Item 1. Reports to Stockholders.
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Mutual Funds
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Nuveen Municipal
Bond Funds
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Dependable, tax-free income because its not what you earn,
its what you
keep.
®
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Semi-Annual Report
November 30, 2013
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Share Class / Ticker Symbol
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Fund Name
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Class A
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Class B
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Class C
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Class I
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Nuveen Kansas Municipal Bond Fund
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FKSTX
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FCKSX
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FRKSX
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Nuveen Kentucky Municipal Bond Fund
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FKYTX
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FKYCX
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FKYRX
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Nuveen Michigan Municipal Bond Fund
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FMITX
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FLMCX
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NMMIX
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Nuveen Missouri Municipal Bond Fund
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FMOTX
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FMOCX
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FMMRX
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Nuveen Ohio Municipal Bond Fund
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FOHTX
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FOHBX
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FOHCX
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NXOHX
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Nuveen Wisconsin Municipal Bond Fund
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FWIAX
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FWICX
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FWIRX
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Life is Complex.
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Nuveen makes things
e-simple.
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It only takes a minute to sign up for
e-Reports.
Once enrolled, youll receive
an
e-mail
as soon as your Nuveen Fund information is ready. No more
waiting for delivery by regular mail. Just click on the link within the
e-mail
to
see
the report and save it on your computer if you wish.
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Free
e-Reports
right to your
e-mail!
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www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your
financial advisor or brokerage account.
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or
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www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents
Chairmans Letter to Shareholders
Dear Shareholders,
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to
have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board
members, plan to continue his legacy of strong independent oversight of your funds.
The global economy has hit major turning points over the last
several months to a year. The developed world is gradually recovering from its financial crisis while the emerging markets appear to be struggling with the downshift of Chinas growth potential. Japan is entering a new era of growth after
decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the
financial stress in emerging markets could all reverse the recent progress in the global economy.
On the domestic front, recent events such as the
Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are
strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to
be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcomes add to the uncertainties that could cause problems for the economy going
forward.
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of
attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveens investment management teams work hard to balance return and risk with a range of
investment strategies. I encourage you to read the following commentary on the management of your fund.
On behalf of the other members of the Nuveen
Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of
the Board
January 21, 2014
Portfolio Managers Comments
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
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Daniel J. Close, CFA,
Steven M. Hlavin and Christopher L. Drahn review key investment strategies and the performance of the 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 and Nuveen Wisconsin Municipal Bond Fund. Dan has managed the Kentucky, Michigan and Ohio Funds since 2007, Steve has managed the Kansas and Wisconsin Funds since 2011, and Chris has managed the Missouri Fund since
2011.
How did the Funds perform during the six-month reporting period ending November 30, 2013?
The tables in the Fund Performance, Expense and Effective Leverage Ratios section of this report provide each Funds total return performance information for
its Class A Shares at net asset value (NAV) for the six-month, one-year, five-year and ten-year periods ending November 30, 2013. Each Funds returns are compared with the performance of a corresponding market index and its and Lipper
classification average.
During the first part of this reporting period, widespread uncertainty about the next step for the Federal Reserves (Fed)
quantitative easing program and the potential impact on the economy and financial markets led to increased market volatility. After surprising the market in September 2013 with its decision to wait for additional evidence of an improving economy
before making any adjustments to the program, the Fed announced on December 18 (subsequent to the close of this reporting period) that it would begin tapering its monthly bond-buying program by $10 billion (to $75 billion) in January 2014.
Political debate over federal spending and headline credit stories involving Detroit and Puerto Rico also contributed to the unsettled environment during this period and prompted an increase in selling by bondholders across the fixed income markets.
Although the second half of the period brought some stabilization and a rally in the municipal market, municipal bond prices generally declined for the period as a whole, especially at the longer end of the maturity spectrum, while interest rates
rose. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep our Funds fully invested.
During the six-month period, the Class A Shares at net asset value (NAV) of all six Funds underperformed the benchmark S&P Municipal Bond
Index. The Kentucky, Michigan, and Missouri Funds outperformed their respective Lipper
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The
forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and
the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poors (S&P), Moodys Investors Service
(Moodys), Inc. or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency
securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Portfolio Managers Comments
(continued)
classification average, while the Kansas and Wisconsin Funds underperformed and the Ohio Fund performed roughly in line. Shareholders should note that the performance of the Lipper Other States
classification represents the overall average of returns for funds from multiple states with a wide variety of municipal market conditions, making direct comparisons less meaningful.
What strategies were used to manage the Funds during the six-month reporting period ended November 30, 2013? How did these strategies influence performance?
All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by Nuveen Asset Management. Our municipal bond
portfolios are managed with a value-oriented approach and close input from Nuveen Asset Managements research team. Below we highlight the specific factors influencing each Funds investment strategy, as well as how we managed each
portfolio in light of recent market conditions.
Nuveen Kansas and Wisconsin Municipal Bond Funds
The Nuveen Kansas Municipal Bond Fund lagged the S&P Municipal Bond Index during the six-month reporting period, with duration and credit quality positioning
the primary factors behind the Funds underperformance.
Having a longer duration than the index meant the Fund was more sensitive to rising
interest rates. It is worth noting that durations of both the Fund and the index naturally increased in response to higher rates. Furthermore, the Fund was overweight longer term bonds compared with the index, which further curtailed the Funds
ability to keep pace with the benchmark. As interest rates climbed, the yield curve steepened, meaning that yields on longer term bonds significantly rose and disproportionately more so than yields on shorter-term bonds. This bear market
steepening is rare, having occurred in only two other quarters since the 1980s.
Recognizing that longer term municipal bonds had suffered to a
greater extent, we were hesitant to reduce the Funds duration. Had we overreacted to this short term market dislocation, we would have locked in duration-driven losses. Instead, we wanted to preserve the Funds ability to participate in a
municipal market recovery, which it did in the final months of the period, as rates declined.
The Funds credit quality positioning, a relatively
large overweighting in BBB-rated bonds detracted from performance versus the index, although this performance impact was skewed by the large negative performance of Puerto Rico bonds compared to other BBB-rated bonds in the market. Nearly all the
negative contribution from rating allocation was offset by the positive contribution from credit selection, including the Funds Puerto Rico holdings. During the reporting period, we reduced our exposure to Puerto Rico debt, which made up
roughly 6% of net assets at the end of the reporting period, down from approximately 9% six months earlier. While these sales tempered the negative impact of our allocation to the territorial issues, our weighting in Puerto Rico nevertheless
detracted from the Funds results in relative terms. The reduction in the Funds Puerto Rico stake in BBB-rated bonds also helps explain why the portfolio allocation to this quality tier declined during the reporting period.
Sector selection provided mixed results, with our overweight in the utility sector, one of the poorest performing groups in the municipal bond market, proving to
be a negative factor while an overweight in health care, one of the markets better performing sectors contributed positively to performance. In addition, the Funds selection of health care holdings outpaced similar securities in the
index.
The Fund mirrored the overall municipal bond market, in that it incurred investor outflows. In order to meet shareholder redemptions, we took
advantage of pockets of strong investor demand to sell some high rated bonds with coupons
that were below prevailing rates. Although our purchases were limited during the reporting period, we did find some attractive opportunities in the new issue market that carried higher coupons
and allowed us to further diversify the Funds holdings across issuers.
Similar to the Kansas Fund, the Wisconsin Fund underperformed the S&P
Municipal Bond Index during the reporting period, with the Funds duration and credit quality positioning the biggest detractors. Compared with the index, the Fund had a longer duration, meaning it was more sensitive to interest rate changes
and, as such, hurt more as rates rose. We note that durations of both the Fund and the index naturally increased in response to higher rates. Additionally, the Funds overweight to longer term bonds compared with the index further hampered its
relative results. As interest rates rose, the yield curve steepened, meaning that yields on longer term bonds rose far more than those on shorter term bonds, resulting in significant underperformance of longer term securities.
Based on our analysis indicating that longer term municipal bonds were undervalued, we refrained from altering our longer-than-benchmark duration stance and
maintained our overweighting in longer term bonds. These decisions proved beneficial in the final months of the reporting period, when the municipal market recovered and rates declined.
As for the Funds credit quality positioning, a relatively large overweighting in BBB bonds detracted from performance versus the index. Much of this quality driven underperformance resulted from the
Funds allocation to BBB-rated Puerto Rico bonds, which came under considerable pressure during the reporting period. Given the extreme scarcity of Wisconsin bonds in previous years, tax-free debt in the state traded at what we believed were
unattractive prices. At the same time, we had sometimes found that bonds issued in the U.S. territories of Puerto Rico, Guam and the Virgin Islands had been more attractively valued, which were sources of diversification for the Fund and helped
enhance its income.
During the reporting period, however, we reduced our exposure to Puerto Rico bonds, which made up roughly 8% of net assets at the
end of the reporting period, down from approximately 19% six months earlier, as we began to grow concerned about an erosion of liquidity and the resulting impact on trading valuations despite a number of positive credit developments. Shareholder
redemptions reduced the need for triple-exempt territory paper. Although these sales tempered the negative performance impact of our Puerto Rico allocation, our weighting there nevertheless detracted from results in relative terms. The sale of
Puerto Rico securities, many BBB-rated, resulted in a decline in the Funds exposure to bonds with that credit rating.
The Funds sector
positioning had a mixed effect on relative performance. Compared to the national market, this portfolio was overweight in dedicated-tax bonds, one of the best-performing groups. In contrast, our overweight in utilities curtailed results because this
group lagged the benchmark. Security selection had a negative effect on relative performance, primarily due to our exposure to inverse floating rate securities (known as inverse floaters). These bonds, whose coupon payments adjust inversely as
interest rates change, produced disappointing results as rates climbed.
In addition to sales of Puerto Rico bonds, we also sold some lower coupon
Wisconsin bonds, taking advantage of comparatively strong demand for these securities. Our new portfolio additions during the reporting period were focused on new issues which, given their higher coupons, helped enhance the Funds yield and
further diversify its holdings.
Nuveen Kentucky, Michigan and Ohio Municipal Bond Funds
The Nuveen Kentucky Municipal Bond Fund underperformed the S&P Municipal Bond Index, as the Funds results were limited on a relative basis by unfavorable
duration positioning, which heightened the Funds sensitivity to changes in interest rates. Specifically, the Fund was underweighted in shorter duration bonds, which were less influenced by the
Portfolio Managers Comments
(continued)
negative effects of rising interest rates than their longer dated counterparts. In addition, the Fund had exposure to inverse floating rate securities. These bonds see their coupon income decline
when rates go up, and therefore, they lagged during the reporting period.
During a six-month span characterized by considerable risk aversion on the
part of investors, bonds with higher credit ratings tended to outperform lower rated securities. This trend modestly hampered results, given our slight overweighting in BBB-rated bonds.
Our sector positioning added value, with the greatest benefit coming from the health care sector. Tempering this advantage, however, was an overweighting in dedicated-tax bonds, which trailed the market and
therefore detracted from results. The Funds exposure to Puerto Rico bonds, which struggled amid the U.S. territorys credit challenges, was an additional drawback. Coming into the period, about 7% of the portfolio was held in Puerto Rico
bonds. (A portion of this stake, however, was invested in pre-refunded bonds, whose very high credit quality and short maturities insulated them from the regions troubles.) Our holdings in long dated zero coupon Puerto Rico
tobacco-securitization bonds and Puerto Rico Sales Tax Financing Corporation (COFINA) sales tax bonds experienced significant price declines. By the early fall, we had nearly liquidated the Funds entire Puerto Rico stake.
In managing the portfolio, we focused on generating the proceeds needed to satisfy investment outflows, which were predominant within the entire municipal bond
industry as well as the Fund. Some of the necessary financing was supplied by bond calls. We also sold various pre-refunded bonds from the portfolio, given that the securities relatively short maturities and high credit quality made them very
liquid amid challenging market conditions. The continued theme behind our selling was to actively reduce exposure to territorial bonds. As previously mentioned, we sold various Puerto Rico securities, including Puerto Rico Aqueduct and Sewer
Authority bonds, Puerto Rico Electric Power Authority bonds, COFINA sales-tax issues and zero coupon tobacco-securitization debt. We held only a small allocation of these positions at period end, and were preparing to sell most of our holdings. We
also sold most of our holdings in Guam and U.S. Virgin Islands debt. Faced with a choice between selling Kentucky bonds or territorial securities, we selected the latter because we wanted to maintain increased exposure to in-state paper, especially
in light of the fact that we believed Kentucky bonds would be more difficult to replace if market conditions shifted in favor of investment inflows. During the reporting period, we reduced the portfolios Guam weighting from approximately
5% at the start of the period to 0.5% at its end, while our Virgin Islands allocation declined from 1.1% of the portfolio to 0.5% at the end of the reporting period.
While we were much more active on the selling side, our notable purchases included a new health care bond issue for Catholic Health Initiatives. Because the Fund lacked prior exposure to these securities, the
purchase provided valuable additional diversification. Other purchases included two electric utility bond issues and bonds of the University of Louisville.
The Nuveen Michigan Municipal Bond Fund underperformed the S&P Municipal Bond Index, in part because of the portfolios duration stance. The Fund was underweighted in short duration investments, which hurt
performance in relative terms because these bonds are less sensitive to interest rate changes and therefore fared better than their longer dated counterparts during the reporting period. In particular, the portfolios allocation to inverse
floaters hurt, as their long durations made them especially vulnerable to higher rates.
In contrast, the Funds credit quality and sector
positioning proved beneficial. From a ratings standpoint, the Fund was overweighted in AA-rated bonds while underweighted in BBB-rated bonds. Both stances were helpful, given that higher rated credits outperformed lower rated securities amid an
environment of heightened risk aversion on the part of
investors. Meanwhile, on a sector basis, the Funds overweighting in pre-refunded bonds added to results. This category, which consists of debt with very short durations and very high credit
quality, was the only segment in the benchmark to generate positive performance during the difficult six month reporting period. Mitigating that positive impact, however, was our relative underweighting in higher education bonds, a category that
marginally outperformed the index.
The periods two major credit challenges involved Detroit, which filed for bankruptcy in July 2013 and U.S.
territory Puerto Rico. We were fortunate to have very little exposure to Puerto Rico debt and no exposure in Detroit general obligation (GO) bonds. While the Fund entered the period with a 2% Puerto Rico stake, much of that was held in a
pre-refunded bond issue backed by escrowed U.S. government securities. We sold this position during the reporting period, as well as our small holding in Puerto Rico tobacco-securitization debt. At period end, the Fund was 100% invested in Michigan
bonds.
While we purposely avoided Detroit GO bonds, we continued to own and, occasionally, bought new bonds of issuers that investors perceived as
having a connection to the citys credit troubles, but which we determined were likely to withstand Detroits bankruptcy proceedings with no interruption in their income payments. We maintained the Funds stake in Detroit water/sewer
bonds, which are backed by a dedicated revenue stream and are independent of the citys general taxing authority. We also purchased AA-rated Detroit City School District bonds, which, under the School Bond Qualification and Loan Fund, are
backed by the full faith and credit of the State of Michigan and some Wayne County (Detroit) airport bonds. In all of these cases, we had confidence in the issuers credit quality and believed the bonds were trading at unusually attractive
prices, enabling us to add good long term value.
Although we made a few new purchases, the majority of our transactions involved selling bonds to
generate the proceeds needed to fund investment outflows. We sold some of the Funds pre-refunded debt, as appropriate, because these bonds provided a ready source of liquidity. We also fully eliminated the portfolios territorial bond
holdings, selling our Guam and U.S. Virgin Islands positions in addition to our Puerto Rico allocation. The remainder of our sales took place across multiple maturity ranges, economic sectors and credit quality segments. This tactic reflected our
desire to preserve the portfolios essential characteristics, since we liked the Funds structure going into the reporting period and were careful to maintain it despite our selling activity.
The Nuveen Ohio Municipal Bond Fund, which underperformed the S&P Municipal Bond Index, was held back by its duration positioning as well. In addition to being
underweighted in short term bonds, which outperformed the market, the Fund was overweighted in longer duration issues, which struggled amid difficult market conditions.
From a credit-rating standpoint, the Fund was helped by an overweighting in AA-rated bonds, as higher quality securities generally outperformed lower rated issues during the reporting period. Counterbalancing that
positive impact, however, was an allocation to B-rated bonds, which consisted of a single underperforming issue, Buckeye Tobacco Settlement Financing Authority bonds.
Other underperformers that hurt results included inverse floaters, which suffered disproportionately in the face of rising interest rates and zero coupon Puerto Rico COFINA sales-tax bonds. These latter credits
were hurt by a combination of their long duration and investors mounting concerns about the U.S. territorys credit quality.
Our purchase
activity was relatively limited during the reporting period and consisted of three new health care bonds and a corporate-backed industrial development revenue bond issue for CSX Corporation. We also participated in a very large new bond issue for
the Ohio Turnpike over the summer.
Portfolio Managers Comments
(continued)
In terms of bond sales, we
actively reduced exposure to U.S. territorial paper, which we saw as a good source of liquidity to satisfy the shareholder redemptions that proliferated during the six month reporting period. We completely eliminated the Funds Puerto Rico
allocation, and we trimmed our exposure to Guam bonds, which made up just over 1% of the portfolio at period end. (Bonds issued by U.S. territories are tax-exempt for investors in all 50 states.) We also sold certain pre-refunded and lower coupon
bonds.
Nuveen Missouri Municipal Bond Fund
During the six-month reporting period, the Missouri Municipal Bond Fund underperformed the S&P Municipal Bond Index. The bulk of the Funds
underperformance stemmed from its longer duration, meaning it was more sensitive to interest rate changes than the benchmark, hampering its ability to keep up with the index as interest rates rose. The Funds longer overall duration was due to
its overweight in long duration bonds, which underperformed shorter duration securities, in which we had an underweight. This yield curve positioning detracted from relative results given that longer term bonds suffered disproportionately as rates
climbed.
It is noteworthy that the durations of the Fund and the benchmark extended during the reporting period, as tends to happen when rates are
increasing. In light of our commitment to maintaining the Funds income stream and also based on our analysis that longer term bonds were undervalued, we were hesitant to sell many long duration bonds or shorten the portfolios duration, a
strategy that ultimately added to relative performance late in the reporting period, when rates drifted lower.
Overall, credit quality positioning,
sector positioning and security selection were mostly neutral factors for relative performance. However, the Funds exposure to Puerto Rico bonds, which are free from income taxes nationwide, was a negative. Puerto Rico holdings performed
poorly, especially those with longer maturities. During the reporting period, we reduced our exposure to Puerto Rico debt to just over 3%, down from slightly under 6% six months earlier.
As with the municipal bond mutual funds market, the Fund experienced shareholder redemptions, requiring us to sell some securities. On some occasions, we were able to take advantage of pockets of strong demand by
individual investors to sell securities that were structured in a specific manner. For instance, we sold some bonds with lower or below market coupons at prices we believed were advantageous. We also frequently sold very short maturity holdings or
utilized proceeds from called or maturing bonds.
Although our transaction activity was weighted toward the sell side, we made some notable purchases
and added a number of higher coupon bonds. In doing so, our goal was to enhance the Funds income stream. We also participated in the new-issue market, buying securities across the investment grade ratings spectrum whose yields were typically
higher than we had previously seen for comparable securities in several years. In this category, we added names such as Metropolitan St. Louis Sewer District, Bi-State Development Agency, University of Central Missouri and St. Louis College of
Pharmacy.
An Update Regarding Detroit and Puerto Rico
During this reporting period, two credit situations weighed on the municipal market. It is important to note that, while these situations received much attention from the media, they represented isolated events. On
July 18, 2013, the City of Detroit filed for Chapter 9 bankruptcy. Detroit, burdened by decades of population loss, declines in the auto manufacturing industry, and significant tax base deterioration, has been under severe financial stress for
an extended period. Detroits bankruptcy filing will likely be a lengthy one, given the complexity of its debt portfolio, number of creditors, numerous union contracts, and significant legal questions that must be addressed.
Another factor affecting the Funds holdings was the downgrade of debt issued by Puerto Rico. In 2012,
Moodys downgraded Puerto Rico general obligation (GO) bonds to Baa3 from Baa1, COFINA senior sales tax revenue bonds to Aa3 from Aa2, and COFINA subordinate sales tax revenue bonds to A3 from A1. In October 2013, Moodys further
downgraded the COFINA senior sales tax bonds to A2, while affirming the subordinate bonds at A3. On November 14, 2013, Fitch Ratings announced that it was placing the majority of Puerto Rico issuancewith the exception of the COFINA
bondson negative credit watch, which implies that another downgrade may be likely. While Fitch currently rates Puerto Rico issuance at BBB-, it affirmed the ratings on COFINA bonds at AA- for the senior bonds and A+ for the subordinate bonds,
with stable outlooks. On December 11, 2013 (subsequent to the close of this reporting period), Moodys announced that it also had placed its Baa3 rating on Puerto Rico GOs (and other Puerto Rico issues linked to the GO rating) on review
for downgrade. These downgrades were based on Puerto Ricos ongoing economic problems and, in the case of the COFINA bonds, the impact of these problems on the projected growth of sales tax revenues. However, the COFINA bonds were able to
maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Ricos GO bonds. For the six-month
reporting period ended November 30, 2013, Puerto Rico paper underperformed the municipal market as a whole.
Risk Considerations and Dividend Information
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit
risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or
high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than their original investment and
also increases the Funds exposure to volatility and interest rate risk.
Dividend Information
Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly
dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the
excess in reserve as undistributed net investment income (UNII) as part of the Funds net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute negative UNII that will
likewise be reflected in the Funds net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of November 30, 2013, all six Funds had positive UNII balances for tax purposes, based upon our
best estimate, and positive UNII balances for financial reporting purposes.
Fund Performance, Expense and Effective Leverage Ratios
The Fund Performance, Expense and Effective Leverage Ratios for each
Fund are shown on the following six pages.
Returns quoted represent past performance, which is no guarantee of future results.
Current
performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be
lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may
be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect a
contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Note 7Management Fees and Other Transactions with Affiliates for more information. In addition,
returns may reflect a voluntary expense limitation by the Funds investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume
reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds Class A Shares at net asset
value (NAV) only.
The expense ratios shown reflect the Funds total operating expenses (before fee waivers and/or expense reimbursements, if
any) as shown in the Funds most recent prospectus. The expense ratios include management fees and other fees and expenses.
Leverage is created
whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through
inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Fund Performance, Expense and Effective Leverage Ratios
(continued)
Nuveen Kansas Municipal Bond
Fund
Refer to the first page of this Fund Performance, Expense and
Effective Leverage Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of November 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(4.96)%
|
|
|
|
(6.65)%
|
|
|
|
6.26%
|
|
|
|
4.09%
|
|
Class A Shares at maximum Offering Price
|
|
|
(8.99)%
|
|
|
|
(10.60)%
|
|
|
|
5.35%
|
|
|
|
3.64%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class C Shares
|
|
|
(5.24)%
|
|
|
|
(7.26)%
|
|
|
|
5.68%
|
|
|
|
3.51%
|
|
Class I Shares
|
|
|
(4.92)%
|
|
|
|
(6.50)%
|
|
|
|
6.48%
|
|
|
|
4.29%
|
|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(1.94)%
|
|
|
|
(5.02)%
|
|
|
|
6.33%
|
|
|
|
3.97%
|
|
Class A Shares at maximum Offering Price
|
|
|
(6.08)%
|
|
|
|
(9.00)%
|
|
|
|
5.41%
|
|
|
|
3.52%
|
|
Class C Shares
|
|
|
(2.23)%
|
|
|
|
(5.55)%
|
|
|
|
5.75%
|
|
|
|
3.40%
|
|
Class I Shares
|
|
|
(1.91)%
|
|
|
|
(4.87)%
|
|
|
|
6.53%
|
|
|
|
4.18%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). 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), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.84%
|
|
|
|
1.39%
|
|
|
|
0.64%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
6.74%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Kentucky Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios
section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of November 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(3.88)%
|
|
|
|
(4.98)%
|
|
|
|
5.80%
|
|
|
|
3.88%
|
|
Class A Shares at maximum Offering Price
|
|
|
(7.88)%
|
|
|
|
(8.97)%
|
|
|
|
4.90%
|
|
|
|
3.44%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class C Shares
|
|
|
(4.07)%
|
|
|
|
(5.49)%
|
|
|
|
5.21%
|
|
|
|
3.32%
|
|
Class I Shares
|
|
|
(3.78)%
|
|
|
|
(4.77)%
|
|
|
|
5.99%
|
|
|
|
4.08%
|
|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(0.90)%
|
|
|
|
(3.76)%
|
|
|
|
5.82%
|
|
|
|
3.77%
|
|
Class A Shares at maximum Offering Price
|
|
|
(5.08)%
|
|
|
|
(7.79)%
|
|
|
|
4.91%
|
|
|
|
3.33%
|
|
Class C Shares
|
|
|
(1.18)%
|
|
|
|
(4.28)%
|
|
|
|
5.25%
|
|
|
|
3.20%
|
|
Class I Shares
|
|
|
(0.79)%
|
|
|
|
(3.55)%
|
|
|
|
6.03%
|
|
|
|
3.97%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). 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), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.78%
|
|
|
|
1.33%
|
|
|
|
0.58%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
6.86%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Fund Performance, Expense and Effective Leverage Ratios
(continued)
Nuveen Michigan Municipal Bond
Fund
Refer to the first page of this Fund Performance, Expense and
Effective Leverage Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of November 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(3.85)%
|
|
|
|
(4.69)%
|
|
|
|
5.90%
|
|
|
|
3.91%
|
|
Class A Shares at maximum Offering Price
|
|
|
(7.92)%
|
|
|
|
(8.69)%
|
|
|
|
4.99%
|
|
|
|
3.47%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class C Shares
|
|
|
(4.22)%
|
|
|
|
(5.30)%
|
|
|
|
5.30%
|
|
|
|
3.34%
|
|
Class I Shares
|
|
|
(3.83)%
|
|
|
|
(4.50)%
|
|
|
|
6.10%
|
|
|
|
4.12%
|
|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(1.16)%
|
|
|
|
(4.00)%
|
|
|
|
5.55%
|
|
|
|
3.82%
|
|
Class A Shares at maximum Offering Price
|
|
|
(5.33)%
|
|
|
|
(8.01)%
|
|
|
|
4.65%
|
|
|
|
3.38%
|
|
Class C Shares
|
|
|
(1.45)%
|
|
|
|
(4.61)%
|
|
|
|
4.95%
|
|
|
|
3.24%
|
|
Class I Shares
|
|
|
(1.06)%
|
|
|
|
(3.88)%
|
|
|
|
5.75%
|
|
|
|
4.02%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). 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), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.81%
|
|
|
|
1.36%
|
|
|
|
0.61%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
3.80%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Missouri Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios
section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of November 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(3.82)%
|
|
|
|
(4.48)%
|
|
|
|
7.13%
|
|
|
|
4.21%
|
|
Class A Shares at maximum Offering Price
|
|
|
(7.82)%
|
|
|
|
(8.51)%
|
|
|
|
6.21%
|
|
|
|
3.77%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class C Shares
|
|
|
(4.10)%
|
|
|
|
(5.08)%
|
|
|
|
6.54%
|
|
|
|
3.64%
|
|
Class I Shares
|
|
|
(3.63)%
|
|
|
|
(4.28)%
|
|
|
|
7.33%
|
|
|
|
4.42%
|
|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(0.81)%
|
|
|
|
(3.53)%
|
|
|
|
7.27%
|
|
|
|
4.10%
|
|
Class A Shares at maximum Offering Price
|
|
|
(5.01)%
|
|
|
|
(7.59)%
|
|
|
|
6.35%
|
|
|
|
3.65%
|
|
Class C Shares
|
|
|
(1.09)%
|
|
|
|
(4.05)%
|
|
|
|
6.69%
|
|
|
|
3.54%
|
|
Class I Shares
|
|
|
(0.70)%
|
|
|
|
(3.32)%
|
|
|
|
7.49%
|
|
|
|
4.31%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). 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), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.79%
|
|
|
|
1.34%
|
|
|
|
0.59%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
0.53%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Fund Performance, Expense and Effective Leverage Ratios
(continued)
Nuveen Ohio Municipal Bond
Fund
Refer to the first page of this Fund Performance, Expense and
Effective Leverage Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of November 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(4.01)%
|
|
|
|
(4.82)%
|
|
|
|
5.94%
|
|
|
|
4.01%
|
|
Class A Shares at maximum Offering Price
|
|
|
(8.02)%
|
|
|
|
(8.83)%
|
|
|
|
5.03%
|
|
|
|
3.57%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Ohio Municipal Debt Funds Classification Average*
|
|
|
(3.99)%
|
|
|
|
(5.48)%
|
|
|
|
5.36%
|
|
|
|
3.39%
|
|
|
|
|
|
|
Class B Shares w/o CDSC
|
|
|
(4.33)%
|
|
|
|
(5.56)%
|
|
|
|
5.16%
|
|
|
|
3.39%
|
|
Class B Shares w/CDSC
|
|
|
(9.03)%
|
|
|
|
(9.22)%
|
|
|
|
5.00%
|
|
|
|
3.39%
|
|
Class C Shares
|
|
|
(4.23)%
|
|
|
|
(5.38)%
|
|
|
|
5.37%
|
|
|
|
3.45%
|
|
Class I Shares
|
|
|
(3.85)%
|
|
|
|
(4.64)%
|
|
|
|
6.16%
|
|
|
|
4.22%
|
|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(0.71)%
|
|
|
|
(4.13)%
|
|
|
|
5.78%
|
|
|
|
3.90%
|
|
Class A Shares at maximum Offering Price
|
|
|
(4.85)%
|
|
|
|
(8.15)%
|
|
|
|
4.87%
|
|
|
|
3.45%
|
|
Class B Shares w/o CDSC
|
|
|
(1.02)%
|
|
|
|
(4.81)%
|
|
|
|
4.98%
|
|
|
|
3.27%
|
|
Class B Shares w/CDSC
|
|
|
(5.89)%
|
|
|
|
(8.49)%
|
|
|
|
4.81%
|
|
|
|
3.27%
|
|
Class C Shares
|
|
|
(0.92)%
|
|
|
|
(4.62)%
|
|
|
|
5.20%
|
|
|
|
3.33%
|
|
Class I Shares
|
|
|
(0.54)%
|
|
|
|
(3.88)%
|
|
|
|
6.00%
|
|
|
|
4.10%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). 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), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for
redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.79%
|
|
|
|
1.54%
|
|
|
|
1.34%
|
|
|
|
0.59%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
10.09%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Wisconsin Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios
section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of November 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(6.11)%
|
|
|
|
(7.56)%
|
|
|
|
6.05%
|
|
|
|
3.71%
|
|
Class A Shares at maximum Offering Price
|
|
|
(10.03)%
|
|
|
|
(11.44)%
|
|
|
|
5.14%
|
|
|
|
3.26%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class C Shares
|
|
|
(6.37)%
|
|
|
|
(8.06)%
|
|
|
|
5.48%
|
|
|
|
3.13%
|
|
Class I Shares
|
|
|
(6.07)%
|
|
|
|
(7.50)%
|
|
|
|
6.26%
|
|
|
|
3.89%
|
|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(2.59)%
|
|
|
|
(6.29)%
|
|
|
|
5.74%
|
|
|
|
3.55%
|
|
Class A Shares at maximum Offering Price
|
|
|
(6.67)%
|
|
|
|
(10.25)%
|
|
|
|
4.84%
|
|
|
|
3.11%
|
|
Class C Shares
|
|
|
(2.86)%
|
|
|
|
(6.80)%
|
|
|
|
5.15%
|
|
|
|
2.99%
|
|
Class I Shares
|
|
|
(2.46)%
|
|
|
|
(6.06)%
|
|
|
|
5.94%
|
|
|
|
3.76%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). 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), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.84%
|
|
|
|
1.39%
|
|
|
|
0.65%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
5.25%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Yields
November 30, 2013
Dividend Yield is the most recent dividend per share (annualized) divided by the
offering price per share.
The SEC
30-Day
Yield is a standardized measure of a Funds yield that accounts
for the future amortization of premiums or discounts of bonds held in the Funds portfolio. The SEC
30-Day
Yield is computed under an SEC standardized formula and is based on the maximum offer price per
share. Dividend Yield may differ from the SEC
30-Day
Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an
after-tax
basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.
Nuveen Kansas Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.61%
|
|
|
|
3.20%
|
|
|
|
3.99%
|
|
SEC 30-Day Yield
|
|
|
3.50%
|
|
|
|
3.10%
|
|
|
|
3.85%
|
|
Taxable-Equivalent Yield
2
|
|
|
5.11%
|
|
|
|
4.53%
|
|
|
|
5.62%
|
|
Nuveen Kentucky Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.62%
|
|
|
|
3.21%
|
|
|
|
4.00%
|
|
SEC 30-Day Yield
|
|
|
2.72%
|
|
|
|
2.29%
|
|
|
|
3.04%
|
|
Taxable-Equivalent Yield
3
|
|
|
4.02%
|
|
|
|
3.38%
|
|
|
|
4.49%
|
|
Nuveen Michigan Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.89%
|
|
|
|
3.52%
|
|
|
|
4.28%
|
|
SEC 30-Day Yield
|
|
|
3.35%
|
|
|
|
2.97%
|
|
|
|
3.70%
|
|
Taxable-Equivalent Yield
4
|
|
|
4.86%
|
|
|
|
4.31%
|
|
|
|
5.37%
|
|
1
|
The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load
because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield
effectively applicable to them would be higher than the figure quoted in the table.
|
2
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 31.5%.
|
3
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.3%.
|
4
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 31.1%.
|
Nuveen Missouri Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.87%
|
|
|
|
3.49%
|
|
|
|
4.26%
|
|
SEC 30-Day Yield
|
|
|
3.09%
|
|
|
|
2.68%
|
|
|
|
3.43%
|
|
Taxable-Equivalent Yield
2
|
|
|
4.56%
|
|
|
|
3.96%
|
|
|
|
5.07%
|
|
Nuveen Ohio Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.97%
|
|
|
|
3.38%
|
|
|
|
3.55%
|
|
|
|
4.31%
|
|
SEC 30-Day Yield
|
|
|
3.12%
|
|
|
|
2.47%
|
|
|
|
2.70%
|
|
|
|
3.45%
|
|
Taxable-Equivalent Yield
3
|
|
|
4.58%
|
|
|
|
3.63%
|
|
|
|
3.96%
|
|
|
|
5.07%
|
|
Nuveen Wisconsin Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.85%
|
|
|
|
3.48%
|
|
|
|
4.25%
|
|
SEC 30-Day Yield
|
|
|
3.41%
|
|
|
|
3.01%
|
|
|
|
3.77%
|
|
Taxable-Equivalent Yield
4
|
|
|
5.08%
|
|
|
|
4.49%
|
|
|
|
5.62%
|
|
1
|
The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load
because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield
effectively applicable to them would be higher than the figure quoted in the table.
|
2
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.3%.
|
3
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 31.9%.
|
4
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.9%.
|
Holding Summaries
November 30, 2013
This data relates to the securities held in each Funds portfolio of investments.
It should not be construed as a measure of performance for the Fund itself.
Ratings shown are the highest rating given by one of the following national
rating agencies: Standard & Poors Group, Moodys Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings.
Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Nuveen Kansas Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
13.6%
|
|
AA
|
|
|
30.7%
|
|
A
|
|
|
27.1%
|
|
BBB
|
|
|
13.5%
|
|
BB or Lower
|
|
|
4.0%
|
|
N/R
|
|
|
10.4%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax Obligation/Limited
|
|
|
24.7%
|
|
Health Care
|
|
|
24.4%
|
|
Tax Obligation/General
|
|
|
14.1%
|
|
Utilities
|
|
|
11.4%
|
|
U.S. Guaranteed
|
|
|
8.4%
|
|
Long-Term Care
|
|
|
6.1%
|
|
Other
|
|
|
10.9%
|
|
Nuveen Kentucky Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
14.0%
|
|
AA
|
|
|
44.1%
|
|
A
|
|
|
30.0%
|
|
BBB
|
|
|
6.9%
|
|
BB or Lower
|
|
|
0.7%
|
|
N/R
|
|
|
0.8%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax Obligation/Limited
|
|
|
22.9%
|
|
Health Care
|
|
|
22.2%
|
|
Utilities
|
|
|
17.9%
|
|
Water and Sewer
|
|
|
12.5%
|
|
U.S. Guaranteed
|
|
|
9.6%
|
|
Education and Civic Organizations
|
|
|
7.1%
|
|
Other
|
|
|
7.8%
|
|
1
|
Holdings are subject to change.
|
2
|
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
3
|
As a percentage of total investment exposure. Refer to the Glossary of Terms used in this Report for further information.
|
4
|
As a percentage of total investments.
|
Nuveen Michigan Municipal Bond Fund
|
|
|
|
|
Bond Credit Quality
1,2,3
|
|
AAA/U.S. Guaranteed
|
|
|
12.8%
|
|
AA
|
|
|
51.1%
|
|
A
|
|
|
24.6%
|
|
BBB
|
|
|
1.5%
|
|
BB or Lower
|
|
|
7.0%
|
|
N/R
|
|
|
0.6%
|
|
|
|
|
|
|
Portfolio Composition
1,4
|
|
Tax Obligation/General
|
|
|
32.4%
|
|
Water and Sewer
|
|
|
16.6%
|
|
Health Care
|
|
|
14.8%
|
|
Tax Obligation/Limited
|
|
|
8.7%
|
|
U.S. Guaranteed
|
|
|
7.7%
|
|
Utilities
|
|
|
6.5%
|
|
Consumer Staples
|
|
|
5.3%
|
|
Other
|
|
|
8.0%
|
|
Nuveen Missouri Municipal Bond Fund
|
|
|
|
|
Bond Credit Quality
1,2,3
|
|
AAA/U.S. Guaranteed
|
|
|
12.8%
|
|
AA
|
|
|
27.7%
|
|
A
|
|
|
30.6%
|
|
BBB
|
|
|
19.6%
|
|
BB or Lower
|
|
|
0.3%
|
|
N/R
|
|
|
8.4%
|
|
|
|
|
|
|
Portfolio Composition
1,4
|
|
Health Care
|
|
|
23.2%
|
|
Tax Obligation/Limited
|
|
|
20.3%
|
|
Tax Obligation/General
|
|
|
11.8%
|
|
Education and Civic Organizations
|
|
|
10.4%
|
|
U.S. Guaranteed
|
|
|
8.0%
|
|
Long-Term Care
|
|
|
7.8%
|
|
Water and Sewer
|
|
|
6.6%
|
|
Other
|
|
|
11.9%
|
|
1
|
Holdings are subject to change.
|
2
|
Percentages may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
3
|
As a percentage of total investment exposure. Refer to the Glossary of Terms used in this Report for further information.
|
4
|
As a percentage of total investments.
|
Holding Summaries
November 30, 2013 (continued)
Nuveen Ohio Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
15.0%
|
|
AA
|
|
|
47.5%
|
|
A
|
|
|
22.5%
|
|
BBB
|
|
|
6.8%
|
|
BB or Lower
|
|
|
5.7%
|
|
N/R
|
|
|
1.0%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax Obligation/Limited
|
|
|
19.0%
|
|
Health Care
|
|
|
17.9%
|
|
Tax Obligation/General
|
|
|
14.1%
|
|
U.S. Guaranteed
|
|
|
12.5%
|
|
Water and Sewer
|
|
|
9.6%
|
|
Utilities
|
|
|
6.5%
|
|
Transportation
|
|
|
5.8%
|
|
Other
|
|
|
14.6%
|
|
Nuveen Wisconsin Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
10.5%
|
|
AA
|
|
|
28.4%
|
|
A
|
|
|
31.5%
|
|
BBB
|
|
|
20.4%
|
|
BB or Lower
|
|
|
3.4%
|
|
N/R
|
|
|
5.8%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax Obligation/Limited
|
|
|
42.7%
|
|
Health Care
|
|
|
17.4%
|
|
Education and Civic Organizations
|
|
|
8.8%
|
|
U.S. Guaranteed
|
|
|
7.4%
|
|
Housing/Multifamily
|
|
|
4.9%
|
|
Other
|
|
|
18.8%
|
|
1
|
Holdings are subject to change.
|
2
|
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
3
|
As a percentage of total investment exposure. Refer to the Glossary of Terms used in this Report for further information.
|
4
|
As a percentage of total investments.
|
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs,
including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the
period and held through the period.
The information under Actual Performance, together with the amount you invested, allows you to estimate
actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled
Expenses Incurred During Period to estimate the expenses incurred on your account during this period.
The information under
Hypothetical Performance, provides information about hypothetical account values and hypothetical expenses based on the respective Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is
not the Funds actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Kansas Municipal Bond Fund
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|
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|
|
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|
|
|
|
|
Actual Performance
|
|
|
Hypothetical
Performance
(5% annualized return before expenses)
|
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
950.40
|
|
|
$
|
947.60
|
|
|
$
|
950.80
|
|
|
$
|
1,020.91
|
|
|
$
|
1,018.15
|
|
|
$
|
1,021.91
|
|
Expenses Incurred During Period
|
|
$
|
4.06
|
|
|
$
|
6.74
|
|
|
$
|
3.08
|
|
|
$
|
4.20
|
|
|
$
|
6.98
|
|
|
$
|
3.19
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .83%, 1.38% and .63% for
Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Nuveen Kentucky Municipal Bond Fund
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|
|
|
|
Actual Performance
|
|
|
Hypothetical
Performance
(5% annualized return before expenses)
|
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|
A Shares
|
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C Shares
|
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I Shares
|
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|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
961.20
|
|
|
$
|
959.30
|
|
|
$
|
962.20
|
|
|
$
|
1,021.11
|
|
|
$
|
1,018.35
|
|
|
$
|
1,022.11
|
|
Expenses Incurred During Period
|
|
$
|
3.88
|
|
|
$
|
6.58
|
|
|
$
|
2.90
|
|
|
$
|
4.00
|
|
|
$
|
6.78
|
|
|
$
|
2.99
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .79%, 1.34% and .59% for
Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Expense Examples
(continued)
Nuveen Michigan Municipal
Bond Fund
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|
|
|
|
|
|
Actual Performance
|
|
|
Hypothetical
Performance
(5% annualized return before expenses)
|
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
961.50
|
|
|
$
|
957.80
|
|
|
$
|
961.70
|
|
|
$
|
1,020.81
|
|
|
$
|
1,018.05
|
|
|
$
|
1,021.81
|
|
Expenses Incurred During Period
|
|
$
|
4.18
|
|
|
$
|
6.87
|
|
|
$
|
3.20
|
|
|
$
|
4.31
|
|
|
$
|
7.08
|
|
|
$
|
3.29
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .85%, 1.40% and .65% for
Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Nuveen Missouri Municipal Bond Fund
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Performance
|
|
|
Hypothetical
Performance
(5% annualized return before expenses)
|
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
961.80
|
|
|
$
|
959.00
|
|
|
$
|
963.70
|
|
|
$
|
1,021.06
|
|
|
$
|
1,018.30
|
|
|
$
|
1,022.06
|
|
Expenses Incurred During Period
|
|
$
|
3.93
|
|
|
$
|
6.63
|
|
|
$
|
2.95
|
|
|
$
|
4.05
|
|
|
$
|
6.83
|
|
|
$
|
3.04
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .80%, 1.35% and .60% for
Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Nuveen Ohio Municipal Bond Fund
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Performance
|
|
|
Hypothetical Performance
(5% annualized return
before expenses)
|
|
|
|
A Shares
|
|
|
B Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
A Shares
|
|
|
B Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
959.90
|
|
|
$
|
956.70
|
|
|
$
|
957.70
|
|
|
$
|
961.50
|
|
|
$
|
1,021.01
|
|
|
$
|
1,017.25
|
|
|
$
|
1,018.25
|
|
|
$
|
1,022.01
|
|
Expenses Incurred During Period
|
|
$
|
3.98
|
|
|
$
|
7.65
|
|
|
$
|
6.67
|
|
|
$
|
3.00
|
|
|
$
|
4.10
|
|
|
$
|
7.89
|
|
|
$
|
6.88
|
|
|
$
|
3.09
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .81%, 1.56%, 1.36% and .61% for
Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Nuveen Wisconsin Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Performance
|
|
|
Hypothetical
Performance
(5% annualized return before expenses)
|
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
938.90
|
|
|
$
|
936.30
|
|
|
$
|
939.30
|
|
|
$
|
1,020.66
|
|
|
$
|
1,017.90
|
|
|
$
|
1,021.66
|
|
Expenses Incurred During Period
|
|
$
|
4.28
|
|
|
$
|
6.94
|
|
|
$
|
3.31
|
|
|
$
|
4.46
|
|
|
$
|
7.23
|
|
|
$
|
3.45
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .88%, 1.43% and .68% for
Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Kansas Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 103.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 103.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,535
|
|
|
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
Series 2002, 5.500%, 5/15/39
|
|
|
|
|
4/14 at 100.00
|
|
|
|
BBB
|
|
|
$
|
1,340,147
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Kansas State University Housing System, Series 2005A, 5.000%,
4/01/22 NPFG Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,268,436
|
|
|
|
|
|
|
|
|
675
|
|
|
Kansas Development Finance Authority, Revenue Bonds, Kansas Board of Regents Univeristy of Kansas Medical Center Research Institute,
Series 2010N, 5.000%, 4/01/29
|
|
|
|
|
4/20 at 100.00
|
|
|
|
Aa1
|
|
|
|
713,981
|
|
|
|
|
|
|
|
|
5,545
|
|
|
Kansas Independent College Finance Authority, Educational Facilities Revenue Bonds, Tabor College Project, Series 2013, 5.800%,
3/01/37
|
|
|
|
|
3/20 at 100.00
|
|
|
|
N/R
|
|
|
|
5,150,972
|
|
|
|
|
|
|
|
|
510
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Fin Authority, Higher Ed Rev and Rev
Refunding Bonds, University of the Sacred Heart Project, Series 2012, 4.375%, 10/01/31
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
343,016
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Topeka, Kansas, Economic Development Revenue Bonds, YMCA Project, Refunding Series 2011A,
6.500%, 9/01/32
|
|
|
|
|
9/21 at 100.00
|
|
|
|
N/R
|
|
|
|
1,732,955
|
|
|
9,680
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
9,209,360
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 25.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,650
|
|
|
Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.750%,
11/15/38 (UB)
|
|
|
|
|
11/19 at 100.00
|
|
|
|
AA
|
|
|
|
9,289,062
|
|
|
|
|
|
|
|
|
2,400
|
|
|
Kansas Development Finance Authority Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009D, 5.000%,
11/15/29 (UB)
|
|
|
|
|
11/17 at 100.00
|
|
|
|
AA
|
|
|
|
2,518,728
|
|
|
|
|
|
|
|
|
1,680
|
|
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%,
11/15/20
|
|
|
|
|
11/15 at 100.00
|
|
|
|
A2
|
|
|
|
1,806,554
|
|
|
|
|
|
|
|
|
3,950
|
|
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2010Q, 5.000%,
5/15/35
|
|
|
|
|
5/19 at 100.00
|
|
|
|
A2
|
|
|
|
3,978,993
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H,
5.125%, 3/01/39
|
|
|
|
|
3/20 at 100.00
|
|
|
|
A+
|
|
|
|
5,036,850
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2008F, 5.375%,
11/15/28
|
|
|
|
|
11/17 at 100.00
|
|
|
|
A2
|
|
|
|
2,071,240
|
|
|
|
|
|
|
|
|
3,715
|
|
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2011F, 5.250%,
11/15/29
|
|
|
|
|
11/19 at 100.00
|
|
|
|
A2
|
|
|
|
3,854,275
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%,
11/15/38
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A2
|
|
|
|
1,981,660
|
|
|
|
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series
2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,010
|
|
|
5.000%, 1/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,165,338
|
|
|
1,000
|
|
|
5.000%, 1/01/23
|
|
|
|
|
1/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,093,050
|
|
|
1,515
|
|
|
5.000%, 1/01/40 (UB) (4)
|
|
|
|
|
1/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,518,878
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation Tender Option Bond
Trust 4153, 17.994%, 1/01/18 (IF) (4)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,767,903
|
|
|
|
|
|
|
|
|
3,250
|
|
|
Labette County Medical Center, Kansas, Revenue Bonds, Series 2007A, 5.750%, 9/01/37
|
|
|
|
|
9/17 at 100.00
|
|
|
|
N/R
|
|
|
|
3,034,688
|
|
|
|
|
|
|
|
|
|
|
|
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
5.125%, 7/01/26
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A1
|
|
|
|
2,550,550
|
|
|
500
|
|
|
5.125%, 7/01/36
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A1
|
|
|
|
501,535
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013,
5.000%, 11/15/29
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A
|
|
|
|
3,092,820
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Neosho County, Kansas, Hospital Revenue Bonds, Neosho Memorial Regional Medical Center, Series 2006A,
5.150%, 9/01/31
|
|
|
|
|
9/14 at 100.00
|
|
|
|
N/R
|
|
|
|
3,004,710
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Kansas Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2010A, 5.000%, 9/01/30
|
|
|
|
|
9/19 at 100.00
|
|
|
|
A+
|
|
|
$
|
1,019,200
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds,
Auxilio Mutuo Hospital, Series 2011A, 6.000%, 7/01/33
|
|
|
|
|
7/21 at 100.00
|
|
|
|
A
|
|
|
|
1,415,895
|
|
|
|
|
|
|
|
|
750
|
|
|
Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%,
10/01/31
|
|
|
|
|
4/16 at 100.00
|
|
|
|
A1
|
|
|
|
740,093
|
|
|
50,170
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
51,442,022
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%,
12/01/27
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A+
|
|
|
|
1,004,990
|
|
|
|
|
|
|
|
|
940
|
|
|
Sedgwick and Shawnee Counties, Kansas, Mortgage Backed Securities Program Single Family Mortgage
Revenue Bonds, Series 2006A6, 5.550%, 6/01/38 (Alternative Minimum Tax)
|
|
|
|
|
6/16 at 103.00
|
|
|
|
Aaa
|
|
|
|
978,672
|
|
|
1,940
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
1,983,662
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 0.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45
|
|
|
Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family
Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
47,684
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 6.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,125
|
|
|
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%,
5/15/30
|
|
|
|
|
5/20 at 100.00
|
|
|
|
A
|
|
|
|
3,099,000
|
|
|
|
|
|
|
|
|
|
|
|
Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Refunding & Improvement
Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,270
|
|
|
5.125%, 5/15/16
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
1,292,200
|
|
|
1,100
|
|
|
5.500%, 5/15/39
|
|
|
|
|
5/17 at 100.00
|
|
|
|
N/R
|
|
|
|
957,803
|
|
|
|
|
|
|
|
|
2,030
|
|
|
Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B, 5.125%, 5/15/42
|
|
|
|
|
5/14 at 103.00
|
|
|
|
N/R
|
|
|
|
1,717,888
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Olathe, Kansas, Senior Living Facility Revenue Bonds, Aberdeen Village Inc, Refunding Series 2005A, 5.600%, 5/15/28
|
|
|
|
|
2/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,852,600
|
|
|
|
|
|
|
|
|
1,540
|
|
|
Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A,
6.000%, 11/15/38
|
|
|
|
|
11/16 at 100.00
|
|
|
|
N/R
|
|
|
|
1,471,039
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2013IV-A,
6.375%, 5/15/43
|
|
|
|
|
5/23 at 100.00
|
|
|
|
AA
|
|
|
|
2,469,625
|
|
|
13,565
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
12,860,155
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 14.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Allen County, Kansas Public Building Commission Revenue Bonds, Allen County Hospital Project, Series 2012, 5.150%,
12/01/36
|
|
|
|
|
12/22 at 100.00
|
|
|
|
A
|
|
|
|
1,998,660
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Anderson County, Kansas, General Obligation Bonds, Refunding and Improvent Series 2013A, 5.000%, 8/01/33 AGM
Insured
|
|
|
|
|
8/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,582,290
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Butler and Sedgwick Counties Unified School District 385, Andover, Kansas, General Obligation Refunding and Improvement Bonds, Series
2000, 6.000%, 9/01/16 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,855,250
|
|
|
|
|
|
|
|
|
65
|
|
|
Cowley County Unified School District 465, Winfield, Kansas, General Obligation Bonds, Series 2003, 5.250%, 10/01/23 NPFG
Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
A
|
|
|
|
65,202
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Guam, General Obligation Bonds, Series 2007A, 5.000%, 11/15/23
|
|
|
|
|
11/17 at 100.00
|
|
|
|
BB
|
|
|
|
1,967,640
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A,
5.250%, 9/01/28
|
|
|
|
|
9/21 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,289,650
|
|
|
|
|
|
|
|
|
2,250
|
|
|
Johnson County Unified School District 229, Blue Valley, Kansas, General Obligation Bonds, Series 2012A, 5.000%, 10/01/23
NPFG Insured
|
|
|
|
|
10/22 at 100.00
|
|
|
|
Aaa
|
|
|
|
2,651,535
|
|
|
|
|
|
|
|
|
|
|
|
Johnson County Unified School District 231, Gardner, Edgerton and Antioch, Kansas, General Obligation Bonds, Refunding & Improvement
Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.000%, 10/01/23
|
|
|
|
|
10/22 at 100.00
|
|
|
|
A+
|
|
|
|
2,263,240
|
|
|
2,200
|
|
|
5.000%, 10/01/28
|
|
|
|
|
10/23 at 100.00
|
|
|
|
A+
|
|
|
|
2,358,862
|
|
|
|
|
|
|
|
|
2,425
|
|
|
Puerto Rico Government Development Bank, Senior Note Revenue Bonds, Senior Notes, Series 2006C, 5.250%, 1/01/15 (Alternative
Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
2,324,872
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2011C, 6.500%, 7/01/40
|
|
|
|
|
7/21 at 100.00
|
|
|
|
BBB
|
|
|
|
786,880
|
|
|
|
|
|
|
|
|
3,030
|
|
|
Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2012A, 5.000%, 7/01/41
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
2,063,703
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Improvement Series 2012, 5.000%,
10/01/30
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA
|
|
|
$
|
1,079,970
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Sedgwick County Unified School District 262, Kansas, General Obligation Bonds, Series 2008, 5.000%, 9/01/23 AGC
Insured
|
|
|
|
|
9/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,400,710
|
|
|
|
|
|
|
|
|
500
|
|
|
Unified School District 470, Cowley County, Kansas, General Obligation Bonds, Series 2008A, 5.500%, 9/01/21 AGM
Insured
|
|
|
|
|
9/18 at 100.00
|
|
|
|
AA
|
|
|
|
579,465
|
|
|
|
|
|
|
|
|
390
|
|
|
Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Series
2008B, 5.500%, 9/01/28
|
|
|
|
|
9/18 at 100.00
|
|
|
|
AA
|
|
|
|
439,585
|
|
|
28,860
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
29,707,514
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 25.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Dodge City, Kansas, Sales Tax Revenue Bonds, Series 2009, 5.000%, 6/01/34 AGC Insured
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,058,090
|
|
|
|
|
|
|
|
|
875
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
873,023
|
|
|
|
|
|
|
|
|
1,115
|
|
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
|
|
|
|
|
12/19 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,157,916
|
|
|
|
|
|
|
|
|
|
|
|
Johnson County Public Building Commission, Kansas, Lease Purchase Revenue Bonds, Series 2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,820
|
|
|
4.000%, 9/01/25
|
|
|
|
|
9/20 at 100.00
|
|
|
|
AAA
|
|
|
|
1,917,170
|
|
|
2,020
|
|
|
4.000%, 9/01/26
|
|
|
|
|
9/20 at 100.00
|
|
|
|
AAA
|
|
|
|
2,107,405
|
|
|
1,625
|
|
|
4.000%, 9/01/27
|
|
|
|
|
9/20 at 100.00
|
|
|
|
AAA
|
|
|
|
1,676,724
|
|
|
1,220
|
|
|
4.125%, 9/01/28
|
|
|
|
|
9/20 at 100.00
|
|
|
|
AAA
|
|
|
|
1,257,552
|
|
|
1,270
|
|
|
4.250%, 9/01/29
|
|
|
|
|
9/20 at 100.00
|
|
|
|
AAA
|
|
|
|
1,312,126
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Kansas Development Finance Authority, Athletic Facilities Revenue Bonds, K-State Athletics Inc Project,
Series 2011-A1,
5.000%, 7/01/28
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A1
|
|
|
|
1,273,800
|
|
|
|
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, Athletic Facilities Revenue Bonds, K-State Athletics, Inc., Project,
Series 2012B-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,750
|
|
|
5.000%, 7/01/30
|
|
|
|
|
7/17 at 100.00
|
|
|
|
A1
|
|
|
|
1,849,068
|
|
|
1,855
|
|
|
5.000%, 7/01/32
|
|
|
|
|
7/17 at 100.00
|
|
|
|
A1
|
|
|
|
1,925,305
|
|
|
|
|
|
|
|
|
365
|
|
|
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series
2003C, 5.000%, 10/01/23 AMBAC Insured
|
|
|
|
|
4/14 at 101.50
|
|
|
|
AA
|
|
|
|
373,734
|
|
|
|
|
|
|
|
|
1,665
|
|
|
Kansas Development Finance Authority, K-State Olathe Innovation Campus Inc., Johnson County Sales Tax Revenue Bonds, Series 2009L,
5.000%, 9/01/39
|
|
|
|
|
9/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,746,252
|
|
|
|
|
|
|
|
|
3,910
|
|
|
Kansas Development Finance Authority, Revenue Bonds, Department of Administration, Comprehensive Transportation Program, Series 2006A,
5.000%, 11/01/23 FGIC Insured
|
|
|
|
|
11/16 at 100.00
|
|
|
|
AA
|
|
|
|
4,360,784
|
|
|
|
|
|
|
|
|
|
|
|
Kansas Development Finance Authority, Revenue Bonds, Department of Commerce Impact Program, Series 2011K:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,900
|
|
|
5.000%, 12/01/20
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA
|
|
|
|
5,397,791
|
|
|
2,605
|
|
|
4.000%, 12/01/22
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,693,544
|
|
|
|
|
|
|
|
|
40
|
|
|
Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2001W, 5.000%, 10/01/17
NPFG Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA
|
|
|
|
40,156
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.250%, 1/01/32
AMBAC Insured
|
|
|
|
|
1/17 at 100.00
|
|
|
|
BB+
|
|
|
|
4,678,200
|
|
|
|
|
|
|
|
|
|
|
|
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project,
Series 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
510
|
|
|
5.200%, 4/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
562,668
|
|
|
2,350
|
|
|
5.900%, 4/01/32
|
|
|
|
|
4/20 at 100.00
|
|
|
|
BBB
|
|
|
|
2,464,821
|
|
|
|
|
|
|
|
|
2,675
|
|
|
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%,
12/15/32
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
2,370,211
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico Government Development Bank, Senior Note Revenue Bonds, Senior Notes, Series 2006C, 5.250%, 1/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
999,860
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A,
0.000%, 8/01/32
|
|
|
|
|
8/26 at 100.00
|
|
|
|
A+
|
|
|
|
741,520
|
|
|
|
|
|
|
|
|
1,535
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C,
5.250%, 8/01/41
|
|
|
|
|
8/20 at 100.00
|
|
|
|
A+
|
|
|
|
1,127,365
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A,
5.000%, 10/01/32
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+
|
|
|
|
4,845,450
|
|
|
|
|
|
|
|
|
1,150
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%,
10/01/29
|
|
|
|
|
10/20 at 100.00
|
|
|
|
Baa2
|
|
|
|
1,159,108
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Kansas Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,235
|
|
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital
Appreciation Revenue Bonds Redevelopment Project Area B Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+
|
|
|
$
|
2,165,962
|
|
|
52,690
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
52,135,605
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Kansas Turnpike Authority, Revenue Bonds, Series 2012A, 4.000%, 9/01/26 AGM Insured
|
|
|
|
|
9/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,814,960
|
|
|
|
|
|
|
|
|
945
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax)
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
936,249
|
|
|
2,695
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
2,751,209
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 8.7% (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Butler County Unified School District 402, Kansas, General Obligation Bonds, Series 2008A, 5.125%, 9/01/32
(Pre-refunded
9/01/18) AGC Insured
|
|
|
|
|
9/18 at 100.00
|
|
|
|
A1 (5)
|
|
|
|
2,314,240
|
|
|
|
|
|
|
|
|
1,140
|
|
|
Kansas Development Finance Authority, Lease Revenue Bonds, Department of Administration, State Capitol Restoration Project, Series
2004G-1, 5.125%, 4/01/21 (Pre-refunded 4/01/14) NPFG Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,159,186
|
|
|
|
|
|
|
|
|
1,155
|
|
|
Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2004A, 5.000%, 4/01/22
(Pre-refunded
4/01/14) FGIC Insured
|
|
|
|
|
4/14 at 101.00
|
|
|
|
AA (5)
|
|
|
|
1,185,492
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%,
11/15/29 (Pre-refunded 11/15/21)
|
|
|
|
|
11/21 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
4,794,080
|
|
|
|
|
|
|
|
|
1,010
|
|
|
Wichita, Kansas, Revenue Bonds, CSJ Health System of Wichita, Inc., Series 1985-XXV, 7.200%, 10/01/15 (ETM)
|
|
|
|
|
5/14 at 100.00
|
|
|
|
A+ (5)
|
|
|
|
1,041,967
|
|
|
|
|
|
|
|
|
1,695
|
|
|
Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Series 2008B, 5.500%, 9/01/28 (Pre-refunded
9/01/18)
|
|
|
|
|
9/18 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
2,035,949
|
|
|
|
|
|
|
|
|
|
|
|
Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2004B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 9/01/24 (Pre-refunded 9/01/14) AGM Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
AA(5)
|
|
|
|
1,036,490
|
|
|
4,000
|
|
|
5.000%, 9/01/32 (Pre-refunded 9/01/14) AGM Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
AA(5)
|
|
|
|
4,145,960
|
|
|
16,000
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
17,713,364
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company, Series 2005, 4.650%, 9/01/35
SYNCORA GTY Insured
|
|
|
|
|
9/15 at 100.00
|
|
|
|
BBB
|
|
|
|
2,930,730
|
|
|
|
|
|
|
|
|
2,235
|
|
|
Burlington, Kansas, Pollution Control Revenue Bonds, Kansas Gas and Electric Company, Refunding Series 2004A, 5.300%, 6/01/31
NPFG Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
A
|
|
|
|
2,244,722
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Kansas Municipal Energy Agency, Power Project Revenue Bonds, Jameson Energy Center Project, Series 2013, 5.750%, 7/01/38
|
|
|
|
|
7/23 at 100.00
|
|
|
|
A
|
|
|
|
1,587,135
|
|
|
|
|
|
|
|
|
|
|
|
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,395
|
|
|
5.000%, 12/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
1,501,885
|
|
|
1,265
|
|
|
5.000%, 12/01/23
|
|
|
|
|
12/22 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,340,217
|
|
|
2,575
|
|
|
5.000%, 12/01/31
|
|
|
|
|
12/20 at 100.00
|
|
|
|
Baa1
|
|
|
|
2,581,026
|
|
|
|
|
|
|
|
|
2,300
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
|
|
|
|
|
No Opt. Call
|
|
|
|
A3
|
|
|
|
2,199,030
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%,
9/01/32
|
|
|
|
|
9/22 at 100.00
|
|
|
|
A+
|
|
|
|
2,609,700
|
|
|
|
|
|
|
|
|
|
|
|
Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,075
|
|
|
5.000%, 9/01/29 BHAC Insured
|
|
|
|
|
3/19 at 100.00
|
|
|
|
AA+
|
|
|
|
1,154,410
|
|
|
3,000
|
|
|
5.250%, 9/01/34 BHAC Insured
|
|
|
|
|
3/19 at 100.00
|
|
|
|
AA+
|
|
|
|
3,215,640
|
|
|
|
|
|
|
|
|
1,535
|
|
|
Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2011A,
5.000%, 9/01/28
|
|
|
|
|
9/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,640,623
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wynadotte County-Kansas City Unified Government, Kansas, Industrial Revenue Bonds, Board of
Public Utilities Office Building Complex, Series 2001, 5.000%, 5/01/21 NPFG Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
A
|
|
|
|
1,003,620
|
|
|
23,380
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
24,008,738
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 5.875%, 7/01/35
|
|
|
|
|
7/15 at 100.00
|
|
|
|
Ba1
|
|
|
|
2,012,660
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,000
|
|
|
Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Refunding Series 2011A, 5.000%, 10/01/28
|
|
|
|
|
10/21 at 100.00
|
|
|
|
AA
|
|
|
$
|
2,194,320
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A, 5.000%, 10/01/39
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,595,921
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wyandotte County/Kansas City Unified Government Board of Utilities, Kansas, Utility System
Revenue Bonds, Series 2012B, 5.000%, 9/01/37
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
1,025,590
|
|
|
7,500
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
7,828,491
|
|
$
|
208,060
|
|
|
Total Long-Term Investments (cost $208,381,916)
|
|
|
|
|
|
|
|
|
|
|
|
|
211,027,951
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (4.6)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,420,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
1,533,669
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
203,141,620
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain
mortgage-backed
securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 Portfolio Securities and Investments in
Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Kentucky Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 97.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 97.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
25,000
|
|
|
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series
2005A, 0.000%, 5/15/50
|
|
|
|
|
5/15 at 11.19
|
|
|
|
BB
|
|
|
$
|
1,467,250
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 7.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Campbellsville, Kentucky, Revenue Bonds, Campbellsville University, Series 2005, 5.700%, 3/01/34
|
|
|
|
|
3/15 at 100.00
|
|
|
|
N/R
|
|
|
|
1,003,800
|
|
|
|
|
|
|
|
|
830
|
|
|
Eastern Kentucky University, General Receipts Bonds, Refunding Series 2012A, 5.000%, 4/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
954,201
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Kentucky Asset/Liability Commission, General Receipts Revenue Bonds, University of Kentucky, Series 2005, 5.000%, 10/01/16 FGIC
Insured
|
|
|
|
|
10/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,082,310
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Asset/Liability Commission, General Receipts Revenue Bonds, University of Kentucky, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,645
|
|
|
5.000%, 10/01/20 AMBAC Insured
|
|
|
|
|
10/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,875,629
|
|
|
2,675
|
|
|
5.000%, 10/01/21 AMBAC Insured
|
|
|
|
|
10/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,042,973
|
|
|
4,435
|
|
|
5.000%, 10/01/22 AMBAC Insured
|
|
|
|
|
10/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
5,037,938
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University, Series 2008A, 6.000%,
5/01/38
|
|
|
|
|
5/18 at 100.00
|
|
|
|
Baa3
|
|
|
|
1,537,275
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Louisville and Jefferson County Metropolitan Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas,
Series 2006, 5.000%, 10/01/35
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A+
|
|
|
|
2,008,520
|
|
|
|
|
|
|
|
|
|
|
|
University of Kentucky, General Receipts Bonds, Refunding Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,435
|
|
|
5.000%, 5/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
1,682,882
|
|
|
1,185
|
|
|
5.000%, 5/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
1,394,627
|
|
|
2,340
|
|
|
5.000%, 5/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
2,746,832
|
|
|
|
|
|
|
|
|
2,005
|
|
|
University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2011A, 5.000%, 9/01/26
|
|
|
|
|
9/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,214,783
|
|
|
|
|
|
|
|
|
1,910
|
|
|
University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2012A, 5.000%,
9/01/25
|
|
|
|
|
9/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,130,930
|
|
|
23,960
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
26,712,700
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 21.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,360
|
|
|
Christian County, Kentucky, Hospital Revenue Refunding Bonds, Jennie Stuart Medical Center, Series 2006A, 5.500%, 2/01/36 AGC
Insured
|
|
|
|
|
2/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,436,910
|
|
|
|
|
|
|
|
|
|
|
|
Glasgow, Kentucky, Healthcare Revenue Bonds, T.J. Samson Community Hospital Project, Series 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
5.350%, 2/01/24
|
|
|
|
|
8/21 at 100.00
|
|
|
|
BBB
|
|
|
|
104,335
|
|
|
2,000
|
|
|
6.375%, 2/01/35
|
|
|
|
|
8/21 at 100.00
|
|
|
|
BBB
|
|
|
|
2,092,240
|
|
|
3,310
|
|
|
6.450%, 2/01/41
|
|
|
|
|
8/21 at 100.00
|
|
|
|
BBB
|
|
|
|
3,448,656
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series
2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,925
|
|
|
5.500%, 6/01/21
|
|
|
|
|
6/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
4,349,136
|
|
|
165
|
|
|
6.375%, 6/01/40
|
|
|
|
|
6/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
172,446
|
|
|
5,150
|
|
|
6.500%, 3/01/45
|
|
|
|
|
6/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
5,406,934
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series
2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100
|
|
|
5.375%, 8/15/24
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
1,208,295
|
|
|
7,090
|
|
|
5.625%, 8/15/27
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
7,612,108
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series
2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.000%, 8/15/42
|
|
|
|
|
8/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,507,035
|
|
|
1,000
|
|
|
5.250%, 8/15/46
|
|
|
|
|
8/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,014,800
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%,
1/01/45
|
|
|
|
|
1/23 at 100.00
|
|
|
|
A+
|
|
|
|
9,916,200
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85
|
|
|
5.375%, 5/01/34
|
|
|
|
|
5/19 at 100.00
|
|
|
|
AA
|
|
|
|
90,866
|
|
|
5,010
|
|
|
5.500%, 5/01/39
|
|
|
|
|
5/19 at 100.00
|
|
|
|
AA
|
|
|
|
5,278,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
540
|
|
|
Kentucky Economic Development Finance Authority, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a Kings Daughters
Medical Center Project, Series 2010A, 5.000%, 2/01/40
|
|
|
|
|
2/20 at 100.00
|
|
|
|
A+
|
|
|
$
|
523,487
|
|
|
|
|
|
|
|
|
3,320
|
|
|
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%,
12/01/26
|
|
|
|
|
6/22 at 100.00
|
|
|
|
A+
|
|
|
|
3,520,096
|
|
|
|
|
|
|
|
|
7,000
|
|
|
Murray Hospital Facilities, Kentucky, Revenue Bonds, Murray-Calloway County Public Hospital, Series 2007, 5.125%,
8/01/37
|
|
|
|
|
8/17 at 100.00
|
|
|
|
Baa3
|
|
|
|
6,391,000
|
|
|
|
|
|
|
|
|
7,500
|
|
|
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.500%,
3/01/41
|
|
|
|
|
3/21 at 100.00
|
|
|
|
A3
|
|
|
|
8,127,000
|
|
|
|
|
|
|
|
|
2,195
|
|
|
Rockcastle County, Kentucky, First Mortgage Revenue Bonds, Rockcastle Hospital and Respiratory Care Center Inc. Project, Series 2005,
5.550%, 6/01/30
|
|
|
|
|
6/15 at 100.00
|
|
|
|
BBB
|
|
|
|
2,155,249
|
|
|
|
|
|
|
|
|
8,000
|
|
|
Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 5.000%, 11/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
8,503,440
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Warren County, Kentucky, Hospital Facilities Revenue Bonds, Community Hospital, Series 2007A, 5.000%, 8/01/29
|
|
|
|
|
8/17 at 100.00
|
|
|
|
A
|
|
|
|
1,002,090
|
|
|
|
|
|
|
|
|
3,250
|
|
|
Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013,
5.000%, 4/01/35
|
|
|
|
|
4/23 at 100.00
|
|
|
|
A
|
|
|
|
3,258,190
|
|
|
|
|
|
|
|
|
|
|
|
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series
2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,980
|
|
|
5.000%, 10/01/33
|
|
|
|
|
10/22 at 100.00
|
|
|
|
A
|
|
|
|
1,991,821
|
|
|
2,000
|
|
|
5.000%, 10/01/37
|
|
|
|
|
10/22 at 100.00
|
|
|
|
A
|
|
|
|
2,000,580
|
|
|
80,580
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
83,111,701
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,190
|
|
|
Kentucky Housing Corporation, Conduit Multifamily Mortgage Revenue Bonds, Florence Homes III
Apartments Project, Series 2005B, 5.000%, 6/01/35 (Mandatory put 6/01/23) (Alternative Minimum Tax)
|
|
|
|
|
6/15 at 102.00
|
|
|
|
N/R
|
|
|
|
1,221,059
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Housing Corporation Housing Revenue Bonds Series 2011B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150
|
|
|
3.000%, 1/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
153,663
|
|
|
485
|
|
|
3.000%, 7/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
494,268
|
|
|
705
|
|
|
3.100%, 7/01/22
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AAA
|
|
|
|
713,587
|
|
|
360
|
|
|
3.300%, 1/01/23
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AAA
|
|
|
|
366,048
|
|
|
595
|
|
|
3.300%, 7/01/23
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AAA
|
|
|
|
602,991
|
|
|
610
|
|
|
3.625%, 1/01/25
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AAA
|
|
|
|
613,813
|
|
|
|
|
|
|
|
|
675
|
|
|
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2007K, 5.000%, 7/01/34
|
|
|
|
|
1/17 at 100.00
|
|
|
|
AAA
|
|
|
|
682,857
|
|
|
|
|
|
|
|
|
2,665
|
|
|
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2007N, 5.000%, 7/01/32 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
2,698,019
|
|
|
|
|
|
|
|
|
4,045
|
|
|
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2009B, 5.150%,
7/01/39
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AAA
|
|
|
|
4,133,707
|
|
|
10,290
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
10,458,953
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,090
|
|
|
Kentucky Economic Development Finance Authority, Multifamily Housing Revenue Bonds, Christian
Care Communities Projects, Series 2005, 5.250%, 11/20/25
|
|
|
|
|
11/15 at 103.00
|
|
|
|
AA+
|
|
|
|
2,202,296
|
|
|
|
|
|
|
|
|
|
|
|
Materials 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,820
|
|
|
Wickliffe, Kentucky, Solid Waste Disposal Facility Revenue Bonds, Westvaco Corporation, Series
1996, 6.375%, 4/01/26 (Alternative Minimum Tax)
|
|
|
|
|
4/14 at 100.00
|
|
|
|
BBB
|
|
|
|
2,795,974
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 0.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,085
|
|
|
Crittenden County, Kentucky, General Obligation Bonds, Series 2007, 6.000%,
12/01/27
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
1,138,469
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 22.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund First Series 2010A, 5.000%,
9/01/21
|
|
|
|
|
9/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,153,120
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 NPFG
Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,097,400
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc.,
Series 2008-A1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,950
|
|
|
5.750%, 12/01/28 AGC Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,013,902
|
|
|
3,450
|
|
|
6.000%, 12/01/33 AGC Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,452,657
|
|
|
4,630
|
|
|
6.000%, 12/01/38 AGC Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
4,600,322
|
|
|
9,350
|
|
|
6.000%, 12/01/42 AGC Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
9,223,495
|
|
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Kentucky Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc.,
Series 2008-A2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35
|
|
|
0.000%, 12/01/15 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
$
|
32,688
|
|
|
50
|
|
|
0.000%, 12/01/16 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
44,800
|
|
|
3,505
|
|
|
0.000%, 12/01/22 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,216,106
|
|
|
3,750
|
|
|
0.000%, 12/01/23 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,218,088
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Tender Option
Bonds Trust 11810, 16.320%, 6/01/16 AGC Insured (IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
5,655,400
|
|
|
|
|
|
|
|
|
2,365
|
|
|
Kentucky Local Correctional Facilities Authority, Multi-County Lease Revenue Bonds, Series 2004, 5.250%, 11/01/14 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,459,789
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 84, Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,115
|
|
|
5.000%, 8/01/18 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
2,458,095
|
|
|
125
|
|
|
5.000%, 8/01/19 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
146,495
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,153,980
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding Series 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
5.250%, 2/01/28 AGC Insured
|
|
|
|
|
2/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,723,125
|
|
|
2,500
|
|
|
5.250%, 2/01/29 AGC Insured
|
|
|
|
|
2/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,705,225
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 98, Series 2010, 4.000%, 8/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
4,427,640
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2010A, 5.000%,
7/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
2,358,540
|
|
|
|
|
|
|
|
|
1,800
|
|
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2011A, 5.000%,
7/01/24
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA+
|
|
|
|
2,042,676
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding
Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.000%, 7/01/24
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AA+
|
|
|
|
572,770
|
|
|
4,000
|
|
|
5.000%, 7/01/30
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AA+
|
|
|
|
4,336,600
|
|
|
6,740
|
|
|
5.000%, 7/01/31
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AA+
|
|
|
|
7,276,504
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,095
|
|
|
5.000%, 7/01/15 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
2,251,119
|
|
|
5,000
|
|
|
5.000%, 7/01/24 AMBAC Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
AA+
|
|
|
|
5,494,150
|
|
|
|
|
|
|
|
|
25
|
|
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2008A, 5.000%,
7/01/28
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA+
|
|
|
|
27,056
|
|
|
|
|
|
|
|
|
2,820
|
|
|
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2009A, 5.000%,
7/01/29
|
|
|
|
|
7/19 at 100.00
|
|
|
|
AA+
|
|
|
|
3,050,197
|
|
|
|
|
|
|
|
|
2,060
|
|
|
Laurel County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2007, 5.000%, 6/01/27 AGM
Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,161,249
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital
Project, Series 2011A, 5.250%, 6/01/29
|
|
|
|
|
6/21 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,167,370
|
|
|
|
|
|
|
|
|
1,695
|
|
|
Louisville and Jefferson County Visitors and Convention Commission, Kentucky, Dedicated Tax Revenue Bonds, Series 2004A, 5.000%,
12/01/15 AGM Insured
|
|
|
|
|
6/14 at 101.00
|
|
|
|
AA
|
|
|
|
1,748,511
|
|
|
|
|
|
|
|
|
500
|
|
|
Pendleton County, Kentucky, Leasing Trust Revenue Bonds, Kentucky Association of Counties, Series 1993A, 6.400%, 3/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
B
|
|
|
|
539,520
|
|
|
|
|
|
|
|
|
1,010
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.250%,
10/01/21 AGM Insured
|
|
|
|
|
10/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,028,938
|
|
|
83,570
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
85,837,527
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,090
|
|
|
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2003B, 5.000%,
3/01/23 NPFG Insured (Alternative Minimum Tax)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A
|
|
|
|
5,109,342
|
|
|
|
|
|
|
|
|
|
|
|
Lexington-Fayette Urban County Government, Kentucky, General Airport Revenue Refunding Bonds, Series 2012B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,215
|
|
|
5.000%, 7/01/29 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,256,079
|
|
|
1,100
|
|
|
5.000%, 7/01/31 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,122,275
|
|
|
1,000
|
|
|
5.000%, 7/01/38
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,028,790
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisville and Jefferson County Regional Airport Authority, Kentucky, Airport System Revenue
Bonds, Series 2003C, 5.250%, 7/01/22 AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,003,830
|
|
|
9,405
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
9,520,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 9.4% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,305
|
|
|
Ballard County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004, 5.000%, 6/01/21
(Pre-refunded
6/01/14) AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
$
|
1,337,103
|
|
|
|
|
|
|
|
|
|
|
|
Boone County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,460
|
|
|
5.000%, 5/01/20 (Pre-refunded 5/01/14) AGM Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,490,018
|
|
|
2,580
|
|
|
5.000%, 5/01/21 (Pre-refunded 5/01/14) AGM Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
2,633,045
|
|
|
|
|
|
|
|
|
|
|
|
Butler County School District Finance Corporation, Kentucky, Revenue Bonds, School Buildings, Series 2004C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,220
|
|
|
5.000%, 6/01/20 (Pre-refunded 6/01/14)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,250,012
|
|
|
1,255
|
|
|
5.000%, 6/01/22 (Pre-refunded 6/01/14)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,285,873
|
|
|
|
|
|
|
|
|
|
|
|
Crittenden County, Kentucky, General Obligation Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,605
|
|
|
6.250%, 12/01/32 (Pre-refunded 12/01/17)
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
1,940,766
|
|
|
2,190
|
|
|
6.500%, 12/01/37 (Pre-refunded 12/01/17)
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
2,669,632
|
|
|
|
|
|
|
|
|
2,795
|
|
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/22
(Pre-refunded 8/01/15)
AGM Insured
|
|
|
|
|
8/15 at 100.00
|
|
|
|
AA (4)
|
|
|
|
3,014,743
|
|
|
|
|
|
|
|
|
|
|
|
Letcher County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,430
|
|
|
5.000%, 6/01/18 (Pre-refunded 6/01/14) AGM Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,465,178
|
|
|
1,585
|
|
|
5.000%, 6/01/20 (Pre-refunded 6/01/14) AGM Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,623,991
|
|
|
|
|
|
|
|
|
|
|
|
Louisville and Jefferson County Metropolitan Government, Kentucky, General Obligation Bonds, Series 2004A-B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,195
|
|
|
5.000%, 11/01/16 (Pre-refunded 11/01/14) AMBAC Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
AAA
|
|
|
|
1,248,178
|
|
|
1,000
|
|
|
5.000%, 11/01/17 (Pre-refunded 11/01/14) AMBAC Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
AAA
|
|
|
|
1,044,500
|
|
|
|
|
|
|
|
|
750
|
|
|
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2004A, 5.000%,
5/15/38 (Pre-refunded 5/15/14) FGIC Insured
|
|
|
|
|
5/14 at 101.00
|
|
|
|
AA (4)
|
|
|
|
774,330
|
|
|
|
|
|
|
|
|
1,730
|
|
|
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint
Marys HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18)
|
|
|
|
|
2/18 at 100.00
|
|
|
|
Aaa
|
|
|
|
2,095,636
|
|
|
|
|
|
|
|
|
|
|
|
Oldham County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,230
|
|
|
5.000%, 5/01/18 (Pre-refunded 5/01/14) NPFG Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,255,289
|
|
|
1,635
|
|
|
5.000%, 5/01/20 (Pre-refunded 5/01/14) NPFG Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,668,616
|
|
|
1,715
|
|
|
5.000%, 5/01/21 (Pre-refunded 5/01/14) NPFG Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,750,260
|
|
|
|
|
|
|
|
|
3,745
|
|
|
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B, 0.000%, 1/01/15 AMBAC Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A3 (4)
|
|
|
|
3,727,736
|
|
|
|
|
|
|
|
|
1,360
|
|
|
Shelby County School District Finance Corporation, Kentucky, Revenue Bonds, School Buildings, Series 2004, 5.000%, 5/01/23 (Pre-refunded
5/01/14) NPFG Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,387,962
|
|
|
|
|
|
|
|
|
2,185
|
|
|
Spencer County School District Finance Corporation, Kentucky, Revenue Bonds, School Buildings,
Series 2004, 5.000%, 7/01/21 (Pre-refunded 7/01/14) AGM Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
2,247,557
|
|
|
33,970
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
35,910,425
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 17.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 AGM Insured
|
|
|
|
|
10/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,980,620
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,500
|
|
|
5.000%, 9/01/37 NPFG Insured
|
|
|
|
|
9/17 at 100.00
|
|
|
|
A
|
|
|
|
6,542,185
|
|
|
4,600
|
|
|
5.250%, 9/01/42 NPFG Insured
|
|
|
|
|
9/17 at 100.00
|
|
|
|
A
|
|
|
|
4,786,162
|
|
|
7,535
|
|
|
5.250%, 9/01/42 NPFG Insured (UB) (5)
|
|
|
|
|
9/17 at 100.00
|
|
|
|
AA+
|
|
|
|
8,019,425
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project, Tender Option Bond rust 1025, 19.274%,
9/01/42 NPFG Insured (IF) (5)
|
|
|
|
|
9/17 at 100.00
|
|
|
|
AA+
|
|
|
|
3,142,700
|
|
|
|
|
|
|
|
|
1,275
|
|
|
Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company
Project, Series 2007B, 1.600%, 6/01/33 (Mandatory put 6/01/17)
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,278,086
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company
Project, Sereis 2003A, 1.650%, 10/01/33 (Mandatory put 4/03/17)
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
4,021,000
|
|
|
|
|
|
|
|
|
|
|
|
Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,900
|
|
|
0.000%, 1/01/17 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A3
|
|
|
|
7,451,754
|
|
|
13,300
|
|
|
0.000%, 1/01/18 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A3
|
|
|
|
12,142,102
|
|
|
|
|
|
|
|
|
|
|
|
Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,945
|
|
|
5.000%, 10/01/20 AGC Insured
|
|
|
|
|
4/19 at 100.00
|
|
|
|
A3
|
|
|
|
3,274,457
|
|
|
3,995
|
|
|
5.000%, 10/01/25
|
|
|
|
|
4/19 at 100.00
|
|
|
|
A3
|
|
|
|
4,314,041
|
|
|
95
|
|
|
5.000%, 10/01/28 AGC Insured
|
|
|
|
|
4/19 at 100.00
|
|
|
|
A3
|
|
|
|
100,345
|
|
|
8,595
|
|
|
5.250%, 10/01/35 AGC Insured
|
|
|
|
|
4/19 at 100.00
|
|
|
|
A3
|
|
|
|
8,971,977
|
|
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Kentucky Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,125
|
|
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A,
5.000%, 7/01/25
|
|
|
|
|
7/17 at 100.00
|
|
|
|
BB+
|
|
|
$
|
1,059,536
|
|
|
66,365
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
67,084,390
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 12.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Campbell & Kenton Counties Sanitation District 1, Kentucky, Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225
|
|
|
5.000%, 8/01/21 NPFG Insured
|
|
|
|
|
8/17 at 100.00
|
|
|
|
AA
|
|
|
|
254,954
|
|
|
3,795
|
|
|
5.000%, 8/01/24 NPFG Insured
|
|
|
|
|
8/17 at 100.00
|
|
|
|
AA
|
|
|
|
4,228,996
|
|
|
|
|
|
|
|
|
2,750
|
|
|
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A,
5.000%, 2/01/30
|
|
|
|
|
2/22 at 100.00
|
|
|
|
AAA
|
|
|
|
3,026,485
|
|
|
|
|
|
|
|
|
355
|
|
|
Kentucky Rural Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term Program, Series 2001A, 5.375%,
2/01/20
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A+
|
|
|
|
355,909
|
|
|
|
|
|
|
|
|
|
|
|
Louisville and Jefferson County Metropolitan Government Board of Water Works, Kentucky, Water System Revenue Bonds, Series
2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,565
|
|
|
5.000%, 11/15/27
|
|
|
|
|
11/16 at 100.00
|
|
|
|
AAA
|
|
|
|
2,759,273
|
|
|
4,990
|
|
|
5.000%, 11/15/29
|
|
|
|
|
11/16 at 100.00
|
|
|
|
AAA
|
|
|
|
5,299,679
|
|
|
|
|
|
|
|
|
|
|
|
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series
2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,500
|
|
|
5.000%, 5/15/28
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA
|
|
|
|
8,186,550
|
|
|
3,000
|
|
|
5.000%, 5/15/34
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA
|
|
|
|
3,169,260
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Northern Kentucky Water District, Revenue Bonds, Series 2009, 6.500%, 2/01/33 AGM Insured
|
|
|
|
|
8/18 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,264,800
|
|
|
|
|
|
|
|
|
|
|
|
Northern Kentucky Water District, Revenue Bonds, Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,590
|
|
|
5.000%, 2/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
3,013,070
|
|
|
3,495
|
|
|
5.000%, 2/01/26
|
|
|
|
|
2/22 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,836,388
|
|
|
|
|
|
|
|
|
4,740
|
|
|
Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009A, 6.250%,
6/01/39
|
|
|
|
|
6/19 at 100.00
|
|
|
|
A
|
|
|
|
5,010,417
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009B, 5.625%,
9/01/39
|
|
|
|
|
9/19 at 100.00
|
|
|
|
A
|
|
|
|
5,086,700
|
|
|
|
|
|
|
|
|
195
|
|
|
Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2009, 5.000%,
9/15/29
|
|
|
|
|
9/18 at 100.00
|
|
|
|
A1
|
|
|
|
207,558
|
|
|
43,200
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
46,700,039
|
|
$
|
383,525
|
|
|
Total Long-Term Investments (cost $365,230,832)
|
|
|
|
|
|
|
|
|
|
|
|
|
374,161,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (1.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,650,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 3.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
13,807,581
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
382,318,680
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain
mortgage-backed
securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 Portfolio Securities and Investments in
Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Michigan Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 97.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 97.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 5.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%,
6/01/34
|
|
|
|
|
6/17 at 100.00
|
|
|
|
B
|
|
|
$
|
2,392,500
|
|
|
|
|
|
|
|
|
6,715
|
|
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2008A, 6.875%, 6/01/42
|
|
|
|
|
6/18 at 100.00
|
|
|
|
BB
|
|
|
|
6,008,514
|
|
|
9,715
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
|
|
8,401,014
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
830
|
|
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy
Project, Series 2011, 7.000%, 10/01/31
|
|
|
|
|
10/21 at 100.00
|
|
|
|
BB+
|
|
|
|
869,591
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hanley International Academy, Inc. Project, Series
2010A, 6.125%, 9/01/40
|
|
|
|
|
9/20 at 100.00
|
|
|
|
BBB
|
|
|
|
938,190
|
|
|
|
|
|
|
|
|
500
|
|
|
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2011,
7.750%, 10/01/30
|
|
|
|
|
10/21 at 100.00
|
|
|
|
BBB
|
|
|
|
550,250
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%,
2/15/40
|
|
|
|
|
2/20 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,021,330
|
|
|
3,330
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
3,379,361
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 14.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%,
7/01/29
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA
|
|
|
|
1,023,730
|
|
|
|
|
|
|
|
|
450
|
|
|
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Alligiance Health, Refunding Series 2010A, 5.000%,
6/01/37 AGM Insured
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
450,617
|
|
|
|
|
|
|
|
|
|
|
|
Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System, Refunding Series 2011C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,135
|
|
|
5.000%, 1/15/31
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA
|
|
|
|
2,180,625
|
|
|
365
|
|
|
5.000%, 1/15/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA
|
|
|
|
357,423
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Michigan Finance Authority, Hospital Revenue and Refunding Bonds, Crittenton Hospital Medical Center, Series 2012A, 5.000%,
6/01/39
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,905,470
|
|
|
|
|
|
|
|
|
|
|
|
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,670
|
|
|
5.000%, 11/01/25
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A
|
|
|
|
1,761,934
|
|
|
1,250
|
|
|
5.000%, 11/01/42
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A
|
|
|
|
1,197,450
|
|
|
|
|
|
|
|
|
2,305
|
|
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
|
|
|
|
12/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,275,266
|
|
|
|
|
|
|
|
|
3,300
|
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%,
11/15/39
|
|
|
|
|
11/19 at 100.00
|
|
|
|
A
|
|
|
|
3,370,752
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds,MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 AGC
Insured
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,043,650
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Sparrow Obligated Group, Series 2005, 5.000%, 11/15/36 NPFG
Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
A+
|
|
|
|
1,985,120
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48
|
|
|
|
|
6/22 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,946,100
|
|
|
|
|
|
|
|
|
1,590
|
|
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William Beaumont Hospital Obligated Group, Series
2009W, 6.000%, 8/01/39
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A1
|
|
|
|
1,672,760
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
|
|
|
|
9/18 at 100.00
|
|
|
|
A1
|
|
|
|
1,438,692
|
|
|
23,265
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
23,609,589
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 4/01/31 AGM Insured (Alternative
Minimum Tax)
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA
|
|
|
|
1,206,480
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Michigan Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,175
|
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2009A, 5.700%, 10/01/39
|
|
|
|
|
10/18 at 100.00
|
|
|
|
AA
|
|
|
$
|
2,238,053
|
|
|
|
|
|
|
|
|
1,350
|
|
|
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 3.950%, 10/01/37
|
|
|
|
|
4/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,162,215
|
|
|
|
|
|
|
|
|
495
|
|
|
Michigan Housing Development Authority, Section 8 Assisted Mortgage Revenue Bonds, Series 1983I,
0.000%, 4/01/14
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
490,268
|
|
|
5,220
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
5,097,016
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 31.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
690
|
|
|
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%,
5/01/29
|
|
|
|
|
5/22 at 100.00
|
|
|
|
Aa2
|
|
|
|
746,083
|
|
|
|
|
|
|
|
|
660
|
|
|
Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Series 2008,
5.000%, 5/01/23
|
|
|
|
|
5/18 at 100.00
|
|
|
|
AA+
|
|
|
|
723,472
|
|
|
|
|
|
|
|
|
800
|
|
|
Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement Series 2008,
5.000%, 5/01/38
|
|
|
|
|
5/18 at 100.00
|
|
|
|
AA+
|
|
|
|
818,008
|
|
|
|
|
|
|
|
|
1,435
|
|
|
Bay City, Michigan, General Obligation Bonds, Series 2008B, 5.500%, 4/01/28 AGM Insured
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,577,610
|
|
|
|
|
|
|
|
|
2,013
|
|
|
Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Tender Option Bond Trust 2008-1096,
8.069%, 5/01/32 NPFG Insured (IF)
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,041,585
|
|
|
|
|
|
|
|
|
370
|
|
|
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 1998C, 5.250%,
5/01/25 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
404,351
|
|
|
|
|
|
|
|
|
5,500
|
|
|
Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax Bonds, Building Authority Stadium Refunding Series 2012,
5.000%, 10/01/26 AGM Insured
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA
|
|
|
|
5,647,894
|
|
|
|
|
|
|
|
|
480
|
|
|
Genesee County, Michigan, General Obligaton Water Supply Bonds, Series 2003, 5.125%, 11/01/33 NPFG Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A+
|
|
|
|
480,077
|
|
|
|
|
|
|
|
|
50
|
|
|
Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 5.125%, 5/01/32 NPFG
Insured
|
|
|
|
|
5/16 at 100.00
|
|
|
|
Aa2
|
|
|
|
52,131
|
|
|
|
|
|
|
|
|
1,060
|
|
|
Homer Community School District, Calhourn, Jackson, Hillsdale and Branch Counties, Michigan, General Obligation Bonds, School Building
& Site, Series 2011B, 5.500%, 5/01/41
|
|
|
|
|
5/21 at 100.00
|
|
|
|
AA
|
|
|
|
1,114,611
|
|
|
|
|
|
|
|
|
1,675
|
|
|
Hopkins Public Schools, Allegan County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/25 NPFG
Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,746,925
|
|
|
|
|
|
|
|
|
1,450
|
|
|
Jackson, Jackson County, Michigan, Downtown Development Bonds, Series 2001, 0.000%, 6/01/21 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,036,083
|
|
|
|
|
|
|
|
|
1,215
|
|
|
Kalamazoo Public Schools, Michigan, General Obligation Bonds, Series 2006, 5.000%, 5/01/25 AGM Insured
|
|
|
|
|
5/16 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,306,417
|
|
|
|
|
|
|
|
|
840
|
|
|
Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/37 AGM
Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
847,720
|
|
|
|
|
|
|
|
|
410
|
|
|
Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012, 5.000%, 6/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
446,855
|
|
|
|
|
|
|
|
|
1,230
|
|
|
Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/34 AMBAC Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
N/R
|
|
|
|
1,036,004
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22
|
|
|
|
|
12/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,159,320
|
|
|
|
|
|
|
|
|
350
|
|
|
Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25
|
|
|
|
|
5/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
393,925
|
|
|
|
|
|
|
|
|
|
|
|
Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.000%, 5/01/27 AGM Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aaa
|
|
|
|
533,795
|
|
|
1,200
|
|
|
5.000%, 5/01/36 AGM Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,227,192
|
|
|
|
|
|
|
|
|
1,370
|
|
|
Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/24 NPFG
Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
AA
|
|
|
|
1,430,787
|
|
|
|
|
|
|
|
|
|
|
|
Okemos Public School District, Ingham County, Michigan, General Obligation Refunding Bonds, Series 1993:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
0.000%, 5/01/17 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
945,450
|
|
|
1,020
|
|
|
0.000%, 5/01/18 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
933,300
|
|
|
|
|
|
|
|
|
1,100
|
|
|
Ottawa County, Michigan, General Obligation Bonds, Sewer Disposal System, Series 2010, 5.000%, 5/01/37
|
|
|
|
|
5/20 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,181,697
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%, 8/01/30 NPFG Insured
|
|
|
|
|
8/17 at 100.00
|
|
|
|
Aaa
|
|
|
|
4,198,399
|
|
|
|
|
|
|
|
|
1,075
|
|
|
Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Tender Option Bond Trust 2836, 11.016%, 5/01/15
AGM Insured (IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
1,082,557
|
|
|
|
|
|
|
|
|
150
|
|
|
South Haven, Van Buren County,Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 AGC
Insured
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA
|
|
|
|
158,766
|
|
|
|
|
|
|
|
|
500
|
|
|
South Redford School District, Wayne County, Michigan, General Obligation Bonds, School Building and Site, Series 2005, 5.000%,
5/01/30 NPFG Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
514,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,400
|
|
|
South Redford School District, Wayne County, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/21 FGIC
Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
Aa2
|
|
|
$
|
1,447,530
|
|
|
|
|
|
|
|
|
500
|
|
|
Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 NPFG
Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
513,830
|
|
|
|
|
|
|
|
|
1,530
|
|
|
Trenton Public Schools District, Michigan, General Obligation Bonds, Series 2008, 5.000%, 5/01/34 AGM Insured
|
|
|
|
|
5/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,559,330
|
|
|
|
|
|
|
|
|
1,350
|
|
|
Van Dyke Public Schools, Macomb County, Michigan, General Obligation Bonds, School Building and Site, Series 2008,
5.000%, 5/01/38 AGM Insured
|
|
|
|
|
5/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,360,598
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Wayland Union School District, Allegan County, Michigan, General Obligation Bonds, Series 2008,
5.000%, 5/01/28 AGM Insured
|
|
|
|
|
5/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,570,980
|
|
|
|
|
|
|
|
|
970
|
|
|
Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 6.750%, 11/01/39
|
|
|
|
|
12/19 at 100.00
|
|
|
|
BBB
|
|
|
|
1,026,221
|
|
|
|
|
|
|
|
|
1,150
|
|
|
Wayne Westland Community Schools, Michigan, General Obligation Bonds, Series 2004, 5.000%, 5/01/17 AGM Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,192,941
|
|
|
|
|
|
|
|
|
3,270
|
|
|
West Ottawa Public School District, Ottawa County, Michigan, General Obligation Refunding Bonds, Series 1992,
0.000%, 5/01/17 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
3,076,972
|
|
|
|
|
|
|
|
|
5,175
|
|
|
Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds,
Series 1996, 5.500%, 5/01/25 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
6,051,436
|
|
|
49,988
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
51,585,597
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 8.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grand Rapids Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Series 1994:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,985
|
|
|
0.000%, 6/01/17 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
3,404,664
|
|
|
3,295
|
|
|
0.000%, 6/01/18 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,666,512
|
|
|
|
|
|
|
|
|
|
|
|
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
0.000%, 10/15/27 AGM Insured
|
|
|
|
|
10/16 at 58.27
|
|
|
|
AA
|
|
|
|
1,534,080
|
|
|
1,500
|
|
|
0.000%, 10/15/28 AGM Insured
|
|
|
|
|
10/16 at 55.35
|
|
|
|
AA
|
|
|
|
725,610
|
|
|
3,960
|
|
|
5.000%, 10/15/36 FGIC Insured
|
|
|
|
|
10/16 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,982,968
|
|
|
|
|
|
|
|
|
700
|
|
|
Michigan State Trunk Line Fund Refunding Bonds, Series 2009, 5.000%, 11/15/36
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA+
|
|
|
|
728,896
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Taylor Brownfield Redevelopment Authority, Wayne County, Michigan, Tax Increment Bonds, Series
2005A, 5.000%, 5/01/34 NPFG Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
A
|
|
|
|
875,650
|
|
|
17,440
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
13,918,380
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50
|
|
|
Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 2007, 5.000%, 1/01/32
|
|
|
|
|
1/17 at 100.00
|
|
|
|
AAA
|
|
|
|
52,230
|
|
|
|
|
|
|
|
|
|
|
|
Wayne County Airport Authority, Michigan, Airport Revenue Bonds, Detroit Metro Wayne County Airport, Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.000%, 12/01/37
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,956,240
|
|
|
1,000
|
|
|
5.000%, 12/01/42 AGM Insured
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA
|
|
|
|
986,430
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding
Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,082,690
|
|
|
4,050
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
4,077,590
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 7.5% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Jackson Public Schools, Jackson County, Michigan, General Obligation School Building and Site Bonds, Series 2004,
5.000%, 5/01/22 (Pre-refunded 5/01/14) AGM Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
1,020,470
|
|
|
|
|
|
|
|
|
1,625
|
|
|
Lansing, Michigan, Sewerage Disposal System Revenue Bonds, Series 2003, 5.000%, 5/01/21
(Pre-refunded 5/01/14)
FGIC Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
1,658,264
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 AMBAC Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R (4)
|
|
|
|
2,983,880
|
|
|
|
|
|
|
|
|
3,810
|
|
|
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24
(Pre-refunded 10/01/14)
|
|
|
|
|
10/14 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
3,963,848
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005, 5.000%, 5/15/37
(Pre-refunded
5/15/15)
|
|
|
|
|
5/15 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
1,067,910
|
|
|
|
|
|
|
|
|
|
|
|
Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, Series 2005A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,400
|
|
|
5.000%, 5/15/26 (Pre-refunded 5/15/15)
|
|
|
|
|
5/15 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
1,494,430
|
|
|
50
|
|
|
5.000%, 5/15/34 (Pre-refunded 5/15/15)
|
|
|
|
|
5/15 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
53,373
|
|
|
12,885
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
12,242,175
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Michigan Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 6.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
175
|
|
|
5.000%, 7/01/28
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA
|
|
|
$
|
181,262
|
|
|
2,130
|
|
|
5.000%, 7/01/32
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,174,070
|
|
|
|
|
|
|
|
|
500
|
|
|
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.000%, 7/01/34
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
519,485
|
|
|
|
|
|
|
|
|
|
|
|
Lansing Board of Water and Light, Michigan, Utility System Rvenue Bonds, Tender Option Bond Trust 4700:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800
|
|
|
18.374%, 7/01/37 (IF) (5)
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA
|
|
|
|
912,160
|
|
|
250
|
|
|
18.374%, 7/01/37 (IF) (5)
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA
|
|
|
|
285,050
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A2
|
|
|
|
2,954,640
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011, 5.000%, 1/01/27 AGM
Insured
|
|
|
|
|
1/21 at 100.00
|
|
|
|
AA
|
|
|
|
2,099,640
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Monroe County Economic Development Corporation, Michigan, Collateralized Limited Obligation
Revenue Refunding Bonds, Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A1
|
|
|
|
1,256,570
|
|
|
9,855
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
10,382,877
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 16.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.000%,
7/01/39 AGM Insured
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,397,580
|
|
|
|
|
|
|
|
|
2,140
|
|
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 NPFG Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A
|
|
|
|
1,942,842
|
|
|
|
|
|
|
|
|
25
|
|
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/32 AGM Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA
|
|
|
|
23,575
|
|
|
|
|
|
|
|
|
|
|
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
|
5.000%, 7/01/33 FGIC Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A
|
|
|
|
114,060
|
|
|
75
|
|
|
5.000%, 7/01/36 MBIA-NPFG Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A
|
|
|
|
67,932
|
|
|
|
|
|
|
|
|
|
|
|
Detroit, Michigan, Sewerage Disposal System Revenue Bonds, Series 1999A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,455
|
|
|
0.000%, 7/01/19 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
3,203,279
|
|
|
700
|
|
|
0.000%, 7/01/21 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
439,117
|
|
|
|
|
|
|
|
|
2,915
|
|
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
|
|
|
|
|
7/21 at 100.00
|
|
|
|
BB
|
|
|
|
2,669,353
|
|
|
|
|
|
|
|
|
|
|
|
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,495
|
|
|
5.000%, 7/01/25 NPFG Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A
|
|
|
|
2,397,271
|
|
|
115
|
|
|
5.000%, 7/01/34 NPFG Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A
|
|
|
|
104,663
|
|
|
|
|
|
|
|
|
345
|
|
|
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003D. RMKTD, 5.000%, 7/01/33 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
314,806
|
|
|
|
|
|
|
|
|
350
|
|
|
Grand Rapids, Michigan, Kent County, Michigan, Sanitary Sewer System Improvement Revenue Bonds, Series 2012,
5.000%, 1/01/32
|
|
|
|
|
1/23 at 100.00
|
|
|
|
AA+
|
|
|
|
372,050
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%, 1/01/30 NPFG Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA+
|
|
|
|
4,147,799
|
|
|
|
|
|
|
|
|
|
|
|
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
145
|
|
|
5.000%, 1/01/28
|
|
|
|
|
1/18 at 100.00
|
|
|
|
AA+
|
|
|
|
154,702
|
|
|
3,500
|
|
|
5.000%, 1/01/38
|
|
|
|
|
1/18 at 100.00
|
|
|
|
AA+
|
|
|
|
3,577,945
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 AGC Insured
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,092,820
|
|
|
|
|
|
|
|
|
365
|
|
|
Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/32
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AAA
|
|
|
|
388,294
|
|
|
|
|
|
|
|
|
500
|
|
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
546,325
|
|
|
|
|
|
|
|
|
245
|
|
|
Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24
|
|
|
|
|
10/14 at 100.00
|
|
|
|
AAA
|
|
|
|
253,577
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/23
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AAA
|
|
|
|
1,117,800
|
|
|
|
|
|
|
|
|
500
|
|
|
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 NPFG Insured
|
|
|
|
|
7/18 at 100.00
|
|
|
|
A
|
|
|
|
533,730
|
|
|
|
|
|
|
|
|
500
|
|
|
Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2011A, 5.000%, 7/01/31 AGM
Insured
|
|
|
|
|
8/21 at 100.00
|
|
|
|
AA
|
|
|
|
515,055
|
|
|
27,995
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
26,374,575
|
|
$
|
163,743
|
|
|
Total Long-Term Investments (cost $156,231,502)
|
|
|
|
|
|
|
|
|
|
|
|
|
159,068,174
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
3,874,165
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
162,942,339
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain
mortgage-backed
securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(5)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Missouri Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 99.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 99.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 3.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
Cape Girardeau County Industrial Development Authority, Missouri, Solid Waste Disposal Revenue Bonds, Procter & Gamble Products
Company Project, Series 1998, 5.300%, 5/15/28 (Alternative Minimum Tax)
|
|
|
|
|
5/14 at 100.00
|
|
|
|
AA
|
|
|
$
|
3,002,520
|
|
|
|
|
|
|
|
|
8,800
|
|
|
Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc.,
Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
9,628,608
|
|
|
11,800
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
|
|
12,631,128
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 10.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Callaway County Industrial Development Authority, Missouri, Revenue Bonds, Westminster College Project, Refunding Series 2012C, 5.250%,
8/01/37
|
|
|
|
|
8/22 at 100.00
|
|
|
|
N/R
|
|
|
|
2,614,890
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A, 5.000%, 11/01/33
|
|
|
|
|
11/17 at 100.00
|
|
|
|
AA+
|
|
|
|
1,052,890
|
|
|
|
|
|
|
|
|
1,025
|
|
|
Kansas City Metropolitan Junior College District Certificates of Participation Missouri, Series 2008,
4.500%, 7/01/21
|
|
|
|
|
7/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,123,595
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Lincoln University, Missouri, Auxillary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 AGC Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,008,790
|
|
|
|
|
|
|
|
|
1,185
|
|
|
Missouri Development Finance Board, Research Facility Revenue Bonds, Midwest Research Institute Project, Series 2007, 5.000%,
11/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa2
|
|
|
|
1,307,363
|
|
|
|
|
|
|
|
|
1,625
|
|
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Ranken Technical College, Series 2011,
5.125%, 11/01/31
|
|
|
|
|
11/19 at 100.00
|
|
|
|
A
|
|
|
|
1,662,814
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series
2013, 5.500%, 5/01/43
|
|
|
|
|
5/23 at 100.00
|
|
|
|
BBB+
|
|
|
|
3,006,420
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
420
|
|
|
3.000%, 10/01/18
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
426,098
|
|
|
575
|
|
|
3.500%, 10/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
556,249
|
|
|
3,470
|
|
|
5.000%, 10/01/33
|
|
|
|
|
10/22 at 100.00
|
|
|
|
BBB
|
|
|
|
3,314,232
|
|
|
|
|
|
|
|
|
2,180
|
|
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series
2013C2, 5.000%, 10/01/34 (WI/DD, Settling 12/10/13)
|
|
|
|
|
10/23 at 100.00
|
|
|
|
|
|
|
|
2,255,232
|
|
|
|
|
|
|
|
|
3,870
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%,
10/01/41
|
|
|
|
|
10/21 at 100.00
|
|
|
|
A
|
|
|
|
3,993,260
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999,
6.000%, 10/01/25
|
|
|
|
|
10/18 at 103.00
|
|
|
|
BBB
|
|
|
|
1,648,950
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
6.500%, 10/01/30
|
|
|
|
|
10/18 at 103.00
|
|
|
|
BBB
|
|
|
|
2,744,425
|
|
|
1,300
|
|
|
6.500%, 10/01/35
|
|
|
|
|
10/18 at 103.00
|
|
|
|
BBB
|
|
|
|
1,413,490
|
|
|
|
|
|
|
|
|
3,475
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Seres 2008A,
5.375%, 3/15/39
|
|
|
|
|
3/18 at 100.00
|
|
|
|
AAA
|
|
|
|
3,821,249
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2001A,
5.500%, 6/15/16
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
1,128,900
|
|
|
|
|
|
|
|
|
2,600
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B,
5.000%, 11/15/37
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AAA
|
|
|
|
2,784,886
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
4.000%, 4/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
A2
|
|
|
|
1,102,880
|
|
|
2,400
|
|
|
5.000%, 4/01/36
|
|
|
|
|
4/21 at 100.00
|
|
|
|
A2
|
|
|
|
2,468,112
|
|
|
|
|
|
|
|
|
2,590
|
|
|
Missouri State University, Auxiliary Enterprise System Revenue Bonds, Series 2007A, 5.000%, 4/01/24 SYNCORA GTY
Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
A+
|
|
|
|
2,895,413
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series
2007A, 5.350%, 6/15/32
|
|
|
|
|
6/15 at 103.00
|
|
|
|
N/R
|
|
|
|
836,420
|
|
|
41,715
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
43,166,558
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 23.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
500
|
|
|
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2012, 4.000%, 8/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
$
|
532,715
|
|
|
|
|
|
|
|
|
2,005
|
|
|
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38
|
|
|
|
|
8/18 at 100.00
|
|
|
|
A
|
|
|
|
2,088,248
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series
2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
5.125%, 6/01/23
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
265,710
|
|
|
200
|
|
|
5.125%, 6/01/24
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
210,818
|
|
|
500
|
|
|
5.500%, 6/01/29
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
516,880
|
|
|
4,170
|
|
|
5.750%, 6/01/39
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
4,326,000
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series
2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
3.375%, 6/01/28
|
|
|
|
|
6/22 at 100.00
|
|
|
|
AA
|
|
|
|
867,520
|
|
|
4,000
|
|
|
5.000%, 6/01/33
|
|
|
|
|
6/22 at 100.00
|
|
|
|
AA
|
|
|
|
4,056,720
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital
Association, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,490
|
|
|
5.000%, 6/01/27
|
|
|
|
|
6/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,496,482
|
|
|
3,000
|
|
|
5.000%, 6/01/36
|
|
|
|
|
6/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,880,600
|
|
|
|
|
|
|
|
|
|
|
|
Cass County, Missouri, Hospital Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
5.500%, 5/01/27
|
|
|
|
|
11/16 at 100.00
|
|
|
|
BBB
|
|
|
|
2,508,000
|
|
|
6,020
|
|
|
5.625%, 5/01/38
|
|
|
|
|
11/16 at 100.00
|
|
|
|
BBB
|
|
|
|
5,758,190
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Citizens Memorial Hospital District of Polk County, Missouri, Hospital Revenue Bonds, Refunding Series 2012, 5.000%,
8/01/28
|
|
|
|
|
8/19 at 100.00
|
|
|
|
N/R
|
|
|
|
971,580
|
|
|
|
|
|
|
|
|
|
|
|
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
5.000%, 12/01/32
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
1,126,425
|
|
|
4,995
|
|
|
5.000%, 12/01/37
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
4,196,799
|
|
|
|
|
|
|
|
|
|
|
|
Grundy County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Wright Memorial Hospital, Series
2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,120
|
|
|
5.650%, 9/01/22
|
|
|
|
|
9/19 at 100.00
|
|
|
|
BBB
|
|
|
|
1,164,150
|
|
|
1,000
|
|
|
5.750%, 9/01/23
|
|
|
|
|
9/19 at 100.00
|
|
|
|
BBB
|
|
|
|
1,039,300
|
|
|
|
|
|
|
|
|
1,935
|
|
|
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%,
3/01/22
|
|
|
|
|
3/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,961,761
|
|
|
|
|
|
|
|
|
|
|
|
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System,
Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.500%, 2/15/24
|
|
|
|
|
2/15 at 102.00
|
|
|
|
BBB+
|
|
|
|
2,062,460
|
|
|
1,250
|
|
|
5.500%, 2/15/29
|
|
|
|
|
2/15 at 102.00
|
|
|
|
BBB+
|
|
|
|
1,266,200
|
|
|
|
|
|
|
|
|
800
|
|
|
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%,
2/15/31
|
|
|
|
|
2/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
815,416
|
|
|
|
|
|
|
|
|
2,810
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds The Childrens Mercy Hospital, Series 2009, 5.625%,
5/15/39
|
|
|
|
|
5/19 at 100.00
|
|
|
|
A+
|
|
|
|
2,889,579
|
|
|
|
|
|
|
|
|
2,160
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011,
5.000%, 11/01/27
|
|
|
|
|
11/20 at 100.00
|
|
|
|
A3
|
|
|
|
2,228,515
|
|
|
|
|
|
|
|
|
3,035
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012,
5.000%, 2/15/37
|
|
|
|
|
2/22 at 100.00
|
|
|
|
A1
|
|
|
|
3,035,789
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,235
|
|
|
5.000%, 11/15/44
|
|
|
|
|
11/23 at 100.00
|
|
|
|
A2
|
|
|
|
1,220,588
|
|
|
3,800
|
|
|
5.000%, 11/15/48
|
|
|
|
|
11/23 at 100.00
|
|
|
|
A2
|
|
|
|
3,716,970
|
|
|
|
|
|
|
|
|
2,245
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2012, 4.000%,
11/15/42
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,873,363
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, St. Lukes Episcopal and Presbyterian
Hospitals, Series 2011, 5.000%, 12/01/25
|
|
|
|
|
12/21 at 100.00
|
|
|
|
A+
|
|
|
|
2,129,740
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, St. Lukess Health System, Series 2003B,
5.500%, 11/15/32 AGM Insured
|
|
|
|
|
11/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,155,000
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, St. Lukess Health System,
Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
555
|
|
|
5.250%, 11/15/25
|
|
|
|
|
11/20 at 100.00
|
|
|
|
A+
|
|
|
|
598,790
|
|
|
2,540
|
|
|
5.000%, 11/15/30
|
|
|
|
|
11/20 at 100.00
|
|
|
|
A+
|
|
|
|
2,620,493
|
|
|
1,000
|
|
|
5.000%, 11/15/40
|
|
|
|
|
11/20 at 100.00
|
|
|
|
A+
|
|
|
|
1,004,940
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Missouri Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2005A,
5.000%, 5/15/22
|
|
|
|
|
5/15 at 100.00
|
|
|
|
AA
|
|
|
$
|
1,061,940
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,825
|
|
|
0.000%, 9/01/17 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,680,186
|
|
|
3,005
|
|
|
0.000%, 9/01/21 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,268,745
|
|
|
4,025
|
|
|
0.000%, 9/01/22 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,875,017
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2008A, 5.000%,
6/01/36
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,004,400
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.000%, 6/01/30
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,544,445
|
|
|
3,000
|
|
|
5.000%, 6/01/34
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
3,041,550
|
|
|
|
|
|
|
|
|
7,275
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Refunding Bonds, CoxhHealth Systems Inc., , Series 2008A, 5.500%,
11/15/39
|
|
|
|
|
11/18 at 100.00
|
|
|
|
A2
|
|
|
|
7,440,943
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc.,
Series 2005, 5.625%, 12/01/35
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB
|
|
|
|
1,008,460
|
|
|
|
|
|
|
|
|
4,780
|
|
|
Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc.,
Series 2010, 5.600%, 12/01/28
|
|
|
|
|
12/20 at 100.00
|
|
|
|
BBB
|
|
|
|
5,052,030
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis County Industrial Development Authority, Missouri, Healthcare Facilities Revenue Bonds, Ranken-Jordan Project, Refunding
Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
|
4.250%, 11/15/14
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
125,806
|
|
|
1,320
|
|
|
5.000%, 11/15/22
|
|
|
|
|
11/16 at 100.00
|
|
|
|
N/R
|
|
|
|
1,290,168
|
|
|
2,345
|
|
|
5.000%, 11/15/27
|
|
|
|
|
11/16 at 100.00
|
|
|
|
N/R
|
|
|
|
2,141,900
|
|
|
2,600
|
|
|
5.000%, 11/15/35
|
|
|
|
|
11/16 at 100.00
|
|
|
|
N/R
|
|
|
|
2,203,552
|
|
|
99,165
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
96,324,883
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,290
|
|
|
Kansas City Industrial Development Authority, Missouri, GNMA Collateralized Multifamily Housing Revenue Bonds, Grand Boulevard Lofts
Project, Series 2009A, 5.300%, 11/20/49
|
|
|
|
|
11/19 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,326,339
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Housing Development Commission, GNMA Collateralized Multifamily Housing Revenue Bonds, JB Hughes Apartments I and II,
Series 2002G:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
133
|
|
|
6.200%, 5/20/19
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aa1
|
|
|
|
139,247
|
|
|
975
|
|
|
6.300%, 5/20/37
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Aa1
|
|
|
|
997,308
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Shepard Apartments
Project, 2013 Series 3, 5.000%, 7/01/45
|
|
|
|
|
7/23 at 100.00
|
|
|
|
AA
|
|
|
|
972,110
|
|
|
3,398
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
3,435,004
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
190
|
|
|
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2005A-1, 5.900%,
9/01/35 (Alternative Minimum Tax)
|
|
|
|
|
9/14 at 100.00
|
|
|
|
Aaa
|
|
|
|
195,259
|
|
|
|
|
|
|
|
|
245
|
|
|
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2006B, 4.800%, 9/01/31
(Alternative Minimum Tax)
|
|
|
|
|
9/15 at 100.00
|
|
|
|
AA+
|
|
|
|
245,289
|
|
|
|
|
|
|
|
|
130
|
|
|
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2006C-1, 5.000%,
9/01/37 (Alternative Minimum Tax)
|
|
|
|
|
9/15 at 100.00
|
|
|
|
AA+
|
|
|
|
130,217
|
|
|
|
|
|
|
|
|
470
|
|
|
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007A-1, 4.700%,
9/01/27 (Alternative Minimum Tax)
|
|
|
|
|
9/16 at 100.00
|
|
|
|
AA+
|
|
|
|
473,755
|
|
|
|
|
|
|
|
|
395
|
|
|
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007E-1, 5.200%,
9/01/38 (Alternative Minimum Tax)
|
|
|
|
|
3/17 at 100.00
|
|
|
|
AA+
|
|
|
|
397,196
|
|
|
|
|
|
|
|
|
105
|
|
|
Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership
Loan Program, Series 2008A-1, 5.300%, 3/01/39 (Alternative Minimum Tax)
|
|
|
|
|
9/17 at 100.00
|
|
|
|
AA+
|
|
|
|
106,237
|
|
|
1,535
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
1,547,953
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 0.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennett Industrial Development Authority, Missouri, Revenue Bonds, Manac Trailers USA Inc Project, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
4.250%, 3/01/22 (Alternative Minimum Tax)
|
|
|
|
|
3/15 at 100.00
|
|
|
|
Baa3
|
|
|
|
1,241,595
|
|
|
500
|
|
|
4.250%, 3/01/24 (Alternative Minimum Tax)
|
|
|
|
|
3/15 at 100.00
|
|
|
|
Baa3
|
|
|
|
397,880
|
|
|
2,000
|
|
|
Total Industrials
|
|
|
|
|
|
|
|
|
|
|
|
|
1,639,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 7.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
750
|
|
|
Bridgeton Industrial Development Authority, Missouri, Senior Housing Reveue Bonds, The Sarah Community Project, Series 2013, 4.500%,
5/01/28
|
|
|
|
|
5/18 at 100.00
|
|
|
|
N/R
|
|
|
$
|
654,900
|
|
|
|
|
|
|
|
|
|
|
|
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services Heisinger Project, Series
2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.250%, 2/01/24
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,001,600
|
|
|
2,250
|
|
|
5.500%, 2/01/35
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,242,845
|
|
|
|
|
|
|
|
|
|
|
|
Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
820
|
|
|
5.500%, 5/15/17
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
855,736
|
|
|
2,000
|
|
|
5.750%, 5/15/31
|
|
|
|
|
5/17 at 100.00
|
|
|
|
BBB
|
|
|
|
2,007,700
|
|
|
|
|
|
|
|
|
2,950
|
|
|
Kansas City Industrial Development Authority, Missouri, Retirement Center Revenue Refunding and Improvement Bonds, Kingswood Project,
Series 1998A, 5.875%, 11/15/29
|
|
|
|
|
5/14 at 100.00
|
|
|
|
N/R
|
|
|
|
2,632,580
|
|
|
|
|
|
|
|
|
|
|
|
Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,035
|
|
|
5.000%, 8/15/14
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
1,059,633
|
|
|
1,500
|
|
|
5.125%, 8/15/26
|
|
|
|
|
8/17 at 100.00
|
|
|
|
BBB
|
|
|
|
1,507,425
|
|
|
2,525
|
|
|
5.125%, 8/15/32
|
|
|
|
|
8/17 at 100.00
|
|
|
|
BBB
|
|
|
|
2,407,916
|
|
|
|
|
|
|
|
|
1,625
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Senior Lien Series 2010, 5.500%,
2/01/42
|
|
|
|
|
2/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,623,700
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects,
Series 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,025
|
|
|
5.750%, 2/01/31
|
|
|
|
|
2/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,057,380
|
|
|
2,750
|
|
|
6.000%, 2/01/41
|
|
|
|
|
2/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,847,625
|
|
|
|
|
|
|
|
|
2,100
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005,
5.375%, 2/01/35
|
|
|
|
|
2/15 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,100,777
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
325
|
|
|
4.875%, 2/01/18
|
|
|
|
|
2/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
348,933
|
|
|
2,000
|
|
|
4.875%, 2/01/37
|
|
|
|
|
2/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,840,900
|
|
|
|
|
|
|
|
|
545
|
|
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%,
9/01/42
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
473,049
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.000%, 9/01/32
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
496,055
|
|
|
1,690
|
|
|
5.000%, 9/01/42
|
|
|
|
|
9/22 at 100.00
|
|
|
|
A
|
|
|
|
1,626,304
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series
2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
700
|
|
|
5.375%, 9/01/21
|
|
|
|
|
9/17 at 100.00
|
|
|
|
BBB
|
|
|
|
721,175
|
|
|
4,000
|
|
|
5.500%, 9/01/28
|
|
|
|
|
9/17 at 100.00
|
|
|
|
BBB
|
|
|
|
4,000,280
|
|
|
33,090
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
32,506,513
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 11.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Belton School District 124, Cass County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2012, 4.000%,
3/01/28 NPFG Insured
|
|
|
|
|
3/20 at 100.00
|
|
|
|
AA+
|
|
|
|
1,008,680
|
|
|
|
|
|
|
|
|
|
|
|
Belton, Missouri, General Obligation Bonds, Refunding & Improvement Series 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,120
|
|
|
5.000%, 3/01/29
|
|
|
|
|
3/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,189,138
|
|
|
1,245
|
|
|
5.000%, 3/01/30
|
|
|
|
|
3/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,313,027
|
|
|
1,010
|
|
|
4.750%, 3/01/31
|
|
|
|
|
3/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,050,137
|
|
|
|
|
|
|
|
|
850
|
|
|
Blue Springs, Missouri, General Obligation Bonds, South Area Neighborhood Improvement, Refunding Series 2009, 5.000%,
2/15/29
|
|
|
|
|
2/19 at 100.00
|
|
|
|
AA-
|
|
|
|
889,984
|
|
|
|
|
|
|
|
|
|
|
|
Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building
Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,670
|
|
|
4.000%, 3/01/27 AGM Insured
|
|
|
|
|
3/22 at 100.00
|
|
|
|
A+
|
|
|
|
1,685,548
|
|
|
2,400
|
|
|
4.375%, 3/01/32
|
|
|
|
|
3/22 at 100.00
|
|
|
|
A+
|
|
|
|
2,380,488
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Hazelwood School District, St Louis County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2013A, 5.000%,
3/01/33
|
|
|
|
|
3/23 at 100.00
|
|
|
|
AA+
|
|
|
|
2,154,920
|
|
|
|
|
|
|
|
|
1,315
|
|
|
Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27
|
|
|
|
|
3/20 at 100.00
|
|
|
|
AA+
|
|
|
|
1,429,011
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, Refunding & Improvement Series
2009A, 4.750%, 3/01/26
|
|
|
|
|
3/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,132,120
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Missouri Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
500
|
|
|
Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%,
3/01/31
|
|
|
|
|
3/21 at 100.00
|
|
|
|
AA
|
|
|
$
|
538,035
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, School Building Series 2008, 4.750%,
3/01/27
|
|
|
|
|
3/18 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,051,440
|
|
|
|
|
|
|
|
|
1,085
|
|
|
Jackson County, Missouri, Special Obligation Bonds, Refunding & Improvement Series 2013, 4.000%, 12/01/25
|
|
|
|
|
12/23 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,094,657
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Joplin, Missouri, General Obligation Bonds, School Building, Direct Deposit Program Series 2012, 4.000%, 3/01/29
|
|
|
|
|
3/22 at 100.00
|
|
|
|
AA+
|
|
|
|
1,306,305
|
|
|
|
|
|
|
|
|
|
|
|
Kansas City, Missouri, General Obligation Bonds, Improvement & Refunding Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,550
|
|
|
4.500%, 2/01/24
|
|
|
|
|
2/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,711,603
|
|
|
1,025
|
|
|
4.000%, 2/01/25
|
|
|
|
|
2/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,079,110
|
|
|
6,000
|
|
|
4.500%, 2/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
6,454,920
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Miller County School District R-2, Osage, Missouri, General Obligation Bonds, Series 2006, 5.000%, 3/01/24 AGM
Insured
|
|
|
|
|
3/16 at 100.00
|
|
|
|
AA
|
|
|
|
2,183,360
|
|
|
|
|
|
|
|
|
|
|
|
Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty,
Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,015
|
|
|
5.250%, 3/01/25 AGM Insured
|
|
|
|
|
3/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,138,383
|
|
|
1,070
|
|
|
5.250%, 3/01/26 AGM Insured
|
|
|
|
|
3/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,164,385
|
|
|
625
|
|
|
5.250%, 3/01/27 AGM Insured
|
|
|
|
|
3/17 at 100.00
|
|
|
|
AA
|
|
|
|
677,244
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Nixa Reorganized School District R 02, Christian County, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/24
AGM Insured
|
|
|
|
|
3/16 at 100.00
|
|
|
|
AA+
|
|
|
|
1,379,825
|
|
|
|
|
|
|
|
|
1,240
|
|
|
North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Series 2007, 5.000%,
3/01/27
|
|
|
|
|
3/18 at 100.00
|
|
|
|
AA+
|
|
|
|
1,369,828
|
|
|
|
|
|
|
|
|
595
|
|
|
North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Series 2005, 5.000%, 3/01/25
|
|
|
|
|
3/15 at 100.00
|
|
|
|
AA+
|
|
|
|
628,237
|
|
|
|
|
|
|
|
|
685
|
|
|
Platte County Reorganized School District R3, Missouri, General Obligation Bonds, Series 2004, 5.000%, 3/01/24 NPFG
Insured
|
|
|
|
|
3/14 at 100.00
|
|
|
|
AA
|
|
|
|
693,001
|
|
|
|
|
|
|
|
|
200
|
|
|
Platte County R-III School District Building Corporation, Missouri, Leasehold Refunding and Improvement Revenue Bonds, Series 2008,
5.000%, 3/01/28
|
|
|
|
|
3/18 at 100.00
|
|
|
|
AA
|
|
|
|
207,810
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Puerto Rico, General Obligation Bonds, Public Improvement, Refunding Series 2012A, 5.500%, 7/01/39
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,433,740
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico, General Obligation Bonds, Public Improvment Refunding Series 2008A, 5.250%, 7/01/26
|
|
|
|
|
7/18 at 100.00
|
|
|
|
BBB
|
|
|
|
746,280
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Saint Louis Special Administrative Board of the Transitional School District, Missouri, General Obligation Bonds, St Louis Public
Schools, Missouri Direct Deposit Program, Series 2011B, 4.000%, 4/01/25
|
|
|
|
|
4/21 at 100.00
|
|
|
|
AA+
|
|
|
|
2,588,850
|
|
|
|
|
|
|
|
|
|
|
|
Springfield School District R12, Missouri, General Obligation Bonds, Series 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 3/01/32
|
|
|
|
|
3/23 at 100.00
|
|
|
|
AA+
|
|
|
|
1,085,530
|
|
|
1,000
|
|
|
5.000%, 3/01/33
|
|
|
|
|
3/23 at 100.00
|
|
|
|
AA+
|
|
|
|
1,081,490
|
|
|
|
|
|
|
|
|
1,345
|
|
|
St. Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Series 2000, 6.500%, 3/01/14 FGIC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,366,614
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Wentzville School District R-04, Saint Charles County, Missouri, General Obligation Improvement
and Refunding Bonds, Series 2009A, 0.000%, 3/01/26
|
|
|
|
|
3/19 at 66.11
|
|
|
|
AA+
|
|
|
|
2,751,000
|
|
|
49,595
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
48,964,700
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 20.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Belton, Missouri, Certificates of Participation, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600
|
|
|
4.375%, 3/01/19 NPFG Insured
|
|
|
|
|
3/17 at 100.00
|
|
|
|
Baa1
|
|
|
|
632,076
|
|
|
250
|
|
|
4.500%, 3/01/22 NPFG Insured
|
|
|
|
|
3/17 at 100.00
|
|
|
|
Baa1
|
|
|
|
257,025
|
|
|
|
|
|
|
|
|
375
|
|
|
Belton, Missouri, Certificates of Participation, Series 2008, 5.250%, 3/01/29
|
|
|
|
|
3/18 at 100.00
|
|
|
|
A
|
|
|
|
386,929
|
|
|
|
|
|
|
|
|
4,440
|
|
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding
Combined Lien Series 2013A, 5.000%, 10/01/33
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA+
|
|
|
|
4,693,036
|
|
|
|
|
|
|
|
|
|
|
|
Cape Girardeau County Building Corporation, Missouri, Leasehold Revenue Bonds, Reorganized School
District R-02,
Jackson R-II School District High School Project, Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,290
|
|
|
5.250%, 3/01/21 NPFG Insured
|
|
|
|
|
3/16 at 100.00
|
|
|
|
A
|
|
|
|
1,408,164
|
|
|
1,000
|
|
|
5.250%, 3/01/26 NPFG Insured
|
|
|
|
|
3/16 at 100.00
|
|
|
|
A
|
|
|
|
1,086,680
|
|
|
|
|
|
|
|
|
1,975
|
|
|
Cass County, Missouri, Certificates of Participation, Refunding Series 2010, 4.000%, 5/01/22
|
|
|
|
|
5/20 at 100.00
|
|
|
|
A
|
|
|
|
2,060,241
|
|
|
|
|
|
|
|
|
500
|
|
|
Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community
Improvement District Project, Series 2013A, 5.000%, 11/01/37
|
|
|
|
|
11/20 at 100.00
|
|
|
|
N/R
|
|
|
|
466,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,685
|
|
|
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28
|
|
|
|
|
6/16 at 100.00
|
|
|
|
N/R
|
|
|
$
|
1,289,177
|
|
|
|
|
|
|
|
|
530
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
528,802
|
|
|
|
|
|
|
|
|
2,270
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
2,213,046
|
|
|
|
|
|
|
|
|
|
|
|
Harrisonville, Missouri, Annual Appropriation-Supported Tax Increment and Sales Tax Revenue Bonds, Harrisonville Towne Center Project,
Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
340
|
|
|
4.375%, 11/01/17
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A+
|
|
|
|
340,581
|
|
|
715
|
|
|
4.500%, 11/01/22
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A+
|
|
|
|
715,315
|
|
|
|
|
|
|
|
|
|
|
|
Hazelwood School District, St Louis County, Missouri, Certificates of Participation, Energy Improvements Project, Series
2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
515
|
|
|
4.500%, 3/01/17
|
|
|
|
|
3/16 at 100.00
|
|
|
|
A+
|
|
|
|
549,500
|
|
|
445
|
|
|
4.500%, 3/01/18
|
|
|
|
|
3/16 at 100.00
|
|
|
|
A+
|
|
|
|
470,579
|
|
|
|
|
|
|
|
|
1,745
|
|
|
Howard Bend Levee District, Missouri, Levee District Improvement Bonds, Series 2005, 5.500%, 3/01/26 SYNCORA GTY
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+
|
|
|
|
1,943,407
|
|
|
|
|
|
|
|
|
|
|
|
Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2013B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
820
|
|
|
4.875%, 3/01/33
|
|
|
|
|
3/23 at 100.00
|
|
|
|
BBB+
|
|
|
|
775,359
|
|
|
885
|
|
|
5.000%, 3/01/38
|
|
|
|
|
3/23 at 100.00
|
|
|
|
BBB+
|
|
|
|
809,465
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Jackson County, Missouri, Special Obligation Bonds, Harry S. Truman Sports Complex, Series 2006, 5.000%, 12/01/28 AMBAC
Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,141,630
|
|
|
|
|
|
|
|
|
925
|
|
|
Kansas City Industrial Development Authority, Missouri, Downtown Redevelpment District Revenue Bonds, Series 2011A, 5.000%,
9/01/32
|
|
|
|
|
9/21 at 100.00
|
|
|
|
AA
|
|
|
|
937,395
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/27 AMBAC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,071,300
|
|
|
|
|
|
|
|
|
2,525
|
|
|
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%,
6/01/24
|
|
|
|
|
6/14 at 102.00
|
|
|
|
N/R
|
|
|
|
2,564,567
|
|
|
|
|
|
|
|
|
1,025
|
|
|
Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2012A, 5.000%, 3/01/26
|
|
|
|
|
3/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,102,654
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Lakeside 370 Levee District, Saint Charles, Missouri, Levee District Improvement Bonds, Series 2008, 7.000%, 4/01/28
(4)
|
|
|
|
|
4/16 at 100.00
|
|
|
|
N/R
|
|
|
|
1,388,800
|
|
|
|
|
|
|
|
|
3,885
|
|
|
Missouri Association of Rural Education, Pulaski County, Certificates of Participation, Waynesville School District
R-6,
Series 2004, 5.100%, 3/01/24 NPFG Insured
|
|
|
|
|
3/14 at 100.00
|
|
|
|
A
|
|
|
|
3,892,887
|
|
|
|
|
|
|
|
|
4,920
|
|
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%,
6/01/35
|
|
|
|
|
6/15 at 100.00
|
|
|
|
A
|
|
|
|
4,913,555
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Centerpoint Project, Series 2007E,
5.125%, 4/01/25
|
|
|
|
|
4/17 at 100.00
|
|
|
|
A
|
|
|
|
1,033,680
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Crackerneck Creek Project, Series
2008B, 5.000%, 3/01/25
|
|
|
|
|
3/18 at 100.00
|
|
|
|
A
|
|
|
|
1,028,720
|
|
|
|
|
|
|
|
|
1,010
|
|
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Eastland Center Project, Refunding
Series 2007A, 4.250%, 4/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,050,653
|
|
|
|
|
|
|
|
|
245
|
|
|
Monarch-Chesterfield Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%,
3/01/19 NPFG Insured
|
|
|
|
|
3/14 at 100.00
|
|
|
|
A
|
|
|
|
245,948
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Oak Grove, Missouri, Refunding and Improvement Certificates of Participation Series 2012, 5.000%, 1/01/33
|
|
|
|
|
1/22 at 100.00
|
|
|
|
Baa1
|
|
|
|
934,590
|
|
|
|
|
|
|
|
|
3,955
|
|
|
Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006,
5.000%, 5/01/23
|
|
|
|
|
5/14 at 100.00
|
|
|
|
N/R
|
|
|
|
3,689,501
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pevely, Missouri, Neighborhood Improvement District Bonds, Southern Heights Project, Series 2004, 5.250%, 3/01/24 RAAI
Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,001,160
|
|
|
|
|
|
|
|
|
520
|
|
|
Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.750%,
12/01/42
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
459,680
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 1993L,
5.500%, 7/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
2,419,830
|
|
|
|
|
|
|
|
|
3,540
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A,
6.000%, 8/01/42
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
2,857,842
|
|
|
|
|
|
|
|
|
1,660
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C,
6.000%, 8/01/39
|
|
|
|
|
8/20 at 100.00
|
|
|
|
A+
|
|
|
|
1,349,115
|
|
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Missouri Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1,
5.250%, 8/01/43
|
|
|
|
|
8/21 at 100.00
|
|
|
|
A+
|
|
|
$
|
729,040
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,780
|
|
|
0.000%, 8/01/41 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,447,162
|
|
|
8,935
|
|
|
0.000%, 8/01/42 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,284,674
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Raytown, Missouri, Annual Appropriation Supported Tax Increment and Sales Tax Revenue Bonds, Raytown Live Redevelopment Project Area 1,
Series 2007, 5.125%, 12/01/31
|
|
|
|
|
6/17 at 100.00
|
|
|
|
A+
|
|
|
|
1,027,560
|
|
|
|
|
|
|
|
|
1,700
|
|
|
Riverside Industrial Development Authority, Missouri, Industrial Development Revenue Bonds, Riverside Horizon, Series 2007A, 5.000%,
5/01/27 ACA Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
A
|
|
|
|
1,712,155
|
|
|
|
|
|
|
|
|
2,170
|
|
|
Riverside, Missouri, L-385 Levee Redevelopment Plan Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20
|
|
|
|
|
5/15 at 100.00
|
|
|
|
A
|
|
|
|
2,236,619
|
|
|
|
|
|
|
|
|
|
|
|
Saint Joseph Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Sewerage System Improvements Project, Series
2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
4.750%, 4/01/20
|
|
|
|
|
4/17 at 100.00
|
|
|
|
A
|
|
|
|
540,095
|
|
|
390
|
|
|
4.750%, 4/01/21
|
|
|
|
|
4/17 at 100.00
|
|
|
|
A
|
|
|
|
418,306
|
|
|
|
|
|
|
|
|
3,225
|
|
|
Saint Louis Industrial Development Authority, Missouri, Compound Interest Leasehold Revenue Bonds, St. Louis Convention Center
Headquarters Hotel, Series 2000, 0.000%, 7/15/15 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
3,086,261
|
|
|
|
|
|
|
|
|
|
|
|
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
0.000%, 7/15/26 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
546,120
|
|
|
1,000
|
|
|
0.000%, 7/15/27 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
502,670
|
|
|
1,000
|
|
|
0.000%, 7/15/28 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
474,940
|
|
|
1,000
|
|
|
0.000%, 7/15/29 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
444,910
|
|
|
|
|
|
|
|
|
1,945
|
|
|
Springfield Center City Development Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Exposition Center, Series 2002A,
5.000%, 6/01/27 AMBAC Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,950,738
|
|
|
|
|
|
|
|
|
4,500
|
|
|
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Series 2004, 5.000%, 3/01/24 AMBAC
Insured
|
|
|
|
|
3/14 at 100.00
|
|
|
|
Aa2
|
|
|
|
4,551,390
|
|
|
|
|
|
|
|
|
|
|
|
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series
2005A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
660
|
|
|
5.375%, 11/01/24
|
|
|
|
|
11/14 at 100.00
|
|
|
|
N/R
|
|
|
|
659,696
|
|
|
1,600
|
|
|
5.500%, 11/01/27
|
|
|
|
|
11/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,554,496
|
|
|
|
|
|
|
|
|
1,800
|
|
|
St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%,
11/01/27
|
|
|
|
|
11/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,732,194
|
|
|
|
|
|
|
|
|
1,595
|
|
|
Texas County, Missouri, Certificates of Participation, Justice Center Project, Series 2006, 4.500%, 12/01/25 AGC
Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
AA
|
|
|
|
1,652,580
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A,
5.000%, 10/01/32
|
|
|
|
|
10/22 at 100.00
|
|
|
|
BBB
|
|
|
|
969,090
|
|
|
110,390
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
84,230,520
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
665
|
|
|
Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 AGM Insured
|
|
|
|
|
10/23 at 100.00
|
|
|
|
AA
|
|
|
|
678,107
|
|
|
|
|
|
|
|
|
3,500
|
|
|
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012A, 5.000%, 7/01/32
FGIC Insured (Alternative Minimum Tax)
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A
|
|
|
|
3,417,050
|
|
|
|
|
|
|
|
|
2,000
|
|
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2009A-2, 6.125%, 7/01/24
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A
|
|
|
|
2,330,880
|
|
|
|
|
|
|
|
|
3,210
|
|
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
3,777,400
|
|
|
|
|
|
|
|
|
|
|
|
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,035
|
|
|
5.000%, 7/01/20 AGM Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,157,306
|
|
|
2,000
|
|
|
5.000%, 7/01/21 AGM Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA
|
|
|
|
2,217,140
|
|
|
12,410
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
13,577,883
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 8.0% (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,500
|
|
|
Cape Girardeau County, Missouri, Single Family Mortgage Revenue Bonds, Series 1983, 0.000%, 12/01/14 (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
4,489,245
|
|
|
|
|
|
|
|
|
|
|
|
Columbia, Misouri, Special Obligation Electric Utility Improvement Bonds, Annual Appropriation Obligation,
Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400
|
|
|
5.000%, 10/01/21 (Pre-refunded 10/01/17)
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AA (5)
|
|
|
|
464,620
|
|
|
545
|
|
|
5.000%, 10/01/23 (Pre-refunded 10/01/17)
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AA (5)
|
|
|
|
633,045
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (5)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
500
|
|
|
5.125%, 10/01/30 (Pre-refunded 10/01/17)
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AA (5)
|
|
|
$
|
583,140
|
|
|
|
|
|
|
|
|
|
|
|
Cottleville, Missouri, Certificates of Participation, Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200
|
|
|
5.125%, 8/01/26 (Pre-refunded 8/01/14)
|
|
|
|
|
8/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
206,676
|
|
|
2,120
|
|
|
5.250%, 8/01/31 (Pre-refunded 8/01/14)
|
|
|
|
|
8/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
2,192,546
|
|
|
|
|
|
|
|
|
1,025
|
|
|
Excelsior Springs School District, Missouri, Leasehold Revenue Bonds, Series 1994, 0.000%, 3/01/14 AGM Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA (5)
|
|
|
|
1,024,518
|
|
|
|
|
|
|
|
|
925
|
|
|
Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Maincor Project, Series 2007A, 5.250%,
3/01/18 (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R (5)
|
|
|
|
1,024,327
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Kansas City, Missouri, Special Facility Revenue Bonds, MCI Overhaul Base Project, Series 2005G, 4.750%, 9/01/28 (Pre-refunded 9/01/15)
(Alternative Minimum Tax)
|
|
|
|
|
9/15 at 100.00
|
|
|
|
AA (5)
|
|
|
|
4,305,400
|
|
|
|
|
|
|
|
|
2,600
|
|
|
Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series
2004, 5.000%, 11/01/24 (Pre-refunded 11/01/14) AMBAC Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
A (5)
|
|
|
|
2,714,634
|
|
|
|
|
|
|
|
|
500
|
|
|
Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series
2009C, 5.750%, 11/01/29 (Pre-refunded 11/01/14)
|
|
|
|
|
11/14 at 100.00
|
|
|
|
A (5)
|
|
|
|
525,495
|
|
|
|
|
|
|
|
|
2,300
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Jefferson Memorial Hospital Obligated Group, Refunding and
Improvement Series 2004, 5.000%, 8/15/19 (Pre-refunded 8/15/14) RAAI Insured
|
|
|
|
|
8/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
2,378,361
|
|
|
|
|
|
|
|
|
2,770
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2003, 5.700%, 2/15/34
(Pre-refunded 2/15/14)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
2,802,298
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
0.000%, 9/01/17 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (5)
|
|
|
|
954,150
|
|
|
1,800
|
|
|
0.000%, 9/01/21 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (5)
|
|
|
|
1,462,698
|
|
|
2,385
|
|
|
0.000%, 9/01/22 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (5)
|
|
|
|
1,847,159
|
|
|
|
|
|
|
|
|
2,500
|
|
|
North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Series 2005, 5.000%, 3/01/25 (Pre-refunded
3/01/15)
|
|
|
|
|
3/15 at 100.00
|
|
|
|
Aa2 (5)
|
|
|
|
2,649,475
|
|
|
|
|
|
|
|
|
2,055
|
|
|
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21
AMBAC Insured (ETM)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
2,547,460
|
|
|
|
|
|
|
|
|
520
|
|
|
Union, Missouri, Certificates of Participation, Series 2006A, 5.200%, 7/01/23 (Pre-refunded
7/01/14)
|
|
|
|
|
7/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
535,340
|
|
|
32,645
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
33,340,587
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
235
|
|
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34
|
|
|
|
|
10/22 at 100.00
|
|
|
|
BBB
|
|
|
|
227,882
|
|
|
|
|
|
|
|
|
425
|
|
|
Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, City of Independence, Missouri, Annual
Appropriation Electric System Revenue Bonds Dogwood Project, Series 2012A, 5.000%, 6/01/26
|
|
|
|
|
6/22 at 100.00
|
|
|
|
AA
|
|
|
|
451,376
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Joint Municipal Electric Utility Commission, Iatan 2 Power Project Revenue Bonds, Series 2006A, 5.000%, 1/01/28
AMBAC Insured
|
|
|
|
|
1/16 at 100.00
|
|
|
|
A2
|
|
|
|
1,028,910
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.000%, 1/01/16 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,604,985
|
|
|
405
|
|
|
5.000%, 1/01/17 NPFG Insured
|
|
|
|
|
1/16 at 100.00
|
|
|
|
A
|
|
|
|
431,791
|
|
|
285
|
|
|
5.000%, 1/01/19 NPFG Insured
|
|
|
|
|
1/16 at 100.00
|
|
|
|
A
|
|
|
|
303,611
|
|
|
4,720
|
|
|
5.000%, 1/01/34 NPFG Insured
|
|
|
|
|
1/16 at 100.00
|
|
|
|
A
|
|
|
|
4,746,715
|
|
|
|
|
|
|
|
|
2,025
|
|
|
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Series 2009A,
6.000%, 1/01/39
|
|
|
|
|
1/16 at 100.00
|
|
|
|
A2
|
|
|
|
2,157,901
|
|
|
|
|
|
|
|
|
|
|
|
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities,
Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,200
|
|
|
5.000%, 1/01/32
|
|
|
|
|
1/21 at 100.00
|
|
|
|
A2
|
|
|
|
2,249,962
|
|
|
2,000
|
|
|
5.000%, 1/01/37
|
|
|
|
|
1/21 at 100.00
|
|
|
|
A2
|
|
|
|
2,016,540
|
|
|
|
|
|
|
|
|
1,010
|
|
|
Missouri Joint Municipal Electric Utility Commission, Prairie State Power Project Revenue Bonds,
Series 2007A, 5.000%, 1/01/42 AMBAC Insured
|
|
|
|
|
1/17 at 100.00
|
|
|
|
A
|
|
|
|
1,013,394
|
|
|
15,805
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
16,233,067
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 6.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
725
|
|
|
Cape Girardeau, Missouri, Waterworks System Refunding Revenue Bonds, Series 2012A, 3.375%, 1/01/26
|
|
|
|
|
1/20 at 100.00
|
|
|
|
A+
|
|
|
|
697,726
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%,
3/01/39
|
|
|
|
|
3/18 at 100.00
|
|
|
|
A
|
|
|
|
1,573,710
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Missouri Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,370
|
|
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Ba1
|
|
|
$
|
1,357,793
|
|
|
|
|
|
|
|
|
745
|
|
|
Jefferson County Consolidated Public Water Supply District C1, Missouri, Waterworks Revenue Bonds, Refunding Series 2010, 4.125%,
12/01/24
|
|
|
|
|
12/17 at 100.00
|
|
|
|
A+
|
|
|
|
784,656
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Series 2009A, 5.250%, 1/01/34
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,142,520
|
|
|
|
|
|
|
|
|
500
|
|
|
Kansas City, Missouri, Water Revenue Bonds, Refunding & Improvement Series 2009A, 5.250%, 12/01/32
|
|
|
|
|
12/18 at 100.00
|
|
|
|
AA+
|
|
|
|
542,270
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Lincoln County Public Water Supply District 1, Missouri, Certificates of Participation, Refunding Series 2009, 6.750%,
6/15/35
|
|
|
|
|
6/16 at 100.00
|
|
|
|
A
|
|
|
|
1,551,630
|
|
|
|
|
|
|
|
|
500
|
|
|
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2008A, 5.750%, 5/01/38
|
|
|
|
|
5/17 at 100.00
|
|
|
|
AAA
|
|
|
|
547,525
|
|
|
|
|
|
|
|
|
4,665
|
|
|
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42
|
|
|
|
|
5/22 at 100.00
|
|
|
|
AAA
|
|
|
|
4,954,510
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012B, 5.000%, 5/01/29
|
|
|
|
|
5/22 at 100.00
|
|
|
|
AAA
|
|
|
|
4,440,430
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Saint JosephSewerage System Improvement Projects,
Series 2011E, 5.375%, 5/01/36
|
|
|
|
|
5/20 at 100.00
|
|
|
|
A
|
|
|
|
1,003,450
|
|
|
|
|
|
|
|
|
2,965
|
|
|
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series
2006, 4.600%, 12/01/36 AMBAC Insured (Alternative Minimum Tax) (UB) (6)
|
|
|
|
|
12/16 at 100.00
|
|
|
|
AA+
|
|
|
|
2,931,792
|
|
|
|
|
|
|
|
|
470
|
|
|
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State
Revolving Fund Program, Series 2001C, 5.000%, 7/01/23
|
|
|
|
|
1/14 at 100.00
|
|
|
|
Aaa
|
|
|
|
471,871
|
|
|
|
|
|
|
|
|
410
|
|
|
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State
Revolving Fund Program, Series 2005C, 4.750%, 7/01/23
|
|
|
|
|
1/16 at 100.00
|
|
|
|
Aaa
|
|
|
|
442,501
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State
Revolving Fund Program, Series 2008A, 5.750%, 1/01/29
|
|
|
|
|
1/19 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,121,840
|
|
|
|
|
|
|
|
|
65
|
|
|
Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control Revenue Bonds, State Revolving Fund Program
Multi-Participants, Series 1998B, 5.250%, 1/01/15
|
|
|
|
|
1/14 at 100.00
|
|
|
|
Aaa
|
|
|
|
65,275
|
|
|
|
|
|
|
|
|
2,070
|
|
|
North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37
|
|
|
|
|
1/17 at 100.00
|
|
|
|
N/R
|
|
|
|
2,028,248
|
|
|
|
|
|
|
|
|
590
|
|
|
Taney County Public Water Supply District 3, Missouri, Certificates of Participation, Refundind
Series 2010, 4.500%, 7/01/25
|
|
|
|
|
7/15 at 101.00
|
|
|
|
A+
|
|
|
|
600,478
|
|
|
26,075
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
27,258,225
|
|
$
|
439,623
|
|
|
Total Long-Term Investments (cost $406,400,792)
|
|
|
|
|
|
|
|
|
|
|
|
|
414,856,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (0.5)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,225,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
2,617,865
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
415,249,361
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain
mortgage-backed
securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
On October 1, 2013, the Funds Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the
securitys interest rate of accrual from 7.000% to 3.150%.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
(ETM)
|
Escrowed to maturity.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 Portfolio Securities and Investments in
Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Ohio Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 98.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 98.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 4.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
250
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1,
5.000%, 6/01/16
|
|
|
|
|
No Opt. Call
|
|
|
|
A1
|
|
|
$
|
267,348
|
|
|
|
|
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
2007A-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,850
|
|
|
5.125%, 6/01/24
|
|
|
|
|
6/17 at 100.00
|
|
|
|
B
|
|
|
|
5,765,508
|
|
|
20,840
|
|
|
5.875%, 6/01/47
|
|
|
|
|
6/17 at 100.00
|
|
|
|
B
|
|
|
|
15,974,485
|
|
|
27,940
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
|
|
22,007,341
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 4.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,925
|
|
|
Miami University of Ohio, General Receipts Bonds, Series 2011, 5.000%, 9/01/36
|
|
|
|
|
9/21 at 100.00
|
|
|
|
AA
|
|
|
|
2,003,925
|
|
|
|
|
|
|
|
|
1,600
|
|
|
Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A+
|
|
|
|
1,605,312
|
|
|
|
|
|
|
|
|
910
|
|
|
Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 1990B, 6.500%,
10/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,072,226
|
|
|
|
|
|
|
|
|
400
|
|
|
Ohio Higher Education Facilities Commission, Revenue Bonds, College of Wooster Project, Series 2005,
5.000%, 9/01/20
|
|
|
|
|
9/15 at 100.00
|
|
|
|
A1
|
|
|
|
417,040
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 1997, 5.000%, 4/01/19
|
|
|
|
|
4/16 at 100.00
|
|
|
|
A3
|
|
|
|
1,060,710
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Ohio Higher Education Facilities Commission, Revenue Bonds, Mount Union College, Series 2006, 5.000%, 10/01/31
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A3
|
|
|
|
1,012,860
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Higher Education Facilities Commission, Revenue Bonds, Ohio Northern University, Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
760
|
|
|
5.000%, 5/01/20
|
|
|
|
|
5/15 at 100.00
|
|
|
|
Baa2
|
|
|
|
773,102
|
|
|
1,000
|
|
|
5.000%, 5/01/26
|
|
|
|
|
5/15 at 100.00
|
|
|
|
Baa2
|
|
|
|
992,200
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,505
|
|
|
5.000%, 12/01/24
|
|
|
|
|
12/15 at 100.00
|
|
|
|
B1
|
|
|
|
1,417,394
|
|
|
1,000
|
|
|
5.000%, 12/01/29
|
|
|
|
|
12/15 at 100.00
|
|
|
|
B1
|
|
|
|
891,410
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,140
|
|
|
5.000%, 11/01/27
|
|
|
|
|
5/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,240,058
|
|
|
1,000
|
|
|
5.000%, 11/01/30
|
|
|
|
|
5/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,062,790
|
|
|
|
|
|
|
|
|
645
|
|
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2009, 5.375%,
12/01/29
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A
|
|
|
|
706,727
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Tender Option Bond Trust 1144, 23.283%, 12/01/43
(IF) (4)
|
|
|
|
|
12/22 at 100.00
|
|
|
|
A
|
|
|
|
1,278,800
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, Wittenberg University, Series 2001:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,200
|
|
|
5.500%, 12/01/21
|
|
|
|
|
6/14 at 100.00
|
|
|
|
B1
|
|
|
|
1,200,180
|
|
|
2,100
|
|
|
5.000%, 12/01/26
|
|
|
|
|
6/14 at 100.00
|
|
|
|
B1
|
|
|
|
1,935,402
|
|
|
|
|
|
|
|
|
500
|
|
|
Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, Xavier University Project, Series 2010, 5.000%,
5/01/40
|
|
|
|
|
5/20 at 100.00
|
|
|
|
A
|
|
|
|
509,325
|
|
|
|
|
|
|
|
|
1,885
|
|
|
Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 2006, 5.000%, 12/01/44 NPFG
Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
AA
|
|
|
|
1,895,481
|
|
|
|
|
|
|
|
|
750
|
|
|
Ohio State, Higher Educational Facility Revenue Bonds, Baldwin-Wallace College Project, Series 2004,
5.000%, 12/01/13
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
750,188
|
|
|
|
|
|
|
|
|
500
|
|
|
Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A3
|
|
|
|
532,550
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39
|
|
|
|
|
12/22 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,015,940
|
|
|
|
|
|
|
|
|
1,030
|
|
|
Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series
2006, 5.000%, 10/01/25
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A+
|
|
|
|
1,054,823
|
|
|
|
|
|
|
|
|
165
|
|
|
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004A, 5.000%, 6/01/21
AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA
|
|
|
|
168,618
|
|
|
24,265
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
24,597,061
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Ohio Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 17.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Facilities Revenue Bonds, Summa Health System, Series
2004A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,220
|
|
|
5.250%, 11/15/31 RAAI Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
Baa1
|
|
|
$
|
1,225,807
|
|
|
150
|
|
|
5.500%, 11/15/34 RAAI Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
Baa1
|
|
|
|
150,825
|
|
|
|
|
|
|
|
|
|
|
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,050
|
|
|
5.250%, 6/01/38
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
3,102,064
|
|
|
250
|
|
|
5.000%, 6/01/38
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
248,253
|
|
|
|
|
|
|
|
|
500
|
|
|
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010B, 4.125%, 9/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
546,880
|
|
|
|
|
|
|
|
|
|
|
|
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750
|
|
|
5.500%, 11/01/22
|
|
|
|
|
11/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
830,625
|
|
|
3,440
|
|
|
5.500%, 11/01/40
|
|
|
|
|
11/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
3,476,292
|
|
|
|
|
|
|
|
|
850
|
|
|
Butler County, Ohio, Hospital Faciliteis Revenue Bonds, Kettering Health Network Obligated Group Project, Series 2011, 5.625%,
4/01/41
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
881,442
|
|
|
|
|
|
|
|
|
1,600
|
|
|
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013,
5.000%, 6/15/43
|
|
|
|
|
6/23 at 100.00
|
|
|
|
Baa2
|
|
|
|
1,518,416
|
|
|
|
|
|
|
|
|
|
|
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Childrens Hospital Project, Improvement Series 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
5.000%, 11/01/34
|
|
|
|
|
11/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,050,610
|
|
|
3,000
|
|
|
5.250%, 11/01/40
|
|
|
|
|
11/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,070,320
|
|
|
|
|
|
|
|
|
|
|
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Childrens Hospital Project, Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
365
|
|
|
4.750%, 11/01/23
|
|
|
|
|
11/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
392,736
|
|
|
3,180
|
|
|
5.000%, 11/01/40
|
|
|
|
|
11/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,182,608
|
|
|
|
|
|
|
|
|
640
|
|
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA+
|
|
|
|
643,744
|
|
|
|
|
|
|
|
|
4,830
|
|
|
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Tender Option Bond Trust 11-21B, 9.416%, 11/15/41 (IF)
(4)
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA+
|
|
|
|
4,886,511
|
|
|
|
|
|
|
|
|
500
|
|
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2010C, 4.500%, 12/01/37
|
|
|
|
|
12/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
465,940
|
|
|
|
|
|
|
|
|
470
|
|
|
Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A,
6.250%, 12/01/34
|
|
|
|
|
6/21 at 100.00
|
|
|
|
A2
|
|
|
|
506,237
|
|
|
|
|
|
|
|
|
750
|
|
|
Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C,
5.625%, 8/15/29
|
|
|
|
|
8/18 at 100.00
|
|
|
|
A3
|
|
|
|
781,365
|
|
|
|
|
|
|
|
|
|
|
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400
|
|
|
5.000%, 11/15/38
|
|
|
|
|
11/18 at 100.00
|
|
|
|
AA
|
|
|
|
402,084
|
|
|
305
|
|
|
5.125%, 11/15/40
|
|
|
|
|
11/18 at 100.00
|
|
|
|
AA
|
|
|
|
307,983
|
|
|
|
|
|
|
|
|
3,240
|
|
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA
|
|
|
|
3,530,434
|
|
|
|
|
|
|
|
|
2,530
|
|
|
Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%,
5/15/26
|
|
|
|
|
5/16 at 100.00
|
|
|
|
A
|
|
|
|
2,589,683
|
|
|
|
|
|
|
|
|
930
|
|
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%,
8/01/41
|
|
|
|
|
8/21 at 100.00
|
|
|
|
A2
|
|
|
|
929,256
|
|
|
|
|
|
|
|
|
7,000
|
|
|
Montgomery County, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Kettering Medical Center, Series 1996, 6.250%,
4/01/20 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
8,102,290
|
|
|
|
|
|
|
|
|
750
|
|
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009A, 5.000%, 5/01/39
|
|
|
|
|
5/19 at 100.00
|
|
|
|
A+
|
|
|
|
728,430
|
|
|
|
|
|
|
|
|
2,270
|
|
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/32
|
|
|
|
|
5/14 at 100.00
|
|
|
|
A+
|
|
|
|
2,273,269
|
|
|
|
|
|
|
|
|
100
|
|
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.250%, 10/01/33
|
|
|
|
|
10/18 at 100.00
|
|
|
|
A+
|
|
|
|
112,624
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%,
2/15/44
|
|
|
|
|
2/23 at 100.00
|
|
|
|
BB+
|
|
|
|
1,568,040
|
|
|
|
|
|
|
|
|
2,480
|
|
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.250%,
11/15/40 AGM Insured
|
|
|
|
|
5/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,511,942
|
|
|
|
|
|
|
|
|
2,020
|
|
|
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%,
1/01/39
|
|
|
|
|
1/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,196,750
|
|
|
|
|
|
|
|
|
|
|
|
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust
3551:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
700
|
|
|
19.915%, 1/01/17 (IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
781,368
|
|
|
5,625
|
|
|
20.365%, 1/01/33 (IF)
|
|
|
|
|
1/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
7,593,750
|
|
|
|
|
|
|
|
|
2,280
|
|
|
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 3591,
20.523%, 1/01/17 (IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
3,078,000
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2012C, 4.125%, 1/15/42
|
|
|
|
|
1/17 at 100.00
|
|
|
|
A
|
|
|
|
1,645,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,465
|
|
|
5.000%, 1/15/28 (WI/DD, Settling 12/10/13)
|
|
|
|
|
1/23 at 100.00
|
|
|
|
A
|
|
|
$
|
1,507,646
|
|
|
4,390
|
|
|
5.000%, 1/15/29 (WI/DD, Settling 12/10/13)
|
|
|
|
|
1/23 at 100.00
|
|
|
|
A
|
|
|
|
4,484,956
|
|
|
|
|
|
|
|
|
3,235
|
|
|
Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 5.250%, 11/15/36
|
|
|
|
|
11/16 at 100.00
|
|
|
|
A
|
|
|
|
3,260,039
|
|
|
|
|
|
|
|
|
|
|
|
Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.500%, 12/01/28
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A
|
|
|
|
527,800
|
|
|
1,305
|
|
|
5.750%, 12/01/35
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A
|
|
|
|
1,375,287
|
|
|
|
|
|
|
|
|
800
|
|
|
Scioto County, Ohio, Hospital Facilities Refunding Revenue Bonds, Southern Ohio Medical Center, Series 2008, 5.750%,
2/15/38
|
|
|
|
|
2/18 at 100.00
|
|
|
|
A2
|
|
|
|
824,760
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System Obligated Group Project, Refunding and
Improvement Series 2012, 6.000%, 12/01/42
|
|
|
|
|
12/22 at 100.00
|
|
|
|
N/R
|
|
|
|
1,920,500
|
|
|
|
|
|
|
|
|
|
|
|
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,500
|
|
|
5.000%, 12/01/37
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa2
|
|
|
|
3,301,655
|
|
|
5,500
|
|
|
5.000%, 12/01/42
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa2
|
|
|
|
5,129,960
|
|
|
85,870
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
89,644,861
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Bowling Green, Ohio, Student Housing Revenue Bonds, CFP I LLC Bowling Green State University Project, Series 2010, 5.750%,
6/01/31
|
|
|
|
|
6/20 at 100.00
|
|
|
|
BBB
|
|
|
|
520,605
|
|
|
|
|
|
|
|
|
890
|
|
|
Clark County, Ohio, Multifamily Housing Revenue Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (Alternative
Minimum Tax)
|
|
|
|
|
5/14 at 100.00
|
|
|
|
N/R
|
|
|
|
758,556
|
|
|
|
|
|
|
|
|
1,805
|
|
|
Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42
(Alternative Minimum Tax)
|
|
|
|
|
10/18 at 101.00
|
|
|
|
Aa1
|
|
|
|
1,853,789
|
|
|
|
|
|
|
|
|
2,175
|
|
|
Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%,
9/20/47 (Alternative Minimum Tax)
|
|
|
|
|
9/17 at 102.00
|
|
|
|
AA+
|
|
|
|
2,206,799
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007,
5.000%, 5/20/49 (Alternative Minimum Tax)
|
|
|
|
|
11/17 at 102.00
|
|
|
|
Aa1
|
|
|
|
3,006,090
|
|
|
8,370
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
8,345,839
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
|
Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2008F, 5.450%,
9/01/33
|
|
|
|
|
3/18 at 100.00
|
|
|
|
Aaa
|
|
|
|
129,455
|
|
|
|
|
|
|
|
|
600
|
|
|
Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities
Program, Series 2009C, 5.200%, 9/01/29
|
|
|
|
|
9/18 at 100.00
|
|
|
|
Aaa
|
|
|
|
622,176
|
|
|
725
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
751,631
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 2.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland Christian Home Project, Series 2002C, 5.950%,
5/15/22
|
|
|
|
|
5/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
494,275
|
|
|
|
|
|
|
|
|
230
|
|
|
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund Program Columbia National Group Project,
Series 2005D, 5.000%, 5/15/20 (Alternative Minimum Tax)
|
|
|
|
|
11/15 at 100.00
|
|
|
|
BBB+
|
|
|
|
224,287
|
|
|
|
|
|
|
|
|
75
|
|
|
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Port Cleveland Bond Fund, Series 1997A, 5.800%, 5/15/27
(Alternative Minimum Tax)
|
|
|
|
|
1/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
73,558
|
|
|
|
|
|
|
|
|
3,500
|
|
|
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project,
Series 2010, 6.750%, 12/01/40
|
|
|
|
|
12/20 at 100.00
|
|
|
|
BB
|
|
|
|
3,478,475
|
|
|
|
|
|
|
|
|
|
|
|
Ohio State, Economic Development Revenue Bonds, Enterprise Bond Fund Loan Pool, Series 2002-4:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115
|
|
|
5.000%, 6/01/15 (Alternative Minimum Tax)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA+
|
|
|
|
117,364
|
|
|
675
|
|
|
5.450%, 6/01/22 (Alternative Minimum Tax)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA+
|
|
|
|
689,135
|
|
|
|
|
|
|
|
|
1,020
|
|
|
Ohio State, Economic Development Revenue Bonds, Enterprise Bond Fund Loan Pool, Series 2002-7, 5.850%, 12/01/22 (Alternative
Minimum Tax)
|
|
|
|
|
1/14 at 100.00
|
|
|
|
AA+
|
|
|
|
1,053,558
|
|
|
|
|
|
|
|
|
|
|
|
Ohio State, Economic Development Revenue Bonds, Ohio Enterprise Bond Fund, Shearers Foods Inc. Project,
Series 2009-5:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,455
|
|
|
5.000%, 6/01/22
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA+
|
|
|
|
1,622,965
|
|
|
1,645
|
|
|
5.000%, 12/01/24
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA+
|
|
|
|
1,790,451
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Ohio Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Industrials
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,600
|
|
|
Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc.,
Series 1992, 6.450%, 12/15/21
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa2
|
|
|
$
|
1,934,928
|
|
|
10,815
|
|
|
Total Industrials
|
|
|
|
|
|
|
|
|
|
|
|
|
11,478,996
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800
|
|
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2005A, 5.000%,
7/01/26
|
|
|
|
|
7/15 at 100.00
|
|
|
|
BBB
|
|
|
|
801,416
|
|
|
|
|
|
|
|
|
1,505
|
|
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%,
7/01/26
|
|
|
|
|
7/21 at 100.00
|
|
|
|
BBB
|
|
|
|
1,567,458
|
|
|
|
|
|
|
|
|
190
|
|
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Series 2002A, 5.125%, 7/01/22
RAAI Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
BBB
|
|
|
|
190,120
|
|
|
|
|
|
|
|
|
400
|
|
|
Hamilton County, Ohio, Health Care Revenue Refunding Bonds, Life Enriching Communities Project, Series 2006A, 5.000%,
1/01/27
|
|
|
|
|
1/17 at 100.00
|
|
|
|
BBB
|
|
|
|
402,312
|
|
|
|
|
|
|
|
|
3,080
|
|
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard,
Refunding & improvement Series 2010, 6.625%, 4/01/40
|
|
|
|
|
4/20 at 100.00
|
|
|
|
BBB
|
|
|
|
3,203,354
|
|
|
5,975
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
6,164,660
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 13.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,325
|
|
|
Adams County-Ohio Valley School District, Adams and Highland Counties, Ohio, Unlimited Tax School Improvement General Obligation Bonds,
Series 1995, 7.000%, 12/01/15 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,465,384
|
|
|
|
|
|
|
|
|
600
|
|
|
Anthony Wayne Local School District, Lucas, Wood and Fulton Counties, Ohio, School Facilities Construction and Improvement Bonds, Series
1995, 0.000%, 12/01/13 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
599,988
|
|
|
|
|
|
|
|
|
25
|
|
|
Barberton City School District, Summit County, Ohio, General Obligation Bonds, School Improvement Series 2008, 5.250%,
12/01/31
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
26,976
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Beavercreek City School District, Ohio, General Obligation Bonds, Series 2009, 5.000%, 12/01/36
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,052,000
|
|
|
|
|
|
|
|
|
630
|
|
|
Buckeye Valley Local School District, Ohio, Unlimited Tax General Obligation Bonds, Series 1995A, 6.850%, 12/01/15 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
664,574
|
|
|
|
|
|
|
|
|
1,180
|
|
|
Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B, 0.000%,
12/01/33 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
460,353
|
|
|
|
|
|
|
|
|
300
|
|
|
Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, School Improvement, Refunding Series 2010, 5.250%,
6/01/21
|
|
|
|
|
6/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
349,626
|
|
|
|
|
|
|
|
|
|
|
|
Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
535
|
|
|
5.250%, 12/01/19 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
637,656
|
|
|
380
|
|
|
5.250%, 12/01/27 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
446,622
|
|
|
|
|
|
|
|
|
150
|
|
|
Cincinnati, Ohio, General Obligation Bonds, Various Purpose Series 2009A, 4.500%, 12/01/29
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA+
|
|
|
|
156,231
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Clyde-Green Springs Exempt Village School District, Summit County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/27
AGM Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,059,200
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 0.000%, 12/01/28 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
530,530
|
|
|
|
|
|
|
|
|
1,345
|
|
|
Cuyahoga County, Ohio, Limited Tax General Obligation Bonds, Series 1993, 5.650%, 5/15/18
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
1,493,892
|
|
|
|
|
|
|
|
|
750
|
|
|
Cuyahoga Falls, Ohio, General Obligation Bonds, Various Purpose Refunding Series 2009, 4.250%, 12/01/34
|
|
|
|
|
12/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
761,040
|
|
|
|
|
|
|
|
|
1,005
|
|
|
Findlay, Ohio, General Obligation Bonds, Series 2004, 5.250%, 7/01/15 NPFG Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,034,366
|
|
|
|
|
|
|
|
|
|
|
|
Franklin County, Ohio, General Obligation Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
690
|
|
|
4.500%, 12/01/27
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AAA
|
|
|
|
725,990
|
|
|
3,160
|
|
|
5.000%, 12/01/28
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AAA
|
|
|
|
3,439,439
|
|
|
|
|
|
|
|
|
400
|
|
|
Gahanna, Ohio, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 12/01/27 NPFG Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AA+
|
|
|
|
432,336
|
|
|
|
|
|
|
|
|
|
|
|
Graham Local School District, Champaign and Shelby Counties, Ohio, General Obligation Bonds, School Improvement Series
2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
0.000%, 12/01/29
|
|
|
|
|
No Opt. Call
|
|
|
|
A-1
|
|
|
|
233,160
|
|
|
850
|
|
|
0.000%, 12/01/30
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
371,059
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Greene County, Ohio, General Obligation Bonds, General Infrastructure Series 2007, 5.250%, 12/01/26 AMBAC Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,094,290
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Highland Local School District, Morrow and Delaware Counties, Ohio, General Obligation Bonds, School Facilities Construction and
Improvement Series 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
100
|
|
|
0.000%, 12/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
$
|
74,536
|
|
|
1,000
|
|
|
5.375%, 12/01/33
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,097,970
|
|
|
|
|
|
|
|
|
1,095
|
|
|
Hilliard, Ohio, General Obligation Bonds, Various Purpose Series 2012, 5.000%, 12/01/23
|
|
|
|
|
12/22 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,258,155
|
|
|
|
|
|
|
|
|
|
|
|
Indian Creek Local School District, Jefferson County, Ohio, General Obligation Bonds, School Facilities Construction and Improvements,
Series 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,750
|
|
|
5.000%, 12/01/34
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,826,038
|
|
|
1,100
|
|
|
5.125%, 12/01/36
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,147,355
|
|
|
|
|
|
|
|
|
1,095
|
|
|
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, School improvement Series 2012, 0.000%,
12/01/27
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa1
|
|
|
|
590,555
|
|
|
|
|
|
|
|
|
755
|
|
|
Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
882,640
|
|
|
|
|
|
|
|
|
1,560
|
|
|
Kettering City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2007, 5.250%, 12/01/31 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
1,784,266
|
|
|
|
|
|
|
|
|
395
|
|
|
Lake County, Ohio, Limited Tax Sewer District Improvement Bonds, Series 2000, 5.600%, 12/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
458,591
|
|
|
|
|
|
|
|
|
1,725
|
|
|
Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/30 FGIC
Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,824,498
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Lorain, Ohio, General Obligation Bonds, Pellet Terminal Improvement Series 2008, 6.750%, 12/01/28 AMBAC Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A3
|
|
|
|
1,107,900
|
|
|
|
|
|
|
|
|
2,380
|
|
|
Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40
|
|
|
|
|
10/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,421,864
|
|
|
|
|
|
|
|
|
1,855
|
|
|
Marysville Exempted Village School District, Union County, Ohio, General Obligation Bonds, Series 2006, 5.000%, 12/01/24 AGM
Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
AA
|
|
|
|
1,999,560
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Refunding Series 2013A, 0.000%,
12/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
740,860
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Maumee City School District, Lucas County, Ohio, General Obligation Bonds, Capital Apprication Refunding Series 2012, 0.000%,
12/01/23
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
695,430
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 5.250%, 12/01/36
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,049,350
|
|
|
|
|
|
|
|
|
1,265
|
|
|
Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20 AMBAC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
1,482,428
|
|
|
|
|
|
|
|
|
275
|
|
|
Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012,
5.000%, 12/01/36
|
|
|
|
|
6/22 at 100.00
|
|
|
|
Aa3
|
|
|
|
283,060
|
|
|
|
|
|
|
|
|
2,500
|
|
|
New Albany Plain Local School District, Franklin County, Ohio, General Obligation Bonds, Refunding School Improvement Series 2013,
4.000%, 12/01/43
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA+
|
|
|
|
2,216,350
|
|
|
|
|
|
|
|
|
1,585
|
|
|
New Albany, Ohio, General Obligation Bonds, Series 2012, 5.000%, 12/01/29
|
|
|
|
|
6/22 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,720,930
|
|
|
|
|
|
|
|
|
530
|
|
|
Newark, Ohio, General Obligation Bonds, Storm Sewer Improvement Series 2009, 5.500%, 12/01/34
|
|
|
|
|
12/19 at 100.00
|
|
|
|
Aa3
|
|
|
|
569,729
|
|
|
|
|
|
|
|
|
|
|
|
Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,740
|
|
|
5.000%, 12/01/23 AGM Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
AA
|
|
|
|
4,020,575
|
|
|
500
|
|
|
5.000%, 12/01/24 AGM Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
AA
|
|
|
|
535,965
|
|
|
1,000
|
|
|
5.000%, 12/01/25 AGM Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
AA
|
|
|
|
1,071,930
|
|
|
|
|
|
|
|
|
925
|
|
|
Oakwood City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2012, 0.000%, 12/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
710,372
|
|
|
|
|
|
|
|
|
3,280
|
|
|
Ohio State, General Obligation Bonds, Refunding Common Schools Series 2012A, 5.000%, 9/15/23
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
3,912,679
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Ohio, General Obligation Bonds, Infrastructure Improvements, Refunding Series 2002A, 5.500%, 2/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,203,670
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Olmsted Falls City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/35 SYNCORA
GTY Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
A+
|
|
|
|
1,019,780
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Pettisville Local School District, Fulton County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement Bonds,
Series 2009, 5.000%, 12/01/36
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,555,455
|
|
|
|
|
|
|
|
|
600
|
|
|
Saint Marys City School District, Auglaize County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement,
Series 2008, 5.000%, 12/01/28 AGM Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
624,282
|
|
|
|
|
|
|
|
|
755
|
|
|
Sidney City School District, Shelby County, Ohio, General Obligation Bonds, Refunding Series 2007, 4.375%, 12/01/27 FGIC
Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
760,655
|
|
|
|
|
|
|
|
|
1,710
|
|
|
South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%,
6/01/32
|
|
|
|
|
6/22 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,800,733
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Ohio Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
30
|
|
|
Strongsville, Ohio, Limited Tax General Obligation Various Purpose Improvement Bonds, Series 1996, 5.950%, 12/01/21
|
|
|
|
|
1/14 at 100.00
|
|
|
|
Aaa
|
|
|
$
|
30,142
|
|
|
|
|
|
|
|
|
3,435
|
|
|
Summit County, Ohio, General Obligation Bonds, Series 2002R, 5.500%, 12/01/21 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
4,183,040
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Sylvania City School District, Lucas County, Ohio, General Obligation Bonds, School Improvement Series 1995, 5.250%, 12/01/36 AGC
Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,391,715
|
|
|
|
|
|
|
|
|
735
|
|
|
Symmes Township, Hamilton County, Ohio, General Obligation Bonds, Parkland Acquistion & Improvment Series 2010, 5.250%,
12/01/37
|
|
|
|
|
12/20 at 100.00
|
|
|
|
Aa1
|
|
|
|
786,942
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, School Improvment Series 2009, 5.125%,
12/01/37
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,032,180
|
|
|
|
|
|
|
|
|
500
|
|
|
Wadsworth City School District, Medina County, Ohio, General Obligation Bonds, School Improvement Series 2009, 5.000%, 12/01/37
AGC Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AA
|
|
|
|
512,380
|
|
|
|
|
|
|
|
|
2,000
|
|
|
West Clermont Local School District, Clermont County, Ohio, General Obligation Bonds, Series
2008, 5.000%, 12/01/31 AGM Insured
|
|
|
|
|
12/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,120,240
|
|
|
68,800
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
70,539,512
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 18.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
950
|
|
|
5.000%, 12/01/25
|
|
|
|
|
12/16 at 102.00
|
|
|
|
N/R
|
|
|
|
951,520
|
|
|
1,165
|
|
|
5.000%, 12/01/30
|
|
|
|
|
12/16 at 102.00
|
|
|
|
N/R
|
|
|
|
1,091,395
|
|
|
650
|
|
|
5.000%, 12/01/35
|
|
|
|
|
12/16 at 102.00
|
|
|
|
N/R
|
|
|
|
569,725
|
|
|
|
|
|
|
|
|
1,150
|
|
|
Cincinnati, Ohio, Economic Development Revenue Bonds, Keystone Parke Project, Series 2008A, 5.000%, 11/01/38
|
|
|
|
|
11/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,169,987
|
|
|
|
|
|
|
|
|
|
|
|
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges and Roadways Improvements, Subordinate Lien
Series 2013A-2:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
990
|
|
|
5.000%, 10/01/27
|
|
|
|
|
10/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,078,229
|
|
|
1,150
|
|
|
5.000%, 10/01/30
|
|
|
|
|
10/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,223,462
|
|
|
1,205
|
|
|
5.000%, 10/01/31
|
|
|
|
|
10/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,266,094
|
|
|
|
|
|
|
|
|
2,600
|
|
|
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, R.I.T.A. Project, Series 2004, 5.000%, 11/15/19 RAAI
Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
A-
|
|
|
|
2,652,104
|
|
|
|
|
|
|
|
|
|
|
|
Columbiana Exempted Village School District, Columbiana County, Ohio, Certificates of Participation, Series 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,400
|
|
|
5.000%, 12/01/26 AGM Insured
|
|
|
|
|
12/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,501,136
|
|
|
1,645
|
|
|
5.000%, 12/01/28 AGM Insured
|
|
|
|
|
12/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,745,756
|
|
|
|
|
|
|
|
|
|
|
|
Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue Parking Facility Project, Series
2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
4.500%, 12/01/27
|
|
|
|
|
12/19 at 100.00
|
|
|
|
BBB
|
|
|
|
460,880
|
|
|
685
|
|
|
5.000%, 12/01/32
|
|
|
|
|
12/19 at 100.00
|
|
|
|
BBB
|
|
|
|
622,391
|
|
|
555
|
|
|
5.000%, 12/01/36
|
|
|
|
|
12/19 at 100.00
|
|
|
|
BBB
|
|
|
|
486,236
|
|
|
|
|
|
|
|
|
|
|
|
Cuyhoga County, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, Medical Mart- Convention Center Project, Series
2010F:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,710
|
|
|
5.250%, 12/01/25
|
|
|
|
|
12/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,998,534
|
|
|
3,250
|
|
|
5.000%, 12/01/27
|
|
|
|
|
12/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,467,653
|
|
|
|
|
|
|
|
|
1,700
|
|
|
Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, Library Fund Library Facilities Special
Obligation Notes, Series 2009, 5.000%, 12/01/34
|
|
|
|
|
12/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,764,209
|
|
|
|
|
|
|
|
|
5,615
|
|
|
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Anticipation Bonds, Series 2005, 5.000%,
12/01/25 AMBAC Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
Aaa
|
|
|
|
6,044,379
|
|
|
|
|
|
|
|
|
|
|
|
Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Refunding Anticipation Bonds, Series
2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,215
|
|
|
5.000%, 12/01/26
|
|
|
|
|
12/17 at 100.00
|
|
|
|
Aaa
|
|
|
|
2,443,588
|
|
|
2,000
|
|
|
5.000%, 12/01/27
|
|
|
|
|
12/17 at 100.00
|
|
|
|
Aaa
|
|
|
|
2,195,720
|
|
|
|
|
|
|
|
|
870
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
868,034
|
|
|
|
|
|
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,285
|
|
|
5.000%, 1/01/29
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
3,413,279
|
|
|
1,220
|
|
|
5.000%, 1/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
1,189,390
|
|
|
|
|
|
|
|
|
1,670
|
|
|
Greater Cleveland Regional Transit Authority, Ohio, General Obligation Bonds, Capital Improvement Refunding Series 2004, 5.000%,
12/01/17 NPFG Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,745,935
|
|
|
|
|
|
|
|
|
|
|
|
Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue Bonds, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,300
|
|
|
5.000%, 12/01/20 FGIC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
A+
|
|
|
|
2,347,380
|
|
|
2,535
|
|
|
5.000%, 12/01/22 FGIC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
A+
|
|
|
|
2,589,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,800
|
|
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 5.000%, 12/01/32 AMBAC Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
A+
|
|
|
$
|
5,948,480
|
|
|
|
|
|
|
|
|
|
|
|
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
0.000%, 12/01/26 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
271,040
|
|
|
3,300
|
|
|
0.000%, 12/01/28 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
1,579,941
|
|
|
1,750
|
|
|
0.000%, 12/01/28 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
857,710
|
|
|
|
|
|
|
|
|
|
|
|
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,235
|
|
|
5.000%, 12/01/25
|
|
|
|
|
12/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,330,132
|
|
|
5,375
|
|
|
5.000%, 12/01/31
|
|
|
|
|
12/21 at 100.00
|
|
|
|
A+
|
|
|
|
5,539,421
|
|
|
|
|
|
|
|
|
2,750
|
|
|
Hudson City School District, Ohio, Certificates of Participation, Series 2012, 4.000%, 6/01/34 NPFG Insured
|
|
|
|
|
6/22 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,508,550
|
|
|
|
|
|
|
|
|
16,260
|
|
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
(Mandatory put 1/01/23)
|
|
|
|
|
1/23 at 100.00
|
|
|
|
AA
|
|
|
|
16,532,518
|
|
|
|
|
|
|
|
|
|
|
|
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender Option Bond Trust 1157:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,185
|
|
|
17.355%, 1/01/38 (Mandatory put 1/01/23) (IF) (4)
|
|
|
|
|
1/23 at 100.00
|
|
|
|
AA
|
|
|
|
2,331,482
|
|
|
425
|
|
|
17.288%, 1/01/38 (Mandatory put 1/01/23) (IF) (4)
|
|
|
|
|
1/23 at 100.00
|
|
|
|
AA
|
|
|
|
453,377
|
|
|
|
|
|
|
|
|
475
|
|
|
Mahoning Career and Technology Center, Ohio, Certificate of Participation, Series 2009B, 4.750%, 12/01/36
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AA
|
|
|
|
481,916
|
|
|
|
|
|
|
|
|
|
|
|
Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
435
|
|
|
0.000%, 9/01/27
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
237,871
|
|
|
855
|
|
|
0.000%, 9/01/28
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
443,608
|
|
|
2,635
|
|
|
5.000%, 9/01/31
|
|
|
|
|
9/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,702,324
|
|
|
|
|
|
|
|
|
2,015
|
|
|
Milton Union Exempt Village School District, Ohio, Special Limited Obligation Bonds, Series 2009, 5.000%, 12/01/32
|
|
|
|
|
12/19 at 100.00
|
|
|
|
A+
|
|
|
|
2,093,283
|
|
|
|
|
|
|
|
|
|
|
|
New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100
|
|
|
5.000%, 10/01/23
|
|
|
|
|
10/22 at 100.00
|
|
|
|
A1
|
|
|
|
1,230,449
|
|
|
110
|
|
|
5.000%, 10/01/24
|
|
|
|
|
10/22 at 100.00
|
|
|
|
A1
|
|
|
|
120,822
|
|
|
|
|
|
|
|
|
|
|
|
Princeton City School District, Hamilton County, Ohio, Certificates of Participation, Series 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
610
|
|
|
5.000%, 12/01/33
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA
|
|
|
|
617,052
|
|
|
1,305
|
|
|
5.000%, 12/01/42
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,312,517
|
|
|
|
|
|
|
|
|
400
|
|
|
Riversouth Authority, Ohio, Lazarus Building Redevelopment Bonds, Series 2007A, 5.750%, 12/01/27
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
380,940
|
|
|
|
|
|
|
|
|
|
|
|
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,400
|
|
|
5.000%, 12/01/23
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA+
|
|
|
|
1,571,346
|
|
|
800
|
|
|
5.000%, 12/01/24
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA+
|
|
|
|
887,328
|
|
|
95,735
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
95,318,296
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 5.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,000
|
|
|
5.000%, 1/01/29
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
7,078,610
|
|
|
1,000
|
|
|
5.000%, 1/01/30
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
998,860
|
|
|
3,450
|
|
|
5.000%, 1/01/31 AGM Insured
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA
|
|
|
|
3,481,844
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Columbus Regional Airport Authority, Ohio, Revenue Bonds, Refunding Series 2007, 5.000%, 1/01/28 NPFG Insured
|
|
|
|
|
1/17 at 100.00
|
|
|
|
A+
|
|
|
|
1,060,130
|
|
|
|
|
|
|
|
|
|
|
|
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2003C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,025
|
|
|
5.250%, 12/01/27 RAAI Insured (Alternative Minimum Tax)
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A
|
|
|
|
1,025,513
|
|
|
1,000
|
|
|
5.350%, 12/01/32 RAAI Insured (Alternative Minimum Tax)
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A
|
|
|
|
999,980
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/24 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
12,086,400
|
|
|
|
|
|
|
|
|
2,450
|
|
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2013A-1, 5.250%, 2/15/39
|
|
|
|
|
2/23 at 100.00
|
|
|
|
A+
|
|
|
|
2,564,562
|
|
|
26,925
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
29,295,899
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 12.3% (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,590
|
|
|
Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B,
5.000%, 12/01/27 (Pre-refunded 6/01/15) NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
Aa3 (5)
|
|
|
|
3,844,208
|
|
|
|
|
|
|
|
|
2,515
|
|
|
Canton City School District, Stark County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/19
(Pre-refunded
6/01/15) NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
A (5)
|
|
|
|
2,693,867
|
|
|
|
|
|
|
|
|
295
|
|
|
Central Ohio Solid Waste Authority, General Obligation Bonds, Series 2004A, 5.000%, 12/01/15
(Pre-refunded 6/01/14)
AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AAA
|
|
|
|
302,260
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Ohio Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (5)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,380
|
|
|
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/25
(Pre-refunded 6/01/14)
AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
$
|
1,413,962
|
|
|
|
|
|
|
|
|
1,235
|
|
|
Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2005B, 5.000%, 12/01/14 SYNCORA GTY Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (5)
|
|
|
|
1,294,823
|
|
|
|
|
|
|
|
|
1,170
|
|
|
Dayton, Ohio, General Obligation Bonds, Series 2004, 5.250%, 12/01/15 (Pre-refunded 6/01/14) AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa2 (5)
|
|
|
|
1,200,280
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Fairview Park, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/25 (Pre-refunded 12/01/15)
NPFG Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
Aa2 (5)
|
|
|
|
1,093,550
|
|
|
|
|
|
|
|
|
1,680
|
|
|
Hebron, Ohio, Mortgage Revenue Bonds, Waterworks System Improvements, Series 2004, 5.875%, 12/01/25
(Pre-refunded 6/01/14)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
1,728,770
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Hubbard Exempt Village School District, Trumbull County, Ohio, General Obligation Bonds, Classroom Facilities Improvements, Series 2007,
5.000%, 12/01/34 (Pre-refunded 6/01/17) CIFG Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
A+ (5)
|
|
|
|
2,866,175
|
|
|
|
|
|
|
|
|
1,400
|
|
|
Kent City School District, Portage County, Ohio, General Obligation Library Improvement Bonds, Series 2004, 5.000%, 12/01/20
(Pre-refunded 12/01/14) FGIC Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,467,816
|
|
|
|
|
|
|
|
|
|
|
|
Kings Local School District, Warren County, Ohio, General Obligation Bonds, School Improvement Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 12/01/22 (Pre-refunded 12/01/15) NPFG Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,093,550
|
|
|
1,480
|
|
|
5.000%, 12/01/24 (Pre-refunded 12/01/15) NPFG Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,618,454
|
|
|
|
|
|
|
|
|
1,260
|
|
|
Lancaster, Ohio, Wastewater System Improvement Revenue Bonds, Series 2004, 5.000%, 12/01/25
(Pre-refunded 12/01/14)
AMBAC Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
1,321,034
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/31
(Pre-refunded
6/01/17)
|
|
|
|
|
6/17 at 100.00
|
|
|
|
Aa1 (5)
|
|
|
|
1,149,850
|
|
|
|
|
|
|
|
|
5,610
|
|
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2001, 5.375%, 9/01/21 (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R (5)
|
|
|
|
5,634,179
|
|
|
|
|
|
|
|
|
|
|
|
Montgomery County, Ohio, Revenue Bonds, Miami Valley Hospital, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
6.250%, 11/15/33 (Pre-refunded 11/15/14)
|
|
|
|
|
11/14 at 100.00
|
|
|
|
Aa3 (5)
|
|
|
|
2,115,780
|
|
|
1,125
|
|
|
6.250%, 11/15/39 (Pre-refunded 11/15/14)
|
|
|
|
|
11/14 at 100.00
|
|
|
|
Aa3 (5)
|
|
|
|
1,190,126
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,315
|
|
|
5.000%, 12/01/25 (Pre-refunded 12/01/14) AMBAC Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
A (5)
|
|
|
|
1,378,699
|
|
|
1,060
|
|
|
5.000%, 12/01/27 (Pre-refunded 12/01/14) AMBAC Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
A (5)
|
|
|
|
1,111,346
|
|
|
|
|
|
|
|
|
1,900
|
|
|
Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, Series 2005A, 5.000%, 4/01/25
(Pre-refunded
4/01/15) AGM Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
AA (5)
|
|
|
|
2,020,289
|
|
|
|
|
|
|
|
|
3,135
|
|
|
Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund Project, Series 2005A, 5.000%, 4/01/23
(Pre-refunded
4/01/15) AGM Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
AA (5)
|
|
|
|
3,333,477
|
|
|
|
|
|
|
|
|
1,650
|
|
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University Hospitals Health System, Series 2009, 6.750%,
1/15/39 (Pre-refunded 1/15/15)
|
|
|
|
|
1/15 at 100.00
|
|
|
|
A (5)
|
|
|
|
1,771,671
|
|
|
|
|
|
|
|
|
|
|
|
Ohio University at Athens, Subordinate Lien General Receipts Bonds, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,855
|
|
|
5.000%, 12/01/21 (Pre-refunded 6/01/14) NPFG Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (5)
|
|
|
|
1,900,652
|
|
|
1,900
|
|
|
5.000%, 12/01/23 (Pre-refunded 6/01/14) NPFG Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (5)
|
|
|
|
1,946,759
|
|
|
|
|
|
|
|
|
1,960
|
|
|
Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 AMBAC Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
2,097,592
|
|
|
|
|
|
|
|
|
530
|
|
|
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, Series 2008, 5.000%, 6/01/28 (Pre-refunded
6/01/18) AGM Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AAA
|
|
|
|
622,178
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water Quality Project, Series 2005B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 6/01/25 (Pre-refunded 6/01/15)
|
|
|
|
|
6/15 at 100.00
|
|
|
|
AAA
|
|
|
|
1,070,810
|
|
|
645
|
|
|
5.000%, 6/01/25 (Pre-refunded 6/01/15)
|
|
|
|
|
6/15 at 100.00
|
|
|
|
AAA
|
|
|
|
690,672
|
|
|
|
|
|
|
|
|
730
|
|
|
Ohio, General Obligation Bonds, Common Schools, Series 2004B, 5.000%, 3/15/21 (Pre-refunded 3/15/14)
|
|
|
|
|
3/14 at 100.00
|
|
|
|
AA+ (5)
|
|
|
|
740,505
|
|
|
|
|
|
|
|
|
1,845
|
|
|
Ohio, General Obligation Bonds, Infrastructure Improvement Series 2005A, 5.000%, 9/01/16
(Pre-refunded 3/01/15)
|
|
|
|
|
3/15 at 100.00
|
|
|
|
AA+ (5)
|
|
|
|
1,955,313
|
|
|
|
|
|
|
|
|
|
|
|
Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities, Series 2005A-II:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.250%, 2/01/19 (Pre-refunded 2/01/15) AGM Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,059,010
|
|
|
1,000
|
|
|
5.250%, 2/01/20 (Pre-refunded 2/01/15) AGM Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,059,010
|
|
|
|
|
|
|
|
|
400
|
|
|
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, Series 2004A, 5.250%, 12/01/21
(Pre-refunded 6/01/14) FGIC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA+ (5)
|
|
|
|
410,352
|
|
|
|
|
|
|
|
|
1,495
|
|
|
Otsego Local School District, Wood, Henry and Lucas Counties, Ohio, General Obligation Bonds, Series 2004, 5.375%, 12/01/22
(Pre-refunded 12/01/14) AGM Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
Aa3 (5)
|
|
|
|
1,573,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (5)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Series 2004A, 5.250%, 12/01/17
(Pre-refunded 6/01/14)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA+ (5)
|
|
|
$
|
1,025,880
|
|
|
|
|
|
|
|
|
1,510
|
|
|
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004A, 5.000%, 6/01/21 (Pre-refunded 6/01/14) AMBAC
Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (5)
|
|
|
|
1,547,161
|
|
|
|
|
|
|
|
|
|
|
|
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,325
|
|
|
5.000%, 6/01/24 (Pre-refunded 6/01/14) AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,357,608
|
|
|
1,005
|
|
|
5.000%, 6/01/26 (Pre-refunded 6/01/14) AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,029,733
|
|
|
|
|
|
|
|
|
1,025
|
|
|
University of Cincinnati, Ohio, General Receipts Bonds, Series 2004E, 5.000%, 6/01/21
(Pre-refunded 12/01/14) AMBAC Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,074,651
|
|
|
59,525
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
62,805,091
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 6.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 2/15/31
|
|
|
|
|
2/18 at 100.00
|
|
|
|
A1
|
|
|
|
1,018,540
|
|
|
5,000
|
|
|
5.250%, 2/15/43
|
|
|
|
|
2/18 at 100.00
|
|
|
|
A1
|
|
|
|
5,059,550
|
|
|
|
|
|
|
|
|
|
|
|
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,740
|
|
|
0.000%, 11/15/34 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,535,618
|
|
|
2,000
|
|
|
5.000%, 11/15/38 NPFG Insured
|
|
|
|
|
5/18 at 100.00
|
|
|
|
A
|
|
|
|
2,011,860
|
|
|
7,500
|
|
|
0.000%, 11/15/38 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,795,575
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Hamilton, Ohio, Electric System Revenue Bonds, Refunding Series 2002A, 4.300%, 10/15/16 AGM Insured
|
|
|
|
|
10/15 at 101.00
|
|
|
|
A2
|
|
|
|
1,076,680
|
|
|
|
|
|
|
|
|
2,800
|
|
|
Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B,
5.800%, 12/01/38 (Mandatory put 12/01/19)
|
|
|
|
|
12/19 at 100.00
|
|
|
|
Baa1
|
|
|
|
2,924,124
|
|
|
|
|
|
|
|
|
500
|
|
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series
2010A, 3.375%, 7/01/33 (Mandatory put 7/01/15)
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
514,860
|
|
|
|
|
|
|
|
|
500
|
|
|
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, FirstEnergy Generation Corp. Project, Series 2009A, 5.700%,
8/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
550,855
|
|
|
|
|
|
|
|
|
4,400
|
|
|
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%,
10/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
4,801,060
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Municipal Electric Generation Agency, Beneficial Interest Certificates, Belleville Hydroelectric Project Joint Venture 5,
Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 2/15/20 AMBAC Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A1
|
|
|
|
1,008,940
|
|
|
5,450
|
|
|
5.000%, 2/15/21 AMBAC Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A1
|
|
|
|
5,496,925
|
|
|
1,640
|
|
|
5.000%, 2/15/22 AMBAC Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A1
|
|
|
|
1,653,596
|
|
|
3,295
|
|
|
5.000%, 2/15/23 AMBAC Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A1
|
|
|
|
3,321,261
|
|
|
40,825
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
32,769,444
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 9.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,390
|
|
|
Akron, Ohio, Waterworks System Mortgage Revenue Improvement and Refunding Bonds, Series 2009, 5.000%, 3/01/34 AGC
Insured
|
|
|
|
|
3/19 at 100.00
|
|
|
|
A3
|
|
|
|
1,413,644
|
|
|
|
|
|
|
|
|
1,730
|
|
|
Butler County, Ohio, Sewerage System Revenue Bonds, Series 2005, 5.000%, 12/01/23 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
1,987,787
|
|
|
|
|
|
|
|
|
4,355
|
|
|
Cincinnati, Ohio, Water System Revenue Bonds, Series 2007B, 5.000%, 12/01/32
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AAA
|
|
|
|
4,636,202
|
|
|
|
|
|
|
|
|
865
|
|
|
City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 AMBAC Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
A1
|
|
|
|
896,140
|
|
|
|
|
|
|
|
|
|
|
|
Cleveland, Ohio, Water Revenue Bonds, Second Lien Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.000%, 1/01/24
|
|
|
|
|
1/22 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,710,540
|
|
|
775
|
|
|
5.000%, 1/01/26
|
|
|
|
|
1/22 at 100.00
|
|
|
|
Aa2
|
|
|
|
864,931
|
|
|
1,000
|
|
|
5.000%, 1/01/27
|
|
|
|
|
1/22 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,103,360
|
|
|
|
|
|
|
|
|
10,330
|
|
|
Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
12,232,786
|
|
|
|
|
|
|
|
|
930
|
|
|
Hamilton County, Ohio, Sewer System Revenue and Improvement Bonds, Metropolitan Sewer District of Greater Cincinnati, Series 2006A,
5.000%, 12/01/26 NPFG Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
AA+
|
|
|
|
1,041,051
|
|
|
|
|
|
|
|
|
450
|
|
|
Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 AGM Insured
|
|
|
|
|
12/20 at 100.00
|
|
|
|
A2
|
|
|
|
464,355
|
|
|
|
|
|
|
|
|
1,745
|
|
|
Lebanon, Ohio, Waterworks System Revenue Bonds, Improvement and Refunding Series 2012, 5.000%, 12/01/31
|
|
|
|
|
12/21 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,836,647
|
|
|
|
|
|
|
|
|
5,590
|
|
|
Marysville, Ohio, Wastewater Treatement System Revenue Bonds, Series 2007, 4.750%, 12/01/47 SYNCORA
GTY Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
A
|
|
|
|
5,479,821
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Ohio Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,755
|
|
|
5.250%, 12/01/25 SYNCORA GTY Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
A
|
|
|
$
|
1,949,349
|
|
|
80
|
|
|
4.750%, 12/01/46 SYNCORA GTY Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
A
|
|
|
|
78,571
|
|
|
|
|
|
|
|
|
700
|
|
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2007, 4.500%, 11/15/37 NPFG
Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
AA+
|
|
|
|
699,986
|
|
|
|
|
|
|
|
|
|
|
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Tender Option Bond Trust 3A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,875
|
|
|
18.330%, 11/15/38 (IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
2,249,700
|
|
|
3,125
|
|
|
18.330%, 11/15/43 (IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
3,670,625
|
|
|
|
|
|
|
|
|
105
|
|
|
Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2004, 5.250%, 12/01/15
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AAA
|
|
|
|
107,623
|
|
|
|
|
|
|
|
|
|
|
|
Ohio Water Development Authority, Revenue Bonds, Water Development Community Assistance Program, Refunding Series 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,405
|
|
|
5.000%, 12/01/25
|
|
|
|
|
12/19 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,560,000
|
|
|
1,475
|
|
|
5.000%, 12/01/26
|
|
|
|
|
12/19 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,628,695
|
|
|
|
|
|
|
|
|
200
|
|
|
Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water Quality Project, Series 2010A, 5.000%,
6/01/30
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AAA
|
|
|
|
221,410
|
|
|
|
|
|
|
|
|
2,060
|
|
|
Springboro, Ohio, Sewer System Mortgage Revenue Bonds, Refunding Series 2012, 5.000%,
6/01/27
|
|
|
|
|
6/22 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,243,175
|
|
|
43,440
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
48,076,398
|
|
$
|
499,210
|
|
|
Total Long-Term Investments (cost $491,038,794)
|
|
|
|
|
|
|
|
|
|
|
|
|
501,795,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 1.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
8,259,606
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
510,054,635
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Wisconsin Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 101.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 101.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 5.500%,
2/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
$
|
1,097,640
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note Diageo Project, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,130
|
|
|
6.625%, 10/01/29
|
|
|
|
|
10/19 at 100.00
|
|
|
|
BBB
|
|
|
|
1,231,440
|
|
|
240
|
|
|
6.750%, 10/01/37
|
|
|
|
|
10/19 at 100.00
|
|
|
|
BBB
|
|
|
|
260,794
|
|
|
1,370
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
|
|
1,492,234
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Delafield Community Development Authority, Wisconsin, Redevelopment Revenue Bonds, Saint Johns Northwestern Milirary Academy,
Series 2009, 4.700%, 6/01/34
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aaa
|
|
|
|
522,215
|
|
|
|
|
|
|
|
|
|
|
|
Madison Community Development Authority, Wisconsin, Revenue Bonds, The Wisconsin Alumni Research Foundation, Series
2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 10/01/23
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AAA
|
|
|
|
1,151,970
|
|
|
300
|
|
|
5.000%, 10/01/28
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AAA
|
|
|
|
335,622
|
|
|
1,000
|
|
|
5.000%, 10/01/34
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AAA
|
|
|
|
1,097,310
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Milwaukee Redevelopment Authority, Wisconsin, Milwaukee Science Education Consortium, Inc Project, Series 2013A, 6.000%,
8/01/33
|
|
|
|
|
8/23 at 100.00
|
|
|
|
BBB
|
|
|
|
1,004,270
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Milwaukee School of Engineering Project, Series 2012, 4.100%, 4/01/32
AGM Insured
|
|
|
|
|
4/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,263,964
|
|
|
|
|
|
|
|
|
550
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Fin Authority, Higher Ed Rev and Rev
Refunding Bonds, University of the Sacred Heart Project, Series 2012, 5.000%, 10/01/42
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
365,833
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue
Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
985,580
|
|
|
|
|
|
|
|
|
250
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue
Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31
|
|
|
|
|
1/14 at 100.00
|
|
|
|
BBB
|
|
|
|
191,098
|
|
|
|
|
|
|
|
|
1,060
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities
Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2006, 5.000%, 3/01/36
|
|
|
|
|
3/16 at 100.00
|
|
|
|
BBB
|
|
|
|
724,309
|
|
|
7,960
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
7,642,171
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 17.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,150
|
|
|
5.500%, 2/15/29
|
|
|
|
|
2/19 at 100.00
|
|
|
|
A3
|
|
|
|
1,190,124
|
|
|
2,550
|
|
|
5.875%, 2/15/39
|
|
|
|
|
2/19 at 100.00
|
|
|
|
A3
|
|
|
|
2,664,699
|
|
|
|
|
|
|
|
|
750
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2013A, 5.250%,
8/15/34
|
|
|
|
|
8/23 at 100.00
|
|
|
|
BBB
|
|
|
|
716,663
|
|
|
|
|
|
|
|
|
1,230
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006,
5.000%, 5/01/32
|
|
|
|
|
5/16 at 100.00
|
|
|
|
BBB
|
|
|
|
1,206,015
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option
Bond Trust 3592-4, 18.291%, 4/01/17 (IF) (4)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,080,440
|
|
|
|
|
|
|
|
|
250
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health Inc. Obligated Group, Tender Option
Bond Trust 3592, 14.288%, 10/01/20 (IF) (4)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
60,360
|
|
|
|
|
|
|
|
|
665
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Howard Young Health Care, Inc., Refunding Series 2012, 5.000%,
8/15/22
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+
|
|
|
|
696,095
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A,
5.375%, 2/15/34
|
|
|
|
|
2/16 at 100.00
|
|
|
|
A
|
|
|
|
1,006,950
|
|
|
|
|
|
|
|
|
890
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B,
5.000%, 2/15/40
|
|
|
|
|
2/22 at 100.00
|
|
|
|
A
|
|
|
|
870,215
|
|
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Wisconsin Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A,
5.750%, 5/01/35
|
|
|
|
|
5/21 at 100.00
|
|
|
|
A
|
|
|
$
|
1,057,730
|
|
|
|
|
|
|
|
|
1,350
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%,
8/15/32
|
|
|
|
|
8/22 at 100.00
|
|
|
|
A+
|
|
|
|
1,370,385
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A,
5.500%, 12/15/38
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,023,420
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
Healthcare System, Series 2006A, 5.250%, 8/15/19
|
|
|
|
|
8/16 at 100.00
|
|
|
|
A
|
|
|
|
2,145,680
|
|
|
14,835
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
15,088,776
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Hudson Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Cedar Ridge Apartments Project, Series 2013A, 5.125%,
6/01/30
|
|
|
|
|
6/23 at 100.00
|
|
|
|
N/R
|
|
|
|
1,908,880
|
|
|
|
|
|
|
|
|
1,380
|
|
|
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%,
12/01/27
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A+
|
|
|
|
1,386,886
|
|
|
|
|
|
|
|
|
970
|
|
|
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2006A,
4.550%, 5/01/27 (Alternative Minimum Tax)
|
|
|
|
|
5/16 at 100.00
|
|
|
|
AA
|
|
|
|
967,730
|
|
|
4,350
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
4,263,496
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 4.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin Platteville Real Estate Foundation
Project, Series 2012A, 5.000%, 7/01/42
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,382,355
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2005E:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
4.900%, 11/01/35
|
|
|
|
|
5/15 at 100.00
|
|
|
|
AA
|
|
|
|
1,003,300
|
|
|
1,375
|
|
|
4.900%, 11/01/35 AMBAC Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
AA
|
|
|
|
1,379,538
|
|
|
3,875
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
3,765,193
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Richmond Community Development Authority, Wisconsin, Health Care Facilities Revenue Bonds, PHM/New Richmond Senior Housing, Inc.,
Series 2011, 6.650%, 9/01/43
|
|
|
|
|
9/18 at 101.00
|
|
|
|
N/R
|
|
|
|
1,011,750
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior
Living Communities, Refunding Series 2013, 5.000%, 8/15/43
|
|
|
|
|
8/23 at 100.00
|
|
|
|
A
|
|
|
|
1,419,000
|
|
|
2,500
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
2,430,750
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Guam, General Obligation Bonds, Series 2007A, 5.000%, 11/15/23
|
|
|
|
|
11/17 at 100.00
|
|
|
|
BB
|
|
|
|
983,820
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 43.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650
|
|
|
Beloit Community Development Authority, Rock County, Wisconsin, Lease Revenue Bonds, Series 2009, 5.000%, 3/01/25
|
|
|
|
|
3/18 at 100.00
|
|
|
|
N/R
|
|
|
|
682,091
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Bayshore Public Parking Project, Series
2004A, 5.000%, 10/01/24
|
|
|
|
|
10/14 at 100.00
|
|
|
|
A1
|
|
|
|
2,028,860
|
|
|
|
|
|
|
|
|
|
|
|
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Refunding Bonds, Tax Increment District 7,
Series 2011B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
3.850%, 9/01/20
|
|
|
|
|
9/18 at 100.00
|
|
|
|
A1
|
|
|
|
1,058,040
|
|
|
500
|
|
|
3.700%, 9/01/21
|
|
|
|
|
9/18 at 100.00
|
|
|
|
A1
|
|
|
|
517,555
|
|
|
|
|
|
|
|
|
|
|
|
Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Refunding Bonds, Tax Increment District 7,
Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
1.850%, 9/01/18
|
|
|
|
|
No Opt. Call
|
|
|
|
A1
|
|
|
|
100,704
|
|
|
500
|
|
|
2.750%, 9/01/22
|
|
|
|
|
9/20 at 100.00
|
|
|
|
A1
|
|
|
|
484,845
|
|
|
|
|
|
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 1/01/31
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
1,025,360
|
|
|
440
|
|
|
5.125%, 1/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
439,006
|
|
|
|
|
|
|
|
|
675
|
|
|
Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I LLC Project Revenue Bonds, Series 2008,
5.125%, 6/01/29
|
|
|
|
|
6/16 at 100.00
|
|
|
|
A2
|
|
|
|
700,043
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Neighborhood Public Schools Initiative, Series 2007A, 4.000%, 8/01/23
AMBAC Insured
|
|
|
|
|
8/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,343,745
|
|
|
|
|
|
|
|
|
275
|
|
|
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2005A, 4.600%, 8/01/22
|
|
|
|
|
8/15 at 100.00
|
|
|
|
Aa3
|
|
|
|
282,414
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
500
|
|
|
4.625%, 12/01/28
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A1
|
|
|
$
|
508,600
|
|
|
1,000
|
|
|
4.750%, 12/01/32
|
|
|
|
|
12/18 at 100.00
|
|
|
|
A1
|
|
|
|
1,006,190
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31
|
|
|
|
|
2/19 at 102.00
|
|
|
|
AA
|
|
|
|
2,701,625
|
|
|
|
|
|
|
|
|
500
|
|
|
Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 5.000%, 7/01/31 AMBAC
Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
375,055
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico Government Development Bank, Senior Note Revenue Bonds, Senior Lien, Series 2006B, 5.000%, 12/01/13
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa3
|
|
|
|
999,860
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 (UB)
(4)
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
807,300
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42 (UB)
(4)
|
|
|
|
|
2/20 at 100.00
|
|
|
|
A+
|
|
|
|
760,790
|
|
|
|
|
|
|
|
|
|
|
|
Saint Francis Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
400
|
|
|
4.150%, 3/01/20
|
|
|
|
|
3/17 at 100.00
|
|
|
|
A1
|
|
|
|
421,616
|
|
|
300
|
|
|
4.350%, 3/01/22
|
|
|
|
|
3/17 at 100.00
|
|
|
|
A1
|
|
|
|
310,470
|
|
|
280
|
|
|
4.500%, 3/01/24
|
|
|
|
|
3/17 at 100.00
|
|
|
|
A1
|
|
|
|
288,028
|
|
|
520
|
|
|
4.600%, 3/01/27
|
|
|
|
|
3/17 at 100.00
|
|
|
|
A1
|
|
|
|
530,920
|
|
|
|
|
|
|
|
|
1,935
|
|
|
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/26
NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,253,695
|
|
|
|
|
|
|
|
|
1,220
|
|
|
Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Series 2006A, 4.500%, 10/01/21
|
|
|
|
|
10/16 at 100.00
|
|
|
|
N/R
|
|
|
|
1,254,392
|
|
|
|
|
|
|
|
|
1,305
|
|
|
Sun Prairie Community Development Authority, Wisconsin, Lease Revenue Bonds, Tax Increment District 8, Series 2006, 4.250%,
8/01/25
|
|
|
|
|
8/16 at 100.00
|
|
|
|
A1
|
|
|
|
1,326,206
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 5.000%, 10/01/42
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+
|
|
|
|
1,906,020
|
|
|
|
|
|
|
|
|
1,145
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%,
10/01/29
|
|
|
|
|
10/20 at 100.00
|
|
|
|
Baa2
|
|
|
|
1,154,068
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2004A, 5.250%, 10/01/21
|
|
|
|
|
10/14 at 100.00
|
|
|
|
A1
|
|
|
|
1,021,600
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2005A, 5.000%, 10/01/21
|
|
|
|
|
10/15 at 100.00
|
|
|
|
A1
|
|
|
|
1,029,510
|
|
|
|
|
|
|
|
|
350
|
|
|
Winnebago County Housing Authority, Wisconsin, Housing Revenue Bonds, Group Home III Project, Series 1992A, 7.125%,
3/01/22
|
|
|
|
|
1/14 at 100.00
|
|
|
|
N/R
|
|
|
|
350,728
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin Center District, Junior Dedicated Tax Revenue Bonds, Refunding Series 2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
785
|
|
|
4.000%, 12/15/25
|
|
|
|
|
12/22 at 100.00
|
|
|
|
Baa1
|
|
|
|
756,183
|
|
|
3,170
|
|
|
5.000%, 12/15/28
|
|
|
|
|
12/22 at 100.00
|
|
|
|
Baa1
|
|
|
|
3,371,422
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,985
|
|
|
5.250%, 12/15/23 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
3,319,290
|
|
|
765
|
|
|
5.250%, 12/15/27 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
816,829
|
|
|
|
|
|
|
|
|
2,035
|
|
|
Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A, 0.000%,
12/15/28 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,074,622
|
|
|
37,135
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
37,007,682
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Public Finance Authority, Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B, 5.000%,
7/01/42 (Alternative Minimum Tax)
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
857,970
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40
(Alternative Minimum Tax)
|
|
|
|
|
1/22 at 100.00
|
|
|
|
BBB
|
|
|
|
902,980
|
|
|
|
|
|
|
|
|
355
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax)
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
351,713
|
|
|
2,355
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
2,112,663
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 7.5% (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2004A, 5.000%, 12/01/26 (Pre-refunded
12/01/14)
|
|
|
|
|
12/14 at 100.00
|
|
|
|
A1 (5)
|
|
|
|
1,571,925
|
|
|
|
|
|
|
|
|
|
|
|
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
|
5.500%, 12/15/18 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA (5)
|
|
|
|
1,082,808
|
|
|
2,220
|
|
|
5.500%, 12/15/20 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA (5)
|
|
|
|
2,720,672
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Wisconsin Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (5)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.
Obligated Group, Series 2009, 6.625%, 2/15/32 (Pre-refunded 2/18/14)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A+ (5)
|
|
|
$
|
1,014,200
|
|
|
5,620
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
6,389,605
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,150
|
|
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/27 AGM Insured
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA
|
|
|
|
2,249,115
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A,
5.000%, 7/01/25
|
|
|
|
|
7/17 at 100.00
|
|
|
|
BB+
|
|
|
|
1,130,172
|
|
|
3,350
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
3,379,287
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010,
5.625%, 7/01/40
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Ba1
|
|
|
|
991,090
|
|
$
|
86,350
|
|
|
Total Long-Term Investments (cost $86,822,492)
|
|
|
|
|
|
|
|
|
|
|
|
|
86,644,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (1.2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,000,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
28,786
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
85,673,193
|
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
Ratings: Using the highest of Standard & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investment in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 Portfolio Securities and Investments in
Derivatives, Inverse Floating Rate Securities for more information.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration,
which are normally those transactions with qualified institutional buyers.
|
See accompanying notes to financial statements.
Statement of
Assets and
Liabilities
November 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (cost $208,381,916, $365,230,832, $156,231,502, $406,400,792, $491,038,794 and $86,822,492,
respectively)
|
|
$
|
211,027,951
|
|
|
$
|
374,161,099
|
|
|
$
|
159,068,174
|
|
|
$
|
414,856,496
|
|
|
$
|
501,795,029
|
|
|
$
|
86,644,407
|
|
Cash
|
|
|
|
|
|
|
9,722,394
|
|
|
|
2,253,808
|
|
|
|
1,050,960
|
|
|
|
942,923
|
|
|
|
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
2,686,740
|
|
|
|
5,307,324
|
|
|
|
2,034,656
|
|
|
|
5,293,542
|
|
|
|
10,023,945
|
|
|
|
1,371,849
|
|
Investments sold
|
|
|
747,258
|
|
|
|
|
|
|
|
15,000
|
|
|
|
50,133
|
|
|
|
4,205,883
|
|
|
|
|
|
Shares sold
|
|
|
160,892
|
|
|
|
116,248
|
|
|
|
73,106
|
|
|
|
108,937
|
|
|
|
857,785
|
|
|
|
242,759
|
|
Other assets
|
|
|
138
|
|
|
|
64,000
|
|
|
|
34,461
|
|
|
|
29,582
|
|
|
|
78,804
|
|
|
|
157
|
|
Total assets
|
|
|
214,622,979
|
|
|
|
389,371,065
|
|
|
|
163,479,205
|
|
|
|
421,389,650
|
|
|
|
517,904,369
|
|
|
|
88,259,172
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
1,194,498
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,199,964
|
|
Floating rate obligations
|
|
|
9,420,000
|
|
|
|
5,650,000
|
|
|
|
|
|
|
|
2,225,000
|
|
|
|
|
|
|
|
1,000,000
|
|
Payable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
142,957
|
|
|
|
200,086
|
|
|
|
171,196
|
|
|
|
560,997
|
|
|
|
571,878
|
|
|
|
67,333
|
|
Investments purchased
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,244,593
|
|
|
|
5,992,296
|
|
|
|
|
|
Shares redeemed
|
|
|
527,247
|
|
|
|
809,718
|
|
|
|
175,596
|
|
|
|
768,012
|
|
|
|
744,103
|
|
|
|
235,509
|
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
86,788
|
|
|
|
160,065
|
|
|
|
69,178
|
|
|
|
177,016
|
|
|
|
240,977
|
|
|
|
37,080
|
|
Trustees fees
|
|
|
853
|
|
|
|
65,511
|
|
|
|
35,008
|
|
|
|
28,168
|
|
|
|
80,881
|
|
|
|
371
|
|
12b-1 distribution and service fees
|
|
|
53,965
|
|
|
|
86,292
|
|
|
|
34,260
|
|
|
|
59,568
|
|
|
|
91,211
|
|
|
|
18,433
|
|
Other
|
|
|
55,051
|
|
|
|
80,713
|
|
|
|
51,628
|
|
|
|
76,935
|
|
|
|
128,388
|
|
|
|
27,289
|
|
Total liabilities
|
|
|
11,481,359
|
|
|
|
7,052,385
|
|
|
|
536,866
|
|
|
|
6,140,289
|
|
|
|
7,849,734
|
|
|
|
2,585,979
|
|
Net assets
|
|
$
|
203,141,620
|
|
|
$
|
382,318,680
|
|
|
$
|
162,942,339
|
|
|
$
|
415,249,361
|
|
|
$
|
510,054,635
|
|
|
$
|
85,673,193
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
135,502,776
|
|
|
$
|
311,335,020
|
|
|
$
|
111,486,706
|
|
|
$
|
225,542,469
|
|
|
$
|
286,781,007
|
|
|
$
|
49,221,187
|
|
Shares outstanding
|
|
|
13,107,227
|
|
|
|
29,228,460
|
|
|
|
10,057,202
|
|
|
|
20,788,901
|
|
|
|
26,013,998
|
|
|
|
4,851,020
|
|
Net asset value per share
|
|
$
|
10.34
|
|
|
$
|
10.65
|
|
|
$
|
11.09
|
|
|
$
|
10.85
|
|
|
$
|
11.02
|
|
|
$
|
10.15
|
|
Offering price per share (net asset value per share plus maximum
sales charge of
4.20% of offering price)
|
|
$
|
10.79
|
|
|
$
|
11.12
|
|
|
$
|
11.58
|
|
|
$
|
11.33
|
|
|
$
|
11.50
|
|
|
$
|
10.59
|
|
Class B Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
$
|
942,950
|
|
|
|
N/A
|
|
Shares outstanding
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
85,780
|
|
|
|
N/A
|
|
Net asset value and offering price per share
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
$
|
10.99
|
|
|
|
N/A
|
|
Class C Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
50,249,493
|
|
|
$
|
55,560,850
|
|
|
$
|
25,602,913
|
|
|
$
|
33,530,142
|
|
|
$
|
68,628,846
|
|
|
$
|
16,324,376
|
|
Shares outstanding
|
|
|
4,866,825
|
|
|
|
5,216,455
|
|
|
|
2,312,599
|
|
|
|
3,097,525
|
|
|
|
6,248,262
|
|
|
|
1,607,437
|
|
Net asset value and offering price per share
|
|
$
|
10.32
|
|
|
$
|
10.65
|
|
|
$
|
11.07
|
|
|
$
|
10.82
|
|
|
$
|
10.98
|
|
|
$
|
10.16
|
|
Class I Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
17,389,351
|
|
|
$
|
15,422,810
|
|
|
$
|
25,852,720
|
|
|
$
|
156,176,750
|
|
|
$
|
153,701,832
|
|
|
$
|
20,127,630
|
|
Shares outstanding
|
|
|
1,674,920
|
|
|
|
1,447,760
|
|
|
|
2,333,783
|
|
|
|
14,399,822
|
|
|
|
13,984,445
|
|
|
|
1,978,326
|
|
Net asset value and offering price per share
|
|
$
|
10.38
|
|
|
$
|
10.65
|
|
|
$
|
11.08
|
|
|
$
|
10.85
|
|
|
$
|
10.99
|
|
|
$
|
10.17
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital paid-in
|
|
$
|
204,676,825
|
|
|
$
|
380,947,459
|
|
|
$
|
159,286,412
|
|
|
$
|
409,788,614
|
|
|
$
|
503,605,220
|
|
|
$
|
88,815,120
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
690,326
|
|
|
|
142,848
|
|
|
|
512,918
|
|
|
|
1,153,474
|
|
|
|
1,947,521
|
|
|
|
412,109
|
|
Accumulated net realized gain (loss)
|
|
|
(4,871,566
|
)
|
|
|
(7,701,894
|
)
|
|
|
306,337
|
|
|
|
(4,148,431
|
)
|
|
|
(6,254,341
|
)
|
|
|
(3,375,951
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
2,646,035
|
|
|
|
8,930,267
|
|
|
|
2,836,672
|
|
|
|
8,455,704
|
|
|
|
10,756,235
|
|
|
|
(178,085
|
)
|
Net assets
|
|
$
|
203,141,620
|
|
|
$
|
382,318,680
|
|
|
$
|
162,942,339
|
|
|
$
|
415,249,361
|
|
|
$
|
510,054,635
|
|
|
$
|
85,673,193
|
|
Authorized shares per class
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
Par value per share
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
N/A Fund
|
does not offer Class B Shares. Class B Shares of Kentucky and Missouri converted to Class A Shares at close of business on October 28, 2013 and are no longer available through an
exchange from other Nuveen mutual funds.
|
See
accompanying notes to financial statements.
Statement of
Operations
Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Investment Income
|
|
$
|
5,224,884
|
|
|
$
|
9,494,025
|
|
|
$
|
4,372,673
|
|
|
$
|
10,570,236
|
|
|
$
|
13,690,735
|
|
|
$
|
2,454,359
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
557,718
|
|
|
|
1,028,900
|
|
|
|
456,833
|
|
|
|
1,115,363
|
|
|
|
1,378,468
|
|
|
|
256,792
|
|
12b-1 service fees Class A
(1)
|
|
|
143,857
|
|
|
|
330,362
|
|
|
|
123,049
|
|
|
|
231,919
|
|
|
|
306,456
|
|
|
|
53,979
|
|
12b-1 distribution and service fees Class B
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
6,312
|
|
|
|
N/A
|
|
12b-1 distribution and service fees Class C
|
|
|
205,744
|
|
|
|
231,099
|
|
|
|
103,686
|
|
|
|
129,630
|
|
|
|
278,051
|
|
|
|
67,501
|
|
Shareholder servicing agent fees and expenses
|
|
|
53,342
|
|
|
|
84,903
|
|
|
|
56,615
|
|
|
|
81,392
|
|
|
|
145,296
|
|
|
|
24,470
|
|
Interest expense
|
|
|
27,358
|
|
|
|
15,842
|
|
|
|
|
|
|
|
2,781
|
|
|
|
|
|
|
|
3,287
|
|
Custodian fees and expenses
|
|
|
24,718
|
|
|
|
37,185
|
|
|
|
19,537
|
|
|
|
41,105
|
|
|
|
56,258
|
|
|
|
17,674
|
|
Trustees fees and expenses
|
|
|
3,126
|
|
|
|
5,885
|
|
|
|
2,548
|
|
|
|
6,276
|
|
|
|
7,896
|
|
|
|
1,402
|
|
Professional fees
|
|
|
16,840
|
|
|
|
20,641
|
|
|
|
16,533
|
|
|
|
21,920
|
|
|
|
23,822
|
|
|
|
14,472
|
|
Shareholder reporting expenses
|
|
|
15,786
|
|
|
|
21,793
|
|
|
|
14,520
|
|
|
|
16,830
|
|
|
|
37,077
|
|
|
|
9,311
|
|
Federal and state registration fees
|
|
|
4,489
|
|
|
|
5,487
|
|
|
|
6,921
|
|
|
|
6,687
|
|
|
|
6,239
|
|
|
|
10,186
|
|
Other expenses
|
|
|
4,052
|
|
|
|
6,134
|
|
|
|
4,084
|
|
|
|
7,541
|
|
|
|
8,644
|
|
|
|
3,043
|
|
Total expenses
|
|
|
1,057,030
|
|
|
|
1,788,231
|
|
|
|
804,326
|
|
|
|
1,661,444
|
|
|
|
2,254,519
|
|
|
|
462,117
|
|
Net investment income (loss)
|
|
|
4,167,854
|
|
|
|
7,705,794
|
|
|
|
3,568,347
|
|
|
|
8,908,792
|
|
|
|
11,436,216
|
|
|
|
1,992,242
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from investments
|
|
|
(4,782,458
|
)
|
|
|
(4,361,031
|
)
|
|
|
754,822
|
|
|
|
(3,475,718
|
)
|
|
|
(4,143,238
|
)
|
|
|
(2,799,955
|
)
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(11,688,606
|
)
|
|
|
(21,650,661
|
)
|
|
|
(12,938,310
|
)
|
|
|
(23,796,970
|
)
|
|
|
(32,589,999
|
)
|
|
|
(6,721,902
|
)
|
Net realized and unrealized gain (loss)
|
|
|
(16,471,064
|
)
|
|
|
(26,011,692
|
)
|
|
|
(12,183,488
|
)
|
|
|
(27,272,688
|
)
|
|
|
(36,733,237
|
)
|
|
|
(9,521,857
|
)
|
Net increase (decrease) in net assets from operations
|
|
$
|
(12,303,210
|
)
|
|
$
|
(18,305,898
|
)
|
|
$
|
(8,615,141
|
)
|
|
$
|
(18,363,896
|
)
|
|
$
|
(25,297,021
|
)
|
|
$
|
(7,529,615
|
)
|
N/A
|
Fund no longer offers Class B Shares.
|
(1)
|
Includes distributions to shareholders on Kentuckys and Missouris Class B Shares during the period. Class B Shares of Kentucky and Missouri converted to Class A
Shares at close of business on October 28, 2013 and are no longer available through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial statements.
Statement of
Changes in Net Assets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
|
|
Kentucky
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
4,167,854
|
|
|
$
|
8,211,161
|
|
|
|
|
$
|
7,705,794
|
|
|
$
|
16,599,477
|
|
Net realized gain (loss) from investments
|
|
|
(4,782,458
|
)
|
|
|
(166,829
|
)
|
|
|
|
|
(4,361,031
|
)
|
|
|
363,961
|
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(11,688,606
|
)
|
|
|
(1,350,702
|
)
|
|
|
|
|
(21,650,661
|
)
|
|
|
(4,705,356
|
)
|
Net increase (decrease) in net assets from operations
|
|
|
(12,303,210
|
)
|
|
|
6,693,630
|
|
|
|
|
|
(18,305,898
|
)
|
|
|
12,258,082
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A
(1)
|
|
|
(2,608,198
|
)
|
|
|
(5,819,165
|
)
|
|
|
|
|
(6,137,144
|
)
|
|
|
(13,658,037
|
)
|
Class B
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
(33,590
|
)
|
Class C
|
|
|
(838,567
|
)
|
|
|
(1,824,475
|
)
|
|
|
|
|
(977,470
|
)
|
|
|
(2,234,825
|
)
|
Class I
|
|
|
(359,396
|
)
|
|
|
(673,549
|
)
|
|
|
|
|
(336,024
|
)
|
|
|
(751,938
|
)
|
From accumulated net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
(1,152,232
|
)
|
|
|
|
|
|
|
|
|
|
|
Class B
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
(425,222
|
)
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
(119,580
|
)
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets from distributions to shareholders
|
|
|
(3,806,161
|
)
|
|
|
(10,014,223
|
)
|
|
|
|
|
(7,450,638
|
)
|
|
|
(16,678,390
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
8,069,625
|
|
|
|
55,533,352
|
|
|
|
|
|
10,190,651
|
|
|
|
59,774,700
|
|
Proceeds from shares issued to shareholders due to reinvestment
of distributions
|
|
|
2,913,856
|
|
|
|
7,416,690
|
|
|
|
|
|
6,206,584
|
|
|
|
12,915,623
|
|
|
|
|
10,983,481
|
|
|
|
62,950,042
|
|
|
|
|
|
16,397,235
|
|
|
|
72,690,323
|
|
Cost of shares redeemed
|
|
|
(41,309,082
|
)
|
|
|
(28,205,590
|
)
|
|
|
|
|
(72,930,239
|
)
|
|
|
(44,615,443
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(30,325,601
|
)
|
|
|
34,744,452
|
|
|
|
|
|
(56,533,004
|
)
|
|
|
28,074,880
|
|
Net increase (decrease) in net assets
|
|
|
(46,434,972
|
)
|
|
|
31,423,859
|
|
|
|
|
|
(82,289,540
|
)
|
|
|
23,654,572
|
|
Net assets at the beginning of period
|
|
|
249,576,592
|
|
|
|
218,152,733
|
|
|
|
|
|
464,608,220
|
|
|
|
440,953,648
|
|
Net assets at the end of period
|
|
$
|
203,141,620
|
|
|
$
|
249,576,592
|
|
|
|
|
$
|
382,318,680
|
|
|
$
|
464,608,220
|
|
Undistributed (Over-distribution of) net investment income at
the end of period
|
|
$
|
690,326
|
|
|
$
|
328,633
|
|
|
|
|
$
|
142,848
|
|
|
$
|
(112,308
|
)
|
N/A
|
Fund no longer offers Class B Shares.
|
(1)
|
Class B Shares of Kentucky converted to Class A Shares at close of business on October 28, 2013 and are no longer available through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial
statements.
Statement of Changes in Net Assets
(Unaudited)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
|
|
|
|
|
Missouri
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
3,568,347
|
|
|
$
|
7,992,560
|
|
|
|
|
$
|
8,908,792
|
|
|
$
|
18,437,018
|
|
Net realized gain (loss) from investments
|
|
|
754,822
|
|
|
|
1,508,729
|
|
|
|
|
|
(3,475,718
|
)
|
|
|
351,660
|
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(12,938,310
|
)
|
|
|
(1,574,943
|
)
|
|
|
|
|
(23,796,970
|
)
|
|
|
(348,366
|
)
|
Net increase (decrease) in net assets from operations
|
|
|
(8,615,141
|
)
|
|
|
7,926,346
|
|
|
|
|
|
(18,363,896
|
)
|
|
|
18,440,312
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A
(1)
|
|
|
(2,468,147
|
)
|
|
|
(5,827,390
|
)
|
|
|
|
|
(4,619,527
|
)
|
|
|
(9,519,539
|
)
|
Class B
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
(13,470
|
)
|
Class C
|
|
|
(476,647
|
)
|
|
|
(1,049,372
|
)
|
|
|
|
|
(598,326
|
)
|
|
|
(1,204,090
|
)
|
Class I
|
|
|
(569,285
|
)
|
|
|
(1,081,158
|
)
|
|
|
|
|
(3,549,809
|
)
|
|
|
(7,654,812
|
)
|
From accumulated net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets from distributions to shareholders
|
|
|
(3,514,079
|
)
|
|
|
(7,957,920
|
)
|
|
|
|
|
(8,767,662
|
)
|
|
|
(18,391,911
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
16,258,990
|
|
|
|
30,416,919
|
|
|
|
|
|
29,997,884
|
|
|
|
83,469,668
|
|
Proceeds from shares issued to shareholders due to reinvestment
of distributions
|
|
|
2,440,847
|
|
|
|
5,577,481
|
|
|
|
|
|
5,176,035
|
|
|
|
12,170,971
|
|
|
|
|
18,699,837
|
|
|
|
35,994,400
|
|
|
|
|
|
35,173,919
|
|
|
|
95,640,639
|
|
Cost of shares redeemed
|
|
|
(55,489,384
|
)
|
|
|
(31,585,272
|
)
|
|
|
|
|
(67,843,051
|
)
|
|
|
(75,700,488
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(36,789,547
|
)
|
|
|
4,409,128
|
|
|
|
|
|
(32,669,132
|
)
|
|
|
19,940,151
|
|
Net increase (decrease) in net assets
|
|
|
(48,918,767
|
)
|
|
|
4,377,554
|
|
|
|
|
|
(59,800,690
|
)
|
|
|
19,988,552
|
|
Net assets at the beginning of period
|
|
|
211,861,106
|
|
|
|
207,483,552
|
|
|
|
|
|
475,050,051
|
|
|
|
455,061,499
|
|
Net assets at the end of period
|
|
$
|
162,942,339
|
|
|
$
|
211,861,106
|
|
|
|
|
$
|
415,249,361
|
|
|
$
|
475,050,051
|
|
Undistributed (Over-distribution of) net investment income at
the end of period
|
|
$
|
512,918
|
|
|
$
|
458,650
|
|
|
|
|
$
|
1,153,474
|
|
|
$
|
1,012,344
|
|
N/A
|
Fund no longer offers Class B Shares.
|
(1)
|
Includes distributions to shareholders on Missouris Class B Shares during the period. Class B Shares of Missouri converted to Class A Shares at the close of business
on October 28, 2013 and are no longer available through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio
|
|
|
|
|
Wisconsin
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
11,436,216
|
|
|
$
|
22,740,459
|
|
|
|
|
$
|
1,992,242
|
|
|
$
|
4,042,245
|
|
Net realized gain (loss) from investments
|
|
|
(4,143,238
|
)
|
|
|
583,166
|
|
|
|
|
|
(2,799,955
|
)
|
|
|
(166,198
|
)
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(32,589,999
|
)
|
|
|
180,990
|
|
|
|
|
|
(6,721,902
|
)
|
|
|
(917,537
|
)
|
Net increase (decrease) in net assets from operations
|
|
|
(25,297,021
|
)
|
|
|
23,504,615
|
|
|
|
|
|
(7,529,615
|
)
|
|
|
2,958,510
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(6,290,315
|
)
|
|
|
(12,999,178
|
)
|
|
|
|
|
(1,027,882
|
)
|
|
|
(2,042,055
|
)
|
Class B
|
|
|
(21,934
|
)
|
|
|
(58,881
|
)
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Class C
|
|
|
(1,307,217
|
)
|
|
|
(2,599,834
|
)
|
|
|
|
|
(291,093
|
)
|
|
|
(521,397
|
)
|
Class I
|
|
|
(3,551,543
|
)
|
|
|
(7,575,470
|
)
|
|
|
|
|
(542,212
|
)
|
|
|
(1,399,753
|
)
|
From accumulated net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B
|
|
|
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets from distributions to shareholders
|
|
|
(11,171,009
|
)
|
|
|
(23,233,363
|
)
|
|
|
|
|
(1,861,187
|
)
|
|
|
(3,963,205
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
44,584,436
|
|
|
|
113,249,153
|
|
|
|
|
|
8,580,130
|
|
|
|
46,774,815
|
|
Proceeds from shares issued to shareholders due to reinvestment
of distributions
|
|
|
7,443,675
|
|
|
|
14,946,825
|
|
|
|
|
|
1,364,121
|
|
|
|
2,855,941
|
|
|
|
|
52,028,111
|
|
|
|
128,195,978
|
|
|
|
|
|
9,944,251
|
|
|
|
49,630,756
|
|
Cost of shares redeemed
|
|
|
(119,287,261
|
)
|
|
|
(71,484,840
|
)
|
|
|
|
|
(34,772,427
|
)
|
|
|
(25,180,968
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(67,259,150
|
)
|
|
|
56,711,138
|
|
|
|
|
|
(24,828,176
|
)
|
|
|
24,449,788
|
|
Net increase (decrease) in net assets
|
|
|
(103,727,180
|
)
|
|
|
56,982,390
|
|
|
|
|
|
(34,218,978
|
)
|
|
|
23,445,093
|
|
Net assets at the beginning of period
|
|
|
613,781,815
|
|
|
|
556,799,425
|
|
|
|
|
|
119,892,171
|
|
|
|
96,447,078
|
|
Net assets at the end of period
|
|
$
|
510,054,635
|
|
|
$
|
613,781,815
|
|
|
|
|
$
|
85,673,193
|
|
|
$
|
119,892,171
|
|
Undistributed (Over-distribution of) net investment income at
the end of period
|
|
$
|
1,947,521
|
|
|
$
|
1,682,314
|
|
|
|
|
$
|
412,109
|
|
|
$
|
281,054
|
|
N/A
|
Fund no longer issues Class B Shares.
|
See accompanying notes to financial statements.
Financial
Highlights
(Unaudited)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KANSAS
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (1/92)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.08
|
|
|
$
|
.21
|
|
|
$
|
(.76
|
)
|
|
$
|
(.55
|
)
|
|
|
|
$
|
(.19
|
)
|
|
$
|
|
|
|
$
|
(.19
|
)
|
|
$
|
10.34
|
|
2013
|
|
|
11.21
|
|
|
|
.40
|
|
|
|
(.05
|
)
|
|
|
.35
|
|
|
|
|
|
(.40
|
)
|
|
|
(.08
|
)
|
|
|
(.48
|
)
|
|
|
11.08
|
|
2012
|
|
|
10.37
|
|
|
|
.44
|
|
|
|
.83
|
|
|
|
1.27
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
11.21
|
|
2011
|
|
|
10.48
|
|
|
|
.43
|
|
|
|
(.11
|
)
|
|
|
.32
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.37
|
|
2010
|
|
|
10.03
|
|
|
|
.44
|
|
|
|
.44
|
|
|
|
.88
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.48
|
|
2009
|
|
|
10.23
|
|
|
|
.43
|
|
|
|
(.20
|
)
|
|
|
.23
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.03
|
|
Class C (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.06
|
|
|
|
.18
|
|
|
|
(.76
|
)
|
|
|
(.58
|
)
|
|
|
|
|
(.16
|
)
|
|
|
|
|
|
|
(.16
|
)
|
|
|
10.32
|
|
2013
|
|
|
11.20
|
|
|
|
.34
|
|
|
|
(.06
|
)
|
|
|
.28
|
|
|
|
|
|
(.34
|
)
|
|
|
(.08
|
)
|
|
|
(.42
|
)
|
|
|
11.06
|
|
2012
|
|
|
10.36
|
|
|
|
.37
|
|
|
|
.84
|
|
|
|
1.21
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
11.20
|
|
2011
|
|
|
10.48
|
|
|
|
.37
|
|
|
|
(.12
|
)
|
|
|
.25
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.36
|
|
2010
|
|
|
10.03
|
|
|
|
.38
|
|
|
|
.44
|
|
|
|
.82
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.48
|
|
2009
|
|
|
10.23
|
|
|
|
.38
|
|
|
|
(.21
|
)
|
|
|
.17
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.03
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.13
|
|
|
|
.22
|
|
|
|
(.77
|
)
|
|
|
(.55
|
)
|
|
|
|
|
(.20
|
)
|
|
|
|
|
|
|
(.20
|
)
|
|
|
10.38
|
|
2013
|
|
|
11.26
|
|
|
|
.42
|
|
|
|
(.04
|
)
|
|
|
.38
|
|
|
|
|
|
(.43
|
)
|
|
|
(.08
|
)
|
|
|
(.51
|
)
|
|
|
11.13
|
|
2012
|
|
|
10.42
|
|
|
|
.46
|
|
|
|
.83
|
|
|
|
1.29
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.26
|
|
2011
|
|
|
10.53
|
|
|
|
.45
|
|
|
|
(.11
|
)
|
|
|
.34
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.42
|
|
2010
|
|
|
10.07
|
|
|
|
.46
|
|
|
|
.45
|
|
|
|
.91
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.53
|
|
2009
|
|
|
10.27
|
|
|
|
.45
|
|
|
|
(.20
|
)
|
|
|
.25
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.96
|
)%
|
|
$
|
135,503
|
|
|
|
|
|
.86
|
%*
|
|
|
.83
|
%*
|
|
|
3.95
|
%*
|
|
|
10
|
%
|
|
3.13
|
|
|
|
166,022
|
|
|
|
|
|
.84
|
|
|
|
.81
|
|
|
|
3.53
|
|
|
|
10
|
|
|
12.43
|
|
|
|
151,334
|
|
|
|
|
|
.86
|
|
|
|
.83
|
|
|
|
4.03
|
|
|
|
36
|
|
|
3.10
|
|
|
|
122,629
|
|
|
|
|
|
.83
|
|
|
|
.82
|
|
|
|
4.12
|
|
|
|
16
|
|
|
8.67
|
|
|
|
120,162
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
4.27
|
|
|
|
18
|
|
|
2.62
|
|
|
|
110,130
|
|
|
|
|
|
.85
|
|
|
|
.85
|
|
|
|
4.38
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.24
|
)
|
|
|
50,249
|
|
|
|
|
|
1.41
|
*
|
|
|
1.38
|
*
|
|
|
3.40
|
*
|
|
|
10
|
|
|
2.50
|
|
|
|
63,429
|
|
|
|
|
|
1.39
|
|
|
|
1.36
|
|
|
|
2.98
|
|
|
|
10
|
|
|
11.86
|
|
|
|
52,451
|
|
|
|
|
|
1.40
|
|
|
|
1.37
|
|
|
|
3.47
|
|
|
|
36
|
|
|
2.47
|
|
|
|
36,864
|
|
|
|
|
|
1.38
|
|
|
|
1.37
|
|
|
|
3.58
|
|
|
|
16
|
|
|
8.10
|
|
|
|
33,948
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
3.71
|
|
|
|
18
|
|
|
2.05
|
|
|
|
25,570
|
|
|
|
|
|
1.40
|
|
|
|
1.40
|
|
|
|
3.83
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.92
|
)
|
|
|
17,389
|
|
|
|
|
|
.66
|
*
|
|
|
.63
|
*
|
|
|
4.15
|
*
|
|
|
10
|
|
|
3.34
|
|
|
|
20,126
|
|
|
|
|
|
.64
|
|
|
|
.61
|
|
|
|
3.73
|
|
|
|
10
|
|
|
12.62
|
|
|
|
14,368
|
|
|
|
|
|
.65
|
|
|
|
.62
|
|
|
|
4.22
|
|
|
|
36
|
|
|
3.32
|
|
|
|
10,648
|
|
|
|
|
|
.63
|
|
|
|
.62
|
|
|
|
4.29
|
|
|
|
16
|
|
|
8.96
|
|
|
|
7,960
|
|
|
|
|
|
.64
|
|
|
|
.64
|
|
|
|
4.47
|
|
|
|
18
|
|
|
2.82
|
|
|
|
5,069
|
|
|
|
|
|
.65
|
|
|
|
.65
|
|
|
|
4.58
|
|
|
|
13
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KENTUCKY
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (5/87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.30
|
|
|
$
|
.21
|
|
|
$
|
(.66
|
)
|
|
$
|
(.45
|
)
|
|
|
|
$
|
(.20
|
)
|
|
$
|
|
|
|
$
|
(.20
|
)
|
|
$
|
10.65
|
|
2013
|
|
|
11.40
|
|
|
|
.42
|
|
|
|
(.09
|
)
|
|
|
.33
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
11.30
|
|
2012
|
|
|
10.69
|
|
|
|
.46
|
|
|
|
.70
|
|
|
|
1.16
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.40
|
|
2011
|
|
|
10.85
|
|
|
|
.46
|
|
|
|
(.18
|
)
|
|
|
.28
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
10.69
|
|
2010
|
|
|
10.39
|
|
|
|
.44
|
|
|
|
.46
|
|
|
|
.90
|
|
|
|
|
|
(.44
|
)
|
|
|
|
*
|
|
|
(.44
|
)
|
|
|
10.85
|
|
2009
|
|
|
10.78
|
|
|
|
.44
|
|
|
|
(.32
|
)
|
|
|
.12
|
|
|
|
|
|
(.44
|
)
|
|
|
(.07
|
)
|
|
|
(.51
|
)
|
|
|
10.39
|
|
Class C (10/93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.30
|
|
|
|
.18
|
|
|
|
(.66
|
)
|
|
|
(.48
|
)
|
|
|
|
|
(.17
|
)
|
|
|
|
|
|
|
(.17
|
)
|
|
|
10.65
|
|
2013
|
|
|
11.40
|
|
|
|
.36
|
|
|
|
(.09
|
)
|
|
|
.27
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
11.30
|
|
2012
|
|
|
10.70
|
|
|
|
.39
|
|
|
|
.71
|
|
|
|
1.10
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.40
|
|
2011
|
|
|
10.85
|
|
|
|
.40
|
|
|
|
(.16
|
)
|
|
|
.24
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
10.70
|
|
2010
|
|
|
10.39
|
|
|
|
.38
|
|
|
|
.46
|
|
|
|
.84
|
|
|
|
|
|
(.38
|
)
|
|
|
|
*
|
|
|
(.38
|
)
|
|
|
10.85
|
|
2009
|
|
|
10.79
|
|
|
|
.38
|
|
|
|
(.33
|
)
|
|
|
.05
|
|
|
|
|
|
(.38
|
)
|
|
|
(.07
|
)
|
|
|
(.45
|
)
|
|
|
10.39
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.30
|
|
|
|
.22
|
|
|
|
(.66
|
)
|
|
|
(.44
|
)
|
|
|
|
|
(.21
|
)
|
|
|
|
|
|
|
(.21
|
)
|
|
|
10.65
|
|
2013
|
|
|
11.40
|
|
|
|
.45
|
|
|
|
(.10
|
)
|
|
|
.35
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.30
|
|
2012
|
|
|
10.70
|
|
|
|
.48
|
|
|
|
.70
|
|
|
|
1.18
|
|
|
|
|
|
(.48
|
)
|
|
|
|
|
|
|
(.48
|
)
|
|
|
11.40
|
|
2011
|
|
|
10.85
|
|
|
|
.48
|
|
|
|
(.16
|
)
|
|
|
.32
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
10.70
|
|
2010
|
|
|
10.39
|
|
|
|
.47
|
|
|
|
.45
|
|
|
|
.92
|
|
|
|
|
|
(.46
|
)
|
|
|
|
*
|
|
|
(.46
|
)
|
|
|
10.85
|
|
2009
|
|
|
10.79
|
|
|
|
.46
|
|
|
|
(.33
|
)
|
|
|
.13
|
|
|
|
|
|
(.46
|
)
|
|
|
(.07
|
)
|
|
|
(.53
|
)
|
|
|
10.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.88
|
)%
|
|
$
|
311,335
|
|
|
|
|
|
.80
|
%**
|
|
|
.79
|
%**
|
|
|
3.85
|
%**
|
|
|
6
|
%
|
|
2.78
|
|
|
|
370,392
|
|
|
|
|
|
.78
|
|
|
|
.77
|
|
|
|
3.71
|
|
|
|
11
|
|
|
11.10
|
|
|
|
360,084
|
|
|
|
|
|
.80
|
|
|
|
.80
|
|
|
|
4.12
|
|
|
|
16
|
|
|
2.68
|
|
|
|
334,809
|
|
|
|
|
|
.80
|
|
|
|
.80
|
|
|
|
4.26
|
|
|
|
7
|
|
|
8.81
|
|
|
|
376,621
|
|
|
|
|
|
.81
|
|
|
|
.81
|
|
|
|
4.15
|
|
|
|
9
|
|
|
1.33
|
|
|
|
346,849
|
|
|
|
|
|
.85
|
|
|
|
.82
|
|
|
|
4.28
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.07
|
)
|
|
|
55,561
|
|
|
|
|
|
1.35
|
**
|
|
|
1.34
|
**
|
|
|
3.31
|
**
|
|
|
6
|
|
|
2.16
|
|
|
|
72,984
|
|
|
|
|
|
1.33
|
|
|
|
1.32
|
|
|
|
3.15
|
|
|
|
11
|
|
|
10.44
|
|
|
|
63,378
|
|
|
|
|
|
1.35
|
|
|
|
1.35
|
|
|
|
3.56
|
|
|
|
16
|
|
|
2.22
|
|
|
|
51,820
|
|
|
|
|
|
1.35
|
|
|
|
1.35
|
|
|
|
3.71
|
|
|
|
7
|
|
|
8.20
|
|
|
|
55,515
|
|
|
|
|
|
1.36
|
|
|
|
1.36
|
|
|
|
3.59
|
|
|
|
9
|
|
|
.64
|
|
|
|
47,428
|
|
|
|
|
|
1.40
|
|
|
|
1.37
|
|
|
|
3.73
|
|
|
|
19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.78
|
)
|
|
|
15,423
|
|
|
|
|
|
.60
|
**
|
|
|
.59
|
**
|
|
|
4.05
|
**
|
|
|
6
|
|
|
3.00
|
|
|
|
20,609
|
|
|
|
|
|
.58
|
|
|
|
.57
|
|
|
|
3.90
|
|
|
|
11
|
|
|
11.24
|
|
|
|
15,992
|
|
|
|
|
|
.60
|
|
|
|
.60
|
|
|
|
4.30
|
|
|
|
16
|
|
|
3.01
|
|
|
|
10,967
|
|
|
|
|
|
.60
|
|
|
|
.60
|
|
|
|
4.46
|
|
|
|
7
|
|
|
9.00
|
|
|
|
7,453
|
|
|
|
|
|
.61
|
|
|
|
.61
|
|
|
|
4.35
|
|
|
|
9
|
|
|
1.41
|
|
|
|
3,394
|
|
|
|
|
|
.65
|
|
|
|
.62
|
|
|
|
4.48
|
|
|
|
19
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
*
|
Rounds to less than $.01 per share.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MICHIGAN
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (6/85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.77
|
|
|
$
|
.23
|
|
|
$
|
(.68
|
)
|
|
$
|
(.45
|
)
|
|
|
|
$
|
(.23
|
)
|
|
$
|
|
|
|
$
|
(.23
|
)
|
|
$
|
11.09
|
|
2013
|
|
|
11.77
|
|
|
|
.45
|
|
|
|
|
*
|
|
|
.45
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.77
|
|
2012
|
|
|
11.08
|
|
|
|
.47
|
|
|
|
.67
|
|
|
|
1.14
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.77
|
|
2011
|
|
|
11.19
|
|
|
|
.47
|
|
|
|
(.12
|
)
|
|
|
.35
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
11.08
|
|
2010
|
|
|
10.83
|
|
|
|
.46
|
|
|
|
.36
|
|
|
|
.82
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
11.19
|
|
2009
|
|
|
11.15
|
|
|
|
.47
|
|
|
|
(.32
|
)
|
|
|
.15
|
|
|
|
|
|
(.46
|
)
|
|
|
(.01
|
)
|
|
|
(.47
|
)
|
|
|
10.83
|
|
Class C (6/93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.76
|
|
|
|
.20
|
|
|
|
(.70
|
)
|
|
|
(.50
|
)
|
|
|
|
|
(.19
|
)
|
|
|
|
|
|
|
(.19
|
)
|
|
|
11.07
|
|
2013
|
|
|
11.76
|
|
|
|
.39
|
|
|
|
|
*
|
|
|
.39
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
11.76
|
|
2012
|
|
|
11.08
|
|
|
|
.41
|
|
|
|
.66
|
|
|
|
1.07
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
11.76
|
|
2011
|
|
|
11.18
|
|
|
|
.41
|
|
|
|
(.11
|
)
|
|
|
.30
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.08
|
|
2010
|
|
|
10.83
|
|
|
|
.40
|
|
|
|
.35
|
|
|
|
.75
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.18
|
|
2009
|
|
|
11.15
|
|
|
|
.42
|
|
|
|
(.33
|
)
|
|
|
.09
|
|
|
|
|
|
(.40
|
)
|
|
|
(.01
|
)
|
|
|
(.41
|
)
|
|
|
10.83
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.77
|
|
|
|
.24
|
|
|
|
(.69
|
)
|
|
|
(.45
|
)
|
|
|
|
|
(.24
|
)
|
|
|
|
|
|
|
(.24
|
)
|
|
|
11.08
|
|
2013
|
|
|
11.76
|
|
|
|
.48
|
|
|
|
|
*
|
|
|
.48
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.77
|
|
2012
|
|
|
11.08
|
|
|
|
.49
|
|
|
|
.66
|
|
|
|
1.15
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.76
|
|
2011
|
|
|
11.18
|
|
|
|
.49
|
|
|
|
(.11
|
)
|
|
|
.38
|
|
|
|
|
|
(.48
|
)
|
|
|
|
|
|
|
(.48
|
)
|
|
|
11.08
|
|
2010
|
|
|
10.83
|
|
|
|
.48
|
|
|
|
.36
|
|
|
|
.84
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
11.18
|
|
2009
|
|
|
11.15
|
|
|
|
.50
|
|
|
|
(.32
|
)
|
|
|
.18
|
|
|
|
|
|
(.49
|
)
|
|
|
(.01
|
)
|
|
|
(.50
|
)
|
|
|
10.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.85
|
)%
|
|
$
|
111,487
|
|
|
|
|
|
.85
|
%**
|
|
|
.85
|
%**
|
|
|
4.07
|
%**
|
|
|
1
|
%
|
|
3.85
|
|
|
|
149,466
|
|
|
|
|
|
.81
|
|
|
|
.81
|
|
|
|
3.80
|
|
|
|
15
|
|
|
10.48
|
|
|
|
153,467
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
4.12
|
|
|
|
12
|
|
|
3.16
|
|
|
|
148,020
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
4.22
|
|
|
|
6
|
|
|
7.73
|
|
|
|
159,191
|
|
|
|
|
|
.85
|
|
|
|
.85
|
|
|
|
4.18
|
|
|
|
11
|
|
|
1.59
|
|
|
|
151,852
|
|
|
|
|
|
.86
|
|
|
|
.86
|
|
|
|
4.45
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.22
|
)
|
|
|
25,603
|
|
|
|
|
|
1.40
|
**
|
|
|
1.40
|
**
|
|
|
3.54
|
**
|
|
|
1
|
|
|
3.33
|
|
|
|
32,084
|
|
|
|
|
|
1.36
|
|
|
|
1.36
|
|
|
|
3.25
|
|
|
|
15
|
|
|
9.81
|
|
|
|
30,129
|
|
|
|
|
|
1.38
|
|
|
|
1.38
|
|
|
|
3.58
|
|
|
|
12
|
|
|
2.70
|
|
|
|
29,681
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
3.67
|
|
|
|
6
|
|
|
7.05
|
|
|
|
30,655
|
|
|
|
|
|
1.40
|
|
|
|
1.40
|
|
|
|
3.63
|
|
|
|
11
|
|
|
1.04
|
|
|
|
32,068
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.90
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.83
|
)
|
|
|
25,853
|
|
|
|
|
|
.65
|
**
|
|
|
.65
|
**
|
|
|
4.28
|
**
|
|
|
1
|
|
|
4.15
|
|
|
|
30,311
|
|
|
|
|
|
.61
|
|
|
|
.61
|
|
|
|
4.00
|
|
|
|
15
|
|
|
10.59
|
|
|
|
23,887
|
|
|
|
|
|
.63
|
|
|
|
.63
|
|
|
|
4.32
|
|
|
|
12
|
|
|
3.46
|
|
|
|
19,397
|
|
|
|
|
|
.64
|
|
|
|
.64
|
|
|
|
4.42
|
|
|
|
6
|
|
|
7.87
|
|
|
|
19,888
|
|
|
|
|
|
.65
|
|
|
|
.65
|
|
|
|
4.38
|
|
|
|
11
|
|
|
1.82
|
|
|
|
18,297
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
4.65
|
|
|
|
9
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
*
|
Rounds to less than $.01 per share.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MISSOURI
|
|
|
|
|
Investment
Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (8/87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.51
|
|
|
$
|
.22
|
|
|
$
|
(.66
|
)
|
|
$
|
(.44
|
)
|
|
|
|
$
|
(.22
|
)
|
|
$
|
|
|
|
$
|
(.22
|
)
|
|
$
|
10.85
|
|
2013
|
|
|
11.50
|
|
|
|
.45
|
|
|
|
.01
|
|
|
|
.46
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.51
|
|
2012
|
|
|
10.70
|
|
|
|
.48
|
|
|
|
.79
|
|
|
|
1.27
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.50
|
|
2011
|
|
|
10.82
|
|
|
|
.48
|
|
|
|
(.13
|
)
|
|
|
.35
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
10.70
|
|
2010
|
|
|
10.14
|
|
|
|
.48
|
|
|
|
.66
|
|
|
|
1.14
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
10.82
|
|
2009
|
|
|
10.73
|
|
|
|
.47
|
|
|
|
(.56
|
)
|
|
|
(.09
|
)
|
|
|
|
|
(.45
|
)
|
|
|
(.05
|
)
|
|
|
(.50
|
)
|
|
|
10.14
|
|
Class C (2/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.48
|
|
|
|
.19
|
|
|
|
(.66
|
)
|
|
|
(.47
|
)
|
|
|
|
|
(.19
|
)
|
|
|
|
|
|
|
(.19
|
)
|
|
|
10.82
|
|
2013
|
|
|
11.48
|
|
|
|
.38
|
|
|
|
.01
|
|
|
|
.39
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
11.48
|
|
2012
|
|
|
10.68
|
|
|
|
.41
|
|
|
|
.80
|
|
|
|
1.21
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
11.48
|
|
2011
|
|
|
10.80
|
|
|
|
.42
|
|
|
|
(.13
|
)
|
|
|
.29
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.68
|
|
2010
|
|
|
10.13
|
|
|
|
.42
|
|
|
|
.66
|
|
|
|
1.08
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.80
|
|
2009
|
|
|
10.72
|
|
|
|
.41
|
|
|
|
(.55
|
)
|
|
|
(.14
|
)
|
|
|
|
|
(.40
|
)
|
|
|
(.05
|
)
|
|
|
(.45
|
)
|
|
|
10.13
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.50
|
|
|
|
.23
|
|
|
|
(.65
|
)
|
|
|
(.42
|
)
|
|
|
|
|
(.23
|
)
|
|
|
|
|
|
|
(.23
|
)
|
|
|
10.85
|
|
2013
|
|
|
11.50
|
|
|
|
.47
|
|
|
|
|
*
|
|
|
.47
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.50
|
|
2012
|
|
|
10.70
|
|
|
|
.48
|
|
|
|
.81
|
|
|
|
1.29
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
11.50
|
|
2011
|
|
|
10.82
|
|
|
|
.50
|
|
|
|
(.13
|
)
|
|
|
.37
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
10.70
|
|
2010
|
|
|
10.14
|
|
|
|
.50
|
|
|
|
.67
|
|
|
|
1.17
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
10.82
|
|
2009
|
|
|
10.73
|
|
|
|
.49
|
|
|
|
(.55
|
)
|
|
|
(.06
|
)
|
|
|
|
|
(.48
|
)
|
|
|
(.05
|
)
|
|
|
(.53
|
)
|
|
|
10.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.82
|
)%
|
|
$
|
225,542
|
|
|
|
|
|
.80
|
%**
|
|
|
.80
|
%**
|
|
|
4.07
|
%**
|
|
|
7
|
%
|
|
4.01
|
|
|
|
248,317
|
|
|
|
|
|
.79
|
|
|
|
.79
|
|
|
|
3.87
|
|
|
|
9
|
|
|
12.08
|
|
|
|
233,521
|
|
|
|
|
|
.83
|
|
|
|
.83
|
|
|
|
4.28
|
|
|
|
8
|
|
|
3.30
|
|
|
|
187,844
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
4.48
|
|
|
|
6
|
|
|
11.49
|
|
|
|
196,974
|
|
|
|
|
|
.83
|
|
|
|
.83
|
|
|
|
4.52
|
|
|
|
6
|
|
|
(.52
|
)
|
|
|
183,868
|
|
|
|
|
|
.86
|
|
|
|
.84
|
|
|
|
4.68
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.10
|
)
|
|
|
33,530
|
|
|
|
|
|
1.35
|
**
|
|
|
1.35
|
**
|
|
|
3.53
|
**
|
|
|
7
|
|
|
3.39
|
|
|
|
37,936
|
|
|
|
|
|
1.34
|
|
|
|
1.34
|
|
|
|
3.31
|
|
|
|
9
|
|
|
11.50
|
|
|
|
33,690
|
|
|
|
|
|
1.38
|
|
|
|
1.38
|
|
|
|
3.73
|
|
|
|
8
|
|
|
2.74
|
|
|
|
26,958
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
3.93
|
|
|
|
6
|
|
|
10.83
|
|
|
|
26,957
|
|
|
|
|
|
1.38
|
|
|
|
1.38
|
|
|
|
3.97
|
|
|
|
6
|
|
|
(1.06
|
)
|
|
|
22,120
|
|
|
|
|
|
1.41
|
|
|
|
1.39
|
|
|
|
4.13
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.63
|
)
|
|
|
156,177
|
|
|
|
|
|
.60
|
**
|
|
|
.60
|
**
|
|
|
4.27
|
**
|
|
|
7
|
|
|
4.14
|
|
|
|
188,399
|
|
|
|
|
|
.59
|
|
|
|
.59
|
|
|
|
4.07
|
|
|
|
9
|
|
|
12.28
|
|
|
|
187,304
|
|
|
|
|
|
.63
|
|
|
|
.63
|
|
|
|
4.34
|
|
|
|
8
|
|
|
3.52
|
|
|
|
11,115
|
|
|
|
|
|
.62
|
|
|
|
.62
|
|
|
|
4.67
|
|
|
|
6
|
|
|
11.74
|
|
|
|
9,235
|
|
|
|
|
|
.63
|
|
|
|
.63
|
|
|
|
4.72
|
|
|
|
6
|
|
|
(.29)
|
|
|
|
6,224
|
|
|
|
|
|
.67
|
|
|
|
.65
|
|
|
|
4.90
|
|
|
|
12
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
*
|
Rounds to less than $.01 per share.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OHIO
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (6/85)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(f)
|
|
$
|
11.72
|
|
|
$
|
.23
|
|
|
$
|
(.70
|
)
|
|
$
|
(.47
|
)
|
|
|
|
$
|
(.23
|
)
|
|
$
|
|
|
|
$
|
(.23
|
)
|
|
$
|
11.02
|
|
2013
|
|
|
11.70
|
|
|
|
.45
|
|
|
|
.03
|
|
|
|
.48
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
11.72
|
|
2012
|
|
|
11.01
|
|
|
|
.49
|
|
|
|
.67
|
|
|
|
1.16
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.70
|
|
2011
|
|
|
11.18
|
|
|
|
.48
|
|
|
|
(.18
|
)
|
|
|
.30
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.01
|
|
2010
|
|
|
10.77
|
|
|
|
.48
|
|
|
|
.39
|
|
|
|
.87
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
11.18
|
|
2009
|
|
|
10.99
|
|
|
|
.47
|
|
|
|
(.19
|
)
|
|
|
.28
|
|
|
|
|
|
(.46
|
)
|
|
|
(.04
|
)
|
|
|
(.50
|
)
|
|
|
10.77
|
|
Class B (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(f)
|
|
|
11.68
|
|
|
|
.19
|
|
|
|
(.70
|
)
|
|
|
(.51
|
)
|
|
|
|
|
(.18
|
)
|
|
|
|
|
|
|
(.18
|
)
|
|
|
10.99
|
|
2013
|
|
|
11.67
|
|
|
|
.37
|
|
|
|
.02
|
|
|
|
.39
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
11.68
|
|
2012
|
|
|
10.98
|
|
|
|
.40
|
|
|
|
.68
|
|
|
|
1.08
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
11.67
|
|
2011
|
|
|
11.16
|
|
|
|
.40
|
|
|
|
(.19
|
)
|
|
|
.21
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
10.98
|
|
2010
|
|
|
10.75
|
|
|
|
.39
|
|
|
|
.40
|
|
|
|
.79
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
11.16
|
|
2009
|
|
|
10.97
|
|
|
|
.39
|
|
|
|
(.19
|
)
|
|
|
.20
|
|
|
|
|
|
(.38
|
)
|
|
|
(.04
|
)
|
|
|
(.42
|
)
|
|
|
10.75
|
|
Class C (8/93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(f)
|
|
|
11.67
|
|
|
|
.20
|
|
|
|
(.69
|
)
|
|
|
(.49
|
)
|
|
|
|
|
(.20
|
)
|
|
|
|
|
|
|
(.20
|
)
|
|
|
10.98
|
|
2013
|
|
|
11.65
|
|
|
|
.39
|
|
|
|
.03
|
|
|
|
.42
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.67
|
|
2012
|
|
|
10.97
|
|
|
|
.42
|
|
|
|
.67
|
|
|
|
1.09
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
11.65
|
|
2011
|
|
|
11.15
|
|
|
|
.42
|
|
|
|
(.19
|
)
|
|
|
.23
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.97
|
|
2010
|
|
|
10.74
|
|
|
|
.42
|
|
|
|
.39
|
|
|
|
.81
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.15
|
|
2009
|
|
|
10.96
|
|
|
|
.41
|
|
|
|
(.19
|
)
|
|
|
.22
|
|
|
|
|
|
(.40
|
)
|
|
|
(.04
|
)
|
|
|
(.44
|
)
|
|
|
10.74
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(f)
|
|
|
11.68
|
|
|
|
.24
|
|
|
|
(.69
|
)
|
|
|
(.45
|
)
|
|
|
|
|
(.24
|
)
|
|
|
|
|
|
|
(.24
|
)
|
|
|
10.99
|
|
2013
|
|
|
11.66
|
|
|
|
.48
|
|
|
|
.03
|
|
|
|
.51
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
11.68
|
|
2012
|
|
|
10.98
|
|
|
|
.51
|
|
|
|
.67
|
|
|
|
1.18
|
|
|
|
|
|
(.50
|
)
|
|
|
|
|
|
|
(.50
|
)
|
|
|
11.66
|
|
2011
|
|
|
11.15
|
|
|
|
.51
|
|
|
|
(.19
|
)
|
|
|
.32
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
10.98
|
|
2010
|
|
|
10.75
|
|
|
|
.50
|
|
|
|
.38
|
|
|
|
.88
|
|
|
|
|
|
(.48
|
)
|
|
|
|
|
|
|
(.48
|
)
|
|
|
11.15
|
|
2009
|
|
|
10.97
|
|
|
|
.49
|
|
|
|
(.19
|
)
|
|
|
.30
|
|
|
|
|
|
(.48
|
)
|
|
|
(.04
|
)
|
|
|
(.52
|
)
|
|
|
10.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(d)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.01
|
)%
|
|
$
|
286,781
|
|
|
|
|
|
.81
|
%*
|
|
|
.81
|
%*
|
|
|
4.20
|
%*
|
|
|
5
|
%
|
|
4.16
|
|
|
|
339,849
|
|
|
|
|
|
.79
|
|
|
|
.79
|
|
|
|
3.83
|
|
|
|
9
|
|
|
10.77
|
|
|
|
317,442
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
4.28
|
|
|
|
13
|
|
|
2.75
|
|
|
|
292,694
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
4.40
|
|
|
|
10
|
|
|
8.18
|
|
|
|
330,410
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
4.33
|
|
|
|
10
|
|
|
2.75
|
|
|
|
321,253
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
4.40
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.33
|
)
|
|
|
943
|
|
|
|
|
|
1.56
|
*
|
|
|
1.56
|
*
|
|
|
3.43
|
*
|
|
|
5
|
|
|
3.33
|
|
|
|
1,609
|
|
|
|
|
|
1.54
|
|
|
|
1.54
|
|
|
|
3.09
|
|
|
|
9
|
|
|
10.00
|
|
|
|
2,065
|
|
|
|
|
|
1.57
|
|
|
|
1.57
|
|
|
|
3.55
|
|
|
|
13
|
|
|
1.90
|
|
|
|
2,821
|
|
|
|
|
|
1.57
|
|
|
|
1.57
|
|
|
|
3.64
|
|
|
|
10
|
|
|
7.41
|
|
|
|
5,034
|
|
|
|
|
|
1.58
|
|
|
|
1.58
|
|
|
|
3.58
|
|
|
|
10
|
|
|
1.97
|
|
|
|
7,790
|
|
|
|
|
|
1.58
|
|
|
|
1.58
|
|
|
|
3.64
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.23
|
)
|
|
|
68,629
|
|
|
|
|
|
1.36
|
*
|
|
|
1.36
|
*
|
|
|
3.65
|
*
|
|
|
5
|
|
|
3.60
|
|
|
|
83,753
|
|
|
|
|
|
1.34
|
|
|
|
1.34
|
|
|
|
3.27
|
|
|
|
9
|
|
|
10.13
|
|
|
|
68,344
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
3.73
|
|
|
|
13
|
|
|
2.11
|
|
|
|
60,016
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
3.85
|
|
|
|
10
|
|
|
7.62
|
|
|
|
63,181
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
3.78
|
|
|
|
10
|
|
|
2.19
|
|
|
|
52,693
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
3.85
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.85
|
)
|
|
|
153,702
|
|
|
|
|
|
.61
|
*
|
|
|
.61
|
*
|
|
|
4.40
|
*
|
|
|
5
|
|
|
4.38
|
|
|
|
188,571
|
|
|
|
|
|
.59
|
|
|
|
.59
|
|
|
|
4.03
|
|
|
|
9
|
|
|
10.94
|
|
|
|
168,949
|
|
|
|
|
|
.62
|
|
|
|
.62
|
|
|
|
4.48
|
|
|
|
13
|
|
|
2.98
|
|
|
|
109,802
|
|
|
|
|
|
.62
|
|
|
|
.62
|
|
|
|
4.60
|
|
|
|
10
|
|
|
8.33
|
|
|
|
115,162
|
|
|
|
|
|
.62
|
|
|
|
.62
|
|
|
|
4.54
|
|
|
|
10
|
|
|
2.99
|
|
|
|
109,553
|
|
|
|
|
|
.64
|
|
|
|
.64
|
|
|
|
4.60
|
|
|
|
9
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver and/or expense reimbursement during the periods presented
herein.
|
|
(d)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(e)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(f)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WISCONSIN
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (6/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.02
|
|
|
$
|
.21
|
|
|
$
|
(.88
|
)
|
|
$
|
(.67
|
)
|
|
|
|
$
|
(.20
|
)
|
|
$
|
|
|
|
$
|
(.20
|
)
|
|
$
|
10.15
|
|
2013
|
|
|
11.09
|
|
|
|
.40
|
|
|
|
(.07
|
)
|
|
|
.33
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.02
|
|
2012
|
|
|
10.28
|
|
|
|
.43
|
|
|
|
.78
|
|
|
|
1.21
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.09
|
|
2011
|
|
|
10.39
|
|
|
|
.39
|
|
|
|
(.12
|
)
|
|
|
.27
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
10.28
|
|
2010
|
|
|
9.95
|
|
|
|
.38
|
|
|
|
.44
|
|
|
|
.82
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
10.39
|
|
2009
|
|
|
10.09
|
|
|
|
.39
|
|
|
|
(.14
|
)
|
|
|
.25
|
|
|
|
|
|
(.38
|
)
|
|
|
(.01
|
)
|
|
|
(.39
|
)
|
|
|
9.95
|
|
Class C (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.03
|
|
|
|
.18
|
|
|
|
(.88
|
)
|
|
|
(.70
|
)
|
|
|
|
|
(.17
|
)
|
|
|
|
|
|
|
(.17
|
)
|
|
|
10.16
|
|
2013
|
|
|
11.10
|
|
|
|
.34
|
|
|
|
(.07
|
)
|
|
|
.27
|
|
|
|
|
|
(.34
|
)
|
|
|
|
|
|
|
(.34
|
)
|
|
|
11.03
|
|
2012
|
|
|
10.30
|
|
|
|
.36
|
|
|
|
.78
|
|
|
|
1.14
|
|
|
|
|
|
(.34
|
)
|
|
|
|
|
|
|
(.34
|
)
|
|
|
11.10
|
|
2011
|
|
|
10.41
|
|
|
|
.33
|
|
|
|
(.11
|
)
|
|
|
.22
|
|
|
|
|
|
(.33
|
)
|
|
|
|
|
|
|
(.33
|
)
|
|
|
10.30
|
|
2010
|
|
|
9.96
|
|
|
|
.33
|
|
|
|
.45
|
|
|
|
.78
|
|
|
|
|
|
(.33
|
)
|
|
|
|
|
|
|
(.33
|
)
|
|
|
10.41
|
|
2009
|
|
|
10.11
|
|
|
|
.34
|
|
|
|
(.16
|
)
|
|
|
.18
|
|
|
|
|
|
(.32
|
)
|
|
|
(.01
|
)
|
|
|
(.33
|
)
|
|
|
9.96
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.05
|
|
|
|
.22
|
|
|
|
(.89
|
)
|
|
|
(.67
|
)
|
|
|
|
|
(.21
|
)
|
|
|
|
|
|
|
(.21
|
)
|
|
|
10.17
|
|
2013
|
|
|
11.12
|
|
|
|
.43
|
|
|
|
(.08
|
)
|
|
|
.35
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
11.05
|
|
2012
|
|
|
10.31
|
|
|
|
.44
|
|
|
|
.79
|
|
|
|
1.23
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
11.12
|
|
2011
|
|
|
10.42
|
|
|
|
.42
|
|
|
|
(.12
|
)
|
|
|
.30
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.31
|
|
2010
|
|
|
9.97
|
|
|
|
.40
|
|
|
|
.46
|
|
|
|
.86
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.42
|
|
2009
|
|
|
10.12
|
|
|
|
.41
|
|
|
|
(.15
|
)
|
|
|
.26
|
|
|
|
|
|
(.40
|
)
|
|
|
(.01
|
)
|
|
|
(.41
|
)
|
|
|
9.97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.11
|
)%
|
|
$
|
49,221
|
|
|
|
|
|
.89
|
%*
|
|
|
.88
|
%*
|
|
|
4.07
|
%*
|
|
|
6
|
%
|
|
2.94
|
|
|
|
62,029
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
3.60
|
|
|
|
9
|
|
|
11.96
|
|
|
|
51,124
|
|
|
|
|
|
.87
|
|
|
|
.87
|
|
|
|
3.94
|
|
|
|
19
|
|
|
2.71
|
|
|
|
45,101
|
|
|
|
|
|
.87
|
|
|
|
.87
|
|
|
|
3.81
|
|
|
|
14
|
|
|
8.42
|
|
|
|
50,270
|
|
|
|
|
|
.90
|
|
|
|
.90
|
|
|
|
3.75
|
|
|
|
6
|
|
|
2.61
|
|
|
|
46,933
|
|
|
|
|
|
.89
|
|
|
|
.89
|
|
|
|
4.02
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.37
|
)
|
|
|
16,324
|
|
|
|
|
|
1.44
|
*
|
|
|
1.43
|
*
|
|
|
3.53
|
*
|
|
|
6
|
|
|
2.39
|
|
|
|
20,924
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
3.04
|
|
|
|
9
|
|
|
11.27
|
|
|
|
12,542
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.38
|
|
|
|
19
|
|
|
2.17
|
|
|
|
9,105
|
|
|
|
|
|
1.42
|
|
|
|
1.42
|
|
|
|
3.26
|
|
|
|
14
|
|
|
7.94
|
|
|
|
9,329
|
|
|
|
|
|
1.45
|
|
|
|
1.45
|
|
|
|
3.19
|
|
|
|
6
|
|
|
1.93
|
|
|
|
6,907
|
|
|
|
|
|
1.44
|
|
|
|
1.44
|
|
|
|
3.46
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.07
|
)
|
|
|
20,128
|
|
|
|
|
|
.69
|
*
|
|
|
.68
|
*
|
|
|
4.24
|
*
|
|
|
6
|
|
|
3.15
|
|
|
|
36,939
|
|
|
|
|
|
.65
|
|
|
|
.65
|
|
|
|
3.81
|
|
|
|
9
|
|
|
12.16
|
|
|
|
32,782
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
4.13
|
|
|
|
19
|
|
|
2.92
|
|
|
|
18,236
|
|
|
|
|
|
.67
|
|
|
|
.67
|
|
|
|
4.14
|
|
|
|
14
|
|
|
8.73
|
|
|
|
2,605
|
|
|
|
|
|
.70
|
|
|
|
.70
|
|
|
|
3.94
|
|
|
|
6
|
|
|
2.72
|
|
|
|
1,573
|
|
|
|
|
|
.69
|
|
|
|
.69
|
|
|
|
4.20
|
|
|
|
12
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Notes to
Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust Information
The Nuveen Multistate Trust IV (the Trust), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust
is comprised of the Nuveen Kansas Municipal Bond Fund (Kansas), Nuveen Kentucky Municipal Bond Fund (Kentucky), Nuveen Michigan Municipal Bond Fund (Michigan), Nuveen Missouri Municipal Bond Fund
(Missouri), Nuveen Ohio Municipal Bond Fund (Ohio) and Nuveen Wisconsin Municipal Bond Fund (Wisconsin) (each a Fund and collectively, the Funds), as diversified funds (non-diversified for
Kansas and Wisconsin). The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as a series of predecessor trusts or corporations prior to that date.
Investment Adviser
The Funds investment adviser is
Nuveen Fund Advisors, LLC (the Adviser), a wholly-owned subsidiary of Nuveen Investments, Inc. (Nuveen). The Adviser is responsible for each Funds overall investment strategy and asset allocation decisions. The Adviser
has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the Sub-Adviser), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Fund Information
Each Funds investment objective is
to provide as high a level of current interest income exempt from regular federal, its respective state and, in some cases, local income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least
80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and its respective state personal income tax. These municipal bonds include
obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt
from regular federal and respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund will generally maintain, under normal market conditions, an
investment portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of
purchase by at least one independent rating agency, or, if unrated, judged by the Sub-Adviser to be of comparable quality. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as high
yield or junk bonds. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (
inverse floaters
).
Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. Each Funds investments in inverse floaters are designed to increase the Funds income and returns through this leveraged exposure.
These investments are speculative, however, and also create the possibility that income and returns will be diminished. Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation
interests in municipal leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.
Each Fund may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit
risk and yield curve risk, and to manage the effective maturity or duration of securities in each Funds portfolio.
The Funds most recent
prospectus provides further descriptions of each Funds investment objective, principal investment strategies, and principal risks.
Class B
Shares
During the current fiscal period, Kentucky, Missouri and Ohio offered Class B Shares. Effective at the close of business on October 28, 2013,
Class B Shares of Kentucky and Missouri were converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.
Significant Accounting Policies
The following is a summary
of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (U.S. GAAP).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal
income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to
earmark securities in the Funds portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of November 30, 2013, the Funds outstanding when-issued/delayed delivery
purchase commitments were as follows:
|
|
|
|
|
|
|
|
|
|
|
Missouri
|
|
|
Ohio
|
|
Outstanding when-issued/delayed delivery purchase commitments
|
|
$
|
2,244,593
|
|
|
$
|
5,992,296
|
|
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an annual basis.
Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout
expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such
amounts will be recognized as Legal fee refund on the Statement of Operations.
Dividends and Distributions to Shareholders
The Funds declare dividends from their net investment income daily and pay shareholders monthly. Fund shares begin to accrue dividends on the
business day after the day when the monies used to purchase Fund shares are collected by the Funds transfer agent.
Net realized capital gains
and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount
and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and
Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a .20% annual 12b-1 service fee. Class A Share
purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) if redeemed within eighteen months of purchase. Kansas, Michigan and Wisconsin
do not offer Class B shares. Kentucky and Missouri issued and Ohio will issue Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new
accounts or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class B Shares are subject to 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 automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an
up-front sales charge but incur a .55% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or
12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to
a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.
Realized and unrealized capital
gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Indemnifications
Under the Trusts organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trusts maximum exposure under these arrangements is unknown as this would involve
future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Notes to Financial Statements
(Unaudited) (continued)
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association,
Inc. (ISDA) master agreements or other similar arrangements (netting agreements). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral
received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of November 30, 2013, the Funds were not invested in any portfolio
securities or derivative instruments that are subject to netting agreements.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
Investment Valuation
Prices of municipal bonds are provided
by a pricing service approved by the Funds Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a securitys fair value using methods that may include
consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral,
general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may
consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds Board of
Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a
pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available
from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Funds net asset value (as
may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the
securitys fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair
value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations
of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending
on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds Board of Trustees or its designee.
Fair Value Measurements
Fair value is defined as the price
that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use
of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or
liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing
the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered heirarchy of valuation input levels.
|
|
|
Level 1
|
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2
|
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3
|
|
Prices are determined using significant unobservable inputs (including managements assumptions in determining the fair value of investments).
|
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing
in those securities. The following is a summary of each Funds fair value measurements as of the end of the reporting period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
211,027,951
|
|
|
$
|
|
|
|
$
|
211,027,951
|
|
|
|
|
|
|
Kentucky
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
374,161,099
|
|
|
$
|
|
|
|
$
|
374,161,099
|
|
|
|
|
|
|
Michigan
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
159,068,174
|
|
|
$
|
|
|
|
$
|
159,068,174
|
|
|
|
|
|
|
Missouri
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
414,856,496
|
|
|
$
|
|
|
|
$
|
414,856,496
|
|
|
|
|
|
|
Ohio
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
501,795,029
|
|
|
$
|
|
|
|
$
|
501,795,029
|
|
|
|
|
|
|
Wisconsin
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
86,644,407
|
|
|
$
|
|
|
|
$
|
86,644,407
|
|
*
|
Refer to the Funds Portfolio of Investments for industry classifications.
|
The Nuveen funds Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Advisers Valuation Committee. The Valuation
Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/ Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds pricing policies and reporting to the
Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Advisers dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as
approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and
monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee
will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows,
using public or private market information:
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals,
research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar
freely-traded
security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate,
and it is determined that the purchase price fairly reflects the instruments current value.
For each portfolio security that has been fair valued
pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation
occurrences are reported to the Board of Directors/Trustees.
Notes to Financial Statements
(Unaudited) (continued)
3. Portfolio Securities and
Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts
equal to some fraction of the deposited bonds par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an inverse floater) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating
rate certificates holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bonds downside investment risk and also benefits disproportionately from any potential appreciation of the
underlying bonds value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the
short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond
held by the trust to the Fund, thereby collapsing the trust.
A Fund may purchase an inverse floating rate security in a secondary market transaction
without first owning the underlying bond (referred to as an externally-deposited inverse floater), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the
residual interest in the trust (referred to as a self-deposited inverse floater). An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as (IF) Inverse floating rate
investment. The Funds Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in
Investment Income only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the
short-term
floating rate certificates and the expenses of the
trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.
An investment in a self-deposited
inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as (UB) Underlying bond of an inverse floating rate
trust reflected as a financing transaction, with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as Floating rate obligations on the Statement of Assets and
Liabilities. In addition, the Fund reflects in Investment Income the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of
Interest expense on the Statement of Operations.
During the six months ended November 30, 2013, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
The average floating rate obligations outstanding and average annual
interest rate and fees related to self-deposited inverse floaters for the following Funds during the six months ended November 30, 2013, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Missouri
|
|
|
Wisconsin
|
|
Average floating rate obligations outstanding
|
|
$
|
19,370,000
|
|
|
$
|
1,435,000
|
|
|
$
|
560,000
|
|
|
$
|
340,000
|
|
Average annual interest rate and fees
|
|
|
.58
|
%
|
|
|
.56
|
%
|
|
|
.25
|
%
|
|
|
.56
|
%
|
As of November 30, 2013, the total amount of floating rate obligations issued by each Funds self-deposited inverse
floaters and externally-deposited inverse floaters was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Floating rate obligations: self-deposited inverse floaters
|
|
$
|
9,420,000
|
|
|
$
|
5,650,000
|
|
|
$
|
|
|
|
$
|
2,225,000
|
|
|
$
|
|
|
|
$
|
1,000,000
|
|
Floating rate obligations: externally-deposited inverse floaters
|
|
|
5,250,000
|
|
|
|
22,500,000
|
|
|
|
6,437,000
|
|
|
|
|
|
|
|
57,235,000
|
|
|
|
3,750,000
|
|
Total
|
|
$
|
14,670,000
|
|
|
$
|
28,150,000
|
|
|
$
|
6,437,000
|
|
|
$
|
2,225,000
|
|
|
$
|
57,235,000
|
|
|
$
|
4,750,000
|
|
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a recourse trust or
credit recovery swap) (such agreements are referred to herein as Recourse Trusts), with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the
liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Funds potential exposure to losses
related to or on inverse floaters may increase beyond the value of a Funds inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such
shortfall is denoted as Unrealized depreciation on Recourse Trusts on the Statement of Assets and Liabilities.
As of November 30, 2013, each Funds maximum exposure to the floating rate obligations issued by
externally-deposited Recourse Trusts was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Maximum exposure to Recourse Trusts
|
|
$
|
5,250,000
|
|
|
$
|
15,000,000
|
|
|
$
|
3,150,000
|
|
|
$
|
|
|
|
$
|
31,410,000
|
|
|
$
|
3,750,000
|
|
Zero Coupon Securities
Each
Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between
the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of
securities that pay interest periodically.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable.
Even though the Funds investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may
do so in the future, they did not make any such investments during the six months ended November 30, 2013.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss
exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Funds exposure to counterparty
credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund
helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties.
Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined
threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined
threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the
pre-determined
threshold amount.
4. Fund Shares
Transactions in Fund shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
388,741
|
|
|
$
|
4,094,304
|
|
|
|
2,805,718
|
|
|
$
|
31,756,679
|
|
Class C
|
|
|
193,207
|
|
|
|
2,023,922
|
|
|
|
1,464,331
|
|
|
|
16,543,709
|
|
Class I
|
|
|
182,143
|
|
|
|
1,951,399
|
|
|
|
637,827
|
|
|
|
7,232,964
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
198,780
|
|
|
|
2,066,978
|
|
|
|
468,879
|
|
|
|
5,307,088
|
|
Class C
|
|
|
62,668
|
|
|
|
650,798
|
|
|
|
144,904
|
|
|
|
1,638,522
|
|
Class I
|
|
|
18,768
|
|
|
|
196,080
|
|
|
|
41,460
|
|
|
|
471,080
|
|
|
|
|
1,044,307
|
|
|
|
10,983,481
|
|
|
|
5,563,119
|
|
|
|
62,950,042
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(2,464,562
|
)
|
|
|
(26,087,555
|
)
|
|
|
(1,791,002
|
)
|
|
|
(20,199,747
|
)
|
Class C
|
|
|
(1,121,632
|
)
|
|
|
(11,711,406
|
)
|
|
|
(561,025
|
)
|
|
|
(6,340,112
|
)
|
Class I
|
|
|
(334,643
|
)
|
|
|
(3,510,121
|
)
|
|
|
(146,974
|
)
|
|
|
(1,665,731
|
)
|
|
|
|
(3,920,837
|
)
|
|
|
(41,309,082
|
)
|
|
|
(2,499,001
|
)
|
|
|
(28,205,590
|
)
|
Net increase (decrease)
|
|
|
(2,876,530
|
)
|
|
$
|
(30,325,601
|
)
|
|
|
3,064,118
|
|
|
$
|
34,744,452
|
|
Notes to Financial Statements
(Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
525,224
|
|
|
$
|
5,649,180
|
|
|
|
3,115,456
|
|
|
$
|
35,689,099
|
|
Class A automatic conversion of Class B Shares
|
|
|
30,733
|
|
|
|
329,407
|
|
|
|
3,004
|
|
|
|
34,268
|
|
Class B
(1)
exchanges
|
|
|
28
|
|
|
|
301
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
143,825
|
|
|
|
1,550,290
|
|
|
|
1,370,178
|
|
|
|
15,692,219
|
|
Class I
|
|
|
248,405
|
|
|
|
2,661,473
|
|
|
|
730,151
|
|
|
|
8,359,114
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
489,620
|
|
|
|
5,241,755
|
|
|
|
936,743
|
|
|
|
10,720,139
|
|
Class B
(1)
|
|
|
373
|
|
|
|
4,001
|
|
|
|
2,684
|
|
|
|
30,715
|
|
Class C
|
|
|
74,117
|
|
|
|
793,682
|
|
|
|
150,646
|
|
|
|
1,723,887
|
|
Class I
|
|
|
15,609
|
|
|
|
167,146
|
|
|
|
38,492
|
|
|
|
440,882
|
|
|
|
|
1,527,934
|
|
|
|
16,397,235
|
|
|
|
6,347,354
|
|
|
|
72,690,323
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(4,597,690
|
)
|
|
|
(49,704,271
|
)
|
|
|
(2,855,928
|
)
|
|
|
(32,671,116
|
)
|
Class B
(1)
|
|
|
(24,744
|
)
|
|
|
(266,517
|
)
|
|
|
(76,070
|
)
|
|
|
(869,371
|
)
|
Class B
(1)
automatic conversion to Class A Shares
|
|
|
(30,705
|
)
|
|
|
(329,407
|
)
|
|
|
(3,004
|
)
|
|
|
(34,268
|
)
|
Class C
|
|
|
(1,461,623
|
)
|
|
|
(15,723,587
|
)
|
|
|
(618,307
|
)
|
|
|
(7,073,520
|
)
|
Class I
|
|
|
(640,008
|
)
|
|
|
(6,906,457
|
)
|
|
|
(347,195
|
)
|
|
|
(3,967,168
|
)
|
|
|
|
(6,754,770
|
)
|
|
|
(72,930,239
|
)
|
|
|
(3,900,504
|
)
|
|
|
(44,615,443
|
)
|
Net increase (decrease)
|
|
|
(5,226,836
|
)
|
|
$
|
(56,533,004
|
)
|
|
|
2,446,850
|
|
|
$
|
28,074,880
|
|
(1)
|
Class B Shares of Kentucky converted to Class A Shares at close of business on October 28, 2013 and no longer available through an exchange from other Nuveen
mutual funds.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,177,286
|
|
|
$
|
13,365,624
|
|
|
|
1,381,597
|
|
|
$
|
16,448,266
|
|
Class C
|
|
|
76,908
|
|
|
|
853,571
|
|
|
|
426,830
|
|
|
|
5,081,332
|
|
Class I
|
|
|
184,117
|
|
|
|
2,039,795
|
|
|
|
741,878
|
|
|
|
8,887,321
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
160,626
|
|
|
|
1,785,739
|
|
|
|
356,694
|
|
|
|
4,246,247
|
|
Class C
|
|
|
23,154
|
|
|
|
256,939
|
|
|
|
47,013
|
|
|
|
558,958
|
|
Class I
|
|
|
35,857
|
|
|
|
398,169
|
|
|
|
64,899
|
|
|
|
772,276
|
|
|
|
|
1,657,948
|
|
|
|
18,699,837
|
|
|
|
3,018,911
|
|
|
|
35,994,400
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(3,976,327
|
)
|
|
|
(44,609,604
|
)
|
|
|
(2,084,103
|
)
|
|
|
(24,813,360
|
)
|
Class C
|
|
|
(516,512
|
)
|
|
|
(5,752,555
|
)
|
|
|
(307,508
|
)
|
|
|
(3,658,229
|
)
|
Class I
|
|
|
(462,301
|
)
|
|
|
(5,127,225
|
)
|
|
|
(261,631
|
)
|
|
|
(3,113,683
|
)
|
|
|
|
(4,955,140
|
)
|
|
|
(55,489,384
|
)
|
|
|
(2,653,242
|
)
|
|
|
(31,585,272
|
)
|
Net increase (decrease)
|
|
|
(3,297,192
|
)
|
|
$
|
(36,789,547
|
)
|
|
|
365,669
|
|
|
$
|
4,409,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,311,166
|
|
|
$
|
14,240,579
|
|
|
|
3,355,596
|
|
|
$
|
38,994,528
|
|
Class A automatic conversion of Class B Shares
|
|
|
26,783
|
|
|
|
291,932
|
|
|
|
4,532
|
|
|
|
54,964
|
|
Class B
(1)
exchanges
|
|
|
27
|
|
|
|
285
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
192,036
|
|
|
|
2,090,798
|
|
|
|
758,391
|
|
|
|
8,800,515
|
|
Class I
|
|
|
1,217,370
|
|
|
|
13,374,290
|
|
|
|
3,066,071
|
|
|
|
35,619,661
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
347,605
|
|
|
|
3,778,757
|
|
|
|
633,259
|
|
|
|
7,354,509
|
|
Class B
(1)
|
|
|
325
|
|
|
|
3,537
|
|
|
|
1,099
|
|
|
|
12,878
|
|
Class C
|
|
|
40,339
|
|
|
|
437,574
|
|
|
|
71,332
|
|
|
|
826,860
|
|
Class I
|
|
|
87,960
|
|
|
|
956,167
|
|
|
|
341,709
|
|
|
|
3,976,724
|
|
|
|
|
3,223,611
|
|
|
|
35,173,919
|
|
|
|
8,231,989
|
|
|
|
95,640,639
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(2,478,239
|
)
|
|
|
(27,001,286
|
)
|
|
|
(2,719,373
|
)
|
|
|
(31,593,350
|
)
|
Class B
(1)
|
|
|
(8,068
|
)
|
|
|
(87,083
|
)
|
|
|
(9,604
|
)
|
|
|
(108,115
|
)
|
Class B
(1)
automatic conversion to Class A Shares
|
|
|
(26,734
|
)
|
|
|
(291,932
|
)
|
|
|
(4,519
|
)
|
|
|
(54,964
|
)
|
Class C
|
|
|
(439,229
|
)
|
|
|
(4,790,645
|
)
|
|
|
(460,384
|
)
|
|
|
(5,340,635
|
)
|
Class I
|
|
|
(3,282,913
|
)
|
|
|
(35,672,105
|
)
|
|
|
(3,321,050
|
)
|
|
|
(38,603,424
|
)
|
|
|
|
(6,235,183
|
)
|
|
|
(67,843,051
|
)
|
|
|
(6,514,930
|
)
|
|
|
(75,700,488
|
)
|
Net increase (decrease)
|
|
|
(3,011,572
|
)
|
|
$
|
(32,669,132
|
)
|
|
|
1,717,059
|
|
|
$
|
19,940,151
|
|
(1)
|
Class B Shares of Missouri converted to Class A Shares at close of business on October 28, 2013 and are no longer available through an exchange from other Nuveen
mutual funds.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
3,028,319
|
|
|
$
|
33,779,309
|
|
|
|
4,594,182
|
|
|
$
|
54,465,233
|
|
Class A automatic conversion of Class B Shares
|
|
|
1,218
|
|
|
|
13,443
|
|
|
|
3,191
|
|
|
|
37,833
|
|
Class B
|
|
|
36
|
|
|
|
405
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
267,649
|
|
|
|
2,963,504
|
|
|
|
1,894,271
|
|
|
|
22,386,252
|
|
Class I
|
|
|
709,517
|
|
|
|
7,827,775
|
|
|
|
3,075,918
|
|
|
|
36,359,835
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
416,972
|
|
|
|
4,599,867
|
|
|
|
761,304
|
|
|
|
9,023,087
|
|
Class B
|
|
|
1,850
|
|
|
|
20,346
|
|
|
|
4,756
|
|
|
|
56,185
|
|
Class C
|
|
|
81,711
|
|
|
|
898,080
|
|
|
|
141,005
|
|
|
|
1,664,753
|
|
Class I
|
|
|
175,058
|
|
|
|
1,925,382
|
|
|
|
355,754
|
|
|
|
4,202,800
|
|
|
|
|
4,682,330
|
|
|
|
52,028,111
|
|
|
|
10,830,381
|
|
|
|
128,195,978
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(6,435,196
|
)
|
|
|
(71,151,120
|
)
|
|
|
(3,492,940
|
)
|
|
|
(41,416,013
|
)
|
Class B
|
|
|
(52,629
|
)
|
|
|
(582,784
|
)
|
|
|
(40,785
|
)
|
|
|
(482,623
|
)
|
Class B automatic conversion to Class A Shares
|
|
|
(1,221
|
)
|
|
|
(13,443
|
)
|
|
|
(3,201
|
)
|
|
|
(37,833
|
)
|
Class C
|
|
|
(1,276,061
|
)
|
|
|
(14,025,822
|
)
|
|
|
(724,347
|
)
|
|
|
(8,547,914
|
)
|
Class I
|
|
|
(3,041,854
|
)
|
|
|
(33,514,092
|
)
|
|
|
(1,774,710
|
)
|
|
|
(21,000,457
|
)
|
|
|
|
(10,806,961
|
)
|
|
|
(119,287,261
|
)
|
|
|
(6,035,983
|
)
|
|
|
(71,484,840
|
)
|
Net increase (decrease)
|
|
|
(6,124,631
|
)
|
|
$
|
(67,259,150
|
)
|
|
|
4,794,398
|
|
|
$
|
56,711,138
|
|
Notes to Financial Statements
(Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
243,681
|
|
|
$
|
2,500,963
|
|
|
|
1,702,360
|
|
|
$
|
19,009,154
|
|
Class C
|
|
|
76,763
|
|
|
|
802,446
|
|
|
|
927,100
|
|
|
|
10,377,801
|
|
Class I
|
|
|
502,407
|
|
|
|
5,276,721
|
|
|
|
1,551,300
|
|
|
|
17,387,860
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
92,023
|
|
|
|
939,958
|
|
|
|
163,752
|
|
|
|
1,828,740
|
|
Class C
|
|
|
24,477
|
|
|
|
250,221
|
|
|
|
37,501
|
|
|
|
419,144
|
|
Class I
|
|
|
16,962
|
|
|
|
173,942
|
|
|
|
54,252
|
|
|
|
608,057
|
|
|
|
|
956,313
|
|
|
|
9,944,251
|
|
|
|
4,436,265
|
|
|
|
49,630,756
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(1,114,884
|
)
|
|
|
(11,401,965
|
)
|
|
|
(846,364
|
)
|
|
|
(9,435,783
|
)
|
Class C
|
|
|
(391,526
|
)
|
|
|
(4,018,570
|
)
|
|
|
(196,915
|
)
|
|
|
(2,208,783
|
)
|
Class I
|
|
|
(1,884,582
|
)
|
|
|
(19,351,892
|
)
|
|
|
(1,210,009
|
)
|
|
|
(13,536,402
|
)
|
|
|
|
(3,390,992
|
)
|
|
|
(34,772,427
|
)
|
|
|
(2,253,288
|
)
|
|
|
(25,180,968
|
)
|
Net increase (decrease)
|
|
|
(2,434,679
|
)
|
|
$
|
(24,828,176
|
)
|
|
|
2,182,977
|
|
|
$
|
24,449,788
|
|
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended November 30, 2013, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Purchases
|
|
$
|
21,721,874
|
|
|
$
|
25,829,832
|
|
|
$
|
1,837,661
|
|
|
$
|
31,625,711
|
|
|
$
|
24,552,605
|
|
|
$
|
5,990,645
|
|
Sales and maturities
|
|
|
48,901,689
|
|
|
|
85,338,341
|
|
|
|
39,619,675
|
|
|
|
64,808,556
|
|
|
|
92,394,763
|
|
|
|
29,119,404
|
|
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to
satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital
gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions,
management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the
last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and
federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating
rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require
reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
As of November 30, 2013, the cost and unrealized
appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Cost of investments
|
|
$
|
198,504,602
|
|
|
$
|
359,501,583
|
|
|
$
|
156,037,506
|
|
|
$
|
403,370,310
|
|
|
$
|
490,717,297
|
|
|
$
|
85,681,293
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
8,560,555
|
|
|
$
|
13,911,320
|
|
|
$
|
6,582,179
|
|
|
$
|
19,372,406
|
|
|
$
|
22,018,638
|
|
|
$
|
3,214,224
|
|
Depreciation
|
|
|
(5,457,216
|
)
|
|
|
(4,901,633
|
)
|
|
|
(3,551,511
|
)
|
|
|
(10,111,157
|
)
|
|
|
(10,940,906
|
)
|
|
|
(3,251,110
|
)
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
3,103,339
|
|
|
$
|
9,009,687
|
|
|
$
|
3,030,668
|
|
|
$
|
9,261,249
|
|
|
$
|
11,077,732
|
|
|
$
|
(36,886
|
)
|
Permanent differences, primarily due to federal taxes paid, taxable market discount and nondeductible reorganizational
expenses resulted in reclassifications among the Funds components of net assets as of May 31, 2013, the Funds last tax year end, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Capital paid-in
|
|
$
|
|
|
|
$
|
9,277
|
|
|
$
|
|
|
|
$
|
38,133
|
|
|
$
|
(1,298
|
)
|
|
$
|
5,110
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
(34
|
)
|
|
|
(14,476
|
)
|
|
|
(8,866
|
)
|
|
|
(43,237
|
)
|
|
|
(46
|
)
|
|
|
(7,712
|
)
|
Accumulated net realized gain (loss)
|
|
|
34
|
|
|
|
5,199
|
|
|
|
8,866
|
|
|
|
5,104
|
|
|
|
1,344
|
|
|
|
2,602
|
|
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31,
2013, the Funds last tax year end, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Undistributed net tax-exempt income
1
|
|
$
|
666,991
|
|
|
$
|
1,188,356
|
|
|
$
|
926,614
|
|
|
$
|
1,861,152
|
|
|
$
|
3,295,689
|
|
|
$
|
519,615
|
|
Undistributed net ordinary income
2
|
|
|
27,386
|
|
|
|
|
|
|
|
13,885
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2013 through May 31, 2013, and
paid on June 3, 2013.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
The tax character of distributions paid during the Funds last tax year ended May 31, 2013, was designated for purposes of the dividends paid deduction as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Distributions from net tax-exempt income
|
|
$
|
8,230,799
|
|
|
$
|
16,716,057
|
|
|
$
|
7,942,854
|
|
|
$
|
18,405,598
|
|
|
$
|
23,000,518
|
|
|
$
|
3,901,379
|
|
Distributions from net ordinary income
2
|
|
|
41,387
|
|
|
|
226
|
|
|
|
|
|
|
|
|
|
|
|
103,868
|
|
|
|
2,218
|
|
Distributions from net long-term capital gains
|
|
|
1,697,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
As of May 31, 2013, the Funds last tax 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 shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject
to expiration are considered short-term.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
3
|
|
|
Ohio
3
|
|
|
Wisconsin
|
|
Expiration:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2016
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
224,658
|
|
|
$
|
|
|
May 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,357
|
|
|
|
204,682
|
|
|
|
|
|
May 31, 2018
|
|
|
|
|
|
|
3,377,319
|
|
|
|
448,279
|
|
|
|
663,355
|
|
|
|
30,607
|
|
|
|
40,757
|
|
May 31, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,552,586
|
|
|
|
|
|
Not subject to expiration:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term losses
|
|
|
1,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,572
|
|
|
|
|
|
Long-term losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
371,641
|
|
Total
|
|
$
|
1,449
|
|
|
$
|
3,377,319
|
|
|
$
|
448,279
|
|
|
$
|
672,712
|
|
|
$
|
2,111,105
|
|
|
$
|
412,398
|
|
3
|
A portion of Missouris and Ohios capital loss carryforward is subject to an annual limitation under Internal Revenue code and related regulations.
|
During the Funds last tax year ended May 31, 2013, the following Funds utilized their capital loss carryforwards as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
Utilized capital loss carryforwards
|
|
$
|
332,704
|
|
|
$
|
1,517,801
|
|
|
$
|
358,931
|
|
|
$
|
493,188
|
|
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having
arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Wisconsin
|
|
Post-October capital losses
4
|
|
$
|
160,325
|
|
|
$
|
163,596
|
|
Late-year ordinary losses
5
|
|
|
|
|
|
|
|
|
4
|
Capital losses incurred from November 1, 2012 through May 31, 2013, the Funds last tax year end.
|
5
|
Ordinary losses incurred from January 1, 2013 through May 31, 2013 and specified losses incurred from November 1, 2012 through May 31, 2013.
|
7. Management Fees and Other Transactions with Affiliates
Each Funds management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from
the management fees paid to the Adviser.
Notes to Financial Statements
(Unaudited) (continued)
Each Funds management fee
consists of two components a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure
enables each Funds shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
|
|
|
|
Average Daily Net Assets
|
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
|
|
.3500
|
%
|
For the next $125 million
|
|
|
.3375
|
|
For the next $250 million
|
|
|
.3250
|
|
For the next $500 million
|
|
|
.3125
|
|
For the next $1 billion
|
|
|
.3000
|
|
For the next $3 billion
|
|
|
.2750
|
|
For net assets over $5 billion
|
|
|
.2500
|
|
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
|
|
|
|
Complex-Level Asset Breakpoint Level*
|
|
Effective Rate at
Breakpoint Level
|
|
$55 billion
|
|
|
.2000
|
%
|
$56 billion
|
|
|
.1996
|
|
$57 billion
|
|
|
.1989
|
|
$60 billion
|
|
|
.1961
|
|
$63 billion
|
|
|
.1931
|
|
$66 billion
|
|
|
.1900
|
|
$71 billion
|
|
|
.1851
|
|
$76 billion
|
|
|
.1806
|
|
$80 billion
|
|
|
.1773
|
|
$91 billion
|
|
|
.1691
|
|
$125 billion
|
|
|
.1599
|
|
$200 billion
|
|
|
.1505
|
|
$250 billion
|
|
|
.1469
|
|
$300 billion
|
|
|
.1445
|
|
*
|
The complex-level fee is calculated based upon the aggregate daily eligible assets of all Nuveen Funds. Eligible assets do not include assets attributable to
investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Advisers assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets
include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds use of preferred stock and borrowings and certain investments in the residual
interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trusts issuance of floating rate securities,
subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of November 30, 2013, the complex-level fee rate for each of these Funds was as follows:
|
|
|
|
|
|
Fund
|
|
Complex-Level Fee Rate
|
|
Kansas
|
|
|
0.1679
|
%
|
Kentucky
|
|
|
0.1679
|
|
Michigan
|
|
|
0.1679
|
|
Missouri
|
|
|
0.1770
|
|
Ohio
|
|
|
0.1708
|
|
Wisconsin
|
|
|
0.1679
|
|
The Adviser has contractually agreed to waive fees and/or reimburse expenses so that total annual Fund operating expenses,
(excluding
12b-1
distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, acquired fund fees and expenses and extraordinary expenses) for Ohio
do not exceed .750% of the average daily net assets of any class of Fund shares. The Adviser may also voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Advisers
discretion.
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive
remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the
annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the six months ended November 30, 2013, Nuveen Securities, LLC (the Distributor), a wholly-owned
subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Sales charges collected
|
|
$
|
109,764
|
|
|
$
|
100,729
|
|
|
$
|
28,174
|
|
|
$
|
145,769
|
|
|
$
|
99,508
|
|
|
$
|
36,022
|
|
Paid to financial intermediaries
|
|
|
95,309
|
|
|
|
85,415
|
|
|
|
24,944
|
|
|
|
129,228
|
|
|
|
89,273
|
|
|
|
31,587
|
|
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial
intermediaries for providing services to shareholders relating to their investments.
During the six months ended November 30, 2013, the Distributor
compensated financial intermediaries directly with commission advances at the time of purchase as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
Commission advances
|
|
$
|
21,037
|
|
|
$
|
12,909
|
|
|
$
|
10,868
|
|
|
$
|
44,142
|
|
|
$
|
59,563
|
|
|
$
|
10,418
|
|
To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the
first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the
six months ended November 30, 2013, the Distributor retained such 12b-1 fees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
12b-1 fees retained
|
|
$
|
41,313
|
|
|
$
|
43,378
|
|
|
$
|
14,306
|
|
|
$
|
28,519
|
|
|
$
|
70,919
|
|
|
$
|
25,265
|
|
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to
shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended November
30, 2013, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas
|
|
|
Kentucky
|
|
|
Michigan
|
|
|
Missouri
|
|
|
Ohio
|
|
|
Wisconsin
|
|
CDSC retained
|
|
$
|
12,469
|
|
|
$
|
37,348
|
|
|
$
|
26
|
|
|
$
|
6,522
|
|
|
$
|
13,208
|
|
|
$
|
2,915
|
|
8. Subsequent Events
Class C and Class C2 Shares
During the current reporting
period, the Funds Board of Trustees approved the following changes:
Effective February 10, 2014, subsequent to the close of this reporting period,
each Fund intends to offer a new share class, designated as Class C Shares, which will be subject to annual distribution and service fees of 1.00% of the Funds average daily net assets. Current Class C Shares of the Funds will be re-designated
Class C2 Shares. Class C2 Shares will not be available for new accounts or for additional investment into existing accounts except in connection with dividend reinvestments. Class C2 Shares will not be eligible for the reinstatement privilege.
Shareholders of Class C2 Shares will be eligible to exchange their shares into Class C2 Shares of other Nuveen municipal bond funds. Shareholders of Class C2 Shares will also remain eligible to exchange their shares into Class C Shares of any other
Nuveen mutual Fund, but if they exchange back into a Nuveen municipal bond fund, they will issued newly established Class C Shares.
Notes
Notes
Notes
Glossary of Terms Used in this Report
Average Annual Total Return:
This is a commonly used method to express an
investments performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or offer price
and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration:
Duration is a measure
of the expected period over which a bonds principal and interest will be paid, and consequently is a measure of the sensitivity of a bonds (or bond funds) value to changes when market interest rates change. Generally, the longer a
bond or Funds duration, the more the price of the bond or Fund will change as interest rates change.
Effective Leverage (Effective Leverage
Ratio):
Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or
referenced by the levered instrument.
Gross Domestic Product (GDP):
The total market value of all final goods and services produced in a
country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities:
Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by
depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term
tax-exempt
interest rates to third parties in amounts equal to some fraction of the deposited bonds par amount or market value, and (b) issues an inverse floating rate certificate (sometimes
referred to as an inverse floater) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term
rate paid to the floating rate certificates holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bonds downside investment risk. The holder of the inverse floater typically also
benefits disproportionately from any potential appreciation of the underlying bonds value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage:
Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment
capital.
Lipper Ohio Municipal Debt Funds Classification Average:
Represents the average annualized total return for all reporting funds
in the Lipper Ohio Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Other States Municipal Debt Funds Classification Average:
Represents the average annualized total return for all reporting funds in the Lipper
Other States Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States Average represents the overall average of returns for funds from multiple states with a wide variety of municipal market
conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Glossary of Terms Used in this Report
(continued)
Net Asset Value (NAV) Per
Share:
A funds Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per
share is equal to the funds (or share class) Net Assets divided by its number of shares outstanding.
Pre-Refundings:
Pre-Refundings,
also known as advance refundings or
refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.
S&P Municipal Bond Index:
An unleveraged, market value-weighted index designed to measure the performance of the
tax-exempt,
investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Zero Coupon Bond:
A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond.
Tax-exempt
income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid
at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Fund Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Fund Manager
Nuveen Fund
Advisors, LLC
333 West Wacker Drive
Chicago, IL
60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
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Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL 60606
Custodians
State Street Bank & Trust Company
Boston, MA 02111
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
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Quarterly Form N-Q Portfolio of Investments Information:
Each Fund is required to file its complete schedule of portfolio
holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the
SECs Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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Nuveen Funds Proxy Voting Information:
You may obtain (i) information regarding how each fund voted proxies relating to
portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveens website at www.nuveen.com and (ii) a description of
the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly
from the SEC. Visit the SEC on-line at http://www.sec.gov.
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The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding
the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing
the Public Disclosure Program.
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Nuveen Investments:
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Serving Investors for Generations
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Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through
continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
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Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the
consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management,
Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion
as of September 30, 2013.
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Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call
us at
(800) 257-8787.
Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of
any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or
Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
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Learn more about Nuveen Funds at:
www.nuveen.com/mf
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Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
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MSA-MS6-1113D