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, 2005
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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, 2005
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Dependable, tax-free income because it's not what you earn, it's what you
keep.(R)
[PHOTO]
Nuveen Kansas Municipal Bond Fund
Nuveen Kentucky Municipal Bond Fund
Nuveen Michigan Municipal Bond Fund
Nuveen Missouri Municipal Bond Fund
Nuveen Ohio Municipal Bond Fund
Nuveen Wisconsin Municipal Bond Fund
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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 historically low, many have begun to wonder
if interest rates will continue to 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.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which owned 79% of Nuveen Investments, Inc. (the parent of
your Fund's investment adviser) completed a public offering of a substantial
portion of its equity stake in Nuveen. St. Paul Travelers later sold the
balance of its Nuveen shares to Nuveen or to others. These transactions had and
will continue to have no impact on the investment objectives or management of
your Fund.
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 20, 2006
"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 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 5 years of
investment experience, began managing the Kansas, Missouri, and Wisconsin
Funds in 2003. Cathryn has 9 years of investment experience and began
managing the Kentucky and Ohio Funds in 2004 and the Michigan Fund in January
2005.
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How did the Funds perform during the six months ended November 30, 2005?
The table on the next page provides total return performance information for
the six Funds discussed in this report for the six-month, one-year, five-year,
and 10-year periods ended November 30, 2005. Each Fund's performance is
compared with the national Lehman Brothers Municipal Bond Index, as well as
with its Lipper peer fund category average. The factors determining the
performance of each Fund are discussed later in the report.
For Class A shares total-return on a net asset value basis, five of the six
Funds underperformed the national Lehman Brothers Municipal Bond Index during
the six month reporting period, while the Missouri Fund matched the index's
performance. However, the Kentucky, Michigan, Missouri, and Ohio Funds each
outperformed their respective Lipper peer group averages, while the Kansas and
Wisconsin Funds trailed theirs.
Although we believe that comparing the performance of state Funds with that of
a national municipal index may offer some insights into how the Funds performed
relative to the general municipal market, we also think that closely comparing
the results of state Funds with a national average is imperfect since most of
the national index's results come from out-of-state bonds.
What strategies were used to manage the Funds during the six months ended
November 30, 2005? How did these strategies influence performance throughout
the period?
In general, the Funds' holdings in long-duration bonds had a negative impact on
results. These interest-rate-sensitive securities were hurt as long-term
interest rates rose for the first time in several years. The Funds' strongest
performers tended to be bonds with shorter maturities, bonds offering high
coupon rates, or securities with near-term call dates, all of which had reduced
interest rate sensitivity. Our healthcare and housing investments also added to
results. Healthcare bonds benefited from a demand-driven tightening of yield
spreads, while housing bonds were helped by their generally higher levels of
income, a valuable characteristic during a rising-rate environment.
Because we were generally comfortable with the Funds' positioning, our
management activity tended to be modest throughout the period, although the
amount of activity varied by Fund structure and individual market conditions in
each state. Turnover was generally limited. During the six month reporting
period, investors tended to favor bonds with shorter durations. Because these
types of securities were in great demand and not widely available in the
municipal marketplace, we generally looked to hold on to our existing
shorter-duration holdings.
Careful duration management remained an important focus. We sought to keep the
Funds' level of interest rate risk within a target range. Our duration focus
enabled the Funds to avoid excess price volatility while rates were generally
rising. When adding new securities to the Funds, we generally favored
premium-coupon intermediate bonds. The 15- to 20-year part of the yield curve
offered the best total-return prospects, in our opinion. As the yield curve
flattened - indicating that short-term rates were rising faster than long- term
rates - we thought it was unwise to invest in
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The views expressed reflect those of the portfolio managers and are subject to
change at any time, based on market and other conditions.
Semiannual Report Page 2
Class A Shares --
Total Returns as of 11/30/05
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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 -0.03% 4.15% 5.67% 5.09%
A Shares at Offer -4.25% -0.25% 4.76% 4.64%
Lipper Kansas Municipal Debt
Funds Category Average/1/ 0.39% 2.68% 4.43% 4.20%
Lehman Brothers Municipal
Bond Index/2/ 0.36% 3.88% 5.92% 5.72%
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Nuveen Kentucky Municipal
Bond Fund
A Shares at NAV -0.02% 4.17% 5.71% 5.07%
A Shares at Offer -4.26% -0.24% 4.80% 4.62%
Lipper Kentucky Municipal Debt
Funds Category Average/1/ -0.09% 2.82% 4.69% 4.69%
Lehman Brothers Municipal
Bond Index/2/ 0.36% 3.88% 5.92% 5.72%
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Nuveen Michigan Municipal
Bond Fund
A Shares at NAV 0.01% 4.02% 5.97% 5.14%
A Shares at Offer -4.18% -0.33% 5.06% 4.69%
Lipper Michigan Municipal Debt
Funds Category Average/1/ -0.13% 2.84% 4.90% 4.70%
Lehman Brothers Municipal
Bond Index/2/ 0.36% 3.88% 5.92% 5.72%
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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 0.36% 4.77% 5.80% 5.18%
A Shares at Offer -3.83% 0.39% 4.90% 4.72%
Lipper Missouri Municipal Debt
Funds Category Average/1/ -0.09% 3.43% 5.14% 4.79%
Lehman Brothers Municipal
Bond Index/2/ 0.36% 3.88% 5.92% 5.72%
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Nuveen Ohio Municipal
Bond Fund
A Shares at NAV -0.04% 4.01% 5.54% 4.93%
A Shares at Offer -4.23% -0.34% 4.64% 4.48%
Lipper Ohio Municipal Debt
Funds Category Average/1/ -0.19% 2.95% 4.87% 4.66%
Lehman Brothers Municipal
Bond Index/2/ 0.36% 3.88% 5.92% 5.72%
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Nuveen Wisconsin Municipal
Bond Fund
A Shares at NAV -0.03% 3.73% 5.50% 4.97%
A Shares at Offer -4.21% -0.59% 4.60% 4.52%
Lipper Other States Municipal
Debt Funds Category
Average/1/ 0.08% 2.67% 4.58% 4.52%
Lehman Brothers Municipal
Bond Index/2/ 0.36% 3.88% 5.92% 5.72%
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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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longer bonds, which we believed offered insufficient additional income in
exchange for higher levels of exposure to interest rate risk.
Nuveen Kansas Municipal Bond Fund
The Nuveen Kansas Municipal Bond Fund benefited from its weighting in BBB-rated
bonds, although an underexposure to non-rated bonds proved to be a negative
during the six month reporting period. The Fund was helped by some of its
short-duration and high-coupon holdings. Our management focus was based on our
yield curve analysis. Most new purchases for the portfolio included bonds with
coupons of about 5 percent and maturity dates ranging from 2018 to 2022. The
proceeds for these purchases were largely funded through the sale of Puerto
Rico bonds, which we had bought to stay invested while looking for suitable
in-state securities. Another sale involved some of our holdings in
short-maturity Burlington Power and Light bonds. We allocated these proceeds as
well into intermediate bonds we believed were attractively valued. Of final
note, we made relatively few transactions involving the
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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, 2005. 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, 38, 37, 37 and 30 funds in the
Lipper Michigan Municipal Debt Funds Category, 21, 21, 20 and 17 funds in the
Lipper Missouri Municipal Debt Funds Category, 42, 42, 39 and 33 funds in the
Lipper Ohio Municipal Debt Funds Category and 63, 63, 56 and 33 funds in the
Lipper Other States Municipal Debt Funds Category for the respective
six-month, one-, five- and ten-year periods ended November 30, 2005. 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
Fund's lower-rated holdings, as we did not see many compelling new
opportunities in this sector. We did, however, add a new lower-rated healthcare
position to increase portfolio diversification - Hays Medical Center bonds,
offering a 5 percent coupon, maturing in 2020, and rated A2 by Moody's.
Nuveen Kentucky Municipal Bond Fund
The Nuveen Kentucky Municipal Bond Fund benefited from its exposure to
BBB-rated bonds, which gained as credit spreads (the difference between yields
on lower-rated bonds and the generally lower yields on higher-rated bonds)
continued to tighten. An overweighting in short-duration bonds also helped
performance. On the negative side, the Fund's average duration - its price
sensitivity to changes in interest rates - was modestly longer than ideal,
detracting from results as interest rates rose during the period. The Fund's
exposure to inverse-floating-rate bonds also hindered performance because of
their high sensitivity to interest rates.
In the Kentucky Fund, a number of bonds were called during the reporting
period. However, because we anticipated the calls, we were able to reinvest the
assets appropriately. With our new investments, we emphasized the intermediate
part of the yield curve, which we believed offered the best value prospects for
shareholders. However, with supply in Kentucky traditionally tight, finding
suitable opportunities was occasionally challenging during the period. One
notable purchase was Kentucky Turnpike bonds which offered a maturity date of
2023, in the middle of the yield-curve range we found desirable.
Nuveen Michigan Municipal Bond Fund
The Nuveen Michigan Municipal Bond Fund benefited from its slight relative
overweighting in short-duration bonds and underweighting in long bonds. We also
maintained a small overweighting in lower-rated bonds, which as a group
outperformed in line with narrowing credit spreads. Our healthcare and housing
bonds also added to results. One negative impact came from our holding in debt
backed by General Motors, which has been facing significant financial
challenges. Our inverse-floating-rate bonds also detracted, owing to their
significantly long duration. In August, the Michigan Fund's Class A share
dividend was decreased from $0.0415 to $0.0395 per share. This decrease came
after a number of bonds were called from the portfolios, requiring us to
reinvest the proceeds in securities offering lower prevailing yields.
We did not feel a need to make major changes to the structure of the Michigan
Fund because we believed it was relatively well-positioned. Several holdings
were advance refunded to a near-term call date during the six month reporting
period. In response, we sold these short-duration holdings to manage the Fund's
interest rate risk. When appropriate, we reinvested the proceeds in suitable
intermediate-duration bonds. Because the supply of Michigan municipal debt was
higher than usual during the period, we found ample opportunities to add new
bonds to the Fund. Recently added positions included bonds issued for Chelsea
Community Hospital, which we liked for its favorable operating history and
market position, and intermediate premium-coupon revenue bonds issued by the
Michigan Municipal Bond Authority for the state's Clean Water Revolving Fund.
Nuveen Missouri Municipal Bond Fund
The Nuveen Missouri Municipal Bond Fund was helped by its fairly significant
exposure to the healthcare and housing sectors, both of which performed well
during the period. As in many of the other portfolios, the Missouri Fund also
benefited from its high-coupon, short-duration bonds, which, because of their
income component, were relatively defensive in an environment of rising
interest rates. A negative influence came from the credit downgrade of a Puerto
Rico highway bond, whose credit rating from Moody's fell from A to Baa2. In
addition, the price of the Fund's longer-duration bonds lagged as long-term
rates rose.
Semiannual Report Page 4
In the Missouri Fund, we sought to sell positions that were scheduled or likely
to exit the portfolio in the near future. When appropriate, we reinvested the
proceeds in intermediate bonds, focusing on securities with coupons of
approximately 5 percent and 2021 to 2025 maturity dates. We did, however, make
an exception with a new purchase of Cape Girardeau County School District
bonds, whose 5.25 percent coupon offered valuable income diversification. We
also found a handful of lower-rated opportunities that we believed offered
sufficient reward potential in exchange for their risk. For example, we added
Moody's rated Baa1 bonds issued by the Missouri Development Finance Board for
Branson Landing. These bonds offered 5 percent coupons and matured in 2035. We
also purchased non-rated bonds issued by the St. Joseph Industrial Development
Authority, offering a coupon rate of 5.5 percent and maturing in 2027.
Nuveen Ohio Municipal Bond Fund
The Nuveen Ohio Municipal Bond Fund benefited from its exposure to lower-rated
bonds. It also was helped when several of its holdings - including a large
position in bonds issued by Cuyahoga County for MetroHealth - were advance
refunded, resulting in significant price appreciation. Additional positive
influences came from a slight overweighting in short-duration bonds and strong
performance from the portfolio's healthcare and tobacco investments. By
contrast, the Fund's slightly long duration, primarily driven by the presence
of an inverse-floating-rate security in the portfolio, was a negative.
Our management focus was based on our yield curve analysis. After a number of
bonds in the Fund were pre-refunded or called, we had a fair amount of money
that needed to be reinvested. To meet our duration-management needs, we
reapplied the proceeds to attractive intermediate premium-coupon bonds. For
example, we added revenue bonds issued for Case Western Reserve University with
5 percent coupons and maturity dates of 2016, 2017, and 2018.
Nuveen Wisconsin Municipal Bond Fund
As with the other Funds, the best-performing bonds in the Nuveen Wisconsin
Municipal Bond Fund tended to be lower-rated credits as well as higher-coupon
issues with relatively short call dates. Housing bonds made a particularly
strong contribution to results. On the negative side, the portfolio's
long-duration bonds with long call dates and low levels of coupon income tended
to lag.
A significant management focus in the Wisconsin Fund throughout the reporting
period was to manage the portfolio's exposure to U.S. territorial bonds.
Because of Wisconsin's unusual municipal bond laws (which restricts the
availability of Wisconsin bonds), we have generally made more use of bonds
issued from Puerto Rico (income from which is exempt from Wisconsin income tax)
than in other state markets. Over time, however, supply conditions have allowed
as to reduce the Fund's exposure to Puerto Rico bonds. For example, we were
able to sell a portion of our holdings in the Ana Mendez University System, a
well-timed sale, given the issuer's late-October credit downgrade. At period
end, approximately 4 percent of the portfolio was invested in Puerto Rico
bonds, down from 6 percent at the beginning of the period and 15 percent a year
earlier.
Other significant transactions of the past six month reporting period included
selling bonds with very short calls or maturities. During the period, we were
able to find greater-than-usual purchase opportunities. New holdings included a
position in Milwaukee Redevelopment Authority public school bonds, paying a
5.125 percent coupon and maturing in 2022; Wisconsin Housing Development
Authority bond issue, offering a 4.90 percent coupon and maturing in 2035; and
an increased position in Wisconsin Center District tax revenue bonds, with a
5.25 percent coupon and maturing in 2023.
Semiannual Report Page 5
Dividend Information
During the reporting period, all of the Funds except the Nuveen Michigan
Municipal Bond Fund maintained their dividend. The reduction in dividend for
the Michigan Fund reflected the low- interest-rate environment of the past
several years. As bonds matured, were called, or were sold from the portfolio,
the bonds purchased to replace the older holdings were generally offering lower
prevailing yields.
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, 2005, 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.
Semiannual Report Page 6
Fund Spotlight as of 11/30/05 Nuveen Kansas Municipal Bond Fund
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Quick Facts
A Shares B Shares C Shares R Shares
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NAV $10.45 $10.36 $10.45 $10.49
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Latest Monthly Dividend/1/ $0.0345 $0.0280 $0.0300 $0.0365
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Inception Date 1/09/92 2/19/97 2/11/97 2/25/97
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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 for redemptions begins at 5% and declines periodically until after
6 years when the charge becomes 0%. Class B shares automatically convert to
Class A shares eight years after purchase. Class C shares have a 1% CDSC for
redemptions within less than one year, which is not reflected in the one-year
total return. Class R shares have no sales charge and may be purchased under
limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/05
A Shares NAV Offer
---------------------------------------------
1-Year 4.15% -0.25%
---------------------------------------------
5-Year 5.67% 4.76%
---------------------------------------------
10-Year 5.09% 4.64%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 3.31% -0.69%
---------------------------------------------
5-Year 4.86% 4.69%
---------------------------------------------
10-Year 4.44% 4.44%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 3.52%
---------------------------------------------
5-Year 5.07%
---------------------------------------------
10-Year 4.56%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 4.26%
---------------------------------------------
5-Year 5.86%
---------------------------------------------
10-Year 5.33%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Dividend Yield/2/ 3.96% 3.79%
---------------------------------------------
SEC 30-Day Yield/3/ 3.59% 3.44%
---------------------------------------------
Taxable-Equivalent Yield/3,4/ 5.32% 5.10%
---------------------------------------------
B Shares NAV
---------------------------------------------
Dividend Yield/2/ 3.24%
---------------------------------------------
SEC 30-Day Yield 2.85%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.22%
---------------------------------------------
C Shares NAV
---------------------------------------------
Dividend Yield/2/ 3.44%
---------------------------------------------
SEC 30-Day Yield 3.04%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.50%
---------------------------------------------
R Shares NAV
---------------------------------------------
Dividend Yield/2/ 4.18%
---------------------------------------------
SEC 30-Day Yield 3.79%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.61%
---------------------------------------------
Average Annual Total Returns as of 12/31/05
A Shares NAV Offer
-------------------------------------------
1-Year 3.33% -0.97%
-------------------------------------------
5-Year 5.33% 4.42%
-------------------------------------------
10-Year 5.05% 4.60%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 2.50% -1.47%
-------------------------------------------
5-Year 4.52% 4.35%
-------------------------------------------
10-Year 4.39% 4.39%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 2.71%
-------------------------------------------
5-Year 4.74%
-------------------------------------------
10-Year 4.52%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 3.45%
-------------------------------------------
5-Year 5.52%
-------------------------------------------
10-Year 5.29%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $133,440
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.10
---------------------------------------------------------
Average Duration 5.71
---------------------------------------------------------
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1Paid December 1, 2005. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2005.
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 the Fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
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 at a specified tax rate. With respect to
investments that generate qualified dividend income that is taxable at a
maximum rate of 15%, the Taxable-Equivalent Yield is lower. The
Taxable-Equivalent Yield is based on the Fund's 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 11/30/05 Nuveen Kansas Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 65.3%
AA 16.4%
A 9.3%
BBB 6.0%
NR 3.0%
Sectors/1/
Tax Obligation/Limited 22.1%
---------------------------------------
Tax Obligation/General 21.6%
---------------------------------------
Healthcare 17.9%
---------------------------------------
U.S. Guaranteed 12.5%
---------------------------------------
Water and Sewer 7.1%
---------------------------------------
Education and Civic Organizations 4.1%
---------------------------------------
Housing/Single Family 3.7%
---------------------------------------
Other 11.0%
---------------------------------------
1As a percentage of total holdings as of November 30, 2005. Holdings are
subject to change.
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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 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 (6/01/05) $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 (11/30/05) $ 999.70 $ 995.00 $ 996.20 $ 999.90 $1,020.76 $1,017.00 $1,018.00 $1,021.76
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.31 $ 8.05 $ 7.06 $ 3.31 $ 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 8
Fund Spotlight as of 11/30/05 Nuveen Kentucky Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
-----------------------------------------------------------------------
NAV $11.07 $11.07 $11.06 $11.06
-----------------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0380 $0.0310 $0.0325 $0.0395
-----------------------------------------------------------------------
Latest Capital Gain Distribution/2/ $0.0363 $0.0363 $0.0363 $0.0363
-----------------------------------------------------------------------
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 for redemptions begins at 5% and declines periodically until after
6 years when the charge becomes 0%. Class B shares automatically convert to
Class A shares eight years after purchase. Class C shares have a 1% CDSC for
redemptions within less than one year, which is not reflected in the one-year
total return. Class R shares have no sales charge and may be purchased under
limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/05
A Shares NAV Offer
---------------------------------------------
1-Year 4.17% -0.24%
---------------------------------------------
5-Year 5.71% 4.80%
---------------------------------------------
10-Year 5.07% 4.62%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 3.30% -0.69%
---------------------------------------------
5-Year 4.90% 4.73%
---------------------------------------------
10-Year 4.48% 4.48%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 3.56%
---------------------------------------------
5-Year 5.11%
---------------------------------------------
10-Year 4.50%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 4.34%
---------------------------------------------
5-Year 5.91%
---------------------------------------------
10-Year 5.23%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Dividend Yield/3/ 4.12% 3.94%
---------------------------------------------
SEC 30-Day Yield/4/ 3.70% 3.55%
---------------------------------------------
Taxable-Equivalent Yield/4,5/ 5.48% 5.26%
---------------------------------------------
B Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.36%
---------------------------------------------
SEC 30-Day Yield 2.96%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.39%
---------------------------------------------
C Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.53%
---------------------------------------------
SEC 30-Day Yield 3.16%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.68%
---------------------------------------------
R Shares NAV
---------------------------------------------
Dividend Yield/3/ 4.29%
---------------------------------------------
SEC 30-Day Yield 3.90%
---------------------------------------------
Taxable-Equivalent Yield/5/ 5.78%
---------------------------------------------
Average Annual Total Returns as of 12/31/05
A Shares NAV Offer
-------------------------------------------
1-Year 3.68% -0.67%
-------------------------------------------
5-Year 5.46% 4.57%
-------------------------------------------
10-Year 5.05% 4.61%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.00% -0.97%
-------------------------------------------
5-Year 4.69% 4.52%
-------------------------------------------
10-Year 4.46% 4.46%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.17%
-------------------------------------------
5-Year 4.90%
-------------------------------------------
10-Year 4.48%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 3.85%
-------------------------------------------
5-Year 5.66%
-------------------------------------------
10-Year 5.22%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $475,335
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.39
---------------------------------------------------------
Average Duration 5.83
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2005. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2005.
2Paid December 5, 2005. 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 the Fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
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 at a specified tax rate. With respect to
investments that generate qualified dividend income that is taxable at a
maximum rate of 15%, the Taxable-Equivalent Yield is lower. The
Taxable-Equivalent Yield is based on the Fund's 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 11/30/05 Nuveen Kentucky Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 72.2%
AA 7.7%
A 5.9%
BBB 11.1%
BB or Lower 1.3%
NR 1.8%
Sectors/1/
Tax Obligation/Limited 30.1%
---------------------------------------
U.S. Guaranteed 12.5%
---------------------------------------
Healthcare 12.5%
---------------------------------------
Utilities 9.2%
---------------------------------------
Water and Sewer 8.4%
---------------------------------------
Tax Obligation/General 5.5%
---------------------------------------
Education and Civic Organizations 5.3%
---------------------------------------
Transportation 4.5%
---------------------------------------
Other 12.0%
---------------------------------------
1As a percentage of total holdings as of November 30, 2005. Holdings are
subject to change.
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/05) $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 (11/30/05) $ 999.80 $ 995.20 $ 996.90 $1,000.60 $1,021.01 $1,017.25 $1,018.25 $1,022.01
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.06 $ 7.80 $ 6.81 $ 3.06 $ 4.10 $ 7.89 $ 6.88 $ 3.09
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .81%, 1.56%, 1.36% and .61% 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 11/30/05 Nuveen Michigan Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------------
NAV $11.65 $11.67 $11.63 $11.65
--------------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0395 $0.0320 $0.0340 $0.0415
--------------------------------------------------------------------
Latest Capital Gain and Ordinary
Income Distribution/2/ $0.1321 $0.1321 $0.1321 $0.1321
--------------------------------------------------------------------
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 for redemptions begins at 5% and declines periodically until after
6 years when the charge becomes 0%. Class B shares automatically convert to
Class A shares eight years after purchase. Class C shares have a 1% CDSC for
redemptions within less than one year, which is not reflected in the one-year
total return. Class R shares have no sales charge and may be purchased under
limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/05
A Shares NAV Offer
---------------------------------------------
1-Year 4.02% -0.33%
---------------------------------------------
5-Year 5.97% 5.06%
---------------------------------------------
10-Year 5.14% 4.69%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 3.23% -0.76%
---------------------------------------------
5-Year 5.18% 5.01%
---------------------------------------------
10-Year 4.55% 4.55%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 3.36%
---------------------------------------------
5-Year 5.38%
---------------------------------------------
10-Year 4.56%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 4.23%
---------------------------------------------
5-Year 6.17%
---------------------------------------------
10-Year 5.32%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Dividend Yield/3/ 4.07% 3.90%
---------------------------------------------
SEC 30-Day Yield/4/ 3.72% 3.56%
---------------------------------------------
Taxable-Equivalent Yield/4,5/ 5.39% 5.16%
---------------------------------------------
B Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.29%
---------------------------------------------
SEC 30-Day Yield 2.97%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.30%
---------------------------------------------
C Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.51%
---------------------------------------------
SEC 30-Day Yield 3.17%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.59%
---------------------------------------------
R Shares NAV
---------------------------------------------
Dividend Yield/3/ 4.27%
---------------------------------------------
SEC 30-Day Yield 3.92%
---------------------------------------------
Taxable-Equivalent Yield/5/ 5.68%
---------------------------------------------
Average Annual Total Returns as of 12/31/05
A Shares NAV Offer
-------------------------------------------
1-Year 3.37% -0.99%
-------------------------------------------
5-Year 5.62% 4.71%
-------------------------------------------
10-Year 5.10% 4.65%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 2.67% -1.26%
-------------------------------------------
5-Year 4.85% 4.68%
-------------------------------------------
10-Year 4.51% 4.51%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 2.80%
-------------------------------------------
5-Year 5.05%
-------------------------------------------
10-Year 4.53%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 3.67%
-------------------------------------------
5-Year 5.84%
-------------------------------------------
10-Year 5.29%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $245,489
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.37
---------------------------------------------------------
Average Duration 5.55
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2005. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2005.
2Paid December 5, 2005. 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 the Fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
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 at a specified tax rate. With respect to
investments that generate qualified dividend income that is taxable at a
maximum rate of 15%, the Taxable-Equivalent Yield is lower. The
Taxable-Equivalent Yield is based on the Fund's SEC 30-Day Yield on the
indicated date and a combined federal and state income tax rate of 31%.
Semiannual Report Page 11
Fund Spotlight as of 11/30/05 Nuveen Michigan Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 73.3%
AA 10.4%
A 5.4%
BBB 5.1%
BB or Lower 3.9%
NR 1.9%
Sectors/1/
Tax Obligation/General 36.2%
---------------------------------------
U.S. Guaranteed 16.3%
---------------------------------------
Healthcare 11.3%
---------------------------------------
Tax Obligation/Limited 10.4%
---------------------------------------
Water and Sewer 9.9%
---------------------------------------
Utilities 4.2%
---------------------------------------
Education and Civic Organizations 4.2%
---------------------------------------
Other 7.5%
---------------------------------------
1As a percentage of total holdings as of November 30, 2005. Holdings are
subject to change.
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/05) $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 (11/30/05) $1,000.10 $ 995.40 $ 996.40 $1,001.10 $1,020.81 $1,017.05 $1,018.05 $1,021.81
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.26 $ 8.00 $ 7.01 $ 3.26 $ 4.31 $ 8.09 $ 7.08 $ 3.29
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .85%, 1.60%, 1.40% and .65% for Classes A, B, C and 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 11/30/05 Nuveen Missouri Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------
NAV $11.05 $11.06 $11.04 $11.06
--------------------------------------------------------------
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 for redemptions begins at 5% and declines periodically until after
6 years when the charge becomes 0%. Class B shares automatically convert to
Class A shares eight years after purchase. Class C shares have a 1% CDSC for
redemptions within less than one year, which is not reflected in the one-year
total return. Class R shares have no sales charge and may be purchased under
limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/05
A Shares NAV Offer
---------------------------------------------
1-Year 4.77% 0.39%
---------------------------------------------
5-Year 5.80% 4.90%
---------------------------------------------
10-Year 5.18% 4.72%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 3.98% -0.02%
---------------------------------------------
5-Year 5.02% 4.85%
---------------------------------------------
10-Year 4.57% 4.57%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 4.12%
---------------------------------------------
5-Year 5.21%
---------------------------------------------
10-Year 4.60%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 4.89%
---------------------------------------------
5-Year 6.01%
---------------------------------------------
10-Year 5.36%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Dividend Yield/2/ 4.34% 4.16%
---------------------------------------------
SEC 30-Day Yield/3/ 3.78% 3.63%
---------------------------------------------
Taxable-Equivalent Yield/3,4/ 5.60% 5.38%
---------------------------------------------
B Shares NAV
---------------------------------------------
Dividend Yield/2/ 3.58%
---------------------------------------------
SEC 30-Day Yield 3.04%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.50%
---------------------------------------------
C Shares NAV
---------------------------------------------
Dividend Yield/2/ 3.80%
---------------------------------------------
SEC 30-Day Yield 3.24%
---------------------------------------------
Taxable-Equivalent Yield/4/ 4.80%
---------------------------------------------
R Shares NAV
---------------------------------------------
Dividend Yield/2/ 4.56%
---------------------------------------------
SEC 30-Day Yield 3.98%
---------------------------------------------
Taxable-Equivalent Yield/4/ 5.90%
---------------------------------------------
Average Annual Total Returns as of 12/31/05
A Shares NAV Offer
-------------------------------------------
1-Year 4.20% -0.19%
-------------------------------------------
5-Year 5.54% 4.64%
-------------------------------------------
10-Year 5.17% 4.72%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 3.42% -0.57%
-------------------------------------------
5-Year 4.76% 4.59%
-------------------------------------------
10-Year 4.57% 4.57%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 3.65%
-------------------------------------------
5-Year 4.95%
-------------------------------------------
10-Year 4.59%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 4.52%
-------------------------------------------
5-Year 5.77%
-------------------------------------------
10-Year 5.36%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $262,616
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.73
---------------------------------------------------------
Average Duration 5.51
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2005. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2005.
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 the Fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
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 at a specified tax rate. With respect to
investments that generate qualified dividend income that is taxable at a
maximum rate of 15%, the Taxable-Equivalent Yield is lower. The
Taxable-Equivalent Yield is based on the Fund's 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 11/30/05 Nuveen Missouri Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 59.9%
AA 11.3%
A 5.5%
BBB 8.7%
NR 14.6%
Sectors/1/
Tax Obligation/Limited 18.8%
---------------------------------------
Tax Obligation/General 14.2%
---------------------------------------
Healthcare 9.6%
---------------------------------------
Transportation 9.2%
---------------------------------------
Long-Term Care 9.1%
---------------------------------------
Education and Civic Organizations 7.9%
---------------------------------------
Housing/Multifamily 6.9%
---------------------------------------
U.S. Guaranteed 6.6%
---------------------------------------
Utilities 5.0%
---------------------------------------
Water and Sewer 5.0%
---------------------------------------
Other 7.7%
---------------------------------------
1As a percentage of total holdings as of November 30, 2005. Holdings are
subject to change.
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/05) $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 (11/30/05) $1,003.60 $ 999.80 $1,000.90 $1,004.60 $1,020.91 $1,017.15 $1,018.15 $1,021.91
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.17 $ 7.92 $ 6.92 $ 3.17 $ 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 14
Fund Spotlight as of 11/30/05 Nuveen Ohio Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------------
NAV $11.40 $11.38 $11.37 $11.39
--------------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0410 $0.0340 $0.0360 $0.0430
--------------------------------------------------------------------
Latest Capital Gain and Ordinary
Income Distribution/2/ $0.0430 $0.0430 $0.0430 $0.0430
--------------------------------------------------------------------
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 for redemptions begins at 5% and declines periodically until after
6 years when the charge becomes 0%. Class B shares automatically convert to
Class A shares eight years after purchase. Class C shares have a 1% CDSC for
redemptions within less than one year, which is not reflected in the one-year
total return. Class R shares have no sales charge and may be purchased under
limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/05
A Shares NAV Offer
---------------------------------------------
1-Year 4.01% -0.34%
---------------------------------------------
5-Year 5.54% 4.64%
---------------------------------------------
10-Year 4.93% 4.48%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 3.18% -0.80%
---------------------------------------------
5-Year 4.76% 4.59%
---------------------------------------------
10-Year 4.33% 4.33%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 3.39%
---------------------------------------------
5-Year 4.96%
---------------------------------------------
10-Year 4.35%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 4.24%
---------------------------------------------
5-Year 5.75%
---------------------------------------------
10-Year 5.12%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Dividend Yield/3/ 4.32% 4.13%
---------------------------------------------
SEC 30-Day Yield/4/ 3.50% 3.36%
---------------------------------------------
Taxable-Equivalent Yield/4,5/ 5.22% 5.01%
---------------------------------------------
B Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.59%
---------------------------------------------
SEC 30-Day Yield 2.76%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.12%
---------------------------------------------
C Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.80%
---------------------------------------------
SEC 30-Day Yield 2.96%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.42%
---------------------------------------------
R Shares NAV
---------------------------------------------
Dividend Yield/3/ 4.53%
---------------------------------------------
SEC 30-Day Yield 3.70%
---------------------------------------------
Taxable-Equivalent Yield/5/ 5.52%
---------------------------------------------
Average Annual Total Returns as of 12/31/05
A Shares NAV Offer
-------------------------------------------
1-Year 3.40% -0.96%
-------------------------------------------
5-Year 5.28% 4.38%
-------------------------------------------
10-Year 4.93% 4.48%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 2.66% -1.29%
-------------------------------------------
5-Year 4.52% 4.35%
-------------------------------------------
10-Year 4.33% 4.33%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 2.88%
-------------------------------------------
5-Year 4.72%
-------------------------------------------
10-Year 4.36%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 3.62%
-------------------------------------------
5-Year 5.49%
-------------------------------------------
10-Year 5.12%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $553,736
---------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.27
---------------------------------------------------------
Average Duration 5.95
---------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2005. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2005.
2Paid December 5, 2005. 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 the Fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
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 at a specified tax rate. With respect to
investments that generate qualified dividend income that is taxable at a
maximum rate of 15%, the Taxable-Equivalent Yield is lower. The
Taxable-Equivalent Yield is based on the Fund's SEC 30-Day Yield on the
indicated date and a combined federal and state income tax rate of 33%.
Semiannual Report Page 15
Fund Spotlight as of 11/30/05 Nuveen Ohio Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 69.7%
AA 18.2%
A 3.5%
BBB 5.8%
BB or Lower 0.2%
NR 2.6%
Sectors/1/
Tax Obligation/General 25.5%
---------------------------------------
U.S. Guaranteed 17.1%
---------------------------------------
Healthcare 13.0%
---------------------------------------
Tax Obligation/Limited 11.2%
---------------------------------------
Education and Civic Organizations 8.9%
---------------------------------------
Utilities 6.1%
---------------------------------------
Water and Sewer 5.3%
---------------------------------------
Other 12.9%
---------------------------------------
1As a percentage of total holdings as of November 30, 2005. Holdings are
subject to change.
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/05) $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 (11/30/05) $ 999.60 $ 995.10 $ 996.20 $1,000.70 $1,020.86 $1,017.10 $1,018.10 $1,021.86
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.21 $ 7.95 $ 6.96 $ 3.21 $ 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 11/30/05 Nuveen Wisconsin Municipal Bond Fund
================================================================================
Quick Facts
A Shares B Shares C Shares R Shares
--------------------------------------------------------------------
NAV $10.33 $10.35 $10.35 $10.38
--------------------------------------------------------------------
Latest Monthly Dividend/1/ $0.0345 $0.0280 $0.0300 $0.0365
--------------------------------------------------------------------
Latest Capital Gain and Ordinary
Income Distribution/2/ $0.0482 $0.0482 $0.0482 $0.0482
--------------------------------------------------------------------
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 for redemptions begins at 5% and declines periodically until after
6 years when the charge becomes 0%. Class B shares automatically convert to
Class A shares eight years after purchase. Class C shares have a 1% CDSC for
redemptions within less than one year, which is not reflected in the one-year
total return. Class R shares have no sales charge and may be purchased under
limited circumstances or by specified classes of investors.
Average Annual Total Returns as of 11/30/05
A Shares NAV Offer
---------------------------------------------
1-Year 3.73% -0.59%
---------------------------------------------
5-Year 5.50% 4.60%
---------------------------------------------
10-Year 4.97% 4.52%
---------------------------------------------
B Shares w/o CDSC w/CDSC
---------------------------------------------
1-Year 2.96% -1.03%
---------------------------------------------
5-Year 4.73% 4.56%
---------------------------------------------
10-Year 4.41% 4.41%
---------------------------------------------
C Shares NAV
---------------------------------------------
1-Year 3.09%
---------------------------------------------
5-Year 4.94%
---------------------------------------------
10-Year 4.46%
---------------------------------------------
R Shares NAV
---------------------------------------------
1-Year 3.95%
---------------------------------------------
5-Year 5.74%
---------------------------------------------
10-Year 5.20%
---------------------------------------------
Tax-Free Yields
A Shares NAV Offer
---------------------------------------------
Dividend Yield/3/ 4.01% 3.84%
---------------------------------------------
SEC 30-Day Yield/4/ 3.58% 3.43%
---------------------------------------------
Taxable-Equivalent Yield/4,5/ 5.34% 5.12%
---------------------------------------------
B Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.25%
---------------------------------------------
SEC 30-Day Yield 2.84%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.24%
---------------------------------------------
C Shares NAV
---------------------------------------------
Dividend Yield/3/ 3.48%
---------------------------------------------
SEC 30-Day Yield 3.04%
---------------------------------------------
Taxable-Equivalent Yield/5/ 4.54%
---------------------------------------------
R Shares NAV
---------------------------------------------
Dividend Yield/3/ 4.22%
---------------------------------------------
SEC 30-Day Yield 3.78%
---------------------------------------------
Taxable-Equivalent Yield/5/ 5.64%
---------------------------------------------
Average Annual Total Returns as of 12/31/05
A Shares NAV Offer
-------------------------------------------
1-Year 3.23% -1.11%
-------------------------------------------
5-Year 5.10% 4.20%
-------------------------------------------
10-Year 4.93% 4.48%
-------------------------------------------
B Shares w/o CDSC w/CDSC
-------------------------------------------
1-Year 2.46% -1.49%
-------------------------------------------
5-Year 4.33% 4.16%
-------------------------------------------
10-Year 4.36% 4.36%
-------------------------------------------
C Shares NAV
-------------------------------------------
1-Year 2.79%
-------------------------------------------
5-Year 4.57%
-------------------------------------------
10-Year 4.42%
-------------------------------------------
R Shares NAV
-------------------------------------------
1-Year 3.45%
-------------------------------------------
5-Year 5.34%
-------------------------------------------
10-Year 5.16%
-------------------------------------------
Portfolio Statistics
Net Assets ($000) $45,266
--------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.56
--------------------------------------------------------
Average Duration 5.93
--------------------------------------------------------
- --------------------------------------------------------------------------------
1Paid December 1, 2005. This is the latest monthly tax-exempt dividend declared
during the period ended November 30, 2005.
2Paid December 5, 2005. 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 the Fund may be paying out more or less than it is
earning and it may not include the effect of amortization of bond premium.
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 at a specified tax rate. With respect to
investments that generate qualified dividend income that is taxable at a
maximum rate of 15%, the Taxable-Equivalent Yield is lower. The
Taxable-Equivalent Yield is based on the Fund's SEC 30-Day Yield on the
indicated date and a combined federal and state income tax rate of 33%.
Semiannual Report Page 17
Fund Spotlight as of 11/30/05 Nuveen Wisconsin Municipal Bond Fund
================================================================================
Bond Credit Quality/1/
[CHART]
AAA/U.S. Guaranteed 52.9%
AA 16.1%
A 14.0%
BBB 3.3%
BB or Lower 0.6%
NR 13.1%
Sectors/1/
Tax Obligation/Limited 70.1%
----------------------------
U.S. Guaranteed 10.2%
----------------------------
Housing/Multifamily 10.0%
----------------------------
Other 9.7%
----------------------------
1As a percentage of total holdings as of November 30, 2005. Holdings are
subject to change.
- --------------------------------------------------------------------------------
Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including front and back end sales charges (loads) or redemption fees,
where applicable; and (2) ongoing costs, including management fees;
distribution and service (12b-1) fees, where applicable; and other Fund
expenses. This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The Example below is based on an investment of $1,000 invested at the beginning
of the period and held for the period.
The information under "Actual Performance," together with the amount you
invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60) and multiply the result by the cost
shown for your share class, in the row entitled "Expenses Incurred During
Period" to estimate the expenses incurred on your account during this period.
The information under "Hypothetical Performance," provides information about
hypothetical account values and hypothetical expenses based on the Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expense you incurred for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other Funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as front
and back end sales charges (loads) or redemption fees, where applicable.
Therefore, the hypothetical information is useful in comparing ongoing costs
only, and will not help you determine the relative total costs of owning
different funds or share classes. In addition, if these transactional costs
were included, your costs would have been higher.
Hypothetical Performance
Actual Performance (5% annualized return before expenses)
--------------------------------------- ---------------------------------------
A Shares B Shares C Shares R Shares A Shares B Shares C Shares R Shares
- -----------------------------------------------------------------------------------------------------------------
Beginning Account Value (6/01/05) $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 (11/30/05) $ 999.70 $ 995.00 $ 996.20 $1,000.80 $1,020.56 $1,016.80 $1,017.80 $1,021.56
- -----------------------------------------------------------------------------------------------------------------
Expenses Incurred During Period $ 4.51 $ 8.25 $ 7.26 $ 3.51 $ 4.56 $ 8.34 $ 7.33 $ 3.55
- -----------------------------------------------------------------------------------------------------------------
For each class of the Fund, expenses are equal to the Fund's annualized net
expense ratio of .90%, 1.65%, 1.45% 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
Shareholder
Meeting Report
The annual shareholder meeting was held on July 26, 2005, at The Northern Trust
Bank, Chicago, Illinois.
- --------------------------------------------------------------------------------
Nuveen Nuveen Nuveen Nuveen Nuveen Nuveen
Kansas Kentucky Michigan Missouri Ohio Wisconsin
Municipal Municipal Municipal Municipal Municipal Municipal
Bond Bond Bond Bond Bond Bond
Fund Fund Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------
To approve the new investment management agreement
For 10,612,198 38,160,807 18,091,029 18,990,438 37,982,202 3,781,876
Against 59,083 233,716 362,823 266,663 789,920 31,599
Abstain 208,770 529,132 514,840 406,790 774,151 49,508
- -------------------------------------------------------------------------------------------------------------------
Total 10,880,051 38,923,655 18,968,692 19,663,891 39,546,273 3,862,983
- -------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------
Nuveen
Multistate
Approval of the Board Members was reached as follows: Trust IV
-----------------------------------------------------------------
Robert P. Bremner
For 129,980,994
Withhold 1,864,553
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
Lawrence H. Brown
For 129,952,715
Withhold 1,892,832
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
Jack B. Evans
For 130,060,422
Withhold 1,785,125
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
William C. Hunter
For 130,061,582
Withhold 1,783,965
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
David J. Kundert
For 130,019,129
Withhold 1,826,418
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
William J. Schneider
For 130,044,277
Withhold 1,801,270
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
Timothy R. Schwertfeger
For 130,017,966
Withhold 1,827,581
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
- ----
19
-----------------------------------------------------------------
Nuveen
Multistate
Approval of the Board Members was reached as follows: Trust IV
-----------------------------------------------------------------
Judith M. Stockdale
For 129,927,455
Withhold 1,918,092
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
Eugene S. Sunshine
For 130,034,207
Withhold 1,811,340
-----------------------------------------------------------------
Total 131,845,547
-----------------------------------------------------------------
- ----
20
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 4.1%
$ 1,000 Kansas Development Finance Authority, Athletic Facility 6/14 at 100.00 A1 $ 1,042,180
Revenue Bonds, University of Kansas Athletic Corporation
Project, Series 2004K, 5.000%, 6/01/19
1,480 Kansas Development Finance Authority, Board of Regents, 4/15 at 100.00 AAA 1,558,307
Revenue Bonds, Kansas State University Housing System,
Series 2005A, 5.000%, 4/01/22 - MBIA Insured
1,500 Puerto Rico Industrial, Tourist, Educational, Medical and 2/09 at 101.00 BBB- 1,529,340
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 1,015,996
Series 2001A, 5.500%, 7/01/16 - AMBAC Insured
270 Washburn University of Topeka, Kansas, Revenue Bonds, 7/09 at 100.00 AAA 287,245
Series 2001B, 5.500%, 7/01/16 - AMBAC Insured
- -------------------------------------------------------------------------------------------------------------------
Healthcare - 17.7%
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 1,046,537
1,050 5.000%, 8/01/19 - AMBAC Insured 8/12 at 100.00 AAA 1,090,310
1,000 5.000%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,036,050
2,000 Colby, Kansas, Health Facilities Revenue Refunding Bonds, 8/08 at 100.00 N/R 1,996,460
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 1,358,541
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 5,053,984
Revenue Bonds, Sisters of Charity of Leavenworth Health
Services Corporation, Series 2000K, 6.500%, 12/01/16
680 Kansas Development Finance Authority, Health Facilities 11/15 at 100.00 A2 702,345
Revenue Bonds, Hays Medical Center Inc., Series 2005L,
5.000%, 11/15/20
1,110 Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial 7/09 at 100.00 AA 1,168,375
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 1,074,395
1,075 5.000%, 8/15/15 - FSA Insured 8/11 at 100.00 AAA 1,121,956
Newton, Kansas, Hospital Revenue Refunding Bonds, Newton
Healthcare Corporation, Series 1998A:
1,000 5.700%, 11/15/18 11/08 at 100.00 BBB- 1,021,870
1,750 5.750%, 11/15/24 11/08 at 100.00 BBB- 1,778,665
100 Puerto Rico Industrial, Tourist, Educational, Medical and 1/06 at 101.00 AAA 100,805
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+ 5,133,672
Improvement Bonds, Via Christi Health System Inc., Series
1999-XI, 6.250%, 11/15/24
- -------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.8%
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 1,585,185
2,000 6.800%, 4/01/24 - RAAI Insured 4/09 at 102.00 AA 2,120,880
- -------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.7%
290 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed No Opt. Call Aaa 298,625
Securities Program Single Family Revenue Bonds, Series
1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
740 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed 6/08 at 105.00 Aaa 763,169
Securities Program Single Family Revenue Bonds, Series
1998A-1, 6.500%, 12/01/22 (Alternative Minimum Tax)
350 Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed 12/09 at 105.00 Aaa 364,042
Securities Program Single Family Revenue Bonds, Series
2000A-2, 7.600%, 12/01/31 (Alternative Minimum Tax) - MBIA
Insured
- ----
21
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 215 Sedgwick and Shawnee Counties, Kansas, FNMA/GNMA 12/10 at 105.00 Aaa $ 222,725
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 3,284,916
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- 1,065,970
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- 1,028,900
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 518,660
Bonds, Catholic Care Center Inc., Series 2001, 5.750%,
11/15/23
- -------------------------------------------------------------------------------------------------------------------
Materials - 2.9%
3,700 Ford County, Kansas, Sewage and Solid Waste Disposal 6/08 at 102.00 A+ 3,814,145
Revenue Bonds, Excel Corporation/Cargill Inc. Project,
Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 21.4%
2,500 Butler and Sedgwick Counties Unified School District 385, No Opt. Call AAA 2,920,200
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 2,746,195
Obligation Bonds, Series 2004, 5.000%, 9/01/23 - FSA
Insured
1,170 Butler County Unified School District 490, Kansas, General 9/15 at 100.00 AAA 1,225,575
Obligation Bonds, Series 2005B, 5.000%, 9/01/25 - FSA
Insured
1,675 Cowley County Unified School District 465, Winfield, 10/13 at 100.00 AAA 1,809,888
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 802,440
5.250%, 12/01/21 - AMBAC Insured
560 Derby, Kansas, General Obligation Bonds, Series 2002B, 12/10 at 100.00 Aaa 596,523
5.000%, 12/01/18 - FSA Insured
650 Harvey County Unified School District 460, Hesston, Kansas, 9/12 at 100.00 AAA 680,882
General Obligation Bonds, Series 2002, 5.000%, 9/01/22 -
FGIC Insured
Johnson County Unified School District 229, Blue Valley,
Kansas, General Obligation Bonds, Series 2005A:
2,635 5.000%, 10/01/18 - FSA Insured 10/15 at 100.00 AAA 2,824,140
2,000 5.000%, 10/01/21 - FSA Insured 10/15 at 100.00 AAA 2,123,580
3,205 5.000%, 10/01/22 - FSA Insured 10/15 at 100.00 AAA 3,389,800
1,450 Leavenworth County Unified School District 464, Tonganoxie, 9/15 at 100.00 AAA 1,515,366
Kansas, General Obligation Bonds, Series 2005A, 5.000%,
9/01/26 - MBIA Insured
1,020 Miami County Unified School District 367, Osawatomie, 9/15 at 100.00 AAA 1,085,943
Kansas, General Obligation Bonds, Series 2005A, 5.000%,
9/01/20 - FSA Insured
1,100 Montgomery County Unified School District 445, Coffeyville, 4/12 at 100.00 AAA 1,151,315
Kansas, General Obligation Bonds, Series 2002, 5.000%,
4/01/22 - FGIC Insured
Puerto Rico, General Obligation and Public Improvement
Bonds, Series 2001A:
1,000 5.500%, 7/01/20 - MBIA Insured No Opt. Call AAA 1,142,440
330 5.375%, 7/01/28 7/11 at 100.00 BBB 341,507
1,070 Scott County Unified School District 466, Kansas, General 9/12 at 100.00 AAA 1,151,352
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 1,172,275
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 1,883,691
5.000%, 4/01/17
- ----
22
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 21.8%
$ 3,000 Butler County Public Building Commission, Kansas, 10/10 at 100.00 Aaa $ 3,242,850
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+ 1,057,030
5,000 5.000%, 3/01/23 3/14 at 100.00 AA+ 5,242,450
500 Kansas Development Finance Authority, Lease Revenue Bonds, 10/12 at 100.00 AAA 525,775
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 1,209,996
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 1,059,010
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 2,245,232
Projects, Series 2002N, 5.250%, 10/01/18 - AMBAC Insured
5,000 Kansas Development Finance Authority, Board of Regents, 4/13 at 102.00 AAA 5,257,100
Revenue Bonds, 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 2,514,763
Projects, Series 2003J, 5.250%, 8/01/20 - AMBAC Insured
1,500 Kansas Development Finance Authority, Revenue Bonds, State 5/15 at 100.00 AAA 1,590,720
Projects, Series 2005, 5.000%, 5/01/20 - MBIA Insured
1,800 Overland Park Development Corporation, Kansas, First Tier 1/11 at 101.00 N/R 1,955,178
Revenue Bonds, Overland Park Convention Center, Series
2001A, 7.375%, 1/01/32
1,000 Virgin Islands Public Finance Authority, Senior Lien 10/08 at 101.00 BBB 1,031,480
Revenue Refunding Bonds, Matching Fund Loan Note, Series
1998A, 5.625%, 10/01/25
2,000 Virgin Islands Public Finance Authority, Gross Receipts 10/10 at 101.00 BBB 2,228,500
Taxes Loan Note, Series 1999A, 6.375%, 10/1/2019
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** - 12.4%
2,000 Augusta, Kansas, Waterworks System Revenue Bonds, Series 10/08 at 101.50 AA*** 2,176,660
2000A, 6.150%, 10/01/20 (Pre-refunded to 10/01/08) - RAAI
Insured
12,175 Johnson County, Kansas, Residual Revenue and Refunding No Opt. Call Aaa 9,467,280
Bonds, Series 1992, 0.000%, 5/01/12
500 Pratt, Kansas, Electric System Revenue Bonds, Series 5/10 at 100.00 AAA 535,695
2001-1, 5.250%, 5/01/18 (Pre-refunded to 5/01/10) - AMBAC
Insured
1,010 Wichita, Kansas, Revenue Bonds, CSJ Health System of 5/06 at 100.00 A+*** 1,151,834
Wichita, Inc., Series 1985-XXV, 7.200%, 10/1/2015
3,000 Wyandotte County Unified School District 500, Kansas, 9/12 at 100.00 AAA 3,228,750
General Obligation Bonds, Series 2002, 5.000%, 9/01/20
(Pre-refunded to 9/01/12) - FSA Insured
- -------------------------------------------------------------------------------------------------------------------
Utilities - 3.2%
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 1,038,150
Series 2005RR, 5.000%, 7/01/30 - XLCA 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 361,552
785 5.250%, 11/01/27 - AMBAC Insured 11/12 at 100.00 AAA 834,604
1,000 Wyandotte County-Kansas City Unified Government, Kansas, 9/14 at 100.00 AAA 1,045,720
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 1,049,400
Industrial Revenue Bonds, Board of Public Utilities Office
Building Complex, Series 2001, 5.000%, 5/01/21 - MBIA
Insured
- -------------------------------------------------------------------------------------------------------------------
Water and Sewer - 7.0%
1,040 Chisholm Creek Utility Authority, Kansas, Water and 9/12 at 100.00 Aaa 1,117,281
Wastewater Facilities Revenue Bonds, Series 2002, 5.250%,
9/01/22 - MBIA Insured
2,300 Kansas Development Finance Authority, Water Pollution 11/12 at 100.00 AAA 2,405,064
Control Revolving Fund Leveraged Bonds, Series 2002-II,
5.000%, 11/01/23
- ----
23
Portfolio of Investments (Unaudited)
NUVEEN KANSAS MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Water and Sewer (continued)
$ 5,500 Wichita, Kansas, Water and Sewerage Utility Revenue Bonds, 10/13 at 100.00 AAA $ 5,802,940
Series 2003, 5.000%, 10/01/22 - FGIC Insured
- -------------------------------------------------------------------------------------------------------------------
$ 127,875 Total Long-Term Investments (cost $126,409,205) - 99.0% 132,122,376
- -------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.0% 1,317,471
-----------------------------------------------------------------------------------------------------
Net Assets - 100% $ 133,439,847
-----------------------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic principal
paydowns.
** 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.
See accompanying notes to financial statements.
- ----
24
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.1%
$ 4,930 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 4,996,654
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- -------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 5.2%
1,000 Campbellsville, Kentucky, Revenue Bonds, Campbellsville 3/15 at 100.00 N/R 1,001,180
University, Series 2005, 5.700%, 3/01/34
8,960 Columbia, Kentucky, Educational Development Revenue Bonds, 4/11 at 101.00 BBB- 9,592,576
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 5,954,076
Bellarmine College Project, Series 1999, 5.250%, 5/01/29
1,000 Kentucky Asset/Liability Commission, General Receipts 10/15 at 100.00 AAA 1,077,650
Revenue Bonds, University of Kentucky, Series 2005,
5.000%, 10/01/16 - FGIC Insured
1,500 Kentucky Economic Development Finance Authority, College 10/12 at 100.00 AAA 1,536,975
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- 2,512,675
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 3,048,090
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, University of the Sacred
Heart, Series 2001, 5.250%, 9/01/31
- -------------------------------------------------------------------------------------------------------------------
Healthcare - 12.3%
1,310 Christian County, Kentucky, Hospital Revenue Bonds, Jennie 7/06 at 102.00 A- 1,345,396
Stuart Medical Center, Series 1996A, 6.000%, 7/01/17
3,500 Christian County, Kentucky, Hospital Revenue Refunding 7/06 at 102.00 A- 3,599,295
Bonds, Jennie Stuart Medical Center, Series 1997A, 6.000%,
7/01/13
4,820 Clark County, Kentucky, Hospital Revenue Refunding and 3/07 at 102.00 BBB- 4,983,012
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 9,897,005
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- 505,390
500 5.600%, 10/01/08 4/08 at 102.00 BB- 507,805
3,500 5.850%, 10/01/17 4/08 at 102.00 BB- 3,467,310
1,500 5.875%, 10/01/22 4/08 at 102.00 BB- 1,470,825
6,080 Kentucky Economic Development Finance Authority, Revenue 6/08 at 101.00 AA 6,158,189
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 1,042,720
1,000 5.250%, 9/01/24 9/11 at 100.00 AA 1,039,110
10,340 Kentucky Economic Development Finance Authority, Health No Opt. Call AAA 3,377,561
System Revenue Bonds, Norton Healthcare Inc., Series
2000B, 0.000%, 10/01/28 - MBIA Insured
1,665 McCracken County, Kentucky, Hospital Facilities Revenue 5/06 at 101.00 AAA 1,685,546
Refunding Bonds, Mercy Health System, Series 1994A,
6.300%, 11/01/06 - MBIA Insured
2,195 Rockcastle County, Kentucky, First Mortgage Revenue Bonds, 6/15 at 100.00 BBB- 2,194,693
Rockcastle Hospital and Respiratory Care Center Inc.
Project, Series 2005, 5.550%, 6/01/30
16,500 Russell, Kentucky, Revenue Bonds, Bon Secours Health 11/12 at 100.00 A- 17,242,170
System, Series 2002A, 5.625%, 11/15/30
- -------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 0.7%
3,325 Henderson, Kentucky, Senior Tax-Exempt Residential 5/09 at 102.00 N/R 3,181,593
Facilities Revenue Bonds, Pleasant Pointe Project, Series
1999A, 6.125%, 5/01/29
- ----
25
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.9%
$ 515 Kentucky Housing Corporation, Housing Revenue Bonds, Series 1/09 at 101.00 AAA $ 518,100
1998F, 5.000%, 7/01/18 (Alternative Minimum Tax)
9,480 Kentucky Housing Corporation, Housing Revenue Bonds, Series 4/09 at 101.00 AAA 9,676,615
1999A, 5.200%, 1/01/31
970 Kentucky Housing Corporation, Housing Revenue Bonds, Series 4/09 at 101.00 AAA 986,383
1999B, 5.250%, 1/01/28 (Alternative Minimum Tax)
4,950 Kentucky Housing Corporation, Housing Revenue Bonds, Series 1/14 at 100.00 AAA 4,856,247
2004F, 3.900%, 7/01/31 (Alternative Minimum Tax)
2,485 Kentucky Housing Corporation, Housing Revenue Bonds, Series 7/14 at 100.00 AAA 2,434,952
2005H, 4.000%, 1/01/33 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
Long-Term Care - 3.9%
4,840 Florence, Kentucky, Housing Facilities Revenue Bonds, 8/09 at 101.00 A 5,113,508
Bluegrass RHF Housing Inc., Series 1999, 6.375%, 8/15/29 -
ACA Insured
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 1,792,764
3,500 5.500%, 11/15/30 5/08 at 102.00 BBB 3,455,480
Kentucky Economic Development Finance Authority, Mortgage
Revenue Bonds, South Central Nursing Homes Inc., Series
1997A:
2,000 6.000%, 1/01/27 (Mandatory put 7/01/20) - MBIA Insured 1/08 at 105.00 AAA 2,180,460
3,700 6.000%, 1/01/27 (Mandatory put 1/01/24) - MBIA Insured 1/08 at 105.00 AAA 4,033,851
2,000 Kentucky Economic Development Finance Authority, 11/15 at 103.00 AAA 2,112,880
Multifamily Housing Revenue Bonds, Christian Care
Communities Projects, Series 2005, 5.250%, 11/20/25 (WI,
settling 12/08/05)
- -------------------------------------------------------------------------------------------------------------------
Materials - 2.5%
2,370 Hancock County, Kentucky, Solid Waste Disposal Revenue 5/06 at 102.00 BBB 2,427,093
Bonds, Willamette Industries Inc. Project, Series 1996,
6.600%, 5/01/26 (Alternative Minimum Tax)
4,240 Perry County, Kentucky, Solid Waste Disposal Revenue Bonds, 5/06 at 102.00 N/R 4,356,727
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 2,097,420
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 2,888,329
Bonds, Westvaco Corporation, Series 1996, 6.375%, 4/01/26
(Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 5.4%
Bowling Green, Kentucky, General Obligation and Special
Revenue Bonds, Series 2002B:
1,785 5.000%, 6/01/23 6/12 at 100.00 Aa2 1,864,379
1,230 5.000%, 6/01/24 6/12 at 100.00 Aa2 1,282,927
1,665 5.000%, 6/01/25 6/12 at 100.00 Aa2 1,732,416
2,500 Jefferson County, Kentucky, General Obligation Refunding 5/09 at 100.00 AA 2,669,875
Bonds, Series 1999C, 6.150%, 5/15/16 (Alternative Minimum
Tax)
Louisville and Jefferson County Metropolitan Government,
Kentucky, General Obligation Bonds, Series 2004A-B:
1,195 5.000%, 11/01/16 - AMBAC Insured 11/14 at 100.00 AAA 1,284,338
1,000 5.000%, 11/01/17 - AMBAC Insured 11/14 at 100.00 AAA 1,070,880
1,175 Louisville, Kentucky, General Obligation Bonds, Series 11/11 at 101.00 AA 1,239,731
2001A, 5.000%, 11/01/21
3,000 Louisville, Kentucky, General Obligation Bonds, Series 10/12 at 100.00 AAA 3,136,440
2002A, 5.000%, 10/01/23 - FGIC Insured
5,000 Puerto Rico, General Obligation and Public Improvement 7/14 at 100.00 AAA 5,418,100
Bonds, Series 2004A, 5.250%, 7/01/21 - MBIA Insured
4,400 Puerto Rico, Public Improvement Bonds, TICS/TOCS, Series No Opt. Call AAA 6,002,964
2001, 9.480%, 7/01/19 (IF) - FSA Insured
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 29.7%
1,305 Ballard County School District Finance Corporation, 6/14 at 100.00 Aaa 1,373,760
Kentucky, School Building Revenue Bonds, Series 2004,
5.000%, 6/01/21 - AMBAC Insured
- ----
26
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 1,875 Bell County Public Properties Corporation, Kentucky, First 3/11 at 102.00 AAA $ 2,070,075
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 1,571,813
First Mortgage Bonds, AOC Judicial Facility, Series 2001,
5.125%, 9/01/22
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 1,540,475
2,580 5.000%, 5/01/21 - FSA Insured 5/14 at 100.00 Aaa 2,714,728
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 1,281,171
1,255 5.000%, 6/01/22 6/14 at 100.00 Aa3 1,309,743
4,500 Kenton County Public Properties Corporation, Kentucky, 3/09 at 101.00 Aa3 4,561,560
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 2,252,835
3,510 5.000%, 6/01/18 - MBIA Insured 6/14 at 100.00 Aaa 3,725,795
3,690 5.000%, 6/01/19 - MBIA Insured 6/14 at 100.00 Aaa 3,903,319
2,000 Kentucky Asset/Liability Commission, General Fund Revenue 5/15 at 100.00 AAA 2,084,600
Project Notes, First Series 2005, 5.000%, 5/01/25 - MBIA
Insured
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 810,960
1,000 6.000%, 6/01/30 6/10 at 102.00 AA 1,089,950
2,365 Kentucky Local Correctional Facilities Authority, No Opt. Call AAA 2,588,942
Multi-County Lease Revenue Bonds, Series 2004,
5.250%, 11/01/14 - MBIA Insured
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 1,061,140
3,740 5.000%, 11/01/21 - AMBAC Insured 11/13 at 100.00 AAA 3,947,159
2,845 5.000%, 11/01/23 - AMBAC Insured 11/13 at 100.00 AAA 2,990,237
4,000 Kentucky State Property and Buildings Commission, Revenue No Opt. Call AAA 4,346,560
Bonds, Project 84, Series 2005, 5.000%, 8/01/18 - MBIA
Insured
Kentucky State Property and Buildings Commission, Revenue
Bonds, Project 85, Series 2005:
2,795 5.000%, 8/01/22 - FSA Insured 8/15 at 100.00 AAA 2,947,160
5,085 5.000%, 8/01/25 - FSA Insured 8/15 at 100.00 AAA 5,324,910
4,000 Kentucky Turnpike Authority, Economic Development Road 7/11 at 100.00 AAA 4,257,960
Revenue Refunding Bonds, Revitalization Project, Series
2001B, 5.150%, 7/01/19 - FSA Insured
Kentucky Turnpike Authority, Economic Development Road
Revenue Bonds, Revitalization Project, Series 2005B:
6,935 5.000%, 7/01/20 - AMBAC Insured 7/15 at 100.00 AAA 7,360,393
10,000 5.000%, 7/01/23 - AMBAC Insured 7/15 at 100.00 AAA 10,516,700
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 1,517,916
1,585 5.000%, 6/01/20 - FSA Insured 6/14 at 100.00 Aaa 1,673,142
11,000 Lexington-Fayette Urban County Government, Kentucky, First 7/08 at 102.00 AAA 11,435,160
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 1,822,803
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 708,279
Kentucky, School Building Revenue Bonds, Series 2000,
5.750%, 6/01/20
- ----
27
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 1,525 McCracken County Public Properties Corporation, Kentucky, 9/06 at 102.00 AAA $ 1,582,493
Public Project Revenue Bonds, Court Facilities, Series
1995, 5.900%, 9/01/26 - AMBAC Insured
5,100 Oldham County School District Finance Corporation, 4/11 at 101.00 Aa3 5,420,586
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 1,304,956
1,635 5.000%, 5/01/20 - MBIA Insured 5/14 at 100.00 Aaa 1,725,121
1,715 5.000%, 5/01/21 - MBIA Insured 5/14 at 100.00 Aaa 1,804,557
1,360 Owen County School District Finance Corporation, Kentucky, 4/11 at 101.00 Aa3 1,432,882
School Building Revenue Bonds, Series 2001, 5.000%, 4/01/21
500 Pendleton County, Kentucky, Leasing Trust Revenue Bonds, No Opt. Call A 596,065
Kentucky Association of Counties, Series 1993A, 6.400%,
3/01/19
4,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA 4,818,520
Transportation Authority, Reset Option Long Certificates
II-R-66, Series 1996Y, 7.873%, 1/01/13 (IF) - MBIA Insured
6,000 Puerto Rico, Highway Revenue Bonds, Highway and No Opt. Call AAA 6,837,840
Transportation Authority, Series 2003AA, 5.500%, 7/01/19 -
MBIA Insured
2,545 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 2,852,411
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 1,029,620
Revenue Bonds, Series 2002D, 5.000%, 7/01/32 - FSA Insured
3,185 Puerto Rico Public Buildings Authority, Guaranteed No Opt. Call AAA 3,629,403
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 3,355,507
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 1,431,019
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 2,307,426
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 1,098,042
Taxes Loan Note, Series 2003, 5.250%, 10/01/21 - FSA
Insured
7,000 Warren County Justice Center Expansion Corporation, 9/07 at 102.00 AAA 7,284,970
Kentucky, First Mortgage Revenue Bonds, AOC Judicial
Facility, Series 1997A, 5.250%, 9/01/24 - MBIA Insured
- -------------------------------------------------------------------------------------------------------------------
Transportation - 4.4%
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 5,255,250
2,195 5.000%, 10/01/23 (Alternative Minimum Tax) - MBIA Insured 10/13 at 100.00 AAA 2,238,329
1,250 Kenton County Airport Board, Kentucky, Airport Revenue 3/06 at 102.00 AAA 1,281,875
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 5,184,114
Bonds, Cincinnati/Northern Kentucky International Airport,
Series 2003B, 5.000%, 3/01/23 (Alternative Minimum Tax) -
MBIA Insured
1,000 Louisville and Jefferson County Regional Airport Authority, 7/13 at 100.00 AAA 1,043,470
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 6,043,500
Kentucky, Special Facilities Revenue Bonds, Airis
Louisville LLC Project, Series 1999A, 5.500%, 3/01/19
(Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** - 12.3%
5,085 Campbellsville, Kentucky, Industrial Building Revenue 3/09 at 102.00 BBB-*** 5,489,258
Bonds, Campbellsville University Project, Series 1999,
5.500%, 3/01/29 (Pre-refunded to 3/01/09)
- ----
28
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** (continued)
Fayette County School District Finance Corporation,
Kentucky, School Building Revenue Bonds, Series 2000:
$ 1,665 5.500%, 6/01/18 (Pre-refunded to 6/01/10) 6/10 at 101.00 AA-*** $ 1,817,730
2,795 5.500%, 6/01/20 (Pre-refunded to 6/01/10) 6/10 at 101.00 AA-*** 3,051,385
3,155 Florence Public Properties Corporation, Kentucky, First 6/07 at 102.00 AAA 3,316,883
Mortgage Revenue Bonds, Administrative Office Complex
Project, Series 1997, 5.500%, 6/01/27 (Pre-refunded to
6/01/07) - MBIA Insured
1,260 Floyd County Public Properties Corporation, Kentucky, First 3/06 at 102.00 N/R*** 1,292,420
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*** 3,646,986
Mortgage Revenue Bonds, Floyd County Justice Center
Project, Series 1996B, 6.200%, 9/01/26 (Pre-refunded to
3/01/06)
2,000 Jefferson County Collegiate Housing Foundation, Kentucky, 9/09 at 102.00 N/R*** 2,272,820
Student Housing Revenue Bonds, University of Louisville
Project, Series 1999A, 7.125%, 9/01/29 (Pre-refunded to
9/01/09)
400 Kentucky State Property and Buildings Commission, Agency 5/10 at 100.00 AAA 436,680
Fund Revenue Bonds, Project 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 537,165
Bonds, Project 64, Series 1999, 5.500%, 5/01/18
(Pre-refunded to 11/01/09) - MBIA Insured
5,860 Kentucky State Property and Buildings Commission, Revenue 10/11 at 100.00 AAA 6,394,784
Refunding Bonds, Project 72, Series 2001, 5.375%, 10/01/19
(Pre-refunded to 10/01/11) - MBIA Insured
2,000 Kentucky State Property and Buildings Commission, Revenue 2/12 at 100.00 AAA 2,145,340
Refunding Bonds, Project 74, Series 2002, 5.000%, 2/01/21
(Pre-refunded to 2/01/12) - FSA Insured
Kentucky State Property and Buildings Commission, Revenue
Refunding Bonds, Project 79, Series 2003:
5,780 5.125%, 10/01/19 (Pre-refunded to 10/01/13) - MBIA Insured 10/13 at 100.00 AAA 6,296,559
5,000 5.000%, 10/01/21 (Pre-refunded to 10/01/13) - MBIA Insured 10/13 at 100.00 AAA 5,404,850
6,500 5.000%, 10/01/22 (Pre-refunded to 10/01/13) - MBIA Insured 10/13 at 100.00 AAA 7,026,305
1,310 Puerto Rico, General Obligation and Public Improvement 7/06 at 101.50 BBB*** 1,346,903
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 BBB*** 2,065,900
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 2,839,460
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 298,782
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*** 2,988,860
Health Partnership Inc. - Our Lady of Bellefonte Hospital,
Series 1997, 5.500%, 7/01/15 (Pre-refunded to 1/01/10)
- -------------------------------------------------------------------------------------------------------------------
Utilities - 9.1%
6,000 Boone County, Kentucky, Collateralized Pollution Control 1/06 at 100.00 AAA 6,000,480
Revenue Refunding Bonds, Cincinnati Gas and Electric
Company Project, Series 1994A, 5.500%, 1/01/24 - MBIA
Insured
1,175 Boone County, Kentucky, Collateralized Pollution Control 7/15 at 100.00 AAA 1,168,244
Revenue Bonds, Dayton Power & Light Company, Series 2005A,
4.700%, 1/01/28 - FGIC Insured
Owensboro, Kentucky, Electric Light and Power System
Revenue Bonds, Series 1991B:
7,100 0.000%, 1/01/11 - AMBAC Insured No Opt. Call AAA 5,845,927
6,475 0.000%, 1/01/12 - AMBAC Insured No Opt. Call AAA 5,088,120
5,810 0.000%, 1/01/15 - AMBAC Insured No Opt. Call AAA 3,908,852
7,900 0.000%, 1/01/17 - AMBAC Insured No Opt. Call AAA 4,818,368
13,300 0.000%, 1/01/18 - AMBAC Insured No Opt. Call AAA 7,703,227
3,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, No Opt. Call AAA 3,343,110
Series 2003NN, 5.250%, 7/01/23 - MBIA Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 5,282,500
Series 2005RR, 5.000%, 7/01/24 - FGIC Insured
- ----
29
Portfolio of Investments (Unaudited)
NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Water and Sewer - 8.3%
$ 1,405 Christian County Water District, Kentucky, Waterworks 10/09 at 101.00 Aaa $ 1,535,398
Revenue Bonds, Series 1999, 6.000%, 1/01/30 - AMBAC Insured
1,000 Kentucky Rural Water Finance Corporation, Multimodal Public 2/11 at 102.00 AA- 1,069,920
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 6,254,280
2,500 5.200%, 5/15/25 - MBIA Insured 11/07 at 101.00 AAA 2,592,475
3,200 Louisville and Jefferson County Metropolitan Sewer 5/08 at 101.00 AAA 3,292,960
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 17,387,200
District, Kentucky, Sewer and Drainage System Revenue
Bonds, Series 2001A, 5.500%, 5/15/34 - MBIA Insured
7,225 Northern Kentucky Water District, Revenue Refunding Bonds, 2/12 at 100.00 Aaa 7,423,181
Series 2002A, 5.000%, 2/01/27 - FGIC Insured
- -------------------------------------------------------------------------------------------------------------------
$ 466,760 Total Long-Term Investments (cost $450,222,489) - 98.8% 469,780,868
- -------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.2% 5,554,434
------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 475,335,302
------------------------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic principal
paydowns.
** 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.
(IF)Inverse floating rate security.
See accompanying notes to financial statements.
- ----
30
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Consumer Discretionary - 0.7%
$ 2,000 Michigan Strategic Fund, Multi-Modal Interchangeable Rate 3/06 at 101.50 BB- $ 1,613,400
Pollution Control Revenue Refunding Bonds, General Motors
Corporation, Series 1995, 6.200%, 9/01/20
- -------------------------------------------------------------------------------------------------------------------
Consumer Staples - 0.4%
910 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 922,303
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- -------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 4.2%
630 Chandler Park Academy, Michigan, Public School Academy 11/15 at 100.00 BBB- 615,831
Charter School Revenue Bonds, Series 2005, 5.125%, 11/01/35
Michigan Technological University, General Revenue Bonds,
Series 2004A:
1,230 5.000%, 10/01/24 - MBIA Insured 10/13 at 100.00 AAA 1,289,950
1,850 5.000%, 10/01/29 - MBIA Insured 10/13 at 100.00 AAA 1,911,013
6,150 Wayne State University, Michigan, General Revenue Bonds, 11/09 at 101.00 AAA 6,446,061
Series 1999, 5.125%, 11/15/29 - FGIC Insured
- -------------------------------------------------------------------------------------------------------------------
Healthcare - 11.2%
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 1,000,550
1,000 5.375%, 7/01/28 7/08 at 101.00 Baa3 959,560
3,530 Lake View Community Hospital Authority, Michigan, Hospital 2/07 at 101.00 N/R 3,615,673
Revenue Refunding Bonds, Series 1997, 6.250%, 2/15/13
3,755 Michigan State Hospital Finance Authority, Revenue 2/06 at 100.00 BB- 3,756,840
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 3,204,360
Refunding Bonds, Henry Ford Health System, Series 2003A,
5.625%, 3/01/17
380 Michigan State Hospital Finance Authority, Hospital Revenue No Opt. Call A- 392,354
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- 1,016,600
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 1,491,550
Refunding Bonds, Chelsea Community Hospital, Series 1998,
5.375%, 5/15/19
1,000 Michigan State Hospital Finance Authority, Hospital Revenue 3/12 at 101.00 A+ 1,051,510
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 2,333,958
Bonds, Henry Ford Health System, Series 1999A, 6.000%,
11/15/24
500 Michigan State Hospital Finance Authority, Revenue Bonds, 5/15 at 100.00 Baa1 500,550
Marquette General Hospital, Series 2005A, 5.000%, 5/15/26
500 Michigan State Hospital Finance Authority, Revenue Bonds, 5/15 at 100.00 BBB 488,900
Chelsea Community Hospital, Series 2005, 5.000%, 5/15/37
1,600 Pontiac Hospital Finance Authority, Michigan, Hospital 2/06 at 100.00 BB 1,506,896
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 3,063,540
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 1,034,570
2,000 5.250%, 11/15/35 - MBIA Insured 11/11 at 100.00 AAA 2,067,040
- -------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 1.6%
1,190 Michigan Housing Development Authority, GNMA Collateralized 12/05 at 102.00 Aaa 1,212,408
Limited Obligation Multifamily Revenue Refunding Bonds,
Parc Point Apartments, Series 1995A, 6.500%, 10/01/15
6,000 Michigan Housing Development Authority, Section 8 Assisted No Opt. Call AA 2,813,400
Mortgage Revenue Bonds, Series 1983I, 0.000%, 4/01/14
- ----
31
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.9%
$ 2,500 Kalamazoo Economic Development Corporation, Michigan, 5/07 at 102.00 BB+ $ 2,534,325
Limited Obligation Revenue and Refunding Bonds, Friendship
Village of Kalamazoo, Series 1997A, 6.250%, 5/15/27
1,000 Michigan State Hospital Finance Authority, Revenue Bonds, 5/15 at 100.00 N/R 984,790
Presbyterian Villages of Michigan Obligated Group, Series
2005, 5.250%, 11/15/25
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+ 142,584
260 5.375%, 7/01/28 7/08 at 101.00 BBB+ 262,176
3,300 Michigan Strategic Fund, Limited Obligation Revenue Bonds, 6/08 at 100.00 BBB- 3,266,340
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 1,730,365
Michigan, Pollution Control Revenue Bonds, International
Paper Company, Series 2004A, 4.800%, 11/01/18
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 35.9%
1,000 Anchor Bay School District, Macomb and St. Clair Counties, 5/12 at 100.00 AA 1,087,980
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 1,239,649
2002, 5.000%, 10/01/21
1,625 Brighton Township Sanitary Sewer Drainage District, 4/09 at 100.00 AAA 1,705,113
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 1,095,704
Counties, Michigan, General Obligation Bonds, Series 2003,
5.250%, 5/01/22
Caledonia Community Schools, Kent, Allegan and Barry
Counties, Michigan, General Obligation Bonds, Series 2005:
1,000 5.000%, 5/01/25 - MBIA Insured 5/15 at 100.00 AAA 1,045,430
1,135 5.000%, 5/01/26 - MBIA Insured 5/15 at 100.00 AAA 1,184,781
1,500 Cedar Springs Public School District, Kent and Newaygo 5/13 at 100.00 AAA 1,556,520
Counties, Michigan, General Obligation Bonds, Series 2003,
5.125%, 5/01/32
1,850 Chippewa Valley Schools, Macomb County, Michigan, General 5/15 at 100.00 AAA 1,938,412
Obligation Bonds, Series 2005, 5.000%, 5/01/24 - MBIA
Insured
1,800 Coopersville Area Public Schools, Ottawa and Muskegon 5/09 at 100.00 AAA 1,852,290
Counties, Michigan, Unlimited Tax General Obligation
School Building and Site Bonds, Series 1999, 5.000%,
5/01/29 - MBIA Insured
6,085 Detroit, Michigan, General Obligation Bonds, Series 4/14 at 100.00 AAA 6,532,308
2004A-1, 5.250%, 4/01/20 - AMBAC Insured
11,000 Detroit-Wayne County Stadium Authority, Michigan, Limited 2/07 at 102.00 AAA 11,408,210
Tax General Obligation Building Authority Stadium Bonds,
Series 1997, 5.250%, 2/01/27 - FGIC Insured
1,245 Edwardsburg Public School, Cass County, Michigan, General 5/14 at 100.00 AAA 1,299,270
Obligation Bonds, Series 2004, 5.000%, 5/01/24 - FSA
Insured
1,125 Ferndale Public School District, Oakland County, Michigan, No Opt. Call AAA 1,176,458
General Obligation Bonds, Series 2004, 5.000%, 5/01/23 -
FGIC 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 2,259,258
1,125 5.000%, 5/01/19 - AMBAC Insured 11/14 at 100.00 AAA 1,191,769
2,000 Garden City School District, Wayne County, Michigan, 5/11 at 100.00 AA 2,054,800
General Obligation Refunding Bonds, Series 2001, 5.000%,
5/01/26
4,350 Hartland Consolidated School District, Livingston County, 5/11 at 100.00 AA 4,485,416
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 1,027,400
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 2,096,200
Obligation Bonds, Series 2003, 5.000%, 5/01/24
- ----
32
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,000 Jackson Public Schools, Jackson County, Michigan, General 5/14 at 100.00 AAA $ 1,047,890
Obligation School Building and Site Bonds, Series 2004,
5.000%, 5/01/22 - FSA Insured
1,030 Kent County, Michigan, General Obligation Bonds, Series 12/14 at 100.00 AAA 1,088,473
2004A, 5.000%, 12/01/22
1,300 Lansing Community College, Michigan, General Obligation 5/13 at 100.00 AAA 1,372,878
Bonds, Series 2003, 5.000%, 5/01/20 - MBIA Insured
1,000 Livonia Municipal Building Authority, Wayne County, 5/10 at 100.00 AAA 1,036,130
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 2,478,870
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 2,103,000
Obligation Bonds, Series 2004A, 5.000%, 5/01/21 - MBIA
Insured
2,800 Michigan Municipal Bond Authority, Local Government Loan No Opt. Call AAA 2,559,284
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 3,495,505
Protection Program, Series 2003A, 5.250%, 5/1/2021
2,000 Muskegon Public Schools, Muskegon County, Michigan, General 5/14 at 100.00 AAA 2,108,780
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 1,228,118
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 601,120
1,020 0.000%, 5/01/18 - MBIA Insured No Opt. Call AAA 582,655
3,000 Southgate Community School District, Wayne County, 5/09 at 100.00 AAA 3,055,980
Michigan, General Obligation Bonds, Series 1999, 5.000%,
5/01/25 - FGIC Insured
1,625 Walled Lake Consolidated School District, Oakland County, 5/14 at 100.00 AAA 1,744,308
Michigan, General Obligation Bonds, Series 2004, 5.250%,
5/01/22 - MBIA Insured
1,170 Waverly Community Schools, Ingham County, Michigan, General 5/15 at 100.00 AAA 1,236,093
Obligation Bonds, Series 2005, 5.000%, 5/01/21 - FSA
Insured
3,270 West Ottawa Public School District, Ottawa County, No Opt. Call AAA 1,965,662
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 5,938,623
Tax General Obligation QSBLF Bonds, Series 1996, 5.500%,
5/01/25 - MBIA Insured
Zeeland Public Schools, Ottawa and Allegan Counties,
Michigan, General Obligation Bonds, Series 2005:
1,400 5.000%, 5/01/20 - FGIC Insured 5/15 at 100.00 AAA 1,483,552
3,170 5.000%, 5/01/22 - FGIC Insured 5/15 at 100.00 AAA 3,336,520
3,350 5.000%, 5/01/25 - FGIC Insured 5/15 at 100.00 AAA 3,502,191
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 10.3%
1,655 Detroit, Michigan, Building Authority Revenue Bonds, 2/07 at 101.00 A 1,680,553
District Court Madison Center, Series 1996A,
6.150%, 2/01/11
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 2,386,298
3,295 0.000%, 6/01/18 - MBIA Insured No Opt. Call AAA 1,875,152
1,650 6.875%, 6/01/24 - MBIA Insured 12/05 at 101.00 AAA 1,671,252
250 Michigan Municipal Bond Authority, Wayne County, Local 12/05 at 100.00 AAA 250,310
Government Loan Program Revenue Bonds, Series 1991A,
4.750%, 12/01/09 - FGIC Insured
4,400 Michigan State Building Authority, Revenue Bonds, 10/15 at 100.00 AAA 4,571,864
Facilities Program, Series 2005II, 5.000%, 10/15/30 -
AMBAC Insured
- ----
33
Portfolio of Investments (Unaudited)
NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
Michigan State Building Authority, Revenue Bonds,
Facilities Program, Series 2001I:
$ 2,720 5.500%, 10/15/19 10/11 at 100.00 AA- $ 2,956,069
5,000 5.000%, 10/15/24 10/11 at 100.00 AA- 5,191,350
2,000 Michigan State Building Authority, Revenue Refunding Bonds, 10/13 at 100.00 AAA 2,107,900
Facilities Program, Series 2003II, 5.000%, 10/15/22 - MBIA
Insured
6,000 Michigan House of Representatives, Certificates of No Opt. Call AAA 2,590,380
Participation, Series 1998, 0.000%, 8/15/23 - AMBAC Insured
- -------------------------------------------------------------------------------------------------------------------
Transportation - 1.3%
3,000 Wayne County, Michigan, Airport Revenue Bonds, Detroit 12/08 at 101.00 AAA 3,080,430
Metropolitan Airport, Series 1998B, 5.000%, 12/01/28 -
MBIA Insured
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed *** - 16.2%
1,195 Carman-Ainsworth Community School District, Genesee County, 5/12 at 100.00 AAA 1,317,452
Michigan, General Obligation Bonds, Series 2002, 5.500%,
5/01/19 (Pre-refunded to 5/01/12) - FGIC Insured
185 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 7/10 at 100.00 AAA 195,987
Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20
(Pre-refunded to 7/01/10)
1,000 Detroit City School District, Wayne County, Michigan, 5/13 at 100.00 AAA 1,103,140
General Obligation Bonds, Series 2002A, 5.375%, 5/01/24
(Pre-refunded to 5/01/13) - 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 (Pre-refunded to 5/01/12) - FSA Insured 5/12 at 100.00 AAA 2,204,940
250 5.125%, 5/01/31 (Pre-refunded to 5/01/12) - FSA Insured 5/12 at 100.00 AAA 270,303
2,500 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, 1/10 at 101.00 AAA 2,747,850
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 7,730,060
Residual Option Long Series II-R-103, 8.350%, 7/01/20 (IF)
(Pre-refunded to 1/01/10)
2,000 Detroit, Michigan, Senior Lien Water Supply System Revenue 1/10 at 101.00 AAA 2,189,240
Bonds, Series 1999A, 5.750%, 7/01/26 (Pre-refunded to
1/01/10) - FGIC Insured
1,000 Frankenmuth School District, Saginaw and Tuscola Counties, 5/10 at 100.00 AAA 1,086,620
Michigan, Unlimited Tax General Obligation School Building
and Site Bonds, Series 2000, 5.625%, 5/01/16 (Pre-refunded
to 5/01/10) - FGIC Insured
3,750 Kent Hospital Finance Authority, Michigan, Revenue Bonds, 7/11 at 101.00 AA*** 4,115,288
Spectrum Health, Series 2001A, 5.500%, 1/15/31
(Pre-refunded to 7/15/11)
2,000 Macomb Township Building Authority, Macomb County, 4/08 at 101.00 AAA 2,136,300
Michigan, General Obligation Bonds, Series 2000, 6.000%,
4/01/27 (Pre-refunded to 4/01/08) - FGIC Insured
1,500 Michigan, Certificates of Participation, Series 2000, 6/10 at 100.00 AAA 1,624,755
5.500%, 6/01/20 (Pre-refunded to 6/01/10) - AMBAC Insured
1,220 Michigan, Certificates of Participation, New Center 9/11 at 100.00 AAA 1,323,297
Development Inc., Series 2001, 5.375%, 9/01/21
(Pre-refunded to 9/01/11) - MBIA Insured
5,000 Michigan State Hospital Finance Authority, Hospital Revenue 11/09 at 101.00 AAA 5,517,900
Bonds, Ascension Health Credit Group, Series 1999A,
6.125%, 11/15/26 (Pre-refunded to 11/15/09)
75 Michigan South Central Power Agency, Power Supply System No Opt. Call A3*** 83,326
Revenue Bonds, Series 2000, 6.000%, 5/01/12
2,000 Michigan State Trunk Line, Fund Bonds, Series 2001A, 11/11 at 100.00 AAA 2,144,500
5.000%, 11/01/25 (Pre-refunded to 11/01/11) - FSA Insured
1,235 Rochester Community School District, Oakland and Macomb 5/10 at 100.00 AAA 1,348,250
Counties, Michigan, General Obligation Bonds, Series
2000I, 5.750%, 5/01/19 (Pre-refunded to 5/01/10) - FGIC
Insured
7,000 Vicksburg Community Schools, Kalamazoo and St. Joseph 5/06 at 37.24 AAA 2,572,360
Counties, Michigan, General Obligation Bonds, Series 1991,
0.000%, 5/01/20 (Pre-refunded to 5/01/06) - MBIA Insured
- ----
34
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Utilities - 4.2%
$ 1,000 Lansing Board of Water and Light, Michigan, Steam and 7/13 at 100.00 AAA $ 1,054,600
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 1,058,590
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 1,002,376
Revenue Bonds, Series 2000, 6.000%, 5/01/12
3,300 Michigan Strategic Fund, Collateralized Limited Obligation 9/11 at 100.00 A3 3,429,030
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 1,293,920
Collateralized Limited Obligation Revenue Refunding Bonds,
Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22 -
FGIC Insured
4,000 Puerto Rico Electric Power Authority, Power Revenue No Opt. Call AAA 2,465,640
Refunding Bonds, Series 1989O, 0.000%, 7/01/17 - MBIA
Insured
- -------------------------------------------------------------------------------------------------------------------
Water and Sewer - 9.8%
4,455 Detroit, Michigan, Sewerage Disposal System Revenue Bonds, No Opt. Call AAA 2,404,809
Series 1999A, 0.000%, 7/01/19 - FGIC Insured
3,000 Detroit, Michigan, Senior Lien Sewerage Disposal System 7/11 at 100.00 AAA 3,096,210
Revenue Bonds, Series 2001A, 5.125%, 7/01/31 - FGIC 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 2,557,950
3,000 5.500%, 7/01/33 - FGIC Insured 7/11 at 101.00 AAA 3,244,080
5,000 Detroit, Michigan, Senior Lien Water Supply System Revenue 7/13 at 100.00 AAA 5,216,750
Bonds, Series 2003A, 5.000%, 7/01/25 - MBIA Insured
1,625 Lansing, Michigan, Sewerage Disposal System Revenue Bonds, 5/14 at 100.00 AAA 1,708,683
Series 2003, 5.000%, 5/01/21 - FGIC Insured
4,055 Michigan Municipal Bond Authority, Drinking Water Revolving 10/14 at 100.00 AAA 4,266,184
Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24
1,500 Michigan Municipal Bond Authority, Clean Water Revolving 10/15 at 100.00 AAA 1,591,440
Fund Revenue Bonds, Series 2005, 5.000%, 10/01/22
- -------------------------------------------------------------------------------------------------------------------
$ 253,125 Total Long-Term Investments (cost $230,729,801) - 99.4% 243,895,385
- -------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 0.6% 1,593,299
------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 245,488,684
------------------------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic principal
paydowns.
** 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.
- ----
35
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND
November 30, 2005
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 $ 2,127,081
Senior Lien Revenue Bonds, St. Louis Convention Center
Headquarters Hotel, Series 2000A, 0.000%, 7/15/15 - AMBAC
Insured
- -------------------------------------------------------------------------------------------------------------------
Consumer Staples - 4.5%
3,000 Cape Girardeau County Industrial Development Authority, 5/08 at 101.00 AA- 3,064,110
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- 8,698,995
Revenue Bonds, Procter and Gamble Inc., Series 1999,
5.200%, 3/15/29 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 7.8%
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 1,057,740
1,200 5.000%, 11/01/31 11/13 at 100.00 AA 1,238,352
1,000 Kansas City Metropolitan Community Colleges Building 7/11 at 100.00 Aaa 1,084,020
Corporation, Missouri, Leasehold Revenue Bonds, Junior
College District of Metropolitan Kansas City, Series 2001,
5.500%, 7/01/18 - FGIC Insured
4,190 Missouri Higher Education Loan Authority, Subordinate Lien 2/06 at 100.00 A2 4,260,643
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 AAA 1,130,270
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 1,028,330
1,750 5.750%, 6/15/17 6/07 at 101.00 Baa2 1,796,165
1,100 Missouri Health and Educational Facilities Authority, 10/08 at 100.00 N/R 1,106,094
Revenue Bonds, Barstow School, Series 1998, 5.250%,
10/01/23
900 Missouri Health and Educational Facilities Authority, 6/08 at 102.00 A1 947,610
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 1,169,751
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 1,469,616
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:
550 7.625%, 12/01/09 (Alternative Minimum Tax) 12/05 at 100.00 N/R 551,100
1,000 7.750%, 12/01/13 (Alternative Minimum Tax) 12/05 at 100.00 N/R 1,015,200
500 7.875%, 12/01/24 (Alternative Minimum Tax) 12/05 at 100.00 N/R 508,100
2,060 Southeast Missouri State University, System Facilities 4/11 at 100.00 Aaa 2,114,652
Revenue Refunding and Improvement Bonds, Series 2001,
5.000%, 4/01/26 - MBIA Insured
- -------------------------------------------------------------------------------------------------------------------
Healthcare - 9.4%
1,250 Joplin Industrial Development Authority, Missouri, Health 2/15 at 102.00 BBB+ 1,286,263
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 1,046,750
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 1,035,360
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+ 2,881,285
Revenue Bonds, Lake Regional Health System, Series 2003,
5.700%, 2/15/34
1,000 Missouri Health and Educational Facilities Authority, 5/15 at 100.00 AA 1,037,370
Revenue Bonds, BJC Health System, Series 2005A, 5.000%,
5/15/22
- ----
36
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+ $ 1,525,500
1,300 5.250%, 2/15/28 2/08 at 102.00 BBB+ 1,302,561
500 Missouri Health and Educational Facilities Authority, 11/06 at 100.00 BBB+ 501,245
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 1,346,172
2,000 6.250%, 12/01/30 12/10 at 101.00 A 2,131,920
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 1,570,205
4,740 0.000%, 9/01/21 - MBIA Insured No Opt. Call AAA 2,290,652
6,300 0.000%, 9/01/22 - MBIA Insured No Opt. Call AAA 2,888,235
1,000 New Liberty Hospital District, Missouri, Revenue Bonds, 12/11 at 100.00 AAA 1,034,280
Series 2001, 5.000%, 12/01/21 - AMBAC Insured
2,880 Taney County Industrial Development Authority, Missouri, 5/08 at 101.00 BBB 2,933,165
Hospital Revenue Bonds, Skaggs Community Hospital
Association, Series 1998, 5.400%, 5/15/28
- ---------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 6.8%
1,320 Clay County Industrial Development Authority, Missouri, 7/13 at 105.00 AAA 1,426,247
GNMA Multifamily Housing Revenue Bonds, Oak Creek
Apartments, Series 2002, 6.125%, 7/20/25 (Alternative
Minimum Tax)
2,545 Missouri Housing Development Commission, Multifamily 4/08 at 102.00 N/R 2,587,272
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:
265 6.200%, 5/20/19 5/12 at 105.00 Aaa 278,984
975 6.300%, 5/20/37 5/12 at 105.00 Aaa 1,031,160
1,805 St. Louis County Industrial Development Authority, 1/09 at 105.00 AAA 1,843,789
Missouri, GNMA Collateralized Subordinate Lien Housing
Revenue Refunding Bonds, Southfield and Oak Forest II
Apartments, Series 2002A, 5.200%, 1/20/36
9,105 St. Louis County Industrial Development Authority, 8/06 at 105.00 AAA 9,623,257
Missouri, GNMA Mortgage-Backed Multifamily Housing Revenue
Bonds, Covington Manor Apartments, Series 1996A, 6.875%,
8/20/36 (Alternative Minimum Tax)
925 Universal City Industrial Development Authority, Missouri, 8/07 at 102.00 Aaa 954,581
GNMA Collateralized Revenue Refunding Bonds, River Valley
Apartments, Series 1997A, 5.900%, 2/20/37
- ---------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.0%
190 Missouri Housing Development Commission, GNMA/FNMA Single 1/07 at 102.00 AAA 191,999
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1996D, 6.125%, 3/01/28 (Alternative Minimum Tax)
55 Missouri Housing Development Commission, GNMA/FNMA Single 3/07 at 105.00 AAA 55,347
Family Mortgage Revenue Bonds, Homeownership Loan Program,
Series 1997A-2, 7.300%, 3/01/28 (Alternative Minimum Tax)
165 Missouri Housing Development Commission, Single Family 3/06 at 105.00 AAA 166,416
Mortgage Revenue Bonds, Homeownership Loan Program, Series
1995C, 7.250%, 9/01/26 (Alternative Minimum Tax)
Missouri Housing Development Commission, GNMA Single Family
Remarketed Mortgage Revenue Bonds, Homeownership Loan
Program, Series 1995B:
390 6.375%, 9/01/20 (Alternative Minimum Tax) 9/06 at 102.00 AAA 391,950
315 6.450%, 9/01/27 (Alternative Minimum Tax) 9/06 at 102.00 AAA 316,997
130 Missouri Housing Development Commission, Single Family 9/06 at 105.00 AAA 131,114
Mortgage Revenue Bonds, Homeownership Loan Program, Series
1996B, 7.550%, 9/01/27 (Alternative Minimum Tax)
165 Missouri Housing Development Commission, Single Family 3/08 at 105.00 AAA 172,631
Mortgage Revenue Bonds, Homeownership Loan Program, Series
1998B-2, 6.400%, 3/01/29 (Alternative Minimum Tax)
- ----
37
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 420 Missouri Housing Development Commission, Single Family 9/09 at 100.00 AAA $ 426,888
Mortgage Revenue Bonds, Homeownership Loan Program, Series
2000A-1, 6.300%, 9/01/25 (Alternative Minimum Tax)
270 Missouri Housing Development Commission, Single Family 3/10 at 100.00 AAA 272,543
Mortgage Revenue Bonds, Homeownership Loan Program, Series
2000B-1, 6.200%, 9/01/25 (Alternative Minimum Tax)
3,000 Missouri Housing Development Commission, Single Family 9/14 at 100.00 AAA 3,181,590
Mortgage Revenue Bonds, Homeownership Loan Program, Series
2005A-1, 5.900%, 9/01/35 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
Long-Term Care - 8.9%
1,000 Cole County Industrial Development Authority, Missouri, 2/14 at 100.00 N/R 1,034,610
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 3,953,775
Retirement Center Revenue Refunding and Improvement Bonds,
Kingswood Project, Series 1998A, 5.875%, 11/15/29
1,000 Lees Summit Industrial Development Authority, Missouri, 2/06 at 102.00 N/R 1,021,720
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 5,286,050
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 1,587,690
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 1,336,901
Revenue Bonds, Lutheran Home for the Aged, Series 2001A,
5.600%, 11/01/21
3,500 Missouri Health and Educational Facilities Authority, 2/07 at 102.00 N/R 3,615,360
Revenue Bonds, Lutheran Senior Services, Series 1997,
5.875%, 2/01/23
1,800 St. Louis County Industrial Development Authority, 9/06 at 102.00 N/R 1,851,552
Missouri, Revenue Refunding Bonds, Friendship Village of
West County, Series 1996A, 6.250%, 9/01/10
2,425 St. Louis County Industrial Development Authority, 2/06 at 104.00 AAA 2,531,555
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 1,251,348
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 1,032,340
Bonds, Lafarge North America Inc., Series 2003A, 5.650%,
6/01/37 (Alternative Minimum Tax)
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 14.0%
1,500 Branson Reorganized School District R-4, Taney County, 3/15 at 100.00 AAA 1,569,450
Missouri, General Obligation Bonds, Series 2005, 5.000%,
3/01/25 - FSA Insured
1,465 Camdenton Reorganized School District R3, Camden County, 3/12 at 100.00 AAA 1,581,468
Missouri, General Obligation Bonds, Series 2004, 5.250%,
3/01/24 - FSA Insured
1,500 Camdenton Reorganized School District R3, Camden County, No Opt. Call AAA 1,620,225
Missouri, General Obligation Bonds, Series 2005, 5.250%,
3/01/24 - FSA Insured
2,000 Cass County Reorganized School District R-II, Raymore and 3/12 at 100.00 AAA 2,136,060
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+ 574,765
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 1,339,520
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 1,068,030
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 2,639,925
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 1,071,060
General Obligation Refunding and Improvement Bonds, Series
2002, 5.250%, 3/01/18 - FSA Insured
- ----
38
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 1,450 Jackson County Reorganized School District R-7, Lees 3/14 at 100.00 Aaa $ 1,525,458
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 1,111,890
Obligation Bonds, Series 1991A, 6.700%, 3/01/11
3,000 Kansas City, Missouri, General Obligation Bonds, Series 2/14 at 100.00 AA 3,146,370
2004F, 5.000%, 2/01/24
1,000 Pevely, Missouri, General Obligation Bonds, Series 2004, 3/13 at 100.00 AA 1,050,640
5.250%, 3/01/24 - RAAI Insured
2,275 Platte County Reorganized School District R3, Missouri, 3/14 at 100.00 AAA 2,403,128
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+ 811,605
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 1,591,512
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 2,049,492
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 1,698,026
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 3,069,235
3,000 5.000%, 3/01/22 - FGIC Insured 3/13 at 100.00 AAA 3,164,640
1,500 5.000%, 3/01/23 - FGIC Insured 3/13 at 100.00 AAA 1,578,195
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 18.6%
760 Brentwood, Missouri, Tax Increment Refunding Bonds, 4/09 at 100.00 AA 770,800
Promenade Project, Series 2002, 4.700%, 4/01/19 - RAAI
Insured
1,290 Cape Girardeau County Building Corporation, Missouri, 3/16 at 100.00 AAA 1,403,494
Leasehold Revenue Bonds, Reorganized School District R-02,
Jackson R-II School District High School Project, Series
2005, 5.250%, 3/01/21 - MBIA Insured
1,875 Christian County Public Building Corporation, Missouri, 6/10 at 100.00 AA 1,996,181
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 1,113,008
Series 2004, 5.000%, 12/01/19 - FGIC Insured
2,745 Fenton, Missouri, Tax Increment Refunding and Improvement 10/12 at 100.00 N/R 2,810,825
Revenue Bonds, Gravois Bluffs Redevelopment Project,
Series 2002, 6.125%, 10/01/21
3,000 Harrisonville, Missouri, Lease Participation Certificates, 12/13 at 100.00 AAA 3,121,350
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 3,638,918
Levee District Improvement Bonds, Series 1999, 5.850%,
3/01/19
3,885 Missouri Association of Rural Education, Pulaski County, 3/09 at 100.00 AAA 4,057,300
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 1,621,620
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+ 4,099,640
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 2,036,300
Facilities Revenue Bonds, Riverside-Quindaro Bend Levee
District L-385, Series 2001, 5.800%, 3/01/20
1,920 Missouri Development Finance Board, Infrastructure 6/15 at 100.00 BBB+ 1,927,200
Facilities Revenue Bonds, Branson Landing Project, Series
2005A, 5.000%, 6/01/35
450 Monarch-Chesterfield Levee District, St. Louis County, 3/10 at 101.00 AAA 489,906
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 1,834,000
2002, 5.250%, 2/01/15 - MBIA Insured
500 Puerto Rico, Highway Revenue Bonds, Highway and 7/16 at 100.00 BBB+ 527,230
Transportation Authority, Series 1996Y, 5.500%, 7/01/36
- ----
39
Portfolio of Investments (Unaudited)
NUVEEN MISSOURI MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
$ 3,000 Puerto Rico Public Buildings Authority, Guaranteed No Opt. Call BBB $ 3,324,090
Government Facilities Revenue Bonds, Series 1993L, 5.500%,
7/01/21
1,170 Riverside, Missouri, L-385 Levee Redevelopment Plan Tax 5/15 at 100.00 BBB 1,194,792
Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
600 St. Joseph Industrial Development Authority, Missouri, Tax 11/14 at 100.00 N/R 595,068
Increment Bonds, Shoppes at North Village Project, Series
2005A, 5.500%, 11/01/27
1,000 St. Joseph Industrial Development Authority, Missouri, Tax 11/14 at 100.00 N/R 991,780
Increment Bonds, Shoppes at North Village Project, Series
2005B, 5.500%, 11/01/27
1,240 St. Louis Municipal Finance Corporation, Missouri, 2/12 at 100.00 Aaa 1,364,967
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 1,799,385
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 3,242,670
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 2,601,825
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 2,000,958
Lease Revenue Bonds, Jordan Valley Park Exposition Center,
Series 2002A, 5.000%, 6/01/27 - AMBAC Insured
- -------------------------------------------------------------------------------------------------------------------
Transportation - 9.1%
2,000 Kansas City, Missouri, Passenger Facility Charge Revenue 4/11 at 101.00 AAA 2,037,360
Bonds, Kansas City International Airport, Series 2001,
5.000%, 4/01/23 (Alternative Minimum Tax) - AMBAC Insured
5,000 St. Louis, Missouri, Airport Revenue Bonds, Airport 7/11 at 100.00 AAA 5,133,250
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 3,707,473
1,000 5.250%, 7/01/18 - FSA Insured 7/13 at 100.00 AAA 1,070,590
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St.
Louis International Airport, Series 2005:
3,320 5.000%, 7/01/22 - MBIA Insured 7/15 at 100.00 AAA 3,467,707
2,395 5.000%, 7/01/23 - MBIA Insured 7/15 at 100.00 AAA 2,495,853
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 1,068,020
2,400 7.050%, 9/01/24 9/09 at 102.00 N/R 2,552,952
2,250 St. Louis, Missouri, Revenue Refunding Bonds, Parking 12/06 at 102.00 AAA 2,334,780
Facility, Series 1996, 5.375%, 12/15/21 - MBIA Insured
- -------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** - 6.5%
2,285 Branson Public Building Corporation, Missouri, Leasehold 11/06 at 101.00 N/R*** 2,368,814
Revenue Bonds, City Hall and Fire Station Improvement
Projects, Series 1995, 6.250%, 11/01/12 (Pre-refunded to
11/01/06)
4,500 Cape Girardeau County, Missouri, Single Family Mortgage No Opt. Call Aaa 3,090,645
Revenue Bonds, Series 1983, 0.000%, 12/01/14
1,025 Excelsior Springs School District, Missouri, Leasehold No Opt. Call AAA 728,949
Revenue Bonds, Series 1994, 0.000%, 3/01/14 - FSA Insured
235 Greene County, Missouri, Single Family Mortgage Revenue No Opt. Call Aaa 151,272
Bonds, Series 1984, 0.000%, 3/01/16
Mehlville School District R-9, St. Louis County, Missouri,
Certificates of Participation, Capital Improvement
Projects, Series 2002:
1,275 5.500%, 9/01/17 (Pre-refunded to 9/01/12) - FSA Insured 9/12 at 100.00 AAA 1,409,984
1,000 5.500%, 9/01/18 (Pre-refunded to 9/01/12) - FSA Insured 9/12 at 100.00 AAA 1,105,870
1,895 Missouri Health and Educational Facilities Authority, No Opt. Call Aaa 2,272,579
Revenue Bonds, BJC Health System, Series 1994A, 6.750%,
5/15/14
- ----
40
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** (continued)
$ 3,750 Missouri Health and Educational Facilities Authority, 2/06 at 102.00 N/R*** $ 3,844,500
Revenue Bonds, Lutheran Senior Services, Series 1996A,
6.375%, 2/01/27 (Pre-refunded to 2/01/06)
1,000 Missouri Health and Educational Facilities Authority, 1/10 at 100.00 AA*** 1,085,580
Revenue Bonds, Central Institute for the Deaf, Series
1999, 5.850%, 1/01/22 (Pre-refunded to 1/01/10) - RAAI
Insured
950 Texas County, Missouri, Hospital Revenue Bonds, Texas 6/10 at 100.00 N/R*** 1,087,779
County Memorial Hospital, Series 2000, 7.250%, 6/15/25
(Pre-refunded to 6/15/10)
- ------------------------------------------------------------------------------------------------------------------------
Utilities - 4.9%
2,710 Columbia, Missouri, Water and Electric Revenue Bonds, 10/12 at 100.00 AAA 2,799,295
Series 2002A, 5.000%, 10/01/26 - AMBAC Insured
1,195 Nixa, Missouri, Electric System Revenue Bonds, Series 2005, 4/13 at 100.00 AAA 1,229,273
5.000%, 4/01/25 - XLCA Insured
1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/12 at 101.00 AAA 1,052,820
Series 2002II, 5.125%, 7/01/26 - FSA Insured
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, No Opt. Call AAA 2,228,740
Series 2003NN, 5.250%, 7/01/23 - MBIA Insured
2,000 Sikeston, Missouri, Electric System Revenue Bonds, Series No Opt. Call AAA 2,175,200
1992, 6.200%, 6/01/10 - MBIA Insured
3,030 Sikeston, Missouri, Electric System Revenue Refunding No Opt. Call AAA 3,498,105
Bonds, Series 1996, 6.000%, 6/01/14 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 4.9%
1,825 Kansas City, Missouri, Sewerage System Revenue Bonds, 1/12 at 100.00 AA 1,960,324
Series 2002D-1, 5.375%, 1/01/22
3,385 Metropolitan St. Louis Sewerage District, Missouri, Revenue 5/14 at 100.00 AAA 3,578,961
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 1,733,198
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 1,673,136
Infrastructure Facilities Revenue Bonds, Water System
Improvement Projects, Series 2004, 5.000%, 11/01/24 -
AMBAC Insured
1,000 Missouri Environmental Improvement and Energy Resources 7/15 at 100.00 Aaa 1,054,080
Authority, Water Pollution Control and Drinking Water
Revenue Bonds, State Revolving Fund Program, Series 2005A,
5.000%, 7/01/25
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 771,320
1,000 5.250%, 12/01/28 - MBIA Insured 12/11 at 100.00 Aaa 1,053,300
1,000 West Plains, Missouri, Sewerage System Revenue Bonds, 7/12 at 100.00 AAA 1,073,820
Series 2004, 5.125%, 7/01/24 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------
$ 256,780 Total Long-Term Investments (cost $247,521,165) - 98.6% 258,993,988
- ------------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.4% 3,621,692
-----------------------------------------------------------------------------------------------------
Net Assets - 100% $ 262,615,680
-----------------------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic principal
paydowns.
** 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.
See accompanying notes to financial statements.
- ----
41
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- -------------------------------------------------------------------------------------------------------------------
Consumer Staples - 1.3%
$ 6,830 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 6,922,342
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- -------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 8.8%
4,090 Cleveland State University, Ohio, General Receipts Bonds, 6/13 at 100.00 AAA 4,295,482
Series 2003A, 5.000%, 6/01/23 - FGIC Insured
1,200 Ohio Higher Educational Facilities Commission, Revenue 9/06 at 101.00 Ba1 1,218,948
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 5,221,950
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 1,079,000
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 1,264,128
2,000 5.000%, 12/01/26 12/11 at 100.00 Baa1 2,018,060
2,730 Ohio Higher Educational Facilities Commission, Revenue 11/14 at 100.00 AA 2,878,512
Bonds, Denison University, Series 2004, 5.000%, 11/01/20
Ohio Higher Educational Facilities Commission, Revenue
Bonds, University of Dayton, Series 2004:
1,315 5.000%, 12/01/25 - AMBAC Insured 12/14 at 100.00 AAA 1,369,651
1,060 5.000%, 12/01/27 - AMBAC Insured 12/14 at 100.00 AAA 1,099,273
910 Ohio Higher Education Facilities Commission, Revenue Bonds, No Opt. Call AA- 1,107,270
Case Western Reserve University, Series 1990B, 6.500%,
10/01/20
3,000 Ohio Higher Education Facilities Commission, Revenue Bonds, 10/12 at 100.00 AA- 3,275,670
Case Western Reserve University, Series 2002B, 5.500%,
10/01/22
1,750 Ohio Higher Education Facilities Commission, General 10/13 at 100.00 AA 1,833,108
Revenue Bonds, Oberlin College, Series 2003, 5.125%,
10/01/24
Ohio Higher Education Facilities Commission, General
Revenue Bonds, Case Western Reserve University, Series
2004A:
2,310 5.000%, 12/01/16 - AMBAC Insured 12/13 at 100.00 AAA 2,456,292
2,825 5.000%, 12/01/17 - AMBAC Insured 12/13 at 100.00 AAA 2,993,992
2,975 5.000%, 12/01/18 - AMBAC Insured 12/13 at 100.00 AAA 3,140,529
Ohio Higher Education Facilities Commission, Revenue Bonds,
Wittenburg University, Series 2005:
1,000 5.000%, 12/01/24 12/15 at 100.00 Baa1 1,008,230
1,000 5.000%, 12/01/29 12/15 at 100.00 Baa1 997,920
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 1,954,094
1,900 5.000%, 12/01/23 - MBIA Insured 6/14 at 100.00 AAA 1,990,440
2,000 University of Cincinnati, Ohio, General Receipts Bonds, 6/11 at 101.00 AAA 2,140,920
Series 2001A, 5.250%, 6/01/24 - FGIC Insured
1,675 University of Cincinnati, Ohio, General Receipts Bonds, 6/14 at 100.00 AAA 1,762,033
Series 2004A, 5.000%, 6/01/21 - AMBAC Insured
University of Cincinnati, Ohio, General Receipts Bonds,
Series 2004D:
1,325 5.000%, 6/01/24 - AMBAC Insured 6/14 at 100.00 AAA 1,383,274
1,005 5.000%, 6/01/26 - AMBAC Insured 6/14 at 100.00 AAA 1,047,029
1,025 University of Cincinnati, Ohio, General Receipts Bonds, 12/14 at 100.00 AAA 1,080,832
Series 2004E, 5.000%, 6/01/21 - AMBAC Insured
- -------------------------------------------------------------------------------------------------------------------
Healthcare - 12.8%
7,000 Akron, Bath and Copley Joint Township Hospital District, 11/09 at 101.00 Baa1 7,109,270
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 1,126,674
Ohio, Hospital Revenue Bonds, Children's Hospital Medical
Center, Series 2003, 5.250%, 11/15/25 - FSA Insured
1,000 Cuyahoga County, Ohio, Hospital Revenue Refunding and 2/07 at 102.00 AAA 1,043,570
Improvement Bonds, MetroHealth System, Series 1997,
5.625%, 2/15/17 - MBIA Insured
- ----
42
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------------
Healthcare (continued)
$ 4,400 Cuyahoga County, Ohio, Revenue Refunding Bonds, Cleveland 7/13 at 100.00 Aa3 $ 4,822,972
Clinic Health System, Series 2003A, 6.000%, 1/01/32
2,500 Erie County, Ohio, Hospital Facilities Revenue Bonds, 8/12 at 101.00 A 2,597,925
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 1,611,288
5,275 5.875%, 11/01/25 11/06 at 101.00 Aa2 5,386,408
965 Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross 6/06 at 102.00 AA- 993,853
Health System Corporation, Series 1996, 5.800%, 6/01/16
2,000 Miami County, Ohio, Hospital Facilities Revenue Refunding 5/06 at 102.00 BBB+ 2,056,780
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+ 4,326,945
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 4,274,280
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 1,540,620
7,000 6.250%, 4/01/20 - MBIA Insured No Opt. Call AAA 8,421,350
9,500 Montgomery County, Ohio, Hospital Facilities Revenue Bonds, 4/10 at 101.00 A 10,401,265
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 7,814,482
Initiatives, Series 2001, 5.375%, 9/01/21
2,520 Montgomery County, Ohio, Revenue Bonds, Catholic Health No Opt. Call AA 2,566,192
Initiatives, Series 2004A, 5.000%, 5/01/32
1,250 Parma Community General Hospital Association, Ohio, 11/08 at 101.00 A- 1,290,800
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- 2,174,960
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 1,234,056
Union Hospital Project, Series 2001, 5.250%, 10/01/31 -
RAAI Insured
- ---------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.5%
1,075 Clark County, Ohio, Multifamily Housing Revenue Bonds, 11/08 at 103.00 N/R 983,421
Church of God Retirement Home, Series 1998, 6.250%,
11/01/30 (Alternative Minimum Tax)
80 Franklin County, Ohio, GNMA Collateralized Mortgage Revenue 10/07 at 103.00 Aaa 82,274
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 3,152,915
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 2,907,767
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 6,646,980
Assisted Mortgage Loan Revenue Refunding Bonds, Series
1999G, 5.950%, 2/01/23
- ---------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.2%
650 Ohio Housing Finance Agency, GNMA Mortgage-Backed 7/09 at 100.00 Aaa 653,114
Securities Program Residential Mortgage Revenue Bonds,
Series 1999C, 5.750%, 9/01/30 (Alternative Minimum Tax)
2,090 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 2,130,107
Securities Program Residential Mortgage Revenue Bonds,
Series 1996B-3, 5.750%, 9/01/28 (Alternative Minimum Tax)
2,245 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 2,309,117
Securities Program Residential Mortgage Revenue Bonds,
Series 1997C, 5.750%, 9/01/28 (Alternative Minimum Tax)
- ----
43
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------------
Housing/Single Family (continued)
$ 2,165 Ohio Housing Finance Agency, GNMA Mortgage-Backed 3/08 at 101.50 AAA $ 2,219,493
Securities Program Residential Mortgage Revenue Bonds,
Series 1998A-1, 5.300%, 9/01/19 (Alternative Minimum Tax)
- FSA Insured
4,595 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 4,699,398
Securities Program Residential Mortgage Remarketed Revenue
Bonds, Series 1997A-1, 6.150%, 3/01/29 (Alternative
Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------
Industrials - 0.9%
2,300 Cleveland-Cuyahoga County Port Authority, Ohio, Development 5/08 at 102.00 N/R 2,325,806
Revenue Bonds, Jergens Inc., Series 1998A, 5.375%, 5/15/18
(Alternative Minimum Tax)
410 Cleveland-Cuyahoga County Port Authority, Ohio, Development 11/15 at 100.00 N/R 408,364
Revenue Bonds, Bond Fund Program - Columbia National Group
Project, Series 2005D, 5.000%, 5/15/20 (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- 515,185
675 5.450%, 6/01/22 (Alternative Minimum Tax) 6/12 at 102.00 AA- 709,088
1,020 Ohio, Economic Development Revenue Bonds, Enterprise Bond No Opt. Call AA- 1,066,808
Fund Loan Pool, Series 2002-7, 5.850%, 12/01/22
(Alternative Minimum Tax)
- ---------------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.5%
3,120 Franklin County, Ohio, Healthcare Facilities Revenue Bonds, 5/06 at 102.00 Aa2 3,187,392
Heinzerling Foundation, Series 1995, 6.200%, 11/01/20
2,000 Franklin County, Ohio, Healthcare Facilities Revenue Bonds, 7/12 at 100.00 AA 2,052,140
Presbyterian Retirement Services, Series 2002A, 5.125%,
7/01/22 - RAAI Insured
460 Franklin County, Ohio, FHA-Insured Hospital Revenue 2/06 at 100.00 N/R 460,948
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 1,254,225
Towers, Series 1998A, 5.125%, 10/01/23
1,570 Napoleon, Ohio, FHA-Insured Healthcare Facilities Mortgage 3/06 at 101.00 Aa2 1,589,264
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+ 1,002,970
Bonds, Cargill Inc., Series 2004A, 4.800%, 3/1/2022
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 25.1%
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 7,233,540
9,500 5.250%, 12/01/21 - MBIA Insured 12/05 at 102.00 AAA 9,702,445
600 Anthony Wayne Local School District, Lucas, Wood and Fulton No Opt. Call AAA 432,012
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 756,133
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 2,932,900
General Obligation Bonds, Series 1995A, 6.850%, 12/01/15 -
MBIA Insured
Canal Winchester Local School District, Franklin and
Fairfield Counties, Ohio, General Obligation Bonds, Series
2005B:
3,420 5.000%, 12/01/26 - MBIA Insured 6/15 at 100.00 Aaa 3,582,040
3,590 5.000%, 12/01/27 - MBIA Insured 6/15 at 100.00 Aaa 3,751,550
3,030 5.000%, 12/01/28 - MBIA Insured 6/15 at 100.00 Aaa 3,161,563
2,515 Canton City School District, Stark County, Ohio, General 6/15 at 100.00 AAA 2,682,474
Obligation Bonds, Series 2005, 5.000%, 12/01/19 - MBIA
Insured
2,295 Central Ohio Solid Waste Authority, General Obligation 6/14 at 100.00 AAA 2,453,401
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%, 12/01/05 No Opt. Call N/R 125,018
125 8.500%, 12/01/06 No Opt. Call N/R 130,926
- ----
44
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
$ 125 8.500%, 12/01/07 No Opt. Call N/R $ 136,359
125 8.500%, 12/01/08 No Opt. Call N/R 141,570
130 8.500%, 12/01/09 No Opt. Call N/R 152,185
2,620 Cleveland Municipal School District, Cuyahoga County, Ohio, 6/14 at 100.00 AAA 2,763,786
General Obligation Bonds, Series 2004, 5.000%, 12/01/20 -
FSA Insured
Columbus, Franklin County, Ohio, General Obligation Bonds,
Series 1985:
590 9.375%, 4/15/06 No Opt. Call AAA 603,145
500 9.375%, 4/15/07 No Opt. Call AAA 539,750
1,000 Cuyahoga County, Ohio, Limited Tax General Obligation No Opt. Call AA+ 1,098,130
Various Purpose Refunding Bonds, Series 1993B, 5.250%,
10/01/13
1,345 Cuyahoga County, Ohio, Limited Tax General Obligation No Opt. Call AA+ 1,537,577
Bonds, Series 1993, 5.650%, 5/15/18
2,675 Cuyahoga County, Ohio, General Obligation Bonds, Series 12/14 at 100.00 AA+ 2,822,767
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 1,325,215
1,440 5.000%, 12/01/21 - MBIA Insured 6/14 at 100.00 Aaa 1,519,027
1,170 Dayton, Ohio, General Obligation Bonds, Series 2004, 6/14 at 100.00 AAA 1,278,681
5.250%, 12/01/15 - AMBAC 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 828,060
1,000 0.000%, 12/01/11 - FGIC Insured No Opt. Call AAA 792,920
1,000 Fairview Park, Ohio, General Obligation Bonds, Series 2005, 12/15 at 100.00 Aaa 1,049,370
5.000%, 12/01/25 - MBIA Insured
1,005 Findlay, Ohio, General Obligation Bonds, Series 2004, 7/14 at 100.00 AAA 1,099,701
5.250%, 7/01/15 - MBIA Insured
4,040 Franklin County, Ohio, Limited Tax General Obligation 12/08 at 102.00 AAA 4,316,174
Refunding Bonds, Series 1993, 5.375%, 12/1/2020
1,000 Garfield Heights City School District, Cuyahoga County, 12/11 at 100.00 Aaa 1,090,140
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 429,652
District Improvement Bonds, Bainbridge Water Project,
Series 1995, 6.850%, 12/01/10
3,000 Granville Exempt Village School District, Ohio, General 12/11 at 100.00 Aa2 3,229,740
Obligation Bonds, Series 2001, 5.500%, 12/1/2028
3,810 Greater Cleveland Regional Transit Authority, Ohio, General 12/14 at 100.00 Aaa 4,073,385
Obligation Bonds, Series 2004, 5.000%, 12/01/17 - MBIA
Insured
1,000 Butler County, Hamilton, Ohio, Limited Tax General 11/11 at 101.00 Aaa 1,085,610
Obligation Bonds, One Renaissance Center Acquisition,
Series 2001, 5.375%, 11/01/17 - AMBAC Insured
1,270 Kenston Local School District, Geauga County, Ohio, General 6/13 at 100.00 Aaa 1,334,973
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 1,485,932
Obligation Library Improvement Bonds, Series 2004, 5.000%,
12/01/20 - FGIC Insured
1,070 Kettering, Ohio, Limited Tax General Obligation Bonds, 12/05 at 100.00 Aa3 1,073,082
Series 1991, 6.650%, 12/01/12
555 Lake County, Ohio, Limited Tax Sewer District Improvement No Opt. Call Aa2 628,493
Bonds, Series 2000, 5.600%, 12/01/20
3,385 Lakota Local School District, Butler County, Ohio, 6/11 at 100.00 Aaa 3,508,789
Unlimited Tax General Obligation School Improvement and
Refunding Bonds, Series 2001, 5.125%, 12/01/26 - FGIC
Insured
Logan County, Ohio, General Obligation Bonds, Series 1986:
155 7.750%, 12/01/05 No Opt. Call A+ 155,019
155 7.750%, 12/01/06 No Opt. Call A+ 161,660
255 Lucas County, Ohio, General Obligation Bonds, Various No Opt. Call A1 259,001
Improvements, Series 1992, 6.650%, 12/01/12
1,265 Monroe Local School District, Butler County, Ohio, General No Opt. Call Aaa 1,483,769
Obligation Bonds, Series 2002, 5.750%, 12/01/20 - AMBAC
Insured
- ----
45
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/General (continued)
Oak Hills Local School District, Hamilton County, Ohio,
General Obligation Bonds, Series 2005:
$ 3,740 5.000%, 12/01/23 - FSA Insured 12/15 at 100.00 AAA $ 3,937,023
1,000 5.000%, 12/01/25 - FSA Insured 12/15 at 100.00 AAA 1,048,540
1,000 Ohio, Common Schools Capital Facilities, General Obligation 9/11 at 100.00 AA+ 1,051,290
Bonds, Series 2001B, 5.000%, 9/15/21
1,000 Ohio, Full Faith and Credit General Obligation No Opt. Call AA+ 1,104,970
Infrastructure Improvement Bonds, Series 1994,
6.000%, 8/01/10
8,140 Ohio, General Obligation Higher Education Capital 2/11 at 100.00 AA+ 8,516,719
Facilities Bonds, Series 2001A, 5.000%, 2/01/20
730 Ohio, General Obligation Bonds, Common Schools, Series 3/14 at 100.00 AA+ 769,186
2004B, 5.000%, 3/15/21
6,055 Ohio, General Obligation Bonds, Infrastructure 2/13 at 100.00 AA+ 6,371,798
Improvements, Series 2003F, 5.000%, 2/01/22
3,000 Ohio, General Obligation Bonds, Series 2005, 5.000%, 5/01/23 5/15 at 100.00 AA+ 3,152,850
4,035 Olentangy Local School District, Delaware and Franklin 12/09 at 101.00 AA 4,127,200
Counties, Ohio, Various Purpose Bonds, Series 1999,
5.000%, 12/01/27
Olentangy Local School District, Delaware and Franklin
Counties, Ohio, General Obligation Bonds, Series 2004A:
400 5.250%, 12/01/21 - FGIC Insured 6/14 at 100.00 AAA 431,404
3,055 5.250%, 12/01/22 - FGIC Insured 6/14 at 100.00 AAA 3,288,035
1,495 Otsego Local School District, Wood, Henry and Lucas 12/14 at 100.00 Aaa 1,630,821
Counties, Ohio, General Obligation Bonds, Series 2004,
5.375%, 12/01/22 - FSA Insured
3,315 South Point Local School District, Lawrence County, Ohio, 12/14 at 100.00 AAA 3,475,347
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 3,768,975
General Obligation Bonds, Series 2001, 5.200%, 12/01/23 -
FGIC Insured
1,500 Strongsville, Ohio, General Obligation Bonds, Series 2001, 12/11 at 100.00 Aaa 1,577,790
5.000%, 12/01/21 - FGIC Insured
30 Strongsville, Ohio, Limited Tax General Obligation Various 12/06 at 102.00 Aa2 31,323
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 1,279,693
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 1,508,581
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 2,389,798
Facilities Construction and Improvement Bonds, Series
2001, 5.000%, 12/01/24 - FGIC Insured
3,755 Toledo City School District, Lucas County, General 12/13 at 100.00 Aaa 3,958,671
Obligation Bonds, Series 2003B, 5.000%, 12/01/22 - FGIC
Insured
1,500 Upper Arlington City School District, Ohio, General 6/15 at 100.00 AAA 1,596,255
Obligation Bonds, Series 2005, 5.000%, 12/01/20 - FSA
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 1,475,046
1,515 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 Aaa 1,637,139
2,000 Westerville City School District, Franklin and Delaware 6/11 at 100.00 AAA 2,054,640
Counties, Ohio, Various Purpose General Obligation Bonds,
Series 2001, 5.000%, 12/01/27 - MBIA Insured
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 11.1%
1,850 Cleveland-Cuyahoga County Port Authority, Ohio, Development 11/14 at 100.00 AA 1,917,544
Revenue Bonds, R.I.T.A. Project, Series 2004, 5.000%,
11/15/19 - RAAI Insured
6,300 Cleveland, Ohio, Certificates of Participation, Cleveland 11/07 at 102.00 AAA 6,592,194
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 1,432,744
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 1,268,128
Bonds, Series 2002, 5.000%, 12/01/22 - MBIA Insured
- ----
46
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ---------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited (continued)
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 $ 2,421,187
1,000 5.000%, 12/01/21 - FGIC Insured 6/14 at 100.00 AAA 1,049,780
2,535 5.000%, 12/01/22 - FGIC Insured 6/14 at 100.00 AAA 2,651,990
3,300 Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series No Opt. Call Aaa 1,092,993
2000B, 0.000%, 12/01/28 - AMBAC Insured
1,485 New Albany Community Authority, Ohio, Community Facilities 4/12 at 100.00 AAA 1,626,149
Revenue Refunding Bonds, Series 2001B, 5.500%, 10/01/16 -
AMBAC Insured
1,000 Ohio, State Appropriation Lease Bonds, Parks and Recreation 2/15 at 100.00 AAA 1,082,730
Capital Facilities, Series 2005A-II, 5.250%, 2/01/19 - FSA
Insured
1,000 Ohio, State Appropriation Lease Bonds, Parks and Recreation 12/13 at 100.00 AA 1,071,440
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 1,583,766
Capital Facilities, Series 2003B-II, 5.000%, 6/01/16
1,050 Ohio State Building Authority, State Facilities Bonds, 4/12 at 100.00 AAA 1,098,983
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 2,136,740
Worker's Compensation Facilities Project, Series 2003A,
5.000%, 4/01/11 - FGIC Insured
1,900 Ohio State Building Authority, State Facilities Bonds, 4/15 at 100.00 AAA 1,988,616
Administrative Building Fund Projects, Series 2005A,
5.000%, 4/01/25 - FSA Insured
Ohio State Building Authority, State Facilities Bonds,
Adult Correctional Building Fund Project, Series 2005A:
3,135 5.000%, 4/01/23 - FSA Insured 4/15 at 100.00 AAA 3,295,951
5,390 5.000%, 4/01/24 - FSA Insured 4/15 at 100.00 AAA 5,654,056
870 Ohio Department of Transportation, Certificates of 4/06 at 100.00 AAA 872,375
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 14,094,171
Transportation Authority, Reset Option Long Certificates
II-R-66, Series 1996Y, 7.873%, 1/01/13 (IF) - MBIA Insured
6,550 Puerto Rico Public Buildings Authority, Guaranteed Revenue No Opt. Call AAA 8,377,843
Bonds, Reset Option Long Trust Certificates II-R56, Series
1993L, 7.873%, 7/01/18 (IF)
- ---------------------------------------------------------------------------------------------------------------------
Transportation - 4.2%
1,000 Dayton, Ohio, Airport Revenue Bonds, James M. Cox 12/13 at 100.00 AA 1,023,940
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 AAA 6,636,105
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- 6,524,550
Series II-R51, Series 1998A, 7.843%, 2/15/24 (IF)
7,500 Ohio Turnpike Commission, Revenue Bonds, ROL II-R75, No Opt. Call Aaa 9,267,000
7.843%, 2/15/12 (IF)
- ---------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** - 16.8%
585 Athens, Ohio, Sanitary Sewer System Mortgage Revenue Bonds, 12/09 at 100.00 N/R*** 646,530
Series 1989, 7.300%, 12/01/14 (Pre-refunded to 12/01/09)
Cincinnati City School District, Hamilton County, Ohio,
General Obligation Bonds, Series 2001:
2,000 5.375%, 12/01/15 (Pre-refunded to 12/01/11) - MBIA Insured 12/11 at 100.00 AAA 2,185,820
6,745 5.375%, 12/01/16 (Pre-refunded to 12/01/11) - MBIA Insured 12/11 at 100.00 AAA 7,371,678
1,255 5.375%, 12/01/17 (Pre-refunded to 12/01/11) - MBIA Insured 12/11 at 100.00 AAA 1,371,602
3,805 Cleveland, Ohio, General Obligation Bonds, Series 2002, 12/12 at 100.00 AAA 4,160,501
5.250%, 12/01/22 (Pre-refunded to 12/01/12) - MBIA Insured
7,045 Columbus, Ohio, General Obligation Bonds, Series 2000, 11/10 at 101.00 AAA 7,652,561
5.250%, 11/15/17 (Pre-refunded to 11/15/10)
5,830 Cuyahoga County, Ohio, Limited Tax General Obligation 12/10 at 100.00 AA+*** 6,419,355
Capital Improvement Bonds, Series 2000, 5.750%, 12/01/16
(Pre-refunded to 12/01/10)
- ----
47
Portfolio of Investments (Unaudited)
NUVEEN OHIO MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** (continued)
$ 11,900 Cuyahoga County, Ohio, Hospital Revenue and Improvement 2/09 at 101.00 A-*** $ 12,951,603
Bonds, MetroHealth System, Series 1999, 6.125%, 2/15/24
(Pre-refunded to 2/15/09)
1,000 Evergreen Local School District, Ohio, Unlimited Tax 12/09 at 101.00 Aaa 1,089,190
General Obligation School Improvement Bonds, Series 1999,
5.625%, 12/01/24 (Pre-refunded to 12/01/09) - FGIC Insured
2,000 Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross 6/06 at 102.00 AA-*** 2,065,940
Health System Corporation, Series 1996, 5.875%, 6/01/21
(Pre-refunded to 6/01/06)
1,600 Greene County, Ohio, Water System Revenue Bonds, Series 12/07 at 102.00 AAA 1,716,160
1996, 6.125%, 12/01/21 (Pre-refunded to 12/01/07) - FGIC
Insured
1,200 Heath City School District, Licking County, Ohio, Unlimited 12/10 at 100.00 Aaa 1,307,664
Tax General Obligation School Improvement Bonds, Series
2000A, 5.500%, 12/01/27 (Pre-refunded to 12/01/10) - FGIC
Insured
1,000 Huron County, Ohio, Limited Tax General Obligation 12/07 at 102.00 AAA 1,067,440
Correctional Facility Bonds, Series 1996, 5.850%, 12/01/16
(Pre-refunded to 12/01/07) - MBIA Insured
1,070 Lorain, Ohio, Hospital Revenue Refunding Bonds, Lakeland 5/06 at 100.00 A1*** 1,120,697
Community Hospital Inc., Series 1992, 6.500%, 11/15/12
2,000 Marion County, Ohio, Hospital Revenue Refunding and 5/06 at 102.00 BBB+*** 2,066,720
Improvement Bonds, The Community Hospital, Series 1996,
6.375%, 5/15/11 (Pre-refunded to 5/15/06)
1,750 Medina City School District, Medina County, Ohio, Unlimited 12/09 at 100.00 AAA 1,866,498
Tax General Obligation School Building Construction Bonds,
Series 1999, 5.250%, 12/01/28 (Pre-refunded to 12/01/09) -
FGIC Insured
2,000 Montgomery County, Ohio, Health System Revenue Bonds, 1/08 at 102.00 Baa2*** 2,123,980
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*** 6,022,672
Initiatives, Series 2001, 5.375%, 9/01/21
North Royalton City School District, Ohio, School
Improvement Bonds, Series 1994:
2,200 6.000%, 12/01/14 (Pre-refunded to 12/01/09) - MBIA Insured 12/09 at 102.00 AAA 2,445,124
2,400 6.100%, 12/01/19 (Pre-refunded to 12/01/09) - MBIA Insured 12/09 at 102.00 AAA 2,676,312
Ohio Housing Finance Agency, Single Family Mortgage Revenue
Bonds, Series 1985B:
6,460 0.000%, 1/15/15 (Pre-refunded to 1/15/11) - FGIC Insured 1/11 at 67.04 AAA 3,550,739
5,700 0.000%, 1/15/15 (Pre-refunded to 7/15/11) - FGIC Insured 7/11 at 70.48 AAA 3,223,293
4,260 Ohio Water Development Authority, Community Assistance 12/07 at 102.00 AAA 4,508,741
Bonds, Series 1997, 5.375%, 12/01/24 (Pre- refunded to
12/01/07) - AMBAC Insured
5,065 Ohio Water Development Authority, Loan Revenue Bonds, Pure No Opt. Call AAA 5,703,139
Water Development, Series 1990I, 6.000%, 12/01/16 - AMBAC
Insured
2,000 Ohio Water Development Authority, Revenue Bonds, Fresh 6/08 at 101.00 AAA 2,102,860
Water Development, Series 1998, 5.125%, 12/01/23
(Pre-refunded to 6/01/08) - FSA Insured
500 Pickerington Local School District, Fairfield County, Ohio, No Opt. Call AAA 395,760
General Obligation Bonds, Series 1993, 0.000%, 12/01/11 -
AMBAC Insured
University of Cincinnati, Ohio, General Receipts Bonds,
Series 2001A:
1,500 5.750%, 6/01/18 (Pre-refunded to 6/01/11) - FGIC Insured 6/11 at 101.00 AAA 1,670,835
1,520 5.750%, 6/01/19 (Pre-refunded to 6/01/11) - FGIC Insured 6/11 at 101.00 AAA 1,693,113
1,910 Vandalia, Ohio, General Obligation Bonds, Series 1996, 12/06 at 101.00 Aa3*** 1,978,856
5.850%, 12/01/21 (Pre-refunded to 12/01/06)
- ------------------------------------------------------------------------------------------------------------------------
Utilities - 6.1%
1,535 Cleveland Public Power System, Ohio, First Mortgage Revenue No Opt. Call AAA 1,107,410
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 2,580,350
Refunding Bonds, Series 1996-1, 5.000%, 11/15/24 - MBIA
Insured
565 Lebanon, Ohio, Electric System Mortgage Revenue Bonds, 12/10 at 101.00 AAA 615,087
Series 2001, 5.500%, 12/01/17 - AMBAC Insured
- ----
48
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------
Utilities (continued)
Ohio Municipal Electric Generation Agency, Beneficial
Interest Certificates, Belleville Hydroelectric Project -
Joint Venture 5, Series 2004:
$ 1,000 5.000%, 2/15/20 - AMBAC Insured 2/14 at 100.00 AAA $ 1,051,100
3,775 5.000%, 2/15/21 - AMBAC Insured 2/14 at 100.00 AAA 3,957,219
1,465 5.000%, 2/15/22 - AMBAC Insured 2/14 at 100.00 AAA 1,530,559
3,295 5.000%, 2/15/23 - AMBAC Insured 2/14 at 100.00 AAA 3,435,532
5,000 Ohio Air Quality Development Authority, Revenue Bonds, JMG 4/07 at 102.00 AAA 5,206,550
Funding Limited Partnership Project, Series 1997, 5.625%,
1/01/23 (Alternative Minimum Tax) - AMBAC Insured
8,250 Ohio Water Development Authority, Solid Waste Disposal 9/08 at 102.00 N/R 8,309,235
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- 933,103
Refunding Bonds, Series 1989O, 0.000%, 7/01/17
4,460 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 4,797,756
Environmental Control Facilities Financing Authority,
Co-Generation Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 5.2%
1,730 Butler County, Ohio, Sewerage System Revenue Bonds, Series No Opt. Call Aaa 1,872,760
2005, 5.000%, 12/01/23 - FSA Insured
2,000 Cincinnati, Ohio, Water System Revenue Bonds, Series 2003, 6/11 at 100.00 AA+ 2,081,480
5.000%, 12/01/23
Cincinnati, Ohio, Water System Revenue Bonds, ROLS
RR-II-R212:
1,300 8.610%, 12/01/11 (IF) 6/11 at 100.00 AAA 1,568,359
1,640 8.614%, 12/01/12 (IF) 6/11 at 100.00 AAA 1,953,289
550 8.636%, 12/01/13 (IF) 6/11 at 100.00 AAA 660,660
10,000 Cleveland, Ohio, Waterworks First Mortgage Revenue No Opt. Call AAA 11,351,300
Refunding and Improvement Bonds, Series 1993G, 5.500%,
1/01/21 - MBIA Insured
1,155 Hebron, Ohio, Mortgage Revenue Bonds, Waterworks System 6/14 at 100.00 N/R 1,187,733
Improvements, Series 2004, 5.875%, 12/1/2025
1,260 Lancaster, Ohio, Wastewater System Improvement Revenue 12/14 at 100.00 AAA 1,317,128
Bonds, Series 2004, 5.000%, 12/01/25 - AMBAC Insured
1,255 Ohio Water Development Authority, Revenue Bonds, Fresh 6/14 at 100.00 AAA 1,370,623
Water Development, Series 2004, 5.250%, 12/1/2015
3,500 Ohio Water Development Authority, Water Pollution Control 6/15 at 100.00 AAA 3,679,720
Loan Fund Revenue Bonds, Water Quality Project, Series
2005B, 5.000%, 6/01/25
1,915 Toledo, Ohio, Sewerage System Revenue Bonds, Series 2003, 11/13 at 100.00 AAA 1,982,944
5.000%, 11/15/28 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------
$ 518,515 Total Long-Term Investments (cost $516,692,338) - 98.7% 546,286,458
- ------------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 1.3% 7,449,879
-----------------------------------------------------------------------------------------------------
Net Assets - 100% $ 553,736,337
-----------------------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic principal
paydowns.
** 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.
- ----
49
Portfolio of Investments (Unaudited)
NUVEEN WISCONSIN MUNICIPAL BOND FUND
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------
Education and Civic Organizations - 4.0%
$ 475 Ashland Housing Authority, Wisconsin, Student Housing 4/08 at 100.00 Aaa $ 482,163
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- 515,645
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- 371,876
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 205,828
Environmental Control Facilities Financing Authority,
Higher Education Revenue Bonds, University of the Sacred
Heart, Series 2001, 5.250%, 9/01/21
250 Puerto Rico Industrial, Tourist, Educational, Medical and 12/12 at 101.00 BBB- 255,188
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 1/06 at 101.00 AAA 504,025
Environmental Control Facilities Financing Authority,
Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series
1995A, 6.250%, 7/01/24 - MBIA Insured
440 Puerto Rico Industrial, Tourist, Educational, Medical and 2/06 at 101.00 AAA 447,471
Environmental Control Facilities Financing Authority,
FHA-Insured Mortgage Hospital Revenue Bonds, Doctor Pila
Hospital, Series 1995A, 5.875%, 8/01/12
- ------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 9.8%
675 Kenosha Housing Authority, Wisconsin, GNMA Collateralized 5/08 at 102.00 N/R 701,089
Multifamily Housing Revenue Bonds, Villa Ciera Inc.,
Series 2000A, 5.900%, 11/20/30
570 Lake Delton Community Development Agency, Wisconsin, GNMA 1/12 at 102.00 N/R 584,051
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 1,014,030
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 207,078
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 504,935
Revenue Refunding Bonds, Lake Shore Apartments, Series
1998A, 5.100%, 11/20/26
300 Walworth County Housing Authority, Wisconsin, FHA-Insured 3/06 at 102.00 N/R 304,278
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 359,002
750 6.000%, 12/01/31 (Alternative Minimum Tax) 12/06 at 102.00 AAA 767,422
- ------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.7%
190 Puerto Rico Housing Bank and Finance Agency, Affordable 4/06 at 101.00 AAA 193,393
Housing Mortgage Subsidy Program Single Family Mortgage
Revenue Bonds, Series 1995I, 6.250%, 4/01/29 (Alternative
Minimum Tax)
50 Virgin Islands Housing Finance Corporation, GNMA 3/06 at 101.00 AAA 50,626
Mortgage-Backed Securities Program Single Family Mortgage
Revenue Refunding Bonds, Series 1995A, 6.450%, 3/01/16
(Alternative Minimum Tax)
1,000 Wisconsin Housing and Economic Development Authority, Home 5/15 at 100.00 AA 999,960
Ownership Revenue Bonds, Series 2005E, 4.900%, 11/01/35
(WI, settling 12/14/05)
- ------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 0.6%
250 Guam, General Obligation Bonds, Series 1993A, 5.400%, 5/06 at 100.00 B 250,363
11/15/18
- ----
50
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 68.7%
$ 1,500 Ashwaubenon Community Development Authority, Wisconsin, 6/12 at 100.00 Aa2 $ 1,565,085
Lease Revenue Refunding Bonds, Arena Project, Series 2002,
5.150%, 6/01/29
1,000 De Forest Redevelopment Authority, Wisconsin, Redevelopment 2/08 at 100.00 N/R 1,013,550
Lease Revenue Bonds, Series 1999B, 5.100%, 2/01/18
100 Glendale Community Development Authority, Wisconsin, 10/11 at 100.00 A3 103,157
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 2,066,240
Community Development Lease Revenue Bonds, Bayshore Public
Parking Project, Series 2004A, 5.000%, 10/01/24
350 Green Bay Brown County Professional Football Stadium 2/11 at 100.00 AAA 368,603
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 1,361,711
1,650 5.100%, 6/01/29 6/09 at 100.00 Aa2 1,716,429
500 Jackson Community Development Authority, Wisconsin, Revenue 12/09 at 100.00 N/R 504,770
Refunding Bonds, Series 1999, 5.100%, 12/01/17
960 Madison Community Development Authority, Wisconsin, Lease 3/12 at 100.00 Aa2 953,904
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 412,484
1,000 4.950%, 8/01/20 8/11 at 100.00 A 1,031,170
2,000 Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue 8/12 at 100.00 AAA 2,061,860
Bonds, Neighborhood Public Schools Initiative, Series
2002A, 4.875%, 8/01/21 - AMBAC Insured
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue
Bonds, Public Schools, Series 2003A:
2,500 5.125%, 8/01/21 - AMBAC Insured 8/13 at 100.00 AAA 2,629,725
1,500 5.125%, 8/01/22 - AMBAC Insured 8/13 at 100.00 AAA 1,573,830
1,500 Neenah Community Development Authority, Wisconsin, Lease 12/14 at 100.00 A1 1,556,700
Revenue Bonds, Series 2004A, 5.000%, 12/01/26
1,000 Onalaska Community Development Authority, Wisconsin, 10/13 at 100.00 A3 1,034,090
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 962,361
400 5.500%, 12/15/19 - MBIA Insured No Opt. Call AAA 454,504
2,195 5.500%, 12/15/20 - MBIA Insured No Opt. Call AAA 2,501,532
500 5.500%, 12/15/26 - MBIA Insured No Opt. Call AAA 574,590
375 Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, 10/08 at 100.00 N/R 384,394
Lease Revenue Bonds, Series 1998A, 5.200%, 10/01/21
600 Virgin Islands Public Finance Authority, Senior Lien 10/08 at 101.00 BBB 618,888
Revenue Refunding Bonds, Matching Fund Loan Note, Series
1998A, 5.625%, 10/01/25
500 Wauwatosa Redevelopment Authority, Milwaukee County, 12/07 at 100.00 AAA 523,610
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 1,074,870
Revenue Bonds, Series 2004A, 5.250%, 10/01/21
1,000 Weston Community Development Authority, Wisconsin, Lease 10/15 at 100.00 N/R 1,038,120
Revenue Bonds, Series 2005A, 5.000%, 10/01/21
Wisconsin Center District, Junior Dedicated Tax Revenue
Refunding Bonds, Series 1999:
1,600 5.250%, 12/15/23 - FSA Insured No Opt. Call AAA 1,781,904
500 5.250%, 12/15/27 - FSA Insured No Opt. Call AAA 546,175
2,000 Wisconsin Center District, Senior Dedicated Tax Revenue No Opt. Call AAA 652,320
Refunding Bonds, Series 2003A, 0.000%, 12/15/28 - FSA
Insured
- ----
51
Portfolio of Investments (Unaudited)
NUVEEN WISCONSIN MUNICIPAL BOND FUND (continued)
November 30, 2005
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed*** - 10.0%
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*** $ 2,148,780
700 5.800%, 6/01/29 (Pre-refunded to 6/01/09) 6/09 at 100.00 Aa2*** 754,320
500 Cudahy Community Development Authority, Wisconsin, 6/06 at 100.00 N/R*** 506,940
Redevelopment Lease Revenue Bonds, Series 1995, 6.000%,
6/01/11 (Pre-refunded to 6/01/06)
600 Southeast Wisconsin Professional Baseball Park District, 3/07 at 101.00 AAA 624,384
Sales Tax Revenue Bonds, Series 1996, 5.800%, 12/15/26
(Pre-refunded to 3/13/07) - MBIA Insured
475 Wisconsin Center District, Junior Dedicated Tax Revenue 12/06 at 101.00 AAA 491,880
Bonds, Series 1996B, 5.700%, 12/15/20 (Pre- refunded to
12/15/06)
- ------------------------------------------------------------------------------------------------------------------
$ 43,625 Total Long-Term Investments (cost $42,897,179) - 97.9% 44,311,303
- ------------------------------------------------------------------------------------------------------------------
- ------------
Other Assets Less Liabilities - 2.1% 954,338
----------------------------------------------------------------------------------------------------
Net Assets - 100% $ 45,265,641
----------------------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of
the earliest optional call or redemption. There may be other call
provisions at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic principal
paydowns.
** 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.
- ----
52
Statement of Assets and Liabilities (Unaudited)
November 30, 2005
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- -----------------------------------------------------------------------------------------------------------------
Assets
Investments, at market value
(cost $126,409,205,
$450,222,489, $230,729,801,
$247,521,165, $516,692,338,
$42,897,179, respectively) $132,122,376 $469,780,868 $243,895,385 $258,993,988 $546,286,458 $44,311,303
Cash -- -- 946,443 -- -- 220,035
Receivables:
Interest 1,854,680 6,021,699 2,380,801 3,784,971 9,908,167 780,309
Investments sold 535,000 11,963,997 180,000 1,847,874 6,069,285 1,123,430
Shares sold 335,298 678,635 107,613 335,695 1,232,688 44,517
Other assets 165 35,040 20,779 6,391 44,215 59
- -----------------------------------------------------------------------------------------------------------------
Total assets 134,847,519 488,480,239 247,531,021 264,968,919 563,540,813 46,479,653
- -----------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 801,092 7,181,815 -- 959,428 6,991,036 --
Payables:
Investments purchased -- 2,107,782 -- -- -- 997,500
Shares redeemed 38,897 1,754,571 969,051 210,533 291,472 17,229
Accrued expenses:
Management fees 59,073 207,343 108,027 114,754 237,081 20,023
12b-1 distribution and
service fees 37,695 112,231 58,643 57,900 103,969 12,106
Other 44,757 157,744 88,917 75,417 198,388 20,988
Dividends payable 426,158 1,623,451 817,699 935,207 1,982,530 146,166
- -----------------------------------------------------------------------------------------------------------------
Total liabilities 1,407,672 13,144,937 2,042,337 2,353,239 9,804,476 1,214,012
- -----------------------------------------------------------------------------------------------------------------
Net assets $133,439,847 $475,335,302 $245,488,684 $262,615,680 $553,736,337 $45,265,641
- -----------------------------------------------------------------------------------------------------------------
Class A Shares
Net assets $ 99,820,439 $407,066,783 $177,057,378 $231,612,093 $350,273,771 $36,029,562
Shares outstanding 9,554,151 36,787,382 15,204,399 20,963,231 30,724,002 3,487,354
Net asset value per share $ 10.45 $ 11.07 $ 11.65 $ 11.05 $ 11.40 $ 10.33
Offering price per share (net
asset value per share
plus maximum sales charge of
4.20% of offering price) $ 10.91 $ 11.56 $ 12.16 $ 11.53 $ 11.90 $ 10.78
- -----------------------------------------------------------------------------------------------------------------
Class B Shares
Net assets $ 8,976,842 $ 20,197,057 $ 7,827,504 $ 8,962,418 $ 23,237,971 $ 3,862,921
Shares outstanding 866,133 1,824,535 670,713 810,625 2,041,176 373,173
Net asset value and offering
price per share $ 10.36 $ 11.07 $ 11.67 $ 11.06 $ 11.38 $ 10.35
- -----------------------------------------------------------------------------------------------------------------
Class C Shares
Net assets $ 23,024,770 $ 46,378,805 $ 37,894,073 $ 21,205,784 $ 46,516,774 $ 5,224,794
Shares outstanding 2,202,405 4,194,008 3,257,131 1,920,802 4,089,431 504,620
Net asset value and offering
price per share $ 10.45 $ 11.06 $ 11.63 $ 11.04 $ 11.37 $ 10.35
- -----------------------------------------------------------------------------------------------------------------
Class R Shares
Net assets $ 1,617,796 $ 1,692,657 $ 22,709,729 $ 835,385 $133,707,821 $ 148,364
Shares outstanding 154,174 153,089 1,949,919 75,531 11,741,846 14,297
Net asset value and offering
price per share $ 10.49 $ 11.06 $ 11.65 $ 11.06 $ 11.39 $ 10.38
- -----------------------------------------------------------------------------------------------------------------
Net Assets Consist of:
- -----------------------------------------------------------------------------------------------------------------
Capital paid-in $129,619,350 $454,677,247 $229,490,023 $251,978,710 $522,435,329 $43,689,675
Undistributed
(Over-distribution of) net
investment income (130,219) (307,912) (185,976) (201,324) (243,919) (45,962)
Accumulated net realized gain
(loss) from investments (1,762,455) 1,407,588 3,019,053 (634,529) 1,950,807 207,804
Net unrealized appreciation
(depreciation) of investments 5,713,171 19,558,379 13,165,584 11,472,823 29,594,120 1,414,124
- -----------------------------------------------------------------------------------------------------------------
Net assets $133,439,847 $475,335,302 $245,488,684 $262,615,680 $553,736,337 $45,265,641
- -----------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
53
Statement of Operations (Unaudited)
Six Months Ended November 30, 2005
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- --------------------------------------------------------------------------------------------------------------
Investment Income $ 3,216,276 $ 12,061,508 $ 6,293,341 $ 6,671,610 $ 14,219,351 $ 1,095,002
- --------------------------------------------------------------------------------------------------------------
Expenses
Management fees 358,512 1,289,457 671,049 703,476 1,467,585 124,174
12b-1 service fees - Class A 98,789 421,979 181,039 233,771 354,944 36,411
12b-1 distribution and
service fees - Class B 45,094 99,287 40,374 42,692 116,864 20,890
12b-1 distribution and
service fees - Class C 86,515 176,274 144,320 77,383 172,576 18,922
Shareholders' servicing agent
fees and expenses 39,251 119,426 70,749 55,517 165,164 13,945
Custodian's fees and expenses 27,713 68,230 40,007 45,331 94,215 18,566
Trustees' fees and expenses 1,311 4,509 2,774 2,685 6,046 439
Professional fees 5,663 13,632 9,004 8,539 15,154 3,885
Shareholders' reports -
printing and mailing expenses 9,548 27,607 17,899 14,052 38,729 3,272
Federal and state
registration fees 3,198 3,678 6,263 10,243 2,152 3,515
Other expenses 1,872 6,538 3,529 3,610 7,533 589
- --------------------------------------------------------------------------------------------------------------
Total expenses before
custodian fee credit 677,466 2,230,617 1,187,007 1,197,299 2,440,962 244,608
Custodian fee credit (10,291) (32,174) (6,343) (16,867) (10,303) (8,092)
- --------------------------------------------------------------------------------------------------------------
Net expenses 667,175 2,198,443 1,180,664 1,180,432 2,430,659 236,516
- --------------------------------------------------------------------------------------------------------------
Net investment income 2,549,101 9,863,065 5,112,677 5,491,178 11,788,692 858,486
- --------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain
(Loss)
Net realized gain (loss) from
investments 345,933 726,956 743,373 243,428 1,683,964 88,207
Net change in unrealized
appreciation (depreciation)
of investments (3,069,425) (11,203,927) (6,089,106) (4,868,661) (13,867,277) (1,001,481)
- --------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) (2,723,492) (10,476,971) (5,345,733) (4,625,233) (12,183,313) (913,274)
- --------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets from operations $ (174,391) $ (613,906) $ (233,056) $ 865,945 $ (394,621) $ (54,788)
- --------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
54
Statement of Changes in Net Assets (Unaudited)
Kansas Kentucky
------------------------------ ------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/05 5/31/05 11/30/05 5/31/05
- --------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 2,549,101 $ 5,208,147 $ 9,863,065 $ 20,807,607
Net realized gain (loss) from
investments 345,933 648,814 726,956 2,819,853
Net change in unrealized appreciation
(depreciation) of investments (3,069,425) 5,016,120 (11,203,927) 15,787,210
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (174,391) 10,873,081 (613,906) 39,414,670
- --------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (1,931,435) (3,962,833) (8,578,562) (18,216,210)
Class B (151,916) (381,736) (346,842) (756,793)
Class C (390,949) (820,547) (817,628) (1,711,635)
Class R (32,656) (53,886) (35,286) (65,978)
From accumulated net realized gains
from investments:
Class A -- -- -- (215,689)
Class B -- -- -- (10,824)
Class C -- -- -- (23,312)
Class R -- -- -- (808)
- --------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (2,506,956) (5,219,002) (9,778,318) (21,001,249)
- --------------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 10,334,573 13,008,347 16,206,426 36,364,254
Proceeds from shares issued to
shareholders due to
reinvestment of distributions 1,352,665 2,503,435 5,154,230 10,446,197
- --------------------------------------------------------------------------------------------------------
11,687,238 15,511,782 21,360,656 46,810,451
Cost of shares redeemed (7,741,928) (16,594,442) (31,695,751) (46,733,307)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions 3,945,310 (1,082,660) (10,335,095) 77,144
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 1,263,963 4,571,419 (20,727,319) 18,490,565
Net assets at the beginning of period 132,175,884 127,604,465 496,062,621 477,572,056
- --------------------------------------------------------------------------------------------------------
Net assets at the end of period $133,439,847 $132,175,884 $475,335,302 $496,062,621
- --------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
net investment income at the end of
period $ (130,219) $ (172,364) $ (307,912) $ (392,659)
- --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
55
Statement of Changes in Net Assets (Unaudited) (continued)
Michigan
------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
- ------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 5,112,677 $ 10,697,233
Net realized gain (loss) from investments 743,373 2,844,854
Net change in unrealized appreciation (depreciation) of investments (6,089,106) 6,924,697
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations (233,056) 20,466,784
- ------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (3,694,696) (7,893,894)
Class B (140,853) (340,481)
Class C (678,212) (1,429,875)
Class R (502,243) (1,081,592)
From accumulated net realized gains from investments:
Class A -- (79,663)
Class B -- (4,292)
Class C -- (16,800)
Class R -- (10,474)
- ------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (5,016,004) (10,857,071)
- ------------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 8,667,635 18,075,991
Proceeds from shares issued to shareholders due
to reinvestment of distributions 2,249,328 4,094,961
- ------------------------------------------------------------------------------------------------------
10,916,963 22,170,952
Cost of shares redeemed (12,479,697) (30,077,327)
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions (1,562,734) (7,906,375)
- ------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (6,811,794) 1,703,338
Net assets at the beginning of period 252,300,478 250,597,140
- ------------------------------------------------------------------------------------------------------
Net assets at the end of period $245,488,684 $252,300,478
- ------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end
of period $ (185,976) $ (282,649)
- ------------------------------------------------------------------------------------------------------
Missouri
------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
- -----------------------------------------------------------------------------------------------------
Operations
Net investment income $ 5,491,178 $ 11,163,637
Net realized gain (loss) from investments 243,428 305,056
Net change in unrealized appreciation (depreciation) of investments (4,868,661) 10,714,383
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 865,945 22,183,076
- -----------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (5,015,555) (10,019,105)
Class B (159,335) (333,110)
Class C (386,809) (770,457)
Class R (13,693) (22,605)
From accumulated net realized gains from investments:
Class A -- --
Class B -- --
Class C -- --
Class R -- --
- -----------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (5,575,392) (11,145,277)
- -----------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 10,760,008 18,867,537
Proceeds from shares issued to shareholders due
to reinvestment of distributions 2,786,731 5,028,242
- -----------------------------------------------------------------------------------------------------
13,546,739 23,895,779
Cost of shares redeemed (8,105,075) (26,422,230)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from Fund share transactions 5,441,664 (2,526,451)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 732,217 8,511,348
Net assets at the beginning of period 261,883,463 253,372,115
- -----------------------------------------------------------------------------------------------------
Net assets at the end of period $262,615,680 $261,883,463
- -----------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of) net investment income at the end
of period $ (201,324) $ (117,110)
- -----------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
56
Ohio Wisconsin
------------------------------ ------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
11/30/05 5/31/05 11/30/05 5/31/05
- --------------------------------------------------------------------------------------------------------
Operations
Net investment income $ 11,788,692 $ 24,817,122 $ 858,486 $ 1,822,436
Net realized gain (loss) from
investments 1,683,964 2,017,144 88,207 618,419
Net change in unrealized appreciation
(depreciation) of investments (13,867,277) 21,508,002 (1,001,481) 1,176,131
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (394,621) 48,342,268 (54,788) 3,616,986
- --------------------------------------------------------------------------------------------------------
Distributions to Shareholders
From net investment income:
Class A (7,553,614) (15,605,959) (719,989) (1,501,243)
Class B (434,025) (967,497) (70,024) (155,227)
Class C (861,408) (1,757,417) (86,548) (159,807)
Class R (3,052,685) (6,476,706) (2,512) (4,591)
From accumulated net realized gains
from investments:
Class A -- -- -- --
Class B -- -- -- --
Class C -- -- -- --
Class R -- -- -- --
- --------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (11,901,732) (24,807,579) (879,073) (1,820,868)
- --------------------------------------------------------------------------------------------------------
Fund Share Transactions
Proceeds from sale of shares 19,798,869 35,431,676 2,419,709 5,456,300
Proceeds from shares issued to
shareholders due to reinvestment of
distributions 6,185,761 12,146,363 478,705 983,002
- --------------------------------------------------------------------------------------------------------
25,984,630 47,578,039 2,898,414 6,439,302
Cost of shares redeemed (28,910,214) (60,281,341) (2,483,160) (10,861,710)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from Fund share transactions (2,925,584) (12,703,302) 415,254 (4,422,408)
- --------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (15,221,937) 10,831,387 (518,607) (2,626,290)
Net assets at the beginning of period 568,958,274 558,126,887 45,784,248 48,410,538
- --------------------------------------------------------------------------------------------------------
Net assets at the end of period $553,736,337 $568,958,274 $45,265,641 $ 45,784,248
- --------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
net investment income at the
end of period $ (243,919) $ (130,879) $ (45,962) $ (25,375)
- --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
- ----
57
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
The Nuveen Multistate Trust IV (the "Trust") is an open-end investment company
registered under the Investment Company Act of 1940, as amended. The Trust is
comprised of the Nuveen Kansas Municipal Bond Fund ("Kansas"), Nuveen Kentucky
Municipal Bond Fund ("Kentucky"), Nuveen Michigan Municipal Bond Fund
("Michigan"), Nuveen Missouri Municipal Bond Fund ("Missouri"), Nuveen Ohio
Municipal Bond Fund ("Ohio") and Nuveen Wisconsin Municipal Bond Fund
("Wisconsin") (collectively, the "Funds"). The Trust was organized as a
Massachusetts business trust on July 1, 1996. The Funds were each organized as
a series of predecessor trusts or corporations prior to that date.
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.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When market
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service or, in the absence of a pricing service for a
particular security, the Board of Trustees of the Funds, or its designee, may
establish fair market value using a wide variety of market data including
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, market quotes or indications of value from
securities dealers, evaluations of anticipated cash flows or collateral,
general market conditions and other information and analysis, including the
obligor's credit characteristics considered relevant by the pricing service or
the Board of Trustees' designee. 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.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At November 30, 2005,
Kentucky and Wisconsin had outstanding when-issued purchase commitments of
$2,107,782, and $997,500, respectively. There were no such outstanding purchase
commitments in Kansas, Michigan, Missouri or Ohio.
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 substantially 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 generally sold
with an up-front sales charge and incur a .20% annual 12b-1 service fee. Class
A Share purchases of $1 million or more are sold at net asset value without an
up-front sales charge but may be subject to a contingent deferred sales charge
("CDSC") if redeemed within 18 months of purchase. Class B Shares are sold
without an up-front 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 an up-front sales charge but incur a .55% annual 12b-1
distribution fee and a .20% annual 12b-1 service fee. An investor
- ----
58
purchasing Class C Shares agrees to pay a CDSC of 1% if Class C Shares are
redeemed within one year of purchase. Class R Shares are not subject to any
sales charge or 12b-1 distribution or service fees. Class R Shares are
available only under limited circumstances.
Derivative Financial Instruments
The Funds are authorized to 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, 2005, 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 valued 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 instruments during
the six months ended November 30, 2005.
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.
- ----
59
Notes to Financial Statements (Unaudited) (continued)
2. Fund Shares
Transactions in Fund shares were as follows:
Kansas
------------------------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
---------------------- ------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------------------
Shares sold:
Class A 726,690 $ 7,676,509 860,345 $ 9,059,917
Class A - automatic conversion of
Class B shares 25,898 274,480 16,697 175,515
Class B 13,823 144,970 50,553 525,883
Class C 189,108 1,998,314 286,374 3,012,008
Class R 22,667 240,300 22,111 235,024
Shares issued to shareholders due to
reinvestment of distributions:
Class A 99,866 1,057,288 178,604 1,868,759
Class B 7,035 73,914 16,620 172,552
Class C 20,531 217,550 43,366 453,981
Class R 368 3,913 775 8,143
- ------------------------------------------------------------------------------------------
1,105,986 11,687,238 1,475,445 15,511,782
- ------------------------------------------------------------------------------------------
Shares redeemed:
Class A (478,437) (5,057,427) (872,910) (9,130,553)
Class B (76,962) (806,667) (189,055) (1,973,960)
Class B - automatic conversion to
Class A shares (26,099) (274,480) (16,834) (175,515)
Class C (147,645) (1,559,564) (506,754) (5,261,246)
Class R (4,194) (43,790) (5,092) (53,168)
- ------------------------------------------------------------------------------------------
(733,337) (7,741,928) (1,590,645) (16,594,442)
- ------------------------------------------------------------------------------------------
Net increase (decrease) 372,649 $ 3,945,310 (115,200) $ (1,082,660)
- ------------------------------------------------------------------------------------------
Kentucky
--------------------------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
------------------------ ------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------
Shares sold:
Class A 1,049,253 $ 11,760,712 2,723,044 $ 30,401,710
Class A - automatic conversion of
Class B shares 12,130 136,912 8,847 98,597
Class B 45,998 515,959 124,020 1,384,507
Class C 327,348 3,673,313 376,990 4,202,352
Class R 10,611 119,530 24,848 277,088
Shares issued to shareholders due to
reinvestment of distributions:
Class A 400,261 4,491,190 816,581 9,066,627
Class B 17,717 198,897 38,395 426,521
Class C 38,955 436,621 81,054 898,778
Class R 2,455 27,522 4,891 54,271
- --------------------------------------------------------------------------------------------
1,904,728 21,360,656 4,198,670 46,810,451
- --------------------------------------------------------------------------------------------
Shares redeemed:
Class A (2,463,287) (27,501,156) (3,450,812) (38,405,653)
Class B (103,427) (1,155,302) (195,043) (2,166,368)
Class B - automatic conversion to
Class A shares (12,130) (136,912) (8,845) (98,597)
Class C (259,669) (2,902,381) (538,433) (5,973,276)
Class R -- -- (7,976) (89,413)
- --------------------------------------------------------------------------------------------
(2,838,513) (31,695,751) (4,201,109) (46,733,307)
- --------------------------------------------------------------------------------------------
Net increase (decrease) (933,785) $(10,335,095) (2,439) $ 77,144
- --------------------------------------------------------------------------------------------
- ----
60
Michigan
--------------------------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
------------------------ ------------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------
Shares sold:
Class A 510,709 $ 6,026,352 1,128,179 $ 13,206,864
Class A - automatic conversion of Class B shares 13,702 162,838 7,126 84,229
Class B 19,660 232,034 50,547 593,221
Class C 182,740 2,155,980 329,227 3,867,933
Class R 7,652 90,431 27,710 323,744
Shares issued to shareholders due to reinvestment
of distributions:
Class A 135,443 1,600,086 234,783 2,744,586
Class B 4,926 58,340 10,815 126,702
Class C 21,313 251,544 42,194 492,748
Class R 28,720 339,358 62,508 730,925
- -------------------------------------------------------------------------------------------------------
924,865 10,916,963 1,893,089 22,170,952
- -------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (701,889) (8,256,017) (1,847,113) (21,589,536)
Class B (90,247) (1,062,236) (186,090) (2,178,934)
Class B - automatic conversion to Class A shares (13,679) (162,838) (7,114) (84,229)
Class C (178,102) (2,092,198) (368,694) (4,319,715)
Class R (77,086) (906,408) (162,717) (1,904,913)
- -------------------------------------------------------------------------------------------------------
(1,061,003) (12,479,697) (2,571,728) (30,077,327)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) (136,138) $ (1,562,734) (678,639) $ (7,906,375)
- -------------------------------------------------------------------------------------------------------
Missouri
------------------------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
---------------------- ------------------------
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------
Shares sold:
Class A 703,481 $ 7,858,220 1,445,635 $ 15,863,183
Class A - automatic conversion of Class B shares 4,595 51,728 1,348 15,131
Class B 22,060 245,088 55,120 613,519
Class C 208,722 2,322,472 204,601 2,273,655
Class R 25,547 282,500 9,178 102,049
Shares issued to shareholders due to reinvestment
of distributions:
Class A 228,127 2,549,625 416,123 4,592,030
Class B 7,533 84,248 16,069 177,389
Class C 13,510 150,882 23,149 255,193
Class R 177 1,976 328 3,630
- -----------------------------------------------------------------------------------------------------
1,213,752 13,546,739 2,171,551 23,895,779
- -----------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (615,005) (6,845,724) (1,809,311) (20,035,159)
Class B (31,540) (353,429) (136,397) (1,506,122)
Class B - automatic conversion to Class A shares (4,593) (51,728) (1,347) (15,131)
Class C (76,763) (854,194) (438,686) (4,815,752)
Class R -- -- (4,471) (50,066)
- -----------------------------------------------------------------------------------------------------
(727,901) (8,105,075) (2,390,212) (26,422,230)
- -----------------------------------------------------------------------------------------------------
Net increase (decrease) 485,851 $ 5,441,664 (218,661) $ (2,526,451)
- -----------------------------------------------------------------------------------------------------
- ----
61
Notes to Financial Statements (Unaudited) (continued)
Ohio
--------------------------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
------------------------ ------------------------
Shares Amount Shares Amount
- -------------------------------------------------------------------------------------------------------
Shares sold:
Class A 1,152,183 $ 13,258,456 2,421,794 $ 27,855,344
Class A - automatic conversion of Class B shares 111,069 1,287,968 21,765 251,838
Class B 36,216 418,410 97,298 1,117,174
Class C 393,715 4,526,269 433,897 4,997,158
Class R 26,685 307,766 106,356 1,210,162
Shares issued to shareholders due to reinvestment
of distributions:
Class A 301,882 3,491,395 574,748 6,582,720
Class B 14,501 167,547 30,755 351,735
Class C 30,408 350,979 59,538 680,583
Class R 188,328 2,175,840 396,161 4,531,325
- -------------------------------------------------------------------------------------------------------
2,254,987 25,984,630 4,142,312 47,578,039
- -------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (1,607,605) (18,541,582) (3,375,812) (38,603,590)
Class B (99,704) (1,144,023) (240,240) (2,754,861)
Class B - automatic conversion to Class A shares (111,254) (1,287,968) (21,798) (251,838)
Class C (272,385) (3,137,577) (553,070) (6,309,352)
Class R (415,864) (4,799,064) (1,081,810) (12,361,700)
- -------------------------------------------------------------------------------------------------------
(2,506,812) (28,910,214) (5,272,730) (60,281,341)
- -------------------------------------------------------------------------------------------------------
Net increase (decrease) (251,825) $ (2,925,584) (1,130,418) $(12,703,302)
- -------------------------------------------------------------------------------------------------------
Wisconsin
-----------------------------------------------
Six Months Ended Year Ended
11/30/05 5/31/05
--------------------- ------------------------
Shares Amount Shares Amount
- ----------------------------------------------------------------------------------------------------
Shares sold:
Class A 141,907 $ 1,485,756 384,826 $ 4,015,568
Class A - automatic conversion of Class B shares 15,529 162,977 2,773 28,862
Class B 11,140 117,183 32,963 337,963
Class C 54,216 567,826 102,831 1,073,682
Class R 8,157 85,967 22 225
Shares issued to shareholders due to reinvestment
of distributions:
Class A 36,404 381,005 76,575 795,272
Class B 3,652 38,303 7,840 81,577
Class C 5,453 57,191 9,739 101,361
Class R 210 2,206 461 4,792
- ----------------------------------------------------------------------------------------------------
276,668 2,898,414 618,030 6,439,302
- ----------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (151,379) (1,585,837) (861,604) (8,991,707)
Class B (61,484) (640,634) (51,401) (534,937)
Class B - automatic conversion to Class A shares (15,501) (162,977) (2,767) (28,862)
Class C (8,952) (93,712) (113,481) (1,182,323)
Class R -- -- (11,929) (123,881)
- ----------------------------------------------------------------------------------------------------
(237,316) (2,483,160) (1,041,182) (10,861,710)
- ----------------------------------------------------------------------------------------------------
Net increase (decrease) 39,352 $ 415,254 (423,152) $ (4,422,408)
- ----------------------------------------------------------------------------------------------------
- ----
62
3. Securities Transactions
Purchases and sales (including maturities) of investments in long-term
municipal securities during the six months ended November 30, 2005, were as
follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ----------------------------------------------------------------------------------
Purchases $11,729,604 $44,727,065 $10,377,822 $10,453,489 $49,769,193 $3,303,030
Sales and
maturities 7,171,144 55,974,582 10,927,184 7,180,339 53,326,333 2,950,693
- ----------------------------------------------------------------------------------
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, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investment transactions.
At November 30, 2005, the cost of investments was as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ------------------------------------------------------------------------------------------------
Cost of investments $126,394,349 $450,130,122 $230,803,381 $247,466,597 $516,250,009 $42,887,417
- ------------------------------------------------------------------------------------------------
Gross unrealized appreciation and gross unrealized depreciation of investments
at November 30, 2005, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- -------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $5,899,101 $21,136,835 $14,281,983 $12,108,806 $31,187,799 $1,511,779
Depreciation (171,074) (1,486,089) (1,189,979) (581,415) (1,151,350) (87,893)
- -------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of
investments $5,728,027 $19,650,746 $13,092,004 $11,527,391 $30,036,449 $1,423,886
- -------------------------------------------------------------------------------------------------------------------------
The tax components of undistributed net investment income and net realized
gains at May 31, 2005, the Funds' last fiscal year end, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income* $228,746 $1,115,012 $ 451,304 $752,256 $1,398,403 $106,215
Undistributed net ordinary income** -- 3 9,969 -- 28,265 3,699
Undistributed net long-term capital gains -- 713,500 2,473,706 -- 266,844 119,596
- ------------------------------------------------------------------------------------------------------
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on May 9, 2005, paid on June 1, 2005.
** 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,
2005, 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 $5,262,204 $20,944,156 $10,809,668 $11,148,920 $24,974,764 $1,838,398
Distributions from net ordinary income** -- 20,309 16,192 -- -- --
Distributions from net long-term capital gains -- 250,633 111,229 -- -- --
- --------------------------------------------------------------------------------------------------------------------
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At May 31, 2005, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
Kansas Missouri
------------------------------------
Expiration year:
2008 $ -- $ --
2009 414,885 673,391
2010 -- 204,566
2011 -- --
2012 1,614,137 --
------------------------------------
$2,029,022 $877,957
------------------------------------
At May 31, 2005, the Funds' last fiscal year end, Kansas elected to defer
$79,367 of net realized losses from investments incurred from November 1, 2004
through May 31, 2005 ("post-October losses") in accordance with Federal income
tax regulations. The post-October losses were treated as having arisen on the
first day of the current fiscal year.
- ----
63
Notes to Financial Statements (Unaudited) (continued)
5. Management Fee and Other Transactions with Affiliates
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc., and a specific fund-level component, based only on the
amount of assets within each individual fund. This pricing structure enables
Nuveen fund shareholders to benefit from growth in the assets within each
individual fund as well as from growth in the amount of complex-wide assets
managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets of each Fund as follows:
Average Daily Net Assets Fund-Level Fee Rate
---------------------------------------------------
For the first $125 million .3500%
For the next $125 million .3375
For the next $250 million .3250
For the next $500 million .3125
For the next $1 billion .3000
For the next $3 billion .2750
For net assets over $5 billion .2500
---------------------------------------------------
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of November 30, 2005, the complex-level fee rate was .1898%.
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.
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 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
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, 2005, Nuveen Investments, LLC (the
"Distributor"), a wholly owned subsidiary of Nuveen, collected sales charges on
purchases of Class A Shares, the majority of which were paid out as concessions
to authorized dealers as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
- ---------------------------------------------------------------------------------
Sales charges collected $166,548 $293,547 $84,445 $166,521 $216,703 $53,276
Paid to authorized dealers 144,783 250,258 72,341 146,693 185,985 46,285
- ---------------------------------------------------------------------------------
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.
- ----
64
During the six months ended November 30, 2005, the Distributor compensated
authorized dealers directly with commission advances at the time of purchase as
follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
------------------------------------------------------------------------
Commission advances $50,407 $57,584 $29,115 $61,486 $54,272 $10,113
------------------------------------------------------------------------
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, 2005, the Distributor retained such 12b-1 fees as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-------------------------------------------------------------------------
12b-1 fees retained $48,592 $99,059 $54,518 $45,662 $115,786 $20,747
-------------------------------------------------------------------------
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, 2005, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-----------------------------------------------------------------
CDSC retained $19,349 $35,291 $11,852 $9,779 $8,848 $153
-----------------------------------------------------------------
6. Announcement Regarding Parent Company of Adviser
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an
amount equal to most or all of its remaining Nuveen shares for current payment
but for future settlement. Transactions (C) and (D) above were settled in late
July, which effectively reduced St. Paul Travelers' controlling stake in Nuveen
and was deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which resulted in the
automatic termination of each agreement under the 1940 Act. In anticipation of
such deemed assignment, the Board of Trustees had approved new ongoing
investment management agreements for each Fund and the submission of those
agreements for approval by each respective Fund's shareholders, which
shareholder approval was received prior to the settlement of transactions (C)
and (D). The new ongoing management agreements took effect upon such settlement.
7. Subsequent Event - Distributions to Shareholders
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on December 27, 2005, to shareholders of record on
December 9, 2005, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin
-------------------------------------------------------------
Dividend
per
share:
Class A $.0345 $.0380 $.0395 $.0400 $.0410 $.0345
Class B .0280 .0310 .0320 .0330 .0340 .0280
Class C .0300 .0325 .0340 .0350 .0360 .0300
Class R .0365 .0395 .0415 .0420 .0430 .0365
-------------------------------------------------------------
The following Funds also declared capital gain and/or net ordinary income
distributions, which were paid on December 5, 2005, to shareholders of record
on December 1, 2005, as follows:
Kentucky Michigan Ohio Wisconsin
------------------------------------------------------------------------------
Capital gains distribution per share $.0363 $.1316 $.0424 $.0474
Net ordinary income distribution per share* -- .0005 .0006 .0008
------------------------------------------------------------------------------
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
- ----
65
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
Invest-
Ratio of ment
Net Expenses Income
Beginning Net Realized/ Net Ending Ending to to
Net Invest- Unrealized 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)
2006(e) $10.66 $.21 $(.21) $ -- $(.21) $-- $(.21) $10.45 (.03)% $ 99,820 .87%* 3.97%*
2005 10.20 .44 .46 .90 (.44) -- (.44) 10.66 8.95 97,861 .88 4.17
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
Class B (2/97)
2006(e) 10.58 .17 (.22) (.05) (.17) -- (.17) 10.36 (.50) 8,977 1.62* 3.22*
2005 10.12 .36 .46 .82 (.36) -- (.36) 10.58 8.21 10,031 1.63 3.42
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
Class C (2/97)
2006(e) 10.67 .18 (.22) (.04) (.18) -- (.18) 10.45 (.38) 23,025 1.42* 3.42*
2005 10.21 .38 .46 .84 (.38) -- (.38) 10.67 8.39 22,836 1.43 3.62
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
Class R (2/97)
2006(e) 10.71 .22 (.22) -- (.22) -- (.22) 10.49 (.01) 1,618 .67* 4.17*
2005 10.24 .46 .47 .93 (.46) -- (.46) 10.71 9.26 1,449 .68 4.37
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
- ---------------------------------------------------------------------------------------------------------------------------
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)
2006(e) .87%* 3.97%* .86%* 3.98%* 5%
2005 .88 4.17 .87 4.18 21
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
Class B (2/97)
2006(e) 1.62* 3.22* 1.61* 3.23* 5
2005 1.63 3.42 1.61 3.43 21
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
Class C (2/97)
2006(e) 1.42* 3.42* 1.41* 3.43* 5
2005 1.43 3.62 1.42 3.63 21
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
Class R (2/97)
2006(e) .67* 4.17* .66* 4.18* 5
2005 .68 4.37 .67 4.38 21
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
- ---------------------------------------------------------------
* 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, 2005.
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
KENTUCKY ------------------
Ratio
of Net
Invest-
Ratio of ment
Net Expenses Income
Beginning Net Realized/ Net Ending Ending to to
Net Invest- Unrealized 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)
2006(e) $11.30 $.23 $(.23) $ -- $(.23) $ -- $(.23) $11.07 (.02)% $407,067 .82%* 4.08%*
2005 10.88 .48 .43 .91 (.48) (.01) (.49) 11.30 8.51 427,106 .83 4.35
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
Class B (2/97)
2006(e) 11.31 .19 (.24) (.05) (.19) -- (.19) 11.07 (.48) 20,197 1.57* 3.33*
2005 10.88 .40 .44 .84 (.40) (.01) (.41) 11.31 7.80 21,216 1.57 3.60
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
Class C (10/93)
2006(e) 11.29 .20 (.23) (.03) (.20) -- (.20) 11.06 (.31) 46,379 1.37* 3.53*
2005 10.87 .42 .43 .85 (.42) (.01) (.43) 11.29 7.91 46,160 1.37 3.80
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
Class R (2/97)
2006(e) 11.29 .24 (.23) .01 (.24) -- (.24) 11.06 .06 1,693 .62* 4.28*
2005 10.87 .51 .42 .93 (.50) (.01) (.51) 11.29 8.70 1,581 .63 4.54
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
- ----------------------------------------------------------------------------------------------------------------------------
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)
2006(e) .82%* 4.08%* .81%* 4.10%* 9%
2005 .83 4.35 .82 4.36 15
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
Class B (2/97)
2006(e) 1.57* 3.33* 1.56* 3.35* 9
2005 1.57 3.60 1.57 3.61 15
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
Class C (10/93)
2006(e) 1.37* 3.53* 1.36* 3.55* 9
2005 1.37 3.80 1.37 3.81 15
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
Class R (2/97)
2006(e) .62* 4.28* .61* 4.29* 9
2005 .63 4.54 .62 4.55 15
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
- ---------------------------------------------------------------
* 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, 2005.
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
MICHIGAN ------------------
Ratio
of Net
Invest-
Ratio of ment
Net Expenses Income
Beginning Net Realized/ Net Ending Ending to to
Net Invest- Unrealized 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)
2006(e) $11.89 $.25 $(.25) $ -- $(.24) $ -- $(.24) $11.65 .01% $177,057 .85%* 4.15%*
2005 11.45 .51 .45 .96 (.51) (.01) (.52) 11.89 8.48 181,302 .86 4.32
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
Class B (2/97)
2006(e) 11.92 .20 (.25) (.05) (.20) -- (.20) 11.67 (.46) 7,828 1.60* 3.40*
2005 11.47 .42 .46 .88 (.42) (.01) (.43) 11.92 7.73 8,938 1.61 3.57
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
Class C (6/93)
2006(e) 11.88 .21 (.25) (.04) (.21) -- (.21) 11.63 (.36) 37,894 1.40* 3.60*
2005 11.43 .44 .46 .90 (.44) (.01) (.45) 11.88 7.98 38,386 1.41 3.77
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
Class R (2/97)
2006(e) 11.89 .26 (.25) .01 (.25) -- (.25) 11.65 .11 22,710 .65* 4.35*
2005 11.45 .53 .45 .98 (.53) (.01) (.54) 11.89 8.70 23,675 .66 4.52
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
- ---------------------------------------------------------------------------------------------------------------------------
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)
2006(e) .85%* 4.15%* .85%* 4.16%* 4%
2005 .86 4.32 .86 4.33 16
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
Class B (2/97)
2006(e) 1.60* 3.40* 1.60* 3.41* 4
2005 1.61 3.57 1.60 3.58 16
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
Class C (6/93)
2006(e) 1.40* 3.60* 1.40* 3.61* 4
2005 1.41 3.77 1.40 3.78 16
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
Class R (2/97)
2006(e) .65* 4.35* .65* 4.36* 4
2005 .66 4.52 .66 4.53 16
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
- ---------------------------------------------------------------
* 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, 2005.
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
MISSOURI ------------------
Ratio
of Net
Invest-
Ratio of ment
Net Expenses Income
Beginning Net Realized/ Net Ending Ending to to
Net Invest- Unrealized 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)
2006(e) $11.25 $.24 $(.20) $ .04 $(.24) $-- $(.24) $11.05 .36% $231,612 .84%* 4.22%*
2005 10.78 .48 .47 .95 (.48) -- (.48) 11.25 8.97 232,171 .84 4.35
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
Class B (2/97)
2006(e) 11.26 .19 (.19) -- (.20) -- (.20) 11.06 (.02) 8,962 1.59* 3.47*
2005 10.79 .40 .47 .87 (.40) -- (.40) 11.26 8.15 9,197 1.58 3.60
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
Class C (2/94)
2006(e) 11.24 .21 (.20) .01 (.21) -- (.21) 11.04 .09 21,206 1.39* 3.67*
2005 10.77 .42 .47 .89 (.42) -- (.42) 11.24 8.39 19,955 1.39 3.80
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
Class R (2/97)
2006(e) 11.26 .25 (.20) .05 (.25) -- (.25) 11.06 .46 835 .64* 4.42*
2005 10.79 .50 .47 .97 (.50) -- (.50) 11.26 9.20 561 .64 4.54
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
- --------------------------------------------------------------------------------------------------------------------------
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)
2006(e) .84%* 4.22%* .83%* 4.23%* 3%
2005 .84 4.35 .83 4.35 16
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
Class B (2/97)
2006(e) 1.59* 3.47* 1.58* 3.48* 3
2005 1.58 3.60 1.58 3.60 16
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
Class C (2/94)
2006(e) 1.39* 3.67* 1.38* 3.68* 3
2005 1.39 3.80 1.38 3.81 16
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
Class R (2/97)
2006(e) .64* 4.42* .63* 4.43* 3
2005 .64 4.54 .64 4.55 16
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
- ---------------------------------------------------------------
* 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, 2005.
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
OHIO ------------------
Ratio
of Net
Invest-
Ratio of ment
Net Expenses Income
Beginning Net Realized/ Net Ending Ending to to
Net Invest- Unrealized 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)
2006(e) $11.65 $.24 $(.24) $ -- $(.25) $-- $(.25) $11.40 (.04)% $350,274 .84%* 4.22%*
2005 11.17 .51 .48 .99 (.51) -- (.51) 11.65 9.00 358,529 .84 4.43
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
Class B (2/97)
2006(e) 11.64 .20 (.26) (.06) (.20) -- (.20) 11.38 (.49) 23,238 1.59* 3.47*
2005 11.16 .42 .48 .90 (.42) -- (.42) 11.64 8.22 25,621 1.58 3.69
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
Class C (8/93)
2006(e) 11.63 .21 (.25) (.04) (.22) -- (.22) 11.37 (.38) 46,517 1.39* 3.67*
2005 11.15 .45 .48 .93 (.45) -- (.45) 11.63 8.45 45,791 1.38 3.88
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
Class R (2/97)
2006(e) 11.64 .26 (.25) .01 (.26) -- (.26) 11.39 .07 133,708 .64* 4.42*
2005 11.16 .53 .48 1.01 (.53) -- (.53) 11.64 9.24 139,017 .64 4.64
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
- ---------------------------------------------------------------------------------------------------------------------------
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)
2006(e) .84%* 4.22%* .84%* 4.22%* 9%
2005 .84 4.43 .83 4.44 11
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
Class B (2/97)
2006(e) 1.59* 3.47* 1.59* 3.47* 9
2005 1.58 3.69 1.58 3.69 11
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
Class C (8/93)
2006(e) 1.39* 3.67* 1.39* 3.67* 9
2005 1.38 3.88 1.38 3.89 11
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
Class R (2/97)
2006(e) .64* 4.42* .64* 4.42* 9
2005 .64 4.64 .64 4.64 11
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
- ---------------------------------------------------------------
* 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, 2005.
See accompanying notes to financial statements.
- ----
70
Selected data for a share outstanding throughout each period:
Class (Commencement Date)
Investment Operations Less Distributions
--------------------------- ---------------------- ----------------------------
Before Credit/
Reimbursement
WISCONSIN ------------------
Ratio
of Net
Invest-
Ratio of ment
Net Expenses Income
Beginning Net Realized/ Net Ending Ending to to
Net Invest- Unrealized 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)
2006(e) $10.54 $.20 $(.20) $ -- $(.21) $-- $(.21) $10.33 (.03)% $36,030 .93%* 3.83%*
2005 10.16 .42 .37 .79 (.41) -- (.41) 10.54 7.94 36,325 .92 3.99
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
Class B (2/97)
2006(e) 10.57 .16 (.21) (.05) (.17) -- (.17) 10.35 (.50) 3,863 1.68* 3.08*
2005 10.18 .34 .39 .73 (.34) -- (.34) 10.57 7.25 4,600 1.67 3.24
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
Class C (2/97)
2006(e) 10.57 .17 (.21) (.04) (.18) -- (.18) 10.35 (.38) 5,225 1.48* 3.28*
2005 10.18 .36 .39 .75 (.36) -- (.36) 10.57 7.47 4,797 1.47 3.44
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
Class R (2/97)
2006(e) 10.59 .21 (.20) .01 (.22) -- (.22) 10.38 .08 148 .73* 4.02*
2005 10.20 .44 .39 .83 (.44) -- (.44) 10.59 8.25 63 .72 4.21
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
- --------------------------------------------------------------------------------------------------------------------------
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)
2006(e) .93%* 3.83%* .90%* 3.87%* 7%
2005 .92 3.99 .90 4.00 15
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
Class B (2/97)
2006(e) 1.68* 3.08* 1.65* 3.11* 7
2005 1.67 3.24 1.66 3.25 15
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
Class C (2/97)
2006(e) 1.48* 3.28* 1.45* 3.32* 7
2005 1.47 3.44 1.45 3.45 15
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
Class R (2/97)
2006(e) .73* 4.02* .70* 4.06* 7
2005 .72 4.21 .71 4.22 15
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
- ---------------------------------------------------------------
* 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, 2005.
See accompanying notes to financial statements.
- ----
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 Company
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 expected period over which a
bond's principal and interest will be paid, and consequently is a measure of
the sensitivity of a bond's (or bond fund's) value to changes when market
interest rates change. Generally, the longer a bond or Fund's duration, the
more the price of the bond or Fund will change as interest rates change.
Dividend Yield (also known as Market Yield or Current Yield): An investment's
current annualized dividend divided by its current offering price.
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.
================================================================================
Quarterly Portfolio of Investments and Proxy Voting information: Each Fund's
(i) quarterly portfolio of investments, (ii) information regarding how the
Funds voted proxies relating to portfolio securities held during the 12-month
period ended June 30, 2005, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities 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 $136 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-MS6-1105D
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 Portfolio of Investments 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
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers, or
persons performing similar functions, have concluded that the registrant's
disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR
270.30a-3(c))) are effective, as of a date within 90 days of the filing date of
this report that includes the disclosure required by this paragraph, based on
their evaluation of the controls and procedures required by Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))
that occurred during the second fiscal quarter of the period covered by this
report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: 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 3, 2006
----------------------------------------------------------------
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 3, 2006
----------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
-------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date February 3, 2006
----------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.