N-30D 1 dn30d.txt NUVEEN MULTISTATE TRUST IV NUVEEN Investments Nuveen Municipal Bond Funds Semiannual Report dated November 30, 2001 Dependable, tax-free income to help you keep more of what you earn. [PHOTOS APPEAR HERE] 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 ------------------------------------------------------------------------------- Less mail more freedom with online fund reports There is a new way to receive your Nuveen Fund updates faster than ever. Nuveen now can link you with electronic versions of the important financial information we send you by regular mail. By registering for online access via the internet, you will be able to view and save the Fund information you currently receive in the mail. This information can be stored on your computer and retrieved any time. In addition, you can select only the specific pages you want to view or print. With this new service, you'll receive an e-mail notice the moment Fund reports are ready. This notice will contain a link to the report - all you have to do is click your computer mouse on the internet address provided. You'll be saving time, as well as saving your Fund paper, printing and distribution expenses. Registering for electronic access is easy and only takes a few minutes. (see below) The e-mail address you provide is strictly confidential and will not be used for anything other than notifications of shareholder information. And if you decide you don't like receiving your reports electronically, it's a simple process to go back to regular mail delivery. Sign up today -- here's what you need to do... =============================================================================== If your Nuveen Fund dividends are PAID TO YOUR BROKERAGE ACCOUNT, follow the steps outlined below: 1. Go to www.investordelivery.com 2. Look at the address sheet that accompanied this report. Enter the personal 13-character enrollment number imprinted near your name on the address sheet. 3. You'll be taken to a page with several options. Select the New Enrollment- Create screen. Once there, enter your e-mail address (yourID@providerID.com), and a personal, 4-digit PIN of your choice. (Pick a number that's easy to remember.) 4. Click Submit. Confirm the information you just entered is correct, then click Submit again. 5. 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. 6. Use this same process if you need to change your registration information or cancel internet viewing. If your Nuveen Fund dividends COME DIRECTLY TO YOU FROM NUVEEN, follow the steps outlined below: 1. Go to www.nuveen.com 2. Select the Access Account tab. Select the E-Report Enrollment section. Click on Enrollment Page. 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 predeced by or accompanied by a prospectus. ------------------------------------------------------------------------------- Dear Shareholder, [PHOTO OF TIMOTHY R. SCHWERTFEGER APPEARS HERE] In the aftermath of September 11, the financial markets have reacted with volatility and uncertainty as investors attempt to better understand how the U.S. and world economies are likely to perform in the months ahead. It's too soon to tell what the long-term impact will be on the markets or your Fund, but one thing that is increasingly clear to us is that a diversified portfolio that includes high quality municipal bonds can leave you well positioned to reduce overall investment volatility. For example, during the period covered by this report, your Nuveen Fund continued to meet its primary objective of providing you with dependable, tax- free income to help you keep more of what you earn. Detailed information on your Fund's performance can be found in the Fund Spotlight later in this report. In addition to providing you with high current income exempt from federal taxes, your Nuveen Fund also features several characteristics that can help make it an essential part of your overall investment strategy. These include careful research, constant surveillance and broad trading execution by Nuveen's seasoned portfolio management team, with every action designed to supplement income, improve Fund structure, better adapt to current market conditions or increase diversification. In turbulent times like these, prudent investors understand the importance of diversification, balance, and risk management, all attributes your Nuveen Fund can bring to your portfolio. For more than 100 years, Nuveen has specialized in offering quality investments such as these Nuveen Funds to those seeking to accumulate and preserve wealth and establish a lasting legacy. Our mission continues to be to assist you and your financial advisor by offering the investment services and products that can help you invest well and leave your mark for future generations. We thank you for continuing to choose Nuveen Investments as your partner as you work toward that goal. Sincerely, [/s/ Timothy R. Schwertfeger] Timothy R. Schwertfeger Chairman of the Board January 15, 2002 =======================================
Dear Shareholder..................... 1 Market Commentary.................... 2 Kansas Spotlight..................... 3 Kentucky Spotlight................... 4 Michigan Spotlight................... 5 Missouri Spotlight................... 6 Ohio Spotlight....................... 7 Wisconsin Spotlight.................. 8 Portfolio of Investments............. 9 Statement of Net Assets..............43 Statement of Operations..............44 Statement of Changes in Net Assets...45 Notes to Financial Statements........48 Financial Highlights.................56 Fund Information.....................65
Page 1 ------------------------------------------------------------------------------- Market Commentary Nuveen Research =============================================================================== Continued uncertainty and volatile equity markets characterized the economic landscape over the six-months ended November 30, 2001. Many observers now believe that the United States has been in a recession since the spring. Since our last report, unemployment has risen, corporate capital expenditures have dropped and indicators of consumer sentiment have declined. The Federal Reserve has responded by cutting the fed funds rate 11 times through the course of 2001 to eventually reach 1.75%, the lowest level in 40 years. Partially as a result of these lower rates and weaker economic conditions, the general municipal market performed well over this reporting period. The yield of the widely followed Bond Buyer 20 Municipal Bond Index fell to 5.15% as of November 30, 2001, compared with 5.28% six months earlier. Low interest rates and a slowing economy also caused new municipal issuance to grow, with new issue supply topping $252 billion for the 11 months ended November 30, 2001, a 37% increase over the same period in 2000. Some of this increase in volume may have been driven by economic conditions that made it more difficult for municipalities to finance projects from current revenues. The erosion of tax bases caused by the declining economy, increased expenses for Medicaid, additional unemployment compensation claims, and unanticipated expenses related to homeland security may cause issuers to continue feeling the pinch in revenues as we head into 2002. Some recent surveys of governors and state budget officers indicate that state budget shortfalls for fiscal year 2002 could rise to between $40 and $50 billion. While the rainy-day funds which states built up over the prolonged growth during the mid- to late- 1990s should leave states in a better position than they were in the previous recession of 1991-92, some officials now fear that this recession, and thus also state budget shortfalls, may be deeper than last time. As we look toward the next six to twelve months, we anticipate there may be some degree of improvement in the economy, given the government's focus on stimulating consumer demand. However, since many consumers are already carrying large amounts of personal debt, near-term recovery may be muted until corporate capital expenditures start to rebound. Absent global deflation, we expect the fed funds rate to remain stable or gradually to drift higher as we move through 2002. Page 2
-------------------------------------------------------------------------------- Fund Spotlight As of November 30, 2001 Nuveen Kansas Municipal Bond Fund ================================================================================ Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------------------- NAV $10.26 $10.19 $10.27 $10.30 -------------------------------------------------------------------------- Latest Dividend/1/ $0.0430 $0.0365 $0.0385 $0.0450 -------------------------------------------------------------------------- CUSIP 67065R101 67065R200 67065R309 67065R408 -------------------------------------------------------------------------- Inception Date 1/92 2/97 2/97 2/97 --------------------------------------------------------------------------
Annualized Total Returns as of 11/30/01/2/ A Shares NAV Offer 1-Year 8.40% 3.81% ------------------------------------------ 5-Year 5.19% 4.29% ------------------------------------------ Since Inception 6.15% 5.69% ------------------------------------------ B Shares w/o CDSC w/CDSC 1-Year 7.54% 3.54% ------------------------------------------ 5-Year 4.30% 4.14% ------------------------------------------ Since Inception 5.56% 5.56% ------------------------------------------ C Shares NAV 1-Year 7.72% ------------------------------------------ 5-Year 4.66% ------------------------------------------ Since Inception 5.70% ------------------------------------------ R Shares NAV 1-Year 8.51% ------------------------------------------ 5-Year 5.49% ------------------------------------------ Since Inception 6.30% ------------------------------------------ Tax-Free Yields as of 11/30/01 A Shares NAV Offer SEC 30-Day Yield 4.36% 4.18% ------------------------------------------ Taxable-Equivalent Yield/3/ 6.71% 6.43% ------------------------------------------ B Shares NAV SEC 30-Day Yield 3.60% ------------------------------------------ Taxable-Equivalent Yield/3/ 5.54% ------------------------------------------ C Shares NAV SEC 30-Day Yield 3.81% ------------------------------------------ Taxable-Equivalent Yield/3/ 5.86% ------------------------------------------ R Shares NAV SEC 30-Day Yield 4.57% ------------------------------------------ Taxable-Equivalent Yield/3/ 7.03% ------------------------------------------ Annualized Total Returns as of 9/30/01/2/ A Shares NAV Offer 1-Year 9.62% 5.05% ------------------------------------------ 5-Year 5.67% 4.77% ------------------------------------------ Since Inception 6.22% 5.75% ------------------------------------------ B Shares w/o CDSC w/CDSC 1-Year 8.87% 4.87% ------------------------------------------ 5-Year 4.79% 4.62% ------------------------------------------ Since Inception 5.62% 5.62% ------------------------------------------ C Shares NAV 1-Year 9.02% ------------------------------------------ 5-Year 5.17% ------------------------------------------ Since Inception 5.78% ------------------------------------------ R Shares NAV 1-Year 9.93% ------------------------------------------ 5-Year 5.98% ------------------------------------------ Since Inception 6.38% ------------------------------------------ Top Five Sectors/4/ Healthcare 19% ------------------------------------------ Tax Obligation (Limited) 17% ------------------------------------------ Housing (Multifamily) 14% ------------------------------------------ U.S. Guaranteed 11% ------------------------------------------ Housing (Single Family) 9% ------------------------------------------ Portfolio Statistics Total Net Assets $113.5 million ------------------------------------------ Average Duration 7.66 ------------------------------------------ Average Effective Maturity 19.90 years ------------------------------------------
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. 1 Paid December 3, 2001. This is the latest monthly dividend declared during the period ended November 30, 2001. 2 Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and 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 CDSC 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 one year, which is not reflected in the one-year total return. 3 Based on the SEC 30-Day Yield and a combined federal and state income tax rate of 35%. 4 As a percentage of total bond holdings as of November 30, 2001. Holdings are subject to change. Page 3
-------------------------------------------------------------------------------- Fund Spotlight As of November 30, 2001 Nuveen Kentucky Municipal Bond Fund ================================================================================ Quick Facts A Shares B Shares C Shares R Shares ------------------------------------------------------------------------ NAV $10.92 $10.92 $10.91 $10.90 ------------------------------------------------------------------------ Latest Dividend/1/ $0.0445 $0.0375 $0.0395 $0.0460 ------------------------------------------------------------------------ CUSIP 67065R507 67065R606 67065R705 67065R804 ------------------------------------------------------------------------ Inception Date 5/87 2/97 10/93 2/97 ------------------------------------------------------------------------
Annualized Total Returns as of 11/30/01/2/ A Shares NAV Offer 1-Year 7.90% 3.34% ----------------------------------------------------------- 5-Year 4.93% 4.03% ----------------------------------------------------------- 10-Year 6.30% 5.85% ----------------------------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 7.02% 3.02% ----------------------------------------------------------- 5-Year 4.16% 3.99% ----------------------------------------------------------- 10-Year 5.78% 5.78% ----------------------------------------------------------- C Shares NAV 1-Year 7.22% ----------------------------------------------------------- 5-Year 4.36% ----------------------------------------------------------- 10-Year 5.72% ----------------------------------------------------------- R Shares NAV 1-Year 8.10% ----------------------------------------------------------- 5-Year 5.09% ----------------------------------------------------------- 10-Year 6.39% ----------------------------------------------------------- Tax-Free Yields as of 11/30/01 A Shares NAV Offer SEC 30-Day Yield 4.18% 4.01% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 6.38% 6.12% ----------------------------------------------------------- B Shares NAV SEC 30-Day Yield 3.43% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 5.24% ----------------------------------------------------------- C Shares NAV SEC 30-Day Yield 3.63% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 5.54% ----------------------------------------------------------- R Shares NAV SEC 30-Day Yield 4.39% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 6.70% ----------------------------------------------------------- Annualized Total Returns as of 9/30/01/2/ A Shares NAV Offer 1-Year 8.77% 4.24% ----------------------------------------------------------- 5-Year 5.36% 4.46% ----------------------------------------------------------- 10-Year 6.35% 5.90% ----------------------------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 7.98% 3.98% ----------------------------------------------------------- 5-Year 4.60% 4.43% ----------------------------------------------------------- 10-Year 5.83% 5.83% ----------------------------------------------------------- C Shares NAV 1-Year 8.18% ----------------------------------------------------------- 5-Year 4.77% ----------------------------------------------------------- 10-Year 5.76% ----------------------------------------------------------- R Shares NAV 1-Year 8.97% ----------------------------------------------------------- 5-Year 5.52% ----------------------------------------------------------- 10-Year 6.43% ----------------------------------------------------------- Top Five Sectors/4/ Tax Obligation (Limited) 25% ----------------------------------------------------------- Healthcare 13% ----------------------------------------------------------- Utilities 9% ----------------------------------------------------------- U.S. Guaranteed 8% ----------------------------------------------------------- Water and Sewer 8% ----------------------------------------------------------- Portfolio Statistics Total Net Assets $462.8 million ----------------------------------------------------------- Average Duration 6.38 ----------------------------------------------------------- Average Effective Maturity 18.94 years -----------------------------------------------------------
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. 1 Paid December 3, 2001. This is the latest monthly dividend declared during the period ended November 30, 2001. 2 Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and 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 CDSC 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 one year, which is not reflected in the one-year total return. 3 Based on the SEC 30-Day Yield and a combined federal and state income tax rate of 34.5%. 4 As a percentage of total bond holdings as of November 30, 2001. Holdings are subject to change. Page 4
-------------------------------------------------------------------------------- Fund Spotlight As of November 30, 2001 Nuveen Michigan Municipal Bond Fund ================================================================================ Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------------------- NAV $11.65 $11.66 $11.64 $11.65 -------------------------------------------------------------------------- Latest Dividend/1/ $0.0465 $0.0390 $0.0410 $0.0485 -------------------------------------------------------------------------- CUSIP 67065R853 67065R846 67065R838 67065R820 -------------------------------------------------------------------------- Inception Date 6/85 2/97 6/93 2/97 --------------------------------------------------------------------------
Annualized Total Returns as of 11/30/01/2/ A Shares NAV Offer 1-Year 9.88% 5.25% --------------------------------------- 5-Year 5.19% 4.28% --------------------------------------- 10-Year 6.38% 5.92% --------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 9.06% 5.06% --------------------------------------- 5-Year 4.42% 4.25% --------------------------------------- 10-Year 5.86% 5.86% --------------------------------------- C Shares NAV 1-Year 9.37% --------------------------------------- 5-Year 4.63% --------------------------------------- 10-Year 5.76% --------------------------------------- R Shares NAV 1-Year 10.06% --------------------------------------- 5-Year 5.37% --------------------------------------- 10-Year 6.48% --------------------------------------- Tax-Free Yields as of 11/30/01 A Shares NAV Offer SEC 30-Day Yield 4.08% 3.91% --------------------------------------- Taxable-Equivalent Yield/3/ 6.14% 5.88% --------------------------------------- B Shares NAV SEC 30-Day Yield 3.33% --------------------------------------- Taxable-Equivalent Yield/3/ 5.01% --------------------------------------- C Shares NAV SEC 30-Day Yield 3.53% --------------------------------------- Taxable-Equivalent Yield/3/ 5.31% --------------------------------------- R Shares NAV SEC 30-Day Yield 4.29% --------------------------------------- Taxable-Equivalent Yield/3/ 6.45% --------------------------------------- Annualized Total Returns as of 9/30/01/2/ A Shares NAV Offer 1-Year 10.62% 5.94% --------------------------------------- 5-Year 5.65% 4.74% --------------------------------------- 10-Year 6.42% 5.96% --------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 9.79% 5.79% --------------------------------------- 5-Year 4.91% 4.74% --------------------------------------- 10-Year 5.90% 5.90% --------------------------------------- C Shares NAV 1-Year 10.00% --------------------------------------- 5-Year 5.07% --------------------------------------- 10-Year 5.80% --------------------------------------- R Shares NAV 1-Year 10.79% --------------------------------------- 5-Year 5.83% --------------------------------------- 10-Year 6.51% --------------------------------------- Top Five Sectors/4/ Tax Obligation (General) 28% --------------------------------------- Healthcare 15% --------------------------------------- Tax Obligation (Limited) 14% --------------------------------------- Water and Sewer 11% --------------------------------------- U.S. Guaranteed 10% --------------------------------------- Portfolio Statistics Total Net Assets $282.6 million --------------------------------------- Average Duration 7.96 --------------------------------------- Average Effective Maturity 18.70 years ---------------------------------------
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. 1 Paid December 3, 2001. This is the latest monthly dividend declared during the period ended November 30, 2001. 2 Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and 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 CDSC 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 one year, which is not reflected in the one-year total return. 3 Based on the SEC 30-Day Yield and a combined federal and state income tax rate of 33.5%. 4 As a percentage of total bond holdings as of November 30, 2001. Holdings are subject to change. Page 5
-------------------------------------------------------------------------------- Fund Spotlight As of November 30, 2001 Nuveen Missouri Municipal Bond Fund ================================================================================ Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------------------------- NAV $10.86 $10.86 $10.85 $10.86 -------------------------------------------------------------------------------- Latest Dividend/1/ $0.0455 $0.0385 $0.0405 $0.0470 -------------------------------------------------------------------------------- CUSIP 67065R812 67065R796 67065R788 67065R770 -------------------------------------------------------------------------------- Inception Date 8/87 2/97 2/94 2/97 --------------------------------------------------------------------------------
Annualized Total Returns as of 11/30/01/2/ A Shares NAV Offer 1-Year 8.63% 4.08% ------------------------------------------- 5-Year 5.19% 4.28% ------------------------------------------- 10-Year 6.39% 5.94% ------------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 7.80% 3.80% ------------------------------------------- 5-Year 4.41% 4.24% ------------------------------------------- 10-Year 5.87% 5.87% ------------------------------------------- C Shares NAV 1-Year 7.93% ------------------------------------------- 5-Year 4.61% ------------------------------------------- 10-Year 5.80% ------------------------------------------- R Shares NAV 1-Year 8.81% ------------------------------------------- 5-Year 5.38% ------------------------------------------- 10-Year 6.49% ------------------------------------------- Tax-Free Yields as of 11/30/01 A Shares NAV Offer SEC 30-Day Yield 4.16% 3.99% ------------------------------------------- Taxable-Equivalent Yield/3/ 6.35% 6.09% ------------------------------------------- B Shares NAV SEC 30-Day Yield 3.41% ------------------------------------------- Taxable-Equivalent Yield/3/ 5.21% ------------------------------------------- C Shares NAV SEC 30-Day Yield 3.61% ------------------------------------------- Taxable-Equivalent Yield/3/ 5.51% ------------------------------------------- R Shares NAV SEC 30-Day Yield 4.37% ------------------------------------------- Taxable-Equivalent Yield/3/ 6.67% ------------------------------------------- Annualized Total Returns as of 9/30/01/2/ A Shares NAV Offer 1-Year 10.02% 5.38% ------------------------------------------- 5-Year 5.70% 4.79% ------------------------------------------- 10-Year 6.47% 6.02% ------------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 9.18% 5.18% ------------------------------------------- 5-Year 4.92% 4.76% ------------------------------------------- 10-Year 5.94% 5.94% ------------------------------------------- C Shares NAV 1-Year 9.41% ------------------------------------------- 5-Year 5.14% ------------------------------------------- 10-Year 5.89% ------------------------------------------- R Shares NAV 1-Year 10.30% ------------------------------------------- 5-Year 5.90% ------------------------------------------- 10-Year 6.57% ------------------------------------------- Top Five Sectors/4/ Tax Obligation (Limited) 17% ------------------------------------------- Education and Civic Organizations 13% ------------------------------------------- Healthcare 13% ------------------------------------------- U.S. Guaranteed 12% ------------------------------------------- Long-Term Care 12% ------------------------------------------- Portfolio Statistics Total Net Assets $232.1 million ------------------------------------------- Average Duration 7.35 ------------------------------------------- Average Effective Maturity 19.02 years -------------------------------------------
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. 1 Paid December 3, 2001. This is the latest monthly dividend declared during the period ended November 30, 2001. 2 Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and 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 CDSC 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 one year, which is not reflected in the one-year total return. 3 Based on the SEC 30-Day Yield and a combined federal and state income tax rate of 34.5%. 4 As a percentage of total bond holdings as of November 30, 2001. Holdings are subject to change. Page 6
-------------------------------------------------------------------------------- Fund Spotlight As of November 30, 2001 Nuveen Ohio Municipal Bond Fund ================================================================================ Quick Facts A Shares B Shares C Shares R Shares ------------------------------------------------------------------------ NAV $11.21 $11.20 $11.20 $11.20 ------------------------------------------------------------------------ Latest Dividend/1/ $0.0450 $0.0380 $0.0400 $0.0470 ------------------------------------------------------------------------ CUSIP 67065R762 67065R754 67065R747 67065R739 ------------------------------------------------------------------------ Inception Date 6/85 2/97 8/93 2/97 ------------------------------------------------------------------------
Annualized Total Returns as of 11/30/01/2/ A Shares NAV Offer 1-Year 7.15% 2.67% ----------------------------------------------------------- 5-Year 4.79% 3.89% ----------------------------------------------------------- 10-Year 5.96% 5.50% ----------------------------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 6.37% 2.37% ----------------------------------------------------------- 5-Year 4.02% 3.85% ----------------------------------------------------------- 10-Year 5.45% 5.45% ----------------------------------------------------------- C Shares NAV 1-Year 6.59% ----------------------------------------------------------- 5-Year 4.22% ----------------------------------------------------------- 10-Year 5.39% ----------------------------------------------------------- R Shares NAV 1-Year 7.29% ----------------------------------------------------------- 5-Year 4.99% ----------------------------------------------------------- 10-Year 6.06% ----------------------------------------------------------- Tax-Free Yields as of 11/30/01 A Shares NAV Offer SEC 30-Day Yield 4.00% 3.83% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 6.20% 5.94% ----------------------------------------------------------- B Shares NAV SEC 30-Day Yield 3.24% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 5.02% ----------------------------------------------------------- C Shares NAV SEC 30-Day Yield 3.44% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 5.33% ----------------------------------------------------------- R Shares NAV SEC 30-Day Yield 4.20% ----------------------------------------------------------- Taxable-Equivalent Yield/3/ 6.51% ----------------------------------------------------------- Annualized Total Returns as of 9/30/01/2/ A Shares NAV Offer 1-Year 8.09% 3.55% ----------------------------------------------------------- 5-Year 5.23% 4.33% ----------------------------------------------------------- 10-Year 6.02% 5.57% ----------------------------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 7.31% 3.31% ----------------------------------------------------------- 5-Year 4.46% 4.30% ----------------------------------------------------------- 10-Year 5.50% 5.50% ----------------------------------------------------------- C Shares NAV 1-Year 7.52% ----------------------------------------------------------- 5-Year 4.66% ----------------------------------------------------------- 10-Year 5.45% ----------------------------------------------------------- R Shares NAV 1-Year 8.42% ----------------------------------------------------------- 5-Year 5.44% ----------------------------------------------------------- 10-Year 6.13% ----------------------------------------------------------- Top Five Sectors/4/ Tax Obligation (General) 21% ----------------------------------------------------------- Healthcare 16% ----------------------------------------------------------- U.S. Guaranteed 16% ----------------------------------------------------------- Utilities 10% ----------------------------------------------------------- Tax Obligation (Limited) 7% ----------------------------------------------------------- Portfolio Statistics Total Net Assets $603.5 million ----------------------------------------------------------- Average Duration 6.93 ----------------------------------------------------------- Average Effective Maturity 17.37 years -----------------------------------------------------------
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. 1 Paid December 3, 2001. This is the latest monthly dividend declared during the period ended November 30, 2001. 2 Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and 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 CDSC 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 one year, which is not reflected in the one-year total return. 3 Based on the SEC 30-Day Yield and a combined federal and state income tax rate of 35.5%. 4 As a percentage of total bond holdings as of November 30, 2001. Holdings are subject to change. Page 7
-------------------------------------------------------------------------------- Fund Spotlight As of November 30, 2001 Nuveen Wisconsin Municipal Bond Fund ================================================================================ Quick Facts A Shares B Shares C Shares R Shares -------------------------------------------------------------------------- NAV $10.13 $10.15 $10.15 $10.17 -------------------------------------------------------------------------- Latest Dividend/1/ $0.0370 $0.0310 $0.0325 $0.0390 -------------------------------------------------------------------------- CUSIP 67065R721 67065R713 67065R697 67065R689 -------------------------------------------------------------------------- Inception Date 6/94 2/97 2/97 2/97 --------------------------------------------------------------------------
Annualized Total Returns as of 11/30/01/2/ A Shares NAV Offer 1-Year 8.56% 3.97% ----------------------------------------- 5-Year 5.28% 4.39% ----------------------------------------- Since Inception 5.71% 5.11% ----------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 7.66% 3.66% ----------------------------------------- 5-Year 4.54% 4.37% ----------------------------------------- Since Inception 5.02% 5.02% ----------------------------------------- C Shares NAV 1-Year 7.97% ----------------------------------------- 5-Year 4.76% ----------------------------------------- Since Inception 5.24% ----------------------------------------- R Shares NAV 1-Year 8.74% ----------------------------------------- 5-Year 5.54% ----------------------------------------- Since Inception 5.89% ----------------------------------------- Tax-Free Yields as of 11/30/01 A Shares NAV Offer SEC 30-Day Yield 3.86% 3.70% ----------------------------------------- Taxable-Equivalent Yield/3/ 5.94% 5.69% ----------------------------------------- B Shares NAV SEC 30-Day Yield 3.11% ----------------------------------------- Taxable-Equivalent Yield/3/ 4.78% ----------------------------------------- C Shares NAV SEC 30-Day Yield 3.31% ----------------------------------------- Taxable-Equivalent Yield/3/ 5.09% ----------------------------------------- R Shares NAV SEC 30-Day Yield 4.07% ----------------------------------------- Taxable-Equivalent Yield/3/ 6.26% ----------------------------------------- Annualized Total Returns as of 9/30/01/2/ A Shares NAV Offer 1-Year 10.03% 5.45% ----------------------------------------- 5-Year 5.78% 4.87% ----------------------------------------- Since Inception 5.81% 5.19% ----------------------------------------- B Shares w/o CDSC w/CDSC 1-Year 9.22% 5.22% ----------------------------------------- 5-Year 5.06% 4.89% ----------------------------------------- Since Inception 5.14% 5.14% ----------------------------------------- C Shares NAV 1-Year 9.42% ----------------------------------------- 5-Year 5.26% ----------------------------------------- Since Inception 5.34% ----------------------------------------- R Shares NAV 1-Year 10.20% ----------------------------------------- 5-Year 6.03% ----------------------------------------- Since Inception 5.99% ----------------------------------------- Top Five Sectors/4/ Tax Obligation (Limited) 54% ----------------------------------------- Housing (Multifamily) 10% ----------------------------------------- U.S. Guaranteed 9% ----------------------------------------- Healthcare 5% ----------------------------------------- Utilities 4% ----------------------------------------- Portfolio Statistics Total Net Assets $45.7 million ----------------------------------------- Average Duration 7.88 ----------------------------------------- Average Effective Maturity 20.28 years -----------------------------------------
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. 1 Paid December 3, 2001. This is the latest monthly dividend declared during the period ended November 30, 2001. 2 Class A share returns are actual. Class B, C and R share returns are actual for the period since class inception; returns prior to class inception are Class A share returns adjusted for differences in sales charges and 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 CDSC 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 one year, which is not reflected in the one-year total return. 3 Based on the SEC 30-Day Yield and a combined federal and state income tax rate of 35%. 4 As a percentage of total bond holdings as of November 30, 2001. Holdings are subject to change. Page 8 Portfolio of Investments (Unaudited) Nuveen Kansas Municipal Bond Fund November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Basic Materials - 4.2% $ 1,000 Dodge City, Kansas, 5/02 at 102 Aa3 $ 1,036,000 Pollution Control Revenue Refunding Bonds (Excel Corporation Project - Cargill, Inc.), Series 1992, 6.625%, 5/01/05 3,700 Ford County, Kansas, 6/08 at 102 A+ 3,702,738 Sewage and Solid Waste Disposal Revenue Bonds (Excel Corporation Project - Cargill, Inc.), Series 1998, 5.400%, 6/01/28 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Capital Goods - 5.0% 4,550 City of Clearwater, 2/02 at 101 A+ 4,621,708 Kansas, Pollution Control Refunding Revenue Bonds (Vulcan Materials Company), Series 1992, 6.375%, 2/01/12 1,000 City of Wichita, Kansas, 8/07 at 100 AA- 1,037,180 Industrial Revenue Bonds (NMF America, Inc.), Series 2000, 5.800%, 8/01/15 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Consumer Cyclicals - 0.5% 500 Wichita Airport Authority, 3/02 at 102 AA 514,135 Kansas, Airport Facilities Refunding Revenue Bonds (Wichita Airport Hotel Associates - L.P. Project), Series 1992, 7.000%, 3/01/05 ------------------------------------------------------------------------------- Consumer Staples - 3.3% The Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Series 2000: 1,215 5.750%, 7/01/12 7/10 at 100 Aa3 1,308,227 470 5.750%, 7/01/20 7/10 at 100 Aa3 494,844 2,000 City of Garden, Kansas, 9/07 at 102 BBB+ 1,950,280 Sewage Disposal Revenue Bonds (Monfort, Inc. Project, ConAgra, Inc. - Guarantor), Series 1997, 5.750%, 9/01/17 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Education and Civic Organizations - 3.6% 2,465 Neosho County Community 6/09 at 100 N/R 2,573,633 College, Kansas, Refunding and Improvement Revenue Bonds (Student Union and Dormitory System), Series 1999, 7.000%, 6/01/30 1,500 Puerto Rico Industrial, 2/09 at 101 BBB 1,476,765 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds (Ana G. Mendez University System Project), Series 1999, 5.375%, 2/01/19 ------------------------------------------------------------------------------- Healthcare - 18.3% 5,630 Colby, Kansas, Health 8/08 at 100 N/R 4,883,518 Facilities Refunding Revenue Bonds (Citizens Medical Center, Inc.), Series 1998, 5.625%, 8/15/16 4,580 Kansas Development Finance 6/10 at 101 AA 5,126,806 Authority, Health Facilities Revenue Bonds (Sisters of Charity of Leavenworth Health Services Corporation), Series 2000K, 6.500%, 12/01/16 City of Lawrence, Kansas, Hospital Revenue Bonds (The Lawrence Memorial Hospital), Series 1994: 575 6.200%, 7/01/14 7/04 at 100 Baa1 588,754 400 6.200%, 7/01/19 7/04 at 100 Baa1 406,456 1,110 City of Lawrence, Kansas, 7/09 at 100 AA 1,134,897 Hospital Revenue Bonds (The Lawrence Memorial Hospital), Series 1999, 5.750%, 7/01/24 City of Newton, Kansas, Hospital Refunding Revenue Bonds (Newton Healthcare Corporation), Series 1998A: 1,000 5.700%, 11/15/18 11/08 at 100 BBB- 930,120 1,750 5.750%, 11/15/24 11/08 at 100 BBB- 1,588,720 100 Puerto Rico Industrial, 1/05 at 102 AAA 107,979 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds (Hospital Auxilio Mutuo Obligated Group Project), 1995 Series A, 6.250%, 7/01/24 5,780 City of Wichita, Kansas, 11/09 at 101 A+ 6,114,778 Hospital Facilities Improvement and Refunding Revenue Bonds (Via Christi Health System, Inc.), Series 1999, 6.250%, 11/15/24 ------------------------------------------------------------------------------- Housing/Multifamily - 13.9% 5,000 Kansas Development Finance 12/08 at 101 N/R 4,522,700 Authority, Multifamily Housing Refunding Revenue Bonds (First Kansas State Partnership - L.P. Project), Series 1998Y, 6.125%, 12/01/28 (Alternative Minimum Tax)
-------------------------------------------------------------------------------- 9 Portfolio of Investments (Unaudited) Nuveen Kansas Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value -------------------------------------------------------------------------------- Housing/Multifamily (continued) $ 1,715 Kansas Development Finance 12/10 at 100 AAA $ 1,770,326 Authority, Multifamily Housing Senior Revenue Bonds (Chimney Hills Apartments Project), Series 2000U-1, 5.900%, 12/01/20 (Alternative Minimum Tax) Lenexa, Kansas, Multifamily Housing Revenue Refunding Bonds (Barrington Park Apartments Project), Series 1993A: 445 6.300%, 2/01/09 2/03 at 102 AA 457,785 475 6.400%, 2/01/10 2/03 at 102 AA 488,623 2,000 6.450%, 2/01/18 2/03 at 102 AA 2,057,300 1,000 6.500%, 2/01/23 2/03 at 102 AA 1,024,540 1,000 City of Olathe, Kansas, 6/04 at 102 AAA 1,038,400 Multifamily Housing 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 (Shores Apartments Project), 1994 Series XI- A: 1,500 6.700%, 4/01/19 4/09 at 102 AA 1,598,340 2,000 6.800%, 4/01/24 4/09 at 102 AA 2,146,880 700 City of Wichita, Kansas, 11/05 at 102 BBB 700,070 Multifamily Housing Revenue Bonds (Brentwood Apartments Project), Senior Lien 1995 Series IX-A, 5.850%, 12/01/25 -------------------------------------------------------------------------------- Housing/Single Family - 8.5% 160 City of Olathe, Kansas, 2/05 at 105 Aaa 173,219 Labette County, Kansas, Collateralized Single Family Mortgage Refunding Revenue Bonds, Series 1994C-I, 7.800%, 2/01/25 1,360 Sedgwick County and No Opt. Call Aaa 1,536,569 Shawnee County, Kansas, Single Family Mortgage Revenue Bonds (Mortgaged- Backed Securities Program), 1997 Series A- 1, 6.950%, 6/01/29 (Alternative Minimum Tax) 3,450 Sedgwick County and 6/08 at 105 Aaa 3,816,908 Shawnee County, Kansas, Single Family Mortgage Revenue Bonds (Mortgaged- Backed Securities Program), 1998 Series A1, 6.500%, 12/01/22 (Alternative Minimum Tax) 2,585 Sedgwick County and 12/09 at 105 Aaa 2,957,731 Shawnee County, Kansas, Single Family Mortgage Revenue Bonds (Mortgaged- Backed Securities Program), 2000 Series A- 2, 7.600%, 12/01/31 (Alternative Minimum Tax) 500 Sedgwick County and 12/10 at 105 Aaa 542,690 Shawnee County, Kansas, Single Family Mortgage Revenue Bonds (Mortgage- Backed Securities Program), Series 2001A, 5.250%, 12/01/32 (Alternative Minimum Tax) 560 Sedgwick County and 11/04 at 105 Aaa 603,893 Shawnee County, Kansas, Collateralized Single Family Mortgage Refunding Revenue Bonds, Series 1994A-III, 8.125%, 5/01/24 (Alternative Minimum Tax) -------------------------------------------------------------------------------- Long-Term Care - 0.4% 500 Sedgwick County, Kansas, 11/09 at 100 A 506,190 Healthcare Facilities Revenue Bonds (Catholic Care Center, Inc.), Series 2001, 5.750%, 11/15/23 -------------------------------------------------------------------------------- Tax Obligation/General - 7.6% 750 City of Derby, Kansas, 12/11 at 100 Aaa 761,370 General Obligation Bonds, Series 2001A, 5.250%, 12/01/21 Commonwealth of Puerto Rico, Public Improvement General Obligation Bonds of 2002, Series A: 2,000 5.375%, 7/01/28 7/11 at 100 A 2,042,720 2,000 5.500%, 7/01/29 No Opt. Call A 2,137,760 1,250 Unified School District 9/10 at 100 AA 1,057,663 No. 259, Sedgwick County, City of Wichita, Kansas, General Obligation Bonds, Series 2000, 3.500%, 9/01/16 3,050 Unified School District 9/11 at 100 AAA 2,616,382 No. 500, Wyandotte County, Kansas, General Obligation School Bonds, Series 2001, 4.000%, 9/01/20 -------------------------------------------------------------------------------- Tax Obligation/Limited - 17.1% 1,000 Public Building 10/10 at 100 Aaa 1,039,620 Commission, Butler County, Kansas, Improvement Revenue Bonds (Public Facilities Projects), Series 2000, 5.550%, 10/01/21 1,000 Kansas Development Finance 10/11 at 100 AAA 1,008,830 Authority, Revenue Bonds (State of Kansas Projects), Series 2001W, 5.000%, 10/01/17 5,000 Overland Park Development 1/11 at 101 N/R 5,162,800 Corporation, Kansas, First Tier Revenue Bonds (Overland Park Convention Center Project), Series 2000A, 7.375%, 1/01/32
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value -------------------------------------------------------------------------------- Tax Obligation/Limited (continued) Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series Y of 1996: $ 1,300 5.500%, 7/01/36 7/16 at 100 A $ 1,352,715 1,025 5.000%, 7/01/36 7/16 at 100 A 1,004,787 2,000 Puerto Rico Highway and 7/10 at 101 A 2,293,520 Transportation Authority, Transportation Revenue Bonds, Series B, 6.500%, 7/01/27 2,000 Virgin Islands Public 10/08 at 101 BBB- 2,024,120 Finance Authority, Revenue and Refunding Bonds (Virgin Islands Matching Fund Loan Notes), Senior Lien Series 1998A, 5.625%, 10/01/25 2,000 Virgin Islands Public 10/10 at 101 BBB- 2,166,240 Finance Authority, Revenue Bonds (Gross Receipts Tax Loan Note), Series 1999A, 6.375%, 10/01/19 14,025 The Unified Government No Opt. Call AAA 3,373,994 of Wyandotte County, Kansas City, Kansas, Sales Tax Special Obligation Revenue Bonds (Kansas International Speedway Corporation Project), Series 1999, 0.000%, 12/01/27 -------------------------------------------------------------------------------- Transportation - 1.1% 1,500 Puerto Rico Ports 6/06 at 102 BB 1,237,815 Authority, Special Facilities Revenue Bonds (American Airlines, Inc. Project), 1996 Series A, 6.250%, 6/01/26 (Alternative Minimum Tax) -------------------------------------------------------------------------------- U.S. Guaranteed - 10.7% 440 Unified School District 9/04 at 100 AAA 481,144 No. 340, Jefferson County, Kansas, General Obligation Bonds, Series 1994, 6.350%, 9/01/14 (Pre-refunded to 9/01/04) 12,175 Johnson County, Kansas, No Opt. Call Aaa 7,495,661 Residual Revenue and Refunding Bonds, Series 1992, 0.000%, 5/01/12 1,350 Commonwealth of Puerto 7/04 at 102 AAA 1,499,351 Rico, General Obligation Public Improvement Bonds of 1994, 6.450%, 7/01/17 (Pre-refunded to 7/01/04) 350 Unified School District 3/02 at 100 AAA 354,081 No. 437 (Auburn - Washburn), Shawnee County, Kansas, General Obligation Refunding Bonds, Series 1992, 6.600%, 9/01/09 (Pre- refunded to 3/01/02) 2,250 City of Wichita, Kansas, 5/02 at 102 A+*** 2,318,670 Revenue Bonds (CSJ Health System of Wichita, Inc.), 1985 Series XXV (Remarketed), 7.200%, 10/01/15 -------------------------------------------------------------------------------- Utilities - 2.4% 1,010 Kansas City, Kansas, 9/04 at 102 AAA 1,101,486 Utility System Refunding and Improvement Revenue Bonds, Series 1994, 6.375%, 9/01/23 500 City of Pratt, Kansas, 5/10 at 100 AAA 508,310 Electric System Revenue Bonds, 2001 Series 1, 5.250%, 5/01/18 150 Puerto Rico Electric 7/04 at 102 A- 161,407 Power Authority, Power Revenue Bonds, Series T, 6.000%, 7/01/16 1,000 Unified Government of 5/11 at 100 AAA 993,690 Wynadotte County, Kansas City, Kansas, Industrial Revenue Bonds (Board of Public Utilities Office Building Complex Project), Series 2001, 5.000%, 5/01/21 -------------------------------------------------------------------------------- Water and Sewer - 1.9% 2,000 City of Augusta, Kansas, 10/08 at 101 1/2 AA 2,128,120 Waterworks System Revenue Bonds, Series 2000-A, 6.150%, 10/01/20 -------------------------------------------------------------------------------- $125,400 Total Investments (cost 111,861,958 $108,921,623) - 98.5% -------------------------------------------------------------------------------- ------------ Other Assets Less 1,680,529 Liabilities - 1.5% ----------------------------------------------------------------------- Net Assets - 100% $113,542,487 -----------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call pro- visions 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 en- sures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 11 Portfolio of Investments (Unaudited) Nuveen Kentucky Municipal Bond Fund November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Basic Materials - 5.9% $ 2,370 Hancock County, Kentucky, 5/06 at 102 A- $ 2,437,071 Solid Waste Disposal Facilities Revenue Bonds (Willamette Industries, Inc. Project), Series 1996, 6.600%, 5/01/26 9,750 Henderson County, 3/05 at 102 A- 10,217,513 Kentucky, Solid Waste Disposal Revenue Bonds (MacMillan Bloedel Project), Series 1995, 7.000%, 3/01/25 (Alternative Minimum Tax) 1,000 Jefferson County, 7/03 at 103 AA- 1,073,060 Kentucky, Pollution Control Revenue Bonds (E.I. du Pont de Nemours and Company Project), 1982 Series A, 6.300%, 7/01/12 3,750 Perry County, Kentucky, 6/04 at 102 A3 3,975,188 Solid Waste Disposal Revenue Bonds (TJ International Project), Series 1994, 7.000%, 6/01/24 (Alternative Minimum Tax) 4,240 Perry County, Kentucky, 5/06 at 102 N/R 4,480,578 Solid Waste Disposal Revenue Bonds (TJ International Project), Series 1996, 6.800%, 5/01/26 (Alternative Minimum Tax) 2,000 Perry County, Kentucky, 4/07 at 102 A3 2,092,460 Solid Waste Disposal Revenue Bonds (TJ International Project), Series 1996, 6.550%, 4/15/27 (Alternative Minimum Tax) 2,820 City of Wickliffe, 4/06 at 102 Baa1 2,866,022 Kentucky, Solid Waste Disposal Facility Revenue Bonds (Westvaco Corporation Project), Series 1996, 6.375%, 4/01/26 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Education and Civic Organizations - 5.5% 5,085 City of Campbellsville, 3/09 at 102 BBB- 4,846,768 Kentucky, Industrial Building Revenue Bonds (Campbellsville University Project), Series 1999, 5.500%, 3/01/29 9,295 Columbia, Kentucky, 4/11 at 101 BBB- 9,479,413 Educational Development Revenue Bonds (Lindsey Wislon College Project), Series 2001, 6.250%, 4/01/21 5,930 Jefferson County, 5/09 at 101 Baa2 5,427,788 Kentucky, College Revenue Bonds (Bellarmine College Project), Series 1999, 5.250%, 5/01/29 200 Kentucky Higher Education No Opt. Call Aaa 210,332 Student Loan Corporation, Insured Student Loan Revenue Bonds, 1991 Series B, 6.800%, 6/01/03 (Alternative Minimum Tax) 2,500 Puerto Rico Industrial, 2/09 at 101 BBB 2,406,575 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds (Ana G. Mendez University System Project), Series 1999, 5.375%, 2/01/29 3,000 Puerto Rico Industrial, 9/11 at 100 BBB 2,953,140 Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds (University of the Sacred Heart Project), Series 2001, 5.250%, 9/01/31 ------------------------------------------------------------------------------- Energy - 5.8% 5,000 City of Ashland, Kentucky, 8/02 at 102 Baa1 5,149,250 Pollution Control Revenue Refunding Bonds (Ashland Oil, Inc. Project), Series 1992, 6.650%, 8/01/09 7,500 City of Ashland, Kentucky, No Opt. Call Baa2 7,854,525 Pollution Control Revenue Refunding Bonds (Ashland Oil, Inc. Project), Series 1999, 5.700%, 11/01/09 9,000 City of Ashland, Kentucky, 2/05 at 102 Baa1 9,527,760 Sewage and Solid Waste Revenue Bonds (Ashland Oil, Inc. Project), Series 1995, 7.125%, 2/01/22 (Alternative Minimum Tax) 4,360 City of Ashland, Kentucky, 4/02 at 102 Baa1 4,452,519 Solid Waste Revenue Bonds (Ashland Oil, Inc. Project), Series 1991, 7.200%, 10/01/20 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Healthcare - 12.6% 1,310 Christian County, 7/06 at 102 A- 1,334,484 Kentucky, Hospital Revenue Bonds (Jennie Stuart Medical Center), Series 1996A, 6.000%, 7/01/17 3,500 Christian County, 7/06 at 102 A- 3,629,605 Kentucky, Hospital Revenue and Refunding Bonds (Jennie Stuart Medical Center), Series 1997A, 6.000%, 7/01/13 5,270 Clark County, Kentucky, 3/07 at 102 BBB- 5,269,473 Hospital Refunding and Improvement Revenue Bonds (Clark Regional Medical Center Project), Series 1997, 6.200%, 4/01/13 4,000 Hopkins County, Kentucky, 5/02 at 102 AAA 4,100,440 Hospital Revenue Bonds (The Trover Clinic Foundation, Inc.), Series 1991, 6.625%, 11/15/11
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Healthcare (continued) Jefferson County, Kentucky, Health Facilities Revenue Bonds (Jewish Hospital Healthcare Services, Inc. Project), Series 1992: $ 1,190 6.500%, 5/01/15 5/02 at 102 AAA $ 1,231,793 12,785 6.550%, 5/01/22 5/02 at 102 AAA 13,226,083 2,900 Jefferson County, 10/02 at 102 AAA 3,022,264 Kentucky, Insured Hospital Revenue Bonds (Alliant Health System, Inc. Project), Series 1992, 6.436%, 10/01/14 1,000 Kentucky Economic 5/02 at 100 AAA 1,004,540 Development Finance Authority, Hospital Refunding and Improvement Revenue Bonds (St. Elizabeth Medical Center), Series 1991A, 6.000%, 11/01/10 1,500 Kentucky Economic 2/08 at 102 AAA 1,489,215 Development Finance Authority, Medical Center Refunding and Improvement Revenue Bonds (Ashland Hospital Corporation), Series 1998, 5.000%, 2/01/18 5,000 Kentucky Economic 12/03 at 102 AAA 5,300,450 Development Finance Authority, Hospital Facilities Revenue Bonds (St. Elizabeth Medical Center, Inc. Project), Series 1993A, 6.000%, 12/01/22 9,500 Kentucky Economic 2/07 at 102 AAA 9,811,505 Development Finance Authority, Hospital Revenue and Refunding Revenue Bonds (Pikeville United Methodist Hospital of Kentucky, Inc. Project), Series 1997, 5.700%, 2/01/28 Kentucky Economic Development Finance Authority, Hospital System Refunding and Improvement Revenue Bonds (Appalachian Regional Healthcare, Inc. Project), Series 1997: 500 5.500%, 10/01/07 No Opt. Call BB- 462,935 500 5.600%, 10/01/08 4/08 at 102 BB- 458,105 3,500 5.850%, 10/01/17 4/08 at 102 BB- 2,907,240 1,500 5.875%, 10/01/22 4/08 at 102 BB- 1,182,900 Kentucky Economic Development Finance Authority, Revenue Bonds (Catholic Health Initiatives), Series 2001: 1,000 5.250%, 9/01/21 9/11 at 100 AA- 987,210 1,000 5.250%, 9/01/24 9/11 at 100 AA- 981,040 1,665 McCracken County, 11/04 at 102 AAA 1,815,316 Kentucky, Hospital Facilities Revenue Refunding Bonds (Mercy Health System), Series 1994A, 6.300%, 11/01/06 ------------------------------------------------------------------------------- Housing/Multifamily - 1.2% 2,500 Greater Kentucky Housing 1/03 at 100 AAA 2,521,200 Assistance Corporation, Mortgage Revenue Refunding Bonds (FHA- Insured Mortgage Loans - Section 8 Assisted Projects), Series 1993A, 6.250%, 7/01/24 3,510 City of Henderson, 5/09 at 102 N/R 3,253,840 Kentucky, Residential Facilities Revenue Bonds (Pleasant Pointe Project), Senior Tax-Exempt Series 1999A, 6.125%, 5/01/29 ------------------------------------------------------------------------------- Housing/Single Family - 7.2% 2,000 Kentucky Housing 11/10 at 100 AAA 2,068,940 Corporation, Housing Revenue Bonds, 2000 Series F, 5.850%, 7/01/20 (Alternative Minimum Tax) 6,585 Kentucky Housing 7/06 at 102 AAA 6,837,798 Corporation, Housing Revenue Bonds, 1996 Series E, 6.300%, 1/01/28 (Alternative Minimum Tax) 3,000 Kentucky Housing 6/07 at 102 AAA 3,142,410 Corporation, Housing Revenue Bonds, 1997 Series B, 6.250%, 7/01/28 (Alternative Minimum Tax) 1,000 Kentucky Housing 7/02 at 102 AAA 1,026,650 Corporation, Housing Revenue Bonds (Federally Insured or Guaranteed Mortgage Loans), Series 1992B, 6.625%, 7/01/14 2,220 Kentucky Housing 1/09 at 101 AAA 2,170,960 Corporation, Housing Revenue Bonds, 1998 Series F, 5.000%, 7/01/18 (Alternative Minimum Tax) 585 Kentucky Housing 1/04 at 102 AAA 602,883 Corporation, Housing Revenue Bonds (Federally Insured or Guaranteed Mortgage Loans), 1994 Series A, 6.500%, 7/01/17 9,480 Kentucky Housing 4/09 at 101 AAA 9,398,093 Corporation, Housing Revenue Bonds, 1999 Series A, 5.200%, 1/01/31 1,445 Kentucky Housing 7/04 at 102 AAA 1,490,518 Corporation, Housing Revenue Bonds (Federally Insured or Guaranteed Mortgage Loans), 1994 Series C, 6.400%, 1/01/17 1,495 Kentucky Housing 1/05 at 102 AAA 1,568,644 Corporation, Housing Revenue Bonds (Federally Insured or Guaranteed Mortgage Loans), 1995 Series B, 6.625%, 7/01/26 (Alternative Minimum Tax) 5,335 Kentucky Housing 4/09 at 101 AAA 5,223,445 Corporation, Housing Revenue Bonds, 1999 Series B, 5.250%, 1/01/28 (Alternative Minimum Tax)
-------------------------------------------------------------------------------- 13 Portfolio of Investments (Unaudited) Nuveen Kentucky Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Long-Term Care - 4.6% $ 4,840 City of Florence, 8/09 at 101 A $ 4,925,232 Kentucky, Housing Facilities Revenue Bonds (Bluegrass RHF Housing, Inc. Project), Series 1999, 6.375%, 8/15/29 Jefferson County, Kentucky, First Mortgage Revenue Bonds (The First Christian Church Homes of Kentucky Project), Series 1994: 1,240 6.000%, 11/15/09 11/04 at 102 BBB 1,252,102 715 6.125%, 11/15/13 11/04 at 102 BBB 715,129 3,210 6.125%, 11/15/18 11/04 at 102 BBB 3,129,044 Kentucky Economic Development Finance Authority, Healthcare Facilities Revenue Bonds (The Christian Church Homes of Kentucky, Inc. Obligated Group), Series 1998: 1,800 5.375%, 11/15/23 5/08 at 102 BBB 1,595,160 4,250 5.500%, 11/15/30 5/08 at 102 BBB 3,713,480 Kentucky Economic Development Finance Authority, Tax-Exempt Mortgage Revenue Bonds (South Central Nursing Homes, Inc. Project), Series 1997A: 2,000 6.000%, 7/01/27 1/08 at 105 AAA 2,113,540 3,700 6.000%, 7/01/27 1/08 at 105 AAA 3,894,213 ------------------------------------------------------------------------------- Tax Obligation/General - 3.2% 2,500 Jefferson County, 5/09 at 100 AA 2,665,400 Kentucky, General Obligation Refunding Bonds, Series 1999C, 6.150%, 5/15/16 (Alternative Minimum Tax) 1,310 Commonwealth of Puerto 7/06 at 101 1/2 A 1,334,694 Rico, General Obligation Public Improvement Bonds, Series 1996, 5.400%, 7/01/25 2,000 Commonwealth of Puerto 7/07 at 100 A 2,029,740 Rico, General Obligation Public Improvement Refunding Bonds, Series 1997, 5.375%, 7/01/25 2,600 Commonwealth of Puerto 7/10 at 100 AAA 2,979,652 Rico, General Obligation Public Improvement Bonds, Series 2000, 5.750%, 7/01/26 4,400 Commonwealth of Puerto No Opt. Call AAA 5,567,936 Rico, Public Improvement Bonds, Series 2001-2, 12.735%, 7/01/19 (IF) ------------------------------------------------------------------------------- Tax Obligation/Limited - 24.7% 1,875 Public Properties 3/11 at 102 AAA 2,025,488 Corporation, Bell County, Kentucky, First Mortgage Revenue Bonds (Judicial Center Project), Series 2000, 5.850%, 9/01/28 1,465 Public Properties 9/12 at 101 Aa3 1,474,435 Corporation, Boone County, Kentucky, First Mortgage Bonds (AOC Judicial Facility), Series 2001, 5.125%, 9/01/22 615 School District Finance 2/03 at 102 Aa3 636,058 Corporation, Boone County, Kentucky, School Building Refunding and Improvement Revenue Bonds, Series 1993, 6.000%, 2/01/18 1,595 Municipal Projects 12/04 at 102 A2 1,762,156 Corporation, City of Bowling Green, Kentucky, Lease Revenue Bonds, Series 1994, 6.500%, 12/01/14 1,005 School District Finance 3/05 at 102 Aa3 1,050,426 Corporation, Casey County, Kentucky, School Building Revenue Bonds, Series 1995, 5.750%, 3/01/15 School District Finance Corporation, Daviess County, Kentucky, School Building Revenue Bonds, Series 1994: 505 5.800%, 5/01/11 5/04 at 102 Aa3 532,437 535 5.800%, 5/01/12 5/04 at 102 Aa3 563,200 570 5.800%, 5/01/13 5/04 at 102 Aa3 599,104 600 5.800%, 5/01/14 5/04 at 102 Aa3 629,646 School District Finance Corporation, Fayette County, Kentucky, School Building Revenue Bonds, Series 2000: 1,665 5.500%, 6/01/18 6/10 at 101 AA- 1,751,347 2,795 5.500%, 6/01/20 6/10 at 101 AA- 2,926,002 1,070 School District Finance 3/05 at 102 A+ 1,119,370 Corporation, Fleming County, Kentucky, School Building Revenue Bonds, Series 1995, 5.875%, 3/01/15 3,155 Public Properties 6/07 at 102 AAA 3,244,918 Corporation, City of Florence, Kentucky, First Mortgage Revenue Bonds (Administrative Office Complex Project), Series 1997, 5.500%, 6/01/27 1,260 Public Properties 3/06 at 102 A+ 1,271,605 Corporation, Floyd County, Kentucky, First Mortgage Revenue Bonds (Floyd County Justice Center Project), Series 1995A, 5.550%, 9/01/23
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 3,550 Public Properties 3/06 at 102 A+ $ 3,727,394 Corporation, Floyd County, Kentucky, First Mortgage Revenue Bonds (Floyd County Justice Center Project), Series 1996B, 6.200%, 9/01/26 1,200 School District Finance 5/05 at 102 Aa3 1,245,588 Corporation, Floyd County, Kentucky, School Building Revenue Bonds, Series 1995, 5.500%, 5/01/15 Hardin County, Kentucky, Building Commission Revenue Bonds (Detention Facility Project), Series 1994: 525 6.200%, 12/01/11 12/04 at 102 AAA 563,525 1,775 6.250%, 12/01/14 12/04 at 102 AAA 1,897,830 530 Jefferson County, 6/02 at 101 N/R 542,266 Kentucky, Equipment Lease Purchase Revenue Bonds (Energy System Project), Series 1987, 9.000%, 6/01/03 98 Jefferson County, 6/02 at 102 N/R 101,691 Kentucky, Equipment Lease Purchase Revenue Bonds (Energy System Project), Series 1988, 9.500%, 6/01/03 2,500 School District Finance 6/04 at 102 Aa3 2,744,150 Corporation, Jessamine County, Kentucky, School Building Revenue Bonds, Series 1994, 6.125%, 6/01/19 4,500 Public Properties 3/09 at 101 Aa3 4,347,045 Corporation, Kenton County, Kentucky, First Mortgage Revenue Bonds (Courthouse Facilities Project), 1998 Series A, 5.000%, 3/01/29 Kentucky Area Development Districts Financing Trust, City of Ewing, Lease Acquisition Program Revenue Bonds, Fixed Rate Series 2000C: 750 5.850%, 6/01/20 6/10 at 102 AA 789,750 1,000 6.000%, 6/01/30 6/10 at 102 AA 1,052,940 400 State Property and 5/10 at 100 AAA 424,768 Buildings Commission, Commonwealth of Kentucky, Agency Fund Revenue Bonds (Project No. 66A), 5.750%, 5/01/20 State Property and Buildings Commission, Commonwealth of Kentucky, Revenue Refunding Bonds (Project No. 72), Series 2001: 4,375 5.375%, 10/01/18 10/11 at 100 AAA 4,526,725 5,860 5.375%, 10/01/19 10/11 at 100 AAA 6,044,766 4,000 The Turnpike Authority of 7/11 at 100 AAA 4,035,960 Kentucky, Economic Development Road Revenue and Refunding Bonds (Revitalization Project), Series 2001B, 5.150%, 7/01/19 11,000 The Urban County 7/08 at 102 AAA 10,932,680 Government of Lexington and Fayette County, Kentucky, Mortgage Revenue Bonds (Public Facilities Corporation), Series 1998, 5.125%, 10/01/31 435 School District Finance 5/02 at 102 Aa3 451,239 Corporation, Lincoln County, Kentucky, School Building Revenue Bonds, Series 1992, 6.200%, 5/01/12 650 School District Finance 6/10 at 101 Aa3 696,332 Corporation, Magoffin County, Kentucky, School Building Revenue Bonds, Series 2000, 5.750%, 6/01/20 1,525 Public Properties 9/06 at 102 AAA 1,614,990 Corporation, McCracken County, Kentucky, Public Project Revenue Bonds (Court Facilities Project), Series 1995, 5.900%, 9/01/26 1,365 School District Finance 8/05 at 102 Aa3 1,419,723 Corporation, McCreary County, Kentucky, School Building Revenue Bonds, Second Series of 1995, 5.600%, 8/01/16 1,410 School District Finance 9/04 at 102 Aa3 1,472,745 Corporation, Morgan County, Kentucky, School Building Revenue Bonds, Series 1994, 6.000%, 9/01/14 13,000 Mount Sterling, Kentucky, 3/03 at 102 Aa3 13,414,440 Lease Revenue Bonds (Kentucky League of Cities Funding Program), Series 1993A, 6.200%, 3/01/18 5,100 School District Finance 4/11 at 101 Aa3 5,152,122 Corporation, Oldham County, Kentucky, School Building Revenue Bonds, Series 2001A, 5.125%, 4/01/21 1,360 School District Finance 4/11 at 101 Aa3 1,349,093 Corporation, Owen County, 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: 12,960 6.500%, 3/01/19 3/03 at 102 A 13,437,965 500 6.400%, 3/01/19 No Opt. Call A 568,670 4,000 Puerto Rico Highway and No Opt. Call AAA 4,464,040 Transportation Authority, Highway Revenue Bonds (Reset Option Long Certificates), Series 1996Y, 9.460%, 1/01/13 (IF)
-------------------------------------------------------------------------------- 15 Portfolio of Investments (Unaudited) Nuveen Kentucky Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 115 Puerto Rico Infrastructure 1/02 at 100 BBB+ $ 116,679 Finance Authority, Special Tax Revenue Bonds, Series 1988A, 7.750%, 7/01/08 7,000 Justice Center Expansion 9/07 at 102 AAA 7,094,500 Corporation, Warren County, Kentucky, First Mortgage Revenue Bonds (AOC Judicial Facility), Series 1997A, 5.250%, 9/01/24 ------------------------------------------------------------------------------- Transportation - 4.4% 10,540 Kenton County Airport 2/02 at 100 BB+ 8,842,955 Board, Commonwealth of Kentucky, Special Facilities Revenue Bonds (Delta Air Lines, Inc. Project), 1992 Series A, 6.125%, 2/01/22 (Alternative Minimum Tax) 1,250 Kenton County Airport 3/06 at 102 AAA 1,326,200 Board, Kentucky, Cincinnati/Northern Kentucky International Airport Revenue Bonds, 1996 Series B, 5.750%, 3/01/13 5,000 Regional Airport Authority 7/05 at 102 AAA 5,078,400 of Louisville and Jefferson County, Kentucky, Airport System Revenue Bonds, 1995 Series A, 5.625%, 7/01/25 (Alternative Minimum Tax) 6,000 Regional Airport Authority 3/09 at 101 Baa3 5,105,880 of Louisville and Jefferson County, Kentucky, Special Facilities Revenue Bonds (Airis Louisville - L.L.C. Project), 1999 Series A, 5.500%, 3/01/19 (Alternative Minimum Tax) ------------------------------------------------------------------------------- U.S. Guaranteed - 7.7% 430 Bardstown Independent 11/02 at 102 Aa3*** 455,512 School District Finance Corporation, School Building Refunding and Improvement Revenue Bonds, Series of 1992, 6.375%, 5/01/17 (Pre- refunded to 11/01/02) 3,465 School District Finance 6/04 at 102 Aa3*** 3,809,629 Corporation, Hopkins County, Kentucky, School Building Revenue Bonds, Series 1994, 6.200%, 6/01/19 (Pre-refunded to 6/01/04) 4,900 Jefferson County, 10/02 at 102 AAA 5,175,576 Kentucky, Insured Hospital Revenue Bonds (Alliant Health System, Inc. Project), Series 1992, 6.436%, 10/01/14 (Pre-refunded to 10/29/02) 2,000 Jefferson County, 9/09 at 102 N/R*** 2,409,540 Kentucky, Student Housing Industrial Building Revenue Bonds (Collegiate Housing Foundation - University of Louisville Project), Series 1999A, 7.125%, 9/01/29 (Pre- refunded to 9/01/09) 600 Kentucky Infrastructure 6/05 at 102 AA-*** 673,218 Authority, Infrastructure Revolving Fund Program Revenue Bonds, 1995 Series J, 6.375%, 6/01/14 (Pre-refunded to 6/01/05) 2,075 State Property and 9/04 at 102 Aa3*** 2,288,372 Buildings Commission, Commonwealth of Kentucky, Revenue Bonds (Project No. 56), 6.000%, 9/01/14 (Pre-refunded to 9/01/04) 1,000 School District Finance 11/04 at 102 Aa3*** 1,126,740 Corporation, Lawrence County, Kentucky, 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- 11/04 at 102 AAA 3,605,717 refunded to 11/01/04) 4,320 6.750%, 11/01/24 (Pre- 11/04 at 102 AAA 4,875,336 refunded to 11/01/04) Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 1994A: 2,720 6.750%, 5/15/19 (Pre- 11/04 at 102 AAA 3,073,491 refunded to 11/15/04) 2,070 6.500%, 5/15/24 (Pre- 11/04 at 102 AAA 2,324,403 refunded to 11/15/04) 2,500 6.750%, 5/15/25 (Pre- 11/04 at 102 AAA 2,824,900 refunded to 11/15/04) 2,800 City of Russell, Kentucky, 1/10 at 100 Baa2*** 3,028,340 Health System Revenue Refunding Bonds (Franciscan Health Partnership, Inc.), Series 1997 (Our Lady of Bellefonte Hospital Issue), 5.500%, 7/01/15 (Pre-refunded to 1/01/10) ------------------------------------------------------------------------------- Utilities - 8.6% 6,000 Boone County, Kentucky, 1/04 at 102 AAA 6,088,320 Collateralized Pollution Control Revenue Refunding Bonds (The Cincinnati Gas and Electric Company Project), 1994 Series A, 5.500%, 1/01/24 5,030 Carroll County, Kentucky, 2/02 at 102 A1 5,126,777 Collateralized Pollution Control Revenue Bonds (Kentucky Utilities Company Project), 1992 Series B, 6.250%, 2/01/18 1,250 Mercer County, Kentucky, 2/02 at 102 A1 1,277,362 Collateralized Pollution Control Revenue Bonds (Kentucky Utilities Company Project), Series 1992A, 6.250%, 2/01/18 1,750 Jefferson County, 4/05 at 102 A1 1,799,175 Kentucky, Pollution Control Revenue Bonds (Louisville Gas and Electric Company Project), 1995 Series A, 5.900%, 4/15/23
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Utilities (continued) City of Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991-B: $ 7,100 0.000%, 1/01/11 No Opt. Call AAA $ 4,680,107 6,475 0.000%, 1/01/12 No Opt. Call AAA 4,032,824 7,900 0.000%, 1/01/17 No Opt. Call AAA 3,625,547 13,300 0.000%, 1/01/18 No Opt. Call AAA 5,724,320 5,100 0.000%, 1/01/19 No Opt. Call AAA 2,069,172 4,725 0.000%, 1/01/20 No Opt. Call AAA 1,808,872 400 City of Owensboro, No Opt. Call AAA 375,184 Kentucky, Electric Light and Power System Revenue Bonds, Series 1993A, 0.000%, 1/01/04 (Alternative Minimum Tax) 3,000 Puerto Rico Electric Power 7/04 at 102 A- 3,228,180 Authority, Power Revenue Bonds, Series T, 6.000%, 7/01/16 ------------------------------------------------------------------------------- Water and Sewer - 7.4% 1,405 Christian County Water 10/09 at 101 Aaa 1,520,266 District, Kentucky, Waterworks Revenue Bonds, Series 1999, 6.000%, 1/01/30 1,750 City of Henderson, 11/04 at 103 AAA 1,875,580 Kentucky, Water and Sewer Revenue and Refunding Bonds, Series 1994A, 6.100%, 11/01/14 Kentucky Infrastructure Authority, Revenue Bonds (Infrastructure Revolving Fund Program), 1995 Series J: 440 6.300%, 6/01/10 6/05 at 102 AA- 492,606 360 6.350%, 6/01/11 6/05 at 102 AA- 403,636 Kentucky Infrastructure Authority, Governmental Agencies Program Revenue Bonds, 1995 Series G: 420 6.300%, 8/01/10 8/05 at 102 A 454,868 445 6.350%, 8/01/11 8/05 at 102 A 482,371 825 6.375%, 8/01/14 8/05 at 102 A 914,389 1,000 Kentucky Water Finance 2/11 at 102 AA- 1,025,260 Corporation, 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 11/07 at 101 AAA 6,119,400 2,500 5.200%, 5/15/25 11/07 at 101 AAA 2,511,420 18,000 Louisville and Jefferson 11/11 at 101 AAA 18,644,760 County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, 2001 Series A, 5.500%, 5/15/34 ------------------------------------------------------------------------------- $469,373 Total Investments (cost 457,005,676 $441,795,855) - 98.8% ------------------------------------------------------------------------------- ------------ Other Assets Less 5,747,760 Liabilities - 1.2% ---------------------------------------------------------------------- Net Assets - 100% $462,753,436 ----------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call pro- visions 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 suffi- cient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securi- ties. N/R Investment is not rated. (IF) Inverse floating rate security. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 17 Portfolio of Investments (Unaudited) Nuveen Michigan Municipal Bond Fund November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Basic Materials - 0.6% $ 1,650 The Economic Development 10/03 at 102 BBB $ 1,662,887 Corporation of Dickinson County, Michigan, Pollution Control Revenue Refunding Bonds (Champion International Corporation Project), Series 1993, 5.850%, 10/01/18 ------------------------------------------------------------------------------- Capital Goods - 0.4% 1,055 Michigan Strategic Fund, 12/03 at 102 BBB 1,072,207 Limited Obligation Revenue Bonds (WMX Technologies, Inc. Project), Series 1993, 6.000%, 12/01/13 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Consumer Cyclicals - 1.7% 2,500 Michigan Strategic Fund, No Opt. Call A3 2,738,025 Limited Obligation Refunding Revenue Bonds, Series 1991A, 7.100%, 2/01/06 2,000 Michigan Strategic Fund, 9/05 at 102 A3 2,099,880 Multi-Modal Interchangeable Rate Pollution Control Refunding Revenue Bonds (General Motors Corporation), Series 1995, 6.200%, 9/01/20 ------------------------------------------------------------------------------- Consumer Staples - 0.1% 285 The Children's Trust Fund, 7/10 at 100 Aa3 300,065 Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 ------------------------------------------------------------------------------- Education and Civic Organizations - 2.2% 6,150 Board of Governors of 11/09 at 101 AAA 6,104,675 Wayne State University, Michigan, General Revenue Bonds, Series 1999, 5.125%, 11/15/29 ------------------------------------------------------------------------------- Healthcare - 14.9% Hospital Building Authority, Flint, Michigan, Revenue Rental Bonds (Hurley Medical Center), Series 1998B: 1,000 5.375%, 7/01/18 7/08 at 101 Baa2 920,070 1,000 5.375%, 7/01/28 7/08 at 101 Baa2 875,530 160 Hospital Finance 7/02 at 102 AAA 165,882 Authority, Grand Traverse County, Michigan, Hospital Revenue Refunding Bonds (Munson Healthcare Obligated Group), Series 1992A, 6.250%, 7/01/22 3,750 Hospital Finance 7/11 at 101 AA 3,751,238 Authority, Kent, Michigan, Revenue Bonds (Spectrum Health), Series 2001A, 5.500%, 1/15/31 3,530 Lake View Community 2/07 at 101 N/R 3,315,835 Hospital Authority, Michigan, Hospital Revenue Refunding Bonds, Series 1997, 6.250%, 2/15/13 6,500 Michigan State Hospital 8/03 at 102 BBB- 6,539,455 Finance Authority, Hospital Revenue and Refunding Bonds (The Detroit Medical Center Obligated Group), Series 1993A, 6.500%, 8/15/18 2,920 Michigan State Hospital 8/04 at 102 BBB- 2,610,538 Finance Authority, Hospital Revenue and Refunding Bonds (The Detroit Medical Center Obligated Group), Series 1993B, 5.500%, 8/15/23 1,000 Michigan State Hospital 1/05 at 102 A+ 1,041,950 Finance Authority, Hospital Revenue and Refunding Bonds (Otsego Memorial Hospital - Gaylord, Michigan), Series 1995, 6.125%, 1/01/15 5,000 Michigan State Hospital 11/09 at 101 AA 5,267,350 Finance Authority, Revenue Bonds (Ascension Health Credit Group), Series 1999A, 6.125%, 11/15/26 1,000 Michigan State Hospital No Opt. Call BBB 1,032,590 Finance Authority, Hospital Revenue Refunding Bonds (Gratiot Community Hospital - Alma, Michigan) Series 1995, 6.100%, 10/01/07 1,000 Michigan State Hospital 10/06 at 102 BBB- 878,600 Finance Authority, Hospital Revenue Bonds (Michigan Community Hospital), Series 1996, 6.250%, 10/01/27 1,475 Michigan State Hospital 5/08 at 101 BBB 1,311,688 Finance Authority, Hospital Revenue and Refunding Bonds (Chelsea Community Hospital), Series 1998, 5.375%, 5/15/19 1,250 Michigan State Hospital 8/08 at 101 BBB- 1,033,913 Finance Authority, Hospital Revenue Bonds (The Detroit Medical Center Obligated Group), Series 1998A, 5.250%, 8/15/28 2,200 Michigan State Hospital 11/09 at 101 A+ 2,300,980 Finance Authority, Hospital Revenue Bonds (Henry Ford Health System), Series 1999A, 6.000%, 11/15/24 Hospital Finance Authority, Pontiac, Michigan, Hospital Revenue Refunding Bonds (NOMC Obligated Group), Series 1993: 3,000 6.000%, 8/01/18 8/03 at 102 BBB- 2,478,810 5,165 6.000%, 8/01/23 8/03 at 102 BBB- 4,113,458 3,000 Hospital Finance 1/06 at 102 AAA 3,009,930 Authority, Royal Oak, Michigan, Hospital Revenue Refunding Bonds (William Beaumont Hospital), Series 1996I, 5.250%, 1/01/20 1,000 Hospital Finance 11/11 at 100 AAA 994,740 Authority, Royal Oak, Michigan, Hospital Revenue Bonds (William Beaumont Hospital), Series 2001M, 5.250%, 11/15/31
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Healthcare (continued) $ 500 Hospital Finance 1/02 at 102 AAA $ 511,645 Authority, Saginaw, Michigan, Hospital Revenue Refunding Bonds (St. Luke's Hospital), Series 1991C, 6.750%, 7/01/17 ------------------------------------------------------------------------------- Housing/Multifamily - 3.0% 415 Grand Rapids Housing 1/04 at 104 AAA 432,364 Corporation, Michigan, Multifamily Revenue Refunding Bonds (FHA- Insured Mortgage Loan - Section 8 Assisted Elderly Project), Series 1992, 7.375%, 7/15/41 750 Grand Rapids Housing 9/04 at 100 AAA 798,968 Finance Authority, Michigan, Multifamily Housing Refunding Revenue Bonds (Fannie Mae Collateralized), Series 1990A, 7.625%, 9/01/23 1,190 Michigan State Housing 4/05 at 102 Aaa 1,251,904 Development Authority, Limited Obligation Multifamily Revenue Refunding Bonds (GNMA Collateralized Program - Parc Pointe Apartments), Series 1995A, 6.500%, 10/01/15 6,000 Michigan State Housing No Opt. Call AA- 2,011,080 Development Authority, Mortgage Revenue Bonds (Section 8 Assisted), Series 1983I, 0.000%, 4/01/14 390 Michigan State Housing 10/02 at 102 AA- 404,013 Development Authority, Rental Housing Revenue Bonds, 1992 Series A, 6.650%, 4/01/23 1,000 Michigan State Housing 6/05 at 102 AAA 1,050,650 Development Authority, Rental Housing Revenue Bonds, 1995 Series B, 6.150%, 10/01/15 2,500 Michigan State Housing 4/09 at 101 AAA 2,443,700 Development Authority, Rental Housing Revenue Bonds, 1999 Series A, 5.300%, 10/01/37 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Housing/Single Family - 2.4% 2,000 Michigan State Housing 6/10 at 101 AAA 2,119,480 Development Authority, Single Family Mortgage Revenue Bonds, Series 1999B-1, 6.300%, 12/01/20 (Alternative Minimum Tax) 470 Michigan State Housing 6/04 at 102 AA+ 483,451 Development Authority, Single Family Mortgage Revenue Bonds, Series 1994A, 6.450%, 12/01/14 3,930 Michigan State Housing 12/04 at 102 AA+ 4,148,980 Development Authority, Single Family Mortgage Revenue Refunding Bonds, Series 1994C, 6.500%, 6/01/16 25 Michigan State Housing 6/05 at 102 AA+ 25,475 Development Authority, Single Family Mortgage Revenue Bonds, Series 1995A, 6.800%, 12/01/16 ------------------------------------------------------------------------------- Long-Term Care - 5.6% 2,000 The Economic Development 7/09 at 101 A 1,945,680 Corporation of the Charter Township of Grand Rapids, Michigan, Limited Obligation Revenue Bonds (Porter Hills Obligated Group - Cook Valley Estate Project), Series 1999, 5.450%, 7/01/29 2,500 The Economic Development 5/07 at 102 BBB 2,404,600 Corporation of the City of Kalamazoo, Michigan, Limited Obligation Revenue and Refunding Revenue Bonds (Friendship Village of Kalamazoo), Series 1997A, 6.250%, 5/15/27 1,200 Michigan State Hospital 7/05 at 102 N/R 1,155,576 Finance Authority, Revenue Bonds (Presbyterian Villages of Michigan Obligation Group), Series 1995, 6.500%, 1/01/25 Michigan State Hospital Finance Authority, Revenue Bonds (Presbyterian Villages of Michigan Obligated Group), Series 1997: 600 6.375%, 1/01/15 1/07 at 102 N/R 583,134 500 6.375%, 1/01/25 1/07 at 102 N/R 471,510 Michigan Strategic Fund, Limited Obligation Revenue Bonds (Porter Hills Presbyterian Village), Refunding Series 1998: 400 5.300%, 7/01/18 7/08 at 101 A 391,560 1,675 5.375%, 7/01/28 7/08 at 101 A 1,607,029 2,000 Michigan Strategic Fund, 11/08 at 101 N/R 1,724,480 Limited Obligation Revenue and Refunding Revenue Bonds (Holland Home), Series 1998, 5.750%, 11/15/28 5,800 Michigan Strategic Fund, 6/08 at 100 BBB 5,319,876 Limited Obligation Revenue Bonds (Clark Retirement Community, Inc. Project), Series 1998, 5.250%, 6/01/18 250 Economic Development 3/02 at 101 Aaa 253,698 Corporation of the City of Warren, Michigan, Nursing Home Revenue Refunding Bonds (GNMA Mortgage-Backed Security - Autumn Woods Project), Series 1992, 6.900%, 12/20/22 ------------------------------------------------------------------------------- Tax Obligation/General - 27.6% 1,625 Brighton Township Sanitary 4/09 at 100 AAA 1,646,093 Sewer Drainage District, Livingston County, Michigan, General Obligation - Limited Tax Bonds, Series 2000, 5.250%, 10/01/19 1,955 Charlotte Public Schools, 5/09 at 100 AAA 1,968,646 Easton County, Michigan, 1999 School Building and Site Bonds (General Obligation - Unlimited Tax), 5.250%, 5/01/25
-------------------------------------------------------------------------------- 19 Portfolio of Investments (Unaudited) Nuveen Michigan Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 1,500 Clarkston Community 5/07 at 100 AAA $ 1,509,420 Schools, Michigan, School Building and Site Bonds, Series 1997, 5.250%, 5/01/23 1,800 Coopersville Area Public 5/09 at 100 AAA 1,756,620 Schools, Counties of Ottawa and Muskegon, Michigan, 1999 School Building and Site Bonds (General Obligation - Unlimited Tax), 5.000%, 5/01/29 2,520 City of Detroit, Michigan, 4/10 at 101 AAA 2,631,182 General Obligation - Unlimited Tax Bonds, Series 1999B, 5.500%, 4/01/18 3,000 City of Detroit, Michigan, 10/11 at 100 AAA 2,959,050 General Obligation Bonds, 2001 Series A-1, 5.000%, 4/01/20 8,410 School District of the 5/09 at 101 AAA 7,814,656 City of Detroit, Wayne County, Michigan, School Building and Site Improvement Bonds (General Obligation - Unlimited Tax), Series 1998B, 4.750%, 5/01/28 School District of the City of Detroit, Wayne County, Michigan, School Building and Site Improvement Bonds (General Obligation - Unlimited Tax), Series 2001A: 3,000 5.500%, 5/01/21 5/12 at 100 AAA 3,097,140 250 5.125%, 5/01/31 5/12 at 100 AAA 246,253 1,000 Frankenmuth School 5/10 at 100 AAA 1,064,740 District, Counties of Saginaw and Tuscola, Michigan, 2000 School Building and Site Bonds (General Obligation - Unlimited Tax), 5.625%, 5/01/16 2,430 School District of the 5/04 at 101 AAA 2,631,496 City of Garden, Wayne County, Michigan, 1994 Refunding Bonds (General Obligation - Unlimited Tax), 6.400%, 5/01/11 2,000 School District of the 5/11 at 100 AAA 1,959,860 City of Garden, Wayne County, Michigan, General Obligation Bonds, Refunding Series 2001, 5.000%, 5/01/26 5,600 Grand Ledge Public 5/05 at 102 AAA 5,678,456 Schools, Counties of Eaton, Clinton and Ionia, Michigan, 1995 Refunding Bonds, 5.375%, 5/01/24 4,350 Hartland Consolidated 5/11 at 100 AAA 4,324,422 School District, Livingston County, Michigan, General Obligation Bonds, Refunding Series 2001, 5.125%, 5/01/29 1,000 Hastings Area School 5/11 at 100 AAA 979,930 System, Barry County, Michigan, Building and Site Bonds (General Obligation - Unlimited Tax), Series 2001, 5.000%, 5/01/26 1,000 Holt Public Schools, 5/10 at 100 AAA 1,033,630 Counties of Ingham and Eaton, Michigan, 2000 School Building and Site Bonds (General Obligation - Unlimited Tax), Series A, 5.500%, 5/01/23 2,000 Jonesville Community 5/09 at 100 AAA 2,096,360 Schools, Counties of Hillsdale and Jackson, Michigan, 1999 School Building and Site Bonds (General Obligation - Unlimited Tax), 5.750%, 5/01/29 1,000 Municipal Building 5/10 at 100 AAA 972,200 Authority of Livonia, Wayne County, Michigan, Building Authority Bonds, Series 2001, 5.000%, 5/01/27 2,700 Livonia Public School No Opt. Call AAA 2,054,727 District of Wayne County, Michigan, 1992 School Building and Site Bonds (General Obligation - Unlimited Tax), Series II, 0.000%, 5/01/08 2,000 Livonia Public School 5/10 at 100 AAA 2,136,680 District of Wayne County, Michigan, 2000 School Building and Site Bonds (General Obligation - Unlimited Tax), 5.875%, 5/01/25 2,800 Michigan Municipal Bond No Opt. Call AAA 2,119,768 Authority, Local Government Loan Program Revenue Bonds (Group A), Series 1991C, 0.000%, 6/15/08 2,775 Milan Area Schools, 5/10 at 100 AAA 2,946,828 Counties of Washtenaw and Monroe, Michigan, 2000 School Building and Site Bonds (General Obligation - Unlimited Tax), Series A, 5.750%, 5/01/20 Okemos Public Schools, Ingham County, Michigan, 1993 Refunding Bonds: 1,000 0.000%, 5/01/17 No Opt. Call AAA 451,100 1,020 0.000%, 5/01/18 No Opt. Call AAA 431,409 1,500 Portage Lake Water and 10/05 at 102 AAA 1,598,925 Sewage Authority, Houghton County, Michigan, Refunding Bonds (General Obligation - Limited Tax), 6.200%, 10/01/20 1,235 Rochester Community School 5/10 at 100 AAA 1,315,855 District, Counties of Oakland and Macomb, Michigan, 2000 School Building and Site and Refunding Bonds (General Obligation - Unlimited Tax), Series I, 5.750%, 5/01/19 3,000 Southgate Community School 5/09 at 100 AAA 2,945,070 District, Wayne County, Michigan, 1999 School Building and Site Bonds (General Obligation - Unlimited Tax), 5.000%, 5/01/25 2,500 City of Taylor Building 3/10 at 100 AAA 2,531,850 Authority, Wayne County, Michigan, General Obligation - Limited Tax Bonds, Series 2000, 5.125%, 3/01/17 2,470 Waterford School District, 6/04 at 101 AAA 2,705,539 Oakland County, Michigan, School District Bonds (General Obligation - Unlimited Tax), Series 1995, 6.375%, 6/01/14
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 5,000 Wayland Union School 5/05 at 101 AAA $ 5,541,450 District, Counties of Allegan, Barry and Kent, Michigan, 1994 School and Building Site Bonds (General Obligation - Unlimited Tax), 6.250%, 5/01/14 3,270 West Ottawa Public No Opt. Call AAA 1,475,097 Schools, Ottawa County, Michigan, 1992 Refunding Bonds, 0.000%, 5/01/17 5,175 Williamston Community No Opt. Call AAA 5,525,762 School District, General Obligation - Unlimited Tax Bonds, Series 1996, 5.500%, 5/01/25 ------------------------------------------------------------------------------- Tax Obligation/Limited - 13.5% 2,000 City of Detroit Building 2/07 at 101 A 2,129,780 Authority, Michigan, Revenue Bonds (District Court Madison Center), Series 1996A, 6.150%, 2/01/11 3,705 Downtown Development 7/08 at 100 AAA 3,467,806 Authority, Detroit, Michigan, Tax Increment Refunding Bonds (Development Area No. 1 Projects), Series 1998A, 4.750%, 7/01/25 11,000 Wayne County Stadium 2/07 at 102 AAA 11,067,100 Authority, Detroit, Michigan, Building Authority Stadium Bonds (General Obligation - Limited Tax), Series 1997, 5.250%, 2/01/27 Downtown Development Authority of the City of Grand Rapids, Michigan, Tax Increment Revenue Bonds, Series 1994: 3,985 0.000%, 6/01/17 No Opt. Call AAA 1,789,903 3,495 0.000%, 6/01/18 No Opt. Call AAA 1,471,779 1,650 6.875%, 6/01/24 6/04 at 102 AAA 1,821,633 250 Michigan Municipal Bond 12/01 at 100 AAA 250,113 Authority, Local Government Loan Program Revenue Bonds (Insured by Wayne County), Series 1991A, 4.750%, 12/01/09 1,500 Michigan Municipal Bond 10/10 at 101 AAA 1,652,685 Authority, State Revolving Fund Revenue Bonds (Drinking Water Revolving Fund), Series 2000, 5.875%, 10/01/17 State Building Authority, Michigan, 2001 Revenue Bonds (Facilities Program), Series I: 2,720 5.500%, 10/15/19 10/11 at 100 AA+ 2,825,890 3,500 5.000%, 10/15/24 10/11 at 100 AA+ 3,441,270 1,500 The State of Michigan, 6/10 at 100 AAA 1,547,760 Certificates of Participation (525 Redevco, Inc.), 5.500%, 6/01/20 1,220 State of Michigan, 9/11 at 100 AAA 1,249,670 Certificates of Participation (New Center Development, Inc.), Series 2001, 5.375%, 9/01/21 6,000 The House of No Opt. Call AAA 1,855,500 Representatives of the State of Michigan, Certificates of Participation, 0.000%, 8/15/23 2,260 Puerto Rico Highway and 7/02 at 101 1/2 A 2,345,428 Transportation Authority, Highway Revenue Bonds, 1992 Series V, 6.625%, 7/01/12 1,085 Romulus Tax Increment 11/06 at 100 N/R 1,153,735 Finance Authority, Wayne County, Michigan, Limited Obligation Revenue Bonds, Series 1994 (Remarketed), 6.750%, 11/01/19 ------------------------------------------------------------------------------- Transportation - 1.5% 250 Capital Region Airport 7/02 at 102 AAA 259,668 Authority, Lansing, Michigan, Airport Revenue Bonds, Series 1992, 6.700%, 7/01/21 (Alternative Minimum Tax) 4,000 Charter County of Wayne, 12/08 at 101 AAA 3,859,880 Michigan, Airport Revenue Bonds (Detroit Metropolitan Wayne County Airport), Series 1998B, 5.000%, 12/01/28 ------------------------------------------------------------------------------- U.S. Guaranteed - 9.5% 1,000 Battle Creek Downtown 5/04 at 102 N/R*** 1,128,480 Development Authority, Calhoun County, Michigan, 1994 Development Bonds, 7.600%, 5/01/16 (Pre- refunded to 5/01/04) 1,800 Tax Increment Finance 5/04 at 102 A-*** 2,022,912 Authority, Battle Creek, Calhoun County, Michigan, 1994 Development Bonds, 7.400%, 5/01/16 (Pre- refunded to 5/01/04) 5,000 Downtown Development 7/06 at 102 AAA 5,671,000 Authority, Detroit, Michigan, Tax Increment Refunding Bonds (Development Area No. 1 Projects), Series 1996C, 6.250%, 7/01/25 (Pre-refunded to 7/01/06) 1,800 Board of Regents of 12/06 at 101 AAA 1,985,580 Eastern Michigan University, General Revenue Bonds, Series 1997, 5.500%, 6/01/27 (Pre-refunded to 12/01/06) 500 Hospital Finance 2/02 at 102 AAA 514,660 Authority, Farmington Hills, Michigan, Hospital Revenue Bonds (Botsford General Hospital), Series 1992A, 6.500%, 2/15/11 (Pre-refunded to 2/15/02)
-------------------------------------------------------------------------------- 21 Portfolio of Investments (Unaudited) Nuveen Michigan Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 4,000 Lake Orion Community 5/05 at 101 AAA $ 4,526,880 School District, Oakland County, Michigan, 1994 School Building and Site and Refunding Bonds, 7.000%, 5/01/15 (Pre- refunded to 5/01/05) 2,000 Macomb Township Building 4/08 at 101 AAA 2,249,920 Authority, Macomb County, Michigan, 2000 Building Authority Bonds, 6.000%, 4/01/27 (Pre-refunded to 4/01/08) Michigan Municipal Bond Authority, State Revolving Fund Revenue Bonds, Series 1994: 1,000 6.500%, 10/01/14 (Pre- 10/04 at 102 AAA 1,118,790 refunded to 10/01/04) 1,000 6.500%, 10/01/17 (Pre- 10/04 at 102 AAA 1,118,790 refunded to 10/01/04) 500 Michigan State Hospital 12/02 at 102 AAA 533,980 Finance Authority, Hospital Revenue Bonds (Mid-Michigan Obligated Group), Series 1992, 6.900%, 12/01/24 (Pre- refunded to 12/01/02) 1,000 Michigan Economic 11/04 at 102 Aaa 1,132,370 Development Corporation, Oakland County, Revenue Refunding Bonds (Limited Obligation) (Cranbrook Educational Community), Series C, 6.900%, 11/01/14 (Pre-refunded to 11/01/04) 1,215 Potterville Public 5/09 at 100 AAA 1,351,530 Schools, Easton County, Michigan, 1999 School Building and Site Bonds (General Obligation - Unlimited Tax), 5.750%, 5/01/20 (Pre-refunded to 5/01/09) 180 Saginaw-Midland Municipal 9/04 at 102 A2*** 202,293 Water Supply Corporation, Michigan, Water Supply Revenue Bonds (General Obligation - Limited Tax), Series 1992, 6.875%, 9/01/16 (Pre- refunded to 9/01/04) 7,000 Vicksburg Community 5/06 at 37 1/4 AAA 2,213,120 Schools, Counties of Kalamazoo and St. Joseph, Michigan, 1991 School Building and Site Bonds, 0.000%, 5/01/20 (Pre-refunded to 5/01/06) 1,000 Western Townships 1/02 at 100 AAA 1,003,880 Utilities Authority, Sewage Disposal System Refunding Bonds, Series 1991, 6.500%, 1/01/10 (Pre-refunded to 1/01/02) ------------------------------------------------------------------------------- Utilities - 5.5% 3,000 Michigan State South 11/04 at 102 Baa1 3,311,280 Central Power Agency, Power Supply System Revenue Refunding Bonds, 7.000%, 11/01/11 1,000 Michigan State South No Opt. Call Baa1 1,068,250 Central Power Agency, Power Supply System Revenue Bonds, Series 2000, 6.000%, 5/01/12 3,300 Michigan Strategic Fund, 9/11 at 100 A- 3,280,002 Limited Obligation Refunding Revenue Bonds (Detroit Edison Company Pollution Control Project), Collateralized Series 1999C (Fixed Rate Conversion), 5.650%, 9/01/29 (Alternative Minimum Tax) 3,500 Michigan Strategic Fund, 6/04 at 102 AAA 3,808,175 Limited Obligation Revenue Refunding Bonds (Detroit Edison Company), Series 1994B, 6.450%, 6/15/24 1,000 Economic Development No Opt. Call AAA 1,249,800 Corporation, Monroe County, Michigan, Revenue Refunding Bonds (Detroit Edison Company) (Limited Obligation), Collateralized Series AA, 6.950%, 9/01/22 1,000 Monroe County, Michigan, No Opt. Call AAA 1,087,620 Pollution Control Revenue Bonds (Detroit Edison Company Project), Series A-1994, 6.350%, 12/01/04 (Alternative Minimum Tax) 4,000 Puerto Rico Electric No Opt. Call AAA 1,838,520 Power Authority, Power Revenue Refunding Bonds, Series O, 0.000%, 7/01/17 ------------------------------------------------------------------------------- Water and Sewer - 10.9% 10,500 City of Detroit, 7/05 at 101 AAA 10,577,805 Michigan, Sewage Disposal System Revenue Refunding Bonds, Series 1995-B, 5.250%, 7/01/21 City of Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 1999-A: 4,455 0.000%, 7/01/19 No Opt. Call AAA 1,760,391 2,500 5.875%, 7/01/27 1/10 at 101 AAA 2,821,620 6,500 City of Detroit, 1/10 at 101 AAA 8,061,560 Michigan, Sewage Disposal System Revenue Bonds (Residual Option Longs), Series II-R-103, 9.830%, 7/01/20 (IF) 3,000 City of Detroit, 7/11 at 100 AAA 2,963,820 Michigan, Sewage Disposal System Revenue Bonds, Senior Lien Series 2001A, 5.125%, 7/01/31 2,500 City of Detroit, 7/11 at 100 AAA 2,427,700 Michigan, Water Supply System Revenue Bonds (Senior Lien), 2001 Series A, 5.000%, 7/01/30
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Water and Sewer (continued) $ 2,000 City of Detroit, Michigan, 1/10 at 101 AAA $ 2,234,380 Water Supply System Revenue Bonds (Senior Lien), Series 1999-A, 5.750%, 7/01/26 ------------------------------------------------------------------------------- $301,940 Total Investments (cost 280,764,071 $265,380,812) - 99.4% ------------------------------------------------------------------------------- ------------ Other Assets Less 1,793,940 Liabilities - 0.6% ---------------------------------------------------------------------- Net Assets - 100% $282,558,011 ----------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call pro- visions 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 suffi- cient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securi- ties. N/R Investment is not rated. (IF) Inverse floating rate security. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 23 Portfolio of Investments (Unaudited) Nuveen Missouri Municipal Bond Fund November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Consumer Cyclicals - 0.7% $ 3,225 Industrial Development No Opt. Call AAA $ 1,630,302 Authority of the City of St. Louis, Missouri, Senior Lien Revenue Bonds (St. Louis Convention Center Headquarters Hotel Project), Series 2000A, 0.000%, 7/15/15 ------------------------------------------------------------------------------- Consumer Staples - 3.8% 3,000 Industrial Development 5/08 at 101 AA- 2,895,720 Authority of Cape Girardeau County, Missouri, Solid Waste Disposal Revenue Bonds (The Procter & Gamble Products Company Project), Series 1998, 5.300%, 5/15/28 (Alternative Minimum Tax) 940 The Children's Trust Fund, 7/10 at 100 Aa3 989,688 Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 5,100 Missouri State Development No Opt. Call AA- 5,037,321 Finance Board, Solid Waste Disposal Revenue Bonds (Procter & Gamble Paper Products Company Project), Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Education and Civic Organizations - 13.3% 1,000 Metropolitan Kansas 7/11 at 100 Aaa 1,040,370 Community Colleges Building Corporation, Missouri, Leasehold Revenue Bonds (Junior College District of Metropolitan Kansas City), Series 2001, 5.500%, 7/01/18 4,050 Junior College District of 9/10 at 102 N/R 4,304,057 Mineral Area, Missouri, Student Housing System Revenue Bonds (Mineral Area College), Series 2000, 7.250%, 9/01/31 1,000 Missouri Development 12/11 at 100 AAA 978,270 Finance Board, Cultural Facilities Revenue Bonds (Nelson Gallery Foundation), Series 2001A, 5.000%, 12/01/30 (WI, settling 12/06/01) 1,000 Missouri Higher Education 2/02 at 102 A2 1,024,130 Loan Authority, Student Loan Revenue Bonds (Subordinate Lien), Series 1992, 6.500%, 2/15/06 (Alternative Minimum Tax) 4,190 Missouri Higher Education 2/04 at 102 A2 4,424,389 Loan Authority, Student Loan Revenue Bonds, Series 1994F, 6.750%, 2/15/09 (Alternative Minimum Tax) 1,000 Health and Educational No Opt. Call AA+ 1,089,640 Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (Washington University Issue), Series 2001A, 5.500%, 6/15/16 1,500 Health and Educational 3/11 at 100 AA+ 1,466,790 Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (Washington University Issue), Refunding Series 2001B, 5.000%, 3/01/30 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 Baa2 1,027,460 1,750 5.750%, 6/15/17 6/07 at 101 Baa2 1,775,585 3,375 Health and Educational 6/10 at 100 Baa2 3,555,968 Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (Maryville University of St. Louis Project), Series 2000, 6.750%, 6/15/30 1,100 Health and Educational 10/08 at 100 N/R 1,021,031 Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (The Barstow School), Series 1998, 5.250%, 10/01/23 1,000 Health and Educational 1/10 at 100 AA 1,050,420 Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (Central Institute for the Deaf), Series 1999, 5.850%, 1/01/22 900 Health and Educational 6/08 at 102 A1 943,614 Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (Stephens College Issue), Series 1999, 6.000%, 6/01/24 1,360 Health and Educational 4/11 at 100 Aaa 1,411,680 Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds (Webster University), Series 2001, 5.500%, 4/01/18 Industrial Development Authority of the City of St. Louis, Missouri, Industrial Revenue Refunding Bonds (Kiel Center Multipurpose Arena Project), Series 1992: 650 7.625%, 12/01/09 12/02 at 102 N/R 668,181 (Alternative Minimum Tax) 1,000 7.750%, 12/01/13 12/02 at 102 N/R 1,029,890 (Alternative Minimum Tax) 500 7.875%, 12/01/24 12/02 at 102 N/R 515,540 (Alternative Minimum Tax) 3,560 Southeast Missouri State 4/11 at 100 Aaa 3,471,676 University, System Facilities Revenue Refunding and Improvement Bonds, Series 2001, 5.000%, 4/01/26
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Healthcare - 12.9% Industrial Development Authority of the County of Jackson, Missouri, Healthcare System Revenue Bonds (St. Joseph Health Center Issue), Series 1992: $ 1,705 6.500%, 7/01/12 7/02 at 102 AAA $ 1,775,127 6,250 6.500%, 7/01/19 7/02 at 102 AAA 6,488,688 1,000 Health and Educational 6/11 at 101 AAA 1,005,210 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (St. Luke's Episcopal-Presbyterian Hospitals), Series 2001, 5.250%, 12/01/26 2,565 Health and Educational 2/02 at 102 AAA 2,636,512 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (Health Midwest), Series 1992B, 6.250%, 2/15/12 420 Health and Educational 11/02 at 102 BBB+ 434,704 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (Heartland Health System Project), Series 1992, 6.875%, 11/15/04 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 BBB+ 1,449,060 1,300 5.250%, 2/15/28 2/08 at 102 BBB+ 1,199,237 500 Health and Educational 11/06 at 100 BBB+ 428,985 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (Capital Region Medical Center), Series 1998, 5.250%, 11/01/23 2,000 Health and Educational 12/10 at 101 A 2,094,640 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (St. 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 No Opt. Call AAA 1,169,604 4,740 0.000%, 9/01/21 No Opt. Call AAA 1,638,713 6,300 0.000%, 9/01/22 No Opt. Call AAA 2,055,690 1,550 New Liberty Hospital 12/11 at 100 AAA 1,513,808 District, Missouri, Revenue Bonds, Series 2001, 5.000%, 12/01/21 2,880 Industrial Development 5/08 at 101 BBB+ 2,659,334 Authority of Taney County, Missouri, Hospital Revenue Bonds (Skaggs Community Hospital Association), Series 1998, 5.400%, 5/15/28 950 Texas County, Missouri, 6/10 at 100 N/R 951,748 Hospital Revenue Bonds (Texas County Memorial Hospital), Series 2000, 7.250%, 6/15/25 Industrial Development Authority of the City of West Plains, Missouri, Hospital Facilities Revenue Bonds (Ozark Medical Center), Series 1997: 1,795 5.600%, 11/15/17 11/07 at 101 BB+ 1,624,385 1,000 5.650%, 11/15/22 11/07 at 101 BB+ 880,590 ------------------------------------------------------------------------------- Housing/Multifamily - 10.3% 1,630 Industrial Development 10/09 at 100 AAA 1,679,096 Authority of the City of Lees Summit, Missouri, Multifamily Housing Revenue Bonds (Crossroads of Lees Summit Apartments Project), Series 1999A, 6.100%, 4/01/24 (Alternative Minimum Tax) 1,980 Missouri Housing 1/03 at 100 AA+ 1,996,513 Development Commission, Housing Development Refunding Bonds (Federally Insured Mortgage Loans), 6.600%, 7/01/24 885 Missouri Housing 12/05 at 103 N/R 895,585 Development Commission, Multifamily Housing Revenue Bonds (Primm Place Apartments Project), Series 1995A, 6.250%, 12/01/17 (Alternative Minimum Tax) 2,815 Missouri Housing 4/08 at 102 N/R 2,630,449 Development Commission, Multifamily Housing Revenue Bonds (Mansion Apartments Phase II Project), Series 1999, 6.125%, 10/01/22 (Alternative Minimum Tax) 2,000 Housing Authority of St. 3/05 at 102 AAA 2,082,220 Louis County, Missouri, Multifamily Housing Revenue Refunding Bonds (Kensington Square Apartments Project), Series 1995, 6.650%, 3/01/20 9,105 Industrial Development 8/06 at 105 AAA 9,761,926 Authority of St. Louis County, Missouri, Multifamily Housing Revenue Bonds (GNMA Mortgage-Backed Securities - Covington Manor Apartments), Series 1996A, 6.875%, 8/20/36 (Alternative Minimum Tax) 1,000 Industrial Development 1/08 at 100 AAA 997,460 Authority of St. Louis County, Missouri, Multifamily Housing Revenue Refunding Bonds (Bonhomme Village Apartments Project), Series 1997A, 5.450%, 1/01/28
-------------------------------------------------------------------------------- 25 Portfolio of Investments (Unaudited) Nuveen Missouri Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Housing/Multifamily (continued) $ 1,000 Industrial Development 8/08 at 102 AAA $ 1,003,310 Authority of St. Louis County, Missouri, Multifamily Housing Revenue Bonds (GNMA Collateralized - Glen Trails West Apartments Project), Series 1999B, 5.700%, 8/20/39 (Alternative Minimum Tax) 1,890 Land Clearance for 5/03 at 102 AAA 1,928,821 Redevelopment Authority, St. Louis, Missouri, Multifamily Mortgage Refunding Bonds (FHA- Insured Mortgage Loan - St. Louis Place Apartments), Series 1993, 6.250%, 8/01/27 925 Industrial Development 8/07 at 102 Aaa 943,852 Authority of the City of University, Missouri, Revenue Refunding Bonds (GNMA Collateralized - River Valley Apartments), Series 1997A, 5.900%, 2/20/37 ------------------------------------------------------------------------------- Housing/Single Family - 6.5% 1,500 Greene County, Missouri, No Opt. Call AAA 1,653,525 Single Family Mortgage Revenue Bonds, Collateralized Series 1996, 6.300%, 12/01/22 (Alternative Minimum Tax) 1,445 Missouri Housing 1/07 at 102 AAA 1,495,618 Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 1996 Series D, 6.125%, 3/01/28 (Alternative Minimum Tax) 675 Missouri Housing 3/07 at 105 AAA 759,179 Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 1997 Series A- 2, 7.300%, 3/01/28 (Alternative Minimum Tax) Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 1995 Series B (Remarketing): 1,555 6.375%, 9/01/20 9/06 at 102 AAA 1,628,940 (Alternative Minimum Tax) 1,230 6.450%, 9/01/27 9/06 at 102 AAA 1,286,863 (Alternative Minimum Tax) Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1994 Series A: 205 6.700%, 12/01/07 12/04 at 102 AAA 215,906 (Alternative Minimum Tax) 915 7.125%, 12/01/14 12/04 at 102 AAA 957,968 (Alternative Minimum Tax) 405 7.200%, 12/01/17 12/04 at 102 AAA 424,274 (Alternative Minimum Tax) 880 Missouri Housing 3/08 at 105 AAA 963,670 Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 1998 Series B- 2, 6.400%, 3/01/29 (Alternative Minimum Tax) 3,720 Missouri Housing 9/09 at 100 AAA 3,902,057 Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 2000 Series A- 1, 6.300%, 9/01/25 1,820 Missouri Housing 3/10 at 100 AAA 1,910,072 Development Commission, Single Family Mortgage Revenue Bonds (Homeownership Loan Program), 2000 Series B- 1, 6.200%, 9/01/25 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Long-Term Care - 11.6% 4,800 Industrial Development 11/08 at 102 N/R 4,167,312 Authority of Kansas City, Missouri, Retirement Facility Refunding and Improvement Revenue Bonds (Kingswood Project), Series 1998A, 5.875%, 11/15/29 1,000 Industrial Development 8/05 at 102 N/R 1,053,520 Authority of the City of Lees Summit, Missouri, Health Facilities Revenue Bonds (John Knox Village Project), Series 1995, 6.625%, 8/15/13 5,000 Industrial Development 8/09 at 101 N/R 5,095,200 Authority of the City of Lees Summit, Missouri, Health Facilities Revenue Bonds (John Knox Village Project), Series 1999, 6.000%, 8/15/17 1,285 Missouri Development 11/11 at 100 A2 1,275,028 Finance Board, Healthcare Facilities Revenue Bonds (Lutheran Home for the Aged Project), Series 2001A, 5.600%, 11/01/21 (DD, settling 12/03/01) 3,750 Health and Educational 2/06 at 102 N/R 3,821,213 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (Lutheran Senior Services), Series 1996A, 6.375%, 2/01/27 3,500 Health and Educational 2/07 at 102 N/R 3,408,755 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (Lutheran Senior Services), Series 1997, 5.875%, 2/01/23 Industrial Development Authority of St. Louis County, Missouri, Refunding Revenue Bonds (Friendship Village of West County Project), Series 1996A: 1,265 5.750%, 9/01/05 No Opt. Call N/R 1,275,892 1,800 6.250%, 9/01/10 9/06 at 102 N/R 1,844,532 1,500 Industrial Development 8/08 at 102 N/R 1,279,860 Authority of St. Louis County, Missouri, Revenue Bonds (Bethesda Living Centers - Autumn View Gardens at Schuetz Road Project), Series 1998B, 5.850%, 8/15/28 2,425 Industrial Development 8/05 at 104 AAA 2,580,831 Authority of St. Louis County, Missouri, Healthcare Facilities Revenue Bonds (GNMA Collateralized - Mother of Perpetual Help Project), Series 1995, 6.250%, 8/01/28
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Long-Term Care (continued) $ 1,200 Industrial Development 3/10 at 102 AAA $ 1,206,024 Authority of St. Louis County, Missouri, Healthcare Facilities Revenue Bonds (GNMA Collateralized - Mary, Queen and Mother Association Project), Series 2001, 5.400%, 9/20/34 ------------------------------------------------------------------------------- Tax Obligation/General - 1.5% 1,000 Jefferson City School No Opt. Call Aa2 1,165,660 District, Missouri, General Obligation Bonds, Series 1991A, 6.700%, 3/01/11 750 Bolivar R-1 School 3/10 at 100 AA+ 787,718 District of Polk County, Missouri, General Obligation Bonds (Missouri Direct Deposit Program), Series 2000, 5.700%, 3/01/20 1,345 Pattonville R-3 School No Opt. Call AAA 1,594,027 District of St. Louis County, Missouri, General Obligation Bonds, Series 2000, 6.500%, 3/01/14 ------------------------------------------------------------------------------- Tax Obligation/Limited - 16.7% 2,285 Public Building 11/06 at 101 BBB+ 2,417,827 Corporation of the City of Branson, Missouri, Leasehold Revenue Bonds (City Hall and Fire Station Improvement Projects), Series 1995, 6.250%, 11/01/12 1,000 City of Brentwood, 5/05 at 100 N/R 990,780 Missouri, Tax Increment Revenue Bonds (Brentwood Square Refunding and Improvement), Series 2001, 5.700%, 5/01/22 1,875 Public Building 6/10 at 100 AA 1,922,025 Corporation of Christian County, Missouri, Leasehold Revenue Bonds (Justice Center Project), Series 2000, 5.450%, 6/01/15 1,025 School District Building No Opt. Call AAA 562,684 Corporation, Excelsior Springs, Missouri, Leasehold Revenue Bonds (School District 40), Series 1994, 0.000%, 3/01/14 4,240 Howard Bend Levee 3/09 at 101 N/R 4,317,550 District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.850%, 3/01/19 2,000 Public Facilities 12/04 at 100 AAA 2,140,460 Authority, Jackson County, Missouri, Leasehold Revenue Refunding and Improvement Bonds (Capital Improvements Project), Series 1994, 6.125%, 12/01/15 1,200 Land Clearance for 12/05 at 102 AAA 1,269,156 Redevelopment Authority, Kansas City, Missouri, Lease Revenue Bonds (Municipal Auditorium and Muehlebach Hotel Redevelopment Projects), Series 1995A, 5.900%, 12/01/18 1,500 Missouri Development 4/10 at 100 AAA 1,591,035 Finance Board, Infrastructure Facilities Revenue Bonds (Midtown Kansas City Redevelopment Projects), Series 2000A, 5.750%, 4/01/22 4,000 Missouri Development 4/11 at 100 A+ 3,911,840 Finance Board, Infrastructure Facilities Revenue Bonds (City of Independence Redevelopment Project), Series 2001, 5.250%, 4/01/23 2,000 Missouri Development 3/10 at 100 N/R 1,973,880 Finance Board, Infrastructure Facilities Revenue Bonds (Riverside- Quindaro Bend Levee District of Platte County, Missouri - L-385 Project), Series 2001, 5.800%, 3/01/20 (WI, settling 12/07/01) 450 Monarch-Chesterfield Levee 3/10 at 101 AAA 483,516 District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series Y of 1996: 900 5.500%, 7/01/36 7/16 at 100 A 936,495 4,500 5.000%, 7/01/36 7/16 at 100 A 4,411,260 750 Puerto Rico Highway and 7/10 at 101 A 826,868 Transportation Authority, Transportation Revenue Bonds, Series B, 6.000%, 7/01/39 3,000 Puerto Rico Public No Opt. Call A 3,187,770 Building Authority, Revenue Refunding Bonds (Guaranteed by the Commonwealth of Puerto Rico), Series L, 5.500%, 7/01/21 2,500 City of St. Louis, 7/03 at 101 BBB- 2,554,550 Missouri, Letter of Intent Double Revenue Bonds (Lambert-St. Louis International Airport Project), Series 2000, 6.125%, 1/01/09 1,750 Regional Convention and 8/07 at 100 AAA 1,776,268 Sports Complex Authority, St. Louis, Missouri, Refunding Bonds (Convention and Sports Facility Project), Series 1997C, 5.300%, 8/15/20 45 Regional Convention and 8/03 at 100 N/R 46,863 Sports Complex Authority, St. Louis, Missouri, Refunding Bonds (Convention and Sports Facility Project), Series 1991C, 7.900%, 8/15/21 2,950 Public Building 6/10 at 100 AAA 3,227,802 Corporation of the City of Springfield, Missouri, Leasehold Revenue Bonds (Jordan Valley Park Projects), Series 2000A, 6.125%, 6/01/21
-------------------------------------------------------------------------------- 27 Portfolio of Investments (Unaudited) Nuveen Missouri Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Transportation - 7.0% $ 2,000 Kansas City, Missouri, 4/11 at 101 AAA $ 1,932,400 Passenger Facility Charge Revenue Bonds (Kansas City International Airport), Series 2001, 5.000%, 4/01/23 (Alternative Minimum Tax) 2,000 Puerto Rico Ports 6/06 at 102 BB 1,650,420 Authority, Special Facilities Revenue Bonds (American Airlines, Inc. Project), 1996 Series A, 6.250%, 6/01/26 (Alternative Minimum Tax) 1,000 City of St. Louis, 7/07 at 101 AAA 994,790 Missouri, Airport Revenue Bonds (1997 Capital Improvement Program) (Lambert-St. Louis International Airport), Series 1997B, 5.250%, 7/01/27 (Alternative Minimum Tax) City of St. Louis, Missouri, Airport Revenue Bonds (Airport Development Program), Series 2001A: 5,000 5.000%, 7/01/26 7/11 at 100 AAA 4,858,500 1,000 5.250%, 7/01/31 7/11 at 100 AAA 1,002,570 Land Clearance for Redevelopment Authority, 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 N/R 1,066,430 2,400 7.050%, 9/01/24 9/09 at 102 N/R 2,547,864 2,250 City of St. Louis, 12/06 at 102 AAA 2,298,848 Missouri, Parking Revenue Refunding Bonds, Series 1996, 5.375%, 12/15/21 ------------------------------------------------------------------------------- U.S. Guaranteed - 11.9% 4,500 Cape Girardeau County, No Opt. Call Aaa 2,397,960 Missouri, Single Family Mortgage Revenue Bonds, Series 1983, 0.000%, 12/01/14 1,500 Clay County Public 5/02 at 102 A*** 1,567,830 Building Authority, Missouri, Leasehold Refunding and Improvement Revenue Bonds (Paradise Pointe Golf Course Project), Series 1992, 7.625%, 5/15/14 (Pre- refunded to 5/15/02) 235 Greene County, Missouri, No Opt. Call Aaa 114,960 Single Family Mortgage Revenue Bonds, Series 1984, 0.000%, 3/01/16 4,000 Kansas City, Missouri, 9/04 at 101 AAA 4,465,200 General Improvement Airport Revenue Bonds, Series 1994B, 6.875%, 9/01/14 (Pre-refunded to 9/01/04) Public Facilities Authority, Lake, Missouri, Certificates of Participation (Municipal Golf Course Project), Series 1993: 1,020 6.900%, 12/01/05 (Pre- 12/02 at 103 N/R*** 1,096,418 refunded to 12/01/02) 2,720 7.550%, 12/01/14 (Pre- 12/02 at 103 N/R*** 2,940,075 refunded to 12/01/02) 1,000 Missouri Economic 5/02 at 100 N/R*** 1,022,430 Development, Export and Infrastructure Board, Industrial Development Revenue Bonds (Community Water Company, Inc. Project), Series 1992, 7.125%, 5/01/17 (Alternative Minimum Tax) (Pre-refunded to 5/15/02) 650 Health and Educational 5/04 at 102 Aa3*** 708,448 Facilities Authority of the State of Missouri, Health Facilities Revenue Bonds (BJC Health System), Series 1994A, 6.500%, 5/15/20 3,630 Health and Educational 6/04 at 102 A1*** 4,004,108 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 10/04 at 101 A2*** 662,250 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) 1,635 State Environmental 7/02 at 102 Aaa 1,710,570 Improvement and Energy Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - Multiple Participants Program), Series 1992A, 6.550%, 7/01/14 (Pre-refunded to 7/01/02) 340 State Environmental 7/04 at 102 Aaa 383,251 Improvement and Energy Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - Multiple Participants), Series 1994B, 7.200%, 7/01/16 (Pre-refunded to 7/01/04) Industrial Development Authority of St. Louis County, Missouri, Healthcare Facilities Revenue Bonds (Lutheran Health Care Association), Series 1992: 2,565 7.375%, 2/01/14 (Pre- 2/02 at 102 N/R*** 2,639,129 refunded to 2/01/02) 1,650 7.625%, 2/01/22 (Pre- 2/02 at 102 N/R*** 1,698,345 refunded to 2/01/02) 1,000 Regional Convention and 8/03 at 100 AAA 1,076,810 Sports Complex Authority, St. Louis County, Missouri, Convention and Sports Facility Project Bonds, Series 1991B, 7.000%, 8/15/11 (Pre- refunded to 8/15/03) 955 Regional Convention and 8/03 at 100 AAA 1,041,943 Sports Complex Authority, St. Louis, Missouri, Convention and Sports Facility Bonds, Series 1991C, 7.900%, 8/15/21 (Pre-refunded to 8/15/03)
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Utilities - 1.0% $ 2,000 City of Sikeston, No Opt. Call AAA $ 2,287,380 Missouri, Electric System Revenue Bonds, 1992 Series, 6.200%, 6/01/10 ------------------------------------------------------------------------------- Water and Sewer - 1.5% 1,635 State Environmental 4/09 at 100 AA 1,712,270 Improvement and Energy Resources Authority, Missouri, Water Facilities Refunding Revenue Bonds (Tri-County Water Authority Project), Series 1999, 6.000%, 4/01/22 595 State Environmental 4/02 at 101 Aaa 604,097 Improvement and Energy Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - City of Springfield Project), Series 1990A, 7.000%, 10/01/10 260 State Environmental 12/01 at 102 Aaa 266,590 Improvement and Energy Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - Multiple Participants), Series 1991A, 6.875%, 6/01/14 365 State Environmental 7/02 at 102 Aaa 382,560 Improvement and Energy Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - Multiple Participants), Series 1992A, 6.550%, 7/01/14 260 State Environmental 7/04 at 102 Aaa 288,772 Improvement and Energy Resources Authority, Missouri, Water Pollution Control Revenue Bonds (State Revolving Fund Program - Multiple Participants), Series 1994B, 7.200%, 7/01/16 117 City of Osceola, Missouri, 5/02 at 100 N/R 117,320 Sewer System Refunding and Improvement Revenue Bonds, Series 1989, 8.000%, 11/01/09 ------------------------------------------------------------------------------- $237,357 Total Investments (cost 229,119,800 $220,978,615) - 98.7% ------------------------------------------------------------------------------- ------------ Other Assets Less 2,948,794 Liabilities - 1.3% ---------------------------------------------------------------------- Net Assets - 100% $232,068,594 ----------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call pro- visions 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 suffi- cient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securi- ties. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 29 Portfolio of Investments (Unaudited) Nuveen Ohio Municipal Bond Fund November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Basic Materials - 0.3% $ 1,650 Ohio Port Authority, Lucas 3/02 at 102 A+ $ 1,701,959 County, Toledo, Port Revenue Refunding Bonds (Cargill, Inc. Project), 7.250%, 3/01/22 ------------------------------------------------------------------------------- Capital Goods - 0.3% 1,510 Ohio Water Development 3/02 at 102 N/R 1,550,060 Authority, Revenue Bonds (USA Waste Services), Series 1992, 7.750%, 9/01/07 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Consumer Cyclicals - 0.3% 1,700 City of Moraine, Ohio, No Opt. Call A3 1,802,051 Solid Waste Disposal Revenue Bonds (General Motors Corporation Project), Series 1999, 5.650%, 7/01/24 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Education and Civic Organizations - 5.1% 3,500 State of Ohio, Education 6/07 at 102 AAA 3,613,540 Loan Revenue Bonds (Supplemental Student Loan Program), Series 1997A1, 5.850%, 12/01/19 (Alternative Minimum Tax) 2,025 Ohio Higher Educational 12/03 at 102 AAA 2,229,363 Facility Commission, Higher Educational Facility Revenue Bonds (University of Dayton - 1992 Project), 6.600%, 12/01/17 1,200 Ohio Higher Educational 9/06 at 101 N/R 1,243,608 Facility Commission, Higher Educational Facility Revenue Bonds (University of Findlay - 1996 Project), 6.125%, 9/01/16 5,000 Ohio Higher Educational 5/07 at 102 AAA 5,104,500 Facility Commission, Higher Educational Facility Revenue Bonds (University of Xavier - 1997 Project), 5.375%, 5/15/22 1,000 Ohio Higher Educational 12/10 at 101 AAA 1,036,990 Facility Commission, Higher Educational Facility Revenue Bonds (University of Dayton - 2000 Project), 5.500%, 12/01/30 Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds (University of Wittenberg - 2001 Project): 2,050 5.500%, 12/01/15 12/11 at 100 A3 2,143,870 1,200 5.500%, 12/01/21 12/11 at 100 A3 1,226,388 2,000 5.000%, 12/01/26 12/11 at 100 A3 1,929,480 910 Ohio Higher Educational No Opt. Call AA 1,090,817 Facility Commission, Higher Educational Facility Revenue Bonds (Case Western Reserve University), Series B, 6.500%,10/01/20 University of Cincinnati, Ohio, General Receipts Bonds, Series 2001A: 1,500 5.750%, 6/01/18 6/11 at 101 AAA 1,622,265 1,520 5.750%, 6/01/19 6/11 at 101 AAA 1,638,682 2,000 5.250%, 6/01/24 6/11 at 101 AAA 2,024,980 4,250 University of Cincinnati, 6/07 at 100 AAA 4,324,800 Ohio, General Receipts Bonds, 5.375%, 6/01/20 1,230 Youngstown State 12/04 at 102 AAA 1,366,776 University, Ohio, General Receipts Bonds, 6.000%, 12/15/16 ------------------------------------------------------------------------------- Healthcare - 16.2% 10,000 Akron, Bath and Copley 11/09 at 101 Baa1 8,975,200 Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds (Summa Health System Project), Series 1998A, 5.375%, 11/15/24 3,000 Akron, Bath, and Copley 11/11 at 101 Aaa 2,915,970 Joint Township Hospital District, Ohio, Hospital Improvement Revenue Bonds (Children's Hospital Medical Center of Akron), Series 2001, 5.000%, 11/15/31 11,900 Cuyahoga County, Ohio, 2/09 at 101 A- 12,235,818 Hospital Improvement Revenue Bonds (MetroHealth System Project), Series 1999, 6.125%, 2/15/24 1,000 Cuyahoga County, Ohio, 2/07 at 102 AAA 1,041,350 Hospital Revenue Refunding and Improvement Bonds (MetroHealth System Project), Series 1997, 5.625%, 2/15/17 2,010 Erie County, Ohio, 1/02 at 102 A 2,057,034 Hospital Revenue Refunding and Improvement Bonds (Firelands Community Hospital Project), Series 1992, 6.750%, 1/01/08 Franklin County, Ohio, Hospital Revenue Refunding and Improvement Bonds (The Children's Hospital Project), 1996 Series A: 1,575 5.750%, 11/01/15 11/06 at 101 Aa2 1,644,237 5,275 5.875%, 11/01/25 11/06 at 101 Aa2 5,444,697
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Healthcare (continued) Franklin County, Ohio, Hospital Revenue Bonds (Holy Cross Health Systems Corporation), Series 1996: $ 965 5.800%, 6/01/16 6/06 at 102 AA- $ 1,007,576 2,000 5.875%, 6/01/21 6/06 at 102 AA- 2,078,700 5,690 Lorain County, Ohio, 11/05 at 102 AAA 5,747,128 Hospital Facilities Revenue and Refunding Bonds (EMH Regional Medical Center), Series 1995, 5.375%, 11/01/21 3,000 Lucas County, Ohio, 8/02 at 102 AAA 3,147,270 Hospital Improvement Revenue Bonds (St. Vincent Medical Center), Series 1992, 6.500%, 8/15/12 2,000 Marion County, Ohio, 5/06 at 102 BBB+ 2,071,040 Hospital Revenue Refunding and Improvement Bonds (The Community Hospital), Series 1996, 6.375%, 5/15/11 1,250 Maumee, Ohio, Hospital 12/04 at 102 AAA 1,309,588 Facilities Revenue Bonds (St. Luke's Hospital), Series 1994, 5.800%, 12/01/14 2,000 Miami County, Ohio, 5/06 at 102 BBB+ 2,035,140 Hospital Facilities Revenue Refunding and Improvement Bonds (Upper Valley Medical Center), Series 1996A, 6.250%, 5/15/16 4,205 Miami County, Ohio, 5/06 at 102 BBB+ 4,342,335 Hospital Facilities Revenue Refunding and Improvement Bonds (Upper Valley Medical Center), Series 1996C, 6.250%, 5/15/13 4,000 City of Middleburg 8/08 at 102 AAA 4,225,040 Heights, Ohio, Hospital Revenue Refunding and Improvement Bonds (Southwest General Health Center Project), Series 1995, 5.625%, 8/15/15 Montgomery County, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds (Kettering Medical Center), Series 1996: 1,500 5.625%, 4/01/16 4/06 at 102 AAA 1,561,410 7,000 6.250%, 4/01/20 No Opt. Call AAA 8,074,010 9,500 Montgomery County, Ohio, 4/10 at 101 BBB+ 9,968,065 Hospital Facilities Revenue Bonds (Kettering Medical Center Network Obligated Group), Series 1999, 6.750%, 4/01/22 13,000 Montgomery County, Ohio, 9/11 at 100 AA- 13,018,460 Revenue Bonds (Catholic Health Initiatives), Series 2001, 5.375%, 9/01/21 City of Parma, Ohio, Hospital Revenue Refunding and Improvement Bonds (Parma Community Hospital Association), Series 1998: 1,250 5.350%, 11/01/18 11/08 at 101 A- 1,208,762 1,000 5.375%, 11/01/29 11/08 at 101 A- 940,860 2,000 Richland County, Ohio, 11/10 at 101 A- 2,096,380 Hospital Facilities Revenue Refunding and Improvement Bonds (MedCentral Health System Obligated Group), Series 2000B, 6.375%, 11/15/22 1,200 Tuscarawas County, Ohio, 10/11 at 101 AA 1,151,928 Hospital Facilities Revenue Bonds (Union Hospital Project), Series 2001, 5.250%, 10/01/31 (WI, settling 12/05/01) ------------------------------------------------------------------------------- Housing/Multifamily - 5.7% 1,580 Butler County, Ohio, 9/08 at 103 N/R 1,493,700 Multifamily Housing Revenue Bonds (Anthony Wayne Apartments Project), Series 1998, 6.500%, 9/01/30 (Alternative Minimum Tax) 1,135 Clark County, Ohio, 11/08 at 103 N/R 1,057,741 Multifamily Housing Revenue Bonds (Church of God Retirement Home), Series 1998, 6.250%, 11/01/30 (Alternative Minimum Tax) 16,105 Franklin County, Ohio, 10/07 at 103 Aaa 16,058,779 Mortgage Revenue Bonds (GNMA Collateralized - Columbus Properties Project), Series 1997, 5.600%, 4/20/39 (Alternative Minimum Tax) 6,200 Hamilton County, 1/07 at 102 AAA 6,271,920 Multifamily Housing Revenue Bonds (Huntington Meadows Project), Series 1997, 5.700%, 1/01/27 (Alternative Minimum Tax) 2,705 Henry County, Ohio, 8/09 at 102 AAA 2,929,623 Healthcare Facility Revenue Bonds (GNMA Collateralized - Alpine Village Project), Series 1999, 6.375%, 2/20/41 6,315 Ohio Capital Corporation 2/09 at 102 Aa2 6,564,885 for Housing, Mortgage Revenue Refunding Bonds (FHA-Insured Mortgage Loans - Section 8 Assisted Projects), Series 1999G, 5.950%, 2/01/23 ------------------------------------------------------------------------------- Housing/Single Family - 6.1% 2,500 Ohio Housing Finance 7/09 at 100 Aaa 2,555,300 Agency, Fixed Rate Residential Mortgage Revenue Bonds (Mortgage- Backed Securities Program), 1999 Series C, 5.750%, 9/01/30 (Alternative Minimum Tax) 4,955 Ohio Housing Finance 9/07 at 102 Aaa 5,053,753 Agency, Residential Mortgage Revenue Bonds (Mortgage-Backed Securities Program), 1996 Series B-3, 5.750%, 9/01/28 (Alternative Minimum Tax)
-------------------------------------------------------------------------------- 31 Portfolio of Investments (Unaudited) Nuveen Ohio Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Housing/Single Family (continued) $ 4,435 Ohio Housing Finance 9/07 at 102 Aaa $ 4,517,801 Agency, Residential Mortgage Revenue Bonds, 1997 Series C, 5.750%, 9/01/28 (Alternative Minimum Tax) 5,290 Ohio Housing Finance 3/08 at 101 1/2 AAA 5,362,949 Agency, Residential Mortgage Revenue Bonds, 1998 Series A1, 5.300%, 9/01/19 (Alternative Minimum Tax) 1,865 Ohio Housing Finance 9/04 at 102 Aaa 1,953,569 Agency, Residential Mortgage Revenue Bonds (GNMA Mortgage-Backed Securities Program), 1994 Series A1, 6.100%, 9/01/14 3,815 Ohio Housing Finance 9/04 at 102 AAA 4,020,629 Agency, Residential Mortgage Revenue Bonds, 1994 Series B1, 6.375%, 9/01/14 12,795 Ohio Housing Finance 9/07 at 102 Aaa 13,376,917 Agency, Residential Mortgage Revenue Bonds, 1997 Series A (Remarketed), 6.150%, 3/01/29 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Industrial/Other - 0.4% 2,730 Cleveland - Cuyahoga 5/08 at 102 N/R 2,620,500 County Port Authority, Ohio, Development Revenue Bonds (Port of Cleveland Bond Fund - Jergens, Inc. Project), Series 1998A, 5.375%, 5/15/18 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Long-Term Care - 1.8% 1,935 Cuyahoga County, Ohio, 2/02 at 103 AAA 2,002,125 Industrial Development Refunding Revenue Bonds (University Health Care Center Project), Series 1991, 7.300%, 8/01/11 3,120 Franklin County, Ohio, 11/05 at 102 Aa2 3,306,139 Healthcare Facilities Revenue Bonds (Heinzerling Foundation), Series 1995, 6.200%, 11/01/20 570 Franklin County, Ohio, 2/02 at 101 1/2 N/R 578,721 Hospital Revenue Refunding Bonds (FHA- Insured Mortgage Loan - Worthington Christian Village Nursing Home), 7.000%, 8/01/16 1,250 Hamilton County, Ohio, 10/08 at 101 A 1,168,900 Healthcare Facilities Revenue Bonds (Twin Towers), Series 1998A, 5.125%, 10/01/23 1,025 Marion County, Ohio, 11/03 at 102 BBB- 1,021,853 Healthcare Facilities Refunding and Improvement Revenue Bonds (United Church Homes, Inc. Project), Series 1993, 6.375%, 11/15/10 750 Marion County, Ohio, 11/03 at 102 BBB- 731,655 Healthcare Facilities Refunding and Improvement Revenue Bonds (United Church Homes, Inc. Project), Series 1993, 6.300%, 11/15/15 1,950 City of Napoleon, Ohio, 9/04 at 102 Aa2 2,077,569 Healthcare Facilities Mortgage Revenue Refunding Bonds (Lutheran Orphans and Old Folks Home Society, Inc. - Napoleon, Ohio)(FHA-Insured Project), Series 1994, 6.875%, 8/01/23 ------------------------------------------------------------------------------- Tax Obligation/General - 21.2% Adams County - Ohio Valley School District, Counties of Adams and Highland, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1995: 6,000 7.000%, 12/01/15 No Opt. Call AAA 7,401,360 9,500 5.250%, 12/01/21 12/05 at 102 AAA 9,589,965 3,955 City of Akron, Ohio, 12/04 at 102 AAA 4,470,376 Various Purpose Improvement Bonds (General Obligation - Limited Tax), Series 1994, 6.750%, 12/01/14 600 Anthony - Wayne Local No Opt. Call AAA 337,164 School District, Lucas, Wood and Fulton Counties, Ohio, School Facilities Construction and Improvement Bonds, 0.000%, 12/01/13 1,000 City of Aurora School 12/05 at 102 AAA 1,078,590 District, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1995, 5.800%, 12/01/16 2,905 Batavia Local School 12/05 at 102 AAA 3,299,644 District Board of Education, Clermont County, Ohio, Bank Qualified School Improvement Bonds (Unlimited Tax), Series 1995, 6.300%, 12/01/22 700 Buckeye Valley Local 12/10 at 100 Aaa 725,893 School District, Medina County, Ohio, Construction and Improvement Bonds (General Obligation), Series 2000, 5.500%, 12/01/25 2,500 Buckeye Valley Local No Opt. Call AAA 3,019,300 School District, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1995A, 6.850%, 12/01/15
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 3,560 Canal Winchester Local 12/11 at 100 Aaa $ 3,487,162 School District, Franklin and Fairfield Counties, Ohio, School Facilities Construction and Improvement Bonds, Series 2001B, 5.000%, 12/01/28 Chesapeake - Union Exempt Village School District, Ohio, General Obligation Bonds, Series 1986: 125 8.500%, 12/01/04 No Opt. Call N/R 142,266 125 8.500%, 12/01/05 No Opt. Call N/R 145,994 125 8.500%, 12/01/06 No Opt. Call N/R 148,934 125 8.500%, 12/01/07 No Opt. Call N/R 151,084 125 8.500%, 12/01/08 No Opt. Call N/R 152,940 130 8.500%, 12/01/09 No Opt. Call N/R 161,359 School District of the City of Cincinnati, Hamilton County, Ohio, School Improvement Bonds (General Obligation - Limited Tax), Series 2001: 2,000 5.375%, 12/01/15 12/11 at 100 AAA 2,112,480 6,745 5.375%, 12/01/16 12/11 at 100 AAA 7,074,831 1,255 5.375%, 12/01/17 12/11 at 100 AAA 1,309,254 550 Columbiana County, Ohio, 12/04 at 102 AA 620,334 County Jail Facilities Construction Bonds (General Obligation - Unlimited Tax), 6.600%, 12/01/17 1,500 City of Columbus, Ohio, 1/02 at 102 Aaa 1,535,790 General Obligation Refunding Bonds, Series 1992B, 6.500%, 1/01/10 City of Columbus, Franklin County, Ohio, General Obligation Bonds: 590 9.375%, 4/15/06 No Opt. Call AAA 728,921 500 9.375%, 4/15/07 No Opt. Call AAA 635,195 7,045 City of Columbus, Ohio, 11/10 at 101 AAA 7,313,274 Various Purpose Bonds (General Obligation - Unlimited Tax), Series 2000, 5.250%, 11/15/17 1,000 Cuyahoga County, Ohio, No Opt. Call AA+ 1,078,190 Various Purpose Refunding Bonds (General Obligation - Limited Tax), Series 1993B, 5.250%, 10/01/13 1,345 Cuyahoga County, Ohio, No Opt. Call AA+ 1,470,018 General Obligation - Limited Tax Bonds, 5.650%, 5/15/18 5,830 Cuyahoga County, Ohio, 12/10 at 100 AA+ 6,312,957 Capital Improvement Bonds (General Obligation - Limited Tax), Series 2000, 5.750%, 12/01/16 750 City of Defiance, Ohio, 12/04 at 102 AAA 794,490 Waterworks System Improvement Bonds, Series 1994, 6.200%, 12/01/20 City of Delaware School District, Ohio, School Facilities Construction and Improvement Bonds (General Obligation - Unlimited Tax): 1,000 0.000%, 12/01/10 No Opt. Call AAA 667,540 1,000 0.000%, 12/01/11 No Opt. Call AAA 632,020 1,000 Evergreen Local School 12/09 at 101 Aaa 1,049,670 District, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1999, 5.625%, 12/01/24 1,110 City of Fairborn, Ohio, 10/02 at 102 AAA 1,178,210 Utility Improvement Bonds (General Obligation), Series 1991, 7.000%, 10/01/11 4,040 Franklin County, Ohio, 12/08 at 102 AAA 4,167,947 Refunding Bonds (General Obligation - Limited Tax), Series 1993, 5.375%, 12/01/20 420 Geauga County, Ohio, Sewer 12/05 at 102 Aa2 477,746 District Improvement Bonds (General Obligation - Limited Tax) (Bainbridge Water Project), 6.850%, 12/01/10 1,000 City of Grandview Heights 12/05 at 101 AA 1,054,920 School District, Franklin County, Ohio, School Facilities Construction and Improvement Bonds (General Obligation - Unlimited Tax), 6.100%, 12/01/19 1,200 City of Heath School 12/10 at 100 Aaa 1,241,832 District, Licking County, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 2000A, 5.500%, 12/01/27 2,500 Highland Local School 12/11 at 100 Aaa 2,459,675 District, Morrow and Delaware Counties, Ohio, General Obligation Bonds, Series 2001, 5.000%, 12/01/26 (WI, settling 12/03/01) 1,000 Huron County, Ohio, 12/07 at 102 AAA 1,081,070 Correctional Facility Bonds (General Obligation - Limited Tax), 5.850%, 12/01/16 1,885 City of Kent, Ohio, Sewer 12/02 at 102 Aa3 1,997,497 System Improvement Refunding Bonds (General Obligation - Limited Tax), Series 1992, 6.500%, 12/01/10 1,070 City of Kettering, Ohio, 12/01 at 102 Aa3 1,096,697 General Obligation - Limited Tax Bonds, 6.650%, 12/01/12 1,000 City of Kettering School 12/05 at 101 AAA 1,007,650 District, Ohio, General Obligation - Unlimited Tax Bonds, 5.250%, 12/01/22
-------------------------------------------------------------------------------- 33 Portfolio of Investments (Unaudited) Nuveen Ohio Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Tax Obligation/General (continued) $ 500 Kirtland Local School 12/01 at 100 N/R $ 501,290 District, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1989, 7.500%, 12/01/09 555 Lake County, Ohio, Sewer No Opt. Call Aa2 587,468 District Improvement Bonds (Limited Tax), Series 2000, 5.600%, 12/01/20 1,440 Lakewood, Ohio, General 12/05 at 102 Aa3 1,526,371 Obligation Bonds, Series 1995B, 5.750%, 12/01/15 3,385 Lakota Local School 6/11 at 100 Aaa 3,385,000 District, Butler County, Ohio, School Improvement and Refunding Bonds (General Obligation - Unlimited Tax), Series 2001, 5.125%, 12/01/26 Logan County, Ohio, General Obligation Bonds: 155 7.750%, 12/01/02 No Opt. Call A 163,680 155 7.750%, 12/01/03 No Opt. Call A 170,609 155 7.750%, 12/01/04 No Opt. Call A 175,944 155 7.750%, 12/01/05 No Opt. Call A 180,268 155 7.750%, 12/01/06 No Opt. Call A 183,898 1,000 Lucas County, Ohio, 12/02 at 102 A1 1,058,580 Various Purpose Improvement Bonds (General Obligation - Limited Tax), Series 1992, 6.650%, 12/01/12 1,000 Lucas County, Ohio, 12/05 at 102 AAA 1,037,040 Various Purpose Improvement Bonds (General Obligation - Limited Tax), Series 1995-1, 5.400%, 12/01/15 1,000 City of North Olmsted, 12/02 at 102 AAA 1,063,340 Ohio, Various Purpose Bonds (General Obligation - Limited Tax), Series 1992, 6.250%, 12/15/12 City of North Royalton School District, Ohio, School Improvement Bonds, Series 1994: 2,200 6.000%, 12/01/14 12/09 at 102 AAA 2,470,314 2,400 6.100%, 12/01/19 12/09 at 102 AAA 2,663,400 1,000 State of Ohio, Full Faith No Opt. Call AA+ 1,134,660 and Credit Infrastructure Improvement Bonds (General Obligation), Series 1994, 6.000%, 8/01/10 2,000 State of Ohio, Full Faith 8/05 at 102 AA+ 2,240,560 and Credit Infrastructure Improvement Bonds (General Obligation), Series 1995, 6.200%, 8/01/14 4,035 Olentangy Local School 12/09 at 101 AA 3,963,540 District, Delaware and Franklin Counties, Ohio, Various Purpose Bonds, Series 1999, 5.000%, 12/01/27 1,750 Pickerington Local School 12/01 at 102 A1 1,828,505 District, Fairfield and Franklin Counties, Ohio, General Obligation - Unlimited Tax Bonds (Pickerington Public Library Project), 6.750%, 12/01/16 500 Pickerington Local School No Opt. Call AAA 316,010 District, Ohio, General Obligation Bonds, 0.000%, 12/01/11 1,000 Revere Local School 12/03 at 102 AAA 1,066,510 District, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1993, 6.000%, 12/01/16 3,500 City of Springfield School 12/11 at 102 Aaa 3,534,580 District Board of Education, Clark County, Ohio, General Obligation Bonds, Series 2001, 5.200%, 12/01/23 2,340 City of Stow, Ohio, Safety 12/05 at 102 A1 2,471,695 Center Construction Bonds (General Obligation - Limited Tax), 6.200%, 12/01/20 2,870 City of Strongsville, 12/06 at 102 Aa2 3,064,356 Ohio, Various Purpose Improvement Bonds (General Obligation - Limited Tax), Series 1996, 5.950%, 12/01/21 2,290 City of Tipp Exempted 6/11 at 100 Aaa 2,260,711 Village School District, Ohio, School Facilities Construction and Improvement Bonds, Series 2001, 5.000%, 12/01/24 540 Trumbull County, Ohio, 12/04 at 102 AAA 592,007 Sewer Bonds (General Obligation), Series 1994, 6.200%, 12/01/14 1,910 Vandalia, Ohio, General 12/06 at 101 Aa3 2,010,791 Obligation Bonds, 5.850%, 12/01/21 4,000 City of Westerville School 6/11 at 100 AAA 3,929,160 District, Franklin and Delaware Counties, Ohio, Various Purpose Bonds (General Obligation), Series 2001, 5.000%, 12/01/27 1,000 Woodridge Local School 12/04 at 102 AAA 1,110,100 District, Ohio, General Obligation Bonds, 6.000%, 12/01/19 300 Youngstown, Ohio, General 12/04 at 102 AAA 327,804 Obligation - Limited Tax Bonds, Series 1994, 6.125%, 12/01/14
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- Tax Obligation/Limited - 6.8% $ 500 Athens County, Ohio, 12/01 at 102 A+ $ 510,800 Community Mental Health Revenue Bonds, 1991 Series I, 6.900%, 6/01/10 6,300 City of Cleveland, Ohio, 11/07 at 102 AAA 6,347,124 Certificates of Participation (Cleveland Stadium Project), Series 1997, 5.250%, 11/15/27 1,000 Deerfield Township, Ohio, 12/11 at 101 Aaa 985,020 Tax Increment Revenue Notes, Series 2001B, 5.000%, 12/01/25 4,300 Hamilton County, Ohio, No Opt. Call Aaa 996,138 Sales Tax Bonds, Subordinate Series B, 0.000%, 12/01/28 8,140 State of Ohio, Higher 2/11 at 100 AA+ 8,134,628 Education Capital Facilities Bonds, Series II-2001A, 5.000%, 2/01/20 1,100 State of Ohio Department 4/02 at 102 AAA 1,138,577 of Transportation, Certificates of Participation (Panhandle Rail Line Project), Series 1992A, 6.500%, 4/15/12 11,700 Puerto Rico Highway and No Opt. Call AAA 13,057,317 Transportation Authority, Highway Revenue Bonds (Reset Option Long Certificates), Series 1996Y (II-R-66), 9.460%, 1/01/13 (IF) 6,550 Puerto Rico Public No Opt. Call N/R 7,696,643 Buildings Authority, Guaranteed Revenue Bonds (Reset Option Long Trust Certificates), Series 1993L (II-R-56), 9.460%, 7/01/18 (IF) 2,500 Summit County Port 12/11 at 100 AAA 2,438,800 Authority, Ohio, Revenue Bonds (Civic Theatre Project), Series 2001, 5.000%, 12/01/33 ------------------------------------------------------------------------------- Transportation - 4.5% 7,000 City of Cleveland, Ohio, 1/10 at 101 AAA 6,826,820 Airport System Revenue Bonds, Series 2000A, 5.000%, 1/01/31 7,300 City of Dayton, Ohio, 2/08 at 102 BB+ 5,524,932 Special Facilities Revenue Refunding Bonds (Emery Air Freight Corporation and Emery Worldwide Airlines, Inc. - Guarantors), Series 1998A, 5.625%, 2/01/18 5,000 Ohio Turnpike Commission, No Opt. Call AA- 5,728,200 Turnpike Revenue Bonds (Residual Option Longs), Refunding Series 1998A (II-R-51), 6.120%, 2/15/24 (IF) 7,500 Ohio Turnpike Commission, No Opt. Call Aaa 8,816,400 Turnpike Revenue Bonds (Residual Option Longs), Series II-R-75, 8.630%, 2/15/12 (IF) ------------------------------------------------------------------------------- U.S. Guaranteed - 15.7% 2,000 City of Athens, Athens 12/09 at 100 N/R*** 2,336,700 County, Ohio, Sanitary Sewer System Mortgage Revenue Bonds, Series 1989, 7.300%, 12/01/14 (Pre-refunded to 12/01/09) 3,000 City of Barberton, Ohio, 1/02 at 102 N/R*** 3,072,990 Hospital Facilities Revenue Bonds (Barberton Citizens Hospital Company Project), Series 1992, 7.250%, 1/01/12 (Pre- refunded to 1/01/02) City of Bellefontaine, Ohio, Sewer System First Mortgage Revenue Refunding and Improvement Bonds (Bank Qualified): 1,000 6.800%, 12/01/07 (Pre- 12/02 at 101 N/R*** 1,056,240 refunded to 12/01/02) 1,000 6.900%, 12/01/11 (Pre- 12/02 at 101 N/R*** 1,057,230 refunded to 12/01/02) 1,250 Butler County, Ohio, 1/02 at 102 Baa1*** 1,280,513 Hospital Facilities Revenue Refunding and Improvement Bonds (Fort Hamilton-Hughes Memorial Hospital Center), Series 1991, 7.500%, 1/01/10 (Pre-refunded to 1/01/02) City of Cleveland, Ohio, General Obligation Bonds, Series 1988: 1,010 7.500%, 8/01/08 (Pre- 2/03 at 100 AAA 1,071,721 refunded to 2/01/03) 1,010 7.500%, 8/01/09 (Pre- 2/03 at 100 AAA 1,071,721 refunded to 2/01/03) 500 City of Cleveland, Ohio, 7/02 at 102 AAA 522,785 Various Purpose Bonds (General Obligation), Series 1992, 6.375%, 7/01/12 (Pre-refunded to 7/01/02) 4,745 City of Cleveland, Ohio, 11/04 at 102 AAA 5,344,910 Various Purpose Bonds (General Obligation), Series 1994, 6.625%, 11/15/14 (Pre-refunded to 11/15/04) City of Cleveland, Ohio, First Mortgage Waterworks Revenue Refunding and Improvement Bonds, Series F, 1992B: 840 6.500%, 1/01/11 (Pre- 1/02 at 102 AAA 860,042 refunded to 1/01/02) 80 6.500%, 1/01/11 (Pre- 1/02 at 102 AAA 81,909 refunded to 1/01/02) City of Cleveland, Ohio, First Mortgage Waterworks Revenue Refunding and Improvement Bonds, Series 1996-H: 2,280 5.750%, 1/01/21 (Pre- 1/06 at 102 AAA 2,520,152 refunded to 1/01/06) 5,795 5.750%, 1/01/26 (Pre- 1/06 at 102 AAA 6,405,387 refunded to 1/01/06)
-------------------------------------------------------------------------------- 35 Portfolio of Investments (Unaudited) Nuveen Ohio Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ---------------------------------------------------------------------------------- U.S. Guaranteed (continued) Cuyahoga County, Ohio, Hospital Revenue Bonds (Meridia Health System), Series 1995: $ 250 6.250%, 8/15/14 (Pre- 8/05 at 102 AAA $ 280,753 refunded to 8/15/05) 5,500 6.250%, 8/15/24 (Pre- 8/05 at 102 AAA 6,176,555 refunded to 8/15/05) City of Garfield Heights, Ohio, Hospital Revenue Refunding and Improvement Bonds (Marymount Hospital Project), Series 1992B: 3,000 6.650%, 11/15/11 (Pre- 11/02 at 102 Aa3*** 3,190,050 refunded to 11/15/02) 3,500 6.700%, 11/15/15 (Pre- 11/02 at 102 Aa3*** 3,723,370 refunded to 11/15/02) 3,000 Hamilton County, Ohio, 1/03 at 102 A*** 3,193,440 Hospital Facilities Revenue Refunding Bonds (Bethesda Hospital, Inc.), Series 1992A, 6.250%, 1/01/12 (Pre- refunded to 1/01/03) 1,000 Kent State University, 5/02 at 102 AAA 1,038,830 General Receipts Bonds, Series 1992, 6.500%, 5/01/22 (Pre-refunded to 5/01/02) 1,000 Lakeview Local School 12/04 at 102 AAA 1,136,720 District, Ohio, General Obligation Bonds, 6.900%, 12/01/14 (Pre-refunded to 12/01/04) 1,000 Lakota Local School 12/05 at 100 AAA 1,110,070 District, Butler County, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1994, 6.125%, 12/01/17 (Pre- refunded to 12/01/05) 1,500 City of Lorain, Ohio, 11/02 at 102 A1*** 1,596,330 Hospital Refunding Revenue Bonds (Lakeland Community Hospital, Inc.), Series 1992, 6.500%, 11/15/12 4,250 Mahoning County, Ohio, 10/02 at 100 AAA 4,435,725 Hospital Improvement Revenue Bonds (YHA, Inc. Project), Series 1991A, 7.000%, 10/15/14 (Pre- refunded to 10/15/02) 11,000 Montgomery County, Ohio, 1/08 at 102 Baa2*** 11,900,130 Health System Revenue Bonds (Franciscan Medical Center - Dayton Campus Issue), Series 1997, 5.500%, 7/01/18 (Pre- refunded to 1/01/08) 2,500 Montgomery County, Ohio, 5/03 at 101 AAA 2,665,050 Revenue Bonds (Sisters of Charity Health Care Systems, Inc.), Series 1992A, 6.250%, 5/15/08 (Pre-refunded to 5/15/03) 1,000 Mount Gilead, Ohio, Water 12/02 at 102 N/R*** 1,069,820 System Revenue First Mortgage Bonds, 7.200%, 12/01/17 (Pre-refunded to 12/01/02) Ohio Housing Finance Agency, Single Family Mortgage Revenue Bonds: 5,700 0.000%, 1/15/15 (Pre- 7/11 at 70 15/32 AAA 2,593,101 refunded to 7/15/11) 6,460 0.000%, 1/15/15 (Pre- 1/11 at 67 1/32 AAA 2,859,842 refunded to 1/15/11) 750 State of Ohio, Full Faith 8/05 at 102 AA+*** 840,210 and Credit Infrastructure Improvement Bonds (General Obligation), Series 1995, 6.200%, 8/01/13 (Pre-refunded to 8/01/05) 5 Ohio Building Authority, 4/03 at 100 AAA 5,446 State Facilities Refunding Bonds (Frank J. Lausche State Office Building), 1982 Series A, 10.125%, 10/01/06 (Pre- refunded to 4/01/03) 1,500 Ohio State Building 10/04 at 102 AAA 1,682,235 Authority, Revenue Bonds (Juvenile Correctional Building), Series A, 6.600%, 10/01/14 (Pre- refunded to 10/01/04) 5,065 Ohio Water Development No Opt. Call AAA 5,675,029 Authority, Water Development Revenue Bonds (Pure Water), 1990 Series I, 6.000%, 12/01/16 500 Olmsted Falls Local School 12/01 at 102 AAA 511,055 District, Ohio, General Obligation Bonds, 7.050%, 12/15/11 (Pre-refunded to 12/15/01) 1,200 Ridgemont Local School 12/02 at 102 N/R*** 1,283,700 District, Ohio, School Improvement Bonds (General Obligation - Unlimited Tax), Series 1992, 7.250%, 12/01/14 (Pre-refunded to 12/01/02) 1,725 Shelby County, Ohio, 9/02 at 102 N/R*** 1,829,363 Hospital Facilities Revenue Refunding and Improvement Bonds (Shelby County Memorial Hospital Association), Series 1992, 7.700%, 9/01/18 (Pre-refunded to 9/01/02) 1,000 Sylvania City School 6/02 at 102 AAA 1,043,090 District, Ohio, General Obligation Bonds, 6.600%, 6/01/16 (Pre-refunded to 6/01/02) 2,750 Trumbull County, Ohio, 11/03 at 100 AAA 2,982,403 Hospital Revenue Refunding and Improvement Bonds (Trumbull Memorial Hospital Project), Series 1991B, 6.900%, 11/15/12 (Pre-refunded to 11/15/03) 1,000 University of Cincinnati, 12/02 at 102 AA*** 1,062,030 Ohio, General Receipts Bonds, Series O, 6.300%, 6/01/12 (Pre-refunded to 12/01/02) 750 Warren County Water 12/02 at 102 AAA 798,900 District, Ohio, Waterworks System Revenue Bonds, Series 1992, 6.600%, 12/01/16 (Pre- refunded to 12/01/02)
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Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 1,500 Washington County, Ohio, 9/02 at 102 Baa1*** $ 1,587,255 Hospital Revenue Bonds (Marietta Area Health Care, Inc. Project), Series 1992, 7.375%, 9/01/12 (Pre-refunded to 9/01/02) 1,425 City of Wooster School 12/02 at 102 AAA 1,516,514 District, Wayne County, Ohio, School Building Construction and Improvement Bonds (General Obligation - Unlimited Tax), 6.500%, 12/01/17 (Pre-refunded to 12/01/02) ------------------------------------------------------------------------------- Utilities - 9.7% City of Cleveland, Ohio, Public Power System First Mortgage Revenue Bonds, Series 1994A: 2,250 0.000%, 11/15/12 No Opt. Call AAA 1,345,140 1,535 0.000%, 11/15/13 No Opt. Call AAA 864,420 2,500 City of Cleveland, Ohio, 11/06 at 102 AAA 2,468,000 Public Power System First Mortgage Revenue Refunding Bonds, Series 1996 (Subseries 1), 5.000%, 11/15/24 3,695 Ohio Municipal Electric 2/03 at 102 AAA 3,720,606 Generation Agency, Revenue Bonds (American Municipal Power, Inc.), 5.375%, 2/15/24 Ohio Air Quality Development Authority, Revenue Bonds (Columbus Southern Power Company Project), 1985 Series A: 1,750 6.375%, 12/01/20 12/02 at 102 AAA 1,840,528 4,500 6.250%, 12/01/20 6/03 at 102 A3 4,594,725 12,000 Ohio Air Quality 9/05 at 102 A3 12,249,000 Development Authority, Revenue Refunding Bonds (Dayton Power and Light Company Project), 1995 Series, 6.100%, 9/01/30 5,000 Ohio Air Quality 4/07 at 102 AAA 5,122,950 Development Authority, Revenue Bonds (JMG Funding - Limited Partnership Project), Series 1997, 5.625%, 1/01/23 (Alternative Minimum Tax) 500 Ohio Water Development 8/02 at 102 A2 513,585 Authority, Collateralized Water Development Revenue Refunding Bonds (Dayton Power and Light Company Project), 1992 Series A, 6.400%, 8/15/27 21,850 Ohio Water Development 9/08 at 102 N/R 20,113,362 Authority, Solid Waste Disposal Revenue Bonds (Bay Shore Power Project), Convertible Series 1998A, 5.875%, 9/01/20 (Alternative Minimum Tax) 1,545 Puerto Rico Electric Power No Opt. Call A- 702,620 Authority, Power Revenue Refunding Bonds, Series O, 0.000%, 7/01/17 4,500 Puerto Rico Industrial, 6/10 at 101 Baa2 4,894,110 Tourist, Educational, Medical, and Environmental Control Facilities Financing Authority, Cogeneration Facility Revenue Bonds, 2000 Series A, 6.625%, 6/01/26 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Water and Sewer - 5.0% 3,000 Butler County, Ohio, Sewer 12/06 at 101 AAA 3,028,410 System Revenue Bonds, Series 1996, 5.250%, 12/01/21 10,000 City of Cleveland, Ohio, No Opt. Call AAA 10,731,500 Waterworks Improvement First Mortgage Refunding Revenue Bonds, 1993 Series G, 5.500%, 1/01/21 1,600 Greene County, Ohio, Water 12/07 at 102 AAA 1,735,695 System Revenue Bonds, Series 1996, 6.125%, 12/01/21 2,200 City of Greenville, Darke 12/02 at 102 AAA 2,320,951 County, Ohio, Wastewater System First Mortgage Revenue Bonds (Governmental Enterprise Revenue Bonds), Series 1992, 6.350%, 12/01/17 2,700 Hamilton County, Ohio, 12/11 at 100 AAA 2,521,070 Sewer System Improvement and Refunding Revenue Bonds (Metropolitan Sewer District of Greater Cincinnati), 2001 Series A, 4.750%, 12/01/26 1,000 City of Hamilton, Ohio, 4/02 at 102 AAA 1,024,920 Water System Mortgage Revenue Bonds, 1991 Series A, 6.400%, 10/15/10 1,000 Montgomery County, Ohio, 11/02 at 102 AAA 1,048,370 Water Revenue Bonds (Greater Moraine Beavercreek Sewer District), Series 1992, 6.250%, 11/15/17 4,260 Ohio Water Development 12/07 at 102 AAA 4,348,820 Authority, Water Development Revenue Bonds (Community Assistance Program), Series 1997, 5.375%, 12/01/24 2,000 Ohio Water Development 6/08 at 101 AAA 2,004,100 Authority, Water Development Revenue Bonds (Fresh Water), Series 1998, 5.125%, 12/01/23
-------------------------------------------------------------------------------- 37 Portfolio of Investments (Unaudited) Nuveen Ohio Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Amount (000) Description Provisions* Ratings** Market Value ----------------------------------------------------------------------------- Water and Sewer (continued) $ 750 City of Toledo, Ohio, 11/04 at 102 AAA $ 829,260 Sewer System Revenue Mortgage Bonds, 6.350%, 11/15/17 500 City of Toledo, Ohio, 11/04 at 102 AAA 549,320 Waterworks Revenue Refunding Mortgage Bonds, 6.450%, 11/15/24 ----------------------------------------------------------------------------- $589,555 Total Investments (cost 598,343,762 $571,475,267) - 99.1% ----------------------------------------------------------------------------- ------------ Other Assets Less 5,141,613 Liabilities - 0.9% -------------------------------------------------------------------- Net Assets - 100% $603,485,375 --------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call pro- visions 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 en- sures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (IF) Inverse floating rate security. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 38 Portfolio of Investments (Unaudited) Nuveen Wisconsin Municipal Bond Fund November 30, 2001
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------- Basic Materials - 2.1% $ 1,000 Redevelopment Authority of No Opt. Call Baa3 $ 937,590 Green Bay, Wisconsin, Industrial Development Revenue Bonds (Fort James Project), Series 1999, 5.600%, 5/01/19 ------------------------------------------------------------------------------- Capital Goods - 0.7% 300 Community Development 3/02 at 102 N/R 304,374 Authority of the Village of Menomomee Falls, Wisconsin, Development Revenue Bonds (Herker Industries, Inc. Project), Series 1996, 5.250%, 3/01/08 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Consumer Staples - 3.6% 1,555 The Children's Trust Fund, 7/10 at 100 Aa3 1,637,197 Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Series 2000, 5.750%, 7/01/20 ------------------------------------------------------------------------------- Education and Civic Organizations - 3.3% 475 Housing Authority of the 4/08 at 100 Aa1 458,275 City of Ashland, Wisconsin, Student Housing Revenue Bonds (Northland College Project), Series 1998, 5.100%, 4/01/18 500 Community Development 11/06 at 102 AA- 493,655 Authority of the City of Madison, Wisconsin, Fixed Rate Development Revenue Bonds (Fluno Center Project), Series 1998A, 5.000%, 11/01/20 370 Puerto Rico Industrial, 2/09 at 101 BBB 356,173 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds (Ana G. Mendez University System Project), Series 1999, 5.375%, 2/01/29 200 Puerto Rico Industrial, 9/11 at 100 BBB 199,132 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds (University of the Sacred Heart Project), Series 2001, 5.250%, 9/01/21 ------------------------------------------------------------------------------- Healthcare - 4.7% 500 Puerto Rico Industrial, 1/05 at 102 AAA 539,895 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds (Hospital Auxilio Mutuo Obligated Group Project), 1995 Series A, 6.250%, 7/01/24 450 Puerto Rico Industrial, 8/05 at 101 1/2 AAA 479,012 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Refunding Bonds (FHA- Insured Mortgage Pila Hospital Project), 1995 Series A, 5.875%, 8/01/12 1,000 Puerto Rico Industrial, 11/10 at 101 AA 1,124,060 Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds (Hospital de la Concepcion Project), 2000 Series A, 6.500%, 11/15/20 ------------------------------------------------------------------------------- Housing/Multifamily - 9.8% Housing Authority of Dane County, Wisconsin, Multifamily Housing Revenue Bonds (Forest Harbor Apartments Project): 25 5.900%, 7/01/12 7/02 at 102 N/R 25,167 50 5.950%, 7/01/13 7/02 at 102 N/R 50,214 50 6.000%, 7/01/14 7/02 at 102 N/R 50,154 675 Kenosha Housing Authority, 5/08 at 102 N/R 695,750 Wisconsin, GNMA Collateralized Multifamily Housing Revenue Bonds (Villa Ciera, Inc. Project), Series 2000A, 5.900%, 11/20/30 570 Community Development 2/12 at 102 N/R 565,594 Agency of the Village of Lake Delton, Wisconsin, Multifamily Housing Project Revenue Bonds (GNMA Collateralized Mortgage Loan - Woodland Park Project), Series 2001, 5.300%, 2/20/31 1,000 Community Development 9/06 at 102 AAA 995,680 Authority of the City of Madison, Wisconsin, Multifamily Housing Revenue Refunding Bonds (Greentree Glen Project), Series 1999A, 5.500%, 9/20/29 (Alternative Minimum Tax) 200 Redevelopment Authority of 8/07 at 102 N/R 203,542 the City of Milwaukee, 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 5/06 at 102 AAA 481,945 City of Sheboygan, Wisconsin, Multifamily Revenue Refunding Bonds (Lake Shore Apartments), Series 1998A, 5.100%, 11/20/26
-------------------------------------------------------------------------------- 39 Portfolio of Investments Nuveen Wisconsin Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------- Housing/Multifamily (continued) $ 300 Walworth County Housing 9/05 at 102 N/R $ 298,509 Authority, Wisconsin, 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 12/06 at 102 AAA 357,581 (Alternative Minimum Tax) 750 6.000%, 12/01/31 12/06 at 102 AAA 767,618 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Housing/Single Family - 0.7% 190 Puerto Rico Housing Bank 4/05 at 102 AAA 197,473 and Finance Agency, Single Family Mortgage Revenue Bonds (Affordable Housing Mortgage Subsidy Program), Portfolio I, 6.250%, 4/01/29 (Alternative Minimum Tax) 115 Virgin Islands Housing 3/05 at 102 AAA 119,669 Finance Authority, Single Family Mortgage Revenue Refunding Bonds (GNMA Mortgage-Backed Securities Program), 1995 Series A, 6.450%, 3/01/16 (Alternative Minimum Tax) ------------------------------------------------------------------------------- Long-Term Care - 4.0% 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 A1 143,892 195 5.300%, 12/01/18 12/04 at 100 A1 185,133 395 5.300%, 12/01/19 12/04 at 100 A1 372,481 1,120 Waukesha County Housing 12/03 at 102 N/R 1,125,242 Authority, Housing Revenue Refunding Bonds (The Arboretum Project), Series 1998, 5.250%, 12/01/21 (Alternative Minimum Tax) (Optional put 12/01/12) ------------------------------------------------------------------------------- Tax Obligation/General - 1.7% 250 Government of Guam, General 11/03 at 102 BBB- 245,153 Obligation Bonds, Series 1993A, 5.400%, 11/15/18 500 Commonwealth of Puerto 7/11 at 100 A 510,680 Rico, Public Improvement General Obligation Bonds of 2002, Series A, 5.375%, 7/01/28 (DD, settling 12/03/01) ------------------------------------------------------------------------------- Tax Obligation/Limited - 53.3% Community Development Authority of the Village of Ashwaubenon, Wisconsin, Lease Revenue Bonds (Arena Project), Series 1999A: 2,000 5.700%, 6/01/24 6/09 at 100 Aa2 2,097,780 700 5.800%, 6/01/29 6/09 at 100 Aa2 738,031 1,500 Community Development 6/06 at 100 N/R 1,612,590 Authority of the City of Cudahy, Wisconsin, Redevelopment Lease Revenue Bonds, Series 1995, 6.000%, 6/01/11 1,000 Redevelopment Authority of 2/08 at 100 N/R 982,110 the Village of De Forest, Wisconsin, Redevelopment Lease Revenue Bonds, Series 1999B, 5.100%, 2/01/18 1,500 Community Development 9/08 at 100 N/R 1,488,285 Authority of the City of Glendale, Wisconsin, Community Development Lease Revenue Bonds, Series 1998A, 5.400%, 9/01/18 100 Community Development 10/11 at 100 A2 99,818 Authority of the City of Glendale, Wisconsin, Community Development Lease Revenue Refunding Bonds (Tax Increment District No. 6), 5.000%, 10/01/19 350 Professional Football 2/11 at 100 AAA 352,667 Stadium District, Brown County, Green Bay, Wisconsin, Sales Tax Revenue Bonds (Lambeau Field Renovation Project), Series 2001A, 5.000%, 2/01/19 Redevelopment Authority of the City of Green Bay, Wisconsin, Lease Revenue Bonds (Convention Center Project), Series 1999A: 1,300 5.250%, 6/01/24 6/09 at 100 Aa2 1,318,902 1,650 5.100%, 6/01/29 6/09 at 100 Aa2 1,652,541 500 Community Development 12/09 at 100 N/R 465,155 Authority of the Village of Jackson, Wisconsin, Community Development Revenue Refunding Bonds, Series 1999, 5.100%, 12/01/17 300 Community Development 3/05 at 100 Aa2 322,521 Authority of the City of Madison, Wisconsin, Lease Revenue Bonds (Monona Terrace Community and Convention Center Project), Series 1995, 6.100%, 3/01/10
-------------------------------------------------------------------------------- 40
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------- Tax Obligation/Limited (continued) Milwaukee Redevelopment Authority, Wisconsin, Redevelopment Revenue Bonds (Summerfest Project), Series 2001: $ 400 4.850%, 8/01/17 8/11 at 100 A $ 396,036 1,000 4.950%, 8/01/20 8/11 at 100 A 976,240 320 Puerto Rico Highway and 7/02 at 101 1/2 A 332,096 Transportation Authority, Highway Revenue Bonds, 1992 Series V, 6.625%, 7/01/12 500 Puerto Rico Highway and 7/16 at 100 A 520,275 Transportation Authority, Highway Revenue Bonds, 1996 Series Y, 5.500%, 7/01/36 2,000 Puerto Rico Highway and 7/10 at 101 A 2,293,520 Transportation Authority, Transportation Revenue Bonds, Series B, 6.500%, 7/01/27 600 Puerto Rico Public 7/03 at 101 1/2 A 619,296 Building Authority, Public Education and Health Facilities Refunding Bonds (Guaranteed by the Commonwealth of Puerto Rico), Series M, 5.750%, 7/01/15 2,500 Puerto Rico Public No Opt. Call A 2,656,475 Building Authority, Revenue Refunding Bonds (Guaranteed by the Commonwealth of Puerto Rico), Series L, 5.500%, 7/01/21 500 Southeast Wisconsin No Opt. Call AAA 537,335 Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/26 1,000 Southeast Wisconsin 12/04 at 100 AAA 1,095,720 Professional Baseball Park District, Sales Tax Revenue Bonds, Series 1999, 6.100%, 12/15/29 800 Southeast Wisconsin 12/11 at 101 AAA 792,552 Professional Baseball Park District, Sales Tax Revenue Bonds, Series 2001A Refunding, 5.100%, 12/15/29 375 Waterfront Redevelopment 10/08 at 100 N/R 361,534 Authority of the City of Sturgeon Bay, Wisconsin, Redevelopment Lease Revenue Bonds, Series 1998A, 5.200%, 10/01/21 600 Virgin Islands Public 10/08 at 101 BBB- 607,236 Finance Authority, Revenue and Refunding Bonds (Virgin Islands Matching Fund Loan Notes), Series 1998A (Senior Lien/Refunding), 5.625%, 10/01/25 500 Wauwatosa Redevelopment 12/07 at 100 AAA 524,995 Authority, Milwaukee County, Wisconsin, Redevelopment Authority Lease Revenue Bonds, Series 1997, 5.650%, 12/01/16 Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999: 1,000 5.250%, 12/15/23 No Opt. Call AAA 1,039,270 500 5.250%, 12/15/27 No Opt. Call AAA 519,195 ------------------------------------------------------------------------------- Transportation - 1.8% 1,000 Puerto Rico Ports 6/06 at 102 BB 825,210 Authority, Special Facilities Revenue Bonds (American Airlines, Inc. Project), 1996 Series A, 6.250%, 6/01/26 (Alternative Minimum Tax) ------------------------------------------------------------------------------- U.S. Guaranteed - 8.5% 315 Guam Power Authority, 10/02 at 102 AAA 332,564 Revenue Bonds, 1992 Series A, 6.300%, 10/01/22 (Pre-refunded to 10/01/02) Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, 2000 Series A: 250 5.375%, 10/01/16 10/10 at 101 AAA 266,090 750 5.500%, 10/01/20 10/10 at 101 AAA 794,048 145 Puerto Rico Electric 7/04 at 102 AAA 161,449 Power Authority, Power Revenue Bonds, Series T, 6.375%, 7/01/24 (Pre-refunded to 7/01/04) 125 Puerto Rico Telephone 1/03 at 101 1/2 AAA 131,536 Authority, Revenue Refunding Bonds, Series M, 5.400%, 1/01/08 (Pre-refunded to 1/01/03) Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Bonds, Series 1996: 225 5.650%, 12/15/16 (Pre- 3/07 at 101 AAA 248,495 refunded to 3/13/07) 600 5.800%, 12/15/26 (Pre- 3/07 at 101 AAA 666,948 refunded to 3/13/07) 150 Redevelopment Authority 5/02 at 102 AA*** 155,226 of the City of Superior, Wisconsin, Revenue Bonds (Superior Memorial Hospital, Inc. - FHA- Insured Mortgage Loan), Series 1994, 5.600%, 11/01/07 (Pre-refunded to 5/01/02) 1,000 Wisconsin Center 12/06 at 101 AAA 1,112,930 District, Junior Dedicated Tax Revenue Bonds, Series 1996B, 5.700%, 12/15/20 (Pre- refunded to 12/15/06)
-------------------------------------------------------------------------------- 41 Portfolio of Investments Nuveen Wisconsin Municipal Bond Fund (continued) November 30, 2001
Principal Optional Call Market Amount (000) Description Provisions* Ratings** Value ------------------------------------------------------------------------------ Utilities - 4.4% $ 1,850 Puerto Rico Electric Power 7/10 at 101 AAA $ 1,885,502 Authority, Power Revenue Bonds, Series HH, 5.250%, 7/01/29 115 Puerto Rico Electric Power 7/04 at 102 A- 123,742 Authority, Power Revenue Bonds, Series T, 6.000%, 7/01/16 ------------------------------------------------------------------------------ $43,755 Total Investments (cost 45,026,755 $43,664,948) - 98.6% ------------------------------------------------------------------------------ ------------ Other Assets Less 655,155 Liabilities - 1.4% --------------------------------------------------------------------- Net Assets - 100% $45,681,910 ---------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call pro- visions 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 en- sures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 42 Statement of Net Assets (Unaudited) November 30, 2001
Kansas Kentucky Michigan Missouri Ohio Wisconsin ------------------------------------------------------------------------------------------------------ Assets Investments in municipal securities, at market value $111,861,958 $457,005,676 $280,764,071 $229,119,800 $598,343,762 $45,026,755 Cash -- -- -- -- -- 443,579 Receivables: Interest 2,090,578 6,621,853 3,831,366 4,207,525 11,019,689 860,090 Investments sold 1,140,568 2,084,050 730,111 3,803,333 6,440,200 -- Shares sold 750,677 412,249 280,239 841,176 339,081 34,968 Other assets 174 14,609 8,635 225 19,347 47 ------------------------------------------------------------------------------------------------------ Total assets 115,843,955 466,138,437 285,614,422 237,972,059 616,162,079 46,365,439 ------------------------------------------------------------------------------------------------------ Liabilities Cash overdraft 71,086 1,498,439 2,202,849 932,173 6,295,583 -- Payables: Investments purchased 1,878,234 -- -- 4,244,322 3,589,123 511,992 Shares redeemed 18,043 422,262 165,736 85,967 1,126,409 -- Accrued expenses: Management fees 51,211 205,327 127,039 104,405 265,067 20,774 12b-1 distribution and service fees 27,969 102,733 65,122 50,998 108,279 12,093 Other 49,379 218,570 103,517 91,320 166,016 44,421 Dividends payable 205,546 937,670 392,148 394,280 1,126,227 94,249 ------------------------------------------------------------------------------------------------------ Total liabilities 2,301,468 3,385,001 3,056,411 5,903,465 12,676,704 683,529 ------------------------------------------------------------------------------------------------------ Net assets $113,542,487 $462,753,436 $282,558,011 $232,068,594 $603,485,375 $45,681,910 ------------------------------------------------------------------------------------------------------ Class A Shares Net assets $ 93,065,645 $409,200,097 $212,624,528 $206,453,387 $388,758,170 $37,198,422 Shares outstanding 9,073,545 37,470,082 18,251,805 19,014,228 34,679,860 3,673,562 Net asset value and redemption price per share $ 10.26 $ 10.92 $ 11.65 $ 10.86 $ 11.21 $ 10.13 Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering price) $ 10.71 $ 11.40 $ 12.16 $ 11.34 $ 11.70 $ 10.57 ------------------------------------------------------------------------------------------------------ Class B Shares Net assets $ 8,719,869 $ 14,500,544 $ 8,946,846 $ 8,727,896 $ 21,899,475 $ 4,608,757 Shares outstanding 855,992 1,327,738 767,058 803,841 1,955,572 453,853 Net asset value, offering and redemption price per share $ 10.19 $ 10.92 $ 11.66 $ 10.86 $ 11.20 $ 10.15 ------------------------------------------------------------------------------------------------------ Class C Shares Net assets $ 10,236,861 $ 38,087,968 $ 37,274,618 $ 16,410,061 $ 44,710,673 $ 3,786,028 Shares outstanding 996,336 3,490,278 3,203,472 1,512,161 3,993,444 372,991 Net asset value, offering and redemption price per share $ 10.27 $ 10.91 $ 11.64 $ 10.85 $ 11.20 $ 10.15 ------------------------------------------------------------------------------------------------------ Class R Shares Net assets $ 1,520,112 $ 964,827 $ 23,712,019 $ 477,250 $148,117,057 $ 88,703 Shares outstanding 147,531 88,524 2,034,788 43,934 13,220,935 8,720 Net asset value, offering and redemption price per share $ 10.30 $ 10.90 $ 11.65 $ 10.86 $ 11.20 $ 10.17 ------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. ------------------------------------------------------------------------------- 43 Statement of Operations (Unaudited) Six Months Ended November 30, 2001
Kansas Kentucky Michigan Missouri Ohio Wisconsin ---------------------------------------------------------------------------------------------------- Investment Income $3,241,337 $13,485,307 $ 8,102,571 $6,777,411 $17,556,254 $1,170,684 ---------------------------------------------------------------------------------------------------- Expenses Management fees 304,039 1,240,951 769,017 624,787 1,610,407 121,209 12b-1 service fees - Class A 92,623 412,197 214,797 206,293 392,700 34,194 12b-1 distribution and service fees - Class B 38,703 65,546 41,776 38,239 102,591 21,659 12b-1 distribution and service fees - Class C 29,615 138,217 137,420 55,282 163,361 19,696 Shareholders' servicing agent fees and expenses 34,315 149,376 105,526 75,958 220,327 13,165 Custodian's fees and expenses 29,050 87,098 40,345 39,658 83,853 21,774 Trustees' fees and expenses 1,504 6,521 4,061 3,058 8,279 501 Professional fees 5,265 14,123 6,936 6,433 11,120 4,839 Shareholders' reports - printing and mailing expenses 9,510 26,113 21,275 16,973 35,221 5,675 Federal and state registration fees 2,907 3,259 7,509 4,796 4,558 3,585 Other expenses 2,464 9,941 6,417 4,966 14,137 1,650 ---------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit 549,995 2,153,342 1,355,079 1,076,443 2,646,554 247,947 Custodian fee credit (5,606) (33,398) (7,482) (6,321) (9,980) (3,011) ---------------------------------------------------------------------------------------------------- Net expenses 544,389 2,119,944 1,347,597 1,070,122 2,636,574 244,936 ---------------------------------------------------------------------------------------------------- Net investment income 2,696,948 11,365,363 6,754,974 5,707,289 14,919,680 925,748 ---------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) from Investments Net realized gain (loss) from investment transactions 15,981 2,414,775 1,870,668 (94,238) (3,003,708) 31,322 Net change in unrealized appreciation or depreciation of investments 1,016,098 2,505,474 4,529,280 3,308,791 8,857,682 594,022 ---------------------------------------------------------------------------------------------------- Net gain from investments 1,032,079 4,920,249 6,399,948 3,214,553 5,853,974 625,344 ---------------------------------------------------------------------------------------------------- Net increase in net assets from operations $3,729,027 $16,285,612 $13,154,922 $8,921,842 $20,773,654 $1,551,092 ----------------------------------------------------------------------------------------------------
See accompanying notes to financial statements. ------------------------------------------------------------------------------- 44 Statement of Changes in Net Assets (Unaudited)
Kansas Kentucky -------------------------- -------------------------- Six Months Six Months Ended Year Ended Ended Year Ended 11/30/01 5/31/01 11/30/01 5/31/01 --------------------------------------------------------------------------------- Operations Net investment income $ 2,696,948 $ 5,172,712 $ 11,365,363 $ 22,656,702 Net realized gain (loss) from investment transactions 15,981 760,827 2,414,775 85,408 Net change in unrealized appreciation or depreciation of investments 1,016,098 5,391,332 2,505,474 21,256,252 --------------------------------------------------------------------------------- Net increase in net assets from operations 3,729,027 11,324,871 16,285,612 43,998,362 --------------------------------------------------------------------------------- Distributions to Shareholders From and in excess of net investment income: Class A (2,314,961) (4,502,270) (10,222,618) (20,807,437) Class B (172,244) (261,694) (288,223) (495,537) Class C (174,664) (269,481) (812,822) (1,533,533) Class R (50,678) (78,640) (24,015) (47,426) --------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (2,712,547) (5,112,085) (11,347,678) (22,883,933) --------------------------------------------------------------------------------- Fund Share Transactions Net proceeds from sale of shares 10,736,170 12,556,493 20,851,828 41,713,067 Net proceeds from shares issued to shareholders due to reinvestment of distributions 1,189,373 2,217,731 5,557,151 10,911,972 --------------------------------------------------------------------------------- 11,925,543 14,774,224 26,408,979 52,625,039 Cost of shares redeemed (5,637,197) (13,563,428) (22,022,649) (56,426,425) --------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions 6,288,346 1,210,796 4,386,330 (3,801,386) --------------------------------------------------------------------------------- Net increase in net assets 7,304,826 7,423,582 9,324,264 17,313,043 Net assets at the beginning of period 106,237,661 98,814,079 453,429,172 436,116,129 --------------------------------------------------------------------------------- Net assets at the end of period $113,542,487 $106,237,661 $462,753,436 $453,429,172 --------------------------------------------------------------------------------- Undistributed (Over- distribution of) net investment income at the end of period $ 93,426 $ 109,025 $ 44,614 $ (77,967) ---------------------------------------------------------------------------------
See accompanying notes to financial statements. ------------------------------------------------------------------------------- 45 Statement of Changes in Net Assets (Unaudited) (continued)
Michigan Missouri -------------------------- -------------------------- Six Months Six Months Ended Year Ended Ended Year Ended 11/30/01 5/31/01 11/30/01 5/31/01 --------------------------------------------------------------------------------- Operations Net investment income $ 6,754,974 $ 14,245,172 $ 5,707,289 $ 11,462,494 Net realized gain (loss) from investment transactions 1,870,668 (925,976) (94,238) 246,737 Net change in unrealized appreciation or depreciation of investments 4,529,280 16,792,494 3,308,791 10,630,323 --------------------------------------------------------------------------------- Net increase in net assets from operations 13,154,922 30,111,690 8,921,842 22,339,554 --------------------------------------------------------------------------------- Distributions to Shareholders From and in excess of net investment income: Class A (5,279,148) (10,863,258) (5,308,274) (10,664,275) Class B (182,890) (354,702) (174,642) (265,994) Class C (795,811) (1,621,637) (337,941) (520,865) Class R (602,592) (1,194,993) (12,712) (25,489) --------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (6,860,441) (14,034,590) (5,833,569) (11,476,623) --------------------------------------------------------------------------------- Fund Share Transactions Net proceeds from sale of shares 10,665,175 19,054,829 12,667,587 17,740,309 Net proceeds from shares issued to shareholders due to reinvestment of distributions 2,377,922 4,667,073 2,369,486 4,581,403 --------------------------------------------------------------------------------- 13,043,097 23,721,902 15,037,073 22,321,712 Cost of shares redeemed (16,336,331) (33,986,230) (8,805,149) (20,542,606) --------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions (3,293,234) (10,264,328) 6,231,924 1,779,106 --------------------------------------------------------------------------------- Net increase in net assets 3,001,247 5,812,772 9,320,197 12,642,037 Net assets at the beginning of period 279,556,764 273,743,992 222,748,397 210,106,360 --------------------------------------------------------------------------------- Net assets at the end of period $282,558,011 $279,556,764 $232,068,594 $222,748,397 --------------------------------------------------------------------------------- Undistributed (Over- distribution of) net investment income at the end of period $ 364,415 $ 188,877 $ (23,353) $ 100,208 ---------------------------------------------------------------------------------
See accompanying notes to financial statements. ------------------------------------------------------------------------------- 46
Ohio Wisconsin -------------------------- ------------------------ Six Months Six Months Ended Year Ended Ended Year Ended 11/30/01 5/31/01 11/30/01 5/31/01 ------------------------------------------------------------------------------- Operations Net investment income $ 14,919,680 $ 30,520,383 $ 925,748 $ 1,744,666 Net realized gain (loss) from investment transactions (3,003,708) 160,286 31,322 (281,341) Net change in unrealized appreciation or depreciation of investments 8,857,682 26,153,382 594,022 3,206,930 ------------------------------------------------------------------------------- Net increase in net assets from operations 20,773,654 56,834,051 1,551,092 4,670,255 ------------------------------------------------------------------------------- Distributions to Shareholders From and in excess of net investment income: Class A (9,669,320) (20,246,079) (741,467) (1,341,564) Class B (449,325) (780,947) (82,956) (161,201) Class C (953,097) (1,906,208) (102,377) (197,932) Class R (3,828,388) (7,925,127) (1,529) (2,279) ------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (14,900,130) (30,858,361) (928,329) (1,702,976) ------------------------------------------------------------------------------- Fund Share Transactions Net proceeds from sale of shares 31,677,585 46,275,082 6,862,211 5,562,635 Net proceeds from shares issued to shareholders due to reinvestment of distributions 6,834,588 14,072,781 505,333 980,958 ------------------------------------------------------------------------------- 38,512,173 60,347,863 7,367,544 6,543,593 Cost of shares redeemed (34,046,066) (81,295,926) (3,112,525) (7,239,664) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from Fund share transactions 4,466,107 (20,948,063) 4,255,019 (696,071) ------------------------------------------------------------------------------- Net increase in net assets 10,339,631 5,027,627 4,877,782 2,271,208 Net assets at the beginning of period 593,145,744 588,118,117 40,804,128 38,532,920 ------------------------------------------------------------------------------- Net assets at the end of period $603,485,375 $593,145,744 $45,681,910 $40,804,128 ------------------------------------------------------------------------------- Undistributed (Over- distribution of) net investment income at the end of period $ 260,205 $ 81,263 $ 46,408 $ 44,840 -------------------------------------------------------------------------------
See accompanying notes to financial statements. ------------------------------------------------------------------------------- 47 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"), the Nuveen Ken- tucky Municipal Bond Fund ("Kentucky"), the Nuveen Michigan Municipal Bond Fund ("Michigan"), the Nuveen Missouri Municipal Bond Fund ("Missouri"), the Nuveen Ohio Municipal Bond Fund ("Ohio") and the Nuveen Wisconsin Municipal Bond Fund ("Wisconsin") (collectively, the "Funds"). The Trust was organized as a Massachusetts business trust on July 1, 1996. 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 ac- counting 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 se- curities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, ma- turity and rating, indications of value from securities dealers and general market conditions. If it is determined that market prices for a security are unavailable or inappropriate, the Board of Trustees of the Funds 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 ba- sis may have extended settlement periods. Any securities so purchased are sub- ject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At November 30, 2001, Missouri, Ohio and Wisconsin had outstand- ing when-issued and/or delayed delivery purchase commitments of $4,244,322, $3,589,123 and $511,992, respectively. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securi- ties for financial reporting purposes. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared monthly as a dividend and payment is made or reinvestment is credited to shareholder accounts on the first busi- ness 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 real- ized capital gains and/or market discount 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. Accordingly, temporary over-distribu- tions as a result of these differences may occur and will be classified as ei- ther distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. 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 applica- ble to regulated investment companies and to distribute all of its net invest- ment income to its shareholders. Therefore, no federal income tax provision is required. Furthermore, each fund intends to satisfy conditions which will ena- ble interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when dis- tributed to shareholders of the Funds. ------------------------------------------------------------------------------- 48 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 an 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 annual 12b-1 distribution and service fees. An investor pur- chasing 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 an- nual 12b-1 distribution and service fees. 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. Dur- ing the six months ended November 30, 2001, Kentucky, Michigan and Ohio in- vested in inverse floating rate securities for the purpose of enhancing port- folio 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 secu- rity 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 a fixed rate security since the interest rate is dependent on the general level of interest rates as well as the short-term interest paid on the float- ing rate security. Kansas, Missouri and Wisconsin did not invest in any such securities during the six months ended November 30, 2001. 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 pres- ently only includes 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 in- vestments. Use of Estimates The preparation of financial statements in conformity with accounting princi- ples generally accepted in the United States requires management to make esti- mates and assumptions that affect the reported amounts of assets and liabili- ties at the date of the financial statements and the reported amounts of in- creases and decreases in net assets from operations during the reporting peri- od. Actual results may differ from those estimates. Change in Accounting Policy As required, effective June 1, 2001, the Funds have adopted the provisions of the new AICPA Audit and Accounting Guide for Investment Companies and began accreting taxable market discount on debt securities. Prior to June 1, 2001, the Funds did not accrete taxable market discounts on debt securities until they were sold. The cumulative effect of this accounting change had no impact on the total net assets or the net asset values of the Funds, but resulted in an increase in the cost of securities and a corresponding decrease in unrealized appreciation based on securities held by the Funds on June 1, 2001 as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin -------------------------------------------------------------------------- $-- $104,896 $281,005 $2,719 $159,392 $4,149 --------------------------------------------------------------------------
The effect of this change for the six months ended November 30, 2001, was to increase net investment income with a corresponding decrease in net unrealized appreciation as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin -------------------------------------------------------------------------- $-- $8,245 $42,131 $982 $32,041 $432 --------------------------------------------------------------------------
The Statement of Changes in Net Assets and Financial Highlights for the prior periods have not been restated to reflect this change in presentation. ------------------------------------------------------------------------------- 49 Notes to Financial Statements (Unaudited) (continued) 2. Fund Shares Transactions in Fund shares were as follows:
Kansas ------------------------------------------------ Six Months Ended Year Ended 11/30/01 5/31/01 ---------------------- ------------------------ Shares Amount Shares Amount ----------------------------------------------------------------------- Shares sold: Class A 449,528 $ 4,638,877 848,268 $ 8,550,130 Class B 187,896 1,917,049 166,763 1,665,185 Class C 397,661 4,104,884 173,639 1,751,431 Class R 7,315 75,360 57,269 589,747 Shares issued to shareholders due to reinvestment of distributions: Class A 102,106 1,051,848 200,919 2,007,892 Class B 7,184 73,576 10,445 103,710 Class C 6,074 62,690 10,363 103,682 Class R 122 1,259 244 2,447 ----------------------------------------------------------------------- 1,157,886 11,925,543 1,467,910 14,774,224 ----------------------------------------------------------------------- Shares redeemed: Class A (444,642) (4,570,429) (1,141,780) (11,376,804) Class B (18,224) (186,624) (63,329) (628,256) Class C (32,343) (333,160) (148,153) (1,492,900) Class R (52,654) (546,984) (6,588) (65,468) ----------------------------------------------------------------------- (547,863) (5,637,197) (1,359,850) (13,563,428) ----------------------------------------------------------------------- Net increase 610,023 $ 6,288,346 108,060 $ 1,210,796 -----------------------------------------------------------------------
-------------------------------------------------------------------------------- 50
Kentucky -------------------------------------------------- Six Months Ended Year Ended 11/30/01 5/31/01 ------------------------ ------------------------ Shares Amount Shares Amount ---------------------------------------------------------------------------- Shares sold: Class A 1,388,885 $ 15,205,576 2,902,128 $ 31,121,534 Class B 185,716 2,031,762 345,031 3,714,916 Class C 325,311 3,562,680 638,154 6,870,962 Class R 4,691 51,810 527 5,655 Shares issued to shareholders due to reinvestment of distributions: Class A 454,476 4,976,591 921,253 9,829,667 Class B 12,922 141,531 22,337 238,572 Class C 38,753 424,010 76,878 820,340 Class R 1,372 15,019 2,197 23,393 ---------------------------------------------------------------------------- 2,412,126 26,408,979 4,908,505 52,625,039 ---------------------------------------------------------------------------- Shares redeemed: Class A (1,755,049) (19,194,034) (4,715,967) (50,272,154) Class B (72,141) (786,479) (151,573) (1,619,114) Class C (187,610) (2,042,136) (422,163) (4,510,641) Class R -- -- (2,267) (24,516) ---------------------------------------------------------------------------- (2,014,800) (22,022,649) (5,291,970) (56,426,425) ---------------------------------------------------------------------------- Net increase (decrease) 397,326 $ 4,386,330 (383,465) $ (3,801,386) ---------------------------------------------------------------------------- Michigan -------------------------------------------------- Six Months Ended Year Ended 11/30/01 5/31/01 ------------------------ ------------------------ Shares Amount Shares Amount ---------------------------------------------------------------------------- Shares sold: Class A 540,808 $ 6,289,217 1,224,300 $ 13,729,832 Class B 57,293 672,034 151,492 1,704,336 Class C 251,028 2,922,919 246,184 2,780,994 Class R 67,604 781,005 74,441 839,667 Shares issued to shareholders due to reinvestment of distributions: Class A 142,073 1,652,192 287,511 3,222,605 Class B 5,993 69,786 11,365 127,573 Class C 22,429 260,477 48,636 544,232 Class R 34,000 395,467 68,955 772,663 ---------------------------------------------------------------------------- 1,121,228 13,043,097 2,112,884 23,721,902 ---------------------------------------------------------------------------- Shares redeemed: Class A (1,040,673) (12,081,647) (2,271,660) (25,492,198) Class B (53,938) (626,711) (124,182) (1,392,261) Class C (245,001) (2,836,669) (442,061) (4,947,303) Class R (67,981) (791,304) (191,770) (2,154,468) ---------------------------------------------------------------------------- (1,407,593) (16,336,331) (3,029,673) (33,986,230) ---------------------------------------------------------------------------- Net increase (decrease) (286,365) $ (3,293,234) (916,789) $(10,264,328) ----------------------------------------------------------------------------
-------------------------------------------------------------------------------- 51 Notes to Financial Statements (Unaudited) (continued)
Missouri ------------------------------------------------ Six Months Ended Year Ended 11/30/01 5/31/01 ---------------------- ------------------------ Shares Amount Shares Amount ----------------------------------------------------------------------- Shares sold: Class A 648,445 $ 7,050,371 1,165,250 $ 12,347,126 Class B 160,144 1,740,050 240,591 2,549,754 Class C 356,452 3,877,166 267,112 2,838,961 Class R -- -- 434 4,468 Shares issued to shareholders due to reinvestment of distributions: Class A 201,143 2,187,301 407,597 4,303,932 Class B 6,268 68,207 8,595 90,768 Class C 10,427 113,363 17,550 185,281 Class R 56 615 135 1,422 ----------------------------------------------------------------------- 1,382,935 15,037,073 2,107,264 22,321,712 ----------------------------------------------------------------------- Shares redeemed: Class A (765,203) (8,298,134) (1,730,189) (18,249,065) Class B (15,555) (169,010) (103,748) (1,093,943) Class C (31,007) (338,005) (113,968) (1,198,102) Class R -- -- (140) (1,496) ----------------------------------------------------------------------- (811,765) (8,805,149) (1,948,045) (20,542,606) ----------------------------------------------------------------------- Net increase 571,170 $ 6,231,924 159,219 $ 1,779,106 -----------------------------------------------------------------------
Ohio -------------------------------------------------- Six Months Ended Year Ended 11/30/01 5/31/01 ------------------------ ------------------------ Shares Amount Shares Amount ---------------------------------------------------------------------------- Shares sold: Class A 1,770,610 $ 19,893,210 2,581,391 $ 28,569,455 Class B 325,851 3,652,129 548,793 6,050,062 Class C 456,525 5,117,175 543,232 6,019,229 Class R 268,253 3,015,071 511,079 5,636,336 Shares issued to shareholders due to reinvestment of distributions: Class A 320,721 3,608,950 689,457 7,600,715 Class B 13,971 157,027 25,448 280,631 Class C 32,461 364,944 60,895 670,746 Class R 240,378 2,703,667 500,776 5,520,689 ---------------------------------------------------------------------------- 3,428,770 38,512,173 5,461,071 60,347,863 ---------------------------------------------------------------------------- Shares redeemed: Class A (2,114,860) (23,790,054) (5,264,633) (58,012,103) Class B (173,884) (1,961,960) (194,595) (2,141,194) Class C (228,936) (2,571,831) (754,129) (8,295,174) Class R (508,150) (5,722,221) (1,163,434) (12,847,455) ---------------------------------------------------------------------------- (3,025,830) (34,046,066) (7,376,791) (81,295,926) ---------------------------------------------------------------------------- Net increase (decrease) 402,940 $ 4,466,107 (1,915,720) $(20,948,063) ----------------------------------------------------------------------------
-------------------------------------------------------------------------------- 52
Wisconsin -------------------------------------------- Six Months Ended Year Ended 11/30/01 5/31/01 --------------------- --------------------- Shares Amount Shares Amount ---------------------------------------------------------------------------- Shares sold: Class A 581,983 $ 5,915,956 399,617 $ 3,948,340 Class B 19,617 199,616 62,026 605,947 Class C 69,810 709,538 102,536 1,008,008 Class R 3,617 37,101 34 340 Shares issued to shareholders due to reinvestment of distributions: Class A 40,789 414,577 80,417 785,813 Class B 3,954 40,292 7,485 73,434 Class C 4,825 49,062 12,179 119,445 Class R 137 1,402 231 2,266 ---------------------------------------------------------------------------- 724,732 7,367,544 664,525 6,543,593 ---------------------------------------------------------------------------- Shares redeemed: Class A (52,268) (533,443) (638,517) (6,216,348) Class B (9,704) (98,759) (58,461) (578,588) Class C (242,730) (2,479,105) (44,914) (444,728) Class R (121) (1,218) -- -- ---------------------------------------------------------------------------- (304,823) (3,112,525) (741,892) (7,239,664) ---------------------------------------------------------------------------- Net increase (decrease) 419,909 $ 4,255,019 (77,367) $ (696,071) ----------------------------------------------------------------------------
3. Distributions to Shareholders The Funds declared dividend distributions from their tax-exempt net investment income which were paid on December 26, 2001, to shareholders of record on De- cember 7, 2001, as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin --------------------------------------------------------------------------------------------------- Dividend per share: Class A $.0430 $.0445 $.0465 $.0455 $.0450 $.0370 Class B .0365 .0375 .0390 .0385 .0380 .0310 Class C .0385 .0395 .0410 .0405 .0400 .0325 Class R .0450 .0460 .0485 .0470 .0470 .0390 --------------------------------------------------------------------------------------------------- At the same time, Michigan also declared a capital gain distribution of $.0264 per share which was paid on December 5, 2001, to shareholders of record on De- cember 3, 2001. 4. Securities Transactions Purchases and sales (including maturities) of investments in long-term munici- pal securities and short-term municipal securities for the six months ended November 30, 2001, were as follows: Kansas Kentucky Michigan Missouri Ohio Wisconsin --------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $9,880,680 $53,395,451 $44,043,674 $21,669,518 $102,533,859 $7,512,177 Short-term municipal securities 4,000,000 16,000,000 1,720,000 1,090,000 6,500,000 -- Sales and maturities: Long-term municipal securities 6,988,575 55,818,916 47,306,820 15,926,053 100,204,100 3,598,225 Short-term municipal securities 4,000,000 16,000,000 1,720,000 1,090,000 6,500,000 -- --------------------------------------------------------------------------------------------------- At November 30, 2001, the cost of investments owned for federal income tax purposes were as follows: Kansas Kentucky Michigan Missouri Ohio Wisconsin --------------------------------------------------------------------------------------------------- $108,921,623 $441,684,429 $266,396,306 $221,209,283 $571,283,834 $43,672,576 ---------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------- 53 Notes to Financial Statements (Unaudited) (continued) At May 31, 2001, the Funds' last fiscal year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin -------------------------------------------------------------------- 2003 $4,239,199 $ -- $ -- $ -- $ -- $ -- 2004 -- -- -- -- -- -- 2005 -- -- -- -- -- -- 2006 -- -- -- -- -- -- 2007 -- -- -- -- -- -- 2008 671,721 1,212,241 202,696 856,804 975,597 97,530 2009 424,368 1,448,222 -- 691,893 1,441,334 649,372 -------------------------------------------------------------------- $5,335,288 $2,660,463 $202,696 $1,548,697 $2,416,931 $746,902 --------------------------------------------------------------------
5. Unrealized Appreciation (Depreciation) Gross unrealized appreciation and gross unrealized depreciation of investments for federal income tax purposes at November 30, 2001, were as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ----------------------------------------------------------------------------------------------- Gross unrealized: appreciation $ 4,876,795 $20,273,949 $17,927,012 $10,322,206 $30,655,587 $1,750,118 depreciation (1,936,460) (4,952,702) (3,559,247) (2,411,689) (3,595,659) (395,939) ----------------------------------------------------------------------------------------------- Net unrealized appreciation $ 2,940,335 $15,321,247 $14,367,765 $ 7,910,517 $27,059,928 $1,354,179 -----------------------------------------------------------------------------------------------
6. 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 The John Nuveen Company, each Fund pays an annual management fee, payable monthly, at the rates set forth below which are based upon the average daily net assets of each Fund as fol- lows:
Average Daily Net Assets Management Fee ----------------------------------------------- For the first $125 million .5500 of 1% For the next $125 million .5375 of 1 For the next $250 million .5250 of 1 For the next $500 million .5125 of 1 For the next $1 billion .5000 of 1 For the next $3 billion .4750 of 1 For net assets over $5 billion .4500 of 1 -----------------------------------------------
The management fee compensates the Adviser for overall investment advisory and administrative services, and general office facilities. The Trust pays no com- pensation directly to those of its Trustees who are affiliated with the Ad- viser 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 cer- tain expenses of Ohio in order to limit total expenses to .75 of 1% of the av- erage 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 ex- penses in any of the Funds from time to time, which may be terminated at any time at its discretion. During the six months ended November 30, 2001, Nuveen Investments (the "Dis- tributor"), a wholly owned subsidiary of The John Nuveen Company, 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 $80,172 $257,495 $80,373 $124,398 $242,077 $40,738 Paid to authorized dealers 75,034 247,536 72,704 109,594 242,077 40,738 ------------------------------------------------------------------------------
The Distributor also received 12b-1 service fees on Class A Shares, substan- tially all of which were paid to compensate authorized dealers for providing services to shareholders relating to their investments. ------------------------------------------------------------------------------- 54 During the six months ended November 30, 2001, the Distributor compensated au- thorized dealers directly with commission advances at the time of purchase as follows:
Kansas Kentucky Michigan Missouri Ohio Wisconsin ----------------------------------------------------------------------------------------------------------- Commission advances $107,467 $135,296 $56,115 $90,084 $242,579 $28,085 ----------------------------------------------------------------------------------------------------------- To compensate for commissions advanced to authorized dealers, all 12b-1 serv- ice fees collected on Class B Shares during the first year following a pur- chase, 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, 2001, the Distributor retained such 12b-1 fees as follows: Kansas Kentucky Michigan Missouri Ohio Wisconsin ----------------------------------------------------------------------------------------------------------- 12b-1 fees retained $45,073 $81,885 $48,476 $47,581 $112,854 $22,031 ----------------------------------------------------------------------------------------------------------- The remaining 12b-1 fees charged to the Funds were paid to compensate autho- rized dealers for providing services to shareholders relating to their invest- ments. The Distributor also collected and retained CDSC on share redemptions during the six months ended November 30, 2001, as follows: Kansas Kentucky Michigan Missouri Ohio Wisconsin ----------------------------------------------------------------------------------------------------------- CDSC retained $9,678 $22,516 $23,981 $3,765 $44,851 $3,805 ----------------------------------------------------------------------------------------------------------- 7. Composition of Net Assets At November 30, 2001, the Funds had an unlimited number of $.01 par value shares authorized. Net assets consisted of: Kansas Kentucky Michigan Missouri Ohio Wisconsin ----------------------------------------------------------------------------------------------------------- Capital paid-in $115,828,033 $447,746,404 $266,480,995 $225,828,067 $581,777,314 $45,001,483 Undistributed (Over- distribution of) net investment income 93,426 44,614 364,415 (23,353) 260,205 46,408 Accumulated net realized gain (loss) from investment transactions (5,319,307) (247,403) 329,342 (1,877,305) (5,420,639) (727,788) Net unrealized appreciation of investments 2,940,335 15,209,821 15,383,259 8,141,185 26,868,495 1,361,807 ----------------------------------------------------------------------------------------------------------- Net assets $113,542,487 $462,753,436 $282,558,011 $232,068,594 $603,485,375 $45,681,910 -----------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------- 55 Financial Highlights (Unaudited) Selected data for a share outstanding throughout each period:
Class (Inception Date) Investment Operations Less Distributions -------------------------------- ----------------------------- KANSAS Net Realized/ Unrealized Beginning Net Invest- Net Ending Net Invest- ment Invest- Net Year Ended Asset ment Gain ment Captial Asset May 31, Value Income (loss) Total Income Gains Total Value ---------------------------------------------------------------------------------------------------------------- Class A (1/92) 2002(e) $10.16 $.26 $ .10 $ .36 $(.26) $-- $(.26) $10.26 2001 9.54 .51 .62 1.13 (.51) -- (.51) 10.16 2000 10.49 .50 (.96) (.46) (.49) -- (.49) 9.54 1999 10.60 .51 (.11) .40 (.51) -- (.51) 10.49 1998 10.19 .52 .41 .93 (.52) -- (.52) 10.60 1997 9.83 .53 .36 .89 (.53) -- (.53) 10.19 Class B (2/97) 2002(e) 10.09 .22 .10 .32 (.22) -- (.22) 10.19 2001 9.48 .44 .61 1.05 (.44) -- (.44) 10.09 2000 10.43 .42 (.95) (.53) (.42) -- (.42) 9.48 1999 10.54 .43 (.11) .32 (.43) -- (.43) 10.43 1998 10.13 .44 .41 .85 (.44) -- (.44) 10.54 1997(d) 10.23 .13 (.12) .01 (.11) -- (.11) 10.13 Class C (2/97) 2002(e) 10.17 .23 .10 .33 (.23) -- (.23) 10.27 2001 9.56 .46 .61 1.07 (.46) -- (.46) 10.17 2000 10.51 .45 (.96) (.51) (.44) -- (.44) 9.56 1999 10.63 .45 (.11) .34 (.46) -- (.46) 10.51 1998 10.21 .47 .42 .89 (.47) -- (.47) 10.63 1997(d) 10.18 .15 .04 .19 (.16) -- (.16) 10.21 Class R (2/97) 2002(e) 10.20 .27 .10 .37 (.27) -- (.27) 10.30 2001 9.59 .54 .60 1.14 (.53) -- (.53) 10.20 2000 10.55 .52 (.96) (.44) (.52) -- (.52) 9.59 1999 10.66 .54 (.11) .43 (.54) -- (.54) 10.55 1998 10.22 .56 .43 .99 (.55) -- (.55) 10.66 1997(d) 10.20 .18 (.02) .16 (.14) -- (.14) 10.22 ----------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data ------------------------------------------------------------------------------------------- Before Credt/ After After Credit/ Reimbursement Reimbursement(b) Reimbursement(c) ------------------- ------------------ ------------------- 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 Total Assets Net Net Net Net Net Net Turnover May 31, Return(a) (000) Assets Assets Assets Assets Assets Assets Rate ---------------------------------------------------------------------------------------------------------------- Class A (1/92) 2002(e) 3.54% $ 93,066 .90%* 4.96%* .90%* 4.96%* .89%* 4.97%* 6% 2001 12.02 91,062 .90 5.13 .90 5.13 .89 5.14 18 2000 (4.38) 86,460 1.01 5.04 1.01 5.05 1.00 5.06 54 1999 3.81 113,140 .90 4.63 .76 4.78 .75 4.78 27 1998 9.32 102,217 .90 4.79 .71 4.98 .71 4.98 13 1997 9.21 95,891 1.03 4.89 .68 5.24 .68 5.24 40 Class B (2/97) 2002(e) 3.17 8,720 1.65* 4.21* 1.65* 4.21* 1.64* 4.22* 6 2001 11.17 6,851 1.65 4.38 1.65 4.38 1.64 4.39 18 2000 (5.14) 5,361 1.77 4.31 1.77 4.31 1.76 4.32 54 1999 3.07 6,497 1.65 3.89 1.51 4.03 1.51 4.03 27 1998 8.57 3,238 1.65 4.02 1.45 4.22 1.45 4.22 13 1997(d) .13 605 1.65* 4.24* 1.27* 4.62* 1.27* 4.62* 40 Class C (2/97) 2002(e) 3.26 10,237 1.45* 4.40* 1.45* 4.40* 1.44* 4.41* 6 2001 11.29 6,359 1.45 4.58 1.45 4.58 1.44 4.59 18 2000 (4.89) 5,633 1.57 4.51 1.56 4.51 1.56 4.52 54 1999 3.18 6,171 1.45 4.10 1.32 4.23 1.32 4.23 27 1998 8.85 1,716 1.44 4.21 1.24 4.41 1.24 4.41 13 1997(d) 1.85 91 1.45* 4.49* 1.09* 4.85* 1.09* 4.85* 40 Class R (2/97) 2002(e) 3.64 1,520 .71* 5.18* .71* 5.18* .70* 5.19* 6 2001 12.12 1,967 .69 5.33 .69 5.33 .68 5.34 18 2000 (4.22) 1,360 .85 5.32 .85 5.32 .84 5.33 54 1999 4.06 679 .70 4.87 .59 4.97 .59 4.97 27 1998 9.84 12 .70 4.97 .51 5.16 .51 5.16 13 1997(d) 1.55 -- .08* 6.53* -- 6.61* -- 6.61* 40 ----------------------------------------------------------------------------------------------------------------
* Annualized. (a) Total returns are calculated on net asset value without any sales charge and are not annualized. (b) After expense reimbursement from the investment adviser, where applicable. (c) After custodian fee credit and expense reimbursement, where applicable. (d) From commencement of class operations as noted. (e) For the six months ended November 30, 2001. See accompanying notes to financial statements. ----- 56 Selected data for a share outstanding throughout each period:
Class (Inception Date) Investment Operations Less Distributions ------------------------- ----------------------- KENTUCKY From Net and in Realized/ Excess Beginning Net Unrealized of Net Ending Net Invest- Invest- Invest- Net Year Ended Asset ment ment Gain ment Capital Asset Total May 31, Value Income (Loss) Total Income Gains Total Value Return(a) ----------------------------------------------------------------------------------------------- Class A (5/87) 2002(e) $10.80 $.27 $ .12 $ .39 $(.27) $ -- $(.27) $10.92 3.65% 2001 10.30 .55 .50 1.05 (.55) -- (.55) 10.80 10.40 2000 11.22 .55 (.92) (.37) (.55) -- (.55) 10.30 (3.27) 1999 11.39 .56 (.15) .41 (.56) (.02) (.58) 11.22 3.66 1998 11.05 .59 .38 .97 (.58) (.05) (.63) 11.39 9.00 1997 10.82 .60 .24 .84 (.60) (.01) (.61) 11.05 7.87 Class B (2/97) 2002(e) 10.80 .23 .12 .35 (.23) -- (.23) 10.92 3.26 2001 10.30 .47 .51 .98 (.48) -- (.48) 10.80 9.60 2000 11.22 .47 (.92) (.45) (.47) -- (.47) 10.30 (3.99) 1999 11.39 .48 (.15) .33 (.48) (.02) (.50) 11.22 2.90 1998 11.06 .50 .38 .88 (.50) (.05) (.55) 11.39 8.10 1997(d) 11.07 .17 (.01) .16 (.17) -- (.17) 11.06 1.47 Class C (10/93) 2002(e) 10.79 .24 .12 .36 (.24) -- (.24) 10.91 3.37 2001 10.29 .49 .50 .99 (.49) -- (.49) 10.79 9.80 2000 11.21 .50 (.93) (.43) (.49) -- (.49) 10.29 (3.82) 1999 11.38 .50 (.15) .35 (.50) (.02) (.52) 11.21 3.12 1998 11.04 .52 .39 .91 (.52) (.05) (.57) 11.38 8.43 1997 10.81 .54 .24 .78 (.54) (.01) (.55) 11.04 7.29 Class R (2/97) 2002(e) 10.78 .28 .12 .40 (.28) -- (.28) 10.90 3.74 2001 10.27 .57 .51 1.08 (.57) -- (.57) 10.78 10.72 2000 11.20 .57 (.93) (.36) (.57) -- (.57) 10.27 (3.18) 1999 11.37 .58 (.15) .43 (.58) (.02) (.60) 11.20 3.89 1998 11.03 .61 .39 1.00 (.61) (.05) (.66) 11.37 9.25 1997(d) 11.08 .20 (.04) .16 (.21) -- (.21) 11.03 1.42 ----------------------------------------------------------------------------------------------- Class (Inception Date) Ratios/Supplemental Data ---------------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(b) Reimbursement(c) KENTUCKY -------------------- -------------------- -------------------- Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income Ending to to to to to to Net Average Average Average Average Average Average Portfolio Year Ended Assets Net Net Net Net Net Net Turnover May 31, (000) Assets Assets Assets Assets Assets Assets Rate ----------------------------------------------------------------------------------------------- Class A (5/87) 2002(e) $409,200 .86%* 4.95%* .86%* 4.95%* .85%* 4.97%* 12% 2001 403,793 .87 5.11 .87 5.11 .85 5.13 14 2000 394,048 .96 5.23 .96 5.23 .96 5.23 7 1999 467,127 .84 4.88 .82 4.90 .82 4.90 10 1998 451,338 .84 5.12 .77 5.19 .77 5.19 12 1997 430,803 .99 5.20 .75 5.44 .75 5.44 13 Class B (2/97) 2002(e) 14,501 1.61* 4.20* 1.61* 4.20* 1.60* 4.22* 12 2001 12,977 1.62 4.36 1.62 4.36 1.60 4.38 14 2000 10,148 1.72 4.48 1.72 4.48 1.72 4.48 7 1999 9,923 1.59 4.13 1.57 4.15 1.56 4.16 10 1998 4,273 1.59 4.33 1.54 4.38 1.54 4.38 12 1997(d) 544 1.59* 4.56* 1.39* 4.76* 1.39* 4.76* 13 Class C (10/93) 2002(e) 38,088 1.41* 4.40* 1.41* 4.40* 1.40* 4.42* 12 2001 35,770 1.42 4.56 1.42 4.56 1.40 4.58 14 2000 31,078 1.51 4.68 1.51 4.68 1.51 4.68 7 1999 37,246 1.39 4.33 1.37 4.36 1.37 4.36 10 1998 28,630 1.39 4.57 1.33 4.63 1.33 4.63 12 1997 24,468 1.54 4.64 1.29 4.89 1.29 4.89 13 Class R (2/97) 2002(e) 965 .66* 5.16* .66* 5.16* .65* 5.17* 12 2001 889 .67 5.31 .67 5.31 .65 5.33 14 2000 842 .77 5.43 .77 5.43 .77 5.43 7 1999 839 .64 5.08 .62 5.10 .62 5.11 10 1998 675 .64 5.31 .58 5.37 .58 5.37 12 1997(d) 455 .64* 5.62* .49* 5.77* .49* 5.77* 13 -----------------------------------------------------------------------------------------------
* Annualized. (a) Total returns are calculated on net asset value without any sales charge and are not annualized. (b) After expense reimbursement from the investment adviser, where applicable. (c) After custodian fee credit and expense reimbursement, where applicable. (d) From commencement of class operations as noted. (e) For the six months ended November 30, 2001. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 57 Financial Highlights (Unaudited) (continued) Selected data for a share outstanding throughout each period:
Class (Inception Date) Investment Operations Less Distributions ------------------------- ----------------------- MICHIGAN From Net and in Realized/ Excess Beginning Net Unrealized of Net Ending Net Invest- Invest- Invest- Net Year Ended Asset ment ment Gain ment Capital Asset Total May 31, Value Income (Loss) Total Income Gains Total Value Return(a) ----------------------------------------------------------------------------------------------- Class A (6/85) 2002(e) $ 11.39 $.28 $ .27 $ .55 $(.29) $ -- $(.29) $11.65 4.82% 2001 10.75 .58 .63 1.21 (.57) -- (.57) 11.39 11.45 2000 11.83 .58 (1.03) (.45) (.58) (.05) (.63) 10.75 (3.80) 1999 12.07 .60 (.18) .42 (.60) (.06) (.66) 11.83 3.45 1998 11.68 .61 .42 1.03 (.61) (.03) (.64) 12.07 8.95 1997 11.37 .62 .31 .93 (.61) (.01) (.62) 11.68 8.42 Class B (2/97) 2002(e) 11.41 .24 .25 .49 (.24) -- (.24) 11.66 4.33 2001 10.77 .50 .63 1.13 (.49) -- (.49) 11.41 10.61 2000 11.85 .50 (1.03) (.53) (.50) (.05) (.55) 10.77 (4.52) 1999 12.09 .51 (.18) .33 (.51) (.06) (.57) 11.85 2.69 1998 11.70 .52 .42 .94 (.52) (.03) (.55) 12.09 8.12 1997(d) 11.66 .17 .04 .21 (.17) -- (.17) 11.70 1.86 Class C (6/93) 2002(e) 11.38 .25 .26 .51 (.25) -- (.25) 11.64 4.53 2001 10.74 .52 .63 1.15 (.51) -- (.51) 11.38 10.84 2000 11.82 .52 (1.03) (.51) (.52) (.05) (.57) 10.74 (4.35) 1999 12.06 .53 (.18) .35 (.53) (.06) (.59) 11.82 2.90 1998 11.66 .54 .43 .97 (.54) (.03) (.57) 12.06 8.45 1997 11.35 .55 .32 .87 (.55) (.01) (.56) 11.66 7.84 Class R (2/97) 2002(e) 11.39 .29 .27 .56 (.30) -- (.30) 11.65 4.90 2001 10.75 .60 .63 1.23 (.59) -- (.59) 11.39 11.63 2000 11.83 .60 (1.03) (.43) (.60) (.05) (.65) 10.75 (3.62) 1999 12.07 .62 (.18) .44 (.62) (.06) (.68) 11.83 3.66 1998 11.68 .63 .42 1.05 (.63) (.03) (.66) 12.07 9.16 1997(d) 11.66 .21 .02 .23 (.21) -- (.21) 11.68 2.01 ------------------------------------------------------------------------------------------------
Class (Inception Date) Ratios/Supplemental Data -------------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(b) Reimbursement(c) MICHIGAN ------------------ ------------------ ------------------ Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income Ending to to to to to to Net Average Average Average Average Average Average Portfolio Year Ended Assets Net Net Net Net Net Net Turnover May 31, (000) Assets Assets Assets Assets Assets Assets Rate -------------------------------------------------------------------------------------------------- Class A (6/85) 2002(e) $212,625 .88%* 4.83%* .88%* 4.83%* .87%* 4.84%* 16% 2001 211,992 .87 5.15 .87 5.15 .86 5.16 11 2000 208,290 .97 5.22 .97 5.22 .96 5.22 28 1999 260,396 .84 4.94 .84 4.94 .84 4.94 18 1998 263,632 .84 5.11 .84 5.11 .84 5.11 13 1997 259,055 .97 5.21 .85 5.33 .85 5.33 34 Class B (2/97) 2002(e) 8,947 1.63* 4.08* 1.63* 4.08* 1.62* 4.09* 16 2001 8,642 1.62 4.40 1.62 4.40 1.61 4.41 11 2000 7,741 1.73 4.48 1.73 4.48 1.72 4.49 28 1999 7,733 1.60 4.20 1.60 4.20 1.60 4.20 18 1998 3,839 1.59 4.32 1.59 4.32 1.59 4.32 13 1997(d) 380 1.59* 4.52* 1.59* 4.52* 1.59* 4.52* 34 Class C (6/93) 2002(e) 37,275 1.43* 4.28* 1.43* 4.28* 1.42* 4.29* 16 2001 36,123 1.42 4.60 1.42 4.60 1.41 4.61 11 2000 35,678 1.51 4.66 1.51 4.66 1.50 4.67 28 1999 48,946 1.39 4.39 1.39 4.39 1.39 4.39 18 1998 45,690 1.39 4.56 1.39 4.56 1.39 4.56 13 1997 41,649 1.52 4.65 1.40 4.77 1.40 4.77 34 Class R (2/97) 2002(e) 23,712 .68* 5.03* .68* 5.03* .67* 5.04* 16 2001 22,799 .67 5.35 .67 5.35 .66 5.36 11 2000 22,035 .77 5.42 .77 5.42 .76 5.43 28 1999 26,310 .64 5.14 .64 5.14 .64 5.14 18 1998 26,904 .64 5.31 .64 5.31 .64 5.31 13 1997(d) 26,211 .65* 5.57* .65* 5.57* .65* 5.57* 34 --------------------------------------------------------------------------------------------------
* Annualized. (a) Total returns are calculated on net asset value without any sales charge and are not annualized. (b) After expense reimbursement from the investment adviser, where applicable. (c) After custodian fee credit and expense reimbursement, where applicable. (d) From commencement of class operations as noted. (e) For the six months ended November 30, 2001. See accompanying notes to financial statements. ----- 58 Selected data for a share outstanding throughout each period:
Class (Inception Date) Investment Operations Less Distributions ------------------------- ----------------------- MISSOURI Net From Realized/ and in Unrealized Excess Beginning Net Invest- of Net Ending Net Invest- ment Invest- Net Year Ended Asset ment Gain ment Capital Asset Total May 31, Value Income (Loss) Total Income Gains Total Value Return(a) ----------------------------------------------------------------------------------------------- Class A (8/87) 2002(e) $10.71 $.27 $ .16 $ .43 $(.28) $ -- $(.28) $10.86 4.04% 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 1998 10.80 .56 .43 .99 (.56) -- (.56) 11.23 9.32 1997 10.51 .56 .29 .85 (.56) -- (.56) 10.80 8.29 Class B (2/97) 2002(e) 10.71 .23 .16 .39 (.24) -- (.24) 10.86 3.64 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 1998 10.80 .47 .44 .91 (.48) -- (.48) 11.23 8.53 1997(d) 10.81 .16 (.01) .15 (.16) -- (.16) 10.80 1.40 Class C (2/94) 2002(e) 10.70 .24 .16 .40 (.25) -- (.25) 10.85 3.76 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 1998 10.80 .50 .43 .93 (.50) -- (.50) 11.23 8.74 1997 10.50 .51 .29 .80 (.50) -- (.50) 10.80 7.80 Class R (2/97) 2002(e) 10.71 .29 .15 .44 (.29) -- (.29) 10.86 4.12 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 1998 10.80 .58 .43 1.01 (.58) -- (.58) 11.23 9.56 1997(d) 10.90 .17 (.12) .05 (.15) -- (.15) 10.80 .43 -----------------------------------------------------------------------------------------------
Class (Inception Date) Ratios/Supplemental Data ---------------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(b) Reimbursement(c) 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 Year Ended Assets Net Net Net Net Net Net Turnover May 31, (000) Assets Assets Assets Assets Assets Assets Rate -------------------------------------------------------------------------------------------------- Class A (8/87) 2002(e) $206,453 .88%* 5.03%* .88%* 5.03%* .87%* 5.04%* 7% 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 1998 233,456 .87 5.02 .87 5.02 .87 5.02 19 1997 218,924 1.00 5.13 .86 5.27 .86 5.27 41 Class B (2/97) 2002(e) 8,728 1.63* 4.28* 1.63* 4.28* 1.62* 4.28* 7 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 1998 1,677 1.62 4.25 1.62 4.25 1.62 4.25 19 1997(d) 454 1.62* 4.42* 1.45* 4.59* 1.45* 4.59* 41 Class C (2/94) 2002(e) 16,410 1.43* 4.48* 1.43* 4.48* 1.42* 4.48* 7 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 1998 11,253 1.42 4.47 1.42 4.47 1.42 4.47 19 1997 7,968 1.55 4.57 1.40 4.72 1.40 4.72 41 Class R (2/97) 2002(e) 477 .68* 5.23* .68* 5.23* .67* 5.24* 7 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 1998 41 .67 5.22 .67 5.22 .67 5.22 19 1997(d) 34 .67* 5.53* .55* 5.65* .55* 5.65* 41 --------------------------------------------------------------------------------------------------
* Annualized. (a) Total returns are calculated on net asset value without any sales charge and are not annualized. (b) After expense reimbursement from the investment adviser, where applicable. (c) After custodian fee credit and expense reimbursement, where applicable. (d) From commencement of class operations as noted. (e) For the six months ended November 30, 2001. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 59 Financial Highlights (Unaudited) (continued) Selected data for a share outstanding throughout each period:
Class (Inception Date) Investment Operations Less Distributions ------------------------- ----------------------- OHIO Net Realized/ Unrealized Beginning Net Invest- Net Ending Net Invest- ment Invest- Net Year Ended May Asset ment Gain ment Capital Asset Total 31, Value Income (Loss) Total Income Gains Total Value Return(a) -------------------------------------------------------------------------------------------------- Class A (6/85) 2002(e) $11.10 $.28 $ .11 $ .39 $(.28) $ -- $(.28) $11.21 3.50% 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 1998 11.41 .60 .38 .98 (.60) (.05) (.65) 11.74 8.76 1997 11.21 .61 .20 .81 (.61) -- (.61) 11.41 7.38 Class B (2/97) 2002(e) 11.09 .24 .11 .35 (.24) -- (.24) 11.20 3.12 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 1998 11.41 .51 .38 .89 (.52) (.05) (.57) 11.73 7.89 1997(d) 11.42 .17 (.01) .16 (.17) -- (.17) 11.41 1.45 Class C (8/93) 2002(e) 11.09 .25 .11 .36 (.25) -- (.25) 11.20 3.23 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 1998 11.41 .54 .37 .91 (.54) (.05) (.59) 11.73 8.12 1997 11.21 .55 .20 .75 (.55) -- (.55) 11.41 6.80 Class R (2/97) 2002(e) 11.09 .29 .11 .40 (.29) -- (.29) 11.20 3.62 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 1998 11.41 .62 .37 .99 (.62) (.05) (.67) 11.73 8.89 1997(d) 11.42 .21 (.01) .20 (.21) -- (.21) 11.41 1.77 -------------------------------------------------------------------------------------------------- Class (Inception Date) Ratios/Supplemental Data ---------------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(b) Reimbursement(c) 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 May Assets Net Net Net Net Net Net Turnover 31, (000) Assets Assets Assets Assets Assets Assets Rate -------------------------------------------------------------------------------------------------- Class A (6/85) 2002(e) $388,758 .86%* 4.93%* .86%* 4.93%* .85%* 4.93%* 17% 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 1998 472,821 .85 5.15 .85 5.15 .85 5.15 15 1997 463,253 .96 5.32 .89 5.39 .89 5.39 17 Class B (2/97) 2002(e) 21,899 1.60* 4.18* 1.60* 4.18* 1.60* 4.18* 17 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 1998 7,422 1.61 4.39 1.61 4.39 1.61 4.39 15 1997(d) 1,649 1.60* 4.63* 1.60* 4.63* 1.60* 4.63* 17 Class C (8/93) 2002(e) 44,711 1.40* 4.38* 1.40* 4.38* 1.40* 4.38* 17 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 1998 47,036 1.40 4.60 1.40 4.60 1.40 4.60 15 1997 40,713 1.51 4.77 1.44 4.84 1.44 4.84 17 Class R (2/97) 2002(e) 148,117 .65* 5.13* .65* 5.13* .65* 5.13* 17 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 1998 162,220 .65 5.35 .65 5.35 .65 5.35 15 1997(d) 160,312 .65* 5.65* .65* 5.65* .65* 5.65* 17 --------------------------------------------------------------------------------------------------
* Annualized. (a) Total returns are calculated on net asset value without any sales charge and are not annualized. (b) After expense reimbursement from the Investment adviser, where applicable. (c) After custodian fee credit and expense reimbursement, where applicable. (d) From commencement of class operations as noted. (e) For the six months ended November 30, 2001. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 60 Selected data for a share outstanding throughout each period:
Class (Inception Date) Investment Operations Less Distributions ------------------------- ----------------------- WISCONSIN 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 (Loss) Total Income Gains Total Value Return(a) ------------------------------------------------------------------------------------------------- Class A (6/94) 2002(e) $ 9.97 $.22 $ .16 $ .38 $(.22) $ -- $(.22) $10.13 3.84% 2001 9.24 .45 .72 1.17 (.44) -- (.44) 9.97 12.84 2000 10.20 .44 (.95) (.51) (.44) (.01) (.45) 9.24 (5.04) 1999 10.28 .47 (.08) .39 (.47) -- (.47) 10.20 3.83 1998 9.80 .49 .49 .98 (.50) -- (.50) 10.28 10.19 1997 9.61 .51 .19 .70 (.51) -- (.51) 9.80 7.40 Class B (2/97) 2002(e) 10.00 .18 .16 .34 (.19) -- (.19) 10.15 3.36 2001 9.27 .38 .72 1.10 (.37) -- (.37) 10.00 11.98 2000 10.23 .37 (.95) (.58) (.37) (.01) (.38) 9.27 (5.75) 1999 10.31 .39 (.08) .31 (.39) -- (.39) 10.23 3.05 1998 9.82 .42 .49 .91 (.42) -- (.42) 10.31 9.46 1997(d) 9.87 .12 (.06) .06 (.11) -- (.11) 9.82 .60 Class C (2/97) 2002(e) 10.00 .19 .16 .35 (.20) -- (.20) 10.15 3.46 2001 9.26 .40 .73 1.13 (.39) -- (.39) 10.00 12.31 2000 10.22 .39 (.95) (.56) (.39) (.01) (.40) 9.26 (5.56) 1999 10.30 .41 (.07) .34 (.42) -- (.42) 10.22 3.29 1998 9.82 .44 .49 .93 (.45) -- (.45) 10.30 9.59 1997(d) 9.87 .13 (.07) .06 (.11) -- (.11) 9.82 .65 Class R (2/97) 2002(e) 10.02 .23 .15 .38 (.23) -- (.23) 10.17 3.83 2001 9.28 .47 .73 1.20 (.46) -- (.46) 10.02 13.10 2000 10.23 .46 (.94) (.48) (.46) (.01) (.47) 9.28 (4.73) 1999 10.31 .49 (.08) .41 (.49) -- (.49) 10.23 4.04 1998 9.82 .53 .48 1.01 (.52) -- (.52) 10.31 10.47 1997(d) 9.87 .15 (.07) .08 (.13) -- (.13) 9.82 .84 ------------------------------------------------------------------------------------------------- Class (Inception Date) Ratios/Supplemental Data --------------------------------------------------------------------------------- Before Credit/ After After Credit/ Reimbursement Reimbursement(b) Reimbursement(c) WISCONSIN -------------------- -------------------- -------------------- Ratio Ratio Ratio of Net of Net of Net Invest- Invest- Invest- Ratio of ment Ratio of ment Ratio of ment Expenses Income Expenses Income Expenses Income Ending to to to to to to Net Average Average Average Average Average Average Portfolio Year Ended Assets Net Net Net Net Net Net Turnover May 31, (000) Assets Assets Assets Assets Assets Assets Rate ------------------------------------------------------------------------------------------------- Class A (6/94) 2002(e) $37,198 .98%* 4.32%* .98%* 4.32%* .97%* 4.33%* 8% 2001 30,944 .97 4.59 .97 4.59 .95 4.61 16 2000 30,146 1.14 4.50 1.02 4.62 1.01 4.63 26 1999 29,217 1.16 4.05 .68 4.53 .68 4.53 9 1998 24,313 1.36 4.06 .55 4.87 .55 4.87 10 1997 14,004 1.61 4.10 .51 5.20 .51 5.20 42 Class B (2/97) 2002(e) 4,609 1.73* 3.58* 1.73* 3.58* 1.72* 3.60* 8 2001 4,401 1.72 3.84 1.72 3.84 1.70 3.86 16 2000 3,977 1.89 3.75 1.76 3.87 1.75 3.88 26 1999 3,795 1.91 3.30 1.43 3.78 1.43 3.79 9 1998 1,877 2.08 3.28 1.32 4.04 1.32 4.04 10 1997(d) 20 2.18* 3.57* .94* 4.81* .94* 4.81* 42 Class C (2/97) 2002(e) 3,786 1.54* 3.81* 1.54* 3.81* 1.53* 3.82* 8 2001 5,408 1.52 4.04 1.52 4.04 1.50 4.05 16 2000 4,366 1.69 3.95 1.57 4.07 1.56 4.08 26 1999 3,457 1.71 3.51 1.23 3.99 1.23 3.99 9 1998 1,366 1.89 3.47 1.11 4.25 1.11 4.25 10 1997(d) 76 1.98* 3.62* .69* 4.91* .69* 4.91* 42 Class R (2/97) 2002(e) 89 .79* 4.54* .79* 4.54* .77* 4.55* 8 2001 51 .77 4.79 .77 4.79 .75 4.80 16 2000 45 .92 4.67 .79 4.81 .78 4.82 26 1999 107 .96 4.26 .48 4.73 .48 4.74 9 1998 45 1.12 4.28 .32 5.08 .32 5.08 10 1997(d) 40 1.28* 4.39* -- 5.67* -- 5.67* 42 -------------------------------------------------------------------------------------------------
* Annualized. (a) Total returns are calculated on net asset value without any sales charge and are not annualized. (b) After expense reimbursement from the investment adviser, where applicable. (c) After custodian fee credit and expense reimbursement, where applicable. (d) From commencement of class operations as noted. (e) For the six months ended November 30, 2001. See accompanying notes to financial statements. ------------------------------------------------------------------------------- 61 Notes ----- 62 Notes ----- 63 Notes ----- 64 Fund Information Board of Trustees Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Fund Manager Nuveen Investment Management 333 West Wacker Drive Chicago, IL 60606 Legal Counsel Morgan, Lewis & Bockius LLP Washington, D.C. Independent Public Accountants Arthur Andersen LLP Chicago, IL Transfer Agent and Shareholder Services J.P. Morgan Investor Services Co. Nuveen Investor Services P.O. Box 660086 Dallas, Texas 75266-0086 (800) 257-8787 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. ----- 65 Serving Investors For Generations -------------------------------------------------------------------------------- [PHOTO OF JOHN NUVEEN, SR. APPEARS HERE] John Nuveen, Sr. A 100-Year Tradition of Quality Investments Since 1898, John Nuveen & Co. Incorporated has been synonymous with investments that withstand the test of time. In fact, more than 1.3 million investors have trusted Nuveen to help them build and sustain the wealth of a lifetime. Whether your focus is long-term growth, dependable income or sustaining accumulated wealth, Nuveen offers a wide variety of investments and services to help meet your unique circumstances and financial planning needs. We can help you build a better, well-diversified portfolio. Call Your Financial Advisor Today To find out how Nuveen Mutual Funds might round out your investment portfolio, contact your financial advisor today. Or call Nuveen at (800) 257-8787 for more information. Ask your advisor or call for a prospectus, which details risks, fees and expenses. Please read the prospectus carefully before you invest. NUVEEN Investments Nuveen Investments 333 West Wacker Drive Chicago, Illinois 60606-1286 www.nuveen.com