4/ 3.69%
-------------------------------------------
Taxable-Equivalent Yield/5/ 5.35%
-------------------------------------------
Average Annual Total Returns as of 12/31/04
A Shares NAV Offer
-------------------------------------------
1-Year 5.54% 1.14%
-------------------------------------------
5-Year 7.01% 6.08%
-------------------------------------------
10-Year 6.35% 5.90%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 4.73% 0.73%
-------------------------------------------
5-Year 6.19% 6.03%
-------------------------------------------
10-Year 5.77% 5.77%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 4.96%
-------------------------------------------
5-Year 6.41%
-------------------------------------------
10-Year 5.77%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 5.76%
-------------------------------------------
5-Year 7.21%
-------------------------------------------
10-Year 6.51%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $250,378
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.40
---------------------------------------------------------
Average Duration 5.73
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2004. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2004.
2Paid December 3, 2004. Capital gains and/or ordinary income are subject to
federal taxation.
3Dividend Yield is the most recent dividend per share (annualized) divided by
the appropriate price per share. The SEC 30-Day Yield is a standardized
measure of the current market yield on the fund's portfolio and is based on
the maximum offer price per share. The Dividend Yield also differs from the
SEC 30-Day Yield because a fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
4The SEC 30-Day Yield and Taxable Equivalent Yield on A Shares at NAV applies
only to A Shares purchased at no-load pursuant to the Fund's policy permitting
waiver of the A Share load in certain specified circumstances.
5The 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%.
Semiannual Report Page 11
Fund Spotlight as of 11/30/04 Nuveen Michigan Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 73.1%
AA 11.5%
A 5.2%
BBB 5.3%
NR 1.9%
BB or Lower 3.0%
1As a percentage of total holdings as of November 30, 2004. Holdings are
subject to change.
Sectors/1/
Tax Obligation/General 29.2%
----------------------------
U.S. Guaranteed 19.3%
----------------------------
Tax Obligation/Limited 14.2%
----------------------------
Healthcare 12.1%
----------------------------
Water and Sewer 8.4%
----------------------------
Utilities 4.5%
----------------------------
Other 12.3%
----------------------------
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/04) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
- -----------------------------------------------------------------------------------------------------------------
Ending Account Value (11/30/04) $1,042.90 $1,038.90 $1,041.00 $1,044.00 $1,020.76 $1,017.00 $1,018.00 $1,021.76
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.40 $ 8.23 $ 7.21 $ 3.38 $ 4.36 $ 8.14 $ 7.13 $ 3.35
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .86%, 1.61%, 1.41% and .66% for Classes A, B, C and R,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report Page 12
Fund Spotlight as of 11/30/04 Nuveen Missouri Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.01 $11.02 $11.01 $11.03
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0400 $0.0330 $0.0350 $0.0420
--------------------------------------------------------------
Inception Date 8/03/87 2/06/97 2/02/94 2/19/97
--------------------------------------------------------------
Returns quoted represent past performance which is no guarantee of future
results. Returns without sales charges would be lower if the sales charge were
included. Current performance may be higher or lower than the performance
shown. Investment returns and principal value will fluctuate so that when
shares are redeemed, they may be worth more or less than their original cost.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of shares. Income is generally exempt from
regular federal income taxes. Some income may be subject to state and local
taxes and to the federal alternative minimum tax. Capital gains, if any, are
subject to tax. For the most recent month-end performance visit www.nuveen.com
or call (800) 257-8787.
Class A and C share returns are actual. Class B 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 Class B) 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.
Average Annual Total Returns as of 11/30/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.07% -0.27%
-------------------------------------------
5-Year 6.18% 5.27%
-------------------------------------------
10-Year 6.43% 5.97%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.37% -0.62%
-------------------------------------------
5-Year 5.40% 5.23%
-------------------------------------------
10-Year 5.84% 5.84%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.60%
-------------------------------------------
5-Year 5.62%
-------------------------------------------
10-Year 5.86%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.37%
-------------------------------------------
5-Year 6.40%
-------------------------------------------
10-Year 6.60%
-------------------------------------------
Tax-Free Yields
A Shares NAV Offer
-------------------------------------------
Dividend Yield/2/ 4.36% 4.18%
-------------------------------------------
SEC 30-Day Yield/3/ 3.93% 3.76%
-------------------------------------------
Taxable-Equivalent Yield/4/ 5.82% 5.57%
-------------------------------------------
B Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.59%
-------------------------------------------
SEC 30-Day Yield/3/ 3.17%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.70%
-------------------------------------------
C Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.81%
-------------------------------------------
SEC 30-Day Yield/3/ 3.37%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.99%
-------------------------------------------
R Shares NAV
-------------------------------------------
Dividend Yield/2/ 4.57%
-------------------------------------------
SEC 30-Day Yield/3/ 4.12%
-------------------------------------------
Taxable-Equivalent Yield/4/ 6.10%
-------------------------------------------
Average Annual Total Returns as of 12/31/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.92% 0.48%
-------------------------------------------
5-Year 6.68% 5.77%
-------------------------------------------
10-Year 6.33% 5.87%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 4.21% 0.21%
-------------------------------------------
5-Year 5.89% 5.74%
-------------------------------------------
10-Year 5.74% 5.74%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 4.35%
-------------------------------------------
5-Year 6.10%
-------------------------------------------
10-Year 5.75%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 5.13%
-------------------------------------------
5-Year 6.89%
-------------------------------------------
10-Year 6.49%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $259,824
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 17.72
---------------------------------------------------------
Average Duration 6.17
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2004. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2004.
2Dividend Yield is the most recent dividend per share (annualized) divided by
the appropriate price per share. The SEC 30-Day Yield is a standardized
measure of the current market yield on the fund's portfolio and is based on
the maximum offer price per share. The Dividend Yield also differs from the
SEC 30-Day Yield because a fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
3The SEC 30-Day Yield and Taxable Equivalent Yield on A Shares at NAV applies
only to A Shares purchased at no-load pursuant to the Fund's policy permitting
waiver of the A Share load in certain specified circumstances.
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%.
Semiannual Report Page 13
Fund Spotlight as of 11/30/04 Nuveen Missouri Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 58.5%
AA 11.8%
A 7.6%
BBB 5.9%
NR 16.0%
BB or Lower 0.2%
1As a percentage of total holdings as of November 30, 2004. Holdings are
subject to change.
Sectors/1/
Tax Obligation/Limited 18.6%
---------------------------------------
Tax Obligation/General 14.3%
---------------------------------------
Long-Term Care 10.8%
---------------------------------------
Housing/Multifamily 9.7%
---------------------------------------
Healthcare 9.2%
---------------------------------------
Education and Civic Organizations 8.9%
---------------------------------------
Transportation 7.2%
---------------------------------------
Water and Sewer 5.8%
---------------------------------------
Other 15.5%
---------------------------------------
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/04) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
- -----------------------------------------------------------------------------------------------------------------
Ending Account Value (11/30/04) $1,043.80 $1,039.80 $1,042.00 $1,045.90 $1,020.86 $1,017.10 $1,018.10 $1,021.86
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.30 $ 8.13 $ 7.12 $ 3.28 $ 4.26 $ 8.04 $ 7.03 $ 3.24
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .84%, 1.59%, 1.39%, and .64% for Classes A, B, C and R,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report Page 14
Fund Spotlight as of 11/30/04 Nuveen Ohio Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.44 $11.43 $11.42 $11.43
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0430 $0.0360 $0.0380 $0.0450
--------------------------------------------------------------
Inception Date 6/27/85 2/03/97 8/03/93 2/03/97
--------------------------------------------------------------
Returns quoted represent past performance which is no guarantee of future
results. Returns without sales charges would be lower if the sales charge were
included. Current performance may be higher or lower than the performance
shown. Investment returns and principal value will fluctuate so that when
shares are redeemed, they may be worth more or less than their original cost.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of shares. Income is generally exempt from
regular federal income taxes. Some income may be subject to state and local
taxes and to the federal alternative minimum tax. Capital gains, if any, are
subject to tax. For the most recent month-end performance visit www.nuveen.com
or call (800) 257-8787.
Class A and C share returns are actual. Class B 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 Class B) 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.
Average Annual Total Returns as of 11/30/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.06% -0.27%
-------------------------------------------
5-Year 6.12% 5.20%
-------------------------------------------
10-Year 6.14% 5.68%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.30% -0.67%
-------------------------------------------
5-Year 5.33% 5.16%
-------------------------------------------
10-Year 5.54% 5.54%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.52%
-------------------------------------------
5-Year 5.54%
-------------------------------------------
10-Year 5.56%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.28%
-------------------------------------------
5-Year 6.33%
-------------------------------------------
10-Year 6.30%
-------------------------------------------
Tax-Free Yields
A Shares NAV Offer
-------------------------------------------
Dividend Yield/2/ 4.51% 4.32%
-------------------------------------------
SEC 30-Day Yield/3/ 3.54% 3.39%
-------------------------------------------
Taxable-Equivalent Yield/4/ 5.28% 5.06%
-------------------------------------------
B Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.78%
-------------------------------------------
SEC 30-Day Yield/3/ 2.78%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.15%
-------------------------------------------
C Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.99%
-------------------------------------------
SEC 30-Day Yield/3/ 2.98%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.45%
-------------------------------------------
R Shares NAV
-------------------------------------------
Dividend Yield/2/ 4.72%
-------------------------------------------
SEC 30-Day Yield/3/ 3.74%
-------------------------------------------
Taxable-Equivalent Yield/4/ 5.58%
-------------------------------------------
Average Annual Total Returns as of 12/31/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.86% 0.43%
-------------------------------------------
5-Year 6.66% 5.75%
-------------------------------------------
10-Year 6.09% 5.64%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 4.10% 0.10%
-------------------------------------------
5-Year 5.89% 5.73%
-------------------------------------------
10-Year 5.50% 5.50%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 4.32%
-------------------------------------------
5-Year 6.09%
-------------------------------------------
10-Year 5.52%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 5.08%
-------------------------------------------
5-Year 6.88%
-------------------------------------------
10-Year 6.26%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $560,127
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.96
---------------------------------------------------------
Average Duration 5.91
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2004. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2004.
2Dividend Yield is the most recent dividend per share (annualized) divided by
the appropriate price per share. The SEC 30-Day Yield is a standardized
measure of the current market yield on the fund's portfolio and is based on
the maximum offer price per share. The Dividend Yield also differs from the
SEC 30-Day Yield because a fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
3The SEC 30-Day Yield and Taxable Equivalent Yield on A Shares at NAV applies
only to A Shares purchased at no-load pursuant to the Fund's policy permitting
waiver of the A Share load in certain specified circumstances.
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%.
Semiannual Report Page 15
Fund Spotlight as of 11/30/04 Nuveen Ohio Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 64.0%
AA 19.0%
A 5.7%
BBB 5.8%
NR 2.6%
BB or Lower 2.9%
1As a percentage of total holdings as of November 30, 2004. Holdings are
subject to change.
Sectors/1/
Tax Obligation/General 28.5%
---------------------------------------
Healthcare 16.4%
---------------------------------------
Tax Obligation/Limited 9.0%
---------------------------------------
U.S. Guaranteed 9.0%
---------------------------------------
Education and Civic Organizations 7.8%
---------------------------------------
Utilities 7.7%
---------------------------------------
Housing/Multifamily 5.4%
---------------------------------------
Water and Sewer 5.1%
---------------------------------------
Other 11.1%
---------------------------------------
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/04) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
- -----------------------------------------------------------------------------------------------------------------
Ending Account Value (11/30/04) $1,047.50 $1,043.70 $1,044.90 $1,048.70 $1,020.86 $1,017.10 $1,018.10 $1,021.86
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.31 $ 8.15 $ 7.13 $ 3.29 $ 4.26 $ 8.04 $ 7.03 $ 3.24
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .84%, 1.59%, 1.39%, and .64% for Classes A, B, C and R,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report Page 16
Fund Spotlight as of 11/30/04 Nuveen Wisconsin Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $10.36 $10.38 $10.39 $10.41
--------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0345 $0.0280 $0.0300 $0.0365
--------------------------------------------------------------
Inception Date 6/01/94 2/25/97 2/25/97 2/25/97
--------------------------------------------------------------
Returns quoted represent past performance which is no guarantee of future
results. Returns without sales charges would be lower if the sales charge were
included. Current performance may be higher or lower than the performance
shown. Investment returns and principal value will fluctuate so that when
shares are redeemed, they may be worth more or less than their original cost.
Returns do not reflect the deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of shares. Income is generally exempt from
regular federal income taxes. Some income may be subject to state and local
taxes and to the federal alternative minimum tax. Capital gains, if any, are
subject to tax. For the most recent month-end performance visit www.nuveen.com
or call (800) 257-8787.
Class 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.
Average Annual Total Returns as of 11/30/04
A Shares NAV Offer
-------------------------------------------
1-Year 3.64% -0.75%
-------------------------------------------
5-Year 6.52% 5.61%
-------------------------------------------
10-Year 6.35% 5.90%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 2.82% -1.16%
-------------------------------------------
5-Year 5.75% 5.59%
-------------------------------------------
10-Year 5.80% 5.80%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.09%
-------------------------------------------
5-Year 5.96%
-------------------------------------------
10-Year 5.85%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 3.86%
-------------------------------------------
5-Year 6.76%
-------------------------------------------
10-Year 6.56%
-------------------------------------------
Tax-Free Yields
A Shares NAV Offer
-------------------------------------------
Dividend Yield/2/ 4.00% 3.83%
-------------------------------------------
SEC 30-Day Yield/3/ 2.98% 2.85%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.45% 4.25%
-------------------------------------------
B Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.24%
-------------------------------------------
SEC 30-Day Yield/3/ 2.23%
-------------------------------------------
Taxable-Equivalent Yield/4/ 3.33%
-------------------------------------------
C Shares NAV
-------------------------------------------
Dividend Yield/2/ 3.46%
-------------------------------------------
SEC 30-Day Yield/3/ 2.43%
-------------------------------------------
Taxable-Equivalent Yield/4/ 3.63%
-------------------------------------------
R Shares NAV
-------------------------------------------
Dividend Yield/2/ 4.21%
-------------------------------------------
SEC 30-Day Yield/3/ 3.18%
-------------------------------------------
Taxable-Equivalent Yield/4/ 4.75%
-------------------------------------------
Average Annual Total Returns as of 12/31/04
A Shares NAV Offer
-------------------------------------------
1-Year 4.42% 0.02%
-------------------------------------------
5-Year 7.08% 6.15%
-------------------------------------------
10-Year 6.27% 5.81%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.68% -0.32%
-------------------------------------------
5-Year 6.28% 6.12%
-------------------------------------------
10-Year 5.71% 5.71%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.87%
-------------------------------------------
5-Year 6.50%
-------------------------------------------
10-Year 5.76%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.74%
-------------------------------------------
5-Year 7.32%
-------------------------------------------
10-Year 6.48%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $46,039
--------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.82
--------------------------------------------------------
Average Duration 5.80
--------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2004. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2004.
2Dividend Yield is the most recent dividend per share (annualized) divided by
the appropriate price per share. The SEC 30-Day Yield is a standardized
measure of the current market yield on the fund's portfolio and is based on
the maximum offer price per share. The Dividend Yield also differs from the
SEC 30-Day Yield because a fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
3The SEC 30-Day Yield and Taxable Equivalent Yield on A Shares at NAV applies
only to A Shares purchased at no-load pursuant to the Fund's policy permitting
waiver of the A Share load in certain specified circumstances.
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%.
Semiannual Report Page 17
Fund Spotlight as of 11/30/04 Nuveen Wisconsin Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 54.2%
AA 13.4%
A 10.2%
BBB 4.9%
NR 16.5%
BB or Lower 0.8%
1As a percentage of total holdings as of November 30, 2004. Holdings are
subject to change.
Sectors/1/
Tax Obligation/Limited 61.1%
---------------------------------------
U.S. Guaranteed 14.2%
---------------------------------------
Housing/Multifamily 9.8%
---------------------------------------
Education and Civic Organizations 5.8%
---------------------------------------
Other 9.1%
---------------------------------------
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/04) $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
- -----------------------------------------------------------------------------------------------------------------
Ending Account Value (11/30/04) $1,040.20 $1,036.50 $1,038.40 $1,042.30 $1,020.51 $1,016.75 $1,017.75 $1,021.56
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.65 $ 8.47 $ 7.46 $ 3.58 $ 4.61 $ 8.39 $ 7.38 $ 3.55
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .91%, 1.66%, 1.46% and .70% for Classes A, B, C and R,
respectively, multiplied by the average account value over the period,
multiplied by 183/365 (to reflect the one-half year period).
Semiannual Report Page 18
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.2%
$ 220 Wichita Airport Authority, Kansas, Airport Facilities No Opt. Call AA $ 220,862
Revenue Bonds, Wichita Airport Hotel Associates LP, Series
1992, 7.000%, 3/01/05 - RAAI Insured
- ----------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.1%
1,000 Kansas Development Finance Corporation, Athletic Facility 6/14 at 100.00 A1 1,043,030
Revenue Bonds, University of Kansas Athletic Corporation
Project, Series 2004K, 5.000%, 6/01/19 (WI, settling
12/07/04)
1,500 Puerto Rico Industrial, Tourist, Educational, Medical and 2/09 at 101.00 BBB 1,552,500
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, Ana G. Mendez University
System, Series 1999, 5.375%, 2/01/19
955 Washburn University of Topeka, Kansas, Revenue Bonds, 7/09 at 100.00 AAA 1,045,629
Series 2001A, 5.500%, 7/01/16 - AMBAC Insured
270 Washburn University of Topeka, Kansas, Revenue Bonds, 7/09 at 100.00 AAA 295,623
Series 2001B, 5.500%, 7/01/16 - AMBAC Insured
- ----------------------------------------------------------------------------------------------------------------
Healthcare - 18.1%
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 1,051,160
1,050 5.000%, 8/01/19 - AMBAC Insured 8/12 at 100.00 AAA 1,094,037
1,000 5.000%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,038,640
2,000 Colby, Kansas, Health Facilities Revenue Refunding Bonds, 8/08 at 100.00 N/R 1,944,240
Citizens Medical Center Inc., Series 1998, 5.625%, 8/15/16
1,285 Kansas Development Finance Authority, Hospital Revenue 12/12 at 100.00 AA 1,374,449
Bonds, Susan B. Allen Memorial Hospital, Series 2002Q,
5.375%, 12/15/16 - RAAI Insured
4,580 Kansas Development Finance Authority, Health Facilities 6/10 at 101.00 AA 5,155,614
Revenue Bonds, Sisters of Charity of Leavenworth Health
Services Corporation, Series 2000K, 6.500%, 12/01/16
1,110 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial 7/09 at 100.00 AA 1,184,148
Hospital, Series 1999, 5.750%, 7/01/24 - RAAI Insured
Manhattan, Kansas, Hospital Revenue Bonds, Mercy Health
Center, Series 2001:
1,025 5.000%, 8/15/14 - FSA Insured 8/11 at 100.00 AAA 1,087,884
1,075 5.000%, 8/15/15 - FSA Insured 8/11 at 100.00 AAA 1,135,050
Newton, Kansas, Hospital Revenue Refunding Bonds, Newton
Healthcare Corporation, Series 1998A:
1,000 5.700%, 11/15/18 11/08 at 100.00 BBB- 1,023,790
1,750 5.750%, 11/15/24 11/08 at 100.00 BBB- 1,769,407
100 Puerto Rico Industrial, Tourist, Educational, Medical and 1/05 at 102.00 AAA 103,681
Environmental Control Facilities Financing Authority,
Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series
1995A, 6.250%, 7/01/24 - MBIA Insured
4,780 Wichita, Kansas, Hospital Facilities Revenue Refunding and 11/09 at 101.00 A+ 5,169,666
Improvement Bonds, Via Christi Health System Inc., Series
1999-XI, 6.250%, 11/15/24
- ----------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 4.3%
1,715 Kansas Development Finance Authority, Multifamily Housing 12/10 at 100.00 AAA 1,798,092
Senior Revenue Bonds, Chimney Hills Apartments Project,
Series 2000U-1, 5.900%, 12/01/20 (Alternative Minimum Tax)
- AMBAC Insured
Wichita, Kansas, Multifamily Housing Revenue Refunding
Bonds, Shores Apartments, Series 1994XI-A:
1,500 6.700%, 4/01/19 - RAAI Insured 4/09 at 102.00 AA 1,598,160
2,000 6.800%, 4/01/24 - RAAI Insured 4/09 at 102.00 AA 2,111,080
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family - 4.8%
15 Olathe-Labette County, Kansas, GNMA Collateralized Single 2/05 at 105.00 Aaa 15,621
Family Mortgage Revenue Refunding Bonds, Series 1994C-I,
7.800%, 2/01/25
410 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed No Opt. Call Aaa 417,729
Securities Program Single Family Revenue Bonds, Series
1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
1,465 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed 6/08 at 105.00 Aaa 1,540,389
Securities Program Single Family Revenue Bonds, Series
1998A-1, 6.500%, 12/01/22 (Alternative Minimum Tax)
- ----
19
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 545 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed 12/09 at 105.00 Aaa $ 566,217
Securities Program Single Family Revenue Bonds, Series
2000A-2, 7.600%, 12/01/31 (Alternative Minimum Tax)
300 Sedgwick and Shawnee Counties, Kansas, FNMA/GNMA 12/10 at 105.00 Aaa 314,637
Mortgage-Backed Securities Program Single Family Revenue
Bonds, Series 2001A, 6.300%, 12/01/32 (Alternative Minimum
Tax)
3,135 Sedgwick and Shawnee Counties, Kansas, FNMA/GNMA 12/12 at 105.00 Aaa 3,307,080
Mortgage-Backed Securities Program Single Family Revenue
Bonds, Series 2002B-1, 5.950%, 12/01/33 (Alternative
Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Industrials - 1.6%
1,000 Wichita Airport Authority, Kansas, Special Facilities 6/12 at 101.00 A- 1,059,280
Revenue Bonds, Cessna Citation Service Center, Series
2002A, 6.250%, 6/15/32 (Alternative Minimum Tax)
1,000 Wichita, Kansas, Industrial Revenue Bonds, NMF America Inc. 8/07 at 101.00 AA- 1,041,650
Series 2000-II, 5.800%, 8/01/15 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Long-Term Care - 0.4%
500 Sedgwick County, Kansas, Healthcare Facilities Revenue 11/09 at 100.00 A 519,075
Bonds, Catholic Care Center Inc., Series 2001, 5.750%,
11/15/23
- ----------------------------------------------------------------------------------------------------------------
Materials - 3.8%
1,000 Dodge City, Kansas, Pollution Control Revenue Refunding No Opt. Call A2 1,017,770
Bonds, Excel Corporation/Cargill Inc. Project, Series
1992, 6.625%, 5/01/05
3,700 Ford County, Kansas, Sewage and Solid Waste Disposal 6/08 at 102.00 A+ 3,797,791
Revenue Bonds, Excel Corporation/Cargill Inc. Project,
Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 15.3%
2,500 Butler and Sedgwick Counties Unified School District 385, No Opt. Call AAA 2,976,675
Andover, Kansas, General Obligation Refunding and
Improvement Bonds, Series 2000, 6.000%, 9/01/16 - FSA
Insured
2,615 Butler County Unified School District 394, Kansas, General 9/14 at 100.00 AAA 2,730,766
Obligation Bonds, Series 2004, 5.000%, 9/01/23 - FSA
Insured
1,675 Cowley County Unified School District 465, Winfield, 10/13 at 100.00 AAA 1,788,950
Kansas, General Obligation Bonds, Series 2003,
5.250%, 10/01/23 - MBIA Insured
750 Derby, Kansas, General Obligation Bonds, Series 2001A, 12/11 at 100.00 Aaa 805,253
5.250%, 12/01/21 - AMBAC Insured
560 Derby, Kansas, General Obligation Bonds, Series 2002B, 12/10 at 100.00 Aaa 595,610
5.000%, 12/01/18 - FSA Insured
650 Harvey County Unified School District 460, Hesston, Kansas, 9/12 at 100.00 AAA 676,858
General Obligation Bonds, Series 2002, 5.000%, 9/01/22 -
FGIC Insured
1,100 Montgomery County Unified School District 445, Coffeyville, 4/12 at 100.00 AAA 1,143,384
Kansas, General Obligation Bonds, Series 2002, 5.000%,
4/01/22 - FGIC Insured
1,000 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 1,155,640
Refunding Bonds, Series 2001A, 5.500%, 7/01/20 - MBIA
Insured
330 Puerto Rico, General Obligation and Public Improvement 7/11 at 100.00 A- 342,857
Bonds, Series 2001A, 5.375%, 7/01/28
1,070 Scott County Unified School District 466, Kansas, General 9/12 at 100.00 AAA 1,162,202
Obligation Refunding Bonds, Series 2002, 5.250%, 9/01/18 -
FGIC Insured
1,250 Sedgwick County Unified School District 259, Wichita, 9/10 at 100.00 AA 1,184,475
Kansas, General Obligation Bonds, Series 2000, 3.500%,
9/01/16
1,795 Wichita, Kansas, General Obligation Bonds, Series 2002, 4/09 at 101.00 AA 1,903,741
5.000%, 4/01/17
3,000 Wyandotte County Unified School District 500, Kansas, 9/12 at 100.00 AAA 3,156,210
General Obligation Bonds, Series 2002, 5.000%, 9/01/20 -
FSA Insured
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 27.5%
3,000 Butler County Public Building Commission, Kansas, 10/10 at 100.00 Aaa 3,314,940
Improvement Revenue Bonds, Public Facilities Projects,
Series 2000, 5.550%, 10/01/21 - MBIA Insured
Kansas Department of Transportation, Highway Revenue Bonds,
Series 2004A:
1,000 5.000%, 3/01/20 3/14 at 100.00 AA+ 1,061,140
5,000 5.000%, 3/01/23 3/14 at 100.00 AA+ 5,216,000
- ----
20
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 500 Kansas Development Finance Authority, Lease Revenue Bonds, 10/12 at 100.00 AAA $ 522,200
Department of Administration, State Capitol Restoration
Parking Facility Project, Series 2002C, 5.000%, 10/01/21 -
FSA Insured
1,140 Kansas Development Finance Authority, Lease Revenue Bonds, 4/14 at 100.00 AAA 1,213,165
Department of Administration, State Capitol Restoration
Project, Series 2004G-1, 5.125%, 4/01/21 - MBIA Insured
1,000 Kansas Development Finance Authority, Revenue Bonds, State 10/11 at 100.00 AAA 1,066,640
Projects, Series 2001W, 5.000%, 10/01/17 - MBIA Insured
2,085 Kansas Development Finance Authority, Revenue Bonds, State 10/12 at 100.00 AAA 2,265,436
Projects, Series 2002N, 5.250%, 10/01/18 - AMBAC Insured
5,000 Kansas Development Finance Authority, Revenue Bonds, Board 4/13 at 102.00 AAA 5,222,350
of Regents, Scientific Research and Development Facilities
Projects, Series 2003C, 5.000%, 10/01/23 - AMBAC Insured
2,355 Kansas Development Finance Authority, Revenue Bonds, State 8/13 at 100.00 AAA 2,523,265
Projects, Series 2003J, 5.250%, 8/01/20 - AMBAC Insured
5,000 Overland Park Development Corporation, Kansas, First Tier 1/11 at 101.00 N/R 5,093,150
Revenue Bonds, Overland Park Convention Center, Series
2001A, 7.375%, 1/01/32
Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Bonds, Series 2002E:
3,135 6.000%, 8/01/26 - AGC Insured No Opt. Call AAA 3,735,164
630 5.500%, 8/01/29 2/12 at 100.00 BBB+ 659,163
1,000 Virgin Islands Public Finance Authority, Senior Lien 10/08 at 101.00 BBB 1,021,330
Revenue Refunding Bonds, Matching Fund Loan Notes, Series
1998A, 5.625%, 10/01/25
2,000 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 2,290,800
Taxes Loan Notes, Series 1999A, 6.375%, 10/01/19
- ----------------------------------------------------------------------------------------------------------------
Transportation - 0.3%
600 Puerto Rico Ports Authority, Special Facilities Revenue 6/06 at 102.00 CCC 421,098
Bonds, American Airlines Inc., Series 1996A, 6.250%,
6/01/26 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** - 8.1%
12,175 Johnson County, Kansas, Residual Revenue and Refunding No Opt. Call Aaa 9,121,388
Bonds, Series 1992, 0.000%, 5/01/12
1,010 Wichita, Kansas, Revenue Bonds, CSJ Health System of 5/05 at 100.00 A+*** 1,200,638
Wichita, Inc., Series 1985-XXV, 7.200%, 10/01/15
- ----------------------------------------------------------------------------------------------------------------
Utilities - 4.6%
1,000 Burlington, Kansas, Environmental Improvement Revenue No Opt. Call A3 1,044,680
Bonds, Kansas City Power and Light Company Project, Series
1998A, 4.750%, 9/01/15 (Mandatory put 10/01/07)
500 Pratt, Kansas, Electric System Revenue Bonds, Series 5/10 at 100.00 AAA 540,710
2001-1, 5.250%, 5/01/18 - AMBAC Insured
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 1,045,730
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 351,911
785 5.250%, 11/01/27 - AMBAC Insured 11/12 at 100.00 AAA 817,727
1,000 Wyandotte County-Kansas City Unified Government, Kansas, 9/14 at 100.00 AAA 1,040,250
Utility System Revenue Bonds, Series 2004B, 5.000%,
9/01/24 - FSA Insured
1,000 Wynadotte County-Kansas City Unified Government, Kansas, 5/11 at 100.00 AAA 1,038,020
Industrial Revenue Bonds, Board of Public Utilities Office
Building Complex, Series 2001, 5.000%, 5/01/21 - MBIA
Insured
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer - 7.1%
2,000 Augusta, Kansas, Waterworks System Revenue Bonds, Series 10/08 at 101.50 AA 2,236,000
2000A, 6.150%, 10/01/20 - RAAI Insured
1,040 Chisholm Creek Utility Authority, Kansas, Water and 9/12 at 100.00 Aaa 1,102,015
Wastewater Facilities Revenue Bonds, Series 2002, 5.250%,
9/01/22 - MBIA Insured
- ----
21
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 5,500 Wichita, Kansas, Water and Sewer Utility Revenue Bonds, 10/13 at 100.00 AAA $ 5,753,439
Series 2003, 5.000%, 10/01/22 - FGIC Insured
- ----------------------------------------------------------------------------------------------------------------
$123,075 Total Long-Term Investments (cost $120,694,639) - 99.2% 126,934,951
- ----------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 0.8% 987,951
--------------------------------------------------------------------------------------------------
Net Assets - 100% $127,922,902
--------------------------------------------------------------------------------------------------
* 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/RInvestment is not rated.
(WI)Security purchased on a when-issued basis.
See accompanying notes to financial statements.
- ----
22
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.0%
$ 5,100 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 4,713,012
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- ----------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 4.7%
9,295 Columbia, Kentucky, Educational Development Revenue Bonds, 4/11 at 101.00 BBB- 9,736,420
Lindsey Wilson College Project, Series 2001, 6.250%,
4/01/21
5,930 Jefferson County, Kentucky, College Revenue Bonds, 5/09 at 101.00 Baa2 5,869,336
Bellarmine College Project, Series 1999, 5.250%, 5/01/29
1,500 Kentucky Economic Development Finance Authority, College 10/12 at 100.00 AAA 1,513,650
Revenue Refunding and Improvement Bonds, Centre College
Project, Series 2002, 5.000%, 4/01/32 - FSA Insured
2,500 Puerto Rico Industrial, Tourist, Educational, Medical and 2/09 at 101.00 BBB 2,537,125
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, Ana G. Mendez University
System, Series 1999, 5.375%, 2/01/29
3,000 Puerto Rico Industrial, Tourist, Educational, Medical and 9/11 at 100.00 BBB 3,020,070
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, University of the Sacred
Heart, Series 2001, 5.250%, 9/01/31
- ----------------------------------------------------------------------------------------------------------------
Energy - 3.0%
5,000 Ashland, Kentucky, Pollution Control Revenue Refunding 2/05 at 100.00 Baa2 5,144,750
Bonds, Ashland Oil Inc. Project, Series 1992, 6.650%,
8/01/09
9,000 Ashland, Kentucky, Sewerage and Solid Waste Revenue Bonds, 2/05 at 102.00 Baa2 9,281,700
Ashland Inc. Project, Series 1995, 7.125%, 2/01/22
(Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Healthcare - 11.6%
1,310 Christian County, Kentucky, Hospital Revenue Bonds, Jennie 7/06 at 102.00 A- 1,358,588
Stuart Medical Center, Series 1996A, 6.000%, 7/01/17
3,500 Christian County, Kentucky, Hospital Revenue Refunding 7/06 at 102.00 A- 3,651,725
Bonds, Jennie Stuart Medical Center, Series 1997A, 6.000%,
7/01/13
5,270 Clark County, Kentucky, Hospital Revenue Refunding and 3/07 at 102.00 BBB- 5,469,891
Improvement Bonds, Clark Regional Medical Center Project,
Series 1997, 6.200%, 4/01/13
9,500 Kentucky Economic Development Finance Authority, Hospital 2/07 at 102.00 AAA 10,188,940
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., Series 1997:
500 5.500%, 10/01/07 No Opt. Call BB- 507,210
500 5.600%, 10/01/08 4/08 at 102.00 BB- 509,045
3,500 5.850%, 10/01/17 4/08 at 102.00 BB- 3,390,205
1,500 5.875%, 10/01/22 4/08 at 102.00 BB- 1,408,170
6,000 Kentucky Economic Development Finance Authority, Revenue 6/08 at 101.00 AA 6,010,020
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 1,041,710
1,000 5.250%, 9/01/24 9/11 at 100.00 AA 1,032,310
10,340 Kentucky Economic Development Finance Authority, Health No Opt. Call AAA 2,956,620
System Revenue Bonds, Norton Healthcare Inc., Series
2000B, 0.000%, 10/01/28 - MBIA Insured
1,665 McCracken County, Kentucky, Hospital Facilities Revenue 5/05 at 102.00 AAA 1,703,528
Refunding Bonds, Mercy Health System, Series 1994A,
6.300%, 11/01/06 - MBIA Insured
16,500 Russell, Kentucky, Revenue Bonds, Bon Secours Health 11/12 at 100.00 A- 16,935,600
System, Series 2002A, 5.625%, 11/15/30
- ----------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 0.6%
3,385 Henderson, Kentucky, Senior Tax-Exempt Residential 5/09 at 102.00 N/R 3,127,605
Facilities Revenue Bonds, Pleasant Pointe Project, Series
1999A, 6.125%, 5/01/29
- ----
23
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family - 4.0%
$ 2,000 Kentucky Housing Corporation, Housing Revenue Bonds, Series 11/10 at 100.00 AAA $ 2,110,900
2000F, 5.850%, 7/01/20 (Alternative Minimum Tax)
710 Kentucky Housing Corporation, Housing Revenue Bonds, Series 1/09 at 101.00 AAA 730,214
1998F, 5.000%, 7/01/18 (Alternative Minimum Tax)
9,480 Kentucky Housing Corporation, Housing Revenue Bonds, Series 4/09 at 101.00 AAA 9,634,714
1999A, 5.200%, 1/01/31
2,040 Kentucky Housing Corporation, Housing Revenue Bonds, Series 4/09 at 101.00 AAA 2,057,891
1999B, 5.250%, 1/01/28 (Alternative Minimum Tax)
5,000 Kentucky Housing Corporation, Housing Revenue Bonds, Series 1/14 at 100.00 AAA 4,993,300
2004F, 3.900%, 7/01/31 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Long-Term Care - 3.6%
4,840 Florence, Kentucky, Housing Facilities Revenue Bonds, 8/09 at 101.00 A 5,103,006
Bluegrass RHF Housing Inc. Project, Series 1999, 6.375%,
8/15/29 - ACA Insured
555 Jefferson County, Kentucky, First Mortgage Revenue Bonds, 5/05 at 102.00 BBB 566,705
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 1,796,976
3,500 5.500%, 11/15/30 5/08 at 102.00 BBB 3,473,610
Kentucky Economic Development Finance Authority, Mortgage
Revenue Bonds, South Central Nursing Homes Inc., Series
1997A:
2,000 6.000%, 7/01/27 (Mandatory put 7/01/20) - MBIA Insured 1/08 at 105.00 AAA 2,190,620
3,700 6.000%, 7/01/27 (Mandatory put 1/01/24) - MBIA Insured 1/08 at 105.00 AAA 4,052,647
- ----------------------------------------------------------------------------------------------------------------
Materials - 2.7%
2,370 Hancock County, Kentucky, Solid Waste Disposal Revenue 5/06 at 102.00 BBB 2,432,687
Bonds, Willamette Industries Inc. Project, Series 1996,
6.600%, 5/01/26 (Alternative Minimum Tax)
1,000 Jefferson County, Kentucky, Pollution Control Revenue 1/05 at 102.50 AA- 1,028,090
Bonds, E.I. DuPont de Nemours and Company, Series 1982A,
6.300%, 7/01/12
4,240 Perry County, Kentucky, Solid Waste Disposal Revenue Bonds, 5/06 at 102.00 N/R 4,411,762
Weyerhaeuser Company - TJ International Project, Series
1996, 6.800%, 5/01/26 (Alternative Minimum Tax)
2,000 Perry County, Kentucky, Solid Waste Disposal Revenue Bonds, 4/07 at 102.00 Baa2 2,090,040
Weyerhaeuser Company - TJ International Project, Series
1997, 6.550%, 4/15/27 (Alternative Minimum Tax)
2,820 Wickliffe, Kentucky, Solid Waste Disposal Facility Revenue 4/06 at 102.00 BBB 2,881,532
Bonds, Westvaco Corporation, Series 1996, 6.375%, 4/01/26
(Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 3.0%
2,500 Jefferson County, Kentucky, General Obligation Refunding 5/09 at 100.00 AA 2,685,550
Bonds, Series 1999C, 6.150%, 5/15/16 (Alternative Minimum
Tax)
1,195 Louisville and Jefferson County Metropolitan Government, 11/14 at 100.00 AAA 1,291,938
Kentucky, General Obligation Bonds, Series 2004A-B,
5.000%, 11/01/16 - AMBAC Insured
1,175 Louisville, Kentucky, General Obligation Bonds, Series 11/11 at 101.00 AA 1,232,845
2001A, 5.000%, 11/01/21
3,000 Louisville, Kentucky, General Obligation Bonds, Series 10/12 at 100.00 AAA 3,108,990
2002A, 5.000%, 10/01/23 - FGIC Insured
4,400 Puerto Rico, Public Improvement Bonds, TICS/TOCS, Series No Opt. Call AAA 6,212,492
2001, 11.925%, 7/01/19 - FSA Insured (IF)
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 32.7%
1,305 Ballard County School District Finance Corporation, 6/14 at 100.00 Aaa 1,376,162
Kentucky, School Building Revenue Bonds, Series 2004,
5.000%, 6/01/21 - AMBAC Insured
1,875 Bell County Public Properties Corporation, Kentucky, First 3/11 at 102.00 AAA 2,091,600
Mortgage Revenue Bonds, Judicial Center Project, Series
2000, 5.850%, 9/01/28 - AMBAC Insured
1,465 Boone County, Kentucky, Public Properties Corporation, 9/12 at 101.00 Aa3 1,546,264
First Mortgage Bonds, AOC Judicial Facility, Series 2001,
5.125%, 9/01/22
- ----
24
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
Boone County School District Finance Corporation, Kentucky,
School Building Revenue Bonds, Series 2004B:
$ 1,460 5.000%, 5/01/20 - FSA Insured 5/14 at 100.00 Aaa $ 1,547,133
2,580 5.000%, 5/01/21 - FSA Insured 5/14 at 100.00 Aaa 2,719,604
Bowling Green, Kentucky, General Obligation and Special
Revenue Bonds, Series 2002B:
1,785 5.000%, 6/01/23 6/12 at 100.00 Aa2 1,847,618
1,230 5.000%, 6/01/24 6/12 at 100.00 Aa2 1,269,188
1,665 5.000%, 6/01/25 6/12 at 100.00 Aa2 1,702,080
Butler County School District Finance Corporation,
Kentucky, Revenue Bonds, School Buildings, Series 2004C:
1,220 5.000%, 6/01/20 6/14 at 100.00 Aa3 1,283,123
1,255 5.000%, 6/01/22 6/14 at 100.00 Aa3 1,307,032
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- 1,836,112
2,795 5.500%, 6/01/20 6/10 at 101.00 AA- 3,077,854
3,155 Florence Public Properties Corporation, Kentucky, First 6/07 at 102.00 AAA 3,387,429
Mortgage Revenue Bonds, Administrative Office Complex
Project, Series 1997, 5.500%, 6/01/27 - MBIA Insured
4,500 Kenton County Public Properties Corporation, Kentucky, 3/09 at 101.00 Aa3 4,520,295
First Mortgage Revenue Bonds, Courthouse Facilities
Project, Series 1998A, 5.000%, 3/01/29
Kenton County School District Finance Corporation,
Kentucky, School Building Revenue Bonds, Series 2004:
2,115 5.000%, 6/01/17 - MBIA Insured 6/14 at 100.00 Aaa 2,271,320
3,510 5.000%, 6/01/18 - MBIA Insured 6/14 at 100.00 Aaa 3,755,138
3,690 5.000%, 6/01/19 - MBIA Insured 6/14 at 100.00 Aaa 3,929,776
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 813,023
1,000 6.000%, 6/01/30 6/10 at 102.00 AA 1,090,100
2,365 Kentucky Local Correctional Facilities Authority, No Opt. Call AAA 2,637,850
Multi-County Lease Revenue Bonds, Series 2004,
5.250%, 11/01/14 - MBIA Insured
Kentucky State Property and Buildings Commission, Revenue
Refunding Bonds, Project 79, Series 2003:
5,000 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 5,256,650
6,500 5.000%, 10/01/22 - MBIA Insured 10/13 at 100.00 AAA 6,794,710
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 81, Series 2003:
1,000 5.000%, 11/01/19 - AMBAC Insured 11/13 at 100.00 AAA 1,061,650
3,740 5.000%, 11/01/21 - AMBAC Insured 11/13 at 100.00 AAA 3,933,545
2,845 5.000%, 11/01/23 - AMBAC Insured 11/13 at 100.00 AAA 2,960,137
4,000 Kentucky Turnpike Authority, Economic Development Road 7/11 at 100.00 AAA 4,271,760
Revenue and Refunding Bonds, Revitalization Project,
Series 2001B, 5.150%, 7/01/19 - FSA Insured
Letcher County School District Finance Corporation,
Kentucky, School Building Revenue Bonds, Series 2004:
1,430 5.000%, 6/01/18 - FSA Insured 6/14 at 100.00 Aaa 1,529,871
1,585 5.000%, 6/01/20 - FSA Insured 6/14 at 100.00 Aaa 1,680,322
11,000 Lexington-Fayette Urban County Government, Kentucky, First 7/08 at 102.00 AAA 11,196,130
Mortgage Bonds, Public Facilities Corporation, Series
1998, 5.125%, 10/01/31 - FSA Insured
1,695 Louisville and Jefferson County Visitors and Convention 6/14 at 101.00 AAA 1,857,161
Commission, Kentucky, Dedicated Tax Revenue Bonds, Series
2004A, 5.000%, 12/01/15 - FSA Insured
650 Magoffin County School District Finance Corporation, 6/10 at 101.00 Aa3 725,920
Kentucky, School Building Revenue Bonds, Series 2000,
5.750%, 6/01/20
1,525 McCracken County Public Properties Corporation, Kentucky, 9/06 at 102.00 AAA 1,637,545
Public Project Revenue Bonds, Court Facilities, Series
1995, 5.900%, 9/01/26 - AMBAC Insured
- ----
25
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 8,000 Mount Sterling, Kentucky, Lease Revenue Bonds, Kentucky 3/05 at 100.00 Aa3 $ 8,038,640
League of Cities Funding Trust, Series 1993A, 6.200%,
3/01/18
5,100 Oldham County School District Finance Corporation, 4/11 at 101.00 Aa3 5,382,948
Kentucky, School Building Revenue Bonds, Series 2001A,
5.125%, 4/01/21
Oldham County School District Finance Corporation,
Kentucky, School Building Revenue Bonds, Series 2004:
1,230 5.000%, 5/01/18 - MBIA Insured 5/14 at 100.00 Aaa 1,315,239
1,635 5.000%, 5/01/20 - MBIA Insured 5/14 at 100.00 Aaa 1,732,577
1,715 5.000%, 5/01/21 - MBIA Insured 5/14 at 100.00 Aaa 1,807,799
1,360 Owen County School District Finance Corporation, Kentucky, 4/11 at 101.00 Aa3 1,420,697
School Building Revenue Bonds, Series 2001, 5.000%, 4/01/21
Pendleton County, Kentucky, Leasing Trust Revenue Bonds,
Kentucky Association of Counties, Series 1993A:
16,460 6.500%, 3/01/19 3/05 at 100.00 A 16,548,061
500 6.400%, 3/01/19 No Opt. Call A 601,990
4,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA 4,690,240
Transportation Authority, Reset Option Long Certificates
II-R-66, Series 1996Y, 9.266%, 1/01/13 (IF)
6,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA 6,933,000
Transportation Authority, Series 2003AA, 5.500%, 7/01/19 -
MBIA Insured
2,545 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 2,923,976
Revenue Bonds, Series 1998A, 5.500%, 7/01/14 - AMBAC
Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway 7/12 at 100.00 AAA 1,019,240
Revenue Bonds, Series 2002D, 5.000%, 7/01/32 - FSA Insured
3,185 Puerto Rico Public Buildings Authority, Guaranteed No Opt. Call AAA 3,669,725
Government Facilities Revenue Bonds, Series 1993L, 5.500%,
7/01/21 - FSA Insured
2,755 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 3,282,417
Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 - AGC
Insured
1,360 Shelby County School District Finance Corporation, 5/14 at 100.00 Aaa 1,433,590
Kentucky, Revenue Bonds, School Buildings, Series 2004,
5.000%, 5/01/21 - MBIA Insured
2,185 Spencer County School District Finance Corporation, 7/14 at 100.00 Aaa 2,304,913
Kentucky, Revenue Bonds, School Buildings, Series 2004,
5.000%, 7/01/21 - FSA Insured
1,010 Virgin Islands Public Finance Authority, Gross Receipts 10/14 at 100.00 AAA 1,098,496
Taxes Loan Notes, Series 2003, 5.250%, 10/01/21 - FSA
Insured
7,000 Warren County Justice Center Expansion Corporation, 9/07 at 102.00 AAA 7,393,050
Kentucky, First Mortgage Revenue Bonds, AOC Judicial
Facility, Series 1997A, 5.250%, 9/01/24 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Transportation - 5.4%
Guam International Airport Authority, Revenue Bonds, Series
2003C:
5,000 5.250%, 10/01/22 (Alternative Minimum Tax) - MBIA Insured 10/10 at 100.00 AAA 5,317,350
2,195 5.000%, 10/01/23 (Alternative Minimum Tax) - MBIA Insured 10/13 at 100.00 AAA 2,230,120
1,250 Kenton County Airport Board, Kentucky, Airport Revenue 3/06 at 102.00 AAA 1,322,288
Bonds, Cincinnati/Northern Kentucky International Airport,
Series 1996B, 5.750%, 3/01/13 - MBIA Insured
5,090 Kenton County Airport Board, Kentucky, Airport Revenue 3/13 at 100.00 AAA 5,167,012
Bonds, Cincinnati/Northern Kentucky International Airport,
Series 2003B, 5.000%, 3/01/23 (Alternative Minimum Tax) -
MBIA Insured
5,000 Louisville and Jefferson County Regional Airport Authority, 7/05 at 102.00 AAA 5,164,400
Kentucky, Airport System Revenue Bonds, Series 1995A,
5.625%, 7/01/25 (Alternative Minimum Tax) - MBIA Insured
1,000 Louisville and Jefferson County Regional Airport Authority, 7/13 at 100.00 AAA 1,039,520
Kentucky, Airport System Revenue Bonds, Series 2003C,
5.250%, 7/01/22 (Alternative Minimum Tax) - FSA Insured
6,000 Louisville and Jefferson County Regional Airport Authority, 3/09 at 101.00 Baa3 5,635,380
Kentucky, Special Facilities Revenue Bonds, Airis
Louisville LLC Project, Series 1999A, 5.500%, 3/01/19
(Alternative Minimum Tax)
- ----
26
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** - 10.1%
$ 5,085 Campbellsville, Kentucky, Industrial Building Revenue 3/09 at 102.00 A+*** $ 5,698,404
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, Kentucky, 3/05 at 102.00 Aa3*** 1,034,567
School Building Revenue Bonds, Series 1995,
5.750%, 3/01/15 (Pre-refunded to 3/01/05)
1,070 Fleming County School District Finance Corporation, 3/05 at 102.00 A+*** 1,101,736
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, Kentucky, First 3/06 at 102.00 N/R*** 1,336,432
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, Kentucky, First 3/06 at 102.00 N/R*** 3,793,211
Mortgage Revenue Bonds, Floyd County Justice Center
Project, Series 1996B, 6.200%, 9/01/26 (Pre-refunded to
3/01/06)
1,200 Floyd County School District Finance Corporation, Kentucky, 5/05 at 102.00 Aa3*** 1,241,424
School Building Revenue Bonds, Series 1995, 5.500%,
5/01/15 (Pre-refunded to 5/01/05)
2,000 Jefferson County Collegiate Housing Foundation, Kentucky, 9/09 at 102.00 N/R*** 2,381,260
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*** 458,176
360 6.350%, 6/01/11 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 374,962
600 6.375%, 6/01/14 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 625,014
420 Kentucky Infrastructure Authority, Governmental Agencies 8/05 at 102.00 AA*** 436,069
Program Revenue Bonds, Series 1995G, 6.300%, 8/01/10
(Pre-refunded to 8/01/05)
400 Kentucky State Property and Buildings Commission, Agency 5/10 at 100.00 AAA 452,664
Fund Revenue Bonds, Project No. 66A, Series 2000, 5.750%,
5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured
500 Kentucky State Property and Buildings Commission, Revenue 11/09 at 100.00 AAA 559,310
Bonds, Project No. 64, Series 1999, 5.500%, 5/01/18
(Pre-refunded to 11/01/09) - MBIA Insured
Kentucky State Property and Buildings Commission, Revenue
Refunding Bonds, Project 72, Series 2001:
4,375 5.375%, 10/01/18 (Pre-refunded to 10/01/11) - MBIA Insured 10/11 at 100.00 AAA 4,924,894
5,860 5.375%, 10/01/19 (Pre-refunded to 10/01/11) - MBIA Insured 10/11 at 100.00 AAA 6,596,543
5,780 Kentucky State Property and Buildings Commission, Revenue 10/13 at 100.00 AAA 6,448,746
Refunding Bonds, Project 79, Series 2003, 5.125%, 10/01/19
(Pre-refunded to 10/01/13) - MBIA Insured
1,365 McCreary County School District Finance Corporation, 8/05 at 102.00 Aa3*** 1,424,296
Kentucky, School Building Revenue Bonds, Second Series
1995, 5.600%, 8/01/16 (Pre-refunded to 8/01/05)
1,310 Puerto Rico, General Obligation and Public Improvement 7/06 at 101.50 A-*** 1,395,111
Bonds, Series 1996, 5.400%, 7/01/25 (Pre-refunded to
7/01/06)
2,000 Puerto Rico, General Obligation and Public Improvement 7/07 at 100.00 A-*** 2,155,860
Refunding Bonds, Series 1997, 5.375%, 7/01/25
(Pre-refunded to 7/01/07)
2,600 Puerto Rico, General Obligation and Public Improvement 7/10 at 100.00 AAA 2,941,588
Bonds, Series 2000, 5.750%, 7/01/26 (Pre-refunded to
7/01/10) - MBIA Insured
245 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 291,528
Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 - AGC
Insured
2,800 Russell, Kentucky, Health System Revenue Bonds, Franciscan 1/10 at 100.00 Baa2*** 3,088,232
Health Partnership Inc. - Our Lady of Bellefonte Hospital,
Series 1997, 5.500%, 7/01/15 (Pre-refunded to 1/01/10)
- ----------------------------------------------------------------------------------------------------------------
Utilities - 7.7%
6,000 Boone County, Kentucky, Collateralized Pollution Control 1/05 at 101.00 AAA 6,151,200
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 Revenue 4/05 at 102.00 A1 1,793,033
Bonds, Louisville Gas and Electric Company, Series 1995A,
5.900%, 4/15/23
Owensboro, Kentucky, Electric Light and Power System
Revenue Bonds, Series 1991B:
7,100 0.000%, 1/01/11 - AMBAC Insured No Opt. Call AAA 5,676,663
6,475 0.000%, 1/01/12 - AMBAC Insured No Opt. Call AAA 4,924,626
5,810 0.000%, 1/01/15 - AMBAC Insured No Opt. Call AAA 3,745,707
7,900 0.000%, 1/01/17 - AMBAC Insured No Opt. Call AAA 4,532,546
13,300 0.000%, 1/01/18 - AMBAC Insured No Opt. Call AAA 7,213,787
- ----
27
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Utilities (continued)
$ 3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, No Opt. Call AAA $ 3,347,760
Series 2003NN, 5.250%, 7/01/23 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer - 8.4%
1,405 Christian County Water District, Kentucky, Waterworks 10/09 at 101.00 Aaa 1,575,160
Revenue Bonds, Series 1999, 6.000%, 1/01/30 - AMBAC Insured
Kentucky Infrastructure Authority, Governmental Agencies
Program Revenue Bonds, Series 1995G:
445 6.350%, 8/01/11 8/05 at 102.00 AA 464,963
825 6.375%, 8/01/14 8/05 at 102.00 AA 862,315
1,000 Kentucky Rural Water Finance Corporation, Multimodal Public 2/11 at 102.00 AA- 1,076,710
Projects Revenue Bonds, Flexible Term Program, Series
2001A, 5.375%, 2/01/20
Louisville and Jefferson County Metropolitan Sewer
District, Kentucky, Sewer and Drainage System Revenue
Bonds, Series 1997B:
6,000 5.350%, 5/15/22 - MBIA Insured 11/07 at 101.00 AAA 6,445,860
2,500 5.200%, 5/15/25 - MBIA Insured 11/07 at 101.00 AAA 2,570,325
3,200 Louisville and Jefferson County Metropolitan Sewer 5/08 at 101.00 AAA 3,230,336
District, Kentucky, Sewer and Drainage System Revenue
Bonds, Series 1998A, 5.000%, 5/15/30 - FGIC Insured
16,000 Louisville and Jefferson County Metropolitan Sewer 11/11 at 101.00 AAA 17,117,276
District, Kentucky, Sewer and Drainage System Revenue
Bonds, Series 2001A, 5.500%, 5/15/34 - MBIA Insured
6,920 Northern Kentucky Water District, Revenue Refunding Bonds, 2/12 at 100.00 Aaa 7,048,431
Series 2002A, 5.000%, 2/01/27 - FGIC Insured
- ----------------------------------------------------------------------------------------------------------------
$475,905 Total Long-Term Investments (cost $454,625,761) - 98.5% 476,117,234
- ----------------------------------------------------------------------------------------------------------------
- ------------
Short-Term Investments - 0.2%
1,000 Puerto Rico Government Development Bank, Adjustable A-1 1,000,000
Refunding Bonds, Variable Rate Demand Obligations, Series
1985, 1.580%, 12/01/15 - MBIA Insured +
- ----------------------------------------------------------------------------------------------------------------
$ 1,000 Total Short-Term Investments (cost $1,000,000) 1,000,000
- ----------------------------------------------------------------------------------------------------------------
- ------------
Total Investments (cost $455,625,761) - 98.7% 477,117,234
---------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 6,431,224
---------------------------------------------------------------------------------------------------
Net Assets - 100% $483,548,458
---------------------------------------------------------------------------------------------------
* 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/RInvestment 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.
- ----
28
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.8%
$ 2,000 Michigan Strategic Fund, Multi-Modal Interchangeable Rate 9/05 at 102.00 Baa2 $ 2,085,140
Pollution Control Revenue Refunding Bonds, General Motors
Corporation, Series 1995, 6.200%, 9/01/20
- ----------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.3%
940 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 868,673
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- ----------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 3.8%
Michigan Technological University, General Revenue Bonds,
Series 2004A:
1,230 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 1,269,372
1,850 5.000%, 10/01/29 - MBIA Insured 10/13 at 100.00 AAA 1,874,272
6,150 Wayne State University, Michigan, General Revenue Bonds, 11/09 at 101.00 AAA 6,282,717
Series 1999, 5.125%, 11/15/29 - FGIC Insured
- ----------------------------------------------------------------------------------------------------------------
Healthcare - 12.1%
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 963,100
1,000 5.375%, 7/01/28 7/08 at 101.00 Baa3 929,340
3,750 Kent Hospital Finance Authority, Michigan, Revenue Bonds, 7/11 at 101.00 AA 3,885,450
Spectrum Health, Series 2001A, 5.500%, 1/15/31
3,530 Lake View Community Hospital Authority, Michigan, Hospital 2/07 at 101.00 N/R 3,592,940
Revenue Refunding Bonds, Series 1997, 6.250%, 2/15/13
3,755 Michigan State Hospital Finance Authority, Revenue 2/05 at 101.00 Ba3 3,613,061
Refunding Bonds, Detroit Medical Center Obligated Group,
Series 1993A, 6.500%, 8/15/18
3,000 Michigan State Hospital Finance Authority, Hospital Revenue 3/13 at 100.00 A1 3,229,230
Refunding Bonds, Henry Ford Health System, Series 2003A,
5.625%, 3/01/17
550 Michigan State Hospital Finance Authority, Hospital Revenue No Opt. Call BBB 575,262
Refunding Bonds, Gratiot Community Hospital, Series 1995,
6.100%, 10/01/07
1,000 Michigan State Hospital Finance Authority, Hospital Revenue 10/06 at 102.00 BBB- 1,012,000
Bonds, Michigan Community Hospital, Series 1996, 6.250%,
10/01/27
1,475 Michigan State Hospital Finance Authority, Hospital Revenue 5/08 at 101.00 BBB 1,458,185
Refunding Bonds, Chelsea Community Hospital, Series 1998,
5.375%, 5/15/19
1,000 Michigan State Hospital Finance Authority, Revenue 3/12 at 101.00 A+ 1,037,300
Refunding Bonds, Crittenton Hospital, Series 2002A,
5.625%, 3/01/27
2,200 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101.00 A1 2,329,096
Bonds, Henry Ford Health System, Series 1999A, 6.000%,
11/15/24
1,600 Pontiac Hospital Finance Authority, Michigan, Hospital 2/05 at 101.00 Ba1 1,375,056
Revenue Refunding Bonds, NOMC Obligated Group, Series
1993, 6.000%, 8/01/23
3,000 Royal Oak Hospital Finance Authority, Michigan, Hospital 1/06 at 102.00 AAA 3,127,620
Revenue Refunding Bonds, William Beaumont Hospital, Series
1996, 5.250%, 1/01/20 - MBIA Insured
Royal Oak Hospital Finance Authority, Michigan, Hospital
Revenue Bonds, William Beaumont Hospital, Series 2001M:
1,000 5.250%, 11/15/31 - MBIA Insured 11/11 at 100.00 AAA 1,024,550
2,000 5.250%, 11/15/35 - MBIA Insured 11/11 at 100.00 AAA 2,047,900
- ----------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.2%
385 Grand Rapids Housing Corporation, Michigan, FHA-Insured 1/05 at 103.00 AAA 399,368
Section 8 Assisted Multifamily Mortgage Loan Revenue
Refunding Bonds, Series 1992, 7.375%, 7/15/41
750 Grand Rapids Housing Finance Authority, Michigan, FNMA 3/05 at 100.00 AAA 751,373
Collateralized Multifamily Housing Revenue Refunding
Bonds, Series 1990A, 7.625%, 9/01/23
1,190 Michigan Housing Development Authority, GNMA Collateralized 4/05 at 102.00 Aaa 1,219,750
Limited Obligation Multifamily Revenue Refunding Bonds,
Parc Point Apartments, Series 1995A, 6.500%, 10/01/15
- ----
29
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Housing/Multifamily (continued)
$ 6,000 Michigan Housing Development Authority, Section 8 Assisted No Opt. Call AA- $ 2,566,740
Mortgage Revenue Bonds, Series 1983I, 0.000%, 4/01/14
620 Michigan Housing Development Authority, Rental Housing 6/05 at 102.00 AAA 637,534
Revenue Bonds, Series 1995B, 6.150%, 10/01/15 - MBIA
Insured
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.3%
750 Michigan Housing Development Authority, Single Family 6/12 at 100.00 AAA 766,868
Mortgage Revenue Bonds, Series 2002B, 5.500%, 6/01/30
(Alternative Minimum Tax) - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.8%
2,500 Kalamazoo Economic Development Corporation, Michigan, 5/07 at 102.00 BB+ 2,430,050
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 599,298
500 6.375%, 1/01/25 1/07 at 102.00 N/R 468,315
Michigan Strategic Fund, Limited Obligation Revenue
Refunding Bonds, Porter Hills Presbyterian Village, Series
1998:
140 5.300%, 7/01/18 7/08 at 101.00 BBB+ 142,482
260 5.375%, 7/01/28 7/08 at 101.00 BBB+ 258,955
3,300 Michigan Strategic Fund, Limited Obligation Revenue Bonds, 6/08 at 100.00 BBB- 3,223,638
Clark Retirement Community Inc., Series 1998, 5.250%,
6/01/18
- ----------------------------------------------------------------------------------------------------------------
Materials - 0.7%
1,750 Dickinson County Economic Development Corporation, 11/14 at 100.00 BBB 1,749,230
Michigan, Pollution Control Revenue Bonds, International
Paper Company, Series 2004A, 4.800%, 11/01/18
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 29.3%
1,000 Anchor Bay School District, Macomb and St. Clair Counties, 5/12 at 100.00 AA+ 1,106,530
Michigan, General Obligation Bonds, Series 2002-3, 5.500%,
5/01/18
1,175 Birmingham, Michigan, General Obligation Bonds, Series 10/12 at 100.50 AAA 1,233,774
2002, 5.000%, 10/01/21
1,625 Brighton Township Sanitary Sewer Drainage District, 4/09 at 100.00 AAA 1,748,906
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 Barry 5/13 at 100.00 AA+ 1,084,474
Counties, Michigan, General Obligation Bonds, Series 2003,
5.250%, 5/01/22
1,195 Carman-Ainsworth Community School District, Genesee County, 5/12 at 100.00 AAA 1,318,324
Michigan, General Obligation Bonds, Series 2002, 5.500%,
5/01/19 - FGIC Insured
1,500 Clarkston Community Schools, Michigan, General Obligation 5/07 at 100.00 AAA 1,575,645
Bonds, School Bond Loan Fund - QSBLF, Series 1997, 5.250%,
5/01/23 - MBIA Insured
1,800 Coopersville Area Public Schools, Ottawa and Muskegon 5/09 at 100.00 AAA 1,815,534
Counties, Michigan, Unlimited Tax General Obligation
School Building and Site Bonds, Series 1999, 5.000%,
5/01/29 - MBIA Insured
1,000 Detroit City School District, Wayne County, Michigan, 5/13 at 100.00 AAA 1,070,490
General Obligation Bonds, Series 2002A, 5.375%, 5/01/24 -
FGIC Insured
Detroit City School District, Wayne County, Michigan,
Unlimited Tax School Building and Site Improvement Bonds,
Series 2001A:
2,000 5.500%, 5/01/21 - FSA Insured 5/12 at 100.00 AAA 2,196,260
250 5.125%, 5/01/31 - FSA Insured 5/12 at 100.00 AAA 255,013
1,245 Edwardsburg Public School, Cass County, Michigan, General 5/14 at 100.00 AAA 1,291,837
Obligation Bonds, Series 2004, 5.000%, 5/01/24 - FSA
Insured
Fitzgerald Public School District, Macomb County, Michigan,
General Obligation Bonds, Series 2004B:
2,125 5.000%, 5/01/18 - AMBAC Insured 11/14 at 100.00 AAA 2,278,616
1,125 5.000%, 5/01/19 - AMBAC Insured 11/14 at 100.00 AAA 1,200,656
1,000 Frankenmuth School District, Saginaw and Tuscola Counties, 5/10 at 100.00 AAA 1,106,380
Michigan, Unlimited Tax General Obligation School Building
and Site Bonds, Series 2000, 5.625%, 5/01/16 - FGIC Insured
- ----
30
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 2,000 Garden City School District, Wayne County, Michigan, 5/11 at 100.00 AA+ $ 2,032,280
General Obligation Refunding Bonds, Series 2001, 5.000%,
5/01/26
5,600 Grand Ledge Public Schools, Eaton, Clinton and Ionia 5/05 at 102.00 AAA 5,770,632
Counties, Michigan, General Obligation Refunding Bonds,
Series 1995, 5.375%, 5/01/24 - MBIA Insured
4,350 Hartland Consolidated School District, Livingston County, 5/11 at 100.00 AA+ 4,427,126
Michigan, General Obligation Refunding Bonds, Series 2001,
5.125%, 5/01/29
1,000 Hastings Area School System, Barry County, Michigan, 5/11 at 100.00 AAA 1,017,810
Unlimited Tax General Obligation Building and Site Bonds,
Series 2001, 5.000%, 5/01/26 - MBIA Insured
2,000 Howell Public Schools, Livingston County, Michigan, General 11/13 at 100.00 AA+ 2,064,560
Obligation Bonds, Series 2003, 5.000%, 5/01/24
1,000 Jackson Public Schools, Jackson County, Michigan, General 5/14 at 100.00 AAA 1,047,790
Obligation School Building and Site Bonds, Series 2004,
5.000%, 5/01/22 - FSA Insured
2,000 Jonesville Community Schools, Hillsdale and Jackson 5/09 at 100.00 AAA 2,179,300
Counties, Michigan, Unlimited Tax General Obligation
Building and Site Bonds, Series 1999, 5.750%, 5/01/29 -
FGIC Insured
1,030 Kent County, Michigan, General Obligation Bonds, Series 12/14 at 100.00 AAA 1,085,970
2004A, 5.000%, 12/01/22
1,300 Lansing Community College, Michigan, General Obligation 5/13 at 100.00 AAA 1,370,707
Bonds, Series 2003, 5.000%, 5/01/20 - MBIA Insured
1,000 Livonia Municipal Building Authority, Wayne County, 5/10 at 100.00 AAA 1,012,740
Michigan, General Obligation Bonds, Series 2001, 5.000%,
5/01/27 - FGIC Insured
2,700 Livonia Public Schools, Wayne County, Michigan, Unlimited No Opt. Call AAA 2,441,907
Tax General School Building and Site Bonds, Series
1992-II, 0.000%, 5/01/08 - FGIC Insured
2,000 Livonia Public Schools, Wayne County, Michigan, General 5/14 at 100.00 AAA 2,108,220
Obligation Bonds, Series 2004A, 5.000%, 5/01/21 - MBIA
Insured
2,800 Michigan Municipal Bond Authority, Local Government Loan No Opt. Call AAA 2,523,276
Program Revenue Bonds, Pontiac School District, Series
1991C, 0.000%, 6/15/08 - FSA Insured
3,250 Michigan, General Obligation Bonds, Environmental 5/13 at 100.00 AA+ 3,500,543
Protection Program, Series 2003A, 5.250%, 5/01/21
2,000 Muskegon Public Schools, Muskegon County, Michigan, General 5/14 at 100.00 AAA 2,119,360
Obligation Bonds, Series 2004, 5.000%, 5/01/20 - FSA
Insured
1,130 Novi, Michigan, General Obligation Bonds, Series 2002, 10/13 at 100.00 AAA 1,244,367
5.250%, 10/01/15 - FSA Insured
Okemos Public School District, Ingham County, Michigan,
General Obligation Refunding Bonds, Series 1993:
1,000 0.000%, 5/01/17 - MBIA Insured No Opt. Call AAA 567,770
1,020 0.000%, 5/01/18 - MBIA Insured No Opt. Call AAA 548,984
1,500 Portage Lake Water and Sewerage Authority, Houghton County, 10/05 at 102.00 AAA 1,581,075
Michigan, Limited Tax General Obligation Refunding Bonds,
Series 1995, 6.200%, 10/01/20 - AMBAC Insured
3,000 Southgate Community School District, Wayne County, 5/09 at 100.00 AAA 3,049,170
Michigan, General Obligation Bonds, Series 1999, 5.000%,
5/01/25 - FGIC Insured
2,500 Taylor Building Authority, Wayne, Michigan, Limited Tax 3/10 at 100.00 AAA 2,677,750
General Obligation Bonds, Series 2000, 5.125%, 3/01/17 -
AMBAC Insured
1,625 Walled Lake Consolidated School District, Oakland County, 5/14 at 100.00 AAA 1,744,129
Michigan, General Obligation Bonds, Series 2004, 5.250%,
5/01/22 - MBIA Insured
3,270 West Ottawa Public School District, Ottawa County, No Opt. Call AAA 1,856,608
Michigan, General Obligation Refunding Bonds, Series 1992,
0.000%, 5/01/17 - FGIC Insured
5,175 Williamston Community School District, Michigan, Unlimited No Opt. Call AAA 5,805,626
Tax General Obligation QSBLF Bonds, Series 1996, 5.500%,
5/01/25 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 14.2%
1,845 Detroit, Michigan, Building Authority Revenue Bonds, 2/07 at 101.00 A 1,926,162
District Court Madison Center, Series 1996A, 6.150%,
2/01/11
- ----
31
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 11,000 Detroit-Wayne County Stadium Authority, Michigan, Limited 2/07 at 102.00 AAA $ 11,433,950
Tax General Obligation Building Authority Stadium Bonds,
Series 1997, 5.250%, 2/01/27 - FGIC Insured
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 2,253,996
3,295 0.000%, 6/01/18 - MBIA Insured No Opt. Call AAA 1,766,647
1,650 6.875%, 6/01/24 - MBIA Insured 12/04 at 102.00 AAA 1,689,435
250 Michigan Municipal Bond Authority, Wayne County, Local 12/04 at 100.00 AAA 250,517
Government Loan Program Revenue Bonds, Series 1991A,
4.750%, 12/01/09 - FGIC Insured
Michigan State Building Authority, Revenue Refunding Bonds,
Facilities Program, Series 2001I:
2,720 5.500%, 10/15/19 10/11 at 100.00 AA 3,000,459
5,000 5.000%, 10/15/24 10/11 at 100.00 AA 5,144,700
2,000 Michigan State Building Authority, Revenue Refunding Bonds, 10/13 at 100.00 AAA 2,091,020
Facilities Program, Series 2003II, 5.000%, 10/15/22 - MBIA
Insured
1,500 Michigan, Certificates of Participation, Series 2000, 6/10 at 100.00 AAA 1,643,475
5.500%, 6/01/20 - AMBAC Insured
2,000 Michigan State Trunk Line, Fund Bonds, Series 2001A, 11/11 at 100.00 AAA 2,046,280
5.000%, 11/01/25
6,000 Michigan House of Representatives, Certificates of No Opt. Call AAA 2,354,100
Participation, Series 1998, 0.000%, 8/15/23 - AMBAC Insured
- ----------------------------------------------------------------------------------------------------------------
Transportation - 1.2%
3,000 Wayne County, Michigan, Airport Revenue Bonds, Detroit 12/08 at 101.00 AAA 3,037,200
Metropolitan Airport, Series 1998B, 5.000%, 12/01/28
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** - 19.3%
210 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 226,798
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded to 7/01/10)
2,520 Detroit, Michigan, Unlimited Tax General Obligation Bonds, 4/10 at 101.00 AAA 2,838,604
Series 1999B, 5.500%, 4/01/18 (Pre-refunded to 4/01/10) -
MBIA Insured
2,500 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, 1/10 at 101.00 AAA 2,853,025
Series 1999A, 5.875%, 7/01/27 (Pre-refunded to 1/01/10) -
FGIC Insured
6,500 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, 1/10 at 101.00 AAA 8,263,060
Residual Option Long Series II-R-103, 9.734%, 7/01/20
(Pre-refunded to 1/01/10) (IF)
2,000 Detroit, Michigan, Senior Lien Water Supply System Revenue 1/10 at 101.00 AAA 2,271,240
Bonds, Series 1999A, 5.750%, 7/01/26 (Pre-refunded to
1/01/10) - FGIC Insured
1,500 Grand Rapids Township Economic Development Corporation, 7/09 at 101.00 BBB+*** 1,668,390
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, Michigan, 5/10 at 100.00 AAA 1,119,280
Unlimited Tax General Obligation School Building and Site
Bonds, Series 2000A, 5.500%, 5/01/23 (Pre-refunded to
5/01/10) - FGIC Insured
3,000 Lake Orion Community School District, Oakland County, 5/05 at 101.00 AAA 3,092,520
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 Livonia Public Schools, Wayne County, Michigan, Unlimited 5/10 at 100.00 AAA 2,275,180
Tax General Obligation School Building and Site Bonds,
Series 2000, 5.875%, 5/01/25 (Pre-refunded to 5/01/10) -
FGIC Insured
2,000 Macomb Township Building Authority, Macomb County, 4/08 at 101.00 AAA 2,235,920
Michigan, General Obligation Bonds, Series 2000, 6.000%,
4/01/27 (Pre-refunded to 4/01/08) - FGIC Insured
500 Michigan Municipal Bond Authority, Drinking Water Revolving 10/10 at 101.00 AAA 577,130
Fund Revenue Bonds, Series 2000, 5.875%, 10/01/17
(Pre-refunded to 10/01/10)
1,220 Michigan, Certificates of Participation, New Center 9/11 at 100.00 AAA 1,365,400
Development Inc., Series 2001, 5.375%, 9/01/21
(Pre-refunded to 9/01/11) - MBIA Insured
1,000 Michigan State Hospital Finance Authority, Hospital Revenue 1/05 at 102.00 AA-*** 1,023,510
Refunding Bonds, Otsego Memorial Hospital, Series 1995,
6.125%, 1/01/15 (Pre-refunded to 1/01/05)
- ----
32
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** (continued)
$ 5,000 Michigan State Hospital Finance Authority, Revenue Bonds, 11/09 at 101.00 AAA $ 5,761,700
Ascension Health Credit Group, Series 1999A, 6.125%,
11/15/26 (Pre-refunded to 11/15/09)
3,000 Michigan South Central Power Agency, Power Supply System 12/04 at 102.00 A3*** 3,060,420
Revenue Refunding Bonds, Series 1994, 7.000%, 11/01/11
(Pre-refunded to 12/01/04)
75 Michigan South Central Power Agency, Power Supply System No Opt. Call A3*** 86,027
Revenue Bonds, Series 2000, 6.000%, 5/01/12
2,775 Milan Area Schools, Washtenaw and Monroe Counties, 5/10 at 100.00 AAA 3,140,357
Michigan, General Obligation Bonds, Series 2000A, 5.750%,
5/01/20 (Pre-refunded to 5/01/10) - FGIC Insured
1,215 Potterville Public Schools, Easton County, Michigan, 5/09 at 100.00 AAA 1,360,205
Unlimited Tax School Building and Site Bonds, Series 1999,
5.750%, 5/01/20 (Pre-refunded to 5/01/09) - FSA Insured
1,235 Rochester Community School District, Oakland and Macomb 5/10 at 100.00 AAA 1,397,600
Counties, Michigan, General Obligation Bonds, Series
2000I, 5.750%, 5/01/19 (Pre-refunded to 5/01/10) - FGIC
Insured
1,085 Romulus Tax Increment Finance Authority, Wayne County, 11/06 at 100.00 N/R*** 1,168,220
Michigan, Limited Obligation Development Revenue Bonds,
Series 1994, 6.750%, 11/01/19 (Pre-refunded to 11/01/06)
7,000 Vicksburg Community Schools, Kalamazoo and St. Joseph 5/06 at 37.24 AAA 2,520,910
Counties, Michigan, General Obligation Bonds, Series 1991,
0.000%, 5/01/20 (Pre-refunded to 5/01/06) - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Utilities - 4.5%
1,000 Lansing Board of Water and Light, Michigan, Steam and 7/13 at 100.00 AAA 1,050,140
Electric Utility System Revenue Bonds, Series 2003A,
5.000%, 7/01/21 - FSA Insured
1,000 Michigan Public Power Agency, Revenue Bonds, Combustion 1/12 at 100.00 AAA 1,041,220
Turbine 1 Project, Series 2001A, 5.250%, 1/01/27 - AMBAC
Insured
925 Michigan South Central Power Agency, Power Supply System No Opt. Call A3 1,027,980
Revenue Bonds, Series 2000, 6.000%, 5/01/12
3,300 Michigan Strategic Fund, Collateralized Limited Obligation 9/11 at 100.00 A3 3,398,307
Pollution Control Revenue Refunding Bonds, Fixed Rate
Conversion, Detroit Edison Company, Series 1999C, 5.650%,
9/01/29 (Alternative Minimum Tax)
1,000 Monroe County Economic Development Corporation, Michigan, No Opt. Call AAA 1,295,670
Collateralized Limited Obligation Revenue Refunding Bonds,
Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22 -
FGIC Insured
1,000 Monroe County, Michigan, Pollution Control Revenue Bonds, No Opt. Call AAA 1,000,120
Detroit Edison Company Project, Series 1994A, 6.350%,
12/01/04 (Alternative Minimum Tax) - AMBAC Insured
4,000 Puerto Rico Electric Power Authority, Power Revenue No Opt. Call AAA 2,367,680
Refunding Bonds, Series 1989O, 0.000%, 7/01/ 17 - MBIA
Insured
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer - 8.4%
4,455 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, No Opt. Call AAA 2,246,924
Series 1999A, 0.000%, 7/01/19 - FGIC Insured
3,000 Detroit, Michigan, Senior Lien Sewerage Disposal System 7/11 at 100.00 AAA 3,054,360
Revenue Bonds, Series 2001A, 5.125%, 7/01/31 - FGIC Insured
3,000 Detroit, Michigan, Senior Lien Sewerage Disposal System 7/13 at 100.00 AAA 3,192,540
Revenue Refunding Bonds, Series 2003A, 5.000%, 7/01/17 -
FSA Insured
Detroit, Michigan, Senior Lien Water Supply System Revenue
Bonds, Series 2001A:
2,500 5.000%, 7/01/30 - FGIC Insured 7/11 at 100.00 AAA 2,517,325
3,000 5.500%, 7/01/33 - FGIC Insured 7/11 at 101.00 AAA 3,201,690
5,000 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 AAA 5,127,850
Bonds, Series 2003A, 5.000%, 7/01/25 - MBIA Insured
- ----
33
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
$ 1,625 Lansing, Michigan, Sewerage Disposal System Revenue Bonds, 5/14 at 100.00 AAA $ 1,712,924
Series 2003, 5.000%, 5/01/21 - FGIC Insured
- ---------------------------------------------------------------------------------------------------------------
$259,470 Total Long-Term Investments (cost $233,169,902) - 99.9% 250,032,171
- ---------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 0.1% 345,482
-------------------------------------------------------------------------------------------------
Net Assets - 100% $250,377,653
-------------------------------------------------------------------------------------------------
* 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/RInvestment is not rated.
(IF)Inverse floating rate security.
See accompanying notes to financial statements.
- ----
34
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.8%
$ 3,225 St. Louis Industrial Development Authority, Missouri, No Opt. Call AAA $ 2,014,980
Senior Lien Revenue Bonds, St. Louis Convention Center
Headquarters Hotel, Series 2000A, 0.000%, 7/15/15 - AMBAC
Insured
- ----------------------------------------------------------------------------------------------------------------
Consumer Staples - 4.4%
3,000 Cape Girardeau County Industrial Development Authority, 5/08 at 101.00 AA- 3,043,590
Missouri, Solid Waste Disposal Revenue Bonds, Procter &
Gamble Products Company Project, Series 1998, 5.300%,
5/15/28 (Alternative Minimum Tax)
8,100 Missouri Development Finance Board, Solid Waste Disposal No Opt. Call AA- 8,389,575
Revenue Bonds, Procter & Gamble Paper Products Company
Project, Series 1999, 5.200%, 3/15/29 (Alternative Minimum
Tax)
- ----------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 8.8%
Curators of the University of Missouri, System Facilities
Revenue Bonds, Series 2003A:
1,000 5.000%, 11/01/21 11/13 at 100.00 AA 1,050,990
1,200 5.000%, 11/01/31 11/13 at 100.00 AA 1,217,640
1,000 Kansas City Metropolitan Community Colleges Building 7/11 at 100.00 Aaa 1,107,400
Corporation, Missouri, Leasehold Revenue Bonds, Junior
College District of Metropolitan Kansas City, Series 2001,
5.500%, 7/01/18 - FGIC Insured
1,000 Missouri Higher Education Loan Authority, Subordinate Lien 2/05 at 100.00 A2 1,002,680
Student Loan Revenue Bonds, Series 1992, 6.500%, 2/15/06
(Alternative Minimum Tax)
4,190 Missouri Higher Education Loan Authority, Subordinate Lien 2/05 at 101.00 A2 4,347,335
Student Loan Revenue Bonds, Series 1994F, 6.750%, 2/15/09
(Alternative Minimum Tax)
1,000 Missouri Health and Educational Facilities Authority, No Opt. Call AA+ 1,147,040
Revenue Bonds, Washington University, Series 2001A,
5.500%, 6/15/16
Missouri Health and Educational Facilities Authority,
Revenue Bonds, Maryville University of St. Louis, Series
1997:
1,000 5.625%, 6/15/13 6/07 at 101.00 Baa2 1,042,080
1,750 5.750%, 6/15/17 6/07 at 101.00 Baa2 1,814,575
1,100 Missouri Health and Educational Facilities Authority, 10/08 at 100.00 N/R 1,091,475
Revenue Bonds, Barstow School, Series 1998, 5.250%,
10/01/23
1,000 Missouri Health and Educational Facilities Authority, 1/10 at 100.00 AA 1,083,620
Revenue Bonds, Central Institute for the Deaf, Series
1999, 5.850%, 1/01/22 - RAAI Insured
900 Missouri Health and Educational Facilities Authority, 6/08 at 102.00 A1 954,630
Revenue Bonds, Stephens College, Series 1999, 6.000%,
6/01/24
1,100 Missouri Health and Educational Facilities Authority, 6/10 at 100.00 Baa2 1,167,848
Revenue Bonds, Maryville University of St. Louis, Series
2000, 6.750%, 6/15/30
1,360 Missouri Health and Educational Facilities Authority, 4/11 at 100.00 Aaa 1,502,732
Revenue Bonds, Webster University, Series 2001, 5.500%,
4/01/18 - MBIA Insured
St. Louis County Industrial Development Authority,
Missouri, Revenue Bonds, Kiel Center Multipurpose Arena,
Series 1992:
650 7.625%, 12/01/09 (Alternative Minimum Tax) 12/04 at 100.00 N/R 650,969
1,000 7.750%, 12/01/13 (Alternative Minimum Tax) 12/04 at 100.00 N/R 1,021,500
500 7.875%, 12/01/24 (Alternative Minimum Tax) 12/04 at 100.00 N/R 510,750
2,060 Southeast Missouri State University, System Facilities 4/11 at 100.00 Aaa 2,097,348
Revenue Refunding and Improvement Bonds, Series 2001,
5.000%, 4/01/26 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Healthcare - 9.1%
1,250 Joplin Industrial Development Authority, Missouri, Health 2/15 at 102.00 BBB+ 1,263,750
Facilities Revenue Bonds, Freeman Health System, Series
2004, 5.500%, 2/15/29
1,000 Missouri Health and Educational Facilities Authority, 6/11 at 101.00 AAA 1,037,960
Revenue Bonds, St. Luke's Health System, Series 2001,
5.250%, 12/01/26 - FSA Insured
1,000 Missouri Health and Educational Facilities Authority, 5/13 at 100.00 AA 1,030,060
Revenue Bonds, BJC Health System, Series 2003, 5.125%,
5/15/25
2,750 Missouri Health and Educational Facilities Authority, 2/14 at 100.00 BBB+ 2,830,493
Revenue Bonds, Lake Regional Health System, Series 2003,
5.700%, 2/15/34
- ----
35
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Healthcare (continued)
Missouri Health and Educational Facilities Authority,
Revenue Bonds, Freeman Health System, Series 1998:
$ 1,500 5.250%, 2/15/18 2/08 at 102.00 BBB+ $ 1,519,980
1,300 5.250%, 2/15/28 2/08 at 102.00 BBB+ 1,258,231
500 Missouri Health and Educational Facilities Authority, 11/06 at 100.00 BBB+ 499,205
Revenue Bonds, Capital Region Medical Center, Series 1998,
5.250%, 11/01/23
Missouri Health and Educational Facilities Authority,
Revenue Bonds, St. Anthony's Medical Center, Series 2000:
1,220 6.250%, 12/01/12 12/10 at 101.00 A 1,378,027
2,000 6.250%, 12/01/30 12/10 at 101.00 A 2,122,320
Missouri Health and Educational Facilities Authority,
Revenue Bonds, Lester E. Cox Medical Center, Series 1992H:
2,650 0.000%, 9/01/17 - MBIA Insured No Opt. Call AAA 1,474,540
4,740 0.000%, 9/01/21 - MBIA Insured No Opt. Call AAA 2,106,551
6,300 0.000%, 9/01/22 - MBIA Insured No Opt. Call AAA 2,644,488
1,000 New Liberty Hospital District, Missouri, Revenue Bonds, 12/11 at 100.00 AAA 1,037,350
Series 2001, 5.000%, 12/01/21 - AMBAC Insured
500 North Kansas City, Missouri, Hospital Revenue Bonds, North 11/13 at 100.00 AAA 512,075
Kansas City Hospital and Affiliate, Series 2003A, 5.125%,
11/15/33 - FSA Insured
2,880 Taney County Industrial Development Authority, Missouri, 5/08 at 101.00 BBB 2,807,798
Hospital Revenue Bonds, Skaggs Community Hospital
Association, Series 1998, 5.400%, 5/15/28
- ----------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 9.6%
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 1,365,606
2,530 6.300%, 1/20/38 (Alternative Minimum Tax) 7/13 at 103.00 AAA 2,555,376
80 Missouri Housing Development Commission, FHA-Insured 1/05 at 100.00 Aaa 80,078
Mortgage Loan Housing Development Refunding Bonds, Series
1992, 6.600%, 7/01/24
885 Missouri Housing Development Commission, Multifamily 12/05 at 103.00 N/R 890,115
Housing Revenue Bonds, Primm Place Apartments, Series
1995A, 6.250%, 12/01/17 (Alternative Minimum Tax)
2,620 Missouri Housing Development Commission, Multifamily 4/08 at 102.00 N/R 2,373,301
Housing Revenue Bonds, Mansion Apartments II, Series 1999,
6.125%, 4/01/22 (Alternative Minimum Tax)
Missouri Housing Development Commission, GNMA
Collateralized Multifamily Housing Revenue Bonds, JB Hughes
Apartments I and II, Series 2002G:
277 6.200%, 5/20/19 5/12 at 105.00 Aaa 290,374
975 6.300%, 5/20/37 5/12 at 105.00 Aaa 999,375
1,805 St. Louis County Industrial Development Authority, 1/09 at 105.00 AAA 1,812,960
Missouri, GNMA Collateralized Subordinate Lien Housing
Revenue Refunding Bonds, Southfield and Oak Forest II
Apartments, Series 2002A, 5.200%, 1/20/36
2,000 St. Louis County Housing Authority, Missouri, FNMA 3/05 at 102.00 AAA 2,048,480
Multifamily Housing Revenue Refunding Bonds, Kensington
Square Apartments, Series 1995, 6.650%, 3/01/20
9,105 St. Louis County Industrial Development Authority, 8/06 at 105.00 AAA 9,619,615
Missouri, GNMA Mortgage-Backed Multifamily Housing Revenue
Bonds, Covington Manor Apartments, Series 1996A, 6.875%,
8/20/36 (Alternative Minimum Tax)
1,865 St. Louis Land Clearance Redevelopment Authority, Missouri, 5/05 at 100.00 AAA 1,872,833
FHA-Insured Multifamily Mortgage Revenue Refunding Bonds,
St. Louis Place Apartments, Series 1993, 6.250%, 8/01/27
925 Universal City Industrial Development Authority, Missouri, 8/07 at 102.00 Aaa 955,386
GNMA Collateralized Revenue Refunding Bonds, River Valley
Apartments, Series 1997A, 5.900%, 2/20/37
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family - 1.4%
290 Missouri Housing Development Commission, GNMA/FNMA Single 1/07 at 102.00 AAA 292,111
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1996D, 6.125%, 3/01/28 (Alternative Minimum Tax)
- ----
36
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 120 Missouri Housing Development Commission, GNMA/FNMA Single 3/07 at 105.00 AAA $ 120,174
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1997A-2, 7.300%, 3/01/28 (Alternative Minimum Tax)
300 Missouri Housing Development Commission GNMA/FNMA, Single 3/06 at 105.00 AAA 300,399
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1995C, 7.250%, 9/01/26 (Alternative Minimum Tax)
Missouri Housing Development Commission, GNMA/FNMA Single
Family Remarketed Mortgage Revenue Bonds, Homeownership
Loan Program, Series 1995B:
480 6.375%, 9/01/20 (Alternative Minimum Tax) 9/06 at 102.00 AAA 486,955
385 6.450%, 9/01/27 (Alternative Minimum Tax) 9/06 at 102.00 AAA 390,686
285 Missouri Housing Development Commission GNMA/FNMA, Single 9/06 at 105.00 AAA 288,138
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1996B, 7.550%, 9/01/27 (Alternative Minimum Tax)
Missouri Housing Development Commission, GNMA
Mortgage-Backed Securities Program Single Family Mortgage
Revenue Bonds, Series 1994A:
45 6.700%, 12/01/07 (Alternative Minimum Tax) 12/04 at 102.00 AAA 45,794
190 7.125%, 12/01/14 (Alternative Minimum Tax) 12/04 at 102.00 AAA 192,603
80 7.200%, 12/01/17 (Alternative Minimum Tax) 12/04 at 102.00 AAA 81,133
215 Missouri Housing Development Commission GNMA/FNMA, Single 3/08 at 105.00 AAA 216,836
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1998B-2, 6.400%, 3/01/29 (Alternative Minimum Tax)
705 Missouri Housing Development Commission GNMA/FNMA, Single 9/09 at 100.00 AAA 736,640
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 2000A-1, 6.300%, 9/01/25 (Alternative Minimum Tax)
405 Missouri Housing Development Commission GNMA/FNMA, Single 3/10 at 100.00 AAA 424,562
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 2000B-1, 6.200%, 9/01/25 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Long-Term Care - 10.6%
1,000 Cole County Industrial Development Authority, Missouri, 2/14 at 100.00 N/R 1,023,410
Revenue Bonds, Lutheran Senior Services - Heisinger
Project, Series 2004, 5.500%, 2/01/35
4,250 Kansas City Industrial Development Authority, Missouri, 11/08 at 102.00 N/R 3,730,098
Retirement Center Revenue Refunding and Improvement Bonds,
Kingswood Project, Series 1998A, 5.875%, 11/15/29
1,000 Lees Summit Industrial Development Authority, Missouri, 8/05 at 102.00 N/R 1,035,470
Health Facilities Revenue Bonds, John Knox Village, Series
1995, 6.625%, 8/15/13
5,000 Lees Summit Industrial Development Authority, Missouri, 8/09 at 101.00 N/R 5,319,950
Health Facilities Revenue Bonds, John Knox Village, Series
1999, 6.000%, 8/15/17
1,500 Lees Summit Industrial Development Authority, Missouri, 8/12 at 101.00 N/R 1,568,640
Health Facilities Revenue Bonds, John Knox Village, Series
2002, 5.700%, 8/15/22
1,285 Missouri Development Finance Board, Healthcare Facilities 11/11 at 100.00 A2 1,338,957
Revenue Bonds, Lutheran Home for the Aged, Series 2001A,
5.600%, 11/01/21
3,750 Missouri Health and Educational Facilities Authority, 2/06 at 102.00 N/R 3,869,850
Revenue Bonds, Lutheran Senior Services, Series 1996A,
6.375%, 2/01/27
3,500 Missouri Health and Educational Facilities Authority, 2/07 at 102.00 N/R 3,603,635
Revenue Bonds, Lutheran Senior Services, Series 1997,
5.875%, 2/01/23
St. Louis County Industrial Development Authority,
Missouri, Revenue Refunding Bonds, Friendship Village of
West County, Series 1996A:
445 5.750%, 9/01/05 No Opt. Call N/R 449,058
1,800 6.250%, 9/01/10 9/06 at 102.00 N/R 1,881,144
2,425 St. Louis County Industrial Development Authority, 8/05 at 104.00 AAA 2,574,768
Missouri, GNMA Collateralized Healthcare Facilities
Revenue Bonds, Mother of Perpetual Help Residence Inc.,
Series 1995, 6.250%, 8/01/28
1,200 St. Louis County Industrial Development Authority, 3/10 at 102.00 AAA 1,243,164
Missouri, GNMA Collateralized Healthcare Facilities
Revenue Bonds, Mary, Queen and Mother Association, Series
2001, 5.400%, 9/20/34
- ----------------------------------------------------------------------------------------------------------------
Materials - 0.4%
1,000 Sugar Creek, Missouri, Industrial Development Revenue 6/13 at 101.00 BBB 1,005,690
Bonds, Lafarge North America Inc., Series 2003A, 5.650%,
6/01/37 (Alternative Minimum Tax)
- ----
37
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 14.1%
$ 1,465 Camdenton Reorganized School District R3, Camden County, 3/12 at 100.00 AAA $ 1,541,971
Missouri, General Obligation Bonds, Series 2004, 5.250%,
3/01/24 (WI, settling 12/01/04) - FSA Insured
2,000 Cass County Reorganized School District R-II, Raymore and 3/12 at 100.00 AAA 2,137,080
Peculiar, Missouri, General Obligation Bonds, Series 2002,
5.250%, 3/01/20 - FSA Insured
540 Clay County Public School District 53, Liberty, Missouri, 3/12 at 100.00 AA+ 571,417
General Obligation Bonds, Series 2001C, 5.200%, 3/01/21
1,280 Clay County Public School District 53, Liberty, Missouri, 3/12 at 100.00 AAA 1,327,565
General Obligation Bonds, Series 2002B, 5.000%, 3/01/22 -
FSA Insured
1,000 Greene County Reorganized School District R8, Missouri, 3/12 at 100.00 AAA 1,068,540
General Obligation Bonds, Series 2002, 5.250%, 3/01/20 -
FSA Insured
2,500 Hickman Mills C-1 School District, Jackson County, 3/13 at 100.00 AAA 2,623,000
Missouri, General Obligation Bonds, Series 2003,
5.000%, 3/01/21 - FSA Insured
1,000 Jackson County School District R-7, Lees Summit, Missouri, 3/12 at 100.00 AAA 1,081,750
General Obligation Refunding and Improvement Bonds, Series
2002, 5.250%, 3/01/18 - FSA Insured
1,450 Jackson County Reorganized School District R-7, Lees 3/14 at 100.00 Aaa 1,529,547
Summit, Missouri, General Obligation Bonds, Series 2004,
5.000%, 3/01/21 - MBIA Insured
1,000 Jefferson City School District, Missouri, General No Opt. Call Aa2 1,159,370
Obligation Bonds, Series 1991A, 6.700%, 3/01/11
3,000 Kansas City, Missouri, General Obligation Bonds, Series 2/14 at 100.00 AA 3,121,800
2004F, 5.000%, 2/01/24
3,000 Missouri, General Obligation Refunding Bonds, Fourth State 10/12 at 100.00 AAA 3,198,690
Building, Series 2002A, 5.000%, 10/01/18
1,000 Pevely, Missouri, General Obligation Bonds, Series 2004, 3/13 at 100.00 AA 1,038,230
5.250%, 3/01/24 - RAAI Insured
2,275 Platte County Reorganized School District R3, Missouri, 3/14 at 100.00 AAA 2,412,319
General Obligation Bonds, Series 2004, 5.000%, 3/01/20 -
MBIA Insured
750 Polk County R-1 School District, Bolivar, Missouri, General 3/10 at 100.00 AA+ 827,745
Obligation Bonds, Missouri Direct Deposit Program, Series
2000, 5.700%, 3/01/20
1,345 St. Louis County Pattonville School District R3, Missouri, No Opt. Call AAA 1,630,651
General Obligation Bonds, Series 2000, 6.500%, 3/01/14 -
FGIC Insured
1,900 St. Louis County Pattonville School District R3, Missouri, 3/14 at 100.00 AAA 2,059,866
General Obligation Bonds, Series 2004, 5.250%, 3/01/20 -
FSA Insured
1,605 St. Louis Board of Education, Missouri, General Obligation 4/13 at 100.00 AAA 1,693,853
Refunding Bonds, Series 2003A, 5.000%, 4/01/20 - FSA
Insured
Springfield School District R12, Missouri, General
Obligation Bonds, Series 2003:
2,875 5.125%, 3/01/20 - FGIC Insured 3/13 at 100.00 AAA 3,060,121
3,000 5.000%, 3/01/22 - FGIC Insured 3/13 at 100.00 AAA 3,130,620
1,500 5.000%, 3/01/23 - FGIC Insured 3/13 at 100.00 AAA 1,557,930
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 18.3%
875 Brentwood, Missouri, Tax Increment Refunding Bonds, 4/09 at 100.00 AA 883,733
Promenade Project, Series 2002, 4.700%, 4/01/19 - RAAI
Insured
1,875 Christian County Public Building Corporation, Missouri, 6/10 at 100.00 AA 2,031,675
Leasehold Revenue Bonds, Justice Center Project, Series
2000, 5.450%, 6/01/15 - RAAI Insured
1,035 Dunklin County, Missouri, Certificates of Participation, 12/14 at 100.00 AAA 1,102,492
Series 2004, 5.000%, 12/01/19 (WI, settling 12/01/04) -
FGIC Insured
1,025 Excelsior Springs School District, Missouri, Leasehold No Opt. Call AAA 698,507
Revenue Bonds, Series 1994, 0.000%, 3/01/14 - FSA Insured
2,750 Fenton, Missouri, Tax Increment Refunding and Improvement 10/12 at 100.00 N/R 2,820,153
Bonds, Gravois Bluffs Project, Series 2002, 6.125%,
10/01/21
3,000 Harrisonville, Missouri, Lease Participation Certificates, 12/13 at 100.00 AAA 3,120,180
Series 2003, 5.000%, 12/01/22 - XLCA Insured
3,490 Howard Bend Levee District, St. Louis County, Missouri, 3/09 at 101.00 N/R 3,666,629
Levee District Improvement Bonds, Series 1999, 5.850%,
3/01/19
- ----
38
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 1,200 Kansas City Land Clearance Redevelopment Authority, 12/05 at 102.00 AAA $ 1,264,488
Missouri, Lease Revenue Bonds, Municipal Auditorium and
Muehlebach Hotel Redevelopment Projects, Series 1995A,
5.900%, 12/01/18 - FSA Insured
Mehlville School District R-9, 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 1,411,170
1,000 5.500%, 9/01/18 - FSA Insured 9/12 at 100.00 AAA 1,104,130
3,885 Missouri Association of Rural Education, Pulaski County, 3/09 at 100.00 AAA 4,063,205
Certificates of Participation, Waynesville School District
R-6, Series 2004, 5.100%, 3/01/24 - MBIA Insured
1,500 Missouri Development Finance Board, Kansas City, 4/10 at 100.00 AAA 1,662,900
Infrastructure Facilities Revenue Bonds, Midtown
Redevelopment Project, Series 2000A, 5.750%, 4/01/22 -
MBIA Insured
4,000 Missouri Development Finance Board, Independence, 4/11 at 100.00 A+ 4,102,560
Infrastructure Facilities Revenue Bonds, Santa Fe
Redevelopment Project, Series 2001, 5.250%, 4/01/23
2,000 Missouri Development Finance Board, Infrastructure 3/10 at 100.00 N/R 2,041,020
Facilities Revenue Bonds, Riverside-Quindaro Bend Levee
District L-385, Series 2001, 5.800%, 3/01/20
450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101.00 AAA 503,186
Missouri, Levee District Improvement Bonds, Series 1999,
5.750%, 3/01/19 - MBIA Insured
1,705 O'Fallon, Missouri, Certificates of Participation, Series 2/12 at 100.00 Aaa 1,855,552
2002, 5.250%, 2/01/15 - MBIA Insured
900 Puerto Rico, Highway Revenue Bonds, Highway and 7/16 at 100.00 A 962,640
Transportation Authority, Series 1996Y, 5.500%, 7/01/36
3,000 Puerto Rico Public Buildings Authority, Guaranteed No Opt. Call A- 3,334,800
Government Facilities Revenue Bonds, Series 1993L, 5.500%,
7/01/21
1,240 St. Louis Municipal Finance Corporation, Missouri, 2/12 at 100.00 Aaa 1,399,476
Leasehold Revenue Bonds, Carnahan Courthouse, Series
2002A, 5.750%, 2/15/17 - FGIC Insured
1,750 St. Louis Regional Convention and Sports Complex Authority, 8/07 at 100.00 AAA 1,851,535
Missouri, Lease Revenue Refunding Bonds, Series 1997C,
5.300%, 8/15/20 - AMBAC Insured
2,950 Springfield Public Building Corporation, Missouri, Lease 6/10 at 100.00 AAA 3,347,188
Revenue Bonds, Jordan Valley Park Projects, Series 2000A,
6.125%, 6/01/21 - AMBAC Insured
2,500 Springfield Public Building Corporation, Missouri, Lease 3/14 at 100.00 Aaa 2,596,450
Revenue Bonds, Series 2004, 5.000%, 3/01/24 - AMBAC Insured
1,945 Springfield Center City Development Corporation, Missouri, 6/12 at 100.00 Aaa 1,982,266
Lease Revenue Bonds, Jordan Valley Park Exposition Center,
Series 2002A, 5.000%, 6/01/27 - AMBAC Insured
- ----------------------------------------------------------------------------------------------------------------
Transportation - 7.1%
2,000 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 2,030,520
Bonds, Kansas City International Airport, Series 2001,
5.000%, 4/01/23 (Alternative Minimum Tax) - AMBAC Insured
790 Puerto Rico Ports Authority, Special Facilities Revenue 6/06 at 102.00 CCC 554,446
Bonds, American Airlines Inc., Series 1996A, 6.250%,
6/01/26 (Alternative Minimum Tax)
5,000 St. Louis, Missouri, Airport Revenue Bonds, Airport 7/11 at 100.00 AAA 5,088,150
Development Program, Series 2001A, 5.000%, 7/01/26 - MBIA
Insured
St. Louis, Missouri, Airport Revenue Refunding Bonds,
Series 2003A:
3,450 5.250%, 7/01/16 - FSA Insured 7/13 at 100.00 AAA 3,756,740
1,000 5.250%, 7/01/18 - FSA Insured 7/13 at 100.00 AAA 1,079,860
St. Louis Land Clearance Redevelopment Authority, Missouri,
Revenue Refunding and Improvement Bonds, LCRA Parking
Facilities, Series 1999C:
1,000 7.000%, 9/01/19 9/09 at 102.00 N/R 1,077,980
2,400 7.050%, 9/01/24 9/09 at 102.00 N/R 2,570,952
2,250 St. Louis, Missouri, Revenue Refunding Bonds, Parking 12/06 at 102.00 AAA 2,399,085
Facility, Series 1996, 5.375%, 12/15/21 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** - 3.9%
2,285 Branson Public Building Corporation, Missouri, Leasehold 11/06 at 101.00 N/R*** 2,474,678
Revenue Bonds, City Hall and Fire Station Improvement
Projects, Series 1995, 6.250%, 11/01/12 (Pre-refunded to
11/01/06)
- ----
39
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** (continued)
$ 4,500 Cape Girardeau County, Missouri, Single Family Mortgage No Opt. Call Aaa $ 2,928,825
Revenue Bonds, Series 1983, 0.000%, 12/01/14
235 Greene County, Missouri, Single Family Mortgage Revenue No Opt. Call Aaa 141,489
Bonds, Series 1984, 0.000%, 3/01/16
2,395 Missouri Health and Educational Facilities Authority, No Opt. Call Aaa 2,942,281
Revenue Bonds, BJC Health System, Series 1994A, 6.750%,
5/15/14
450 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 A*** 518,364
Revenue Bonds, Series 2000B, 6.000%, 7/01/39 (Pre-refunded
to 7/01/10)
950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R*** 1,133,778
County Memorial Hospital, Series 2000, 7.250%, 6/15/25
(Pre-refunded to 6/15/10)
- ----------------------------------------------------------------------------------------------------------------
Utilities - 4.6%
2,710 Columbia, Missouri, Water and Electric Revenue Bonds, 10/12 at 100.00 AAA 2,768,834
Series 2002A, 5.000%, 10/01/26 - AMBAC Insured
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 1,045,730
Series 2002II, 5.125%, 7/01/26 - FSA Insured
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, No Opt. Call AAA 2,231,840
Series 2003NN, 5.250%, 7/01/23 - MBIA Insured
2,000 Sikeston, Missouri, Electric System Revenue Bonds, Series No Opt. Call AAA 2,274,380
1992, 6.200%, 6/01/10 - MBIA Insured
3,030 Sikeston, Missouri, Electric System Revenue Refunding No Opt. Call AAA 3,576,885
Bonds, Series 1996, 6.000%, 6/01/14 - MBIA Insured
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer - 5.7%
1,825 Kansas City, Missouri, Sewerage System Revenue Bonds, 1/12 at 100.00 AA 1,949,994
Series 2002D-1, 5.375%, 1/01/22
1,785 Kansas City, Missouri, Water Revenue Bonds, Series 2004D, 12/13 at 100.00 AAA 1,890,440
5.000%, 12/01/20 - FSA Insured
3,385 Metropolitan St. Louis Sewerage District, Missouri, Revenue 5/14 at 100.00 AAA 3,592,399
Bonds, Wastewater System, Series 2004A, 5.000%, 5/01/20 -
MBIA Insured
1,635 Missouri Environmental Improvement and Energy Resources 4/09 at 100.00 AA 1,778,340
Authority, Water Facility Revenue Refunding Bonds,
Tri-County Water Authority, Series 1999, 6.000%, 4/01/22 -
RAAI Insured
1,600 Missouri Development Finance Board, Independence, 11/14 at 100.00 AAA 1,662,736
Infrastructure Facilities Revenue Bonds, Water System
Improvement Projects, Series 2004, 5.000%, 11/01/24 -
AMBAC Insured
435 Missouri Environmental Improvement and Energy Resources 4/05 at 100.00 Aaa 436,766
Authority, Water Pollution Control Revenue Bonds, State
Revolving Fund Program - Springfield Project, Series
1990A, 7.000%, 10/01/10
365 Missouri Environmental Improvement and Energy Resources 1/05 at 100.00 Aaa 366,354
Authority, Water Pollution Control Revenue Bonds, State
Revolving Fund Program - Multi-Participants, Series 1992A,
6.550%, 7/01/14
250 Missouri Environmental Improvement and Energy Resources 1/05 at 102.00 Aaa 259,263
Authority, Water Pollution Control Revenue Bonds, State
Revolving Fund Program - Multi-Participants, Series 1994B,
7.200%, 7/01/16
St. Charles County Public Water Supply District 2,
Missouri, Certificates of Participation, Series 2002A:
750 5.000%, 12/01/26 - MBIA Insured 12/11 at 100.00 Aaa 764,865
1,000 5.250%, 12/01/28 - MBIA Insured 12/11 at 100.00 Aaa 1,033,100
1,000 West Plains, Missouri, Sewerage System Revenue Bonds, 7/12 at 100.00 AAA 1,041,375
Series 2004, 5.125%, 7/01/24 - FSA Insured
- ----------------------------------------------------------------------------------------------------------------
$256,077 Total Long-Term Investments (cost $245,900,896) - 98.8% 256,813,398
- ----------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.2% 3,010,667
--------------------------------------------------------------------------------------------------
Net Assets - 100% $259,824,065
--------------------------------------------------------------------------------------------------
* 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/RInvestment is not rated.
(WI)Security purchased on a when-issued basis.
See accompanying notes to financial statements.
- ----
40
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.2%
$ 7,065 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 6,528,908
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- ----------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 7.7%
4,090 Cleveland State University, Ohio, General Receipts Bonds, 6/13 at 100.00 AAA 4,247,629
Series 2003A, 5.000%, 6/01/23 - FGIC Insured
735 Ohio State Education, Student Loan Revenue Bonds, 6/07 at 102.00 AAA 770,530
Supplemental Student Loan Program, Series 1997A-1, 5.850%,
12/01/19 (Alternative Minimum Tax) - AMBAC Insured
1,200 Ohio Higher Educational Facilities Commission, Revenue 9/06 at 101.00 Ba1 1,213,152
Bonds, University of Findlay, Series 1996, 6.125%, 9/01/16
5,000 Ohio Higher Educational Facilities Commission, Revenue 5/07 at 102.00 AAA 5,369,800
Bonds, Xavier University, Series 1997, 5.375%, 5/15/22 -
MBIA Insured
1,000 Ohio Higher Educational Facilities Commission, Revenue 12/10 at 101.00 AAA 1,070,370
Bonds, University of Dayton, Series 2000, 5.500%, 12/01/30
- AMBAC Insured
Ohio Higher Educational Facilities Commission, Revenue
Bonds, Wittenberg University, Series 2001:
1,200 5.500%, 12/01/21 12/11 at 100.00 Baa1 1,267,344
2,000 5.000%, 12/01/26 12/11 at 100.00 Baa1 2,001,760
2,730 Ohio Higher Educational Facilities Commission, Revenue 11/14 at 100.00 AA 2,880,641
Bonds, Denison University, Series 2004, 5.000%, 11/01/20
1,315 Ohio Higher Educational Facilities Commission, Revenue 12/14 at 100.00 AAA 1,357,330
Bonds, University of Dayton, Series 2004, 5.000%, 12/01/25
(WI, settling 12/02/04) - AMBAC Insured
910 Ohio Higher Education Facilities Commission, Revenue Bonds, No Opt. Call AA 1,120,101
Case Western Reserve University Project, Series 1990B,
6.500%, 10/01/20
3,000 Ohio Higher Education Facilities Commission, Revenue Bonds, 10/12 at 100.00 AA 3,280,140
Case Western Reserve University Project, Series 2002B,
5.500%, 10/01/22
1,750 Ohio Higher Education Facilities Commission, General 10/13 at 100.00 AA 1,822,310
Revenue Bonds, Oberlin College, Series 2003, 5.125%,
10/01/24
Ohio University at Athens, Subordinate Lien General
Receipts Bonds, Series 2004:
1,855 5.000%, 12/01/21 - MBIA Insured 6/14 at 100.00 AAA 1,957,637
1,900 5.000%, 12/01/23 - MBIA Insured 6/14 at 100.00 AAA 1,982,498
University of Cincinnati, Ohio, General Receipts Bonds,
Series 2001A:
1,500 5.750%, 6/01/18 - FGIC Insured 6/11 at 101.00 AAA 1,699,815
1,520 5.750%, 6/01/19 - FGIC Insured 6/11 at 101.00 AAA 1,717,478
2,000 5.250%, 6/01/24 - FGIC Insured 6/11 at 101.00 AAA 2,114,840
4,250 University of Cincinnati, Ohio, General Receipts Bonds, 6/07 at 100.00 AAA 4,489,530
Series 1997, 5.375%, 6/01/20 - MBIA Insured
1,675 University of Cincinnati, Ohio, General Receipts Bonds, 6/14 at 100.00 AAA 1,769,018
Series 2004A, 5.000%, 6/01/21 - AMBAC Insured
1,025 University of Cincinnati, Ohio, General Receipts Bonds, 12/14 at 100.00 AAA 1,084,112
Series 2004E, 5.000%, 6/01/21 (WI, settling 12/01/04) -
AMBAC Insured
- ----------------------------------------------------------------------------------------------------------------
Healthcare - 16.3%
7,000 Akron, Bath and Copley Joint Township Hospital District, 11/09 at 101.00 Baa1 7,019,600
Ohio, Hospital Facilities Revenue Bonds, Summa Health
System, Series 1998A, 5.375%, 11/15/24
1,065 Akron, Bath and Copley Joint Township Hospital District, 11/13 at 100.00 Aaa 1,118,527
Ohio, Hospital Revenue Bonds, Children's Hospital Medical
Center, Series 2003, 5.250%, 11/15/25 (DD, settling
12/01/04) - FSA Insured
11,900 Cuyahoga County, Ohio, Hospital Revenue and Improvement 2/09 at 101.00 A- 12,449,185
Bonds, MetroHealth System, Series 1999, 6.125%, 2/15/24
1,000 Cuyahoga County, Ohio, Hospital Revenue Refunding and 2/07 at 102.00 AAA 1,078,510
Improvement Bonds, MetroHealth System, Series 1997,
5.625%, 2/15/17 - MBIA Insured
4,400 Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland 7/13 at 100.00 Aa3 4,724,544
Clinic Health System, Series 2003A, 6.000%, 1/01/32
- ----
41
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 2,500 Erie County, Ohio, Hospital Facilities Revenue Bonds, 8/12 at 101.00 A $ 2,564,450
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 1,634,488
5,275 5.875%, 11/01/25 11/06 at 101.00 Aa2 5,432,089
Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross
Health System Corporation, Series 1996:
965 5.800%, 6/01/16 6/06 at 102.00 AA- 1,016,782
2,000 5.875%, 6/01/21 6/06 at 102.00 AA- 2,112,220
5,690 Lorain County, Ohio, Hospital Facilities Revenue Refunding 11/05 at 102.00 AAA 5,928,183
Bonds, EMH Regional Medical Center, Series 1995, 5.375%,
11/01/21 - AMBAC Insured
2,000 Marion County, Ohio, Hospital Revenue Refunding and 5/06 at 102.00 BBB+ 2,095,320
Improvement Bonds, The Community Hospital, Series 1996,
6.375%, 5/15/11
2,000 Miami County, Ohio, Hospital Facilities Revenue Refunding 5/06 at 102.00 BBB+ 2,088,660
and Improvement Bonds, Upper Valley Medical Center, Series
1996A, 6.250%, 5/15/16
4,205 Miami County, Ohio, Hospital Facilities Revenue Refunding 5/06 at 102.00 BBB+ 4,409,489
and Improvement Bonds, Upper Valley Medical Center, Series
1996C, 6.250%, 5/15/13
4,000 Middleburg Heights, Ohio, Hospital Improvement Revenue 8/08 at 102.00 AAA 4,420,200
Refunding Bonds, Southwest General Hospital, 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 1,588,230
7,000 6.250%, 4/01/20 - MBIA Insured No Opt. Call AAA 8,463,490
9,500 Montgomery County, Ohio, Hospital Facilities Revenue Bonds, 4/10 at 101.00 A3 10,386,730
Kettering Medical Center, Series 1999, 6.750%, 4/01/22
7,390 Montgomery County, Ohio, Revenue Bonds, Catholic Health 9/11 at 100.00 AA 7,859,708
Initiatives, Series 2001, 6.375%, 9/01/21
1,250 Parma Community General Hospital Association, Ohio, 11/08 at 101.00 A- 1,300,025
Hospital Revenue Refunding and Improvement Bonds, Series
1998, 5.350%, 11/01/18
2,000 Richland County, Ohio, Hospital Facilities Revenue 11/10 at 101.00 A- 2,159,860
Improvement Bonds, MedCentral Health System Obligated
Group, Series 2000B, 6.375%, 11/15/22
1,200 Tuscarawas County, Ohio, Hospital Facilities Revenue Bonds, 10/11 at 101.00 AA 1,222,848
Union Hospital Project, Series 2001, 5.250%, 10/01/31 -
RAAI Insured
- ----------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 5.3%
1,090 Clark County, Ohio, Multifamily Housing Revenue Bonds, 11/08 at 103.00 N/R 882,192
Church of God Retirement Home, Series 1998, 6.250%,
11/01/30 (Alternative Minimum Tax)
16,105 Franklin County, Ohio, GNMA Collateralized Mortgage Revenue 10/07 at 103.00 Aaa 16,298,582
Bonds, Columbus Properties Project, Series 1997, 5.600%,
4/20/39 (Alternative Minimum Tax)
3,045 Franklin County, Ohio, GNMA Collateralized Multifamily 9/11 at 102.00 Aaa 3,130,230
Housing Mortgage Revenue Bonds, Carriage House Apartments
Project, Series 2002, 5.400%, 3/20/37
2,705 Henry County, Ohio, GNMA Collateralized Healthcare Facility 8/09 at 102.00 AAA 2,902,330
Revenue Bonds, Alpine Village Project, Series 1999,
6.375%, 2/20/41
6,315 Ohio Capital Corporation for Housing, FHA-Insured Section 8 2/09 at 102.00 Aa2 6,686,701
Assisted Mortgage Loan Revenue Refunding Bonds, Series
1999G, 5.950%, 2/01/23
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.1%
1,520 Ohio Housing Finance Agency, GNMA Mortgage-Backed 7/09 at 100.00 Aaa 1,546,387
Securities Program Residential Mortgage Revenue Bonds,
Series 1999C, 5.750%, 9/01/30 (Alternative Minimum Tax)
2,835 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 2,908,653
Securities Program Residential Mortgage Revenue Bonds,
Series 1996B-3, 5.750%, 9/01/28 (Alternative Minimum Tax)
2,920 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 2,995,862
Securities Program Residential Mortgage Revenue Bonds,
Series 1997C, 5.750%, 9/01/28 (Alternative Minimum Tax)
- ----
42
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 3,400 Ohio Housing Finance Agency, GNMA Mortgage-Backed 3/08 at 101.50 AAA $ 3,512,404
Securities Program Residential Mortgage Revenue Bonds,
Series 1998A-1, 5.300%, 9/01/19 (Alternative Minimum Tax)
- FSA Insured
6,265 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 6,540,284
Securities Program Residential Mortgage Remarketed Revenue
Bonds, Series 1997A-1, 6.150%, 3/01/29 (Alternative
Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Industrials - 0.8%
2,400 Cleveland-Cuyahoga County Port Authority, Ohio, Development 5/08 at 102.00 N/R 2,428,752
Revenue Bonds, Jergens Inc. Project, Series 1998A, 5.375%,
5/15/18 (Alternative Minimum Tax)
Ohio, Economic Development Revenue Bonds, Enterprise Bond
Fund Loan Pool, Series 2002-4:
500 5.000%, 6/01/15 (Alternative Minimum Tax) 6/12 at 102.00 AA- 510,045
675 5.450%, 6/01/22 (Alternative Minimum Tax) 6/12 at 102.00 AA- 691,490
1,020 Ohio, Economic Development Revenue Bonds, Enterprise Bond No Opt. Call AA- 1,058,546
Fund Loan Pool, Series 2002-7, 5.850%, 12/01/22
(Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.6%
3,120 Franklin County, Ohio, Healthcare Facilities Revenue Bonds, 11/05 at 102.00 Aa2 3,235,409
Heinzerling Foundation, Series 1995, 6.200%, 11/01/20
2,000 Franklin County, Ohio, Healthcare Facilities Revenue Bonds, 7/12 at 100.00 AA 2,051,060
Presbyterian Retirement Services, Series 2002A, 5.125%,
7/01/22 - RAAI Insured
485 Franklin County, Ohio, FHA-Insured Hospital Revenue 2/05 at 100.00 N/R 486,004
Refunding Mortgage Loan Bonds, Worthington Christian
Village Nursing Home, Series 1992, 7.000%, 8/01/16
1,250 Hamilton, Ohio, Healthcare Facilities Revenue Bonds, Twin 10/08 at 101.00 BBB 1,195,063
Towers, Series 1998A, 5.125%, 10/01/23
1,680 Napoleon, Ohio, FHA-Insured Healthcare Facilities Mortgage 3/05 at 102.00 Aa2 1,717,128
Revenue Refunding Bonds, Lutheran Orphans and Old Folks
Home Society, Series 1994, 6.875%, 8/01/23
- ----------------------------------------------------------------------------------------------------------------
Materials - 0.2%
1,000 Toledo-Lucas County Port Authority, Ohio, Port Revenue 3/14 at 101.00 A+ 994,480
Bonds, Cargill Inc., Series 2004A, 4.800%, 3/01/22
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 28.2%
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 7,484,940
9,500 5.250%, 12/01/21 - MBIA Insured 12/05 at 102.00 AAA 9,904,700
600 Anthony Wayne Local School District, Lucas, Wood and Fulton No Opt. Call AAA 416,358
Counties, Ohio, School Facilities Construction and
Improvement Bonds, Series 1995, 0.000%, 12/01/13 - FGIC
Insured
700 Buckeye Local School District, Medina County, Ohio, General 12/10 at 100.00 Aaa 763,217
Obligation Bonds, Series 2000, 5.500%, 12/01/25 - FGIC
Insured
2,500 Buckeye Valley Local School District, Ohio, Unlimited Tax No Opt. Call AAA 3,029,200
General Obligation Bonds, Series 1995A, 6.850%, 12/01/15 -
MBIA Insured
2,295 Central Ohio Solid Waste Authority, General Obligation 6/14 at 100.00 AAA 2,489,111
Bonds, Series 2004A, 5.000%, 12/01/15 - AMBAC Insured
Chesapeake-Union Exempt Village School District, Ohio,
General Obligation Bonds, Series 1986:
125 8.500%, 12/01/04 No Opt. Call N/R 125,021
125 8.500%, 12/01/05 No Opt. Call N/R 132,340
125 8.500%, 12/01/06 No Opt. Call N/R 138,545
125 8.500%, 12/01/07 No Opt. Call N/R 144,231
125 8.500%, 12/01/08 No Opt. Call N/R 149,140
130 8.500%, 12/01/09 No Opt. Call N/R 159,493
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 2,208,900
6,745 5.375%, 12/01/16 - MBIA Insured 12/11 at 100.00 AAA 7,449,515
1,255 5.375%, 12/01/17 - MBIA Insured 12/11 at 100.00 AAA 1,382,019
3,805 Cleveland, Ohio, General Obligation Bonds, Series 2002, 12/12 at 100.00 AAA 4,056,853
5.250%, 12/01/22 - MBIA Insured
- ----
43
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Columbus, Franklin County, Ohio, General Obligation Bonds,
Series 1985:
$ 590 9.375%, 4/15/06 No Opt. Call AAA $ 645,897
500 9.375%, 4/15/07 No Opt. Call AAA 579,505
7,045 Columbus, Ohio, General Obligation Bonds, Series 2000, 11/10 at 101.00 AAA 7,714,275
5.250%, 11/15/17
1,000 Cuyahoga County, Ohio, Limited Tax General Obligation No Opt. Call AA+ 1,120,270
Various Purpose Refunding Bonds, Series 1993B, 5.250%,
10/01/13
1,345 Cuyahoga County, Ohio, Limited Tax General Obligation No Opt. Call AA+ 1,555,183
Bonds, Series 1993, 5.650%, 5/15/18
5,830 Cuyahoga County, Ohio, Limited Tax General Obligation 12/10 at 100.00 AA+ 6,566,562
Capital Improvement Bonds, Series 2000, 5.750%, 12/01/16
2,675 Cuyahoga County, Ohio, General Obligation Bonds, Series 12/14 at 100.00 AA+ 2,818,139
2004, 5.000%, 12/01/22
Cuyahoga Falls, Ohio, General Obligation Bonds, Series 2004:
1,245 5.000%, 12/01/18 - MBIA Insured 6/14 at 100.00 Aaa 1,333,968
1,440 5.000%, 12/01/21 - MBIA Insured 6/14 at 100.00 Aaa 1,520,827
1,170 Dayton, Ohio, General Obligation Bonds, Series 2004, 6/14 at 100.00 AAA 1,297,858
5.250%, 12/01/15 - AMBAC Insured
750 Defiance, Ohio, Waterworks System Improvement Bonds, Series 12/04 at 102.00 AAA 767,550
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 811,020
1,000 0.000%, 12/01/11 - FGIC Insured No Opt. Call AAA 770,390
1,000 Evergreen Local School District, Ohio, Unlimited Tax 12/09 at 101.00 Aaa 1,099,500
General Obligation School Improvement Bonds, Series 1999,
5.625%, 12/01/24 - FGIC Insured
1,005 Findlay, Ohio, General Obligation Bonds, Series 2004, 7/14 at 100.00 AAA 1,115,590
5.250%, 7/01/15 - MBIA Insured
4,040 Franklin County, Ohio, Limited Tax General Obligation 12/08 at 102.00 AAA 4,440,930
Refunding Bonds, Series 1993, 5.375%, 12/01/20
1,000 Garfield Heights City School District, Cuyahoga County, 12/11 at 100.00 Aaa 1,110,080
Ohio, General Obligation School Improvement Bonds, Series
2001, 5.500%, 12/15/18 - MBIA Insured
420 Geauga County, Ohio, Limited Tax General Obligation, Sewer 12/05 at 102.00 Aa2 447,619
District Improvement Bonds, Bainbridge Water Project,
Series 1995, 6.850%, 12/01/10
1,000 Grandview Heights City School District, Franklin County, 12/05 at 101.00 AA 1,046,560
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, General 12/11 at 100.00 Aa3 3,194,610
Obligation Bonds, Series 2001, 5.500%, 12/01/28
3,810 Greater Cleveland Regional Transit Authority, Ohio, General 12/14 at 100.00 Aaa 4,106,913
Obligation Bonds, Series 2004, 5.000%, 12/01/17 - MBIA
Insured
1,200 Heath City School District, Licking County, Ohio, Unlimited 12/10 at 100.00 Aaa 1,286,220
Tax General Obligation School Improvement Bonds, Series
2000A, 5.500%, 12/01/27 - FGIC Insured
1,000 Huron County, Ohio, Limited Tax General Obligation 12/07 at 102.00 AAA 1,110,110
Correctional Facility Bonds, Series 1996, 5.850%, 12/01/16
- MBIA Insured
1,270 Kenston Local School District, Geauga County, Ohio, General 6/13 at 100.00 Aaa 1,321,283
Obligation Bonds, Series 2003, 5.000%, 12/01/23 - MBIA
Insured
1,400 Kent City School District, Portage County, Ohio, General 12/14 at 100.00 AAA 1,490,118
Obligation Library Improvement Bonds, Series 2004, 5.000%,
12/01/20 - FGIC Insured
1,070 Kettering, Ohio, Limited Tax General Obligation Bonds, 12/04 at 100.00 Aa3 1,074,034
Series 1991, 6.650%, 12/01/12
1,000 Kettering City School District, Montgomery County, Ohio, 12/05 at 101.00 AAA 1,041,250
General Obligation Bonds, Series 1994, 5.250%, 12/01/22
(Pre-refunded to 12/01/05) - FGIC Insured
555 Lake County, Ohio, Limited Tax Sewer District Improvement No Opt. Call Aa2 630,591
Bonds, Series 2000, 5.600%, 12/01/20
1,440 Lakewood, Ohio, General Obligation Bonds, Series 1995B, 12/05 at 102.00 Aa2 1,516,003
5.750%, 12/01/15
3,385 Lakota Local School District, Butler County, Ohio, 6/11 at 100.00 Aaa 3,487,532
Unlimited Tax General Obligation School Improvement and
Refunding Bonds, Series 2001, 5.125%, 12/01/26 - FGIC
Insured
- ----
44
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Logan County, Ohio, General Obligation Bonds, Series 1986:
$ 155 7.750%, 12/01/04 No Opt. Call A+ $ 155,025
155 7.750%, 12/01/05 No Opt. Call A+ 163,514
155 7.750%, 12/01/06 No Opt. Call A+ 171,117
285 Lucas County, Ohio, General Obligation Bonds, Various 12/04 at 100.00 A1 291,082
Improvements, Series 1992, 6.650%, 12/01/12
1,750 Medina City School District, Medina County, Ohio, Unlimited 12/09 at 100.00 AAA 1,819,808
Tax General Obligation School Building Construction Bonds,
Series 1999, 5.250%, 12/01/28 - FGIC Insured
1,265 Monroe Local School District, Butler County, Ohio, General No Opt. Call Aaa 1,494,243
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 2,520,342
2,400 6.100%, 12/01/19 - MBIA Insured 12/09 at 102.00 AAA 2,760,960
1,000 Ohio, Full Faith and Credit General Obligation No Opt. Call AA+ 1,146,140
Infrastructure Improvement Bonds, Series 1994,
6.000%, 8/01/10
8,140 Ohio, General Obligation Higher Education Capital 2/11 at 100.00 AA+ 8,546,674
Facilities Bonds, Series 2001A, 5.000%, 2/01/20
730 Ohio, General Obligation Bonds, Common Schools, Series 3/14 at 100.00 AA+ 770,187
2004B, 5.000%, 3/15/21
3,315 Ohio, General Obligation Bonds, Conservation Projects, 3/14 at 100.00 AA+ 3,605,162
Series 2004A, 5.000%, 3/01/15
6,055 Ohio, General Obligation Bonds, Infrastructure 2/13 at 100.00 AA+ 6,320,693
Improvements, Series 2003F, 5.000%, 2/01/22
4,035 Olentangy Local School District, Delaware and Franklin 12/09 at 101.00 AA 4,086,285
Counties, Ohio, Various Purpose Bonds, Series 1999,
5.000%, 12/01/27
Olentangy Local School District, Deleware and Franklin
Counties, Ohio, General Obligation Bonds, Series 2004A:
400 5.250%, 12/01/21 - FGIC Insured 6/14 at 100.00 AAA 432,792
3,055 5.250%, 12/01/22 - FGIC Insured 6/14 at 100.00 AAA 3,288,097
1,495 Otsego Local School District, Wood, Henry and Lucas 12/14 at 100.00 Aaa 1,632,794
Counties, Ohio, General Obligation Bonds, Series 2004,
5.375%, 12/01/22 - FSA Insured
500 Pickerington Local School District, Fairfield County, Ohio, No Opt. Call AAA 383,610
General Obligation Bonds, Series 1993, 0.000%, 12/01/11 -
AMBAC Insured
3,315 South Point Local School District, Lawrence County, Ohio, 12/14 at 100.00 AAA 3,454,097
General Obligation Bonds, Series 2004, 5.000%, 12/01/24 -
FSA Insured
3,500 Springfield City School District, Clark County, Ohio, 12/11 at 102.00 Aaa 3,722,355
General Obligation Bonds, Series 2001, 5.200%, 12/01/23 -
FGIC Insured
30 Strongsville, Ohio, Limited Tax General Obligation Various 12/06 at 102.00 Aa2 32,613
Purpose Improvement Bonds, Series 1996, 5.950%, 12/01/21
1,185 Sugarcreek Local School District, Athens County, Ohio, 12/13 at 100.00 Aaa 1,264,205
General Obligation Bonds, Series 2003, 5.250%, 12/01/24 -
MBIA Insured
1,315 Summit County, Ohio, General Obligation Refunding Bonds, No Opt. Call AAA 1,511,711
Series 2002R, 5.500%, 12/01/21 - FGIC Insured
2,290 Tipp City Exempted Village School District, Ohio, School 6/11 at 100.00 Aaa 2,357,189
Facilities Construction and Improvement Bonds, Series
2001, 5.000%, 12/01/24 - FGIC Insured
3,755 Toledo City School District, Lucas County, Ohio, General 12/13 at 100.00 Aaa 3,933,776
Obligation Bonds, Series 2003B, 5.000%, 12/01/22 - FGIC
Insured
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 1,481,639
1,515 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 Aaa 1,633,821
2,000 Westerville City School District, Franklin and Delaware 6/11 at 100.00 AAA 2,031,720
Counties, Ohio, Various Purpose General Obligation Bonds,
Series 2001, 5.000%, 12/01/27 - MBIA Insured
300 Youngstown, Ohio, Limited Tax General Obligation Bonds, 12/04 at 102.00 AAA 306,999
Series 1994, 6.125%, 12/01/14 - MBIA Insured
- ----
45
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 8.6%
$ 6,300 Cleveland, Ohio, Certificates of Participation, Cleveland 11/07 at 102.00 AAA $ 6,554,331
Stadium Project, Series 1997, 5.250%, 11/15/27 - AMBAC
Insured
1,380 Columbus, Ohio, Tax Increment Financing Bonds, Easton 6/14 at 100.00 AAA 1,417,288
Project, Series 2004A, 5.000%, 12/01/25 - AMBAC Insured
1,210 Groveport, Ohio, Special Obligation Income Tax Receipts 12/12 at 100.00 Aaa 1,261,425
Bonds, Series 2002, 5.000%, 12/01/22 - MBIA Insured
Hamilton County Convention Facilities Authority, Ohio,
First Lien Revenue Bonds, Series 2004:
2,300 5.000%, 12/01/20 - FGIC Insured 6/14 at 100.00 AAA 2,436,482
1,000 5.000%, 12/01/21 - FGIC Insured 6/14 at 100.00 AAA 1,053,740
2,535 5.000%, 12/01/22 - FGIC Insured 6/14 at 100.00 AAA 2,655,108
3,300 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series No Opt. Call Aaa 939,774
2000B, 0.000%, 12/01/28 - AMBAC Insured
1,000 Butler County, Hamilton, Ohio, Limited Tax General 11/11 at 101.00 Aaa 1,089,020
Obligation Bonds, One Renaissance Center Acquisition,
Series 2001, 5.375%, 11/01/17 - AMBAC Insured
1,485 New Albany Community Authority, Ohio, Community Facilities 4/12 at 100.00 AAA 1,650,251
Revenue Refunding Bonds, Series 2001B, 5.500%, 10/01/16 -
AMBAC Insured
1,000 Ohio, State Appropriation Lease Bonds, Parks and Recreation 12/13 at 100.00 AA 1,082,450
Capital Facilities, Series 2004A-II, 5.000%, 12/01/15
1,490 Ohio, State Appropriation Lease Bonds, Mental Health 6/13 at 100.00 AA 1,597,057
Capital Facilities, Series 2003B-II, 5.000%, 6/01/16
1,050 Ohio Building Authority, State Facilities Bonds, 4/12 at 100.00 AAA 1,090,078
Administrative Building Fund Projects, Series 2002A,
5.000%, 4/01/22 - FSA Insured
2,000 Ohio State Building Authority, State Facilities Bonds, No Opt. Call AAA 2,192,640
Workers Compensation Facilities Project, Series 2003A,
5.000%, 4/01/11 - FGIC Insured
950 Ohio Department of Transportation, Certificates of 4/05 at 100.00 AAA 953,430
Participation, Panhandle Rail Line, Series 1992A, 6.500%,
4/15/12 - FSA Insured
11,700 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA 13,718,952
Transportation Authority, Reset Option Long Certificates
II-R-66, Series 1996Y, 9.266%, 1/01/13 (IF)
6,550 Puerto Rico Public Buildings Authority, Guaranteed Revenue No Opt. Call AAA 8,543,754
Bonds, Reset Option Long Trust Certificates II-R56, Series
1993L, 9.266%, 7/01/18 (IF)
- ----------------------------------------------------------------------------------------------------------------
Transportation - 4.2%
1,000 Dayton, Ohio, Airport Revenue Bonds, James M. Cox 12/13 at 100.00 AA 1,009,430
International Airport, Series 2003C, 5.250%, 12/01/27
(Alternative Minimum Tax) - RAAI Insured
6,300 Dayton, Ohio, Special Facilities Revenue Refunding Bonds, 2/08 at 102.00 BB+ 6,455,925
Emery Air Freight Corporation and Emery Worldwide Airlines
Inc. - Guarantors, Series 1998A, 5.625%, 2/01/18
5,000 Ohio Turnpike Commission, Revenue Refunding Bonds, ROL No Opt. Call AA- 6,310,900
Series II-R51, Series 1998A, 9.236%, 2/15/24 (IF)
7,500 Ohio Turnpike Commission, Revenue Bonds, ROL II-R75, No Opt. Call Aaa 9,551,625
9.236%, 2/15/12 (IF)
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** - 9.0%
730 Athens, Ohio, Sanitary Sewer System Mortgage Revenue Bonds, 12/09 at 100.00 N/R*** 838,923
Series 1989, 7.300%, 12/01/14 (Pre-refunded to 12/01/09)
1,000 Aurora City School District, Ohio, Unlimited Tax General 12/05 at 102.00 AAA 1,056,470
Obligation School Improvement Bonds, Series 1995, 5.800%,
12/01/16 (Pre-refunded to 12/01/05) - FGIC Insured
3,000 Butler County, Ohio, Sewer System Revenue Bonds, Series 12/06 at 101.00 AAA 3,205,080
1996, 5.250%, 12/01/21 (Pre-refunded to 12/01/06) - AMBAC
Insured
Cuyahoga County, Ohio, Hospital Revenue Bonds, Cleveland
Clinic Foundation - Meridia Health System, Series 1995:
250 6.250%, 8/15/14 (Pre-refunded to 8/15/05) 8/05 at 102.00 AAA 262,323
5,500 6.250%, 8/15/24 (Pre-refunded to 8/15/05) 8/05 at 102.00 AAA 5,771,095
- ----
46
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** (continued)
$ 1,600 Greene County, Ohio, Water System Revenue Bonds, Series 12/07 at 102.00 AAA $ 1,802,720
1996, 6.125%, 12/01/21 (Pre-refunded to 12/01/07) - FGIC
Insured
1,190 Lorain, Ohio, Hospital Revenue Refunding Bonds, Lakeland 5/05 at 100.00 A1*** 1,239,159
Community Hospital Inc., Series 1992, 6.500%, 11/15/12
11,000 Montgomery County, Ohio, Health System Revenue Bonds, 1/08 at 102.00 Baa2*** 12,131,790
Franciscan Medical Center - Dayton Campus, Series 1997,
5.500%, 7/01/18 (Pre-refunded to 1/01/08)
5,610 Montgomery County, Ohio, Revenue Bonds, Catholic Health 9/11 at 100.00 AA*** 6,158,321
Initiatives, Series 2001, 5.375%, 9/01/21 (Pre-refunded to
9/01/11)
Ohio Housing Finance Agency, Single Family Mortgage Revenue
Bonds, Series 1985B:
5,700 0.000%, 1/15/15 (Pre-refunded to 7/15/11) - FGIC Insured 7/11 at 70.48 AAA 3,117,330
6,460 0.000%, 1/15/15 (Pre-refunded to 1/15/11) - FGIC Insured 1/11 at 67.04 AAA 3,433,684
750 Ohio, Full Faith and Credit General Obligation 8/05 at 102.00 AA+*** 785,558
Infrastructure Improvement Bonds, Series 1995,
6.200%, 8/01/13 (Pre-refunded to 8/01/05)
5,065 Ohio Water Development Authority, Pure Water Loan Revenue No Opt. Call AAA 5,848,758
Bonds, Series 1990I, 6.000%, 12/01/16 - AMBAC Insured
2,340 Stow, Ohio, General Obligation Construction Bonds, Safety 12/05 at 102.00 Aa3*** 2,481,874
Center, Series 1995, 6.200%, 12/01/20 (Pre-refunded to
12/01/05)
1,910 Vandalia, Ohio, General Obligation Bonds, Series 1996, 12/06 at 101.00 Aa3*** 2,062,724
5.850%, 12/01/21 (Pre-refunded to 12/01/06)
- ----------------------------------------------------------------------------------------------------------------
Utilities - 7.6%
1,535 Cleveland Public Power System, Ohio, First Mortgage Revenue No Opt. Call AAA 1,067,101
Bonds, Series 1994A, 0.000%, 11/15/13 - MBIA Insured
2,500 Cleveland Public Power System, Ohio, First Mortgage Revenue 11/06 at 102.00 AAA 2,565,500
Refunding Bonds, Series 1996, Subseries 1, 5.000%,
11/15/24 - MBIA Insured
565 Lebanon, Ohio, Electric System Mortgage Revenue Bonds, 12/10 at 101.00 AAA 626,568
Series 2001, 5.500%, 12/01/17 - AMBAC Insured
Ohio Municipal Electric Generation Agency, Beneficial
Interest Certificates, Joint Venture 5, Belleville
Hydroelectric Project, American Municipal Power Ohio Inc.,
Series 2004:
1,000 5.000%, 2/15/20 - AMBAC Insured 2/14 at 100.00 AAA 1,055,430
3,775 5.000%, 2/15/21 - AMBAC Insured 2/14 at 100.00 AAA 3,963,675
1,465 5.000%, 2/15/22 (DD, settling 12/01/04) - AMBAC Insured 2/14 at 100.00 AAA 1,529,182
3,295 5.000%, 2/15/23 - AMBAC Insured 2/14 at 100.00 AAA 3,421,660
8,250 Ohio Air Quality Development Authority, Revenue Refunding 9/05 at 102.00 Ba1 8,334,233
Bonds, Dayton Power and Light Company Project, Series
1995, 6.100%, 9/01/30
5,000 Ohio Air Quality Development Authority, Revenue Bonds, JMG 4/07 at 102.00 AAA 5,314,900
Funding Limited Partnership Project, Series 1997, 5.625%,
1/01/23 (Alternative Minimum Tax) - AMBAC Insured
500 Ohio Water Development Authority, Collateralized Water 2/05 at 100.00 BBB- 511,675
Revenue Refunding Bonds, Dayton Power and Light Company,
Series 1992A, 6.400%, 8/15/27
8,550 Ohio Water Development Authority, Solid Waste Disposal 9/08 at 102.00 N/R 8,468,604
Revenue Bonds, Bay Shore Power, Series 1998A, 5.875%,
9/01/20 (Alternative Minimum Tax)
1,545 Puerto Rico Electric Power Authority, Power Revenue No Opt. Call A- 911,148
Refunding Bonds, Series 1989O, 0.000%, 7/01/17
4,460 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 4,813,232
Environmental Control Facilities Financing Authority,
Co-Generation Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer - 5.0%
2,000 Cincinnati, Ohio, Water System Revenue Bonds, Series 2003, 6/11 at 100.00 AA+ 2,063,220
5.000%, 12/01/23
Cincinnati, Ohio, Water System Revenue Bonds, ROLS
RR-II-R212:
1,300 11.386%, 12/01/11 (IF) 6/11 at 100.00 AAA 1,673,932
1,640 11.393%, 12/01/12 (IF) 6/11 at 100.00 AAA 2,060,545
550 11.431%, 12/01/13 (IF) 6/11 at 100.00 AAA 689,557
- ----
47
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 10,000 Cleveland, Ohio, Waterworks First Mortgage Revenue No Opt. Call AAA $ 11,363,900
Refunding and Improvement Bonds, Series 1993G, 5.500%,
1/01/21 - MBIA Insured
1,160 Hebron, Ohio, Mortgage Revenue Bonds, Waterworks System 6/14 at 100.00 N/R 1,168,480
Improvements, Series 2004, 5.875%, 12/01/25
4,260 Ohio Water Development Authority, Community Assistance 12/07 at 102.00 AAA 4,563,823
Bonds, Series 1997, 5.375%, 12/01/24 - AMBAC Insured
2,000 Ohio Water Development Authority, Revenue Bonds, Fresh 6/08 at 101.00 AAA 2,102,200
Water Development, Series 1998, 5.125%, 12/01/23 - AMBAC
Insured
1,255 Ohio Water Development Authority, Revenue Bonds, Fresh 6/14 at 100.00 AAA 1,391,092
Water Development, Series 2004, 5.250%, 12/01/15
620 Toledo, Ohio, Sewerage System Mortgage Revenue Bonds, 11/06 at 100.00 AAA 634,365
Series 1994, 6.350%, 11/15/17 - AMBAC Insured
390 Toledo, Ohio, Water System Mortgage Revenue Bonds, Series 11/06 at 100.00 AAA 399,182
1994, 6.450%, 11/15/24 - AMBAC Insured
- ----------------------------------------------------------------------------------------------------------------
$525,235 Total Long-Term Investments (cost $518,533,057) - 98.8% 553,414,976
- ----------------------------------------------------------------------------------------------------------------
- ------------
Short-Term Investments - 0.4%
2,000 Cleveland, Ohio, Income Tax Revenue Bonds, Variable Rate A-1 2,000,000
Demand Obligations, Series 1994, 1.600%, 5/15/24 - AMBAC
Insured +
- ----------------------------------------------------------------------------------------------------------------
$ 2,000 Total Short-Term Investments (cost $2,000,000) 2,000,000
- ----------------------------------------------------------------------------------------------------------------
- ------------
Total Investments (cost $520,533,057) - 99.2% 555,414,976
--------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 4,711,668
--------------------------------------------------------------------------------------------------
Net Assets - 100% $560,126,644
--------------------------------------------------------------------------------------------------
* 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/RInvestment is not rated.
(DD)Security purchased on a delayed delivery basis.
(WI)Security purchased on a when-issued basis.
+ 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.
- ----
48
Portfolio of Investments (Unaudited)
NUVEEN WISCONSIN MUNICIPAL BOND FUND
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 5.7%
$ 475 Ashland Housing Authority, Wisconsin, Student Housing 4/08 at 100.00 Aaa $ 481,840
Revenue Bonds, Northland College Project, Series 1998,
5.100%, 4/01/18
500 Madison Community Development Authority, Wisconsin, Revenue 11/06 at 102.00 AA- 525,215
Bonds, Fluno Center Project, Series 1998A, 5.000%, 11/01/20
370 Puerto Rico Industrial, Tourist, Educational, Medical and 2/09 at 101.00 BBB 375,495
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, Ana G. Mendez University
System, Series 1999, 5.375%, 2/01/29
200 Puerto Rico Industrial, Tourist, Educational, Medical and 9/11 at 100.00 BBB 205,704
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, University of the Sacred
Heart, Series 2001, 5.250%, 9/01/21
1,000 Puerto Rico Industrial, Tourist, Educational, Medical and 12/12 at 101.00 BBB 1,030,770
Environmental Control Facilities Financing Authority,
Higher Education Revenue Refunding Bonds, Ana G. Mendez
University System, Series 2002, 5.500%, 12/01/31
- ---------------------------------------------------------------------------------------------------------------
Healthcare - 2.1%
500 Puerto Rico Industrial, Tourist, Educational, Medical and 1/05 at 102.00 AAA 518,405
Environmental Control Facilities Financing Authority,
Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series
1995A, 6.250%, 7/01/24 - MBIA Insured
450 Puerto Rico Industrial, Tourist, Educational, Medical and 8/05 at 101.50 AAA 467,213
Environmental Control Facilities Financing Authority,
FHA-Insured Mortgage Hospital Revenue Bonds, Doctor Pila
Hospital, Series 1995A, 5.875%, 8/01/12
- ---------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 9.6%
675 Kenosha Housing Authority, Wisconsin, GNMA Collateralized 5/08 at 102.00 N/R 700,623
Multifamily Housing Revenue Bonds, Villa Ciera Inc.
Project, Series 2000A, 5.900%, 11/20/30
570 Lake Delton Community Development Agency, Wisconsin, GNMA 1/12 at 102.00 N/R 579,673
Collateralized Multifamily Housing Revenue Bonds, Woodland
Park Project, Series 2001, 5.300%, 2/20/31 (Alternative
Minimum Tax)
1,000 Madison Community Development Authority, Wisconsin, GNMA 9/06 at 102.00 AAA 1,011,010
Multifamily Housing Revenue Refunding Bonds, Greentree
Glen Apartments, Series 1999A, 5.500%, 9/20/29
(Alternative Minimum Tax)
200 Milwaukee Redevelopment Authority, Wisconsin, FHA-Insured 8/07 at 102.00 N/R 208,178
Multifamily Housing Revenue Bonds, City Hall Square
Apartments, Series 1993, 6.000%, 8/01/22 (Alternative
Minimum Tax)
500 Sheboygan Housing Authority, Wisconsin, GNMA Multifamily 5/06 at 102.00 AAA 504,290
Revenue Refunding Bonds, Lake Shore Apartments, Series
1998A, 5.100%, 11/20/26
300 Walworth County Housing Authority, Wisconsin, FHA-Insured 9/05 at 102.00 N/R 306,708
Housing Revenue Bonds, Kiwanis Heritage Inc. Senior
Apartments, Series 1997, 5.550%, 9/01/22
Waukesha Housing Authority, Wisconsin, GNMA Collateralized
Mortgage Loan Multifamily Housing Revenue Refunding Bonds,
Westgrove Woods Project, Series 1996A:
350 5.800%, 12/01/18 (Alternative Minimum Tax) 12/06 at 102.00 AAA 361,722
750 6.000%, 12/01/31 (Alternative Minimum Tax) 12/06 at 102.00 AAA 765,330
- ---------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.6%
190 Puerto Rico Housing Bank and Finance Agency, Affordable 4/05 at 102.00 AAA 194,908
Housing Mortgage Subsidy Program Single Family Mortgage
Revenue Bonds, Series 1995I, 6.250%, 4/01/29 (Alternative
Minimum Tax)
90 Virgin Islands Housing Finance Corporation, Single Family 3/05 at 102.00 AAA 92,029
Mortgage Revenue Refunding Bonds, GNMA Mortgage-Backed
Securities Program, Series 1995A, 6.450%, 3/01/16
(Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.4%
1,120 Waukesha County Housing Authority, Wisconsin, Housing 12/04 at 101.00 N/R 1,121,299
Revenue Bonds, Arboretum Project, Series 1998, 5.250%,
12/01/21 (Alternative Minimum Tax) (Mandatory put 12/01/12)
- ---------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 3.5%
250 Guam, General Obligation Bonds, Series 1993A, 5.400%, 5/05 at 101.00 B 247,868
11/15/18
1,200 Puerto Rico, General Obligation and Public Improvement No Opt. Call AAA 1,378,692
Refunding Bonds, Series 2001A, 5.500%, 7/01/14 - FSA
Insured
- ----
49
Portfolio of Investments (Unaudited)
NUVEEN WISCONSIN MUNICIPAL BOND FUND (continued)
November 30, 2004
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 60.3%
$ 1,500 Ashwaubenon Community Development Authority, Wisconsin, 6/12 at 100.00 Aa2 $ 1,543,500
Lease Revenue Refunding Bonds, Arena Project, Series 2002,
5.150%, 6/01/29
1,500 Cudahy Community Development Authority, Wisconsin, 6/06 at 100.00 N/R 1,577,295
Redevelopment Lease Revenue Bonds, Series 1995, 6.000%,
6/01/11
1,000 De Forest Redevelopment Authority, Wisconsin, Redevelopment 2/08 at 100.00 N/R 1,018,160
Lease Revenue Bonds, Series 1999B, 5.100%, 2/01/18
100 Glendale Community Development Authority, Wisconsin, 10/11 at 100.00 A3 105,374
Community Development Lease Revenue Refunding Bonds, Tax
Increment District 6, Series 2001, 5.000%, 10/01/19
2,000 Glendale Community Development Authority, Wisconsin, 10/14 at 100.00 A3 2,063,400
Community Development Lease Revenue Bonds, Bayshore Public
Parking Project, Series 2004A, 5.000%, 10/01/24 (WI,
settling 12/15/04)
350 Green Bay Brown County Professional Football Stadium 2/11 at 100.00 AAA 368,186
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 1,372,930
1,650 5.100%, 6/01/29 6/09 at 100.00 Aa2 1,694,336
500 Jackson Community Development Authority, Wisconsin, Revenue 12/09 at 100.00 N/R 505,250
Refunding Bonds, Series 1999, 5.100%, 12/01/17
960 Madison Community Development Authority, Wisconsin, Lease 3/12 at 100.00 Aa2 952,560
Revenue Refunding Bonds, Monona Terrace, Series 2002,
4.375%, 3/01/20
Milwaukee Redevelopment Authority, Wisconsin, Revenue
Bonds, Summerfest Project, Series 2001:
400 4.850%, 8/01/17 8/11 at 100.00 A 413,928
1,000 4.950%, 8/01/20 8/11 at 100.00 A 1,034,180
2,000 Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue 8/12 at 100.00 AAA 2,056,560
Bonds, Neighborhood Public Schools Initiative, Series
2002A, 4.875%, 8/01/21 - AMBAC Insured
2,500 Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue 8/13 at 100.00 AAA 2,637,975
Bonds, Public Schools, Series 2003A, 5.125%, 8/01/21 -
AMBAC Insured
1,000 Onalaska Community Development Authority, Wisconsin, 10/13 at 100.00 A3 1,005,290
Community Development Lease Revenue Bonds, Series 2003,
4.875%, 10/01/27
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 973,616
400 5.500%, 12/15/19 - MBIA Insured No Opt. Call AAA 457,784
2,195 5.500%, 12/15/20 - MBIA Insured No Opt. Call AAA 2,518,631
500 5.500%, 12/15/26 - MBIA Insured No Opt. Call AAA 562,285
375 Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, 10/08 at 100.00 N/R 383,906
Lease Revenue Bonds, Series 1998A, 5.200%, 10/01/21
600 Virgin Islands Public Finance Authority, Senior Lien 10/08 at 101.00 BBB 612,798
Revenue Refunding Bonds, Matching Fund Loan Notes, Series
1998A, 5.625%, 10/01/25
500 Wauwatosa Redevelopment Authority, Milwaukee County, 12/07 at 100.00 AAA 543,550
Wisconsin, Lease Revenue Bonds, Series 1997, 5.650%,
12/01/16 - MBIA Insured
1,000 Weston Community Development Authority, Wisconsin, Lease 10/14 at 100.00 N/R 1,075,900
Revenue Bonds, Series 2004A, 5.250%, 10/01/21
Wisconsin Center District, Junior Dedicated Tax Revenue
Refunding Bonds, Series 1999:
1,000 5.250%, 12/15/23 - FSA Insured No Opt. Call AAA 1,106,760
500 5.250%, 12/15/27 - FSA Insured No Opt. Call AAA 540,280
2,000 Wisconsin Center District, Senior Dedicated Tax Revenue No Opt. Call AAA 564,680
Refunding Bonds, Series 2003A, 0.000%, 12/15/28 - FSA
Insured
- ---------------------------------------------------------------------------------------------------------------
Transportation - 0.3%
180 Puerto Rico Ports Authority, Special Facilities Revenue 6/06 at 102.00 CCC 126,329
Bonds, American Airlines Inc., Series 1996A, 6.250%,
6/01/26 (Alternative Minimum Tax)
- ----
50
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** - 14.0%
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*** $ 2,238,560
700 5.800%, 6/01/29 (Pre-refunded to 6/01/09) 6/09 at 100.00 Aa2*** 786,373
1,000 Glendale Community Development Authority, Wisconsin, 9/08 at 100.00 N/R*** 1,097,390
Community Development Lease Revenue Bonds, Series 1998A,
5.400%, 9/01/18 (Pre-refunded to 9/01/08)
300 Madison Community Development Authority, Wisconsin, Lease 3/05 at 100.00 Aa2*** 303,120
Revenue Bonds, Monona Terrace Community and Convention
Center, Series 1995, 6.100%, 3/01/10 (Pre-refunded to
3/01/05)
250 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 278,008
Obligation Bonds, Series 2000A, 5.375%, 10/01/16
600 Southeast Wisconsin Professional Baseball Park District, 3/07 at 101.00 AAA 651,996
Sales Tax Revenue Bonds, Series 1996, 5.800%, 12/15/26
(Pre-refunded to 3/13/07) - MBIA Insured
1,000 Wisconsin Center District, Junior Dedicated Tax Revenue 12/06 at 101.00 AAA 1,078,366
Bonds, Series 1996B, 5.700%, 12/15/20 (Pre-refunded to
12/15/06)
- ---------------------------------------------------------------------------------------------------------------
$44,400 Total Long-Term Investments (cost $43,601,427) - 98.5% 45,326,228
- ---------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.5% 712,916
-------------------------------------------------------------------------------------------------
Net Assets - 100% $46,039,144
-------------------------------------------------------------------------------------------------
* 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/RInvestment is not rated.
(WI)Security purchased on a when-issued basis.
See accompanying notes to financial statements.
- ----
51
Statement of Assets and Liabilities (Unaudited)
November 30, 2004
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- -----------------------------------------------------------------------------------------------------------------
Assets
Investments, at market value
(cost $120,694,639,
$455,625,761, $233,169,902,
$245,900,896, $520,533,057
and $43,601,427,
respectively) $126,934,951 $477,117,234 $250,032,171 $256,813,398 $555,414,976 $45,326,228
Cash -- -- -- -- -- 467,338
Receivables:
Interest 1,788,157 6,229,363 2,633,182 3,797,132 9,922,804 838,940
Investments sold 850,000 3,972,900 2,220,836 4,531,743 14,073,705 1,700,920
Shares sold 57,400 299,017 400,494 14,009 540,060 17,505
Other assets 250 29,137 17,205 4,034 36,985 84
- -----------------------------------------------------------------------------------------------------------------
Total assets 129,630,758 487,647,651 255,303,888 265,160,316 579,988,530 48,351,015
- -----------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 52,332 265,305 2,178,180 1,277,879 5,180,773 --
Payables:
Investments purchased 1,049,260 1,292,436 -- 2,654,929 11,590,264 2,078,360
Shares redeemed 31,612 313,756 1,605,921 227,116 440,489 36,122
Accrued expenses:
Management fees 57,519 211,031 111,771 115,249 243,277 20,611
12b-1 distribution and
service fees 38,009 113,138 61,002 57,865 106,459 12,614
Other 33,466 148,391 92,238 71,919 204,466 16,545
Dividends payable 445,658 1,755,136 877,123 931,294 2,096,158 147,619
- -----------------------------------------------------------------------------------------------------------------
Total liabilities 1,707,856 4,099,193 4,926,235 5,336,251 19,861,886 2,311,871
- -----------------------------------------------------------------------------------------------------------------
Net assets $127,922,902 $483,548,458 $250,377,653 $259,824,065 $560,126,644 $46,039,144
- -----------------------------------------------------------------------------------------------------------------
Class A Shares
Net assets $ 93,524,389 $416,227,922 $179,045,379 $230,189,905 $350,940,503 $36,502,767
Shares outstanding 8,957,808 37,557,848 15,333,496 20,901,135 30,668,145 3,522,513
Net asset value per share $ 10.44 $ 11.08 $ 11.68 $ 11.01 $ 11.44 $ 10.36
Offering price per share (net
asset value per share
plus maximum sales charge of
4.20% of offering price) $ 10.90 $ 11.57 $ 12.19 $ 11.49 $ 11.94 $ 10.81
- -----------------------------------------------------------------------------------------------------------------
Class B Shares
Net assets $ 11,073,690 $ 20,881,770 $ 9,734,667 $ 9,047,915 $ 26,210,410 $ 4,792,099
Shares outstanding 1,068,816 1,883,540 832,043 821,030 2,293,834 461,527
Net asset value and offering
price per share $ 10.36 $ 11.09 $ 11.70 $ 11.02 $ 11.43 $ 10.38
- -----------------------------------------------------------------------------------------------------------------
Class C Shares
Net assets $ 22,130,905 $ 44,884,385 $ 37,906,296 $ 20,080,791 $ 44,735,558 $ 4,591,034
Shares outstanding 2,117,711 4,054,137 3,249,401 1,824,394 3,917,485 441,957
Net asset value and offering
price per share $ 10.45 $ 11.07 $ 11.67 $ 11.01 $ 11.42 $ 10.39
- -----------------------------------------------------------------------------------------------------------------
Class R Shares
Net assets $ 1,193,918 $ 1,554,381 $ 23,691,311 $ 505,454 $138,240,173 $ 153,244
Shares outstanding 113,843 140,420 2,028,516 45,841 12,093,715 14,727
Net asset value and offering
price per share $ 10.49 $ 11.07 $ 11.68 $ 11.03 $ 11.43 $ 10.41
- -----------------------------------------------------------------------------------------------------------------
Net Assets Consist of:
- -----------------------------------------------------------------------------------------------------------------
Capital paid-in $124,118,115 $462,151,560 $233,699,833 $249,968,493 $526,769,915 $44,331,545
Undistributed
(Over-distribution of) net
investment income (174,653) (477,867) (247,215) (100,550) (58,262) (13,572)
Accumulated net realized gain
(loss) from investments (2,260,872) 383,292 62,766 (956,380) (1,466,928) (3,630)
Net unrealized appreciation
of investments 6,240,312 21,491,473 16,862,269 10,912,502 34,881,919 1,724,801
- -----------------------------------------------------------------------------------------------------------------
Net assets $127,922,902 $483,548,458 $250,377,653 $259,824,065 $560,126,644 $46,039,144
- -----------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
52
Statement of Operations (Unaudited)
Six Months Ended November 30, 2004
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------------------------------
Investment Income $3,306,108 $12,755,395 $ 6,670,048 $ 6,821,597 $15,115,998 $1,203,479
- ----------------------------------------------------------------------------------------------------------
Expenses
Management fees 348,819 1,283,291 683,288 702,496 1,483,216 132,263
12b-1 service fees - Class A 93,209 416,022 181,953 230,244 350,807 38,854
12b-1 distribution and
service fees - Class B 52,659 99,956 46,594 44,970 125,117 22,855
12b-1 distribution and
service fees - Class C 83,782 169,586 141,128 76,770 166,938 17,361
Shareholders' servicing agent
fees and expenses 38,895 122,975 76,580 62,353 173,645 13,837
Custodian's fees and expenses 23,787 61,560 35,104 43,360 73,528 14,144
Trustees' fees and expenses 1,966 7,492 3,953 3,176 7,596 739
Professional fees 7,177 13,943 8,834 8,630 14,601 3,973
Shareholders' reports -
printing and mailing expenses 6,982 27,088 18,322 13,505 39,141 2,832
Federal and state
registration fees 4,462 5,331 6,668 6,017 4,693 4,061
Other expenses 2,479 8,898 5,736 4,719 10,269 955
- ----------------------------------------------------------------------------------------------------------
Total expenses before
custodian fee credit 664,217 2,216,142 1,208,160 1,196,240 2,449,551 251,874
Custodian fee credit (2,870) (11,261) (4,415) (11,475) (9,547) (1,866)
- ----------------------------------------------------------------------------------------------------------
Net expenses 661,347 2,204,881 1,203,745 1,184,765 2,440,004 250,008
- ----------------------------------------------------------------------------------------------------------
Net investment income 2,644,761 10,550,514 5,466,303 5,636,832 12,675,994 953,471
- ----------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain
from Investments
Net realized gain from
investments 500,491 2,350,498 552,821 227,247 324,025 500,564
Net change in unrealized
appreciation (depreciation)
of investments 2,473,838 6,516,380 4,532,274 5,285,398 12,928,524 485,321
- ----------------------------------------------------------------------------------------------------------
Net gain from investments 2,974,329 8,866,878 5,085,095 5,512,645 13,252,549 985,885
- ----------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations $5,619,090 $19,417,392 $10,551,398 $11,149,477 $25,928,543 $1,939,356
- ----------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
53
Statement of Changes in Net Assets (Unaudited)
Kansas Kentucky
------------------------------ ------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/04 5/31/04 11/30/04 5/31/04
- --------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 2,644,761 $ 5,778,679 $ 10,550,514 $ 22,222,767
Net realized gain (loss) from
investments 500,491 (1,665,829) 2,350,498 (1,975,667)
Net change in unrealized appreciation
(depreciation) of investments 2,473,838 (5,728,328) 6,516,380 (16,569,142)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations 5,619,090 (1,615,478) 19,417,392 3,677,958
- --------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (2,011,728) (4,349,593) (9,340,165) (19,890,380)
Class B (198,858) (440,052) (392,964) (841,490)
Class C (424,098) (1,002,336) (892,147) (2,003,684)
Class R (27,382) (54,894) (32,073) (58,747)
From accumulated net realized gains
from investment transactions:
Class A -- -- -- (1,451,394)
Class B -- -- -- (73,792)
Class C -- -- -- (163,017)
Class R -- -- -- (4,045)
- --------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (2,662,066) (5,846,875) (10,657,349) (24,486,549)
- --------------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 4,610,546 14,588,942 14,358,510 41,174,702
Proceeds from shares issued to
shareholders due
to reinvestment of distributions 1,247,601 2,860,449 5,191,005 12,028,415
- --------------------------------------------------------------------------------------------------------
5,858,147 17,449,391 19,549,515 53,203,117
Cost of shares redeemed (8,496,734) (24,476,334) (22,333,156) (54,176,868)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions (2,638,587) (7,026,943) (2,783,641) (973,751)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 318,437 (14,489,296) 5,976,402 (21,782,342)
Net assets at the beginning of period 127,604,465 142,093,761 477,572,056 499,354,398
- --------------------------------------------------------------------------------------------------------
Net assets at the end of period $127,922,902 $127,604,465 $483,548,458 $477,572,056
- --------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
net investment income at the end of
period $ (174,653) $ (157,348) $ (477,867) $ (371,032)
- --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
54
Michigan
------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
- ------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 5,466,303 $ 12,067,974
Net realized gain (loss) from investments 552,821 (381,658)
Net change in unrealized appreciation (depreciation) of investments 4,532,274 (12,892,193)
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 10,551,398 (1,205,877)
- ------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (4,043,063) (8,999,938)
Class B (179,254) (426,071)
Class C (729,064) (1,693,924)
Class R (555,394) (1,182,789)
From accumulated net realized gains from investment transactions:
Class A -- (2,004,173)
Class B -- (114,034)
Class C -- (422,817)
Class R -- (251,531)
- ------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (5,506,775) (15,095,277)
- ------------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 9,134,960 19,888,293
Proceeds from shares issued to shareholders due
to reinvestment of distributions 2,078,328 5,922,909
- ------------------------------------------------------------------------------------------------------
11,213,288 25,811,202
Cost of shares redeemed (16,477,398) (43,387,219)
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions (5,264,110) (17,576,017)
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (219,487) (33,877,171)
Net assets at the beginning of period 250,597,140 284,474,311
- ------------------------------------------------------------------------------------------------------
Net assets at the end of period $250,377,653 $250,597,140
- ------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end
of period $ (247,215) $ (206,743)
- ------------------------------------------------------------------------------------------------------
Missouri
------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
- -----------------------------------------------------------------------------------------------------
Operations
Net investment income $ 5,636,832 $ 11,707,553
Net realized gain (loss) from investments 227,247 443,606
Net change in unrealized appreciation (depreciation) of investments 5,285,398 (12,919,701)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 11,149,477 (768,542)
- -----------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (5,028,258) (10,177,283)
Class B (170,719) (410,400)
Class C (392,131) (888,249)
Class R (11,420) (23,566)
From accumulated net realized gains from investment transactions:
Class A -- --
Class B -- --
Class C -- --
Class R -- --
- -----------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (5,602,528) (11,499,498)
- -----------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 10,920,292 24,186,720
Proceeds from shares issued to shareholders due
to reinvestment of distributions 2,461,580 5,132,188
- -----------------------------------------------------------------------------------------------------
13,381,872 29,318,908
Cost of shares redeemed (12,476,871) (33,456,713)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions 905,001 (4,137,805)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 6,451,950 (16,405,845)
Net assets at the beginning of period 253,372,115 269,777,960
- -----------------------------------------------------------------------------------------------------
Net assets at the end of period $259,824,065 $253,372,115
- -----------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end
of period $ (100,550) $ (134,854)
- -----------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
55
Statement of Changes in Net Assets (Unaudited) (continued)
Ohio Wisconsin
------------------------------ ------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/04 5/31/04 11/30/04 5/31/04
- --------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 12,675,994 $ 27,168,316 $ 953,471 $ 1,992,279
Net realized gain (loss) from
investments 324,025 1,763,995 500,564 389,437
Net change in unrealized appreciation
(depreciation) of investments 12,928,524 (33,135,955) 485,321 (2,742,604)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations 25,928,543 (4,203,644) 1,939,356 (360,888)
- --------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (7,923,390) (17,203,763) (782,989) (1,678,781)
Class B (498,563) (1,085,124) (79,050) (174,560)
Class C (891,199) (1,982,379) (80,128) (173,583)
Class R (3,321,333) (7,215,607) (3,304) (7,838)
From accumulated net realized gains
from investment transactions:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class R -- -- -- --
- --------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (12,634,485) (27,486,873) (945,471) (2,034,762)
- --------------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 16,622,523 37,222,137 2,579,165 6,672,641
Proceeds from shares issued to
shareholders due to reinvestment of
distributions 6,145,351 13,107,814 528,918 1,197,776
- --------------------------------------------------------------------------------------------------------
22,767,874 50,329,951 3,108,083 7,870,417
Cost of shares redeemed (34,062,175) (79,991,538) (6,473,362) (10,096,228)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions (11,294,301) (29,661,587) (3,365,279) (2,225,811)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 1,999,757 (61,352,104) (2,371,394) (4,621,461)
Net assets at the beginning of period 558,126,887 619,478,991 48,410,538 53,031,999
- --------------------------------------------------------------------------------------------------------
Net assets at the end of period $560,126,644 $558,126,887 $46,039,144 $ 48,410,538
- --------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
net investment income at the
end of period $ (58,262) $ (99,771) $ (13,572) $ (21,572)
- --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
56
++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 each organized as
a 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,
2004, Kansas, Missouri, Ohio, and Wisconsin had outstanding when-issued or
delayed delivery purchase commitments of $1,049,260, $2,654,929, $5,131,637 and
$2,078,360. There were no such outstanding purchase commitments in Kentucky or
Michigan.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
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 distribute all net investment income and net capital gains to
shareholders and to otherwise comply with the requirements of Subchapter M of
the Internal Revenue Code applicable to regulated investment companies.
Therefore, no federal income tax provision is required. Furthermore, each Fund
intends to satisfy conditions which will enable interest from municipal
securities, which is exempt from regular federal and designated state income
taxes, to retain such tax-exempt status when distributed to shareholders of the
Funds. Net realized capital gains and ordinary income distributions paid by the
Funds are subject to federal taxation.
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.
- ----
57
Notes to Financial Statements (Unaudited) (continued)
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, 2004, 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, 2004.
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.
Indemnifications
Under the Trust's organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust
enters into contracts that provide general indemnifications to other parties.
The Trust's maximum exposure under these arrangements is unknown as this would
involve future claims that may be made against the Trust that have not yet
occurred. However, the Trust has not had prior claims or losses pursuant to
these contracts and expects the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
increases and decreases in net assets from operations during the reporting
period. Actual results may differ from those estimates.
- ----
58
2. Fund Shares
Transactions in Fund shares were as follows:
Kansas
--------------------------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Shares sold:
Class A 295,783 $3,087,035 793,968 $ 8,303,025
Class B 31,775 329,313 59,064 615,299
Class C 113,939 1,188,598 526,585 5,524,723
Class R 530 5,600 13,736 145,895
Shares issued to shareholders due to
reinvestment of distributions:
Class A 88,920 922,710 200,112 2,092,048
Class B 8,401 86,532 19,035 197,536
Class C 22,560 234,341 53,905 564,187
Class R 385 4,018 636 6,678
- --------------------------------------------------------------------------------------------
562,293 5,858,147 1,667,041 17,449,391
- --------------------------------------------------------------------------------------------
Shares redeemed:
Class A (424,293) (4,391,833) (1,557,318) (16,264,216)
Class B (58,412) (604,200) (188,261) (1,938,824)
Class C (336,213) (3,452,601) (586,380) (6,086,120)
Class R (4,611) (48,100) (17,937) (187,174)
- --------------------------------------------------------------------------------------------
(823,529) (8,496,734) (2,349,896) (24,476,334)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (261,236) $(2,638,587) (682,855) $ (7,026,943)
- --------------------------------------------------------------------------------------------
Kentucky
--------------------------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Shares sold:
Class A 1,079,644 $ 11,990,016 2,858,255 $ 31,892,416
Class B 46,103 511,880 249,021 2,763,418
Class C 147,614 1,635,134 572,512 6,394,052
Class R 19,845 221,480 11,133 124,816
Shares issued to shareholders due to
reinvestment of distributions:
Class A 406,649 4,488,578 932,474 10,375,268
Class B 19,542 215,845 45,210 503,135
Class C 41,818 461,052 98,888 1,099,196
Class R 2,315 25,530 4,573 50,816
- --------------------------------------------------------------------------------------------
1,763,530 19,549,515 4,772,066 53,203,117
- --------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,619,810) (17,890,598) (3,709,929) (41,162,021)
Class B (99,955) (1,102,732) (244,740) (2,709,713)
Class C (303,058) (3,339,826) (930,718) (10,295,377)
Class R -- -- (899) (9,757)
- --------------------------------------------------------------------------------------------
(2,022,823) (22,333,156) (4,886,286) (54,176,868)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (259,293) $ (2,783,641) (114,220) $ (973,751)
- --------------------------------------------------------------------------------------------
- ----
59
Notes to Financial Statements (Unaudited) (continued)
Michigan
--------------------------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
------------------------ ------------------------
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------
Shares sold:
Class A 604,108 $ 7,028,551 1,173,770 $ 13,773,949
Class B 23,443 273,117 103,810 1,221,861
Class C 146,893 1,715,539 344,503 4,053,427
Class R 10,194 117,753 71,099 839,056
Shares issued to shareholders due to reinvestment
of distributions:
Class A 119,531 1,388,693 341,045 4,005,239
Class B 5,539 64,511 17,765 208,791
Class C 21,496 249,537 60,648 711,144
Class R 32,310 375,587 84,936 997,735
- -----------------------------------------------------------------------------------------------------
963,514 11,213,288 2,197,576 25,811,202
- -----------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,113,602) (12,955,574) (2,625,909) (30,776,396)
Class B (78,834) (912,966) (157,814) (1,844,648)
Class C (147,441) (1,713,298) (774,769) (9,064,066)
Class R (77,120) (895,560) (144,833) (1,702,109)
- -----------------------------------------------------------------------------------------------------
(1,416,997) (16,477,398) (3,703,325) (43,387,219)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) (453,483) $ (5,264,110) (1,505,749) $(17,576,017)
- -----------------------------------------------------------------------------------------------------
Missouri
--------------------------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
------------------------ ------------------------
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------
Shares sold:
Class A 923,885 $ 10,052,765 1,896,429 $ 20,766,655
Class B 25,060 277,652 106,461 1,175,381
Class C 52,853 579,835 204,008 2,244,513
Class R 911 10,040 15 171
Shares issued to shareholders due to reinvestment
of distributions:
Class A 204,856 2,243,587 418,334 4,614,441
Class B 8,133 89,110 18,993 209,608
Class C 11,625 127,146 27,661 305,073
Class R 158 1,737 278 3,066
- -----------------------------------------------------------------------------------------------------
1,227,481 13,381,872 2,672,179 29,318,908
- -----------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (815,844) (8,962,951) (2,434,553) (26,768,972)
Class B (95,883) (1,053,190) (295,500) (3,248,762)
Class C (226,353) (2,460,730) (311,727) (3,408,979)
Class R -- -- (2,688) (30,000)
- -----------------------------------------------------------------------------------------------------
(1,138,080) (12,476,871) (3,044,468) (33,456,713)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) 89,401 $ 905,001 (372,289) $ (4,137,805)
- -----------------------------------------------------------------------------------------------------
- ----
60
Ohio
--------------------------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
------------------------ ------------------------
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------
Shares sold:
Class A 1,152,597 $ 13,168,205 2,304,454 $ 26,549,245
Class B 58,440 668,652 267,211 3,083,903
Class C 173,107 1,980,686 489,022 5,609,952
Class R 71,218 804,980 171,767 1,979,037
Shares issued to shareholders due to reinvestment
of distributions:
Class A 291,636 3,315,067 599,545 6,881,391
Class B 15,662 177,807 34,215 392,111
Class C 29,969 339,983 66,384 760,754
Class R 203,687 2,312,494 442,465 5,073,558
- -----------------------------------------------------------------------------------------------------
1,996,316 22,767,874 4,375,063 50,329,951
- -----------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,900,066) (21,558,435) (4,517,200) (51,533,122)
Class B (115,670) (1,316,330) (352,580) (4,031,327)
Class C (282,919) (3,196,826) (894,505) (10,208,729)
Class R (703,180) (7,990,584) (1,243,807) (14,218,360)
- -----------------------------------------------------------------------------------------------------
(3,001,835) (34,062,175) (7,008,092) (79,991,538)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) (1,005,519) $(11,294,301) (2,633,029) $(29,661,587)
- -----------------------------------------------------------------------------------------------------
Wisconsin
--------------------------------------------------
Six Months Ended Year Ended
11/30/04 5/31/04
------------------------ ------------------------
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------
Shares sold:
Class A 174,959 $1,816,416 464,905 $ 4,873,006
Class B 24,756 251,445 38,553 404,420
Class C 49,300 511,167 132,785 1,393,067
Class R 14 137 197 2,148
Shares issued to shareholders due to reinvestment
of distributions:
Class A 41,929 433,168 94,737 985,477
Class B 4,001 41,376 9,370 97,772
Class C 4,948 51,190 10,299 107,357
Class R 307 3,184 687 7,170
- -----------------------------------------------------------------------------------------------------
300,214 3,108,083 751,533 7,870,417
- -----------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (536,698) (5,584,421) (704,255) (7,287,114)
Class B (15,961) (163,084) (158,637) (1,626,947)
Class C (67,105) (695,597) (114,245) (1,182,167)
Class R (2,970) (30,260) -- --
- -----------------------------------------------------------------------------------------------------
(622,734) (6,473,362) (977,137) (10,096,228)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) (322,520) $(3,365,279) (225,604) $ (2,225,811)
- -----------------------------------------------------------------------------------------------------
- ----
61
Notes to Financial Statements (Unaudited) (continued)
3. Securities Transactions
Purchases and sales (including maturities) of investments in long-term
municipal securities for the six months ended November 30, 2004, were as
follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------
Purchases $15,592,726 $40,761,063 $13,650,018 $30,966,269 $33,053,145 $4,529,654
Sales and
maturities 18,737,091 43,428,858 10,901,977 27,621,767 40,833,335 7,785,928
- ----------------------------------------------------------------------------------
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 the treatment of paydown gains and losses on investments,
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, 2004, the cost of investments was as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ------------------------------------------------------------------------------------------------
Cost of investments $120,680,177 $455,509,345 $233,246,125 $245,854,820 $520,124,672 $43,592,915
- ------------------------------------------------------------------------------------------------
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 2004, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $6,565,052 $23,267,468 $17,549,855 $12,305,442 $36,498,499 $1,878,071
Depreciation (310,278) (1,659,579) (763,809) (1,346,864) (1,208,195) (144,758)
- ----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $6,254,774 $21,607,889 $16,786,046 $10,958,578 $35,290,304 $1,733,313
- ----------------------------------------------------------------------------------------------------------------------
The tax components of undistributed net investment income and net realized
gains at May 31, 2004, the Funds' last fiscal year end, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income* $285,259 $1,271,426 $587,061 $746,553 $1,625,609 $123,512
Undistributed net ordinary income** -- -- 16,192 -- -- --
Undistributed net long-term capital gains -- -- -- -- -- --
- ----------------------------------------------------------------------------------------------------
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on May 7, 2004, paid on June 1, 2004.
** 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,
2004, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- --------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $5,889,048 $22,797,140 $12,369,021 $11,548,175 $27,679,862 $2,048,961
Distributions from net ordinary income** -- 66,682 78,164 -- 9,397 1,079
Distributions from net long-term capital gains -- 1,687,946 2,769,039 -- -- --
- --------------------------------------------------------------------------------------------------------------------
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At May 31, 2004, the Funds' last fiscal year end, the Funds had unused capital
loss carryforwards available for federal income tax purposes to be applied
against future capital gains, if any. If not applied, the carryforwards will
expire as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- -------------------------------------------------------------------------------
Expiration year:
2008 $ 671,721 $ -- $ -- $ 287,168 $ -- $ --
2009 424,368 -- -- 691,893 -- 504,194
2010 -- -- -- 204,566 1,790,953 --
2011 -- -- -- -- -- --
2012 1,614,137 1,829,281 225,407 -- -- --
- -------------------------------------------------------------------------------
$2,710,226 $1,829,281 $225,407 $1,183,627 $1,790,953 $504,194
- -------------------------------------------------------------------------------
- ----
62
The following Funds elected to defer net realized losses from investments
incurred from November 1, 2003 through May 31, 2004 ("post-October losses") in
accordance with Federal income tax regulations. The following post-October
losses were treated as having arisen on the first day of the current fiscal
year:
Kansas Kentucky Michigan
---------------------------
$51,137 $105,059 $61,811
---------------------------
5. Management Fee and Other Transactions with Affiliates
As approved by the Board of Trustees, effective August 1, 2004, a complex-wide
management fee structure was adopted for all funds sponsored by Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
and its affiliates. This fee structure separates each fund's management fee
into two components - a complex-level component, based on the aggregate amount
of all funds assets managed by the Adviser and its affiliates, and a specific
fund-level component, based only on the amount of assets within each individual
fund. This pricing structure enables Nuveen fund shareholders to benefit from
growth in the assets within each individual fund as well as from growth in the
amount of complex-wide assets managed by the Adviser and its affiliates. Under
no circumstances will this pricing structure result in a fund paying management
fees at a rate higher than would otherwise have been applicable had the
complex-wide management fee structure not been implemented. As a consequence of
this new management fee structure, the funds' effective management fees were
reduced by approximately .007% as of December 31, 2004.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds is based upon the average daily net assets of each Fund as follows:
Average Daily Net Assets Fund-Level Fee Rate
---------------------------------------------------
For the first $125 million .3500%
For the next $125 million .3375
For the next $250 million .3250
For the next $500 million .3125
For the next $1 billion .3000
For the next $3 billion .2750
For net assets over $5 billion .2500
---------------------------------------------------
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
Complex-Level Assets /(1)/ Complex-Level Fee Rate
-----------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion /(2)/ .1400
-----------------------------------------------------------------
(1)The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds in
the U.S.
(2)With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level fee
rate for such complex-wide Managed Assets shall be .1400% until such time as
a different rate or rates is determined.
Each Fund paid through July 31, 2004, an annual management fee, payable
monthly, at the rates set forth below, which were based upon the average daily
net assets of each Fund as follows:
Average Daily Net Assets Management Fee Rate
---------------------------------------------------
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 their officers, all of whom receive remuneration for their
services to the Trust from the Adviser or its affiliates. The Board of Trustees
has adopted a
- ----
63
Notes to Financial Statements (Unaudited) (continued)
deferred compensation plan for independent Trustees that enables Trustees to
elect to defer receipt of all or a portion of the annual compensation they are
entitled to receive from certain Nuveen advised Funds. Under the plan, deferred
amounts are treated as though equal dollar amounts had been invested in shares
of select Nuveen advised Funds.
The Adviser has agreed to waive part of its management fees or reimburse
certain expenses of Ohio in order to limit total expenses (excluding 12b-1
distribution and service fees and extraordinary expenses) from exceeding .75%
of the average daily net assets. The Adviser may also voluntarily reimburse
additional expenses from time to time in any of the Funds. Voluntary
reimbursements may be terminated at any time at the Adviser's discretion.
During the six months ended November 30, 2004, 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 $98,587 $321,237 $98,011 $108,415 $183,812 $44,656
Paid to authorized dealers 85,454 280,035 85,785 95,064 162,516 38,939
- --------------------------------------------------------------------------------
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, 2004, the Distributor compensated
authorized dealers directly with commission advances at the time of purchase as
follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
------------------------------------------------------------------------
Commission advances $26,491 $63,201 $40,441 $30,934 $70,750 $19,998
------------------------------------------------------------------------
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, 2004, the Distributor retained such 12b-1 fees as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-------------------------------------------------------------------------
12b-1 fees retained $55,600 $95,294 $56,536 $43,471 $121,353 $23,687
-------------------------------------------------------------------------
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, 2004, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-----------------------------------------------------------------
CDSC retained $6,553 $19,967 $31,051 $10,871 $19,492 $6,101
-----------------------------------------------------------------
6. Subsequent Events
Distributions to Shareholders
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on December 27, 2004, to shareholders of record on
December 9, 2004, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-------------------------------------------------------------
Dividend
per
share:
Class A $.0375 $.0410 $.0415 $.0400 $.0430 $.0345
Class B .0310 .0340 .0340 .0330 .0360 .0280
Class C .0330 .0355 .0360 .0350 .0380 .0300
Class R .0395 .0425 .0435 .0420 .0450 .0365
-------------------------------------------------------------
The following Funds also declared capital gain and net ordinary income
distributions, which were paid on December 3, 2004, to shareholders of record
on December 1, 2004, as follows:
Kentucky Michigan
-------------------------------------------------------------
Capital gains distribution per share $.0057 $.0051
Net ordinary income distribution per share* .0005 .0008
-------------------------------------------------------------
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
Adviser Merger
Effective January 1, 2005, the Adviser and its affiliate, Nuveen Institutional
Advisory Corp. ("NIAC"), were merged into Nuveen Asset Management ("NAM"), also
a wholly owned subsidiary of Nuveen Investments, Inc. As a result of the
merger, NAM is now the adviser to all funds previously advised by either NIAC
or the Adviser.
- ----
64
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ---------------------- -----------------------------
Before Credit/
Reimbursement
KANSAS ------------------
Ratio
of Net
Net Invest-
Realized/ Ratio of ment
Unrealized Expenses Income
Beginning Net Invest- Net Ending Ending to to
Net Invest- ment Invest- Net Net Average Average
Year Ended Asset ment Gain ment Capital Asset Total Assets Net Net
May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) Assets Assets
- --------------------------------------------------------------------------------------------------------------------------
Class A (1/92)
2005(e) $10.20 $.22 $ .25 $ .47 $(.23) $-- $(.23) $10.44 4.58% $ 93,524 .88%* 4.29%*
2004 10.77 .46 (.57) (.11) (.46) -- (.46) 10.20 (1.02) 91,744 .90 4.36
2003 10.25 .48 .52 1.00 (.48) -- (.48) 10.77 10.03 102,938 .88 4.57
2002 10.16 .50 .10 .60 (.51) -- (.51) 10.25 6.06 96,411 .90 4.90
2001 9.54 .51 .62 1.13 (.51) -- (.51) 10.16 12.02 91,062 .90 5.13
2000 10.49 .50 (.96) (.46) (.49) -- (.49) 9.54 (4.38) 86,460 1.01 5.04
Class B (2/97)
2005(e) 10.12 .18 .25 .43 (.19) -- (.19) 10.36 4.23 11,074 1.63* 3.54*
2004 10.69 .38 (.57) (.19) (.38) -- (.38) 10.12 (1.77) 11,001 1.64 3.61
2003 10.18 .40 .52 .92 (.41) -- (.41) 10.69 9.18 12,797 1.63 3.81
2002 10.09 .42 .11 .53 (.44) -- (.44) 10.18 5.30 10,210 1.65 4.13
2001 9.48 .44 .61 1.05 (.44) -- (.44) 10.09 11.17 6,851 1.65 4.38
2000 10.43 .42 (.95) (.53) (.42) -- (.42) 9.48 (5.14) 5,361 1.77 4.31
Class C (2/97)
2005(e) 10.21 .20 .24 .44 (.20) -- (.20) 10.45 4.31 22,131 1.43* 3.74*
2004 10.78 .40 (.56) (.16) (.41) -- (.41) 10.21 (1.53) 23,656 1.45 3.81
2003 10.27 .42 .52 .94 (.43) -- (.43) 10.78 9.35 25,049 1.43 4.01
2002 10.17 .44 .12 .56 (.46) -- (.46) 10.27 5.60 16,943 1.44 4.31
2001 9.56 .46 .61 1.07 (.46) -- (.46) 10.17 11.29 6,359 1.45 4.58
2000 10.51 .45 (.96) (.51) (.44) -- (.44) 9.56 (4.89) 5,633 1.57 4.51
Class R (2/97)
2005(e) 10.24 .24 .25 .49 (.24) -- (.24) 10.49 4.78 1,194 .68* 4.49*
2004 10.82 .48 (.58) (.10) (.48) -- (.48) 10.24 (.89) 1,204 .70 4.56
2003 10.30 .50 .53 1.03 (.51) -- (.51) 10.82 10.23 1,310 .68 4.77
2002 10.20 .53 .11 .64 (.54) -- (.54) 10.30 6.38 1,475 .70 5.12
2001 9.59 .54 .60 1.14 (.53) -- (.53) 10.20 12.12 1,967 .69 5.33
2000 10.55 .52 (.96) (.44) (.52) -- (.52) 9.59 (4.22) 1,360 .85 5.32
- --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
----------------------------------------------------
After After Credit/
Reimbursement(c) Reimbursement(d)
KANSAS ------------------ ------------------
Ratio Ratio
of Net of Net
Invest- Invest-
Ratio of ment Ratio of ment
Expenses Income Expenses Income
to to to to
Average Average Average Average Portfolio
Year Ended Net Net Net Net Turnover
May 31, Assets Assets Assets Assets Rate
- ---------------------------------------------------------------
Class A (1/92)
2005(e) .88%* 4.29%* .88%* 4.30%* 12%
2004 .90 4.36 .89 4.37 11
2003 .88 4.57 .87 4.58 12
2002 .90 4.90 .89 4.91 17
2001 .90 5.13 .89 5.14 18
2000 1.01 5.05 1.00 5.06 54
Class B (2/97)
2005(e) 1.63* 3.54* 1.63* 3.55* 12
2004 1.64 3.61 1.64 3.62 11
2003 1.63 3.81 1.62 3.82 12
2002 1.65 4.13 1.64 4.15 17
2001 1.65 4.38 1.64 4.39 18
2000 1.77 4.31 1.76 4.32 54
Class C (2/97)
2005(e) 1.43* 3.74* 1.42* 3.75* 12
2004 1.45 3.81 1.44 3.82 11
2003 1.43 4.01 1.42 4.02 12
2002 1.44 4.31 1.43 4.32 17
2001 1.45 4.58 1.44 4.59 18
2000 1.56 4.51 1.56 4.52 54
Class R (2/97)
2005(e) .68* 4.49* .68* 4.50* 12
2004 .70 4.56 .69 4.57 11
2003 .68 4.77 .67 4.78 12
2002 .70 5.12 .69 5.13 17
2001 .69 5.33 .68 5.34 18
2000 .85 5.32 .84 5.33 54
- ---------------------------------------------------------------
* 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, 2004.
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
--------------------------- ----------------------- -----------------------------
Before Credit/
Reimbursement
KENTUCKY ------------------
Ratio
of Net
Net Invest-
Realized/ Ratio of ment
Unrealized Expenses Income
Beginning Net Invest- Net Ending Ending to to
Net Invest- ment Invest- Net Net Average Average
Year Ended Asset ment Gain ment Capital Asset Total Assets Net Net
May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) Assets Assets
- ---------------------------------------------------------------------------------------------------------------------------
Class A (5/87)
2005(e) $10.88 $.25 $ .20 $ .45 $(.25) $ -- $(.25) $11.08 4.15% $416,228 .83%* 4.44%*
2004 11.35 .51 (.42) .09 (.52) (.04) (.56) 10.88 .90 410,109 .84 4.58
2003 10.92 .53 .44 .97 (.53) (.01) (.54) 11.35 9.03 426,782 .84 4.79
2002 10.80 .54 .12 .66 (.54) -- (.54) 10.92 6.22 407,706 .85 4.99
2001 10.30 .55 .50 1.05 (.55) -- (.55) 10.80 10.40 403,793 .87 5.11
2000 11.22 .55 (.92) (.37) (.55) -- (.55) 10.30 (3.27) 394,048 .96 5.23
Class B (2/97)
2005(e) 10.88 .21 .21 .42 (.21) -- (.21) 11.09 3.85 20,882 1.58* 3.69*
2004 11.35 .43 (.42) .01 (.44) (.04) (.48) 10.88 .14 20,874 1.59 3.83
2003 10.92 .45 .44 .89 (.45) (.01) (.46) 11.35 8.21 21,206 1.59 4.04
2002 10.80 .46 .12 .58 (.46) -- (.46) 10.92 5.42 16,808 1.59 4.24
2001 10.30 .47 .51 .98 (.48) -- (.48) 10.80 9.60 12,977 1.62 4.36
2000 11.22 .47 (.92) (.45) (.47) -- (.47) 10.30 (3.99) 10,148 1.72 4.48
Class C (10/93)
2005(e) 10.87 .22 .20 .42 (.22) -- (.22) 11.07 3.87 44,884 1.38* 3.89*
2004 11.34 .45 (.42) .03 (.46) (.04) (.50) 10.87 .35 45,303 1.39 4.03
2003 10.91 .47 .44 .91 (.47) (.01) (.48) 11.34 8.45 50,194 1.39 4.24
2002 10.79 .48 .12 .60 (.48) -- (.48) 10.91 5.64 40,746 1.40 4.44
2001 10.29 .49 .50 .99 (.49) -- (.49) 10.79 9.80 35,770 1.42 4.56
2000 11.21 .50 (.93) (.43) (.49) -- (.49) 10.29 (3.82) 31,078 1.51 4.68
Class R (2/97)
2005(e) 10.87 .26 .20 .46 (.26) -- (.26) 11.07 4.24 1,554 .63* 4.63*
2004 11.33 .53 (.41) .12 (.54) (.04) (.58) 10.87 1.15 1,285 .64 4.78
2003 10.90 .55 .44 .99 (.55) (.01) (.56) 11.33 9.23 1,172 .64 4.99
2002 10.78 .57 .11 .68 (.56) -- (.56) 10.90 6.40 983 .65 5.19
2001 10.27 .57 .51 1.08 (.57) -- (.57) 10.78 10.72 889 .67 5.31
2000 11.20 .57 (.93) (.36) (.57) -- (.57) 10.27 (3.18) 842 .77 5.43
- ---------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
----------------------------------------------------
After After Credit/
Reimbursement(c) Reimbursement(d)
KENTUCKY ------------------ ------------------
Ratio Ratio
of Net of Net
Invest- Invest-
Ratio of ment Ratio of ment
Expenses Income Expenses Income
to to to to
Average Average Average Average Portfolio
Year Ended Net Net Net Net Turnover
May 31, Assets Assets Assets Assets Rate
- ---------------------------------------------------------------
Class A (5/87)
2005(e) .83%* 4.44%* .83%* 4.45%* 9%
2004 .84 4.58 .83 4.58 16
2003 .84 4.79 .83 4.79 14
2002 .85 4.99 .84 5.00 14
2001 .87 5.11 .85 5.13 14
2000 .96 5.23 .96 5.23 7
Class B (2/97)
2005(e) 1.58* 3.69* 1.58* 3.70* 9
2004 1.59 3.83 1.58 3.83 16
2003 1.59 4.04 1.58 4.04 14
2002 1.59 4.24 1.58 4.25 14
2001 1.62 4.36 1.60 4.38 14
2000 1.72 4.48 1.72 4.48 7
Class C (10/93)
2005(e) 1.38* 3.89* 1.38* 3.90* 9
2004 1.39 4.03 1.38 4.03 16
2003 1.39 4.24 1.38 4.24 14
2002 1.40 4.44 1.39 4.45 14
2001 1.42 4.56 1.40 4.58 14
2000 1.51 4.68 1.51 4.68 7
Class R (2/97)
2005(e) .63* 4.63* .63* 4.64* 9
2004 .64 4.78 .63 4.78 16
2003 .64 4.99 .63 4.99 14
2002 .65 5.19 .64 5.20 14
2001 .67 5.31 .65 5.33 14
2000 .77 5.43 .77 5.43 7
- ---------------------------------------------------------------
* 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, 2004.
See accompanying notes to financial statements.
- ----
66
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------- -----------------------------
Before Credit/
Reimbursement
MICHIGAN ------------------
Ratio
of Net
Net Invest-
Realized/ Ratio of ment
Unrealized Expenses Income
Beginning Net Invest- Net Ending Ending to to
Net Invest- ment Invest- Net Net Average Average
Year Ended Asset ment Gain ment Capital Asset Total Assets Net Net
May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) Assets Assets
- ---------------------------------------------------------------------------------------------------------------------------
Class A (6/85)
2005(e) $11.45 $.26 $ .23 $ .49 $(.26) $ -- $(.26) $11.68 4.29% $179,045 .86%* 4.40%*
2004 12.16 .54 (.58) (.04) (.55) (.12) (.67) 11.45 (.27) 179,956 .87 4.61
2003 11.55 .55 .63 1.18 (.56) (.01) (.57) 12.16 10.40 204,652 .86 4.67
2002 11.39 .56 .20 .76 (.57) (.03) (.60) 11.55 6.70 205,808 .87 4.86
2001 10.75 .58 .63 1.21 (.57) -- (.57) 11.39 11.45 211,992 .87 5.15
2000 11.83 .58 (1.03) (.45) (.58) (.05) (.63) 10.75 (3.80) 208,290 .97 5.22
Class B (2/97)
2005(e) 11.47 .21 .23 .44 (.21) -- (.21) 11.70 3.89 9,735 1.61* 3.66*
2004 12.18 .45 (.58) (.13) (.46) (.12) (.58) 11.47 (1.03) 10,112 1.62 3.86
2003 11.57 .46 .63 1.09 (.47) (.01) (.48) 12.18 9.56 11,179 1.61 3.91
2002 11.41 .48 .19 .67 (.48) (.03) (.51) 11.57 5.88 9,214 1.62 4.11
2001 10.77 .50 .63 1.13 (.49) -- (.49) 11.41 10.61 8,642 1.62 4.40
2000 11.85 .50 (1.03) (.53) (.50) (.05) (.55) 10.77 (4.52) 7,741 1.73 4.48
Class C (6/93)
2005(e) 11.43 .23 .24 .47 (.23) -- (.23) 11.67 4.10 37,906 1.41* 3.85*
2004 12.14 .48 (.58) (.10) (.49) (.12) (.61) 11.43 (.83) 36,912 1.42 4.06
2003 11.54 .49 .61 1.10 (.49) (.01) (.50) 12.14 9.71 43,693 1.41 4.12
2002 11.38 .50 .19 .69 (.50) (.03) (.53) 11.54 6.11 38,763 1.42 4.31
2001 10.74 .52 .63 1.15 (.51) -- (.51) 11.38 10.84 36,123 1.42 4.60
2000 11.82 .52 (1.03) (.51) (.52) (.05) (.57) 10.74 (4.35) 35,678 1.51 4.66
Class R (2/97)
2005(e) 11.45 .27 .23 .50 (.27) -- (.27) 11.68 4.40 23,691 .66* 4.60*
2004 12.16 .57 (.58) (.01) (.58) (.12) (.70) 11.45 (.07) 23,618 .67 4.81
2003 11.56 .58 .61 1.19 (.58) (.01) (.59) 12.16 10.53 24,951 .66 4.87
2002 11.39 .59 .20 .79 (.59) (.03) (.62) 11.56 6.99 23,643 .67 5.06
2001 10.75 .60 .63 1.23 (.59) -- (.59) 11.39 11.63 22,799 .67 5.35
2000 11.83 .60 (1.03) (.43) (.60) (.05) (.65) 10.75 (3.62) 22,035 .77 5.42
- ---------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
----------------------------------------------------
After After Credit/
Reimbursement(c) Reimbursement(d)
MICHIGAN ------------------ ------------------
Ratio Ratio
of Net of Net
Invest- Invest-
Ratio of ment Ratio of ment
Expenses Income Expenses Income
to to to to
Average Average Average Average Portfolio
Year Ended Net Net Net Net Turnover
May 31, Assets Assets Assets Assets Rate
- ---------------------------------------------------------------
Class A (6/85)
2005(e) .86%* 4.40%* .86%* 4.41%* 4%
2004 .87 4.61 .86 4.61 9
2003 .86 4.67 .86 4.67 10
2002 .87 4.86 .87 4.86 19
2001 .87 5.15 .86 5.16 11
2000 .97 5.22 .96 5.22 28
Class B (2/97)
2005(e) 1.61* 3.66* 1.61* 3.66* 4
2004 1.62 3.86 1.61 3.86 9
2003 1.61 3.91 1.61 3.92 10
2002 1.62 4.11 1.62 4.11 19
2001 1.62 4.40 1.61 4.41 11
2000 1.73 4.48 1.72 4.49 28
Class C (6/93)
2005(e) 1.41* 3.85* 1.41* 3.86* 4
2004 1.42 4.06 1.41 4.06 9
2003 1.41 4.12 1.41 4.12 10
2002 1.42 4.31 1.42 4.31 19
2001 1.42 4.60 1.41 4.61 11
2000 1.51 4.66 1.50 4.67 28
Class R (2/97)
2005(e) .66* 4.60* .66* 4.61* 4
2004 .67 4.81 .66 4.81 9
2003 .66 4.87 .66 4.87 10
2002 .67 5.06 .67 5.06 19
2001 .67 5.35 .66 5.36 11
2000 .77 5.42 .76 5.43 28
- ---------------------------------------------------------------
* 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, 2004.
See accompanying notes to financial statements.
- ----
67
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------- -----------------------------
Before Credit/
Reimbursement
MISSOURI ------------------
Ratio
of Net
Net Invest-
Realized/ Ratio of ment
Unrealized Expenses Income
Beginning Net Invest- Net Ending Ending to to
Net Invest- ment Invest- Net Net Average Average
Year Ended Asset ment Gain ment Capital Asset Total Assets Net Net
May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) Assets Assets
- ---------------------------------------------------------------------------------------------------------------------------
Class A (8/87)
2005(e) $10.78 $.24 $ .23 $ .47 $(.24) $ -- $(.24) $11.01 4.38% $230,190 .85%* 4.39%*
2004 11.30 .50 (.53) (.03) (.49) -- (.49) 10.78 (.28) 221,955 .85 4.50
2003 10.81 .51 .51 1.02 (.53) -- (.53) 11.30 9.63 233,996 .86 4.65
2002 10.71 .54 .11 .65 (.55) -- (.55) 10.81 6.20 207,890 .87 5.02
2001 10.18 .56 .53 1.09 (.56) -- (.56) 10.71 10.93 202,698 .87 5.31
2000 11.12 .55 (.93) (.38) (.55) (.01) (.56) 10.18 (3.47) 194,271 .96 5.25
Class B (2/97)
2005(e) 10.79 .20 .23 .43 (.20) -- (.20) 11.02 3.98 9,048 1.60* 3.64*
2004 11.30 .41 (.52) (.11) (.40) -- (.40) 10.79 (.95) 9,532 1.60 3.75
2003 10.81 .43 .50 .93 (.44) -- (.44) 11.30 8.80 11,912 1.61 3.90
2002 10.71 .46 .11 .57 (.47) -- (.47) 10.81 5.38 9,091 1.62 4.27
2001 10.18 .48 .53 1.01 (.48) -- (.48) 10.71 10.10 6,991 1.62 4.55
2000 11.11 .47 (.93) (.46) (.46) (.01) (.47) 10.18 (4.13) 5,165 1.71 4.51
Class C (2/94)
2005(e) 10.77 .21 .24 .45 (.21) -- (.21) 11.01 4.20 20,081 1.40* 3.84*
2004 11.29 .44 (.53) (.09) (.43) -- (.43) 10.77 (.84) 21,402 1.40 3.95
2003 10.81 .45 .49 .94 (.46) -- (.46) 11.29 8.93 23,336 1.41 4.10
2002 10.70 .48 .12 .60 (.49) -- (.49) 10.81 5.72 20,076 1.41 4.46
2001 10.17 .50 .53 1.03 (.50) -- (.50) 10.70 10.31 12,589 1.42 4.76
2000 11.11 .49 (.93) (.44) (.49) (.01) (.50) 10.17 (4.03) 10,229 1.50 4.69
Class R (2/97)
2005(e) 10.79 .25 .24 .49 (.25) -- (.25) 11.03 4.59 505 .65* 4.58*
2004 11.31 .52 (.53) (.01) (.51) -- (.51) 10.79 (.10) 483 .65 4.70
2003 10.82 .53 .50 1.03 (.54) -- (.54) 11.31 9.80 534 .66 4.86
2002 10.71 .57 .11 .68 (.57) -- (.57) 10.82 6.47 507 .67 5.22
2001 10.18 .58 .53 1.11 (.58) -- (.58) 10.71 11.11 470 .67 5.51
2000 11.12 .57 (.93) (.36) (.57) (.01) (.58) 10.18 (3.29) 442 .77 5.47
- ---------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
----------------------------------------------------
After After Credit/
Reimbursement(c) Reimbursement(d)
MISSOURI ------------------ ------------------
Ratio Ratio
of Net of Net
Invest- Invest-
Ratio of ment Ratio of ment
Expenses Income Expenses Income
to to to to
Average Average Average Average Portfolio
Year Ended Net Net Net Net Turnover
May 31, Assets Assets Assets Assets Rate
- ---------------------------------------------------------------
Class A (8/87)
2005(e) .85%* 4.39%* .84%* 4.39%* 11%
2004 .85 4.50 .85 4.51 13
2003 .86 4.65 .85 4.66 14
2002 .87 5.02 .86 5.03 13
2001 .87 5.31 .87 5.31 13
2000 .96 5.25 .95 5.26 21
Class B (2/97)
2005(e) 1.60* 3.64* 1.59* 3.64* 11
2004 1.60 3.75 1.60 3.75 13
2003 1.61 3.90 1.60 3.91 14
2002 1.62 4.27 1.61 4.27 13
2001 1.62 4.55 1.61 4.56 13
2000 1.71 4.51 1.70 4.52 21
Class C (2/94)
2005(e) 1.40* 3.84* 1.39* 3.85* 11
2004 1.40 3.95 1.40 3.95 13
2003 1.41 4.10 1.40 4.11 14
2002 1.41 4.46 1.41 4.47 13
2001 1.42 4.76 1.42 4.76 13
2000 1.50 4.69 1.49 4.70 21
Class R (2/97)
2005(e) .65* 4.58* .64* 4.59* 11
2004 .65 4.70 .65 4.71 13
2003 .66 4.86 .65 4.86 14
2002 .67 5.22 .66 5.23 13
2001 .67 5.51 .67 5.51 13
2000 .77 5.47 .76 5.48 21
- ---------------------------------------------------------------
* 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, 2004.
See accompanying notes to financial statements.
- ----
68
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------- -----------------------------
Before Credit/
Reimbursement
OHIO ------------------
Ratio
of Net
Net Invest-
Realized/ Ratio of ment
Unrealized Expenses Income
Beginning Net Invest- Net Ending Ending to to
Net Invest- ment Invest- Net Net Average Average
Year Ended Asset ment Gain ment Capital Asset Total Assets Net Net
May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) Assets Assets
- ---------------------------------------------------------------------------------------------------------------------------
Class A (6/85)
2005(e) $11.17 $.26 $ .27 $ .53 $(.26) $ -- $(.26) $11.44 4.75% $350,941 .84%* 4.54%*
2004 11.78 .53 (.60) (.07) (.54) -- (.54) 11.17 (.62) 347,733 .85 4.65
2003 11.16 .54 .62 1.16 (.54) -- (.54) 11.78 10.65 385,619 .87 4.69
2002 11.10 .55 .06 .61 (.55) -- (.55) 11.16 5.57 379,342 .86 4.93
2001 10.62 .57 .48 1.05 (.57) -- (.57) 11.10 10.05 385,226 .86 5.13
2000 11.57 .57 (.93) (.36) (.57) (.02) (.59) 10.62 (3.18) 389,898 .90 5.25
Class B (2/97)
2005(e) 11.16 .22 .27 .49 (.22) -- (.22) 11.43 4.37 26,210 1.59* 3.79*
2004 11.77 .45 (.61) (.16) (.45) -- (.45) 11.16 (1.34) 26,057 1.60 3.90
2003 11.15 .45 .63 1.08 (.46) -- (.46) 11.77 9.85 28,080 1.62 3.94
2002 11.09 .47 .05 .52 (.46) -- (.46) 11.15 4.79 22,433 1.61 4.17
2001 10.62 .48 .48 .96 (.49) -- (.49) 11.09 9.16 19,846 1.61 4.37
2000 11.56 .49 (.93) (.44) (.48) (.02) (.50) 10.62 (3.82) 14,970 1.65 4.51
Class C (8/93)
2005(e) 11.15 .23 .27 .50 (.23) -- (.23) 11.42 4.49 44,736 1.39* 3.99*
2004 11.76 .47 (.60) (.13) (.48) -- (.48) 11.15 (1.14) 44,575 1.40 4.10
2003 11.15 .47 .62 1.09 (.48) -- (.48) 11.76 9.99 50,999 1.42 4.14
2002 11.09 .49 .06 .55 (.49) -- (.49) 11.15 5.01 44,984 1.41 4.37
2001 10.61 .51 .48 .99 (.51) -- (.51) 11.09 9.46 41,396 1.41 4.57
2000 11.56 .51 (.93) (.42) (.51) (.02) (.53) 10.61 (3.71) 41,220 1.45 4.69
Class R (2/97)
2005(e) 11.16 .27 .27 .54 (.27) -- (.27) 11.43 4.87 138,240 .64* 4.74*
2004 11.77 .56 (.61) (.05) (.56) -- (.56) 11.16 (.41) 139,762 .65 4.85
2003 11.15 .56 .62 1.18 (.56) -- (.56) 11.77 10.89 154,781 .67 4.89
2002 11.09 .57 .06 .63 (.57) -- (.57) 11.15 5.80 148,302 .66 5.12
2001 10.62 .59 .48 1.07 (.60) -- (.60) 11.09 10.19 146,678 .66 5.32
2000 11.57 .60 (.94) (.34) (.59) (.02) (.61) 10.62 (2.97) 142,031 .70 5.45
- ---------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
----------------------------------------------------
After After Credit/
Reimbursement(c) Reimbursement(d)
OHIO ------------------ ------------------
Ratio Ratio
of Net of Net
Invest- Invest-
Ratio of ment Ratio of ment
Expenses Income Expenses Income
to to to to
Average Average Average Average Portfolio
Year Ended Net Net Net Net Turnover
May 31, Assets Assets Assets Assets Rate
- ---------------------------------------------------------------
Class A (6/85)
2005(e) .84%* 4.54%* .84%* 4.54%* 6%
2004 .85 4.65 .85 4.65 12
2003 .87 4.69 .87 4.69 12
2002 .86 4.93 .86 4.93 21
2001 .86 5.13 .85 5.13 12
2000 .90 5.25 .89 5.25 11
Class B (2/97)
2005(e) 1.59* 3.79* 1.59* 3.79* 6
2004 1.60 3.90 1.60 3.90 12
2003 1.62 3.94 1.61 3.94 12
2002 1.61 4.17 1.61 4.18 21
2001 1.61 4.37 1.60 4.37 12
2000 1.65 4.51 1.64 4.52 11
Class C (8/93)
2005(e) 1.39* 3.99* 1.39* 3.99* 6
2004 1.40 4.10 1.40 4.10 12
2003 1.42 4.14 1.41 4.14 12
2002 1.41 4.37 1.41 4.38 21
2001 1.41 4.57 1.40 4.58 12
2000 1.45 4.69 1.44 4.70 11
Class R (2/97)
2005(e) .64* 4.74* .64* 4.74* 6
2004 .65 4.85 .65 4.85 12
2003 .67 4.89 .67 4.89 12
2002 .66 5.12 .66 5.13 21
2001 .66 5.32 .65 5.33 12
2000 .70 5.45 .69 5.46 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, 2004.
See accompanying notes to financial statements.
- ----
69
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ----------------------- ----------------------------
Before Credit/
Reimbursement
WISCONSIN ------------------
Ratio
of Net
Net Invest-
Realized/ Ratio of ment
Unrealized Expenses Income
Beginning Net Invest- Net Ending Ending to to
Net Invest- ment Invest- Net Net Average Average
Year Ended Asset ment Gain ment Capital Asset Total Assets Net Net
May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) Assets Assets
- --------------------------------------------------------------------------------------------------------------------------
Class A (6/94)
2005(e) $10.16 $.21 $ .20 $ .41 $(.21) $ -- $(.21) $10.36 4.02% $36,503 .91%* 4.05%*
2004 10.62 .43 (.45) (.02) (.44) -- (.44) 10.16 (.33) 39,033 .92 4.12
2003 10.14 .43 .49 .92 (.44) -- (.44) 10.62 9.41 42,360 .93 4.19
2002 9.97 .44 .17 .61 (.44) -- (.44) 10.14 6.26 40,199 .93 4.39
2001 9.24 .45 .72 1.17 (.44) -- (.44) 9.97 12.84 30,944 .97 4.59
2000 10.20 .44 (.95) (.51) (.44) (.01) (.45) 9.24 (5.04) 30,146 1.14 4.50
Class B (2/97)
2005(e) 10.18 .17 .20 .37 (.17) -- (.17) 10.38 3.65 4,792 1.66* 3.30*
2004 10.65 .35 (.46) (.11) (.36) -- (.36) 10.18 (1.01) 4,568 1.67 3.37
2003 10.17 .36 .49 .85 (.37) -- (.37) 10.65 8.53 5,960 1.67 3.44
2002 10.00 .37 .17 .54 (.37) -- (.37) 10.17 5.49 5,224 1.68 3.65
2001 9.27 .38 .72 1.10 (.37) -- (.37) 10.00 11.98 4,401 1.72 3.84
2000 10.23 .37 (.95) (.58) (.37) (.01) (.38) 9.27 (5.75) 3,977 1.89 3.75
Class C (2/97)
2005(e) 10.18 .18 .21 .39 (.18) -- (.18) 10.39 3.84 4,591 1.46* 3.50*
2004 10.65 .37 (.46) (.09) (.38) -- (.38) 10.18 (.84) 4,632 1.47 3.57
2003 10.16 .38 .50 .88 (.39) -- (.39) 10.65 8.83 4,536 1.47 3.64
2002 10.00 .39 .16 .55 (.39) -- (.39) 10.16 5.58 3,282 1.51 3.85
2001 9.26 .40 .73 1.13 (.39) -- (.39) 10.00 12.31 5,408 1.52 4.04
2000 10.22 .39 (.95) (.56) (.39) (.01) (.40) 9.26 (5.56) 4,366 1.69 3.95
Class R (2/97)
2005(e) 10.20 .22 .21 .43 (.22) -- (.22) 10.41 4.23 153 .71* 4.26*
2004 10.67 .45 (.46) (.01) (.46) -- (.46) 10.20 (.10) 177 .72 4.32
2003 10.18 .46 .50 .96 (.47) -- (.47) 10.67 9.62 176 .72 4.39
2002 10.02 .47 .16 .63 (.47) -- (.47) 10.18 6.36 97 .73 4.60
2001 9.28 .47 .73 1.20 (.46) -- (.46) 10.02 13.10 51 .77 4.79
2000 10.23 .46 (.94) (.48) (.46) (.01) (.47) 9.28 (4.73) 45 .92 4.67
- --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date)
Ratios/Supplemental Data
----------------------------------------------------
After After Credit/
Reimbursement(c) Reimbursement(d)
WISCONSIN ------------------ ------------------
Ratio Ratio
of Net of Net
Invest- Invest-
Ratio of ment Ratio of ment
Expenses Income Expenses Income
to to to to
Average Average Average Average Portfolio
Year Ended Net Net Net Net Turnover
May 31, Assets Assets Assets Assets Rate
- ---------------------------------------------------------------
Class A (6/94)
2005(e) .91%* 4.05%* .91%* 4.06%* 9%
2004 .92 4.12 .91 4.13 21
2003 .93 4.19 .91 4.20 8
2002 .93 4.39 .92 4.40 19
2001 .97 4.59 .95 4.61 16
2000 1.02 4.62 1.01 4.63 26
Class B (2/97)
2005(e) 1.66* 3.30* 1.66* 3.31* 9
2004 1.67 3.37 1.66 3.38 21
2003 1.67 3.44 1.66 3.45 8
2002 1.68 3.65 1.67 3.66 19
2001 1.72 3.84 1.70 3.86 16
2000 1.76 3.87 1.75 3.88 26
Class C (2/97)
2005(e) 1.46* 3.50* 1.46* 3.51* 9
2004 1.47 3.57 1.46 3.58 21
2003 1.47 3.64 1.45 3.65 8
2002 1.51 3.85 1.49 3.86 19
2001 1.52 4.04 1.50 4.05 16
2000 1.57 4.07 1.56 4.08 26
Class R (2/97)
2005(e) .71* 4.26* .70* 4.26* 9
2004 .72 4.32 .71 4.33 21
2003 .72 4.39 .70 4.41 8
2002 .73 4.60 .72 4.62 19
2001 .77 4.79 .75 4.80 16
2000 .79 4.81 .78 4.82 26
- ---------------------------------------------------------------
* 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, 2004.
See accompanying notes to financial statements.
- ----
70
Notes
- --------------------------------------------------------------------------------
71
Notes
- --------------------------------------------------------------------------------
72
- --------------------------------------------------------------------------------
Fund Information
================================================================================
Fund Manager Legal Counsel Transfer Agent and
Nuveen Asset Management* Chapman and Cutler LLP Shareholder Services
333 West Wacker Drive Chicago, IL Boston Financial
Chicago, IL 60606 Data Services, Inc.
Independent Registered Nuveen Investor Services
Public Accounting Firm P.O. Box 8530
PricewaterhouseCoopers LLP Boston, MA 02266-8530
Chicago, IL (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 that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or offer
price and reinvested dividends and capital gains distributions, if any) over
the time period being considered.
Average Effective Maturity: The average of 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.
Average Duration: Duration is a measure of the sensitivity of a bond or bond
fund's value to changes when interest rates change. Generally, the longer a
bond or fund's duration, the more the price of the bond or fund will change as
interest rates change.
Dividend Yield (also known as Market Yield or Current Yield): An investment's
current annualized dividend divided by its current offering price.
Net Asset Value (NAV): A fund's NAV is the dollar value of one share in the
fund. It is calculated by subtracting the liabilities of the fund from its
total assets and then dividing the remainder by the number of shares
outstanding. Fund NAVs are calculated at the end of each business day.
SEC 30-Day Yield: A standardized measure of a fund's yield that accounts for
the future amortization of premiums or discounts of bonds held in the fund's
portfolio.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment
to equal, on an after-tax basis at a specified assumed tax rate, the yield of a
municipal bond investment.
*NAC and NIAC Merge into NAM--Effective Jan. 1, 2005, the asset management
services and operations of Nuveen Advisory Corp. (NAC) and Nuveen Institutional
Advisory Corp (NIAC) became part of Nuveen Asset Management (NAM). This
internal consolidation is intended to simplify the delivery of services to the
investment management clients of Nuveen Investments. It does not affect the
investment objectives or portfolio management of any Fund.
================================================================================
Quarterly Portfolio of Investments and Proxy Voting information: Each Fund's
(i) quarterly portfolio of investments and (ii) information regarding how the
Funds voted proxies relating to portfolio securities held during the most
recent 12-month period ended June 30; are available without charge, upon
request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other fund information directly from the
Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee
for this information. Visit the SEC on-line at http://www.sec.gov or in person
at the SEC's Public Reference Room in Washington, D.C. Call the SEC at
1-202-942-8090 for room hours and operation. You may also request fund
information by sending an e-mail request to publicinfo@sec.gov or by writing to
the SEC's Public Reference Section at 450 Fifth Street NW, Washington, D.C.
20549.
================================================================================
NASD Regulation, Inc. provides a Public Disclosure Program which supplies
certain information regarding the disciplinary history of NASD members and
their associated persons in response to either telephone inquiries at (800)
289-9999 or written inquiries at www.nasdr.com. NASD Regulation, Inc. also
provides an investor brochure that includes information describing the Public
Disclosure Program.
- ----
73
[PHOTO]
Learn more
about Nuveen Funds at
www.nuveen.com/mf
Nuveen Investments:
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.
We offer many different investing solutions for our clients' different
needs.
Managing approximately $115 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.
Find out how we can help you reach your financial goals.
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.
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MSA-MS6-1104D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable to this registrant.
ITEM 6. SCHEDULE OF INVESTMENTS
See Schedule I in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not applicable to this registrant.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable to this registrant.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS
Not applicable to this registrant.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
In the event of a vacancy on the Board, the nominating and governance committee
receives suggestions from various sources, including shareholders, as to
suitable candidates. Suggestions should be sent in writing to Lorna Ferguson,
Vice President for Board Relations, Nuveen Investments, 333 West Wacker Drive,
Chicago, IL 60606. The nominating and governance committee sets appropriate
standards and requirements for nominations for new directors and reserves the
right to interview all candidates and to make the final selection of any new
directors.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c))) are effective, as of a date within 90 days of the filing date of
this report that includes the disclosure required by this paragraph, based on
their evaluation of the controls and procedures required by Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))
that occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment 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
to this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: EX-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable
to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registration specifically incorporates it by
reference. EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multistate Trust IV
--------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
-------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date February 4, 2005
----------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
-------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date February 4, 2005
----------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
-------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date February 4, 2005
----------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.