<PAGE>
[NUVEEN LOGO APPEARS HERE]
Nuveen Tax-Free Mutual Funds
Dependable tax-free
income for generations
CALIFORNIA
CALIFORNIA INSURED
MASSACHUSETTS
MASSACHUSETTS INSURED
NEW YORK
NEW YORK INSURED
OHIO
[PHOTO OF COUPLE APPEARS HERE]
SEMIANNUAL REPORT/AUGUST 31, 1995
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
9 Fund performance
13 Portfolio of investments
53 Statement of net assets
55 Statement of operations
57 Statement of changes in net assets
61 Notes to financial statements
74 Financial highlights
<PAGE>
Dear
shareholder
[PHOTO OF RICHARD J. FRANKE]
"Over time,
municipal bonds
have proven to
be a valuable
and dependable
component of
successful investment
programs."
Since the beginning of 1995, we have enjoyed a welcome rebound in the bond
markets, as we put 1994-a dismal period in bond market history-behind us. This
year serves as a reminder that weathering the ups and downs of the market is a
normal part of the investment process. It helps to put things in perspective if
we remember one of the basic principles of investing: A financial plan that
focuses on your long-term goals minimizes the impact of any short-term market
volatility.
Municipal bond funds continue to be one of the best ways to invest for the
long term, offering diversification across market sectors, relative stability of
principal, and steady income. Throughout this period, we have kept our sights
focused on meeting these objectives, providing you with a source of stable
current income, credit quality, and enhanced share price relative to the market
as a whole.
As of August 31, 1995, the current yields on net asset values of Class R
shares for the funds covered in this report ranged from 4.92% to 5.41%. To match
these yields, an investor in the 36% federal income tax bracket would have had
to earn at least 7.69% on taxable alternatives, which would be difficult to
achieve using securities of comparable credit quality. When state taxes are
added to this equation, the after-tax yield advantage provided by municipal
bonds is even greater.
3
<PAGE>
In addition, each of the funds in this report posted gains in net asset value
over August 31, 1994, figures, reflecting growth of fund principal. The 12-month
total returns for these funds, incorporating share price gains as well as
reinvested dividend income, ranged from 7.50% to 8.24%. That is equivalent to
taxable total returns in a range of 11.82% to 12.67%.
These performance results remind us of the important role that municipal
bonds-and the tax-free income they provide-can play as part of an investment
strategy focused on diversification and long-term performance. Over time,
municipal bonds have proven to be a valuable and dependable component of
successful investment programs.
The value and dependability of your municipal bond investments are enhanced by
the fact that you have chosen tax-free mutual funds managed by Nuveen. We offer
a combination of professional management, award-winning research, and
shareholder service that distinguishes Nuveen as a fund manager.
We use a disciplined approach to security selection and portfolio construction
designed to deliver above-market performance by emphasizing securities that are
underpriced or undervalued by the market. This approach is supported by the
strength of Nuveen Research, which provides the insights and experience to
assist portfolio managers in identifying and selecting bonds with strong credit
quality. Our research professionals continually monitor our holdings in order to
alert portfolio managers of changes that will affect quality.
Nuveen also prides itself on its superior service to shareholders. Through
annual and semiannual reports, regular statements, and our toll-free information
lines, our communication programs help us stay in touch with your needs and
concerns. We also provide support to financial advisers across the nation by
supplying them with the information they need to answer your questions and
ensure that products are selected to meet your needs.
As you review the following pages detailing the performance of your tax-free
mutual fund, I hope you come away with the feeling that these results, coupled
with Nuveen's continued pledge of superior service, add up to a rewarding
investing experience. We look forward to serving your tax-free investment needs
in the future.
Sincerely,
/s/ Richard J. Franke
----------------------
Richard J. Franke
Chairman of the Board
October 16, 1995
4
<PAGE>
Answering your
questions
Tom Spalding, head of Nuveen's
portfolio management team,
offers insights into our approach
to fund management and the
outlook for Nuveen's Tax-Free
Mutual Funds.
What does
Nuveen mean by
"value investing"?
At Nuveen, we define value investing as a disciplined approach to security
selection and portfolio construction designed to deliver above-market
performance by emphasizing securities that are underpriced or undervalued by the
market. Our value investing approach avoids predictions about the direction of
the markets or the economy in general, concentrating instead on identifying
individual bonds with current yields, prices, credit quality, and future
prospects that are exceptionally attractive in relation to other bonds in the
market.
While the concept sounds simple, successful value investing must be based on
sound research that supports the selection of quality bonds. It also requires an
ability to recognize value by gaining insights into individual issuers as well
as specific bonds-information that often goes beyond that which is readily
5
<PAGE>
[PHOTO OF TOM SPALDING HERE]
Tom Spalding, head
of Nuveen's portfolio
management team,
answers investors'
questions on developments
in the
municipal market.
available to the market in general. Having the largest research staff in the
investment management industry dedicated exclusively to gathering this type of
information on municipal bonds is reflected in the long-term results of our
value investing approach.
We believe that value investing gives us an important edge in the management
of municipal bond funds, an edge that translates to helping you meet your goals
and expectations.
How does the work
done by Nuveen's
Research Department
help support the
value of my funds?
At Nuveen, we believe that attention to detail combined with years of experience
is the foundation for sound research. And sound research is one of the core
elements of our disciplined approach to providing you with dependable income,
credit quality, and diversification-key elements of a successful fixed income
investment program.
Our award-winning team of more than 30 research professionals provides
invaluable support to our portfolio managers, assisting them in careful analysis
of bond issues considered for purchase-even those rated AAA by the rating
agencies.
On a daily basis, our research analysts prepare credit reviews to assist in
the selection of bonds that offer the best combination of yield and security,
monitor the continued creditworthiness of portfolio holdings, and analyze
economic, political, and demographic trends affecting the markets. This daily
6
<PAGE>
surveillance of events and trends in the credit markets assists us in monitoring
the underlying value of our holdings.
This combination of in depth research and review helps your tax-free municipal
investments to meet your expectations for dependable income and credit safety.
What impact have
Federal Reserve
Board actions had on
bond prices?
Between February 1994 and February 1995, the Federal Reserve Board moved an
unprecedented seven times to raise short-term interest rates. Board chairman
Greenspan justified the hikes in short-term rates on the basis that the
increases would cause the economy to slow enough in the future to relieve any
inflationary pressures and avoid a significant increase in the rate of
inflation. These increases in short-term rates reduced demand for long-term
bonds, which had the complementary effects of lowering bond prices and raising
bond yields.
On July 6, 1995, after much anticipation, the Federal Reserve Board cautiously
declared victory for this policy, making its first move to ease rates in nearly
three years. Long-term bond yields had already fallen substantially, in
anticipation of the Fed's move. In subsequent meetings, the Fed has held off on
any further action, sending the message that it believes the economy is on the
right track.
7
<PAGE>
What is the
current outlook for
municipal bonds?
With the rebound in the bond market at the beginning of 1995 and some consensus
that inflation is under control, economic indicators are favorable for municipal
bonds. Technical issues also point to a more favorable climate.
One technical issue that affects bond prices is the supply and demand
situation. While supplies of municipal bonds had been lagging over the past few
quarters, new issue supply rose sharply in the second quarter of 1995. Demand
has been somewhat subdued by extraordinary market volatility over the past 18
months and by the mounting discussion of the ramifications of proposed tax law
reforms.
We believe that municipal bonds continue to be a fundamentally sound and
attractive investment option, offering one of the few remaining tax-advantaged
alternatives. Once investors are more confident that the interest rate
environment has stabilized, we expect to see the demand for municipal
investments resume its long-term upward trend.
8
<PAGE>
NUVEEN CALIFORNIA
TAX-FREE VALUE FUND
California
Nuveen funds set dividends with stability in mind, seeking a level that is
expected to be sustainable. The Fund adjusted its dividend on R shares in June
following more than nine months at its previous level, and paid a capital gains
distribution in October.
[GRAPH APPEARS HERE]
12 MONTH DIVIDEND HISTORY-R SHARES
09/94 = .0485
11/94 = .1225
12/94 = .0485
01/95 = .0485
02/95 = .0485
03/95 = .0485
04/95 = .0485
05/95 = .0485
06/95 = .0485
07/95 = .0480
08/95 = .0480
09/95 = .0480
[_] Capital Gains
FUND HIGHLIGHTS 8/31/95
Current SEC yield on R Shares* 5.41%
Taxable-equivalent yield on R Shares** 9.41%
12-mo. total return on R Shares* 7.50%
Taxable-equivalent total return on R Shares** 11.85%
Combined state and federal tax rate 42.5%
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
See footnote on page 12.
NUVEEN CALIFORNIA INSURED
TAX-FREE VALUE FUND
California Insured
Shareholders enjoyed a stable dividend on R shares for six months, followed by a
modest reduction to 4.6 cents per share in April as called bonds were replaced
at today's lower rates. Shareholders also received a capital gains distribution
in October.
[GRAPH APPEARS HERE]
12 MONTH DIVIDEND HISTORY-R SHARES
09/94 = .0465
10/94 = .0746
11/94 = .0470
12/94 = .0470
01/95 = .0470
02/95 = .0470
03/95 = .0470
04/95 = .0460
05/95 = .0460
06/95 = .0460
07/95 = .0460
08/95 = .0460
[_] Capital Gains
FUND HIGHLIGHTS 8/31/95
Current SEC yield on R Shares* 5.25%
Taxable-equivalent yield on R Shares** 9.13%
12-mo. total return on R Shares* 7.66%
Taxable-equivalent total return on R Shares** 11.82%
Federal tax rate 42.5%
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
See footnote on page 12.
9
<PAGE>
NUVEEN MASSACHUSETTS
TAX-FREE VALUE FUND
Massachusetts
In keeping with the Fund's objective of providing steady tax-free income,
shareholders enjoyed 11 months of stable dividends following a dividend increase
on R shares in October 1994.
[GRAPH APPEARS HERE]
12 MONTH DIVIDEND HISTORY-R SHARES
09/94 = .0445
10/94 = .0455
11/94 = .0455
12/94 = .0455
01/95 = .0455
02/95 = .0455
03/95 = .0455
04/95 = .0455
05/95 = .0455
06/95 = .0455
07/95 = .0455
08/95 = .0455
FUND HIGHLIGHTS 8/31/95
Current SEC yield on R Shares* 5.14%
Taxable-equivalent yield on R Shares** 9.10%
12-mo. total return on R Shares* 8.15%
Taxable-equivalent total return on R Shares** 12.67%
Combined state and federal tax rate 43.5%
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
See footnote on page 12.
NUVEEN MASSACHUSETTS INSURED
TAX-FREE VALUE FUND
Massachusetts Insured
Nuveen funds set dividends with stability in mind, seeking a level that is
expected to be sustainable over time. The Fund adjusted the monthly tax-free
dividend on R shares twice during the period.
[GRAPH APPEARS HERE]
12 MONTH DIVIDEND HISTORY-R SHARES
09/94 = .0460
10/94 = .0460
11/94 = .0460
12/94 = .0460
01/95 = .0460
02/95 = .0460
03/95 = .0460
04/95 = .0460
05/95 = .0455
06/95 = .0455
07/95 = .0450
08/95 = .0450
FUND HIGHLIGHTS 8/31/95
Current SEC yield on R Shares* 4.92%
Taxable-equivalent yield on R Shares** 8.71%
12-mo. total return on R Shares* 8.19%
Taxable-equivalent total return on R Shares** 12.52%
Combined state and federal tax rate 43.5%
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
See footnote on page 12.
10
<PAGE>
NUVEEN NEW YORK TAX-FREE
VALUE FUND
New York
Shareholders enjoyed a dividend increase in December, bringing the Fund's
monthly tax-free dividend on R shares to 4.85 cents per share. Shareholders also
received a capital gains distribution in October.
[GRAPH APPEARS HERE]
12 MONTH DIVIDEND HISTORY-R SHARES
09/94 = .0475
10/94 = .0949
11/94 = .0475
12/94 = .0485
01/95 = .0485
02/95 = .0485
03/95 = .0485
04/95 = .0485
05/95 = .0485
06/95 = .0485
07/95 = .0485
08/95 = .0485
[_] Capital Gains
FUND HIGHLIGHTS 8/31/95
Current SEC yield on R Shares* 5.33%
Taxable-equivalent yield on R Shares** 9.03%
12-mo. total return on R Shares* 7.90%
Taxable-equivalent total return on R Shares** 11.95%
Combined state and federal tax rate 41.0%
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
See footnote on page 12.
NUVEEN NEW YORK INSURED
TAX-FREE VALUE FUND
New York Insured
Nuveen funds set dividends with stability in mind, seeking a level that is
expected to be sustainable over time. The Fund adjusted the monthly tax-free
dividend on R shares twice during the period, and paid two capital gains
distributions.
[GRAPH APPEARS HERE]
12 MONTH DIVIDEND HISTORY-R SHARES
09/94 = .0460
10/94 = .0655
11/94 = .0465
12/94 = .0679
01/95 = .0465
02/95 = .0465
03/95 = .0465
04/95 = .0465
05/95 = .0465
06/95 = .0465
07/95 = .0460
08/95 = .0460
[_] Capital Gains
FUND HIGHLIGHTS 8/31/95
Current SEC yield on R Shares* 5.04%
Taxable-equivalent yield on R Shares** 8.54%
12-mo. total return on R Shares* 8.23%
Taxable-equivalent total return on R Shares** 12.15%
Combined state and federal tax rate 41.0%
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
See footnote on page 12.
11
<PAGE>
NUVEEN OHIO
TAX-FREE VALUE FUND
Ohio
The Fund's dividend on R shares remained relatively stable during the period.
Shareholders also received a capital gains distribution in October.
[GRAPH APPEARS HERE]
12 MONTH DIVIDEND HISTORY-R SHARES
09/94 = .0475
10/94 = .0881
11/94 = .0475
12/94 = .0475
01/95 = .0475
02/95 = .0475
03/95 = .0475
04/95 = .0475
05/95 = .0475
06/95 = .0475
07/95 = .0470
08/95 = .0470
[_] Capital Gains
FUND HIGHLIGHTS 8/31/95
Current SEC yield on R Shares* 5.36%
Taxable-equivalent yield on R Shares** 9.08%
12-mo. total return on R Shares* 8.24%
Taxable-equivalent total return on R Shares** 12.26%
Combined state and federal tax rate 41.0%
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
See footnote on this page.
* All shares issued prior to September 6, 1994, have designated as Class R
Shares, which are currently available only for dividend reinvestment and certain
other restricted situations. Please see Financial Highlights beginning on page
74 for additional data on Class A and C Shares.
** An investor subject to the indicated income tax rate would have to receive
this return from a fully taxable investment to equal the stated yield and total
return on an after-tax basis.
12
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CALIFORNIA TAX-FREE VALUE FUND
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORTAUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 3,150,000 California Educational
Facilities Authority
(University of Southern
California),
7.200%, 10/01/15 10/97 at 102 Aa $ 3,403,449
California General
Obligation:
3,000,000 6.250%, 9/01/12 No Opt. Call A1 3,141,360
5,000,000 5.750%, 3/01/23 3/04 at 102 A1 4,742,600
California Health
Facilities Financing
Authority
(Small Facilities Pooled
Loan Program):
3,000,000 7.400%, 4/01/14 4/05 at 102 A 3,232,350
3,635,000 7.500%, 4/01/22 4/05 at 102 A 4,126,198
1,700,000 California Health
Facilities Authority
(Sutter Health System),
7.000%, 1/01/09 1/99 at 102 A1 1,783,130
2,000,000 California Health
Facilities Financing
Authority (Health
Dimensions, Inc.), 7.500%,
5/01/15 5/00 at 102 Ba 2,012,140
2,000,000 California Health
Facilities Financing
Authority (Sisters of
Providence), 7.500%,
10/01/10 10/00 at 102 AA- 2,180,380
4,380,000 California Health
Facilities Financing
Authority (Kaiser
Permanente), 7.000%,
12/01/10 12/00 at 102 Aa3 4,714,413
2,425,000 California Housing Finance
Agency, Home Mortgage,
8.100%, 8/01/16 8/96 at 102 Aa 2,527,020
8,470,000 California Public Works
Board
(California State
University Project),
6.700%, 10/01/17 10/02 at 102 A 8,760,098
1,000,000 California State Public
Works Board, High
Technology Facilities
Lease (The Regents of the
University of California-
San Diego Facility),
7.375%, 4/01/06 No Opt. Call A1 1,074,050
2,500,000 California Statewide
Communities Development
Corporation (Solheim
Lutheran Home),
Certificates of
Participation, 6.500%,
11/01/17 11/04 at 102 A 2,507,575
3,000,000 California Statewide
Communities Development
Authority (St. Joseph
Health System),
Certificates of
Participation, 6.500%,
7/01/15 7/04 at 102 Aa 3,120,330
1,500,000 ABAG Finance Authority for
Nonprofit Corporations
(Channing House),
Certificates of
Participation, 7.125%,
1/01/21 1/01 at 102 A 1,590,555
6,400,000 Alameda County,
Certificates of
Participation, 6.000%,
6/01/22 6/02 at 102 A 6,049,984
2,035,000 Bella Vista Water District,
Certificates of
Participation, 7.375%,
10/01/17 10/01 at 102 Baa 2,128,752
7,000,000 Brea Redevelopment Agency,
Tax Allocation, 5.500%,
8/01/17 8/03 at 102 Aaa 6,592,180
Carson Redevelopment
Agency, Tax Allocation:
1,000,000 6.000%, 10/01/13 10/03 at 102 Baa 957,430
2,000,000 6.000%, 10/01/16 10/03 at 102 Baa1 1,872,900
</TABLE>
13
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CALIFORNIA TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,000,000 Chico Redevelopment Agency,
Certificates of
Participation (Sierra
Sunrise Lodge),
6.750%, 2/01/21 2/01 at 102 A $ 2,033,600
2,835,000 Chico (Walker Senior
Housing Corporation),
5.700%, 11/01/23 11/03 at 102 A 2,577,213
6,500,000 Contra Costa County, FHA-
Insured Mortgage (Cedar
Points Apartments),
6.150%, 9/01/25 9/03 at 103 AAA 6,505,135
2,000,000 Desert Hospital District,
Certificates of
Participation,
8.100%, 7/01/20 (Pre-
refunded to 7/01/00) 7/00 at 102 AAA 2,355,100
East Bay Municipal Utility
District, Water System:
1,950,000 7.500%, 6/01/18 (Pre-
refunded to 6/01/00) 6/00 at 102 Aaa 2,241,720
4,000,000 6.000%, 6/01/20 6/02 at 102 AA- 3,948,760
4,000,000 6.375%, 6/01/21 (Pre-
refunded to 12/01/01) 12/01 at 102 Aaa 4,483,520
2,500,000 Fontana Public Financing
Authority, Tax Allocation
(North Fontana
Redevelopment Project),
7.250%, 9/01/20 9/00 at 102 A 2,641,450
1,475,000 LaQuinta Redevelopment
Agency, Tax Allocation,
8.000%, 9/01/12 (Pre-
refunded to 9/01/98) 9/98 at 102 Baa1 1,656,145
2,475,000 Loma Linda University
Medical Center,
6.000%, 12/01/06 12/03 at 102 BBB 2,503,042
4,000,000 Los Angeles Convention and
Exhibition Center
Authority, 5.375%, 8/15/18 8/03 at 102 Aaa 3,685,760
3,505,000 Los Angeles Harbor, 7.600%,
10/01/18 10/98 at 102 AAA 3,962,332
280,000 Los Angeles Home Mortgage
(GNMA), 8.100%, 5/01/17 No Opt. Call Aaa 318,312
2,400,000 Los Angeles State Building
Authority, 7.500%, 3/01/11
(Pre-refunded to 3/01/98) 3/98 at 102 AAA 2,640,816
5,000,000 Los Angeles Wastewater
System, 5.700%, 6/01/23 6/03 at 102 Aaa 4,778,450
3,350,000 Los Angeles County
Metropolitan
Transportation Authority,
5.000%, 7/01/21 7/03 at 100 Aaa 2,900,799
4,595,000 Los Angeles County Public
Works Finance Authority
(Los Angeles County
Regional Park and Open
Space), 6.125%, 10/01/10 10/04 at 102 Aa 4,715,527
195,000 Los Angeles County, Single
Family Mortgage (GNMA),
8.000%, 3/01/17 No Opt. Call Aaa 220,042
2,000,000 Los Angeles County
Transportation Commission,
Sales Tax, 7.400%, 7/01/15 7/99 at 102 AA- 2,202,880
4,445,000 Los Angeles County
Transportation Commission,
6.00%, 7/01/23 7/02 at 102 Aaa 4,447,578
1,260,000 Marysville Community
Development Agency,
Tax Allocation, 7.250%,
3/01/21 3/02 at 102 Baa 1,307,653
740,000 Menlo Park Community
Development Agency, FHA-
Insured, Multi-Family
Housing,
8.250%, 12/01/28 6/97 at 103 Aa 791,282
875,000 Monterey Hospital Revenue,
7.375%, 7/01/14 7/96 at 102 A+ 912,573
</TABLE>
14
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORTAUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,165,000 Napa County,
Certificates of
Participation,
5.250%, 5/15/13 5/03 at 102 A1 $ 1,969,392
1,500,000 North City West School
Facilities Authority,
Community Facilities
District No. 1,
7.850%, 9/01/19 9/99 at 102 N/R 1,562,340
2,950,000 Northern California
Power Agency,
7.150%, 7/01/24 7/98 at 102 A 3,152,311
2,120,000 Ontario Assessment
District No. 100C,
Limited Obligation,
8.000%, 9/02/11 9/95 at 103 N/R 2,189,048
2,920,000 Rancho Mirage
Redevelopment Agency,
Tax Allocation, 5.500%,
4/01/29 4/04 at 102 A 2,501,973
1,450,000 Redding Joint Powers
Financing Authority,
6.250%, 6/01/23 6/03 at 102 A 1,364,595
7,290,000 Riverside Multi-Family
Housing, 6.500%,
1/01/18 7/02 at 100 AAA 7,466,491
205,000 Sacramento Municipal
Utility District,
Subordinated Electric
Revenue, 8.000%,
11/15/10 9/95 at 100 Baa1 205,906
4,000,000 Sacramento Municipal
Utility District,
7.875%, 8/15/16 (Pre-
refunded to 8/15/98) 8/98 at 102 Aaa 4,497,880
2,315,000 Salinas Tax Allocation,
7.400%, 9/02/09 9/95 at 103 N/R 2,386,441
2,080,000 Salinas, (Villa-Sierra-
GNMA),
6.500%, 7/20/17 7/04 at 102 AAA 2,151,989
2,000,000 San Bernardino (West
Valley Detention
Center), Certificates
of Participation,
7.700%, 11/01/18 (Pre-
refunded to 11/01/98) 11/98 at 102 Aaa 2,252,520
5,000,000 San Francisco Airports
Commission,
6.100% 5/01/25 (WI) 5/04 at 101 Aaa 5,017,550
5,000,000 San Francisco City and
County Redevelopment
Financing Authority,
Tax Allocation,
5.125%, 8/01/18 8/03 at 103 A 4,265,350
3,070,000 San Leandro,
Certificates of
Participation,
5.900%, 6/01/13 6/03 at 102 A 2,942,687
1,000,000 San Mateo County Board
of Education,
Certificates of
Participation, 7.100%,
5/01/21 5/99 at 102 A+ 1,033,900
3,000,000 Santa Cruz Housing
Authority, Multi-Family
Housing, FNMA, 7.750%,
7/01/23 7/00 at 102 AAA 3,224,190
2,000,000 Sonoma County Office of
Education,
Certificates of
Participation,
7.375%, 7/01/20 (Pre-
refunded to 7/01/00) 7/00 at 102 A+ 2,279,360
Southern California
Public Power Authority:
4,760,000 7.000%, 7/01/22 7/96 at 102 1/2 Aa 4,959,682
740,000 5.500%, 7/01/23 7/96 at 100 Aa 677,122
2,825,000 Stockton Hospitals (St.
Joseph Hospital),
6.700%, 6/01/15 12/98 at 100 A 2,852,431
1,100,000 Tulare County,
Certificates of
Participation, 6.875%,
11/15/12 11/02 at 102 Baa1 1,127,918
</TABLE>
15
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CALIFORNIA TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- ----------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 4,335,000 University of California (UCLA Central
Chiller/Cogeneration), 6.000%, 11/01/21 11/03 at 102 Aa $ 4,228,489
3,500,000 University of California (UCLA Central Chiller/
Cogeneration), Certificates of Participation,
5.600%, 11/01/20 11/03 at 102 Aa 3,213,000
3,335,000 University of California Research Facilities,
5.800%, 9/01/23 9/01 at 102 A- 3,051,692
15,800,000 Walnut Creek (John Muir Medical Center),
Certificates of Participation, 5.000%, 2/15/16 2/04 at 102 Aaa 13,934,967
- ----------------------------------------------------------------------------------------------------------
$214,035,000 Total Investments - (cost $208,005,320) - 98.0% 214,855,807
- ----------------------------------------------------------------------------------------------------------
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 3.8%
$ 5,200,000 California Pollution Control Finance Authority
(Shell Oil Company), Variable Rate Demand
Bonds, 3.300%, 10/01/11+ VMIG-1 5,200,000
2,200,000 California Pollution Control Finance Authority
(Shell Oil Company), Variable Rate Demand
Bonds, 3.300%, 11/01/00+ VMIG-1 2,200,000
1,000,000 Santa Clara County Transit District Refunding
Equipment Trust Certificates, Variable Rate
Demand Bonds, 3.500%, 6/01/15+ VMIG-1 1,000,000
- ----------------------------------------------------------------------------------------------------------
$ 8,400,000 Total Temporary Investments - 3.8% 8,400,000
- ----------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (1.8)% (3,957,213)
- ----------------------------------------------------------------------------------------------------------
Net Assets - 100% $219,298,594
- ----------------------------------------------------------------------------------------------------------
</TABLE>
16
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORTAUGUST 31, 1995
<TABLE>
<CAPTION>
NUMBER
STANDARD & POOR'S MOODY'S OF ISSUES MARKET VALUE PERCENT
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 20 $ 83,677,331 39%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 13 40,682,334 19
PORTFOLIO OF A+ A1 8 16,936,365 8
INVESTMENTS A, A- A, A2, A3 16 53,650,062 25
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 8 11,759,746 5
TEMPORARY BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 2,012,140 1
INVESTMENTS): Non-rated Non-rated 3 6,137,829 3
- ---------------------------------------------------------------------------------------
TOTAL 69 $214,855,807 100%
</TABLE>
- --------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The Security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
(WI) Security purchased on a when-issued basis (note 1).
See accompanying notes to financial statements.
17
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CALIFORNIA INSURED TAX-FREE VALUE FUND
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,000,000 California Educational
Facilities Authority,
Pepperdine University,
7.200%, 11/01/15 (Pre-
refunded to 11/01/00) 11/00 at 102 Aaa $ 1,141,030
5,000,000 California General
Obligation, 5.125%,
10/01/17 10/03 at 102 Aaa 4,456,950
California Health
Facilities Authority
(Kaiser Permanente):
6,000,000 5.450%, 10/01/13 10/01 at 101 Aa2 5,526,660
2,650,000 5.550%, 8/15/25 2/02 at 101 Aaa 2,436,861
6,340,000 California Housing Finance
Agency, 6.850%, 8/01/23 2/02 at 102 Aaa 6,627,709
240,000 California Public Capital
Improvement Finance
Authority (Pooled
Projects), 8.100%, 3/01/18 3/98 at 102 Aaa 259,205
California Public School
District Finance Authority
(Rescue Union):
1,115,000 6.250%, 9/01/15 9/04 at 102 Aaa 1,137,211
500,000 6.250%, 9/01/20 9/04 at 102 Aaa 506,745
California Public Works
Board, Department of
Corrections (State
Prisons):
5,000,000 7.000%, 9/01/09 (Pre-
refunded to 9/01/00) 9/00 at 100 Aaa 5,667,900
5,250,000 5.750%, 9/01/21 9/01 at 100 Aaa 5,025,090
8,500,000 California Statewide
Community Development
Authority (Sutter Health),
6.125%, 8/15/22 8/02 at 102 Aaa 8,525,755
5,000,000 Alameda County (Santa Rita
Jail Project),
Certificates of
Participation,
5.700%, 12/01/14 12/03 at 102 Aaa 4,851,750
1,225,000 Barstow Redevelopment
Agency, Tax Allocation,
7.000%, 9/01/14 No Opt. Call Aaa 1,406,790
7,005,000 Big Bear Lake Financing
Authority, 6.300%, 8/01/25
(WI) 8/05 at 102 Aaa 7,118,061
7,000,000 Big Bear Lake Water System,
6.375%, 4/01/22 4/02 at 102 Aaa 7,173,600
Brea Public Financing
Authority, Tax Allocation:
3,525,000 7.000%, 8/01/15 (Pre-
refunded to 8/01/01) 8/01 at 102 Aaa 4,042,223
1,475,000 7.000%, 8/01/15 8/01 at 102 Aaa 1,602,853
3,000,000 Calaveras County Water
District,
Certificates of
Participation,
6.900%, 5/01/16 (Pre-
refunded to 5/01/01) 5/01 at 102 Aaa 3,412,680
2,000,000 Castaic Lake Water Agency,
Certificates of
Participation,
7.125%, 8/01/16 (Pre-
refunded to 8/01/00) 8/00 at 102 Aaa 2,274,600
850,000 Concord Redevelopment
Agency, Tax Allocation,
Central Concord Project,
7.875%, 7/01/07 7/98 at 102 Aaa 939,701
500,000 Cotati-Rohnert Park Unified
School District, 9.000%,
8/01/06 8/99 at 102 Aaa 580,685
4,050,000 Cucamonga County Water
District, Certificates of
Participation,
5.450%, 9/01/23 3/04 at 102 Aaa 3,724,016
2,000,000 East Bay Municipal Utility
District, Water System,
7.500%, 6/01/18 (Pre-
refunded to 6/01/00) 6/00 at 102 Aaa 2,299,200
</TABLE>
18
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,000,000 Eastern Municipal Water
District, Water &
Sewer, Certificates of
Participation,
6.500%, 7/01/20 (Pre-
refunded to 7/01/01) 7/01 at 102 Aaa $ 2,241,600
3,865,000 Fallbrook Sanitary
District, Certificates
of Participation,
6.600%, 2/01/13 2/01 at 100 Aaa 3,981,414
2,500,000 Fontana Public Financing
Authority, Tax
Allocation (North
Fontana Redevelopment
Project),
7.000%, 9/01/10 9/00 at 102 Aaa 2,748,500
6,220,000 Fresno Water System,
5.300%, 6/01/20 6/03 at 101 Aaa 5,624,684
3,000,000 Gilroy Unified School
District, Certificates
of Participation,
6.250%, 9/01/12 9/04 at 102 Aaa 3,101,250
LaQuinta Redevelopment
Agency, Tax Allocation:
1,000,000 7.300%, 9/01/12 No Optional Call Aaa 1,181,200
5,000,000 5.800%, 8/01/23 8/03 at 102 Aaa 4,838,750
2,000,000 Los Angeles Convention
and Exhibition Center,
Certificates of
Participation,
7.000%, 8/15/21 (Pre-
refunded to 8/15/00) 8/00 at 102 Aaa 2,265,280
Los Angeles Convention
and Exhibition Center
Authority:
5,500,000 5.375%, 8/15/18 8/03 at 102 Aaa 5,067,920
3,000,000 5.125%, 8/15/21 8/03 at 102 Aaa 2,645,970
6,000,000 Los Angeles Department
of Water and Power,
5.400%, 11/15/31 11/03 at 102 Aaa 5,365,140
285,000 Los Angeles Home
Mortgage (GNMA),
8.100%, 5/01/17 No Optional Call Aaa 323,997
5,000,000 Los Angeles County
Transportation
Commission, 6.250%,
7/01/13 7/02 at 102 Aaa 5,135,900
2,000,000 Marysville (Fremont-
Rideout Health Group),
6.300%, 1/01/22 1/02 at 102 Aaa 2,035,040
1,000,000 Modesto (Golf Course
Project), Certificates
of Participation,
7.300%, 11/01/20 (Pre-
refunded to 11/01/98) 11/98 at 102 Aaa 1,114,480
Modesto Irrigation
District Financing
Authority, Domestic
Water Project:
4,500,000 6.125%, 9/01/19 9/02 at 102 Aaa 4,532,445
5,750,000 5.500%, 9/01/22 9/02 at 100 Aaa 5,324,615
2,500,000 Mt. Diablo Hospital
District,
8.000%, 12/01/11 (Pre-
refunded to 12/01/00) 12/00 at 102 Aaa 2,962,525
2,000,000 Mt. Diablo Unified
School District,
Special Tax, 7.050%,
8/01/20 8/00 at 102 Aaa 2,196,060
Napa FHA-Insured
(Creekside Apartments):
2,555,000 6.625%, 7/01/24 7/02 at 102 Aaa 2,639,443
2,000,000 6.625%, 7/01/25 7/04 at 101 Aaa 2,072,820
2,500,000 Oakland Pension
Financing, 7.600%,
8/01/21 8/98 at 102 Aaa 2,774,475
4,000,000 Orange County
Certificates of
Participation, 5.500%,
6/01/19 6/02 at 100 Aaa 3,663,120
</TABLE>
19
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CALIFORNIA INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,250,000 Palm Desert
Redevelopment Agency,
Tax Allocation Project,
7.400%, 5/01/09 5/97 at 101 Aaa $ 1,319,488
2,000,000 Pittsburg Redevelopment
Agency, Tax Allocation
(Los Medanos Community
Project),
7.150%, 8/01/21 8/01 at 103 Aaa 2,324,320
1,500,000 Port of Oakland, 7.250%,
11/01/16 5/97 at 102 Aaa 1,601,775
Rancho Cucamonga
Redevelopment Agency:
1,270,000 7.125%, 9/01/19 (Pre-
refunded to 9/01/99) 9/99 at 102 Aaa 1,427,480
1,230,000 7.125%, 9/01/19 9/99 at 102 Aaa 1,351,413
5,000,000 5.500%, 9/01/23 3/04 at 102 Aaa 4,650,150
5,000,000 Rancho Mirage
Redevelopment Agency,
Tax Allocation, 5.000%,
4/01/24 4/04 at 102 Aaa 4,295,950
Riverside County Desert
Justice Facility
Corporation,
Certificates of
Participation:
3,600,000 6.000%, 12/01/17 12/04 at 101 Aaa 3,595,212
2,500,000 6.250%, 12/01/21 12/04 at 101 Aaa 2,531,775
3,000,000 Sacramento Municipal
Utility District,
Electric System,
6.500%, 9/01/21 (Pre-
refunded to 9/01/01) 9/01 at 102 Aaa 3,370,170
4,150,000 Sacramento County
Airport System,
5.750%, 7/01/24 7/02 at 100 Aaa 3,986,158
2,500,000 San Bernardino County
Transportation
Authority Sales Tax,
6.000%, 3/01/10 3/02 at 102 Aaa 2,536,525
2,000,000 San Diego Regional
Building Authority
Lease Revenue (San
Miguel Fire Protection
District),
7.250%, 1/01/20 (Pre-
refunded to 1/01/00) 1/00 at 102 Aaa 2,259,000
2,990,000 San Francisco Airports
Commission, 6.100%,
5/01/25 (DD) 5/04 at 101 Aaa 3,000,495
San Francisco City and
County Redevelopment
Agency (George R.
Moscone Convention
Center):
2,250,000 6.800%, 7/01/19 7/04 at 102 Aaa 2,400,863
1,000,000 6.750%, 7/01/24 7/04 at 102 Aaa 1,063,920
2,250,000 San Jose Redevelopment
Agency, Tax Allocation,
4.750%, 8/01/24 2/04 at 102 Aaa 1,844,775
4,000,000 San Marcos Public
Facilities Authority,
Tax Allocation, 5.500%,
8/01/23 8/03 at 102 Aaa 3,699,920
6,750,000 Southern California
Public Power Authority,
5.000%, 7/01/22 7/03 at 100 Aaa 5,830,582
2,000,000 Southern California
Rapid Transit Finance
Authority, Certificates
of Participation,
7.500%, 7/01/05 1/01 at 102 1/2 Aaa 2,259,700
3,040,000 Sulphur Springs Union
School District,
0.000%, 9/01/15 No Optional Call Aaa 908,685
</TABLE>
20
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 125,000 Thousand Oaks Redevelopment
Agency,
Single Family Mortgage,
7.900%, 1/01/16 1/97 at 102 Aaa $ 130,638
4,300,000 Walnut Creek (John Muir
Medical Center),
Certificates of
Participation, 5.000%,
2/15/16 2/04 at 102 Aaa 3,792,427
- -------------------------------------------------------------------------------
$217,105,000 Total Investments - (Cost
$207,109,328) - 102.5% 214,755,324
- -------------------------------------------------------------------------------
- -------------------
TEMPORARY INVESTMENTS IN
SHORT-TERM MUNICIPAL
SECURITIES - 1.4%
$ 500,000 California Health
Facilities Financing
Authority
(St. Joseph Health
System), Series 1991B,
Variable Rate Demand
Bonds, 3.200%, 7/01/09+ VMIG-1 500,000
1,000,000 California Health
Facilities Financing
Authority
(St. Francis Memorial
Hospital), Series 1993B,
Variable Rate Demand
Bonds,
3.350%, 11/01/19+ P-1 1,000,000
1,000,000 California Statewide
Communities Development
Authority (St. Joseph
Health System),
Certificates of
Participation, Variable
Rate Demand Bonds, 3.200%,
7/01/24+ VMIG-1 1,000,000
400,000 Santa Ana Health Facilities
Authority (Town &
Country), Variable Rate
Demand Bonds,
3.250%, 10/01/20+ A-1 400,000
- -------------------------------------------------------------------------------
$ 2,900,000 Total Temporary Investments
- 1.4% 2,900,000
- -------------------------------------------------------------------------------
- -------------------
Other Assets Less
Liabilities - (3.9)% (8,153,637)
- -------------------------------------------------------------------------------
Net Assets - 100% $209,501,687
</TABLE>
- --------------------------------------------------------------------------------
21
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN CALIFORNIA INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
- ---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 68 $209,228,664 97%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 1 5,526,660 3
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
- ---------------------------------------------------------------------------------------------------
TOTAL 69 $214,755,324 100%
- ---------------------------------------------------------------------------------------------------
</TABLE>
All of the bonds in the portfolio, excluding temporary investments in short-
term municipal securities, 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. Government or U.S. Government agency
securities to 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 provisions 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 (note 1).
(DD) Security purchased on a delayed delivery basis (note 1).
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
22
<PAGE>
NUVEEN MASSACHUSETTS TAX-FREE VALUE FUND
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Massachusetts General
Obligation:
$ 165,000 7.250%, 3/01/09 (Pre-
refunded to 3/01/00) 3/00 at 102 Aaa $ 186,288
715,000 5.500%, 2/01/11 2/03 at 102 A 697,554
Massachusetts Bay
Transportation Authority:
250,000 7.750%, 3/01/10 (Pre-
refunded to 3/01/98) 3/98 at 102 Aaa 275,990
1,000,000 7.000%, 3/01/11 (Pre-
refunded to 3/01/01) 3/01 at 102 Aaa 1,133,650
250,000 Massachusetts Bay
Transportation Authority,
Certificates of
Participation, 7.800%,
1/15/14 12/06 at 100 BBB 280,185
165,000 Massachusetts Educational
Loan Authority,
7.875%, 6/01/03 6/97 at 102 AAA 178,766
1,345,000 Massachusetts Health and
Educational Facilities
Authority (Emerson
Hospital), 8.000%,
7/01/18 7/00 at 102 Baa1 1,430,959
250,000 Massachusetts Health and
Educational Facilities
Authority (Mount Auburn
Hospital),
7.875%, 7/01/18 (Pre-
refunded to 7/01/98) 7/98 at 102 Aaa 279,438
350,000 Massachusetts Health and
Educational Facilities
Authority, (Salem
Hospital), 7.250%,
7/01/09 (Pre-refunded to
7/01/97) 7/97 at 100 Aaa 368,239
500,000 Massachusetts Health and
Educational Facilities
Authority (Cardinal
Cushing General
Hospital), 8.875%,
7/01/18 7/99 at 102 1/2 N/R 537,415
Massachusetts Health and
Educational Facilities
Authority (Suffolk
University):
1,180,000 8.125%, 7/01/20 (Pre-
refunded to 7/01/00) 7/00 at 101 1/2 Baa 1,368,057
1,000,000 6.350%, 7/01/22 7/02 at 102 AAA 1,018,130
500,000 Massachusetts Health and
Educational Facilities
Authority (Newton-
Wellesley Hospital),
8.000%, 7/01/18 7/98 at 102 Aaa 558,385
500,000 Massachusetts Health and
Educational Facilities
Authority, FHA-Insured
(St. Elizabeth's Hospital
of Boston),
7.750%, 8/01/27 (Pre-
refunded to 8/01/97) 8/97 at 102 Aaa 543,895
750,000 Massachusetts Health and
Educational Facilities
Authority (Baystate
Medical Center),
7.500%, 7/01/20 (Pre-
refunded to 7/01/99) 7/99 at 102 A+ 840,990
1,000,000 Massachusetts Health and
Educational Facilities
Authority (Boston
College),
6.625%, 7/01/21 7/01 at 102 Aaa 1,049,320
500,000 Massachusetts Health and
Educational Facilities
Authority (Worcester
Polytechnic Institute),
6.625%, 9/01/17 9/02 at 102 A+ 528,605
495,000 Massachusetts Health and
Educational Facilities
Authority (Brockton
Hospital), 8.000%,
7/01/07 7/97 at 102 A 533,417
250,000 Massachusetts Health and
Educational Facilities
Authority (University
Hospital), 7.250%,
7/01/10 7/00 at 102 Aaa 276,098
</TABLE>
23
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MASSACHUSETTS TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 750,000 Massachusetts Health and
Educational Facilities
Authority (New England
Medical Center), 6.625%,
7/01/25 7/02 at 102 Aaa $ 787,988
1,750,000 Massachusetts Health and
Educational Facilities
Authority (New England
Deaconess Hospital), 6.875%,
4/01/22 4/02 at 102 A 1,802,938
1,000,000 Massachusetts Health and
Educational Facilities
Authority (Metrowest
Health), 6.500%, 11/15/18 11/02 at 102 A 941,810
885,000 Massachusetts Health and
Educational Facilities
Authority (Cable Housing and
Health Services), 5.625%,
7/01/13 7/03 at 102 Aaa 856,397
Massachusetts Health and
Educational Facilities
Authority (Lahey Clinic
Medical Center):
1,000,000 5.625%, 7/01/15 7/03 at 102 Aaa 963,480
2,000,000 5.375%, 7/01/23 7/03 at 102 Aaa 1,839,260
700,000 Massachusetts Health and
Educational Facilities
Authority (Daughters of
Charity),
6.100%, 7/01/14 7/04 at 102 Aa 703,780
Massachusetts Health and
Educational Facilities
Authority (Youville
Hospital):
2,500,000 6.000%, 2/15/25 2/04 at 102 Aa 2,426,025
2,000,000 6.000%, 2/15/34 2/04 at 102 Aa 1,907,900
2,000,000 Massachusetts Housing Finance
Agency,
Housing Project,
6.375%, 4/01/21 4/03 at 102 A1 2,001,980
Massachusetts Housing Finance
Agency,
Residential Development:
1,000,000 6.250%, 11/15/14 11/02 at 102 Aaa 1,009,630
1,000,000 6.875%, 11/15/21 5/02 at 102 Aaa 1,041,340
Massachusetts Housing Finance
Agency, Single Family
Housing:
500,000 7.350%, 12/01/16 6/01 at 102 Aa 534,675
1,250,000 7.700%, 6/01/17 6/98 at 102 Aa 1,352,013
2,290,000 Massachusetts Industrial
Finance Agency, Lesley
College, 6.300%, 7/01/25 7/05 at 102 AAA 2,337,632
1,440,000 Massachusetts Industrial
Finance Agency, Pollution
Control (Eastern Edison),
5.875%, 8/01/08 8/03 at 102 Baa2 1,426,435
1,000,000 Massachusetts Industrial
Finance Authority
(Malden Public Library
Project),
7.250%, 1/01/15 1/05 to 102 Aaa 1,132,070
1,000,000 Massachusetts Industrial
Finance Agency
(Semass Project), 9.000%,
7/01/15 7/01 at 103 N/R 1,092,650
250,000 Massachusetts Industrial
Finance Agency
(College of the Holy Cross),
6.450%, 1/01/12 1/02 at 102 A1 261,938
475,000 Massachusetts Industrial
Finance Agency (Sturdy
Memorial Hospital), 7/900%,
6/01/09 6/99 at 102 BBB+ 509,300
500,000 Massachusetts Industrial
Finance Agency (Springfield
College), 7.800%, 10/01/09 10/99 at 103 A 577,885
</TABLE>
24
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,380,000 Massachusetts Industrial
Finance Agency
(Merrimack College), 7.125%,
7/01/12 7/02 at 102 BBB- $ 1,444,639
1,600,000 Massachusetts Industrial
Finance Agency
(Phillips Academy), 5.375%,
9/01/23 9/08 at 102 Aa1 1,473,280
500,000 Massachusetts Industrial
Finance Agency (Whitehead
Institute for Biomedical
Research), 5.125%, 7/01/26 7/03 at 102 Aa 425,250
1,000,000 Massachusetts Municipal
Wholesale Electric Company,
5.000%, 7/01/17 7/04 at 102 Aaa 887,990
Massachusetts Port Authority:
500,000 7.125%, 7/01/12 7/98 at 100 Aa 506,390
635,000 13.000%, 7/01/13 No Opt. Call Aaa 1,089,787
Massachusetts Turnpike
Authority:
500,000 5.000%, 1/01/13 1/03 at 100 A1 455,065
500,000 5.000%, 1/01/20 1/03 at 100 A1 436,975
1,000,000 5.125%, 1/01/23 1/03 at 102 Aaa 894,120
Attleboro General Obligation:
450,000 6.250%, 1/15/10 1/03 at 102 Baa1 461,988
450,000 6.250%, 1/15/11 1/03 at 102 Baa1 460,526
Barnstable General
Obligation:
880,000 5.750%, 9/15/13 9/04 at 102 Aa 874,113
490,000 5.750%, 9/15/14 9/04 at 102 Aa 483,018
Boston General Obligation:
250,000 7.700%, 2/01/09 (Pre-refunded
to 2/01/99) 2/99 at 102 A 280,880
1,000,000 6.750%, 7/01/11 7/01 at 102 Aaa 1,128,000
1,500,000 Boston City Hospital, FHA-
Insured Mortgage, 7.625%,
2/15/21 (Pre-refunded to
8/15/00) 8/00 at 102 Aaa 1,717,170
Boston Water and Sewer
Commission:
180,000 7.875%, 11/01/13 (Pre-
refunded to 11/01/96) 11/96 at 102 A 191,659
320,000 7.875%, 11/01/13 11/96 at 102 A 339,699
500,000 7.000%, 11/01/18 (Pre-
refunded to 11/01/01) 11/01 at 102 Aaa 572,760
1,000,000 Boston-Mount Pleasant Housing
Development Corporation,
Multi-Family Housing,
6.750%, 8/01/23 8/02 at 102 AAA 1,033,710
1,000,000 Dartmouth Housing Development
Corporation, Multi-Family
Housing, 7.375%, 7/01/24 1/98 at 103 AAA 1,049,930
Deerfield General Obligation:
420,000 6.200%, 6/15/09 6/02 at 102 A1 452,911
415,000 6.250%, 6/15/10 6/02 at 102 A1 445,722
635,000 Haverhill General Obligation,
7.500%, 10/15/11 10/01 at 102 Baa 688,918
Holyoke General Obligation:
685,000 8.000%, 6/01/01 No Opt. Call Baa 734,210
250,000 8.150%, 6/15/06 6/02 at 103 Aaa 298,750
750,000 7.000%, 11/01/08 11/02 at 102 Baa 817,118
500,000 7.650%, 8/01/09 8/01 at 102 Baa 549,690
</TABLE>
25
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MASSACHUSETTS TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Lowell General
Obligation:
$ 545,000 8.300%, 2/15/05 No Opt. Call Baa1 $ 667,167
445,000 8.400%, 1/15/09 (Pre-
refunded to 1/15/01) 1/01 at 102 Aaa 533,737
1,000,000 Lynn General Obligation,
7.850%, 1/15/11 (Pre-
refunded to 1/15/02) 1/02 at 104 Aaa 1,205,110
500,000 Monson General
Obligation School
Project, 7.700%,
10/15/10 (Pre-refunded
to 10/15/00) 10/00 at 102 Aaa 581,395
Palmer General
Obligation:
500,000 7.700%, 10/01/10 (Pre-
refunded to 10/01/00) 10/00 at 102 Aaa 580,920
500,000 5.000%, 10/01/10 10/03 at 103 Aaa 497,945
1,130,000 Peabody General
Obligation, 6.950%,
8/01/09 8/00 at 100 Aaa 1,223,937
550,000 Quincy Hospital, FHA-
Insured, 7.875%,
1/15/16 7/96 at 102 AAA 579,898
250,000 Sandwich General
Obligation,
7.100%, 11/01/07 (Pre-
refunded to 11/01/98) 11/98 at 102 1/2 Aaa 277,538
1,250,000 Somerville Housing
Authority (GNMA),
7.950%, 11/20/30 5/00 at 102 AAA 1,339,887
425,000 South Essex Sewerage
District, General
Obligation, 9.000%,
12/01/00 No Opt. Call A 511,070
250,000 Southeastern
Massachusetts
University
Building Authority,
7.800%, 5/01/16 (Pre-
refunded to 5/01/96) 5/96 at 102 A 261,324
1,000,000 Springfield General
Obligation, 7.100%,
9/01/11 9/02 at 102 Baa 1,075,350
Taunton General
Obligation:
1,465,000 8.000% 2/01/02 No Opt. Call A 1,720,290
1,005,000 8.000% 2/01/03 No Opt. Call A 1,196,723
250,000 University of Lowell
Building Authority,
7.400%, 11/01/07 11/97 at 102 A 272,042
500,000 University of
Massachusetts Building
Authority, 7.500%,
5/01/14 5/98 at 102 A 554,150
1,000,000 Worcester General
Obligation, 6.000%,
8/01/04 8/02 at 102 BBB+ 1,035,520
1,000,000 Puerto Rico Aqueduct and
Sewer Authority,
7.875%, 7/01/17 7/98 at 102 A 1,113,750
2,250,000 Puerto Rico Electric
Power Authority,
7.000%, 7/01/21 7/01 at 102 A- 2,463,210
- -------------------------------------------------------------------------------
$71,560,000 Total Investments -
(Cost $71,511,454) -
97.4% 75,477,738
- -------------------------------------------------------------------------------
- -------------------
TEMPORARY INVESTMENTS IN
SHORT-TERM MUNICIPAL
SECURITIES - 4.5%
$ 3,500,000 Massachusetts Dedicated
Income Tax, Variable
Rate Demand Bonds,
3.200%, 12/01/97+ VMIG-1 3,500,000
- -------------------------------------------------------------------------------
Other Assets Less
Liabilities - (1.9)% (1,454,487)
- -------------------------------------------------------------------------------
Net Assets - 100% $77,523,251
</TABLE>
- --------------------------------------------------------------------------------
26
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 37 $31,328,580 42%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 10 10,686,444 14
PORTFOLIO OF A+ A1 8 5,424,186 7
INVESTMENTS A, A- A, A2, A3 16 13,458,401 18
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 15 12,950,062 17
TEMPORARY Non-rated Non-rated 2 1,630,065 2
INVESTMENTS):
- --------------------------------------------------------------------------------------
TOTAL 88 $75,477,738 100%
</TABLE>
- --------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
27
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MASSACHUSETTS INSURED TAX-FREE VALUE FUND
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Massachusetts General
Obligation:
$ 500,000 6.500%, 6/01/08 6/02 at 101 Aaa $ 534,200
250,000 7.250%, 3/01/09 (Pre-refunded
to 3/01/00) 3/00 at 102 Aaa 282,255
1,200,000 6.000%, 6/01/13 6/02 at 100 Aaa 1,208,124
Massachusetts Bay
Transportation Authority,
General Transportation
System:
250,000 7.250%, 3/01/03 3/00 at 102 Aaa 279,643
250,000 7.100%, 3/01/13 (Pre-refunded
to 3/01/99) 3/99 at 102 Aaa 277,003
1,000,000 5.750%, 3/01/22 3/02 at 100 Aaa 972,190
250,000 Massachusetts Bay
Transportation Authority,
Certificates of
Participation, 7.650%,
8/01/15 8/00 at 102 Aaa 288,873
750,000 Massachusetts College
Building Authority,
7.250%, 5/01/16 5/96 at 102 Aaa 781,695
450,000 Massachusetts Health and
Educational Facilities
Authority (St. Luke's
Hospital of New Bedford),
7.750%, 7/01/13 (Pre-
refunded to 7/01/97) 7/97 at 102 Aaa 488,547
Massachusetts Health and
Educational Facilities
Authority (South Shore
Hospital):
200,000 8.125%, 7/01/17 (Pre-refunded
to 7/01/97) 7/97 at 102 Aaa 218,445
250,000 7.500%, 7/01/20 (Pre-refunded
to 7/01/00) 7/00 at 102 Aaa 286,734
1,000,000 6.500%, 7/01/22 7/02 at 102 Aaa 1,038,650
300,000 Massachusetts Health and
Educational Facilities
Authority (Mount Auburn
Hospital),
7.875%, 7/01/18 (Pre-
refunded to 7/01/98) 7/98 at 102 Aaa 335,325
Massachusetts Health and
Educational Facilities
Authority (Lahey Clinic
Medical Center):
750,000 7.600%, 7/01/08 7/98 at 102 Aaa 832,852
1,700,000 5.625%, 7/01/15 7/03 at 102 Aaa 1,637,915
2,500,000 5.375%, 7/01/23 7/03 at 102 Aaa 2,299,074
800,000 Massachusetts Health and
Educational Facilities
Authority (Berkshire Health
Systems), 7.600%, 10/01/14
(Pre-refunded to 10/01/98) 10/98 at 102 Aaa 894,400
750,000 Massachusetts Health and
Educational Facilities
Authority (Salem Hospital),
7.250%, 7/01/09 (Pre-
refunded to 7/01/97) 7/97 at 100 Aaa 789,083
250,000 Massachusetts Health and
Educational Facilities
Authority (Capital Asset
Program), 7.200%, 7/01/09 7/99 at 102 Aaa 273,543
500,000 Massachusetts Health and
Educational Facilities
Authority (University
Hospital), 7.250%, 7/01/19 7/00 at 102 Aaa 553,325
250,000 Massachusetts Health and
Educational Facilities
Authority (Newton-Wellesley
Hospital),
8.000%, 7/01/18 7/98 at 102 Aaa 279,193
Massachusetts Health and
Educational Facilities
Authority (Northeastern
University):
250,000 7.600%, 10/01/10 10/98 at 102 Aaa 277,803
1,600,000 6.550%, 10/01/22 10/02 at 102 Aaa 1,680,240
</TABLE>
28
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 500,000 Massachusetts Health and
Educational Facilities
Authority (Baystate Medical
Center),
7.500%, 7/01/20 (Pre-
refunded to 7/01/99) 7/99 at 102 A+ $ 560,660
500,000 Massachusetts Health and
Educational Facilities
Authority (Stonehill
College),
7.700%, 7/01/20 (Pre-
refunded to 7/01/00) 7/00 at 102 Aaa 577,770
1,000,000 Massachusetts Health and
Educational Facilities
Authority (Boston College),
6.625%, 7/01/21 7/01 at 102 Aaa 1,049,320
500,000 Massachusetts Health and
Educational Facilities
Authority (Berklee College
of Music),
6.875%, 10/01/21 10/01 at 102 Aaa 533,265
1,000,000 Massachusetts Health and
Educational Facilities
Authority (Brigham and
Women's Hospital),
6.750%, 7/01/24 7/01 at 102 Aa 1,036,740
250,000 Massachusetts Health and
Educational Facilities
Authority (Beverly
Hospital),
7.300%, 7/01/19 (Pre-
refunded to 7/01/99) 7/99 at 102 Aaa 280,660
1,500,000 Massachusetts Health and
Educational Facilities
Authority (New England
Medical Center), 6.625%,
7/01/25 7/02 at 102 Aaa 1,575,975
1,450,000 Massachusetts Health and
Educational Facilities
Authority (Boston
University), 6.000%,
10/01/22 10/02 at 100 Aaa 1,449,899
2,000,000 Massachusetts Health and
Educational Facilities
Authority (Bentley College),
6.125%, 7/01/17 7/02 at 102 Aaa 2,016,740
355,000 Massachusetts Housing Finance
Agency,
7.600%, 12/01/16 12/99 at 103 Aaa 382,179
Massachusetts Housing Finance
Agency, Single Family
Housing:
500,000 7.350%, 12/01/16 6/01 at 102 Aa 534,675
250,000 7.700%, 6/01/17 6/98 at 102 Aa 270,403
1,630,000 Massachusetts Industrial
Finance Authority (Malden
Public Library Project),
7.250%, 1/01/15 1/05 at 102 Aaa 1,845,274
500,000 Massachusetts Industrial
Finance Agency
(Brandeis University),
6.800%, 10/01/19 10/99 at 102 Aaa 535,640
200,000 Massachusetts Industrial
Finance Agency (Harvard
Community Health Plan),
7.750%, 10/01/08 10/98 at 102 Aaa 222,300
250,000 Massachusetts Industrial
Finance Agency
(Milton Academy),
7.250%, 9/01/19 (Pre-
refunded to 9/01/99) 9/99 at 102 Aaa 281,253
375,000 Massachusetts Industrial
Finance Agency
(Museum of Science),
7.300%, 11/01/09 (Pre-
refunded to 11/01/99) 11/99 at 102 Aaa 424,054
1,000,000 Massachusetts Industrial
Finance Agency (Mount
Holyoke College), 6.300%,
7/01/13 7/01 at 102 Aaa 1,025,960
420,000 Massachusetts Industrial
Finance Agency (Babson
College), 5.800%, 10/01/10 10/05 at 102 Aaa 426,909
</TABLE>
29
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MASSACHUSETTS INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,000,000 Massachusetts Municipal
Wholesale Electric
Company, 5.000%, 7/01/10 7/03 at 102 Aaa $ 1,855,260
1,000,000 Massachusetts Port
Authority, 13.000%,
7/01/13 No Opt. Call Aaa 1,716,200
1,000,000 Massachusetts Turnpike
Authority,
5.125%, 1/01/23 1/03 at 102 Aaa 894,120
1,000,000 Boston General
Obligation, 6.750%,
7/01/11 7/01 at 102 Aaa 1,128,000
500,000 Boston City Hospital
(FHA-Insured Mortgage),
7.625%, 2/15/21 (Pre-
refunded to 8/15/00) 8/00 at 102 Aaa 572,390
Boston Water and Sewer
Commission:
500,000 7.250%, 11/01/06 11/98 at 100 Aaa 542,880
500,000 7.000%, 11/01/18 (Pre-
refunded to 11/01/01) 11/01 at 102 Aaa 572,760
500,000 Fall River General
Obligation, 7.200%,
6/01/10 6/01 at 102 Aaa 554,955
250,000 Town of Groveland
Unlimited Tax, 6.900%,
6/15/07 6/01 at 102 Aaa 275,095
1,000,000 Haverhill General
Obligation,
6.700%, 9/01/10 9/01 at 102 Aaa 1,076,130
250,000 Holyoke General
Obligation, 8.150%,
6/15/06 6/02 at 103 Aaa 298,750
450,000 Leominster General
Obligation, 7.500%,
4/01/09 4/00 at 102 Aaa 513,468
2,625,000 Lowell General
Obligation, 5.600%,
11/01/12 11/03 at 102 Aaa 2,579,351
1,025,000 Lynn General Obligation,
6.750%, 1/15/02 No Opt. Call Aaa 1,134,132
250,000 Lynn Water and Sewer
Commission,
7.250%, 12/01/10 (Pre-
refunded to 12/01/00) 12/00 at 102 Aaa 286,270
1,000,000 Mansfield General
Obligation, 6.700%,
1/15/11 1/02 at 102 Aaa 1,072,810
250,000 Methuen General
Obligation, 7.400%,
5/15/04 5/00 at 102 Aaa 277,260
500,000 Monson General Obligation
School Project, 7.700%,
10/15/10 (Pre-refunded
to 10/15/00) 10/00 at 102 Aaa 581,395
1,500,000 Monson General
Obligation, 5.500%,
10/15/10 No Opt. Call Aaa 1,493,805
300,000 North Andover General
Obligation,
7.400%, 9/15/10 9/00 at 103 Aaa 339,738
North Middlesex Regional
School District, General
Obligation:
270,000 7.200%, 6/15/08 6/00 at 103 Aaa 302,246
245,000 7.200%, 6/15/09 6/00 at 103 Aaa 274,260
250,000 Northampton General
Obligation,
5.300%, 3/01/10 3/03 at 102 Aaa 243,345
190,000 Northfield General
Obligation, 6.350%,
10/15/09 10/01 at 102 Aaa 201,417
Palmer General
Obligation:
270,000 7.300%, 3/01/10 (Pre-
refunded to 3/01/00) 3/00 at 102 Aaa 305,381
250,000 7.700%, 10/01/10 (Pre-
refunded to 10/01/00) 10/00 at 102 Aaa 290,460
1,000,000 5.500%, 10/01/10 10/03 at 102 Aaa 995,890
440,000 Quaboag Regional School
District, General
Obligation, 6.250%,
6/15/08 6/02 at 102 Aaa 467,751
Salem General Obligation:
500,000 6.800%, 8/15/09 8/01 at 102 Aaa 541,445
900,000 6.000%, 7/15/10 7/02 at 102 Aaa 932,463
250,000 Sandwich General
Obligation,
7.100%, 11/01/07 (Pre-
refunded to 11/01/98) 11/98 at 102 1/2 Aaa 277,538
</TABLE>
30
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Southern Berkshire
Regional School District,
General Obligation:
$ 515,000 7.500%, 4/15/07 (Pre-
refunded to 4/15/02) 4/02 at 102 Aaa $ 605,712
1,145,000 7.000%, 4/15/11 4/02 at 102 Aaa 1,264,561
250,000 Springfield General
Obligation, 7.000%,
11/01/07 11/98 at 103 Aaa 274,748
220,000 Taunton General
Obligation, 6.800%,
9/01/09 9/01 at 103 Aaa 239,925
455,000 Wareham School Project,
General Obligation,
7.050%, 1/15/07 1/01 at 103 Aaa 507,070
250,000 Westfield General
Obligation,
7.100%, 12/15/08 (Pre-
refunded to 12/15/00) 12/00 at 102 Aaa 284,728
215,000 Whately General
Obligation, 6.350%,
1/15/09 1/02 at 102 Aaa 225,956
1,210,000 Winchendon General
Obligation, 6.050%,
3/15/10 3/03 at 102 Aaa 1,246,167
160,000 Worcester General
Obligation, 6.900%,
5/15/07 5/02 at 102 Aaa 177,676
1,000,000 Puerto Rico Commonwealth,
General Obligation,
5.750%, 7/01/24 7/05 at 101 1/2 Aaa 988,800
2,290,000 Puerto Rico Industrial
Medical and Environmental
Authority, 6.250%,
7/01/16 1/05 at 102 Aaa 2,368,730
- -------------------------------------------------------------------------------
$58,855,000 Total Investments - (Cost
$58,825,998) - 98.6% 62,319,826
- -------------------
- -------------------------------------------------------------------------------
Other Assets Less
Liabilities - 1.4% 856,352
- -------------------------------------------------------------------------------
Net Assets - 100% $63,176,178
</TABLE>
- --------------------------------------------------------------------------------
31
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN MASSACHUSETTS INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 80 $59,917,348 96%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 1,841,818 3
PORTFOLIO OF A+ A1 1 560,660 1
INVESTMENTS:
- ---------------------------------------------------------------------------------
TOTAL 84 $62,319,826 100%
</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. Government or U.S. Government
agency securities to 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 provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
32
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
NUVEEN NEW YORK TAX-FREE VALUE FUND
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
New York State Local
Government Assistance
Corporation:
$ 1,400,000 6.250%, 4/01/21 4/02 at 102 A $ 1,412,838
2,000,000 5.500%, 4/01/21 4/03 at 102 A 1,857,640
4,000,000 5.000%, 4/01/21 4/03 at 102 A 3,456,640
500,000 New York State
(Commissioner of Office of
Mental Health),
Certificates of
Participation,
8.300%, 9/01/12 9/97 at 102 Baa1 542,190
4,000,000 New York State Energy
Research and Development
Authority (Consolidated
Edison), 6.100%, 8/15/20 7/05 at 102 A1 3,987,120
200,000 New York State Housing
Finance Agency, State
University Construction,
8.000%, 5/01/11 No Opt. Call Aaa 243,460
1,650,000 New York State Housing
Finance Agency, Insured
Multi-Family Mortgage,
6.950%, 8/15/12 8/02 at 102 Aa 1,751,442
2,000,000 New York State Housing
Finance Agency, Health
Facilities (New York
City), 8.000%, 11/01/08 11/00 at 102 BBB+ 2,252,220
New York State Housing
Finance Agency, Service
Contract Obligation:
500,000 6.125%, 3/15/20 9/03 at 102 Baa1 490,960
3,750,000 5.500%, 9/15/22 9/03 at 102 Baa1 3,371,625
3,000,000 New York State Housing
Finance Agency,
6.500%, 3/15/25 9/05 at 102 Baa1 3,034,830
1,000,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
Insured Mortgage (St.
Vincent's Hospital),
8.000%, 2/15/27 (Pre-
refunded to 8/15/97) 8/97 at 102 Aaa 1,072,380
995,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
Insured Mortgage (Albany
Medical Center),
8.000%, 2/15/28 8/98 at 102 AAA 1,104,858
1,000,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
FHA-Insured (Buffalo
General Hospital),
7.700%, 2/15/22 (Pre-
refunded to 8/15/98) 8/98 at 102 AAA 1,119,640
1,250,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
FHA-Insured (Catholic
Medical Center),
8.300%, 2/15/22 (Pre-
refunded to 2/15/98) 2/98 at 102 AAA 1,396,850
2,250,000 New York State Medical Care
Facilities Finance Agency
(Columbia-Presbyterian),
8.000%, 2/15/25 (Pre-
refunded to 8/15/97) 8/97 at 102 Aaa 2,468,228
New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home
(FHA-Insured):
2,000,000 6.200%, 8/15/22 8/02 at 102 AAA 2,041,200
1,000,000 7.350%, 2/15/29 8/99 at 102 Aa 1,088,890
</TABLE>
33
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 3,780,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
FHA-Insured (Mt. Sinai
Hospital), 6.250%, 8/15/12 8/02 at 102 AAA $ 3,873,517
1,545,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
FHA-Insured (Bayley
Seton/St. Joseph's
Hospital), 6.450%, 2/15/09 2/03 at 102 AAA 1,685,116
New York State Medical Care
Facilities Finance Agency
(Mental Health Services):
1,460,000 7.500%, 2/15/21 (Pre-
refunded to 2/15/01) 2/01 at 102 Aaa 1,696,520
1,795,000 5.250%, 8/15/23 8/03 at 102 Baa1 1,540,236
1,500,000 6.500%, 8/15/24 8/04 at 102 Baa1 1,518,675
3,000,000 New York State Medical Care
Facilities Finance Agency,
Hospital Insured Mortgage,
5.500%, 8/15/24 2/04 at 102 AAA 2,747,130
2,500,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
FHA-Insured (St. Vincent's
Medical Center),
6.200%, 2/15/21 2/04 at 102 AAA 2,557,800
2,490,000 New York State Medical Care
Facilities Finance Agency
(Hospital and Nursing
Home),
6.400%, 8/15/14 8/04 at 102 AAA 2,587,284
New York State Medical Care
Facilities Finance Agency
(New York Hospital), FHA-
Insured:
1,000,000 6.750%, 8/15/14 2/05 at 102 Aaa 1,070,880
1,000,000 6.800%, 8/15/24 2/05 at 102 Aaa 1,074,140
New York State Medical Care
Facilities Finance Agency
(Brookdale Hospital
Medical Center):
1,000,000 6.400%, 2/15/01 No Opt. Call Baa 1,031,440
2,700,000 6.800%, 8/15/12 2/05 at 102 Baa 2,775,573
1,000,000 New York State Medical Care
Facilities (Health Care
Center), 6.375%, 11/15/19 11/05 at 102 Aa 1,012,140
380,000 New York State Mortgage
Agency,
8.100%, 10/01/17 4/98 at 102 Aa 410,354
300,000 New York State Urban
Development Corporation
(Center for Industrial
Innovation),
7.000%, 1/01/13 1/96 at 102 Baa1 308,403
1,000,000 New York State Urban
Development Corporation,
6.750%, 1/01/26 1/02 at 102 Aaa 1,064,010
1,100,000 New York State Urban
Development Corporation
(Syracuse University
Center for Science and
Technology), 7.875%,
1/01/17 1/98 at 102 Baa1 1,176,736
New York State Urban
Development Corporation,
Correctional Capital
Facilities:
1,250,000 5.500%, 1/01/15 1/03 at 102 Baa1 1,141,600
1,000,000 7.500%, 1/01/20 (Pre-
refunded to 1/01/00) 1/00 at 102 Aaa 1,139,270
</TABLE>
34
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,000,000 New York State Urban
Development Corporation
(Clarkson Center for
Advanced Materials
Processing), 7.800%,
1/01/20 1/01 at 102 Baa1 $ 2,195,020
2,900,000 New York State Urban
Development
Corporation, State
Facilities, 7.500%
4/01/20 4/01 at 102 Baa1 3,203,485
1,000,000 New York State Urban
Development Corporation
(Cornell Center for
Theory and Simulation),
6.000%, 1/01/14 1/03 at 102 Baa 972,840
2,100,000 Babylon Industrial
Development Agency,
Resource Recovery,
8.500%, 1/01/19 7/98 at 103 Baa1 2,364,390
1,000,000 Batavia Housing
Authority, FHA-Insured
(Washington Towers),
6.500%, 1/01/23 7/01 at 102 Aaa 1,022,010
1,000,000 Brookhaven Industrial
Development Agency,
Civic Facility (Dowling
College/National
Aviation Center),
6.750%, 3/01/23 3/03 at 102 BBB 1,008,350
500,000 Dormitory Authority of
the State of New York
(Long Island Jewish
Medical Center), FHA-
Insured, 7.750%,
8/15/27 2/98 at 102 AAA 543,275
Dormitory Authority of
the State of New York
(City University):
1,500,000 5.750%, 7/01/07 No Opt. Call Baa1 1,502,415
750,000 7.500%, 7/01/10 No Opt. Call Baa1 863,408
500,000 8.200%, 7/01/13 7/98 at 102 Baa1 559,740
1,000,000 7.625%, 7/01/20 (Pre-
refunded to 7/01/00) 7/00 at 102 Aaa 1,157,050
750,000 Dormitory Authority of
the State of New York,
GNMA (Park Ridge
Housing, Inc.),
7.850%, 2/01/29 2/99 at 102 AAA 826,253
1,985,000 Dormitory Authority of
the State of New York
(United Health
Services), 7.350%,
8/01/29 2/00 at 102 AAA 2,142,133
2,250,000 Dormitory Authority of
the State of New York,
Judicial Facilities
Lease (Suffolk County),
9.500%, 4/15/14 10/95 at 116 1/2 Baa1 2,637,743
Dormitory Authority of
the State of New York
(State University):
2,000,000 7.400%, 5/15/01 5/00 at 102 Baa1 2,207,460
2,000,000 5.500%, 5/15/08 No Opt. Call Baa1 1,910,060
1,125,000 5.250%, 5/15/09 No Opt. Call Baa1 1,053,799
2,000,000 5.500%, 5/15/13 No Opt. Call Baa1 1,868,900
2,225,000 Dormitory Authority of
the State of New York
(Upstate Community
College), 5.700%,
7/01/21 7/04 at 102 Baa1 2,052,896
1,375,000 Dormitory Authority of
the State of New York
(University of
Rochester, Strong
Memorial Hospital),
5.500%, 7/01/21 7/04 at 102 A1 1,266,595
Dormitory Authority of
the State of New York
Court Facilities:
1,000,000 5.375%, 5/15/16 5/03 at 101 1/2 Baa1 896,910
5,960,000 5.700%, 5/15/22 5/03 at 101 1/2 Baa1 5,492,792
</TABLE>
35
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,470,000 Dutchess County
Industrial Development
Authority, Civic
Facilities (Bard
College), 7.000%,
11/01/17 11/03 at 102 A $ 2,558,673
1,000,000 Franklin County
Industrial Development
Agency (County
Correctional Facility),
6.750%, 11/01/12 11/02 at 102 BBB 1,031,560
800,000 Hempstead Industrial
Development Authority,
Civic Facility (United
Cerebral Palsy
Association of Nassau
County), 7.500%,
10/01/09 10/99 at 102 Aa2 840,832
2,500,000 Housing New York
Corporation, 5.000%,
11/01/13 11/03 at 102 AA 2,222,925
Metropolitan
Transportation
Authority, Commuter
Facilities:
2,000,000 5.625%, 7/01/16 7/03 at 102 Baa1 1,861,880
1,000,000 6.250%, 7/01/17 7/02 at 102 Aaa 1,027,180
1,000,000 Metropolitan
Transportation
Authority, Commuter
Facilities Service
Contract Revenue,
7.500%, 7/01/16 (Pre-
refunded to 7/01/00) 7/00 at 102 Aaa 1,151,660
Metropolitan
Transportation
Authority Transit
Facilities:
1,025,000 6.500%, 7/01/18 7/02 at 102 Aaa 1,070,346
3,095,000 4.750%, 7/01/19 7/03 at 100 Baa1 2,493,889
Monroe County Water
Authority, Water
System:
510,000 5.250%, 8/01/13 8/03 at 101 AA 474,672
1,900,000 5.250%, 8/01/16 8/03 at 101 AA 1,727,157
1,055,000 6.000%, 8/01/17 8/02 at 102 AA 1,043,522
New York City General
Obligation:
2,500,000 7.000%, 8/01/04 No Opt. Call Baa1 2,700,975
2,000,000 7.500%, 2/01/06 2/02 at 101 1/2 Baa1 2,193,900
2,500,000 6.250%, 8/01/10 8/04 at 101 1/2 Baa1 2,473,575
45,000 6.625%, 8/01/13 8/02 at 101 1/2 Aaa 47,595
2,000,000 New York City Housing
Development
Corporation, Multi-
Family Mortgage, FHA-
Insured,
6.550%, 10/01/15 4/03 at 102 AAA 2,071,780
1,000,000 New York City Housing
Development
Corporation, Multi-Unit
Mortgage, FHA-Insured,
7.350%, 6/01/19 6/01 at 102 AAA 1,070,860
2,500,000 New York City Housing
Development
Corporation, Multi-
Family Housing,
5.850%, 5/01/26 5/03 at 102 Aa 2,370,475
New York City Municipal
Water Finance
Authority, Water and
Sewer System:
1,000,000 5.375%, 6/15/19 6/04 at 101 Aaa 926,020
1,500,000 7.750%, 6/15/20 (Pre-
refunded to 6/15/01) 6/01 at 101 1/2 Aaa 1,767,465
210,000 6.000%, 6/15/20 6/00 at 100 Aaa 210,582
3,500,000 New York City Industrial
Development Agency,
Civic Facility (The
Lighthouse Project),
6.500%, 7/01/22 7/02 at 102 Aa2 3,563,070
</TABLE>
36
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,000,000 New York City Industrial
Development Agency
(College of New Rochelle),
6.300%, 9/01/15 9/05 at 102 Baa $ 982,170
2,405,000 Newark-Wayne Community
Hospital,
7.600%, 9/01/15 9/03 at 102 N/R 2,464,139
1,000,000 Orangetown Housing
Authority, Housing
Facilities (Orangetown
Guaranty),
7.600%, 4/01/30 (Pre-
refunded to 10/01/00) 10/00 at 102 A 1,155,350
South Orangetown Central
School District,
General Obligation:
390,000 6.875%, 10/01/08 No Opt. Call A 441,484
390,000 6.875%, 10/01/09 No Opt. Call A 439,195
3,015,000 Suffolk County Industrial
Development Agency
(Dowling College Civic
Facility),
6.625%, 6/01/24 6/04 at 102 BBB 3,069,090
2,000,000 34th Street Partnership
Business Improvement
District, Capital
Improvement, 5.500%,
1/01/23 1/03 at 102 A1 1,821,440
Triborough Bridge and
Tunnel Authority:
2,000,000 7.100%, 1/01/10 1/01 at 102 A1 2,181,740
2,000,000 7.100%, 1/01/10 1/01 at 102 Aaa 2,232,019
2,100,000 UFA Development
Corporation, FHA-Insured
(Loretto-Utica Project),
5.950%, 7/01/35 7/04 at 102 Aa 2,016,567
2,000,000 Westchester County
Industrial Development
Agency, Civic Facility
(Jewish Board of Family
and Children's Services),
6.750%, 12/15/12 12/02 at 102 BBB- 2,030,021
- -------------------------------------------------------------------------------
$154,625,000 Total Investments - (cost
$149,739,621) - 97.4% 156,585,167
- -------------------------------------------------------------------------------
TEMPORARY INVESTMENTS IN
SHORT-TERM MUNICIPAL
SECURITIES - 1.6%
New York City General
Obligation, Variable Rate
Demand Bonds:
$ 1,000,000 3.450%, 8/01/22+ VMIG-1 1,000,000
500,000 3.450%, 8/01/23+ VMIG-1 500,000
1,000,000 Syracuse Industrial
Development Agency, Multi-
Modal Interchangeable
Rate, Civic Facility
Revenue Bonds (Syracuse
University), Variable Rate
Demand Bonds, 3.250%,
3/01/23+ SP-1+ 1,000,000
- -------------------------------------------------------------------------------
$ 2,500,000 Total Temporary
Investments - 1.6% 2,500,000
- -------------------------------------------------------------------------------
- -------------------
Other Assets Less
Liabilities - 1.0% 1,631,904
- -------------------------------------------------------------------------------
Net Assets - 100% $160,717,071
</TABLE>
- --------------------------------------------------------------------------------
37
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
NUMBER OF
STANDARD & POOR'S MOODY'S ISSUES MARKET VALUE PERCENT
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 32 $ 46,208,511 29%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 18,522,046 12
PORTFOLIO OF A+ A1 4 9,256,895 6
INVESTMENTS A, A- A, A2, A3 7 11,321,820 7
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 37 68,811,756 44
TEMPORARY Non-rated Non-rated 1 2,464,139 2
INVESTMENTS):
- ---------------------------------------------------------------------------------------
TOTAL 93 $156,585,167 100%
</TABLE>
- --------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
38
<PAGE>
NUVEEN NEW YORK INSURED TAX-FREE VALUE FUND
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,500,000 New York State Energy
Research and Development
Authority, Pollution
Control (Central Hudson
Gas and Electric
Corporation), 7.375%,
10/01/14 10/99 at 103 Aaa $ 2,775,050
5,500,000 New York State Energy
Research and Development
Authority, Electric
Facilities (Consolidated
Edison Company), 5.250%,
8/15/20 10/03 at 102 Aaa 5,009,180
1,450,000 New York State
Environmental Facilities
Corporation, Water
Pollution Control, Pooled
Loan, 7.200%, 3/15/11 6/00 at 102 Aaa 1,610,617
2,215,000 New York State Housing
Finance Agency,
Multi-Family Housing,
7.450%, 11/01/28 11/99 at 102 Aaa 2,354,412
995,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
Insured Mortgage (Albany
Medical Center),
8.000%, 2/15/28 8/98 at 102 AAA 1,104,858
895,000 New York State Medical Care
Facilities Finance Agency
(St. Francis Hospital),
7.625%, 11/01/21 11/98 at 102 Aaa 1,001,756
4,765,000 New York State Medical Care
Facilities Finance Agency,
Secured Hospital (Bronx
Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 5,004,680
2,000,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
FHA-Insured, 7.350%,
2/15/29 8/99 at 102 Aa 2,177,780
1,500,000 New York State Medical Care
Facilities Finance Agency,
Hospital and Nursing Home,
FHA-Insured (Catholic
Medical Center),
8.300%, 2/15/22 (Pre-
refunded to 2/15/98) 2/98 at 102 AAA 1,676,220
New York State Medical Care
Facilities Finance Agency,
FHA-Insured (Montefiore
Medical Center):
1,500,000 7.250%, 2/15/24 2/99 at 102 Aa 1,633,635
2,000,000 7.250%, 2/15/24 2/99 at 102 Aaa 2,180,840
5,300,000 New York State Medical Care
Facilities Finance Agency
(St. Luke's-Roosevelt
Hospital Center), 7.450%,
2/15/29 (Pre-refunded to
2/15/00) 2/00 at 102 Aaa 6,044,014
3,200,000 New York State Medical Care
Facilities Finance Agency,
Mortgage Project (North
Shore University
Hospital), 7.200%,
11/01/20 11/00 at 102 Aaa 3,561,696
1,670,000 New York State Medical Care
Facilities Finance Agency,
Hospital Revenue (Our Lady
of Victory), 6.625%,
11/01/16 11/01 at 102 Aaa 1,763,988
New York State Medical Care
Facilities Finance Agency,
Hospital Revenue (Sisters
of Charity of Buffalo):
500,000 6.600%, 11/01/10 11/01 at 102 Aaa 533,710
1,550,000 6.625%, 11/01/18 11/01 at 102 Aaa 1,637,234
</TABLE>
39
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,000,000 New York State Medical Care
Facilities Finance Agency
(Aurelia Osborn Fox
Memorial Hospital),
6.500%, 11/01/19 11/01 at 102 Aaa $ 1,038,990
3,000,000 New York State Medical Care
Facilities Finance Agency
(South Nassau Communities
Hospital), 6.125%,
11/01/11 11/02 at 102 Aaa 3,066,120
New York State Medical Care
Facilities Finance Agency,
Mental Health Services,
Facilities Improvement
Revenue:
1,500,000 5.750%, 2/15/14 8/03 at 102 Aaa 1,463,325
3,250,000 5.700%, 8/15/14 2/03 at 102 Aaa 3,176,290
6,150,000 6.375%, 8/15/17 12/02 at 102 Aaa 6,325,583
2,890,000 6.250%, 8/15/18 2/02 at 102 Aaa 2,948,754
2,600,000 5.500%, 8/15/21 2/02 at 100 Aaa 2,439,684
2,500,000 New York State Medical Care
Facilities Finance Agency
(St. Mary's Hospital
Rochester Project),
6.200%, 11/01/14 11/03 at 102 Aaa 2,546,900
7,000,000 New York State Medical Care
Facilities Finance Agency,
New York Hospital, FHA-
Insured, 6.800%, 8/15/24 2/05 at 102 Aaa 7,518,980
New York State Mortgage
Agency:
225,000 8.375%, 10/01/17 1/98 at 102 Aa 243,070
390,000 8.100%, 10/01/17 4/98 at 102 Aa 421,153
3,500,000 New York State Mortgage
Agency, Homeowner
Mortgage, 5.650%, 4/01/15 10/03 at 102 Aaa 3,367,560
New York State Thruway
Authority:
7,300,000 5.750%, 1/01/19 1/02 at 102 Aaa 7,143,415
3,950,000 5.500%, 1/01/23 1/02 at 100 Aaa 3,706,009
New York State Urban
Development Corporation:
3,850,000 6.700%, 1/01/12 1/02 at 102 Aaa 4,112,686
9,650,000 6.750%, 1/01/26 1/02 at 102 Aaa 10,267,697
New York State Urban
Development Corporation,
Correctional Facilities:
1,500,000 7.250%, 1/01/14 (Pre-
refunded to 1/01/00) 1/00 at 102 Aaa 1,694,250
3,000,000 5.250%, 1/01/14 No Opt. Call Aaa 2,795,760
575,000 7.000%, 1/01/17 (Pre-
refunded to 1/01/00) 1/00 at 102 Aaa 643,845
9,200,000 5.250%, 1/01/18 1/03 at 102 Aaa 8,472,924
2,000,000 7.500%, 1/01/20 (Pre-
refunded to 1/01/00) 1/00 at 102 Aaa 2,278,540
2,000,000 Power Authority of the
State of New York, General
Purpose, 6.500%, 1/01/19 1/02 at 102 Aaa 2,091,280
280,000 Albany Municipal Water
Finance Authority, Water
and Sewer System, 7.500%,
12/01/17 12/98 at 102 Aaa 312,936
1,020,000 Broome County, Certificates
of Participation, 5.250%,
4/01/22 4/04 at 102 Aaa 936,635
2,250,000 Buffalo and Fort Erie
Public Bridge Authority,
5.750%, 1/01/25 1/05 at 101 Aaa 2,196,833
1,000,000 Buffalo General Obligation,
6.150%, 2/01/04 1/01 at 101 Aaa 1,068,440
</TABLE>
40
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 8,385,000 Buffalo Municipal Water
Finance Authority, Water
System, 5.750%, 7/01/19 7/03 at 102 Aaa $ 8,224,343
Camden Central School
District, General
Obligation:
500,000 7.100%, 6/15/07 No Opt. Call Aaa 591,150
600,000 7.100%, 6/15/08 No Opt. Call Aaa 709,170
600,000 7.100%, 6/15/09 No Opt. Call Aaa 707,886
275,000 7.100%, 6/15/10 No Opt. Call Aaa 322,944
2,000,000 Clifton Park Water
Autority, 5.000%, 10/01/26 10/03 at 102 Aaa 1,751,260
1,560,000 Dormitory Authority of the
State of New York, College
and University (Pooled
Capital Program), 7.800%,
12/01/05 12/98 at 102 Aaa 1,684,129
1,490,000 Dormitory Authority of the
State of New York (United
Health Services), 7.350%,
8/01/29 2/00 at 102 AAA 1,607,948
1,490,000 Dormitory Authority of the
State of New York (Iona
College), 7.625%, 7/01/09 7/98 at 102 Aaa 1,651,337
1,000,000 Dormitory Authority of the
State of New York (United
Cerebral Palsy Association
of Westchester County),
6.200%, 7/01/12 7/02 at 102 Aaa 1,021,700
1,000,000 Dormitory Authority of the
State of New York
(Manhattanville College),
7.500%, 7/01/22 (Pre-
refunded to 7/01/00) 7/00 at 102 Aaa 1,151,660
Dormitory Authority of the
State of New York (City
University System):
2,500,000 7.000%, 7/01/14 7/00 at 102 Aaa 2,723,300
1,000,000 6.500%, 7/01/14 7/96 at 100 Aaa 1,019,180
1,800,000 5.750%, 7/01/18 No Opt. Call Aaa 1,779,534
6,295,000 7.500%, 7/01/20 (Pre-
refunded to 7/01/00) 7/00 at 102 Aaa 7,249,700
2,500,000 Dormitory Authority of the
State of New York (Cooper
Union), 7.200%, 7/01/20 7/01 at 102 Aaa 2,773,600
Dormitory Authority of the
State of New York,
Educational Facilities
(State University):
1,200,000 7.250%, 5/15/15 (Pre-
refunded to 5/15/00) 5/00 at 102 Aaa 1,365,576
2,500,000 5.250%, 5/15/15 No Opt. Call Aaa 2,347,900
1,200,000 7.000%, 5/15/18 (Pre-
refunded to 5/15/00) 5/00 at 102 Aaa 1,352,940
2,000,000 6.500%, 5/15/19 5/00 at 100 Aaa 2,181,920
5,000,000 Dormitory Authority of the
State of New York (New
York University), 6.250%,
7/01/09 7/01 at 102 Aaa 5,229,100
1,000,000 Dormitory Authority of the
State of New York (Fordham
University),
7.200%, 7/01/15 (Pre-
refunded to 7/01/00) 7/00 at 102 Aaa 1,138,720
5,240,000 Dormitory Authority of the
State of New York (Mount
Sinai School of Medicine),
5.000%, 7/01/21 7/04 at 102 Aaa 4,633,994
1,500,000 Dormitory Authority of the
State of New York (Sarah
Lawrence College), 6.000%,
7/01/24 7/05 at 102 Aaa 1,502,370
</TABLE>
41
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 2,015,000 Dormitory Authority of the
State of New York
(St. Vincent's Hospital
and Medical Center),
5.800%, 8/01/25 8/05 at 102 Aaa $ 1,972,866
1,000,000 Erie County Water
Authority, Water Works,
6.750%, 12/01/14 12/09 at 100 Aaa 1,111,660
Glen Cove General
Obligation:
445,000 5.500%, 6/15/09 No Opt. Call Aaa 449,245
455,000 5.600%, 6/15/10 No Opt. Call Aaa 458,144
470,000 5.625%, 6/15/11 No Opt. Call Aaa 472,153
500,000 Greece Central School
District, General
Obligation, 6.000%,
6/15/09 No Opt. Call Aaa 540,000
Half Moon General
Obligation:
385,000 6.500%, 6/01/09 No Opt. Call Aaa 431,674
395,000 6.500%, 6/01/10 No Opt. Call Aaa 439,821
395,000 6.500%, 6/01/11 No Opt. Call Aaa 439,315
600,000 Jamesville-Dewitt Central
School District,
General Obligation,
5.750%, 6/15/04 No Opt. Call Aaa 642,648
1,425,000 Metropolitan Transportation
Authority,
Commuter Facilities,
5.500%, 7/01/17 7/02 at 100 Aaa 1,359,607
1,000,000 Metropolitan Transportation
Authority, Transit
Facilities Service
Contract, 7.500%, 7/01/17 7/98 at 102 Aaa 1,107,110
10,340,000 Metropolitan Transportation
Authority, Transit
Facilities, 6.500%,
7/01/18 7/02 at 102 Aaa 10,797,442
Middle Country Central
School District at
Centereach (Town of
Brookhaven), General
Obligation:
475,000 6.900%, 12/15/07 No Opt. Call Aaa 558,505
475,000 6.900%, 12/15/08 No Opt. Call Aaa 557,246
Monroe County General
Obligation:
375,000 6.500%, 6/01/15 6/01 at 102 Aaa 396,338
375,000 6.500%, 6/01/16 6/01 at 102 Aaa 395,295
350,000 6.500%, 6/01/17 6/01 at 102 Aaa 369,121
3,725,000 Montgomery, Otsego,
Schoharie County Solid
Waste Management
Authority,
Solid Waste System,
7.250%, 1/01/14 (Pre-
refunded to 1/01/00) 1/00 at 103 Aaa 4,222,399
Mount Sinai Union Free
School District, General
Obligation:
1,000,000 7.250%, 2/15/15 (Pre-
refunded to 2/15/00) 2/00 at 102 Aaa 1,132,360
500,000 6.200%, 2/15/15 No Opt. Call Aaa 529,145
1,035,000 6.200%, 2/15/16 No Opt. Call Aaa 1,095,703
1,000,000 7.250%, 2/15/17 (Pre-
refunded to 2/15/00) 2/00 at 102 Aaa 1,132,360
1,500,000 Nassau County General
Obligation,
5.700%, 8/01/13 8/04 at 103 Aaa 1,499,910
4,840,000 Nassau County Industrial
Development Agency, Civic
Facilities (Hofstra
University Project),
6.750%, 8/01/11 8/01 at 102 Aaa 5,227,248
</TABLE>
42
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,020,000 New Rochelle General
Obligation,
6.200%, 8/15/22 8/04 at 102 Aaa $ 1,046,459
New York City General
Obligation:
500,000 8.250%, 11/01/02 11/97 at 101 1/2 Aaa 548,875
3,000,000 6.250%, 8/01/10 (Pre-
refunded to 8/01/02) 8/02 at 101 1/2 Aaa 3,340,110
1,000,000 6.250%, 8/01/10 8/02 at 101 1/2 Aaa 1,045,790
3,520,000 5.750%, 5/15/12 5/03 at 101 1/2 Aaa 3,522,218
75,000 6.625%, 8/01/12 8/02 at 101 1/2 Aaa 79,766
2,600,000 6.000%, 8/01/12 8/02 at 101 1/2 Aaa 2,641,054
1,300,000 7.000%, 10/01/15 No Opt. Call Aaa 1,390,922
2,000,000 7.000%, 10/01/16 10/99 at 100 Aaa 2,183,720
1,025,000 7.000%, 10/01/17 No Opt. Call Aaa 1,096,689
310,000 7.000%, 10/01/18 No Opt. Call Aaa 334,998
1,000,000 5.375%, 10/01/20 10/03 at 101 1/2 Aaa 923,060
1,000,000 5.375%, 10/01/21 10/03 at 101 1/2 Aaa 921,760
1,000,000 New York City
Educational
Construction Fund,
5.625%, 4/01/13 4/04 at 101 1/2 Aaa 978,650
New York City Health and
Hospitals Corporation:
2,500,000 5.625%, 2/15/13 2/03 at 102 Aaa 2,420,325
11,980,000 5.750%, 2/15/22 2/03 at 102 Aaa 11,631,142
5,000,000 New York City Housing
Development
Corporation, Pass-
Through Certificates,
Multi-Family Housing,
FHA-Insured, 6.500%,
2/20/19 7/97 at 105 Aaa 5,860,100
1,000,000 New York City Housing
Development
Corporation, Multi-
Family, FHA-Insured,
5.850%, 5/01/26 5/03 at 102 Aaa 966,750
3,250,000 New York City Municipal
Water Financing
Authority, 6.750%,
6/15/16 6/01 at 101 Aaa 3,463,378
New York City Municipal
Water Finance
Authority, Water and
Sewer System:
1,000,000 7.250%, 6/15/15 (Pre-
refunded to 6/15/00) 6/00 at 101 1/2 Aaa 1,135,800
6,765,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 6,604,872
1,525,000 5.375%, 6/15/19 6/04 at 101 Aaa 1,412,181
4,650,000 5.500%, 6/15/20 6/02 at 100 Aaa 4,420,476
New York City Transit
Authority, Transit
Facilities (Livingston
Plaza Project):
1,000,000 7.500%, 1/01/20 (Pre-
refunded to 1/01/00) 1/00 at 102 Aaa 1,139,270
12,225,000 5.250%, 1/01/20 1/03 at 100 Aaa 11,072,794
2,200,000 New York City Trust for
Cultural Resources
(American Museum of
Natural History),
6.900%, 4/01/21 (Pre-
refunded to 4/01/01) 4/01 at 102 Aaa 2,499,354
1,000,000 New York City Industrial
Development Agency,
Civic Facility (USTA
National Tennis Center
Incorporated Project),
6.375%, 11/15/14 11/04 at 102 Aaa 1,040,090
</TABLE>
43
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,000,000 New York City Industrial
Development Agency (New
School for Social
Research),
5.750%, 9/01/15 9/05 at 102 Aaa $ 980,220
1,590,000 Niagara Falls General
Obligation, 6.900%,
3/01/21 3/04 at 102 Aaa 1,726,740
5,725,000 Niagara Falls Bridge
Commission,
Toll Bridge System,
6.125%, 10/01/19 (Pre-
refunded to 10/01/02) 10/02 at 102 Aaa 6,363,509
North Hempstead General
Obligation:
1,500,000 6.375%, 4/01/09 No Opt. Call Aaa 1,653,120
425,000 6.800%, 6/01/10 (Pre-
refunded to 6/01/00) 6/00 at 102 Aaa 476,140
425,000 6.800%, 6/01/11 (Pre-
refunded to 6/01/00) 6/00 at 102 Aaa 476,140
1,505,000 6.400%, 4/01/14 No Opt. Call Aaa 1,626,484
North Hempstead Solid Waste
Management Authority:
2,175,000 5.000%, 2/01/07 2/04 at 102 Aaa 2,151,619
2,825,000 5.000%, 2/01/12 2/04 at 102 Aaa 2,610,131
Nyack Union Free School
District:
625,000 6.500%, 4/01/12 4/02 at 102 Aaa 661,788
625,000 6.500%, 4/01/13 4/02 at 102 Aaa 659,831
625,000 6.500%, 4/01/14 4/02 at 102 Aaa 657,231
Rensselaer County General
Obligation:
960,000 6.700%, 2/15/13 No Opt. Call Aaa 1,085,846
960,000 6.700%, 2/15/14 No Opt. Call Aaa 1,082,870
960,000 6.700%, 2/15/15 No Opt. Call Aaa 1,078,022
Rondout Valley Central
School District, General
Obligation:
550,000 6.800%, 6/15/06 No Opt. Call Aaa 638,715
550,000 6.850%, 6/15/07 No Opt. Call Aaa 641,355
550,000 6.850%, 6/15/08 No Opt. Call Aaa 640,118
550,000 6.850%, 6/15/09 No Opt. Call Aaa 638,473
550,000 6.850%, 6/15/10 No Opt. Call Aaa 635,349
Suffolk County General
Obligation:
1,000,000 6.900%, 4/01/01 4/00 at 102 Aaa 1,121,300
1,895,000 5.250%, 7/15/09 7/02 at 102 Aaa 1,863,733
600,000 6.150%, 5/01/10 5/03 at 102 Aaa 627,384
1,890,000 5.300%, 7/15/10 7/02 at 102 Aaa 1,838,705
1,630,000 5.400%, 4/01/11 4/02 at 102 Aaa 1,594,662
1,860,000 5.400%, 7/15/11 7/02 at 102 Aaa 1,819,172
1,000,000 5.400%, 7/15/12 7/02 at 102 Aaa 970,840
630,000 5.400%, 4/01/14 4/02 at 102 Aaa 601,530
625,000 5.400%, 4/01/15 4/02 at 102 Aaa 590,687
560,000 5.000%, 10/15/16 10/03 at 102 Aaa 501,105
1,000,000 Suffolk County Industrial
Development Agency,
Southwest Sewer System,
4.750%, 2/01/09 2/04 at 101 Aaa 911,690
</TABLE>
44
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Suffolk County Water
Authority, Water
System:
$ 1,800,000 5.100%, 6/01/11 No Opt. Call Aaa $ 1,706,453
2,565,000 5.625%, 6/01/16 6/02 at 102 Aaa 2,469,068
3,700,000 5.000%, 6/01/17 6/03 at 102 Aaa 3,323,820
Triborough Bridge and
Tunnel Authority,
General Purpose
Revenue:
2,750,000 6.500%, 1/01/19 1/02 at 101 1/2 Aaa 2,869,955
2,000,000 7.000%, 1/01/20 (Pre-
refunded to 1/01/01) 1/01 at 102 Aaa 2,271,220
1,175,000 7.000%, 1/01/21 (Pre-
refunded to 1/01/01) 1/01 at 101 1/2 Aaa 1,329,700
8,650,000 Triborough Bridge and
Tunnel Authority,
Special Obligation,
6.875%, 1/01/15 1/01 at 102 Aaa 9,288,715
1,750,000 Yonkers General
Obligation,
7.375%, 12/01/09 (Pre-
refunded to 12/01/00) 12/00 at 102 Aaa 2,022,947
- -------------------------------------------------------------------------------
$342,030,000 Total Investments -
(cost $336,497,771) -
98.8% 352,332,995
- -------------------------------------------------------------------------------
- -------------------
TEMPORARY INVESTMENTS IN
SHORT-TERM MUNICIPAL
SECURITIES - 0.4%
New York City General
Obligation, Variable
Rate Demand Bonds:
$ 300,000 3.450%, 8/01/21+ VMIG-1 300,000
1,000,000 3.450%, 8/01/22+ VMIG-1 1,000,000
- -------------------------------------------------------------------------------
$ 1,300,000 Total Temporary
Investments - 0.4% 1,300,000
- -------------------------------------------------------------------------------
- -------------------
Other Assets Less
Liabilities - 0.8% 2,926,024
- -------------------------------------------------------------------------------
Net Assets - 100% $356,559,019
</TABLE>
- --------------------------------------------------------------------------------
45
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK INSURED TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
NUMBER MARKET
STANDARD & POOR'S MOODY'S OF ISSUES MARKET VALUE PERCENT
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 153 $347,857,357 99%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 4 4,475,638 1
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
- -----------------------------------------------------------------------------------
TOTAL 157 $352,332,995 100%
</TABLE>
- --------------------------------------------------------------------------------
All of the bonds in the portfolio, excluding temporary investments in short-
term municipal securities, 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. Government or U.S. Government agency
securities to 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 provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
46
<PAGE>
NUVEEN OHIO TAX-FREE VALUE FUND
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Ohio Air Quality
Development Authority,
Pollution Control (Ohio
Edison Company):
$ 2,000,000 7.450%, 3/01/16 3/00 at 102 Aaa $ 2,206,840
750,000 7.625%, 7/01/23 7/99 at 102 Baa3 796,425
5,650,000 5.625%, 11/15/29 11/03 at 102 Aaa 5,414,113
1,750,000 Ohio Air Quality
Development Authority,
Pollution Control
(Columbus Southern Power
Company), 6.375%,
12/01/20 12/02 at 102 Aaa 1,819,773
1,000,000 Ohio Air Quality
Development Authority,
Pollution Control (Ohio
Power Company), 7.400%,
8/01/09 8/99 at 102 Baa1 1,044,540
2,000,000 Ohio Air Quality
Development Authority,
Pollution Control
(Cleveland Electric
Illuminating Company),
8.000%, 12/01/13 6/02 at 103 Aaa 2,362,580
1,000,000 Ohio Building Authority
(State Correctional
Facilities), 7.125%,
9/01/09 9/96 at 102 A1 1,043,260
1,250,000 Ohio Capital Corporation
for Housing,
Multi-Family Housing,
7.600%, 11/01/23 11/97 at 105 AAA 1,337,175
1,935,000 Ohio General Obligation,
6.000%, 8/01/10 No Opt. Call Aa 2,036,529
250,000 Ohio Higher Educational
Facility Commission (Ohio
Dominican College),
8.500%, 12/01/07 (Pre-
refunded to 12/01/97) 12/97 at 102 N/R 278,238
400,000 Ohio Higher Educational
Facility Commission (John
Carroll University),
9.250%, 10/01/07
(Pre-refunded to
10/01/97) 10/97 at 102 A 449,520
1,000,000 Ohio Higher Educational
Facility Commission (Ohio
Wesleyan University),
7.650%, 11/15/07 11/97 at 102 Aaa 1,091,210
1,000,000 Ohio Higher Educational
Facility Commission (Ohio
Northern University),
7.300%, 5/15/10
(Pre-refunded to 5/15/00) 5/00 at 100 Aaa 1,119,250
1,000,000 Ohio Higher Educational
Facility Commission
(Kenyon College), 5.375%,
12/01/16 12/03 at 102 A+ 899,920
1,500,000 Ohio Higher Educational
Facility Commission
(University of Dayton),
5.800%, 12/01/19 12/04 at 102 Aaa 1,485,390
Ohio Housing Finance
Agency, Single Family
Mortgage (GNMA):
735,000 7.500%, 9/01/13 9/00 at 102 AAA 790,647
920,000 7.400%, 9/01/15 3/00 at 102 AAA 979,368
355,000 7.050%, 9/01/16 9/01 at 102 Aaa 377,251
2,000,000 Ohio Turnpike Commission,
5.750%, 2/15/24 2/04 at 102 AA- 1,956,100
3,000,000 Ohio Water Development
Authority (Dayton Power
and Light Company),
6.400%, 8/15/27 8/02 at 102 AA- 3,088,350
125,000 Ohio IOOF Home (FHA-
Insured),
8.150%, 8/01/02 8/97 at 103 AAA 136,603
</TABLE>
47
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN OHIO TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
Adams County Ohio Valley
School District, General
Obligation:
$ 2,000,000 7.000%, 12/01/15 No Opt. Call Aaa $ 2,328,320
3,865,000 5.250%, 12/01/21 12/05 at 102 Aaa 3,550,621
3,955,000 Akron General Obligation,
Limited Tax,
6.750%, 12/01/14 12/04 at 102 Aaa 4,302,803
1,500,000 Akron Waterworks System,
6.550%, 3/01/12 3/01 at 102 Aaa 1,593,840
1,475,000 Bedford Hospital (Community
Hospital),
8.500%, 5/15/09 5/00 at 102 N/R 1,707,519
Bellefontaine Sewer System:
1,000,000 6.800%, 12/01/07 12/02 at 101 Baa1 1,050,670
1,000,000 6.900%, 12/01/11 12/02 at 101 Baa1 1,045,860
2,500,000 Buckeye Valley Local School
District, General
Obligation, 6.850%,
12/01/15 No Opt. Call Aaa 2,858,850
1,250,000 Butler County Hospital
Facilities (Fort Hamilton-
Hughes Memorial Hospital),
7.500%, 1/01/10 1/02 at 102 Baa 1,298,038
1,000,000 Canal Winchester Local
School District, General
Obligation, Unlimited Tax,
7.100%, 12/01/13 (Pre-
refunded to 12/01/01) 12/01 at 102 Aaa 1,152,360
1,000,000 Clermont County, Road
Improvement, Limited Tax,
7.125%, 9/01/11 (Pre-
refunded to 9/01/00) 9/00 at 102 Aaa 1,134,300
Clermont County Sewer
System:
2,000,000 7.375%, 12/01/20 (Pre-
refunded to 12/01/00) 12/00 at 102 Aaa 2,301,740
1,000,000 7.100%, 12/01/21 (Pre-
refunded to 12/01/01) 12/01 at 102 Aaa 1,152,360
2,000,000 5.200%, 12/01/21 12/03 at 102 Aaa 1,829,000
1,000,000 Clermont County Waterworks
System, 6.625%, 12/01/13
(Pre-refunded to 12/01/01) 12/01 at 102 Aaa 1,127,950
2,000,000 Cleveland City School
District, General
Obligation, Unlimited Tax,
5.875%, 12/01/11 12/02 at 102 Aaa 2,030,420
1,500,000 Cleveland Public Power
System, 7.000%, 11/15/24 11/04 at 102 Aaa 1,697,535
Cleveland Waterworks
Mortgage:
1,000,000 6.500%, 1/01/11 1/02 at 102 Aaa 1,060,550
1,750,000 6.500%, 1/01/21 (Pre-
refunded to 1/01/02) 1/02 at 102 Aaa 1,953,910
1,000,000 Coldwater Exempted Village
School District, Unlimited
Tax, 7.000%, 12/01/13
(Pre-refunded to 12/01/99) 12/99 at 102 Aaa 1,121,290
1,500,000 Columbus General
Obligation, Unlimited Tax,
6.500%, 1/01/10 1/02 at 102 Aaa 1,594,920
2,050,000 Columbus General
Obligation, 5.250%,
9/15/18 9/03 at 102 Aaa 1,885,652
1,500,000 Cuyahoga County General
Obligation,
Unlimited Tax, 7.000%,
10/01/13
(Pre-refunded to 10/01/01) 10/01 at 102 N/R 1,712,670
1,000,000 Cuyahoga County General
Obligation,
5.250%, 10/01/13 No Opt. Call A1 933,530
</TABLE>
48
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- --------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,250,000 Cuyahoga County,
Hospital Improvement
(Deaconess Hospital),
7.450%, 10/01/18
(Pre-refunded to
10/01/00) 10/00 at 103 A1 $ 1,445,725
2,750,000 Cuyahoga County Hospital
(Meridia Health
System), 7.250%,
8/15/19 8/00 at 102 A1 2,918,163
750,000 Defiance Waterworks
System, General
Obligation, Unlimited
Tax, 6.200%, 12/01/20 12/04 at 102 Aaa 770,708
1,110,000 Fairborn General
Obligation, Limited
Tax,
7.000%, 10/01/11 10/02 at 102 Aaa 1,225,773
2,790,000 Franklin County Limited
Tax, 5.375%, 12/01/20 12/08 at 102 Aaa 2,622,991
Franklin County,
Hospital Facilities
(Ohio Presbyterian
Retirement Services):
1,350,000 8.750%, 7/01/21 7/01 at 103 N/R 1,423,481
1,500,000 6.500%, 7/01/23 7/03 at 102 N/R 1,367,670
715,000 Franklin County, FHA-
Insured (Worthington
Village Nursing Home),
7.000%, 8/01/16 8/00 at 102 N/R 727,248
1,000,000 Franklin County,
Hospital Facilities
(Riverside United
Methodist Hospital),
5.750%, 5/15/20 5/03 at 102 Aa 956,740
1,000,000 Franklin County (Online
Computer Library Center
Project), 7.200%,
7/15/06 7/01 at 100 N/R 1,062,100
250,000 Fremont Sewerage System,
8.100%, 12/01/07
(Pre-refunded to
12/01/97) 12/97 at 102 A- 276,108
1,000,000 Gahanna-Jefferson School
District,
General Obligation,
Unlimited Tax,
7.125%, 12/01/14 (Pre-
refunded to 12/01/00) 12/00 at 102 A1 1,135,250
3,000,000 Garfield Heights
(Marymount Hospital),
6.650%, 11/15/11 11/02 at 102 A 3,086,880
2,000,000 Grandview Heights, City
School District,
General Obligation,
6.100%, 12/01/19 12/05 at 101 AA 2,032,320
250,000 Grandview Heights,
Library Building
Mortgage,
8.250%, 12/01/07 (Pre-
refunded to 12/01/97) 12/97 at 102 N/R 277,193
1,000,000 Greene County Sewer
System, 5.500%,
12/01/18 12/03 at 102 Aaa 956,950
1,000,000 Greenville Wastewater
System, 6.350%,
12/01/17 10/02 at 102 Aaa 1,041,740
2,500,000 Hamilton Electric
System, 6.300%,
10/15/25 10/02 at 102 Aaa 2,573,975
1,495,000 Hamilton County, FHA-
Insured
(Judson Care Center),
7.800%, 8/01/19 8/00 at 101 5/16 A+ 1,615,348
500,000 Hamilton County Sewer
System (Metropolitan
Sewer District of
Greater Cincinnati),
5.250%, 12/01/16 12/03 at 100 Aaa 466,605
400,000 Hubbard Sewer System,
8.800%, 11/15/17 5/98 at 102 N/R 445,616
1,500,000 Hudson Local School
District,
General Obligation,
Unlimited Tax,
5.600%, 12/15/14 12/03 at 102 Aaa 1,470,405
</TABLE>
49
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN OHIO TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 1,000,000 Kent State University,
General Receipts,
6.500%, 5/01/22 5/02 at 102 Aaa $ 1,049,830
1,000,000 Kettering City School
District, General
Obligation, Unlimited Tax,
5.300%, 12/01/14 12/05 at 101 Aaa 942,370
500,000 Kirtland Local School
District, General
Obligation, Unlimited Tax,
7.500%, 12/01/09 12/99 at 102 A1 546,115
1,500,000 Lakewood General
Obligation, 6.500%,
12/01/12 12/02 at 102 Aa 1,635,150
1,000,000 Lakota Local School
District, General
Obligation, Unlimited Tax,
6.125%, 12/01/17 12/05 at 100 Aaa 1,018,930
500,000 Lorain General Obligation,
5.650%, 12/01/15 6/05 at 102 Aaa 488,750
1,500,000 Lorain Hospital (Lakeland
Community Hospital),
6.500%, 11/15/12 11/02 at 102 A+ 1,522,620
500,000 Lorain Sewer System,
8.750%, 4/01/11 4/98 at 102 BBB- 555,740
1,000,000 Lucas County General
Obligation, Limited Tax,
6.650%, 12/01/12 12/02 at 102 Baa1 1,022,010
1,000,000 Mahoning County General
Obligation,
Limited Tax, 7.200%,
12/01/09 12/99 at 102 Aaa 1,111,200
2,000,000 Mahoning County, Hospital
Improvement
(St. Elizabeth Hospital
Medical Center),
7.375%, 12/01/09 6/96 at 102 A1 2,067,880
2,355,000 Mahoning County, Hospital
Improvement
(YHA Inc. Project),
7.000%, 10/15/14 10/00 at 102 Aaa 2,603,029
1,000,000 Marion County (United
Church Homes, Inc.
Project), 6.375%, 11/15/10 11/03 at 102 BBB- 988,860
Marion County, Health Care
Facilities (United Church
Homes, Inc.):
1,150,000 8.875%, 12/01/12 (Pre-
refunded to 12/01/99) 12/99 at 103 N/R 1,371,076
750,000 6.300%, 11/15/15 11/03 at 102 BBB- 687,525
1,000,000 Marysville Exempted Village
School District, General
Obligation, Unlimited Tax,
7.200%, 12/01/10 (Pre-
refunded to 12/01/00) 12/00 at 102 Aaa 1,142,760
1,250,000 Marysville Water System
Mortgage,
7.050%, 12/01/21 12/01 at 101 Aaa 1,427,650
1,000,000 Mentor Village Exempted
School District,
General Obligation,
Unlimited Tax,
7.400%, 12/01/11 (Pre-
refunded to 12/01/02) 12/02 at 100 Aaa 1,136,670
1,000,000 Montgomery County Water
(Greater
Moraine-Beavercreek Sewer
District),
6.250%, 11/15/17 11/02 at 102 Aaa 1,033,800
3,000,000 Mount Vernon (Knox
Community Hospital),
7.875%, 6/01/12 6/96 at 103 N/R 3,124,260
2,285,000 Napolean (Lutheran Orphan's
and Old Folks Home
Project), 6.875%, 08/01/23 9/04 at 102 Aa 2,395,525
1,000,000 North Olmstead, General
Obligation, Limited Tax,
6.250%, 12/15/12 12/02 at 102 Aaa 1,040,590
</TABLE>
50
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 500,000 Ottawa County General
Obligation,
5.750%, 12/01/14 12/05 at 102 Aaa $ 499,945
2,250,000 Oxford Water Supply System,
6.000%, 12/01/14 12/02 at 102 Aaa 2,276,798
1,000,000 Parma General Obligation,
Limited Tax,
7.600%, 12/01/11 12/00 at 102 A 1,139,050
1,750,000 Pickerington Local School
District, General
Obligation, Unlimited Tax,
6.750%, 12/01/16 12/01 at 102 A 1,833,055
1,000,000 Revere Local School
District, General
Obligation, Unlimited Tax,
6.000%, 12/01/16 12/03 at 102 Aaa 1,012,870
1,500,000 Reynoldsburg City School
District, General
Obligation, Unlimited Tax,
6.550%, 12/01/17 12/02 at 102 Aaa 1,582,785
1,200,000 Ridgemont Local School
District, General
Obligation, Unlimited Tax,
7.250%, 12/01/14 12/02 at 102 N/R 1,290,120
750,000 St. Henry Consolidated
Local School District,
General Obligation,
6.950%, 12/01/14 12/05 at 102 Aaa 826,658
735,000 Salem Sewer System
Mortgage,
7.500%, 11/01/11 (Pre-
refunded to 11/01/96) 11/96 at 102 N/R 779,055
1,000,000 Springfield City School
District, General
Obligation, Unlimited Tax,
6.600%, 12/01/12 12/01 at 102 Aaa 1,066,590
1,500,000 Steubenville City School
District, General
Obligation, Unlimited Tax,
6.200%, 12/01/17 12/03 at 102 Aaa 1,538,714
2,340,000 Stow General Obligation,
6.200%, 12/01/20 12/05 at 102 A1 2,367,751
1,070,000 Trumbull County General
Obligation,
7.000%, 12/01/04 No Opt. Call Aaa 1,245,800
1,000,000 Trumbull County Hospital
(Trumbull Memorial
Hospital), 6.900%,
11/15/12 11/01 at 102 Aaa 1,083,630
750,000 Tuscarawas County, Hospital
Facilities (Union
Hospital), 6.500%,
10/01/21 10/03 at 102 Baa 699,344
University of Cincinnati,
General Receipts:
1,000,000 7.300%, 6/01/09 (Pre-
refunded to 6/01/99) 6/99 at 100 AA- 1,102,050
1,000,000 6.300%, 6/01/12 12/02 at 102 AA- 1,047,680
1,000,000 University of Toledo,
General Receipts,
5.350%, 6/01/25 6/04 at 102 Aaa 931,130
2,650,000 Walnut Township Local
School District, General
Obligation, 6.200%,
12/01/20 No Opt. Call Aaa 2,870,771
1,950,000 Warren County, Hospital
Facilities, Otterbein Home
Project, 7.200%, 7/01/11 7/01 at 102 Aa1 2,097,127
Warren General Obligation,
Limited Tax:
1,500,000 7.750%, 11/01/10 (Pre-
refunded to 11/01/00) 11/00 at 102 BBB+ 1,760,654
250,000 8.625%, 11/15/13 (Pre-
refunded to 11/15/98) 11/98 at 102 BBB+ 287,367
1,000,000 Warren General Obligation,
5.200%, 11/15/13 11/03 at 102 Aaa 936,190
2,500,000 Washington Water System,
5.375%, 12/01/19 12/03 at 101 Aaa 2,374,800
750,000 West Geauga Local School
District, General
Obligation, Unlimited Tax,
5.950%, 11/01/12 11/04 at 102 Aaa 764,640
</TABLE>
51
<PAGE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN OHIO TAX-FREE VALUE FUND--CONTINUED
<TABLE>
<CAPTION>
PRINCIPAL OPT. CALL
AMOUNT DESCRIPTION PROVISIONS* RATINGS** MARKET VALUE
- ------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$ 500,000 Wooster City School
District, General
Obligation, Unlimited
Tax, 6.500%, 12/01/17 12/02 at 102 Aaa $ 525,820
3,000,000 Puerto Rico Electric Power
Authority,
5.500%,7/01/25 (WI) 7/05 at 100 A- 2,776,950
- ------------------------------------------------------------------------------
$161,310,000 Total Investments - (cost
$159,604,476) - 98.0% 168,666,463
- ------------------------------------------------------------------------------
- -------------------
----------
Other Assets Less
Liabilities - 2.0% 3,495,809
- ------------------------------------------------------------------------------
Net Assets - 100% $172,162,272
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER MARKET
STANDARD & POOR'S MOODY'S OF ISSUES MARKET VALUE PERCENT
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 64 $ 97,458,488 57%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 10 18,347,571 11
PORTFOLIO OF A+ A1 11 16,495,562 10
INVESTMENTS: A, A- A, A2, A3 6 9,561,563 6
BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 12 11,237,033 7
Non-rated Non-rated 13 15,566,246 9
- --------------------------------------------------------------------------------------
TOTAL 116 $168,666,463 100%
</TABLE>
- --------------------------------------------------------------------------------
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
See accompanying notes to financial statements.
52
<PAGE>
STATEMENT OF NET ASSETS
(Unaudited)
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal
securities, at market
value
(note 1) $214,855,807 $214,755,324 $75,477,738 $62,319,826
Temporary investments in
short-term municipal
securities, at amortized
cost (note 1) 8,400,000 2,900,000 3,500,000 --
Cash -- -- 90,256 79,431
Receivables:
Interest 3,794,767 3,301,908 1,127,853 1,014,415
Shares sold 48,513 136,752 1,432 --
Investments sold 20,703 -- -- --
Other assets 7,065 4,051 2,733 3,006
------------ ------------ ----------- -----------
Total assets 227,126,855 221,098,035 80,200,012 63,416,678
------------ ------------ ----------- -----------
LIABILITIES
Payables:
Investments purchased 4,985,967 9,983,381 2,346,687 --
Shares reacquired 105,370 4,538 3,503 --
Cash overdraft 1,960,733 915,072 -- --
Accrued expenses:
Management fees (note 7) 99,134 94,938 35,380 28,935
Other 60,505 58,357 39,030 22,399
Dividends payable 616,552 540,062 252,161 189,166
------------ ------------ ----------- -----------
Total liabilities 7,828,261 11,596,348 2,676,761 240,500
------------ ------------ ----------- -----------
Net assets (note 8) $219,298,594 $209,501,687 $77,523,251 $63,176,178
------------ ------------ ----------- -----------
Class A Shares (note 1)
Net assets $ 7,345,475 $ 10,006,978 $ 2,878,731 $ 3,568,841
------------ ------------ ----------- -----------
Shares outstanding 716,698 963,449 295,139 347,842
------------ ------------ ----------- -----------
Net asset value and
redemption price per
share $ 10.25 $ 10.39 $ 9.75 $ 10.26
------------ ------------ ----------- -----------
Offering price per share
(net asset value per
share plus maximum sales
charge of 4.50% of
offering price) $ 10.73 $ 10.88 $ 10.21 $ 10.74
------------ ------------ ----------- -----------
Class C Shares (note 1)
Net assets $ 427,283 $ 907,236 $ 225,251 $ 528,429
------------ ------------ ----------- -----------
Shares outstanding 41,702 88,008 23,207 51,623
------------ ------------ ----------- -----------
Net asset value, offering
and redemption price per
share $ 10.25 $ 10.31 $ 9.71 $ 10.24
------------ ------------ ----------- -----------
Class R Shares (note 1)
Net assets $211,525,836 $198,587,473 $74,419,269 $59,078,908
------------ ------------ ----------- -----------
Shares outstanding 20,588,612 19,153,588 7,650,897 5,756,918
------------ ------------ ----------- -----------
Net asset value and
redemption price per
share $ 10.27 $ 10.37 $ 9.73 $ 10.26
------------ ------------ ----------- -----------
</TABLE>
See accompanying notes to financial statements.
53
<PAGE>
STATEMENT OF NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
NY NY INS OH
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in municipal securities,
at market value
(note 1) $156,585,167 $352,332,995 $168,666,463
Temporary investments in short-term
municipal securities, at amortized
cost (note 1) 2,500,000 1,300,000 --
Cash 180,192 376,112 1,240,812
Receivables:
Interest 2,044,924 3,938,716 2,815,045
Shares sold 58,287 117,959 31,261
Investments sold 35,000 -- 2,814,058
Other assets 6,677 15,954 375
------------ ------------ ------------
Total assets 161,410,247 358,081,736 175,568,014
------------ ------------ ------------
LIABILITIES
Payables:
Investments purchased -- -- 2,692,333
Shares reacquired -- 76,027 9,804
Accrued expenses:
Management fees (note 7) 74,883 160,457 78,863
Other 66,112 105,316 79,506
Dividends payable 552,181 1,180,917 545,236
------------ ------------ ------------
Total liabilities 693,176 1,522,717 3,405,742
------------ ------------ ------------
Net assets (note 8) $160,717,071 $356,559,019 $172,162,272
------------ ------------ ------------
Class A Shares (note 1)
Net assets $ 11,113,988 $ 17,732,500 $ 8,156,966
------------ ------------ ------------
Shares outstanding 1,075,190 1,713,698 787,705
------------ ------------ ------------
Net asset value and redemption price
per share $ 10.34 $ 10.35 $ 10.36
------------ ------------ ------------
Offering price per share (net asset
value per share plus maximum sales
charge of 4.50% of offering price) $ 10.83 $ 10.84 $ 10.85
------------ ------------ ------------
Class C Shares (note 1)
Net assets $ 422,877 $ 900,199 $ 1,323,799
------------ ------------ ------------
Shares outstanding 40,803 86,911 128,406
------------ ------------ ------------
Net asset value, offering and
redemption price per share $ 10.36 $ 10.36 $ 10.31
------------ ------------ ------------
Class R Shares (note 1)
Net assets $149,180,206 $337,926,320 $162,681,507
------------ ------------ ------------
Shares outstanding 14,388,241 32,654,779 15,730,308
------------ ------------ ------------
Net asset value and redemption price
per share $ 10.37 $ 10.35 $ 10.34
------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
54
<PAGE>
STATEMENT OF OPERATIONS
Six months ended August 31, 1995
(Unaudited)
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income
(note 1) $6,770,741 $6,255,726 $2,372,240 $1,866,459
---------- ---------- ---------- ----------
Expenses (note 2):
Management fees (note 7) 588,823 566,708 207,547 169,723
12b-1 distribution and
service fees (note 1) 8,293 11,067 3,075 5,543
Shareholders' servicing
agent fees and expenses 81,384 73,295 37,612 24,935
Custodian's fees and
expenses 45,502 37,286 26,174 18,941
Directors' fees and
expenses (note 7) 1,965 1,948 2,237 684
Professional fees 15,387 13,822 8,899 5,168
Shareholders' reports--
printing and mailing
expenses 47,054 43,462 40,883 33,461
Federal and state
registration fees 2,116 1,275 6,587 1,935
Portfolio insurance expense -- 7,616 -- 2,405
Other expenses 3,036 8,879 2,133 3,919
---------- ---------- ---------- ----------
Total expenses before
expense reimbursement 793,560 765,358 335,147 266,714
Expense reimbursement from
investment adviser (note
7) (3,302) (1,695) (49,029) (788)
---------- ---------- ---------- ----------
Net expenses 790,258 763,663 286,118 265,926
---------- ---------- ---------- ----------
Net investment income 5,980,483 5,492,063 2,086,122 1,600,533
---------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss)
from investment
transactions, net of taxes,
if applicable (notes 1 and
5) 273,331 39,788 (211,652) 11,451
Net change in unrealized
appreciation or
depreciation of investments 2,857,087 2,783,199 1,712,370 1,226,038
---------- ---------- ---------- ----------
Net gain from investments 3,130,418 2,822,987 1,500,718 1,237,489
---------- ---------- ---------- ----------
Net increase in net assets
from operations $9,110,901 $8,315,050 $3,586,840 $2,838,022
---------- ---------- ---------- ----------
</TABLE>
See accompanying notes to financial statements.
55
<PAGE>
STATEMENT OF OPERATIONS
Six months ended August 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
NY NY INS OH
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $4,972,993 $10,668,687 $5,335,843
---------- ----------- ----------
Expenses (note 2):
Management fees (note 7) 430,537 961,218 471,018
12b-1 distribution and service fees
(note 1) 11,457 18,933 13,629
Shareholders' servicing agent fees and
expenses 74,763 111,677 83,408
Custodian's fees and expenses 31,074 35,747 28,583
Directors' fees and expenses (note 7) 1,823 2,725 3,128
Professional fees 9,943 14,737 11,786
Shareholders' reports--printing and
mailing expenses 68,123 74,203 83,352
Federal and state registration fees 1,662 1,931 2,248
Portfolio insurance expense -- 6,804 --
Other expenses 1,737 6,383 5,949
---------- ----------- ----------
Total expenses before expense
reimbursement 631,119 1,234,358 703,101
Expense reimbursement from investment
adviser (note 7) (29,827) -- (43,180)
---------- ----------- ----------
Net expenses 601,292 1,234,358 659,921
---------- ----------- ----------
Net investment income 4,371,701 9,434,329 4,675,922
---------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain (loss) from
investment transactions, net
of taxes, if applicable (notes 1 and
5) (100,649) 802,126 291,582
Net change in unrealized appreciation
or depreciation of investments 3,440,904 6,246,498 2,435,805
---------- ----------- ----------
Net gain from investments 3,340,255 7,048,624 2,727,387
---------- ----------- ----------
Net increase in net assets from
operations $7,711,956 $16,482,953 $7,403,309
---------- ----------- ----------
</TABLE>
See accompanying notes to financial statements.
56
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
CA CA INS
-----------------------------------------------
Six months Year ended Six months Year ended
ended 8/31/95 2/28/95 ended 8/31/95 2/28/95
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 5,980,483 $ 12,056,682 $ 5,492,063 $ 11,038,593
Net realized gain (loss)
from investment
transactions, net of
taxes, if applicable 273,331 (2,621,487) 39,788 (1,106,384)
Net change in unrealized
appreciation or
depreciation of
investments 2,857,087 (8,272,724) 2,783,199 (6,870,030)
------------ ------------ ------------ ------------
Net increase in net
assets from operations 9,110,901 1,162,471 8,315,050 3,062,179
------------ ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1)
From undistributed net
investment income:
Class A (140,797) (40,773) (178,210) (59,786)
Class C (7,123) (2,883) (8,011) (4,199)
Class R (5,897,610) (12,099,560) (5,336,744) (10,954,036)
In excess of net
investment income:
Class A (464) -- -- --
Class C (24) -- -- --
Class R (19,434) -- -- --
From accumulated net
realized gains from
investment
transactions:
Class A -- (6,186) -- (2,542)
Class C -- (231) -- (317)
Class R -- (1,542,643) -- (545,843)
In excess of accumulated
net realized gains from
investment
transactions:
Class A -- -- -- --
Class C -- -- -- --
Class R -- -- -- --
------------ ------------ ------------ ------------
Decrease in net assets
from distributions to
shareholders (6,065,452) (13,692,276) (5,522,965) (11,566,723)
------------ ------------ ------------ ------------
FUND SHARE TRANSACTIONS
(note 3)
Net proceeds from sales
of shares:
Class A 4,258,519 3,153,792 5,454,618 4,571,343
Class C 272,224 189,814 710,350 277,611
Class R 10,201,202 24,628,063 6,517,621 21,455,944
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment income and
from net realized gains
from investment
transactions:
Class A 58,613 17,920 91,770 24,201
Class C 4,872 1,844 3,741 1,935
Class R 3,581,836 8,806,336 3,291,223 7,133,691
------------ ------------ ------------ ------------
18,377,266 36,797,769 16,069,323 33,464,725
------------ ------------ ------------ ------------
Cost of shares redeemed:
Class A (191,465) (117,370) (378,533) (71,333)
Class C (52,362) (1,036) (37,406) (68,234)
Class R (13,305,829) (31,154,367) (12,846,852) (29,032,260)
------------ ------------ ------------ ------------
(13,549,656) (31,272,773) (13,262,791) (29,171,827)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets derived
from Fund share
transactions 4,827,610 5,524,996 2,806,532 4,292,898
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets 7,873,059 (7,004,809) 5,598,617 (4,211,646)
Net assets at beginning
of period 211,425,535 218,430,344 203,903,070 208,114,716
------------ ------------ ------------ ------------
Net assets at end of
period $219,298,594 $211,425,535 $209,501,687 $203,903,070
------------ ------------ ------------ ------------
Balance of undistributed
net investment income
at end of period $ (19,922) $ 65,047 $ 35,778 $ 66,680
------------ ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
57
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
MA MA INS
-------------------------------------------
Six months Year ended Six months Year ended
ended 8/31/95 2/28/95 ended 8/31/95 2/28/95
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 2,086,122 $ 4,066,454 $ 1,600,533 $ 3,106,605
Net realized gain (loss)
from investment
transactions, net of
taxes, if applicable (211,652) (558,617) 11,451 (212,554)
Net change in unrealized
appreciation or
depreciation of
investments 1,712,370 (2,393,115) 1,226,038 (1,878,784)
----------- ----------- ----------- -----------
Net increase in net
assets from operations 3,586,840 1,114,722 2,838,022 1.015,267
----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1)
From undistributed net
investment income:
Class A (47,391) (16,122) (65,508) (22,806)
Class C (3,293) (1,197) (9,167) (5,217)
Class R (2,061,587) (4,021,155) (1,553,379) (3,099,363)
In excess of net
investment income:
Class A -- -- (256) --
Class C -- -- (38) --
Class R -- -- (6,069) --
From accumulated net
realized gains from
investment
transactions:
Class A -- -- -- --
Class C -- -- -- --
Class R -- -- -- --
In excess of accumulated
net realized gains from
investment
transactions:
Class A -- -- -- --
Class C -- -- -- --
Class R -- -- -- --
----------- ----------- ----------- -----------
Decrease in net assets
from distributions to
shareholders (2,112,271) (4,038,474) (1,634,417) (3,127,386)
----------- ----------- ----------- -----------
FUND SHARE TRANSACTIONS
(note 3)
Net proceeds from sale
of shares:
Class A 1,886,402 1,057,696 1,670,445 1,906,377
Class C 101,787 144,012 184,443 324,825
Class R 3,936,398 10,510,784 2,065,629 7,040,265
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment income and
from net realized gains
from investment
transactions:
Class A 26,374 8,778 40,320 11,338
Class C 2,460 594 8,120 2,330
Class R 1,475,556 2,815,745 1,096,353 2,160,636
----------- ----------- ----------- -----------
7,428,977 14,537,609 5,065,310 11,445,771
----------- ----------- ----------- -----------
Cost of shares redeemed:
Class A (137,484) (32,507) (146,925) (37,958)
Class C (29,500) -- (8,602) --
Class R (3,995,655) (10,741,355) (2,368,286) (8,119,665)
----------- ----------- ----------- -----------
(4,162,639) (10,773,862) (2,523,813) (8,157,623)
----------- ----------- ----------- -----------
Net increase (decrease)
in net assets derived
from Fund share
transactions 3,266,338 3,763,747 2,541,497 3,288,148
----------- ----------- ----------- -----------
Net increase (decrease)
in net assets 4,740,907 839,995 3,745,102 1,176,029
Net assets at beginning
of period 72,782,344 71,942,349 59,431,076 58,255,047
----------- ----------- ----------- -----------
Net assets at end of
period $77,523,251 $72,782,344 $63,176,178 $59,431,076
----------- ----------- ----------- -----------
Balance of undistributed
net investment income
at end of period $ 30,123 $ 56,272 $ (6,362) $ 27,522
----------- ----------- ----------- -----------
</TABLE>
See accompanying notes to financial statements.
58
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
NY NY INS
------------------------------------------------------
Six months Six months
ended Year ended ended Year ended
8/31/95 2/28/95 8/31/95 2/28/95
- -----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 4,371,701 $ 8,356,495 $ 9,434,329 $ 19,887,434
Net realized gain (loss)
from investment
transactions, net of
taxes, if applicable (100,649) (1,122,982) 802,126 691,691
Net change in unrealized
appreciation or
depreciation of
investments 3,440,904 (6,026,320) 6,246,498 (17,661,749)
------------ ------------ ------------ ------------
Net increase in net
assets from operations 7,711,956 1,207,193 16,482,953 2,917,376
------------ ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS (note 1)
From undistributed net
investment income:
Class A (208,156) (35,341) (314,146) (93,178)
Class C (6,291) (818) (11,816) (3,586)
Class R (4,184,569) (8,216,539) (9,257,681) (19,795,360)
In excess of net
investment income:
Class A -- -- -- --
Class C -- -- -- --
Class R -- -- -- --
From accumulated net
realized gains from
investment
transactions:
Class A -- (2,464) -- (11,988)
Class C -- (28) -- (504)
Class R -- (697,769) -- (1,367,629)
In excess of accumulated
net realized gains from
investment
transactions:
Class A -- -- -- (483)
Class C -- -- -- (20)
Class R -- -- -- (55,065)
------------ ------------ ------------ ------------
Decrease in net assets
from distributions to
shareholders (4,399,016) (8,952,959) (9,583,643) (21,327,813)
------------ ------------ ------------ ------------
FUND SHARE TRANSACTIONS
(note 3)
Net proceeds from sale
of shares:
Class A 8,176,744 3,107,225 10,937,764 7,035,288
Class C 334,838 81,795 599,357 271,337
Class R 5,677,266 26,513,287 6,811,091 34,286,843
Net asset value of
shares issued to
shareholders due to
reinvestment of
distributions from net
investment income and
from net realized gains
from investment
transactions:
Class A 130,734 18,206 205,568 61,394
Class C 3,905 417 6,061 1,940
Class R 3,210,489 6,975,322 7,058,020 16,604,261
------------ ------------ ------------ ------------
17,533,976 36,696,252 25,617,861 58,261,063
------------ ------------ ------------ ------------
Cost of shares redeemed:
Class A (537,508) (51,915) (883,962) (99,736)
Class C (6,462) -- -- --
Class R (12,314,554) (22,466,951) (27,738,326) (75,263,107)
------------ ------------ ------------ ------------
(12,858,524) (22,518,866) (28,622,288) (75,362,843)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets derived
from Fund share
transactions 4,675,452 14,177,386 (3,004,427) (17,101,780)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets 7,988,392 6,431,620 3,894,883 (35,512,217)
Net assets at beginning
of period 152,728,679 146,297,059 352,664,136 388,176,353
------------ ------------ ------------ ------------
Net assets at end of
period $160,717,071 $152,728,679 $356,559,019 $352,664,136
------------ ------------ ------------ ------------
Balance of undistributed
net investment income
at end of
period $ 77,506 $ 104,821 $ 114,175 $ 263,489
------------ ------------ ------------ ------------
</TABLE>
See accompanying notes to financial statements.
59
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
OH
--------------------------
Six months
ended Year ended
8/31/95 2/28/95
- -------------------------------------------------------------------------------
<S> <C> <C>
OPERATIONS
Net investment income $ 4,675,922 $ 9,142,413
Net realized gain (loss) from investment
transactions, net of taxes, if applicable 291,582 (967,375)
Net change in unrealized appreciation or
depreciation of investments 2,435,805 (5,055,416)
------------ ------------
Net increase in net assets from operations 7,403,309 3,119,622
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS(note 1)
From undistributed net investment income:
Class A (169,348) (58,833)
Class C (24,238) (9,333)
Class R (4,520,244) (9,076,904)
In excess of net investment income:
Class A -- --
Class C -- --
Class R -- --
From accumulated net realized gains from
investment transactions:
Class A -- (4,637)
Class C -- (879)
Class R -- (652,495)
In excess of accumulated net realized gains from
investment transactions:
Class A -- --
Class C -- --
Class R -- --
------------ ------------
Decrease in net assets from distributions to
shareholders (4,713,830) (9,803,081)
------------ ------------
FUND SHARE TRANSACTIONS (note 3)
Net proceeds from sale of shares:
Class A 3,902,177 4,240,889
Class C 426,109 871,689
Class R 5,067,925 15,813,517
Net asset value of shares issued to shareholders
due to reinvestment of distributions from net
investment income and from net realized gains
from investment transactions:
Class A 94,269 28,946
Class C 19,778 6,902
Class R 3,194,587 6,935,311
------------ ------------
12,704,845 27,897,254
------------ ------------
Cost of shares redeemed:
Class A (255,308) (115,343)
Class C (38,664) (3,158)
Class R (10,390,432) (21,090,544)
------------ ------------
(10,684,404) (21,209,045)
------------ ------------
Net increase (decrease) in net assets derived
from Fund share transactions 2,020,441 6,688,209
------------ ------------
Net increase (decrease) in net assets 4,709,920 4,750
Net assets at beginning of year 167,452,352 167,447,602
------------ ------------
Net assets at end of year $172,162,272 $167,452,352
------------ ------------
Balance of undistributed net investment income
at end of period $ 70,724 $ 108,632
------------ ------------
</TABLE>
See accompanying notes to financial statements.
60
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
1. GENERAL INFORMATION AND SIGNIFICANT
ACCOUNTING POLICIES
At August 31, 1995, the state Funds (the "Funds") covered in
this report are Nuveen California Tax-Free Fund, Inc.
(comprised of the Nuveen California and California Insured
Tax-Free Value Funds), Nuveen Tax-Free Bond Fund, Inc.
(comprised of the Nuveen Massachusetts, New York and Ohio
Tax-Free Value Funds) and Nuveen Insured Tax-Free Bond Fund,
Inc. (comprised of the Nuveen Massachusetts and New York
Insured Tax-Free Value Funds).
Additional state Funds covering other states may be
established in the future. Each Fund invests primarily in a
diversified portfolio of municipal obligations issued by
state and local government authorities in a single state.
Each Fund issues shares of each of its classes at a price
equal to net asset value of such class plus the appropriate
front-end sales charge, if any.
The Funds are registered under the Investment Company Act of
1940 as open-end, diversified management investment
companies.
The following is a summary of significant accounting policies
followed by each Fund in the preparation of their financial
statements in accordance with generally accepted accounting
principles.
Securities Valuation
Portfolio securities for which market quotations are readily
available are valued at the mean between the quoted bid and
asked prices or the yield equivalent. Portfolio securities
for which market quotations are not readily available are
valued at fair value by consistent application of methods
determined in good faith by the Board of Directors. Temporary
investments in securities that have variable rate and demand
features qualifying them as short-term securities are traded
and valued at amortized cost.
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 be settled a month or more after the transaction date.
Any securities so purchased are subject to market fluctuation
during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current
value at least equal to the amount of their purchase
commitments. At August 31, 1995, there were such purchase
commitments in California, California Insured and Ohio of
$4,985,967, $9,983,381 and $2,692,333, respectively. There
were no such purchase commitments in any of the other Funds.
61
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Interest Income Interest income is determined on the basis of interest
accrued, adjusted for amortization of premiums and accretion
of discounts on long-term debt securities when required for
federal income tax purposes.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and
payment is made or reinvestment is credited to shareholder
accounts after month-end. Net realized gains from investment
transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed
available capital loss carryovers.
Distributions to shareholders of net investment income and
net realized gains from investment transactions are recorded
on the ex-dividend date. The amount and timing of such
distributions are determined in accordance with federal
income tax regulations, which may differ from generally
accepted accounting principles. Accordingly, temporary over-
distributions as a result of these differences may result and
will be classified as either distributions in excess of net
investment income or distributions in excess of accumulated
net realized gains from investment transactions, if
applicable.
Income Tax Each Fund is a separate taxpayer for federal income tax
purposes and intends to comply with the requirements of the
Internal Revenue Code applicable to regulated investment
companies by distributing all of its net investment income,
in addition to any significant amounts of net realized gains
from investments, to shareholders. The Funds currently
consider significant net realized gains as amounts in excess
of $.001 per share. Futhermore, each Fund intends to satisfy
conditions which will enable interest from municipal
securities, which is exempt from regular federal and
designated state income taxes, to retain such tax exempt
status when distributed to the shareholders of the Funds.
Insurance The California Insured, Massachusetts Insured, and New York
Insured Tax-Free Value Funds invest in municipal securities
which are covered by insurance guaranteeing the timely
payment of principal and interest thereon or backed by an
escrow or trust account containing sufficient U.S. Government
or U.S. Government agency securities to ensure the timely
payment of principal and interest. Each insured municipal
security is covered by Original Issue Insurance, Secondary
Market Insurance or Portfolio Insurance. Such insurance does
not guarantee the market value of the municipal securities or
the value of the Funds' shares. Original Issue Insurance and
Secondary Market Insurance remain in effect as long as the
municipal securities covered thereby remain outstanding and
the insurer remains in business, regardless of whether the
Funds ultimately dispose of such municipal securities.
62
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
Consequently, the market value of the municipal securities
covered by Original Issue Insurance or Secondary Market
Insurance may reflect value attributable to the insurance.
Portfolio Insurance is effective only while the municipal
securities are held by the Funds. Accordingly, neither the
prices used in determining the market value of the underlying
municipal securities nor the net asset value of the Funds'
shares include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does,
however, give the Funds the right to obtain permanent
insurance with respect to the municipal security covered by
the Portfolio Insurance policy at the time of its sale.
Flexible Sales Charge Program
Effective September 6, 1994, each Fund commenced offering
Class "A" Shares and Class "C" Shares. Class "A" Shares incur
a front-end sales charge and an annual 12b-1 service fee.
Class "C" Shares are sold without a sales charge but incur
annual 12b-1 distribution and service fees. Effective June
13, 1995, an investor purchasing Class "C" Shares agrees to
pay a contingent deferred sales charge ("CDSC") of 1% if
Class "C" Shares are redeemed within 12 months of purchase.
Prior to the offering of Class "A" and Class "C" Shares, the
shares outstanding were renamed Class "R" and are not subject
to any 12b-1 distribution or service fees. Effective with the
offering of the new classes, Class "R" Shares will generally
be available only for reinvestment of dividends by current
"R" shareholders and for already established Nuveen Unit
Investment Trust reinvestment accounts.
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board
(FASB) issued Statement of Financial Accounting Standards No.
119 Disclosure about Derivative Financial Instruments and
Fair Value of Financial Instruments which prescribes
disclosure requirements for transactions in certain
derivative financial instruments including futures, forward,
swap, and option contracts, and other financial instruments
with similar characteristics. Although the Funds are
authorized to invest in such financial instruments, and may
do so in the future, they did not make any such investments
during the six months ended August 31, 1995, other than
occasional purchases of high quality synthetic money market
securities which were held temporarily pending the re-
investment in long-term portfolio securities.
63
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
2. EXPENSE ALLOCATION
Expenses of the Funds that are not directly attributable to
any 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 are recorded to the
specific class. Effective August 1, 1995, the Funds adopted a
multiple class plan pursuant to Rule 18f-3 under the
Investment Company Act of 1940 and now designate class
specific expenses to include Rule 12b-1 distribution and
service fees, and other expenses incurred for services
received by a class that differ in either amount or kind. A
breakdown of the class specific expenses for the six months
ended August 31, 1995, are as follows:
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
12B-1 distribution and service fees:
Class A $ 6,718 $ 9,092 $ 2,299 $ 3,348
Class C 1,575 1,975 776 2,195
Shareholders' servicing agent fees and ex-
penses:
Class A 3,235 4,044 2,378 2,346
Class C 205 227 209 215
Class R 62,876 57,527 29,261 19,878
Shareholders' reports--printing and mailing
expenses:
Class A 1,525 1,808 988 520
Class C 201 190 23 44
Class R 40,490 36,738 37,136 33,910
Federal and state registration fees:
Class A 985 950 1,207 471
Class C 290 20 1,050 106
Class R 459 48 4,457 633
</TABLE>
64
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
NY NY INS OH
- ---------------------------------------------------------------------------
<S> <C> <C> <C>
12B-1 Distribution and service fees:
Class A $10,023 $16,044 $ 8,147
Class C 1,434 2,889 5,482
Shareholders' servicing agent fees and expenses:
Class A 5,805 5,554 4,802
Class C 925 288 564
Class R 56,825 89,427 67,199
Shareholders' reports--printing and mailing ex-
penses:
Class A 1,599 1,436 2,069
Class C 91 110 240
Class R 65,948 59,582 75,389
Federal and state registration fees:
Class A 821 1,324 1,207
Class C 194 27 207
Class R 448 525 456
</TABLE>
65
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
3. FUND SHARES
Transactions in shares were as follows:
<TABLE>
<CAPTION>
CA CA INS
------------------------------------------------------
Six months Six months
ended Year ended ended Year ended
8/31/95 2/28/95 8/31/95 2/28/95
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold:
Class A 418,276 321,777 527,324 468,407
Class C 26,638 19,666 69,407 28,545
Class R 1,000,114 2,433,649 634,451 2,136,079
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions:
Class A 5,757 1,856 8,871 2,486
Class C 478 191 365 201
Class R 360,421 884,995 319,026 714,801
---------- ---------- ---------- ----------
1,811,684 3,662,134 1,559,444 3,350,519
---------- ---------- ---------- ----------
Shares redeemed:
Class A (18,858) (12,110) (36,403) (7,236)
Class C (5,165) (106) (3,652) (6,858)
Class R (1,307,635) (3,116,035) (1,244,027) (2,915,964)
---------- ---------- ---------- ----------
(1,331,658) (3,128,251) (1,284,082) (2,930,058)
---------- ---------- ---------- ----------
Net increase (decrease) 480,026 533,883 275,362 420,461
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
MA MA INS
------------------------------------------------------
Six months Year ended Six months Year ended
ended 8/31/95 2/28/95 ended 8/31/95 2/28/95
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold:
Class A 195,012 114,157 158,589 197,250
Class C 10,530 15,429 18,018 33,405
Class R 407,683 1,117,491 203,095 702,214
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from net
realized gains from investment transactions:
Class A 2,725 956 3,960 1,171
Class C 256 65 801 244
Class R 153,019 277,942 107,641 225,446
-------- ---------- -------- ---------
769,225 1,526,040 492,104 1,159,730
-------- ---------- -------- ---------
Shares redeemed:
Class A (14,144) (3,567) (9,120) (4,008)
Class C (3,073) -- (845) --
Class R (411,549) (1,130,507) (231,676) (823,516)
-------- ---------- -------- ---------
(428,766) (1,134,074) (241,641) (827,524)
-------- ---------- -------- ---------
Net increase (decrease) 340,459 391,966 250,463 332,206
======== ========== ======== =========
</TABLE>
66
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
NY NY INS
---------------------------------------------------------
Six months Year ended Six months Year ended
ended 8/31/95 2/28/95 ended 8/31/95 2/28/95
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold:
Class A 799,440 318,594 1,063,734 719,364
Class C 32,586 8,430 58,140 27,982
Class R 554,654 2,613,112 647,848 3,411,938
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions:
Class A 12,738 1,882 20,019 6,336
Class C 408 43 589 200
Class R 312,471 701,622 690,246 1,652,628
---------- ---------- ---------- ----------
1,712,297 3,643,683 2,480,576 5,818,448
---------- ---------- ---------- ----------
Shares redeemed:
Class A (52,083) (5,381) (85,424) (10,331)
Class C (664) -- -- --
Class R (1,198,817) (2,245,562) (2,685,709) (7,580,245)
---------- ---------- ---------- ----------
(1,251,564) (2,250,943) (2,771,133) (7,590,576)
---------- ---------- ---------- ----------
Net increase (decrease) 460,733 1,392,740 (290,557) (1,772,128)
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
OH
--------------------------
Six months Year ended
ended 8/31/95 2/28/95
- --------------------------------------------------------------------------------------
<S> <C> <C>
Shares sold:
Class A 379,543 432,196
Class C 41,505 88,344
Class R 492,754 1,586,702
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions:
Class A 9,155 2,972
Class C 1,930 711
Class R 310,988 696,759
---------- ----------
1,235,875 2,807,684
---------- ----------
Shares redeemed:
Class A (24,740) (11,421)
Class C (3,759) (325)
Class R (1,007,659) (2,131,282)
---------- ----------
(1,036,158) (2,143,028)
---------- ----------
Net increase (decrease) 199,717 664,656
========== ==========
</TABLE>
67
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
4. DISTRIBUTIONS TO SHAREHOLDERS
On September 8, 1995, the Funds declared dividend
distributions from their ordinary income which were paid on
October 2, 1995, to shareholders of record on September 8,
1995, as follows:
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- --------------------------------------------------
<S> <C> <C> <C> <C>
Dividend per share:
Class A $.0455 $.0435 $.0435 $.0425
Class C .0390 .0370 .0375 .0365
Class R .0480 .0460 .0455 .0450
------ ------ ------ ------
</TABLE>
<TABLE>
<CAPTION>
NY NY INS OH
- -------------------------------------------
<S> <C> <C> <C>
Dividend per share:
Class A $.0460 $.0435 $.0450
Class C .0395 .0375 .0385
Class R .0485 .0460 .0470
------ ------ ------
</TABLE>
5. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in
municipal securities and temporary municipal investments for
the six months ended August 31, 1995, were as follows:
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal se-
curities $21,790,832 $21,922,291 $ 6,464,068 $ 4,607,844
Temporary municipal invest-
ments 47,600,000 23,000,000 12,800,000 9,400,000
SALES
Investments in municipal se-
curities 16,135,353 9,465,738 3,562,190 282,390
Temporary municipal invest-
ments 39,200,000 21,800,000 10,100,000 11,100,000
----------- ----------- ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
NY NY INS OH
- --------------------------------------------------------------------------
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $36,963,549 $20,429,070 $36,426,432
Temporary municipal investments 9,950,000 14,900,000 15,900,000
SALES
Investments in municipal securities 36,403,218 24,240,713 34,460,099
Temporary municipal investments 8,650,000 15,000,000 16,700,000
----------- ----------- -----------
</TABLE>
68
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
At August 31, 1995, the cost of investments for federal
income tax purposes was the same as the cost for financial
reporting purposes for each Fund.
At February 28, 1995, the Funds' last fiscal year end, the
Funds had unused capital loss carryforwards available for
federal income tax purposes to be applied against future
capital security gains, if any. If not applied, the
carryovers will expire as follows:
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
Expiration year:
1996 $ -- $ -- $ -- $ 6,372
1997 -- -- -- 72,205
2003 2,620,483 1,106,349 557,301 212,554
---------- ---------- ---------- ----------
Total $2,620,483 $1,106,349 $ 557,301 $ 291,131
---------- ---------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
NY OH
- -----------------------------------------
<S> <C> <C>
Expiration year:
1996 $ -- $ --
1997 -- --
2003 1,122,982 967,375
---------- ----------
Total $1,122,982 $ 967,375
---------- ----------
</TABLE>
6. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized
depreciation of investments at August 31, 1995, were as
follows:
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $9,254,295 $10,381,107 $4,389,282 $3,729,524
Depreciation (2,403,808) (2,735,111) (422,998) (235,696)
---------- ----------- ---------- ----------
Net unrealized appreciation $6,850,487 $ 7,645,996 $3,966,284 $3,493,828
---------- ----------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
NY NY INS OH
- -------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized:
Appreciation $7,731,427 $18,881,761 $9,751,680
Depreciation (885,881) (3,046,537) (689,693)
---------- ----------- ----------
Net unrealized appreciation $6,845,546 $15,835,224 $9,061,987
---------- ----------- ----------
</TABLE>
69
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
7. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' investment management agreements with Nuveen
Advisory Corp. (the "Adviser"), a wholly owned subsidiary of
The John Nuveen Company, each Fund pays to the Adviser an
annual management fee, payable monthly, at the rates set
forth below which are based upon the average daily net asset
value of each Fund:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
- ----------------------------------------------------
<S> <C>
For the first $125,000,000 .55 of 1%
For the next $125,000,000 .5375 of 1
For the next $250,000,000 .525 of 1
For the next $500,000,000 .5125 of 1
For the next $1,000,000,000 .5 of 1
For net assets over $2,000,000,000 .475 of 1
</TABLE>
The management fee is reduced by, or the Adviser assumes
certain expenses of each Fund, in an amount necessary to
prevent the total expenses of each Fund (including the
management fee, but excluding interest, taxes, fees incurred
in acquiring and disposing of portfolio securities, 12b-1
Service and Distribution fees, and to the extent permitted,
extraordinary expenses) in any fiscal year from exceeding .75
of 1% of the average daily net asset value of the California,
Massachusetts, New York and Ohio Tax-Free Value Funds and
.975 of 1% of the average daily net asset value of the
California Insured, Massachusetts Insured and New York
Insured Tax-Free Value Funds. The Adviser may also
voluntarily agree to reimburse additional expenses from time
to time, which may be voluntarily terminated at any time at
its discretion.
The management fee referred to above compensates the Adviser
for overall investment advisory and administrative services,
and general office facilities. The Funds pays no compensation
directly to their Directors who are affiliated with the
Adviser or to their officers, all of whom receive
remuneration for their services to the Funds from the
Adviser.
70
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
8. COMPOSITION OF NET ASSETS
At August 31, 1995, the Funds had common stock authorized at
$.01 par value per share. The composition of net assets as
well as the number of authorized shares were as follows:
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Capital paid-in $214,815,181 $202,886,474 $74,295,797 $59,968,392
Balance of undistributed
net investment income -- 35,778 30,123 --
Distributions in excess
of net investment in-
come (19,922) -- -- (6,362)
Accumulated net realized
gain (loss) from in-
vestment
transactions (2,347,152) (1,066,561) (768,953) (279,680)
Net unrealized apprecia-
tion of investments 6,850,487 7,645,996 3,966,284 3,493,828
------------ ------------ ----------- -----------
Net assets $219,298,594 $209,501,687 $77,523,251 $63,176,178
------------ ------------ ----------- -----------
Authorized shares:
Class A 40,000,000 40,000,000 200,000,000 200,000,000
Class C 45,000,000 45,000,000 260,000,000 240,000,000
Class R 40,000,000 40,000,000 40,000,000 60,000,000
------------ ------------ ----------- -----------
</TABLE>
<TABLE>
<CAPTION>
NY NY INS OH
- ------------------------------------------------------------------------------
<S> <C> <C> <C>
Capital paid-in $155,017,359 $339,883,831 $163,706,524
Balance of undistributed net in-
vestment income 77,506 114,175 70,724
Distributions in excess of net in-
vestment income -- -- --
Accumulated net realized gain
(loss) from investment
transactions (1,223,340) 725,789 (676,963)
Net unrealized appreciation of in-
vestments 6,845,546 15,835,224 9,061,987
------------ ------------ ------------
Net assets $160,717,071 $356,559,019 $172,162,272
------------ ------------ ------------
Authorized shares:
Class A 200,000,000 200,000,000 200,000,000
Class C 220,000,000 200,000,000 220,000,000
Class R 80,000,000 100,000,000 80,000,000
------------ ------------ ------------
</TABLE>
71
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
9. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include
general obligation, escrowed and revenue bonds. At August 31,
1995, the revenue sources by municipal purpose for these
investments, expressed as a percent of total investments,
were as follows:
<TABLE>
<CAPTION>
CA CA INS MA MA INS
- ---------------------------------------------------
<S> <C> <C> <C> <C>
Revenue bonds:
Lease Rental Facilities 8% 19% --% 1%
Health Care Facilities 23 11 16 18
Housing Facilities 11 5 19 2
Educational Facilities 11 -- 13 14
Water/Sewer Facilities 5 12 2 1
Transportation 2 4 3 1
Pollution Control -- -- 2 --
Electric Utilities 2 5 5 3
Other 22 24 1 1
General Obligation Bonds 4 4 23 40
Escrowed Bonds 12 16 16 19
- ---------------------------------------------------
100% 100% 100% 100%
--- --- --- ---
</TABLE>
<TABLE>
<CAPTION>
NY NY INS OH
- --------------------------------------------
<S> <C> <C> <C>
Revenue bonds:
Lease Rental Facilities 24% 4% 1%
Health Care Facilities 2 10 17
Housing Facilities 23 13 4
Educational Facilities 13 9 4
Water/Sewer Facilities 3 10 10
Transportation 1 11 1
Pollution Control 5 2 10
Electric Utilities -- 1 4
Other 10 5 1
General Obligation Bonds 10 18 34
Escrowed Bonds 9 17 14
- --------------------------------------------
100% 100% 100%
--- --- ---
</TABLE>
72
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
Certain long-term and intermediate-term investments owned by
the Funds are covered by insurance issued by several private
insurers or are backed by an escrow or trust containing U.S.
Government or U.S. Government agency securities, either of
which ensure the timely payment of principal and interest in
the event of default (35% for California, 100% for California
Insured, 37% for Massachusetts, 100% for Massachusetts
Insured, 15% for New York, 100% for New York Insured and 59%
for Ohio). Such insurance, however, does not guarantee the
market value of the municipal securities or the value of the
Funds' shares.
All of the temporary investments in short-term municipal
securities have credit enhancements (letters of credit,
guarantees or insurance) issued by third party domestic or
foreign banks or other institutions.
For additional information regarding each investment
security, refer to the Portfolio of Investments of each Fund.
73
<PAGE>
FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS FOLLOWS:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
-------------------------------------------------------------------
Net realized
Net asset and unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments+++ income capital gains
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CA
- --------------------------------------------------------------------------------------------
CLASS A
6 mos. ended 8/31/95 $10.100 $.310* $.115 $(.275)@ $ --
9/7/94 to 2/28/95 10.210 .270* (.031) (.275) (.074)
CLASS C
6 mos. ended 8/31/95 10.100 .242* .144 (.236)@ --
9/19/94 to 2/28/95 10.040 .218* .139 (.223) (.074)
CLASS R
6 mos. ended 8/31/95 10.130 .285 .145 (.290)@ --
Year ended 2/28/95 10.740 .582 (.531) (.587) (.074)
2/28/94 10.850 .598 (.054) (.596) (.058)
2/28/93 10.140 .633 .707 (.626) (.004)
8 mos. ended 2/29/92 9.920 .429 .218 (.427) --
Year ended 6/30/91 9.790 .639 .133 (.642) --
6/30/90 9.850 .641 (.058) (.643) --
6/30/89 9.240 .649* .610 (.649) --
6/30/88 9.280 .647* (.040) (.647) --
6/30/87** 9.600 .652* (.320) (.652) --
- --------------------------------------------------------------------------------------------
CA INS
- --------------------------------------------------------------------------------------------
CLASS A
6 mos. ended 8/31/95 10.250 .272* .130 (.262) --
9/7/94 to 2/28/95 10.220 .255* .068 (.265) (.028)
CLASS C
6 mos. ended 8/31/95 10.150 .228* .154 (.222) --
9/13/94 to 2/28/95 10.060 .210* .123 (.215) (.028)
CLASS R
6 mos. ended 8/31/95 10.230 .275 .142 (.277) --
Year ended, 2/28/95 10.670 .559 (.412) (.559) (.028)
2/28/94 10.850 .560 (.101) (.556) (.083)
2/28/93 10.010 .584 .871 (.579) (.036)
8 mos. ended 2/29/92 9.650 .401 .360 (.401) --
Year ended 6/30/91 9.480 .600 .176 (.606) --
6/30/90 9.630 .608 (.151) (.607) --
6/30/89 9.020 .607 .610 (.607) --
6/30/88 8.980 .600* .040 (.600) --
6/30/87** 9.600 .630* (.620) (.630) --
- --------------------------------------------------------------------------------------------
</TABLE>
See notes on page 84.
74
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Net asset value Total return on
end of period net asset value++
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C>
$10.250 4.25%
10.100 2.52
10.250 3.85
10.100 3.71
10.270 4.29
10.130 .78
10.740 5.08
10.850 13.66
10.140 6.61
9.920 8.16
9.790 6.14
9.850 14.12
9.240 6.87
9.280 3.28
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
10.390 3.96
10.250 3.33
10.310 3.79
10.150 3.45
10.370 4.12
10.230 1.68
10.670 4.27
10.850 15.05
10.010 7.99
9.650 8.43
9.480 4.93
9.630 13.97
9.020 7.44
8.980 (.13)
- --------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Ratios/supplemental data
- --------------------------------------------------------------------------------------------------------
Ratio of net Ratio of net
Ratio of investment income Ratio of investment income
Net assets expenses to average to average net expenses to average to average
end of period net assets before assets before net assets after net assets after Portfolio
(in thousands) reimbursement reimbursement reimbursement* reimbursement* turnover rate
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 7,345 1.10%+ 5.13%+ .99%+ 5.24%+ 8%
3,146 1.41+ 5.40+ 1.00+ 5.81+ 32
427 2.07+ 4.16+ 1.74+ 4.49+ 8
200 2.41+ 4.37+ 1.75+ 5.03+ 32
211,526 .72+ 5.53+ .72+ 5.53+ 8
208,080 .71 5.83 .71 5.83 32
218,430 .73 5.47 .73 5.47 19
183,215 .71 6.05 .71 6.05 5
133,377 .67+ 6.30+ .67+ 6.30+ --
107,508 .69 6.48 .69 6.48 15
78,704 .69 6.51 .69 6.51 8
52,048 .77 6.77 .75 6.79 22
29,640 .88 6.91 .70 7.09 48
19,094 1.19 5.61 .18 6.62 17
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
10,007 1.07+ 4.92+ 1.03+ 4.96+ 5
4,753 1.24+ 5.26+ 1.05+ 5.45+ 25
907 1.86+ 4.12+ 1.76+ 4.22+ 5
222 2.44+ 4.05+ 1.80+ 4.69+ 25
198,587 .72+ 5.28+ .72+ 5.28+ 5
198,928 .70 5.60 .70 5.60 25
208,115 .71 5.12 .71 5.12 14
168,852 .75 5.72 .75 5.72 9
100,933 .64+ 5.97+ .64+ 5.97+ 7
74,551 .68 6.26 .68 6.26 29
50,625 .70 6.36 .70 6.36 13
35,032 .82 6.52 .82 6.52 23
22,394 .99 6.60 .82 6.77 31
16,192 1.06 5.59 .17 6.48 4
- --------------------------------------------------------------------------------------------------------
</TABLE>
75
<PAGE>
FINANCIAL HIGHLIGHTS
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
-----------------------------------------------------------------------
Net realized
Net asset and unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments+++ income capital gains
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
MA
- ------------------------------------------------------------------------------------------------
CLASS A
6 mos. ended 8/31/95 $ 9.560 $.272* $ .179 $(.261) $ --
9/7/94 to 2/28/95 9.540 .254* .025 (.259) --
CLASS C
6 mos. ended 8/31/95 9.510 .230* .195 (.225) --
10/6/94 to 2/28/95 9.280 .188* .254 (.212) --
CLASS R
6 mos. ended 8/31/95 9.540 .269* .194 (.273) --
Year ended
2/28/95 9.940 .541* (.403) (.538) --
2/28/94 9.910 .543* .038 (.541) (.010)
2/28/93 9.210 .563* .704 (.563) (.004)
3 mos. ended 2/29/92 9.130 .146 .077 (.143) --
Year ended
11/30/91 8.760 .577* .375 (.582) --
11/30/90 8.900 .587* (.144) (.583) --
11/30/89 8.600 .587* .300 (.587) --
11/30/88 8.250 .581* .350 (.581) --
12/10/86 to 11/30/87 9.600 .577* (1.350) (.577) --
- ------------------------------------------------------------------------------------------------
MA INS
- ------------------------------------------------------------------------------------------------
CLASS A
6 mos. ended 8/31/95 10.060 .262* .196 (.258)@ --
9/7/94 to 2/28/95 10.030 .249* .039 (.258) --
CLASS C
6 mos. ended 8/31/95 10.040 .221 .199 (.220)@ --
9/15/94 to 2/28/95 9.910 .202* .137 (.209) --
CLASS R
6 mos. ended 8/31/95 10.060 .267 .206 (.273)@ --
Year ended
2/28/95 10.450 .545 (.386) (.549) --
2/28/94 10.440 .537 -- (.527) --
2/28/93 9.650 .551 .784 (.545) --
2/29/92 9.360 .570 .301 (.581) --
2/28/91 9.140 .568 .219 (.567) --
2/28/90 8.960 .571* .178 (.569) --
2/28/89 9.030 .576* (.070) (.576) --
2/29/88 9.540 .582* (.510) (.582) --
12/10/86 to 2/28/87 9.600 .131* (.060) (.131) --
- ------------------------------------------------------------------------------------------------
</TABLE>
See notes on page 84.
76
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
Net asset value Total return on
end of period net asset value++
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<S> <C>
$ 9.750 4.77%
9.560 3.05
9.710 4.51
9.510 4.86
9.730 4.90
9.540 1.64
9.940 5.96
9.910 14.21
9.210 2.44
9.130 11.19
8.760 5.21
8.900 10.62
8.600 11.56
8.250 (8.19)
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
10.260 4.59
10.060 2.99
10.240 4.21
10.040 3.52
10.260 4.75
10.060 1.77
10.450 5.22
10.440 14.28
9.650 9.57
9.360 8.95
9.140 8.52
8.960 5.84
9.030 1.14
9.540 .75
- ----------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
Ratios/supplemental data
- ----------------------------------------------------------------------------------------------------
Ratio of net Ratio of net
Ratio of investment income Ratio of investment income
Net assets expenses to average to average net expenses to average to average Portfolio
end of period net assets before assets before net assets after net assets after turnover
(in thousands) reimbursement reimbursement reimbursement* reimbursement* rate
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 2,879 1.43%+ 4.82%+ 1.00%+ 5.25%+ 5%
1,067 1.87+ 4.88+ 1.00+ 5.75+ 17
225 3.32+ 2.94+ 1.75+ 4.51+ 5
147 3.40+ 3.46+ 1.75+ 5.11+ 17
74,419 .87+ 5.40+ .75+ 5.52+ 5
71,568 .77 5.75 .75 5.77 17
71,942 .81 5.32 .75 5.38 3
53,231 .87 5.79 .75 5.91 5
34,470 .71+ 6.31+ .71+ 6.31+ 5
31,150 .77 6.37 .75 6.39 19
20,829 .85 6.58 .75 6.68 23
15,513 1.09 6.30 .75 6.64 31
9,485 1.24 6.25 .75 6.74 55
5,681 1.54+ 5.30+ .37+ 6.47+ 34
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
3,569 1.19+ 4.83+ 1.13+ 4.89+ --
1,956 1.36+ 5.13+ 1.15+ 5.34+ 10
528 1.85+ 4.18+ 1.85+ 4.18+ --
338 2.07+ 4.41+ 1.90+ 4.58+ 10
59,079 .84+ 5.19+ .84+ 5.19+ --
57,137 .79 5.54 .79 5.54 10
58,255 .84 5.09 .84 5.09 3
47,098 .86 5.47 .86 5.47 2
28,189 .72 5.93 .72 5.93 5
15,625 .85 6.19 .85 6.19 6
8,649 1.20 5.94 .97 6.17 15
5,404 1.87 5.54 .97 6.44 41
4,895 1.75 5.37 .59 6.53 42
2,312 5.18+ .64+ -- 5.82+ --
- ----------------------------------------------------------------------------------------------------
</TABLE>
77
<PAGE>
FINANCIAL HIGHLIGHTS
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
---------------------------------------------------------------
Net realized
Net asset and unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments+++ income capital gains
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NY
- ----------------------------------------------------------------------------------------
CLASS A
6 mos. ended 8/31/95 $10.120 $.298* $ .198 $(.276) $ --
9/7/94 to 2/28/95 10.230 .277* (.067) (.273) (.047)
CLASS C
6 mos. ended 8/31/95 10.110 .262* .227 (.239) --
9/14/94 to 2/28/95 10.110 .231* .038 (.222) (.047)
CLASS R
6 mos. ended 8/31/95 10.150 .288* .223 (.291) --
Year ended,
2/28/95 10.720 .579 (.529) (.573) (.047)
2/28/94 10.610 .578* .161 (.580) (.049)
2/28/93 9.880 .603* .806 (.598) (.081)
3 mos. ended 2/29/92 9.820 .163 .053 (.156) --
Year ended
11/30/91 9.380 .629* .441 (.630) --
11/30/90 9.560 .631* (.181) (.630) --
11/30/89 9.180 .633* .380 (.633) --
11/30/88 8.760 .625* .420 (.625) --
12/10/86 to 11/30/87 9.600 .612* (.840) (.612) --
- ----------------------------------------------------------------------------------------
NY INS
- ----------------------------------------------------------------------------------------
CLASS A
6 mos. ended 8/31/95 10.150 .274 .187 (.261) --
9/7/94 to 2/28/95 10.160 .253* .037 (.260) (.040)***
CLASS C
6 mos. ended 8/31/95 10.120 .233 .229 (.222) --
9/14/94 to 2/28/95 10.030 .207* .133 (.210) (.040)***
CLASS R
6 mos. ended 8/31/95 10.150 .273 .205 (.278) --
Year ended
2/28/95 10.630 .555 (.440) (.555) (.040)***
2/28/94 10.620 .550 .035 (.543) (.032)
2/28/93 9.780 .566 .849 (.562) (.013)
2/29/92 9.320 .590 .467 (.597) --
2/28/91 9.250 .598 .068 (.596) --
2/28/90 9.060 .596 .190 (.596) --
2/28/89 9.100 .593* (.040) (.593) --
2/29/88 9.830 .606* (.730) (.606) --
12/10/86 to 2/28/87 9.600 .130* .230 (.130) --
- ----------------------------------------------------------------------------------------
</TABLE>
See notes on page 84.
78
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Net asset value Total return on
end of period net asset value++
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C>
$10.340 4.95%
10.120 2.21
10.360 4.88
10.110 2.80
10.370 5.10
10.150 .75
10.720 7.10
10.610 14.79
9.880 2.21
9.820 11.79
9.380 4.92
9.560 11.34
9.180 12.20
8.760 (2.44)
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
10.350 4.57
10.150 3.01
10.360 4.60
10.120 3.53
10.350 4.76
10.150 1.37
10.630 5.57
10.620 14.96
9.780 11.66
9.320 7.61
9.250 8.75
9.060 6.37
9.100 (.85)
9.830 3.76
- --------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Ratios/supplemental data
- --------------------------------------------------------------------------------------------------------
Ratio of net Ratio of net
Ratio of investment income Ratio of investment income
Net assets expenses to average to average net expenses to average to average
end of period net assets before assets before net assets after net assets after Portfolio
(in thousands) reimbursement reimbursement reimbursement* reimbursement* turnover rate
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$11,114 1.08%+ 5.21%+ 1.00%+ 5.29%+ 24%
3,189 1.56+ 5.31+ 1.00+ 5.87+ 29
423 2.47+ 3.82+ 1.75+ 4.54+ 24
86 7.97+ (1.06)+ 1.75+ 5.16+ 29
149,180 .78+ 5.53+ .75+ 5.56+ 24
149,454 .74 5.79 .74 5.79 29
146,297 .78 5.30 .75 5.33 15
107,146 .84 5.75 .75 5.84 12
66,491 .75+ 6.27+ .75+ 6.27+ 16
59,351 .79 6.46 .75 6.50 19
44,347 .81 6.59 .75 6.65 51
29,040 .98 6.40 .75 6.63 85
14,975 1.09 6.55 .75 6.89 71
8,239 1.38+ 5.45+ .37+ 6.46+ 20
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
17,733 .98+ 4.97+ .98+ 4.97+ 6
7,258 1.13+ 5.33+ 1.05+ 5.41+ 11
900 1.74+ 4.20+ 1.74+ 4.20+ 6
285 2.32+ 4.13+ 1.80+ 4.65+ 11
337,926 .68+ 5.28+ .68+ 5.28+ 6
345,121 .65 5.57 .65 5.57 11
388,176 .68 5.11 .68 5.11 5
314,877 .73 5.56 .73 5.56 6
167,048 .69 6.08 .69 6.08 4
80,484 .73 6.46 .73 6.46 13
40,372 .85 6.35 .85 6.35 30
20,206 1.05 6.50 .97 6.58 62
14,078 1.12 6.22 .61 6.73 36
5,177 3.19+ 1.78+ -- 4.97+ --
- --------------------------------------------------------------------------------------------------------
</TABLE>
79
<PAGE>
FINANCIAL HIGHLIGHTS
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Income from investment
operations Less distributions
-------------------------------------------------------------------
Net realized
Net asset and unrealized Dividends
value Net gain (loss) from net Distributions
beginning investment from investment from
of period income investments+++ income capital gains
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OH
- --------------------------------------------------------------------------------------------
CLASS A
6 mos. ended 8/31/95 $10.200 $.282* $ .150 $(.272) $ --
9/7/94 to 2/28/95 10.160 .266* .087 (.272) (.041)
CLASS C
6 mos. ended 8/31/95 10.160 .239* .144 (.233) --
9/16/94 to 2/28/95 10.070 .219* .133 (.221) (.041)
CLASS R
6 mos. ended 8/31/95 10.180 .282* .162 (.284) --
Year ended
2/28/95 10.610 .568 (.388) (.569) (.041)
2/28/94 10.580 .570* .087 (.565) (.062)
2/28/93 9.870 .595* .728 (.589) (.024)
3 mos. ended 2/29/92 9.770 .154 .126 (.153) (.027)
Year ended
11/30/91 9.530 .619 .287 (.624) (.042)
11/30/90 9.550 .624 .003 (.624) (.023)
11/30/89 9.040 .629* .510 (.629) --
11/30/88 8.610 .626* .430 (.626) --
12/10/86 to 11/30/87 9.600 .600* (.990) (.600) --
- --------------------------------------------------------------------------------------------
</TABLE>
* Reflects the waiver of certain management fees and reimbursement of certain
other expenses by the Adviser, if applicable. See note 7 of Notes to Financial
Statements.
** Shares in the California and California Insured Funds were first offered for
sale on July 1, 1986.
*** The amounts shown include distributions in excess of capital gains of
$.0015 per share.
+ Annualized.
++ Total Return on Net Asset Value is the combination of reinvested dividend
income, reinvested capital gain distributions if any, and changes in net asset
value per share.
+++ Net of taxes, if applicable. See note 1 of Notes to Financial Statements.
@ The amounts shown include distributions in excess of net investment income of
$.001 per share.
80
<PAGE>
NUVEEN TAX-FREE MUTUAL FUNDS SEMIANNUAL REPORT
AUGUST 31, 1995
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Net asset value Total return on
end of period net asset value++
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C>
$10.360 4.28%
10.200 3.63
10.310 3.80
10.160 3.63
10.340 4.41
10.180 1.99
10.610 6.30
10.580 13.88
9.870 2.87
9.770 9.84
9.530 6.86
9.550 12.97
9.040 12.56
8.610 (4.10)
- --------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
Ratios/supplemental data
- --------------------------------------------------------------------------------------------------------
Ratio of net Ratio of net
Ratio of investment income Ratio of investment income
Net assets expenses to average to average net expenses to average to average
end of period net assets before assets before net assets after net assets after Portfolio
(in thousands) reimbursement reimbursement reimbursement* reimbursement* turnover rate
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 8,157 1.13%+ 5.04%+ 1.00%+ 5.17%+ 20%
4,320 1.27+ 5.40+ 1.00+ 5.67+ 28
1,324 1.81+ 4.37+ 1.75+ 4.43+ 20
901 2.09+ 4.58+ 1.75+ 4.92+ 28
162,682 .79+ 5.39+ .75+ 5.43+ 20
162,231 .73 5.70 .73 5.70 28
167,448 .75 5.28 .75 5.28 9
133,797 .84 5.77 .75 5.86 13
90,121 .70+ 6.16+ .70+ 6.16+ 3
81,649 .71 6.37 .71 6.37 16
56,887 .74 6.61 .74 6.61 38
37,714 .82 6.59 .75 6.66 66
20,144 .98 6.71 .75 6.94 55
9,135 1.33+ 5.59+ .39+ 6.53+ 26
- --------------------------------------------------------------------------------------------------------
</TABLE>
81
<PAGE>
[PHOTO APPEARS HERE]
For nearly 100 years,
Nuveen has earned its
reputation as a tax-free income
specialist by focusing on
municipal bonds.
Your
investment
partners
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships within these groups based on trust and value is the key to
successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent financial
planners, to bring the benefits of tax-free investing to you. These advisers are
experts at identifying your needs and recommending the best solutions for your
situation. Together we make a powerful team, helping you create a successful
investment plan that meets your needs today and in the future.
[NUVEEN LOGO APPEARS HERE]
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
OEF2-10.95
[RECYCLED LOGO APPEARS HERE]
