N-CSRS 1 dncsrs.txt NUVEEN MULTISTATE TRUST IV UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-07751 Nuveen Multistate Trust IV -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 -------------- Date of fiscal year end: May 31st ---------- Date of reporting period: November 30th, 2003 ------------------- Form N-CSR is to be use by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507. ITEM 1. REPORTS TO STOCKHOLDERS. -------------------------------------------------------------------------------- Nuveen Investments Municipal Bond Funds -------------------------------------------------------------------------------- Semiannual Report dated November 30, 2003 ----------------------------------- Dependable, tax-free income because it's not what you earn, it's what you keep.(R) [PHOTO] Nuveen Kansas Municipal Bond Fund Nuveen Kentucky Municipal Bond Fund Nuveen Michigan Municipal Bond Fund Nuveen Missouri Municipal Bond Fund Nuveen Ohio Municipal Bond Fund Nuveen Wisconsin Municipal Bond Fund [LOGO] Nuveen Investments FASTER INFORMATION RECEIVE YOUR NUVEEN INVESTMENTS FUND REPORT ELECTRONICALLY By registering for electronic delivery, you will receive an e-mail as soon as your Nuveen Investments Fund information is available. Click on the link and you will be taken directly to the report. Your Fund report can be viewed and saved on your computer. Your report will arrive faster via e-mail than by traditional mail. Registering is easy and only takes a few minutes (see instructions at right). SOME COMMON CONCERNS: Will my e-mail address be distributed to other companies? No, your e-mail address is strictly confidential and will not be used for anything other than notification of shareholder information. What if I change my mind and want to receive investor materials through regular mail delivery again? If you decide you do not like receiving your reports electronically, it's a simple process to go back to regular mail delivery. If your Nuveen Investments Fund dividends and statements COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT, follow the steps outlined below: 1 Go to www.investordelivery.com and follow the simple instructions, using the address sheet that accompanied this report as a guide. 2 You'll be taken to a page with several options. Select the New Enrollment-Create screen and follow the simple instructions. 3 Click Submit. Confirm the information you just entered is correct, then click Submit again. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. If your Nuveen Investments Fund dividends and statements COME DIRECTLY TO YOU FROM NUVEEN INVESTMENTS, follow the steps outlined below: 1 Go to www.nuveen.com 2 Select Access Your Account. Select the E-Report Enrollment section. Click on Enrollment Today. 3 You'll be taken to a screen that asks for your Social Security number and e-mail address. Fill in this information, then click Enroll. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. ------------------------------ Must be preceded by or accompanied by a prospectus. NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE Dear Shareholder, Once again, I am pleased to report that over the most recent reporting period your Fund continued to provide you with attractive tax-free monthly income. For more specific information about the performance of your Fund, please see the Portfolio Managers' Comments and Fund Spotlight sections of this report. With interest rates at historically low levels, many have begun to wonder whether interest rates will rise, and whether that possibility should cause them to adjust their holdings of fixed-income investments. No one knows what the future will bring, which is why we think a well-balanced portfolio that is structured and carefully monitored with the help of an investment professional is an important component in achieving your long-term financial goals. A well-diversified portfolio may actually help to reduce your overall investment risk, and we believe that municipal bond investments like your Nuveen Investments Fund can be important building blocks in a portfolio crafted to perform well through a variety of market conditions. I'd also like to direct your attention to the inside front cover of this report, which explains the quick and easy process to begin receiving Fund reports like this via e-mail and the internet. Thousands of Nuveen Investments Fund shareholders already have signed-up, and they are getting their Fund information faster and more conveniently than ever. I urge you to consider joining them. Since 1898, Nuveen Investments has offered financial products and solutions that incorporate careful research, diversification, and the application of conservative risk-management principles. We are grateful that you have chosen us as a partner as you pursue your financial goals. We look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board January 15, 2004 [PHOTO] Timothy R. Schwertfeger "No one knows what the future will bring, which is why we think a well-balanced portfolio... is an important component in achieving your long-term financial goals." Semiannual Report l Page 1 Portfolio Managers' Comments Portfolio managers Scott Romans and Dan Solender examine economic and market conditions, key investment strategies, and the performance of the Nuveen Kansas, Kentucky, Michigan, Missouri, Ohio, and Wisconsin Municipal Bond Funds. Scott, who has over three years of investment experience, assumed primary management responsibility for the Kansas, Missouri, and Wisconsin Funds in 2003. Dan, with 16 years of investment experience, began managing the Kentucky, Michigan, and Ohio Funds in 2003. -------------------------------------------------------------------------------- What factors had the greatest influence on the U.S. economy and the municipal market during the six-month reporting period ended November 30, 2003? When the period began, inflation remained under control while the economy continued to turn in sluggish growth. In June, the Federal Reserve Board cut its target interest rate yet again, this time to one percent, the lowest level for the Fed Funds rate in 45 years. Beginning in late October, however, it became clear that the economy turned a corner, at least temporarily, during the third quarter of 2003. In July, August, and September, the gross domestic product (GDP) grew at an 8.2% annual rate. This was more than double the GDP's second-quarter performance, and the strongest growth achieved since 1984. Along with a major tax cut that put spending money in consumers' pockets, the continued low interest rate environment contributed to the economy's rapid expansion and the steady upward movement of the stock market. Although recent signs pointed to a mending economy, states and municipalities around the country continued to face budget deficits and other financial challenges. To meet these challenges, they issued a record amount of debt. For the first 11 months of 2003, municipal bond issuance nationwide surpassed $347 billion, a five percent increase over the same period in the prior year. Much of that new supply came to market in early 2003, when long-term municipal interest rates were at their lowest. Issuance slowed as bond yields began rising in mid-summer. However, with yields still low by historical standards, a steady stream of new debt continued to come to market, satisfying the healthy appetite for municipal securities during the period. Among the six states discussed in this report, four saw an increase in municipal bond supply during 2003 (through November). Issuance in Kentucky, Michigan, Missouri, and Ohio rose 29%, 4%, 3%, and 13%, respectively. Kansas's issuance fell 28% compared to the same time period in 2002, while Wisconsin's fell 37 percent. Kansas' economy, heavily dependent on aircraft manufacturing, continued to face challenges during the past six months. These challenges have had a negative effect on the state's tax-revenue collections. Once possessing a healthy balance sheet, the state ended its 2003 fiscal year with a general fund balance of just $100 million. While unemployment remained below the national average, the state has created few new jobs in recent years. As of the end of November, Kansas maintained credit ratings of Aa1 from Moody's and AA+ from Standard & Poor's, both of whom had a "negative" outlook for the state. Kentucky earned credit ratings of Aa2 and AA- from Moody's and Standard & Poor's, respectively, reflecting an ongoing fiscal crisis and the absence of a long-term plan to balance the state's budget. Kentucky's economy remained sluggish, though we believed it was likely to improve in line with the U.S. economy. The state's unemployment rate was 5.5% at the end of November 2003, up slightly from the prior year but remaining below the national average of 5.9 percent. Michigan, though possessing a AAA credit rating from Standard & Poor's, was downgraded to Aa1 by Moody's late in the period because of ongoing shortfalls in tax revenues and declining manufacturing activity. Michigan's economy remained sluggish during the period and trailed the national recovery, -------------------------------------------------------------------------------- The views expressed reflect those of the portfolio managers and are subject to change at any time, based on market and other conditions. Semiannual Report l Page 2 Class A Shares-- One-Year Total Returns as of 11/30/03 -------------------------------------------------------------------------------- Nuveen Kansas Municipal Bond Fund/1/ 6.03% Lipper Kansas Municipal Debt Funds category average/2/ 5.03% Lehman Brothers Municipal Bond Index/3/ 6.65% ---------------------------------------------- Nuveen Kentucky Municipal Bond Fund/1/ 6.98% Lipper Kentucky Municipal Debt Funds category average/2/ 5.75% Lehman Brothers Municipal Bond Index/3/ 6.65% ---------------------------------------------- Nuveen Michigan Municipal Bond Fund/1/ 5.85% Lipper Michigan Municipal Debt Funds category average/2/ 5.63% Lehman Brothers Municipal Bond Index/3/ 6.65% ---------------------------------------------- Nuveen Missouri Municipal Bond Fund/1/ 6.73% Lipper Missouri Municipal Debt Funds category average/2/ 6.00% Lehman Brothers Municipal Bond Index/3/ 6.65% ---------------------------------------------- Nuveen Ohio Municipal Bond Fund/1/ 7.24% Lipper Ohio Municipal Debt Funds category average/2/ 6.14% Lehman Brothers Municipal Bond Index/3/ 6.65% ---------------------------------------------- Nuveen Wisconsin Municipal Bond Fund/1/ 6.50% Lipper Other States Municipal Debt Funds category average/2/ 5.32% Lehman Brothers Municipal Bond Index/3/ 6.65% ----------------------------------------------
due in part to inefficiencies in the state's automobile industry. Michigan unemployment was 7.0% in November 2003, well above the national average and 0.9% higher than in the prior year. At period end, Missouri maintained credit ratings of Aaa and AAA from Moody's and Standard & Poor's, respectively, reflecting the state's solid financial position. Missouri's economy remained in recession, however, partly due to continued job losses in construction and wholesale trade as well as a continuing decline in manufacturing. Despite those difficulties, the state's unemployment rate fell to 5.0% in November, below its June peak of 5.7 percent. Tax revenues continued to lag expectations, though the state benefited from having relatively low debt levels and a solid reserve fund providing financial flexibility. Ohio's economy remained heavily dependent on a declining manufacturing base and had difficulty attracting technology and other high-growth employers, though healthcare remained a source of economic expansion. The state's economy has grown at a 1.7% rate in 2003 (through November) and is expected to benefit from a recovering national economy. Ohio managed to close its 2004 budget gap through a temporary increase in the state's sales tax. After several years of low tax collections, however, the state's reserve fund fell to just $181 million, down from $1 billion two years ago. At the end of the period, Ohio's general obligation debt was rated Aa1 by Moody's and AA+ by Standard & Poor's. Wisconsin's economy struggled as its traditional manufacturing sector continued to weaken and retail and service businesses encountered difficulties. The state faced substantial fiscal challenges, due to declines in corporate and personal income-tax collections and a lack of financial reserves. The state's unemployment rate was 5.0% as of the end of November, a 0.6% decline from the prior year and 0.9% below the national average. On November 30, Moody's maintained a Aa3 credit rating with a negative outlook on Wisconsin's general obligation debt. Standard & Poor's maintained a AA- credit rating with a stable outlook. How did the Funds perform during the 12 months ended November 30, 2003? The accompanying chart provides performance information for the six Nuveen Investments Funds discussed in this report (Class A shares at net asset value) for the 12 months ended November 30, 2003. The chart also compares the Funds' performance to 1Performance figures are for Class A shares at net asset value as of November 30, 2003. Current performance may be more or less than the performance shown. 2For each state, the Lipper peer category averages shown represents the average annualized total return for all reporting funds for the year ended November 30, 2003. As of that date, the Lipper peer categories included 11 Kansas funds, 17 Kentucky funds, 39 Michigan funds, 21 Missouri funds, 43 Ohio funds and 63 Other States funds. All returns assume reinvestment of dividends and do not reflect any sales charges. 3The Lehman Brothers Municipal Bond Index is an unmanaged index composed of a broad range of investment-grade municipal bonds and does not reflect any initial or ongoing expenses. An index is not available for direct investment. Semiannual Report l Page 3 that of their peers (as measured by their respective Lipper peer category average) and to the national municipal bond market (as measured by the Lehman Brothers Municipal Bond Index). The total return of all six Funds outperformed their Lipper peer category averages during the past 12 months. In addition, the returns of the Kentucky, Missouri, and Ohio Funds outperformed the Lehman Index, while the Kansas, Michigan and Wisconsin Funds underperformed this national benchmark to varying degrees. Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII which will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of November 30, 2003, the Nuveen Michigan and Ohio Municipal Bond Funds had positive UNII, while Nuveen Kansas, Kentucky, Missouri and Wisconsin Municipal Bond Funds had negative UNII. What strategies were used to manage these Funds during the six-months ended November 30, 2003 and how did these strategies influence performance over this period? For each of the six Funds, we continued to follow the same disciplined, research-driven investment approach that we use for every Nuveen Investments fixed-income fund. We identified the long-intermediate part of the yield curve, bonds maturing in approximately 15 to 25 years, as a source of potential value. Thus, when making new purchases for the Funds, we tended to favor tax-free securities in this maturity range. That said, we tended to limit our trading activity during the past six months. With interest rates continuing to be historically low, we believed that our shareholders were best served by maintaining many of the Funds' existing holdings. Even as we followed these strategies, the management of each Fund also reflected the unique characteristics of each state. The following is a portfolio-by-portfolio summary of our management approaches during the past six months. Kansas Supply of new Kansas bonds is traditionally limited and was especially so during the past six months. When we were unable to identify attractive in-state investment opportunities, we looked instead to U.S. territorial bonds, such as those issued by Puerto Rico and the U.S. Virgin Islands, which made up approximately 18% of the Fund's portfolio and are fully tax-exempt in Kansas and all 49 other states. We were generally comfortable with the portfolio's structure during the past six months and made only modest changes. For example, we looked to enhance the Fund's credit quality by increasing its weighting in AAA-rated or U.S. Guaranteed municipal securities, from 53% of the portfolio on May 31 to 58% on November 30. We kept our eyes open for other ways to improve credit quality, a process that was ongoing as the reporting period came to a close, though the limited issuance of new Kansas paper slowed our efforts. Kentucky As with the other Funds, new purchases were made with an eye toward capturing the value we believed could be found in the long-intermediate part of the yield curve. The Fund benefited from its weighting in BBB-rated securities, 17% of the portfolio on November 30, as lower-rated securities outperformed during this period of economic recovery. At the same time, we sought to upgrade the Fund's credit quality during the period, with our position in AAA-rated or U.S. Guaranteed paper rising from 55% to 57% between the end of May and the end of November. Changes to the portfolio were modest during the past six months, though we did face a handful of bond calls from some of our holdings in the housing sector. Semiannual Report l Page 4 Some of the proceeds from these calls were reinvested in tax-obligation/limited bonds, which grew from 22% to 26% of the portfolio. Michigan Trading activity was modest in the Nuveen Michigan Municipal Bond Fund during the past six months. This Fund's credit quality was very strong, with 74% of the portfolio invested in bonds rated AAA or U.S. Guaranteed, the highest rating from S&P. Just 15% of the Fund, by contrast, was invested in BBB, BB or lower, or non-rated securities. The Fund's duration remained relatively consistent during the past six months, indicating a stable level of sensitivity to interest-rate changes. At period end, approximately 22% of the Fund's portfolio was invested in the U.S. Guaranteed sector, reflecting a large exposure to pre-refunded bonds. Because the pre-refunded bonds generally are backed by federal government securities placed in escrow, these bonds tend to have very limited volatility. Missouri We were relatively comfortable with the Fund's structure and thus made few changes to the portfolio during the past six months. Portfolio duration remained relatively steady, as we believed the Fund maintained a manageable amount of interest-rate risk. Ohio The Ohio Fund's duration decreased modestly during the past six months, reflecting a decision to sell some of our longer-dated holdings whose characteristics were no longer meeting our investment criteria. To replace the bonds we sold, we looked for new opportunities with 15- to 20-year maturity dates, representing the area of the yield curve that we believed offered the best value potential. We also kept our eyes open for attractive BBB-rated securities. During the past six months, the Fund's BBB weighting grew from 6% to 11% of the portfolio. Wisconsin Supply of fully tax-free Wisconsin municipal bonds tends to be very limited. To keep the Fund fully invested, we invested in securities issued by Puerto Rico and other U.S. territories, which are fully tax exempt in all 50 states. Within Wisconsin, the Fund also held industrial revenue bonds backed by Georgia-Pacific, a forest-products company with substantial operations in Green Bay. Semiannual Report l Page 5 -------------------------------------------------------------------------------- Fund Spotlight as of 11/30/03 Nuveen Kansas Municipal Bond Fund ================================================================================
Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------- NAV $10.44 $10.37 $10.46 $10.49 -------------------------------------------------------------- Latest Monthly Dividend/1/ $0.0375 $0.0310 $0.0330 $0.0395 -------------------------------------------------------------- Inception Date 1/09/92 2/19/97 2/11/97 2/25/97 --------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 6.03% 1.59% ---------------------------------------------- 5-Year 4.41% 3.52% ---------------------------------------------- 10-Year 5.11% 4.66% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 5.28% 1.28% ---------------------------------------------- 5-Year 3.64% 3.47% ---------------------------------------------- 10-Year 4.49% 4.49% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 5.48% ---------------------------------------------- 5-Year 3.85% ---------------------------------------------- 10-Year 4.63% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 6.24% ---------------------------------------------- 5-Year 4.62% ---------------------------------------------- 10-Year 5.31% ---------------------------------------------- Tax-Free Yields A Shares NAV Offer ---------------------------------------------- Market Yield/3/ 4.31% 4.13% ---------------------------------------------- SEC 30-Day Yield 3.70% 3.54% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.48% 5.24% ---------------------------------------------- B Shares NAV ---------------------------------------------- Market Yield/3/ 3.59% ---------------------------------------------- SEC 30-Day Yield 3.12% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.62% ---------------------------------------------- C Shares NAV ---------------------------------------------- Market Yield/3/ 3.79% ---------------------------------------------- SEC 30-Day Yield 3.31% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.90% ---------------------------------------------- R Shares NAV ---------------------------------------------- Market Yield/3/ 4.52% ---------------------------------------------- SEC 30-Day Yield 4.06% ---------------------------------------------- Taxable-Equivalent Yield/4/ 6.01% ----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 4.39% 0.01% ---------------------------------------------- 5-Year 4.56% 3.66% ---------------------------------------------- 10-Year 4.96% 4.52% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 3.64% -0.35% ---------------------------------------------- 5-Year 3.77% 3.60% ---------------------------------------------- 10-Year 4.34% 4.34% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 3.85% ---------------------------------------------- 5-Year 3.98% ---------------------------------------------- 10-Year 4.48% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 4.61% ---------------------------------------------- 5-Year 4.75% ---------------------------------------------- 10-Year 5.16% ---------------------------------------------- Bond Credit Quality/5/ [CHART] AAA/U.S. Guaranteed 58% AA 14% A 12% BBB 8% NR 7% BB or Lower 1%
Top Five Sectors/5/ Tax Obligation/Limited 24% ------------------------------------------- Healthcare 19% ------------------------------------------- Tax Obligation/General 17% ------------------------------------------- U.S. Guaranteed 11% ------------------------------------------- Water and Sewer 7% ------------------------------------------- Portfolio Statistics Net Assets ($000) $137,382 ------------------------------------------- Average Effective Maturity (Years) 17.37 ------------------------------------------- Average Duration 7.28 -------------------------------------------
-------------------------------------------------------------------------------- Returns are historical and do not guarantee future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Performance of classes will differ. For additional information, please see the Fund prospectus. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. 1Paid December 1, 2003. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2003. 2Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and (in the case of Classes B and C) expenses, which are primarily differences in distribution and service fees. Class A shares have a 4.2% maximum sales charge. Class B shares have a contingent deferred sales charge (CDSC), also known as a back-end sales charge, that begins at 5% for redemptions during the first year after purchase and declines periodically to 0% over the following five years. Class B shares automatically convert to Class A shares eight years after purchase. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. 3The Market Yield is an investment's current annualized dividend divided by its current offering price while the SEC 30-Day Yield is a standardized measure of a fund's yield that accounts for the future amortization of premiums or discounts of bonds held in the fund's portfolio. 4The taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield on the Nuveen Investments Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is based on the Fund's SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.5%. 5As a percentage of total holdings as of November 30, 2003. Holdings are subject to change. Semiannual Report l Page 6 -------------------------------------------------------------------------------- Fund Spotlight as of 11/30/03 Nuveen Kentucky Municipal Bond Fund ================================================================================
Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------- NAV $11.17 $11.18 $11.16 $11.16 -------------------------------------------------------------- Latest Monthly Dividend/1/ $0.0425 $0.0355 $0.0375 $0.0440 -------------------------------------------------------------- Inception Date 5/04/87 2/05/97 10/04/93 2/07/97 --------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 6.98% 2.49% ---------------------------------------------- 5-Year 4.63% 3.74% ---------------------------------------------- 10-Year 5.37% 4.92% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 6.27% 2.27% ---------------------------------------------- 5-Year 3.87% 3.71% ---------------------------------------------- 10-Year 4.81% 4.81% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 6.41% ---------------------------------------------- 5-Year 4.06% ---------------------------------------------- 10-Year 4.79% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 7.26% ---------------------------------------------- 5-Year 4.85% ---------------------------------------------- 10-Year 5.50% ---------------------------------------------- Tax-Free Yields A Shares NAV Offer ---------------------------------------------- Market Yield/3/ 4.57% 4.38% ---------------------------------------------- SEC 30-Day Yield 3.41% 3.27% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.05% 4.84% ---------------------------------------------- B Shares NAV ---------------------------------------------- Market Yield/3/ 3.81% ---------------------------------------------- SEC 30-Day Yield 2.84% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.21% ---------------------------------------------- C Shares NAV ---------------------------------------------- Market Yield/3/ 4.03% ---------------------------------------------- SEC 30-Day Yield 3.03% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.49% ---------------------------------------------- R Shares NAV ---------------------------------------------- Market Yield/3/ 4.73% ---------------------------------------------- SEC 30-Day Yield 3.76% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.57% ----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 5.91% 1.44% ---------------------------------------------- 5-Year 4.81% 3.91% ---------------------------------------------- 10-Year 5.28% 4.83% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 5.21% 1.21% ---------------------------------------------- 5-Year 4.04% 3.88% ---------------------------------------------- 10-Year 4.72% 4.72% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 5.35% ---------------------------------------------- 5-Year 4.24% ---------------------------------------------- 10-Year 4.70% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 6.19% ---------------------------------------------- 5-Year 5.02% ---------------------------------------------- 10-Year 5.41% ---------------------------------------------- Bond Credit Quality/5/ [CHART] AAA/U.S. Guaranteed 57% AA 11% A 11% BBB 17% NR 3% BB or Lower 1%
Top Five Sectors/5/ Tax Obligation/Limited 26% ------------------------------------------- Healthcare 12% ------------------------------------------- U.S. Guaranteed 11% ------------------------------------------- Water and Sewer 9% ------------------------------------------- Utilities 9% ------------------------------------------- Portfolio Statistics Net Assets ($000) $495,152 ------------------------------------------- Average Effective Maturity (Years) 17.77 ------------------------------------------- Average Duration 6.06 -------------------------------------------
-------------------------------------------------------------------------------- Returns are historical and do not guarantee future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Performance of classes will differ. For additional information, please see the Fund prospectus. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. 1Paid December 1, 2003. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2003. 2Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and (in the case of Classes B and C) expenses, which are primarily differences in distribution and service fees. Class A shares have a 4.2% maximum sales charge. Class B shares have a contingent deferred sales charge (CDSC), also known as a back-end sales charge, that begins at 5% for redemptions during the first year after purchase and declines periodically to 0% over the following five years. Class B shares automatically convert to Class A shares eight years after purchase. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. 3The Market Yield is an investment's current annualized dividend divided by its current offering price while the SEC 30-Day Yield is a standardized measure of a fund's yield that accounts for the future amortization of premiums or discounts of bonds held in the fund's portfolio. 4The taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield on the Nuveen Investments Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is based on the Fund's SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.5%. 5As a percentage of total holdings as of November 30, 2003. Holdings are subject to change. Semiannual Report l Page 7 -------------------------------------------------------------------------------- Fund Spotlight as of 11/30/03 Nuveen Michigan Municipal Bond Fund ================================================================================
Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------- NAV $11.83 $11.85 $11.81 $11.83 -------------------------------------------------------------- Latest Monthly Dividend/1/ $0.0455 $0.0380 $0.0400 $0.0475 -------------------------------------------------------------- Inception Date 6/27/85 2/03/97 6/22/93 2/03/97 --------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 5.85% 1.44% ---------------------------------------------- 5-Year 4.70% 3.82% ---------------------------------------------- 10-Year 5.37% 4.92% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 5.13% 1.13% ---------------------------------------------- 5-Year 3.91% 3.74% ---------------------------------------------- 10-Year 4.81% 4.81% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 5.27% ---------------------------------------------- 5-Year 4.11% ---------------------------------------------- 10-Year 4.80% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 6.06% ---------------------------------------------- 5-Year 4.90% ---------------------------------------------- 10-Year 5.51% ---------------------------------------------- Tax-Free Yields A Shares NAV Offer ---------------------------------------------- Market Yield/3/ 4.62% 4.43% ---------------------------------------------- SEC 30-Day Yield 3.30% 3.16% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.78% 4.68% ---------------------------------------------- B Shares NAV ---------------------------------------------- Market Yield/3/ 3.85% ---------------------------------------------- SEC 30-Day Yield 2.70% ---------------------------------------------- Taxable-Equivalent Yield/4/ 3.91% ---------------------------------------------- C Shares NAV ---------------------------------------------- Market Yield/3/ 4.06% ---------------------------------------------- SEC 30-Day Yield 2.90% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.20% ---------------------------------------------- R Shares NAV ---------------------------------------------- Market Yield/3/ 4.82% ---------------------------------------------- SEC 30-Day Yield 3.64% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.28% ----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 3.98% -0.37% ---------------------------------------------- 5-Year 4.77% 3.87% ---------------------------------------------- 10-Year 5.23% 4.78% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 3.19% -0.74% ---------------------------------------------- 5-Year 3.99% 3.82% ---------------------------------------------- 10-Year 4.68% 4.68% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 3.41% ---------------------------------------------- 5-Year 4.20% ---------------------------------------------- 10-Year 4.66% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 4.19% ---------------------------------------------- 5-Year 4.96% ---------------------------------------------- 10-Year 5.37% ---------------------------------------------- Bond Credit Quality/5/ [CHART] AAA/U.S. Guaranteed 74% AA 5% A 6% BBB 8% NR 2% BB or Lower 5%
Top Five Sectors/5/ Tax Obligation/General 24% ------------------------------------------- U.S. Guaranteed 22% ------------------------------------------- Healthcare 15% ------------------------------------------- Tax Obligation/Limited 14% ------------------------------------------- Utilities 6% ------------------------------------------- Portfolio Statistics Net Assets ($000) $267,312 ------------------------------------------- Average Effective Maturity (Years) 15.64 ------------------------------------------- Average Duration 5.93 -------------------------------------------
-------------------------------------------------------------------------------- Returns are historical and do not guarantee future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Performance of classes will differ. For additional information, please see the Fund prospectus. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. 1Paid December 1, 2003. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2003. 2Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and (in the case of Classes B and C) expenses, which are primarily differences in distribution and service fees. Class A shares have a 4.2% maximum sales charge. Class B shares have a contingent deferred sales charge (CDSC), also known as a back-end sales charge, that begins at 5% for redemptions during the first year after purchase and declines periodically to 0% over the following five years. Class B shares automatically convert to Class A shares eight years after purchase. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. 3The Market Yield is an investment's current annualized dividend divided by its current offering price while the SEC 30-Day Yield is a standardized measure of a fund's yield that accounts for the future amortization of premiums or discounts of bonds held in the fund's portfolio. 4The taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield on the Nuveen Investments Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is based on the Fund's SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 31.0%. 5As a percentage of total holdings as of November 30, 2003. Holdings are subject to change. Semiannual Report l Page 8 Fund Spotlight as of 11/30/03 Nuveen Missouri Municipal Bond Fund ================================================================================
Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------- NAV $11.05 $11.05 $11.04 $11.06 -------------------------------------------------------------- Latest Monthly Dividend/1/ $0.0400 $0.0330 $0.0350 $0.0415 -------------------------------------------------------------- Inception Date 8/03/87 2/06/97 2/02/94 2/19/97 --------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 6.73% 2.20% ---------------------------------------------- 5-Year 4.61% 3.71% ---------------------------------------------- 10-Year 5.29% 4.83% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 5.82% 1.82% ---------------------------------------------- 5-Year 3.83% 3.66% ---------------------------------------------- 10-Year 4.73% 4.73% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 6.04% ---------------------------------------------- 5-Year 4.03% ---------------------------------------------- 10-Year 4.70% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 6.89% ---------------------------------------------- 5-Year 4.81% ---------------------------------------------- 10-Year 5.43% ---------------------------------------------- Tax-Free Yields A Shares NAV Offer ---------------------------------------------- Market Yield/3/ 4.34% 4.16% ---------------------------------------------- SEC 30-Day Yield 3.83% 3.67% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.67% 5.44% ---------------------------------------------- B Shares NAV ---------------------------------------------- Market Yield/3/ 3.58% ---------------------------------------------- SEC 30-Day Yield 3.27% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.84% ---------------------------------------------- C Shares NAV ---------------------------------------------- Market Yield/3/ 3.80% ---------------------------------------------- SEC 30-Day Yield 3.47% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.14% ---------------------------------------------- R Shares NAV ---------------------------------------------- Market Yield/3/ 4.50% ---------------------------------------------- SEC 30-Day Yield 4.19% ---------------------------------------------- Taxable-Equivalent Yield/4/ 6.21% ----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 5.23% 0.85% ---------------------------------------------- 5-Year 4.73% 3.83% ---------------------------------------------- 10-Year 5.16% 4.71% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 4.44% 0.44% ---------------------------------------------- 5-Year 3.94% 3.77% ---------------------------------------------- 10-Year 4.59% 4.59% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 4.65% ---------------------------------------------- 5-Year 4.15% ---------------------------------------------- 10-Year 4.57% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 5.40% ---------------------------------------------- 5-Year 4.93% ---------------------------------------------- 10-Year 5.30% ---------------------------------------------- Bond Credit Quality/5/ [CHART] AAA/U.S. Guaranteed 54% AA 14% A 9% BBB 6% NR 16% BB or Lower 1%
Top Five Sectors/5/ Tax Obligation/Limited 18% ------------------------------------------- Education and Civic Organizations 11% ------------------------------------------- Housing/Multifamily 11% ------------------------------------------- Long-Term Care 10% ------------------------------------------- Transportation 10% ------------------------------------------- Portfolio Statistics Net Assets ($000) $267,076 ------------------------------------------- Average Effective Maturity (Years) 18.84 ------------------------------------------- Average Duration 6.52 -------------------------------------------
-------------------------------------------------------------------------------- Returns are historical and do not guarantee future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Performance of classes will differ. For additional information, please see the Fund prospectus. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. 1Paid December 1, 2003. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2003. 2Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and (in the case of Classes B and C) expenses, which are primarily differences in distribution and service fees. Class A shares have a 4.2% maximum sales charge. Class B shares have a contingent deferred sales charge (CDSC), also known as a back-end sales charge, that begins at 5% for redemptions during the first year after purchase and declines periodically to 0% over the following five years. Class B shares automatically convert to Class A shares eight years after purchase. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. 3The Market Yield is an investment's current annualized dividend divided by its current offering price while the SEC 30-Day Yield is a standardized measure of a fund's yield that accounts for the future amortization of premiums or discounts of bonds held in the fund's portfolio. 4The taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield on the Nuveen Investments Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is based on the Fund's SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.5%. 5As a percentage of total holdings as of November 30, 2003. Holdings are subject to change. Semiannual Report l Page 9 -------------------------------------------------------------------------------- Fund Spotlight as of 11/30/03 Nuveen Ohio Municipal Bond Fund ================================================================================
Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------- NAV $11.51 $11.50 $11.49 $11.50 -------------------------------------------------------------- Latest Monthly Dividend/1/ $0.0450 $0.0380 $0.0400 $0.0470 -------------------------------------------------------------- Inception Date 6/27/85 2/03/97 8/03/93 2/03/97 --------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 7.24% 2.77% ---------------------------------------------- 5-Year 4.59% 3.70% ---------------------------------------------- 10-Year 5.17% 4.71% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 6.56% 2.56% ---------------------------------------------- 5-Year 3.83% 3.66% ---------------------------------------------- 10-Year 4.61% 4.61% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 6.70% ---------------------------------------------- 5-Year 4.02% ---------------------------------------------- 10-Year 4.59% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 7.47% ---------------------------------------------- 5-Year 4.80% ---------------------------------------------- 10-Year 5.31% ---------------------------------------------- Tax-Free Yields A Shares NAV Offer ---------------------------------------------- Market Yield/3/ 4.69% 4.49% ---------------------------------------------- SEC 30-Day Yield 3.50% 3.35% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.22% 5.00% ---------------------------------------------- B Shares NAV ---------------------------------------------- Market Yield/3/ 3.97% ---------------------------------------------- SEC 30-Day Yield 2.91% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.34% ---------------------------------------------- C Shares NAV ---------------------------------------------- Market Yield/3/ 4.18% ---------------------------------------------- SEC 30-Day Yield 3.11% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.64% ---------------------------------------------- R Shares NAV ---------------------------------------------- Market Yield/3/ 4.90% ---------------------------------------------- SEC 30-Day Yield 3.86% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.76% ----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 5.64% 1.23% ---------------------------------------------- 5-Year 4.74% 3.84% ---------------------------------------------- 10-Year 5.09% 4.64% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 4.97% 0.97% ---------------------------------------------- 5-Year 3.96% 3.79% ---------------------------------------------- 10-Year 4.53% 4.53% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 5.10% ---------------------------------------------- 5-Year 4.17% ---------------------------------------------- 10-Year 4.52% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 5.87% ---------------------------------------------- 5-Year 4.95% ---------------------------------------------- 10-Year 5.24% ---------------------------------------------- Bond Credit Quality/5/ [CHART] AAA/U.S. Guaranteed 60% AA 17% A 6% BBB 11% NR 5% BB or Lower 1%
Top Five Sectors/5/ Tax Obligation/General 23% ------------------------------------------- Healthcare 17% ------------------------------------------- U.S. Guaranteed 12% ------------------------------------------- Utilities 10% ------------------------------------------- Tax Obligation/Limited 8% ------------------------------------------- Portfolio Statistics Net Assets ($000) $587,200 ------------------------------------------- Average Effective Maturity (Years) 16.92 ------------------------------------------- Average Duration 6.38 -------------------------------------------
-------------------------------------------------------------------------------- Returns are historical and do not guarantee future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Performance of classes will differ. For additional information, please see the Fund prospectus. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. 1Paid December 1, 2003. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2003. 2Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and (in the case of Classes B and C) expenses, which are primarily differences in distribution and service fees. Class A shares have a 4.2% maximum sales charge. Class B shares have a contingent deferred sales charge (CDSC), also known as a back-end sales charge, that begins at 5% for redemptions during the first year after purchase and declines periodically to 0% over the following five years. Class B shares automatically convert to Class A shares eight years after purchase. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. 3The Market Yield is an investment's current annualized dividend divided by its current offering price while the SEC 30-Day Yield is a standardized measure of a fund's yield that accounts for the future amortization of premiums or discounts of bonds held in the fund's portfolio. 4The taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield on the Nuveen Investments Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is based on the Fund's SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 33.0%. 5As a percentage of total holdings as of November 30, 2003. Holdings are subject to change. Semiannual Report l Page 10 -------------------------------------------------------------------------------- Fund Spotlight as of 11/30/03 Nuveen Wisconsin Municipal Bond Fund ================================================================================
Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------- NAV $10.41 $10.44 $10.44 $10.46 -------------------------------------------------------------- Latest Monthly Dividend/1/ $0.0360 $0.0300 $0.0315 $0.0380 -------------------------------------------------------------- Inception Date 6/01/94 2/25/97 2/25/97 2/25/97 --------------------------------------------------------------
Average Annual Total Returns as of 11/30/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 6.50% 2.00% ---------------------------------------------- 5-Year 4.52% 3.62% ---------------------------------------------- Since Inception 5.74% 5.26% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 5.75% 1.75% ---------------------------------------------- 5-Year 3.75% 3.58% ---------------------------------------------- Since Inception 5.17% 5.17% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 6.04% ---------------------------------------------- 5-Year 3.97% ---------------------------------------------- Since Inception 5.25% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 6.82% ---------------------------------------------- 5-Year 4.76% ---------------------------------------------- Since Inception 5.93% ---------------------------------------------- Tax-Free Yields A Shares NAV Offer ---------------------------------------------- Market Yield/3/ 4.15% 3.98% ---------------------------------------------- SEC 30-Day Yield 3.17% 3.04% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.73% 4.50% ---------------------------------------------- B Shares NAV ---------------------------------------------- Market Yield/3/ 3.45% ---------------------------------------------- SEC 30-Day Yield 2.57% ---------------------------------------------- Taxable-Equivalent Yield/4/ 3.84% ---------------------------------------------- C Shares NAV ---------------------------------------------- Market Yield/3/ 3.62% ---------------------------------------------- SEC 30-Day Yield 2.77% ---------------------------------------------- Taxable-Equivalent Yield/4/ 4.13% ---------------------------------------------- R Shares NAV ---------------------------------------------- Market Yield/3/ 4.36% ---------------------------------------------- SEC 30-Day Yield 3.51% ---------------------------------------------- Taxable-Equivalent Yield/4/ 5.24% ----------------------------------------------
Average Annual Total Returns as of 12/31/03/2/ A Shares NAV Offer ---------------------------------------------- 1-Year 4.65% 0.22% ---------------------------------------------- 5-Year 4.67% 3.77% ---------------------------------------------- Since Inception 5.77% 5.29% ---------------------------------------------- B Shares w/o CDSC w/CDSC ---------------------------------------------- 1-Year 3.82% -0.18% ---------------------------------------------- 5-Year 3.89% 3.71% ---------------------------------------------- Since Inception 5.20% 5.20% ---------------------------------------------- C Shares NAV ---------------------------------------------- 1-Year 4.10% ---------------------------------------------- 5-Year 4.10% ---------------------------------------------- Since Inception 5.27% ---------------------------------------------- R Shares NAV ---------------------------------------------- 1-Year 4.87% ---------------------------------------------- 5-Year 4.88% ---------------------------------------------- Since Inception 5.95% ---------------------------------------------- Bond Credit Quality/5/ [CHART] AAA/U.S. Guaranteed 50% AA 15% A 13% BBB 5% NR 14% BB or Lower 3%
Top Five Sectors/5/ Tax Obligation/Limited 48% ------------------------------------------ U.S. Guaranteed 26% ------------------------------------------ Housing/Multifamily 10% ------------------------------------------ Education and Civic Organizations 5% ------------------------------------------ Healthcare 5% ------------------------------------------ Portfolio Statistics Net Assets ($000) $48,658 ------------------------------------------ Average Effective Maturity (Years) 15.43 ------------------------------------------ Average Duration 6.13 ------------------------------------------
-------------------------------------------------------------------------------- Returns are historical and do not guarantee future performance. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Performance of classes will differ. For additional information, please see the Fund prospectus. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax. 1Paid December 1, 2003. This is the latest monthly tax-exempt dividend declared during the period ended November 30, 2003. 2Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and (in the case of Classes B and C) expenses, which are primarily differences in distribution and service fees. Class A shares have a 4.2% maximum sales charge. Class B shares have a contingent deferred sales charge (CDSC), also known as a back-end sales charge, that begins at 5% for redemptions during the first year after purchase and declines periodically to 0% over the following five years. Class B shares automatically convert to Class A shares eight years after purchase. Class C shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. 3The Market Yield is an investment's current annualized dividend divided by its current offering price while the SEC 30-Day Yield is a standardized measure of a fund's yield that accounts for the future amortization of premiums or discounts of bonds held in the fund's portfolio. 4The taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield on the Nuveen Investments Fund on an after-tax basis. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the taxable-equivalent yield is lower. The taxable-equivalent yield is based on the Fund's SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 33.0%. 5As a percentage of total holdings as of November 30, 2003. Holdings are subject to change. Semiannual Report l Page 11 Shareholder Meeting Report The annual shareholder meeting was held on July 28, 2003, at the Northern Trust Bank, Chicago, Illinois. --------------------------------------------------------------------------------
Nuveen Nuveen Nuveen Nuveen Nuveen Nuveen Kansas Kentucky Michigan Missouri Ohio Wisconsin Municipal Municipal Municipal Municipal Municipal Municipal Bond Bond Bond Bond Bond Bond Approval of the Board Members was reached as follows: Fund Fund Fund Fund Fund Fund --------------------------------------------------------------------------------------------------------------------- William E. Bennett For 9,101,016 28,305,194 14,124,759 15,000,022 33,924,548 3,000,797 Withhold 252,179 738,129 467,370 534,993 1,282,461 76,185 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- Robert P. Bremner For 9,104,986 28,337,488 14,121,845 15,004,274 33,907,788 3,001,377 Withhold 248,209 705,835 470,284 530,741 1,299,221 75,605 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- Lawrence H. Brown For 9,094,748 28,320,682 14,127,163 15,011,067 33,893,323 2,990,763 Withhold 258,447 722,641 464,966 523,948 1,313,686 86,219 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- Jack B. Evans For 9,104,986 28,324,212 14,126,173 14,987,720 33,930,533 2,990,183 Withhold 248,209 719,111 465,956 547,295 1,276,476 86,799 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- Anne E. Impellizzeri For 9,104,986 28,320,271 14,123,934 14,991,645 33,875,594 3,001,377 Withhold 248,209 723,052 468,195 543,370 1,331,415 75,605 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- William L. Kissick For 9,102,282 28,319,283 14,101,634 14,982,963 33,855,048 3,001,377 Withhold 250,913 724,040 490,495 552,052 1,351,961 75,605 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- Thomas E. Leafstrand For 9,099,989 28,312,709 14,086,231 14,989,981 33,881,546 2,990,763 Withhold 253,206 730,614 505,898 545,034 1,325,463 86,219 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- Peter R. Sawers For 9,098,294 28,342,514 14,088,435 14,988,203 33,880,195 2,990,763 Withhold 254,901 700,809 503,694 546,812 1,326,814 86,219 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 --------------------------------------------------------------------------------------------------------------------- William J. Schneider For 9,104,986 28,356,307 14,122,345 15,013,214 33,935,408 2,990,763 Withhold 248,209 687,016 469,784 521,801 1,271,601 86,219 --------------------------------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 ---------------------------------------------------------------------------------------------------------------------
---- 12 ---------------------------------------------------------------------------------------------- Nuveen Nuveen Nuveen Nuveen Nuveen Nuveen Kansas Kentucky Michigan Missouri Ohio Wisconsin Municipal Municipal Municipal Municipal Municipal Municipal Approval of the Board Members Bond Bond Bond Bond Bond Bond was reached as follows: Fund Fund Fund Fund Fund Fund ---------------------------------------------------------------------------------------------- Timothy R. Schwertfeger For 9,102,693 28,335,947 14,126,184 15,004,077 33,929,853 2,989,140 Withhold 250,502 707,376 465,945 530,938 1,277,156 87,842 ---------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 ---------------------------------------------------------------------------------------------- Judith M. Stockdale For 9,097,805 28,338,754 14,140,261 14,981,646 33,907,509 3,001,377 Withhold 255,390 704,569 451,868 553,369 1,299,500 75,605 ---------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 ---------------------------------------------------------------------------------------------- Sheila W. Wellington For 9,090,271 28,294,020 14,109,636 14,942,758 33,878,394 3,000,797 Withhold 262,924 749,303 482,493 592,257 1,328,615 76,185 ---------------------------------------------------------------------------------------------- Total 9,353,195 29,043,323 14,592,129 15,535,015 35,207,009 3,076,982 ---------------------------------------------------------------------------------------------- To approve a change to a fundamental investment restriction with respect to lending* For 6,820,885 21,091,412 10,751,193 10,607,964 26,306,311 2,111,334 Against 535,916 1,032,077 885,083 692,381 1,706,228 64,524 Abstain 472,731 1,433,765 717,141 651,467 1,535,799 175,058 Broker Non-Vote 2,516,138 6,610,032 2,238,712 3,583,203 5,658,671 726,066 ---------------------------------------------------------------------------------------------- Total 10,345,670 30,167,286 14,592,129 15,535,015 35,207,009 3,076,982 ---------------------------------------------------------------------------------------------- To approve a change to a fundamental investment restriction with respect to borrowing* For 6,802,562 20,928,163 10,765,916 10,483,979 26,125,918 2,600,174 Against 588,410 1,140,407 911,368 833,197 1,829,579 1,011,949 Abstain 438,560 1,488,684 676,133 634,636 1,592,841 197,287 Broker Non-Vote 2,516,138 6,610,032 2,238,712 3,583,203 5,658,671 558,562 ---------------------------------------------------------------------------------------------- Total 10,345,670 30,167,286 14,592,129 15,535,015 35,207,009 4,367,972 ---------------------------------------------------------------------------------------------- To approve a change to a fundamental investment restriction with respect to investing in municipal securities* For 6,811,797 21,080,636 10,857,094 10,903,035 26,156,088 2,062,310 Against 507,699 1,030,323 783,076 1,099,357 1,775,848 175,491 Abstain 510,036 1,446,295 713,247 758,011 1,616,402 113,115 Broker Non-Vote 2,516,138 6,610,032 2,238,712 3,340,816 5,658,671 726,066 ---------------------------------------------------------------------------------------------- Total 10,345,670 30,167,286 14,592,129 16,101,219 35,207,009 3,076,982 ----------------------------------------------------------------------------------------------
* For each Fund, the shareholder meetings were convened on July 28, 2003, but were adjourned to September 10, 2003 for the Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund with respect to the proposals to amend the fundamental policies concerning lending, borrowing and investing up to 5% of the Fund's assets in certain non-municipal securities. At the July 28, 2003 meeting for the Nuveen Michigan Municipal Bond Fund and Nuveen Ohio Municipal Bond, sufficient votes were received on all three proposals and all three proposals passed. The vote totals shown reflect the totals received as of July 28, 2003. At the September 10, 2003 reconvened meeting for the Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund, sufficient votes were received on all three proposals and all three proposals passed. The vote totals shown reflect the totals received as of September 10, 2003. ---- 13 Portfolio of Investments (Unaudited) NUVEEN KANSAS MUNICIPAL BOND FUND November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Consumer Discretionary - 0.2% $ 320 Wichita Airport Authority, Kansas, Airport 3/04 at 100.00 AA $ 324,416 Facilities Revenue Bonds, Wichita Airport Hotel Associates L.P. Project, Series 1992, 7.000%, 3/01/05 - RAAI Insured ---------------------------------------------------------------------------------------------------- Education and Civic Organizations - 2.1% 1,500 Puerto Rico Industrial, Tourist, Educational, 2/09 at 101.00 BBB 1,551,090 Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999, 5.375%, 2/01/19 955 Washburn University of Topeka, Kansas, Revenue 7/09 at 100.00 AAA 1,069,724 Bonds, Series 2001A, 5.500%, 7/01/16 - AMBAC Insured 270 Washburn University of Topeka, Kansas, Revenue 7/09 at 100.00 AAA 302,435 Bonds, Series 2001B, 5.500%, 7/01/16 - AMBAC Insured ---------------------------------------------------------------------------------------------------- Healthcare - 18.9% Coffeyville Public Building Commission, Kansas, Healthcare Facilities Revenue Bonds, Coffeyville Regional Medical Center, Series 2002: 1,005 5.000%, 8/01/18 - AMBAC Insured 8/12 at 100.00 AAA 1,053,572 1,050 5.000%, 8/01/19 - AMBAC Insured 8/12 at 100.00 AAA 1,094,573 1,000 5.000%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,035,880 4,250 Colby, Kansas, Health Facilities Revenue 8/08 at 100.00 N/R 3,849,097 Refunding Bonds, Citizens Medical Center, Inc., Series 1998, 5.625%, 8/15/16 1,285 Kansas Development Finance Authority, Hospital 12/12 at 100.00 AA 1,388,108 Revenue Bonds, Susan B. Allen Memorial Hospital, Series 2002Q, 5.375%, 12/15/16 - RAAI Insured 4,580 Kansas Development Finance Authority, Health 6/10 at 101.00 AA 5,284,267 Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2000K, 6.500%, 12/01/16 1,110 City of Lawrence, Kansas, Hospital Revenue Bonds, 7/09 at 100.00 AA 1,168,064 The Lawrence Memorial Hospital, Series 1999, 5.750%, 7/01/24 - RAAI Insured City of Manhattan, Kansas, Hospital Revenue Bonds, Mercy Health Center of Manhattan, Series 2001: 1,025 5.000%, 8/15/14 - FSA Insured 8/11 at 100.00 AAA 1,098,370 1,075 5.000%, 8/15/15 - FSA Insured 8/11 at 100.00 AAA 1,143,112 City of Newton, Kansas, Hospital Refunding Revenue Bonds, Newton Healthcare Corporation, Series 1998A: 1,000 5.700%, 11/15/18 11/08 at 100.00 BBB- 1,019,200 1,750 5.750%, 11/15/24 11/08 at 100.00 BBB- 1,760,815 100 Puerto Rico Industrial, Tourist, Educational, 1/05 at 102.00 AAA 106,839 Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Hospital Aixilio Mutuo, Series 1995A, 6.250%, 7/01/24 - MBIA Insured 5,530 City of Wichita, Kansas, Hospital Facilities 11/09 at 101.00 A+ 5,948,898 Improvement and Refunding Revenue Bonds, Via Christi Health System, Inc., Series 1999XI, 6.250%, 11/15/24 ---------------------------------------------------------------------------------------------------- Housing/Multifamily - 4.8% 1,715 Kansas Development Finance Authority, Multifamily 12/10 at 100.00 AAA 1,799,927 Housing Senior Revenue Bonds, Chimney Hills Apartments Project, Series 2000U-1, 5.900%, 12/01/20 (Alternative Minimum Tax) - AMBAC Insured 1,000 City of Olathe, Kansas, Multifamily Housing 6/04 at 102.00 AAA 1,027,020 Refunding Revenue Bonds, Federal National Mortgage Association Program - Deerfield Apartments Project, Series 1994A, 6.450%, 6/01/19 City of Wichita, Kansas, Multifamily Housing Revenue Refunding Bonds, The Shores Apartments Project, Series 1994XI-A: 1,500 6.700%, 4/01/19 - RAAI Insured 4/09 at 102.00 AA 1,594,830 2,000 6.800%, 4/01/24 - RAAI Insured 4/09 at 102.00 AA 2,116,160
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Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Housing/Single Family - 3.9% $ 45 City of Olathe, Kansas, Labette County, Kansas, 2/05 at 105.00 Aaa $ 47,718 Collateralized Single Family Mortgage Refunding Revenue Bonds, Series 1994C-I, 7.800%, 2/01/25 670 Sedgwick and Shawnee Counties, Kansas, GNMA No Opt. Call Aaa 712,344 Mortgage-Backed Securities Program, Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax) 2,570 Sedgwick and Shawnee Counties, Kansas, GNMA 6/08 at 105.00 Aaa 2,810,732 Mortgage-Backed Securities Program, Single Family Revenue Bonds, Series 1998A-1, 6.500%, 12/01/22 (Alternative Minimum Tax) 995 Sedgwick and Shawnee Counties, Kansas, Single 12/09 at 105.00 Aaa 1,086,331 Family Mortgage Revenue Bonds, Mortgaged-Backed Securities Program, Series 2000A-2, 7.600%, 12/01/31 (Alternative Minimum Tax) 410 Sedgwick and Shawnee Counties, Kansas, Single 12/10 at 105.00 Aaa 450,135 Family Mortgage Revenue Bonds, Mortgaged-Backed Securities Program, Series 2001A, 6.300%, 12/01/32 (Alternative Minimum Tax) 175 Sedgwick and Shawnee Counties, Kansas, 11/04 at 105.00 Aaa 185,190 Collateralized Single Family Mortgage Refunding Revenue Bonds, Series 1994A-III, 8.125%, 5/01/24 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Industrials - 1.5% 1,000 Wichita Airport Authority, Kansas, Special 6/12 at 101.00 A- 1,058,140 Facilities Revenue Bonds, Cessna Citation Service Center, Series 2002A, 6.250%, 6/15/32 (Alternative Minimum Tax) 1,000 City of Wichita, Kansas, Industrial Revenue 8/07 at 101.00 AA- 1,054,050 Bonds, NMF America, Inc., Series 2000II, 5.800%, 8/01/15 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Long-Term Care - 0.4% 500 Sedgwick County, Kansas, Healthcare Facilities 11/09 at 100.00 A 514,320 Revenue Bonds, Catholic Care Center, Inc., Series 2001, 5.750%, 11/15/23 ---------------------------------------------------------------------------------------------------- Materials - 3.5% 1,000 Dodge City, Kansas, Pollution Control Revenue 5/04 at 100.00 A1 1,020,660 Refunding Bonds, Excel Corporation Project/Cargill, Inc. Series 1992, 6.625%, 5/01/05 3,700 Ford County, Kansas, Sewage and Solid Waste 6/08 at 102.00 A+ 3,805,561 Disposal Revenue Bonds, Excel Corporation/Cargill, Inc. Project, Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Tax Obligation/General - 16.4% 2,500 Butler and Sedgwick Counties, Unified School No Opt. Call AAA 3,005,400 District 385, Andover, Kansas, General Obligation Refunding and Improvement Bonds, Series 2000, 6.000%, 9/01/16 - FSA Insured 1,675 Cowley County Unified School District No. 465, 10/13 at 100.00 AAA 1,782,820 Winfield, Kansas, General Obligation Bonds, Series 2003, 5.250%, 10/01/23 - MBIA Insured 750 Derby, Kansas, General Obligation Bonds, Series 12/11 at 100.00 Aaa 805,508 2001A, 5.250%, 12/01/21 - AMBAC Insured 560 Derby, Kansas, General Obligation Bonds, Series 12/10 at 100.00 Aaa 590,257 2002B, 5.000%, 12/01/15 - FSA Insured 650 Harvey County, Unified School District 460, 9/12 at 100.00 AAA 674,934 Hesston, Kansas, General Obligation Bonds, Series 2002, 5.000%, 9/01/22 - FGIC Insured 1,100 Montgomery County Unified School District No. 4/12 at 100.00 AAA 1,140,546 445, Coffeyville, Kansas, General Obligation Bonds, Series 2002, 5.000%, 4/01/22 - FGIC Insured 2,000 Puerto Rico Public Improvement, General 7/11 at 100.00 A- 2,075,960 Obligation Bonds, Series 2002A, 5.375%, 7/01/28 1,000 Puerto Rico Public Improvement, General No Opt. Call AAA 1,157,430 Obligation Refunding Bonds, Series 2002A, 5.500%, 7/01/20 - MBIA Insured 1,070 Scott County Unified School District No. 466, 9/12 at 100.00 AAA 1,165,048 Kansas, General Obligation Refunding Bonds, Series 2002, 5.250%, 9/01/18 - FGIC Insured 1,250 Sedgwick County Unified School District No. 259, 9/10 at 100.00 AA 1,176,600 Wichita, Kansas, General Obligation Bonds, Series 2000, 3.500%, 9/01/16 1,000 Shawnee County, Kansas, General Obligation 9/12 at 100.00 Aaa 1,016,060 Refunding and Improvement Bonds, Series 2002, 4.750%, 9/01/22 - FSA Insured
---- 15 Portfolio of Investments (Unaudited) NUVEEN KANSAS MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 1,795 City of Wichita, Kansas, General Obligation 4/09 at 101.00 AA $1,913,829 Bonds, Series 2002, 5.000%, 4/01/17 3,050 Unified School District No. 500, Wyandotte 9/11 at 100.00 AAA 2,894,115 County, Kansas, General Obligation School Bonds, Series 2001, 4.000%, 9/01/20 - FSA Insured 3,000 Unified School District No. 500, Wyandotte 9/12 at 100.00 AAA 3,152,850 County, Kansas, General Obligation Bonds, Series 2002, 5.000%, 9/01/20 - FSA Insured ---------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 24.2% 1,000 Butler County Public Building Commission, Kansas, 10/10 at 100.00 Aaa 1,110,800 Improvement Revenue Bonds, Public Facilities Projects, Series 2000, 5.550%, 10/01/21 - MBIA Insured 500 Kansas Development Finance Authority, Lease 10/12 at 100.00 AAA 522,680 Revenue Bonds, Department of Administration, State Capitol Restoration Parking Facility Project, Series 2002C, 5.000%, 10/01/21 - FSA Insured 1,000 Kansas Development Finance Authority, Revenue 10/11 at 100.00 AAA 1,071,630 Bonds, State of Kansas Projects, Series 2001W, 5.000%, 10/01/17 - MBIA Insured 5,000 Kansas Development Finance Authority, Revenue 4/13 at 102.00 AAA 5,205,100 Bonds, Kansas Board of Regents, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/23 - AMBAC Insured 2,355 Kansas Development Finance Authority, Revenue 8/13 at 100.00 AAA 2,546,885 Bonds, State Projects, Series 2003J, 5.250%, 8/01/20 - AMBAC Insured 5,000 Overland Park Development Corporation, Kansas, 1/11 at 101.00 N/R 5,027,250 First Tier Revenue Bonds, Overland Park Convention Center Project, Series 2000A, 7.375%, 1/01/32 1,300 Puerto Rico Highway and Transportation Authority, 7/16 at 100.00 A 1,384,812 Highway Revenue Bonds, Series 1996Y, 5.500%, 7/01/36 Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 2002E: 1,000 6.000%, 8/01/26 No Opt. Call BBB+ 1,151,760 4,500 6.000%, 8/01/26 No Opt. Call AAA 5,391,585 2,500 5.500%, 8/01/29 2/12 at 100.00 BBB+ 2,619,575 1,000 Virgin Islands Public Finance Authority, Revenue 10/08 at 101.00 BBB- 1,016,650 Refunding Senior Lien Bonds, Matching Fund Loan Notes, Series 1998A, 5.625%, 10/01/25 2,000 Virgin Islands Public Finance Authority, Gross 10/10 at 101.00 BBB 2,223,960 Receipts Tax Loan Bonds, Series 1999A, 6.375%, 10/01/19 13,025 The Unified Government of Wyandotte County, No Opt. Call AAA 3,812,808 Kansas City, Kansas, Sales Tax Special Obligation Revenue Bonds, Kansas International Speedway Corporation Project, Series 1999, 0.000%, 12/01/27 - MBIA Insured ---------------------------------------------------------------------------------------------------- Transportation - 0.7% 1,500 Puerto Rico Ports Authority, Special Facilities 6/06 at 102.00 CCC 991,110 Revenue Bonds, American Airlines, Inc. Project, Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- U.S. Guaranteed - 11.1% 440 Jefferson County Unified School District 340, 9/04 at 100.00 AAA 457,472 Kansas, General Obligation Bonds, Series 1994, 6.350%, 9/01/14 (Pre-refunded to 9/01/04) - CAP GTY/FSA Insured 12,175 Johnson County, Kansas, Residual Revenue and No Opt. Call Aaa 8,766,244 Refunding Bonds, Series 1992, 0.000%, 5/01/12 City of Lawrence, Kansas, Hospital Revenue Bonds, The Lawrence Memorial Hospital, Series 1994: 575 6.200%, 7/01/14 (Pre-refunded to 7/01/04) 7/04 at 100.00 Baa1*** 591,112 400 6.200%, 7/01/19 (Pre-refunded to 7/01/04) 7/04 at 100.00 Baa1*** 411,208 1,350 Commonwealth of Puerto Rico, Public Improvement 7/04 at 102.00 AAA 1,413,032 General Obligation Bonds, Series 1994, 6.450%, 7/01/17 (Pre-refunded to 7/01/04) 2,000 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 A*** 2,453,080 Highway Revenue Bonds, Series 2000B, 6.500%, 7/01/27 (Pre-refunded to 7/01/10) 150 Puerto Rico Electric Power Authority, Power 7/04 at 102.00 A-*** 157,343 Revenue Bonds, Series T, 6.000%, 7/01/16 (Pre-refunded to 7/01/04) 1,010 City of Wichita, Kansas, Revenue Bonds, CSJ 5/04 at 100.00 A+*** 1,015,393 Health System of Wichita, Inc., Series 1985XXV, 7.200%, 10/01/15
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Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------------------------------ Utilities - 4.3% $ 1,000 Burlington, Kansas, Environmental Improvement No Opt. Call A3 $ 1,066,760 Revenue Bonds, Kansas City Power and Light Company Project, Series 1998A, 4.750%, 9/01/15 (Mandatory put 10/01/07) 1,010 Kansas City, Kansas, Utility System Revenue 9/04 at 102.00 AAA 1,066,853 Refunding and Improvement Bonds, Series 1994, 6.375%, 9/01/23 - FGIC Insured 500 City of Pratt, Kansas, Electric System Revenue 5/10 at 100.00 AAA 546,185 Bonds, Series 2001-1, 5.250%, 5/01/18 - AMBAC Insured 1,000 Puerto Rico Electric Power Authority, Power 7/12 at 101.00 AAA 1,048,050 Revenue Bonds, Series 2002II, 5.125%, 7/01/26 - FSA Insured Wellington, Kansas, Electric, Water and Sewer Utility System Revenue Bonds, Series 2002: 335 5.250%, 11/01/25 - AMBAC Insured 11/12 at 100.00 AAA 350,155 785 5.250%, 11/01/27 - AMBAC Insured 11/12 at 100.00 AAA 818,355 1,000 Unified Government of Wynadotte County, Kansas 5/11 at 100.00 AAA 1,036,020 City, Kansas, Industrial Revenue Bonds, Board of Public Utilities Office Building Complex Project, Series 2001, 5.000%, 5/01/21 - MBIA Insured ------------------------------------------------------------------------------------------------------ Water and Sewer - 6.6% 2,000 Augusta, Kansas, Waterworks System Revenue Bonds, 10/08 at 101.50 AA 2,289,860 Series 2000A, 6.150%, 10/01/20 - RAAI Insured 1,040 Chisholm Creek Utility Authority, Kansas, Water 9/12 at 100.00 Aaa 1,107,101 and Wastewater Facilities Revenue Bonds, Series 2002, 5.250%, 9/01/22 - MBIA Insured 5,500 Wichita, Kansas, Water, Sewer and Utility Revenue 10/13 at 100.00 AAA 5,731,932 Bonds, Series 2003, 5.000%, 10/01/22 - FGIC Insured ------------------------------------------------------------------------------------------------------ $141,435 Total Long-Term Investments (cost $128,437,653) - 135,435,695 98.6% ------------------------------------------------------------------------------------------------------ ------------ Other Assets Less Liabilities - 1.4% 1,946,098 ---------------------------------------------------------------------------------------- Net Assets - 100% $137,381,793 ----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements. ---- 17 Portfolio of Investments (Unaudited) NUVEEN KENTUCKY MUNICIPAL BOND FUND November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Consumer Staples - 2.5% $ 12,885 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB $12,299,119 Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ----------------------------------------------------------------------------------------------------- Education and Civic Organizations - 5.1% 9,295 Columbia, Kentucky, Educational Development 4/11 at 101.00 BBB- 9,623,021 Revenue Bonds, Lindsey Wilson College Project, Series 2001, 6.250%, 4/01/21 5,930 Jefferson County, Kentucky, College Revenue 5/09 at 101.00 Baa2 5,638,540 Bonds, Bellarmine College Project, Series 1999, 5.250%, 5/01/29 4,500 Kentucky Economic Development Finance Authority, 10/12 at 100.00 AAA 4,576,905 College Revenue Refunding and Improvement Bonds, Centre College Project, Series 2002, 5.000%, 4/01/32 - FSA Insured 2,500 Puerto Rico Industrial, Tourist, Educational, 2/09 at 101.00 BBB 2,527,975 Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999, 5.375%, 2/01/29 3,000 Puerto Rico Industrial, Tourist, Educational, 9/11 at 100.00 BBB 3,048,450 Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001, 5.250%, 9/01/31 ----------------------------------------------------------------------------------------------------- Energy - 2.9% 5,000 Ashland, Kentucky, Pollution Control Revenue 2/04 at 101.00 Baa2 5,116,500 Refunding Bonds, Ashland Oil, Inc. Project, Series 1992, 6.650%, 8/01/09 9,000 Ashland, Kentucky, Sewerage and Solid Waste 2/05 at 102.00 Baa2 9,457,650 Revenue Bonds, Ashland, Inc. Project, Series 1995, 7.125%, 2/01/22 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------- Healthcare - 11.2% 1,310 Christian County, Kentucky, Hospital Revenue 7/06 at 102.00 A- 1,363,906 Bonds, Jennie Stuart Medical Center, Series 1996A, 6.000%, 7/01/17 3,500 Christian County, Kentucky, Hospital Revenue 7/06 at 102.00 A- 3,686,200 Refunding Bonds, Jennie Stuart Medical Center, Series 1997A, 6.000%, 7/01/13 5,270 Clark County, Kentucky, Hospital Revenue 3/07 at 102.00 BBB- 5,396,849 Refunding and Improvement Bonds, Clark Regional Medical Center Project, Series 1997, 6.200%, 4/01/13 9,500 Kentucky Economic Development Finance Authority, 2/07 at 102.00 AAA 10,233,970 Hospital Revenue Refunding Bonds, Pikeville, United Methodist Hospital of Kentucky, Inc. Project, Series 1997, 5.700%, 2/01/28 - CONNIE LEE/ AMBAC Insured Kentucky Economic Development Finance Authority, Hospital System Revenue Refunding and Improvement Bonds, Appalachian Regional Healthcare, Inc. Project, Series 1997: 500 5.500%, 10/01/07 No Opt. Call BB- 497,385 500 5.600%, 10/01/08 4/08 at 102.00 BB- 495,725 3,500 5.850%, 10/01/17 4/08 at 102.00 BB- 3,228,890 1,500 5.875%, 10/01/22 4/08 at 102.00 BB- 1,330,860 6,000 Kentucky Economic Development Finance Authority, 6/08 at 101.00 AA 6,001,620 Revenue Refunding and Improvement Bonds, Catholic Health Initiatives, Series 1998A, 5.000%, 12/01/27 Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Series 2001: 1,000 5.250%, 9/01/21 9/11 at 100.00 AA 1,028,460 1,000 5.250%, 9/01/24 9/11 at 100.00 AA 1,018,730 10,340 Kentucky Economic Development Finance Authority, No Opt. Call AAA 2,726,865 Health System Revenue Bonds, Norton Healthcare, Inc., Series 2000B, 0.000%, 10/01/28 - MBIA Insured 1,665 McCracken County, Kentucky, Hospital Facilities 11/04 at 102.00 AAA 1,764,883 Revenue Refunding Bonds, Mercy Health System, Series 1994A, 6.300%, 11/01/06 - MBIA Insured 16,500 Russell, Kentucky, Revenue Bonds, Bon Secours 11/12 at 100.00 A- 16,766,475 Health System, Inc., Series 2002A, 5.625%, 11/15/30
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Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Housing/Multifamily - 1.1% $ 2,485 Greater Kentucky Housing Assistance Corporation, 1/04 at 100.00 AAA $2,487,336 FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Brown Proctor and California Square II Apartment Projects, Series 1993A, 6.250%, 7/01/24 -MBIA Insured 3,440 Henderson, Kentucky, Senior Tax-Exempt 5/09 at 102.00 N/R 3,110,861 Residential Facilities Revenue Bonds, Pleasant Pointe Project, Series 1999A, 6.125%, 5/01/29 ---------------------------------------------------------------------------------------------------- Housing/Single Family - 3.8% 2,000 Kentucky Housing Corporation, Housing Revenue 11/10 at 100.00 AAA 2,115,400 Bonds, Series 2000F, 5.850%, 7/01/20 (Alternative Minimum Tax) 1,180 Kentucky Housing Corporation, Housing Revenue 7/06 at 102.00 AAA 1,230,681 Bonds, Series 1996E, 6.300%, 1/01/28 (Alternative Minimum Tax) 1,630 Kentucky Housing Corporation, Housing Revenue 6/07 at 102.00 AAA 1,715,754 Bonds, Series 1997B, 6.250%, 7/01/28 (Alternative Minimum Tax) 980 Kentucky Housing Corporation, Housing Revenue 1/09 at 101.00 AAA 1,006,431 Bonds, Series 1998F, 5.000%, 7/01/18 (Alternative Minimum Tax) 320 Kentucky Housing Corporation, Housing Revenue 1/04 at 102.00 AAA 326,851 Bonds, Federally Insured or Guaranteed Mortgage Loans, Series 1994A, 6.500%, 7/01/17 9,480 Kentucky Housing Corporation, Housing Revenue 4/09 at 101.00 AAA 9,728,755 Bonds, Series 1999A, 5.200%, 1/01/31 15 Kentucky Housing Corporation, Housing Revenue 7/04 at 102.00 AAA 15,238 Bonds, Federally Insured or Guaranteed Mortgage Loans, Series 1994C, 6.400%, 1/01/17 2,730 Kentucky Housing Corporation, Housing Revenue 4/09 at 101.00 AAA 2,778,021 Bonds, Series 1999B, 5.250%, 1/01/28 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Long-Term Care - 3.5% 4,840 Florence, Kentucky, Housing Facilities Revenue 8/09 at 101.00 A 5,172,169 Bonds, Bluegrass RHF Housing, Inc. Project, Series 1999, 6.375%, 8/15/29 - ACA Insured 555 Jefferson County, Kentucky, First Mortgage 11/04 at 102.00 BBB 572,904 Revenue Bonds, First Christian Church Homes of Kentucky Project, Series 1994, 6.000%, 11/15/09 Kentucky Economic Development Finance Authority, Revenue Bonds, Christian Church Homes of Kentucky, Inc. Obligated Group, Series 1998: 1,800 5.375%, 11/15/23 5/08 at 102.00 BBB 1,756,926 3,500 5.500%, 11/15/30 5/08 at 102.00 BBB 3,401,755 Kentucky Economic Development Finance Authority, Mortgage Revenue Bonds, South Central Nursing Homes, Inc. Project, Series 1997A: 2,000 6.000%, 7/01/27 (Mandatory put 7/01/20) - MBIA 1/08 at 105.00 AAA 2,255,860 Insured 3,700 6.000%, 7/01/27 (Mandatory put 1/01/24) - MBIA 1/08 at 105.00 AAA 4,173,341 Insured ---------------------------------------------------------------------------------------------------- Materials - 4.5% 2,370 Hancock County, Kentucky, Solid Waste Disposal 5/06 at 102.00 BBB 2,432,710 Revenue Bonds, Willamette Industries, Inc. Project, Series 1996, 6.600%, 5/01/26 5,250 Henderson County, Kentucky, Solid Waste Disposal 3/05 at 102.00 BBB 5,518,065 Revenue Bonds, MacMillan Bloedel Project, Series 1995, 7.000%, 3/01/25 (Alternative Minimum Tax) 1,000 Jefferson County, Kentucky, Pollution Control 1/04 at 103.00 AA- 1,034,110 Revenue Bonds, E.I. du Pont de Nemours and Company Project, Series 1982A, 6.300%, 7/01/12 3,750 County of Perry, Kentucky, Solid Waste Disposal 6/04 at 102.00 Baa2 3,891,413 Revenue Bonds, TJ International Project, Series 1994, 7.000%, 6/01/24 (Alternative Minimum Tax) 4,240 County of Perry, Kentucky, Solid Waste Disposal 5/06 at 102.00 N/R 4,430,758 Revenue Bonds, TJ International Project, Series 1996, 6.800%, 5/01/26 (Alternative Minimum Tax) 2,000 County of Perry, Kentucky, Solid Waste Disposal 4/07 at 102.00 Baa2 2,089,880 Revenue, TJ International Project, Series 1996, 6.550%, 4/15/27 (Alternative Minimum Tax) 2,820 City of Wickliffe, Kentucky, Solid Waste Disposal 4/06 at 102.00 BBB 2,874,680 Facility Revenue Bonds, Westvaco Corporation Project, Series 1996, 6.375%, 4/01/26 (Alternative Minimum Tax)
---- 19 Portfolio of Investments (Unaudited) NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Tax Obligation/General - 2.7% $ 2,500 Jefferson County, Kentucky, General Obligation 5/09 at 100.00 AA $ 2,730,400 Refunding Bonds, Series 1999C, 6.150%, 5/15/16 (Alternative Minimum Tax) 1,175 Louisville, Kentucky, General Obligation Bonds, 11/11 at 101.00 AA- 1,232,845 Series 2001A, 5.000%, 11/01/21 3,000 Louisville, Kentucky, General Obligation Bonds, 10/12 at 100.00 AAA 3,089,490 Series 2002A, 5.000%, 10/01/23 - FGIC Insured 4,400 Commonwealth of Puerto Rico, Public Improvement No Opt. Call AAA 6,331,556 Bonds, TICS, 12.999%, 7/01/19 - FSA Insured ----------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 25.8% 1,875 Bell County Public Properties Corporation, 3/11 at 102.00 AAA 2,041,406 Kentucky, First Mortgage Revenue Bonds, Judicial Center Project, Series 2000, 5.850%, 9/01/28 - AMBAC Insured 1,465 Boone County, Kentucky, Public Properties 9/12 at 101.00 Aa3 1,546,820 Corporation, First Mortgage Bonds, AOC Judicial Facility, Series 2001, 5.125%, 9/01/22 Bowling Green, Kentucky, General Obligation and Special Revenue Bonds, Series 2002B: 1,785 5.000%, 6/01/23 6/12 at 100.00 Aa2 1,841,781 1,230 5.000%, 6/01/24 6/12 at 100.00 Aa2 1,263,001 1,665 5.000%, 6/01/25 6/12 at 100.00 Aa2 1,703,795 Daviess County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 1994: 505 5.800%, 5/01/11 5/04 at 102.00 Aa3 524,614 535 5.800%, 5/01/12 5/04 at 102.00 Aa3 555,710 570 5.800%, 5/01/13 5/04 at 102.00 Aa3 592,065 600 5.800%, 5/01/14 5/04 at 102.00 Aa3 622,908 Fayette County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2000: 1,665 5.500%, 6/01/18 6/10 at 101.00 AA- 1,856,192 2,795 5.500%, 6/01/20 6/10 at 101.00 AA- 3,083,640 3,155 Florence Public Properties Corporation, Kentucky, 6/07 at 102.00 AAA 3,405,823 First Mortgage Revenue Bonds, Administrative Office Complex Project, Series 1997, 5.500%, 6/01/27 - MBIA Insured 1,200 Floyd County School District Finance Corporation, 5/05 at 102.00 Aa3 1,278,324 Kentucky, School Building Revenue Bonds, Series 1995, 5.500%, 5/01/15 4,500 Kenton County Public Properties Corporation, 3/09 at 101.00 Aa3 4,534,515 Kentucky, First Mortgage Revenue Bonds, Courthouse Facilities Project, Series 1998A, 5.000%, 3/01/29 Kentucky Area Development Districts Financing Trust, Ewing, Lease Acquisition Program Revenue Bonds, Series 2000C: 750 5.850%, 6/01/20 6/10 at 102.00 AA 808,215 1,000 6.000%, 6/01/30 6/10 at 102.00 AA 1,100,870 500 Kentucky State Property and Buildings Commission, 11/09 at 100.00 AAA 557,695 Revenue Bonds, Project No. 64, Series 1999, 5.500%, 5/01/18 - MBIA Insured Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project No. 72, Series 2001: 4,375 5.375%, 10/01/18 - MBIA Insured 10/11 at 100.00 AAA 4,837,306 5,860 5.375%, 10/01/19 - MBIA Insured 10/11 at 100.00 AAA 6,437,151 Kentucky State Property and Buildings Commission, Revenue Refunding Bonds, Project No. 79, Series 2003: 5,000 5.000%, 10/01/21 - MBIA Insured 10/13 at 100.00 AAA 5,251,550 6,500 5.000%, 10/01/22 - MBIA Insured 10/13 at 100.00 AAA 6,779,370 1,845 Kentucky State Property and Buildings Commission, 11/13 at 100.00 AAA 1,911,402 Revenue Bonds, Project No. 81, Series 2003, 5.000%, 11/01/23 - AMBAC Insured 4,000 Kentucky Turnpike Authority, Economic Development 7/11 at 100.00 AAA 4,286,040 Road Revenue and Refunding Bonds, Revitalization Project, Series 2001B, 5.150%, 7/01/19 - FSA Insured 11,000 The Urban County Government of Lexington and 7/08 at 102.00 AAA 11,262,350 Fayette County, Kentucky, Public Facilities Corporation Mortgage Revenue Bonds, Series 1998, 5.125%, 10/01/31 - FSA Insured
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Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 650 Magoffin County, Kentucky, School District 6/10 at 101.00 Aa3 $ 734,181 Finance Corporation, School Building Revenue Bonds, Series of 2000, 5.750%, 6/01/20 1,525 McCracken County, Kentucky, Public Properties 9/06 at 102.00 AAA 1,687,397 Corporation, Public Project Revenue Bonds, Court Facilities Project, Series 1995, 5.900%, 9/01/26 - AMBAC Insured 8,000 Mount Sterling, Kentucky, Lease Revenue Bonds, 3/04 at 101.00 Aa3 8,171,680 Kentucky League of Cities Funding Program, Series 1993A, 6.200%, 3/01/18 5,100 Oldham County School District Finance 4/11 at 101.00 Aa3 5,358,366 Corporation, Kentucky, School Building Revenue Bonds, Series 2001A, 5.125%, 4/01/21 1,360 Owen County School District Finance Corporation, 4/11 at 101.00 Aa3 1,420,955 Kentucky, School Building Revenue Bonds, Series 2001, 5.000%, 4/01/21 Pendleton County, Kentucky, County Lease Revenue Bonds, Kentucky Associated Counties Leasing Trust Program, Series 1993-A: 16,460 6.500%, 3/01/19 3/04 at 101.00 A 16,815,701 500 6.400%, 3/01/19 No Opt. Call A 601,475 1,000 Puerto Rico Highway and Transportation Authority, 7/16 at 100.00 A 1,008,050 Highway Revenue Bonds, Series 1996Y, 5.000%, 7/01/36 4,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 4,884,400 Highway Revenue Bonds, Series 1996Y, Reset Option Long Certificates, Series II-R-66, Series 1996Y, 9.770%, 1/01/13 (IF) 2,545 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 2,961,515 Transportation Revenue Bonds, Series A, 5.500%, 7/01/14 (Alternative Minimum Tax) - AMBAC Insured 1,000 Puerto Rico Highway and Transportation Authority, 7/12 at 100.00 AAA 1,026,300 Highway Revenue Bonds, Series 2002D, 5.000%, 7/01/32 - FSA Insured 3,185 Puerto Rico Public Buildings Authority, No Opt. Call AAA 3,672,464 Guaranteed Government Facilities Revenue Bonds, Series 1993L, 5.500%, 7/01/21 - FSA Insured 3,000 Puerto Rico Public Finance Corporation, No Opt. Call AAA 3,594,390 Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 7,000 Warren County, Kentucky, Justice Center Expansion 9/07 at 102.00 AAA 7,358,820 Corporation, First Mortgage Revenue Bonds, AOC Judicial Facility, Series 1997A, 5.250%, 9/01/24 - MBIA Insured ----------------------------------------------------------------------------------------------------- Transportation - 5.2% Guam International Airport Authority, Revenue Bonds, Series 2003C: 5,000 5.250%, 10/01/22 (Alternative Minimum 10/10 at 100.00 AAA 5,263,550 Tax) - MBIA Insured 2,195 5.000%, 10/01/23 (Alternative Minimum 10/13 at 100.00 AAA 2,228,123 Tax) - MBIA Insured 1,250 Kenton County Airport Board, Kentucky, Airport 3/06 at 102.00 AAA 1,376,975 Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 1996B, 5.750%, 3/01/13 - MBIA Insured 5,090 Kenton County Airport Board, Kentucky, Airport 3/13 at 100.00 AAA 5,159,275 Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2003B, 5.000%, 3/01/23 (Alternative Minimum Tax) - MBIA Insured 5,000 Regional Airport Authority of Louisville and 7/05 at 102.00 AAA 5,268,450 Jefferson County, Kentucky, Airport System Revenue Bonds, 1995 Series A, 5.625%, 7/01/25 (Alternative Minimum Tax) - MBIA Insured 1,000 Regional Airport Authority of Louisville and 7/13 at 100.00 AAA 1,036,950 Jefferson County, Kentucky, Airport System Revenue Bonds, Series 2003C, 5.250%, 7/01/22 (Alternative Minimum Tax) - FSA Insured 6,000 Regional Airport Authority of Louisville and 3/09 at 101.00 Baa3 5,334,660 Jefferson County, Kentucky, Special Facilities Revenue Bonds, Airis Louisville, L.L.C. Project, Series 1999A, 5.500%, 3/01/19 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------- U.S. Guaranteed - 11.9% 1,595 Bowling Green Municipal Project Corporation, 12/04 at 102.00 A2*** 1,712,934 Kentucky, Lease Revenue Bonds, Series 1994, 6.500%, 12/01/14 (Pre-refunded to 12/01/04) 5,085 Campbellsville, Kentucky, Industrial Building 3/09 at 102.00 A+*** 4,999,369 Revenue Bonds, Campbellsville University Project, Series 1999, 5.500%, 3/01/29 (Pre-refunded to 3/01/09) 1,005 Casey County School District Finance Corporation, 3/05 at 102.00 Aa3*** 1,081,661 Kentucky, School Building Revenue Bonds, Series 1995, 5.750%, 3/01/15 (Pre-refunded to 3/01/05)
---- 21 Portfolio of Investments (Unaudited) NUVEEN KENTUCKY MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 1,070 Fleming County School District Finance 3/05 at 102.00 A+*** $1,153,000 Corporation, Kentucky, School Building Revenue Bonds, Series 1995, 5.875%, 3/01/15 (Pre-refunded to 3/01/05) 1,260 Floyd County Public Properties Corporation, 3/06 at 102.00 N/R*** 1,394,807 Kentucky, First Mortgage Revenue Bonds, Floyd County Justice Center Project, Series 1995A, 5.550%, 9/01/23 (Pre-refunded to 3/01/06) 3,550 Floyd County Public Properties Corporation, 3/06 at 102.00 N/R*** 3,980,793 Kentucky, First Mortgage Revenue Bonds, Floyd County Justice Center Project, Series 1996B, 6.200%, 9/01/26 (Pre-refunded to 3/01/06) Hardin County Building Commission, Kentucky, Revenue Bonds, Detention Facility Project, Series 1994: 525 6.200%, 12/01/11 (Pre-refunded to 12/04 at 102.00 AAA 562,028 12/01/04) - MBIA Insured 1,775 6.250%, 12/01/14 (Pre-refunded to 12/04 at 102.00 AAA 1,901,078 12/01/04) - MBIA Insured 3,465 Hopkins County School District Finance 6/04 at 102.00 Aa3*** 3,623,940 Corporation, Kentucky, School Building Revenue Bonds, Series 1994, 6.200%, 6/01/19 (Pre-refunded to 6/01/04) 2,000 Jefferson County Collegiate Housing Foundation, 9/09 at 102.00 N/R*** 2,486,780 Kentucky, Student Housing Revenue Bonds, University of Louisville Project, Series 1999A, 7.125%, 9/01/29 (Pre-refunded to 9/01/09) Kentucky Infrastructure Authority, Infrastructure Revolving Loan Program Revenue Bonds, Series 1995J: 440 6.300%, 6/01/10 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 481,580 360 6.350%, 6/01/11 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 394,286 600 6.375%, 6/01/14 (Pre-refunded to 6/01/05) 6/05 at 102.00 Aa3*** 657,372 420 Kentucky Infrastructure Authority, Governmental 8/05 at 102.00 A-*** 447,250 Agencies Program Revenue Bonds, Series 1995G, 6.300%, 8/01/10 (Pre-refunded to 8/01/05) 400 Kentucky State Property and Buildings Commission, 5/10 at 100.00 AAA 466,940 Agency Fund Revenue Bonds, Project No. 66A, Series 2000, 5.750%, 5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured 1,000 Lawrence County, Kentucky, School District 11/04 at 102.00 Aa3*** 1,071,400 Finance Corporation, School Building Revenue Bonds, Series 1994, 6.750%, 11/01/14 (Pre-refunded to 11/01/04) Lexington-Fayette Urban County Government, Kentucky, Governmental Project Revenue Bonds, University of Kentucky Alumni Association, Inc. Commonwealth Library Project, Series 1994: 3,195 6.750%, 11/01/17 (Pre-refunded to 11/01/04) - 11/04 at 102.00 AAA 3,424,050 MBIA Insured 4,320 6.750%, 11/01/24 (Pre-refunded to 11/01/04) - 11/04 at 102.00 AAA 4,629,701 MBIA Insured Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 1994A: 2,720 6.750%, 5/15/19 (Pre-refunded to 11/15/04) - 11/04 at 102.00 AAA 2,920,763 AMBAC Insured 2,070 6.500%, 5/15/24 (Pre-refunded to 11/15/04) - 11/04 at 102.00 AAA 2,217,839 AMBAC Insured 2,500 6.750%, 5/15/25 (Pre-refunded to 11/15/04) - 11/04 at 102.00 AAA 2,684,525 AMBAC Insured 1,365 McCreary County School District Finance 8/05 at 102.00 Aa3*** 1,488,505 Corporation, Kentucky, School Building Revenue Bonds, Second Series of 1995, 5.600%, 8/01/16 (Pre-refunded to 8/01/05) 1,410 Morgan County, Kentucky, School District Finance 9/04 at 102.00 Aa3*** 1,490,582 Corporation, School Building Revenue Bonds, Series 1994, 6.000%, 9/01/14 (Pre-refunded to 9/01/04) 1,310 Puerto Rico Public Improvement, General 7/06 at 101.50 A-*** 1,454,179 Obligation Bonds, Series 1996, 5.400%, 7/01/25 (Pre-refunded to 7/01/06) 2,000 Puerto Rico Public Improvement, General 7/07 at 100.00 A-*** 2,241,260 Obligation Refunding Bonds, Series 1997, 5.375%, 7/01/25 (Pre-refunded to 7/01/07) 2,600 Puerto Rico Public Improvement, General 7/10 at 100.00 AAA 3,035,682 Obligation Bonds, Series 2000, 5.750%, 7/01/26 (Pre-refunded to 7/01/10) - MBIA Insured 3,000 Puerto Rico Electric Power Authority, Power 7/04 at 102.00 A-*** 3,146,850 Revenue Bonds, Series T, 6.000%, 7/01/16 (Pre-refunded to 7/01/04) 2,800 City of Russell, Kentucky, Health System Revenue 1/10 at 100.00 Baa2*** 3,179,484 Bonds, Our Lady of Bellefonte Hospital Issue, Franciscan Health Partnership, Inc., Series 1997, 5.500%, 7/01/15 (Pre-refunded to 1/01/10) ---------------------------------------------------------------------------------------------------- Utilities - 8.4% 6,000 Boone County, Kentucky, Collateralized Pollution 1/04 at 102.00 AAA 6,136,620 Control Revenue Refunding Bonds, Cincinnati Gas and Electric Company Project, Series 1994A, 5.500%, 1/01/24 - MBIA Insured 1,750 Jefferson County, Kentucky, Pollution Control 4/05 at 102.00 A1 1,811,460 Revenue Bonds, Louisville Gas and Electric Company Project, Series 1995A, 5.900%, 4/15/23
---- 22
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------------------------------ Utilities (continued) City of Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B: $ 7,100 0.000%, 1/01/11 - AMBAC Insured No Opt. Call AAA $ 5,512,724 6,475 0.000%, 1/01/12 - AMBAC Insured No Opt. Call AAA 4,752,067 5,810 0.000%, 1/01/15 - AMBAC Insured No Opt. Call AAA 3,612,658 7,900 0.000%, 1/01/17 - AMBAC Insured No Opt. Call AAA 4,377,943 13,300 0.000%, 1/01/18 - AMBAC Insured No Opt. Call AAA 6,958,826 5,100 0.000%, 1/01/19 - AMBAC Insured No Opt. Call AAA 2,514,912 4,725 0.000%, 1/01/20 - AMBAC Insured No Opt. Call AAA 2,192,117 400 City of Owensboro, Kentucky, Electric Light and No Opt. Call AAA 399,488 Power System Revenue Bonds, Series 1993A, 0.000%, 1/01/04 (Alternative Minimum Tax) - AMBAC Insured 3,000 Puerto Rico Electric Power Authority, Power No Opt. Call AAA 3,326,100 Revenue Bonds, Series 2003NN, 5.250%, 7/01/23 - MBIA Insured ------------------------------------------------------------------------------------------------------ Water and Sewer - 9.0% 1,405 Christian County Water District, Kentucky, 10/09 at 101.00 Aaa 1,596,684 Waterworks Revenue Bonds, Series 1999, 6.000%, 1/01/30 - AMBAC Insured 1,750 Henderson, Kentucky, Water and Sewer Revenue 11/04 at 103.00 AAA 1,878,835 Refunding Bonds, Series 1994A, 6.100%, 11/01/14 - CAP GTY/FSA Insured Kentucky Infrastructure Authority, Governmental Agencies Program Revenue Bonds, Series 1995G: 445 6.350%, 8/01/11 8/05 at 102.00 A- 487,253 825 6.375%, 8/01/14 8/05 at 102.00 A- 903,672 1,000 Kentucky Rural Water Finance Corporation, 2/11 at 102.00 AA- 1,087,250 Multimodal Public Projects Revenue Bonds, Flexible Term Program, Series 2001A, 5.375%, 2/01/20 Louisville and Jefferson County Metropolitan Sewer District, Commonwealth of Kentucky, Sewer and Drainage System Revenue Bonds, Series 1997B: 6,000 5.350%, 5/15/22 - MBIA Insured 11/07 at 101.00 AAA 6,440,820 2,500 5.200%, 5/15/25 - MBIA Insured 11/07 at 101.00 AAA 2,574,075 3,200 Louisville and Jefferson County Metropolitan 5/08 at 101.00 AAA 3,244,896 Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 1998A, 5.000%, 5/15/30 - FGIC Insured 16,000 Louisville and Jefferson County Metropolitan 11/11 at 101.00 AAA 17,129,600 Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, 2001 Series A, 5.500%, 5/15/34 - MBIA Insured Northern Kentucky Water District, Revenue Bonds, Series 2002A Refunding: 1,250 4.750%, 2/01/19 - FGIC Insured 2/12 at 100.00 Aaa 1,289,663 6,920 5.000%, 2/01/27 - FGIC Insured 2/12 at 100.00 Aaa 7,061,030 1,000 Northern Kentucky Water District, Revenue Bonds, 8/13 at 100.00 Aaa 973,017 Series 2003B, 4.000%, 2/01/18 - FGIC Insured ------------------------------------------------------------------------------------------------------ $490,285 Total Long-Term Investments (cost 482,969,736 $457,123,016) - 97.6% ------------------------------------------------------------------------------------------------------ ------------ Short-Term Investments - 0.5% 2,635 Kentucky Economic Development Finance Authority, A-1+ 2,635,000 Hospital Revenue Bonds, Baptist Healthcare Obligated Group, Variable Rate Demand Obligations, Series 1999C, 1.110%, 8/15/31+ - MBIA Insured ------------------------------------------------------------------------------------------------------ $ 2,635 Total Short-Term Investments (cost $2,635,000) 2,635,000 ------------------------------------------------------------------------------------------------------ ------------ Total Investments (cost $459,758,016) - 98.1% 485,604,736 ---------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 9,547,759 ---------------------------------------------------------------------------------------- Net Assets - 100% $495,152,495 ----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. (IF) Inverse floating rate security. See accompanying notes to financial statements. ---- 23 Portfolio of Investments (Unaudited) NUVEEN MICHIGAN MUNICIPAL BOND FUND November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Consumer Discretionary - 0.8% $ 2,000 Michigan Strategic Fund, Multi-Modal 9/05 at 102.00 Baa1 $2,065,300 Interchangeable Rate Pollution Control Refunding Revenue Bonds, General Motors Corporation, Series 1995, 6.200%, 9/01/20 ---------------------------------------------------------------------------------------------------- Consumer Staples - 0.3% 965 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 921,121 Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ---------------------------------------------------------------------------------------------------- Education and Civic Organizations - 2.4% 6,150 Wayne State University, Michigan, General Revenue 11/09 at 101.00 AAA 6,310,208 Bonds, Series 1999, 5.125%, 11/15/29 - FGIC Insured ---------------------------------------------------------------------------------------------------- Healthcare - 14.7% Flint Hospital Building Authority, Michigan, Revenue Rental Bonds, Hurley Medical Center, Series 1998B: 1,000 5.375%, 7/01/18 7/08 at 101.00 Baa3 883,300 1,000 5.375%, 7/01/28 7/08 at 101.00 Baa3 823,140 3,750 Kent Hospital Finance Authority, Michigan, 7/11 at 101.00 AA 3,862,650 Revenue Bonds, Spectrum Health, Series 2001A, 5.500%, 1/15/31 3,530 Lake View Community Hospital Authority, Michigan, 2/07 at 101.00 N/R 3,331,402 Hospital Revenue Refunding Bonds, Series 1997, 6.250%, 2/15/13 6,400 Michigan State Hospital Finance Authority, 2/04 at 102.00 Ba3 4,751,040 Revenue and Refunding Bonds, Detroit Medical Center Obligated Group, Series 1993A, 6.500%, 8/15/18 2,920 Michigan State Hospital Finance Authority, 8/04 at 102.00 Ba3 1,834,402 Hospital Revenue and Refunding Bonds, The Detroit Medical Center Obligated Group, Series 1993B, 5.500%, 8/15/23 3,000 Michigan State Hospital Finance Authority, 3/13 at 100.00 A1 3,200,340 Hospital Revenue Refunding Bonds, Henry Ford Health System, Series 2003A, 5.625%, 3/01/17 1,000 Michigan State Hospital Finance Authority, 1/05 at 102.00 A+ 1,035,850 Hospital Revenue and Refunding Bonds, Otsego Memorial Hospital Gaylord, Series 1995, 6.125%, 1/01/15 710 Michigan State Hospital Finance Authority, No Opt. Call BBB 737,868 Hospital Revenue Refunding Bonds, Gratiot Community Hospital, Alma, Michigan, Series 1995, 6.100%, 10/01/07 1,000 Michigan State Hospital Finance Authority, 10/06 at 102.00 BBB- 962,540 Hospital Revenue Bonds, Michigan Community Hospital, Series 1996, 6.250%, 10/01/27 1,475 Michigan State Hospital Finance Authority, 5/08 at 101.00 BBB 1,402,710 Hospital Revenue and Refunding Bonds, Chelsea Community Hospital, Series 1998, 5.375%, 5/15/19 1,000 Michigan State Hospital Finance Authority, 3/12 at 101.00 A+ 1,029,720 Revenue Refunding Bonds, Crittenton Hospital, Series 2002A, 5.625%, 3/01/27 2,200 Michigan State Hospital Finance Authority, 11/09 at 101.00 A1 2,309,450 Hospital Revenue Bonds, Henry Ford Health System, Series 1999A, 6.000%, 11/15/24 Pontiac, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds, NOMC Obligated Group, Series 1993: 3,000 6.000%, 8/01/18 2/04 at 102.00 Ba1 2,409,450 5,165 6.000%, 8/01/23 2/04 at 102.00 Ba1 3,993,165 3,000 Royal Oak Hospital Finance Authority, Michigan, 1/06 at 102.00 AAA 3,151,230 Hospital Revenue Refunding Bonds, William Beaumont Hospital, Series 1996I, 5.250%, 1/01/20 - MBIA Insured Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Bonds, William Beaumont Hospital, Series 2001M: 1,000 5.250%, 11/15/31 - MBIA Insured 11/11 at 100.00 AAA 1,032,610 2,000 5.250%, 11/15/35 - MBIA Insured 11/11 at 100.00 AAA 2,065,760 500 City of Saginaw Hospital Finance Authority, 1/04 at 100.00 AAA 502,485 Michigan, Hospital Revenue Bonds, Saint Luke's Health Hospital, Series 1991C, 6.750%, 7/01/17 - MBIA Insured ---------------------------------------------------------------------------------------------------- Housing/Multifamily - 2.6% 395 Grand Rapids Housing Corporation, Michigan, 1/04 at 104.00 AAA 406,684 FHA-Insured Section 8 Multifamily Mortgage Loan Revenue Refunding Bonds, Series 1992, 7.375%, 7/15/41
---- 24
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Housing/Multifamily (continued) $ 750 Grand Rapids Housing Finance Authority, Michigan, 9/04 at 100.00 AAA $ 763,095 FNMA Collateralized Multifamily Housing Revenue Refunding Bonds, Series 1990A, 7.625%, 9/01/23 1,190 Michigan State Housing Development Authority, 4/05 at 102.00 Aaa 1,234,661 Limited Obligation Multifamily Revenue Refunding Bonds, GNMA Collateralized Program, Parc Pointe Apartments, Series 1995A, 6.500%, 10/01/15 6,000 Michigan State Housing Development Authority, No Opt. Call AA- 2,349,360 Section 8 Assisted Mortgage Revenue Bonds, Series 1983I, 0.000%, 4/01/14 710 Michigan Housing Development Authority, Rental 6/05 at 102.00 AAA 739,486 Housing Revenue Bonds, Series 1995B, 6.150%, 10/01/15 - MBIA Insured 1,320 Michigan Housing Development Authority, Rental 4/09 at 101.00 AAA 1,340,262 Housing Revenue Bonds, Series 1999A, 5.300%, 10/01/37 (Alternative Minimum Tax) - MBIA Insured ---------------------------------------------------------------------------------------------------- Housing/Single Family - 0.4% 1,100 Michigan State Housing Development Authority, 6/12 at 100.00 AAA 1,138,500 Single Family Mortgage Revenue Bonds, Series 2002B, 5.500%, 6/01/30 (Alternative Minimum Tax) - MBIA Insured ---------------------------------------------------------------------------------------------------- Industrials - 0.4% 1,055 Michigan Strategic Fund, Limited Obligation 12/03 at 102.00 BBB 1,077,292 Revenue Bonds, WMX Technologies, Inc. Project, Series 1993, 6.000%, 12/01/13 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Long-Term Care - 3.7% 2,500 Kalamazoo Economic Development Corporation, 5/07 at 102.00 BBB 2,381,650 Michigan, Limited Obligation Revenue and Refunding Bonds, Friendship Village of Kalamazoo, Series 1997A, 6.250%, 5/15/27 Michigan State Hospital Finance Authority, Revenue Bonds, Presbyterian Villages of Michigan Obligated Group, Series 1997: 600 6.375%, 1/01/15 1/07 at 102.00 N/R 569,142 500 6.375%, 1/01/25 1/07 at 102.00 N/R 446,875 Michigan Strategic Fund, Limited Obligation Revenue Refunding Bonds, Porter Hills Presbyterian Village, Series 1998: 400 5.300%, 7/01/18 7/08 at 101.00 A- 404,120 1,675 5.375%, 7/01/28 7/08 at 101.00 A- 1,641,333 4,800 Michigan Strategic Fund, Limited Obligation 6/08 at 100.00 BBB 4,507,104 Revenue Bonds, Clark Retirement Community, Inc. Project, Series 1998, 5.250%, 6/01/18 ---------------------------------------------------------------------------------------------------- Materials - 0.6% 1,650 Dickinson County Economic Development 4/04 at 102.00 BBB 1,685,558 Corporation, Michigan, Pollution Control Revenue Refunding Bonds, Champion International Corporation Project, Series 1993, 5.850%, 10/01/18 ---------------------------------------------------------------------------------------------------- Tax Obligation/General - 24.2% 1,000 Anchor Bay School District, Macomb and St. Clair 5/12 at 100.00 AAA 1,105,980 Counties, Michigan, General Obligation Bonds, Series 2002-3, 5.500%, 5/01/18 1,175 Birmingham, Michigan, General Obligation Bonds, 10/12 at 100.50 AAA 1,232,305 Series 2002, 5.000%, 10/01/21 1,625 Brighton Township Sanitary Sewer Drainage 4/09 at 100.00 AAA 1,757,763 District, Livingston County, Michigan, Limited Tax General Obligation Bonds, Series 2000, 5.250%, 10/01/19 - FSA Insured 1,020 Caledonia Community Schools, Kent, Allegan and 5/13 at 100.00 AAA 1,089,921 Barry Counties, Michigan, General Obligation Bonds, Series 2003, 5.250%, 5/01/22 1,195 Carman-Ainsworth Community School District, 5/12 at 100.00 AAA 1,316,257 Genesee County, Michigan, General Obligation Bonds, Series 2002, 5.500%, 5/01/19 - FGIC Insured 1,500 Clarkston Community Schools, Michigan, General 5/07 at 100.00 AAA 1,581,015 Obligation Bonds, School Bond Loan Fund - QSBLF, Series 1997, 5.250%, 5/01/23 - MBIA Insured 1,800 Coopersville Area Public Schools, Ottawa and 5/09 at 100.00 AAA 1,822,518 Muskegon Counties, Michigan, Unlimited Tax General Obligation School Building and Site Bonds, Series 1999, 5.000%, 5/01/29 - MBIA Insured 2,520 Detroit, Michigan, Unlimited Tax General 4/10 at 101.00 AAA 2,806,852 Obligation Bonds, Series 1999B, 5.500%, 4/01/18 - MBIA Insured
---- 25 Portfolio of Investments (Unaudited) NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 1,000 Detroit School District, Wayne County, Michigan, 5/13 at 100.00 AAA $ 1,066,180 General Obligation Bonds, Series 2002A, 5.375%, 5/01/24 - FGIC Insured Detroit School District, Wayne County, Michigan, Unlimited General Obligation Tax School Building and Site Improvement Bonds, Series 2001A: 2,000 5.500%, 5/01/21 - FSA Insured 5/12 at 100.00 AAA 2,183,560 250 5.125%, 5/01/31 - FSA Insured 5/12 at 100.00 AAA 257,102 1,000 Frankenmuth School District, Saginaw and Tuscola 5/10 at 100.00 AAA 1,121,900 Counties, Michigan, Unlimited Tax General Obligation School Building and Site Bonds, Series 2000, 5.625%, 5/01/16 - FGIC Insured 2,430 Garden City School District, Wayne County, 5/04 at 101.00 AAA 2,507,128 Michigan, Unlimited Tax General Obligation Refunding Bonds, Series 1994, 6.400%, 5/01/11 - FSA Insured 2,000 Garden City School District, Wayne County, 5/11 at 100.00 AAA 2,037,800 Michigan, General Obligation Refunding Bonds, Series 2001, 5.000%, 5/01/26 5,600 Grand Ledge Public Schools, Eaton, Clinton and 5/05 at 102.00 AAA 5,918,976 Ionia Counties, Michigan, General Obligation Refunding Bonds, Series 1995, 5.375%, 5/01/24 - MBIA Insured 4,350 Hartland Consolidated School District, Livingston 5/11 at 100.00 AAA 4,469,538 County, Michigan, General Obligation Refunding Bonds, Series 2001, 5.125%, 5/01/29 1,000 Hastings Area School System, Barry County, 5/11 at 100.00 AAA 1,018,900 Michigan, Unlimited Tax General Obligation Building and Site Bonds, Series 2001, 5.000%, 5/01/26 - MBIA Insured 2,000 Jonesville Community Schools, Hillsdale and 5/09 at 100.00 AAA 2,210,340 Jackson Counties, Michigan, Unlimited Tax General Obligation Building and Site Bonds, Series 1999, 5.750%, 5/01/29 - FGIC Insured 1,000 Municipal Building Authority of Livonia, Wayne 5/10 at 100.00 AAA 1,016,320 County, Michigan, Building Authority Bonds, Series 2001, 5.000%, 5/01/27 - FGIC Insured 2,700 Livonia Public Schools District, Wayne County, No Opt. Call AAA 2,401,002 Michigan, School Building and Site Bonds, Series 1992II, General Obligation-Unlimited Tax, 0.000%, 5/01/08 - FGIC Insured 2,000 Livonia Public Schools District, Wayne County, 5/10 at 100.00 AAA 2,250,680 Michigan, School Building and Site Bonds, General Obligation - Unlimited Tax, Series 2000, 5.875%, 5/01/25 - FGIC Insured 2,800 Michigan Municipal Bond Authority, Local No Opt. Call AAA 2,480,212 Government Loan Program Revenue Bonds, Pontiac School District, Series 1991C, 0.000%, 6/15/08 - FSA Insured 3,000 State of Michigan, General Obligation Bonds, 5/13 at 100.00 AAA 3,239,340 Environmental Protection Program, Series 2003A, 5.250%, 5/01/21 Okemos Public Schools, County of Ingham, State of Michigan, Refunding Bonds, Series 1993: 1,000 0.000%, 5/01/17 - MBIA Insured No Opt. Call AAA 545,910 1,020 0.000%, 5/01/18 - MBIA Insured No Opt. Call AAA 525,565 1,500 Portage Lake Water and Sewage Authority, Houghton 10/05 at 102.00 AAA 1,652,370 County, Michigan, General Obligation Limited Tax Refunding Bonds, 6.200%, 10/01/20 - AMBAC Insured 1,235 Rochester Community School District, Oakland and 5/10 at 100.00 AAA 1,396,649 Macomb Counties, Michigan, General Obligation Bonds, Series 2000I, 5.750%, 5/01/19 - FGIC Insured 3,000 Southgate Community School District, County of 5/09 at 100.00 AAA 3,046,140 Wayne, State of Michigan, General Obligation Bonds, Series 1999, 5.000%, 5/01/25 - FGIC Insured 2,500 Taylor Building Authority, Wayne, Michigan, 3/10 at 100.00 AAA 2,699,000 Limited Tax General Obligation Bonds, Series 2000, 5.125%, 3/01/17 - AMBAC Insured 3,270 West Ottawa Public Schools, Ottawa County, No Opt. Call AAA 1,785,126 Michigan, Refunding Bonds, Series 1992, 0.000%, 5/01/17 - FGIC Insured 5,175 Williamston Community School District, Michigan, No Opt. Call AAA 5,778,716 Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 - MBIA Insured ----------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 14.3% 2,000 Detroit, Michigan, Building Authority Revenue 2/07 at 101.00 A 2,137,840 Bonds, District Court Madison Center, Series 1996A, 6.150%, 2/01/11 11,000 Detroit-Wayne County Stadium Authority, Michigan, 2/07 at 102.00 AAA 11,551,650 Limited Tax General Obligation Building Authority Stadium Bonds, Series 1997, 5.250%, 2/01/27 - FGIC Insured
---- 26
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) Grand Rapids Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Series 1994: $ 3,985 0.000%, 6/01/17 - MBIA Insured No Opt. Call AAA $2,167,282 3,295 0.000%, 6/01/18 - MBIA Insured No Opt. Call AAA 1,691,291 1,650 6.875%, 6/01/24 - MBIA Insured 6/04 at 102.00 AAA 1,729,497 250 Michigan Municipal Bond Authority, Wayne County, 12/03 at 100.00 AAA 250,710 Local Government Loan Program Revenue Bonds, Series 1991A, 4.750%, 12/01/09 - FGIC Insured Michigan State Building Authority, Facilities Program Revenue Refunding Bonds, Series 2001I: 2,720 5.500%, 10/15/19 10/11 at 100.00 AA+ 3,030,080 5,000 5.000%, 10/15/24 10/11 at 100.00 AA+ 5,115,750 2,000 Michigan State Building Authority, Facilities 10/13 at 100.00 AAA 2,079,760 Program Revenue Refunding Bonds, Series 2003-II, 5.000%, 10/15/22 (WI, Settling 12/01/03) - MBIA Insured 1,500 Michigan State, Certificates of Participation, 6/10 at 100.00 AAA 1,654,905 Series 2000, 5.500%, 6/01/20 - AMBAC Insured 1,220 Michigan State, Certificates of Participation, 9/11 at 100.00 AAA 1,320,040 New Center Development, Inc., Series 2001, 5.375%, 9/01/21 - MBIA Insured 2,000 Michigan State Trunk Line, Trunk Line Fund Bonds, 11/11 at 100.00 AAA 2,042,560 Series 2001A, 5.000%, 11/01/25 6,000 The House of Representatives of the State of No Opt. Call AAA 2,231,760 Michigan, Certificates of Participation, 0.000%, 8/15/23 - AMBAC Insured 1,085 Romulus Tax Increment Finance Authority, Wayne 11/06 at 100.00 N/R 1,142,657 County, Michigan, Limited Obligation Development Revenue Bonds, Series 1994, 6.750%, 11/01/19 ---------------------------------------------------------------------------------------------------- Transportation - 1.1% 3,000 Wayne County, Michigan, Airport Revenue Bonds, 12/08 at 101.00 AAA 3,041,760 Detroit Metropolitan Wayne County Airport, Series 1998B, 5.000%, 12/01/28 ---------------------------------------------------------------------------------------------------- U.S. Guaranteed - 21.5% 1,000 Battle Creek Downtown Development Authority, 5/04 at 102.00 N/R*** 1,047,190 Calhoun County, Michigan, Development Bonds, Series 1994, 7.600%, 5/01/16 (Pre-refunded to 5/01/04) 1,800 Battle Creek Tax Increment Finance Authority, 5/04 at 102.00 A-*** 1,884,006 Michigan, Tax Increment Finance Authority Bonds, Series 1994, 7.400%, 5/01/16 (Pre-refunded to 5/01/04) 235 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 264,274 Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10) 5,000 Detroit, Michigan, Downtown Development 7/06 at 102.00 AAA 5,679,000 Authority, Tax Increment Refunding Bonds, Development Area 1 Projects, Series 1996C, 6.250%, 7/01/25 (Pre-refunded to 7/01/06) 2,500 Detroit, Michigan, Sewage Disposal System Revenue 1/10 at 101.00 AAA 2,944,975 Bonds, Series 1999A, 5.875%, 7/01/27 (Pre-refunded to 1/01/10) - FGIC Insured 6,500 Detroit, Michigan, Sewage Disposal System Revenue 1/10 at 101.00 AAA 8,723,520 Bonds, Residual Option Long Series II-R-103, 10.250%, 7/01/20 (IF) (Pre-refunded to 1/01/10) 2,000 Detroit, Michigan, Water Supply System Senior 1/10 at 101.00 AAA 2,339,640 Lien Revenue Bonds, Series 1999A, 5.750%, 7/01/26 (Pre-refunded to 1/01/10) - FGIC Insured 1,500 Grand Rapids Township Economic Development 7/09 at 101.00 A-*** 1,726,890 Corporation, Michigan, Limited Obligation Revenue Bonds, Porter Hills Obligated Group, Cook Valley Estate Project, Series 1999, 5.450%, 7/01/29 (Pre-refunded to 7/01/09) 1,000 Holt Public Schools, Ingham and Eaton Counties, 5/10 at 100.00 AAA 1,152,780 Michigan, Unlimited Tax General Obligation School Building and Site Bonds, Series 2000A, 5.500%, 5/01/23 (Pre-refunded to 5/01/10) - FGIC Insured 4,000 Lake Orion Community School District, Oakland 5/05 at 101.00 AAA 4,363,200 County, Michigan, School Building and Site Revenue Refunding Bonds, Series 1994, 7.000%, 5/01/15 (Pre-refunded to 5/01/05) - AMBAC Insured 2,000 Macomb Township Building Authority, County of 4/08 at 101.00 AAA 2,328,000 Macomb, Michigan, Building Authority Bonds, Series 2000, 6.000%, 4/01/27 (Pre-refunded to 4/01/08) - FGIC Insured Michigan Municipal Bond Authority, State Revolving Fund Revenue Bonds, Series 1994: 1,000 6.500%, 10/01/14 (Pre-refunded to 10/01/04) 10/04 at 102.00 AAA 1,065,050 1,000 6.500%, 10/01/17 (Pre-refunded to 10/01/04) 10/04 at 102.00 AAA 1,065,050
---- 27 Portfolio of Investments (Unaudited) NUVEEN MICHIGAN MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 500 Michigan Municipal Bond Authority, Drinking Water 10/10 at 101.00 AAA $ 595,795 Revolving Fund Revenue Bonds, Series 2000, 5.875%, 10/01/17 (Pre-refunded to 10/01/10) 5,000 Michigan State Hospital Finance Authority, 11/09 at 101.00 AAA 6,003,000 Revenue Bonds, Ascension Health Credit Group, Series 1999A, 6.125%, 11/15/26 (Pre-refunded to 11/15/09) 2,775 Milan Area Schools, Washtenaw and Monroe 5/10 at 100.00 AAA 3,239,396 Counties, Michigan, General Obligation School Building and Site Bonds, Series 2000A, 5.750%, 5/01/20 (Pre-refunded to 5/01/10) - FGIC Insured 1,000 Oakland County Economic Development Corporation, 11/04 at 102.00 Aaa 1,073,070 Michigan, Limited Obligation Refunding Revenue Bonds, Cranbrook Educational Community, Series C, 6.900%, 11/01/14 (Pre-refunded to 11/01/04) 1,215 Potterville Public Schools, County of Easton, 5/09 at 100.00 AAA 1,409,121 Michigan, School Building and Site Bonds, General Obligation - Unlimited Tax, Series 1999, 5.750%, 5/01/20 (Pre-refunded to 5/01/09) - FSA Insured 180 Saginaw-Midland Municipal Water Supply 9/04 at 102.00 A2*** 191,387 Corporation, Michigan, Limited Tax General Obligation Water Supply Revenue Bonds, Series 1992, 6.875%, 9/01/16 (Pre-refunded to 9/01/04) 7,000 Vicksburg Community Schools, Kalamazoo and St. 5/06 at 37.24 AAA 2,497,810 Joseph Counties, Michigan, General Obligation Bonds, Series 1991, 0.000%, 5/01/20 (Pre-refunded to 5/01/06) - MBIA Insured 2,470 Waterford School District, Oakland County, 6/04 at 101.00 AAA 2,560,921 Michigan, General Obligation Bonds, Series 1995, 6.375%, 6/01/14 (Pre-refunded to 6/01/04) - FGIC Insured 5,000 Wayland Union School District, Allegan, Barry and 5/05 at 101.00 AAA 5,401,200 Kent Counties, Michigan, General Obligation Bonds, Series 1994, 6.250%, 5/01/14 (Pre-refunded to 5/01/05) - FGIC Insured ---------------------------------------------------------------------------------------------------- Utilities - 6.3% 1,000 Michigan Public Power Agency, Revenue Bonds, 1/12 at 100.00 AAA 1,045,180 Combustion Turbine 1 Project, Series 2001A, 5.250%, 1/01/27 - AMBAC Insured 3,000 Michigan State South Central Power Agency, Power 11/04 at 102.00 Baa1 3,209,250 Supply System Refunding Revenue Bonds, 7.000%, 11/01/11 1,000 Michigan South Central Power Agency, Power Supply No Opt. Call Baa1 1,084,110 System Revenue Bonds, Series 2000, 6.000%, 5/01/12 3,300 Michigan Strategic Fund, Collateralized Limited 9/11 at 100.00 A- 3,400,947 Obligation Revenue Refunding Pollution Control Bonds, Fixed-Rate Conversion, Detroit Edison Company, Series 1999C, 5.650%, 9/01/29 (Alternative Minimum Tax) 3,500 Michigan Strategic Fund, Limited Obligation 6/04 at 102.00 AAA 3,663,730 Revenue Refunding Bonds, Detroit Edison Company, Series 1994B, 6.450%, 6/15/24 - AMBAC Insured 1,000 Monroe County Michigan Economic Development No Opt. Call AAA 1,306,410 Corporation, Collateralized, Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series AA, 6.950%, 9/01/22 - FGIC Insured 1,000 Monroe County, Michigan, Pollution Control No Opt. Call AAA 1,049,810 Revenue Bonds, Detroit Edison Company Project, Series 1994A, 6.350%, 12/01/04 (Alternative Minimum Tax) - AMBAC Insured 4,000 Puerto Rico Electric Power Authority, Power No Opt. Call AAA 2,181,720 Revenue Refunding Bonds, Series O, 0.000%, 7/01/17 -MBIA Insured ---------------------------------------------------------------------------------------------------- Water and Sewer - 6.0% 4,455 Detroit, Michigan, Sewage Disposal System Revenue No Opt. Call AAA 2,143,390 Bonds, Series 1999A, 0.000%, 7/01/19 - FGIC Insured 3,000 Detroit, Michigan, Sewage Disposal System Senior 7/11 at 100.00 AAA 3,078,180 Lien Revenue Bonds, Series 2001A, 5.125%, 7/01/31 - FGIC Insured Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2001A: 2,500 5.000%, 7/01/30 - FGIC Insured 7/11 at 100.00 AAA 2,540,125 3,000 5.500%, 7/01/33 - FGIC Insured 7/11 at 101.00 AAA 3,207,390
---- 28
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Water and Sewer (continued) $ 5,000 Detroit, Michigan, Water Supply System Senior 7/13 at 100.00 AAA $ 5,124,247 Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/25 - MBIA Insured ----------------------------------------------------------------------------------------------------- $278,210 Total Long-Term Investments (cost $247,987,647) - 265,399,234 99.3% ----------------------------------------------------------------------------------------------------- ------------ Other Assets Less Liabilities - 0.7% 1,912,592 --------------------------------------------------------------------------------------- Net Assets - 100% $267,311,826 ---------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis. (IF) Inverse floating rate security. See accompanying notes to financial statements. ---- 29 Portfolio of Investments (Unaudited) NUVEEN MISSOURI MUNICIPAL BOND FUND November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Consumer Discretionary - 0.7% $ 3,225 The Industrial Development Authority of the City No Opt. Call AAA $1,950,641 of St. Louis, Missouri, Senior Lien Revenue Bonds, St. Louis Convention Center Headquarters Hotel Project, Series 2000A, 0.000%, 7/15/15 - AMBAC Insured ---------------------------------------------------------------------------------------------------- Consumer Staples - 4.3% 3,000 Cape Girardeau County Industrial Development 5/08 at 101.00 AA- 3,050,790 Authority, Missouri, Solid Waste Disposal Revenue Bonds, Procter & Gamble Products Company Project, Series 1998, 5.300%, 5/15/28 (Alternative Minimum Tax) 8,100 Missouri State Development Finance Board, Solid No Opt. Call AA- 8,491,797 Waste Disposal Revenue Bonds, Procter & Gamble Paper Products Company Project, Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Education and Civic Organizations - 10.9% 5,000 Curators of the University of Missouri, System 11/13 at 100.00 AA 5,111,750 Facilities Revenue Bonds, Series 2003A, 5.000%, 11/01/31 1,000 Kansas City Metropolitan Community Colleges 7/11 at 100.00 Aaa 1,117,730 Building Corporation, Missouri, Leasehold Revenue Bonds, Junior College District of Metropolitan Kansas City, Series 2001, 5.500%, 7/01/18 - FGIC Insured 1,000 Missouri Development Finance Board, Cultural 12/11 at 100.00 AAA 1,018,160 Facilities Revenue Bonds, The Nelson Gallery Foundation, Series 2001A, 5.000%, 12/01/30 - MBIA Insured 1,000 Missouri Higher Education Loan Authority, Student 2/04 at 100.00 A2 1,007,850 Loan Revenue Bonds, Subordinate Lien, Series 1992, 6.500%, 2/15/06 (Alternative Minimum Tax) 4,190 Missouri Higher Education Loan Authority, Student 2/04 at 102.00 A2 4,298,186 Loan Revenue Bonds, Subordinate Lien, Series 1994F, 6.750%, 2/15/09 (Alternative Minimum Tax) 1,000 Health and Educational Facilities Authority of No Opt. Call AA+ 1,158,090 the State of Missouri, Educational Facilities Revenue Bonds, Washington University Issue, Series 2001A, 5.500%, 6/15/16 Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds, Maryville University of St. Louis Project, Series 1997: 1,000 5.625%, 6/15/13 6/07 at 101.00 Baa2 1,048,410 1,750 5.750%, 6/15/17 6/07 at 101.00 Baa2 1,814,908 1,100 Health and Educational Facilities Authority of 10/08 at 100.00 N/R 1,065,020 the State of Missouri, Educational Facilities Revenue Bonds, The Barstow School, Series 1998, 5.250%, 10/01/23 1,000 Health and Educational Facilities Authority of 1/10 at 100.00 AA 1,081,530 the State of Missouri, Educational Facilities Revenue Bonds, Central Institute for the Deaf, Series 1999, 5.850%, 1/01/22-RAAI Insured 900 Health and Educational Facilities Authority of 6/08 at 102.00 A1 951,264 the State of Missouri, Educational Facilities Revenue Bonds, Stephens College Issue, Series 1999, 6.000%, 6/01/24 3,375 Health and Educational Facilities Authority of 6/10 at 100.00 Baa2 3,570,986 the State of Missouri, Educational Facilities Revenue Bonds, Maryville University of St. Louis Project, Series 2000, 6.750%, 6/15/30 1,360 Health and Educational Facilities Authority of 4/11 at 100.00 Aaa 1,518,086 the State of Missouri, Educational Facilities Revenue Bonds, Webster University, Series 2001, 5.500%, 4/01/18 - MBIA Insured The Industrial Development Authority of the City of St. Louis, Missouri, Revenue Bonds, Kiel Center Multipupose Arena Project, Series 1992: 650 7.625%, 12/01/09 (Alternative Minimum Tax) 12/03 at 101.00 N/R 654,440 1,000 7.750%, 12/01/13 (Alternative Minimum Tax) 12/03 at 101.00 N/R 1,006,620 500 7.875%, 12/01/24 (Alternative Minimum Tax) 12/03 at 101.00 N/R 504,615 2,060 Southeast Missouri State, University System 4/11 at 100.00 Aaa 2,099,799 Facilities Revenue Refunding and Improvement Bonds, Series 2001, 5.000%, 4/01/26 - MBIA Insured ---------------------------------------------------------------------------------------------------- Healthcare - 8.5% 1,000 Health and Educational Facilities Authority of 6/11 at 101.00 AAA 1,037,140 the State of Missouri, Health Facilities Revenue Bonds, Saint Luke's Episcopal-Presbyterian Hospitals, Series 2001, 5.250%, 12/01/26 - FSA Insured 1,000 Health and Educational Facilities Authority of 5/13 at 100.00 AA 1,024,850 the State of Missouri, Health Facilities Revenue Bonds, BJC Health System, Series 2003, 5.125%, 5/15/25
---- 30
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Healthcare (continued) $ 2,750 Health and Educational Facilities Authority of 2/14 at 100.00 BBB+ $2,747,773 the State of Missouri, Health Facilities Revenue Bonds, Lake Regional Health System, Series 2003, 5.700%, 2/15/34 (WI, Settling 12/10/03) Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds, Freeman Health System Project, Series 1998: 1,500 5.250%, 2/15/18 2/08 at 102.00 BBB+ 1,485,810 1,300 5.250%, 2/15/28 2/08 at 102.00 BBB+ 1,234,194 500 Health and Educational Facilities Authority of 11/06 at 100.00 BBB+ 488,805 the State of Missouri, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 1998, 5.250%, 11/01/23 2,000 Health and Educational Facilities Authority of 12/10 at 101.00 A 2,108,680 the State of Missouri, Health Facilities Revenue Bonds, Saint Anthony's Medical Center, Series 2000, 6.250%, 12/01/30 Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds, Lester Cox Medical Center, Series 1992H: 2,650 0.000%, 9/01/17 - MBIA Insured No Opt. Call AAA 1,413,616 4,740 0.000%, 9/01/21 - MBIA Insured No Opt. Call AAA 1,999,522 6,300 0.000%, 9/01/22 - MBIA Insured No Opt. Call AAA 2,499,273 1,000 New Liberty Hospital District, Missouri, Revenue 12/11 at 100.00 AAA 1,031,610 Bonds, Series 2001, 5.000%, 12/01/21 - AMBAC Insured 2,000 North Kansas City, Missouri, North Kansas City 11/13 at 100.00 AAA 2,061,840 Hospital and Affiliate, Hospital Revenue Bonds, Series 2003A, 5.125%, 11/15/33 - FSA Insured 2,880 Taney County Industrial Development Authority, 5/08 at 101.00 BBB 2,721,370 Missouri, Hospital Revenue Bonds, Skaggs Community Hospital Association, Series 1998, 5.400%, 5/15/28 950 Texas County, Missouri, Hospital Revenue Bonds, 6/10 at 100.00 N/R 944,832 Texas County Memorial Hospital, Series 2000, 7.250%, 6/15/25 ---------------------------------------------------------------------------------------------------- Housing/Multifamily - 10.7% Clay County Industrial Development Authority, Missouri, GNMA Multifamily Housing Revenue Bonds, Oak Creek Apartments, Series 2002: 1,320 6.125%, 7/20/25 (Alternative Minimum Tax) 7/13 at 105.00 AAA 1,378,159 2,530 6.300%, 1/20/38 (Alternative Minimum Tax) 7/13 at 103.00 AAA 2,614,780 1,630 The Industrial Development Authority of the City 10/09 at 100.00 AAA 1,696,634 of Lees Summit, Missouri, Multifamily Housing Revenue Bonds, Crossroads of Lees Summit Apartments Project, Series 1999A, 6.100%, 4/01/24 (Alternative Minimum Tax) - FSA Insured 1,675 Missouri Housing Development Commission, Housing 1/04 at 100.00 AA+ 1,675,754 Development Refunding Bonds, Federally Insured Mortgage Loans, 6.600%, 7/01/24 885 Missouri Housing Development Commission, 12/05 at 103.00 N/R 894,062 Multifamily Housing Revenue Bonds, Primm Place Apartments Project, Series 1995A, 6.250%, 12/01/17 (Alternative Minimum Tax) 2,690 Missouri Housing Development Commission, 4/08 at 102.00 N/R 2,433,240 Multifamily Housing Revenue Bonds, The Mansion Apartments Phase II Project, Series 1999, 6.125%, 10/01/22 (Alternative Minimum Tax) Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, JB Hughes Apartments I & II - GNMA Collateralized Mortgage Loan, Series 2002G: 289 6.200%, 5/20/19 5/12 at 105.00 Aaa 306,011 975 6.300%, 5/20/37 5/12 at 105.00 Aaa 1,020,981 1,805 St. Louis County Industrial Development 1/09 at 105.00 AAA 1,833,338 Authority, Missouri, Housing Revenue Refunding Bonds, Southfield and Oak Forest II Apartments, GNMA Collateral, Subordinate Lien, Series 2002A, 5.200%, 1/20/36 2,000 Housing Authority of St. Louis County, Missouri, 3/05 at 102.00 AAA 2,077,280 Multifamily Housing Revenue Refunding Bonds, Kensington Square Apartments Project, Series 1995, 6.650%, 3/01/20 9,105 The Industrial Development Authority of the 8/06 at 105.00 AAA 9,767,025 County of St. Louis, Missouri, Multifamily Housing Revenue Bonds, Series 1996A, GNMA Mortgage-Backed Securities-Covington Manor Apartments, 6.875%, 8/20/36 (Alternative Minimum Tax) 1,890 Land Clearance for Redevelopment Authority of the 5/04 at 101.00 AAA 1,916,989 City of St. Louis, Missouri, Multifamily Mortgage Refunding Bonds, Series 1993, FHA-Insured Mortgage Loan - St. Louis Place Apartments, 6.250%, 8/01/27
---- 31 Portfolio of Investments (Unaudited) NUVEEN MISSOURI MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Housing/Multifamily (continued) $ 925 The Industrial Development Authority, University 8/07 at 102.00 Aaa $ 967,485 City, Missouri Revenue Refunding Bonds, Series 1997A, GNMA Collateralized - River Valley Apartments, 5.900%, 2/20/37 ---------------------------------------------------------------------------------------------------- Housing/Single Family - 2.5% 400 Greene County, Missouri, Collateralized Single No Opt. Call AAA 432,496 Family Mortgage Revenue Bonds, Series 1996, 6.300%, 12/01/22 (Alternative Minimum Tax) 585 Missouri Housing Development Commission, Single 1/07 at 102.00 AAA 607,844 Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1996D, 6.125%, 3/01/28 (Alternative Minimum Tax) 230 Missouri Housing Development Commission, 3/07 at 105.00 AAA 236,675 Homeownership Loan Program Single Family Mortgage Revenue Bonds, Series 1997A-2, 7.300%, 3/01/28 (Alternative Minimum Tax) 530 Missouri Housing Development Commission, Single 3/06 at 105.00 AAA 542,158 Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1995C, 7.250%, 9/01/26 (Alternative Minimum Tax) Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1995B Remarketing: 645 6.375%, 9/01/20 (Alternative Minimum Tax) 9/06 at 102.00 AAA 677,418 515 6.450%, 9/01/27 (Alternative Minimum Tax) 9/06 at 102.00 AAA 539,200 495 Missouri Housing Development Commission, Single 9/06 at 105.00 AAA 498,024 Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1996B, 7.550%, 9/01/27 (Alternative Minimum Tax) Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, GNMA Mortgage-Backed Securities Program, 1994 Series A: 70 6.700%, 12/01/07 (Alternative Minimum Tax) 12/04 at 102.00 AAA 72,138 315 7.125%, 12/01/14 (Alternative Minimum Tax) 12/04 at 102.00 AAA 323,489 135 7.200%, 12/01/17 (Alternative Minimum Tax) 12/04 at 102.00 AAA 138,727 355 Missouri Housing Development Commission, Single 3/08 at 105.00 AAA 365,469 Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 1998B-2, 6.400%, 3/01/29 (Alternative Minimum Tax) 1,310 Missouri Housing Development Commission, 9/09 at 100.00 AAA 1,378,526 Homeownership Loan Program, Single Family Mortgage Revenue Bonds, Series 2000A-1, 6.300%, 9/01/25 700 Missouri Housing Development Commission, Single 3/10 at 100.00 AAA 738,752 Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2000B-1, 6.200%, 9/01/25 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Long-Term Care - 10.1% 4,250 Kansas City Industrial Development Authority, 11/08 at 102.00 N/R 3,694,907 Missouri, Retirement Center Revenue Refunding and Improvement Bonds, Kingswood Project, Series 1998A, 5.875%, 11/15/29 1,000 The Industrial Development Authority of the City 8/05 at 102.00 N/R 1,053,880 of Lees Summit, Missouri, Health Facilities Revenue Bonds, John Knox Village Project, Series 1995, 6.625%, 8/15/13 5,000 The Industrial Development Authority of the City 8/09 at 101.00 N/R 5,315,150 of Lees Summit, Missouri, Health Facilities Revenue Bonds, John Knox Village Project, Series 1999, 6.000%, 8/15/17 1,500 The Industrial Development Authority of the City 8/12 at 101.00 N/R 1,546,680 of Lees Summit, Missouri, Health Facilities Revenue Bonds, John Knox Village Project, Series 2002, 5.700%, 8/15/22 1,285 Missouri Development Finance Board, Healthcare 11/11 at 100.00 A2 1,321,597 Facilities Revenue Bonds, Lutheran Home for the Aged Project, Series 2001A, 5.600%, 11/01/21 3,750 Health and Educational Facilities Authority of 2/06 at 102.00 N/R 3,860,025 the State of Missouri, Health Facilities Revenue Bonds, Lutheran Senior Services, Series 1996A, 6.375%, 2/01/27 3,500 Health and Educational Facilities Authority of 2/07 at 102.00 N/R 3,555,755 the State of Missouri, Health Facilities Revenue Bonds, Lutheran Senior Services, Series 1997, 5.875%, 2/01/23 The Industrial Development Authority of the County of St. Louis, Missouri, Refunding Revenue Bonds, Friendship Village of West County, Series 1996A: 865 5.750%, 9/01/05 No Opt. Call N/R 877,456 1,800 6.250%, 9/01/10 9/06 at 102.00 N/R 1,898,334 2,425 The Industrial Development Authority of the 8/05 at 104.00 AAA 2,685,809 County of St. Louis, Missouri, Healthcare Facilities Revenue Bonds, GNMA Collateralized, Mother of Perpetual Help, Series 1995, 6.250%, 8/01/28
---- 32
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Long-Term Care (continued) $ 1,200 The Industrial Development Authority of the 3/10 at 102.00 AAA $1,246,944 County of St. Louis, Missouri, Healthcare Facilities Revenue Bonds, GNMA Collateralized, Mary, Queen and Mother Association Project, Series 2001, 5.400%, 9/20/34 ---------------------------------------------------------------------------------------------------- Materials - 0.4% 1,000 Sugar Creek, Missouri, Industrial Development 6/13 at 101.00 BBB 990,050 Revenue Bonds, Lafarge North America, Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Tax Obligation/General - 8.5% 2,000 Cass County Reorganized School District R-II, 3/12 at 100.00 AAA 2,147,300 Raymore and Peculiar, Missouri, General Obligation Bonds, Series 2002, 5.250%, 3/01/20 - FSA Insured 540 Clay County Public School District 53, Liberty, 3/12 at 100.00 AA+ 572,600 Missouri, General Obligation Bonds, Series 2001C, 5.200%, 3/01/21 1,280 Clay County Public School District 53, Liberty, 3/12 at 100.00 AAA 1,324,992 Missouri, General Obligation Bonds, Series 2002B, 5.000%, 3/01/22 - FSA Insured 2,500 Hickman Mills C-1 School District, Jackson 3/13 at 100.00 AAA 2,619,675 County, Missouri, General Obligation Bonds, Series 2003, 5.000%, 3/01/21 - FSA Insured 1,000 Jackson County R-7 School District, Lees Summit, 3/12 at 100.00 AAA 1,083,820 Missouri, General Obligation Refunding and Improvement Bonds, Series 2002, 5.250%, 3/01/18 - FSA Insured 1,000 Jefferson City School District, Missouri, General No Opt. Call Aa2 1,210,040 Obligation Bonds, Series 1991A, 6.700%, 3/01/11 3,000 State of Missouri, General Obligation Bonds, 10/12 at 100.00 AAA 3,227,190 Series 2002A, Fourth State Building Refunding, 5.000%, 10/01/18 750 Bolivar R-1 School District of Polk County, 3/10 at 100.00 AA+ 843,225 Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2000, 5.700%, 3/01/20 1,345 Pattonville R-3 School District, St. Louis No Opt. Call AAA 1,663,308 County, Missouri, General Obligation Bonds, Series 2000, 6.500%, 3/01/14 - FGIC Insured 3,000 The Board of Education of the City of St. Louis, 4/12 at 100.00 AA+ 3,231,600 Missouri, General Obligation Bonds, Series 2002A, 5.250%, 4/01/19 The School District of Springfield, Missouri, General Obligation Bonds, Series 2003: 3,000 5.000%, 3/01/22 - FGIC Insured 3/13 at 100.00 AAA 3,122,730 1,500 5.000%, 3/01/23 - FGIC Insured 3/13 at 100.00 AAA 1,551,000 ---------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 17.9% 950 Brentwood, Missouri, Tax Increment Refunding 4/09 at 100.00 AA 966,730 Bonds, Promenade Project, Series 2002, 4.700%, 4/01/19 - RAAI Insured 1,875 Christian County Public Building Corporation, 6/10 at 100.00 AA 2,062,106 Missouri, Leasehold Revenue Bonds, Justice Center Project, Series 2000, 5.450%, 6/01/15 - RAAI Insured 1,025 Excelsior Springs School District, Missouri, No Opt. Call AAA 666,834 Leasehold Revenue Bonds, Series 1994, 0.000%, 3/01/14 - CAP GTY/FSA Insured 2,750 Fenton, Missouri, Tax Increment Refunding and 10/12 at 100.00 N/R 2,806,128 Improvement Bonds, Gravois Bluffs Project, Series 2002, 6.125%, 10/01/21 3,000 Harrisonville, Missouri, Lease Participation 12/13 at 100.00 AAA 3,121,020 Certificates, Series 2003, 5.000%, 12/01/22 - XLCA Insured 4,240 Howard Bend Levee District, St. Louis County, 3/09 at 101.00 N/R 4,416,681 Missouri, Levee District Improvement Bonds, Series 1999, 5.850%, 3/01/19 2,000 Jackson County Public Building Corporation, 12/13 at 100.00 Aa3 2,046,820 Missouri, Leasehold Revenue Bonds, Capital Improvement Projects, Series 2003, 5.000%, 12/01/28 1,200 Kansas City Land Clearance Redevelopment 12/05 at 102.00 AAA 1,325,580 Authority, Missouri, Lease Revenue Bonds, Municipal Auditorium and Muehlebach Hotel Redevelopment Projects, Series 1995A, 5.900%, 12/01/18 - CAP GTY/FSA Insured Mehlville R-9 School District, St. Louis County, Missouri, Certificates of Participation, Capital Improvement Projects, Series 2002: 1,275 5.500%, 9/01/17 - FSA Insured 9/12 at 100.00 AAA 1,419,534 1,000 5.500%, 9/01/18 - FSA Insured 9/12 at 100.00 AAA 1,106,340
---- 33 Portfolio of Investments (Unaudited) NUVEEN MISSOURI MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 1,500 Missouri Development Finance Board, 4/10 at 100.00 AAA $1,687,920 Infrastructure Facilities Revenue Bonds, Kansas City Midtown Redevelopment Projects, Series 2000A, 5.750%, 4/01/22 - MBIA Insured 4,000 Missouri Development Finance Board, 4/11 at 100.00 A+ 4,056,880 Infrastructure Facilities Revenue Bonds, City of Independence, Santa Fe Redevelopment Project, Series 2001, 5.250%, 4/01/23 2,000 Missouri Development Finance Board, 3/10 at 100.00 N/R 2,014,480 Infrastructure Facilities Revenue Bonds, Riverside-Quindaro Bend Levee District of Platte County, L-385 Project, Series 2001, 5.800%, 3/01/20 450 Monarch-Chesterfield Levee District, St. Louis 3/10 at 101.00 AAA 511,146 County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 - MBIA Insured 1,705 O'Fallon, Missouri, Certificates of 2/12 at 100.00 Aaa 1,875,347 Participation, Series 2002, 5.250%, 2/01/15 - MBIA Insured Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 1996Y: 900 5.500%, 7/01/36 7/16 at 100.00 A 958,716 4,500 5.000%, 7/01/36 7/16 at 100.00 A 4,536,225 3,000 Puerto Rico Public Buildings Authority, No Opt. Call A- 3,317,340 Guaranteed Government Facilities Revenue Bonds, Series 1993L, 5.500%, 7/01/21 1,240 St. Louis, Missouri, Municipal Finance 2/12 at 100.00 Aaa 1,403,085 Corporation, Leasehold Revenue Bonds, Series 2002A, Carnahan Courthouse Project, 5.750%, 2/15/17 - FGIC Insured 1,750 Regional Convention and Sports Complex Authority, 8/07 at 100.00 AAA 1,887,830 City of St. Louis, Missouri, Convention and Sports Facility Project and Refunding Bonds, Series 1997C, 5.300%, 8/15/20 - AMBAC Insured 2,950 The Public Building Corporation of the City of 6/10 at 100.00 AAA 3,427,015 Springfield, Missouri, Leasehold Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 - AMBAC Insured 1,945 Springfield, Missouri, City Center Development 6/12 at 100.00 Aaa 1,986,759 Corporation, Leasehold Revenue Bonds, Jordan Valley Park Exposition Center, Series 2002A, 5.000%, 6/01/27 - AMBAC Insured ---------------------------------------------------------------------------------------------------- Transportation - 10.0% 5,250 Missouri-Illinois Metropolitan District Bi-State 10/13 at 100.00 AAA 5,351,903 Development Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 - FSA Insured 2,000 Kansas City, Missouri, Passenger Facility Charge 4/11 at 101.00 AAA 2,027,440 Revenue Bonds, Kansas City International Airport, Series 2001, 5.000%, 4/01/23 (Alternative Minimum Tax) - AMBAC Insured 2,000 Puerto Rico Ports Authority, Special Facilities 6/06 at 102.00 CCC 1,321,480 Revenue Bonds, American Airlines, Inc. Project, Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) 1,000 The City of St. Louis, Missouri, Airport Revenue 7/07 at 101.00 AAA 1,018,020 Bonds, 1997 Capital Improvement Program, Lambert-St. Louis International Airport, Series 1997B, 5.250%, 7/01/27 (Alternative Minimum Tax) - FGIC Insured The City of St. Louis, Missouri, Airport Revenue Bonds, Series 2001A, Airport Development Program: 5,000 5.000%, 7/01/26 - MBIA Insured 7/11 at 100.00 AAA 5,083,450 1,000 5.250%, 7/01/31 - MBIA Insured 7/11 at 100.00 AAA 1,041,540 The City of St. Louis, Missouri, Airport Revenue Refunding Bonds, Series 2003A: 3,450 5.250%, 7/01/16 - FSA Insured 7/13 at 100.00 AAA 3,809,421 1,000 5.250%, 7/01/18 - FSA Insured 7/13 at 100.00 AAA 1,090,820 Land Clearance for Redevelopment Authority of the City of St. Louis, Missouri, Tax Exempt Parking Facility Revenue Refunding and Improvement Bonds, LCRA Parking Facilities Project, Series 1999C: 1,000 7.000%, 9/01/19 9/09 at 102.00 N/R 1,072,560 2,400 7.050%, 9/01/24 9/09 at 102.00 N/R 2,566,536 2,250 St. Louis, Missouri, Parking Revenue Refunding 12/06 at 102.00 AAA 2,440,463 Bonds, Series 1996, 5.375%, 12/15/21 - MBIA Insured ---------------------------------------------------------------------------------------------------- U.S. Guaranteed - 8.2% 2,285 Branson Public Building Corporation, Missouri, 11/06 at 101.00 BBB+*** 2,599,896 Leasehold Revenue Bonds, City Hall and Fire Station Improvement Projects, Series 1995, 6.250%, 11/01/12 (Pre-refunded to 11/01/06) 4,500 Cape Girardeau County, Missouri, Single Family No Opt. Call Aaa 2,841,570 Mortgage Revenue Bonds, Series 1983, 0.000%, 12/01/14 575 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 646,628 Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10)
---- 34
Principal Amount (000) Description -------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 235 Greene County, Missouri, Single Family Mortgage Revenue Bonds, Series 1984, 0.000%, 3/01/16 2,000 Jackson County Public Finance Authority, Missouri, Leasehold Revenue Refunding and Improvement Bonds, Capital Improvement Projects, Series 1994, 6.125%, 12/01/15 (Pre-refunded to 12/01/04) - MBIA Insured 4,000 Kansas City, Missouri, General Improvement Airport Revenue Bonds, Series 1994B, 6.875%, 9/01/14 (Pre-refunded to 9/01/04) - FSA Insured Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds, BJC Health System, Series 1994A: 2,395 6.750%, 5/15/14 650 6.500%, 5/15/20 3,630 Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds, University of Health Sciences Project, Series 1994, 6.350%, 6/01/14 (Pre-refunded to 6/01/04) 600 Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds, St. Louis University High School, Series 1994, 6.350%, 10/01/14 (Pre-refunded to 10/01/04) 340 State Environmental Improvement and Energy Resources Authority, Missouri, Water Pollution Control Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B, 7.200%, 7/01/16 (Pre-refunded to 7/01/04) 750 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 6.000%, 7/01/39 (Pre-refunded to 7/01/10) -------------------------------------------------------------------------------------------------------------------- Utilities - 4.5% 2,710 Columbia, Missouri, Water and Electric Revenue Bonds, Series 2002A, 5.000%, 10/01/26 - AMBAC Insured 1,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 5.125%, 7/01/26 - FSA Insured 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 5.250%, 7/01/23 - MBIA Insured 2,000 City of Sikeston, Missouri, Electric System Revenue Bonds, Series 1992, 6.200%, 6/01/10 - MBIA Insured 3,030 City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 1996, 6.000%, 6/01/14 - MBIA Insured -------------------------------------------------------------------------------------------------------------------- Water and Sewer - 2.5% 1,825 Kansas City, Missouri, Sewerage System Revenue Bonds, Series 2002D-1, 5.375%, 1/01/22 1,635 Missouri State Environmental Improvement and Energy Resources Authority, Water Facilities Refunding Revenue Bonds, Tri-County Water Authority Project, Series 1999, 6.000%, 4/01/22 - RAAI Insured 490 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control Revenue Bonds, State Revolving Fund, City of Springfield Project, Series 1990A, 7.000%, 10/01/10 365 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control Revenue Bonds, State Revolving Fund, Multi-Participant Program, Series 1992A, 6.550%, 7/01/14 260 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B, 7.200%, 7/01/16
Optional Call Description Provisions* Ratings** --------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) Greene County, Missouri, Single Family Mortgage Revenue Bonds, Series 1984, 0.000%, 3/01/16 No Opt. Call Aaa Jackson County Public Finance Authority, Missouri, Leasehold Revenue Refunding and Improvement 12/04 at 100.00 AAA Bonds, Capital Improvement Projects, Series 1994, 6.125%, 12/01/15 (Pre-refunded to 12/01/04) - MBIA Insured Kansas City, Missouri, General Improvement Airport Revenue Bonds, Series 1994B, 6.875%, 9/01/14 9/04 at 101.00 AAA (Pre-refunded to 9/01/04) - FSA Insured Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds, BJC Health System, Series 1994A: 6.750%, 5/15/14 No Opt. Call Aa3*** 6.500%, 5/15/20 5/04 at 102.00 Aa3*** Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 6/04 at 102.00 A1*** Bonds, University of Health Sciences Project, Series 1994, 6.350%, 6/01/14 (Pre-refunded to 6/01/04) Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 10/04 at 101.00 A2*** Bonds, St. Louis University High School, Series 1994, 6.350%, 10/01/14 (Pre-refunded to 10/01/04) State Environmental Improvement and Energy Resources Authority, Missouri, Water Pollution Control 7/04 at 102.00 Aaa Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B, 7.200%, 7/01/16 (Pre-refunded to 7/01/04) Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 7/10 at 101.00 A*** 6.000%, 7/01/39 (Pre-refunded to 7/01/10) --------------------------------------------------------------------------------------------------------------------------------- Utilities - 4.5% Columbia, Missouri, Water and Electric Revenue Bonds, Series 2002A, 10/12 at 100.00 AAA 5.000%, 10/01/26 - AMBAC Insured Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 7/12 at 101.00 AAA 5.125%, 7/01/26 - FSA Insured Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, No Opt. Call AAA 5.250%, 7/01/23 - MBIA Insured City of Sikeston, Missouri, Electric System Revenue Bonds, Series 1992, No Opt. Call AAA 6.200%, 6/01/10 - MBIA Insured City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 1996, No Opt. Call AAA 6.000%, 6/01/14 - MBIA Insured --------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 2.5% Kansas City, Missouri, Sewerage System Revenue Bonds, Series 2002D-1, 5.375%, 1/01/22 1/12 at 100.00 AA Missouri State Environmental Improvement and Energy Resources Authority, Water Facilities Refunding 4/09 at 100.00 AA Revenue Bonds, Tri-County Water Authority Project, Series 1999, 6.000%, 4/01/22 - RAAI Insured Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 4/04 at 100.00 Aaa Revenue Bonds, State Revolving Fund, City of Springfield Project, Series 1990A, 7.000%, 10/01/10 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 1/04 at 101.00 Aaa Revenue Bonds, State Revolving Fund, Multi-Participant Program, Series 1992A, 6.550%, 7/01/14 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 7/04 at 102.00 Aaa Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B, 7.200%, 7/01/16
Market Description Value ----------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) Greene County, Missouri, Single Family Mortgage Revenue Bonds, Series 1984, 0.000%, 3/01/16 $ 136,848 Jackson County Public Finance Authority, Missouri, Leasehold Revenue Refunding and Improvement 2,100,000 Bonds, Capital Improvement Projects, Series 1994, 6.125%, 12/01/15 (Pre-refunded to 12/01/04) - MBIA Insured Kansas City, Missouri, General Improvement Airport Revenue Bonds, Series 1994B, 6.875%, 9/01/14 4,214,320 (Pre-refunded to 9/01/04) - FSA Insured Health and Educational Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds, BJC Health System, Series 1994A: 6.750%, 5/15/14 2,999,115 6.500%, 5/15/20 677,645 Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 3,799,267 Bonds, University of Health Sciences Project, Series 1994, 6.350%, 6/01/14 (Pre-refunded to 6/01/04) Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue 632,172 Bonds, St. Louis University High School, Series 1994, 6.350%, 10/01/14 (Pre-refunded to 10/01/04) State Environmental Improvement and Energy Resources Authority, Missouri, Water Pollution Control 359,026 Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B, 7.200%, 7/01/16 (Pre-refunded to 7/01/04) Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2000B, 897,510 6.000%, 7/01/39 (Pre-refunded to 7/01/10) ----------------------------------------------------------------------------------------------------------------- Utilities - 4.5% Columbia, Missouri, Water and Electric Revenue Bonds, Series 2002A, 2,771,056 5.000%, 10/01/26 - AMBAC Insured Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002II, 1,048,050 5.125%, 7/01/26 - FSA Insured Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 2,217,400 5.250%, 7/01/23 - MBIA Insured City of Sikeston, Missouri, Electric System Revenue Bonds, Series 1992, 2,374,540 6.200%, 6/01/10 - MBIA Insured City of Sikeston, Missouri, Electric System Revenue Refunding Bonds, Series 1996, 3,630,728 6.000%, 6/01/14 - MBIA Insured ----------------------------------------------------------------------------------------------------------------- Water and Sewer - 2.5% Kansas City, Missouri, Sewerage System Revenue Bonds, Series 2002D-1, 5.375%, 1/01/22 1,957,167 Missouri State Environmental Improvement and Energy Resources Authority, Water Facilities Refunding 1,802,261 Revenue Bonds, Tri-County Water Authority Project, Series 1999, 6.000%, 4/01/22 - RAAI Insured Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 492,332 Revenue Bonds, State Revolving Fund, City of Springfield Project, Series 1990A, 7.000%, 10/01/10 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 370,267 Revenue Bonds, State Revolving Fund, Multi-Participant Program, Series 1992A, 6.550%, 7/01/14 Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control 274,344 Revenue Bonds, State Revolving Fund Program - Multiple Participant Series, Series 1994B, 7.200%, 7/01/16
---- 35 Portfolio of Investments (Unaudited) NUVEEN MISSOURI MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------------------------------ Water and Sewer (continued) Saint Charles County Public Water Supply District No. 2, Missouri, Certificates of Participation, Series 2002A: $ 750 5.000%, 12/01/26 - MBIA Insured 12/11 at 100.00 Aaa $ 765,623 1,000 5.250%, 12/01/28 - MBIA Insured 12/11 at 100.00 Aaa 1,044,215 ------------------------------------------------------------------------------------------------------ $265,904 Total Long-Term Investments (cost $253,514,290) - 266,172,837 99.7% ------------------------------------------------------------------------------------------------------ ------------ Other Assets Less Liabilities - 0.3% 902,860 ---------------------------------------------------------------------------------------- Net Assets - 100% $267,075,697 ----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. ---- 36 Portfolio of Investments (Unaudited) NUVEEN OHIO MUNICIPAL BOND FUND November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Consumer Staples - 2.1% $ 12,885 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB $12,299,119 Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 ----------------------------------------------------------------------------------------------------- Education and Civic Organizations - 6.0% 2,000 Cincinnati State Technical and Community College, 10/13 at 100.00 Aaa 2,048,140 Ohio, General Receipts Revenue Bonds, Series 2002, 5.000%, 10/01/28 - AMBAC Insured 3,500 Ohio State Education Student Loan Revenue Bonds, 6/07 at 102.00 AAA 3,679,410 Supplemental Student Loan Program, Series 1997A-1, 5.850%, 12/01/19 (Alternative Minimum Tax) - AMBAC Insured 1,200 Ohio Higher Education Facilities Commission, 9/06 at 101.00 Ba1 1,206,240 Revenue Bonds, University of Findlay Project, Series 1996, 6.125%, 9/01/16 5,000 Ohio Higher Education Facilities Commission, 5/07 at 102.00 AAA 5,397,550 Revenue Bonds, Xavier University Project, Series 1997, 5.375%, 5/15/22 - MBIA Insured 1,000 Ohio Higher Education Facilities Commission, 12/10 at 101.00 AAA 1,082,710 Revenue Bonds, University of Dayton Project, Series 2000, 5.500%, 12/01/30 - AMBAC Insured Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University Project, Series 2001: 1,200 5.500%, 12/01/21 12/11 at 100.00 Baa1 1,252,464 2,000 5.000%, 12/01/26 12/11 at 100.00 Baa1 1,985,120 910 Ohio Higher Education Facilities Commission, No Opt. Call AA 1,147,474 Revenue Bonds, Case Western Reserve University Project, Series 1990B, 6.500%, 10/01/20 3,000 Ohio Higher Education Facilities Commission, 10/12 at 100.00 AA 3,284,220 Revenue Bonds, Case Western Reserve University Project, Series 2002B, 5.500%, 10/01/22 1,750 Ohio State Higher Education Facilities Revenue 10/13 at 100.00 AA 1,817,603 Commission, Revenue Bonds, Oberlin College, Series 2003, 5.125%, 10/01/24 2,000 Ohio State University, General Receipts Bonds, 6/13 at 100.00 AA 2,040,500 Series 2003B, 5.000%, 6/01/28 University of Cincinnati, Ohio, General Receipts Bonds, Series 2001A: 1,500 5.750%, 6/01/18 - FGIC Insured 6/11 at 101.00 AAA 1,690,860 1,520 5.750%, 6/01/19 - FGIC Insured 6/11 at 101.00 AAA 1,708,130 2,000 5.250%, 6/01/24 - FGIC Insured 6/11 at 101.00 AAA 2,108,680 4,250 University of Cincinnati, Ohio, General Receipts 6/07 at 100.00 AAA 4,585,198 Bonds, 5.375%, 6/01/20 - MBIA Insured ----------------------------------------------------------------------------------------------------- Healthcare - 16.9% 10,000 Akron, Bath and Copley Joint Township Hospital 11/09 at 101.00 Baa1 9,198,300 District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System Project, Series 1998A, 5.375%, 11/15/24 11,900 Cuyahoga County, Ohio, Hospital Improvement 2/09 at 101.00 A- 12,434,310 Revenue Bonds, MetroHealth System Project, Series 1999, 6.125%, 2/15/24 1,000 Cuyahoga County, Ohio, Hospital Improvement and 2/07 at 102.00 AAA 1,106,460 Revenue Refunding Bonds, MetroHealth System Project, Series 1997, 5.625%, 2/15/17 - MBIA Insured 4,400 Cuyahoga County, Ohio, Revenue Refunding Bonds, 7/13 at 100.00 A1 4,681,776 Cleveland Clinic Health System, Series 2003A, 6.000%, 1/01/32 2,500 Erie County, Ohio, Hospital Facilities Revenue 8/12 at 101.00 A 2,558,000 Bonds, Firelands Regional Medical Center, Series 2002A, 5.625%, 8/15/32 Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Children's Hospital Project, Series 1996A: 1,575 5.750%, 11/01/15 11/06 at 101.00 Aa2 1,653,435 5,275 5.875%, 11/01/25 11/06 at 101.00 Aa2 5,438,367 Franklin County, Ohio, Hospital Revenue Bonds, Holy Cross Health Systems Corporation, Series 1996: 965 5.800%, 6/01/16 6/06 at 102.00 AA- 1,014,640 2,000 5.875%, 6/01/21 6/06 at 102.00 AA- 2,085,500 5,690 County of Lorain, Ohio, Hospital Facilities 11/05 at 102.00 AAA 6,118,002 Revenue and Refunding Bonds, EMH Regional Medical Center, Series 1995, 5.375%, 11/01/21 - AMBAC Insured
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Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------------------------------ Healthcare (continued) $ 2,000 Marion County, Ohio, Hospital Revenue Refunding 5/06 at 102.00 BBB+ $ 2,121,280 and Improvement Bonds, The Community Hospital, Series 1996, 6.375%, 5/15/11 1,250 Maumee, Ohio, Hospital Facilities Revenue Bonds, 12/04 at 102.00 AAA 1,327,950 St. Luke's Hospital, Series 1994, 5.800%, 12/01/14 - AMBAC Insured 2,000 Miami County, Ohio, Hospital Facilities Revenue 5/06 at 102.00 BBB+ 2,085,300 Refunding and Improvement Bonds, Upper Valley Medical Center, Series 1996A, 6.250%, 5/15/16 4,205 Miami County, Ohio, Hospital Facilities Revenue 5/06 at 102.00 BBB+ 4,415,292 Refunding and Improvement Bonds, Upper Valley Medical Center, Series 1996C, 6.250%, 5/15/13 4,000 City of Middleburg Heights, Ohio, Hospital 8/08 at 102.00 AAA 4,510,840 Improvement Refunding Revenue Bonds, Southwest General Health Center Project, Series 1995, 5.625%, 8/15/15 - FSA Insured Montgomery County, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Kettering Medical Center, Series 1996: 1,500 5.625%, 4/01/16 - MBIA Insured 4/06 at 102.00 AAA 1,638,375 7,000 6.250%, 4/01/20 - MBIA Insured No Opt. Call AAA 8,447,110 9,500 Montgomery County, Ohio, Hospital Facilities 4/10 at 101.00 BBB+ 10,208,130 Revenue Bonds, Kettering Medical Center, Series 1999, 6.750%, 4/01/22 13,000 Montgomery County, Ohio, Revenue Bonds, Catholic 9/11 at 100.00 AA 13,474,110 Health Initiatives, Series 2001, 5.375%, 9/01/21 1,250 Parma Community General Hospital Association, 11/08 at 101.00 A- 1,286,713 Ohio, Hospital Revenue Refunding and Improvement Bonds, Series 1998, 5.350%, 11/01/18 2,000 Richland County, Ohio, Hospital Facilities 11/10 at 101.00 A- 2,134,680 Revenue Improvement Bonds, MedCentral Health System Obligated Group, Series 2000B, 6.375%, 11/15/22 1,200 Tuscarawas County, Ohio, Hospital Facilities 10/11 at 101.00 AA 1,225,356 Revenue Bonds, Union Hospital Project, Series 2001, 5.250%, 10/01/31 - RAAI Insured ------------------------------------------------------------------------------------------------------ Housing/Multifamily - 5.4% 1,540 Butler County, Ohio, Multifamily Housing Revenue 9/08 at 103.00 N/R 1,389,142 Bonds, Anthony Wayne Apartments Project, Series 1998, 6.500%, 9/01/30 (Alternative Minimum Tax) 1,105 Clark County, Ohio, Multifamily Housing Revenue 11/08 at 103.00 N/R 992,854 Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (Alternative Minimum Tax) 16,105 Franklin County, Ohio, GNMA Collateralized 10/07 at 103.00 Aaa 16,474,288 Mortgage Revenue Bonds, Columbus Properties Project, Series 1997, 5.600%, 4/20/39 (Alternative Minimum Tax) 3,045 Franklin County, Ohio, GNMA Collateralized 9/11 at 102.00 Aaa 3,173,560 Multifamily Housing Mortgage Revenue Bonds, Carriage House Apartments Project, Series 2002, 5.400%, 3/20/37 2,705 Henry County, Ohio, GNMA Collateralized 8/09 at 102.00 AAA 2,915,151 Healthcare Facility Revenue Bonds, Alpine Village Project, Series 1999, 6.375%, 2/20/41 6,315 Ohio Capital Corporation for Housing, FHA-Insured 2/09 at 102.00 Aa2 6,701,731 Section 8 Mortgage Loan, Revenue Refunding Bonds, Series 1999G, 5.950%, 2/01/23 ------------------------------------------------------------------------------------------------------ Housing/Single Family - 4.3% 2,270 Ohio Housing Finance Agency, Residential Mortgage 7/09 at 100.00 Aaa 2,350,926 Revenue Bonds, Mortgage-Backed Securities Program, Series 1999C, 5.750%, 9/01/30 (Alternative Minimum Tax) 3,540 Ohio Housing Finance Agency, GNMA Mortgage-Backed 9/07 at 102.00 Aaa 3,671,122 Securities Program, Residential Mortgage Revenue Bonds, Series 1996B-3, 5.750%, 9/01/28 (Alternative Minimum Tax) 3,695 Ohio Housing Finance Agency, Residential Mortgage 9/07 at 102.00 Aaa 3,831,863 Revenue Bonds, Series 1997C, 5.750%, 9/01/28 (Alternative Minimum Tax) 4,620 Ohio Housing Finance Agency, GNMA Mortgage-Backed 3/08 at 101.50 AAA 4,773,985 Securities Program Residential Mortgage Revenue Bonds, Series 1998A-1, 5.300%, 9/01/19 (Alternative Minimum Tax) - FSA Insured 1,185 Ohio Housing Finance Agency, Residential Mortgage 9/04 at 102.00 Aaa 1,222,742 Revenue Bonds, GNMA Mortgage-Backed Securities Program, Series 1994-A1, 6.100%, 9/01/14 1,135 Ohio Housing Finance Agency, Residential Mortgage 9/04 at 102.00 AAA 1,172,069 Revenue Bonds, Series 1994B1, 6.375%, 9/01/14
---- 38 Portfolio of Investments (Unaudited) NUVEEN OHIO MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Housing/Single Family (continued) $ 7,980 Ohio Housing Finance Agency, Residential Mortgage 9/07 at 102.00 Aaa $ 8,410,361 Revenue Bonds, Series 1997A, Remarketed, 6.150%, 3/01/29 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------- Industrials - 0.8% 2,520 Cleveland-Cuyahoga County Port Authority, Ohio, 5/08 at 102.00 N/R 2,527,434 Development Revenue Bonds, Jergens, Inc. Project, Series 1998A, 5.375%, 5/15/18 (Alternative Minimum Tax) State of Ohio, Economic Development Revenue Bonds, Ohio Enterprise Bond Fund, Series 2002-4: 500 5.000%, 6/01/15 (Alternative Minimum Tax) 6/12 at 102.00 AA- 511,700 675 5.450%, 6/01/22 (Alternative Minimum Tax) 6/12 at 102.00 AA- 688,419 1,020 State of Ohio, Economic Development Revenue No Opt. Call AA- 1,056,261 Bonds, Ohio Enterprise Bond Fund Loan, Series 2002-7, 5.850%, 12/01/22 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------- Long-Term Care - 1.7% 1,670 Cuyahoga County, Ohio, FHA-Insured Industrial 2/04 at 101.00 AAA 1,694,983 Development Mortgage Revenue Refunding Bonds, University Healthcare Center Project, Series 1991, 7.300%, 8/01/11 3,120 Franklin County, Ohio, Healthcare Facilities 11/05 at 102.00 Aa2 3,285,235 Revenue Bonds, Heinzerling Foundation, Series 1995, 6.200%, 11/01/20 515 Franklin County, Ohio, FHA-Insured Hospital 2/04 at 100.50 N/R 518,584 Revenue Refunding Mortgage Loan Bonds, Worthington Christian Village Nursing Home, Series 1992, 7.000%, 8/01/16 1,250 Hamilton, Ohio, Healthcare Facilities Revenue 10/08 at 101.00 BBB+ 1,115,363 Bonds, Twin Towers, Series 1998A, 5.125%, 10/01/23 846 County of Marion, Ohio, Healthcare Facilities 5/04 at 102.00 BBB- 863,614 Refunding and Improvement Revenue Bonds, United Church Homes, Inc. Project, Series 1993, 6.375%, 11/15/10 750 Marion County, Ohio, Healthcare Facilities 5/04 at 102.00 BBB- 759,908 Revenue Refunding and Improvement Bonds, United Church Homes, Inc. Project, Series 1993, 6.300%, 11/15/15 1,775 City of Napoleon, Ohio, Healthcare Facilities 9/04 at 102.00 Aa2 1,842,610 Mortgage Revenue Refunding Bonds, The Lutheran Orphans and Old Folks Home Society at Napoleon, Ohio, Inc., FHA-Insured Project, Series 1994, 6.875%, 8/01/23 ----------------------------------------------------------------------------------------------------- Materials - 0.3% 1,650 Toledo-Lucas County Port Authority, Ohio, Port 3/04 at 100.00 A+ 1,674,783 Revenue Bonds, Cargill, Inc. Project, Series 1992, 7.250%, 3/01/22 ----------------------------------------------------------------------------------------------------- Tax Obligation/General - 23.0% Adams County Valley School District, Adams and Highland Counties, Ohio, Unlimited Tax School Improvement General Obligation Bonds, Series 1995: 6,000 7.000%, 12/01/15 - MBIA Insured No Opt. Call AAA 7,719,780 9,500 5.250%, 12/01/21 - MBIA Insured 12/05 at 102.00 AAA 10,206,135 600 Anthony Wayne Local School District, Lucas, Wood No Opt. Call AAA 405,714 and Fulton Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 1995, 0.000%, 12/01/13 - FGIC Insured 1,000 Aurora City School District, Ohio, Unlimited Tax 12/05 at 102.00 AAA 1,102,260 General Obligation School Improvement Bonds, Series 1995, 5.800%, 12/01/16 - FGIC Insured 700 Buckeye Local School District, Medina County, 12/10 at 100.00 Aaa 766,038 Ohio, General Obligation Bonds, Series 2000, 5.500%, 12/01/25 - FGIC Insured 2,500 Buckeye Valley Local School District, Ohio, No Opt. Call AAA 3,128,150 Unlimited Tax General Obligation Bonds, Series 1995A, 6.850%, 12/01/15 - MBIA Insured Chesapeake-Union Exempt Village School District, Ohio, General Obligation Bonds, Series 1986: 125 8.500%, 12/01/04 No Opt. Call N/R 133,246 125 8.500%, 12/01/05 No Opt. Call N/R 140,513 125 8.500%, 12/01/06 No Opt. Call N/R 146,446 125 8.500%, 12/01/07 No Opt. Call N/R 151,288 125 8.500%, 12/01/08 No Opt. Call N/R 155,238 130 8.500%, 12/01/09 No Opt. Call N/R 164,841
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Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2001: $ 2,000 5.375%, 12/01/15 - MBIA Insured 12/11 at 100.00 AAA $2,231,820 6,745 5.375%, 12/01/16 - MBIA Insured 12/11 at 100.00 AAA 7,526,813 1,255 5.375%, 12/01/17 - MBIA Insured 12/11 at 100.00 AAA 1,394,857 3,805 Cleveland, Ohio, General Obligation Bonds, Series 12/12 at 100.00 AAA 4,062,370 2002, 5.250%, 12/01/22 - MBIA Insured Columbus, Franklin County, Ohio, General Obligation Bonds, Series 1985: 590 9.375%, 4/15/06 No Opt. Call AAA 695,291 500 9.375%, 4/15/07 No Opt. Call AAA 618,935 7,045 Columbus, Ohio, General Obligation Bonds, Series 11/10 at 101.00 AAA 7,774,510 2000, 5.250%, 11/15/17 1,300 Crawford County, Ohio, General Obligation Bonds, 12/12 at 100.00 AAA 1,356,797 Series 2002, 5.200%, 12/01/26 - AMBAC Insured 1,000 Cuyahoga County, Ohio, Limited Tax General No Opt. Call AA+ 1,136,120 Obligation Various Purpose Refunding Bonds, Series 1993B, 5.250%, 10/01/13 1,345 Cuyahoga County, Ohio, Limited Tax General No Opt. Call AA+ 1,564,813 Obligation Bonds, Series 1993, 5.650%, 5/15/18 5,830 Cuyahoga County, Ohio, Limited Tax General 12/10 at 100.00 AA+ 6,654,537 Obligation Capital Improvement Bonds, Series 2000, 5.750%, 12/01/16 2,765 Dayton City School District, Ohio, General 6/13 at 100.00 AAA 2,838,881 Obligation Bonds, Series 2003A, 5.000%, 12/01/27 - FGIC Insured 750 Defiance, Ohio, Waterworks System Improvement 12/04 at 102.00 AAA 800,708 Bonds, Series 1994, 6.200%, 12/01/20 - MBIA Insured Delaware City School District, Delaware County, Ohio, Unlimited Tax General Obligation School Facilities Construction and Improvement Bonds, Series 1995: 1,000 0.000%, 12/01/10 - FGIC Insured No Opt. Call AAA 795,130 1,000 0.000%, 12/01/11 - FGIC Insured No Opt. Call AAA 752,760 1,000 Evergreen Local School District, Ohio, Unlimited 12/09 at 101.00 Aaa 1,096,940 Tax General Obligation School Improvement Bonds, Series 1999, 5.625%, 12/01/24 - FGIC Insured 4,040 Franklin County, Ohio, Limited Tax General 12/08 at 102.00 AAA 4,461,008 Obligation Refunding Bonds, Series 1993, 5.375%, 12/01/20 1,000 Garfield Heights City School District, Cuyahoga 12/11 at 100.00 Aaa 1,120,430 County, Ohio, General Obligation School Improvement Bonds, Series 2001, 5.500%, 12/15/18 - MBIA Insured 420 Geauga County, Ohio, Limited Tax General 12/05 at 102.00 Aa2 472,198 Obligation Sewer District Improvement Bonds, Bainbridge Water Project, Series 1995, 6.850%, 12/01/10 1,000 Grandview Heights City School District, Franklin 12/05 at 101.00 AA 1,093,880 County, Ohio, Unlimited Tax General Obligation School Facilities Construction and Improvement Bonds, Series 1995, 6.100%, 12/01/19 3,000 Granville Exempt Village School District, Ohio, 12/11 at 100.00 Aa3 3,196,950 General Obligation Bonds, Series 2001, 5.500%, 12/01/28 1,200 Heath City School District, Licking County, Ohio, 12/10 at 100.00 Aaa 1,297,188 Unlimited Tax General Obligation School Improvement Bonds, Series 2000A, 5.500%, 12/01/27 - FGIC Insured 2,500 Highland Local School District, Morrow and 12/11 at 100.00 Aaa 2,560,300 Delaware Counties, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/01/26 - FSA Insured 1,000 Huron County, Ohio, Limited Tax General 12/07 at 102.00 AAA 1,143,460 Obligation Correctional Facility Bonds, Series 1996, 5.850%, 12/01/16 - MBIA Insured 1,270 Kenston Local School District, Geauga County, 6/13 at 100.00 Aaa 1,315,199 Ohio, General Obligation Bonds, Series 2003, 5.000%, 12/01/23 - MBIA Insured 1,070 Kettering, Ohio, Limited Tax General Obligation 12/03 at 100.00 Aa3 1,074,740 Bonds, Series 1991, 6.650%, 12/01/12 1,000 Kettering City School District, Montgomery 12/05 at 101.00 AAA 1,067,940 County, Ohio, General Obligation Bonds, Series 1994, 5.250%, 12/01/22 - FGIC Insured 555 Lake County, Ohio, Limited Tax Sewer District No Opt. Call Aa2 626,806 Improvement Bonds, Series 2000, 5.600%, 12/01/20 1,440 Lakewood, Ohio, General Obligation Bonds, Series 12/05 at 102.00 Aa2 1,585,843 1995B, 5.750%, 12/01/15 3,385 Lakota Local School District, Butler County, 6/11 at 100.00 Aaa 3,498,262 Ohio, Unlimited Tax General Obligation School Improvement and Refunding Bonds, Series 2001, 5.125%, 12/01/26 - FGIC Insured
---- 40 Portfolio of Investments (Unaudited) NUVEEN OHIO MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Tax Obligation/General (continued) Logan County, Ohio, General Obligation Bonds: $ 155 7.750%, 12/01/03 No Opt. Call A+ $ 155,084 155 7.750%, 12/01/04 No Opt. Call A+ 165,104 155 7.750%, 12/01/05 No Opt. Call A+ 174,226 155 7.750%, 12/01/06 No Opt. Call A+ 181,854 345 Lucas County, Ohio, General Obligation Various 12/03 at 101.00 A1 357,317 Improvements Bonds, Series 1992, 6.650%, 12/01/12 1,750 Medina City School District, Medina County, Ohio, 12/09 at 100.00 AAA 1,847,440 Unlimited Tax General Obligation School Building Construction Bonds, Series 1999, 5.250%, 12/01/28 - FGIC Insured 1,265 Monroe Local School District, Butler County, No Opt. Call Aaa 1,487,197 Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20 - AMBAC Insured North Royalton City School District, Ohio, School Improvement Bonds, Series 1994: 2,200 6.000%, 12/01/14 - MBIA Insured 12/09 at 102.00 AAA 2,578,840 2,400 6.100%, 12/01/19 - MBIA Insured 12/09 at 102.00 AAA 2,810,160 1,000 State of Ohio, Full Faith and Credit, General No Opt. Call AA+ 1,183,720 Obligation Infrastructure Improvement Bonds, Series 1994, 6.000%, 8/01/10 6,055 State of Ohio, General Obligation Bonds, 2/13 at 100.00 AA+ 6,324,145 Infrastructure Improvements, Series 2003F, 5.000%, 2/01/22 (WI, Settling 12/04/03) 4,035 Olentangy Local School District, Delaware and 12/09 at 101.00 AA 4,107,993 Franklin Counties, Ohio, Various Purpose Bonds, Series 1999, 5.000%, 12/01/27 500 Pickerington Local School District, Fairfield No Opt. Call AAA 373,755 County, Ohio, General Obligation Bonds, Series 1993, 0.000%, 12/01/11 - AMBAC Insured 3,500 The Board of Education of Springfield City School 12/11 at 102.00 Aaa 3,711,295 District, Clark County, Ohio, General Obligation Bonds, Series 2001, 5.200%, 12/01/23 - FGIC Insured 2,340 City of Stow, Ohio, Safety Center General 12/05 at 102.00 A1 2,457,959 Obligation Construction Bonds, Series 1995, 6.200%, 12/01/20 30 Strongsville, Ohio, Limited Tax General 12/06 at 102.00 Aa2 33,785 Obligation Various Purpose Improvement Bonds, Series 1996, 5.950%, 12/01/21 1,185 Sugarcreek Local School District, Athens County, 12/13 at 100.00 Aaa 1,258,434 Ohio, General Obligation Bonds, Series 2003, 5.250%, 12/01/24 - MBIA Insured 1,315 County of Summit, Ohio, General Obligation Bonds, No Opt. Call AAA 1,503,361 Series 2002R Refunding, 5.500%, 12/01/21 - FGIC Insured 2,290 Tipp City Exempted Village School District, Ohio, 6/11 at 100.00 Aaa 2,349,792 School Facilities Construction and Improvement Bonds, Series 2001, 5.000%, 12/01/24 - FGIC Insured 540 Trumbull County, Ohio, General Obligation Sewer 12/04 at 102.00 AAA 577,022 Bonds, Series 1994, 6.200%, 12/01/14 - AMBAC Insured 1,910 Vandalia, Ohio, General Obligation Bonds, 5.850%, 12/06 at 101.00 Aa3 2,125,830 12/01/21 West Chester Township, Butler County, Ohio, General Obligation Bonds, Series 2003: 1,365 5.250%, 12/01/19 - MBIA Insured 12/13 at 100.00 Aaa 1,492,218 1,515 5.250%, 12/01/21 - MBIA Insured 12/13 at 100.00 Aaa 1,636,821 4,000 Westerville City School District, Franklin and 6/11 at 100.00 AAA 4,088,120 Delaware Counties, Ohio, Various Purpose General Obligation Bonds, Series 2001, 5.000%, 12/01/27 - MBIA Insured 300 Youngstown, Ohio, General Obligation Bonds, 12/04 at 102.00 AAA 320,250 Limited Tax, Series 1994, 6.125%, 12/01/14 - MBIA Insured 2,000 Zanesville City School District, Muskingum 12/12 at 101.00 AAA 2,068,660 County, Ohio, General Obligation Bonds, Series 2002, 5.050%, 12/01/29 - MBIA Insured ---------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 7.7% 6,300 Cleveland, Ohio, Certificates of Participation, 11/07 at 102.00 AAA 6,650,469 Cleveland Stadium Project, Series 1997, 5.250%, 11/15/27 - AMBAC Insured 1,210 Groveport, Ohio, Income Tax Receipts Bonds, 12/12 at 100.00 Aaa 1,259,404 Special Obligation, Series 2002, 5.000%, 12/01/22 - MBIA Insured
---- 41
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 3,300 Hamilton County, Ohio, Sales Tax Bonds, No Opt. Call Aaa $ 914,265 Subordinate Series 2000B, 0.000%, 12/01/28 - AMBAC Insured 1,000 Hamilton, Butler County, Ohio, Limited Tax 11/11 at 101.00 Aaa 1,105,260 General Obligation Bonds, One Renaissance Center Acquisition, Series 2001, 5.375%, 11/01/17 - AMBAC Insured 1,485 New Albany Community Authority, Ohio, Community 4/12 at 100.00 AAA 1,661,136 Facilities Revenue Refunding Bonds, Series 2001B, 5.500%, 10/01/16 - AMBAC Insured 8,140 State of Ohio, Higher Education Capital 2/11 at 100.00 AA+ 8,556,361 Facilities Appropriation Bonds, Series 2001A-II, 5.000%, 2/01/20 1,050 Ohio State Building Authority, State Facilities 4/12 at 100.00 AAA 1,090,184 Bonds, Administrative Building Fund Projects, Series 2002A, 5.000%, 4/01/22 - FSA Insured 1,030 Ohio Department of Transportation, Certificates 4/04 at 100.00 AAA 1,044,678 of Participation, Panhandle Rail Line Project, Series 1992A, 6.500%, 4/15/12 - CAP GTY/FSA Insured 11,700 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 14,286,870 Highway Revenue Bonds, Series 1996Y, Reset Option Long Certificates, Series II-R-66, 9.770%, 1/01/13 (IF) 6,550 Puerto Rico Public Buildings Authority, No Opt. Call AAA 8,554,890 Guaranteed Revenue Bonds, Series 1993L, Reset Option Long Trust Certificates, Series II-R56, 9.770%, 7/01/18 (IF) ----------------------------------------------------------------------------------------------------- Transportation - 4.3% 3,000 Cleveland, Ohio, Airport System Revenue Bonds, 1/10 at 101.00 AAA 3,050,910 Series 2000A, 5.000%, 1/01/31 - FSA Insured 1,000 Dayton, Ohio, Airport Revenue Bonds, James M. Cox 12/13 at 100.00 AA 1,012,420 International Airport, Series 2003C, 5.250%, 12/01/27 (Alternative Minimum Tax) - RAAI Insured 6,300 Dayton, Ohio, Special Facilities Revenue 2/08 at 102.00 BB+ 5,186,097 Refunding Bonds, Emery Air Freight Corporation and Emery Worldwide Airlines, Inc. - Guarantors, Series 1998A, 5.625%, 2/01/18 5,000 State of Ohio, Turnpike Revenue Refunding Bonds, No Opt. Call AA- 6,239,200 Issued by the Ohio Turnpike Commission, Series 1998A, Residual Option Longs, Series II-R51, 9.750%, 2/15/24 (IF) 7,500 State of Ohio, Turnpike Revenue Bonds, Issued by No Opt. Call Aaa 9,743,250 the Ohio Turnpike Commission, Residual Option Longs, Series II-R75, 9.750%, 2/15/12 (IF) ----------------------------------------------------------------------------------------------------- U.S. Guaranteed - 11.6% 3,955 Akron, Ohio, Various Purpose Improvement Limited 12/04 at 102.00 AAA 4,255,699 Tax General Obligation Bonds, Series 1994, 6.750%, 12/01/14 (Pre-refunded to 12/01/04) - MBIA Insured 730 Athens, Ohio, Sanitary Sewer System Mortgage 12/09 at 100.00 N/R*** 875,854 Revenue Bonds, Series 1989, 7.300%, 12/01/14 (Pre-refunded to 12/01/09) 2,905 Batavia Local School District, Clermont County, 12/05 at 102.00 AAA 3,250,172 Ohio, Unlimited Tax Bank Qualified School Improvement Bonds, Series 1995, 6.300%, 12/01/22 (Pre-refunded to 12/01/05) - MBIA Insured 4,745 Cleveland, Ohio, Various Purpose General 11/04 at 102.00 AAA 5,089,534 Obligation Bonds, Series 1994, 6.625%, 11/15/14 (Pre-refunded to 11/15/04) - MBIA Insured Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1996H: 2,280 5.750%, 1/01/21 (Pre-refunded to 1/01/06) - MBIA 1/06 at 102.00 AAA 2,523,709 Insured 5,795 5.750%, 1/01/26 (Pre-refunded to 1/01/06) - MBIA 1/06 at 102.00 AAA 6,414,428 Insured 550 Columbiana County, Ohio, Unlimited Tax General 12/04 at 102.00 AA*** 591,217 Obligation Bonds, County Jail Facilities Construction Project, Series 1994, 6.600%, 12/01/17 (Pre-refunded to 12/01/04) - RAAI Insured Cuyahoga County, Ohio, Hospital Revenue Bonds, Meridia Health System, Series 1995: 250 6.250%, 8/15/14 (Pre-refunded to 8/15/05) 8/05 at 102.00 AAA 275,748 5,500 6.250%, 8/15/24 (Pre-refunded to 8/15/05) 8/05 at 102.00 AAA 6,066,445 1,000 Lakeview Local School District, Trumbull County, 12/04 at 102.00 AAA 1,078,050 Ohio, General Obligation Bonds, Series 1994, 6.900%, 12/01/14 (Pre-refunded to 12/01/04) - AMBAC Insured 1,000 Lakota Local School District, Butler County, 12/05 at 100.00 AAA 1,095,240 Ohio, Unlimited Tax General Obligation School Improvement Bonds, Series 1994, 6.125%, 12/01/17 (Pre-refunded to 12/01/05) - AMBAC Insured 1,300 City of Lorain, Ohio, Hospital Refunding Revenue 5/04 at 101.00 A1*** 1,333,618 Bonds, Lakeland Community Hospital, Inc., Series 1992, 6.500%, 11/15/12
---- 42 Portfolio of Investments (Unaudited) NUVEEN OHIO MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 11,000 Montgomery County, Ohio, Health System Revenue 1/08 at 102.00 Baa2*** $12,550,560 Bonds, Franciscan Medical Center Dayton Campus Issue, Series 1997, 5.500%, 7/01/18 (Pre-refunded to 1/01/08) Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds: 5,700 0.000%, 1/15/15 (Pre-refunded to 7/15/11) - FGIC 7/11 at 70.48 AAA 3,045,795 Insured 6,460 0.000%, 1/15/15 (Pre-refunded to 1/15/11) - FGIC 1/11 at 67.04 AAA 3,348,153 Insured State of Ohio, Full Faith and Credit, General Obligation Infrastructure Improvement Bonds, Series 1995: 750 6.200%, 8/01/13 (Pre-refunded to 8/01/05) 8/05 at 102.00 AA+*** 825,293 2,000 6.200%, 8/01/14 (Pre-refunded to 8/01/05) 8/05 at 102.00 AA+*** 2,200,780 1,500 Ohio Building Authority, State Facilities Bonds, 10/04 at 102.00 AAA 1,598,625 Juvenile Correctional Building Fund Projects, Series 1994A, 6.600%, 10/01/14 (Pre-refunded to 10/01/04) - AMBAC Insured 5,065 Ohio Water Development Authority, Water No Opt. Call AAA 5,949,856 Development Revenue Bonds, Pure Water Series 1990-I, 6.000%, 12/01/16 - AMBAC Insured 2,840 Strongsville, Ohio, Limited Tax General 12/06 at 102.00 Aa2*** 3,251,204 Obligation Various Purpose Improvement Bonds, Series 1996, 5.950%, 12/01/21 (Pre-refunded to 12/01/06) 130 Toledo, Ohio, Sewer System Revenue Mortgage 11/04 at 102.00 AAA 139,075 Bonds, Series 1994, 6.350%, 11/15/17 (Pre-refunded to 11/15/04) - AMBAC Insured 110 Toledo, Ohio, Waterworks Revenue Mortgage Bonds, 11/04 at 102.00 AAA 117,785 Series 1994, 6.450%, 11/15/24 (Pre-refunded to 11/15/04) - AMBAC Insured 1,000 Woodridge Local School District, Ohio, General 12/04 at 102.00 AAA 1,068,730 Obligation Bonds, 6.000%, 12/01/19 (Pre-refunded to 12/01/04) - AMBAC Insured 1,230 Youngstown State University, Ohio, General 12/04 at 102.00 AAA 1,316,764 Receipts Bonds, 6.000%, 12/15/16 (Pre-refunded to 12/15/04) - AMBAC Insured ----------------------------------------------------------------------------------------------------- Utilities - 9.9% 1,535 Cleveland, Ohio, Public Power System First No Opt. Call AAA 1,040,884 Mortgage Revenue Bonds, Series 1994A, 0.000%, 11/15/13 - MBIA Insured 2,500 Cleveland, Ohio, Public Power System, First 11/06 at 102.00 AAA 2,543,325 Mortgage Revenue Refunding Bonds, Series 1996, Sub-Series 1, 5.000%, 11/15/24 - MBIA Insured 565 Lebanon, Ohio, Electric System Mortgage Revenue 12/10 at 101.00 AAA 634,625 Bonds, Series 2001, 5.500%, 12/01/17 - AMBAC Insured 3,695 Ohio Municipal Electric Generation Agency, 2/04 at 101.00 AAA 3,777,842 American Municipal Power - Ohio, Inc., 5.375%, 2/15/24 - AMBAC Insured Ohio Air Quality Development Authority, Pollution Control Revenue Bonds, Columbus Southern Power Company Project, Series 1985A: 1,750 6.375%, 12/01/20 - FGIC Insured 12/03 at 101.00 AAA 1,774,588 4,500 6.250%, 12/01/20 12/03 at 102.00 A3 4,598,685 12,000 Ohio Air Quality Development Authority, Revenue 9/05 at 102.00 Baa2 12,256,560 Refunding Bonds, Dayton Power and Light Company Project, Series 1995, 6.100%, 9/01/30 5,000 Ohio Air Quality Development Authority, Revenue 4/07 at 102.00 AAA 5,320,950 Bonds, JMG Funding Limited Partnership Project, Series 1997, 5.625%, 1/01/23 (Alternative Minimum Tax) - AMBAC Insured 500 Ohio Water Development Authority, Collateralized 2/04 at 101.00 Baa1 511,150 Water Development Revenue Refunding Bonds, The Dayton Power and Light Company Project, Series 1992A, 6.400%, 8/15/27 21,350 Ohio Water Development Authority, Solid Waste 9/08 at 102.00 N/R 19,902,684 Disposal Revenue Bonds, Bay Shore Power Project, Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) 1,545 Puerto Rico Electric Power Authority, Power No Opt. Call A- 831,565 Revenue Refunding Bonds, Series O, 0.000%, 7/01/17 4,500 Puerto Rico Industrial, Tourist, Educational, 6/10 at 101.00 Baa2 4,677,075 Medical and Environmental Control Facilities Financing Authority, Cogeneration Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 (Alternative Minimum Tax)
---- 43 Portfolio of Investments (Unaudited) NUVEEN OHIO MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------------------------------ Water and Sewer - 5.2% $ 3,000 Butler County, Ohio, Sewer System Revenue Bonds, 12/06 at 101.00 AAA $ 3,223,530 Series 1996, 5.250%, 12/01/21 - AMBAC Insured 2,000 Cincinnati, Ohio, Water System Revenue Bonds, 6/11 at 100.00 AA+ 2,057,340 Series 2003, 5.000%, 12/01/23 Cincinnati, Ohio, Water System Revenue Bonds, ROLS RR-II-R212 Series: 1,300 12.430%, 12/01/11 (IF) 6/11 at 100.00 AAA 1,757,509 1,640 12.440%, 12/01/12 (IF) 6/11 at 100.00 AAA 2,134,509 550 12.480%, 12/01/13 (IF) 6/11 at 100.00 AAA 700,563 10,000 Cleveland, Ohio, Waterworks First Mortgage No Opt. Call AAA 11,330,800 Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 - MBIA Insured 1,600 Greene County, Ohio, Water System Revenue Bonds, 12/07 at 102.00 AAA 1,840,896 Series 1996, 6.125%, 12/01/21 - FGIC Insured 4,260 Ohio Water Development Authority, Water 12/07 at 102.00 AAA 4,561,736 Development Revenue Bonds, Community Assistance Program, Series 1997, 5.375%, 12/01/24 - AMBAC Insured 2,000 Ohio Water Development Authority, Water 6/08 at 101.00 AAA 2,067,520 Development Revenue Bonds, Fresh Water Series 1998, 5.125%, 12/01/23 - AMBAC Insured 620 Toledo, Ohio, Sewer System Revenue Mortgage 11/04 at 102.00 AAA 662,450 Bonds, Series 1994, 6.350%, 11/15/17 - AMBAC Insured 390 Toledo, Ohio, Waterworks Revenue Mortgage Bonds, 11/04 at 102.00 AAA 416,140 Series 1994, 6.450%, 11/15/24 - AMBAC Insured ------------------------------------------------------------------------------------------------------ $554,941 Total Long-Term Investments (cost 582,762,203 $542,258,814) - 99.2% ------------------------------------------------------------------------------------------------------ ------------ Other Assets Less Liabilities - 0.8% 4,437,653 ---------------------------------------------------------------------------------------- Net Assets - 100% $587,199,856 ----------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis. (IF) Inverse floating rate security. See accompanying notes to financial statements. ---- 44 Portfolio of Investments (Unaudited) NUVEEN WISCONSIN MUNICIPAL BOND FUND November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Education and Civic Organizations - 5.4% $ 475 Ashland Housing Authority, Wisconsin, Student 4/08 at 100.00 Aaa $ 481,517 Housing Revenue Bonds, Northland College Project, Series 1998, 5.100%, 4/01/18 500 Community Development Authority of the City of 11/06 at 102.00 AA- 520,775 Madison, Wisconsin, Fixed-Rate Development Revenue Bonds, Fluno Center Project, Series 1998A, 5.000%, 11/01/20 370 Puerto Rico Industrial, Tourist, Educational, 2/09 at 101.00 BBB 374,140 Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Series 1999, 5.375%, 2/01/29 200 Puerto Rico Industrial, Tourist, Educational, 9/11 at 100.00 BBB 206,346 Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart Project, Series 2001, 5.250%, 9/01/21 1,000 Puerto Rico Industrial, Tourist, Educational, 12/12 at 101.00 BBB 1,023,570 Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System Project, Series 2002, 5.500%, 12/01/31 ---------------------------------------------------------------------------------------------------- Healthcare - 4.4% 500 Puerto Rico Industrial, Tourist, Educational, 1/05 at 102.00 AAA 534,195 Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Hospital Aixilio Mutuo, Series 1995A, 6.250%, 7/01/24 - MBIA Insured 450 Puerto Rico Industrial, Tourist, Educational, 8/05 at 101.50 AAA 486,473 Medical and Environmental Control Facilities Financing Authority, Insured Mortgage Hospital Revenue Bonds, Pila Hospital, Series 1995A, 5.875%, 8/01/12 1,000 Puerto Rico Industrial, Tourist, Educational, 11/10 at 101.00 AA 1,134,410 Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Hospital de la Concepcion Project, Series 2000A, 6.500%, 11/15/20 ---------------------------------------------------------------------------------------------------- Housing/Multifamily - 9.4% Dane County Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Forest Harbor Apartments Project, Series 1994: 25 5.900%, 7/01/12 1/04 at 101.00 N/R 24,849 50 5.950%, 7/01/13 1/04 at 101.00 N/R 49,350 50 6.000%, 7/01/14 1/04 at 101.00 N/R 49,112 675 Kenosha Housing Authority, Wisconsin, GNMA 5/08 at 102.00 N/R 708,750 Collateralized Multifamily Housing Revenue Bonds, Villa Ciera, Inc. Project, Series 2000A, 5.900%, 11/20/30 570 Lake Delton Community Development Agency, 1/12 at 102.00 N/R 586,080 Wisconsin, GNMA Collateralized Multifamily Housing Revenue Bonds, Woodland Park Project, Series 2001, 5.300%, 2/20/31 1,000 Community Development Authority of the City of 9/06 at 102.00 AAA 1,019,780 Madison, Wisconsin, Multifamily Housing Revenue Refunding Bonds, Greentree Glen Project, Series 1999A, 5.500%, 9/20/29 (Alternative Minimum Tax) 200 Redevelopment Authority of the City of Milwaukee, 8/07 at 102.00 N/R 201,028 Wisconsin, Multifamily Housing Revenue Bonds, FHA-Insured Mortgage Loan - City Hall Square Apartments Project, Series 1993, 6.000%, 8/01/22 (Alternative Minimum Tax) 500 Housing Authority of the City of Sheboygan, 5/06 at 102.00 AAA 506,515 Wisconsin, Multifamily Revenue Refunding Bonds, Lake Shore Apartments, Series 1998A, 5.100%, 11/20/26 300 Walworth County, Wisconsin, Housing Authority, 9/05 at 102.00 N/R 307,452 Housing Revenue Bonds, FHA-Insured Mortgage Loan - Kiwanis Heritage, Inc., Senior Apartments Project, Series 1997, 5.550%, 9/01/22 Housing Authority of the City of Waukesha, Wisconsin, Multifamily Housing Revenue Refunding Bonds, GNMA Collateralized Mortgage Loan - Westgrove Woods Project, Series 1996A: 350 5.800%, 12/01/18 (Alternative Minimum Tax) 12/06 at 102.00 AAA 362,677 750 6.000%, 12/01/31 (Alternative Minimum Tax) 12/06 at 102.00 AAA 773,490 ---------------------------------------------------------------------------------------------------- Housing/Single Family - 0.6% 190 Puerto Rico Housing Bank and Finance Agency, 4/05 at 102.00 AAA 197,334 Single Family Mortgage Revenue Bonds, Affordable Housing Mortgage Subsidy Program, Series 1995-I, 6.250%, 4/01/29 (Alternative Minimum Tax) 90 Virgin Islands Housing Finance Corporation, 3/05 at 102.00 AAA 92,909 Single Family Mortgage Revenue Refunding Bonds, GNMA Mortgage-Backed Securities Program, Series 1995A, 6.450%, 3/01/16 (Alternative Minimum Tax)
---- 45
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ---------------------------------------------------------------------------------------------------- Industrials - 0.6% $ 300 Menomomee Falls Community Development Authority, 3/04 at 100.00 N/R $ 301,434 Wisconsin, Development Revenue Bonds, Herker Industries, Inc. Project, Series 1996, 5.250%, 3/01/08 (Alternative Minimum Tax) ---------------------------------------------------------------------------------------------------- Long-Term Care - 2.3% 1,120 Waukesha County Housing Authority, Wisconsin, 12/03 at 102.00 N/R 1,121,266 Housing Revenue Bonds, Arboretum Project, Series 1998, 5.250%, 12/01/21 (Alternative Minimum Tax) (Mandatory put 12/01/12) ---------------------------------------------------------------------------------------------------- Materials - 1.8% 1,000 Green Bay Redevelopment Authority, Wisconsin, No Opt. Call Ba2 855,670 Industrial Development Revenue Bonds, Fort James Project, Series 1999, 5.600%, 5/01/19 ---------------------------------------------------------------------------------------------------- Tax Obligation/General - 0.5% 250 Guam, General Obligation Bonds, Series 1993A, 5/04 at 102.00 B 235,433 5.400%, 11/15/18 ---------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 46.6% 1,500 Ashwaubenon Community Development Authority, 6/12 at 100.00 Aa2 1,556,790 Wisconsin, Lease Revenue Refunding Bonds, Arena Project, Series 2002, 5.150%, 6/01/29 1,500 Cudahy Community Development Authority, 6/06 at 100.00 N/R 1,601,085 Wisconsin, Redevelopment Lease Revenue Bonds, Series 1995, 6.000%, 6/01/11 1,000 De Forest Redevelopment Authority, Wisconsin, 2/08 at 100.00 N/R 1,018,920 Redevelopment Lease Revenue Bonds, Series 1999B, 5.100%, 2/01/18 100 Glendale Community Development Authority, 10/11 at 100.00 A2 105,518 Wisconsin, Community Development Lease Revenue Refunding Bonds, Tax Increment District 6, Series 2001, 5.000%, 10/01/19 350 Green Bay-Brown County Professional Football 2/11 at 100.00 AAA 369,523 Stadium District, Wisconsin, Sales Tax Revenue Bonds, Lambeau Field Renovation Project, Series 2001A, 5.000%, 2/01/19 - AMBAC Insured Green Bay Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Convention Center Project, Series 1999A: 1,300 5.250%, 6/01/24 6/09 at 100.00 Aa2 1,366,625 1,650 5.100%, 6/01/29 6/09 at 100.00 Aa2 1,687,076 500 Jackson Community Development Authority, 12/09 at 100.00 N/R 496,980 Wisconsin, Revenue Refunding Bonds, Series 1999, 5.100%, 12/01/17 960 Community Development Authority of the City of 3/12 at 100.00 Aa2 954,422 Madison, Wisconsin, Lease Revenue Refunding Bonds, Monona Terrace Project, Series 2002, 4.375%, 3/01/20 Milwaukee Redevelopment Authority, Wisconsin, Redevelopment Revenue Bonds, Summerfest Project, Series 2001: 400 4.850%, 8/01/17 8/11 at 100.00 A 418,624 1,000 4.950%, 8/01/20 8/11 at 100.00 A 1,034,320 2,000 Milwaukee Redevelopment Authority, Wisconsin, 8/12 at 100.00 AAA 2,058,320 Revenue Bonds, Milwaukee Public Schools - Neighborhood Schools Initiative, Series 2002A, 4.875%, 8/01/21 - AMBAC Insured 1,000 Onalaska Community Development Authority, 10/13 at 100.00 A3 1,015,180 Wisconsin, Community Development Lease Revenue Bonds, Series 2003, 4.875%, 10/01/27 2,500 Puerto Rico Public Buildings Authority, No Opt. Call A- 2,764,450 Guaranteed Government Facilities Revenue Bonds, Series 1993L, 5.500%, 7/01/21 200 Puerto Rico Public Finance Corporation, No Opt. Call BBB+ 230,352 Commonwealth Appropriation Bonds, Series 2002E, 6.000%, 8/01/26 Housing Authority of Sheboygan County, Wisconsin, Housing Revenue Refunding Bonds, Rocky Knoll Health Center Project, Series 1994: 150 5.300%, 12/01/17 12/04 at 100.00 A1 150,506 195 5.300%, 12/01/18 12/04 at 100.00 A1 195,449 395 5.300%, 12/01/19 12/04 at 100.00 A1 395,502 Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A: 850 5.500%, 12/15/18 - MBIA Insured No Opt. Call AAA 975,911 500 5.500%, 12/15/26 - MBIA Insured No Opt. Call AAA 563,135
---- 46 Portfolio of Investments (Unaudited) NUVEEN WISCONSIN MUNICIPAL BOND FUND (continued) November 30, 2003
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ----------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 375 Waterfront Redevelopment Authority of the City of 10/08 at 100.00 N/R $ 383,059 Sturgeon Bay, Wisconsin, Redevelopment Lease Revenue Bonds, Series 1998A, 5.200%, 10/01/21 600 Virgin Islands Public Finance Authority, Revenue 10/08 at 101.00 BBB- 609,990 Refunding Senior Lien Bonds, Matching Fund Loan Notes, Series 1998A, 5.625%, 10/01/25 500 Wauwatosa Redevelopment Authority, Milwaukee 12/07 at 100.00 AAA 558,095 County, Wisconsin, Lease Revenue Bonds, Series 1997, 5.650%, 12/01/16 - MBIA Insured Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999: 1,000 5.250%, 12/15/23 - FSA Insured No Opt. Call AAA 1,097,650 500 5.250%, 12/15/27 - FSA Insured No Opt. Call AAA 545,820 2,000 Wisconsin Center District, Senior Dedicated Tax No Opt. Call AAA 540,980 Revenue Refunding Bonds, Series 2003A, 0.000%, 12/15/28 - FSA Insured ----------------------------------------------------------------------------------------------------- Transportation - 0.7% 500 Puerto Rico Ports Authority, Special Facilities 6/06 at 102.00 CCC 330,370 Revenue Bonds, American Airlines, Inc. Project, Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) ----------------------------------------------------------------------------------------------------- U.S. Guaranteed - 25.4% Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Arena Project, Series 1999A: 2,000 5.700%, 6/01/24 (Pre-refunded to 6/01/09) 6/09 at 100.00 Aa2*** 2,317,940 700 5.800%, 6/01/29 (Pre-refunded to 6/01/09) 6/09 at 100.00 Aa2*** 814,849 460 Puerto Rico, The Children's Trust Fund, Tobacco 7/10 at 100.00 AAA 517,302 Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 (Pre-refunded to 7/01/10) 1,500 Glendale Community Development Authority, 9/08 at 100.00 N/R*** 1,680,210 Wisconsin, Community Development Lease Revenue Bonds, Series 1998A, 5.400%, 9/01/18 (Pre-refunded to 9/01/08) 300 Madison Community Development Authority, 3/05 at 100.00 Aa2*** 318,243 Wisconsin, Lease Revenue Bonds, Monona Terrace Community and Convention Center Project, Series 1995, 6.100%, 3/01/10 (Pre-refunded to 3/01/05) 2,000 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 A*** 2,453,080 Highway Revenue Bonds, Series 2000B, 6.500%, 7/01/27 (Pre-refunded to 7/01/10) Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A: 250 5.375%, 10/01/16 10/10 at 101.00 AAA 280,553 750 5.500%, 10/01/20 10/10 at 101.00 AAA 825,030 Puerto Rico Electric Power Authority, Power Revenue Bonds, Series T: 115 6.000%, 7/01/16 (Pre-refunded to 7/01/04) 7/04 at 102.00 A-*** 120,629 145 6.375%, 7/01/24 (Pre-refunded to 7/01/04) 7/04 at 102.00 AAA 152,427 600 Southeast Wisconsin Professional Baseball Park 3/07 at 101.00 AAA 680,418 District, Sales Tax Revenue Bonds, Series 1996, 5.800%, 12/15/26 (Pre-refunded to 3/13/07) - MBIA Insured 1,000 Southeast Wisconsin Professional Baseball Park 12/04 at 100.00 AAA 1,051,490 District, Sales Tax Revenue Bonds, Series 1999, 6.100%, 12/15/29 (Pre-refunded to 12/15/04) - MBIA Insured 1,000 Wisconsin Center District, Junior Dedicated Tax 12/06 at 101.00 AAA 1,128,646 Revenue Bonds, Series 1996B, 5.700%, 12/15/20 (Pre-refunded to 12/15/06) ----------------------------------------------------------------------------------------------------- $ 46,260 Total Long-Term Investments (cost $44,637,313) - 47,520,024 97.7% ----------------------------------------------------------------------------------------------------- ------------ Other Assets Less Liabilities - 2.3% 1,138,333 --------------------------------------------------------------------------------------- Net Assets - 100% $48,658,357 ---------------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements. ---- 47 Statement of Assets and Liabilities (Unaudited) November 30, 2003
Kansas Kentucky Michigan Missouri Ohio Wisconsin --------------------------------------------------------------------------------------------------------------------- Assets Investments, at market value (cost $128,437,653, $459,758,016, $247,987,647, $253,514,290, $542,258,814 and $44,637,313, respectively) $135,435,695 $485,604,736 $265,399,234 $266,172,837 $582,762,203 $47,520,024 Cash -- 405,266 484,394 14,127 2,322,267 466,753 Receivables: Interest 2,024,342 6,354,979 3,313,206 4,107,993 10,174,596 868,670 Investments sold 1,750,531 5,100,000 2,000,000 797,309 1,020,000 -- Shares sold 168,144 299,755 52,953 72,073 515,884 65,271 Other assets 376 25,165 15,441 1,021 32,882 201 --------------------------------------------------------------------------------------------------------------------- Total assets 139,379,088 497,789,901 271,265,228 271,165,360 596,827,832 48,920,919 --------------------------------------------------------------------------------------------------------------------- Liabilities Cash overdraft 1,366,253 -- -- -- -- -- Payables: Investments purchased -- -- 2,075,660 2,754,010 6,302,892 -- Shares redeemed 11,265 334,727 587,288 148,983 489,319 49,905 Accrued expenses: Management fees 62,334 215,958 119,144 117,936 254,330 21,778 12b-1 distribution and service fees 41,660 115,126 65,236 60,733 109,540 12,914 Other 30,392 117,456 89,196 64,862 181,997 15,323 Dividends payable 485,391 1,854,139 1,016,878 943,139 2,289,898 162,642 --------------------------------------------------------------------------------------------------------------------- Total liabilities 1,997,295 2,637,406 3,953,402 4,089,663 9,627,976 262,562 --------------------------------------------------------------------------------------------------------------------- Net assets $137,381,793 $495,152,495 $267,311,826 $267,075,697 $587,199,856 $48,658,357 --------------------------------------------------------------------------------------------------------------------- Class A Shares Net assets $ 97,974,789 $424,737,542 $191,932,529 $232,023,946 $366,282,751 $38,927,822 Shares outstanding 9,381,101 38,015,809 16,229,893 21,004,542 31,823,623 3,738,279 Net asset value per share $ 10.44 $ 11.17 $ 11.83 $ 11.05 $ 11.51 $ 10.41 Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering price) $ 10.90 $ 11.66 $ 12.35 $ 11.53 $ 12.01 $ 10.87 --------------------------------------------------------------------------------------------------------------------- Class B Shares Net assets $ 12,043,974 $ 21,585,348 $ 10,931,887 $ 11,320,403 $ 27,167,874 $ 4,797,659 Shares outstanding 1,161,761 1,931,413 922,875 1,024,329 2,363,304 459,618 Net asset value and offering price per share $ 10.37 $ 11.18 $ 11.85 $ 11.05 $ 11.50 $ 10.44 --------------------------------------------------------------------------------------------------------------------- Class C Shares Net assets $ 26,234,374 $ 47,648,805 $ 40,393,721 $ 23,208,050 $ 47,179,050 $ 4,754,498 Shares outstanding 2,508,885 4,268,590 3,419,354 2,101,953 4,106,180 455,374 Net asset value and offering price per share $ 10.46 $ 11.16 $ 11.81 $ 11.04 $ 11.49 $ 10.44 --------------------------------------------------------------------------------------------------------------------- Class R Shares Net assets $ 1,128,656 $ 1,180,800 $ 24,053,689 $ 523,298 $146,570,181 $ 178,378 Shares outstanding 107,580 105,839 2,033,516 47,315 12,746,405 17,057 Net asset value and offering price per share $ 10.49 $ 11.16 $ 11.83 $ 11.06 $ 11.50 $ 10.46 ---------------------------------------------------------------------------------------------------------------------
Net Assets Consist of: --------------------------------------------------------------------------------------------------------------------------- Capital paid-in $133,377,343 $469,572,995 $247,196,766 $256,539,514 $550,046,909 $46,675,245 Undistributed (Over-distribution of) (158,210) net investment income (119,711) 72,852 (332,312) 61,804 (17,870) Accumulated net realized gain (loss) (2,835,382) from investments (147,509) 2,630,621 (1,790,052) (3,412,246) (881,729) Net unrealized appreciation of 6,998,042 investments 25,846,720 17,411,587 12,658,547 40,503,389 2,882,711 --------------------------------------------------------------------------------------------------------------------------- Net assets $137,381,793 $495,152,495 $267,311,826 $267,075,697 $587,199,856 $48,658,357 ---------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. ---- 48 Statement of Operations (Unaudited) Six Months Ended November 30, 2003
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------------------------------------------------------------------ Investment Income $ 3,679,003 $13,509,102 $ 7,538,429 $ 7,089,173 $ 16,422,518 $ 1,255,431 ------------------------------------------------------------------------------------------------------------------------ Expenses Management fees 381,409 1,316,313 737,697 717,285 1,569,079 136,615 12b-1 service fees - Class A 99,863 421,631 194,654 229,331 368,439 39,797 12b-1 distribution and service fees - Class B 57,845 100,346 52,241 54,944 130,001 24,493 12b-1 distribution and service fees - Class C 96,596 182,291 158,300 85,808 177,279 17,057 Shareholders' servicing agent fees and expenses 39,857 124,834 82,038 65,617 185,862 13,787 Custodian's fees and expenses 22,761 63,409 40,786 41,056 69,140 13,411 Trustees' fees and expenses 1,091 3,836 2,319 2,068 4,412 452 Professional fees 5,629 12,951 8,709 8,499 19,736 4,050 Shareholders' reports - printing and mailing expenses 17,046 35,794 34,621 25,708 82,701 7,262 Federal and state registration fees 2,046 -- 5,666 4,161 5,265 3,960 Other expenses 2,627 9,445 5,796 4,984 14,226 1,121 ------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 726,770 2,270,850 1,322,827 1,239,461 2,626,140 262,005 Custodian fee credit (5,764) (10,567) (6,119) (6,200) (3,576) (4,101) ------------------------------------------------------------------------------------------------------------------------ Net expenses 721,006 2,260,283 1,316,708 1,233,261 2,622,564 257,904 ------------------------------------------------------------------------------------------------------------------------ Net investment income 2,957,997 11,248,819 6,221,721 5,855,912 13,799,954 997,527 ------------------------------------------------------------------------------------------------------------------------ Realized and Unrealized Gain (Loss) from Investments Net realized gain (loss) from investments (1,739,293) (1,835,455) 60,997 (154,516) 186,618 11,902 Net change in unrealized appreciation (depreciation) of investments (2,496,761) (5,697,517) (7,810,596) (5,888,258) (14,585,959) (1,099,367) ------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (4,236,054) (7,532,972) (7,749,599) (6,042,774) (14,399,341) (1,087,465) ------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations $(1,278,057) $ 3,715,847 $(1,527,878) $ (186,862) $ (599,387) $ (89,938) ------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. ---- 49 Statement of Changes in Net Assets (Unaudited)
Kansas Kentucky ------------------------------ ------------------------------ Six Months Ended Year Ended Six Months Ended Year Ended 11/30/03 5/31/03 11/30/03 5/31/03 -------------------------------------------------------------------------------------------------------- Operations Net investment income $ 2,957,997 $ 5,907,144 $11,248,819 $ 22,632,364 Net realized gain (loss) from investments (1,739,293) 158,850 (1,835,455) 2,114,527 Net change in unrealized appreciation (depreciation) of investments (2,496,761) 6,480,501 (5,697,517) 16,859,562 -------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (1,278,057) 12,546,495 3,715,847 41,606,453 -------------------------------------------------------------------------------------------------------- Distributions to Shareholders From net investment income: Class A (2,254,629) (4,628,215) (10,089,382) (20,028,647) Class B (230,747) (452,354) (424,336) (762,133) Class C (513,670) (841,745) (1,035,070) (1,946,364) Class R (28,564) (67,888) (28,704) (51,875) From accumulated net realized gains from investment transactions: Class A -- -- -- (289,143) Class B -- -- -- (13,099) Class C -- -- -- (32,628) Class R -- -- -- (713) -------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (3,027,610) (5,990,202) (11,577,492) (23,124,602) -------------------------------------------------------------------------------------------------------- Fund Share Transactions Net proceeds from sale of shares 8,919,729 23,090,960 23,381,394 50,759,048 Net proceeds from shares issued to shareholders due to reinvestment of distributions 1,507,117 2,915,310 5,491,944 11,151,301 -------------------------------------------------------------------------------------------------------- 10,426,846 26,006,270 28,873,338 61,910,349 Cost of shares redeemed (10,833,147) (15,507,694) (25,213,596) (47,280,723) -------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions (406,301) 10,498,576 3,659,742 14,629,626 -------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (4,711,968) 17,054,869 (4,201,903) 33,111,477 Net assets at the beginning of period 142,093,761 125,038,892 499,354,398 466,242,921 -------------------------------------------------------------------------------------------------------- Net assets at the end of period $137,381,793 $142,093,761 $495,152,495 $499,354,398 -------------------------------------------------------------------------------------------------------- Undistributed (Over-distribution of) net investment income at the end of period $ (158,210) $ (88,597) $ (119,711) $ 208,962 --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. ---- 50
Michigan Missouri ------------------------------ ------------------------------ Six Months Ended Year Ended Six Months Ended Year Ended 11/30/03 5/31/03 11/30/03 5/31/03 -------------------------------------------------------------------------------------------------------- Operations Net investment income $ 6,221,721 $ 12,881,062 $ 5,855,912 $ 11,659,089 Net realized gain (loss) from investments 60,997 2,802,585 (154,516) 117,007 Net change in unrealized appreciation (depreciation) of investments (7,810,596) 11,764,886 (5,888,258) 11,511,004 -------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (1,527,878) 27,448,533 (186,862) 23,287,100 -------------------------------------------------------------------------------------------------------- Distributions to Shareholders From net investment income: Class A (4,594,916) (9,642,292) (5,173,566) (10,568,434) Class B (217,342) (407,534) (216,997) (431,777) Class C (880,562) (1,748,339) (451,148) (919,808) Class R (596,243) (1,207,750) (12,120) (25,536) From accumulated net realized gains from investment transactions: Class A -- (124,373) -- -- Class B -- (6,398) -- -- Class C -- (26,125) -- -- Class R -- (15,064) -- -- -------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (6,289,063) (13,177,875) (5,853,831) (11,945,555) -------------------------------------------------------------------------------------------------------- Fund Share Transactions Net proceeds from sale of shares 10,856,917 23,926,058 15,304,030 37,213,355 Net proceeds from shares issued to shareholders due to reinvestment of distributions 2,328,355 4,784,615 2,615,958 5,035,402 -------------------------------------------------------------------------------------------------------- 13,185,272 28,710,673 17,919,988 42,248,757 Cost of shares redeemed (22,530,816) (35,934,398) (14,581,558) (21,376,429) -------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions (9,345,544) (7,223,725) 3,338,430 20,872,328 -------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (17,162,485) 7,046,933 (2,702,263) 32,213,873 Net assets at the beginning of period 284,474,311 277,427,378 269,777,960 237,564,087 -------------------------------------------------------------------------------------------------------- Net assets at the end of period $267,311,826 $284,474,311 $267,075,697 $269,777,960 -------------------------------------------------------------------------------------------------------- Undistributed (Over-distribution of) net investment income at the end of period $ 72,852 $ 140,194 $ (332,312) $ (334,393) Michigan --------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. ---- 51 Statement of Changes in Net Assets (Unaudited) (continued)
Ohio Wisconsin ------------------------------ ----------------------------- Six Months Ended Year Ended Six Months Ended Year Ended 11/30/03 5/31/03 11/30/03 5/31/03 ------------------------------------------------------------------------------------------------------- Operations Net investment income $ 13,799,954 $ 28,122,835 $ 997,527 $ 2,055,274 Net realized gain (loss) from 1,268,680 11,902 (213,617) investments 186,618 Net change in unrealized appreciation 31,686,941 (1,099,367) 2,623,140 (depreciation) of investments (14,585,959) ------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (599,387) 61,078,456 (89,938) 4,464,797 ------------------------------------------------------------------------------------------------------- Distributions to Shareholders From net investment income: Class A (8,721,098) (17,957,323) (855,747) (1,758,397) Class B (547,728) (993,978) (91,870) (197,486) Class C (998,711) (2,010,781) (84,442) (139,711) Class R (3,662,413) (7,473,631) (3,929) (5,832) From accumulated net realized gains from investment transactions: Class A -- -- -- -- Class B -- -- -- -- Class C -- -- -- -- Class R -- -- -- -- ------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (13,929,950) (28,435,713) (1,035,988) (2,101,426) ------------------------------------------------------------------------------------------------------- Fund Share Transactions Net proceeds from sale of shares 16,020,159 44,313,612 3,444,740 7,418,035 Net proceeds from shares issued to shareholders due to reinvestment of distributions 6,595,522 13,425,680 624,523 1,257,045 ------------------------------------------------------------------------------------------------------- 22,615,681 57,739,292 4,069,263 8,675,080 Cost of shares redeemed (40,365,479) (65,962,814) (7,316,979) (6,808,683) ------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions (17,749,798) (8,223,522) (3,247,716) 1,866,397 ------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (32,279,135) 24,419,221 (4,373,642) 4,229,768 Net assets at the beginning of period 619,478,991 595,059,770 53,031,999 48,802,231 ------------------------------------------------------------------------------------------------------- Net assets at the end of period $587,199,856 $619,478,991 $48,658,357 $53,031,999 ------------------------------------------------------------------------------------------------------- Undistributed (Over-distribution of) net investment income at the end of period $ 61,804 $ 191,800 $ (17,870) $ 20,591 -------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. ---- 52 Notes to Financial Statements (Unaudited) 1. General Information and Significant Accounting Policies The Nuveen Multistate Trust IV (the "Trust") is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust comprises the Nuveen Kansas Municipal Bond Fund ("Kansas"), Nuveen Kentucky Municipal Bond Fund ("Kentucky"), Nuveen Michigan Municipal Bond Fund ("Michigan"), Nuveen Missouri Municipal Bond Fund ("Missouri"), Nuveen Ohio Municipal Bond Fund ("Ohio") and Nuveen Wisconsin Municipal Bond Fund ("Wisconsin") (collectively, the "Funds"). The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were organized as series of predecessor trusts or corporations prior to that date. The Funds seek to provide high tax-free income and preservation of capital through investments in diversified portfolios of quality municipal bonds. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. If it is determined that market prices for a security are unavailable or inappropriate, the Board of Trustees of the Funds, or its designee, may establish a fair value for the security. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. Any securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At November 30, 2003, Michigan, Missouri and Ohio had outstanding when-issued purchase commitments of $2,075,660, $2,754,010 and $6,302,892, respectively. There were no such outstanding purchase commitments in Kansas, Kentucky, or Wisconsin. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared monthly as a dividend. Generally, payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. ---- 53 Notes to Financial Statements (Unaudited) (continued) Flexible Sales Charge Program Each Fund offers Class A, B, C and R Shares. Class A Shares are sold with a sales charge and incur a .20% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") if redeemed within 18 months of purchase. Class B Shares are sold without a sales charge but incur a .75% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. An investor purchasing Class B Shares agrees to pay a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares convert to Class A Shares eight years after purchase. Class C Shares are sold without a sales charge but incur a .55% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. An investor purchasing Class C Shares agrees to pay a CDSC of 1% if Class C Shares are redeemed within one year of purchase. Class R Shares are not subject to any sales charge or 12b-1 distribution or service fees. Class R Shares are available only under limited circumstances. Derivative Financial Instruments The Funds may invest in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics including inverse floating rate securities. During the six months ended November 30, 2003, Kentucky, Michigan and Ohio invested in inverse floating rate securities for the purpose of enhancing portfolio yield. Inverse floating rate securities are identified in the Portfolio of Investments and are marked to market daily. The interest rate of an inverse floating rate security has an inverse relationship to the interest rate of a short-term floating rate security. Consequently, as the interest rate of the floating rate security rises, the interest rate on the inverse floating rate security declines. Conversely, as the interest rate of the floating rate security declines, the interest rate on the inverse floating rate security rises. The price of an inverse floating rate security will be more volatile than that of an otherwise comparable fixed rate security since the interest rate is dependent on an underlying fixed coupon rate or the general level of long-term interest rates as well as the short-term interest paid on the floating rate security, and because the inverse floating rate security typically bears the risk of loss of a greater face value of an underlying bond. Kansas, Missouri and Wisconsin did not invest in any such securities during the six months ended November 30, 2003. Expense Allocation Expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. ---- 54 2. Fund Shares Transactions in Fund shares were as follows:
Kansas -------------------------------------------------- Six Months Ended Year Ended 11/30/03 5/31/03 ------------------------ ------------------------ Shares Amount Shares Amount -------------------------------------------------------------------------------------------- Shares sold: Class A 428,102 $ 4,474,902 1,063,903 $ 11,127,933 Class B 39,606 412,368 261,424 2,722,034 Class C 381,420 3,993,198 862,578 9,029,763 Class R 3,847 39,261 20,017 211,230 Shares issued to shareholders due to reinvestment of distributions: Class A 106,296 1,109,339 213,938 2,232,298 Class B 9,991 103,495 20,670 214,205 Class C 27,918 291,589 44,657 466,919 Class R 257 2,694 180 1,888 -------------------------------------------------------------------------------------------- 997,437 10,426,846 2,487,367 26,006,270 -------------------------------------------------------------------------------------------- Shares redeemed: Class A (713,933) (7,458,169) (1,122,005) (11,705,711) Class B (85,050) (869,574) (87,869) (908,480) Class C (223,768) (2,321,471) (233,992) (2,447,500) Class R (17,628) (183,933) (42,271) (446,003) -------------------------------------------------------------------------------------------- (1,040,379) (10,833,147) (1,486,137) (15,507,694) -------------------------------------------------------------------------------------------- Net increase (decrease) (42,942) $ (406,301) 1,001,230 $ 10,498,576 -------------------------------------------------------------------------------------------- Kentucky -------------------------------------------------- Six Months Ended Year Ended 11/30/03 5/31/03 ------------------------ ------------------------ Shares Amount Shares Amount -------------------------------------------------------------------------------------------- Shares sold: Class A 1,623,696 $ 18,084,400 2,987,211 $ 33,128,568 Class B 141,682 1,568,170 429,304 4,755,279 Class C 332,654 3,715,373 1,153,800 12,772,504 Class R 1,210 13,451 9,266 102,697 Shares issued to shareholders due to reinvestment of distributions: Class A 425,935 4,724,156 881,467 9,748,497 Class B 20,731 229,943 36,069 399,076 Class C 46,469 514,866 86,797 959,216 Class R 2,075 22,979 4,032 44,512 -------------------------------------------------------------------------------------------- 2,594,452 28,873,338 5,587,946 61,910,349 -------------------------------------------------------------------------------------------- Shares redeemed: Class A (1,644,387) (18,177,709) (3,595,606) (39,730,221) Class B (99,359) (1,099,901) (135,981) (1,503,715) Class C (537,614) (5,926,229) (547,753) (6,046,787) Class R (899) (9,757) -- -- -------------------------------------------------------------------------------------------- (2,282,259) (25,213,596) (4,279,340) (47,280,723) -------------------------------------------------------------------------------------------- Net increase 312,193 $ 3,659,742 1,308,606 $ 14,629,626 --------------------------------------------------------------------------------------------
---- 55
Michigan -------------------------------------------------- Six Months Ended Year Ended 11/30/03 5/31/03 ------------------------ ------------------------ Shares Amount Shares Amount -------------------------------------------------------------------------------------------- Shares sold: Class A 651,923 $ 7,679,327 1,147,174 $ 13,590,360 Class B 55,371 657,134 191,037 2,263,633 Class C 181,335 2,147,094 613,129 7,268,172 Class R 31,260 373,362 68,242 803,893 Shares issued to shareholders due to reinvestment of distributions: Class A 134,391 1,586,824 275,851 3,261,898 Class B 6,435 76,065 11,689 138,439 Class C 22,726 267,983 47,722 563,598 Class R 33,656 397,483 69,386 820,680 -------------------------------------------------------------------------------------------- 1,117,097 13,185,272 2,424,230 28,710,673 -------------------------------------------------------------------------------------------- Shares redeemed: Class A (1,390,974) (16,376,261) (2,403,385) (28,411,154) Class B (57,065) (669,670) (81,059) (960,241) Class C (382,778) (4,503,597) (421,866) (4,999,002) Class R (83,330) (981,288) (131,775) (1,564,001) -------------------------------------------------------------------------------------------- (1,914,147) (22,530,816) (3,038,085) (35,934,398) -------------------------------------------------------------------------------------------- Net increase (decrease) (797,050) $ (9,345,544) (613,855) $ (7,223,725) -------------------------------------------------------------------------------------------- Missouri -------------------------------------------------- Six Months Ended Year Ended 11/30/03 5/31/03 ------------------------ ------------------------ Shares Amount Shares Amount -------------------------------------------------------------------------------------------- Shares sold: Class A 1,222,123 $ 13,373,377 2,629,463 $ 28,861,715 Class B 53,962 595,769 306,097 3,367,562 Class C 122,147 1,334,884 453,975 4,984,078 Class R -- -- -- -- Shares issued to shareholders due to reinvestment of distributions: Class A 213,873 2,348,581 413,086 4,534,618 Class B 9,940 109,203 17,952 197,082 Class C 14,254 156,550 27,386 300,388 Class R 148 1,624 302 3,314 -------------------------------------------------------------------------------------------- 1,636,447 17,919,988 3,848,261 42,248,757 -------------------------------------------------------------------------------------------- Shares redeemed: Class A (1,139,482) (12,457,993) (1,563,588) (17,165,813) Class B (93,339) (1,021,121) (111,014) (1,216,887) Class C (100,775) (1,102,444) (272,997) (2,993,729) Class R -- -- -- -- -------------------------------------------------------------------------------------------- (1,333,596) (14,581,558) (1,947,599) (21,376,429) -------------------------------------------------------------------------------------------- Net increase 302,851 $ 3,338,430 1,900,662 $ 20,872,328 --------------------------------------------------------------------------------------------
---- 56 Notes to Financial Statements (Unaudited) (continued)
Ohio -------------------------------------------------- Six Months Ended Year Ended 11/30/03 5/31/03 ------------------------ ------------------------ Shares Amount Shares Amount -------------------------------------------------------------------------------------------------------- Shares sold: Class A 994,793 $ 11,413,798 2,388,290 $ 27,234,695 Class B 113,622 1,310,445 520,124 5,932,156 Class C 237,435 2,706,463 619,754 7,076,225 Class R 51,563 589,453 358,046 4,070,536 Shares issued to shareholders due to reinvestment of distributions: Class A 301,796 3,448,581 625,025 7,115,671 Class B 17,558 200,365 30,778 350,186 Class C 33,722 384,880 69,847 794,388 Class R 224,391 2,561,696 454,082 5,165,435 -------------------------------------------------------------------------------------------------------- 1,974,880 22,615,681 5,065,946 57,739,292 -------------------------------------------------------------------------------------------------------- Shares redeemed: Class A (2,210,145) (25,130,354) (4,260,086) (48,660,023) Class B (154,432) (1,750,942) (176,004) (1,989,404) Class C (501,404) (5,730,559) (388,410) (4,420,801) Class R (681,114) (7,753,624) (955,771) (10,892,586) -------------------------------------------------------------------------------------------------------- (3,547,095) (40,365,479) (5,780,271) (65,962,814) -------------------------------------------------------------------------------------------------------- Net increase (decrease) (1,572,215) $(17,749,798) (714,325) $ (8,223,522) --------------------------------------------------------------------------------------------------------
Wisconsin -------------------------------------------- Six Months Ended Year Ended 11/30/03 5/31/03 --------------------- --------------------- Shares Amount Shares Amount -------------------------------------------------------------------------------------------------- Shares sold: Class A 235,083 $ 2,463,388 478,781 $ 4,961,350 Class B 26,768 282,402 73,841 769,287 Class C 66,592 696,905 156,529 1,621,327 Class R 188 2,045 6,385 66,071 Shares issued to shareholders due to reinvestment of distributions: Class A 49,454 512,540 101,556 1,048,681 Class B 5,186 53,990 11,032 114,246 Class C 5,210 54,069 8,551 88,556 Class R 377 3,924 536 5,562 -------------------------------------------------------------------------------------------------- 388,858 4,069,263 837,211 8,675,080 -------------------------------------------------------------------------------------------------- Shares redeemed: Class A (533,194) (5,525,457) (559,306) (5,764,985) Class B (131,781) (1,354,104) (39,206) (401,473) Class C (42,403) (437,418) (62,106) (642,225) Class R -- -- -- -- -------------------------------------------------------------------------------------------------- (707,378) (7,316,979) (660,618) (6,808,683) -------------------------------------------------------------------------------------------------- Net increase (decrease) (318,520) $(3,247,716) 176,593 $ 1,866,397 --------------------------------------------------------------------------------------------------
---- 57 3. Securities Transactions Purchases and sales (including maturities) of investments in long-term municipal securities for the six months ended November 30, 2003, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin --------------------------------------------------------------------------------- Purchases $9,371,490 $56,331,857 $ 5,146,280 $21,405,545 $19,481,177 $1,749,533 Sales and maturities 8,445,104 52,477,258 12,614,031 16,310,157 36,175,210 3,866,371 ---------------------------------------------------------------------------------
4. Income Tax Information The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At November 30, 2003, the cost of investments were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------------------------------------------ Cost of investments $128,423,031 $459,562,646 $247,965,546 $253,468,845 $541,821,356 $44,622,136 ------------------------------------------------------------------------------------------------
Gross unrealized appreciation and gross unrealized depreciation of investments at November 30, 2003, were as follows:
Kansas Kentucky Michigan Missouri Ohio ------------------------------------------------------------------------------------------------------------------------ Gross unrealized: Appreciation $7,880,241 $28,208,833 $21,696,144 $14,531,328 $43,547,521 Depreciation (867,577) (2,166,743) (4,262,456) (1,827,336) (2,606,674) ------------------------------------------------------------------------------------------------------------------------ Net unrealized appreciation of investments $7,012,664 $26,042,090 $17,433,688 $12,703,992 $40,940,847 ------------------------------------------------------------------------------------------------------------------------
Wisconsin ------------------------------------------------------ Gross unrealized: Appreciation $3,217,410 Depreciation (319,522) ------------------------------------------------------ Net unrealized appreciation of investments $2,897,888 ------------------------------------------------------
The tax components of undistributed net investment income and net realized gains at May 31, 2003, the Funds' last fiscal year end, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------------------------------------------------ Undistributed net tax-exempt income $398,280 $1,878,557 $ 924,463 $596,029 $2,216,357 $183,133 Undistributed net ordinary income* -- 66,683 78,164 214 6,673 1,079 Undistributed net long-term capital gains -- 1,687,447 2,769,039 -- -- -- ------------------------------------------------------------------------------------------------------
*Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the fiscal year ended May 31, 2003, the Funds' last fiscal year end, was designated for purposes of the dividends paid deduction as follows:
2003 Kansas Kentucky Michigan Missouri Ohio Wisconsin ---------------------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $5,966,173 $22,742,904 $13,042,876 $11,944,635 $28,473,859 $2,099,102 Distributions from net ordinary income* -- -- 16,718 -- -- -- Distributions from net long-term capital gains -- 335,583 155,242 -- -- -- ----------------------------------------------------------------------------------------------------------------------
*Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At May 31, 2003, the Funds' last fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
Kansas Missouri Ohio Wisconsin ----------------------------------------------- 2008 $ 671,721 $ 739,077 $ -- $ 19,279 2009 424,368 691,893 1,144,274 649,372 2010 -- 204,566 2,454,590 -- ----------------------------------------------- $1,096,089 $1,635,536 $3,598,864 $668,651 -----------------------------------------------
Wisconsin elected to defer net realized losses from investments incurred from November 1, 2002 through May 31, 2003 ("post-October losses") in accordance with Federal income tax regulations. Wisconsin treated $224,981 of post-October losses as having arisen on the first day of the current fiscal year. ---- 58 Notes to Financial Statements (Unaudited) (continued) 5. Management Fee and Other Transactions with Affiliates Under the Trust's investment management agreement with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc., each Fund pays an annual management fee, payable monthly, at the rates set forth below which are based upon the average daily net assets of each Fund as follows:
Average Daily Net Assets Management Fee ---------------------------------------------- For the first $125 million .5500% For the next $125 million .5375 For the next $250 million .5250 For the next $500 million .5125 For the next $1 billion .5000 For the next $3 billion .4750 For net assets over $5 billion .4500 ----------------------------------------------
The management fee compensates the Adviser for overall investment advisory and administrative services, and general office facilities. The Trust pays no compensation directly to those of its Trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Adviser has agreed to waive part of its management fees or reimburse certain expenses of Ohio in order to limit total expenses to .75% of the average daily net assets, excluding any 12b-1 fees applicable to Class A, B and C Shares. The Adviser may also voluntarily agree to reimburse additional expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser's discretion. During the six months ended November 30, 2003, Nuveen Investments, LLC (the "Distributor"), a wholly owned subsidiary of Nuveen Investments, Inc., collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to authorized dealers as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin --------------------------------------------------------------------------------- Sales charges collected $112,850 $524,372 $121,254 $210,161 $226,171 $65,900 Paid to authorized dealers 97,218 457,878 108,568 183,024 199,607 57,132 ---------------------------------------------------------------------------------
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate authorized dealers for providing services to shareholders relating to their investments. During the six months ended November 30, 2003, the Distributor compensated authorized dealers directly with commission advances at the time of purchase as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------------------ Commission advances $61,024 $132,778 $73,165 $59,941 $78,388 $18,488 ------------------------------------------------------------------------
To compensate for commissions advanced to authorized dealers, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended November 30, 2003, the Distributor retained such 12b-1 fees as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------------------- 12b-1 fees retained $78,787 $115,821 $71,343 $60,271 $133,013 $26,428 -------------------------------------------------------------------------
The remaining 12b-1 fees charged to the Funds were paid to compensate authorized dealers for providing services to shareholders relating to their investments. The Distributor also collected and retained CDSC on share redemptions during the six months ended November 30, 2003, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------------ CDSC retained $19,196 $28,052 $12,802 $30,854 $31,431 $36,368 ------------------------------------------------------------------
---- 59 6. Subsequent Event - Distributions to Shareholders The Funds declared dividend distributions from their tax-exempt net investment income which were paid on December 29, 2003, to shareholders of record on December 9, 2003, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------- Dividend per share: Class A $.0375 $.0425 $.0455 $.0400 $.0450 $.0360 Class B .0310 .0355 .0380 .0330 .0380 .0300 Class C .0330 .0375 .0400 .0350 .0400 .0315 Class R .0395 .0440 .0475 .0415 .0470 .0380 -------------------------------------------------------------
The following Funds also declared capital gain and net ordinary income distributions, which were paid on December 3, 2003, to shareholders of record on December 1, 2003, as follows:
Kentucky Michigan Ohio Wisconsin ------------------------------------------------ Capital gain distribution per share $.0381 $.1224 $ -- $ -- Net ordinary income distribution per share* .0015 .0035 .0002 .0003 ------------------------------------------------
* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. ---- 60 Notes to Financial Statements (Unaudited) (continued) Financial Highlights (Unaudited) Selected data for a share outstanding throughout each period:
Class (Commencement Date) Investment Operations Less Distributions --------------------------- ---------------------- -------- KANSAS Net Realized/ Unrealized Beginning Net Invest- Net Ending Ending Net Invest- ment Invest- Net Net Asset ment Gain ment Capital Asset Total Assets Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) ---------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------- Class A (1/92) 2004(e) $10.77 $.23 $(.32) $(.09) $(.24) $-- $(.24) $10.44 (.85)% $ 97,975 2003 10.25 .48 .52 1.00 (.48) -- (.48) 10.77 10.03 102,938 2002 10.16 .50 .10 .60 (.51) -- (.51) 10.25 6.06 96,411 2001 9.54 .51 .62 1.13 (.51) -- (.51) 10.16 12.02 91,062 2000 10.49 .50 (.96) (.46) (.49) -- (.49) 9.54 (4.38) 86,460 1999 10.60 .51 (.11) .40 (.51) -- (.51) 10.49 3.81 113,140 Class B (2/97) 2004(e) 10.69 .19 (.31) (.12) (.20) -- (.20) 10.37 (1.14) 12,044 2003 10.18 .40 .52 .92 (.41) -- (.41) 10.69 9.18 12,797 2002 10.09 .42 .11 .53 (.44) -- (.44) 10.18 5.30 10,210 2001 9.48 .44 .61 1.05 (.44) -- (.44) 10.09 11.17 6,851 2000 10.43 .42 (.95) (.53) (.42) -- (.42) 9.48 (5.14) 5,361 1999 10.54 .43 (.11) .32 (.43) -- (.43) 10.43 3.07 6,497 Class C (2/97) 2004(e) 10.78 .20 (.31) (.11) (.21) -- (.21) 10.46 (1.01) 26,234 2003 10.27 .42 .52 .94 (.43) -- (.43) 10.78 9.35 25,049 2002 10.17 .44 .12 .56 (.46) -- (.46) 10.27 5.60 16,943 2001 9.56 .46 .61 1.07 (.46) -- (.46) 10.17 11.29 6,359 2000 10.51 .45 (.96) (.51) (.44) -- (.44) 9.56 (4.89) 5,633 1999 10.63 .45 (.11) .34 (.46) -- (.46) 10.51 3.18 6,171 Class R (2/97) 2004(e) 10.82 .24 (.32) (.08) (.25) -- (.25) 10.49 (.73) 1,129 2003 10.30 .50 .53 1.03 (.51) -- (.51) 10.82 10.23 1,310 2002 10.20 .53 .11 .64 (.54) -- (.54) 10.30 6.38 1,475 2001 9.59 .54 .60 1.14 (.53) -- (.53) 10.20 12.12 1,967 2000 10.55 .52 (.96) (.44) (.52) -- (.52) 9.59 (4.22) 1,360 1999 10.66 .54 (.11) .43 (.54) -- (.54) 10.55 4.06 679 ----------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date) Ratios/Supplemental Data ------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(c) Reimbursement(d) KANSAS ------------------ ------------------ ------------------ Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income to to to to to to Average Average Average Average Average Average Portfolio Net Net Net Net Net Net Turnover Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate ---------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------- Class A (1/92) 2004(e) .88%* 4.40%* .88%* 4.40%* .87%* 4.41%* 6% 2003 .88 4.57 .88 4.57 .87 4.58 12 2002 .90 4.90 .90 4.90 .89 4.91 17 2001 .90 5.13 .90 5.13 .89 5.14 18 2000 1.01 5.04 1.01 5.05 1.00 5.06 54 1999 .90 4.63 .76 4.78 .75 4.78 27 Class B (2/97) 2004(e) 1.62* 3.65* 1.62* 3.65* 1.62* 3.66* 6 2003 1.63 3.81 1.63 3.81 1.62 3.82 12 2002 1.65 4.13 1.65 4.13 1.64 4.15 17 2001 1.65 4.38 1.65 4.38 1.64 4.39 18 2000 1.77 4.31 1.77 4.31 1.76 4.32 54 1999 1.65 3.89 1.51 4.03 1.51 4.03 27 Class C (2/97) 2004(e) 1.43* 3.85* 1.43* 3.85* 1.42* 3.86* 6 2003 1.43 4.01 1.43 4.01 1.42 4.02 12 2002 1.44 4.31 1.44 4.31 1.43 4.32 17 2001 1.45 4.58 1.45 4.58 1.44 4.59 18 2000 1.57 4.51 1.56 4.51 1.56 4.52 54 1999 1.45 4.10 1.32 4.23 1.32 4.23 27 Class R (2/97) 2004(e) .68* 4.60* .68* 4.60* .67* 4.61* 6 2003 .68 4.77 .68 4.77 .67 4.78 12 2002 .70 5.12 .70 5.12 .69 5.13 17 2001 .69 5.33 .69 5.33 .68 5.34 18 2000 .85 5.32 .85 5.32 .84 5.33 54 1999 .70 4.87 .59 4.97 .59 4.97 27 ----------------------------------------------------------------------------------------------------------
* Annualized. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) Total returns are calculated on net asset value without any sales charge and are not annualized. (c) After expense reimbursement from the Adviser, where applicable. (d) After custodian fee credit and expense reimbursement, where applicable. (e) For the six months ended November 30, 2003. See accompanying notes to financial statements. ---- 61 Selected data for a share outstanding throughout each
Class (Commencement Date) Investment Operations Less Distributions --------------------------- ----------------------- --------- KENTUCKY Net Realized/ Unrealized Beginning Net Invest- Net Ending Ending Net Invest- ment Invest- Net Net Asset ment Gain ment Capital Asset Total Assets Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) ----------------------------------------------------------------------------------------------------------------------------- Class A (5/87) 2004(e) $11.35 $.26 $(.17) $ .09 $(.27) $ -- $(.27) $11.17 .88% $ 424,738 2003 10.92 .53 .44 .97 (.53) (.01) (.54) 11.35 9.03 426,782 2002 10.80 .54 .12 .66 (.54) -- (.54) 10.92 6.22 407,706 2001 10.30 .55 .50 1.05 (.55) -- (.55) 10.80 10.40 403,793 2000 11.22 .55 (.92) (.37) (.55) -- (.55) 10.30 (3.27) 394,048 1999 11.39 .56 (.15) .41 (.56) (.02) (.58) 11.22 3.66 467,127 Class B (2/97) 2004(e) 11.35 .22 (.17) .05 (.22) -- (.22) 11.18 .59 21,585 2003 10.92 .45 .44 .89 (.45) (.01) (.46) 11.35 8.21 21,206 2002 10.80 .46 .12 .58 (.46) -- (.46) 10.92 5.42 16,808 2001 10.30 .47 .51 .98 (.48) -- (.48) 10.80 9.60 12,977 2000 11.22 .47 (.92) (.45) (.47) -- (.47) 10.30 (3.99) 10,148 1999 11.39 .48 (.15) .33 (.48) (.02) (.50) 11.22 2.90 9,923 Class C (10/93) 2004(e) 11.34 .23 (.17) .06 (.24) -- (.24) 11.16 .61 47,649 2003 10.91 .47 .44 .91 (.47) (.01) (.48) 11.34 8.45 50,194 2002 10.79 .48 .12 .60 (.48) -- (.48) 10.91 5.64 40,746 2001 10.29 .49 .50 .99 (.49) -- (.49) 10.79 9.80 35,770 2000 11.21 .50 (.93) (.43) (.49) -- (.49) 10.29 (3.82) 31,078 1999 11.38 .50 (.15) .35 (.50) (.02) (.52) 11.21 3.12 37,246 Class R (2/97) 2004(e) 11.33 .27 (.17) .10 (.27) -- (.27) 11.16 1.06 1,181 2003 10.90 .55 .44 .99 (.55) (.01) (.56) 11.33 9.23 1,172 2002 10.78 .57 .11 .68 (.56) -- (.56) 10.90 6.40 983 2001 10.27 .57 .51 1.08 (.57) -- (.57) 10.78 10.72 889 2000 11.20 .57 (.93) (.36) (.57) -- (.57) 10.27 (3.18) 842 1999 11.37 .58 (.15) .43 (.58) (.02) (.60) 11.20 3.89 839 -----------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date) Ratios/Supplemental Data ------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(c) Reimbursement(d) KENTUCKY ------------------ ------------------ ------------------ Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income to to to to to to Average Average Average Average Average Average Portfolio Net Net Net Net Net Net Turnover Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate ---------------------------------------------------------------------------------------------------------- Class A (5/87) 2004(e) .83%* 4.64%* .83%* 4.64%* .83%* 4.64%* 11% 2003 .84 4.79 .84 4.79 .83 4.79 14 2002 .85 4.99 .85 4.99 .84 5.00 14 2001 .87 5.11 .87 5.11 .85 5.13 14 2000 .96 5.23 .96 5.23 .96 5.23 7 1999 .84 4.88 .82 4.90 .82 4.90 10 Class B (2/97) 2004(e) 1.58* 3.89* 1.58* 3.89* 1.58* 3.89* 11 2003 1.59 4.04 1.59 4.04 1.58 4.04 14 2002 1.59 4.24 1.59 4.24 1.58 4.25 14 2001 1.62 4.36 1.62 4.36 1.60 4.38 14 2000 1.72 4.48 1.72 4.48 1.72 4.48 7 1999 1.59 4.13 1.57 4.15 1.56 4.16 10 Class C (10/93) 2004(e) 1.38* 4.09* 1.38* 4.09* 1.38* 4.09* 11 2003 1.39 4.24 1.39 4.24 1.38 4.24 14 2002 1.40 4.44 1.40 4.44 1.39 4.45 14 2001 1.42 4.56 1.42 4.56 1.40 4.58 14 2000 1.51 4.68 1.51 4.68 1.51 4.68 7 1999 1.39 4.33 1.37 4.36 1.37 4.36 10 Class R (2/97) 2004(e) .63* 4.84* .63* 4.84* .63* 4.84* 11 2003 .64 4.99 .64 4.99 .63 4.99 14 2002 .65 5.19 .65 5.19 .64 5.20 14 2001 .67 5.31 .67 5.31 .65 5.33 14 2000 .77 5.43 .77 5.43 .77 5.43 7 1999 .64 5.08 .62 5.10 .62 5.11 10 ----------------------------------------------------------------------------------------------------------
* Annualized. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) Total returns are calculated on net asset value without any sales charge and are not annualized. (c) After expense reimbursement from the Adviser, where applicable. (d) After custodian fee credit and expense reimbursement, where applicable. (e) For the six months ended November 30, 2003. See accompanying notes to financial statements. ---- 62 Financial Highlights (Unaudited) (continued) Selected data for a share outstanding throughout each period: Selected data for a share outstanding throughout each period:
Class (Commencement Date) Investment Operations Less Distributions --------------------------- ----------------------- -------- MICHIGAN Net Realized/ Unrealized Beginning Net Invest- Net Ending Ending Net Invest- ment Invest- Net Net Asset ment Gain ment Capital Asset Total Assets Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) ----------------------------------------------------------------------------------------------------------------------------- Class A (6/85) 2004(e) $12.16 $.28 $ (.33) $(.05) $(.28) $ -- $(.28) $11.83 (.39)% $191,933 2003 11.55 .55 .63 1.18 (.56) (.01) (.57) 12.16 10.40 204,652 2002 11.39 .56 .20 .76 (.57) (.03) (.60) 11.55 6.70 205,808 2001 10.75 .58 .63 1.21 (.57) -- (.57) 11.39 11.45 211,992 2000 11.83 .58 (1.03) (.45) (.58) (.05) (.63) 10.75 (3.80) 208,290 1999 12.07 .60 (.18) .42 (.60) (.06) (.66) 11.83 3.45 260,396 Class B (2/97) 2004(e) 12.18 .23 (.33) (.10) (.23) -- (.23) 11.85 (.77) 10,932 2003 11.57 .46 .63 1.09 (.47) (.01) (.48) 12.18 9.56 11,179 2002 11.41 .48 .19 .67 (.48) (.03) (.51) 11.57 5.88 9,214 2001 10.77 .50 .63 1.13 (.49) -- (.49) 11.41 10.61 8,642 2000 11.85 .50 (1.03) (.53) (.50) (.05) (.55) 10.77 (4.52) 7,741 1999 12.09 .51 (.18) .33 (.51) (.06) (.57) 11.85 2.69 7,733 Class C (6/93) 2004(e) 12.14 .24 (.32) (.08) (.25) -- (.25) 11.81 (.67) 40,394 2003 11.54 .49 .61 1.10 (.49) (.01) (.50) 12.14 9.71 43,693 2002 11.38 .50 .19 .69 (.50) (.03) (.53) 11.54 6.11 38,763 2001 10.74 .52 .63 1.15 (.51) -- (.51) 11.38 10.84 36,123 2000 11.82 .52 (1.03) (.51) (.52) (.05) (.57) 10.74 (4.35) 35,678 1999 12.06 .53 (.18) .35 (.53) (.06) (.59) 11.82 2.90 48,946 Class R (2/97) 2004(e) 12.16 .29 (.33) (.04) (.29) -- (.29) 11.83 (.29) 24,054 2003 11.56 .58 .61 1.19 (.58) (.01) (.59) 12.16 10.53 24,951 2002 11.39 .59 .20 .79 (.59) (.03) (.62) 11.56 6.99 23,643 2001 10.75 .60 .63 1.23 (.59) -- (.59) 11.39 11.63 22,799 2000 11.83 .60 (1.03) (.43) (.60) (.05) (.65) 10.75 (3.62) 22,035 1999 12.07 .62 (.18) .44 (.62) (.06) (.68) 11.83 3.66 26,310 -----------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date) Ratios/Supplemental Data ------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(c) Reimbursement(d) MICHIGAN ------------------ ------------------ ------------------ Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income to to to to to to Average Average Average Average Average Average Portfolio Net Net Net Net Net Net Turnover Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate ---------------------------------------------------------------------------------------------------------- Class A (6/85) 2004(e) .87%* 4.65%* .87%* 4.65%* .87%* 4.66%* 2% 2003 .86 4.67 .86 4.67 .86 4.67 10 2002 .87 4.86 .87 4.86 .87 4.86 19 2001 .87 5.15 .87 5.15 .86 5.16 11 2000 .97 5.22 .97 5.22 .96 5.22 28 1999 .84 4.94 .84 4.94 .84 4.94 18 Class B (2/97) 2004(e) 1.62* 3.91* 1.62* 3.91* 1.62* 3.91* 2 2003 1.61 3.91 1.61 3.91 1.61 3.92 10 2002 1.62 4.11 1.62 4.11 1.62 4.11 19 2001 1.62 4.40 1.62 4.40 1.61 4.41 11 2000 1.73 4.48 1.73 4.48 1.72 4.49 28 1999 1.60 4.20 1.60 4.20 1.60 4.20 18 Class C (6/93) 2004(e) 1.42* 4.10* 1.42* 4.10* 1.42* 4.11* 2 2003 1.41 4.12 1.41 4.12 1.41 4.12 10 2002 1.42 4.31 1.42 4.31 1.42 4.31 19 2001 1.42 4.60 1.42 4.60 1.41 4.61 11 2000 1.51 4.66 1.51 4.66 1.50 4.67 28 1999 1.39 4.39 1.39 4.39 1.39 4.39 18 Class R (2/97) 2004(e) .67* 4.85* .67* 4.85* .67* 4.86* 2 2003 .66 4.87 .66 4.87 .66 4.87 10 2002 .67 5.06 .67 5.06 .67 5.06 19 2001 .67 5.35 .67 5.35 .66 5.36 11 2000 .77 5.42 .77 5.42 .76 5.43 28 1999 .64 5.14 .64 5.14 .64 5.14 18 ----------------------------------------------------------------------------------------------------------
* Annualized. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) Total returns are calculated on net asset value without any sales charge and are not annualized. (c) After expense reimbursement from the Adviser, where applicable. (d) After custodian fee credit and expense reimbursement, where applicable. (e) For the six months ended November 30, 2003. See accompanying notes to financial statements. ---- 63 Financial Highlights (Unaudited) (continued) Selected data for a share outstanding throughout each period:
Class (Commencement Date) Investment Operations Less Distributions --------------------------- ----------------------- MISSOURI Net Realized/ Unrealized Beginning Net Invest- Net Ending Net Invest- ment Invest- Net Asset ment Gain ment Capital Asset Total Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) -------------------------------------------------------------------------------------------------------------------------- Class A (8/87) 2004(e) $11.30 $.25 $(.25) $ -- $(.25) $ -- $(.25) $11.05 .02% 2003 10.81 .51 .51 1.02 (.53) -- (.53) 11.30 9.63 2002 10.71 .54 .11 .65 (.55) -- (.55) 10.81 6.20 2001 10.18 .56 .53 1.09 (.56) -- (.56) 10.71 10.93 2000 11.12 .55 (.93) (.38) (.55) (.01) (.56) 10.18 (3.47) 1999 11.23 .55 (.11) .44 (.55) -- (.55) 11.12 3.95 Class B (2/97) 2004(e) 11.30 .21 (.25) (.04) (.21) -- (.21) 11.05 (.36) 2003 10.81 .43 .50 .93 (.44) -- (.44) 11.30 8.80 2002 10.71 .46 .11 .57 (.47) -- (.47) 10.81 5.38 2001 10.18 .48 .53 1.01 (.48) -- (.48) 10.71 10.10 2000 11.11 .47 (.93) (.46) (.46) (.01) (.47) 10.18 (4.13) 1999 11.23 .47 (.12) .35 (.47) -- (.47) 11.11 3.09 Class C (2/94) 2004(e) 11.29 .22 (.25) (.03) (.22) -- (.22) 11.04 (.26) 2003 10.81 .45 .49 .94 (.46) -- (.46) 11.29 8.93 2002 10.70 .48 .12 .60 (.49) -- (.49) 10.81 5.72 2001 10.17 .50 .53 1.03 (.50) -- (.50) 10.70 10.31 2000 11.11 .49 (.93) (.44) (.49) (.01) (.50) 10.17 (4.03) 1999 11.23 .49 (.12) .37 (.49) -- (.49) 11.11 3.31 Class R (2/97) 2004(e) 11.31 .26 (.25) .01 (.26) -- (.26) 11.06 .10 2003 10.82 .53 .50 1.03 (.54) -- (.54) 11.31 9.80 2002 10.71 .57 .11 .68 (.57) -- (.57) 10.82 6.47 2001 10.18 .58 .53 1.11 (.58) -- (.58) 10.71 11.11 2000 11.12 .57 (.93) (.36) (.57) (.01) (.58) 10.18 (3.29) 1999 11.23 .58 (.12) .46 (.57) -- (.57) 11.12 4.17 --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date) Ratios/Supplemental Data --------------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(c) Reimbursement(d) MISSOURI ------------------ ------------------ ------------------ Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income Ending to to to to to to Net Average Average Average Average Average Average Portfolio Assets Net Net Net Net Net Net Turnover Year Ended May 31, (000) Assets Assets Assets Assets Assets Assets Rate -------------------------------------------------------------------------------------------------------------------------- Class A (8/87) 2004(e) $232,024 .86%* 4.49%* .86%* 4.49%* .85%* 4.50%* 6% 2003 233,996 .86 4.65 .86 4.65 .85 4.66 14 2002 207,890 .87 5.02 .87 5.02 .86 5.03 13 2001 202,698 .87 5.31 .87 5.31 .87 5.31 13 2000 194,271 .96 5.25 .96 5.25 .95 5.26 21 1999 238,498 .86 4.87 .86 4.87 .86 4.87 12 Class B (2/97) 2004(e) 11,320 1.60* 3.74* 1.60* 3.74* 1.60* 3.75* 6 2003 11,912 1.61 3.90 1.61 3.90 1.60 3.91 14 2002 9,091 1.62 4.27 1.62 4.27 1.61 4.27 13 2001 6,991 1.62 4.55 1.62 4.55 1.61 4.56 13 2000 5,165 1.71 4.51 1.71 4.51 1.70 4.52 21 1999 5,286 1.61 4.12 1.61 4.13 1.61 4.13 12 Class C (2/94) 2004(e) 23,208 1.40* 3.95* 1.40* 3.95* 1.40* 3.95* 6 2003 23,336 1.41 4.10 1.41 4.10 1.40 4.11 14 2002 20,076 1.41 4.46 1.41 4.46 1.41 4.47 13 2001 12,589 1.42 4.76 1.42 4.76 1.42 4.76 13 2000 10,229 1.50 4.69 1.50 4.69 1.49 4.70 21 1999 13,444 1.41 4.32 1.41 4.32 1.41 4.32 12 Class R (2/97) 2004(e) 523 .66* 4.69* .66* 4.69* .65* 4.70* 6 2003 534 .66 4.86 .66 4.86 .65 4.86 14 2002 507 .67 5.22 .67 5.22 .66 5.23 13 2001 470 .67 5.51 .67 5.51 .67 5.51 13 2000 442 .77 5.47 .77 5.47 .76 5.48 21 1999 393 .66 5.07 .65 5.08 .65 5.08 12 --------------------------------------------------------------------------------------------------------------------------
* Annualized. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) Total returns are calculated on net asset value without any sales charge and are not annualized. (c) After expense reimbursement from the Adviser, where applicable. (d) After custodian fee credit and expense reimbursement, where applicable. (e) For the six months ended November 30, 2003. See accompanying notes to financial statements. ---- 64 Selected data for a share outstanding throughout each period:
Class (Commencement Date) Investment Operations Less Distributions --------------------------- ----------------------- OHIO Net Realized/ Unrealized Beginning Net Invest- Net Ending Net Invest- ment Invest- Net Year Ended Asset ment Gain ment Capital Asset Total May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) -------------------------------------------------------------------------------------------------------------------------- Class A (6/85) 2004(e) $11.78 $.27 $(.27) $ -- $(.27) $ -- $(.27) $11.51 .05% 2003 11.16 .54 .62 1.16 (.54) -- (.54) 11.78 10.65 2002 11.10 .55 .06 .61 (.55) -- (.55) 11.16 5.57 2001 10.62 .57 .48 1.05 (.57) -- (.57) 11.10 10.05 2000 11.57 .57 (.93) (.36) (.57) (.02) (.59) 10.62 (3.18) 1999 11.74 .58 (.13) .45 (.58) (.04) (.62) 11.57 3.92 Class B (2/97) 2004(e) 11.77 .23 (.27) (.04) (.23) -- (.23) 11.50 (.32) 2003 11.15 .45 .63 1.08 (.46) -- (.46) 11.77 9.85 2002 11.09 .47 .05 .52 (.46) -- (.46) 11.15 4.79 2001 10.62 .48 .48 .96 (.49) -- (.49) 11.09 9.16 2000 11.56 .49 (.93) (.44) (.48) (.02) (.50) 10.62 (3.82) 1999 11.73 .49 (.12) .37 (.50) (.04) (.54) 11.56 3.18 Class C (8/93) 2004(e) 11.76 .24 (.27) (.03) (.24) -- (.24) 11.49 (.21) 2003 11.15 .47 .62 1.09 (.48) -- (.48) 11.76 9.99 2002 11.09 .49 .06 .55 (.49) -- (.49) 11.15 5.01 2001 10.61 .51 .48 .99 (.51) -- (.51) 11.09 9.46 2000 11.56 .51 (.93) (.42) (.51) (.02) (.53) 10.61 (3.71) 1999 11.73 .52 (.13) .39 (.52) (.04) (.56) 11.56 3.39 Class R (2/97) 2004(e) 11.77 .28 (.27) .01 (.28) -- (.28) 11.50 .15 2003 11.15 .56 .62 1.18 (.56) -- (.56) 11.77 10.89 2002 11.09 .57 .06 .63 (.57) -- (.57) 11.15 5.80 2001 10.62 .59 .48 1.07 (.60) -- (.60) 11.09 10.19 2000 11.57 .60 (.94) (.34) (.59) (.02) (.61) 10.62 (2.97) 1999 11.73 .60 (.12) .48 (.60) (.04) (.64) 11.57 4.22 --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date) Ratios/Supplemental Data --------------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(c) Reimbursement(d) OHIO ------------------ ------------------ ------------------ Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income Ending to to to to to to Net Average Average Average Average Average Average Portfolio Year Ended Assets Net Net Net Net Net Net Turnover May 31, (000) Assets Assets Assets Assets Assets Assets Rate -------------------------------------------------------------------------------------------------------------------------- Class A (6/85) 2004(e) $366,283 .86%* 4.68%* .86%* 4.68%* .86%* 4.69%* 3% 2003 385,619 .87 4.69 .87 4.69 .87 4.69 12 2002 379,342 .86 4.93 .86 4.93 .86 4.93 21 2001 385,226 .86 5.13 .86 5.13 .85 5.13 12 2000 389,898 .90 5.25 .90 5.25 .89 5.25 11 1999 471,075 .85 4.94 .85 4.94 .85 4.94 11 Class B (2/97) 2004(e) 27,168 1.61* 3.94* 1.61* 3.94* 1.60* 3.94* 3 2003 28,080 1.62 3.94 1.62 3.94 1.61 3.94 12 2002 22,433 1.61 4.17 1.61 4.17 1.61 4.18 21 2001 19,846 1.61 4.37 1.61 4.37 1.60 4.37 12 2000 14,970 1.65 4.51 1.65 4.51 1.64 4.52 11 1999 14,494 1.61 4.20 1.61 4.20 1.61 4.20 11 Class C (8/93) 2004(e) 47,179 1.41* 4.14* 1.41* 4.14* 1.40* 4.14* 3 2003 50,999 1.42 4.14 1.42 4.14 1.41 4.14 12 2002 44,984 1.41 4.37 1.41 4.37 1.41 4.38 21 2001 41,396 1.41 4.57 1.41 4.57 1.40 4.58 12 2000 41,220 1.45 4.69 1.45 4.69 1.44 4.70 11 1999 50,889 1.40 4.39 1.40 4.39 1.40 4.39 11 Class R (2/97) 2004(e) 146,570 .66* 4.88* .66* 4.88* .66* 4.88* 3 2003 154,781 .67 4.89 .67 4.89 .67 4.89 12 2002 148,302 .66 5.12 .66 5.12 .66 5.13 21 2001 146,678 .66 5.32 .66 5.32 .65 5.33 12 2000 142,031 .70 5.45 .70 5.45 .69 5.46 11 1999 161,491 .65 5.14 .65 5.14 .65 5.14 11 --------------------------------------------------------------------------------------------------------------------------
* Annualized. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) Total returns are calculated on net asset value without any sales charge and are not annualized. (c) After expense reimbursement from the Adviser, where applicable. (d) After custodian fee credit and expense reimbursement, where applicable. (e) For the six months ended November 30, 2003. See accompanying notes to financial statements. ---- 65 Financial Highlights (Unaudited) (continued) Selected data for a share outstanding throughout each period:
Class (Commencement Date) Investment Operations Less Distributions --------------------------- ---------------------- ------- WISCONSIN Net Realized/ Unrealized Beginning Net Invest- Net Ending Ending Net Invest- ment Invest- Net Net Asset ment Gain ment Capital Asset Total Assets Year Ended May 31, Value Income(a) (Loss) Total Income Gains Total Value Return(b) (000) -------------------------------------------------------------------------------------------------------------------------- Class A (6/94) 2004(e) $10.62 $.21 $(.20) $ .01 $(.22) $ -- $(.22) $10.41 .04% $38,928 2003 10.14 .43 .49 .92 (.44) -- (.44) 10.62 9.41 42,360 2002 9.97 .44 .17 .61 (.44) -- (.44) 10.14 6.26 40,199 2001 9.24 .45 .72 1.17 (.44) -- (.44) 9.97 12.84 30,944 2000 10.20 .44 (.95) (.51) (.44) (.01) (.45) 9.24 (5.04) 30,146 1999 10.28 .47 (.08) .39 (.47) -- (.47) 10.20 3.83 29,217 Class B (2/97) 2004(e) 10.65 .18 (.20) (.02) (.19) -- (.19) 10.44 (.21) 4,798 2003 10.17 .36 .49 .85 (.37) -- (.37) 10.65 8.53 5,960 2002 10.00 .37 .17 .54 (.37) -- (.37) 10.17 5.49 5,224 2001 9.27 .38 .72 1.10 (.37) -- (.37) 10.00 11.98 4,401 2000 10.23 .37 (.95) (.58) (.37) (.01) (.38) 9.27 (5.75) 3,977 1999 10.31 .39 (.08) .31 (.39) -- (.39) 10.23 3.05 3,795 Class C (2/97) 2004(e) 10.65 .19 (.21) (.02) (.19) -- (.19) 10.44 (.12) 4,754 2003 10.16 .38 .50 .88 (.39) -- (.39) 10.65 8.83 4,536 2002 10.00 .39 .16 .55 (.39) -- (.39) 10.16 5.58 3,282 2001 9.26 .40 .73 1.13 (.39) -- (.39) 10.00 12.31 5,408 2000 10.22 .39 (.95) (.56) (.39) (.01) (.40) 9.26 (5.56) 4,366 1999 10.30 .41 (.07) .34 (.42) -- (.42) 10.22 3.29 3,457 Class R (2/97) 2004(e) 10.67 .23 (.21) .02 (.23) -- (.23) 10.46 .25 178 2003 10.18 .46 .50 .96 (.47) -- (.47) 10.67 9.62 176 2002 10.02 .47 .16 .63 (.47) -- (.47) 10.18 6.36 97 2001 9.28 .47 .73 1.20 (.46) -- (.46) 10.02 13.10 51 2000 10.23 .46 (.94) (.48) (.46) (.01) (.47) 9.28 (4.73) 45 1999 10.31 .49 (.08) .41 (.49) -- (.49) 10.23 4.04 107 --------------------------------------------------------------------------------------------------------------------------
Class (Commencement Date) Ratios/Supplemental Data ------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(c) Reimbursement(d) WISCONSIN ------------------ ------------------ ------------------ Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income to to to to to to Average Average Average Average Average Average Portfolio Net Net Net Net Net Net Turnover Year Ended May 31, Assets Assets Assets Assets Assets Assets Rate ---------------------------------------------------------------------------------------------------------- Class A (6/94) 2004(e) .92%* 4.11%* .92%* 4.11%* .91%* 4.13%* 4% 2003 .93 4.19 .93 4.19 .91 4.20 8 2002 .93 4.39 .93 4.39 .92 4.40 19 2001 .97 4.59 .97 4.59 .95 4.61 16 2000 1.14 4.50 1.02 4.62 1.01 4.63 26 1999 1.16 4.05 .68 4.53 .68 4.53 9 Class B (2/97) 2004(e) 1.67* 3.36* 1.67* 3.36* 1.66* 3.38* 4 2003 1.67 3.44 1.67 3.44 1.66 3.45 8 2002 1.68 3.65 1.68 3.65 1.67 3.66 19 2001 1.72 3.84 1.72 3.84 1.70 3.86 16 2000 1.89 3.75 1.76 3.87 1.75 3.88 26 1999 1.91 3.30 1.43 3.78 1.43 3.79 9 Class C (2/97) 2004(e) 1.47* 3.57* 1.47* 3.57* 1.46* 3.59* 4 2003 1.47 3.64 1.47 3.64 1.45 3.65 8 2002 1.51 3.85 1.51 3.85 1.49 3.86 19 2001 1.52 4.04 1.52 4.04 1.50 4.05 16 2000 1.69 3.95 1.57 4.07 1.56 4.08 26 1999 1.71 3.51 1.23 3.99 1.23 3.99 9 Class R (2/97) 2004(e) .73* 4.32* .73* 4.32* .71* 4.34* 4 2003 .72 4.39 .72 4.39 .70 4.41 8 2002 .73 4.60 .73 4.60 .72 4.62 19 2001 .77 4.79 .77 4.79 .75 4.80 16 2000 .92 4.67 .79 4.81 .78 4.82 26 1999 .96 4.26 .48 4.73 .48 4.74 9 ----------------------------------------------------------------------------------------------------------
* Annualized. (a) Per share Net Investment Income is calculated using the average daily shares method. (b) Total returns are calculated on net asset value without any sales charge and are not annualized. (c) After expense reimbursement from the Adviser, where applicable. (d) After custodian fee credit and expense reimbursement, where applicable. (e) For the six months ended November 30, 2003. See accompanying notes to financial statements. ---- 66 Notes ---- 67 Notes ---- 68 -------------------------------------------------------------------------------- Fund Information ================================================================================ Fund Manager Legal Counsel Transfer Agent and Nuveen Advisory Corp. Chapman and Cutler LLP Shareholder Services 333 West Wacker Drive Chicago, IL Boston Financial Chicago, IL 60606 Data Services, Inc. Independent Auditors Nuveen Investor Services PricewaterhouseCoopers LLP P.O. Box 8530 Chicago, IL Boston, MA 02266-8530 (800) 257-8787 Custodian State Street Bank & Trust Boston, MA ================================================================================ Glossary of Terms Used in this Report Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return (including change in NAV and reinvested dividends) that would have been necessary on an annual basis to equal the investment's actual performance over the time period being considered. Average Effective Maturity: The average of all the maturities of the bonds in a fund's portfolio, computed by weighting each maturity date (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions. Duration: Duration is a measure of a bond or bond fund's sensitivity to changes in interest rates. Generally, the longer a bond or fund's duration, the more the price of the bond or fund will change as interest rates change. Market Yield (also known as Dividend Yield or Current Yield): An investment's current annualized dividend divided by its current offering price. Net Asset Value (NAV): A fund's NAV is the dollar value of one share in the fund. It is calculated by subtracting the liabilities of the fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. SEC Yield: A standardized measure of a fund's yield that accounts for the future amortization of premiums or discounts of bonds held in the fund's portfolio. Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. ================================================================================ Proxy Voting Policies and Procedures: A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii) on the Commission's website at http://www.sec.gov. ================================================================================ NASD Regulation, Inc. provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of NASD members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.nasdr.com. NASD Regulation, Inc. also provides an investor brochure that includes information describing the Public Disclosure Program. ---- 69 -------------------------------------------------------------------------------- Serving Investors for Generations -------------------------------------------------------------------------------- Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. Managing $90 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in tax-free investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. To learn more about the products and services Nuveen Investments offers and for a prospectus, where applicable, talk to your financial advisor, or call us at (800) 257-8787. Please read the information carefully before you invest. Distributed by Nuveen Investments, LLC 333 West Wacker Drive Chicago, Illinois 60606 www.nuveen.com
MSA-MS6-1103D ITEM 2. CODE OF ETHICS. Not applicable for this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable for this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable at this time. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS Not applicable to this registrant. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES Not applicable to this registrant. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS Not applicable to this registrant. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS Not applicable at this time. ITEM 10. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment hereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because posted on registrant's website at www.nuveen.com/mf. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: EX-99.CERT Attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 or Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference. EX-99.906CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Multistate Trust IV -------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ------------------------------------------- Jessica R. Droeger Vice President and Secretary Date February 4, 2004 ---------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (Principal Executive Officer) Date February 4, 2004 ---------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ------------------------------------------- Stephen D. Foy Vice President and Controller (Principal Financial Officer) Date February 4, 2004 ---------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.