<PAGE>
NUVEEN
Investments
Municipal Bond Funds
SEMIANNUAL REPORT OCTOBER 31, 2000
Dependable, tax-free income to help you keep more of what you earn.
INVEST WELL
LOOK AHEAD
LEAVE YOUR MARK/SM/
[PHOTOS APPEAR HERE]
High Yield Municipal Bond Fund
All-American Municipal Bond Fund
Insured Municipal Bond Fund
Intermediate Duration Municipal Bond Fund
Limited Term Municipal Bond Fund
<PAGE>
Dear Shareholders,
You may notice a change in your fund's semiannual report. We've simplified the
format to make it easier for you to get the information you want. We have
consolidated the chart information. Statistics such as total returns and yields
for your fund, portfolio allocation and credit quality -- are now all on one
easy-to-read page. Finally, we want you to know what has happened in the
municipal bond market without having to wade through a lot of technical
analysis, so we have limited economic commentary about the period to one page.
Your annual report, which will cover the 12-month period ending April 30, 2001,
will as always, include an in-depth interview with your fund's portfolio
manager. We strongly encourage you to read that report when you receive it next
year, as it strives to educate you on the value of Nuveen's active management of
your mutual fund.
If you have any questions about the changes made to your semiannual report,
please do not hesitate to contact Shareholder Services at (800) 257-8787. You
can also contact us through our Internet site, www.nuveen.com.
Contents
<TABLE>
<CAPTION>
<S> <C>
1 Dear Shareholder
3 Market Commentary
4 Nuveen High Yield Municipal Bond Fund Spotlight
5 Nuveen All-American Municipal Bond Fund Spotlight
6 Nuveen Insured Municipal Bond Fund Spotlight
7 Nuveen Intermediate Duration Municipal Bond Fund Spotlight
8 Nuveen Limited Term Municipal Bond Fund Spotlight
9 Portfolio of Investments
47 Statement of Net Assets
48 Statement of Operations
49 Statement of Changes in Net Assets
52 Notes to Financial Statements
60 Financial Highlights
65 Fund Information
</TABLE>
Must be preceded by or accompanied by a prospectus.
<PAGE>
DEAR
Shareholder,
[PHOTO OF TIMOTHY R. SCHWERTFEGER]
Timothy R. Schwertfeger
Chairman of the Board
Harvard University, Tiffany's and Dom Perignon are each the Rolls-Royce of its
market. Each is synonymous with "quality." Each has established, reinforced and
marketed its brand as one that consistently delivers a quality product - be it
education, fine jewelry or champagne. Each has made a promise to its customers,
and each works hard to keep that promise, year after year.
Webster defines quality as the degree of excellence that a thing possesses.
Nuveen Investments defines quality by the excellence of our portfolio management
and products as well as of the financial advisors you, and our firm, work with.
Quality Portfolio Management and Products
Nuveen's income-oriented funds feature portfolio management by Nuveen Investment
Management (NIM). NIM follows a disciplined, research-driven investment approach
to uncover income securities that combine exceptional relative value with above-
average return potential. Drawing on 300 combined years of investment
experience, the Nuveen team of portfolio managers and research analysts offers:
. A commitment to exhaustive research
. An active, value-oriented investment style
. The unmatched presence of trading leverage of a market leader.
While you may be familiar with our income funds, you may not be aware of the
equity mutual funds we offer investors. Our two newest funds - Nuveen Innovation
and Nuveen International Growth - were launched in December 1999. These funds
are managed by Columbus Circle Investors (CCI), a firm that has been managing
money for more than 25 years and has used a single, disciplined investment
philosophy called "Positive Momentum and Positive Surprise." This philosophy is
based on the premise that:
. Strong companies tend to get stronger. CCI believes a company that
demonstrates positive momentum in its business fundamentals tends to
generate superior returns through rising stock prices. This represents
the Positive Momentum CCI seeks.
. Companies positively surprise when their business fundamentals and
reported results exceed investor and analyst expectations. CCI believes
this is often accompanied by strong, accelerating growth. This represents
the Positive Surprise CCI seeks.
Our Nuveen Rittenhouse Growth Fund is managed by Rittenhouse Financial Services,
Inc. The investment philosophy Rittenhouse established years ago remains firmly
in place today -- pursue long-term growth with high-quality, large
capitalization blue chip stocks. This singular focus has translated into
consistently strong risk-adjusted returns and productive, long-lasting
relationships.
Semiannual Report page 1
<PAGE>
We also offer several growth and income style funds, all managed by
Institutional Capital Corporation (ICAP). ICAP seeks out stocks it believes have
appreciation potential unrecognized by the general market for Nuveen Growth and
Income Stock Fund, Nuveen European Value Fund, Nuveen Balanced Stock and Bond
Fund and Nuveen Balanced Municipal and Stock Fund.
Quality Financial Advisors
Nuveen Investments works through financial advisors because we believe in
quality advice. Today, you face an unprecedented array of investment choices,
opportunities -- and risks. Your investment advisor can offer you the
professional assistance that will help bring to life your aspirations -- for
yourself and your family, today and in the future.
Shareholders Approve Intermediate Fund Merger
By an overwhelming majority, shareholders of Nuveen Intermediate Municipal Bond
Fund approved the merger of the fund into Nuveen Intermediate Duration Municipal
Bond Fund. The vote was taken at a special meeting of shareholders Wednesday,
October 25, 2000. Approval of this agreement and Plan of Reorganization was
reached with 2,824,283 votes in favor and 112,588 against. A total of 2,991,531
votes were cast, with 54,660 shareholder abstaining from the vote.
As was communicated to shareholders prior to the special meeting, we believe the
merger would benefit shareholders in a number of ways, including the potential
for:
. higher dividends per share resulting from a higher gross embedded yield
and lower gross operating expenses as a percentage of net assets;
. preservation of the fund's intermediate risk characteristics;
. improved portfolio diversification; and
. lower portfolio transaction costs.
Nuveen Intermediate Duration Municipal Bond Fund is designed to provide as high
a level of current interest income exempt from regular federal and in some cases
state and local, income taxes as is consistent with preservation of capital.*
This Report
Please review your fund's Financial Spotlight to learn how it is positioned as
of its period ended October 31, 2000. Also, I invite you to read the following
Market Commentary to learn more about the economic environment in which your
fund performed.
For more information on any Nuveen investment, including a prospectus, contact
your financial advisor. Or call Nuveen at (800) 621-7227 or visit our Internet
site at www.nuveen.com. Please read the prospectus carefully before you invest
or send money.
Thank you for your continued confidence.
Sincerely,
/s/ TIMOTHY R. SCHWERTFEGER
Timothy R. Schwertfeger
Chairman of the Board
December 12, 2000
Your investment advisor can offer you the professional assistance that will help
bring to life your aspirations - for yourself and your family, today and in the
future.
* Income is generally exempt from regular federal and in some cases state and
local personal income taxes. Income may be subject to the federal alternative
minimum tax and local taxes. Capital gains distributions are subject to tax.
Semiannual Report page 2
<PAGE>
NUVEEN MUNICIPAL BOND FUNDS
Market Commentary
Municipal bonds performed well during the funds' six-month period ended October
31, 2000. During this period, yields on long-term municipal bonds declined by
approximately 42 basis points, resulting in a corresponding rise in bond prices.
Three reasons account for this performance. First, the likelihood of a Federal
Reserve tightening -- in the view of the general market -- fell as signs of
inflation did not appear. Secondly, new issue supply in the municipal market
remained low. This was due in part to the fact that many municipalities have
been funding capital projects with current strong tax collections rather than
with long-term debt. Finally, volatility and lackluster returns in the equity
market have increasingly turned investor attention to the municipal market.
During the period, credit spreads -- the basis point difference between yields
on high-grade bonds and low-grade bonds -- tightened. Still, compared with
credit spreads over the last several years, the spreads remained attractive.
Liquidity spreads -- the basis point difference between the yields offered by
sellers and yields demanded by buyers -- remained wide and volatile creating
opportunities for value trading.
The strong economy continued to generate strong tax collections for
municipalities throughout the country. In addition to reducing the need for debt
issuance, the collections have contributed to improved credit quality among many
municipal issuers. The recent upgrade of New York City to A, its highest rating
in 25 years, illustrates this trend.
Among the noteworthy deals this quarter were two tobacco settlement-backed bond
issues, both on behalf of New York counties. In the $206 billion dollar
settlement between 46 states and major tobacco companies, the states exchanged
all smoking-related claims for a stream of annual payments from the tobacco
companies. Several states and counties have come to market to borrow against the
future stream of payments. Proceeds of these transactions have been applied to
several different municipal purposes. We expect to see many more tobacco deals
over the next year.
A Look Ahead
We believe the Fed will remain on hold for the time being and that municipal
bond supply could increase incrementally. However, supply will likely remain
significantly below last year because of strong tax collections. Finally, we
believe that investors will increasingly shift money from the equity market to
the bond market if they see equity returns significantly lower than the past
several years.
Nuveen is dedicated to providing investors access to a team of highly
experienced investment managers, each overseeing portfolios within their
specific areas of expertise. Nuveen has chosen them for their rigorously
disciplined investment approaches and their consistent long-term performance.
Drawing on decades of experience and specialized knowledge, these skilled asset
managers have earned reputations for excellence in their fields of expertise,
whether it is blue-chip growth stocks, large-cap value stocks, bonds or
international securities.
Nuveen's advisor for income investing is Nuveen Investment Management (NIM). NIM
follows a disciplined, research-driven investment approach to uncover income
securities that combine exceptional relative value with above-average return
potential. Drawing on 300 combined years of investment experience, the Nuveen
team of portfolio managers and research analysts offers:
. A commitment to exhaustive research
. An active, value-oriented investment style
. The unmatched presence of trading leverage of a market leader.
This disciplined, research-oriented approach has paid off for investors, and is
a key investment strategy for Nuveen Funds.
Semiannual Report page 3
<PAGE>
NUVEEN HIGH YIELD MUNICIPAL BOND FUND
Fund Spotlight as of October 31, 2000
Top 5 Sectors
<TABLE>
<CAPTION>
<S> <C>
Utilities 30%
-------------------------------------------
Healthcare 20%
-------------------------------------------
Long-Term Care 15%
-------------------------------------------
Transportation 14%
-------------------------------------------
Basic Materials 7%
-------------------------------------------
</TABLE>
As a percentage of long-term bond holdings as of October 31, 2000. Holdings are
subject to change.
<TABLE>
<CAPTION>
Portfolio Statistics
<S> <C>
Total Net Assets $19.6 million
-------------------------------------------
Average Duration 7.81
-------------------------------------------
Average Effective Maturity 17.83 years
-------------------------------------------
</TABLE>
Quick Facts
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
<S> <C> <C> <C> <C>
NAV $18.66 $18.64 $18.65 $18.67
----------------------------------------------------------------------------------------------
CUSIP 67065Q749 67065Q756 67065Q764 67065Q772
----------------------------------------------------------------------------------------------
Latest Monthly Dividend* $0.1000 $0.0880 $0.0910 $0.1030
----------------------------------------------------------------------------------------------
Inception Date 6/99 6/99 6/99 6/99
----------------------------------------------------------------------------------------------
</TABLE>
*Paid November 1, 2000.
Total Returns as of 10/31/00/+/
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC w/o CDSC w/CDSC NAV
<S> <C> <C> <C> <C> <C> <C> <C>
1 - Year 5.62% 1.20% 4.92% 0.94% 5.12% 5.12% 5.93%
-----------------------------------------------------------------------------------------------------------------
YTD 5.69% 1.23% 5.07% 0.07% 5.24% 4.24% 5.91%
-----------------------------------------------------------------------------------------------------------------
Since Inception/1/ 0.58% -2.46% -0.19% -2.86% 0.03% 0.03% 0.79%
-----------------------------------------------------------------------------------------------------------------
</TABLE>
Total Returns as of 9/30/00+
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC w/o CDSC w/CDSC NAV
<S> <C> <C> <C> <C> <C> <C> <C>
1 - Year 3.64% -0.74% 2.89% -1.01% 3.15% 3.15% 3.89%
-----------------------------------------------------------------------------------------------------------------
YTD 4.56% 0.15% 4.02% -0.97% 4.22% 3.23% 4.77%
-----------------------------------------------------------------------------------------------------------------
Since Inception/1/ -0.20% -3.41% -0.96% -3.80% -0.70% -0.70% 0.01%
-----------------------------------------------------------------------------------------------------------------
</TABLE>
/1/ Annualized
/+/ Returns reflect differences in sales charges and expenses among the share
classes. Class A shares have a 4.2% maximum sales charge. Class B shares have a
CDSC that begins at 5% for redemptions during the first year after purchase and
declines periodically to 0% over the following five years. Class B shares
automatically convert to Class A shares eight years after purchase. Class C
shares have a 1% CDSC for redemptions within one year, which is not reflected in
the one-year total return but is included in the YTD total return.
Tax-Free Yields as of 10/31/00
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
NAV Offer NAV NAV NAV
<S> <C> <C> <C> <C> <C>
SEC 30 - Day Yield 6.07% 5.82% 5.33% 5.53% 6.28%
----------------------------------------------------------------------------------------------------
Taxable Equivalent Yield* 8.80% 8.43% 7.72% 8.01% 9.10%
----------------------------------------------------------------------------------------------------
</TABLE>
*Based on the SEC 30 - Day Yield and a federal income tax rate of 31%.
Bond Credit Quality**
[PIE CHART APPEARS HERE]
AA 5%
A 3%
BBB 22%
NR 70%
**As a percentage of long-term bond holdings as of October 31, 2000. Holdings
are subject to change.
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the fund prospectus.
Semiannual Report page 4
<PAGE>
NUVEEN ALL-AMERICAN MUNICIPAL BOND FUND
Fund Spotlight as of October 31, 2000
Quick Facts
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
<S> <C> <C> <C> <C>
NAV $10.55 $10.55 $10.53 $10.55
----------------------------------------------------------------------------
CUSIP 67065Q889 67065Q871 67065Q863 67065Q855
----------------------------------------------------------------------------
Latest Monthly Dividend* $0.0470 $0.0405 $0.0420 $0.0485
----------------------------------------------------------------------------
Inception Date 10/88 2/97 6/93 2/97
----------------------------------------------------------------------------
*Paid November 1, 2000
</TABLE>
Annualized Total Returns as of 10/31/00+
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC NAV NAV
<S> <C> <C> <C> <C> <C> <C>
1 - Year 6.40% 1.93% 5.60% 1.60% 5.80% 6.58%
-------------------------------------------------------------------------------------------------------------
5 - Year 5.18% 4.28% 4.45% 4.29% 4.58% 5.34%
-------------------------------------------------------------------------------------------------------------
10 - Year 7.38% 6.92% 6.89% 6.89% 6.78% 7.46%
-------------------------------------------------------------------------------------------------------------
</TABLE>
Annualized Total Returns as of 9/30/00+
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC NAV NAV
<S> <C> <C> <C> <C> <C> <C>
1 - Year 3.73% -0.62% 2.94% -0.98% 3.14% 3.91%
-------------------------------------------------------------------------------------------------------------------
5 - Year 5.34% 4.45% 4.64% 4.47% 4.78% 5.52%
-------------------------------------------------------------------------------------------------------------------
10 - Year 7.46% 7.00% 6.97% 6.97% 6.87% 7.55%
-------------------------------------------------------------------------------------------------------------------
</TABLE>
/+/ Class A share returns are actual. Class B, C and R share returns are actual
for the period since class inception; returns prior to class inception are Class
A share returns adjusted for differences in sales charges and expenses, which
are primarily differences in distribution and service fees. Class A shares have
a 4.2% maximum sales charge. Class B shares have a CDSC that begins at 5% for
redemptions during the first year after purchase and declines periodically to 0%
over the following five years. Class B shares automatically convert to Class A
shares eight years after purchase. Class C shares have a 1% CDSC for redemptions
within one year, which is not reflected in the one-year total return.
Tax-Free Yields as of 10/31/00
<TABLE>
<CAPTION>
A Shares B Shares C Shares R Shares
NAV Offer NAV NAV NAV
<S> <C> <C> <C> <C> <C>
SEC 30 - Day Yield 4.96% 4.75% 4.21% 4.41% 5.16%
------------------------------------------------------------------------------------------------------------
Taxable Equivalent Yield* 7.19% 6.88% 6.10% 6.39% 7.48%
------------------------------------------------------------------------------------------------------------
</TABLE>
*Based on the SEC 30 - Day Yield and a federal income tax rate of 31%.
Bond Credit Quality**
[PIE CHART APPEARS HERE]
AAA/U.S. Guaranteed 39%
AA 8%
A 18%
BBB 21%
NR 13%
Other 1%
**As a percentage of long-term bond holdings as of October 31, 2000. Holdings
are subject to change.
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the fund prospectus.
<TABLE>
<CAPTION>
Top Five Sectors
<S> <C>
Transportation 16%
---------------------------------------------
U.S. Guaranteed 14%
---------------------------------------------
Healthcare 13%
---------------------------------------------
Utilities 11%
---------------------------------------------
Tax Obligation (Limited) 11%
---------------------------------------------
</TABLE>
As a percentage of long-term bond holdings as of October 31, 2000. Holdings are
subject to change.
Portfolio Statistics
<TABLE>
<CAPTION>
<S> <C>
Total Net Assets $356.5 million
---------------------------------------------
Average Duration 7.95
---------------------------------------------
Average Effective Maturity 18.38 years
---------------------------------------------
</TABLE>
Semiannual Report page 5
<PAGE>
NUVEEN INSURED MUNICIPAL BOND FUND
Fund Spotlight as of October 31, 2000
Top 5 Sectors
<TABLE>
<CAPTION>
<S> <C>
U.S. Guaranteed 32%
---------------------------------------------
Healthcare 18%
---------------------------------------------
Tax Obligation (Limited) 10%
---------------------------------------------
Tax Obligation (General) 9%
---------------------------------------------
Housing (Single Family) 8%
---------------------------------------------
</TABLE>
As a percentage of long-term bond holdings
as of October 31, 2000. Holdings are subject
to change.
Portfolio Statistics
<TABLE>
<CAPTION>
<S> <C>
Total Net Assets $777.8 million
---------------------------------------------
Average Duration 5.62
---------------------------------------------
Average Effective Maturity 15.82 years
---------------------------------------------
</TABLE>
Quick Facts
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
A Shares B Shares C Shares R Shares
NAV $10.56 $10.56 $10.47 $10.52
-------------------------------------------------------------------------------------------------------
CUSIP 67065Q509 67065Q608 67065Q707 67065Q806
-------------------------------------------------------------------------------------------------------
Latest Monthly Dividend* $0.0450 $0.0385 $0.0395 $0.0465
-------------------------------------------------------------------------------------------------------
Inception Date 9/94 2/97 9/94 12/86
-------------------------------------------------------------------------------------------------------
</TABLE>
* Paid November 1, 2000
Annualized Total Returns as of 10/31/00+
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC NAV NAV
1 - Year 7.25% 2.70% 6.45% 2.45% 6.73% 7.46%
-------------------------------------------------------------------------------------------------------
5 - Year 4.87% 3.98% 4.10% 3.93% 4.27% 5.08%
-------------------------------------------------------------------------------------------------------
10 - Year 6.96% 6.50% 6.33% 6.33% 6.19% 7.17%
-------------------------------------------------------------------------------------------------------
</TABLE>
Annualized Total Returns as of 9/30/00+
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC NAV NAV
1 - Year 5.13% 0.73% 4.34% 0.35% 4.50% 5.23%
-------------------------------------------------------------------------------------------------------
5 - Year 5.10% 4.20% 4.35% 4.18% 4.50% 5.31%
-------------------------------------------------------------------------------------------------------
10 - Year 7.03% 6.57% 6.40% 6.40% 6.26% 7.24%
-------------------------------------------------------------------------------------------------------
</TABLE>
+ Class R share returns are actual. Class A, B and C share returns are actual
for the period since class inception; returns prior to class inception are Class
R share returns adjusted for differences in sales charges and expenses, which
are primarily differences in distribution and service fees. Class A shares have
a 4.2% maximum sales charge. Class B shares have a CDSC that begins at 5% for
redemptions during the first year after purchase and declines periodically to 0%
over the following five years. Class B shares automatically convert to Class A
shares eight years after purchase. Class C shares have a 1% CDSC for redemptions
within one year, which is not reflected in the one-year total return.
Tax-Free Yields as of 10/31/00
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
A Shares B Shares C Shares R Shares
NAV Offer NAV NAV NAV
SEC 30 - Day Yield 4.49% 4.30% 3.74% 3.94% 4.69%
-------------------------------------------------------------------------------------------------------
Taxable Equivalent Yield* 6.51% 6.23% 5.42% 5.71% 6.80%
-------------------------------------------------------------------------------------------------------
</TABLE>
* Based on the SEC 30 - Day Yield and federal income tax rate of 31%.
Bond Credit Quality**
[PIE CHART APPEARS HERE]
<TABLE>
<CAPTION>
<S> <C>
Insured 67%
----------------------------------------
Insured/U.S. Guaranteed 30%
----------------------------------------
U.S. Guaranteed 3%
----------------------------------------
</TABLE>
** As a percentage of long-term bond holdings as of
October 31, 2000. Holdings are subject to change.
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the fund prospectus.
Semiannual Report page 6
<PAGE>
NUVEEN INTERMEDIATE DURATION MUNICIPAL BOND FUND
Fund Spotlight as of October 31, 2000
<TABLE>
<CAPTION>
Quick Facts
A Shares B Shares C Shares R Shares
<S> <C> <C> <C> <C>
NAV $9.13 $9.13 $9.12 $9.14
--------------------------------------------------------------------------------
CUSIP 67065Q202 67065Q103 67065Q301 67065Q400
--------------------------------------------------------------------------------
Latest Monthly Dividend* $0.0375 $0.0320 $0.0330 $0.0390
--------------------------------------------------------------------------------
Inception Date 6/95 2/97 6/95 11/76
--------------------------------------------------------------------------------
</TABLE>
*Paid November 1, 2000
<TABLE>
<CAPTION>
Annualized Total Returns as of 10/31/00+
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC NAV NAV
<S> <C> <C> <C> <C> <C> <C>
1 - Year 7.75% 4.47% 6.95% 2.95% 7.00% 7.96%
--------------------------------------------------------------------------------
5 - Year 5.15% 4.50% 4.38% 4.22% 4.50% 5.37%
--------------------------------------------------------------------------------
10 - Year 6.45% 6.13% 5.87% 5.87% 5.73% 6.71%
--------------------------------------------------------------------------------
</TABLE>
+Class R share returns are actual. Class A, B and C share returns are actual for
the period since class inception; returns prior to class inception are Class R
share returns adjusted for differences in sales charges and expenses, which are
primarily differences in distribution and service fees. Class A shares have a
3.0% maximum sales charge. Class B shares have a CDSC that begins at 5% for
redemptions during the first year after purchase and declines periodically to 0%
over the following five years. Class B shares automatically convert to Class A
shares eight years after purchase. Class C shares have a 1%CDSC for redemptions
within one year, which is not reflected in the one-year total return. The fund's
sales charge structure was lowered to 3% from 4.2% effective October 30, 2000.
<TABLE>
<CAPTION>
Annualized Total Returns as of 9/30/00/2/
A Shares B Shares C Shares R Shares
NAV Offer w/o CDSC w/ CDSC NAV NAV
<S> <C> <C> <C> <C> <C> <C>
1 - Year 5.40% 0.95% 4.60% 0.60% 4.77% 5.49%
--------------------------------------------------------------------------------
5 - Year 5.25% 4.35% 4.50% 4.34% 4.62% 5.47%
--------------------------------------------------------------------------------
10 - Year 6.47% 6.02% 5.88% 5.88% 5.74% 6.72%
--------------------------------------------------------------------------------
</TABLE>
/2/Class R share returns are actual. Class A, B and C share returns are actual
for the period since class inception; returns prior to class inception are Class
R share returns adjusted for differences in sales charges and expenses, which
are primarily differences in distribution and service fees. Class A shares have
a 4.2% maximum sales charge. Class B shares have a CDSC that begins at 5% for
redemptions during the first year after purchase and declines periodically to 0%
over the following five years. Class B shares automatically convert to Class A
shares eight years after purchase. Class C shares have a 1%CDSC for redemptions
within one year, which is not reflected in the one-year total return.
<TABLE>
<CAPTION>
Tax-Free Yields as of 10/31/00
A Shares B Shares C Shares R Shares
NAV Offer NAV NAV NAV
<S> <C> <C> <C> <C> <C>
SEC 30-Day Yield 4.77% 4.62% 4.02% 4.21% 4.97%
--------------------------------------------------------------------------------
Taxable Equivalent Yield* 6.91% 6.70% 5.83% 6.10% 7.20%
--------------------------------------------------------------------------------
</TABLE>
*Based on the SEC 30-Day Yield and federal income tax rate of 31%.
<TABLE>
<CAPTION>
Bond Credit Quality**
[PIE CHART APPEARS HERE]
<S> <C>
AAA/U.S. Guaranteed 45%
---------------------------------
AA 34%
---------------------------------
A 10%
---------------------------------
BBB 10%
---------------------------------
NR 1%
---------------------------------
</TABLE>
**As a percentage of long-term bond holdings as of October 31, 2000. Holdings
are subject to change.
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the fund prospectus.
<TABLE>
<CAPTION>
Top Five Sectors
<S> <C>
Utilities 21%
---------------------------------
Healthcare 17%
---------------------------------
U.S. Guaranteed 16%
---------------------------------
Tax Obligation (Limited) 10%
---------------------------------
Water and Sewer 8%
---------------------------------
</TABLE>
As a percentage of long-term bond holdings as of October 31, 2000. Holdings are
subject to change.
<TABLE>
<CAPTION>
Portfolio Statistics
<S> <C>
Total Net Assets $2.7 billion
-------------------------------------------
Average Duration 6.00
-------------------------------------------
Average Effective Maturity 15.18 years
-------------------------------------------
</TABLE>
Morningstar Rating/TM/
* * * *
Overall rating among 1,719 municipal bond funds as of 10/31/00.
The Morningstar rating is an overall rating for the municipal bond category and
relates to Class A shares only; other classes may vary. Morningstar proprietary
ratings reflect historical risk-adjusted performance as of 10/31/00 and are
subject to change every month. Past performance is no guarantee of future
results. Ratings are calculated from the fund's three-, five-, and 10-year
average annual returns (if applicable) in excess of 90-day Treasury bill
returns, with appropriate fee adjustments, and a risk factor that reflects fund
performance below 90-day T-bill returns. Class A shares of the fund received 3
stars for the three-year period and 4 stars for the five-year period. The top
10% of the funds in a broad asset class receive five stars and the next 22.5%
receives four stars, and the next 35% receive three stars. The fund was rated
among 1,719 and 1,473 funds for the three- and five-year periods, respectively.
Semiannual Report page 7
<PAGE>
NUVEEN LIMITED TERM MUNICIPAL BOND FUND
Fund Spotlight as of October 31, 2000
<TABLE>
<CAPTION>
Top Five Sectors
<S> <C>
Utilities 17%
---------------------------------
Education and
Civic Organizations 16%
---------------------------------
Healthcare 14%
---------------------------------
Tax Obligation (Limited) 12%
---------------------------------
Housing (Multifamily) 10%
---------------------------------
</TABLE>
As a percentage of long-term bond holdings as of October 31, 2000. Holdings are
subject to change.
<TABLE>
<CAPTION>
Portfolio Statistics
<S> <C>
Total Net Assets $430.4 million
-------------------------------------------
Average Duration 4.23
-------------------------------------------
Average Effective Maturity 4.79 years
-------------------------------------------
</TABLE>
Morningstar Rating/TM/
* * * *
Overall rating among 1,719 municipal bond funds as of 10/31/00.
The Morningstar rating is an overall rating for the municipal bond category and
relates to Class A shares only; other classes may vary. Morningstar proprietary
ratings reflect historical risk-adjusted performance as of 10/31/00 and are
subject to change every month. Past performance is no guarantee of future
results. Ratings are calculated from the fund's three-, five-, and 10-year
average annual returns (if applicable) in excess of 90-day Treasury bill
returns, with appropriate fee adjustments, and a risk factor that reflects fund
performance below 90-day T-bill returns. Class A shares of the fund received 4
stars for the three-, five- and ten-year periods. The top 10% of the funds in a
broad asset class receive five stars and the next 22.5% receives four stars, and
the next 35% receive three stars. The fund was rated among 1,719, 1,473 and 435
funds for the three-, five-, and ten-year periods, respectively.
<TABLE>
<CAPTION>
Quick Facts
A Shares C Shares R Shares
<S> <C> <C> <C>
NAV $10.50 $10.48 $10.47
--------------------------------------------------------------------------------
CUSIP 67065Q949 67065Q830 67065Q822
--------------------------------------------------------------------------------
Latest Monthly Dividend* $0.0410 $0.0380 $0.0430
--------------------------------------------------------------------------------
Inception Date 10/87 12/95 2/97
--------------------------------------------------------------------------------
</TABLE>
*Paid November 1, 2000. The fund's monthly dividends rose during the six-month
period.
<TABLE>
<CAPTION>
Annualized Total Returns as of 10/31/00+
A Shares C Shares R Shares
NAV Offer NAV NAV
<S> <C> <C> <C> <C>
1 - Year 4.71% 2.09% 4.26% 4.86%
--------------------------------------------------------------------------------
5 - Year 4.30% 3.79% 3.93% 4.41%
--------------------------------------------------------------------------------
10 - Year 5.77% 5.50% 5.42% 5.82%
--------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Annualized Total Returns as of 9/30/00+
A Shares C Shares R Shares
NAV Offer NAV NAV
<S> <C> <C> <C> <C>
1 - Year 3.61% 1.03% 3.25% 3.85%
--------------------------------------------------------------------------------
5 - Year 4.30% 3.78% 3.95% 4.43%
--------------------------------------------------------------------------------
10 - Year 5.77% 5.50% 5.43% 5.83%
--------------------------------------------------------------------------------
</TABLE>
+Class A share returns are actual. Class C and R share returns are actual for
the period since class inception; returns prior to class inception are Class A
share returns adjusted for differences in sales charges and expenses, which are
primarily differences in distribution and service fees. Class A shares have a
2.5% maximum sales charge. Class C shares have a 1% CDSC for redemptions within
one year, which is not reflected in the one-year total return.
<TABLE>
<CAPTION>
Tax-Free Yields as of 10/31/00
A Shares C Shares R Shares
NAV Offer NAV NAV
<S> <C> <C> <C> <C>
SEC 30-Day Yield 4.40% 4.29% 4.05% 4.60%
--------------------------------------------------------------------------------
Taxable Equivalent Yield* 6.38% 6.22% 5.87% 6.67%
--------------------------------------------------------------------------------
</TABLE>
*Based on the SEC 30-Day Yield and federal income tax rate of 31%.
<TABLE>
<CAPTION>
Bond Credit Quality**
[PIE CHART APPEARS HERE]
<S> <C>
AAA/U.S. Guaranteed 39%
---------------------------------
AA 4%
---------------------------------
A 22%
---------------------------------
BBB 21%
---------------------------------
NR 12%
---------------------------------
Other 2%
---------------------------------
</TABLE>
**As a percentage of long-term bond holdings as of October 31, 2000. Holdings
are subject to change.
Returns are historical and do not guarantee future performance. Investment
returns and principal value will fluctuate so that when shares are redeemed,
they may be worth more or less than their original cost. Performance of classes
will differ. For additional information, please see the fund prospectus.
Semiannual Report page 8
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen High Yield Municipal Bond Fund
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Alaska - 2.6%
$ 500 City of Pine Bluff, 2/10 at 101 BBB+ $ 515,965
Arkansas, Environmental
Improvement Revenue
Refunding Bonds, 2000
Series A
(International Paper
Company Project), 6.700%,
8/01/20 (Alternative
Minimum Tax)
-------------------------------------------------------------------------------
Connecticut - 7.0%
1,455 Connecticut Development 8/04 at 102 N/R 1,365,692
Authority, Health Facility
Refunding Revenue Bonds,
Alzheimers Resource Center
of Connecticut, Inc.
Project, Series 1994A,
7.125%, 8/15/14
-------------------------------------------------------------------------------
Florida - 4.7%
900 Martin County Industrial 12/04 at 102 BBB- 910,638
Development Authority
(Florida), Industrial
Development Revenue Bonds
(Indiantown Cogeneration
L.P. Project), Series
1994A, 7.875%, 12/15/25
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Illinois - 10.4%
135 Village of Channahon, 12/09 at 102 BBB+ 124,011
Illinois, Revenue
Refunding Bonds, Series
1999 (Morris Hospital),
5.750%, 12/01/12
405 City of Chicago, O'Hare 11/00 at 103 Baa2 423,687
International Airport,
Special Facility Revenue
Bonds (United Air Lines,
Inc. Project), Series
1988A, 8.950%, 5/01/18
(Alternative Minimum Tax)
140 City of Chicago, Tax 1/09 at 100 N/R 137,333
Increment Allocation Bonds
(Irving/Cicero
Redevelopment Project),
Series 1998, 7.000%,
1/01/14
250 Illinois Development No Opt. Call BBB 250,290
Finance Authority, Solid
Waste Disposal Revenue
Bonds (Waste Management,
Inc. Project), Series
1990, 7.125%, 1/01/01
(Alternative Minimum Tax)
225 Illinois Health Facilities 2/07 at 102 A- 203,681
Authority, Revenue
Refunding Bonds, Series
1996B (Sarah Bush Lincoln
Health Center), 5.500%,
2/15/16
725 Illinois Health Facilities 1/01 at 102 Baa3 595,095
Authority, Revenue
Refunding Bonds, Series
1991 (Proctor Community
Hospital Project), 7.375%,
1/01/23
300 Village of Libertyville, 11/09 at 100 A2 300,594
Illinois, Affordable
Housing Revenue Bonds,
Series 1999A (Liberty
Towers Project), 7.000%,
11/01/29
-------------------------------------------------------------------------------
Indiana - 4.8%
1,000 Whitley County, Indiana, 11/10 at 102 N/R 943,600
Solid Waste and Sewage
Disposal Revenue Bonds
(Steel Dynamics, Inc.
Project), Series 1998,
7.250%, 11/01/18
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Iowa - 3.6%
695 Iowa Higher Education Loan 10/10 at 102 N/R 708,455
Authority, Private College
Facility Revenue Bonds
(Waldorf College Project),
Series 1999, 7.375%,
10/01/19
-------------------------------------------------------------------------------
Kentucky - 19.6%
Kentucky Economic
Development Finance
Authority, Hospital System
Refunding and Improvement
Revenue Bonds, Series 1997
(Appalachian Regional
Healthcare, Inc. Project):
1,000 5.850%, 10/01/17 4/08 at 102 N/R 701,110
1,000 5.875%, 10/01/22 4/08 at 102 N/R 673,970
City of Newport, Kentucky,
Public Properties
Corporation, First Mortgage
Revenue Bonds, Series 2000A
(Public Parking and Plaza
Project):
1,500 8.375%, 1/01/18 7/10 at 104 N/R 1,482,540
975 8.500%, 1/01/27 7/10 at 104 N/R 962,023
-------------------------------------------------------------------------------
Maryland - 0.9%
315 Prince Georges County, 7/04 at 102 N/R 180,514
Maryland, Project and
Refunding Revenue Bonds
(Dimensions Health
Corporation Issue), Series
1994, 5.375%, 7/01/14
</TABLE>
-------------------------------------------------------------------------------
9
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen High Yield Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Minnesota - 9.5%
$ 400 Northwest Minnesota 10/04 at 102 N/R $ 320,896
Multi-County Housing
and Redevelopment
Authority, Governmental
Housing Revenue Bonds
(Pooled Housing
Program), Series 1994A,
8.125%, 10/01/26
1,530 City of White Bear Lake, 11/03 at 102 N/R 1,538,231
Minnesota, First
Mortgage Nursing Home
Revenue Refunding Bonds
(White Bear Lake Care
Center, Inc. Project),
Series 1992, 8.250%,
11/01/12
-------------------------------------------------------------------------------
New York - 11.5%
1,400 County of Cattaraugus, No Opt. Call N/R 1,375,696
New York, Industrial
Development Agency,
Tax-Exempt Industrial
Development Revenue
Bonds, Series 1999A
(Laidlaw Energy and
Environmental, Inc.
Project), 8.500%,
7/01/21 (Alternative
Minimum Tax)
500 Erie County Industrial 12/10 at 103 N/R 350,000
Development Agency (New
York), Solid Waste
Disposal Facility
Revenue Bonds (1998
CanFibre of Lackawanna
Project), 9.050%,
12/01/25 (Alternative
Minimum Tax)
500 Dormitory Authority of 7/09 at 101 AA 522,460
the State of New York,
Marymount Manhattan
College Insured Revenue
Bonds, Series 1999,
6.125%, 7/01/21
-------------------------------------------------------------------------------
Ohio - 7.8%
100 Ohio Capital Corporation No Opt. Call N/R 101,147
for Housing Mortgage,
Revenue Refunding
Bonds, Series 1999G
(FHA-Insured Mortgage
Loans - Section 8
Assisted Projects),
6.750%, 2/01/03
Ohio Water Development
Authority, Solid Waste
Disposal Revenue Bonds
(Bay Shore Power
Project), Convertible
Series 1998B:
700 6.625%, 9/01/20 9/09 at 102 N/R 624,988
1,000 5.875%, 9/01/20 9/08 at 102 N/R 799,950
(Alternative Minimum
Tax)
-------------------------------------------------------------------------------
Pennsylvania - 7.8%
750 Carbon County Industrial No Opt. Call BBB- 763,463
Development Authority,
Pennsylvania, Resource
Recovery Revenue
Refunding Bonds, 2000
Series (Panther Creek
Partners Project),
6.650%, 5/01/10
(Alternative Minimum
Tax)
905 Cumberland County 11/04 at 102 BBB- 763,042
Municipal Authority,
Pennsylvania, Carlisle
Hospital and Health
Services, First
Mortgage Revenue and
Refunding Bonds, Series
1994, 6.800%, 11/15/14
-------------------------------------------------------------------------------
Rhode Island - 0.7%
140 City of Central Falls, 5/09 at 102 AA 145,191
Rhode Island General
Obligation School
Bonds, 6.250%, 5/15/20
-------------------------------------------------------------------------------
Texas - 0.7%
140 Harris County Housing 7/12 at 103 N/R 135,514
Finance Corporation
(Texas), Multifamily
Housing Revenue Bonds
(Windfern Pointe and
Waterford Place
Apartments Projects),
1999 Senior Series A
and B, Subordinate
Series C and Junior
Subordinate Series D,
9.000%, 7/01/29
-------------------------------------------------------------------------------
Utah - 4.6%
750 City of Bountiful, Davis 12/08 at 101 N/R 622,950
County, Utah Hospital
Revenue Refunding Bonds
(South Davis Community
Hospital Project),
Series 1998, 5.750%,
12/15/18
275 Utah Housing Finance 7/09 at 101 1/2 Aa2 286,019
Agency, Single Family
Mortgage Bonds, 1999
Series F, 6.300%,
7/01/21
-------------------------------------------------------------------------------
Virginia - 4.3%
850 Virginia Small Business No Opt. Call N/R 850,612
Financing Authority,
Industrial Development
Revenue Bonds (S.I.L.
Clean Water, L.L.C.
Project), Series 1999,
7.250%, 11/01/09
-------------------------------------------------------------------------------
Wisconsin - 0.7%
150 Wisconsin Health and 11/09 at 101 N/R 135,881
Educational Facilities
Authority, Revenue
Bonds, Series 1999 (FH
Healthcare Development,
Inc. Project), 6.250%,
11/15/20
-------------------------------------------------------------------------------
$ 21,610 Total Investments (cost 19,815,238
$19,867,856) - 101.2%
-------------------------------------------------------------------------------
------------
Other Assets Less (235,552)
Liabilities - (1.2)%
----------------------------------------------------------------------
Net Assets - 100% $19,579,686
----------------------------------------------------------------------
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call pro-
visions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R Investment is not rated.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
10
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen All-American Municipal Bond Fund
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Alabama - 1.8%
$ 25 Alabama Housing Finance 4/04 at 102 Aaa $ 25,812
Authority, Single Family
Mortgage Revenue Bonds
(Collateralized Home
Mortgage Revenue Bond
Program), 1994 Series A-1
Bonds, 6.600%, 4/01/19
200 Alabama State Docks 10/06 at 102 AAA 210,528
Department, Docks
Facilities Revenue Bonds,
Series 1996, 6.100%,
10/01/13 (Alternative
Minimum Tax)
400 The Utilities Board of the 3/07 at 102 AA 395,312
City of Bayou La Batre
(Alabama), Water and
Sewer Revenue Refunding
and Improvement Bonds,
Series 1997, 5.750%,
3/01/27
100 The Industrial Development 9/05 at 102 BBB+ 100,426
Board of the Town of
Courtland (Alabama),
Solid Waste Disposal
Revenue Bonds (Champion
International Corporation
Project), Series 1995A,
6.500%, 9/01/25
(Alternative Minimum Tax)
100 Jefferson County, Alabama, 2/07 at 101 AAA 100,734
Sewer Revenue Warrants,
Series 1997D, 5.750%,
2/01/27
500 The Industrial Development 4/08 at 102 A- 450,040
Board of Phenix City,
Alabama, Environmental
Improvement Revenue
Refunding Bonds (Mead
Coated Board Project),
Series 1998A, 5.300%,
4/01/27 (Alternative
Minimum Tax)
5,000 The Southeast Alabama Gas 6/10 at 102 Aaa 4,931,950
District, General System
Revenue Bonds, Series A,
5.500%, 6/01/20
250 The Industrial Development 8/06 at 102 A1*** 270,408
Board of the City of
Tallassee, Alabama,
Industrial Revenue Bonds,
Dow-United Technologies
Composite Products,
Series 1996-A, 6.100%,
8/01/14 (Pre-refunded to
8/01/06)
-------------------------------------------------------------------------------
Alaska - 0.9%
3,000 Municipality of Anchorage, 9/09 at 101 AAA 3,118,260
Alaska, Water Revenue and
Refunding Bonds, Series
1999, 6.000%, 9/01/24
-------------------------------------------------------------------------------
Arizona - 1.2%
2,500 The Industrial Development 7/08 at 101 BBB+ 2,049,650
Authority of the County
of Maricopa (Arizona),
Health Facility Revenue
Bonds (Catholic
Healthcare West Project),
1998 Series A, 5.000%,
7/01/21
2,500 The Industrial Development 6/07 at 101 A- 2,322,550
Authority of the County
of Yavapai (Arizona),
Industrial Development
Revenue Bonds, 1998
Series (Citizens
Utilities Company
Project), 5.450%, 6/01/33
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
California - 5.6%
7,500 California Higher No Opt. Call A2 7,792,125
Education Loan Authority,
Inc., Student Loan
Revenue Refunding Bonds,
Subordinate 1994
Series D, 6.500%, 6/01/05
(Alternative Minimum Tax)
8,000 Contra Costa Home Mortgage No Opt. Call AAA 3,180,720
Finance Authority,
California, 1984 Home
Mortgage Revenue Bonds,
0.000%, 9/01/17
2,000 Foothill/Eastern No Opt. Call AAA 1,670,000
Transportation Corridor
Agency, California, Toll
Road Revenue Bonds,
Series 1995A,
0.000%, 1/01/05
2,000 Long Beach Aquarium of the 7/05 at 102 BBB 1,881,060
Pacific, Revenue Bonds
(Aquarium of the Pacific
Project), 1995 Series A,
6.125%, 7/01/23
4,000 Regional Airports 5/06 at 102 BBB- 3,965,360
Improvement Corporation,
Facilities Sublease
Refunding Revenue Bonds,
Issue of 1996, Delta Air
Lines, Inc. (Los Angeles
International Airport),
6.350%, 11/01/25
Sacramento Cogeneration
Authority, Cogeneration
Project Revenue Bonds
(Procter & Gamble
Project), 1995 Series:
500 6.200%, 7/01/06 7/05 at 102 BBB- 534,460
1,000 6.500%, 7/01/21 (Pre- 7/05 at 102 AAA 1,113,630
refunded to 7/01/05)
-------------------------------------------------------------------------------
Colorado - 3.5%
E-470 Public Highway
Authority, Capital
Improvement Trust Fund
Highway Revenue Bonds (E-
470 Project), Senior
Bonds, Arapahoe County,
Colorado:
6,000 0.000%, 8/31/05 No Opt. Call AAA 4,768,500
2,000 6.950%, 8/31/20 (Pre- 8/05 at 103 AAA 2,254,920
refunded to 8/31/05)
2,500 Colorado Housing and 4/10 at 105 AA 2,761,050
Finance Authority, Single
Family Program Senior
Bonds, 2000 Series D-2,
6.900%, 4/01/29
(Alternative Minimum Tax)
</TABLE>
--------------------------------------------------------------------------------
11
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen All-American Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Colorado (continued)
$ 2,500 Hyland Hills Park and 12/06 at 101 N/R $ 2,620,575
Recreation District,
Adams County, Colorado,
Special Revenue Refunding
and Improvement Bonds,
Series 1996A, 6.750%,
12/15/15
-------------------------------------------------------------------------------
Connecticut - 1.8%
4,000 Housing Authority of the 12/09 at 102 N/R 4,045,160
City of Bridgeport,
Connecticut, Multifamily
Housing Revenue Bonds
(Stratfield Apartments
Project), Series 1999,
7.250%, 12/01/24
2,000 State of Connecticut 11/04 at 102 AAA 2,224,100
Health and Educational
Facilities Authority,
Revenue Bonds, Nursing
Home Program Issue,
Series 1994,
AHF/Hartford, Inc.
Project, 7.125%, 11/01/14
-------------------------------------------------------------------------------
Florida - 1.3%
1,930 Nassau County, Florida 1/03 at 103 N/R 2,071,990
(GF/Amelia Island
Properties, Inc.
Project), ICF/MR Revenue
Bonds, Series 1993A,
9.750%, 1/01/23
1,965 Sanford Airport Authority 5/06 at 102 N/R 2,033,146
(Florida), Industrial
Development Revenue Bonds
(Central Florida
Terminals Inc. Project),
Series 1995A, 7.500%,
5/01/10 (Alternative
Minimum Tax)
645 Sanford Airport Authority 5/07 at 102 N/R 661,254
(Florida), Industrial
Development Revenue Bonds
(Central Florida
Terminals Inc. Project),
Series 1997C, 7.500%,
5/01/21
-------------------------------------------------------------------------------
Georgia - 0.5%
2,000 Brunswick and Glynn County 3/08 at 102 Baa2 1,772,080
Development Authority
(Georgia), Revenue
Refunding Bonds, Series
1998, (Georgia Pacific
Corporation Project),
5.550%, 3/01/26
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Illinois - 8.4%
6,645 Buffalo Grove Park 11/00 at 100 N/R 6,644,934
District, Lake and Cook
Counties, Illinois,
Installment Contract
Certificates (Limited
Tax), Series 1999,
5.400%, 12/30/04
The County of Champaign,
Illinois, General
Obligation Bonds (Public
Safety Sales Tax -
Alternate Revenue
Source), Series 1999:
1,140 8.250%, 1/01/21 No Opt. Call AAA 1,500,548
1,275 8.250%, 1/01/22 No Opt. Call AAA 1,684,976
2,000 Illinois Development 9/06 at 102 AAA 2,083,620
Finance Authority (The
Presbyterian Home Lake
Forest Place Project),
Revenue Bonds, Series
1996 B, 6.300%, 9/01/22
3,750 Illinois Educational 7/01 at 102 AAA 3,890,850
Facilities Authority,
Revenue Refunding Bonds,
Loyola University of
Chicago, Series 1991-A,
7.125%, 7/01/21 (Pre-
refunded to 7/01/01)
Illinois Educational
Facilities Authority,
Revenue Refunding Bonds,
Columbia College, Series
1992:
2,815 6.875%, 12/01/17 (Pre- 12/04 at 100 N/R*** 3,046,449
refunded to 12/01/04)
1,185 6.875%, 12/01/17 12/04 at 100 BBB 1,221,119
2,000 Illinois Health Facilities 8/06 at 102 N/R 1,940,780
Authority, Revenue
Refunding Bonds, Series
1995A (Fairview Obligated
Group), 7.125%, 8/15/17
4,000 Illinois Health Facilities 8/07 at 101 A- 3,533,480
Authority, Revenue Bonds
(Victory Health Service),
Series 1997A, 5.750%,
8/15/27
4,750 Metropolitan Pier and No Opt. Call AAA 4,740,405
Exposition Authority
(Illinois), McCormick
Place Expansion Project
Refunding Bonds, Series
1998A, 5.500%, 12/15/23
-------------------------------------------------------------------------------
Indiana - 2.7%
2,000 City of Goshen, Indiana, 8/08 at 101 N/R 1,597,280
Revenue Refunding Bonds,
Series 1998 (Greencroft
Obligated Group), 5.750%,
8/15/28
2,500 Indiana Housing Finance 1/10 at 100 Aaa 2,546,150
Authority, Single Family
Mortgage Revenue Bonds,
2000 Series C-3, 5.650%,
7/01/30
4,000 Indianapolis Airport 11/05 at 102 Baa2 3,810,880
Authority, Specialty
Facility Revenue Bonds,
Series 1995A (United
Airlines, Inc. -
Indianapolis Maintenance
Center Project), 6.500%,
11/15/31 (Alternative
Minimum Tax)
500 Hospital Authority of 5/02 at 101 AAA 520,795
Monroe County (Indiana),
Hospital Revenue Bonds,
Series 1992 (Bloomington
Hospital Project),
6.700%, 5/01/12 (Pre-
refunded to 5/01/02)
1,000 Rockport Pollution Control 3/01 at 102 BBB+ 1,025,160
(Indiana Michigan Power
Company), 7.600%, 3/01/16
-------------------------------------------------------------------------------
Kentucky - 5.1%
5,000 County of Henderson, 3/05 at 102 A3 5,134,000
Kentucky, Solid Waste
Disposal Revenue Bonds
(MacMillan Bloedel
Project), Series 1995,
7.000%, 3/01/25
(Alternative Minimum Tax)
</TABLE>
--------------------------------------------------------------------------------
12
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Optional Call Market
(000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Kentucky (continued)
$ 4,500 Jefferson County, Kentucky, No Opt. Call A+ $ 2,420,460
Capital Projects
Corporation, Lease Revenue
Bonds, Series 1992A,
0.000%, 8/15/12
2,000 Kentucky Economic 4/08 at 102 N/R 1,347,940
Development Finance
Authority, Hospital System
Refunding and Improvement
Revenue Bonds, Series 1997
(Appalachian Regional
Healthcare, Inc. Project),
5.875%, 10/01/22
5,000 Louisville and Jefferson 11/04 at 102 AAA 5,495,650
County Metropolitan Sewer
District (Commonwealth of
Kentucky), Sewer and
Drainage System Revenue
Bonds, Series 1994A,
6.750%, 5/15/25
3,500 Pendleton County, Kentucky, 3/03 at 102 A 3,618,685
County Lease Revenue Bonds,
Kentucky Associated
Counties Leasing Trust
Program, Series 1993-A,
6.500%, 3/01/19
-------------------------------------------------------------------------------
Louisiana - 1.9%
4,200 Calcasieu Parish Public 4/10 at 105 Aaa 4,660,572
Trust Authority, Louisiana,
Single Family Mortgage
Revenue Bonds, Series
2000A, 7.000%, 10/01/31
(Alternative Minimum Tax)
1,900 City of New Orleans Audubon 4/02 at 102 N/R*** 2,025,438
Park Commission, Aquarium
Revenue Bonds, Series 1992,
8.000%, 4/01/12
(Pre-refunded to 4/01/02)
-------------------------------------------------------------------------------
Maryland - 1.5%
2,000 Maryland Energy Financing 12/06 at 102 A- 2,049,140
Administration, Limited
Obligation Solid Waste
Disposal Revenue Bonds
(Wheelabrator Water
Technologies - Baltimore
L.L.C. Projects), 1996
Series, 6.450%, 12/01/16
(Alternative Minimum Tax)
3,500 Maryland Economic 6/09 at 102 Baa3 3,210,935
Development Corporation,
Student Housing Revenue
Bonds (Collegiate Housing
Foundation - University
Courtyard Project), Series
1999A, 5.750%, 6/01/31
-------------------------------------------------------------------------------
Massachusetts - 1.4%
2,750 Massachusetts Health and 7/09 at 101 AA- 2,440,790
Educational Facilities
Authority, Revenue Bonds,
Partners HealthCare System
Issue, Series B, 5.125%,
7/01/19
3,000 Massachusetts Industrial 12/08 at 102 BBB 2,635,590
Finance Agency, Resource
Recovery Revenue Refunding
Bonds (Ogden Haverhill
Project), Series 1998A,
5.600%, 12/01/19
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Michigan - 1.5%
5,000 Michigan State Hospital 8/08 at 101 BBB- 3,663,200
Finance Authority, Hospital
Revenue Bonds (The Detroit
Medical Center Obligated
Group), Series 1998A,
5.250%, 8/15/23
2,000 Pontiac, Michigan, Hospital 8/03 at 102 BBB- 1,809,400
Finance Authority, Hospital
Revenue Refunding Bonds
(NOMC Obligated Group),
Series 1993, 6.000%,
8/01/13
-------------------------------------------------------------------------------
Minnesota - 1.2%
4,000 Minnesota Housing Finance 7/10 at 101 AA+ 4,142,280
Agency, Single Family
Mortgage Bonds, 1997 Series
G, Remarketed, 6.000%,
1/01/18
-------------------------------------------------------------------------------
Nevada - 1.9%
7,000 Director of the State of 1/10 at 100 AAA 6,608,000
Nevada, Department of
Business and Industry, Las
Vegas Monorail Project
Revenue Bonds, 1st Tier
Series 2000, 5.375%,
1/01/40
-------------------------------------------------------------------------------
New Hampshire - 0.4%
700 New Hampshire Higher 1/01 at 100 BBB+ 670,453
Educational and Health
Facilities Authority,
Hospital Revenue Bonds,
Catholic Medical Center
Issue, Series 1989, 6.000%,
7/01/17
600 New Hampshire Higher 1/01 at 102 BBB+ 608,124
Educational and Health
Facilities Authority,
Hospital Revenue Bonds, St.
Joseph Hospital Issue,
Series 1991, 7.500%,
1/01/16
-------------------------------------------------------------------------------
New Jersey - 3.0%
2,300 New Jersey Economic 6/02 at 102 N/R 2,365,895
Development Authority,
Electric Energy Facility
Revenue Bonds (Vineland
Cogeneration Limited
Partnership Project),
Series 1992, 7.875%,
6/01/19 (Alternative
Minimum Tax)
New Jersey Turnpike
Authority, Turnpike Revenue
Reset Option Certificates,
Trust II-R Series 23,
Salomon Brothers Holding
Company Inc:
3,335 0.000%, 1/01/11 (IF) No Opt. Call AAA 4,295,413
2,920 0.000%, 1/01/16 (IF) No Opt. Call AAA 4,107,768
</TABLE>
--------------------------------------------------------------------------------
13
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen All-American Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
New Mexico - 0.8%
$ 3,000 City of Farmington, New 4/06 at 101 Baa3 $ 2,745,900
Mexico, Pollution
Control Revenue
Refunding Bonds, Series
1997A (Public Service
Company of New Mexico -
San Juan Project),
5.800%, 4/01/22
-------------------------------------------------------------------------------
New York - 11.7%
3,100 Village of East 3/09 at 103 N/R 2,944,628
Rochester Housing
Authority (New York),
1999 Multifamily Senior
Housing Revenue Bonds
(Jefferson Park
Apartments Project),
6.750%, 5/01/31
The City of New York,
General Obligation
Bonds, Fiscal 1992
Series D:
685 7.500%, 2/01/17 (Pre- 2/02 at 101 1/2 Aaa 721,291
refunded to 2/01/02)
750 7.500%, 2/01/18 (Pre- 2/02 at 101 1/2 Aaa 789,735
refunded to 2/01/02)
115 The City of New York, 4/07 at 101 A*** 126,451
General Obligation
Bonds, Fiscal 1997
Series I, 6.250%,
4/15/27 (Pre-refunded
to 4/15/07)
The City of New York,
General Obligation
Bonds, Fiscal 1992
Series B:
970 7.500%, 2/01/09 (Pre- 2/02 at 101 1/2 A*** 1,021,022
refunded to 2/01/02)
930 7.500%, 2/01/09 2/02 at 101 1/2 A 973,970
3,290 The City of New York, 5/10 at 101 A 3,352,444
General Obligation
Bonds, Fiscal 2000
Series E, 5.750%,
5/15/18
1,750 New York City Housing 6/01 at 102 AAA 1,808,380
Development
Corporation, Multi-Unit
Mortgage Refunding
Bonds (FHA-Insured
Mortgage Loans), 1991
Series A, 7.350%,
6/01/19
2,700 New York City 5/10 at 101 Aa3 3,100,977
Transitional Finance
Authority, Future Tax
Secured Bonds, Residual
Interest Certificates,
Series 319, 0.000%,
11/01/17 (IF)
2,500 Dormitory Authority of 7/05 at 102 AAA 2,771,300
the State of New York,
Department of Health of
the State of New York,
Revenue Bonds, Series
1995, Roswell Park
Cancer Center, 6.625%,
7/01/24 (Pre-refunded
to 7/01/05)
3,000 New York State Housing 9/05 at 102 A 3,069,090
Finance Agency, Service
Contract Obligation
Revenue Bonds, 1995
Series A,
6.375%, 9/15/15
5,500 New York State Urban No Opt. Call A 5,633,265
Development
Corporation, State
Facilities Revenue
Bonds, 1995 Refunding
Series, 5.700%, 4/01/20
1,500 New York State Urban No Opt. Call A 1,548,975
Development
Corporation, Project
Revenue Bonds (Center
for Industrial
Innovation), 1995
Refunding Series,
5.500%, 1/01/13
2,125 New York State Urban No Opt. Call A 2,128,464
Development
Corporation, Project
Revenue Bonds
(University Facilities
Grants), 1995 Refunding
Series, 5.500%, 1/01/19
7,500 The Port Authority of 10/06 at 102 N/R 7,569,300
New York and New
Jersey, Special Project
Bonds, Series 4, KIAC
Partners Project,
6.750%, 10/01/19
(Alternative Minimum
Tax)
Suffolk County
Industrial Development
Agency (New York), 1998
Industrial Development
Revenue Bonds
(Nissequogue Cogen
Partners Facility):
3,375 5.500%, 1/01/23 1/09 at 101 N/R 2,875,973
(Alternative Minimum
Tax)
1,800 5.300%, 1/01/13 1/09 at 101 N/R 1,620,126
(Alternative Minimum
Tax)
-------------------------------------------------------------------------------
North Carolina - 0.4%
1,299 Woodfin Treatment 12/03 at 102 N/R 1,314,451
Facility, Inc. (North
Carolina),
Proportionate Interest
Certificates, 6.750%,
12/01/13
-------------------------------------------------------------------------------
North Dakota - 0.1%
200 North Dakota Housing 1/01 at 102 Aa2 203,346
Finance Agency, Single
Family Mortgage Program
Bonds, 1989 Series B,
8.000%, 7/01/13
-------------------------------------------------------------------------------
Ohio - 8.4%
City of Cleveland, Ohio,
Public Power System
Improvement First
Mortgage Revenue Bonds,
Series 1991A:
835 7.000%, 11/15/17 (Pre- 11/01 at 102 AAA 873,535
refunded to 11/15/01)
565 7.000%, 11/15/17 11/01 at 102 AAA 588,826
1,350 County of Columbiana, 12/04 at 102 AA 1,483,974
Ohio, County Jail
Facilities Construction
Bonds (General
Obligation - Unlimited
Tax), 6.700%, 12/01/24
2,000 County of Cuyahoga, 8/05 at 102 AAA 2,176,460
Ohio, Hospital Revenue
Bonds (Meridia Health
System), Series 1995,
6.250%, 8/15/24
(Pre-refunded to
8/15/05)
1,000 County of Cuyahoga, 2/03 at 102 AA- 1,028,140
Ohio, Hospital
Facilities Revenue
Bonds, Series 1993,
Health Cleveland, Inc.
(Fairview General
Hospital Project),
6.300%, 8/15/15
2,350 City of Garfield 11/02 at 102 AA-*** 2,495,606
Heights, Ohio, Hospital
Improvement and
Refunding Revenue
Bonds, Series 1992B
(Marymount Hospital
Project), 6.700%,
11/15/15 (Pre-refunded
to 11/15/02)
</TABLE>
--------------------------------------------------------------------------------
14
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Ohio (continued)
County of Hamilton,
Ohio, Health Care
Facilities Improvement
Revenue Bonds, Series
1999A (Twin Towers):
$ 2,150 5.750%, 10/01/19 10/08 at 102 A $ 2,071,934
2,000 5.800%, 10/01/23 10/08 at 102 A 1,917,060
1,500 County of Lucas, Ohio, 12/01 at 102 N/R*** 1,585,590
Hospital Facilities
Revenue Bonds, Series
1991 (Flower Memorial
Hospital),
8.125%, 12/01/11 (Pre-
refunded to 12/01/01)
3,500 County of Miami, Ohio, 5/06 at 102 BBB 3,162,810
Hospital Facilities
Revenue Refunding and
Improvement Bonds,
Series 1996A
(Upper Valley Medical
Center), 6.375%,
5/15/26
5,000 County of Montgomery, 4/10 at 101 BBB+ 5,024,450
Ohio, Hospital
Facilities Revenue
Bonds, Series 1999
(Kettering Medical
Center Network
Obligated Group),
6.750%, 4/01/18
1,750 Ohio Higher Educational 12/03 at 102 AAA 1,871,258
Facility Commission,
Higher Educational
Facility Mortgage
Revenue Bonds
(University of Dayton
1992 Project), 6.600%,
12/01/17
2,600 State of Ohio, Solid 8/08 at 103 Baa1 2,064,296
Waste Disposal Revenue
Bonds (USG Corporation
Project), Series 1997
Remarketed,
5.600%, 8/01/32
(Alternative Minimum
Tax)
3,500 County of Shelby, Ohio, 9/02 at 102 N/R*** 3,751,790
Hospital Facilities
Revenue Refunding and
Improvement Bonds,
Series 1992
(The Shelby County
Memorial Hospital
Association), 7.700%,
9/01/18 (Pre-refunded
to 9/01/02)
-------------------------------------------------------------------------------
Oklahoma - 1.2%
Edmond Economic
Development Authority
(Oklahoma), Student
Housing Revenue Bonds
(Collegiate Housing
Foundation - Edmond
Project), Series 1998A:
1,650 5.375%, 12/01/19 12/08 at 102 Baa3 1,478,433
3,250 5.500%, 12/01/28 12/08 at 102 Baa3 2,861,138
-------------------------------------------------------------------------------
Pennsylvania - 4.2%
1,000 Allegheny County, 11/10 at 102 AAA 1,058,680
Pennsylvania, Hospital
Development Authority,
Health System Insured
Revenue Bonds,
Series 2000A, West Penn
Allegheny Health
System, 6.500%,
11/15/30
2,500 Allegheny County Higher 2/06 at 102 Baa3 2,596,425
Education Building
Authority (Commonwealth
of Pennsylvania),
College Revenue Bonds,
Series A of 1996
(Robert Morris
College), 6.400%,
2/15/14
1,000 Delaware County 4/01 at 102 AAA 1,029,500
Industrial Development
Authority, Pollution
Control Revenue
Refunding Bonds, 1991
Series A (Philadelphia
Electric Company
Project), 7.375%,
4/01/21
5,935 Delaware River Port 1/08 at 100 AAA 6,763,882
Authority, Inverse
Floater, 8.920%,
1/01/08 (IF)
500 Falls Township Hospital 8/02 at 102 AAA 525,205
Authority, Refunding
Revenue Bonds, The
Delaware Valley Medical
Center Project
(FHA-Insured Mortgage),
Series 1992, 7.000%,
8/01/22
1,000 Latrobe Industrial 5/04 at 102 AAA 1,089,060
Development Authority
(Commonwealth of
Pennsylvania), College
Revenue Bonds (Saint
Vincent College
Project), Series 1994,
6.750%, 5/01/24 (Pre-
refunded to 5/01/04)
City of Philadelphia,
Pennsylvania, Gas Works
Revenue Bonds,
Fourteenth Series:
550 6.375%, 7/01/26 (Pre- 7/03 at 102 BBB*** 585,156
refunded to 7/01/03)
1,150 6.375%, 7/01/26 7/03 at 102 BBB 1,160,235
-------------------------------------------------------------------------------
Puerto Rico - 0.1%
100 Commonwealth of Puerto 7/04 at 101 1/2 AAA 109,147
Rico, Public
Improvement Bonds of
1994 (General
Obligation Bonds),
6.500%, 7/01/23 (Pre-
refunded to 7/01/04)
100 Puerto Rico Public No Opt. Call A 101,666
Building Authority,
Revenue Refunding
Bonds, Series L,
Guaranteed by the
Commonwealth of Puerto
Rico, 5.500%, 7/01/21
165 Puerto Rico Electric 7/04 at 102 AAA 180,107
Power Authority, Power
Revenue Bonds, Series
T, 6.375%, 7/01/24
(Pre-refunded to
7/01/04)
70 Puerto Rico Industrial, 8/05 at 101 1/2 AAA 73,842
Tourist, Educational,
Medical and
Environmental Control
Facilities Financing
Authority, Hospital
Revenue Refunding
Bonds, 1995 Series A
(FHA-Insured Mortgage
Pila Hospital Project),
5.875%, 8/01/12
-------------------------------------------------------------------------------
South Carolina - 2.6%
Berkeley County, School
District Certificates of
Participation:
250 6.250%, 2/01/12 (Pre- 2/04 at 102 AAA 267,358
refunded to 2/01/04)
2,225 6.300%, 2/01/16 (Pre- 2/04 at 102 AAA 2,380,706
refunded to 2/01/04)
</TABLE>
--------------------------------------------------------------------------------
15
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen All-American Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
South Carolina
(continued)
Charleston County, South
Carolina, Charleston
Public Facilities
Corporation, Certificates
of Participation, Series
1994B:
$ 240 6.875%, 6/01/14 (Pre- 6/04 at 102 AAA $ 262,666
refunded to 6/01/04)
10 6.875%, 6/01/14 6/04 at 102 AAA 10,794
400 Board of Trustees of 6/04 at 102 AAA 432,572
Coastal Carolina
University, South
Carolina, Revenue Bonds,
Series 1994,
6.800%, 6/01/19
200 Greenville Hospital No Opt. Call Aa3 207,128
System, Board of
Trustees, Hospital
Facilities Revenue Bonds
(South Carolina), Series
1990, 6.000%, 5/01/20
300 South Carolina Regional 7/02 at 102 Aa 308,238
Housing Development
Corporation No 1,
Multifamily Revenue
Refunding Bonds, Redwood
Village Apartments,
Series A, 6.625%,
7/01/17
500 South Carolina State 9/04 at 101 A 521,785
Education Assistance
Authority, Guaranteed
Student Loan Revenue and
Refunding Bonds,
1994 Series, 6.300%,
9/01/08 (Alternative
Minimum Tax)
220 South Carolina State 7/04 at 102 AA 232,399
Housing Authority,
Homeownership Mortgage
Purchase, Series A,
6.150%, 7/01/08
215 South Carolina State 5/06 at 102 Aa2 218,197
Housing Finance and
Development Authority,
Mortgage Revenue Bonds,
Series 1996A,
6.350%, 7/01/25
(Alternative Minimum
Tax)
1,000 South Carolina Housing 6/05 at 102 BBB+ 1,031,000
Finance and Development
Authority, Multifamily
Housing Mortgage Revenue
Bonds (United Dominion -
Hunting Ridge
Apartments Project),
Series 1995, 6.750%,
6/01/25 (Alternative
Minimum Tax)
(Mandatory put 6/01/10)
1,250 South Carolina Housing 11/05 at 102 AA- 1,263,850
Finance and Development
Authority, Multifamily
Housing Revenue
Refunding Bonds (Runaway
Bay Apartments Project),
Series 1995, 6.125%,
12/01/15
2,000 York County, South 12/03 at 102 N/R 2,013,160
Carolina, Water and
Sewer System Revenue
Bonds, Series 1995,
6.500%, 12/01/25
-------------------------------------------------------------------------------
South Dakota - 1.1%
2,500 Education Loans 6/08 at 102 A2 2,396,925
Incorporated (South
Dakota), Tax-Exempt
Fixed Rate Student Loan
Asset-Backed Callable
Notes, Subordinate
Series 1998-1K, 5.600%,
6/01/20
1,580 South Dakota Housing 5/07 at 102 AAA 1,543,929
Development Authority,
Homeownership Mortgage
Bonds, 1997 Series F,
5.800%, 5/01/28
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Tennessee - 4.8%
1,885 The Health, Educational, 4/09 at 101 Baa1 1,675,482
and Housing Facilities
Board of the County of
Knox, Revenue Bonds,
Series 1999 (University
Health System, Inc),
5.625%, 4/01/24
6,975 Shelby County Airport 3/10 at 101 AAA 7,144,283
Authority (Memphis,
Tennessee), Airport
Revenue Bonds, Series
1999D, 6.000%, 3/01/24
(Alternative Minimum
Tax)
2,860 The Health and 2/08 at 102 AA 2,703,215
Educational Facilities
Board of the
Metropolitan Government
of Nashville and
Davidson County,
Tennessee, Multi-Modal
Interchangeable Rate,
Health Facility Revenue
Bonds (Richland Place,
Inc. Project),
Series 1993, 5.500%,
5/01/23
2,045 The Health, Educational 8/07 at 105 N/R*** 2,637,559
and Housing Facility
Board of the County of
Shelby, Tennessee,
ICF/MR Revenue Bonds
(Open Arms Developmental
Centers), Series 1992A,
9.750%, 8/01/19 (Pre-
refunded to 8/01/07)
1,380 Industrial Development 10/05 at 102 A3 1,403,805
Board of the City of
South Fulton, Tennessee,
Inc., Industrial
Development Revenue
Bonds (Tyson Foods, Inc.
Project), Series 1995,
6.350%, 10/01/15
(Alternative Minimum
Tax)
1,500 Wilson County, Tennessee, 6/04 at 102 A2*** 1,606,065
Certificates of
Participation (Wilson
County Educational
Facilities Corporation),
Series 1994,
6.250%, 6/30/15 (Pre-
refunded to 6/30/04)
-------------------------------------------------------------------------------
Texas - 10.1%
7,000 Alliance Airport 4/06 at 102 BBB 6,916,910
Authority, Inc. (Texas),
Special Facilities
Revenue Bonds, Series
1996 (Federal Express
Corporation Project),
6.375%, 4/01/21
(Alternative Minimum
Tax)
3,000 Brazos River Authority 4/09 at 101 Baa1 2,649,240
(Texas), Revenue
Refunding Bonds (Reliant
Energy - Incorporated
Project), Series 1999A,
5.375%, 4/01/19
Gregg County Health
Facilities Development
Corporation (Texas),
Hospital Revenue Bonds
(Good Shepherd Medical
Center Project), Series
2000:
3,250 6.375%, 10/01/25 10/10 at 101 AA 3,345,518
3,000 6.375%, 10/01/29 10/10 at 101 AA 3,083,040
</TABLE>
--------------------------------------------------------------------------------
16
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Texas (continued)
$ 7,800 Gulf Coast Industrial 6/08 at 102 BBB- $ 6,569,004
Development Authority,
Waste Disposal Revenue
Bonds (Valero Refining
and Marketing Company
Project), Series 1997,
5.600%, 12/01/31
(Alternative Minimum Tax)
5,250 Harlingen Consolidated 8/09 at 100 AAA 5,146,733
Independent School
District (Cameron County,
Texas), Unlimited Tax
School Building Bonds,
Series 1999, 5.500%,
8/15/26
2,000 North Central Texas Health 2/06 at 102 BBB 1,733,880
Facilities Development
Corporation, Health
Facilities Development
Revenue Bonds (C.C. Young
Memorial Home Project),
Series 1996, 6.375%,
2/15/20
2,895 Port of Bay City Authority 5/06 at 102 A+ 2,884,289
of Matagorda County,
Texas, Revenue Bonds
(Hoechst Celanese
Corporation Project),
Series 1996, 6.500%,
5/01/26 (Alternative
Minimum Tax)
4,000 Tarrant County, Texas, 11/10 at 101 A- 3,925,320
Health Facilities
Development Corporation,
Hospital Revenue Bonds,
Series 2000, Adventist
Health System/Sunbelt
Obligated Group, 6.700%,
11/15/30
-------------------------------------------------------------------------------
Utah - 0.6%
2,000 Carbon County, Utah, Solid 2/05 at 102 BB- 1,980,020
Waste Disposal Refunding
Revenue Bonds, Series
1995, Laidlaw Inc./ECDC
Project, Series 1995A,
7.500%, 2/01/10
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Virginia - 2.1%
2,000 Industrial Development No Opt. Call AAA 2,207,360
Authority of the County
of Hanover (Virginia),
Hospital Revenue Bonds,
Series 1995 (Memorial
Regional Medical Center
Project at Hanover
Medical Park) (Guaranteed
by Bon Secours Health
System Obligated Group),
6.375%, 8/15/18
3,850 Prince William County Park 10/09 at 101 A3 3,879,684
Authority (Virginia),
Park Facilities Revenue
Refunding and Improvement
Bonds, Series 1999,
6.000%, 10/15/28
1,250 Southeastern Public 7/03 at 102 A- 1,251,883
Service Authority of
Virginia, Senior Revenue
Bonds, Series 1993
(Regional Solid Waste
System), 6.000%, 7/01/13
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Washington - 1.4%
5,000 Port of Seattle 3/10 at 101 AAA 5,121,350
(Washington), Special
Facility Revenue Bonds
(Terminal 18 Project),
Series 1999C, 6.000%,
9/01/20 (Alternative
Minimum Tax)
-------------------------------------------------------------------------------
$ 346,869 Total Investments (cost 339,405,599
$334,751,420) - 95.2%
--------------------------------------------------------------------------
------------
Short-Term Investments -
2.1%
3,000 Maricopa County, Arizona, VMIG-1 3,000,000
Pollution Control
Corporation, Pollution
Control Revenue Refunding
Bonds (Arizona Public
Service Company - Palo
Verde Project), 1994
Series C, Variable Rate
Demand Bonds, 4.600%,
5/01/29+
4,500 North Central Texas Health A-1 4,500,000
Facilities Development
Corporation, Hospital
Revenue Bonds, Series
1985-B (Methodist
Hospitals of Dallas),
Variable Rate Demand
Bonds, 4.650%, 10/01/15+
-------------------------------------------------------------------------------
$ 7,500 Total Short-Term 7,500,000
Investments (cost
$7,500,000)
--------------------------------------------------------------------------
------------
Other Assets Less 9,577,768
Liabilities - 2.7%
----------------------------------------------------------------------
Net Assets - 100% $356,483,367
----------------------------------------------------------------------
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call pro-
visions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which en-
sures the timely payment of principal and interest. Securities
are normally considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(IF) Inverse floating rate security.
+ Security has a maturity of more than one year, but has variable
rate and demand features which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes
periodically based on market conditions or a specified market in-
dex.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
17
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Insured Municipal Bond Fund
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
---------------------------------------------------------------------------------
Alabama - 6.1%
<C> <S> <C> <C> <C>
$ 10,000 Alabama Incentives 10/09 at 102 AAA $ 10,393,300
Financing Authority,
Tax-Exempt Special
Obligation Bonds, Series
1999-A, 6.000%, 10/01/29
2,120 The Water Supply Board of 3/02 at 102 AAA 2,213,852
the City of Albertville
(Alabama), Water Revenue
Bonds, Series 1992,
6.700%, 3/01/11
3,985 The Governmental Utility 12/00 at 101 1/2 AAA 4,073,029
Services Corporation of
the City of Auburn,
Fixed Rate Wastewater
Treatment Revenue Bonds,
Series 1984 (Merscot-
Auburn Limited
Partnership Project),
7.300%, 1/01/12
1,875 The Special Care 1/01 at 102 AAA 1,918,388
Facilities Financing
Authority of the City of
Birmingham (Alabama),
Revenue Bonds, Series
1991-A (The Baptist
Medical Centers),
7.000%, 1/01/21
2,500 Clarke and Mobile 12/09 at 102 Aaa 2,526,225
Counties Gas District
(Alabama), Gas Revenue
Bonds, Series 2000,
5.875%, 12/01/23
5,000 Houston County Health 10/09 at 101 Aaa 5,160,900
Care Authority
(Alabama), Series 2000
Bonds, 6.125%, 10/01/25
3,000 City of Madison 2/04 at 102 AAA 3,208,290
(Alabama), General
Obligation School
Warrants, Series 1994,
6.250%, 2/01/19
2,860 The Utilities Board of 11/04 at 102 AAA 3,155,381
the City of Oneonta
(Alabama), Utility
Revenue Bonds, Series
1994, 6.900%, 11/01/24
(Pre-refunded to
11/01/04)
9,000 University of Alabama at 9/10 at 101 AAA 9,094,770
Birmingham, Hospital
Revenue Bonds, Series
2000A, 5.875%, 9/01/31
West Morgan-East Lawrence
Water Authority, Water
Revenue Bonds, Series
1994:
2,200 6.800%, 8/15/19 (Pre- 8/04 at 102 AAA 2,410,870
refunded to 8/15/04)
3,000 6.850%, 8/15/25 (Pre- 8/04 at 102 AAA 3,292,500
refunded to 8/15/04)
---------------------------------------------------------------------------------
<CAPTION>
Alaska - 1.3%
<C> <S> <C> <C> <C>
4,500 Alaska Industrial 4/07 at 102 AAA 4,577,580
Development and Export
Authority, Revolving
Fund Bonds, Series
1997A, 5.900%, 4/01/17
(Alternative Minimum
Tax)
5,690 Alaska Housing Finance 6/06 at 102 AAA 5,874,811
Corporation, Mortgage
Revenue Bonds, 1996
Series A, 6.000%,
12/01/15
---------------------------------------------------------------------------------
<CAPTION>
Arizona - 1.5%
<C> <S> <C> <C> <C>
Tempe Union High School
District No. 213 of
Maricopa County, Arizona,
School Improvement and
Refunding Bonds, Series
1994:
4,290 6.000%, 7/01/10 (Pre- 7/04 at 101 AAA 4,546,628
refunded to 7/01/04)
1,710 6.000%, 7/01/10 7/04 at 101 AAA 1,798,065
5,000 City of Tucson, Arizona, 7/06 at 101 AAA 5,398,250
Water System Revenue
Bonds, Series 1994-A,
6.000%, 7/01/21 (Pre-
refunded to 7/01/06)
---------------------------------------------------------------------------------
<CAPTION>
Arkansas - 0.1%
<C> <S> <C> <C> <C>
1,000 City of Paragould, 12/10 at 100 AAA 1,002,000
Arkansas, Water, Sewer
and Electric Revenue
Bonds, Series 2000,
5.650%, 12/01/25 (WI,
settling 12/05/00)
---------------------------------------------------------------------------------
<CAPTION>
California - 7.9%
<C> <S> <C> <C> <C>
3,525 Brea Public Financing 8/01 at 102 AAA 3,678,902
Authority (Orange
County, California),
1991 Tax Allocation
Revenue Bonds, Series A
(Redevelopment Project
AB), 7.000%, 8/01/15
(Pre-refunded to
8/01/01)
California Housing
Finance Agency, Home
Mortgage Revenue Bonds,
Series 1999L:
34,000 0.000%, 2/01/18 8/09 at 59 1/2 AAA 12,000,980
(Alternative Minimum Tax)
5,930 0.000%, 2/01/31 8/09 at 26 5/8 AAA 931,781
(Alternative Minimum
Tax)
5,000 California Housing 2/10 at 24 5/8 AAA 701,900
Finance Agency, Home
Mortgage Revenue Bonds,
Series 2000F, 0.000%,
8/01/31
(Alternative Minimum Tax)
8,000 City of Oakland, 1/10 at 100 AAA 8,416,640
California, Insured
Revenue Bonds (1800
Harrison Foundation -
Kaiser Permanente),
Series 1999A, 6.000%,
1/01/29
</TABLE>
--------------------------------------------------------------------------------
18
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
California (continued)
$ 13,750 Ontario Redevelopment 8/03 at 102 AAA $ 13,996,538
Financing Authority (San
Bernardino County,
California), 1993
Revenue Bonds (Ontario
Redevelopment Project
No. 1), 5.800%, 8/01/23
5,295 County of Riverside, 12/04 at 101 AAA 5,713,358
California (1994 Desert
Justice Facility
Project), Certificates
of Participation,
6.000%, 12/01/12 (Pre-
refunded to 12/01/04)
2,250 Sacramento Municipal 9/01 at 102 AAA 2,344,883
Utility District
(California), Electric
Revenue Bonds, 1991
Series Y, 6.500%,
9/01/21 (Pre-refunded to
9/01/01)
16,755 County of San Bernardino 5/07 at 28 1/16 AAA 2,625,509
(California), Single
Family Home Mortgage
Revenue Bonds (Mortgage-
Backed Securities
Program), 1997 Series A,
0.000%, 5/01/31
(Alternative Minimum
Tax)
10,000 The Regents of the 9/02 at 102 AAA 10,609,400
University of
California, Revenue
Bonds (Multiple Purpose
Projects), Series D,
6.375%, 9/01/24 (Pre-
refunded to 9/01/02)
---------------------------------------------------------------------------------
Colorado - 4.4%
City of Broomfield,
Colorado, Master
Facilities Lease Purchase
Agreement, Certificates
of Participation, Series
1999, City and County of
Broomfield Building
Corporation:
5,030 5.875%, 12/01/19 12/09 at 100 AAA 5,175,820
5,000 6.000%, 12/01/29 12/09 at 100 AAA 5,171,150
10,000 Colorado Health 5/09 at 101 AAA 10,054,400
Facilities Authority,
Hospital Revenue Bonds
(Poudre Valley Health
Care, Inc.), Series
1999A, 5.750%, 5/15/24
Board of Water
Commissioners, City and
County of Denver,
Colorado, Certificates of
Participation, Series
1991:
2,675 6.625%, 11/15/11 (Pre- 11/01 at 101 AAA 2,762,232
refunded to 11/15/01)
1,825 6.625%, 11/15/11 11/01 at 101 AAA 1,880,425
E-470 Public Highway
Authority (Colorado),
Senior Revenue Bonds,
Series 2000A and Series
2000B:
3,750 0.000%, 9/01/17 9/10 at 65 5/8 AAA 1,394,438
24,700 0.000%, 9/01/28 9/10 at 31 13/32 AAA 4,324,229
3,500 Jefferson County, 12/02 at 102 AAA 3,705,205
Colorado, Refunding
Certificates of
Participation, 6.650%,
12/01/08
---------------------------------------------------------------------------------
Delaware - 0.5%
3,600 Delaware Economic 5/02 at 102 AAA 3,761,892
Development Authority,
Pollution Control
Refunding Revenue Bonds
(Delmarva Power and
Light Company Project),
Series 1992 B, 6.750%,
5/01/19
---------------------------------------------------------------------------------
District of Columbia -
0.5%
4,000 District of Columbia 6/04 at 102 AAA 4,270,080
(Washington, D.C.),
General Obligation
Bonds, Series 1994B,
6.100%, 6/01/11
(Pre-refunded to 6/01/04)
---------------------------------------------------------------------------------
Florida - 1.2%
5,000 Florida Housing Finance 1/10 at 100 AAA 5,190,150
Corporation, Homeowner
Mortgage Revenue Bonds,
2000 Series 4, 6.250%,
7/01/22 (Alternative
Minimum Tax)
920 Florida Keys Aqueduct 9/01 at 101 AAA 947,131
Authority, Water Revenue
Refunding Bonds, Series
1991, 6.750%, 9/01/21
(Pre-refunded to 9/01/01)
3,500 City of Miami Beach, 9/10 at 101 AAA 3,413,410
Florida, Stormwater
Revenue Bonds, Series
2000, 5.375%, 9/01/30
(WI, settling 11/07/00)
---------------------------------------------------------------------------------
Georgia - 2.9%
5,000 City of Albany (Georgia), 7/02 at 102 AAA 5,271,600
Sewerage System Revenue
Bonds, Series 1992,
6.625%, 7/01/17
(Pre-refunded to
7/01/02)
5,000 Development Authority of 1/04 at 101 AAA 5,352,750
Appling County
(Georgia), Pollution
Control Revenue Bonds
(Oglethorpe Power
Corporation Hatch
Project), Series 1994,
7.150%, 1/01/21
2,250 Chatham County Hospital 1/01 at 102 AAA 2,304,293
Authority, Hospital
Revenue Bonds (Memorial
Medical Center, Inc. -
Savannah, Georgia),
Series 1990A, 7.000%,
1/01/21 (Pre-refunded to
1/01/01)
3,020 Development Authority of 9/05 at 102 AAA 3,112,050
the City of Marietta,
First Mortgage Revenue
Bonds (Life College,
Inc.), Series 1995A and
Series 1995B, 5.950%,
9/01/19
6,180 Development Authority of 9/05 at 102 AAA 6,485,292
the City of Marietta
(Life College, Inc.),
6.250%, 9/01/25
</TABLE>
--------------------------------------------------------------------------------
19
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Insured Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Illinois - 11.5%
$ 2,500 City of Chicago, General 7/02 at 101 1/2 AAA $ 2,632,100
Obligation Adjustable
Rate Bonds, Central
Public Library Project,
Series C of 1988,
6.850%, 1/01/17 (Pre-
refunded to 7/01/02)
5,000 City of Chicago, General 1/02 at 102 AAA 5,190,300
Obligation Bonds,
Project Series A of
1992, 6.250%, 1/01/12
(Pre-refunded to
1/01/02)
9,590 Chicago School Reform 12/07 at 102 AAA 9,882,207
Board of Trustees of
the Board of Education
of the City of Chicago,
Illinois, Unlimited Tax
General Obligation
Bonds, Series 1996,
5.800%, 12/01/17
9,000 City of Chicago, O'Hare 1/10 at 101 AAA 8,789,310
International Airport,
General Airport Second
Lien Revenue Refunding
Bonds, 1999 Series,
5.500%, 1/01/18
(Alternative Minimum
Tax)
12,800 Public Building 12/03 at 102 AAA 13,476,608
Commission of Chicago
(Illinois), Building
Revenue Bonds, Series A
of 1993 (Board of
Education of the City
of Chicago), 5.750%,
12/01/18 (Pre-refunded
to 12/01/03)
Town of Cicero, Cook
County, Illinois,
General Obligation
Corporate Purpose Bonds,
Series 1994A:
3,610 6.400%, 12/01/14 (Pre- 12/04 at 102 AAA 3,916,922
refunded to 12/01/04)
2,930 6.400%, 12/01/14 12/04 at 102 AAA 3,139,378
2,500 Community College No Opt. Call AAA 3,027,100
District No. 508, Cook
County, Illinois,
Certificates of
Participation, 8.750%,
1/01/07
2,370 Board of Governors of 4/04 at 102 AAA 2,548,722
State Colleges and
Universities
(Illinois), Eastern
Illinois University,
Auxiliary Facilities
System Revenue Bonds,
Series 1994A, 6.375%,
4/01/16 (Pre-refunded
to 4/01/04)
6,500 Illinois Development 11/10 at 101 AAA 6,589,440
Finance Authority,
Revenue Bonds,
Remarketed Series 1997A
(Adventist Health
System/Sunbelt
Obligated Group),
5.875%, 11/15/20
1,455 Illinois Educational 5/06 at 102 AAA 1,594,927
Facilities Authority,
Revenue Refunding
Bonds, Midwestern
University, Series
1996B, 6.250%, 5/15/26
(Pre-refunded to
5/15/06)
3,000 Illinois Health 8/04 at 102 AAA 3,209,310
Facilities Authority,
Revenue Bonds, Series
1994A (The University
of Chicago Hospitals
Project), 6.125%,
8/15/24 (Pre-refunded
to 8/15/04)
4,000 Illinois Health 11/04 at 102 AAA 4,352,200
Facilities Authority,
Health Care Facilities
Revenue Bonds, Series
1995 (Northwestern
Medical Faculty
Foundation, Inc.),
6.500%, 11/15/15 (Pre-
refunded to 11/15/04)
Illinois Health
Facilities Authority,
Revenue Bonds (Community
Provider Pooled Loan
Program):
169 7.900%, 8/15/03 No Opt. Call AAA 179,890
856 7.900%, 8/15/03 2/01 at 100 AAA 858,320
5,000 State of Illinois, 8/04 at 102 AA 5,097,050
General Obligation
Bonds, Series of August
1994, 5.875%, 8/01/19
State of Illinois,
General Obligation
Bonds, Series of
February 1995:
3,065 6.100%, 2/01/19 2/05 at 102 AAA 3,184,137
5,545 6.100%, 2/01/20 2/05 at 102 AAA 5,752,494
4,645 City of Monmouth, Warren 12/09 at 26 3/4 Aaa 709,895
County, Illinois,
General Obligation
Sewer Bonds, Series
1999B, 0.000%, 12/01/29
4,000 Regional Transportation 6/03 at 102 AAA 4,203,960
Authority, Cook,
DuPage, Kane, Lake,
McHenry and Will
Counties, Illinois,
General Obligation
Refunding Bonds, Series
1993C, 5.850%, 6/01/23
(Pre-refunded to
6/01/03)
-------------------------------------------------------------------------------
Indiana - 6.3%
5,000 Indiana Health Facility 5/02 at 102 AAA 5,193,200
Financing Authority,
Hospital Revenue
Refunding and
Improvement Bonds,
Series 1992 (Community
Hospitals Projects),
6.400%, 5/01/12
5,000 Indiana Municipal Power 1/03 at 102 AAA 5,251,600
Agency, Power Supply
System Revenue Bonds,
1993 Series A, 6.125%,
1/01/19
Indiana Housing Finance
Authority, Single Family
Mortgage Revenue Bonds,
1997 Series B-2:
1,755 6.000%, 7/01/16 1/07 at 101 1/2 Aaa 1,788,836
(Alternative Minimum
Tax)
10,120 6.125%, 1/01/27 1/07 at 101 1/2 Aaa 10,251,864
(Alternative Minimum
Tax)
3,750 City of Indianapolis, 6/02 at 102 AAA 3,922,275
Indiana, Gas Utility
System Revenue Bonds,
Series 1992 A, 6.200%,
6/01/23 (Pre-refunded
to 6/01/02)
3,000 The Trustees of Ivy Tech 7/10 at 100 AAA 3,113,970
State College, Ivy Tech
State College Student
Fee Bonds, Series F,
5.875%, 7/01/17
4,950 Jasper County, Indiana, 7/01 at 102 AAA 5,118,449
Collateralized
Pollution Control
Refunding Revenue Bonds
(Northern Indiana
Public Service Company
Project), Series 1991,
7.100%, 7/01/17
3,300 Marion County Convention 6/01 at 102 AAA 3,415,104
and Recreational
Facilities Authority
(Indiana), Excise Taxes
Lease Rental Revenue
Bonds, Series 1991B,
7.000%, 6/01/21 (Pre-
refunded to 6/01/01)
</TABLE>
--------------------------------------------------------------------------------
20
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Indiana (continued)
$ 2,000 Hospital Authority of St. 8/01 at 102 AAA $ 2,079,460
Joseph County (Indiana),
Fixed Rate Hospital
Revenue Refunding Bonds,
Series 1991A (Memorial
Hospital of South Bend
Project), 7.000%, 8/15/20
(Pre-refunded to 8/15/01)
2,190 Shelby County Jail 7/02 at 102 AAA 2,305,435
Building Corporation,
First Mortgage Bonds
(Shelby County, Indiana),
6.500%, 7/15/09
(Pre-refunded to 7/15/02)
3,690 Shelby Eastern Schools 7/09 at 102 AAA 3,889,887
Building Corporation
(Shelby County, Indiana),
First Mortgage Bonds,
Series 2000,
6.100%, 7/15/20
2,265 Southwest Allen Multi- 1/02 at 101 AAA 2,331,251
School Building
Corporation, First
Mortgage Refunding Bonds,
Series 1992B, Ft. Wayne,
Indiana, 6.375%, 1/15/09
-------------------------------------------------------------------------------
Louisiana - 2.5%
7,000 Louisiana Public 5/02 at 102 AAA 7,378,420
Facilities Authority,
Hospital Revenue
Refunding Bonds (Southern
Baptist Hospital
Project), Series 1992,
6.800%, 5/15/12 (Pre-
refunded to 5/15/02)
State of Louisiana,
General Obligation Bonds,
Series 1992-A:
5,000 6.500%, 5/01/09 5/02 at 102 AAA 5,244,850
2,000 6.500%, 5/01/12 (Pre- 5/02 at 102 AAA 2,097,940
refunded to 5/01/02)
4,750 Hospital Service District 2/04 at 102 AAA 4,895,873
No. 1 of the Parish of
Tangipahoa, State of
Louisiana, Hospital
Revenue Bonds, Series
1994, 6.250%, 2/01/24
-------------------------------------------------------------------------------
Maine - 2.9%
6,750 Maine Health and Higher 7/05 at 102 AAA 6,857,123
Educational Facilities
Authority, Revenue Bonds,
Series 1995A, 5.875%,
7/01/25
3,110 Maine Health and Higher 7/04 at 102 AAA 3,421,031
Educational Facilities
Authority, Revenue Bonds,
Series 1994B, 7.000%,
7/01/24 (Pre-refunded to
7/01/04)
10,500 Maine State Housing 5/06 at 102 AAA 10,879,260
Authority, Mortgage
Purchase Bonds, 1996
Series B-2, 6.450%,
11/15/26 (Alternative
Minimum Tax)
Town of Old Orchard Beach,
Maine, 1992 General
Obligation Bonds:
750 6.650%, 9/01/09 (Pre- 9/02 at 103 AAA 800,198
refunded to 9/01/02)
500 6.650%, 9/01/10 (Pre- 9/02 at 103 AAA 533,465
refunded to 9/01/02)
-------------------------------------------------------------------------------
Massachusetts - 2.0%
1,150 City of Haverhill, 6/02 at 102 AAA 1,218,701
Massachusetts, General
Obligation Municipal
Purpose Loan of 1992,
Series A, 7.000%, 6/15/12
(Pre-refunded to 6/15/02)
3,400 Massachusetts Health and 7/02 at 102 AAA 3,546,574
Educational Facilities
Authority, Revenue Bonds,
New England Medical
Center Hospitals Issue,
Series F, 6.625%, 7/01/25
Massachusetts Health and
Educational Facilities
Authority, Revenue Bonds,
South Shore Hospital
Issue, Series D:
1,980 6.500%, 7/01/22 (Pre- 7/02 at 102 AAA 2,083,950
refunded to 7/01/02)
2,020 6.500%, 7/01/22 7/02 at 102 AAA 2,103,083
Massachusetts State
Housing Finance Agency,
Single Family Housing
Revenue Bonds, Series 79:
2,910 5.850%, 12/01/21 12/09 at 100 AAA 2,913,085
(Alternative Minimum Tax)
4,000 5.950%, 12/01/27 12/09 at 100 AAA 4,013,680
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Michigan - 6.5%
12,130 City of Bay City, County No Opt. Call AAA 3,799,359
of Bay, State of
Michigan, 1991 General
Obligation Unlimited Tax
Street Improvement Bonds,
0.000%, 6/01/21
5,000 Caledonia Community 5/02 at 102 AAA 5,260,750
Schools, Counties of
Kent, Allegan and Barry,
State of Michigan, 1992
School Building, Site and
Refunding Bonds (General
Obligation - Unlimited
Tax), 6.700%, 5/01/22
(Pre-refunded to 5/01/02)
2,500 Chelsea School District, 5/05 at 101 AAA 2,666,950
Counties of Washtenaw and
Jackson, State of
Michigan, 1995 School
Building and Site Bonds
(General Obligation -
Unlimited Tax), 6.000%,
5/01/19
2,000 City of Detroit, Michigan, 7/01 at 102 AAA 2,068,760
Sewage Disposal System
Revenue Bonds, Series
1991, 6.625%, 7/01/21
(Pre-refunded to 7/01/01)
Michigan State Hospital
Finance Authority, Revenue
Bonds (Ascension Health
Credit Group), Series
1999A:
13,500 5.750%, 11/15/17 11/09 at 101 AAA 13,596,795
13,675 6.125%, 11/15/26 11/09 at 101 AAA 14,004,021
</TABLE>
--------------------------------------------------------------------------------
21
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Insured Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Michigan (continued)
$ 7,280 Michigan State Housing 4/07 at 102 AAA $ 7,341,443
Development Authority,
Rental Housing Revenue
Bonds, 1997 Series A,
6.100%, 10/01/33
(Alternative Minimum
Tax)
2,000 Michigan Strategic Fund, 12/01 at 102 AAA 2,079,140
Limited Obligation
Refunding Revenue Bonds
(The Detroit Edison
Company - Pollution
Control Bonds Project),
Collateralized Series
1991DD, 6.875%,
12/01/21
-------------------------------------------------------------------------------
Minnesota - 1.3%
9,675 City of St. Cloud, 5/10 at 101 Aaa 9,812,288
Minnesota, Health Care
Revenue Bonds (The
Saint Cloud Hospital
Obligated Group),
Series 2000-A,
5.875%, 5/01/30
-------------------------------------------------------------------------------
Mississippi - 1.9%
6,400 Medical Center 12/04 at 102 AAA 6,826,112
Educational Building
Corporation
(Mississippi), Revenue
Bonds, Series 1993
(University of
Mississippi Medical
Center Project),
5.900%, 12/01/23 (Pre-
refunded to 12/01/04)
7,450 Walnut Grove 11/09 at 102 AAA 7,763,794
Correctional Authority,
Certificates of
Participation, Series
1999, Mississippi
Department of
Corrections,
6.000%, 11/01/19
-------------------------------------------------------------------------------
Missouri - 1.1%
7,950 St. Louis Municipal 2/06 at 102 AAA 8,291,055
Finance Corporation,
City Justice Center,
Leasehold Revenue
Improvement Bonds,
Series 1996A (City of
St. Louis, Missouri,
Lessee), 5.950%,
2/15/16
-------------------------------------------------------------------------------
Nevada - 0.8%
2,000 Clark County, Nevada, 10/02 at 102 AAA 2,119,340
Industrial Development
Refunding Revenue Bonds
(Nevada Power Company
Project), Series 1992C,
7.200%, 10/01/22
3,625 Clark County, Nevada, 12/09 at 102 AAA 3,719,033
Industrial Development
Revenue Bonds
(Southwest Gas
Corporation Project),
Series 1999A, 6.100%,
12/01/38 (Alternative
Minimum Tax)
-------------------------------------------------------------------------------
New Hampshire - 0.4%
2,850 New Hampshire Higher 7/02 at 102 AAA 2,934,588
Educational and Health
Facilities Authority,
Revenue Refunding
Bonds, University
System of New Hampshire
Issue, Series 1992,
6.250%, 7/01/20
-------------------------------------------------------------------------------
New Jersey - 0.2%
1,575 Housing Finance 4/01 at 102 AAA 1,661,310
Corporation of the
Township of Pennsauken
(Pennsauken, New
Jersey), Section 8
Assisted Housing
Revenue Bonds
(Pennsauken Housing
Associates - 1979
Elderly Project),
8.000%, 4/01/11
-------------------------------------------------------------------------------
New Mexico - 0.9%
2,335 City of Albuquerque, New No Opt. Call AAA 2,346,465
Mexico, Hospital System
Revenue Bonds, 1992
Series B (Presbyterian
Healthcare Services),
6.600%, 8/01/07
4,445 City of Farmington, New 12/02 at 102 AAA 4,607,909
Mexico, Pollution
Control Revenue
Refunding Bonds, 1992
Series A (Public
Service Company of New
Mexico - San Juan and
Four Corners Projects),
6.375%, 12/15/22
-------------------------------------------------------------------------------
New York - 6.9%
Metropolitan
Transportation Authority
(New York), Commuter
Facilities Revenue
Bonds, Series 1992B:
4,955 6.250%, 7/01/17 (Pre- 7/02 at 102 AAA 5,204,435
refunded to 7/01/02)
6,925 6.250%, 7/01/22 (Pre- 7/02 at 102 AAA 7,273,605
refunded to 7/01/02)
5,000 Metropolitan 7/04 at 101 1/2 AAA 5,397,250
Transportation
Authority (New York),
Commuter Facilities
Revenue Bonds, Series
1994A, 6.375%, 7/01/18
(Pre-refunded to
7/01/04)
5,925 The City of New York, 8/02 at 101 1/2 AAA 6,240,447
General Obligation
Bonds, Fiscal 1992
Series C, 6.625%,
8/01/12 (Pre-refunded
to 8/01/02)
575 The City of New York, 5/03 at 101 1/2 AAA 593,435
General Obligation
Bonds, Fiscal 1993
Series E, 6.000%,
5/15/16
The City of New York,
General Obligation
Bonds, Fiscal 1992
Series B:
715 7.000%, 2/01/18 (Pre- 2/02 at 101 1/2 AAA 748,576
refunded to 2/01/02)
3,035 7.000%, 2/01/18 2/02 at 101 1/2 AAA 3,163,138
New York City Municipal
Water Finance Authority,
Water and Sewer System
Revenue Bonds, Fiscal
1992 Series A:
3,010 6.750%, 6/15/16 (Pre- 6/01 at 101 AAA 3,085,972
refunded to 6/15/01)
3,320 6.750%, 6/15/16 6/01 at 101 AAA 3,395,663
</TABLE>
--------------------------------------------------------------------------------
22
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
New York (continued)
New York City Industrial
Development Agency,
Civic Facility Revenue
Bonds (USTA National
Tennis Center
Incorporated Project):
$ 3,500 6.500%, 11/15/10 11/04 at 102 AAA $ 3,763,760
3,000 6.600%, 11/15/11 11/04 at 102 AAA 3,244,440
6,060 New York State Urban 1/09 at 101 AAA 6,276,524
Development
Corporation,
Correctional Facilities
Service Contract
Revenue Bonds,
Series C, 5.875%,
1/01/19
5,240 Triborough Bridge and 1/01 at 102 AAA 5,363,140
Tunnel Authority,
Special Obligation
Refunding Bonds, Series
1991B, 6.875%, 1/01/15
-------------------------------------------------------------------------------
Ohio - 0.3%
2,500 Dublin City School 12/02 at 102 AAA 2,633,950
District, Franklin,
Delaware and Union
Counties, Ohio, Various
Purpose School Building
Construction and
Improvement Bonds
(General Obligation -
Unlimited Tax),
6.200%, 12/01/19 (Pre-
refunded to 12/01/02)
-------------------------------------------------------------------------------
Oklahoma - 2.4%
31,005 The McAlester Public 2/09 at 31 1/32 Aaa 5,356,424
Works Authority
(Oklahoma), Utility
System Refunding and
Improvement Revenue
Bonds, Series 1999A,
0.000%, 2/01/30
5,000 Oklahoma Industries 8/05 at 102 AAA 5,334,000
Authority, Health
System Revenue Bonds
(Obligated Group
consisting of Baptist
Medical Center of
Oklahoma, Inc., South
Oklahoma City Hospital
Corporation and Baptist
Rural Health System,
Inc.), 6.250%, 8/15/12
5,000 Oklahoma Industries 8/09 at 101 AAA 4,982,050
Authority, Health
System Revenue and
Refunding Bonds
(Obligated Group
consisting of Integris
Baptist Medical Center,
Inc., Integris South
Oklahoma City Hospital
Corporation and
Integris Rural Health,
Inc.), Revenue
Refunding Bonds, Series
1999A, 5.750%, 8/15/29
Trustees of the Tulsa
Airport's Improvement
Trust, Oklahoma, Tulsa
International Airport,
General Revenue Bonds,
Series 1999B:
2,000 6.000%, 6/01/21 6/10 at 100 AAA 2,050,400
1,000 6.125%, 6/01/26 6/10 at 100 AAA 1,030,620
(Alternative Minimum
Tax)
-------------------------------------------------------------------------------
Pennsylvania - 2.9%
3,000 North Penn Water 11/04 at 101 AAA 3,295,140
Authority (Montgomery
County, Pennsylvania),
Water Revenue Bonds,
Series of 1994,
7.000%, 11/01/24 (Pre-
refunded to 11/01/04)
3,900 The Philadelphia 11/01 at 102 AAA 4,084,899
Municipal Authority
(Philadelphia,
Pennsylvania), Justice
Lease Revenue Bonds,
1991 Series B, 7.125%,
11/15/18 (Pre-refunded
to 11/15/01)
13,000 Washington County No Opt. Call AAA 14,108,770
Authority (Washington
County, Pennsylvania),
Capital Funding Revenue
Bonds (Capital Projects
and Equipment
Acquisition Program),
Series of 1999, 6.150%,
12/01/29
1,000 Washington County 1/01 at 102 AAA 1,021,840
Hospital Authority
(Pennsylvania),
Hospital Revenue
Refunding Bonds, Series
A of 1990 (The
Washington Hospital
Project), 7.150%,
7/01/17
-------------------------------------------------------------------------------
Puerto Rico - 0.5%
3,750 Commonwealth of Puerto 7/02 at 101 1/2 AAA 3,952,800
Rico, Public
Improvement Bonds of
1992 (General
Obligation Bonds),
6.600%, 7/01/13
(Pre-refunded to
7/01/02)
-------------------------------------------------------------------------------
Rhode Island - 1.4%
4,000 City of Cranston, Rhode 7/01 at 101 1/2 AAA 4,137,440
Island, General
Obligation Bonds,
7.200%, 7/15/11 (Pre-
refunded to 7/15/01)
3,130 Kent County Water 7/04 at 102 AAA 3,340,180
Authority (Rhode
Island), General
Revenue Bonds, 1994
Series A, 6.350%,
7/15/14
1,000 Providence Housing 7/04 at 102 AAA 1,040,450
Development
Corporation, Mortgage
Revenue Refunding
Bonds, Series 1994A
(FHA-Insured Mortgage
Loan - Barbara Jordan
Apartments Project -
Providence, Rhode
Island), 6.650%,
7/01/15
2,250 Rhode Island Depositors 8/02 at 102 AAA 2,375,145
Economic Corporation,
Special Obligation
Bonds, 1992 Series A,
6.625%, 8/01/19
(Pre-refunded to
8/01/02)
</TABLE>
--------------------------------------------------------------------------------
23
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Insured Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
--------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
South Carolina - 1.5%
Charleston County, South
Carolina, Charleston
Public Facilities
Corporation,
Certificates of
Participation, Series
1994B:
$ 1,430 6.875%, 6/01/14 (Pre- 6/04 at 102 AAA $ 1,565,049
refunded to 6/01/04)
2,385 7.000%, 6/01/19 (Pre- 6/04 at 102 AAA 2,619,589
refunded to 6/01/04)
5,435 Greenville Memorial 3/06 at 102 AAA 5,808,548
Auditorium District
Public Facilities
Corporation, Greenville
Memorial Auditorium
District, South
Carolina, Certificates
of Participation (Bi-Lo
Center Project), Series
1996B, 5.750%, 3/01/22
(Pre-refunded to
3/01/06)
2,000 City of Rock Hill, South 1/01 at 102 AAA 2,046,340
Carolina, Combined
Utility System Revenue
Bonds, Series 1991,
6.375%, 1/01/15
--------------------------------------------------------------------------------
Tennessee - 3.2%
2,000 Memphis-Shelby County 3/10 at 101 AAA 2,048,540
Airport Authority
(Tennessee), Airport
Revenue Bonds, Series
1999D, 6.000%, 3/01/24
(Alternative Minimum
Tax)
The Health, Educational
and Housing Facilities
Board of the City of
Memphis, Tennessee,
Multifamily Housing
Revenue Bonds, Series
2000A (Hickory Pointe
Apartments Project):
1,190 5.850%, 7/01/20 7/10 at 102 Aaa 1,200,912
5,155 5.950%, 7/01/31 7/10 at 102 Aaa 5,202,014
16,000 The Health and 11/09 at 101 AAA 16,319,680
Educational Facilities
Board of the
Metropolitan Government
of Nashville and
Davidson County,
Tennessee, Revenue
Bonds (Ascension Health
Credit Group), Series
1999A, 6.000%, 11/15/30
--------------------------------------------------------------------------------
Texas - 6.1%
3,000 Bexar County Health 8/04 at 102 AAA 3,274,920
Facilities Development
Corporation (Texas),
Hospital Revenue Bonds
(Baptist Memorial
Hospital System
Project), Series 1994,
6.750%, 8/15/19 (Pre-
refunded to 8/15/04)
City of DeSoto, Texas,
Dallas County, General
Obligation Bonds,
Series 2000:
2,335 0.000%, 2/15/17 2/11 at 70 5/16 AAA 906,984
2,335 0.000%, 2/15/18 2/11 at 66 1/8 AAA 848,679
2,330 0.000%, 2/15/19 2/11 at 62 1/8 AAA 792,596
3,090 0.000%, 2/15/20 2/11 at 58 13/32 AAA 983,856
4,575 Harris County, Texas, 8/02 at 102 AAA 4,824,017
Toll Road Senior Lien
Revenue Refunding
Bonds, Series 1992A,
6.500%, 8/15/17
(Pre-refunded to
8/15/02)
1,000 Harris County Hospital No Opt. Call AAA 1,136,390
District, Refunding
Revenue Bonds, Texas,
Series 1990, 7.400%,
2/15/10
500 City of Houston, Texas, 7/01 at 100 AAA 508,655
Senior Lien Hotel
Occupancy Tax and
Parking Facilities,
Fixed Rate Revenue
Bonds, Series 1985,
Custodial Receipts,
Series A, 7.000%,
7/01/15 (Pre-refunded
to 7/01/01)
Lower Colorado River
Authority, Texas,
Priority Refunding
Revenue Bonds, Series
1991B:
600 7.000%, 1/01/11 (Pre- 1/01 at 102 AAA 614,514
refunded to 1/01/01)
225 7.000%, 1/01/11 1/01 at 102 AAA 230,443
Retama Development
Corporation, Special
Facilities Revenue Bonds
(Retama Park Racetrack
Project),
Series 1993:
9,715 8.750%, 12/15/18 No Opt. Call AAA 13,526,292
5,405 10.000%, 12/15/20 No Opt. Call AAA 8,382,885
5,000 Tarrant County Health No Opt. Call AAA 5,270,400
Facilities Development
Corporation, Hospital
Revenue Refunding and
Improvement Bonds (Fort
Worth Osteopathic
Hospital, Inc.
Project), Series 1993,
6.000%, 5/15/21
6,080 Texas Health Facilities 8/03 at 102 AAA 6,236,986
Development
Corporation, Hospital
Revenue Bonds (All
Saints Episcopal
Hospitals of Fort Worth
Project), Series 1993B,
6.250%, 8/15/22
--------------------------------------------------------------------------------
Utah - 0.9%
3,055 State Building Ownership 11/05 at 100 AAA 3,217,648
Authority of Utah, Lease
Revenue Bonds (State
Facilities Master Lease
Program), Series 1995A,
5.750%, 5/15/18 (Pre-
refunded to 11/15/05)
3,500 White City Water 2/05 at 100 AAA 3,773,420
Improvement District,
Salt Lake County, Utah,
General Obligation Water
Bonds,
Series 1995, 6.600%,
2/01/25 (Pre-refunded to
2/01/05)
--------------------------------------------------------------------------------
Vermont - 0.3%
2,615 Vermont Housing Finance 11/09 at 100 AAA 2,699,203
Agency, Single Family
Housing Bonds, Series
12A, 6.300%, 11/01/31
(Alternative Minimum
Tax)
</TABLE>
--------------------------------------------------------------------------------
24
<PAGE>
<TABLE>
<CAPTION>
Principal
Amount Optional Call Market
(000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Virginia - 0.8%
$ 5,755 Industrial Development 10/10 at 101 AAA $ 5,918,960
Authority of the City of
Alexandria, Virginia,
Fixed Rate Revenue Bonds
(Institute for Defense
Analyses) Series 2000A,
5.900%, 10/01/20
-------------------------------------------------------------------------------
Washington - 7.0%
Public Utility District
No. 1 of Douglas County,
Washington, Wells Hydro-
Electric Revenue Bonds,
Refunding Series 2000A:
2,975 6.300%, 9/01/15 9/10 at 100 AAA 3,166,412
(Alternative Minimum Tax)
1,135 6.350%, 9/01/18 9/10 at 100 AAA 1,199,559
(Alternative Minimum Tax)
1,000 City of Marysville, 12/03 at 100 AAA 1,071,920
Washington, Water and
Sewer Revenue Bonds,
Series 1991, 7.000%,
12/01/11 (Pre-refunded to
12/01/03)
Port of Seattle
(Washington), Special
Facility Revenue Bonds
(Terminal 18 Project),
Series 1999C:
8,775 6.000%, 9/01/20 3/10 at 101 AAA 8,987,967
(Alternative Minimum Tax)
7,935 6.250%, 9/01/26 3/10 at 101 AAA 8,268,344
(Alternative Minimum Tax)
5,000 Public Utility District 1/04 at 102 AAA 5,002,850
No. 1 of Snohomish
County, Washington,
Generation System Revenue
Bonds, Series 1993B,
5.800%, 1/01/24
(Alternative Minimum Tax)
Arlington School District
No. 16 of Snohomish
County, Washington,
Unlimited Tax General
Obligation Bonds, Series
2000:
10,000 6.500%, 12/01/15 10/10 at 100 Aaa 11,063,400
7,825 5.750%, 12/01/19 10/10 at 100 Aaa 8,013,970
5,000 Washington Public Power No Opt. Call AAA 5,160,650
Supply System, Nuclear
Project No. 2 Refunding
Revenue Bonds, Series
1993B, 5.400%, 7/01/05
2,000 Bellingham School District 12/04 at 100 AAA 2,118,760
No. 501 of Whatcom
County, Washington,
Unlimited Tax General
Obligation Bonds,
Series 1994, 6.125%,
12/01/13 (Pre-refunded to
12/01/04)
-------------------------------------------------------------------------------
Wisconsin - 0.4%
2,000 City of Superior, No Opt. Call AAA 2,342,900
Wisconsin, Limited
Obligation Refunding
Revenue Bonds (Midwest
Energy Resources Company
Project), Series E-1991
(Collateralized), 6.900%,
8/01/21
1,000 Three Lakes School 4/03 at 100 AAA 1,052,690
District, General
Obligation Bonds, 6.750%,
4/01/12 (Pre-refunded to
4/01/03)
-------------------------------------------------------------------------------
$ 849,100 Total Investments (cost 772,024,658
$731,495,871) - 99.3%
-------------------------------------------------------------------------------
------------
Other Assets Less 5,725,779
Liabilities - 0.7%
----------------------------------------------------------------------
Net Assets - 100% $ 777,750,437
----------------------------------------------------------------------
</TABLE>
All of the bonds in the portfolio are either covered by Original
Issue Insurance, Secondary Market Insurance or Portfolio Insurance,
or are backed by an escrow or trust containing sufficient U.S. Gov-
ernment or U.S. Government agency securities, any of which ensure
the timely payment of principal and interest.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call pro-
visions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
25
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Intermediate Duration Municipal Bond Fund
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
--------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Alabama - 0.8%
$ 2,255 The Board of Trustees of 5/08 at 102 AAA $ 2,064,227
Alabama, Agricultural
and Mechanical
University Revenue
Bonds, Series 1998,
5.000%, 11/01/25
6,000 Birmingham-North Medical 1/01 at 102 N/R*** 6,152,520
Clinic Board, Alabama,
Carraway Methodist
Medical Center,
Refunding Revenue
Bonds, Series 1991B,
8.000%, 7/01/15 (Pre-
refunded to 1/01/01)
7,000 City of Birmingham, 1/08 at 102 AA- 6,026,090
Alabama, Water and
Sewer Revenue Warrants,
Series 1998-A,
4.750%, 1/01/29
7,000 BMC Special Care 11/08 at 101 AAA 6,166,300
Facilities Financing
Authority of the City
of Montgomery
(Alabama), Revenue
Bonds, Series 1998-B
(Baptist Health),
5.000%, 11/15/29
--------------------------------------------------------------------------------
Alaska - 0.4%
10,220 Alaska Housing Finance 12/03 at 102 AAA 10,223,884
Corporation,
Collateralized Home
Mortgage Bonds, 1990
Series A,
5.850%, 6/01/25
--------------------------------------------------------------------------------
Arizona - 2.5%
14,000 Arizona Health No Opt. Call BBB+ 14,184,380
Facilities Authority,
Revenue Bonds (Catholic
Healthcare West), 1999
Series A,
6.125%, 7/01/09
7,750 Arizona Board of 7/02 at 101 AA 7,907,325
Regents, Arizona State
University, System
Revenue Refunding
Bonds, Series 1992-A,
5.750%, 7/01/12
12,100 Salt River Project 1/02 at 100 AA 11,989,527
Agricultural
Improvement and Power
District, Arizona, Salt
River Project Electric
System Revenue Bonds,
1992 Series C, 5.500%,
1/01/28
10,520 Salt River Project 1/01 at 100 AA 10,521,052
Agricultural
Improvement and Power
District, Arizona, Salt
River Project Electric
System Revenue Bonds,
1973 Series A, 5.000%,
1/01/10
17,820 Salt River Project 1/04 at 100 AA 16,592,915
Agricultural
Improvement and Power
District, Arizona,
Electric System Revenue
Refunding Bonds, 1993
Series C, 4.750%,
1/01/17
6,000 The Industrial 9/01 at 102 AAA 6,096,660
Development Authority
of the City of
Scottsdale, Arizona,
Hospital Revenue
Refunding Bonds
(Scottsdale Memorial
Hospitals), Series
1996A, 5.625%, 9/01/12
--------------------------------------------------------------------------------
Arkansas - 0.6%
Baxter County, Arkansas,
Hospital Revenue
Improvement Bonds,
Series 1999B
(Baxter County Regional
Hospital):
500 5.000%, 9/01/09 No Opt. Call BBB 451,210
2,500 5.625%, 9/01/28 9/09 at 100 BBB 2,039,400
8,885 Jefferson County, 7/03 at 102 A 9,125,517
Arkansas, Hospital
Refunding Revenue
Bonds, Series 1993,
6.000%, 7/01/06
4,000 Jefferson County, 12/02 at 102 BBB- 3,726,680
Arkansas, Pollution
Control Revenue
Refunding Bonds
(Entergy Arkansas, Inc.
Project), Series 1997,
5.600%, 10/01/17
--------------------------------------------------------------------------------
California - 13.0%
21,220 California Health 7/04 at 102 AAA 21,244,403
Facilities Financing
Authority, Insured
Health Facility
Refunding Revenue Bonds
(Catholic Healthcare
West), 1994 Series A,
5.000%, 7/01/14
State of California,
Department of Water
Resources, Central
Valley Project Water
System Revenue Bonds,
Series L:
15,515 5.700%, 12/01/16 6/03 at 101 1/2 AA 15,896,514
8,000 5.750%, 12/01/19 6/03 at 101 1/2 AA 8,155,200
12,250 5.500%, 12/01/23 6/03 at 101 1/2 AA 12,291,528
21,000 State of California, 12/03 at 101 AA 18,986,730
Department of Water
Resources, Central
Valley Project Water
System Revenue Bonds,
Series M, 4.875%,
12/01/27
12,000 State Public Works Board 11/04 at 102 Aaa 13,483,080
of the State of
California, Lease
Revenue Bonds
(Department of
Corrections), 1994
Series A (California
State Prison, Monterey
County (Soledad II),
7.000%, 11/01/19
(Pre-refunded to
11/01/04)
</TABLE>
--------------------------------------------------------------------------------
26
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
California (continued)
$ 38,795 California Statewide 7/03 at 102 AA- $ 37,643,176
Communities Development
Authority, Certificates
of Participation, St.
Joseph Health System
Obligated Group,
5.500%, 7/01/23
15,725 Central Joint Powers 2/03 at 102 Baa1 14,576,761
Health Financing
Authority, Certificates
of Participation,
Series 1993 (Community
Hospital of Central
California), 5.250%,
2/01/13
9,000 East Bay Municipal 6/03 at 102 AAA 8,582,400
Utility District
(Alameda and Contra
Costa Counties,
California), Water
System Subordinated
Revenue Refunding
Bonds, Series 1993A,
5.000%, 6/01/21
10,000 Foothill/Eastern 1/07 at 100 AAA 10,959,800
Transportation Corridor
Agency (California),
Toll Road Revenue
Bonds, Series 1995A,
6.000%, 1/01/34 (Pre-
refunded to 1/01/07)
555 La Mirada Redevelopment No Opt. Call N/R 550,660
Agency (California),
Community Facilities
District No.89-1 (Civic
Theatre Project), 1998
Refunding Special Tax
Bonds (Tax Increment
Contribution), 5.200%,
10/01/06
17,040 Los Angeles Convention 8/03 at 102 AAA 17,255,045
and Exhibition Center
Authority, Lease
Revenue Bonds, 1993
Refunding Series A, The
City of Los Angeles
(California), 5.125%,
8/15/13
25,000 Department of Water and No Opt. Call Aa3 25,295,500
Power of the City of
Los Angeles
(California), Electric
Plant Revenue Bonds,
Issue of 2000, 5.000%,
2/15/02
17,575 Department of Water and 4/02 at 102 AA*** 18,453,750
Power of the City of
Los Angeles
(California), Water
Works Revenue Bonds,
Issue of 1992, 6.500%,
4/15/32
3,000 The City of Los Angeles 6/03 at 102 AAA 3,039,000
(California),
Wastewater System
Revenue Bonds, Series
1993B, 5.700%, 6/01/23
20,670 The City of Los Angeles 11/03 at 102 AAA 20,217,947
(California),
Wastewater System
Revenue Bonds, Series
1993D, 5.200%, 11/01/21
15,750 Los Angeles County 7/03 at 102 AA- 16,194,938
Metropolitan
Transportation
Authority, Proposition
A Sales Tax Revenue
Refunding Bonds, Series
1993-A, 5.500%, 7/01/13
Los Angeles County
Metropolitan
Transportation
Authority, Proposition C
Sales Tax Revenue Second
Senior Bonds, Series
1993-B:
20,935 4.750%, 7/01/18 7/03 at 102 AAA 19,318,190
8,000 5.250%, 7/01/23 7/03 at 102 AAA 7,818,000
10,500 Los Angeles County 10/03 at 102 AA 10,749,690
Sanitation Districts
Financing Authority,
Capital Projects
Revenue Bonds, 1993
Series A (Senior Ad
Valorem Obligation
Bonds), 5.375%,
10/01/13
31,360 Los Angeles County 7/02 at 102 Aaa 33,345,715
Transportation
Commission
(California),
Proposition C Sales Tax
Revenue Second Senior
Bonds, Series 1992-A,
6.750%, 7/01/19 (Pre-
refunded to 7/01/02)
5,000 The Metropolitan Water 7/02 at 102 AA 5,036,650
District of Southern
California, Water
Revenue Bonds, Issue of
1992, 5.500%, 7/01/19
4,000 County of San Diego, 9/09 at 101 Baa3 4,076,800
California,
Certificates of
Participation, The
Burnham Institute,
6.250%, 9/01/29
8,050 The Regents of the 9/02 at 102 AAA 8,610,280
University of
California, Refunding
Revenue Bonds (Multiple
Purpose Projects),
Series A, 6.875%,
9/01/16 (Pre-refunded
to 9/01/02)
---------------------------------------------------------------------------------
Colorado - 1.6%
2,300 E-470 Public Highway 8/05 at 95 29/32 AAA 1,753,336
Authority, Capital
Improvement Trust Fund
Highway Revenue Bonds
(E-470 Project), Senior
Bonds, Arapahoe County,
Colorado, 0.000%,
8/31/06 (Pre-refunded
to 8/31/05)
1,000 Aurora Centretech 12/06 at 102 A+ 980,990
Metropolitan District,
Arapahoe County,
Colorado, General
Obligation Variable
Rate Refunding Bonds,
Series 1998C, 4.875%,
12/01/28 (Mandatory put
12/01/08)
500 Colorado Health 12/05 at 102 A- 515,105
Facilities Authority,
Revenue Bonds, Series
1995 (Covenant
Retirement Communities
Inc.), 6.200%, 12/01/07
15,420 Colorado Housing and 11/01 at 102 AAA 15,814,752
Finance Authority,
Single Family Housing
Revenue Refunding
Bonds, 1991 Series A,
7.250%, 11/01/31
6,845 City and County of 11/01 at 100 AAA 6,889,219
Denver, Colorado,
Airport System Revenue
Bonds, Series 1996C,
5.875%, 11/15/16
4,500 City and County of 11/00 at 102 A 4,596,210
Denver, Colorado,
Airport System Revenue
Bonds, Series 1990A,
8.250%, 11/15/12
(Alternative Minimum
Tax)
10,000 City and County of 11/01 at 102 A 10,444,500
Denver, Colorado,
Airport System Revenue
Bonds, Series 1991D,
7.750%, 11/15/21
(Alternative Minimum
Tax)
10,000 E-470 Public Highway No Opt. Call AAA 3,044,900
Authority (Colorado),
Senior Revenue Bonds,
Series 1997B, 0.000%,
9/01/21
685 Eagle County Air No Opt. Call N/R 687,678
Terminal Corporation,
Airport Terminal
Project Revenue Bonds,
Series 1996,
6.750%, 5/01/06
(Alternative Minimum
Tax)
</TABLE>
--------------------------------------------------------------------------------
27
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Intermediate Duration Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Connecticut - 0.0%
$ 335 Eastern Connecticut 1/03 at 102 BBB $ 319,630
Resource Recovery
Authority, Solid Waste
Revenue Bonds
(Wheelabrator Lisbon
Project), Series 1993A,
5.150%, 1/01/05
(Alternative Minimum
Tax)
---------------------------------------------------------------------------------
Delaware - 0.0%
500 Delaware Economic 5/07 at 102 BBB 491,255
Development Authority,
First Mortgage Revenue
Bonds (Peninsula United
Methodist Homes, Inc.
Issue), Series 1997A,
6.100%, 5/01/10
---------------------------------------------------------------------------------
District of Columbia -
0.9%
1,900 District of Columbia No Opt. Call AAA 2,052,152
(Washington, D.C.),
General Obligation
Refunding Bonds, Series
1994A-1,
6.000%, 6/01/11
25,050 Washington Convention 10/08 at 100 AAA 21,550,265
Center Authority
(Washington, D.C.),
Senior Lien Dedicated
Tax Revenue Bonds,
Series 1998, 4.750%,
10/01/28
---------------------------------------------------------------------------------
Florida - 2.5%
300 Brevard County Housing 2/06 at 101 AAA 324,711
Finance Authority
(Florida), Multifamily
Housing Revenue
Refunding Bonds
(Windover Oaks and
Windover Health Club
Apartments Projects),
Series 1996A, 6.900%,
2/01/27 (Mandatory put
2/01/07)
500 Dade County, Florida, No Opt. Call AAA 557,415
Seaport Revenue
Refunding Bonds, Series
1995, 6.200%, 10/01/10
335 Dade County, Florida, 10/08 at 98 7/32 AAA 214,977
Special Obligation and
Refunding Bonds, Series
1996B, 0.000%, 10/01/09
500 Duval County School 8/02 at 102 AAA 521,130
District, Florida,
General Obligation
Refunding Bonds, Series
1992, 6.300%, 8/01/08
140 Escambia County Housing 4/07 at 102 Aaa 144,901
Finance Authority
(Florida), Single
Family Mortgage Revenue
Bonds, Series 1997A
(Multi County Program),
5.500%, 4/01/08
(Alternative Minimum
Tax)
200 Escambia County, 11/02 at 102 BBB+ 208,856
Florida, Pollution
Control Refunding
Revenue Bonds (Champion
International Project),
Series 1992, 6.950%,
11/01/07
175 Florida Housing Finance No Opt. Call AAA 181,452
Agency, Single Family
Mortgage Revenue
Refunding Bonds, Series
1995A, 6.000%, 1/01/04
(Alternative Minimum
Tax)
500 State of Florida, Full No Opt. Call AA+ 651,795
Faith and Credit,
Broward County
Expressway Authority
Bonds, Series of 1984
(General Obligation
Bonds), 9.875%, 7/01/09
200 Halifax Hospital Medical No Opt. Call A 188,742
Center (Daytona Beach,
Florida), Health Care
Facilities Revenue
Bonds (Halifax
Management System, Inc.
Project), 1998 Series
A, 4.600%, 4/01/08
32,000 Hillsborough County 5/02 at 103 Aa3 34,216,320
Industrial Development
Authority, Pollution
Control Revenue
Refunding Bonds (Tampa
Electric Company
Project), Series 1992,
8.000%, 5/01/22
150 Indian Trace Community 5/05 at 102 AAA 156,680
Development District
(Broward County,
Florida), Water
Management Special
Benefit Refunding
Bonds, Series 1995A,
5.500%, 5/01/06
3,000 Jacksonville Electric 10/03 at 100 AA 2,950,290
Authority (Florida),
Electric System Revenue
Bonds, Series Three
2000C, 5.625%, 10/01/35
165 Jacksonville Health No Opt. Call Baa2 163,348
Facilities Authority
(Florida), Tax Exempt
Industrial Development
Revenue Bonds (National
Benevolent
Association - Cypress
Village Florida
Project), Series 1996A,
5.850%, 12/01/06
400 Lee County, Florida, No Opt. Call AAA 431,448
Capital Refunding
Revenue Bonds, Series
1997A, 5.750%, 10/01/11
250 Hospital Board of 4/07 at 102 AAA 259,663
Directors of Lee
County, Florida,
Hospital Revenue Bonds
(Lee Memorial Health
System), Fixed Rate
Hospital Revenue Bonds,
1997 Series A, 5.400%,
4/01/09
200 City of Leesburg 7/06 at 102 A 204,546
(Florida), Hospital
Revenue Refunding Bonds
(Leesburg Regional
Medical Center
Project), Series 1996A,
5.600%, 7/01/08
285 Orange County Housing 9/07 at 102 AAA 293,408
Finance Authority,
Single Family Mortgage
Revenue Bonds (GNMA and
FNMA Mortgage-Backed
Securities Program),
Series 1997B, 5.400%,
9/01/09 (Alternative
Minimum Tax)
25,550 Orlando Utilities 4/01 at 100 Aa2 23,754,602
Commission (Florida),
Water and Electric
Subordinated Revenue
Bonds, Series 1989D,
5.000%, 10/01/23
30 City of Pembroke Pines No Opt. Call A3 31,126
(Florida), Special
Assessment Bonds No.
94-1, 5.750%, 11/01/05
1,000 Sanford Airport No Opt. Call N/R 1,036,300
Authority (Florida),
Industrial Development
Revenue Bonds (Central
Florida Terminals Inc.
Project), Series 1995A,
7.500%, 5/01/06
(Alternative Minimum
Tax)
</TABLE>
--------------------------------------------------------------------------------
28
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Florida (continued)
$ 250 Sanford Airport Authority No Opt. Call N/R $ 250,958
(Florida), Industrial
Development Revenue
Bonds (Central Florida
Terminals Inc. Project),
Series 1997C, 6.750%,
5/01/05
200 Sarasota County Health No Opt. Call N/R 196,702
Facilities Authority
(Florida), Health
Facilities Revenue
Refunding Bonds,
Series 1995 (Sunnyside
Properties Project),
5.500%, 5/15/05
1,145 The Elderly Housing 1/01 at 103 N/R 1,182,716
Corporation of Sarasota,
Inc. (Elderly Housing
Project for the Sarasota
Housing Authority),
First Mortgage Revenue
Bonds, Series 1978,
7.500%, 7/01/09
-------------------------------------------------------------------------------
Hawaii - 0.3%
8,000 Department of Budget and 7/01 at 102 AAA 8,327,760
Finance of the State of
Hawaii, Special Purpose
Revenue Bonds, Kapiolani
Health Care System
Obligated Group (Pali
Momi Medical Center
Project), Series 1991,
7.650%, 7/01/19 (Pre-
refunded to 7/01/01)
-------------------------------------------------------------------------------
Illinois - 19.6%
2,000 Community Unit School No Opt. Call Aaa 1,001,620
District Number 100,
Boone, McHenry and
DeKalb Counties,
Illinois (Belvidere),
Capital Appreciation
School Bonds, Series
1997, 0.000%, 12/01/13
7,880 City of Chicago, General 1/04 at 102 AAA 7,658,020
Obligation Bonds, Series
1993, 5.250%, 1/01/18
2,000 City of Chicago, General No Opt. Call AAA 989,080
Obligation Bonds (City
Colleges of Chicago
Capital Improvement
Project), Series 1999,
0.000%, 1/01/14
14,905 Chicago Metropolitan 7/02 at 102 AA 15,481,973
Housing Development
Corporation, Housing
Development Revenue
Refunding Bonds (FHA-
Insured Mortgage Loans -
Section 8 Assisted
Projects), Series 1992B,
6.900%, 7/01/22
7,965 City of Chicago, Motor 1/03 at 101 AAA 7,657,312
Fuel Tax Revenue Bonds,
Refunding Series 1993,
5.000%, 1/01/16
5,000 City of Chicago, O'Hare 11/00 at 102 Baa1 5,105,700
International Airport,
Special Facilities
Revenue Bonds (American
Airlines Inc. Project),
Series 1990A, 7.875%,
11/01/25 (Alternative
Minimum Tax)
500 City of Chicago, O'Hare No Opt. Call Baa2 454,365
International Airport,
Special Facilities
Revenue Refunding Bonds
(United Air Lines, Inc.
Project), Series 1999A,
5.200%, 4/01/11
(Alternative Minimum
Tax)
21,710 City of Chicago, O'Hare 1/04 at 102 AAA 20,408,920
International Airport,
General Airport Second
Lien Revenue Refunding
Bonds, 1993 Series C,
5.000%, 1/01/18
61,250 City of Chicago, O'Hare 1/04 at 102 A+ 57,582,350
International Airport,
General Airport Revenue
Refunding Bonds, 1993
Series A, 5.000%,
1/01/16
22,335 City of Chicago, Water 11/06 at 102 AAA 21,636,361
Revenue Bonds, Series
1995, 5.000%, 11/01/15
25,380 The County of Cook, 11/03 at 100 AAA 23,101,130
Illinois, General
Obligation Bonds, Series
1993A, 5.000%, 11/15/23
17,300 DuPage Water Commission 3/02 at 100 AAA 17,476,287
(DuPage, Cook and Will
Counties, Illinois),
General Obligation Water
Refunding Bonds, Series
1992, 5.750%, 3/01/11
11,350 DuPage Water Commission 5/03 at 102 Aa1 11,374,743
(DuPage, Cook and Will
Counties, Illinois),
Water Refunding Revenue
Bonds, Series 1993,
5.250%, 5/01/14
1,000 Illinois Development No Opt. Call BBB 878,860
Finance Authority,
Adjustable Rate Solid
Waste Disposal Revenue
Bonds (Waste Management,
Inc. Project), Series
1997, 5.050%, 1/01/10
(Alternative Minimum
Tax)
225 Illinois Development 8/08 at 100 Baa2 220,808
Finance Authority,
Economic Development
Revenue Bonds, Series
1998 (The Latin School
of Chicago Project),
5.250%, 8/01/09
17,075 Illinois Educational 7/03 at 102 Aa1 17,017,970
Facilities Authority,
Revenue Refunding Bonds,
The University of
Chicago, Series 1993B,
5.600%, 7/01/24
57,600 Illinois Health 8/04 at 102 AA+ 57,915,072
Facilities Authority,
Revenue Bonds, Series
1994A (Northwestern
Memorial Hospital),
6.000%, 8/15/24
6,115 Illinois Health 10/03 at 102 A- 5,372,884
Facilities Authority,
Revenue Refunding Bonds,
Series 1993 (Illinois
Masonic Medical Center),
5.500%, 10/01/19
10,000 Illinois Health 10/02 at 102 AAA 10,192,700
Facilities Authority,
Revenue Bonds, Series
1992 (Highland Park
Hospital),
6.200%, 10/01/22
34,120 Illinois Health 11/03 at 102 AAA 32,797,509
Facilities Authority,
Revenue Bonds, Series
1993 (Rush-Presbyterian-
St. Luke's Medical
Center Obligated Group),
5.500%, 11/15/25
7,275 Illinois Health 3/04 at 102 AAA 7,681,091
Facilities Authority,
Revenue Bonds, Series
1994 (Southern Illinois
Hospital Services),
5.850%, 3/01/14 (Pre-
refunded to 3/01/04)
3,000 Illinois Health 11/08 at 101 AAA 2,681,910
Facilities Authority,
Revenue Bonds, Series
1998A (Rush-
Presbyterian-St. Luke's
Medical Center Obligated
Group), 5.000%, 11/15/24
</TABLE>
--------------------------------------------------------------------------------
29
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Intermediate Duration Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Illinois (continued)
$ 1,000 Illinois Health No Opt. Call B+ $ 869,080
Facilities Authority,
Revenue Bonds, Series
1996 (Mercy Hospital and
Medical Center Project),
6.000%, 1/01/06
8,000 Illinois Health 2/06 at 102 AAA 8,124,000
Facilities Authority,
FHA-Insured Mortgage
Revenue Bonds, Series
1996 (Sinai Health
System), 6.000%, 2/15/24
Illinois Health
Facilities Authority,
Revenue Bonds, Series
1998 (Centegra Health
System):
500 5.500%, 9/01/09 9/08 at 101 A- 486,840
500 5.500%, 9/01/10 9/08 at 101 A- 483,565
1,000 Illinois Health 11/08 at 101 AAA 1,026,110
Facilities Authority,
Revenue Refunding Bonds,
Series 1998 (The
Methodist Medical Center
of Illinois), 5.500%,
11/15/12
500 Illinois Health 8/07 at 101 A- 498,245
Facilities Authority,
Revenue Bonds (Victory
Health Service), Series
1997A, 5.750%, 8/15/08
9,000 Illinois Health 11/09 at 101 A 8,759,070
Facilities Authority,
Revenue Bonds, Series
1999 (OSF Healthcare
System),
6.250%, 11/15/29
9,025 Illinois Health 5/10 at 101 A3 9,481,033
Facilities Authority,
Revenue Bonds, Series
2000 (Condell Medical
Center), 7.000%, 5/15/22
15,100 State of Illinois, 10/02 at 102 AA 15,824,498
General Obligation
Bonds, Series of March
1992 (Full Faith and
Credit),
6.200%, 10/01/04
10,000 State of Illinois, 4/03 at 102 AA 10,100,700
General Obligation
Bonds, Series of April
1993 (Full Faith and
Credit), 5.700%, 4/01/18
State of Illinois,
General Obligation
Bonds, Series of August
1992 (Full Faith and
Credit):
7,695 5.875%, 6/01/10 (Pre- 6/02 at 102 AA*** 8,010,649
refunded to 6/01/02)
7,055 5.875%, 6/01/10 6/02 at 102 AA 7,293,388
2,610 5.875%, 6/01/11 (Pre- 6/02 at 102 AA*** 2,717,062
refunded to 6/01/02)
2,390 5.875%, 6/01/11 6/02 at 102 AA 2,466,002
State of Illinois,
General Obligation
Bonds, Series of June
2000:
5,500 5.500%, 6/01/02 No Opt. Call AA 5,587,560
4,500 5.500%, 6/01/03 No Opt. Call AA 4,608,945
14,200 State of Illinois, Build 6/03 at 102 AAA 13,812,624
Illinois Bonds (Sales
Tax Revenue Bonds),
Series S, 5.250%,
6/15/18
15,315 State of Illinois, Build 6/01 at 100 AAA 15,376,413
Illinois Bonds (Sales
Tax Revenue Bonds),
Series O, 6.000%,
6/15/18
The Illinois State Toll
Highway Authority, Toll
Highway Priority Revenue
Bonds, 1992 Series A:
20,000 6.450%, 1/01/13 (Pre- 1/03 at 102 AA-*** 21,143,400
refunded to 1/01/03)
8,805 6.200%, 1/01/16 (Pre- 1/03 at 102 AAA 9,274,659
refunded to 1/01/03)
43,180 Metropolitan Pier and 6/03 at 102 Aaa 46,086,878
Exposition Authority
(Illinois), McCormick
Place Expansion Project
Bonds,
Series 1992A, 6.500%,
6/15/27 (Pre-refunded to
6/15/03)
7,500 Regional Transportation 6/03 at 102 AAA 7,873,350
Authority, Cook, DuPage,
Kane, Lake, McHenry and
Will Counties, Illinois,
General Obligation
Refunding Bonds, Series
1993C, 5.800%, 6/01/13
(Pre-refunded to
6/01/03)
11,215 Forest Preserve District No Opt. Call AAA 4,077,550
of Will County,
Illinois, General
Obligation Bonds, Series
1999B, 0.000%, 12/01/18
1,515 The Elderly Housing 3/01 at 101 A 1,538,695
Corporation of Zion,
Illinois, Housing
Development Revenue
Bonds
(Dell-Zion Associates -
Section 8 Assisted
Project), Series 1978,
7.750%, 3/01/10
-------------------------------------------------------------------------------
Indiana - 3.7%
6,835 Duneland School Building 8/07 at 101 AAA 7,204,363
Corporation, First
Mortgage Bonds, Series
1997, 5.450%, 8/01/15
(Pre-refunded to
8/01/07)
500 Indiana Bond Bank, 2/07 at 102 AA- 521,140
Special Program Bonds,
Series 1997 B (Hendricks
County Redevelopment
Authority - Pittboro
Project), 5.750%,
2/01/08
11,590 Indiana Health Facility 9/02 at 102 AAA 12,404,545
Financing Authority,
Hospital Revenue
Refunding Bonds, Series
1992A (Methodist
Hospital of Indiana,
Inc.), 5.750%, 9/01/11
49,600 Indiana Health Facilities 11/05 at 100 Aaa 52,084,960
Financing Authority,
Hospital Revenue Bonds
(Daughters of Charity),
Series 1993, 5.750%,
11/15/22 (Pre-refunded
to 11/15/05)
10,100 Indiana State Office 12/01 at 102 Aa2*** 10,507,333
Building Commission,
Correctional Facilities
Program, Revenue Bonds,
Series 1991, 6.375%,
7/01/16 (Pre-refunded to
12/01/01)
2,750 The Indianapolis Local 2/03 at 102 AA 2,902,268
Public Improvement Bond
Bank, Series 1992 D
Bonds, 6.750%, 2/01/20
</TABLE>
--------------------------------------------------------------------------------
30
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Indiana (continued)
$ 12,500 The Indianapolis Local 1/03 at 102 AAA $ 12,821,500
Public Improvement Bond
Bank, Series 1993 A
Bonds, 6.000%, 1/10/18
2,260 Southwind Housing, Inc., 11/00 at 100 N/R*** 2,533,257
Evansville, Indiana,
First Mortgage Revenue
Bonds, Series 1978A,
7.125%, 11/15/21
-------------------------------------------------------------------------------
Iowa - 0.2%
3,815 City of Davenport, Iowa, 7/02 at 100 AAA 4,019,064
Hospital Facility
Revenue Bonds (Mercy
Hospital Project),
Series 1992, 6.625%,
7/01/14 (Pre-refunded to
7/01/02)
2,235 Iowa Housing Finance 2/01 at 100 Aaa 2,239,269
Authority, Single Family
Mortgage Bonds, 1977
Series A, 5.875%,
8/01/08
-------------------------------------------------------------------------------
Kansas - 0.0%
420 Lenexa, Kansas, 2/03 at 102 AA 431,285
Multifamily Housing
Revenue Refunding Bonds
(Barrington Park
Apartments Project),
Series 1993A, 6.200%,
2/01/08
-------------------------------------------------------------------------------
Kentucky - 4.2%
1,000 City of Ashland, No Opt. Call Baa2 1,004,190
Kentucky, Pollution
Control Revenue
Refunding Bonds (Ashland
Inc. Project), Series
1999, 5.700%, 11/01/09
34,500 County of Carroll, 9/02 at 102 A1 36,558,270
Kentucky, Collateralized
Pollution Control
Revenue Bonds (Kentucky
Utilities Company
Project), 1992 Series A,
7.450%, 9/15/16
27,420 Kenton County Airport 2/02 at 102 BBB- 28,201,196
Board (Commonwealth of
Kentucky), Special
Facilities Revenue
Bonds, 1992 Series A
(Delta Air Lines, Inc.
Project), 7.125%,
2/01/21 (Alternative
Minimum Tax)
530 Kentucky Housing 7/01 at 102 AAA 532,104
Corporation, Housing
Revenue Bonds (FHA-
Insured/VA Guaranteed),
1991 Series A, 7.250%,
1/01/17
Kentucky Housing
Corporation, Housing
Revenue Bonds, 1993
Series B (Federally
Insured or Guaranteed
Mortgage Loans):
17,100 5.300%, 7/01/10 1/04 at 102 AAA 17,144,631
13,400 5.400%, 7/01/14 1/04 at 102 AAA 13,434,840
16,980 The Turnpike Authority of 1/01 at 100 A+ 16,981,019
Kentucky, Resource
Recovery Road Revenue
Refunding Bonds, 1987
Series A, 5.000%,
7/01/08
-------------------------------------------------------------------------------
Louisiana - 0.0%
265 Louisiana Public 9/02 at 102 Aaa 275,181
Facilities Authority,
Student Loan Revenue
Bonds, Series 1992A-2,
6.600%, 3/01/03
(Alternative Minimum
Tax)
-------------------------------------------------------------------------------
Maine - 0.9%
Maine State Housing
Authority, Mortgage
Purchase Bonds, 1994
Series A:
13,650 5.650%, 11/15/20 2/04 at 102 AA 13,584,890
10,000 5.700%, 11/15/26 2/04 at 102 AA 9,906,000
-------------------------------------------------------------------------------
Maryland - 0.1%
2,310 Community Development 1/07 at 102 Aa2 2,364,655
Administration, Maryland
Department of Housing
and Community
Development, Housing
Revenue Bonds, Series
1996A, 5.875%, 7/01/16
500 Maryland Health and 1/07 at 102 A- 509,205
Higher Educational
Facilities Authority,
Refunding Revenue Bonds,
Pickersgill Issue,
Series 1997A, 5.750%,
1/01/08
-------------------------------------------------------------------------------
Massachusetts - 1.9%
800 Massachusetts Health and 7/08 at 101 A 780,704
Educational Facilities
Authority, Revenue
Bonds, Massachusetts Eye
and Ear Infirmary Issue,
Series B, 5.250%,
7/01/10
265 Massachusetts Health and 7/09 at 101 Baa3 248,512
Educational Facilities
Authority, Revenue
Bonds, Lasell College
Issue, Series A, 5.100%,
7/01/11
Massachusetts Water
Resources Authority,
General Revenue
Refunding Bonds, 1993
Series B:
14,890 5.250%, 3/01/13 3/03 at 102 AA 14,983,360
10,795 5.000%, 3/01/22 3/03 at 100 AA 10,050,793
Massachusetts Water
Resources Authority,
General Revenue Bonds,
1993 Series C:
12,705 5.250%, 12/01/20 (Pre- 12/04 at 102 Aaa 13,304,676
refunded to 12/01/04)
13,345 5.250%, 12/01/20 12/04 at 102 AA 12,902,480
-------------------------------------------------------------------------------
Michigan - 7.4%
15,000 School District of the 5/06 at 102 AAA 16,016,100
City of Detroit, Wayne
County, Michigan, School
Building and Site
Improvement Bonds
(Unlimited Tax - General
Obligation), Series
1996A, 5.700%, 5/01/25
(Pre-refunded to
5/01/06)
</TABLE>
--------------------------------------------------------------------------------
31
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Intermediate Duration Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Michigan (continued)
$ 10,000 School District of the 5/09 at 101 AAA $ 8,666,300
City of Detroit, Wayne
County, Michigan,
School Building and
Site Improvement Bonds
(Unlimited Tax -
General Obligation),
Series 1998A, 4.750%,
5/01/28
11,335 City of Grand Rapids, 1/01 at 102 AAA 11,593,891
Michigan, Water Supply
System Refunding
Revenue Bonds, Series
1991, 6.500%, 1/01/15
3,370 Michigan Higher 5/08 at 100 AA 3,197,220
Education Facilities
Authority, Limited
Obligation Revenue and
Revenue Refunding
Bonds, Series 1998C
(Aquinas College
Project), 5.125%,
5/01/16
State Building
Authority, State of
Michigan, 1991 Revenue
Refunding Bonds, Series
I:
5,575 6.750%, 10/01/11 10/01 at 102 AA+ 5,787,798
10,000 6.250%, 10/01/20 10/01 at 102 AA+ 10,243,600
State Building
Authority, State of
Michigan, 1998 Revenue
Bonds, Series I
(Facilities Program):
14,080 4.750%, 10/15/17 10/09 at 100 AA+ 12,842,227
8,650 4.750%, 10/15/21 10/09 at 100 AA+ 7,643,400
4,000 Michigan State Hospital 2/01 at 102 Aaa 4,109,000
Finance Authority,
Revenue Bonds, Sisters
of Mercy Health
Corporation,
Series 1991J, 7.000%,
2/15/21 (Pre-refunded
to 2/15/01)
Michigan State Hospital
Finance Authority,
Hospital Revenue and
Refunding Bonds (The
Detroit Medical Center
Obligated Group), Series
1993B:
19,585 5.750%, 8/15/13 8/04 at 102 BBB- 16,594,566
69,575 5.500%, 8/15/23 8/04 at 102 BBB- 52,877,696
3,000 Michigan State Hospital 10/05 at 100 AAA 3,380,880
Finance Authority,
Hospital Revenue
Refunding Bonds
(Genesys Health System
Obligated Group),
Series 1995A, 7.500%,
10/01/27 (Pre-refunded
to 10/01/05)
1,000 Michigan State Hospital No Opt. Call BBB 995,930
Finance Authority,
Hospital Revenue
Refunding Bonds
(Gratiot Community
Hospital, Alma,
Michigan), Series 1995,
6.100%, 10/01/07
1,000 Michigan State Hospital No Opt. Call Aaa 1,049,300
Finance Authority,
Hospital Revenue and
Refunding Bonds
(Genesys Regional
Medical Center
Obligated Group),
Series 1998A, 5.500%,
10/01/08
12,080 Michigan State Housing 4/04 at 102 AAA 12,213,726
Development Authority,
Rental Housing Revenue
Bonds, 1994 Series B,
5.700%, 4/01/12
State of Michigan, State
Trunk Line Fund Bonds,
Series 1992A:
11,645 5.500%, 10/01/21 (Pre- 10/02 at 100 AA*** 11,876,386
refunded to 10/01/02)
3,955 5.500%, 10/01/21 10/02 at 100 AA 3,928,066
215 Michigan Strategic Fund, No Opt. Call BBB+ 198,441
Limited Obligation
Revenue Bonds (Clark
Retirement Community
Inc. Project), Series
1998, 4.900%, 6/01/08
16,805 Hospital Finance 1/04 at 102 AAA 16,390,421
Authority of the City
of St. Joseph, Revenue
Refunding Bonds (Mercy
Memorial Medical Center
Obligated Group),
Series 1993, 5.250%,
1/01/16
-------------------------------------------------------------------------------
Minnesota - 0.6%
1,120 Minnesota Housing 2/01 at 100 Aa1 1,123,976
Finance Agency, Housing
Development Bonds, 1977
Series A, 6.250%,
2/01/20
8,045 Minnesota Housing 2/05 at 102 AAA 8,204,452
Finance Agency, Rental
Housing Bonds, 1995
Series D, 5.800%,
8/01/11
950 Housing and No Opt. Call BBB+ 872,727
Redevelopment Authority
of the City of Saint
Paul, Minnesota, Health
Care Revenue Bonds
(Regions Hospital
Project), Series 1998,
5.000%, 5/15/09
5,000 White Earth Band of No Opt. Call A 5,109,750
Chippewa Indians,
Revenue Bonds, Series
2000A, 7.000%, 12/01/11
-------------------------------------------------------------------------------
Mississippi - 0.3%
7,500 Mississippi Business 10/03 at 102 BBB- 6,904,875
Finance Corporation,
Pollution Control
Revenue Refunding Bonds
(System Energy
Resources, Inc.
Project), Series 1998,
5.875%, 4/01/22
500 Perry County 3/12 at 100 Baa2 461,855
(Mississippi),
Pollution Control
Refunding Revenue Bonds
(Leaf River Forest
Project), Series 1999,
5.200%, 10/01/12
-------------------------------------------------------------------------------
Missouri - 0.7%
The Industrial
Development Authority of
the City of Kansas City,
Missouri, Retirement
Facility Refunding and
Improvement Revenue
Bonds, Series 1998A
(Kingswood Project):
1,000 5.375%, 11/15/09 11/08 at 102 N/R 918,520
3,650 5.800%, 11/15/17 11/08 at 102 N/R 3,047,750
5,670 Missouri Housing 3/01 at 101 AA+ 5,750,060
Development Commission,
Housing Development
Bonds, Series 1979 B
(Federally Insured
Mortgage Bonds),
7.000%, 9/15/22
</TABLE>
--------------------------------------------------------------------------------
32
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Missouri (continued)
$ 300 Health and Educational 2/07 at 102 N/R $ 291,324
Facilities Authority of
the State of Missouri,
Health Facilities
Revenue Bonds (Lutheran
Senior Services), Series
1997, 5.550%, 2/01/09
350 The Industrial 12/02 at 102 N/R 362,341
Development Authority of
the City of St. Louis,
Missouri, Industrial
Revenue Refunding Bonds
(Kiel Center
Multipurpose Arena
Project), Series 1992,
7.625%, 12/01/09
(Alternative Minimum Tax)
The City of St. Louis,
Missouri, Letter of
Intent Double Revenue
Bonds, Series 2000
(Lambert-St. Louis
International Airport
Project):
2,000 6.000%, 1/01/04 No Opt. Call BBB- 2,023,600
4,465 6.000%, 1/01/07 7/03 at 101 BBB- 4,497,371
1,000 6.125%, 1/01/09 7/03 at 101 BBB- 1,007,390
---------------------------------------------------------------------------------
Montana - 0.2%
6,325 Montana Health Facility 6/06 at 102 BBB- 5,744,428
Authority, Health Care
Revenue Bonds, Series
1996 (Community Medical
Center, Inc.), 6.375%,
6/01/18
---------------------------------------------------------------------------------
Nebraska - 0.7%
1,000 American Public Energy No Opt. Call AAA 893,250
Agency, Gas Supply
Revenue Bonds (Nebraska
Public Gas Agency -
Western A Project),
1999 Series A, 4.375%,
6/01/10
18,230 Consumers Public Power 1/01 at 100 A+ 18,236,927
District, Nebraska,
Nuclear Facility Revenue
Bonds, 1968 Series,
5.100%, 1/01/03
1,000 Energy America No Opt. Call N/R 975,250
(Nebraska), Natural Gas
Revenue Note
(Metropolitan Utility
District Project),
Series 1997B, 5.700%,
7/01/08
---------------------------------------------------------------------------------
Nevada - 0.4%
1,990 City of Henderson, 5/09 at 103 N/R 1,837,646
Nevada, Local
Improvement District No.
T-4 (Green Valley
Properties), Senior
Limited Obligation
Refunding Bonds, 1999
Series A, 5.900%,
11/01/18
8,630 City of Reno, Nevada, 5/03 at 102 AAA 8,830,820
Insured Hospital Revenue
Bonds (St. Mary's
Regional Medical
Center), Series 1993A,
5.800%, 5/15/13
---------------------------------------------------------------------------------
New Hampshire - 0.3%
8,500 The Industrial 12/01 at 103 A- 8,854,280
Development Authority of
the State of New
Hampshire, Pollution
Control Revenue Bonds
(Central Maine Power
Company Project), 1984
Series B, 7.375%,
5/01/14
---------------------------------------------------------------------------------
New Jersey - 0.5%
1,000 The Gloucester County No Opt. Call BBB 1,035,900
Improvement Authority,
New Jersey, Solid Waste
Resource Recovery
Revenue Refunding Bonds
(Waste Management, Inc.
Project), Series 1999B,
7.000%, 12/01/29
(Alternative Minimum
Tax) (Mandatory put
12/01/09)
380 New Jersey Economic No Opt. Call AAA 393,938
Development Authority,
Insured Revenue Bonds
(Educational Testing
Service Issue), Series
1995B, 5.500%, 5/15/05
10,750 New Jersey Housing and 5/02 at 102 A+ 11,228,268
Mortgage Finance Agency,
Housing Revenue Bonds,
1992 Series A,
6.950%, 11/01/13
---------------------------------------------------------------------------------
New Mexico - 0.2%
5,000 City of Farmington, New 4/01 at 102 A+ 5,141,800
Mexico, Pollution
Control Refunding
Revenue Bonds (Southern
California Edison
Company - Four Corners
Project), 1991 Series A,
7.200%, 4/01/21
80 New Mexico Educational No Opt. Call Aaa 82,468
Assistance Foundation,
Student Loan Revenue
Bonds,
Senior 1992 Series One -
A, 6.300%, 12/01/02
(Alternative Minimum
Tax)
---------------------------------------------------------------------------------
New York - 4.9%
11,190 Battery Park City 11/03 at 102 AA 11,006,372
Authority, Senior
Revenue Refunding Bonds,
Series 1993A, 5.000%,
11/01/13
2,350 The City of New York, No Opt. Call A 2,468,440
General Obligation
Bonds, Fiscal 1996
Series B, 6.000%,
8/15/04
8,000 The City of New York, 8/03 at 101 1/2 A 8,240,000
General Obligation
Bonds, Fiscal 1994
Series D, 5.750%,
8/15/11
8,525 The City of New York, 8/02 at 101 1/2 AAA 8,978,871
General Obligation
Bonds, Fiscal 1992
Series C, 6.625%,
8/01/12
(Pre-refunded to
8/01/02)
7,500 The City of New York, No Opt. Call A 7,876,350
General Obligation
Bonds, Fiscal 1996
Series G, 5.900%,
2/01/05
</TABLE>
--------------------------------------------------------------------------------
33
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Intermediate Duration Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
New York (continued)
$ 15,620 The City of New York, 8/06 at 101 1/2 A $ 16,210,592
General Obligation
Bonds, Fiscal 1997
Series E, 6.000%,
8/01/16
300 The City of New York, 8/06 at 101 1/2 A 316,974
General Obligation
Bonds, Fiscal 1997
Series B, 5.700%,
8/15/07
The City of New York,
General Obligation
Bonds, Fiscal 1995
Series F:
410 6.375%, 2/15/06 (Pre- 2/05 at 101 A*** 443,120
refunded to 2/15/05)
290 6.375%, 2/15/06 2/05 at 101 A 311,663
14,000 The City of New York, 2/05 at 101 A*** 15,266,020
General Obligation
Bonds, Fiscal 1995
Series F, 6.625%,
2/15/25
(Pre-refunded to
2/15/05)
10,770 The City of New York, 8/08 at 101 A 10,883,085
General Obligation
Bonds, Fiscal 1998
Series J, 5.375%,
8/01/13
8,600 New York City Municipal 6/02 at 101 1/2 AA 8,782,664
Water Finance
Authority, Water and
Sewer System Revenue
Bonds, Fiscal 1993
Series B, 6.000%,
6/15/17
8,400 Dormitory Authority of 11/00 at 102 AAA 8,762,628
the State of New York,
Beth Israel Medical
Center Revenue Bonds,
Series 1996, 6.000%,
11/01/15
6,000 Dormitory Authority of 2/07 at 102 A 5,970,180
the State of New York,
Mental Health Services
Facilities Improvement
Revenue Bonds, Series
1997B, 5.500%, 8/15/17
750 New York State Housing No Opt. Call A 787,328
Finance Agency, Health
Facilities Revenue
Bonds (New York City),
1996 Series A
Refunding, 6.000%,
5/01/06
1,735 New York State Housing 11/00 at 102 A 1,765,258
Finance Agency, Health
Facilities Revenue
Bonds (New York City),
1990 Series A
Refunding, 8.000%,
11/01/08
8,000 New York Local 4/02 at 102 AAA 8,448,000
Government Assistance
Corporation (A Public
Benefit Corporation of
the State of New York),
Series 1991D Bonds,
7.000%, 4/01/18 (Pre-
refunded to 4/01/02)
10,270 Power Authority of the 1/03 at 102 AAA 10,655,433
State of New York,
General Purpose Bonds,
Series CC, 5.250%,
1/01/18 (Pre-refunded
to 1/01/03)
1,000 The Port Authority of No Opt. Call N/R 1,041,240
New York and New
Jersey, Special Project
Bonds, Series 4, KIAC
Partners Project,
7.000%, 10/01/07
(Alternative Minimum
Tax)
1,000 The Port Authority of No Opt. Call AAA 1,110,140
New York and New
Jersey, Special Project
Bonds, Series 6, JFK
International
AirTerminal LLC
Project, 6.250%,
12/01/10 (Alternative
Minimum Tax)
5,000 Triborough Bridge and 1/04 at 100 Aa3 4,495,250
Tunnel Authority (New
York), General Purpose
Revenue Bonds, Series
1994A, 4.750%, 1/01/19
---------------------------------------------------------------------------------
North Carolina - 2.6%
69,150 North Carolina Eastern 1/03 at 102 BBB 70,306,188
Municipal Power Agency,
Power System Revenue
Bonds, Refunding
Series 1993 B, 6.250%,
1/01/12
1,060 Housing Authority of the 12/00 at 100 N/R*** 1,064,929
City of Wilmington,
North Carolina, First
Mortgage Revenue Bonds,
Series 1979, 7.750%,
6/01/10
---------------------------------------------------------------------------------
Ohio - 0.1%
Cleveland-Cuyahoga
County Port Authority,
Subordinate Refunding
Revenue Bonds, Series
1997 (Rock and Roll Hall
of Fame and Museum
Project):
360 5.750%, 12/01/07 No Opt. Call N/R 369,338
425 5.850%, 12/01/08 No Opt. Call N/R 438,073
1,000 City of Dayton, Ohio, No Opt. Call BBB 1,001,980
Special Facilities
Revenue Refunding
Bonds, 1988 Series C
(Emery Air Freight
Corporation and Emery
Worldwide Airlines,
Inc. - Guarantors),
6.050%, 10/01/09
900 Miami County, Ohio, No Opt. Call BBB 897,084
Hospital Facilities
Revenue Refunding and
Improvement Bonds
(Upper Valley Medical
Center), Series 1996C,
6.000%, 5/15/06
---------------------------------------------------------------------------------
Oklahoma - 0.9%
2,970 Midwest City Memorial 4/02 at 102 BBB+*** 3,138,369
Hospital Authority
(Midwest City,
Oklahoma), Hospital
Revenue Bonds,
Series 1992, 7.375%,
4/01/12 (Pre-refunded
to 4/01/02)
21,160 Trustees of the Tulsa 12/00 at 102 Baa1 21,598,012
Municipal Airport
Trust, 1988 Adjustable
Rate Revenue
Obligations,
7.375%, 12/01/20
(Alternative Minimum
Tax)
---------------------------------------------------------------------------------
Oregon - 0.3%
8,720 State of Oregon, 5/07 at 101 AAA 9,354,380
Department of
Administrative
Services, Certificates
of Participation, 1997
Series A, 5.800%,
5/01/24 (Pre-refunded
to 5/01/07)
---------------------------------------------------------------------------------
Pennsylvania - 3.8%
1,250 County of Allegheny, No Opt. Call AAA 1,312,450
Pennsylvania, Airport
Revenue Refunding
Bonds, Series 1997A
(Pittsburgh
International Airport),
5.750%, 1/01/12
(Alternative Minimum
Tax)
</TABLE>
--------------------------------------------------------------------------------
34
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Pennsylvania (continued)
$ 6,000 Carbon County Industrial No Opt. Call BBB- $ 6,107,700
Development Authority,
Pennsylvania, Resource
Recovery Revenue
Refunding Bonds, 2000
Series (Panther Creek
Partners Project),
6.650%, 5/01/10
(Alternative Minimum
Tax)
10,000 Lehigh County Industrial 9/04 at 102 AAA 10,446,500
Development Authority,
Pollution Control
Revenue Refunding Bonds,
1994 Series B
(Pennsylvania Power and
Light Company Project),
6.400%, 9/01/29
22,500 Pennsylvania Housing 7/03 at 102 AAA 22,644,000
Finance Agency, Rental
Housing Refunding Bonds,
Issue 1993, 5.750%,
7/01/14
Pennsylvania Housing
Finance Agency,
Multifamily Housing
Refunding Bonds (Federal
Housing Administration
Insured Mortgage Loans),
Issue 1992:
4,025 8.100%, 7/01/13 7/02 at 102 AAA 4,259,255
16,830 8.200%, 7/01/24 7/02 at 102 AAA 17,813,714
16,600 Pennsylvania 6/03 at 100 AAA 15,349,356
Intergovernmental
Cooperation Authority,
Special Tax Revenue
Refunding Bonds (City of
Philadelphia Funding
Program), Series of
1993A, 5.000%, 6/15/22
Pennsylvania Higher
Educational Facilities
Authority (Commonwealth
of Pennsylvania), Geneva
College Revenue Bonds,
Series of 1998:
470 4.900%, 4/01/07 No Opt. Call BBB- 452,422
495 4.950%, 4/01/08 No Opt. Call BBB- 473,987
12,500 City of Philadelphia, 8/01 at 100 AAA 12,745,500
Pennsylvania, Water and
Sewer Revenue Bonds,
Sixteenth Series,
7.000%, 8/01/18 (Pre-
refunded to 8/01/01)
11,070 Public Auditorium 8/09 at 101 AAA 10,166,467
Authority of Pittsburgh
and Allegheny County
(Allegheny County,
Pennsylvania), Hotel
Room Excise Tax Revenue
Bonds, Series of 1999,
5.125%, 2/01/35
1,500 Municipal Authority of No Opt. Call AAA 1,078,410
Westmoreland County
(Westmoreland County,
Pennsylvania), Municipal
Service Revenue Bonds,
Series of 1995A, 0.000%,
8/15/07
-------------------------------------------------------------------------------
Puerto Rico - 0.5%
14,000 The Children's Trust 7/10 at 100 Aa3 13,916,980
Fund, Tobacco Settlement
Asset-Backed Bonds,
Series 2000, 6.000%,
7/01/26 (WI, settling
11/15/00)
-------------------------------------------------------------------------------
Rhode Island - 0.3%
8,095 Rhode Island Convention 5/03 at 100 AAA 7,526,812
Center Authority,
Refunding Revenue Bonds,
1993 Series B, 5.000%,
5/15/20
-------------------------------------------------------------------------------
South Carolina - 0.0%
110 City of Myrtle Beach, No Opt. Call A3*** 112,277
South Carolina, Myrtle
Beach Public Facilities
Corporation,
Certificates of
Participation (City of
Myrtle Beach Convention
Center Project), Series
1992, 6.750%, 7/01/02
-------------------------------------------------------------------------------
Tennessee - 0.0%
500 Memphis-Shelby County No Opt. Call BBB 486,300
Airport Authority
(Tennessee), Special
Facilities Revenue
Bonds, Refunding Series
1997 (Federal Express
Corporation), 5.350%,
9/01/12
500 The Industrial No Opt. Call N/R 388,510
Development Board of the
Metropolitan Government
of Nashville and
Davidson County
(Tennessee), Industrial
Development Revenue
Refunding and
Improvement Bonds (Osco
Treatment Systems Inc.
Project), Series 1993,
6.000%, 5/01/03
(Alternative Minimum
Tax)#
-------------------------------------------------------------------------------
Texas - 5.0%
1,000 Alliance Airport No Opt. Call Baa1 1,082,570
Authority, Inc. (Texas),
Special Facilities
Revenue Bonds, Series
1991 (American Airlines,
Inc. Project), 7.000%,
12/01/11 (Alternative
Minimum Tax)
City of Austin, Texas,
Water, Sewer and Electric
Refunding Revenue Bonds,
Series 1982:
14.000%, 11/15/01 (Pre-
75 refunded to 5/15/01) 5/15/01 A2*** 78,782
695 14.000%, 11/15/01 No Opt. Call A*** 729,840
4,465 14.000%, 11/15/01 No Opt. Call A 4,675,257
29,500 Brazos River Authority 2/01 at 102 AAA 29,754,880
(Texas), Collateralized
Revenue Refunding Bonds
(Houston Lighting and
Power Company Project),
Series 1995, 5.800%,
8/01/15
345 Brazos Higher Education No Opt. Call Aaa 355,174
Authority, Inc., Student
Loan Revenue Refunding
Bonds, Series 1993A-1,
6.200%, 12/01/02
(Alternative Minimum
Tax)
6,585 Crowley Independent 8/08 at 100 AAA 7,168,431
School District, Tarrant
and Johnson Counties,
Unlimited Tax School
Building Bonds, Series
1997, 6.500%, 8/01/23
3,000 Goose Creek Consolidated No Opt. Call AAA 1,985,820
Independent School
District (Texas),
Unlimited Tax Refunding
Bonds, Series 1993,
0.000%, 2/15/09
</TABLE>
--------------------------------------------------------------------------------
35
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Intermediate Duration Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
--------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Texas (continued)
Grapevine-Colleyville
Independent School
District (Tarrant and
Dallas Counties, Texas),
Unlimited Tax School
Building and Refunding
Bonds, Series 1998:
$ 4,890 0.000%, 8/15/19 No Opt. Call AAA $ 1,663,480
10,000 0.000%, 8/15/24 No Opt. Call AAA 2,481,100
25,900 Harris County (Texas),
Toll Road Senior Lien
Revenue Refunding
Bonds, Series 1994,
5.300%, 8/15/13 8/04 at 102 AAA 26,057,990
7,000 Harris County Health 2/01 at 102 AAA 7,191,310
Facilities Development
Corporation (Texas),
Hospital Revenue Bonds
(St. Luke's Episcopal
Hospital Project),
Series 1991A, 6.750%,
2/15/21
53,280 City of San Antonio 2/02 at 101 Aa1 50,740,142
(Texas), Electric and
Gas Systems Revenue
Refunding Bonds, Series
1992, 5.000%, 2/01/17
535 Texas Department of No Opt. Call A 546,422
Housing and Community
Affairs, Multifamily
Housing Revenue Bonds
(NHP - Foundation -
Asmara Project),
Series 1996A, 5.800%,
1/01/06
1,000 Tomball Hospital No Opt. Call Baa2 938,400
Authority (Texas),
Hospital Revenue Bonds,
Series 1999, Tomball
Regional Hospital,
5.500%, 7/01/09
--------------------------------------------------------------------------------
Utah - 0.4%
Intermountain Power
Agency (Utah), Power
Supply Revenue
Refunding Bonds, 1993
Series A:
5,250 5.500%, 7/01/13 7/03 at 102 A+*** 5,339,093
3,050 5.500%, 7/01/13 7/03 at 102 A+ 3,075,315
1,045 Layton, Utah, Industrial 12/00 at 100 Baa3 1,046,860
Development Revenue
Bonds (C.D.I. Ltd.
Project - K-Mart
Guaranteed),
8.750%, 6/01/05
290 Salt Lake County, Utah, 10/07 at 101 BBB 284,217
College Revenue Bonds
(Westminster College of
Salt Lake City
Project), Series 1997,
5.200%, 10/01/09
--------------------------------------------------------------------------------
Vermont - 0.0%
135 University of Vermont 1/01 at 100 A+ 135,348
and State Agricultural
College, Housing,
Dining and Student
Services Facilities
System Bonds, Lot 1
Series 1969-A, 6.300%,
7/01/06
--------------------------------------------------------------------------------
Virgin Islands - 0.0%
385 Virgin Islands Port 9/02 at 101 BBB 369,219
Authority, Airport
Revenue Bonds,
Refunding Series 1998A,
4.500%, 9/01/05
1,000 Virgin Islands Water and 7/08 at 101 N/R 987,270
Power Authority,
Electric System Revenue
and Refunding Bonds,
1998 Series, 5.250%,
7/01/09
--------------------------------------------------------------------------------
Virginia - 3.7%
500 Pocahontas Parkway No Opt. Call BBB- 479,965
Association, Route 895
Connector Toll Road
Revenue Bonds, Senior
Current Interest,
Series 1998A, 5.250%,
8/15/07
555 Prince William County 10/09 at 101 A3 567,443
Park Authority
(Virginia), Park
Facilities Revenue
Refunding and
Improvement Bonds,
Series 1999, 5.375%,
10/15/11
7,750 Richmond Metropolitan 7/02 at 102 AAA 7,995,288
Authority (Virginia),
Expressway Revenue and
Refunding Bonds, Series
1992-B, 6.250%, 7/15/22
39,630 Virginia Housing 1/02 at 102 AA+ 40,848,623
Development Authority,
Commonwealth Mortgage
Bonds, 1992 Series A,
7.150%, 1/01/33
3,070 Virginia Housing 11/00 at 100 AA+ 3,075,434
Development Authority,
Multifamily Mortgage
Bonds, 1978 Series B,
6.700%, 11/01/21
Virginia Housing
Development Authority,
Multifamily Housing
Bonds, Series 1993C:
19,080 5.550%, 5/01/08 5/03 at 102 AA+ 19,428,973
28,075 5.900%, 5/01/14 5/03 at 102 AA+ 28,584,281
--------------------------------------------------------------------------------
Washington - 6.3%
5,455 Public Utility District 1/01 at 100 AA 5,127,536
No. 1 of Chelan County,
Washington, Rocky Reach
Hydro-Electric System
Revenue Bonds, Series
of 1968, 5.125%,
7/01/23
9,880 Public Utility District 3/01 at 100 1/2 AA- 9,126,057
No. 1 of Douglas
County, Washington,
Wells Hydro-Electric
Revenue Bonds, Series
of 1963, 4.000%,
9/01/18
7,250 Municipality of 1/03 at 102 AAA 7,416,605
Metropolitan Seattle,
Sewer Refunding Revenue
Bonds, Series Y,
5.700%, 1/01/12
5,000 Washington Public Power No Opt. Call Aa1 5,911,150
Supply System, Nuclear
Project No. 1 Refunding
Revenue Bonds, Series
1989B, 7.125%, 7/01/16
</TABLE>
--------------------------------------------------------------------------------
36
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call Market
Amount (000) Description Provisions* Ratings** Value
--------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Washington (continued)
Washington Public Power
Supply System, Nuclear
Project No. 1 Refunding
Revenue Bonds,
Series 1993A:
$ 14,260 7.000%, 7/01/07 No Opt. Call Aa1 $ 16,000,290
18,500 5.750%, 7/01/13 7/03 at 102 Aa1 18,888,500
10,000 5.700%, 7/01/17 7/03 at 102 AAA 10,123,500
7,805 Washington Public Power No Opt. Call Aa1 8,923,769
Supply System, Nuclear
Project No. 1 Refunding
Revenue Bonds,
Series 1993B, 7.000%,
7/01/09
10,000 Washington Public Power 7/03 at 102 Aa1 9,949,100
Supply System, Nuclear
Project No. 1 Refunding
Revenue Bonds,
Series 1993C, 5.375%,
7/01/15
8,835 Washington Public Power 7/03 at 102 Aa1 8,870,428
Supply System, Nuclear
Project No. 3 Refunding
Revenue Bonds,
Series 1993B, 5.700%,
7/01/18
Washington Public Power
Supply System, Nuclear
Project No. 3 Refunding
Revenue Bonds,
Series 1993C:
9,180 5.300%, 7/01/10 7/03 at 102 Aa1 9,298,422
51,070 5.375%, 7/01/15 7/03 at 102 Aa1 50,810,054
11,745 5.500%, 7/01/18 7/03 at 102 Aa1 11,592,550
--------------------------------------------------------------------------------
Wisconsin - 4.9%
4,030 Wisconsin Housing and No Opt. Call AA*** 4,182,939
Economic Development
Authority, Insured
Mortgage Revenue
Refunding Bonds, 1977
Series A, 5.800%,
6/01/17
8,500 Wisconsin Housing and 4/02 at 102 AA 8,876,805
Economic Development
Authority, Multifamily
Housing Revenue Bonds,
1992 Series B, 7.050%,
11/01/22
30,325 Wisconsin Housing and 12/03 at 102 AA 30,880,554
Economic Development
Authority, Housing
Revenue Bonds, 1993
Series C, 5.800%,
11/01/13
13,700 Wisconsin Health and 11/01 at 102 AAA 14,154,977
Educational Facilities
Authority, Revenue
Bonds, Series 1991
(Columbia Hospital,
Inc.), 6.250%, 11/15/21
7,695 State of Wisconsin, No Opt. Call AA- 7,878,987
Petroleum Inspection
Fee Revenue Bonds, 2000
Series A, 5.500%,
7/01/03
9,830 Wisconsin Health and 6/02 at 102 AAA 10,029,451
Educational Facilities
Authority, Health
Facilities Refunding
Revenue Bonds (SSM
Health Care), Series
1992AA, 6.250%, 6/01/20
4,060 Wisconsin Health and 10/04 at 102 AAA 4,190,527
Educational Facilities
Authority, Revenue
Bonds, Series 1994A
(Froedtert Memorial
Lutheran Hospital,
Inc.), 5.875%, 10/01/13
6,000 Wisconsin Health and 12/02 at 102 AAA 6,054,660
Educational Facilities
Authority, Revenue
Bonds, Series 1992A
(Meriter Hospital,
Inc.), 6.000%, 12/01/22
17,000 Wisconsin Health and 8/03 at 102 AAA 15,875,280
Educational Facilities
Authority, Revenue
Bonds, Series 1993
(Aurora Health Care
Obligated Group),
5.250%, 8/15/23
31,000 Wisconsin Health and 5/06 at 102 AAA 30,897,080
Educational Facilities
Authority, Revenue
Bonds, Series 1996
(Aurora Medical Group,
Inc. Project), 5.750%,
11/15/25
750 Wisconsin Health and 10/07 at 101 BBB 718,203
Educational Facilities
Authority, Revenue
Bonds, Series 1998
(Carroll College, Inc.
Project), 5.000%,
10/01/09
--------------------------------------------------------------------------------
Wyoming - 0.0%
200 State of Wyoming, Farm 10/02 at 102 AA- 208,450
Loan Board, Capital
Facilities Refunding
Revenue Bonds, Series
1992, 6.100%, 10/01/06
--------------------------------------------------------------------------------
Total Investments (cost
$ 2,704,510 $2,545,893,580) - 98.2% 2,665,639,269
--------------------------------------------------------------------------------
------------
Other Assets Less
Liabilities - 1.8% 48,833,437
-----------------------------------------------------------------------
Net Assets - 100% $2,714,472,706
-----------------------------------------------------------------------
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call pro-
visions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which en-
sures the timely payment of principal and interest. Securities
are normally considered to be equivalent to AAA rated securities.
# Non-income producing security, in the case of a bond, generally de-
notes that issuer has defaulted on the payment of principal or in-
terest or has filed for bankruptcy.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
37
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Limited Term Municipal Bond Fund
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
---------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Alaska - 0.3%
$ 1,250 Alaska Student Loan No Opt. Call AAA $ 1,270,438
Corporation, Student
Loan Revenue Bonds,
1997 Series A, 5.200%,
7/01/06 (Alternative
Minimum Tax)
---------------------------------------------------------------------------------
Arizona - 0.5%
250 Arizona Educational Loan No Opt. Call Aa2 255,970
Marketing Corporation,
Educational Loan
Revenue Bonds, 6.125%,
9/01/02 (Alternative
Minimum Tax)
2,000 City of Tucson, Arizona, No Opt. Call AAA 2,075,780
General Obligation
Refunding Bonds, Series
1995, 5.375%, 7/01/05
---------------------------------------------------------------------------------
California - 6.4%
7,250 California Higher No Opt. Call A2 7,532,388
Education Loan
Authority, Inc.,
Student Loan Revenue
Refunding Bonds,
Subordinate
1994 Series D, 6.500%,
6/01/05 (Alternative
Minimum Tax)
California Statewide
Communities Development
Authority, Certificates
of Participation
Refunding Bonds
(Rio Bravo Fresno
Project), 1999 Series A:
3,000 5.400%, 12/01/00 No Opt. Call N/R 2,999,850
3,000 5.450%, 12/01/01 No Opt. Call N/R 2,996,880
2,000 5.550%, 12/01/02 No Opt. Call N/R 1,996,600
2,000 5.600%, 12/01/03 No Opt. Call N/R 1,994,580
5,000 California Statewide No Opt. Call BBB+ 5,065,150
Communities Development
Authority, Multifamily
Housing Refunding Bonds
(Archstone Oakridge
Apartments), Issue
1999E, Archstone
Communities Trust,
5.300%, 6/01/29
(Mandatory put 6/01/08)
1,250 Long Beach Aquarium of No Opt. Call BBB 1,270,563
the Pacific Revenue
Bonds (Aquarium of the
Pacific Project), 1995
Series A, 5.750%,
7/01/05
Sacramento Cogeneration
Authority, Cogeneration
Project Revenue Bonds
(Procter & Gamble
Project), 1995 Series:
1,000 5.900%, 7/01/02 No Opt. Call BBB- 1,021,600
500 6.000%, 7/01/03 No Opt. Call BBB- 517,405
500 7.000%, 7/01/04 No Opt. Call BBB- 538,890
1,500 Taft Public Financing No Opt. Call A2 1,552,080
Authority, Lease
Revenue Bonds, 1997
Series A (Community
Correctional Facility
Acquisition Project),
5.500%, 1/01/06
---------------------------------------------------------------------------------
Colorado - 6.8%
9,000 E-470 Public Highway 8/05 at 95 29/32 AAA 6,860,880
Authority, Capital
Improvement Trust Fund
Highway Revenue Bonds
(E-470 Project), Senior
Bonds Arapahoe County,
Colorado, 0.000%,
8/31/06 (Pre-refunded
to 8/31/05)
2,115 Colorado Health No Opt. Call A- 2,131,349
Facilities Authority,
Revenue Bonds, Series
1995 (Covenant
Retirement Communities
Inc.), 5.650%, 12/01/04
Colorado Housing and
Finance Authority,
Single Family Housing
Revenue Refunding Bonds,
1991 Series A:
1,515 0.000%, 11/01/01 No Opt. Call Aa1 1,425,130
3,515 0.000%, 11/01/02 No Opt. Call Aa1 3,113,341
6,475 City and County of No Opt. Call AAA 6,721,115
Denver, Colorado,
Airport System Revenue
Bonds, Series 1996A,
5.750%, 11/15/04
(Alternative Minimum
Tax)
5,000 City and County of 11/06 at 101 AAA 5,150,350
Denver, Colorado,
Airport System Revenue
Bonds, Series 1996C,
5.375%, 11/15/07
(Alternative Minimum
Tax)
1,065 Eagle County Air No Opt. Call N/R 1,069,164
Terminal Corporation,
Airport Terminal
Project Revenue Bonds,
Series 1996,
6.750%, 5/01/06
(Alternative Minimum
Tax)
500 Hyland Hills Park and No Opt. Call N/R 500,385
Recreation District,
Adams County, Colorado,
Special Revenue
Refunding and
Improvement Bonds,
Series 1996A, 5.400%,
12/15/00
3,500 Metropolitan Football No Opt. Call AAA 2,325,925
Stadium District
(Colorado), Sales Tax
Revenue Bonds, Series
1999A, 0.000%, 1/01/09
</TABLE>
--------------------------------------------------------------------------------
38
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Connecticut - 3.6%
$ 1,000 City of Bridgeport, No Opt. Call AAA $ 1,060,200
Connecticut, General
Obligation Refunding
Bonds, 1996 Series A,
6.000%, 9/01/05
1,700 State of Connecticut No Opt. Call BBB- 1,724,599
Health and Educational
Facilities Authority,
Revenue Bonds,
Quinnipiac College
Issue, Series D, 5.625%,
7/01/03
1,000 State of Connecticut No Opt. Call BBB 963,730
Health and Educational
Facilities Authority,
Revenue Bonds, Hospital
for Special Care Issue,
Series B, 5.125%,
7/01/07
Connecticut Development
Authority, First Mortgage
Gross Revenue Health Care
Project Refunding Bonds
(Church Homes, Inc.,
Congregational Avery
Heights Project), 1997
Series:
780 5.100%, 4/01/04 No Opt. Call BBB 761,678
1,100 5.200%, 4/01/05 No Opt. Call BBB 1,066,274
1,135 5.300%, 4/01/06 No Opt. Call BBB 1,093,936
410 City of New Haven, No Opt. Call AAA 424,645
Connecticut, General
Obligation Bonds, Issue
of 1992, 9.250%, 3/01/02
5,000 Housing Authority of the No Opt. Call A3 4,643,400
City of Stamford
(Connecticut),
Multifamily Housing
Revenue Refunding Bonds
(The Fairfield
Apartments Project),
Series 1998, 4.750%,
12/01/28 (Mandatory put
12/01/08)
3,775 West Haven Housing 1/01 at 100 N/R 3,776,246
Authority (Connecticut),
Multifamily Housing
Revenue Bonds, Series
1998B (Meadows Landing
Apartments), 6.000%,
1/01/02 (Alternative
Minimum Tax)
-------------------------------------------------------------------------------
Florida - 1.7%
125 North Springs Improvement No Opt. Call N/R 126,439
District (Broward
County, Florida), Water
and Sewer Revenue Bonds,
Series 1991, 7.900%,
10/01/01
4,940 Housing Finance Authority 7/05 at 101 AAA 4,966,034
of Polk County
(Florida), Multifamily
Housing Revenue Bonds
(Winter Oaks Apartments
Project), Series 1997A,
5.250%, 7/01/22
(Mandatory put 7/01/07)
2,080 Sanford Airport Authority No Opt. Call N/R 2,128,090
(Florida), Industrial
Development Revenue
Bonds (Central Florida
Terminals Inc. Project),
Series 1995A, 7.300%,
5/01/04 (Alternative
Minimum Tax)
-------------------------------------------------------------------------------
Georgia - 0.8%
3,000 City of Atlanta, Georgia, No Opt. Call AAA 3,254,220
Airport Facilities
Revenue Refunding Bonds,
Series 1996, 6.500%,
1/01/06
-------------------------------------------------------------------------------
Illinois - 1.9%
1,600 Village of Channahon, No Opt. Call BBB+ 1,560,704
Illinois, Revenue
Refunding Bonds, Series
1999 (Morris Hospital),
5.000%, 12/01/04
390 Illinois Health No Opt. Call B+ 375,648
Facilities Authority,
Revenue Bonds, Series
1996 (Mercy Hospital and
Medical Center Project),
5.600%, 1/01/02
1,500 Illinois Health No Opt. Call A- 1,489,365
Facilities Authority,
Revenue Refunding Bonds,
Series 1996B (Sarah Bush
Lincoln Health Center),
5.500%, 2/15/06
945 Illinois Health No Opt. Call A- 921,195
Facilities Authority,
Revenue Bonds (Victory
Health Service), Series
1997A, 5.000%, 8/15/05
3,000 State of Illinois, 10/02 at 102 AA 3,143,940
General Obligation
Bonds, Series of March
1992 (Full Faith and
Credit), 6.200%,
10/01/04
555 Village of Romeoville, No Opt. Call A3 556,354
Will County, Illinois,
General Obligation
Refunding Bonds
(Alternate Revenue
Source), Series 1991-B,
7.850%, 1/01/01
-------------------------------------------------------------------------------
Indiana - 1.5%
City of Goshen, Indiana,
Revenue Refunding Bonds,
Series 1998 (Greencroft
Obligated Group):
715 5.150%, 8/15/05 No Opt. Call N/R 679,743
790 5.250%, 8/15/07 No Opt. Call N/R 734,597
680 5.300%, 8/15/08 No Opt. Call N/R 624,043
775 5.350%, 8/15/09 8/08 at 101 N/R 702,762
Indiana Bond Bank,
Special Program Bonds,
Series 1997 B (Hendricks
County Redevelopment
Authority -Pittboro
Project):
1,525 5.250%, 2/01/03 No Opt. Call AA- 1,540,814
1,075 5.400%, 2/01/04 No Opt. Call AA- 1,093,952
1,250 Valparaiso Multi-School No Opt. Call AAA 1,264,173
Building Corporation
(Porter County,
Indiana), First Mortgage
Bonds, Series 1992,
6.100%, 7/01/01
</TABLE>
--------------------------------------------------------------------------------
39
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Limited Term Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Iowa - 0.3%
Iowa Student Loan
Liquidity Corporation,
Iowa Partnership Loan
Revenue Bonds, 1992
Series:
$ 600 6.100%, 7/01/01 No Opt. Call A $ 604,320
(Alternative Minimum Tax)
650 6.200%, 7/01/02 No Opt. Call A 661,804
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Kentucky - 9.4%
7,500 City of Ashland, No Opt. Call Baa2 7,531,425
Kentucky, Pollution
Control Revenue
Refunding Bonds (Ashland
Inc. Project),
Series 1999,
5.700%, 11/01/09
3,180 County of Christian, No Opt. Call A- 3,169,792
Kentucky, Hospital
Revenue and Refunding
Bonds, Series 1997A,
Jennie Stuart Medical
Center, 5.500%, 7/01/06
City of Jeffersontown,
Kentucky, Public Projects
Refunding and
Improvements Certificates
of Participation:
235 4.650%, 11/01/02 No Opt. Call A3 234,666
370 4.750%, 11/01/03 No Opt. Call A3 369,745
225 Kenton County Water No Opt. Call AAA 230,587
District No. 1, Water
District Revenue Bonds,
Series 1995B, 5.600%,
2/01/03
Kentucky Development
Finance Authority,
Sisters of Charity of
Nazareth Health
Corporation, Revenue
Refunding Bonds, Series
1991:
1,330 6.000%, 11/01/01 No Opt. Call A1*** 1,350,362
2,720 6.600%, 11/01/06 (Pre- 11/01 at 102 A1*** 2,829,507
refunded to 11/01/01)
Kentucky Economic
Development Finance
Authority, Hospital
System Refunding and
Improvement Revenue
Bonds, Series 1997
(Appalachian Regional
Healthcare, Inc.
Project):
2,670 5.300%, 10/01/05 No Opt. Call N/R 2,292,222
1,315 5.400%, 10/01/06 No Opt. Call N/R 1,103,206
1,460 Kentucky Higher Education No Opt. Call Aaa 1,532,066
Student Loan
Corporation, Insured
Student Loan Revenue
Bonds, 1991 Series B,
6.800%, 6/01/03
(Alternative Minimum
Tax)
Kentucky Infrastructure
Authority, Governmental
Agencies Program Revenue
and Refunding Revenue
Bonds, 1995 Series H:
1,945 5.300%, 8/01/03 No Opt. Call AA- 1,985,437
1,000 5.500%, 8/01/05 No Opt. Call AA- 1,038,580
1,000 The Turnpike Authority of No Opt. Call A+ 1,204,530
Kentucky, Resource
Recovery Road Revenue
Refunding Bonds, 1985
Series A,
9.625%, 7/01/05
1,535 Regional Airport No Opt. Call AAA 1,563,520
Authority of Louisville
and Jefferson County,
Kentucky, Airport System
Revenue Bonds,
1997 Series A, 5.750%,
7/01/02 (Alternative
Minimum Tax)
2,000 Regional Airport No Opt. Call Baa3 1,858,380
Authority of Louisville
and Jefferson County,
Kentucky, Special
Facilities Revenue
Bonds, 1999 Series A
(Airis Louisville,
L.L.C. Project), 5.000%,
3/01/09
3,225 Mount Sterling, Kentucky, No Opt. Call Aa 3,289,597
Lease Revenue Bonds
(Kentucky League of
Cities Funding Program),
Series 1993A, 5.625%,
3/01/03
10,800 City of Owensboro, No Opt. Call AAA 9,308,088
Kentucky, Electric Light
and Power System Revenue
Bonds, Series 1993A,
0.000%, 1/01/04
(Alternative Minimum
Tax)
-------------------------------------------------------------------------------
Louisiana - 2.3%
6,000 Parish of East Baton No Opt. Call BBB 6,043,140
Rouge, State of
Louisiana, Pollution
Control Refunding
Revenue Bonds (Hoechst
Celanese Corporation
Project), Series 1993,
5.400%, 12/01/02
515 Louisiana Public No Opt. Call A3*** 531,289
Facilities Authority,
Hospital Revenue Bonds
(Woman's Hospital
Foundation Project),
Series 1992, 6.750%,
10/01/02
2,500 Louisiana Offshore No Opt. Call A 2,559,500
Terminal Authority,
Deepwater Port Refunding
Revenue Bonds (Loop Inc.
Project), First Stage
Series 1992B, 6.100%,
9/01/02
770 Office Facilities No Opt. Call BBB+ 771,656
Corporation (A Louisiana
Non Profit Corporation),
Capital Facilities Bonds
(Statewide
Lease/Purchase Program),
Series 1990, 7.350%,
12/01/00
-------------------------------------------------------------------------------
Maine - 0.2%
845 Maine Educational Loan 5/02 at 101 A 863,489
Marketing Corporation,
Student Loan Revenue
Refunding Bonds,
Subordinate
Series 1992A-2, 6.600%,
5/01/05 (Alternative
Minimum Tax)
</TABLE>
--------------------------------------------------------------------------------
40
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Maryland - 1.4%
Maryland Energy Financing
Administration, Limited
Obligation Solid Waste
Disposal Revenue Bonds
(Wheelabrator Water
Technologies Baltimore
L.L.C. Projects), 1996
Series:
$ 2,280 5.650%, 12/01/03 No Opt. Call A- $ 2,321,108
(Alternative Minimum Tax)
1,000 5.850%, 12/01/05 No Opt. Call A- 1,031,360
(Alternative Minimum Tax)
2,400 Northeast Maryland Waste No Opt. Call AAA 2,582,256
Disposal Authority,
Resource Recovery
Revenue Refunding Bonds
(Southwest Resource
Recovery Facility),
Series 1993, 7.150%,
1/01/04
-------------------------------------------------------------------------------
Massachusetts - 2.2%
Massachusetts Educational
Financing Authority,
Education Loan Revenue
Bonds, Issue E, Series
1995:
700 5.500%, 7/01/01 No Opt. Call AAA 704,109
(Alternative Minimum
Tax)
2,155 5.700%, 7/01/04 No Opt. Call AAA 2,218,982
(Alternative Minimum
Tax)
Massachusetts Educational
Financing Authority,
Education Loan Revenue
Bonds, Issue E, Series
1997B:
1,820 5.250%, 7/01/06 No Opt. Call AAA 1,856,928
(Alternative Minimum
Tax)
2,560 5.350%, 7/01/07 7/06 at 102 AAA 2,625,408
(Alternative Minimum
Tax)
700 Massachusetts Health and No Opt. Call AA- 690,998
Educational Facilities
Authority, Revenue
Bonds, Partners
HealthCare System Issue,
Series B, 5.000%,
7/01/09
City of New Bedford,
Massachusetts, General
Obligation Landfill
Closure Bonds, Series
1993:
600 5.400%, 3/01/01 No Opt. Call Baa3 601,578
600 5.500%, 3/01/02 No Opt. Call Baa3 605,820
250 City of Springfield, No Opt. Call Baa3 255,730
Massachusetts, General
Obligation School
Project Loan Act of 1948
Bonds, Series B,
6.100%, 9/01/02
-------------------------------------------------------------------------------
Michigan - 4.4%
6,980 City of Detroit, No Opt. Call AAA 7,181,443
Michigan, Convention
Facility Limited Tax
Revenue Refunding Bonds
(Cobo Hall Expansion
Project), Series 1993,
5.250%, 9/30/06
835 Michigan State Hospital No Opt. Call BBB 835,843
Finance Authority,
Hospital Revenue
Refunding Bonds (Gratiot
Community Hospital,
Alma, Michigan), Series
1995, 5.300%, 10/01/01
1,000 Michigan State Hospital No Opt. Call AA- 1,059,680
Finance Authority,
Revenue Refunding Bonds
(Mercy Health Services
Obligated Group), 1997
Series T, 6.000%,
8/15/06
Michigan State Housing
Development Authority,
Rental Housing Revenue
Bonds, 1995 Series B:
3,085 5.450%, 4/01/05 No Opt. Call AAA 3,165,549
3,325 5.450%, 10/01/05 6/05 at 102 AAA 3,420,561
3,160 Pontiac, Michigan, No Opt. Call BBB- 3,112,126
Hospital Finance
Authority, Hospital
Revenue Refunding Bonds
(NOMC Obligated Group),
Series 1993, 5.800%,
8/01/03
-------------------------------------------------------------------------------
Mississippi - 1.8%
5,000 Mississippi Higher No Opt. Call A2 5,015,900
Education Assistance
Corporation, Student
Loan Revenue Bonds,
Series 2000B-3, 5.450%,
3/01/10 (Alternative
Minimum Tax)
Mississippi Hospital
Equipment and Facilities
Authority, Revenue
Refunding Bonds, Series
1995 (Mississippi Baptist
Medical Center):
1,690 5.350%, 5/01/03 No Opt. Call AAA 1,720,606
1,000 5.400%, 5/01/04 No Opt. Call AAA 1,024,460
-------------------------------------------------------------------------------
Missouri - 2.3%
Health and Educational
Facilities Authority of
the State of Missouri,
Health Facilities Revenue
Bonds (Lutheran Senior
Services), Series 1997:
500 5.200%, 2/01/04 No Opt. Call N/R 496,310
600 5.300%, 2/01/05 No Opt. Call N/R 593,508
600 5.400%, 2/01/06 No Opt. Call N/R 592,434
700 5.500%, 2/01/07 No Opt. Call N/R 690,095
4,000 The Industrial No Opt. Call A3 4,005,680
Development Authority of
the County of St. Louis,
Missouri, Multifamily
Housing Revenue
Refunding Bonds (Equity
Residential/Pinetree
Apartments), Series
1999A, 5.200%, 11/15/29
(Mandatory put 11/15/04)
3,285 The City of St. Louis, 1/03 at 101 BBB- 3,301,261
Missouri, Letter of
Intent Double Revenue
Bonds, Series 2000
(Lambert-St. Louis
International Airport
Project), 6.000%,
1/01/08
110 The City of St. Louis, No Opt. Call N/R 111,570
Missouri, Regional
Convention and Sports
Complex Authority,
Convention and Sports
Facility Project Bonds,
Series C of 1991,
7.750%, 8/15/01
</TABLE>
--------------------------------------------------------------------------------
41
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Limited Term Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Montana - 0.7%
$ 3,000 City of Forsyth, Rosebud No Opt. Call A- $ 2,948,100
County, Montana,
Pollution Control
Revenue Refunding Bonds
(Portland General
Electric Company
Projects), Series 1998B,
4.750%, 5/01/33
(Alternative Minimum
Tax)
(Mandatory put 5/01/03)
-------------------------------------------------------------------------------
Nebraska - 2.0%
4,125 American Public Energy No Opt. Call AAA 3,776,355
Agency, Gas Supply
Revenue Bonds (Nebraska
Public Gas Agency -
Western A Project),
1999 Series A, 4.450%,
6/01/08
5,000 Energy America No Opt. Call N/R 4,806,000
(Nebraska), Natural Gas
Revenue Bonds (Nebraska
Public Gas Agency
Project), Series 1998B,
5.450%, 4/15/08
-------------------------------------------------------------------------------
Nevada - 0.5%
2,000 Las Vegas Convention and No Opt. Call AAA 2,094,560
Visitors Authority,
Nevada, Revenue Bonds,
Series 1999, 5.500%,
7/01/09
-------------------------------------------------------------------------------
New Hampshire - 0.2%
505 New Hampshire Higher No Opt. Call BBB+ 506,712
Educational and Health
Facilities Authority,
Hospital Revenue Bonds,
St. Joseph Hospital
Issue, Series 1991,
7.250%, 1/01/01
215 New Hampshire Housing No Opt. Call Aa3 215,320
Finance Authority,
Single Family
Residential Mortgage
Bonds, 1991 Series D,
6.450%, 1/01/01
(Alternative Minimum
Tax)
-------------------------------------------------------------------------------
New Jersey - 5.4%
Higher Education Student
Assistance Authority of
the State of New Jersey,
Student Loan Revenue
Bonds, 2000 Series A:
5,000 5.750%, 6/01/09 No Opt. Call AAA 5,235,800
(Alternative Minimum
Tax)
4,480 5.800%, 6/01/10 No Opt. Call AAA 4,692,710
(Alternative Minimum
Tax)
4,930 5.900%, 6/01/11 12/10 at 100 AAA 5,212,883
(Alternative Minimum
Tax)
New Jersey Health Care
Facilities Financing
Authority, Bayonne
Hospital Obligated Group,
Revenue Bonds,
Series 1994:
1,000 5.800%, 7/01/01 No Opt. Call AAA 1,009,231
790 5.900%, 7/01/02 No Opt. Call AAA 808,122
3,230 New Jersey Economic No Opt. Call AAA 3,348,476
Development Authority,
Insured Revenue Bonds
(Educational Testing
Service Issue), Series
1995B, 5.500%, 5/15/05
355 New Jersey Higher No Opt. Call BBB 359,161
Educational Facilities
Authority, Higher
Educational Facilities
Revenue Bonds, Saint
Peters College Issue,
1992 Series B, 6.200%,
7/01/01
New Jersey Educational
Facilities Authority,
Stevens Institute of
Technology Issue, Revenue
Bonds, 1992 Series A:
995 6.200%, 7/01/01 No Opt. Call A 1,004,900
1,165 6.300%, 7/01/02 No Opt. Call A 1,193,799
550 New Jersey Educational No Opt. Call BBB 539,336
Facilities Authority,
Revenue Bonds, Saint
Peters College Issue,
1998 Series B,
5.000%, 7/01/08
-------------------------------------------------------------------------------
New York - 18.3%
Albany Housing Authority,
City of Albany, New York,
Limited Obligation Bonds,
Series 1995:
500 5.100%, 10/01/01 No Opt. Call Baa1 500,610
700 5.250%, 10/01/02 No Opt. Call Baa1 702,877
750 5.400%, 10/01/03 No Opt. Call Baa1 755,408
750 5.500%, 10/01/04 No Opt. Call Baa1 756,128
1,000 5.600%, 10/01/05 No Opt. Call Baa1 1,008,180
500 5.700%, 10/01/06 10/05 at 102 Baa1 505,015
700 5.850%, 10/01/07 10/05 at 102 Baa1 704,263
City of Jamestown,
Chautauqua County, New
York, Public Improvement
Serial Bonds, 1991 Series
A:
150 7.000%, 3/15/04 No Opt. Call Baa3 159,791
750 7.000%, 3/15/05 No Opt. Call Baa3 809,265
1,000 Metropolitan No Opt. Call A 1,033,430
Transportation
Authority, New York,
Transit Facilities
Service Contract Bonds,
Series N,
6.625%, 7/01/02
4,325 County of Nassau, New No Opt. Call BBB- 4,524,037
York, General
Obligations, Serial
General Improvement
Bonds, Series F,
7.000%, 3/01/03
</TABLE>
--------------------------------------------------------------------------------
42
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
New York (continued)
$ 2,750 The City of New York, No Opt. Call A $ 3,220,415
General Obligation
Bonds, Fiscal 1991
Series B, 8.250%,
6/01/06
1,000 The City of New York, No Opt. Call A 1,058,700
General Obligation
Bonds, Fiscal 1996
Series E, 6.500%,
2/15/04
The City of New York,
General Obligation Bonds,
Fiscal 1996 Series G:
3,000 5.700%, 2/01/03 No Opt. Call A 3,077,610
500 5.750%, 2/01/06 No Opt. Call A 525,440
2,800 The City of New York, No Opt. Call A 3,041,472
General Obligation
Bonds, Fiscal 1996
Series I, 6.500%,
3/15/06
3,000 The City of New York, No Opt. Call A 3,088,350
General Obligation
Bonds, Fiscal 1997
Series H, 5.400%,
8/01/04
4,000 The City of New York, No Opt. Call Aaa 4,090,800
General Obligation
Bonds, Fiscal 1995
Series F, 6.100%,
2/15/02
5,000 The City of New York, No Opt. Call A 5,207,300
General Obligation
Bonds, Fiscal 1997
Series I, 5.625%,
4/15/05
1,000 Dormitory Authority of 11/00 at 102 A 1,015,850
the State of New York,
State University
Educational Facilities
Revenue Bonds,
Series 1990A, 7.400%,
5/15/01
5,555 Dormitory Authority of No Opt. Call A 6,465,020
the State of New York,
State University
Educational Facilities,
Revenue Bonds,
Series 1990B, 7.500%,
5/15/11
2,900 Dormitory Authority of No Opt. Call A- 2,943,384
the State of New York,
Department of Health of
the State of New York,
Refunding Bonds, 1990
Issue, 6.750%, 7/01/01
2,000 Dormitory Authority of No Opt. Call A- 2,156,140
the State of New York,
State University
Educational Facilities
Revenue Bonds,
Series 1995A, 6.500%,
5/15/05
1,000 Dormitory Authority of 7/06 at 102 Baa2 998,860
the State of New York,
NYACK Hospital Revenue
Bonds, Series 1996,
6.000%, 7/01/06
3,315 Dormitory Authority of No Opt. Call A 3,468,020
the State of New York,
City University System
Consolidated Third
General Resolution
Bonds, 1996 Series 2,
6.000%, 7/01/04
5,000 New York State Housing No Opt. Call A 5,165,600
Finance Agency, Health
Facilities Revenue Bonds
(New York City), 1996
Series A Refunding,
5.875%, 5/01/04
1,265 New York State Urban No Opt. Call A 1,340,521
Development Corporation,
Project Revenue Bonds
(Center for Industrial
Innovation), 1995
Refunding Series,
6.250%, 1/01/05
1,000 New York State Urban No Opt. Call A 1,008,080
Development Corporation,
Correctional Capital
Facilities Revenue
Bonds, 1993 Refunding
Series, 5.250%, 1/01/02
3,700 The Port Authority of New No Opt. Call N/R 3,852,588
York and New Jersey,
Special Project Bonds,
Series 4, KIAC Partners
Project, 7.000%,
10/01/07 (Alternative
Minimum Tax)
3,035 The Port Authority of New No Opt. Call AAA 3,216,341
York and New Jersey,
Special Project Bonds,
Series 6, JFK
International Air
Terminal LLC Project,
6.000%, 12/01/05
(Alternative Minimum
Tax)
1,400 Suffolk County Industrial No Opt. Call N/R 1,337,630
Development Agency (New
York), 1998 Industrial
Development Revenue
Bonds (Nissequogue Cogen
Partners Facility),
4.875%, 1/01/08
(Alternative Minimum
Tax)
7,265 Suffolk County Industrial No Opt. Call AAA 7,862,183
Development Agency,
Solid Waste Disposal
Facility Revenue Bonds
(Ogden Martin Systems of
Huntington - Limited
Partnership Resource
Recovery Facility),
Series 1999, 5.950%,
10/01/09 (Alternative
Minimum Tax)
3,700 Tonawanda Housing No Opt. Call N/R 3,701,961
Authority, New York,
Housing Revenue Bonds
(Kibler Senior Housing -
L.P. Project),
Series 1999B Bonds,
6.250%, 9/01/01
-------------------------------------------------------------------------------
North Carolina - 1.3%
5,475 North Carolina Municipal 1/03 at 102 BBB+ 5,622,332
Power Agency Number 1,
Catawba Electric Revenue
Bonds, Series 1992,
6.000%, 1/01/05
-------------------------------------------------------------------------------
Ohio - 6.3%
6,745 Akron, Bath and Copley No Opt. Call Baa1 6,109,216
Joint Township Hospital
District, Ohio, Hospital
Facilities Revenue
Bonds, Series 1998A
(Summa Health System
Project), 5.000%,
11/15/08
500 City of Barberton, Ohio, No Opt. Call A*** 501,745
Hospital Facilities
Revenue Bonds, Series
1992 (The Barberton
Citizens Hospital
Company Project),
6.550%, 1/01/01
City of Cambridge, Ohio,
Hospital Revenue
Refunding Bonds, Series
1991 (Guernsey Memorial
Hospital Project):
640 7.750%, 12/01/00 No Opt. Call BBB 641,510
680 7.850%, 12/01/01 No Opt. Call BBB 699,638
</TABLE>
--------------------------------------------------------------------------------
43
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Limited Term Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Ohio (continued)
Cleveland-Cuyahoga County
Port Authority,
Subordinate Refunding
Revenue Bonds, Series
1997 (Rock and Roll Hall
of Fame and Museum
Project):
$ 850 5.000%, 12/01/01 No Opt. Call N/R $ 850,714
1,000 5.100%, 12/01/02 No Opt. Call N/R 1,001,460
750 5.350%, 12/01/04 No Opt. Call N/R 756,713
335 5.600%, 12/01/06 No Opt. Call N/R 341,074
County of Cuyahoga, Ohio,
Hospital Revenue Bonds
(Meridia Health System),
Series 1995:
795 5.850%, 8/15/01 No Opt. Call AAA 804,214
735 5.950%, 8/15/02 No Opt. Call AAA 754,272
County of Lucas, Ohio,
Hospital Facilities
Revenue Bonds, Series
1993 (Flower Hospital):
370 5.800%, 12/01/01 No Opt. Call N/R*** 375,084
790 5.900%, 12/01/02 No Opt. Call N/R*** 811,014
435 6.000%, 12/01/03 No Opt. Call N/R*** 452,113
1,000 Miami County, Ohio, No Opt. Call BBB 996,760
Hospital Facilities
Revenue Refunding and
Improvement Bonds (Upper
Valley Medical Center),
Series 1996C, 6.000%,
5/15/06
375 State of Ohio, State 12/00 at 100 A- 375,769
Economic Development
Revenue Bonds (Ohio
Enterprise Bond Fund),
Series 1991-2 and Series
1991-3 (Superior Forge
and Steel Corporation),
7.250%, 6/01/01
(Alternative Minimum
Tax)
3,825 State of Ohio, Elementary No Opt. Call AAA 3,900,965
and Secondary Education
Capital Facilities
Bonds, Series 1995A,
5.700%, 6/01/02
County of Sandusky, Ohio,
Hospital Facilities
Revenue Refunding Bonds,
Series 1998 (Memorial
Hospital):
910 4.500%, 1/01/01 No Opt. Call BBB- 909,236
1,030 4.600%, 1/01/02 No Opt. Call BBB- 1,023,078
1,375 4.700%, 1/01/03 No Opt. Call BBB- 1,356,355
1,460 4.800%, 1/01/04 No Opt. Call BBB- 1,427,048
1,030 4.900%, 1/01/05 No Opt. Call BBB- 996,855
830 5.000%, 1/01/06 No Opt. Call BBB- 797,721
450 5.050%, 1/01/07 No Opt. Call BBB- 428,643
750 5.100%, 1/01/09 1/08 at 102 BBB- 695,963
-------------------------------------------------------------------------------
Oklahoma - 0.7%
3,120 Oklahoma Industries No Opt. Call BBB 3,044,496
Authority, Hospital
Revenue Bonds (Deaconess
Health Care Corporation
Project), Series 1997A,
5.250%, 10/01/07
-------------------------------------------------------------------------------
Pennsylvania - 7.7%
2,000 Allegheny County Airport No Opt. Call AAA 2,079,680
Authority
(Pennsylvania), Airport
Refunding Revenue Bonds,
Series 1999 (Pittsburgh
International Airport),
5.625%, 1/01/10
(Alternative Minimum
Tax)
3,360 Delaware County Authority 11/05 at 100 Aaa 3,535,963
(Pennsylvania), Health
Facilities Revenue
Bonds, Series 1993A
(Mercy Health
Corporation of
Southeastern
Pennsylvania Obligated
Group), 6.000%, 11/15/07
(Pre-refunded to
11/15/05)
Delaware County
Industrial Development
Authority (Pennsylvania),
Refunding Revenue Bonds,
Series A 1997 (Resource
Recovery Facility):
4,000 6.000%, 1/01/03 No Opt. Call BB- 3,947,120
4,000 6.500%, 1/01/08 No Opt. Call BB- 3,910,240
2,000 The Delaware Economic No Opt. Call A- 2,030,560
Development Authority,
Pollution Control
Refunding Revenue Bonds
(Delmarva Power and
Light Company Project),
Series 2000C, 5.500%,
7/01/25 (Mandatory put
7/01/10)
2,155 The Delaware Economic No Opt. Call A- 2,195,794
Development Authority,
Pollution Control
Refunding Revenue Bonds
(Delmarva Power and
Light Company Project),
Series 2000D, 5.650%,
7/01/28 (Alternative
Minimum Tax)
(Optional put 7/01/10)
2,500 Frazier School District, No Opt. Call SP-1+ 2,487,275
Fayette County,
Pennsylvania, General
Obligation Bonds,
4.800%, 8/15/03
1,095 Redevelopment Authority No Opt. Call N/R 1,051,320
of the City of
Philadelphia
(Pennsylvania),
Multifamily Housing
Mortgage Revenue Bonds,
Series 1998A (Cricket
Court Commons Project),
5.600%, 4/01/08
(Alternative Minimum Tax)
Philadelphia Pennsylvania
Hospitals and Higher
Education Facilities
Authority, Hospital
Refunding Revenue Bonds,
Pennsylvania Hospital:
3,490 5.850%, 7/01/02 No Opt. Call BBB+*** 3,558,125
2,020 6.050%, 7/01/04 No Opt. Call BBB+*** 2,107,607
2,000 6.150%, 7/01/05 No Opt. Call BBB+*** 2,112,820
4,225 Westmoreland County No Opt. Call Baa3 4,188,919
Industrial Development
Authority, Pennsylvania,
Hospital Revenue Bonds,
Series 1998 (Citizens
General Hospital),
4.750%, 7/01/03
</TABLE>
--------------------------------------------------------------------------------
44
<PAGE>
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Rhode Island - 1.0%
$ 4,035 Rhode Island Housing and No Opt. Call AAA $ 4,101,860
Mortgage Finance
Corporation, Multifamily
Housing Bonds, 1995
Series A,
5.350%, 7/01/03
-------------------------------------------------------------------------------
Tennessee - 1.1%
The Health and
Educational Facilities
Board of the Metropolitan
Government of Nashville
and Davidson County,
Tennessee, Revenue
Refunding Bonds, Series
1998 (The Blakeford at
Green Hills):
400 5.150%, 7/01/05 7/03 at 102 N/R 384,640
400 5.250%, 7/01/06 7/03 at 102 N/R 382,000
500 5.300%, 7/01/07 7/03 at 102 N/R 473,125
500 5.350%, 7/01/08 7/03 at 102 N/R 467,840
500 5.400%, 7/01/09 7/03 at 102 N/R 467,875
3,250 The Industrial No Opt. Call N/R 2,525,315
Development Board of the
Metropolitan Government
of Nashville and
Davidson County
(Tennessee), Industrial
Development Revenue
Refunding and
Improvement Bonds (Osco
Treatment Systems Inc.
Project), Series 1993,
6.000%, 5/01/03
(Alternative Minimum
Tax)#
-------------------------------------------------------------------------------
Texas - 2.2%
Brazos Higher Education
Authority, Inc., Student
Loan Revenue Refunding
Bonds, Series 1993A-1:
1,510 5.900%, 12/01/00 No Opt. Call Aaa 1,511,586
(Alternative Minimum Tax)
1,075 6.050%, 12/01/01 No Opt. Call Aaa 1,091,329
(Alternative Minimum Tax)
2,000 Matagorda County No Opt. Call Baa1 1,992,500
Navigation District
Number One (Texas),
Revenue Refunding Bonds
(Reliant Energy
Incorporated Project),
Series 1999C, 5.200%,
5/01/29 (Mandatory put
11/01/02)
1,325 North Central Texas 2/01 at 100 BBB 1,300,806
Health Facilities
Development Corporation,
Health Facilities
Development Revenue
Bonds (C.C. Young
Memorial Home Project),
Series 1996, 5.700%,
2/15/03
445 The City of Pasadena 4/01 at 100 A 448,524
Industrial Development
Corporation (Texas),
Economic Development
Revenue Bonds, Series
1991 (Universities Space
Research Association -
Lunar and Planetary
Institute Project),
7.050%, 10/01/01
500 The State of Texas, Texas No Opt. Call A 504,370
College Student Loan
Senior Lien Revenue
Bonds, Series 1991,
7.100%, 4/01/01
(Alternative Minimum
Tax)
Tyler Health Facilities
Development Corporation
(Texas), Hospital Revenue
Bonds (Mother Frances
Hospital Regional
Healthcare Center
Project), Series 1997A:
1,650 5.125%, 7/01/05 7/02 at 100 Baa2 1,590,089
1,100 5.200%, 7/01/06 7/02 at 100 Baa2 1,051,853
-------------------------------------------------------------------------------
Vermont - 0.5%
Vermont Student
Assistance Corporation,
Education Loan Finance
Program Revenue Bonds,
1992 Series A-3:
1,000 5.900%, 12/15/00 No Opt. Call AAA 1,001,390
(Alternative Minimum Tax)
1,000 6.050%, 12/15/01 No Opt. Call AAA 1,014,370
(Alternative Minimum Tax)
-------------------------------------------------------------------------------
Virgin Islands - 0.6%
450 Virgin Islands Port 9/02 at 101 BBB 431,555
Authority, Airport
Revenue Bonds, Refunding
Series 1998A, 4.500%,
9/01/05
2,070 Virgin Islands Water and No Opt. Call N/R 2,070,352
Power Authority,
Electric System Revenue
and Refunding Bonds,
1998 Series,
5.250%, 7/01/06
-------------------------------------------------------------------------------
Virginia - 0.7%
2,850 Newport News 5/05 at 102 AAA 2,909,138
Redevelopment and
Housing Authority,
Multifamily Housing
Revenue Bonds
(Fredericksburg - Oxford
Project), Series 1997A,
5.550%, 5/01/27
(Mandatory put 5/01/07)
-------------------------------------------------------------------------------
Washington - 2.3%
4,160 The City of Seattle, No Opt. Call AAA 4,341,709
Washington, Solid Waste
Revenue Refunding Bonds,
Series 1999, 5.500%,
8/01/07
1,670 Washington Health Care No Opt. Call AAA 1,717,745
Facilities Authority,
Revenue Bonds, Series
1992 (The Children's
Hospital and Medical
Center, Seattle),
6.000%, 10/01/02
3,500 Washington Public Power No Opt. Call AAA 3,785,634
Supply System, Nuclear
Project No. 2 Refunding
Revenue Bonds, Series
1997A, 6.000%, 7/01/09
</TABLE>
--------------------------------------------------------------------------------
45
<PAGE>
Portfolio of Investments (Unaudited)
Nuveen Limited Term Municipal Bond Fund (continued)
October 31, 2000
<TABLE>
<CAPTION>
Principal Optional Call
Amount (000) Description Provisions* Ratings** Market Value
-----------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Wisconsin - 0.3%
$ 1,155 Wisconsin Health and No Opt. Call AAA $ 1,157,744
Educational Facilities
Authority, Revenue
Bonds, Series 1993A
(Lutheran
Hospital - La Crosse,
Inc.), 5.300%, 2/15/01
-----------------------------------------------------------------------------
$ 428,150 Total Investments (cost 428,466,299
$425,714,719) - 99.6%
-----------------------------------------------------------------------------
------------
Other Assets Less 1,932,212
Liabilities - 0.4%
--------------------------------------------------------------------
Net Assets - 100% $ 430,398,511
--------------------------------------------------------------------
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call pro-
visions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient
U.S. Government or U.S. Government agency securities which en-
sures the timely payment of principal and interest. Securities
are normally considered to be equivalent to AAA rated securities.
# Non-income producing security, in the case of a bond, generally de-
notes that issuer has defaulted on the payment of principal or in-
terest or has filed for bankruptcy.
N/R Investment is not rated.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
46
<PAGE>
Statement of Net Assets (Unaudited)
October 31, 2000
<TABLE>
<CAPTION>
Intermediate
High Yield All-American Insured Duration Limited Term
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Assets
Investments in municipal securities, at market
value $19,815,238 $339,405,599 $772,024,658 $2,665,639,269 $428,466,299
Temporary investments in short-term municipal
securities, at amortized cost, which
approximates market value -- 7,500,000 -- -- --
Cash -- 4,140,413 -- -- --
Receivables:
Interest 509,495 6,083,893 14,644,659 50,482,209 7,481,641
Investments sold 318,059 30,800 116,382 28,143,619 470,000
Shares sold 43,421 690,643 78,528 587,638 5,029
Other assets 40 2,092 20,063 67,318 10,236
-----------------------------------------------------------------------------------------------------------------
Total assets 20,686,253 357,853,440 786,884,290 2,744,920,053 436,433,205
-----------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 973,554 -- 1,264,031 1,313,313 4,018,883
Payables:
Investments purchased -- -- 4,415,455 16,454,061 --
Shares redeemed 52,457 503,495 601,147 2,023,451 756,752
Accrued expenses:
Management fees 9,642 146,869 314,512 1,036,736 159,974
12b-1 distribution and service fees 6,928 111,403 40,853 47,584 94,400
Other 32,346 152,545 329,417 1,077,690 152,139
Dividends payable 31,640 455,761 2,168,438 8,494,512 852,546
-----------------------------------------------------------------------------------------------------------------
Total liabilities 1,106,567 1,370,073 9,133,853 30,447,347 6,034,694
-----------------------------------------------------------------------------------------------------------------
Net assets $19,579,686 $356,483,367 $777,750,437 $2,714,472,706 $430,398,511
-----------------------------------------------------------------------------------------------------------------
Class A Shares
Net assets $ 7,761,618 $253,293,208 $111,426,222 $ 164,760,954 $359,397,260
Shares outstanding 415,950 24,014,289 10,554,469 18,049,466 34,234,227
Net asset value and redemption price per share $ 18.66 $ 10.55 $ 10.56 $ 9.13 $ 10.50
Offering price per share (net asset value per
share plus maximum sales charge of 4.20%,
4.20%, 4.20%, 3.00%* and 2.50%, respectively,
of offering price) $ 19.48 $ 11.01 $ 11.02 $ 9.41 $ 10.77
-----------------------------------------------------------------------------------------------------------------
Class B Shares
Net assets $ 5,473,689 $ 34,700,652 $ 19,262,133 $ 12,181,063 N/A
Shares outstanding 293,619 3,287,951 1,823,904 1,333,950 N/A
Net asset value, offering and redemption price
per share $ 18.64 $ 10.55 $ 10.56 $ 9.13 N/A
-----------------------------------------------------------------------------------------------------------------
Class C Shares
Net assets $ 2,305,405 $ 64,428,234 $ 10,983,554 $ 17,507,084 $ 70,590,081
Shares outstanding 123,582 6,116,482 1,049,273 1,918,817 6,733,349
Net asset value, offering and redemption price
per share $ 18.65 $ 10.53 $ 10.47 $ 9.12 $ 10.48
-----------------------------------------------------------------------------------------------------------------
Class R Shares
Net assets $ 4,038,974 $ 4,061,273 $636,078,528 $2,520,023,605 $ 411,170
Shares outstanding 216,356 384,786 60,463,514 275,827,421 39,253
Net asset value, offering and redemption price
per share $ 18.67 $ 10.55 $ 10.52 $ 9.14 $ 10.47
-----------------------------------------------------------------------------------------------------------------
</TABLE>
N/A - Limited Term is not authorized to issue Class B Shares.
*Effective October 30, 2000, the maximum sales charge on Class A Shares for
Intermediate Duration was decreased from 4.20% to 3.00%.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
47
<PAGE>
Statement of Operations (Unaudited)
Six Months Ended October 31, 2000
<TABLE>
<CAPTION>
Intermediate
High Yield All-American Insured Duration Limited Term
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment Income $638,673 $11,112,920 $23,454,199 $ 76,503,799 $12,127,876
--------------------------------------------------------------------------------------------
Expenses
Management fees 51,414 876,198 1,862,406 6,044,824 975,748
12b-1 service fees -
Class A 6,237 256,118 111,386 121,032 373,437
12b-1 distribution and
service fees - Class B 19,694 160,088 85,833 56,462 N/A
12b-1 distribution and
service fees - Class C 7,984 247,312 41,498 28,091 204,182
Shareholders' servicing
agent fees and expenses 4,479 205,794 384,306 1,329,121 150,768
Custodian's fees and
expenses 23,109 58,232 84,833 161,046 70,993
Trustees' fees and
expenses 566 4,466 12,287 34,741 7,877
Professional fees 8,847 8,676 24,468 87,674 9,096
Shareholders' reports -
printing and mailing
expenses 1,526 91,146 51,750 170,019 50,086
Federal and state
registration fees 13,969 38,630 34,267 35,356 19,848
Portfolio insurance
expense -- -- 3,902 -- --
Other expenses 294 10,026 18,974 58,548 15,607
--------------------------------------------------------------------------------------------
Total expenses before
custodian fee credit
and expense
reimbursement 138,119 1,956,686 2,715,910 8,126,914 1,877,642
Custodian fee credit (3,156) (28,237) (26,246) (113,374) (5,200)
Expense reimbursement (2,527) -- -- -- --
--------------------------------------------------------------------------------------------
Net expenses 132,436 1,928,449 2,689,664 8,013,540 1,872,442
--------------------------------------------------------------------------------------------
Net investment income 506,237 9,184,471 20,764,535 68,490,259 10,255,434
--------------------------------------------------------------------------------------------
Realized and Unrealized
Gain (Loss) from
Investments
Net realized gain (loss)
from investment
transactions (10,869) (2,805,612) (1,264,085) 2,575,385 (1,535,177)
Net change in unrealized
appreciation or
depreciation of
investments 120,580 10,250,721 16,704,141 62,781,440 7,806,431
--------------------------------------------------------------------------------------------
Net gain from
investments 109,711 7,445,109 15,440,056 65,356,825 6,271,254
--------------------------------------------------------------------------------------------
Net increase in net
assets from operations $615,948 $16,629,580 $36,204,591 $133,847,084 $16,526,688
--------------------------------------------------------------------------------------------
</TABLE>
N/A - Limited Term is not authorized to issue Class B Shares.
See accompanying notes to financial statements.
--------------------------------------------------------------------------------
48
<PAGE>
Statement of Changes in Net Assets (Unaudited)
<TABLE>
<CAPTION>
High Yield All-American
---------------------------------- --------------------------
For the Period 6/7/99
Six Months (commencement Six Months
Ended of operations) Ended Year Ended
10/31/00 through 4/30/00 10/31/00 4/30/00
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 506,237 $ 457,726 $ 9,184,471 $ 20,426,467
Net realized gain (loss)
from investment
transactions (10,869) (134,825) (2,805,612) (9,176,255)
Net change in unrealized
appreciation or
depreciation of
investments 120,580 (173,198) 10,250,721 (31,918,526)
-----------------------------------------------------------------------------------------
Net increase (decrease)
in net assets from
operations 615,948 149,703 16,629,580 (20,668,314)
-----------------------------------------------------------------------------------------
Distributions to
Shareholders
From and in excess of
net investment income:
Class A (195,822) (138,627) (6,877,844) (15,132,046)
Class B (114,103) (54,913) (778,103) (1,566,028)
Class C (62,287) (38,436) (1,587,528) (3,562,122)
Class R (152,248) (182,520) (86,280) (162,902)
From accumulated net
realized gains from
investment
transactions:
Class A -- -- -- (654,193)
Class B -- -- -- (80,183)
Class C -- -- -- (170,189)
Class R -- -- -- (6,542)
-----------------------------------------------------------------------------------------
Decrease in net assets
from distributions to
shareholders (524,460) (414,496) (9,329,755) (21,334,205)
-----------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from shares
issued in the
reorganization of
Intermediate -- -- -- --
Net proceeds from sale
of shares 6,881,007 16,959,330 28,405,292 181,144,650
Net proceeds from shares
issued to shareholders
due to reinvestment of
distributions 157,063 74,830 2,686,416 6,218,778
-----------------------------------------------------------------------------------------
7,038,070 17,034,160 31,091,708 187,363,428
Cost of shares redeemed (2,250,275) (2,168,964) (44,136,221) (209,948,809)
-----------------------------------------------------------------------------------------
Net increase (decrease)
in net assets from Fund
share transactions 4,787,795 14,865,196 (13,044,513) (22,585,381)
-----------------------------------------------------------------------------------------
Net increase (decrease)
in net assets 4,879,283 14,600,403 (5,744,688) (64,587,900)
Net assets at the
beginning of period 14,700,403 100,000 362,228,055 426,815,955
-----------------------------------------------------------------------------------------
Net assets at the end of
period 19,579,686 $14,700,403 $356,483,367 $362,228,055
-----------------------------------------------------------------------------------------
Undistributed (Over-
distribution of) net
investment income at
the end of period $ 25,007 $ 43,230 $ (141,339) $ 3,945
-----------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
--------------------------------------------------------------------------------
49
<PAGE>
Statement of Changes in Net Assets (Unaudited) (continued)
<TABLE>
<CAPTION>
Insured Intermediate Duration
------------------------------- ---------------------------------
Six Months Ended Year Ended Six Months Ended Year Ended
10/31/00 4/30/00 10/31/00 4/30/00
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 20,764,535 $ 42,500,958 $ 68,490,259 $ 143,921,343
Net realized gain (loss)
from investment
transactions (1,264,085) (13,652,989) 2,575,385 (110,449)
Net change in unrealized
appreciation or
depreciation of
investments 16,704,141 (47,069,065) 62,781,440 (203,225,001)
---------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets from
operations 36,204,591 (18,221,096) 133,847,084 (59,414,107)
---------------------------------------------------------------------------------------------
Distributions to
Shareholders
From and in excess of
net investment income:
Class A (2,857,217) (5,693,646) (2,966,677) (5,987,666)
Class B (391,810) (682,632) (250,906) (487,535)
Class C (252,041) (502,115) (157,957) (319,952)
Class R (17,049,403) (35,829,096) (65,134,715) (135,743,405)
From accumulated net
realized gains from
investment
transactions:
Class A -- (219,264) -- (157,870)
Class B -- (31,576) -- (16,016)
Class C -- (21,487) -- (9,618)
Class R -- (1,310,350) -- (3,372,922)
---------------------------------------------------------------------------------------------
Decrease in net assets
from distributions to
shareholders (20,550,471) (44,290,166) (68,510,255) (146,094,984)
---------------------------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from shares
issued in the
reorganization of
Intermediate -- -- 54,282,203 --
Net proceeds from sale
of shares 26,953,216 75,557,406 62,566,503 138,202,949
Net proceeds from shares
issued to shareholders
due to reinvestment of
distributions 13,009,185 28,547,915 50,631,414 109,843,012
---------------------------------------------------------------------------------------------
39,962,401 104,105,321 167,480,120 248,045,961
Cost of shares redeemed (52,491,994) (127,729,604) (148,704,474) (383,886,721)
---------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets from Fund
share transactions (12,529,593) (23,624,283) 18,775,646 (135,840,760)
---------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets 3,124,527 (86,135,545) 84,112,475 (341,349,851)
Net assets at the
beginning of period 774,625,910 860,761,455 2,630,360,231 2,971,710,082
---------------------------------------------------------------------------------------------
Net assets at the end of
period $777,750,437 $ 774,625,910 $2,714,472,706 $ 2,630,360,231
---------------------------------------------------------------------------------------------
Undistributed (Over-
distribution of) net
investment income at
the end of period $ 574,314 $ 360,250 $ 2,518,216 $ 2,643,271
---------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
50
<PAGE>
<TABLE>
<CAPTION>
Limited Term
------------------------------
Six Months Ended Year Ended
10/31/00 4/30/00
-----------------------------------------------------------------------------
<S> <C> <C>
Operations
Net investment income $ 10,255,434 $ 23,422,039
Net realized gain (loss) from investment
transactions (1,535,177) (2,224,238)
Net change in unrealized appreciation or
depreciation of investments 7,806,431 (24,703,249)
-----------------------------------------------------------------------------
Net increase (decrease) in net assets from
operations 16,526,688 (3,505,448)
-----------------------------------------------------------------------------
Distributions to Shareholders
From and in excess of net investment income:
Class A (8,677,217) (19,204,675)
Class B N/A N/A
Class C (1,605,756) (3,701,545)
Class R (9,015) (35,237)
From accumulated net realized gains from
investment transactions:
Class A -- --
Class B N/A N/A
Class C -- --
Class R -- --
-----------------------------------------------------------------------------
Decrease in net assets from distributions to
shareholders (10,291,988) (22,941,457)
-----------------------------------------------------------------------------
Fund Share Transactions
Net proceeds from shares issued in the
reorganization of Intermediate -- --
Net proceeds from sale of shares 13,390,835 123,966,719
Net proceeds from shares issued to
shareholders due to reinvestment of
distributions 4,986,726 10,258,381
-----------------------------------------------------------------------------
18,377,561 134,225,100
Cost of shares redeemed (54,585,151) (192,794,704)
-----------------------------------------------------------------------------
Net increase (decrease) in net assets from
Fund share transactions (36,207,590) (58,569,604)
-----------------------------------------------------------------------------
Net increase (decrease) in net assets (29,972,890) (85,016,509)
Net assets at the beginning of period 460,371,401 545,387,910
-----------------------------------------------------------------------------
Net assets at the end of period $430,398,511 $460,371,401
-----------------------------------------------------------------------------
Undistributed (Over-distribution of) net
investment income at the end of period $ 671,282 $ 705,378
-----------------------------------------------------------------------------
</TABLE>
N/A - Limited Term is not authorized to issue Class B Shares.
See accompanying notes to financial statements.
--------------------------------------------------------------------------------
51
<PAGE>
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
The Nuveen Municipal Trust (the "Trust") is an open-end, diversified investment
company registered under the Investment Company Act of 1940, as amended. The
Trust comprises the Nuveen High Yield Municipal Bond Fund ("High Yield"),
Nuveen All-American Municipal Bond Fund ("All-American"), Nuveen Insured Munic-
ipal Bond Fund ("Insured"), Nuveen Intermediate Duration Municipal Bond Fund
("Intermediate Duration") and Nuveen Limited Term Municipal Bond Fund ("Limited
Term") (collectively, the "Funds"). The Trust was organized as a Massachusetts
business trust on July 1, 1996.
After the close of business on October 27, 2000, Intermediate Duration acquired
all of the net assets of Nuveen Intermediate Municipal Bond Fund ("Intermedi-
ate") pursuant to a plan of reorganization previously approved by the share-
holders of Intermediate. The acquisition was accomplished by a tax-free ex-
change of Class A, C and R Shares of Intermediate Duration for the outstanding
Class A, C and R Shares of Intermediate on October 27, 2000. Intermediate's net
assets of $54,282,203 at that date included $75,643 of net unrealized deprecia-
tion which was combined with that of Intermediate Duration. The combined net
assets of Intermediate Duration immediately after the acquisition were
$2,715,429,004.
High Yield invests substantially all of its assets in municipal bonds for high
current income exempt from regular federal income taxes and capital apprecia-
tion. Under normal circumstances, at least 65% of the Fund's assets will be in-
vested in medium to low-quality municipal bonds and may also invest in de-
faulted municipal bonds, inverse floating rate securities, municipal forwards
and short-term municipal investments.
All-American, Insured, Intermediate Duration and Limited Term seek to provide
high tax-free income and preservation of capital through investments in diver-
sified portfolios of quality municipal bonds.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with ac-
counting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Trustees. When price
quotes are not readily available (which is usually the case for municipal secu-
rities), the pricing service establishes fair market value based on yields or
prices of municipal bonds of comparable quality, type of issue, coupon, matu-
rity and rating, indications of value from securities dealers and general mar-
ket conditions. Temporary investments in securities that have variable rate and
demand features qualifying them as short-term securities are valued at amor-
tized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. Any securities so purchased are subject
to market fluctuation during this period. The Funds have instructed the custo-
dian to segregate assets in a separate account with a current value at least
equal to the amount of the when-issued and delayed delivery purchase commit-
ments. At October 31, 2000, Insured and Intermediate Duration had outstanding
when-issued purchase commitments of $4,415,455 and $13,868,200, respectively.
There were no such outstanding purchase commitments in any of the other Funds.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securi-
ties when required for federal income tax purposes.
--------------------------------------------------------------------------------
52
<PAGE>
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts on the first busi-
ness day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to
the extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from accounting principles generally
accepted in the United States. Accordingly, temporary over-distributions as a
result of these differences may occur and will be classified as either distri-
butions in excess of net investment income, distributions in excess of net re-
alized gains and/or distributions in excess of net ordinary taxable income from
investment transactions, where applicable.
Federal Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund in-
tends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized capi-
tal gains and/or market discount from investment transactions. The Funds cur-
rently consider significant net realized capital gains and/or market discount
as amounts in excess of $.001 per share. Furthermore, each Fund intends to sat-
isfy conditions which will enable interest from municipal securities, which is
exempt from regular federal income tax, to retain such tax-exempt status when
distributed to the shareholders of the Funds. Net realized capital gain and
market discount distributions are subject to federal taxation.
Flexible Sales Charge Program
Each Fund offers Class A, C and R Shares. High Yield, All-American, Insured and
Intermediate Duration also offer Class B Shares. Class A Shares are sold with a
sales charge and incur an annual 12b-1 service fee. Class A Share purchases of
$1 million or more are sold at net asset value without an up-front sales charge
but may be subject to a contingent deferred sales charge ("CDSC") if redeemed
within 18 months of purchase. Class B Shares are sold without a sales charge
but incur annual 12b-1 distribution and service fees. An investor purchasing
Class B Shares agrees to pay a CDSC of up to 5% depending upon the length of
time the shares are held by the investor (CDSC is reduced to 0% at the end of
six years). Class B Shares convert to Class A Shares eight years after pur-
chase. Class C Shares are sold without a sales charge but incur annual 12b-1
distribution and service fees. An investor purchasing Class C Shares agrees to
pay a CDSC of 1% if Class C Shares are redeemed within one year of purchase.
Class R Shares are not subject to any sales charge or 12b-1 distribution or
service fees. Class R Shares are available only under limited circumstances, or
by specified classes of investors.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics including inverse floating rate securities. During
the six months ended October 31, 2000, All-American invested in inverse float-
ing rate securities for the purpose of enhancing portfolio yield. Floating rate
securities are identified in the Portfolio of Investments and are marked to
market daily. The interest rate of an inverse floating rate security has an in-
verse relationship to the interest rate of a short-term floating rate security.
Consequently, as the interest rate of the floating rate security rises, the in-
terest rate on the inverse floating rate security declines. Conversely, as the
interest rate of the floating rate security declines the interest rate on the
inverse floating rate security rises. The price of an inverse floating rate se-
curity will be more volatile than that of a fixed rate security since the in-
terest rate is dependent on the general level of interest rates as well as the
short-term interest paid on the floating rate security. High Yield, Insured,
Intermediate Duration and Limited Term did not invest in any such securities
during the six months ended October 31, 2000.
Expense Allocation
Expenses of each Fund that are not directly attributable to a specific class of
shares are prorated among the classes based on the relative net assets of each
class. Expenses directly attributable to a class of shares, which presently
only includes 12b-1 distribution and service fees, are recorded to the specific
class.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight in-
vestments.
Use of Estimates
The preparation of financial statements in conformity with accounting princi-
ples generally accepted in the United States requires management to make esti-
mates and assumptions that affect the reported amounts of assets and liabili-
ties at the date of the financial statements and the reported amounts of in-
creases and decreases in net assets from operations during the reporting peri-
od. Actual results may differ from those estimates.
--------------------------------------------------------------------------------
53
<PAGE>
Notes to Financial Statements (Unaudited) (continued)
2. Fund Shares
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
High Yield
---------------------------------------------------
For the Period 6/7/99
(commencement of
Six Months Ended operations) through
10/31/00 4/30/00
------------------------ -------------------------
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold:
Class A 133,965 $ 2,484,578 372,419 $ 6,981,810
Class B 176,172 3,258,708 143,463 2,700,166
Class C 31,256 579,200 89,209 1,682,683
Class R 30,173 558,521 293,122 5,594,671
Shares issued to shareholders due to reinvestment of distributions:
Class A 3,054 56,776 1,545 28,819
Class B 2,346 43,585 1,039 19,374
Class C 1,194 22,186 686 12,769
Class R 1,856 34,516 744 13,868
-------------------------------------------------------------------------------------------------------------------------
380,016 7,038,070 902,227 17,034,160
-------------------------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (5,493) (102,024) (90,790) (1,684,324)
Class B (17,603) (326,452) (13,048) (243,122)
Class C (13) (250) -- --
Class R (97,764) (1,821,549) (13,025) (241,518)
-------------------------------------------------------------------------------------------------------------------------
(120,873) (2,250,275) (116,863) (2,168,964)
-------------------------------------------------------------------------------------------------------------------------
Net increase 259,143 $ 4,787,795 785,364 $ 14,865,196
-------------------------------------------------------------------------------------------------------------------------
<CAPTION>
All-American
---------------------------------------------------
Six Months Ended Year Ended
10/31/00 4/30/00
------------------------ -------------------------
Shares Amount Shares Amount
-------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold:
Class A 1,616,399 $ 16,757,830 13,500,898 $143,864,405
Class B 364,887 3,794,347 1,285,393 13,894,140
Class C 534,488 5,560,718 1,934,386 20,659,552
Class R 219,466 2,292,397 257,212 2,726,553
Shares issued to shareholders due to reinvestment of distributions:
Class A 187,551 1,955,114 428,158 4,578,317
Class B 24,255 253,077 48,556 517,927
Class C 41,355 430,617 95,115 1,014,087
Class R 4,557 47,608 10,212 108,447
-------------------------------------------------------------------------------------------------------------------------
2,992,958 31,091,708 17,559,930 187,363,428
-------------------------------------------------------------------------------------------------------------------------
Shares redeemed:
Class A (2,857,368) (29,624,033) (16,168,225) (171,438,777)
Class B (248,273) (2,582,687) (967,088) (10,145,770)
Class C (1,009,125) (10,467,350) (2,489,879) (26,198,502)
Class R (140,168) (1,462,151) (205,764) (2,165,760)
-------------------------------------------------------------------------------------------------------------------------
(4,254,934) (44,136,221) (19,830,956) (209,948,809)
-------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) (1,261,976) $(13,044,513) (2,271,026) $(22,585,381)
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
54
<PAGE>
<TABLE>
<CAPTION>
Insured
----------------------------------------------------
Six Months Ended Year Ended
10/31/00 4/30/00
------------------------ --------------------------
Shares Amount Shares Amount
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold:
Class A 821,061 $ 8,587,558 3,086,726 $ 32,667,905
Class B 334,828 3,507,467 731,514 7,722,423
Class C 137,100 1,425,757 563,538 5,837,176
Class R 1,291,662 13,432,434 2,795,012 29,329,902
Shares issued to
shareholders due to
reinvestment of
distributions:
Class A 155,993 1,630,426 332,542 3,509,791
Class B 16,907 176,783 30,531 321,893
Class C 14,257 147,746 29,369 306,993
Class R 1,061,567 11,054,230 2,317,838 24,409,238
------------------------------------------------------------------------------
3,833,375 39,962,401 9,887,070 104,105,321
------------------------------------------------------------------------------
Shares redeemed:
Class A (1,029,065) (10,736,807) (2,672,467) (28,212,038)
Class B (174,064) (1,813,301) (334,945) (3,509,444)
Class C (173,637) (1,800,704) (511,995) (5,290,567)
Class R (3,671,401) (38,141,182) (8,674,594) (90,717,555)
------------------------------------------------------------------------------
(5,048,167) (52,491,994) (12,194,001) (127,729,604)
------------------------------------------------------------------------------
Net increase (decrease) (1,214,792) $(12,529,593) (2,306,931) $ (23,624,283)
------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Intermediate Duration
------------------------------------------------------
Year Ended
Six Months Ended 10/31/00 4/30/00
-------------------------- --------------------------
Shares Amount Shares Amount
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued in the
reorganization of
Intermediate:
Class A 4,771,218 $ 43,524,282 -- $ --
Class C 1,104,409 10,073,465 -- --
Class R 74,987 684,456 -- --
Shares sold:
Class A 1,969,757 17,799,135 3,537,711 32,170,580
Class B 150,817 1,363,792 719,576 6,517,947
Class C 117,836 1,066,330 349,705 3,137,585
Class R 4,720,066 42,337,246 10,637,230 96,376,837
Shares issued to
shareholders due to
reinvestment of
distributions:
Class A 219,888 1,981,675 452,979 4,113,838
Class B 13,512 121,842 27,021 245,091
Class C 8,795 79,212 21,778 197,700
Class R 5,370,362 48,448,685 11,574,998 105,286,383
--------------------------------------------------------------------------------
18,521,647 167,480,120 27,320,998 248,045,961
--------------------------------------------------------------------------------
Shares redeemed:
Class A (2,004,636) (18,134,594) (3,476,596) (31,284,034)
Class B (127,773) (1,150,919) (502,732) (4,466,044)
Class C (89,792) (810,769) (345,467) (3,101,371)
Class R (14,270,304) (128,608,192) (38,143,243) (345,035,272)
--------------------------------------------------------------------------------
(16,492,505) (148,704,474) (42,468,038) (383,886,721)
--------------------------------------------------------------------------------
Net increase (decrease) 2,029,142 $ 18,775,646 (15,147,040) $(135,840,760)
--------------------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
55
<PAGE>
Notes to Financial Statements (Unaudited) (continued)
<TABLE>
<CAPTION>
Limited Term
----------------------------------------------------
Six Months Ended Year Ended
10/31/00 4/30/00
------------------------ --------------------------
Shares Amount Shares Amount
------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold:
Class A 972,999 $ 10,138,479 9,240,097 $ 97,155,925
Class C 305,743 3,185,020 2,519,289 26,670,978
Class R 6,456 67,336 13,313 139,816
Shares issued to
shareholders due to
reinvestment of
distributions:
Class A 411,480 4,287,215 813,547 8,594,221
Class C 66,882 695,756 155,922 1,644,870
Class R 361 3,755 1,820 19,290
------------------------------------------------------------------------------
1,763,921 18,377,561 12,743,988 134,225,100
------------------------------------------------------------------------------
Shares redeemed:
Class A (4,129,790) (43,033,793) (14,974,195) (157,240,634)
Class C (1,109,632) (11,551,358) (3,301,074) (34,601,230)
Class R -- -- (90,620) (952,840)
------------------------------------------------------------------------------
(5,239,422) (54,585,151) (18,365,889) (192,794,704)
------------------------------------------------------------------------------
Net increase (decrease) (3,475,501) $(36,207,590) (5,621,901) $ (58,569,604)
------------------------------------------------------------------------------
</TABLE>
3. Distributions to Shareholders
The Funds declared dividend distributions from their tax-exempt net investment
income which were paid on December 1, 2000, to shareholders of record on Novem-
ber 9, 2000, as follows:
<TABLE>
<CAPTION>
High All- Intermediate Limited
Yield American Insured Duration Term
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Dividend per share:
Class A $.1005 $.0470 $.0450 $.0380 $.0415
Class B .0885 .0405 .0385 .0325 N/A
Class C .0915 .0420 .0395 .0335 .0385
Class R .1035 .0485 .0465 .0395 .0435
-----------------------------------------------------------------
</TABLE>
N/A - Limited Term is not authorized to issue Class B Shares.
4. Securities Transactions
Purchases and sales (including maturities) of investments in long-term munici-
pal securities and short-term municipal securities for the six months ended Oc-
tober 31, 2000, were as follows:
<TABLE>
<CAPTION>
All- Intermediate Limited
High Yield American Insured Duration Term
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purchases:
Long-term municipal
securities $6,004,671 $61,309,772 $98,723,488 $77,394,351 $50,112,300
Long-term municipal
securities acquired in
the acquisition
of Intermediate -- -- -- 53,652,345 --
Short-term municipal
securities -- 23,900,000 25,000,000 19,800,000 7,850,000
Sales and maturities:
Long-term municipal
securities 992,267 81,936,317 115,692,429 120,464,829 83,522,064
Short-term municipal
securities -- 16,400,000 25,000,000 19,800,000 7,850,000
------------------------------------------------------------------------------------
</TABLE>
At October 31, 2000, the identified cost of investments owned for federal in-
come tax purposes were as follows:
<TABLE>
<CAPTION>
High Intermediate
Yield All-American Insured Duration Limited Term
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$19,979,361 $345,956,561 $739,633,308 $2,546,440,064 $426,958,763
----------------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
56
<PAGE>
At April 30, 2000, the Funds' last fiscal year end, the following Funds had un-
used capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards
will expire as follows:
<TABLE>
<CAPTION>
High Yield All-American Insured Limited Term
------------------------------------------------------
<S> <C> <C> <C> <C>
2003 $ -- $ -- $ -- $3,801,908
2008 23,319 5,472,809 5,599,414 1,014,670
------------------------------------------------------
Total $23,319 $5,472,809 $5,599,414 $4,816,578
------------------------------------------------------
</TABLE>
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at October 31, 2000, were as follows:
<TABLE>
<CAPTION>
Intermediate
High Yield All-American Insured Duration Limited Term
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Gross unrealized:
appreciation $ 429,229 $ 12,259,831 $41,523,083 $141,421,345 $ 7,103,370
depreciation (593,352) (11,310,793) (9,131,733) (22,222,140) (5,595,834)
-------------------------------------------------------------------------------------
Net unrealized
appreciation
(depreciation) $(164,123) $ 949,038 $32,391,350 $119,199,205 $ 1,507,536
-------------------------------------------------------------------------------------
</TABLE>
6. Management Fee and Other Transactions with Affiliates
Under the Trust's investment management agreement with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each
Fund pays an annual management fee, payable monthly, at the rates set forth be-
low which are based upon the average daily net assets of each Fund as follows:
<TABLE>
<CAPTION>
High Yield
Average Daily Net Assets Management Fee
-----------------------------------------------
<S> <C>
For the first $125 million .6000 of 1%
For the next $125 million .5875 of 1
For the next $250 million .5750 of 1
For the next $500 million .5625 of 1
For the next $1 billion .5500 of 1
For net assets over $2 billion .5250 of 1
-----------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
All-American, Insured &
Intermediate Duration
Average Daily Net Assets Management Fee
--------------------------------------------------------
<S> <C>
For the first $125 million .5000 of 1%
For the next $125 million .4875 of 1
For the next $250 million .4750 of 1
For the next $500 million .4625 of 1
For the next $1 billion .4500 of 1
For net assets over $2 billion .4250 of 1
--------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Limited Term
Average Daily Net Assets Management Fee
-----------------------------------------------
<S> <C>
For the first $125 million .4500 of 1%
For the next $125 million .4375 of 1
For the next $250 million .4250 of 1
For the next $500 million .4125 of 1
For the next $1 billion .4000 of 1
For net assets over $2 billion .3750 of 1
-----------------------------------------------
</TABLE>
--------------------------------------------------------------------------------
57
<PAGE>
Notes to Financial Statements (Unaudited) (continued)
The management fee compensates the Adviser for overall investment advisory and
administrative services, and general office facilities. The Trust pays no com-
pensation directly to those of its Trustees who are affiliated with the Ad-
viser or to its officers, all of whom receive remuneration for their services
to the Trust from the Adviser or its affiliates.
The Adviser may voluntarily reimburse expenses from time to time, which may be
terminated at any time at its discretion.
During the six months ended October 31, 2000, Nuveen Investments (the "Dis-
tributor"), a wholly owned subsidiary of The John Nuveen Company, collected
sales charges on purchases of Class A Shares, the majority of which were paid
out as concessions to authorized dealers as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Intermediate
High Yield All-American Insured Duration Limited Term
----------------------------------------------------------------------------------
Sales charges collected $27,472 $104,642 $85,992 $140,535 $33,253
Paid to authorized
dealers 22,639 104,642 85,992 123,479 33,253
----------------------------------------------------------------------------------
</TABLE>
The Distributor also received 12b-1 service fees on Class A Shares, substan-
tially all of which were paid to compensate authorized dealers for providing
services to shareholders relating to their investments.
During the six months ended October 31, 2000, the Distributor compensated au-
thorized dealers directly with commission advances at the time of purchase as
follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Intermediate
High Yield All-American Insured Duration Limited Term
-------------------------------------------------------------------------------
Commission advances $121,497 $172,197 $152,649 $54,772 $47,472
-------------------------------------------------------------------------------
</TABLE>
To compensate for commissions advanced to authorized dealers, all 12b-1 serv-
ice fees collected on Class B Shares during the first year following a pur-
chase, all 12b-1 distribution fees on Class B Shares, and all 12b-1 service
and distribution fees on Class C Shares collected during the first year fol-
lowing a purchase are retained by the Distributor. During the six months ended
October 31, 2000, the Distributor retained such 12b-1 fees as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Intermediate
High Yield All-American Insured Duration Limited Term
------------------------------------------------------------------------------
12b-1 fees retained $26,170 $170,832 $85,106 $54,931 $34,203
------------------------------------------------------------------------------
</TABLE>
The remaining 12b-1 fees charged to the Fund were paid to compensate autho-
rized dealers for providing services to shareholders relating to their invest-
ments.
The Distributor also collected and retained CDSC on share redemptions during
the six months ended October 31, 2000, as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Intermediate
High Yield All-American Insured Duration Limited Term
------------------------------------------------------------------------
CDSC retained $2,889 $121,552 $65,852 $32,992 $21,486
------------------------------------------------------------------------
</TABLE>
At October 31, 2000, The John Nuveen Company owned 1,250 shares of High
Yield's Class A, B and C and 74,004 shares of High Yield's Class R.
7. Composition of Net Assets
At October 31, 2000, each Fund had an unlimited number of $.01 par value
shares authorized. Net assets consisted of:
<TABLE>
<S> <C> <C> <C> <C> <C>
Intermediate
High Yield All-American Insured Duration Limited Term
-----------------------------------------------------------------------------------------------
Capital paid-in $19,752,991 $363,954,088 $751,648,275 $2,589,940,918 $434,571,448
Undistributed (Over-
distribution of) net
investment income 25,007 (141,339) 574,314 2,518,216 671,282
Accumulated net realized
gain (loss) from
investment transactions (145,694) (11,983,561) (15,000,939) 2,267,883 (7,595,799)
Net unrealized
appreciation
(depreciation) of
investments (52,618) 4,654,179 40,528,787 119,745,689 2,751,580
-----------------------------------------------------------------------------------------------
Net assets $19,579,686 $356,483,367 $777,750,437 $2,714,472,706 $430,398,511
-----------------------------------------------------------------------------------------------
</TABLE>
-------------------------------------------------------------------------------
58
<PAGE>
8. Investment Composition
At October 31, 2000, the revenue sources by municipal purpose, expressed as a
percent of long-term investments, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
Intermediate
High Yield All-American Insured Duration Limited Term
--------------------------------------------------------------------------------------
Basic Materials 7% 2% --% --% --%
Education and Civic
Organizations 6 10 5 1 16
Healthcare 20 13 18 17 14
Housing/Multifamily 4 3 2 7 10
Housing/Single Family 1 5 8 5 1
Long-Term Care 15 5 -- -- 3
Tax Obligation/General 1 3 9 6 8
Tax Obligation/Limited 1 11 10 10 12
Transportation 14 16 5 8 7
U.S. Guaranteed -- 14 32 16 7
Utilities 30 11 7 21 17
Water and Sewer -- 4 3 8 1
Other 1 3 1 1 4
--------------------------------------------------------------------------------------
100% 100% 100% 100% 100%
--------------------------------------------------------------------------------------
</TABLE>
Certain long-term investments owned by the Funds are either covered by insur-
ance issued by several private insurers or are backed by an escrow or trust
containing U.S. Government or U.S. Government agency securities, both of which
ensure the timely payment of principal and interest in the event of default
(High Yield 3%, All-American 35%, Insured 100%, Intermediate Duration 37% and
Limited Term 36%). Such insurance or escrow, however, does not guarantee the
market value of the municipal securities or the value of any of the Funds'
shares.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
--------------------------------------------------------------------------------
59
<PAGE>
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
<TABLE>
<CAPTION>
Class (Inception Date)
Investment Operations Less Distributions
------------------------- -----------------------
HIGH YIELD
<CAPTION> Net
Class (Inception Date) Realized/
Unrealized Ratios/Supplemental Data
Beginning ---Net----Invest--------------Net------------------Ending-----------------------
Net Invest- BeforemCredit/ent AfterInvest- After Credit/ Net
Year Ended Asset ment ReimbursementGain Reimbursement(b)ment Reimbursement(c)Capital Asset
HIGHAYIELDpril 30, Value--Income-----(Loss)- Total---Income----Gains--Total---Value---
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Year Ended Total Assets Net Net Net Net Net Net Turnover
April 30, Return(a) (000) Assets Assets Assets Assets Assets Assets Rate
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (6/99)
2001(e) $18.60 $ .57 $ .09 $ .66 $ (.60) $-- $ (.60) $18.66
2000(d) 20.00 1.06 (1.61) (.55) (.85) -- (.85) 18.60
Class B (6/99)
2001(e) 18.58 .50 .09 .59 (.53) -- (.53) 18.64
2000(d) 20.00 .93 (1.61) (.68) (.74) -- (.74) 18.58
Class C (6/99)
2001(e) 18.59 .52 .09 .61 (.55) -- (.55) 18.65
2000(d) 20.00 .96 (1.60) (.64) (.77) -- (.77) 18.59
Class R (6/99)
2001(e) 18.61 .59 .09 .68 (.62) -- (.62) 18.67
2000(d) 20.00 1.05 (1.56) (.51) (.88) -- (.88) 18.61
----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (6/99)
2001(e) 3.60% $7,762 1.42%* 6.03%* 1.39%* 6.06%* 1.36%* 6.10%* 6%
2000(d) (2.69) 5,291 1.87* 5.11* .77* 6.22* .72* 6.26* 56
Class B (6/99)
2001(e) 3.21 5,474 2.18* 5.28* 2.16* 5.30* 2.12* 5.33* 6
2000(d) (3.36) 2,465 2.66* 4.27* 1.51* 5.42* 1.46* 5.47* 56
Class C (6/99)
2001(e) 3.31 2,305 1.96* 5.49* 1.94* 5.52* 1.90* 5.56* 6
2000(d) (3.16) 1,694 2.49* 4.44* 1.31* 5.62* 1.26* 5.67* 56
Class R (6/99)
2001(e) 3.70 4,039 1.20* 6.25* 1.16* 6.29* 1.13* 6.33* 6
2000(d) (2.50) 5,249 2.02* 4.66* .57* 6.11* .53* 6.16* 56
----------------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
(a) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(b) After expense reimbursement from the investment adviser, where applicable.
(c) After custodian fee credit and expense reimbursement, where applicable.
(d) For the period June 7, 1999 (commencement of operations) through April 30,
2000.
(e) For the six months ended October 31, 2000.
See accompanying notes to financial statements.
--------------------------------------------------------------------------------
60
<PAGE>
Selected data for a share outstanding throughout each period:
<TABLE>
<CAPTION>
Class (Inception Date)
Investment Operations Less Distributions
------------------------- ----------------------
ALL-AMERICAN+
From
Net and In
Realized/ Excess
Beginning Net Unrealized of Net Ending
Net Invest- Invest- Invest- Net
Year Ended Asset ment ment Gain ment Capital Asset Total
April 30, Value Income (Loss) Total Income Gains Total Value Return(a)
---------------------------------------------------------------------------------------------------
<CAPTION>
Class (Inception Date)
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(b) Reimbursement(c)
ALL-AMERICAN+ -------------------- -------------------- --------------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Year Ended Assets Net Net Net Net Net Net Turnover
April 30, (000) Assets Assets Assets Assets Assets Assets Rate
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (10/88)
2001(g) $10.33 $.28 $ .22 $ .50 $(.28) $ -- $(.28) $10.55 4.91%
2000 11.43 .56 (1.08) (.52) (.56) (.02) (.58) 10.33 (4.48)
1999 11.32 .57 .12 .69 (.57) (.01) (.58) 11.43 6.23
1998 10.90 .60 .51 1.11 (.60) (.09) (.69) 11.32 10.32
1997(d) 10.67 .55 .29 .84 (.55) (.06) (.61) 10.90 8.02
1996(e) 10.79 .61 (.12) .49 (.61) -- (.61) 10.67 4.64
1995(e) 10.61 .63 .18 .81 (.63) -- (.63) 10.79 8.01
Class B (2/97)
2001(g) 10.34 .24 .21 .45 (.24) -- (.24) 10.55 4.42
2000 11.44 .49 (1.09) (.60) (.48) (.02) (.50) 10.34 (5.21)
1999 11.33 .49 .12 .61 (.49) (.01) (.50) 11.44 5.46
1998 10.91 .51 .51 1.02 (.51) (.09) (.60) 11.33 9.51
1997(f) 10.98 .12 (.06) .06 (.13) -- (.13) 10.91 .54
Class C (6/93)
2001(g) 10.32 .25 .21 .46 (.25) -- (.25) 10.53 4.52
2000 11.42 .51 (1.09) (.58) (.50) (.02) (.52) 10.32 (5.02)
1999 11.31 .51 .12 .63 (.51) (.01) (.52) 11.42 5.69
1998 10.89 .53 .52 1.05 (.54) (.09) (.63) 11.31 9.75
1997(d) 10.66 .50 .29 .79 (.50) (.06) (.56) 10.89 7.48
1996(e) 10.78 .55 (.12) .43 (.55) -- (.55) 10.66 4.07
1995(e) 10.60 .57 .18 .75 (.57) -- (.57) 10.78 7.42
Class R (2/97)
2001(g) 10.34 .29 .21 .50 (.29) -- (.29) 10.55 4.90
2000 11.44 .59 (1.08) (.49) (.59) (.02) (.61) 10.34 (4.29)
1999 11.32 .60 .13 .73 (.60) (.01) (.61) 11.44 6.54
1998 10.91 .61 .51 1.12 (.62) (.09) (.71) 11.32 10.45
1997(f) 10.99 .15 (.07) .08 (.16) -- (.16) 10.91 .69
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (10/88)
2001(g) $253,293 .92%* 5.27%* .92%* 5.27%* .90%* 5.29%* 18%
2000 259,004 .84 5.29 .84 5.29 .83 5.29 53
1999 312,238 .81 4.97 .81 4.98 .80 4.98 10
1998 236,691 .81 5.27 .81 5.27 .81 5.27 20
1997(d) 216,575 .98* 5.43* .87* 5.54* .87* 5.54* 39
1996(e) 207,992 1.02 5.41 .83 5.60 .83 5.60 79
1995(e) 185,495 1.06 5.72 .76 6.02 .76 6.02 71
Class B (2/97)
2001(g) 34,701 1.67* 4.52* 1.67* 4.52* 1.65* 4.54* 18
2000 32,536 1.59 4.54 1.59 4.54 1.58 4.55 53
1999 31,804 1.56 4.21 1.54 4.23 1.54 4.23 10
1998 8,706 1.56 4.47 1.56 4.47 1.56 4.47 20
1997(f) 711 1.55* 4.83* 1.55* 4.83* 1.55* 4.83* 39
Class C (6/93)
2001(g) 64,428 1.47* 4.72* 1.47* 4.72* 1.46* 4.74* 18
2000 67,577 1.39 4.73 1.39 4.73 1.38 4.74 53
1999 80,036 1.37 4.42 1.36 4.43 1.35 4.43 10
1998 62,336 1.36 4.72 1.36 4.72 1.36 4.72 20
1997(d) 54,850 1.53* 4.88* 1.42* 4.99* 1.42* 4.99* 39
1996(e) 47,314 1.57 4.85 1.37 5.05 1.37 5.05 79
1995(e) 45,242 1.61 5.17 1.31 5.47 1.31 5.47 71
Class R (2/97)
2001(g) 4,061 .72* 5.47* .72* 5.47* .70* 5.49* 18
2000 3,111 .64 5.50 .64 5.50 .63 5.51 53
1999 2,737 .62 5.17 .61 5.17 .61 5.17 10
1998 4,510 .61 5.42 .61 5.42 .61 5.42 20
1997(f) 183 .61* 5.95* .61* 5.95* .61* 5.95* 39
---------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
+ Information included prior to the 11 months ended April 30, 1997, reflects
the financial highlights of Flagship All-American.
(a) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(b) After expense reimbursement from the investment adviser, where applicable.
(c) After custodian fee credit and expense reimbursement, where applicable.
(d) For the 11 months ended April 30.
(e) For the year ended May 31.
(f) From commencement of class operations as noted through April 30.
(g) For the six months ended October 31, 2000.
See accompanying notes to financial statements.
--------------------------------------------------------------------------------
61
<PAGE>
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
<TABLE>
<CAPTION>
Class (Inception Date)
Investment Operations Less Distributions
------------------------- -----------------------
INSURED
Net
Realized/
Beginning Net Unrealized Net Ending Ending
Net Invest- Invest- Invest- Net Net
Year Ended Asset ment ment Gain ment Capital Asset Total Assets
April 30, Value Income (Loss) Total Income Gains Total Value Return(a) (000)
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (9/94)
2001(g) $10.35 $.27 $ .21 $ .48 $(.27) $ -- $(.27) $10.56 4.68% $111,426
2000 11.16 .54 (.79) (.25) (.54) (.02) (.56) 10.35 (2.19) 109,729
1999 11.03 .54 .16 .70 (.54) (.03) (.57) 11.16 6.43 109,986
1998 10.66 .54 .41 .95 (.55) (.03) (.58) 11.03 9.05 90,459
1997(d) 10.82 .09 (.16) (.07) (.09) -- (.09) 10.66 (.63) 69,291
1997(e) 10.97 .56 (.13) .43 (.54) (.04) (.58) 10.82 4.04 68,268
1996(e) 10.40 .54 .57 1.11 (.54) -- (.54) 10.97 10.90 46,943
Class B (2/97)
2001(g) 10.35 .23 .21 .44 (.23) -- (.23) 10.56 4.30 19,262
2000 11.16 .46 (.79) (.33) (.46) (.02) (.48) 10.35 (2.94) 17,035
1999 11.03 .45 .16 .61 (.45) (.03) (.48) 11.16 5.63 13,602
1998 10.67 .46 .39 .85 (.46) (.03) (.49) 11.03 8.14 4,992
1997(d) 10.82 .09 (.16) (.07) (.08) -- (.08) 10.67 (.65) 488
1997(f) 10.80 .04 .02 .06 (.04) -- (.04) 10.82 .55 228
Class C (9/94)
2001(g) 10.26 .24 .21 .45 (.24) -- (.24) 10.47 4.40 10,984
2000 11.05 .47 (.77) (.30) (.47) (.02) (.49) 10.26 (2.64) 10,990
1999 10.92 .47 .16 .63 (.47) (.03) (.50) 11.05 5.86 10,947
1998 10.56 .48 .39 .87 (.48) (.03) (.51) 10.92 8.39 8,037
1997(d) 10.72 .08 (.16) (.08) (.08) -- (.08) 10.56 (.73) 5,615
1997(e) 10.85 .46 (.09) .37 (.46) (.04) (.50) 10.72 3.48 5,448
1996(e) 10.31 .46 .54 1.00 (.46) -- (.46) 10.85 9.88 5,151
Class R (12/86)
2001(g) 10.31 .28 .21 .49 (.28) -- (.28) 10.52 4.79 636,079
2000 11.11 .56 (.78) (.22) (.56) (.02) (.58) 10.31 (1.94) 636,872
1999 10.98 .56 .15 .71 (.55) (.03) (.58) 11.11 6.62 726,228
1998 10.62 .56 .39 .95 (.56) (.03) (.59) 10.98 9.17 727,068
1997(d) 10.78 .09 (.15) (.06) (.10) -- (.10) 10.62 (.60) 714,622
1997(e) 10.92 .57 (.11) .46 (.56) (.04) (.60) 10.78 4.38 732,587
1996(e) 10.38 .57 .54 1.11 (.57) -- (.57) 10.92 10.94 761,936
----------------------------------------------------------------------------------------------------
<CAPTION>
Class (Inception Date)
Ratios/Supplemental Data
-------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(b) Reimbursement(c)
INSURED -------------------- -------------------- --------------------
Ratio Ratio Ratio
of of of
Net Net Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
to to to to to to
Average Average Average Average Average Average Portfolio
Year Ended Net Net Net Net Net Net Turnover
April 30, Assets Assets Assets Assets Assets Assets Rate
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class A (9/94)
2001(g) .83%* 5.17%* .83%* 5.17%* .83%* 5.17%* 13%
2000 .83 5.09 .83 5.09 .83 5.09 44
1999 .82 4.80 .82 4.80 .81 4.80 13
1998 .86 4.91 .86 4.91 .86 4.91 40
1997(d) .84* 5.12* .84* 5.12* .84* 5.12* 12
1997(e) .87 5.07 .87 5.07 .87 5.07 35
1996(e) .92 5.00 .91 5.01 .91 5.01 27
Class B (2/97)
2001(g) 1.58* 4.41* 1.58* 4.41* 1.58* 4.42* 13
2000 1.59 4.35 1.59 4.35 1.58 4.35 44
1999 1.56 4.05 1.56 4.05 1.56 4.05 13
1998 1.61 4.14 1.61 4.14 1.61 4.14 40
1997(d) 1.59* 4.36* 1.59* 4.36* 1.59* 4.36* 12
1997(f) 1.58* 4.84* 1.58* 4.84* 1.58* 4.84* 35
Class C (9/94)
2001(g) 1.38* 4.62* 1.38* 4.62* 1.38* 4.62* 13
2000 1.38 4.54 1.38 4.54 1.38 4.54 44
1999 1.36 4.25 1.36 4.25 1.36 4.25 13
1998 1.41 4.36 1.41 4.36 1.41 4.36 40
1997(d) 1.39* 4.57* 1.39* 4.57* 1.39* 4.57* 12
1997(e) 1.61 4.33 1.61 4.33 1.61 4.33 35
1996(e) 1.63 4.34 1.63 4.34 1.63 4.34 27
Class R (12/86)
2001(g) .63* 5.37* .63* 5.37* .63* 5.37* 13
2000 .63 5.28 .63 5.28 .62 5.29 44
1999 .62 5.00 .62 5.00 .62 5.00 13
1998 .66 5.12 .66 5.12 .66 5.12 40
1997(d) .64* 5.31* .64* 5.31* .64* 5.31* 12
1997(e) .63 5.31 .63 5.31 .63 5.31 35
1996(e) .63 5.33 .63 5.33 .63 5.33 27
----------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
(a) Total returns are caluclated on net asset value without any sales charge
and are not annualized.
(b) After expense reimbursement from the investment adviser, where applicable.
(c) After custodian fee credit and expense reimbursement, where applicable.
(d) For the two months ended April 30.
(e) For the fiscal year ended February 28/29.
(f) From commencement of class operations as noted through February 28/29.
(g) For the six months ended October 31, 2000.
See accompanying notes to financial statements.
--------------------------------------------------------------------------------
62
<PAGE>
Selected data for a share outstanding throughout each period:
<TABLE>
<CAPTION>
Class (Inception Date)
Investment Operations Less Distributions
------------------------- ----------------------
INTERMEDIATE DURATION
Net
Realized/
Net Unrealized Net Ending
Beginning Invest- Invest- Invest- Net
Year Ended April Net ment ment Gain ment Capital Asset Total
30, Asset Value Income (Loss) Total Income Gains Total Value Return(a)
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (6/95)
2001(g) $ 8.91 $.22 $ .23 $ .45 $(.23) $ -- $(.23) $9.13 5.04%
2000 9.57 .45 (.65) (.20) (.45) (.01) (.46) 8.91 (2.02)
1999 9.46 .45 .13 .58 (.45) (.02) (.47) 9.57 6.28
1998 9.14 .46 .35 .81 (.46) (.03) (.49) 9.46 9.00
1997(d) 9.24 .08 (.10) (.02) (.08) -- (.08) 9.14 (.23)
1997(e) 9.28 .48 -- .48 (.47) (.05) (.52) 9.24 5.26
1996(f) 9.15 .34 .14 .48 (.32) (.03) (.35) 9.28 5.33
Class B (2/97)
2001(g) 8.91 .19 .22 .41 (.19) -- (.19) 9.13 4.66
2000 9.57 .39 (.66) (.27) (.38) (.01) (.39) 8.91 (2.78)
1999 9.46 .38 .13 .51 (.38) (.02) (.40) 9.57 5.49
1998 9.15 .38 .35 .73 (.39) (.03) (.42) 9.46 8.09
1997(d) 9.24 .09 (.11) (.02) (.07) -- (.07) 9.15 (.25)
1997(f) 9.23 .03 .01 .04 (.03) -- (.03) 9.24 .47
Class C (6/95)
2001(g) 8.90 .20 .22 .42 (.20) -- (.20) 9.12 4.74
2000 9.57 .40 (.66) (.26) (.40) (.01) (.41) 8.90 (2.71)
1999 9.44 .40 .15 .55 (.40) (.02) (.42) 9.57 5.91
1998 9.14 .40 .34 .74 (.41) (.03) (.44) 9.44 8.20
1997(d) 9.23 .07 (.09) (.02) (.07) -- (.07) 9.14 (.21)
1997(e) 9.26 .42 -- .42 (.40) (.05) (.45) 9.23 4.64
1996(f) 9.15 .29 .13 .42 (.28) (.03) (.31) 9.26 4.59
Class R (11/76)
2001(g) 8.91 .23 .23 .46 (.23) -- (.23) 9.14 5.26
2000 9.58 .47 (.66) (.19) (.47) (.01) (.48) 8.91 (1.93)
1999 9.46 .47 .14 .61 (.47) (.02) (.49) 9.58 6.59
1998 9.15 .48 .34 .82 (.48) (.03) (.51) 9.46 9.09
1997(d) 9.24 .08 (.09) (.01) (.08) -- (.08) 9.15 (.09)
1997(e) 9.28 .49 .01 .50 (.49) (.05) (.54) 9.24 5.53
1996(e) 9.00 .51 .31 .82 (.51) (.03) (.54) 9.28 9.31
--------------------------------------------------------------------------------------------------------
<CAPTION>
Class (Inception Date)
Ratios/Supplemental Data
--------------------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(b) Reimbursement(c)
INTERMEDIATE DURATION -------------------- -------------------- --------------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Year Ended April Assets Net Net Net Net Net Net Turnover
30, (000) Assets Assets Assets Assets Assets Assets Rate
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (6/95)
2001(g) $ 164,761 .79%* 4.93%* .79%* 4.93%* .78%* 4.93%* 3%**
2000 116,621 .80 5.01 .80 5.01 .79 5.02 13
1999 120,418 .77 4.71 .77 4.71 .77 4.71 12
1998 97,029 .80 4.83 .80 4.83 .80 4.83 10
1997(d) 70,331 .77* 5.13* .77* 5.13* .77* 5.13* 2
1997(e) 68,204 .81 5.11 .81 5.11 .81 5.11 12
1996(f) 37,089 .86* 5.11* .83* 5.14* .83* 5.14* 17
Class B (2/97)
2001(g) 12,181 1.54* 4.19* 1.54* 4.19* 1.53* 4.20* 3**
2000 11,560 1.55 4.27 1.55 4.27 1.54 4.28 13
1999 10,086 1.52 3.96 1.52 3.96 1.52 3.96 12
1998 4,136 1.56 4.05 1.56 4.05 1.56 4.05 10
1997(d) 468 1.53* 4.39* 1.53* 4.39* 1.53* 4.39* 2
1997(f) 43 1.51* 5.23* 1.51* 5.23* 1.51* 5.23* 12
Class C (6/95)
2001(g) 17,507 1.34* 4.34* 1.34* 4.34* 1.33* 4.35* 3**
2000 6,920 1.35 4.47 1.35 4.47 1.34 4.48 13
1999 7,191 1.32 4.15 1.32 4.15 1.32 4.15 12
1998 4,886 1.35 4.29 1.35 4.29 1.35 4.29 10
1997(d) 5,360 1.32* 4.58* 1.32* 4.58* 1.32* 4.58* 2
1997(e) 5,039 1.54 4.37 1.54 4.37 1.54 4.37 12
1996(f) 1,915 1.64* 4.33* 1.58* 4.39* 1.58* 4.39* 17
Class R (11/76)
2001(g) 2,520,024 .59* 5.14* .59* 5.14* .58* 5.15* 3**
2000 2,495,259 .59 5.21 .59 5.21 .59 5.22 13
1999 2,834,016 .57 4.90 .57 4.90 .57 4.90 12
1998 2,818,442 .60 5.04 .60 5.04 .60 5.04 10
1997(d) 2,774,648 .57* 5.33* .57* 5.33* .57* 5.33* 2
1997(e) 2,818,214 .57 5.35 .57 5.35 .57 5.35 12
1996(e) 2,878,641 .59 5.53 .59 5.53 .59 5.53 17
--------------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
** The cost of securities acquired in the acquisition of Intermediate of
$53,652,345 were excluded from the portfolio turnover rate calculation.
(a) Total returns are calculated on net asset value without any sales charge
and are not annualized.
(b) After expense reimbursement from the investment adviser, where applicable.
(c) After custodian fee credit and expense reimbursement, where applicable.
(d) For the two months ended April 30.
(e) For the fiscal year ended February 28/29.
(f) From commencement of class operations as noted through February 28/29.
(g) For the six months ended October 31, 2000.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
63
<PAGE>
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period:
<TABLE>
<CAPTION>
Class (Inception Date)
Investment Operations Less Distributions
------------------------- ----------------------
LIMITED TERM+
Net
Realized/
Beginning Net Unrealized Net Ending
Net Invest- Invest- Invest- Net
Year Ended April Asset ment ment Gain ment Capital Asset Total
30, Value Income (Loss) Total Income Gains Total Value Return(a)
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (10/87)
2001(h) $10.35 $.24 $ .15 $ .39 $(.24) $-- $(.24) $10.50 3.84%
2000 10.89 .49 (.55) (.06) (.48) -- (.48) 10.35 (.57)
1999 10.80 .49 .10 .59 (.50) -- (.50) 10.89 5.57
1998 10.61 .51 .19 .70 (.51) -- (.51) 10.80 6.67
1997(d) 10.57 .46 .04 .50 (.46) -- (.46) 10.61 4.78
1996(e) 10.65 .51 (.09) .42 (.50) -- (.50) 10.57 4.03
1995(e) 10.60 .51 .04 .55 (.50) -- (.50) 10.65 5.41
Class C (12/95)
2001(h) 10.34 .22 .15 .37 (.23) -- (.23) 10.48 3.57
2000 10.87 .45 (.54) (.09) (.44) -- (.44) 10.34 (.82)
1999 10.79 .45 .10 .55 (.47) -- (.47) 10.87 5.13
1998 10.60 .47 .19 .66 (.47) -- (.47) 10.79 6.33
1997(d) 10.56 .44 .03 .47 (.43) -- (.43) 10.60 4.49
1996(g) 10.76 .22 (.19) .03 (.23) -- (.23) 10.56 .46*
Class R (2/97)
2001(h) 10.33 .25 .15 .40 (.26) -- (.26) 10.47 3.87
2000 10.87 .51 (.55) (.04) (.50) -- (.50) 10.33 (.35)
1999 10.78 .51 .11 .62 (.53) -- (.53) 10.87 5.81
1998 10.59 .53 .19 .72 (.53) -- (.53) 10.78 6.87
1997(f) 10.73 .12 (.13) (.01) (.13) -- (.13) 10.59 (.09)
----------------------------------------------------------------------------------------------------
<CAPTION>
Class (Inception Date)
Ratios/Supplemental Data
----------------------------------------------------------------------------------
Before Credit/ After After Credit/
Reimbursement Reimbursement(b) Reimbursement(c)
LIMITED TERM+ -------------------- -------------------- --------------------
Ratio Ratio Ratio
of Net of Net of Net
Invest- Invest- Invest-
Ratio of ment Ratio of ment Ratio of ment
Expenses Income Expenses Income Expenses Income
Ending to to to to to to
Net Average Average Average Average Average Average Portfolio
Year Ended April Assets Net Net Net Net Net Net Turnover
30, (000) Assets Assets Assets Assets Assets Assets Rate
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A (10/87)
2001(h) $359,397 .78%* 4.63%* .78%* 4.63%* .78%* 4.64%* 11%
2000 382,808 .73 4.63 .73 4.63 .73 4.63 37
1999 456,171 .77 4.45 .77 4.45 .77 4.45 16
1998 438,134 .77 4.70 .77 4.70 .77 4.70 30
1997(d) 425,401 .82* 4.74* .80* 4.76* .80* 4.76* 29
1996(e) 489,157 .84 4.72 .79 4.77 .79 4.77 39
1995(e) 569,196 .82 4.80 .74 4.88 .74 4.88 20
Class C (12/95)
2001(h) 70,590 1.13* 4.28* 1.13* 4.28* 1.13* 4.29* 11
2000 77,228 1.08 4.28 1.08 4.28 1.08 4.28 37
1999 88,044 1.12 4.09 1.12 4.09 1.12 4.09 16
1998 33,952 1.12 4.35 1.12 4.35 1.12 4.35 30
1997(d) 23,551 1.12* 4.43* 1.11* 4.44* 1.11* 4.44* 29
1996(g) 15,415 1.43* 3.93* 1.19* 4.17* 1.19* 4.17* 39
Class R (2/97)
2001(h) 411 .58* 4.83* .58* 4.83* .58* 4.83* 11
2000 335 .53 4.81 .53 4.81 .53 4.81 37
1999 1,173 .57 4.64 .57 4.64 .57 4.64 16
1998 701 .59 4.86 .59 4.86 .59 4.86 30
1997(f) 40 .55* 5.07* .55* 5.07* .55* 5.07* 29
----------------------------------------------------------------------------------------------------
</TABLE>
* Annualized.
+ Information included prior to the 11 months ended April 30, 1997, reflects
the financial highlights of Flagship Limited Term.
(a) Total returns are calculated on net asset value without any sales charge
and are not annualized except where noted.
(b) After expense reimbursement from the Investment adviser, where applicable.
(c) After custodian fee credit and expense reimbursement, where applicable.
(d) For the 11 months ended April 30.
(e) For the year ended May 31.
(f) From commencement of class operations as noted through April 30.
(g) From commencement of class operations as noted through May 31.
(h) For the six months ended October 31, 2000.
See accompanying notes to financial statements.
-------------------------------------------------------------------------------
64
<PAGE>
Fund Information
Board of Trustees
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter W. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Investment Management
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Morgan, Lewis & Bockius LLP
Washington, D.C.
Independent Public Accountants
Arthur Andersen LLP
Chicago, IL
Transfer Agent and Shareholder Services
Chase Global Funds Services Company
73 Tremont Street
Boston, MA 02108
(800) 257-8787
NASD Regulation, Inc. provides a Public Disclosure Program which supplies
certain information regarding the disciplinary history of NASD members and their
associated persons in response to either telephone inquiries at (800) 289-9999
or written inquiries at www.nasdr.com. NASD Regulation, Inc. also provides an
investor brochure that includes information describing the Public Disclosure
Program.
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Serving
Investors
For Generations
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[Photo of A 100-Year Tradition of Quality Investments
John Nuveen, Sr.
John Nuveen, Sr. appears here] Since 1898, John Nuveen & Co. Incorporated
has been synonymous with investments that
withstand the test of time. In fact, more
than 1.3 million investors have trusted
Nuveen to help them build and sustain the
wealth of a lifetime.
Whether your focus is long-term growth,
dependable income or sustaining accumulated
wealth, Nuveen offers a wide variety of
investments and services to help meet your
unique circumstances and financial planning
needs. We can help you build a better,
well-diversified portfolio.
Call Your Financial Advisor Today
To find out how Nuveen Mutual Funds might
round out your investment portfolio,
contact your financial advisor today. Or
call Nuveen at (800) 257-8787 for more
information. Ask your advisor or call for a
prospectus, which details risks, fees and
expenses. Please read the prospectus
carefully before you invest.
N U V E E N
Investments John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
www.nuveen.com VSA-NA-10-00
