Nuveen Multistate Trust Iv NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07751

Nuveen Multistate Trust IV

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: May 31

Date of reporting period: November 30, 2014

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

Item 1. Reports to Stockholders.



Mutual Funds

Nuveen Municipal

Bond Funds


		It’s not what you earn, it’s what you keep.^®


						Semi-Annual Report November 30, 2014

Share Class / Ticker Symbol

Fund Name

Class A

Class C

Class C2

Class I

Nuveen Kansas Municipal Bond Fund

FKSTX

FAFOX

FCKSX

FRKSX

Nuveen Kentucky Municipal Bond Fund

FKYTX

FKCCX

FKYCX

FKYRX

Nuveen Michigan Municipal Bond Fund

FMITX

FAFNX

FLMCX

NMMIX

Nuveen Missouri Municipal Bond Fund

FMOTX

FAFPX

FMOCX

FMMRX

Nuveen Ohio Municipal Bond Fund

FOHTX

FAFMX

FOHCX

NXOHX

Nuveen Wisconsin Municipal Bond Fund

FWIAX

FWCCX

FWICX

FWIRX

NUVEEN INVESTMENTS ACQUIRED BY TIAA-CREF

On October 1, 2014, TIAA-CREF completed its previously announced acquisition of Nuveen Investments, Inc., the parent company of your fund’s investment adviser, Nuveen Fund Advisors, LLC (“NFAL”) and the Nuveen affiliates that act as sub-advisers to the majority of the Nuveen Funds. TIAA-CREF is a national financial services organization with approximately $840 billion in assets under management as of October 1, 2014 and is a leading provider of retirement services in the academic, research, medical and cultural fields. Nuveen expects to operate as a separate subsidiary within TIAA-CREF’s asset management business. Nuveen’s existing leadership and key investment teams have remained in place following the transaction.

NFAL and your fund’s sub-adviser(s) continue to manage your fund according to the same objectives and policies as before, and there have been no changes to your fund’s operations.

Must be preceded by or accompanied by a prospectus.

NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE

LOGO

Table

of Contents


Chairman’s Letter to Shareholders			4

Portfolio Managers’ Comments			5

Risk Considerations and Dividend Information			11

Fund Performance, Expense Ratios and Effective Leverage Ratios			13

Yields			20

Holding Summaries			22

Expense Examples			28

Shareholder Meeting Report			32

Portfolios of Investments			36

Statement of Assets and Liabilities			82

Statement of Operations			83

Statement of Changes in Net Assets			84

Financial Highlights			88

Notes to Financial Statements			100

Additional Fund Information			114

Glossary of Terms Used in this Report			115


Nuveen Investments			3

Chairman’s Letter

to Shareholders

LOGO

Dear Shareholders,

Over the past year, global financial markets were generally strong as stocks of many countries rose due to strengthening economies and abundant central bank support. A low and stable interest rate environment allowed the bond market to generate modest but positive returns.

More recently, markets have been less certain as economic growth is strengthening in some parts of the world, but in other areas recovery has been slow or uneven at best. Despite increasing market volatility, geopolitical turmoil and concerns over rising rates, better-than-expected earnings results and economic data have supported U.S. stocks. Europe continues to face challenges as disappointing growth and inflation measures led the European Central Bank to further cut interest rates. Japan is suffering from the burden of the recent consumption tax as the government’s structural reforms continue to steadily progress. Flare-ups in hotspots, such as the ongoing Russia-Ukraine conflict and Middle East, have not yet been able to derail the markets, though that remains a possibility. With all the challenges facing the markets, accommodative monetary policy around the world has helped lessen the impact of these events.

It is in such changeable markets that professional investment management is most important. Investment teams who have experienced challenging markets in the past understand how their asset class can behave in rapidly changing times. Remaining committed to their investment disciplines during these times is a critical component to achieving long-term success. In fact, many strong investment track records are established during challenging periods because experienced investment teams understand that volatile markets place a premium on companies and investment ideas that can weather the short-term volatility. By maintaining appropriate time horizons, diversification and relying on practiced investment teams, we believe that investors can achieve their long-term investment objectives.

As always, I encourage you to communicate with your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

LOGO

William J. Schneider

Chairman of the Board

January 23, 2015


	4			Nuveen Investments

Portfolio Managers’

Comments

Nuveen Kansas Municipal Bond Fund

Nuveen Kentucky Municipal Bond Fund

Nuveen Michigan Municipal Bond Fund

Nuveen Missouri Municipal Bond Fund

Nuveen Ohio Municipal Bond Fund

Nuveen Wisconsin Municipal Bond Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Daniel J. Close, CFA, Steven M. Hlavin, and Christopher L. Drahn, CFA, review key investment strategies and the performance of the Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund. Dan has managed the Kentucky, Michigan and Ohio Funds since 2007, Steven has managed the Kansas and Wisconsin Funds since 2011 and Chris has managed the Missouri Fund since 2011.

How did the Funds perform during the six-month reporting period ended November 30, 2014?

The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance for its Class A Shares at net asset value (NAV) for the six-month, one-year, five-year and ten-year periods ended November 30, 2014. Each Fund’s Class A share returns are compared with the performance of its corresponding market index and Lipper classification average.

During the reporting period, the Class A Shares at NAV of all six Funds outperformed the S&P Municipal Bond Index as well as their respective Lipper classification average.

What strategies were used to manage the Funds during the reporting period and how did these strategies influence performance during the six-month reporting period ended November 30, 2014?

All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by Nuveen Asset Management. Our municipal bond portfolios are managed with a value-oriented approach and close input from Nuveen Asset Management’s research team. Below, we highlight the specific factors influencing each Fund’s investment strategy, as well as how we managed each portfolio in light of recent market conditions.

Nuveen Kansas Municipal Bond Fund

Nuveen Wisconsin Municipal Bond Fund

The Nuveen Kansas Municipal Bond Fund outperformed the S&P Municipal Bond Index, during the six-month reporting period ended November 30, 2014. Favorable duration and yield curve positioning were the biggest factors behind the Fund’s strong

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this report for further definition of the terms used within this section.


Nuveen Investments			5

Portfolio Managers’ Comments (continued)

results. Because the portfolio’s duration was longer than that of the benchmark, the Fund was more sensitive to changes in interest rates and therefore benefited to a greater extent from declining long-term rates during the period. More specifically, from a yield curve standpoint, we were overweight in longer dated bonds, which outperformed disproportionately amid the positive market conditions.

Credit quality positioning also contributed to relative performance. As credit spreads contracted, meaning investors were willing to accept less income in exchange for taking on credit risk, our overweightings in BBB-rated, below investment grade and non-rated bonds proved helpful. On the other hand, the Fund’s sector positioning detracted from relative performance during the reporting period. In many cases, however, effective security selection more than made up for that negative impact.

For example, we had an overweighting in dedicated sales tax bonds, which routinely make up a relatively large portion of Kansas municipal bond issuance. This sector lagged the market, but because many of the portfolio’s bonds performed well, they offset the underperformance of other holdings from this sector. Also, the Fund was underweighted in two strong performing sectors, higher education and corporate-backed industrial development revenue. Effective bond selection within those groups helped us overcome that drawback, making them positive overall contributors. Performance advantages came from being underweighted in the struggling general obligation (GO) bond sector and from overweighting health care, a particularly successful area.

In buying new bonds for the Fund, our approach was to seek relative value for shareholders amid the relatively limited supply of bonds available for purchase. We bought a variety of Kansas municipal bonds during the reporting period, including dedicated sales tax revenue bonds for the Kansas International Speedway and the Prairiefire retail development project, continuing care retirement community bonds for Presbyterian Manors and student housing bonds for Wichita State University.

In addition, we made a number of purchases of bonds issued by U.S. territories, given the short supply of Kansas debt and the relative attractiveness of territorial bonds issued by the U.S. Virgin Islands and Guam. Like most territorial bonds, these holdings offer triple exemption (i.e., exemption from most federal, state and local taxes). The new purchases included Virgin Islands tax bonds, Guam Power Authority bonds, Guam Water Authority bonds and Guam GO bonds. We liked these securities because we thought they offered good value for shareholders and lacked the credit concerns associated with Puerto Rico.

At the end of the reporting period, the portfolio had a roughly 2.7% stake in Puerto Rico bonds, down modestly from the beginning of the reporting period after a sale of some long duration sales tax bonds. This allocation consisted of four separate issues: one insured bond issue, one tobacco-securitization bond, one hospital issue and one housing finance authority bond secured by payments from the U.S. Department of Housing and Urban Development. We continued to own these securities because they were either insured or secured by dedicated revenue streams unrelated to the credit challenges associated with the territory.

To finance our purchases, we primarily used the proceeds from called bonds. We also made three bond sales, including the Puerto Rico sales tax bonds we mentioned earlier. In addition, we sold some Tabor College bonds in order to lower the Fund’s concentration in that credit, as well as some lower coupon bonds for Johnson County that we believed would be vulnerable to a price decline should interest rates rise.

The Nuveen Wisconsin Municipal Bond Fund also outperformed the S&P Municipal Bond Index, during the six-month reporting period. The Fund was helped by its longer duration and especially from its overweighting on the long end of the yield curve, which allowed the Fund to capture more of the benefits from declining long-term interest rates.

Favorable sector allocation also added value. The Fund was underweight in state GO and utilities bonds, which proved advantageous as both sectors trailed the national market. The Fund was also overweight in the strong performing health care sector, which boosted the Fund’s performance. In contrast, the Fund’s results were hampered by its underweighting in several outperforming sectors, including higher education, transportation and industrial development revenue bonds. The Fund had a large overweighting in dedicated tax bonds, owing to this sector’s sizable representation in the Wisconsin municipal bond market, which detracted from relative performance as that group lagged.

Within all of these sectors, however, the Fund’s individual investments were strong performers relative to the national municipal bond market and in all of the categories we mentioned, we were either able to make up for any underperformance stemming from unfavorable sector weightings, or add to the outperformance we saw from the productive sector allocations.


	6			Nuveen Investments

To a lesser extent, the Fund benefited from effective credit quality positioning. Compared with the national municipal bond market, the Fund’s overweightings in BBB-rated, below investment grade and non-rated bonds added to the Fund’s relative performance.

Throughout the reporting period, the Fund was well positioned to take advantage of narrowing credit spreads within the bond market, meaning that investors were willing to assume increased credit risk in their search for higher yields in a low interest rate environment. In addition, the Fund’s long duration was helpful amid falling long-term interest rates. Given that we liked the portfolio’s basic structure coming into the reporting period, our purchase and sale activity for the portfolio was relatively limited.

Some of our new additions to the Fund were of U.S. territorial bonds, including adding a small amount to our existing holdings in U.S. Virgin Islands dedicated sales-tax receipt bonds, as well as a purchase of Guam Water Authority bonds. The rest of our purchases involved Wisconsin debt and we were able to find a wide assortment of in-state opportunities that met our portfolio management objectives. New Wisconsin bond purchases included some dedicated sales tax bonds, debt to fund senior living facilities, bonds for Rogers Memorial Hospital, and corporate-backed industrial development revenue bonds for National Gypsum Company.

In general, our new purchases were securities with credit ratings of A or lower, positioning the Fund to realize the benefits if credit spreads continue to narrow. To finance these purchases, we primarily used the income from new investment inflows into the Fund, as well as the proceeds of a bond that matured during the reporting period.

Nuveen Kentucky Municipal Bond Fund

Nuveen Michigan Municipal Bond Fund

Nuveen Ohio Municipal Bond Fund

The Nuveen Kentucky Municipal Bond Fund outperformed the S&P Municipal Bond Index during the six-month reporting period. Sector selection was the biggest contributor to relative results during the time frame, especially an overweighting in health care bonds. These bonds outpaced the index due to strong demand from investors seeking higher yields. The Fund’s allocation to public power bonds also added value. Duration positioning, which reflects the Fund’s interest rate sensitivity, was a modest contributor. The Fund was underweighted in shorter duration securities, which generally suffered price declines as short-term municipal bond yields rose.

To a lesser extent, credit quality modestly detracted from relative results. The Fund benefited from its underweighting in AAA-rated bonds, the worst-performing of all the credit quality tiers. As a group, high quality securities trailed their lower quality counterparts, which benefited disproportionately from investors’ appetite for higher yielding securities. The positive effects of that positioning were somewhat offset by the Fund’s underweighting in below investment grade securities, among the market’s best performers.

Of final note, our holdings in long duration tender option bonds (TOBs) performed particularly well. TOBs are derivative contracts we use to leverage the portfolio and attempt to increase distributable income and enhance total return.

Portfolio activity was partly shaped by shareholder outflows, which were elevated particularly in the first portion of the reporting period. To meet these redemptions, we used the proceeds from called bonds. We also sold some short duration high quality bonds, including some pre-refunded securities, given what we saw as these holdings’ more limited prospects.

Meanwhile, amid relatively limited supply, we identified two suitable opportunities to purchase bonds. These included bonds issued by Louisville Gas & Electric and by Louisville International Airport. These were a couple of our purchases, during a particularly quiet time for new acquisitions.

As a result of our purchases and sales, the Fund’s allocation to the AAA-rated credit quality segment, representing the highest quality bonds in the marketplace, decreased, while its exposure to A-rated, BBB-rated and non-rated bonds increased.

During the reporting period, we established a portfolio hedge by purchasing a credit default swap on the debt obligations of the U.S. territory of Puerto Rico. We have previously noted a correlation between the credit quality of Puerto Rico bonds and that of the overall high yield municipal bond market. Given that this portfolio regularly maintains a meaningful stake in BBB-rated and below investment grade rated bonds, we saw this as a way to reduce the portfolio’s overall risk while continuing to take advantage of opportunities to invest in the lower quality portion of the marketplace. During the reporting period, these swaps had a negligible impact on performance.


Nuveen Investments			7

Portfolio Managers’ Comments (continued)

The Nuveen Michigan Municipal Bond Fund outperformed the S&P Municipal Bond Index during the six-month reporting period, with duration positioning as the Fund’s primary contributor. Underweighting shorter duration bonds proved especially helpful, as shorter term municipal bond yields rose and prices declined. Our holdings in long-duration tender offer bonds (TOBs) also bolstered relative performance.

Credit quality positioning helped as well to a lesser extent. Specifically, the Fund’s results were lifted by an underweighting in AAA-rated bonds, which underperformed due to investors’ appetite for higher yielding, lower quality securities.

Meanwhile, sector allocation produced mixed results. The Fund’s overweighting in water and sewer bonds was particularly helpful. Most notably, a stake in Detroit water and sewer bonds, which are backed by a dedicated tax revenue stream and are independent of the city’s general taxing authority, were meaningful contributors to the Fund’s relative performance. We entered the reporting period with a neutral weighting in these bonds, which had become somewhat tainted by Detroit’s bankruptcy. During the reporting period, the issuer tendered for all of its outstanding debt. We elected to tender some of our uninsured Detroit Water & Sewerage Department bonds and replaced them in August with new, insured bonds issued by the utility, which serves roughly 40% of Michigan’s population and therefore provides what we deem an essential service to the state. Since our acquisition of the new Detroit water and sewer bonds, the securities performed quite well. We sold our remaining holdings in uninsured Detroit water and sewer bonds late in the reporting period, recognizing that they had rallied strongly and had, in our view, reached full value.

In contrast, the Fund’s overweighting in pre-refunded securities hurt relative results. These bonds, which are the highest quality available in the municipal bond market because they are backed by U.S. Treasury securities, lagged in an environment that favored higher yielding, lower quality bonds.

As with the Kentucky Fund, this Fund was also helped by holding long duration tender option bonds (TOBs). These derivative contracts performed well as long term rates declined. Similarly matching our approach in the Kentucky portfolio, we purchased a credit default swap on Puerto Rico debt. This strategy helped reduce the portfolio’s overall risk while still enabling us to capitalize on opportunities among lower quality Michigan bonds. During the reporting period, these swaps had a negligible impact on performance.

Our limited purchase activity was spread over a handful of sectors during the reporting period. New additions to the portfolio included some higher education and local school district bonds. We also purchased newly issued bonds of the COBO Center, a convention facility in Detroit, whose debt is backed by a combination of statewide and local liquor, tobacco and hotel taxes. Due to Detroit’s ongoing credit problems, we continued to avoid any allocation to the city’s general obligation debt.

The Nuveen Ohio Municipal Bond Fund outperformed the S&P Municipal Bond Index during the six-month reporting period, helped primarily by duration positioning. Specifically, the Fund’s underweighting in shorter duration bonds was beneficial, given that these securities lagged as short-term interest rates rose.

Credit quality positioning also lifted performance, led by an underweighting in AAA-rated bonds. Securities in this highest quality credit tier lagged, as investors increasingly favored lower quality, higher yielding alternatives in an environment of scarce income.

The Fund’s performance however, was hurt by sector allocation. An overweighting in health care bonds was particularly helpful. This higher yielding sector was one of the market’s best-performing groups, given that investors gravitated toward bonds that produced more income. An overweighting in pre-refunded bonds hurt, as these high quality securities lagged because investors tended to prefer lower quality, higher yielding debt.

Our portfolio activity was relatively muted. On the sale side, we liquidated most of our holdings in Wittenberg University bonds, given our concern about the credit outlook for this small, tuition dependent college. We also eliminated some smaller portfolio holdings that we felt the market was valuing highly at the time of our sales. With these proceeds, as well as the funds generated by bond calls, we made a small number of purchases. We bought intermediate duration bonds issued by The Ohio State University, as well as some dedicated-tax bonds issued by the Franklin County Convention Facilities Authority. We also sold some longer duration tobacco bonds that had performed well and purchased shorter term tobacco securities that were more attractively priced and offered roughly equivalent yields.


	8			Nuveen Investments

Nuveen Missouri Municipal Bond Fund

The Nuveen Missouri Municipal Bond Fund outperformed the S&P Municipal Bond Index during the six-month reporting period, with the Fund’s duration and yield-curve positioning the main drivers of its relative results. The Fund’s duration, meaning the measure of its sensitivity to interest rate changes, was longer than the benchmark. This helped the Fund benefit more fully than the index from declining long-term rates. From a yield curve perspective, the portfolio was lifted by its larger allocation to longer dated bonds, as well as its related underweighting in shorter duration securities. As short-term interest rates rose, it caused short-term securities to underperform, while longer term bond prices generally appreciated in response to declining long-term rates.

Credit quality positioning bolstered the Fund’s relative results as well. Specifically, the Fund was overweight in BBB-rated and non-rated bonds. These were some of the municipal bond market’s best performers, reflecting investor demand for higher yielding securities in an environment of scarce income. A corresponding underweighting in AAA-rated bonds was also helpful, given that these issues lagged higher yielding alternatives.

Sector positioning (especially an overweighting in health care bonds) also proved beneficial and added to relative performance as investors’ appetite for higher yielding securities helped drive certain sectors. Meanwhile, the Fund’s small exposure to bonds associated with Puerto Rico modestly detracted. In July, we pared back the Fund’s exposure to Puerto Rico bonds to about 1%, roughly half of what it was at the beginning of the reporting period. Our remaining Puerto Rico positions consist of insured senior lien Puerto Rico Sales Tax Financing Corporation (COFINA) sales tax revenue bonds.

The Fund experienced shareholder inflows during the reporting period. We used these inflows, along with the proceeds from calls, maturities and our sales of Puerto Rico bonds, to make some new purchases for the Fund. Much of our buying was concentrated in bonds with maturities in the 15- to 20-year range, a reflection of the available supply and also our view that this part of the yield curve offered particular value. Notable purchases during the reporting period were two issues brought to market by the A-rated Missouri Joint Municipal Electric Utility Commission. We viewed both bond issues as attractive and were able to obtain sizable allocations.

An Update Regarding Detroit and Puerto Rico

We continued to monitor two situations in the broader municipal market for any impact on the Funds’ holdings and performance: the ongoing economic problems of Puerto Rico and the City of Detroit’s bankruptcy case. The Puerto Rico bonds were originally added to our portfolios to keep assets fully invested and working for the Funds’ as well as to enhance diversity, duration and credit. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). However, Puerto Rico’s continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Following the latest rating reduction by Moody’s in July 2014, Puerto Rico general obligation debt was rated B2/BB+/BB (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks. In late June 2014, Puerto Rico approved new legislation creating a judicial framework and formal process that would allow several of the commonwealth’s public corporations to restructure their public debt. As of November 2014, the Nuveen complex held $71 million in bonds backed by public corporations in Puerto Rico that could be restructured under this legislation, representing less than 0.1% of our municipal assets under management. In light of the evolving economic situation in Puerto Rico, Nuveen’s credit analysis of the commonwealth had previously considered the possibility of a default and the restructuring of public corporations, and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totals 0.35% of assets under management as of November 30, 2014.


Nuveen Investments			9

Portfolio Managers’ Comments (continued)

The second situation that we continued to monitor was the City of Detroit’s filing for Chapter 9 in federal bankruptcy court in July 2013. Burdened by decades of population loss, changes in the auto manufacturing industry and significant tax base deterioration, Detroit had been under severe financial stress for an extended period prior to the filing. Before Detroit could exit bankruptcy, issues surrounding the city’s complex debt portfolio, numerous union contracts, significant legal questions and more than 100,000 creditors had to be resolved. By October 2014, all of the major creditors had reached agreement on the city’s plan to restructure its $18.5 billion of debt and emerge from bankruptcy and on November 7, 2014. The U.S. Bankruptcy Court approved the city’s bankruptcy exit plan, thereby erasing approximately $7 billion in debt. The settlement plan also provided for $1.7 billion to be reinvested in the city for improved public safety, blight removal and upgraded basic services. In August 2014, Detroit announced a tender offer for the city’s water and sewer bonds, aimed at replacing some of the $5.2 billion of existing debt with lower cost bonds. Approximately $1.5 billion in existing water and sewer bonds were returned to the city by investors under the tender offer, which enabled Detroit to issue $1.8 billion in new water and sewer bonds, resulting in savings of $250 million over the life of the bonds. The city also raised about $150 million to finance sewer system improvements. As part of the deal, Detroit water and sewer bonds were permanently removed from the city’s bankruptcy case. The Michigan Fund participated in the tender offer for existing Detroit water and sewer bonds and purchased the new water and sewer bonds. In general, Detroit water and sewer credits rallied following these positive developments.


	10			Nuveen Investments

Risk Considerations

and Dividend Information

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds’ use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than its original investment and also increases the Funds’ exposure to volatility and interest rate risk.

Dividend Information

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends consisting only of net investment income at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.

As of November 30, 2014, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by each Fund during the six-months ended November 30, 2014 were paid from net investment income. If a portion of a Fund’s monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, the Fund’s shareholders would have received a notice to that effect. The composition and per share amounts of each Fund’s monthly dividends for the reporting period are presented in the Statement of Changes in Net Assets and Financial Highlights, respectively (for reporting purposes) and in Note 6—Income Tax Information within the accompany Notes to Financial Statements (for income tax purposes), later in this report.


Nuveen Investments			11

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	12			Nuveen Investments

Fund Performance, Expense Ratios

and Effective Leverage Ratios

The Fund Performance, Expense Ratios and Effective Leverage Ratios for each Fund are shown within this section of the report.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Returns may reflect an agreement by the investment adviser to waive certain fees and/or reimburse expenses during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.

Comparative index and Lipper return information is provided for Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.

Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.


Nuveen Investments			13

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Nuveen Kansas Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense Ratios and Effective Leverage Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of November 30, 2014


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.07%		10.32%		5.31%		4.67%
Class A Shares at maximum Offering Price		(1.29)%		5.72%		4.41%		4.21%
S&P Municipal Bond Index		2.35%		8.35%		5.34%		4.84%
Lipper Other States Municipal Debt Funds Classification Average		2.35%		8.37%		4.35%		3.90%

Class C2 Shares		2.70%		9.73%		4.73%		4.09%
Class I Shares		3.08%		10.52%		5.52%		4.87%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.59%		7.07%

Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.69%		11.51%		5.37%		4.56%
Class A Shares at maximum Offering Price		(0.71)%		6.83%		4.47%		4.12%
Class C2 Shares		3.41%		10.81%		4.79%		3.99%
Class I Shares		3.79%		11.71%		5.58%		4.77%


	Cumulative
	6-Month		Since Inception
Class C Shares		3.30%		7.78%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a backend sales charge, if redeemed within eighteen months of purchase. Class C and Class C2 Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.86%		1.66%		1.41%		0.66%

Effective Leverage Ratio as of November 30, 2014


Effective Leverage Ratio			6.80%


	14			Nuveen Investments

Nuveen Kentucky Municipal Bond Fund

Fund Performance

Average Annual Total Returns as of November 30, 2014


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.55%		8.97%		4.99%		4.35%
Class A Shares at maximum Offering Price		(1.79)%		4.36%		4.08%		3.90%
S&P Municipal Bond Index		2.35%		8.35%		5.34%		4.84%
Lipper Other States Municipal Debt Funds Classification Average		2.35%		8.37%		4.35%		3.90%

Class C2 Shares		2.27%		8.38%		4.41%		3.78%
Class I Shares		2.66%		9.20%		5.19%		4.56%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.07%		5.63%

Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.91%		9.66%		4.97%		4.25%
Class A Shares at maximum Offering Price		(1.44)%		5.10%		4.07%		3.81%
Class C2 Shares		2.64%		9.07%		4.42%		3.68%
Class I Shares		3.02%		9.89%		5.20%		4.46%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.52%		6.07%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.80%		1.60%		1.35%		0.60%

Effective Leverage Ratio as of November 30, 2014


Effective Leverage Ratio			7.00%


Nuveen Investments			15

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Nuveen Michigan Municipal Bond Fund

Fund Performance

Average Annual Total Returns as of November 30, 2014


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.17%		10.21%		5.29%		4.47%
Class A Shares at maximum Offering Price		(1.18)%		5.54%		4.38%		4.03%
S&P Municipal Bond Index		2.35%		8.35%		5.34%		4.84%
Lipper Other States Municipal Debt Funds Classification Average		2.35%		8.37%		4.35%		3.90%

Class C2 Shares		2.91%		9.65%		4.72%		3.90%
Class I Shares		3.28%		10.45%		5.51%		4.68%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.78%		7.01%

Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.69%		11.53%		5.33%		4.39%
Class A Shares at maximum Offering Price		(0.68)%		6.86%		4.43%		3.94%
Class C2 Shares		3.43%		10.97%		4.77%		3.82%
Class I Shares		3.80%		11.77%		5.55%		4.60%


	Cumulative
	6-Month		Since Inception
Class C Shares		3.21%		7.64%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.84%		1.64%		1.40%		0.65%

Effective Leverage Ratio as of November 30, 2014


Effective Leverage Ratio			1.90%


	16			Nuveen Investments

Nuveen Missouri Municipal Bond Fund

Fund Performance

Average Annual Total Returns as of November 30, 2014


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.48%		9.24%		5.70%		4.72%
Class A Shares at maximum Offering Price		(1.84)%		4.62%		4.81%		4.27%
S&P Municipal Bond Index		2.35%		8.35%		5.34%		4.84%
Lipper Other States Municipal Debt Funds Classification Average		2.35%		8.37%		4.35%		3.90%

Class C2 Shares		2.22%		8.69%		5.12%		4.14%
Class I Shares		2.59%		9.38%		5.90%		4.91%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.00%		6.06%

Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.21%		10.43%		5.73%		4.63%
Class A Shares at maximum Offering Price		(1.16)%		5.81%		4.82%		4.18%
Class C2 Shares		2.95%		9.77%		5.16%		4.06%
Class I Shares		3.32%		10.57%		5.95%		4.83%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.81%		6.71%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.80%		1.60%		1.35%		0.60%

Effective Leverage Ratio as of November 30, 2014


Effective Leverage Ratio			0.52%


Nuveen Investments			17

Fund Performance, Expense Ratios and Effective Leverage Ratios (continued)

Nuveen Ohio Municipal Bond Fund

Fund Performance

Average Annual Total Returns as of November 30, 2014


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.85%		9.63%		5.15%		4.55%
Class A Shares at maximum Offering Price		(1.43)%		5.05%		4.24%		4.11%
S&P Municipal Bond Index		2.35%		8.35%		5.34%		4.84%
Lipper Ohio Municipal Debt Funds Classification Average		2.18%		8.42%		4.41%		3.94%

Class C2 Shares		2.57%		9.03%		4.59%		3.98%
Class I Shares		2.88%		9.76%		5.36%		4.75%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.38%		6.26%

Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.55%		10.66%		5.14%		4.46%
Class A Shares at maximum Offering Price		(0.77)%		6.02%		4.24%		4.01%
Class C2 Shares		3.27%		10.07%		4.56%		3.89%
Class I Shares		3.67%		10.91%		5.35%		4.67%


	Cumulative
	6-Month		Since Inception
Class C Shares		3.17%		6.99%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.81%		1.60%		1.36%		0.60%

Effective Leverage Ratio as of November 30, 2014


Effective Leverage Ratio			5.84%


	18			Nuveen Investments

Nuveen Wisconsin Municipal Bond Fund

Fund Performance

Average Annual Total Returns as of November 30, 2014


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.33%		10.88%		4.96%		4.41%
Class A Shares at maximum Offering Price		(1.03)%		6.28%		4.06%		3.96%
S&P Municipal Bond Index		2.35%		8.35%		5.34%		4.84%
Lipper Other States Municipal Debt Funds Classification Average		2.35%		8.37%		4.35%		3.90%

Class C2 Shares		2.97%		10.21%		4.38%		3.82%
Class I Shares		3.34%		11.11%		5.15%		4.60%


	Cumulative
	6-Month		Since Inception
Class C Shares		2.83%		8.04%

Average Annual Total Returns as of December 31, 2014 (Most Recent Calendar Quarter)


	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.09%		12.59%		5.10%		4.33%
Class A Shares at maximum Offering Price		(0.31)%		7.86%		4.19%		3.89%
Class C2 Shares		3.74%		11.90%		4.52%		3.76%
Class I Shares		4.10%		12.70%		5.31%		4.52%


	Cumulative
	6-Month		Since Inception
Class C Shares		3.59%		8.81%

Since inception returns for Class C Shares are from 2/10/14. Indexes and Lipper averages are not available for direct investment.

Expense Ratios as of Most Recent Prospectus


	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.89%		1.69%		1.44%		0.68%

Effective Leverage Ratio as of November 30, 2014


Effective Leverage Ratio			3.87%


Nuveen Investments			19

Yields as of November 30, 2014

Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.

The SEC 30-Day Yield is a standardized measure of a fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.

Nuveen Kansas Municipal Bond Fund


	Share Class
	Class A¹		Class C		Class C2		Class I
Dividend Yield		3.50%		2.90%		3.12%		3.86%
SEC 30-Day Yield		2.52%		1.83%		2.09%		2.83%
Taxable-Equivalent Yield (31.5%)²		3.68%		2.67%		3.05%		4.13%

Nuveen Kentucky Municipal Bond Fund


	Share Class
	Class A¹		Class C		Class C2		Class I
Dividend Yield		3.44%		2.79%		3.06%		3.81%
SEC 30-Day Yield		1.61%		0.86%		1.14%		1.88%
Taxable-Equivalent Yield (32.3%)²		2.38%		1.27%		1.68%		2.78%

Nuveen Michigan Municipal Bond Fund


	Share Class
	Class A¹		Class C		Class C2		Class I
Dividend Yield		3.68%		3.07%		3.33%		4.04%
SEC 30-Day Yield		2.02%		1.32%		1.56%		2.31%
Taxable-Equivalent Yield (31.1%)²		2.93%		1.92%		2.26%		3.35%

Nuveen Missouri Municipal Bond Fund


	Share Class
	Class A¹		Class C		Class C2		Class I
Dividend Yield		3.68%		3.06%		3.32%		4.06%
SEC 30-Day Yield		2.25%		1.54%		1.80%		2.55%
Taxable-Equivalent Yield (32.3%)²		3.32%		2.27%		2.66%		3.77%


	20			Nuveen Investments

Nuveen Ohio Municipal Bond Fund


	Share Class
	Class A¹		Class C		Class C2		Class I
Dividend Yield		3.51%		2.91%		3.11%		3.89%
SEC 30-Day Yield		2.07%		1.37%		1.62%		2.37%
Taxable-Equivalent Yield (31.6%)²		3.03%		2.00%		2.37%		3.46%

Nuveen Wisconsin Municipal Bond Fund


	Share Class
	Class A¹		Class C		Class C2		Class I
Dividend Yield		3.45%		2.83%		3.10%		3.82%
SEC 30-Day Yield		2.46%		1.77%		2.02%		2.77%
Taxable-Equivalent Yield (32.5%)²		3.64%		2.62%		2.99%		4.10%

The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table.

2	The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate as shown in the respective table above.


Nuveen Investments			21

Holding

Summaries as of November 30, 2014

This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.

Nuveen Kansas Municipal Bond Fund

Fund Allocation

(% of net assets)


Municipal Bonds			103.9%
Floating Rate Obligations			(4.7)%
Other Assets Less Liabilities			0.8%

Portfolio Composition

(% of total investments)


Tax Obligation/Limited			25.0%
Health Care			24.3%
Utilities			12.5%
Tax Obligation/General			12.2%
Long-Term Care			7.1%
U.S. Guaranteed			6.5%
Education and Civic Organizations			6.4%
Other			6.0%

Bond Credit Quality

(% of total investment exposure)


AAA/U.S. Guaranteed			11.4%
AA			29.8%
A			28.9%
BBB			13.7%
BB or Lower			5.5%
N/R (not rated)			10.7%


	22			Nuveen Investments

Nuveen Kentucky Municipal Bond Fund

Fund Allocation

(% of net assets)


Municipal Bonds			99.3%
Floating Rate Obligations			(1.5)%
Other Assets Less Liabilities			2.2%

Portfolio Composition

(% of total investments)¹


Health Care			25.6%
Tax Obligation/Limited			22.2%
Utilities			20.6%
Education and Civic Organizations			7.4%
Water and Sewer			7.1%
Transportation			6.8%
U.S. Guaranteed			6.3%
Other			4.0%

Bond Credit Quality

(% of total investment exposure)¹


AAA/U.S. Guaranteed			8.8%
AA			48.9%
A			30.6%
BBB			11.0%
BB or Lower			0.1%
N/R (not rated)			0.6%

1	Excluding investments in derivatives.


Nuveen Investments			23

Holding Summaries as of November 30, 2014 (continued)

Nuveen Michigan Municipal Bond Fund

Fund Allocation

(% of net assets)


Municipal Bonds			96.9%
Other Assets Less Liabilities			3.1%

Portfolio Composition

(% of total investments)¹


Tax Obligation/General			31.2%
Health Care			15.2%
Tax Obligation/Limited			13.5%
Water and Sewer			12.7%
U.S. Guaranteed			7.6%
Utilities			7.3%
Education and Civic Organizations			5.8%
Other			6.7%

Bond Credit Quality

(% of total investment exposure)¹


AAA/U.S. Guaranteed			15.8%
AA			66.2%
A			10.1%
BBB			3.6%
BB or Lower			3.5%
N/R (not rated)			0.8%

1	Excluding investments in derivatives.


	24			Nuveen Investments

Nuveen Missouri Municipal Bond Fund

Fund Allocation

(% of net assets)


Municipal Bonds			100.1%
Floating Rate Obligations			(0.5)%
Other Assets Less Liabilities			0.4%

Portfolio Composition

(% of total investments)


Health Care			24.0%
Tax Obligation/Limited			19.3%
Education and Civic Organizations			12.1%
Tax Obligation/General			10.7%
Long-Term Care			8.3%
U.S. Guaranteed			7.8%
Utilities			5.2%
Other			12.6%

Bond Credit Quality

(% of total investment exposure)


AAA/U.S. Guaranteed			12.2%
AA			32.8%
A			27.3%
BBB			18.3%
N/R (not rated)			9.4%


Nuveen Investments			25

Holding Summaries as of November 30, 2014 (continued)

Nuveen Ohio Municipal Bond Fund

Fund Allocation

(% of net assets)


Municipal Bonds			97.8%
Other Assets Less Liabilities			2.2%

Portfolio Composition

(% of total investments)¹


Tax Obligation/Limited			21.0%
Health Care			19.6%
Tax Obligation/General			15.2%
Water and Sewer			11.0%
U.S. Guaranteed			8.4%
Education and Civic Organizations			6.5%
Transportation			5.7%
Other			12.6%

Bond Credit Quality

(% of total investment exposure)¹


AAA/U.S. Guaranteed			16.1%
AA			56.0%
A			16.8%
BBB			6.1%
BB or Lower			4.2%
N/R (not rated)			0.8%

1	Excluding investments in derivatives.


	26			Nuveen Investments

Nuveen Wisconsin Municipal Bond Fund

Fund Allocation

(% of net assets)


Municipal Bonds			99.2%
Other Assets Less Liabilities			0.8%

Portfolio Composition

(% of total investments)


Tax Obligation/Limited			40.0%
Health Care			16.4%
Long-Term Care			9.2%
Housing/Multifamily			9.0%
Education and Civic Organizations			5.9%
U.S. Guaranteed			5.6%
Other			13.9%

Bond Credit Quality

(% of total investment exposure)


AAA/U.S. Guaranteed			7.0%
AA			31.4%
A			27.8%
BBB			20.3%
BB or Lower			3.3%
N/R (not rated)			10.2%


Nuveen Investments			27

Expense

Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended November 30, 2014.

The beginning of the period is June 1, 2014.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen Kansas Municipal Bond Fund


	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,030.70	$	1,025.90	$	1,027.00	$	1,030.80
Expenses Incurred During Period	$	4.12	$	8.13	$	6.91	$	3.11
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.01	$	1,017.05	$	1,018.25	$	1,022.01
Expenses Incurred During Period	$	4.10	$	8.09	$	6.88	$	3.09

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.81%, 1.60%, 1.36% and 0.61% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


	28			Nuveen Investments

Nuveen Kentucky Municipal Bond Fund


	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,025.50	$	1,020.70	$	1,022.70	$	1,026.60
Expenses Incurred During Period	$	3.96	$	8.00	$	6.74	$	2.95
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.16	$	1,017.15	$	1,018.40	$	1,022.16
Expenses Incurred During Period	$	3.95	$	7.99	$	6.73	$	2.94

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.78%, 1.58%, 1.33% and 0.58% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Nuveen Michigan Municipal Bond Fund


	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,031.70	$	1,027.80	$	1,029.10	$	1,032.80
Expenses Incurred During Period	$	4.33	$	8.39	$	7.12	$	3.31
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.81	$	1,016.80	$	1,018.05	$	1,021.81
Expenses Incurred During Period	$	4.31	$	8.34	$	7.08	$	3.29

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.85%, 1.65%, 1.40% and 0.65% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


Nuveen Investments			29

Expense Examples (continued)

Nuveen Missouri Municipal Bond Fund


	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,024.80	$	1,020.00	$	1,022.20	$	1,025.90
Expenses Incurred During Period	$	4.02	$	8.05	$	6.80	$	3.00
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.10	$	1,017.10	$	1,018.34	$	1,022.10
Expenses Incurred During Period	$	4.01	$	8.04	$	6.79	$	3.00

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.79%, 1.59%, 1.34% and 0.59% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Nuveen Ohio Municipal Bond Fund


	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,028.50	$	1,023.30	$	1,025.70	$	1,028.80
Expenses Incurred During Period	$	4.02	$	8.07	$	6.80	$	3.00
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,021.11	$	1,017.10	$	1,018.35	$	1,022.11
Expenses Incurred During Period	$	4.00	$	8.04	$	6.78	$	2.99


	30			Nuveen Investments

Nuveen Wisconsin Municipal Bond Fund


	Share Class
	Class A		Class C		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,033.30	$	1,028.30	$	1,029.70	$	1,033.40
Expenses Incurred During Period	$	4.33	$	8.34	$	7.12	$	3.31
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.81	$	1,016.85	$	1,018.05	$	1,021.81
Expenses Incurred During Period	$	4.31	$	8.29	$	7.08	$	3.29

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.85%, 1.64%, 1.40% and 0.65% for Classes A, C, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).


Nuveen Investments			31

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014 for Nuveen Kansas Municipal Bond Fund, Nuveen Kentucky Municipal Bond Fund, Nuveen Michigan Municipal Bond Fund, Nuveen Missouri Municipal Bond Fund, Nuveen Ohio Municipal Bond Fund and Nuveen Wisconsin Municipal Bond Fund; at this meeting the shareholders were asked to vote to approve a new investment management agreement, to approve a new sub-advisory agreement, to approve revisions to, or elimination of, certain fundamental investment policies and to elect Board Members.


	Nuveen Kansas Municipal Bond Fund		Nuveen Kentucky Municipal Bond Fund		Nuveen Michigan Municipal Bond Fund		Nuveen Missouri Municipal Bond Fund		Nuveen Ohio Municipal Bond Fund		Nuveen Wisconsin Municipal Bond Fund
To approve a new investment management agreement between each Trust and Nuveen Advisors, LLC.
For		7,715,855		16,625,823		6,955,797		22,678,889		22,632,821		4,880,748
Against		158,844		563,559		220,623		290,380		790,716		94,182
Abstain		345,746		721,532		262,031		379,776		1,077,219		114,244
Broker Non-Votes		2,143,618		5,078,378		1,648,433		11,993,464		5,988,186		1,208,976
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		7,738,644		16,551,300		6,983,251		22,642,075		22,599,694		4,841,022
Against		179,850		613,825		204,404		298,042		814,125		141,955
Abstain		301,949		745,791		250,796		408,929		1,086,937		106,196
Broker Non-Votes		2,143,620		5,078,376		1,648,433		11,993,463		5,988,186		1,208,977
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

To approve revisions to, or eilimation of, certain fundamental investment policies:

a. Revise the fundamental policy related to the purchase and sale of commodities.
For		7,622,265		16,373,468		6,867,303		22,445,562		22,368,987		4,806,042
Against		252,908		795,117		276,896		416,527		986,377		142,658
Abstain		345,268		742,324		294,250		486,953		1,145,393		140,474
Broker Non-Votes		2,143,622		5,078,383		1,648,435		11,993,467		5,988,185		1,208,976
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

b. Revise the fundamental policy related to issuing senior securities.
For		7,612,028		16,365,780		6,834,843		22,392,131		22,403,738		4,793,582
Against		224,863		784,141		283,772		463,151		934,193		180,093
Abstain		383,549		760,992		319,834		493,762		1,162,821		115,498
Broker Non-Votes		2,143,623		5,078,379		1,648,435		11,993,465		5,988,190		1,208,977
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150


	32			Nuveen Investments


	Nuveen Kansas Municipal Bond Fund		Nuveen Kentucky Municipal Bond Fund		Nuveen Michigan Municipal Bond Fund		Nuveen Missouri Municipal Bond Fund		Nuveen Ohio Municipal Bond Fund		Nuveen Wisconsin Municipal Bond Fund
c. Revise the fundamental policy related to underwriting.
For		7,641,760		16,401,697		6,912,242		22,474,429		22,397,326		4,831,135
Against		223,309		770,566		218,310		347,390		951,167		102,843
Abstain		355,373		738,648		307,897		527,224		1,152,261		155,195
Broker Non-Votes		2,143,621		5,078,381		1,648,435		11,993,466		5,988,188		1,208,977
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

d. Revise the fundamental policy related to the purchase and sale of real estate.
For		7,691,263		16,459,790		6,919,758		22,503,056		22,412,771		4,788,674
Against		187,516		709,238		213,571		390,636		911,998		155,592
Abstain		341,660		741,882		305,120		455,350		1,175,986		144,909
Broker Non-Votes		2,143,624		5,078,382		1,648,435		11,993,467		5,988,187		1,208,975
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

e. Revise the fundamental policy related to diversification.
For		—		16,418,946		6,973,257		22,395,693		22,443,733		—
Against		—		748,433		208,232		389,111		897,264		—
Abstain		—		743,530		256,961		564,241		1,159,758		—
Broker Non-Votes		—		5,078,383		1,648,434		11,993,464		5,988,187		—
Total		—		22,989,292		9,086,884		35,342,509		30,488,942		—

f. Eliminate the fundamental policy related to permitted investments.
For		7,699,327		16,297,189		6,876,294		22,432,274		22,250,224		4,793,426
Against		151,562		846,365		251,546		459,059		994,057		156,626
Abstain		369,551		767,352		310,609		457,708		1,256,479		139,120
Broker Non-Votes		2,143,623		5,078,386		1,648,435		11,993,468		5,988,182		1,208,978
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

g. Eliminate the fundamental policy related to pledging assets.
For		7,656,665		16,255,039		6,785,370		22,327,012		22,151,340		4,804,739
Against		181,266		843,706		297,965		545,437		1,116,645		159,576
Abstain		382,509		812,159		355,115		476,594		1,232,773		124,858
Broker Non-Votes		2,143,623		5,078,388		1,648,434		11,993,466		5,988,184		1,208,977
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150


Nuveen Investments			33

Shareholder Meeting Report (continued)


	Nuveen Kansas Municipal Bond Fund		Nuveen Kentucky Municipal Bond Fund		Nuveen Michigan Municipal Bond Fund		Nuveen Missouri Municipal Bond Fund		Nuveen Ohio Municipal Bond Fund		Nuveen Wisconsin Municipal Bond Fund
h. Eliminate the fundamental policy related to investment in issuers whose shares are owned by the Fund’s Board Members or officers.
For		7,599,309		16,182,970		6,803,532		22,196,213		22,058,755		4,753,119
Against		232,975		965,927		302,994		663,164		1,194,989		196,150
Abstain		388,157		762,006		331,923		489,666		1,247,007		139,901
Broker Non-Votes		2,143,622		5,078,389		1,648,435		11,993,466		5,988,191		1,208,980
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

i. Eliminate the fundamental policy related to short sales and purchases on margin.
For		7,616,424		16,238,617		6,757,140		22,305,326		22,105,079		4,749,193
Against		228,099		898,035		299,762		613,162		1,137,557		184,453
Abstain		375,919		774,257		381,545		430,559		1,258,118		155,527
Broker Non-Votes		2,143,621		5,078,383		1,648,437		11,993,462		5,988,188		1,208,977
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

j. Eliminate the fundamental policy related to writing options.
For		7,630,769		16,318,553		6,818,225		22,339,377		22,233,219		4,826,602
Against		209,986		813,375		325,851		554,891		1,064,652		120,136
Abstain		379,687		778,982		294,372		454,781		1,202,883		142,437
Broker Non-Votes		2,143,621		5,078,382		1,648,436		11,993,460		5,988,188		1,208,975
Total		10,364,063		22,989,292		9,086,884		35,342,509		30,488,942		6,298,150

Approval of the Board Members was reached as follows:

William Adams IV
For		111,308,494		111,308,494		111,308,494		111,308,494		111,308,494		111,308,494
Withhold		3,261,347		3,261,347		3,261,347		3,261,347		3,261,347		3,261,347
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

Robert P. Bremner
For		111,183,883		111,183,883		111,183,883		111,183,883		111,183,883		111,183,883
Withhold		3,385,958		3,385,958		3,385,958		3,385,958		3,385,958		3,385,958
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

Jack B. Evans
For		111,387,725		111,387,725		111,387,725		111,387,725		111,387,725		111,387,725
Withhold		3,182,116		3,182,116		3,182,116		3,182,116		3,182,116		3,182,116
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841


	34			Nuveen Investments


	Nuveen Kansas Municipal Bond Fund		Nuveen Kentucky Municipal Bond Fund		Nuveen Michigan Municipal Bond Fund		Nuveen Missouri Municipal Bond Fund		Nuveen Ohio Municipal Bond Fund		Nuveen Wisconsin Municipal Bond Fund
William C. Hunter
For		111,351,577		111,351,577		111,351,577		111,351,577		111,351,577		111,351,577
Withhold		3,218,264		3,218,264		3,218,264		3,218,264		3,218,264		3,218,264
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

David J. Kundert
For		111,144,782		111,144,782		111,144,782		111,144,782		111,144,782		111,144,782
Withhold		3,425,059		3,425,059		3,425,059		3,425,059		3,425,059		3,425,059
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

John K. Nelson
For		111,335,602		111,335,602		111,335,602		111,335,602		111,335,602		111,335,602
Withhold		3,234,239		3,234,239		3,234,239		3,234,239		3,234,239		3,234,239
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

William J. Schneider
For		111,276,520		111,276,520		111,276,520		111,276,520		111,276,520		111,276,520
Withhold		3,293,321		3,293,321		3,293,321		3,293,321		3,293,321		3,293,321
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

Thomas S. Schreier, Jr.
For		111,371,307		111,371,307		111,371,307		111,371,307		111,371,307		111,371,307
Withhold		3,198,534		3,198,534		3,198,534		3,198,534		3,198,534		3,198,534
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

Judith M. Stockdale
For		111,397,121		111,397,121		111,397,121		111,397,121		111,397,121		111,397,121
Withhold		3,172,720		3,172,720		3,172,720		3,172,720		3,172,720		3,172,720
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

Carole E. Stone
For		111,387,445		111,387,445		111,387,445		111,387,445		111,387,445		111,387,445
Withhold		3,182,396		3,182,396		3,182,396		3,182,396		3,182,396		3,182,396
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

Virginia L. Stringer
For		111,314,895		111,314,895		111,314,895		111,314,895		111,314,895		111,314,895
Withhold		3,254,946		3,254,946		3,254,946		3,254,946		3,254,946		3,254,946
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841

Terence J. Toth
For		111,357,382		111,357,382		111,357,382		111,357,382		111,357,382		111,357,382
Withhold		3,212,459		3,212,459		3,212,459		3,212,459		3,212,459		3,212,459
Total		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841		114,569,841


Nuveen Investments			35

Nuveen Kansas Municipal Bond Fund


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 103.9%

MUNICIPAL BONDS – 103.9%

Consumer Staples – 0.7%

1,535

Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.500%, 5/15/39

2/15 at 100.00

BBB

1,463,991

Education and Civic Organizations – 6.6%

1,200

Kansas Development Finance Authority, Athletic Facilities Revenue Bonds, K-State Athletics Inc Project, Series 2011-A1, 5.000%, 7/01/28

7/16 at 100.00

1,268,736

Kansas Development Finance Authority, Athletic Facilities Revenue Bonds, K-State Athletics, Inc., Project, Series 2012B-1:

1,750

5.000%, 7/01/30

7/17 at 100.00

1,893,955

1,855

5.000%, 7/01/32

7/17 at 100.00

2,007,592

Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Kansas State University Housing System, Series 2005A, 5.000%, 4/01/22 – NPFG Insured

4/15 at 100.00

AA–

30,484

675

Kansas Development Finance Authority, Revenue Bonds, Kansas Board of Regents University of Kansas Medical Center Research Institute, Series 2010N, 5.000%, 4/01/29

4/20 at 100.00

757,613

1,690

Kansas Development Finance Authority, Revenue Bonds, Wichita State University Union Corporation Student Housing Project, Series 2013F-1, 5.250%, 6/01/38

6/21 at 100.00

Aa3

1,936,943

3,430

Kansas Independent College Finance Authority, Educational Facilities Revenue Bonds, Tabor College Project, Series 2013, 5.800%, 3/01/37

3/20 at 100.00

N/R

3,572,105

1,750

Topeka, Kansas, Economic Development Revenue Bonds, YMCA Project, Refunding Series 2011A, 6.500%, 9/01/32

9/21 at 100.00

N/R

1,829,415

12,380

Total Education and Civic Organizations

13,296,843

Health Care – 25.2%

1,680

Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2005L, 5.000%, 11/15/20

11/15 at 100.00

1,754,659

3,950

Kansas Development Finance Authority, Health Facilities Revenue Bonds, Hays Medical Center Inc., Series 2010Q, 5.000%, 5/15/35

5/19 at 100.00

4,189,489

5,000

Kansas Development Finance Authority, Health Facilities Revenue Bonds, KU Health System, Series 2011H, 5.125%, 3/01/39

3/20 at 100.00

A+

5,357,100

2,000

Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2008F, 5.375%, 11/15/28

11/17 at 100.00

2,168,920

3,715

Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2011F, 5.250%, 11/15/29

11/19 at 100.00

4,114,065

2,000

Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38

11/22 at 100.00

2,159,280

8,650

Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009C, 5.750%, 11/15/38 (UB)

11/19 at 100.00

Aa2

9,913,333

2,400

Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2009D, 5.000%, 11/15/29 (UB)

11/17 at 100.00

Aa2

2,623,344


	36			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Health Care (continued)

Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A:

1,000

5.000%, 1/01/23

1/20 at 100.00

AA–

1,132,350

1,515

5.000%, 1/01/40 (UB) (4)

1/20 at 100.00

AA–

1,651,441

1,750

Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Tender Option Bond Trust 4153, 17.866%, 1/01/18 (IF) (4)

No Opt. Call

AA–

2,380,035

3,250

Labette County Medical Center, Kansas, Revenue Bonds, Series 2007A, 5.750%, 9/01/37

9/17 at 100.00

N/R

3,323,970

Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006:

2,500

5.125%, 7/01/26

7/16 at 100.00

2,599,925

500

5.125%, 7/01/36

7/16 at 100.00

516,340

3,000

Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 5.000%, 11/15/29

11/22 at 100.00

A+

3,356,820

1,000

Olathe, Kansas, Health Facilities Revenue Bonds, Olathe Medical Center, Series 2010A, 5.000%, 9/01/30

9/19 at 100.00

A+

1,100,840

1,500

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series 2011A, 6.000%, 7/01/33

7/21 at 100.00

A–

1,606,290

750

Salina, Kansas, Hospital Revenue Bonds, Salina Regional Medical Center, Series 2006, 4.625%, 10/01/31

4/16 at 100.00

761,423

46,160

Total Health Care

50,709,624

Housing/Multifamily – 0.5%

1,000

Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27

12/18 at 100.00

A+

1,069,930

Housing/Single Family – 0.3%

Sedgwick and Shawnee Counties, Kansas, GNMA Mortgage-Backed Securities Program Single Family Revenue Bonds, Series 1997A-1, 6.950%, 6/01/29 (Alternative Minimum Tax)

No Opt. Call

Aaa

36,995

615

Sedgwick and Shawnee Counties, Kansas, Mortgage Backed Securities Program Single Family Mortgage Revenue Bonds, Series 2006A6, 5.550%, 6/01/38 (Alternative Minimum Tax)

6/16 at 103.00

Aaa

624,422

650

Total Housing/Single Family

661,417

Long-Term Care – 7.4%

3,125

Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30

5/20 at 100.00

3,372,375

Lenexa, Kansas, Health Care Facilities Revenue Bonds, Lakeview Village Inc, Refunding & Improvement Series 2007:

1,270

5.125%, 5/15/16

No Opt. Call

N/R

1,324,572

1,100

5.500%, 5/15/39

5/17 at 100.00

N/R

1,118,436

2,030

Manhattan Health Care Facility Revenue Bonds, Kansas, Meadowlarks Hills Retirement, Series 2007B, 5.125%, 5/15/42

5/15 at 102.00

N/R

2,037,044

2,000

Olathe, Kansas, Senior Living Facility Revenue Bonds, Aberdeen Village Inc, Refunding Series 2005A, 5.600%, 5/15/28

2/15 at 100.00

N/R

2,000,780

1,540

Olathe, Kansas, Senior Living Facility Revenue Bonds, Catholic Care Campus Santa Marta, Series 2006A, 6.000%, 11/15/38

11/16 at 100.00

N/R

1,557,679

2,500

Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2013IV-A, 6.375%, 5/15/43

5/23 at 100.00

N/R

2,708,800


Nuveen Investments			37

Nuveen Kansas Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Long-Term Care (continued)

665

Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2014IV-A, 5.625%, 5/15/44

5/24 at 100.00

N/R

678,433

14,230

Total Long-Term Care

14,798,119

Tax Obligation/General – 12.7%

2,000

Allen County, Kansas Public Building Commission Revenue Bonds, Allen County Hospital Project, Series 2012, 5.150%, 12/01/36

12/22 at 100.00

2,195,620

1,500

Anderson County, Kansas, General Obligation Bonds, Refunding and Improvent Series 2013A, 5.000%, 8/01/33 – AGM Insured

8/23 at 100.00

1,698,795

2,500

Butler and Sedgwick Counties Unified School District 385, Andover, Kansas, General Obligation Refunding and Improvement Bonds, Series 2000, 6.000%, 9/01/16 – AGM Insured

No Opt. Call

2,736,125

1,000

Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39

11/19 at 100.00

BB–

1,156,130

2,500

Guam Government, General Obligation Bonds, Series 2007A, 5.000%, 11/15/23

11/17 at 100.00

BB–

2,579,050

3,000

Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, Series 2011A, 5.250%, 9/01/28

9/21 at 100.00

Aa3

3,568,470

2,250

Johnson County Unified School District 229, Blue Valley, Kansas, General Obligation Bonds, Series 2012A, 5.000%, 10/01/23 – NPFG Insured

10/22 at 100.00

Aaa

2,734,403

Johnson County Unified School District 231, Gardner, Edgerton and Antioch, Kansas, General Obligation Bonds, Refunding & Improvement Series 2012A:

2,000

5.000%, 10/01/23

10/22 at 100.00

A+

2,414,460

2,200

5.000%, 10/01/28

10/23 at 100.00

A+

2,512,774

1,000

Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Improvement Series 2012, 5.000%, 10/01/30

10/22 at 100.00

AA–

1,162,680

2,000

Sedgwick County Unified School District 262, Kansas, General Obligation Bonds, Series 2008, 5.000%, 9/01/23 – AGC Insured

9/18 at 100.00

2,263,700

390

Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Series 2008B, 5.500%, 9/01/28

9/18 at 100.00

AA–

445,840

22,340

Total Tax Obligation/General

25,468,047

Tax Obligation/Limited – 26.0%

1,000

Dodge City, Kansas, Sales Tax Revenue Bonds, Series 2009, 5.000%, 6/01/34 – AGC Insured

6/19 at 100.00

1,119,790

875

Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42

1/22 at 100.00

955,833

1,760

Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42

1/22 at 100.00

1,907,787

1,115

Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34

12/19 at 100.00

BBB+

1,232,833

Johnson County Public Building Commission, Kansas, Lease Purchase Revenue Bonds, Series 2011A:

1,320

4.000%, 9/01/25

9/20 at 100.00

AAA

1,435,751

2,020

4.000%, 9/01/26

9/20 at 100.00

AAA

2,180,186

1,000

4.000%, 9/01/27

9/20 at 100.00

AAA

1,074,850

1,220

4.125%, 9/01/28

9/20 at 100.00

AAA

1,313,110

1,270

4.250%, 9/01/29

9/20 at 100.00

AAA

1,373,937

365

Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and Development Facilities Projects, Series 2003C, 5.000%, 10/01/23 – AMBAC Insured

4/15 at 101.00

AA–

371,931


	38			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

1,665

Kansas Development Finance Authority, K-State Olathe Innovation Campus Inc., Johnson County Sales Tax Revenue Bonds, Series 2009L, 5.000%, 9/01/39

9/19 at 100.00

1,872,459

3,910

Kansas Development Finance Authority, Revenue Bonds, Department of Administration, Comprehensive Transportation Program, Series 2006A, 5.000%, 11/01/23 – FGIC Insured

11/16 at 100.00

AA–

4,219,007

1,400

Kansas Development Finance Authority, Revenue Bonds, Department of Commerce Impact Program, Series 2011K, 5.000%, 12/01/20

12/19 at 100.00

AA–

1,613,276

Kansas Development Finance Authority, Revenue Bonds, State Projects, Series 2001W, 5.000%, 10/01/17 – NPFG Insured

2/15 at 100.00

AA–

40,160

5,000

Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park Convention Center, Series 2007A, 5.250%, 1/01/32 – AMBAC Insured

1/17 at 100.00

BB+

5,025,300

Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010:

210

5.200%, 4/01/20

No Opt. Call

BBB

236,492

2,350

5.900%, 4/01/32

4/20 at 100.00

BBB

2,583,449

2,775

Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32

No Opt. Call

N/R

2,765,815

1,500

Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured

No Opt. Call

1,469,265

Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A:

5,000

5.000%, 10/01/32

No Opt. Call

BBB+

5,380,500

2,000

5.000%, 10/01/32 – AGM Insured

No Opt. Call

2,232,420

1,000

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/25

10/20 at 100.00

BBB

1,118,620

1,100

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32

10/22 at 100.00

BBB

1,183,710

2,000

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29

10/20 at 100.00

Baa2

2,212,860

2,525

Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37

10/19 at 100.00

Baa3

2,887,413

Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Kansas International Speedway Corporation Project, Refunding Series 2014:

1,370

5.000%, 12/01/25

12/24 at 100.00

A+

1,612,175

1,260

5.000%, 12/01/26

12/24 at 100.00

A+

1,475,384

1,925

Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21

No Opt. Call

A–

1,356,663

48,975

Total Tax Obligation/Limited

52,250,976

Transportation – 1.2%

1,225

Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014A, 5.000%, 9/01/33 (Alternative Minimum Tax)

9/24 at 100.00

BBB+

1,346,471

945

Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax)

7/22 at 100.00

BBB–

1,033,036

2,170

Total Transportation

2,379,507


Nuveen Investments			39

Nuveen Kansas Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

U.S. Guaranteed – 6.8% (5)

2,000

Butler County Unified School District 402, Kansas, General Obligation Bonds, Series 2008A, 5.125%, 9/01/32 (Pre-refunded 9/01/18) – AGC Insured

9/18 at 100.00

A1 (5)

2,274,100

2,000

Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2005, 5.875%, 7/01/35 (Pre-refunded 7/01/15)

7/15 at 100.00

A– (5)

2,066,280

1,170

Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Kansas State University Housing System, Series 2005A, 5.000%, 4/01/22 (Pre-refunded 4/01/15) – NPFG Insured

4/15 at 100.00

AA– (5)

1,189,270

500

Unified School District 470, Cowley County, Kansas, General Obligation Bonds, Series 2008A, 5.500%, 9/01/21 (Pre-refunded 9/01/18) – AGM Insured

9/18 at 100.00

AA (5)

584,555

4,000

Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21)

11/21 at 100.00

N/R (5)

4,875,600

675

Wichita, Kansas, Revenue Bonds, CSJ Health System of Wichita, Inc., Series 1985-XXV, 7.200%, 10/01/15 (ETM)

2/15 at 100.00

N/R (5)

683,357

1,695

Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Series 2008B, 5.500%, 9/01/28 (Pre-refunded 9/01/18)

9/18 at 100.00

N/R (5)

1,983,692

12,040

Total U.S. Guaranteed

13,656,854

Utilities – 13.0%

3,000

Burlington, Kansas, Environmental Improvement Revenue Bonds, Kansas City Power and Light Company, Series 2005, 4.650%, 9/01/35 – SYNCORA GTY Insured

9/15 at 100.00

BBB+

3,014,670

1,375

Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured

10/22 at 100.00

1,577,730

Guam Power Authority, Revenue Bonds, Series 2014A:

1,000

5.000%, 10/01/32

10/24 at 100.00

1,147,710

1,000

5.000%, 10/01/33

10/24 at 100.00

1,144,990

1,500

Kansas Municipal Energy Agency, Power Project Revenue Bonds, Jameson Energy Center Project, Series 2013, 5.750%, 7/01/38

7/23 at 100.00

A–

1,726,290

Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A:

1,395

5.000%, 12/01/22

No Opt. Call

Baa1

1,582,125

1,265

5.000%, 12/01/23

12/22 at 100.00

Baa1

1,423,138

2,575

5.000%, 12/01/31

12/20 at 100.00

Baa1

2,740,289

1,595

Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31

7/17 at 100.00

BB+

1,596,467

2,500

Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 9/01/32

9/22 at 100.00

A+

2,837,200

Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2009A:

1,075

5.000%, 9/01/29 – BHAC Insured

3/19 at 100.00

AA+

1,208,429

3,000

5.250%, 9/01/34 – BHAC Insured

3/19 at 100.00

AA+

3,383,640

1,535

Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Series 2011A, 5.000%, 9/01/28

9/21 at 100.00

A+

1,717,987

1,000

Wynadotte County-Kansas City Unified Government, Kansas, Industrial Revenue Bonds, Board of Public Utilities Office Building Complex, Series 2001, 5.000%, 5/01/21 – NPFG Insured

5/15 at 100.00

AA–

1,003,910

23,815

Total Utilities

26,104,575


	40			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Water and Sewer – 3.5%

Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013:

500

5.250%, 7/01/33

7/23 at 100.00

A–

563,440

1,250

5.500%, 7/01/43

7/23 at 100.00

A–

1,431,588

2,000

Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Refunding Series 2011A, 5.000%, 10/01/28

10/21 at 100.00

AA–

2,337,500

2,500

Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Series 2009A, 5.000%, 10/01/39

10/19 at 100.00

AA–

2,752,200

6,250

Total Water and Sewer

7,084,728

191,545

Total Long-Term Investments (cost $194,122,643)

208,944,611

Floating Rate Obligations – (4.7)%

(9,420,000

)

Other Assets Less Liabilities – 0.8%

1,622,980

Net Assets – 100%

201,147,591

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(3)

Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(5)

Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.

(IF)	Inverse floating rate investment.

(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

(ETM)

Escrowed to maturity.

See accompanying notes to financial statements.


Nuveen Investments			41

Nuveen Kentucky Municipal Bond Fund


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 99.3%

MUNICIPAL BONDS – 99.3%

Education and Civic Organizations – 7.3%

110

Campbellsville, Kentucky, Revenue Bonds, Campbellsville University, Series 2005, 5.700%, 3/01/34

3/15 at 100.00

N/R

110,413

830

Eastern Kentucky University, General Receipts Bonds, Refunding Series 2012A, 5.000%, 4/01/20

No Opt. Call

Aa3

963,190

Kentucky Asset/Liability Commission, General Receipts Revenue Bonds, University of Kentucky, Series 2007A:

1,645

5.000%, 10/01/20 – AMBAC Insured

10/17 at 100.00

Aa2

1,831,987

2,675

5.000%, 10/01/21 – AMBAC Insured

10/17 at 100.00

Aa2

2,976,660

4,435

5.000%, 10/01/22 – AMBAC Insured

10/17 at 100.00

Aa2

4,927,196

Kentucky Higher Education Student Loan Corporation, Student Loan Revenue Bonds, Senior
Series 2014A:

900

5.000%, 6/01/22 (Alternative Minimum Tax)

No Opt. Call

999,189

700

5.000%, 6/01/23 (Alternative Minimum Tax)

No Opt. Call

775,026

400

5.000%, 6/01/24 (Alternative Minimum Tax)

No Opt. Call

441,868

1,500

Louisville and Jefferson County Metropolitan Government, Kentucky, General Revenue Bonds, Bellarmine University, Series 2008A, 6.000%, 5/01/38

5/18 at 100.00

Baa3

1,639,530

2,000

Louisville and Jefferson County Metropolitan Government, Kentucky, Industrial Building Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/35

10/16 at 100.00

A+

2,068,700

University of Kentucky, General Receipts Bonds, Refunding Series 2012A:

1,435

5.000%, 5/01/19

No Opt. Call

Aa2

1,669,666

1,185

5.000%, 5/01/20

No Opt. Call

Aa2

1,401,120

2,340

5.000%, 5/01/21

No Opt. Call

Aa2

2,800,091

University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2011A:

150

5.000%, 9/01/20

No Opt. Call

AA–

177,654

2,005

5.000%, 9/01/26

9/21 at 100.00

AA–

2,338,111

1,910

University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2012A, 5.000%, 9/01/25

9/21 at 100.00

AA–

2,237,317

24,220

Total Education and Civic Organizations

27,357,718

Health Care – 25.4%

3,360

Christian County, Kentucky, Hospital Revenue Refunding Bonds, Jennie Stuart Medical Center, Series 2006A, 5.500%, 2/01/36 – AGC Insured

2/18 at 100.00

3,622,483

Glasgow, Kentucky, Healthcare Revenue Bonds, T.J. Samson Community Hospital Project,
Series 2011:

100

5.350%, 2/01/24

8/21 at 100.00

BBB

108,947

2,000

6.375%, 2/01/35

8/21 at 100.00

BBB

2,259,480

3,310

6.450%, 2/01/41

8/21 at 100.00

BBB

3,686,413

Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A:

3,925

5.500%, 6/01/21

6/20 at 100.00

BBB+

4,527,291

165

6.375%, 6/01/40

6/20 at 100.00

BBB+

190,544

5,150

6.500%, 3/01/45

6/20 at 100.00

BBB+

5,976,678


	42			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Health Care (continued)

Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2009A:

1,100

5.375%, 8/15/24

8/19 at 100.00

A+

1,228,040

7,090

5.625%, 8/15/27

8/19 at 100.00

A+

7,931,016

Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011:

1,500

5.000%, 8/15/42

8/21 at 100.00

A+

1,607,535

3,000

5.250%, 8/15/46

8/21 at 100.00

A+

3,268,440

10,000

Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45

1/23 at 100.00

A+

11,186,200

Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Series 2009A:

210

5.375%, 5/01/34

5/19 at 100.00

237,447

5,010

5.500%, 5/01/39

5/19 at 100.00

5,684,246

3,320

Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/26

6/22 at 100.00

A+

3,769,594

7,000

Murray Hospital Facilities, Kentucky, Revenue Bonds, Murray-Calloway County Public Hospital,
Series 2007, 5.125%, 8/01/37

8/17 at 100.00

Baa3

7,071,890

7,500

Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, Improvement and Refunding Series 2011, 6.500%, 3/01/41

3/21 at 100.00

8,626,950

2,195

Rockcastle County, Kentucky, First Mortgage Revenue Bonds, Rockcastle Hospital and Respiratory Care Center Inc. Project, Series 2005, 5.550%, 6/01/30

6/15 at 100.00

BBB–

2,208,455

Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013:

3,300

5.000%, 11/01/22

No Opt. Call

A–

3,877,995

8,000

5.000%, 11/01/26

No Opt. Call

A–

9,140,000

1,000

Warren County, Kentucky, Hospital Facilities Revenue Bonds, Community Hospital, Series 2007A, 5.000%, 8/01/29

8/17 at 100.00

1,057,470

3,250

Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/35

4/23 at 100.00

3,567,818

Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A:

1,980

5.000%, 10/01/33

10/22 at 100.00

2,169,248

2,000

5.000%, 10/01/37

10/22 at 100.00

2,182,580

85,465

Total Health Care

95,186,760

Housing/Multifamily – 0.3%

1,190

Kentucky Housing Corporation, Conduit Multifamily Mortgage Revenue Bonds, Florence Homes III Apartments Project, Series 2005B, 5.000%, 6/01/35 (Mandatory put 6/01/23) (Alternative Minimum Tax)

6/15 at 102.00

N/R

1,222,654

Housing/Single Family – 2.2%

Kentucky Housing Corporation Housing Revenue Bonds Series 2011B:

150

3.000%, 1/01/21

No Opt. Call

AAA

159,314

485

3.000%, 7/01/21

No Opt. Call

AAA

513,901

705

3.100%, 7/01/22

7/21 at 100.00

AAA

745,523

360

3.300%, 1/01/23

7/21 at 100.00

AAA

382,010

595

3.300%, 7/01/23

7/21 at 100.00

AAA

629,332

610

3.625%, 1/01/25

7/21 at 100.00

AAA

641,025


Nuveen Investments			43

Nuveen Kentucky Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Housing/Single Family (continued)

610

Kentucky Housing Corporation, Housing Revenue Bonds, Series 2007K, 5.000%, 7/01/34

1/17 at 100.00

AAA

628,221

2,250

Kentucky Housing Corporation, Housing Revenue Bonds, Series 2007N, 5.000%, 7/01/32 (Alternative Minimum Tax)

No Opt. Call

AAA

2,319,323

1,930

Kentucky Housing Corporation, Housing Revenue Bonds, Series 2009B, 5.150%, 7/01/39

1/19 at 100.00

AAA

2,047,711

7,695

Total Housing/Single Family

8,066,360

Long-Term Care – 0.6%

2,090

Kentucky Economic Development Finance Authority, Multifamily Housing Revenue Bonds, Christian Care Communities Projects, Series 2005, 5.250%, 11/20/25

11/15 at 103.00

AA+

2,194,040

Materials – 0.8%

2,820

Wickliffe, Kentucky, Solid Waste Disposal Facility Revenue Bonds, Westvaco Corporation, Series 1996, 6.375%, 4/01/26 (Alternative Minimum Tax)

4/15 at 100.00

BBB

2,821,410

Tax Obligation/General – 0.3%

1,085

Crittenden County, Kentucky, General Obligation Bonds, Series 2007, 6.000%, 12/01/27

12/17 at 100.00

N/R

1,156,643

Tax Obligation/Limited – 22.0%

1,000

Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund First Series 2010A, 5.000%, 9/01/21

9/20 at 100.00

1,167,010

1,500

Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, Federal Highway Trust Fund First Series 2013A, 5.000%, 9/01/17

No Opt. Call

1,674,615

2,000

Kentucky Asset/Liability Commission, General Fund Revenue Project Notes, First Series 2005, 5.000%, 5/01/25 – NPFG Insured

5/15 at 100.00

AA–

2,038,860

Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1:

1,950

5.750%, 12/01/28 – AGC Insured

6/18 at 100.00

2,102,022

3,450

6.000%, 12/01/33 – AGC Insured

6/18 at 100.00

3,735,384

4,630

6.000%, 12/01/38 – AGC Insured

6/18 at 100.00

5,016,188

9,350

6.000%, 12/01/42 – AGC Insured

6/18 at 100.00

10,094,541

Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A2:

0.000%, 12/01/15 – AGC Insured

No Opt. Call

34,358

0.000%, 12/01/16 – AGC Insured

No Opt. Call

47,707

3,505

0.000%, 12/01/22 – AGC Insured

No Opt. Call

2,575,825

3,750

0.000%, 12/01/23 – AGC Insured

No Opt. Call

2,612,400

5,000

Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Tender Option Bonds Trust 11810, 16.440%, 6/01/16 – AGC Insured (IF)

No Opt. Call

6,559,200

Kentucky State Property and Buildings Commission, Revenue Bonds, Project 84, Series 2005:

2,115

5.000%, 8/01/18 – NPFG Insured

No Opt. Call

AA–

2,420,279

125

5.000%, 8/01/19 – NPFG Insured

No Opt. Call

AA–

146,011

2,000

Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/15 – AGM Insured

No Opt. Call

2,064,920

Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding
Series 2009:

2,500

5.250%, 2/01/28 – AGC Insured

2/19 at 100.00

2,838,125

2,500

5.250%, 2/01/29 – AGC Insured

2/19 at 100.00

2,838,125


	44			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

2,000

Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2010A, 5.000%, 7/01/20

��

No Opt. Call

AA+

2,371,760

1,800

Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2011A, 5.000%, 7/01/24

7/21 at 100.00

AA+

2,107,656

Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2012A:

500

5.000%, 7/01/24

7/22 at 100.00

AA+

599,705

4,000

5.000%, 7/01/30

7/22 at 100.00

AA+

4,658,920

6,740

5.000%, 7/01/31

7/22 at 100.00

AA+

7,830,128

Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2006B:

2,095

5.000%, 7/01/15 – AMBAC Insured

No Opt. Call

AA+

2,155,252

5,000

5.000%, 7/01/24 – AMBAC Insured

7/16 at 100.00

AA+

5,344,100

Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2008A, 5.000%, 7/01/28

7/18 at 100.00

AA+

27,886

2,820

Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2009A, 5.000%, 7/01/29

7/19 at 100.00

AA+

3,211,303

2,060

Laurel County School District Finance Corporation, Kentucky, School Building Revenue Bonds,
Series 2007, 5.000%, 6/01/27 – AGM Insured

6/17 at 100.00

Aa3

2,236,315

3,000

Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29

6/21 at 100.00

Aa3

3,406,830

500

Pendleton County, Kentucky, Leasing Trust Revenue Bonds, Kentucky Association of Counties,
Series 1993A, 6.400%, 3/01/19

No Opt. Call

556,470

76,000

Total Tax Obligation/Limited

82,471,895

Transportation – 6.7%

5,090

Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2003B, 5.000%, 3/01/23 – NPFG Insured (Alternative Minimum Tax)

2/15 at 100.00

AA–

5,108,884

2,000

Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Capital Appreciation Series 2013B, 0.000%, 7/01/23

No Opt. Call

Baa3

1,427,380

10,000

Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A, 6.000%, 7/01/53

7/23 at 100.00

Baa3

11,507,000

Lexington-Fayette Urban County Government, Kentucky, General Airport Revenue Refunding Bonds, Series 2012B:

1,215

5.000%, 7/01/29 (Alternative Minimum Tax)

No Opt. Call

1,365,247

1,100

5.000%, 7/01/31 (Alternative Minimum Tax)

No Opt. Call

1,222,694

1,000

5.000%, 7/01/38

No Opt. Call

1,105,880

Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A:

1,555

5.000%, 7/01/31 (Alternative Minimum Tax)

7/24 at 100.00

A+

1,771,472

1,500

5.000%, 7/01/32 (Alternative Minimum Tax)

7/24 at 100.00

A+

1,699,575

23,460

Total Transportation

25,208,132

U.S. Guaranteed – 6.2% (4)

890

Campbellsville, Kentucky, Revenue Bonds, Campbellsville University, Series 2005, 5.700%, 3/01/34 (Pre-refunded 3/01/15)

3/15 at 100.00

N/R (4)

902,763


Nuveen Investments			45

Nuveen Kentucky Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

U.S. Guaranteed (4) (continued)

Crittenden County, Kentucky, General Obligation Bonds, Series 2007:

1,605

6.250%, 12/01/32 (Pre-refunded 12/01/17)

12/17 at 100.00

N/R (4)

1,864,657

2,190

6.500%, 12/01/37 (Pre-refunded 12/01/17)

12/17 at 100.00

N/R (4)

2,560,526

1,000

Kentucky Asset/Liability Commission, General Receipts Revenue Bonds, University of Kentucky, Series 2005, 5.000%, 10/01/16 (Pre-refunded 10/01/15) – FGIC Insured

10/15 at 100.00

Aa2 (4)

1,040,650

2,795

Kentucky State Property and Buildings Commission, Revenue Bonds, Project 85, Series 2005, 5.000%, 8/01/22 (Pre-refunded 8/01/15) – AGM Insured

8/15 at 100.00

AA (4)

2,886,005

Louisville and Jefferson County Metropolitan Government Board of Water Works, Kentucky, Water System Revenue Bonds, Series 2006:

2,565

5.000%, 11/15/27 (Pre-refunded 11/15/16)

11/16 at 100.00

AAA

2,796,107

4,990

5.000%, 11/15/29 (Pre-refunded 11/15/16)

11/16 at 100.00

AAA

5,439,599

1,730

Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18)

2/18 at 100.00

Aaa

2,022,145

3,745

Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B, 0.000%, 1/01/15 – AMBAC Insured (ETM)

No Opt. Call

A3 (4)

3,744,176

21,510

Total U.S. Guaranteed

23,256,628

Utilities – 20.5%

Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project Series 2007A:

6,500

5.000%, 9/01/37 – NPFG Insured

��

9/17 at 100.00

AA–

7,040,280

4,600

5.250%, 9/01/42 – NPFG Insured

9/17 at 100.00

AA–

5,019,612

7,535

5.250%, 9/01/42 – BHAC Insured (UB) (5)

9/17 at 100.00

AA+

8,260,771

2,500

Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project, Tender Option Bond Trust 1025, 19.214%, 9/01/42 – BHAC Insured (IF) (5)

9/17 at 100.00

AA+

3,462,925

4,740

Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009A, 6.250%, 6/01/39

6/19 at 100.00

A–

5,433,557

5,300

Owen County, Kentucky, Waterworks System Revenue Bonds, Kentucky-American Water Company Project, Series 2009B, 5.625%, 9/01/39

9/19 at 100.00

A–

5,871,446

Owensboro, Kentucky, Electric Light and Power System Revenue Bonds, Series 1991B:

7,900

0.000%, 1/01/17 – AMBAC Insured

No Opt. Call

7,652,098

13,300

0.000%, 1/01/18 – AMBAC Insured

No Opt. Call

12,610,262

Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A:

2,945

5.000%, 10/01/20 – AGC Insured

4/19 at 100.00

3,325,229

3,995

5.000%, 10/01/25

4/19 at 100.00

4,447,234

5.000%, 10/01/28 – AGC Insured

4/19 at 100.00

104,267

8,885

5.250%, 10/01/35 – AGC Insured

4/19 at 100.00

9,851,331

3,500

Trimble County, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2002A, 1.050%, 9/01/26 (Mandatory put 3/01/18) (WI/DD, Settling 12/15/14)

No Opt. Call

3,502,519

71,795

Total Utilities

76,581,531

Water and Sewer – 7.0%

Campbell & Kenton Counties Sanitation District 1, Kentucky, Revenue Bonds, Series 2007:

225

5.000%, 8/01/21 – NPFG Insured

8/17 at 100.00

249,147

3,795

5.000%, 8/01/24 – NPFG Insured

8/17 at 100.00

4,179,965


	46			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Water and Sewer (continued)

2,750

Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A, 5.000%, 2/01/30

2/22 at 100.00

AAA

3,184,253

315

Kentucky Rural Water Finance Corporation, Multimodal Public Projects Revenue Bonds, Flexible Term Program, Series 2001A, 5.375%, 2/01/20

2/15 at 100.00

A+

316,332

7,500

Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2011A, 5.000%, 5/15/28

11/21 at 100.00

8,716,275

2,000

Northern Kentucky Water District, Revenue Bonds, Series 2009, 6.500%, 2/01/33 – AGM Insured

8/18 at 100.00

Aa3

2,315,380

Northern Kentucky Water District, Revenue Bonds, Series 2012:

2,590

5.000%, 2/01/22

No Opt. Call

Aa3

3,095,827

3,495

5.000%, 2/01/26

2/22 at 100.00

Aa3

3,988,423

195

Owensboro, Kentucky, Water Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 9/15/29

9/18 at 100.00

217,756

22,865

Total Water and Sewer

26,263,358

340,195

Total Long-Term Investments (cost $344,134,102)

371,787,129

Floating Rate Obligations – (1.5)%

(5,650,000

)

Other Assets Less Liabilities – 2.2% (6)

8,139,778

Net Assets – 100%

374,276,907

Investments in Derivatives as of November 30, 2014

Credit Default Swaps outstanding:


Counterparty	Reference Entity		Buy/Sell Protection (7)		Current Credit Spread (8)			Notional Amount		Fixed Rate (Annualized)			Termination Date		Value		Unrealized Appreciation (Depreciation) (6)
Citibank N.A.		Commonwealth of Puerto Rico		Buy		25.5	%	$	3,030,000		5.000	%		12/20/19	$	733,918	$	3,299

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(3)

(4)

(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(6)	Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

(7)	The Fund entered into the credit default swaps to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning the referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

(8)

The credit spread generally serves as an indication of the current status of the payment/performance risk and therefore the likelihood of default of the credit derivative. The credit spread also reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into a credit default swap contract. Higher credit spreads are indicative of higher likelihood of performance by the seller of protection.

WI/DD

Investments, or portion of investments, purchased on a when-issued or delayed delivery basis.

(IF)	Inverse floating rate investment.

(ETM)

Escrowed to maturity.

(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.


Nuveen Investments			47

Nuveen Michigan Municipal Bond Fund


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 96.9%

MUNICIPAL BONDS – 96.9%

Consumer Staples – 2.9%

3,000

Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34

6/17 at 100.00

B–

2,586,510

2,215

Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42

6/18 at 100.00

BB–

2,116,300

5,215

Total Consumer Staples

4,702,810

Education and Civic Organizations – 5.6%

1,480

Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39

10/24 at 100.00

Aa3

1,690,574

350

Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28

12/24 at 100.00

A+

408,979

830

Michigan Finance Authority, Public School Academy Limited Obligation Revenue and Refunding Bonds, Detroit Service Learning Academy Project, Series 2011, 7.000%, 10/01/31

10/21 at 100.00

BB–

884,996

1,000

Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hanley International Academy, Inc. Project, Series 2010A, 6.125%, 9/01/40

9/20 at 100.00

BBB–

1,049,990

500

Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2011, 7.750%, 10/01/30

10/21 at 100.00

BBB–

586,860

1,000

Michigan State University, General Revenue Bonds, Refunding Series 2010C, 5.000%, 2/15/40

2/20 at 100.00

AA+

1,116,590

3,000

University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44

4/24 at 100.00

AAA

3,439,470

8,160

Total Education and Civic Organizations

9,177,459

Health Care – 14.8%

1,000

Grand Traverse County Hospital Financial Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29

7/21 at 100.00

AA–

1,096,840

450

Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Allegiance Health, Refunding Series 2010A, 5.000%, 6/01/37 – AGM Insured

6/20 at 100.00

480,528

Kent Hospital Finance Authority, Michigan, Revenue Refunding Bonds, Spectrum Health System, Refunding Series 2011C:

2,135

5.000%, 1/15/31

1/22 at 100.00

2,367,437

365

5.000%, 1/15/42

1/22 at 100.00

394,368

3,000

Michigan Finance Authority, Hospital Revenue and Refunding Bonds, Crittenton Hospital Medical Center, Series 2012A, 5.000%, 6/01/39

No Opt. Call

BBB+

3,117,900

Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012:

1,670

5.000%, 11/01/25

11/22 at 100.00

1,913,269

1,250

5.000%, 11/01/42

11/22 at 100.00

1,335,900

2,305

Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39

12/21 at 100.00

Aa2

2,520,471

3,300

Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39

11/19 at 100.00

A–

3,662,571


	48			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Health Care (continued)

1,000

Michigan State Hospital Finance Authority, Hospital Revenue Bonds, MidMichigan Obligated Group, Series 2009A, 5.875%, 6/01/39 – AGC Insured

6/19 at 100.00

1,130,970

2,000

Michigan State Hospital Finance Authority, Revenue Bonds, Sparrow Obligated Group, Series 2005, 5.000%, 11/15/36 – NPFG Insured

5/15 at 100.00

AA–

2,017,460

2,000

Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48

6/22 at 100.00

Aa2

2,150,760

1,590

Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital Obligated Group, Refunding Series 2009W, 6.000%, 8/01/39

8/19 at 100.00

1,809,563

22,065

Total Health Care

23,998,037

Housing/Multifamily – 0.7%

1,200

Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2006D, 5.125%, 4/01/31 – AGM Insured (Alternative Minimum Tax)

7/15 at 100.00

1,218,612

Tax Obligation/General – 30.3%

690

Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29

5/22 at 100.00

Aa2

801,401

660

Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Series 2008, 5.000%, 5/01/23

5/18 at 100.00

Aa2

736,006

800

Ann Arbor, Michigan, General Obligation Bonds, Court & Police Facilities Capital Improvement Series 2008, 5.000%, 5/01/38

5/18 at 100.00

AA+

879,488

1,435

Bay City, Michigan, General Obligation Bonds, Series 2008B, 5.500%, 4/01/28 – AGM Insured

4/18 at 100.00

1,607,918

1,515

Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39

5/24 at 100.00

AA–

1,714,919

2,660

Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/32 – NPFG Insured

5/17 at 100.00

Aa2

2,838,938

370

Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 1998C, 5.250%, 5/01/25 – FGIC Insured

No Opt. Call

AA+

414,056

4,000

Detroit-Wayne County Stadium Authority, Michigan, Wayne County Limited Tax General Obligation Bonds, Building Authority Stadium Refunding Series 2012, 5.000%, 10/01/26 – AGM Insured

10/22 at 100.00

4,348,840

Holly Area School District, Oakland County, Michigan, General Obligation Bonds, Series 2006, 5.125%, 5/01/32 – NPFG Insured

5/16 at 100.00

Aa2

52,506

1,060

Homer Community School District, Calhourn, Jackson, Hillsdale and Branch Counties, Michigan, General Obligation Bonds, School Building & Site, Series 2011B, 5.500%, 5/01/41

5/21 at 100.00

AA–

1,191,705

1,675

Hopkins Public Schools, Allegan County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/25 – NPFG Insured

5/17 at 100.00

Aa2

1,762,201

1,450

Jackson, Jackson County, Michigan, Downtown Development Bonds, Series 2001, 0.000%, 6/01/21 – AGM Insured

No Opt. Call

1,222,423

840

Lowell Area Schools, Kent and Ionia Counties, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/37 – AGM Insured

5/17 at 100.00

903,118

410

Michigan Finance Authority, Revenue Bonds, Detroit City School District, Series 2012, 5.000%, 6/01/20

No Opt. Call

A+

467,802

1,230

Michigan Municipal Bond Authority, AMBAC Insured Bonds, Series 2007B-A, 5.000%, 12/01/34 – AMBAC Insured

6/17 at 100.00

N/R

1,233,296


Nuveen Investments			49

Nuveen Michigan Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

1,000

Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22

12/21 at 100.00

Aa2

1,191,600

350

Michigan State, General Obligation Bonds, Environmental Program, Series 2009A, 5.500%, 11/01/25

5/19 at 100.00

Aa2

401,744

Oakland Intermediate School District, Oakland County, Michigan, General Obligation Bonds, Series 2007:

500

5.000%, 5/01/27 – AGM Insured

5/17 at 100.00

Aaa

540,855

1,200

5.000%, 5/01/36 – AGM Insured

5/17 at 100.00

Aaa

1,294,632

1,370

Oakridge Public Schools, Muskegon County, Michigan, General Obligation Bonds, Series 2005, 5.000%, 5/01/24 – NPFG Insured

5/15 at 100.00

AA–

1,396,742

Okemos Public School District, Ingham County, Michigan, General Obligation Refunding Bonds, Series 1993:

1,000

0.000%, 5/01/17 – NPFG Insured

No Opt. Call

AA–

969,390

1,020

0.000%, 5/01/18 – NPFG Insured

No Opt. Call

AA–

968,133

1,100

Ottawa County, Michigan, General Obligation Bonds, Sewer Disposal System, Series 2010, 5.000%, 5/01/37

5/20 at 100.00

Aaa

1,263,042

4,000

Ottawa County, Michigan, Water Supply System, General Obligation Bonds, Series 2007, 5.000%, 8/01/30 – NPFG Insured

8/17 at 100.00

Aaa

4,384,000

2,715

Parchment School District, Kalamazoo County, Michigan, General Obligation Bonds, Series 2007, 4.750%, 5/01/36 – AGM Insured

5/17 at 100.00

2,806,278

600

Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/21

No Opt. Call

Aa2

712,884

1,915

South Haven Public Schools, Van Buren Couty, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured

5/24 at 100.00

2,131,663

150

South Haven, Van Buren County, Michigan, General Obligation Bonds, Capital Improvement Series 2009, 5.125%, 12/01/33 – AGC Insured

12/19 at 100.00

172,118

500

Thornapple Kellogg School District, Barry County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 – NPFG Insured

5/17 at 100.00

Aa2

537,570

955

Wayne Charter County, Michigan, General Obligation Bonds, Building Improvements, Series 2009A, 6.750%, 11/01/39

12/19 at 100.00

BBB–

1,003,237

3,270

West Ottawa Public School District, Ottawa County, Michigan, General Obligation Refunding Bonds, Series 1992, 0.000%, 5/01/17 – FGIC Insured

No Opt. Call

AA–

3,157,708

5,175

Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured

No Opt. Call

AA–

6,057,079

45,665

Total Tax Obligation/General

49,163,292

Tax Obligation/Limited – 13.1%

Grand Rapids Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Series 1994:

3,985

0.000%, 6/01/17 – NPFG Insured

No Opt. Call

AA–

3,689,672

3,295

0.000%, 6/01/18 – NPFG Insured

No Opt. Call

AA–

2,941,414

Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Regional Convention Facility Authority Local Project, Series 2014H-1:

825

5.000%, 10/01/19

No Opt. Call

AA–

958,287

3,570

5.000%, 10/01/39

10/24 at 100.00

AA–

3,969,983


	50			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA:

3,000

0.000%, 10/15/27 – AGM Insured

10/16 at 58.27

1,707,390

1,500

0.000%, 10/15/28 – AGM Insured

10/16 at 55.35

786,150

3,960

5.000%, 10/15/36 – FGIC Insured

10/16 at 100.00

AA–

4,203,065

Michigan State Trunk Line Fund Bonds, Series 2011:

1,015

5.000%, 11/15/33

11/21 at 100.00

AA+

1,162,429

700

5.000%, 11/15/36

11/21 at 100.00

AA+

791,805

1,000

Taylor Brownfield Redevelopment Authority, Wayne County, Michigan, Tax Increment Bonds, Series 2005A, 5.000%, 5/01/34 – NPFG Insured

5/15 at 100.00

AA–

1,000,740

22,850

Total Tax Obligation/Limited

21,210,935

Transportation – 2.8%

Kent County, Michigan, Airport Revenue Bonds, Gerald R. Ford International Airport, Series 2007, 5.000%, 1/01/32

1/17 at 100.00

AAA

53,660

Wayne County Airport Authority, Michigan, Airport Revenue Bonds, Detroit Metro Wayne County Airport, Series 2012A:

2,000

5.000%, 12/01/37

No Opt. Call

2,192,580

1,000

5.000%, 12/01/42 – AGM Insured

12/22 at 100.00

1,108,760

1,000

Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (Alternative Minimum Tax)

No Opt. Call

1,160,720

4,050

Total Transportation

4,515,720

U.S. Guaranteed – 7.4% (4)

4,000

Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2005, 5.000%, 1/01/30 (Pre-refunded 7/01/15) – NPFG Insured

7/15 at 100.00

AA+ (4)

4,115,040

4,000

Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 – AMBAC Insured (ETM)

No Opt. Call

N/R (4)

3,315,400

1,000

Michigan State Hospital Finance Authority, Revenue Bonds, Chelsea Community Hospital, Series 2005, 5.000%, 5/15/37 (Pre-refunded 5/15/15)

5/15 at 100.00

AA+ (4)

1,022,580

Michigan State Hospital Finance Authority, Revenue Bonds, Marquette General Hospital, Series 2005A:

1,400

5.000%, 5/15/26 (Pre-refunded 5/15/15)

5/15 at 100.00

N/R (4)

1,431,276

5.000%, 5/15/34 (Pre-refunded 5/15/15)

5/15 at 100.00

N/R (4)

51,117

1,200

Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)

9/18 at 100.00

Aaa

1,527,636

500

South Redford School District, Wayne County, Michigan, General Obligation Bonds, School Building and Site, Series 2005, 5.000%, 5/01/30 (Pre-refunded 5/01/15) – NPFG Insured

5/15 at 100.00

Aa2 (4)

510,345

12,150

Total U.S. Guaranteed

11,973,394

Utilities – 7.0%

Lansing Board of Water and Light, Michigan, Steam and Electric Utility System Revenue Bonds, Series 2008A:

175

5.000%, 7/01/28

7/18 at 100.00

AA–

194,037

2,130

5.000%, 7/01/32

7/18 at 100.00

AA–

2,332,158

525

Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.000%, 7/01/34

No Opt. Call

AA–

592,216


Nuveen Investments			51

Nuveen Michigan Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Utilities (continued)

Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 4700:

800

18.404%, 7/01/37 (IF) (5)

7/21 at 100.00

AA–

1,183,168

250

18.404%, 7/01/37 (IF) (5)

7/21 at 100.00

AA–

369,740

3,000

Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43

1/22 at 100.00

3,215,100

2,000

Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Series 2011, 5.000%, 1/01/27 – AGM Insured

1/21 at 100.00

2,229,740

1,000

Monroe County Economic Development Corporation, Michigan, Collateralized Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22 – FGIC Insured

No Opt. Call

Aa3

1,322,080

9,880

Total Utilities

11,438,239

Water and Sewer – 12.3%

1,500

Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.000%, 7/01/39 – AGM Insured

7/22 at 100.00

1,608,990

2,140

Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured

7/15 at 100.00

AA–

2,140,642

Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B:

125

5.000%, 7/01/33 – FGIC Insured

7/16 at 100.00

AA–

128,001

5.000%, 7/01/36 – MBIA-NPFG Insured

7/16 at 100.00

AA–

76,218

Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured

2/15 at 100.00

AA–

34,999

345

Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003D. RMKTD, 5.000%, 7/01/33 – NPFG Insured

No Opt. Call

AA–

353,283

Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2014:

1,500

5.000%, 1/01/35

1/24 at 100.00

AA+

1,740,375

800

5.000%, 1/01/39

1/24 at 100.00

AA+

918,576

350

Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement Series 2012, 5.000%, 1/01/32

1/23 at 100.00

AA+

404,439

Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2008:

145

5.000%, 1/01/28

1/18 at 100.00

AA+

159,281

3,500

5.000%, 1/01/38

1/18 at 100.00

AA+

3,819,270

2,000

Grand Rapids, Michigan, Water Supply System Revenue Bonds, Series 2009, 5.100%, 1/01/39 – AGC Insured

1/19 at 100.00

2,223,660

Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1:

1,500

5.000%, 7/01/35 – AGM Insured

7/24 at 100.00

1,649,205

1,220

5.000%, 7/01/37 – AGM Insured

7/24 at 100.00

1,335,180

365

Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/32

10/22 at 100.00

AAA

424,940

500

Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30

No Opt. Call

AAA

577,895

245

Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24

2/15 at 100.00

AAA

245,967


	52			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Water and Sewer (continued)

1,000

Michigan Municipal Bond Authority, Water Revolving Fund Revenue Bonds, Series 2007, 5.000%, 10/01/23

10/17 at 100.00

AAA

1,117,099

500

Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2008, 5.250%, 7/01/22 – NPFG Insured

7/18 at 100.00

AA–

555,839

500

Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2011A, 5.000%, 7/01/31 – AGM Insured

8/21 at 100.00

547,549

18,345

Total Water and Sewer

20,061,408

149,580

Total Long-Term Investments (cost $146,399,485)

157,459,906

Other Assets Less Liabilities – 3.1% (6)

5,011,557

Net Assets – 100%

162,471,463

Investments in Derivatives as of November 30, 2014

Credit Default Swaps outstanding:


Counterparty	Reference Entity		Buy/Sell Protection (7)		Current Credit Spread (8)			Notional Amount		Fixed Rate (Annualized)			Termination Date		Value		Unrealized Appreciation (Depreciation) (6)
Goldman Sachs		Commonwealth of Puerto Rico		Buy		25.0	%	$	1,300,000		5.000	%		12/20/19	$	314,882	$	1,114

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(3)

(4)

(5)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(6)	Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

(7)	The Fund entered into the credit default swaps to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning the referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

(8)

(ETM)

Escrowed to maturity.

(IF)	Inverse floating rate investment.

See accompanying notes to financial statements.


Nuveen Investments			53

Nuveen Missouri Municipal Bond Fund


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 100.1%

MUNICIPAL BONDS – 100.1%

Consumer Staples – 3.2%

3,000

Cape Girardeau County Industrial Development Authority, Missouri, Solid Waste Disposal Revenue Bonds, Procter & Gamble Products Company Project, Series 1998, 5.300%, 5/15/28 (Alternative Minimum Tax)

5/15 at 100.00

AA–

3,005,490

8,840

Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc., Series 1999, 5.200%, 3/15/29 (Alternative Minimum Tax)

No Opt. Call

AA–

10,666,344

11,840

Total Consumer Staples

13,671,834

Education and Civic Organizations – 12.2%

3,000

Callaway County Industrial Development Authority, Missouri, Revenue Bonds, Westminster College Project, Refunding Series 2012C, 5.250%, 8/01/37

8/22 at 100.00

N/R

3,084,630

1,200

Curators of the University of Missouri, System Facilities Revenue Bonds, Refunding Series 2014A, 4.000%, 11/01/33

11/24 at 100.00

AA+

1,292,172

1,000

Lincoln University, Missouri, Auxiliary System Revenue Bonds, Series 2007, 5.125%, 6/01/37 – AGC Insured

6/17 at 100.00

1,047,150

1,185

Missouri Development Finance Board, Research Facility Revenue Bonds, Midwest Research Institute Project, Series 2007, 5.000%, 11/01/17

No Opt. Call

Baa2

1,301,734

1,025

Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33

6/23 at 100.00

1,125,030

1,625

Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Ranken Technical College, Series 2011, 5.125%, 11/01/31

11/19 at 100.00

A–

1,757,600

3,000

Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43

5/23 at 100.00

BBB+

3,297,690

Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012:

420

3.000%, 10/01/18

No Opt. Call

BBB–

431,206

575

3.500%, 10/01/22

No Opt. Call

BBB–

585,362

3,470

5.000%, 10/01/33

10/22 at 100.00

BBB–

3,661,960

2,255

Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C2, 5.000%, 10/01/34

10/23 at 100.00

2,522,037

3,870

Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2011, 5.250%, 10/01/41

10/21 at 100.00

A–

4,277,472

3,620

Missouri Health and Educational Facilities Authority, Revenue Bonds, A.T. Still University of Health Sciences, Series 2014, 5.000%, 10/01/39

10/23 at 100.00

A–

3,993,512

1,500

Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25

10/18 at 103.00

BBB–

1,696,905

Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A:

2,500

6.500%, 10/01/30

10/18 at 103.00

BBB–

2,851,450

1,300

6.500%, 10/01/35

10/18 at 103.00

BBB–

1,472,094

3,475

Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Seres 2008A, 5.375%, 3/15/39

3/18 at 100.00

AAA

3,868,613


	54			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Education and Civic Organizations (continued)

6,600

Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37

11/21 at 100.00

AAA

7,506,114

2,400

Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36

4/21 at 100.00

2,629,488

2,590

Missouri State University, Auxiliary Enterprise System Revenue Bonds, Series 2007A, 5.000%, 4/01/24 – SYNCORA GTY Insured

4/17 at 100.00

A+

2,820,225

1,000

Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A, 5.350%, 6/15/32

6/15 at 103.00

N/R

974,880

47,610

Total Education and Civic Organizations

52,197,324

Health Care – 24.0%

2,005

Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Series 2008, 5.625%, 8/01/38

8/18 at 100.00

2,190,783

Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2009A:

250

5.125%, 6/01/23

6/19 at 100.00

AA–

280,605

200

5.125%, 6/01/24

6/19 at 100.00

AA–

223,488

500

5.500%, 6/01/29

6/19 at 100.00

AA–

561,420

4,170

5.750%, 6/01/39

6/19 at 100.00

AA–

4,662,310

Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A:

690

3.375%, 6/01/28

6/22 at 100.00

AA–

688,882

4,000

5.000%, 6/01/33

6/22 at 100.00

AA–

4,401,480

Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2007:

1,490

5.000%, 6/01/27

6/17 at 100.00

BBB–

1,520,232

3,030

5.000%, 6/01/36

6/17 at 100.00

BBB–

3,080,631

Cass County, Missouri, Hospital Revenue Bonds, Series 2007:

2,500

5.500%, 5/01/27

11/16 at 100.00

BBB–

2,554,000

6,020

5.625%, 5/01/38

11/16 at 100.00

BBB–

6,128,842

1,090

Citizens Memorial Hospital District of Polk County, Missouri, Hospital Revenue Bonds, Refunding Series 2012, 5.000%, 8/01/28

8/19 at 100.00

N/R

1,121,468

Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007:

1,250

5.000%, 12/01/32

12/17 at 100.00

N/R

1,262,675

4,995

5.000%, 12/01/37

12/17 at 100.00

N/R

5,038,656

Grundy County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Wright Memorial Hospital, Series 2009:

1,120

5.650%, 9/01/22

9/19 at 100.00

BBB–

1,192,710

1,000

5.750%, 9/01/23

9/19 at 100.00

BBB–

1,067,180

1,935

Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Hospital, Series 2006, 5.000%, 3/01/22

3/16 at 100.00

BBB+

1,967,585

Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004:

2,000

5.500%, 2/15/24

2/15 at 102.00

BBB+

2,050,480

1,250

5.500%, 2/15/29

2/15 at 102.00

BBB+

1,280,588

800

Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31

2/21 at 100.00

BBB+

872,744


Nuveen Investments			55

Nuveen Missouri Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Health Care (continued)

2,810

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds The Childrens Mercy Hospital, Series 2009, 5.625%, 5/15/39

5/19 at 100.00

A+

3,119,100

2,000

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A, 5.000%, 6/01/31

6/24 at 100.00

AA–

2,291,360

1,000

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2014, 5.000%, 1/01/44

1/24 at 100.00

1,135,500

2,160

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27

11/20 at 100.00

2,343,989

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A:

1,335

5.000%, 11/15/44

11/23 at 100.00

1,457,833

2,955

5.000%, 11/15/48

11/23 at 100.00

3,226,890

3,035

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/37

2/22 at 100.00

3,292,641

2,000

Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25

12/21 at 100.00

A+

2,239,940

Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, St. Luke’s Health System, Series 2010A:

555

5.250%, 11/15/25

11/20 at 100.00

A+

642,612

2,540

5.000%, 11/15/30

11/20 at 100.00

A+

2,789,301

1,000

5.000%, 11/15/40

11/20 at 100.00

A+

1,075,640

2,000

Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, St. Lukes’s Health System, Series 2003B, 5.500%, 11/15/32 – AGM Insured

11/18 at 100.00

2,217,900

1,000

Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2005A, 5.000%, 5/15/22

5/15 at 100.00

1,021,860

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H:

1,825

0.000%, 9/01/17 – NPFG Insured

No Opt. Call

AA–

1,736,816

3,005

0.000%, 9/01/21 – NPFG Insured

No Opt. Call

AA–

2,501,242

4,025

0.000%, 9/01/22 – NPFG Insured

No Opt. Call

AA–

3,230,747

1,000

Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2008A, 5.000%, 6/01/36

6/18 at 100.00

AA–

1,063,210

Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B:

1,500

5.000%, 6/01/30

6/20 at 100.00

AA–

1,662,915

3,040

5.000%, 6/01/34

6/20 at 100.00

AA–

3,337,677

7,275

Missouri Health and Educational Facilities Authority, Revenue Refunding Bonds, CoxhHealth Systems Inc., , Series 2008A, 5.500%, 11/15/39

11/18 at 100.00

7,956,959

1,000

Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2005, 5.625%, 12/01/35

12/15 at 100.00

BBB–

1,017,040

4,780

Saline County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, John Fitzgibbon Memorial Hospital Inc., Series 2010, 5.600%, 12/01/28

12/20 at 100.00

BBB–

5,296,479


	56			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Health Care (continued)

St. Louis County Industrial Development Authority, Missouri, Healthcare Facilities Revenue Bonds, Ranken-Jordan Project, Refunding Series 2007:

1,320

5.000%, 11/15/22

11/16 at 100.00

N/R

1,339,813

2,345

5.000%, 11/15/27

11/16 at 100.00

N/R

2,356,467

2,600

5.000%, 11/15/35

11/16 at 100.00

N/R

2,573,298

98,400

Total Health Care

103,073,988

Housing/Multifamily – 0.6%

1,290

Kansas City Industrial Development Authority, Missouri, GNMA Collateralized Multifamily Housing Revenue Bonds, Grand Boulevard Lofts Project, Series 2009A, 5.300%, 11/20/49

11/19 at 100.00

Aa1

1,386,221

1,000

Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Shepard Apartments Project, 2013 Series 3, 5.000%, 7/01/45

7/23 at 100.00

AA+

1,066,450

2,290

Total Housing/Multifamily

2,452,671

Housing/Single Family – 0.2%

200

Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2006B, 4.800%, 9/01/31 (Alternative Minimum Tax)

9/15 at 100.00

AA+

201,388

105

Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2006C-1, 5.000%, 9/01/37
(Alternative Minimum Tax)

9/15 at 100.00

AA+

105,751

395

Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007A-1, 4.700%, 9/01/27
(Alternative Minimum Tax)

9/16 at 100.00

AA+

403,153

145

Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2007E-1, 5.200%, 9/01/38
(Alternative Minimum Tax)

3/17 at 100.00

AA+

148,241

Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2008A-1, 5.300%, 3/01/39
(Alternative Minimum Tax)

9/17 at 100.00

AA+

77,339

920

Total Housing/Single Family

935,872

Industrials – 0.4%

Kennett Industrial Development Authority, Missouri, Revenue Bonds, Manac Trailers USA Inc Project, Series 2007:

1,500

4.250%, 3/01/22 (Alternative Minimum Tax)

3/15 at 100.00

Baa3

1,361,235

500

4.250%, 3/01/24 (Alternative Minimum Tax)

3/15 at 100.00

Baa3

442,440

2,000

Total Industrials

1,803,675

Long-Term Care – 8.3%

750

Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Series 2013, 4.500%, 5/01/28

5/18 at 100.00

N/R

747,728

Joplin Industrial Development Authority, Missouri, Revenue Bonds, Christian Homes Inc., Series 2007F:

630

5.500%, 5/15/17

No Opt. Call

BBB–

669,444

2,000

5.750%, 5/15/31

5/17 at 100.00

BBB–

2,065,180

2,950

Kansas City Industrial Development Authority, Missouri, Retirement Center Revenue Refunding and Improvement Bonds, Kingswood Project, Series 1998A, 5.875%, 11/15/29

5/15 at 100.00

N/R

2,950,295


Nuveen Investments			57

Nuveen Missouri Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Long-Term Care (continued)

Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A:

1,500

5.125%, 8/15/26

8/17 at 100.00

BBB–

1,552,860

2,525

5.125%, 8/15/32

8/17 at 100.00

BBB–

2,589,691

2,000

Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2014A, 5.250%, 8/15/39

No Opt. Call

BBB–

2,037,940

1,625

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Senior Lien Series 2010, 5.500%, 2/01/42

2/20 at 100.00

BBB+

1,769,511

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011:

1,025

5.750%, 2/01/31

2/21 at 100.00

BBB+

1,140,589

2,750

6.000%, 2/01/41

2/21 at 100.00

BBB+

3,051,290

1,500

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A, 5.000%, 2/01/44

2/24 at 100.00

BBB+

1,597,560

2,100

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2005, 5.375%, 2/01/35

2/15 at 100.00

BBB+

2,106,027

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A:

365

4.875%, 2/01/18

2/17 at 100.00

BBB+

390,911

2,000

4.875%, 2/01/37

2/17 at 100.00

BBB+

2,033,500

840

St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42

No Opt. Call

BBB–

860,009

St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012:

550

5.000%, 9/01/32

No Opt. Call

A–

593,571

1,690

5.000%, 9/01/42

9/22 at 100.00

A–

1,784,353

2,570

St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43

9/23 at 100.00

A–

2,821,320

St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A:

700

5.375%, 9/01/21

9/17 at 100.00

BBB–

730,373

4,100

5.500%, 9/01/28

9/17 at 100.00

BBB–

4,229,642

34,170

Total Long-Term Care

35,721,794

Tax Obligation/General – 10.8%

1,000

Belton School District 124, Cass County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2012, 4.000%, 3/01/28 – NPFG Insured

3/20 at 100.00

AA+

1,052,840

Belton, Missouri, General Obligation Bonds, Refunding & Improvement Series 2011:

1,120

5.000%, 3/01/29

3/21 at 100.00

AA–

1,250,626

1,245

5.000%, 3/01/30

3/21 at 100.00

AA–

1,384,179

1,010

4.750%, 3/01/31

3/21 at 100.00

AA–

1,114,070

850

Blue Springs, Missouri, General Obligation Bonds, South Area Neighborhood Improvement, Refunding Series 2009, 5.000%, 2/15/29

2/19 at 100.00

AA–

919,411

Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012:

1,670

4.000%, 3/01/27 – AGM Insured

3/22 at 100.00

A+

1,773,306

2,000

4.375%, 3/01/32

3/22 at 100.00

A+

2,139,680


	58			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

1,000

Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2014, 5.000%, 3/01/33

3/22 at 100.00

AA–

1,131,970

2,000

Hazelwood School District, St Louis County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2013A, 5.000%, 3/01/33

3/23 at 100.00

AA+

2,311,960

1,315

Independence School District, Jackson County, Missouri, General Obligation Bonds, Series 2010, 5.000%, 3/01/27

3/20 at 100.00

AA+

1,520,561

1,000

Jackson County Consolidated School District 2, Raytown, Missouri, General Obligation Bonds, Series 2014, 5.000%, 3/01/32

3/24 at 100.00

AA+

1,173,390

2,000

Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, Refunding & Improvement Series 2009A, 4.750%, 3/01/26

3/19 at 100.00

2,234,380

500

Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%, 3/01/31

3/21 at 100.00

564,715

1,000

Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation Bonds, School Building Series 2008, 4.750%, 3/01/27

3/18 at 100.00

Aa1

1,098,600

Kansas City, Missouri, General Obligation Bonds, Improvement & Refunding Series 2012A:

1,025

4.000%, 2/01/25

2/22 at 100.00

1,128,853

5,000

4.500%, 2/01/26

No Opt. Call

5,691,950

2,000

Miller County School District R-2, Osage, Missouri, General Obligation Bonds, Series 2006, 5.000%, 3/01/24 – AGM Insured

3/16 at 100.00

2,107,020

Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007:

1,015

5.250%, 3/01/25 – AGM Insured

3/17 at 100.00

1,110,786

1,070

5.250%, 3/01/26 – AGM Insured

3/17 at 100.00

1,164,941

625

5.250%, 3/01/27 – AGM Insured

3/17 at 100.00

677,531

1,250

Nixa Reorganized School District R 02, Christian County, Missouri, General Obligation Bonds, Series 2006, 5.250%, 3/01/24 – AGM Insured

3/16 at 100.00

AA+

1,325,038

500

North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Refunding & Improvement Series 2014, 4.000%, 3/01/32

3/24 at 100.00

AA+

534,090

1,240

North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Series 2007, 5.000%, 3/01/27

3/18 at 100.00

AA+

1,381,682

595

North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Series 2005, 5.000%, 3/01/25

3/15 at 100.00

AA+

602,295

1,000

Osage School Lake Ozark, Missouri, General Obligation Bonds, School Building Series 2014B, 5.000%, 3/01/34

3/24 at 100.00

AA–

1,151,420

200

Platte County R-III School District Building Corporation, Missouri, Leasehold Refunding and Improvement Revenue Bonds, Series 2008, 5.000%, 3/01/28

3/18 at 100.00

AA–

220,352

1,200

Poplar Bluff R-I School District, Butler County, Missouri, Lease Certificates of Participation, Series 2014, 5.000%, 3/01/33 – AGM Insured

3/24 at 100.00

1,360,008

2,500

Saint Louis Special Administrative Board of the Transitional School District, Missouri, General Obligation Bonds, St Louis Public Schools, Missouri Direct Deposit Program, Series 2011B, 4.000%, 4/01/25

4/21 at 100.00

AA+

2,665,325

Springfield School District R12, Missouri, General Obligation Bonds, Series 2013:

1,000

5.000%, 3/01/32

3/23 at 100.00

AA+

1,162,360

1,000

5.000%, 3/01/33

3/23 at 100.00

AA+

1,159,960


Nuveen Investments			59

Nuveen Missouri Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

5,000

Wentzville School District R-04, Saint Charles County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2009A, 0.000%, 3/01/26

3/19 at 66.11

AA+

3,017,400

43,930

Total Tax Obligation/General

46,130,699

Tax Obligation/Limited – 19.3%

Belton, Missouri, Certificates of Participation, Series 2007:

600

4.375%, 3/01/19 – NPFG Insured

3/17 at 100.00

628,932

250

4.500%, 3/01/22 – NPFG Insured

3/17 at 100.00

258,565

375

Belton, Missouri, Certificates of Participation, Series 2008, 5.250%, 3/01/29

3/18 at 100.00

A+

411,863

4,930

Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33

10/22 at 100.00

AA+

5,638,293

Cape Girardeau County Building Corporation, Missouri, Leasehold Revenue Bonds, Reorganized School District R-02, Jackson R-II School District High School Project, Series 2005:

1,290

5.250%, 3/01/21 – NPFG Insured

3/16 at 100.00

AA–

1,366,046

1,000

5.250%, 3/01/26 – NPFG Insured

3/16 at 100.00

AA–

1,057,650

1,975

Cass County, Missouri, Certificates of Participation, Refunding Series 2010, 4.000%, 5/01/22

5/20 at 100.00

2,116,311

365

Excelsior Springs Community Center, Missouri, Sales Tax Revenue Bonds, Series 2014, 4.000%, 3/01/28 – AGM Insured

3/23 at 100.00

388,075

500

Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 5.000%, 11/01/37

11/20 at 100.00

N/R

516,805

1,685

Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28

6/16 at 100.00

N/R

1,440,894

530

Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42

1/22 at 100.00

578,961

1,850

Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42

1/22 at 100.00

2,005,345

Great Rivers Greenway Metropolitan Park & Recreation District, Missouri, Sales Tax Appropriation Bonds, Gateway Arch Project, Series 2014:

3,500

5.000%, 12/30/29

12/23 at 100.00

A+

4,018,630

4,090

5.000%, 12/30/31

12/23 at 100.00

A+

4,650,984

Harrisonville, Missouri, Annual Appropriation-Supported Tax Increment and Sales Tax Revenue Bonds, Harrisonville Towne Center Project, Series 2007:

340

4.375%, 11/01/17

2/15 at 100.00

A+

340,755

715

4.500%, 11/01/22

2/15 at 100.00

A+

715,922

Hazelwood School District, St Louis County, Missouri, Certificates of Participation, Energy Improvements Project, Series 2006:

515

4.500%, 3/01/17

3/16 at 100.00

A+

536,125

445

4.500%, 3/01/18

3/16 at 100.00

A+

461,567

1,745

Howard Bend Levee District, Missouri, Levee District Improvement Bonds, Series 2005, 5.500%, 3/01/26 – SYNCORA GTY Insured

No Opt. Call

BBB+

2,071,577

Howard Bend Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2013B:

820

4.875%, 3/01/33

3/23 at 100.00

BBB+

859,114

885

5.000%, 3/01/38

3/23 at 100.00

BBB+

926,684

1,000

Jackson County, Missouri, Special Obligation Bonds, Truman Sports Complex Project, Refunding Series 2014A, 5.000%, 12/01/31

12/24 at 100.00

Aa3

1,164,750


	60			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

925

Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32

9/21 at 100.00

AA–

1,023,355

1,200

Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014, 4.250%, 3/01/23

No Opt. Call

N/R

1,251,060

2,000

Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/27 – AMBAC Insured

No Opt. Call

AA–

1,290,320

2,525

Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Briarcliff West Project, Series 2006A, 5.400%, 6/01/24

6/16 at 100.00

N/R

2,578,833

1,750

Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33

9/23 at 100.00

AA–

1,954,138

1,025

Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2012A, 5.000%, 3/01/26

3/22 at 100.00

AA–

1,160,177

2,000

Lakeside 370 Levee District, Saint Charles, Missouri, Levee District Improvement Bonds, Series 2008, 7.000%, 4/01/28 (4)

4/16 at 100.00

N/R

1,100,040

4,920

Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing Project, Series 2005A, 5.000%, 6/01/35

6/15 at 100.00

5,010,725

1,000

Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Centerpoint Project, Series 2007E, 5.125%, 4/01/25

4/17 at 100.00

A–

1,042,540

1,000

Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Crackerneck Creek Project, Series 2008B, 5.000%, 3/01/25

3/18 at 100.00

A–

1,093,160

1,000

Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Saint Joseph Sewerage System Improvement Project, Series 2011E, 5.375%, 5/01/36

5/20 at 100.00

AA–

1,141,280

245

Monarch-Chesterfield Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 1999, 5.750%, 3/01/19 – NPFG Insured

3/15 at 100.00

AA–

246,061

1,000

Oak Grove, Missouri, Refunding and Improvement Certificates of Participation Series 2012, 5.000%, 1/01/33

1/22 at 100.00

Baa1

1,035,250

3,955

Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Transportation Development District, Series 2006, 5.000%, 5/01/23

2/15 at 100.00

N/R

3,956,859

1,000

Pevely, Missouri, Neighborhood Improvement District Bonds, Southern Heights Project, Series 2004, 5.250%, 3/01/24 – RAAI Insured

2/15 at 100.00

N/R

1,001,900

570

Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.750%, 12/01/42

No Opt. Call

BBB

585,470

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:

15,780

0.000%, 8/01/41 – NPFG Insured

No Opt. Call

AA–

2,842,609

8,935

0.000%, 8/01/42 – FGIC Insured

No Opt. Call

AA–

1,509,300

540

Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 5.375%, 5/01/28

5/23 at 100.00

N/R

568,193

1,000

Raytown, Missouri, Annual Appropriation Supported Tax Increment and Sales Tax Revenue Bonds, Raytown Live Redevelopment Project Area 1, Series 2007, 5.125%, 12/01/31

6/17 at 100.00

A+

1,047,520

1,700

Riverside Industrial Development Authority, Missouri, Industrial Development Revenue Bonds, Riverside Horizon, Series 2007A, 5.000%, 5/01/27 – ACA Insured

5/17 at 100.00

1,743,554

Saint Joseph Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Sewerage System Improvements Project, Series 2007:

500

4.750%, 4/01/20

4/17 at 100.00

AA–

538,545

390

4.750%, 4/01/21

4/17 at 100.00

AA–

420,065


Nuveen Investments			61

Nuveen Missouri Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

250

Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 7/01/44

7/24 at 100.00

N/R

253,263

1,875

Saint Louis County Special School District, Missouri, Certificates of Participation Lease, Series 2014B, 4.000%, 4/01/28

4/22 at 100.00

1,981,819

3,225

Saint Louis Industrial Development Authority, Missouri, Compound Interest Leasehold Revenue Bonds, St. Louis Convention Center Headquarters Hotel, Series 2000, 0.000%, 7/15/15 – AMBAC Insured

No Opt. Call

3,187,364

Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2009A:

1,000

0.000%, 7/15/26 – AGC Insured

No Opt. Call

652,750

1,000

0.000%, 7/15/27 – AGC Insured

No Opt. Call

612,320

1,000

0.000%, 7/15/28 – AGC Insured

No Opt. Call

578,190

1,000

0.000%, 7/15/29 – AGC Insured

No Opt. Call

551,440

1,945

Springfield Center City Development Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Exposition Center, Series 2002A, 5.000%, 6/01/27 – AMBAC Insured

2/15 at 100.00

Aa3

1,952,605

St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005A:

660

5.375%, 11/01/24

2/15 at 100.00

N/R

660,244

1,600

5.500%, 11/01/27

2/15 at 100.00

N/R

1,600,640

1,800

St. Joseph Industrial Development Authority, Missouri, Tax Increment Bonds, Shoppes at North Village Project, Series 2005B, 5.500%, 11/01/27

2/15 at 100.00

N/R

1,801,944

1,595

Texas County, Missouri, Certificates of Participation, Justice Center Project, Series 2006, 4.500%, 12/01/25 – AGC Insured

12/16 at 100.00

1,707,543

1,000

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/32

10/22 at 100.00

BBB

1,076,100

102,315

Total Tax Obligation/Limited

82,911,024

Transportation – 3.2%

665

Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – AGM Insured

10/23 at 100.00

755,340

3,500

Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Refunding Series 2012, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)

7/22 at 100.00

A–

3,723,545

2,000

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Series 2009A-2, 6.125%, 7/01/24

7/19 at 100.00

A–

2,354,240

3,210

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2005, 5.500%, 7/01/18 – NPFG Insured

No Opt. Call

AA–

3,705,399

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A:

1,035

5.000%, 7/01/20 – AGM Insured

7/17 at 100.00

1,135,085

2,000

5.000%, 7/01/21 – AGM Insured

7/17 at 100.00

2,186,420

12,410

Total Transportation

13,860,029

U.S. Guaranteed – 7.8% (5)

4,500

Cape Girardeau County, Missouri, Single Family Mortgage Revenue Bonds, Series 1983, 0.000%, 12/01/14 (ETM)

No Opt. Call

Aaa

4,499,955


	62			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

U.S. Guaranteed (5) (continued)

1,500

Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39 (Pre-refunded 3/01/18)

3/18 at 100.00

A– (5)

1,752,945

Columbia, Misouri, Special Obligation Electric Utility Improvement Bonds, Annual Appropriation Obligation, Series 2008A:

400

5.000%, 10/01/21 (Pre-refunded 10/01/17)

10/17 at 100.00

AA (5)

449,268

500

5.125%, 10/01/30 (Pre-refunded 10/01/17)

10/17 at 100.00

AA (5)

563,340

1,000

Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A, 5.000%, 11/01/33 (Pre-refunded 11/01/17)

11/17 at 100.00

AA+ (5)

1,126,170

3,000

Jackson County, Missouri, Special Obligation Bonds, Harry S. Truman Sports Complex, Series 2006, 5.000%, 12/01/28 (Pre-refunded 12/01/16) – AMBAC Insured

12/16 at 100.00

Aa3 (5)

3,275,430

1,025

Kansas City Metropolitan Junior College District Certificates of Participation, Missouri, Series 2008, 4.500%, 7/01/21 (Pre-refunded 7/01/17)

7/17 at 100.00

Aa2 (5)

1,128,617

810

Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Maincor Project, Series 2007A, 5.250%, 3/01/18 (ETM)

No Opt. Call

N/R (5)

878,170

4,000

Kansas City, Missouri, Special Facility Revenue Bonds, MCI Overhaul Base Project, Series 2005G, 4.750%, 9/01/28 (Pre-refunded 9/01/15) (Alternative Minimum Tax)

9/15 at 100.00

AA– (5)

4,138,520

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E. Cox Medical Center, Series 1992H:

1,000

0.000%, 9/01/17 – NPFG Insured (ETM)

No Opt. Call

AA– (5)

975,430

1,800

0.000%, 9/01/21 – NPFG Insured (ETM)

No Opt. Call

AA– (5)

1,576,278

2,385

0.000%, 9/01/22 – NPFG Insured (ETM)

No Opt. Call

AA– (5)

2,025,533

1,000

Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project Series 2006A, 5.000%, 1/01/28 (Pre-refunded 1/01/16) – AMBAC Insured

1/16 at 100.00

A2 (5)

1,050,340

Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006:

405

5.000%, 1/01/17 (Pre-refunded 1/01/16) – NPFG Insured

1/16 at 100.00

AA– (5)

425,797

4,720

5.000%, 1/01/34 (Pre-refunded 1/01/16) – NPFG Insured

1/16 at 100.00

AA– (5)

4,962,372

2,170

Riverside, Missouri, L-385 Levee Redevelopment Plan Tax Increment Revenue Bonds, Series 2004, 5.250%, 5/01/20 (Pre-refunded 5/01/15)

5/15 at 100.00

A (5)

2,217,198

2,055

Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM)

2/15 at 100.00

N/R (5)

2,487,393

32,270

Total U.S. Guaranteed

33,532,756

Utilities – 5.2%

425

Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, City of Independence, Missouri, Annual Appropriation Electric System Revenue Bonds – Dogwood Project, Series 2012A, 5.000%, 6/01/26

6/22 at 100.00

473,127

2,965

Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (6)

12/16 at 100.00

AA+

3,044,818

Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2014A:

3,300

5.000%, 1/01/31

1/24 at 100.00

3,800,412

1,755

5.000%, 1/01/32

1/24 at 100.00

2,016,635

2,025

Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Series 2009A, 6.000%, 1/01/39

1/16 at 100.00

2,270,066


Nuveen Investments			63

Nuveen Missouri Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Utilities (continued)

Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A:

2,885

5.000%, 1/01/32 (WI/DD, Settling 12/10/14)

1/25 at 100.00

A–

3,288,352

1,250

5.000%, 1/01/34 (WI/DD, Settling 12/10/14)

1/25 at 100.00

A–

1,416,750

1,500

Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Series 2006, 5.000%, 1/01/16 – NPFG Insured

No Opt. Call

AA–

1,560,360

Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012:

2,200

5.000%, 1/01/32

1/21 at 100.00

2,429,702

2,000

5.000%, 1/01/37

1/21 at 100.00

2,191,380

20,305

Total Utilities

22,491,602

Water and Sewer – 4.9%

725

Cape Girardeau, Missouri, Waterworks System Refunding Revenue Bonds, Series 2012A, 3.375%, 1/01/26

1/20 at 100.00

A+

740,145

3,000

Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2014A, 4.000%, 3/01/35 – BAM Insured

3/23 at 100.00

3,073,080

1,370

Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40

7/20 at 100.00

A–

1,519,947

745

Jefferson County Consolidated Public Water Supply District C1, Missouri, Waterworks Revenue Bonds, Refunding Series 2010, 4.125%, 12/01/24

12/17 at 100.00

A+

806,008

2,000

Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Series 2009A, 5.250%, 1/01/34

1/19 at 100.00

2,247,820

500

Kansas City, Missouri, Water Revenue Bonds, Refunding & Improvement Series 2009A, 5.250%, 12/01/32

12/18 at 100.00

AA+

562,805

1,500

Lincoln County Public Water Supply District 1, Missouri, Certificates of Participation, Refunding Series 2009, 6.750%, 6/15/35

6/16 at 100.00

A–

1,566,990

500

Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2008A, 5.750%, 5/01/38

5/17 at 100.00

AAA

551,955

4,665

Metropolitan St. Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42

5/22 at 100.00

AAA

5,286,751

470

Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2001C, 5.000%, 7/01/23

2/15 at 100.00

Aaa

471,885

Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2005C, 4.750%, 7/01/23

1/16 at 100.00

Aaa

52,285

1,000

Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2008A, 5.750%, 1/01/29

1/19 at 100.00

Aaa

1,160,909

Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control Revenue Bonds, State Revolving Fund Program – Multi-Participants, Series 1998B, 5.250%, 1/01/15

12/14 at 100.00

Aaa

65,276

2,070

North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37

1/17 at 100.00

N/R

2,119,638


	64			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Water and Sewer (continued)

590

Taney County Public Water Supply District 3, Missouri, Certificates of Participation, Refundind Series 2010, 4.500%, 7/01/25

7/15 at 101.00

A+

600,690

19,250

Total Water and Sewer

20,826,184

427,710

Total Long-Term Investments (cost $398,243,172)

429,609,452

Floating Rate Obligations – (0.5)%

(2,225,000

)

Other Assets Less Liabilities – 0.4%

1,740,156

Net Assets – 100%

429,124,608

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(3)

(4)	On October 1, 2013, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of the accrual from 7.000% to 3.150%.

(5)

(6)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

WI/DD

Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

(ETM)

Escrowed to maturity.

(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.


Nuveen Investments			65

Nuveen Ohio Municipal Bond Fund


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 97.8%

MUNICIPAL BONDS – 97.8%

Consumer Staples – 3.1%

250

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-1, 5.000%, 6/01/16

No Opt. Call

Aa1

262,833

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:

17,315

5.125%, 6/01/24

6/17 at 100.00

B–

14,743,723

1,000

5.875%, 6/01/47

6/17 at 100.00

820,610

18,565

Total Consumer Staples

15,827,166

Education and Civic Organizations – 6.4%

2,465

Miami University of Ohio, General Receipts Bonds, Refunding Series 2014, 5.000%, 9/01/30

9/24 at 100.00

2,921,691

1,925

Miami University of Ohio, General Receipts Bonds, Series 2011, 5.000%, 9/01/36

9/21 at 100.00

2,163,989

1,600

Ohio Higher Education Facilities Commission, General Revenue Bonds, Kenyon College, Series 2006, 5.000%, 7/01/41

7/16 at 100.00

A+

1,633,680

910

Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 1990B, 6.500%, 10/01/20

No Opt. Call

AA–

1,045,481

400

Ohio Higher Education Facilities Commission, Revenue Bonds, College of Wooster Project, Series 2005, 5.000%, 9/01/20

9/15 at 100.00

412,916

1,000

Ohio Higher Education Facilities Commission, Revenue Bonds, John Carroll University, Series 1997, 5.000%, 4/01/19

4/16 at 100.00

1,041,060

1,000

Ohio Higher Education Facilities Commission, Revenue Bonds, Mount Union College, Series 2006, 5.000%, 10/01/31

10/16 at 100.00

1,028,920

1,000

Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 2005, 5.000%, 12/01/29

12/15 at 100.00

976,180

Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012:

1,140

5.000%, 11/01/27

5/22 at 100.00

1,319,607

1,000

5.000%, 11/01/30

5/22 at 100.00

1,138,280

645

Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding Series 2009, 5.375%, 12/01/29

12/18 at 100.00

728,798

1,250

Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Tender Option Bond Trust 1144, 17.342%, 12/01/43 (IF) (4)

12/22 at 100.00

1,760,650

500

Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, Xavier University Project, Series 2010, 5.000%, 5/01/40

5/20 at 100.00

A–

536,880

1,885

Ohio State Higher Education Facilities, Revenue Bonds, Case Western Reserve University, Series 2006, 5.000%, 12/01/44 – NPFG Insured

12/16 at 100.00

AA–

2,012,124

Ohio State University, General Receipts Bonds, Series 2014A:

4,820

5.000%, 12/01/34

12/24 at 100.00

Aa1

5,682,346

5,000

5.000%, 12/01/39

12/24 at 100.00

Aa1

5,819,100

500

Ohio State, Higher Educational Facility Revenue Bonds, Otterbein College Project, Series 2008A, 5.500%, 12/01/28

12/18 at 100.00

564,100


	66			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Education and Civic Organizations (continued)

1,000

Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39

12/22 at 100.00

Aa3

1,119,900

1,030

Port of Greater Cincinnati Development Authority, Ohio, Economic Development Revenue Bonds, Sisters of Mercy of the Americas, Series 2006, 5.000%, 10/01/25

10/16 at 100.00

A+

1,090,523

29,070

Total Education and Civic Organizations

32,996,225

Health Care – 19.2%

Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010A:

3,050

5.250%, 6/01/38

6/20 at 100.00

AA–

3,401,787

250

5.000%, 6/01/38

6/20 at 100.00

AA–

274,215

Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010:

750

5.500%, 11/01/22

11/20 at 100.00

A–

868,020

4,140

5.500%, 11/01/40

11/20 at 100.00

A–

4,588,817

850

Butler County, Ohio, Hospital Faciliteis Revenue Bonds, Kettering Health Network Obligated Group Project, Series 2011, 5.625%, 4/01/41

No Opt. Call

944,741

1,600

Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013, 5.000%, 6/15/43

6/23 at 100.00

Baa2

1,708,864

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2009:

3,000

5.000%, 11/01/34

11/19 at 100.00

Aa2

3,282,090

3,000

5.250%, 11/01/40

11/19 at 100.00

Aa2

3,336,600

3,180

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 2008A, 5.000%, 11/01/40

11/18 at 100.00

Aa2

3,397,353

10,300

Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41

11/21 at 100.00

AA+

11,244,098

470

Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34

6/21 at 100.00

546,723

750

Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding Series 2008C, 5.625%, 8/15/29

8/18 at 100.00

831,795

Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D:

400

5.000%, 11/15/38

11/18 at 100.00

428,524

305

5.125%, 11/15/40

11/18 at 100.00

327,454

3,240

Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41

11/21 at 100.00

3,861,302

2,530

Miami County, Ohio, Hospital Facilities Revenue Refunding Bonds, Upper Valley Medical Center Inc., Series 2006, 5.250%, 5/15/26

5/16 at 100.00

2,659,485

930

Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41

8/21 at 100.00

1,004,242

7,000

Montgomery County, Ohio, Hospital Facilities Revenue Refunding and Improvement Bonds, Kettering Medical Center, Series 1996, 6.250%, 4/01/20 – NPFG Insured

No Opt. Call

AA–

7,952,700

750

Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Refunding Series 2009A, 5.000%, 5/01/39

5/19 at 100.00

A+

808,320

2,270

Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/32

2/15 at 100.00

A+

2,273,927


Nuveen Investments			67

Nuveen Ohio Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Health Care (continued)

2,000

Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013, 5.000%, 2/15/44

2/23 at 100.00

BB+

2,021,340

2,480

Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.250%, 11/15/40 – AGM Insured

5/20 at 100.00

2,762,546

11,150

Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Series 2009A, 5.500%, 1/01/39

1/19 at 100.00

Aa2

12,547,095

Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System Obligated Group, Tender Option Bond Trust 3551:

700

19.975%, 1/01/17 (IF)

No Opt. Call

Aa2

983,024

5,625

20.425%, 1/01/33 (IF)

1/19 at 100.00

Aa2

8,444,250

Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc., Series 2013A:

1,465

5.000%, 1/15/28

1/23 at 100.00

1,664,767

4,390

5.000%, 1/15/29

1/23 at 100.00

4,965,046

Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008:

500

5.500%, 12/01/28

12/18 at 100.00

A–

556,570

1,305

5.750%, 12/01/35

12/18 at 100.00

A–

1,454,462

800

Scioto County, Ohio, Hospital Facilities Refunding Revenue Bonds, Southern Ohio Medical Center, Series 2008, 5.750%, 2/15/38

2/18 at 100.00

871,112

Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012:

3,500

5.000%, 12/01/37

No Opt. Call

Baa2

3,650,045

5,500

5.000%, 12/01/42

No Opt. Call

Baa2

5,705,645

88,180

Total Health Care

99,366,959

Housing/Multifamily – 1.7%

500

Bowling Green, Ohio, Student Housing Revenue Bonds, CFP I LLC – Bowling Green State University Project, Series 2010, 5.750%, 6/01/31

6/20 at 100.00

BBB–

540,950

860

Clark County, Ohio, Multifamily Housing Revenue Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (Alternative Minimum Tax)

5/15 at 100.00

N/R

772,005

1,805

Montgomery County, Ohio, GNMA Guaranteed Multifamily Housing Revenue Bonds, Canterbury Court Project, Series 2007, 5.500%, 10/20/42 (Alternative Minimum Tax)

10/18 at 101.00

Aa1

1,916,260

2,175

Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (Alternative Minimum Tax)

9/17 at 102.00

Aa1

2,276,986

3,000

Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007, 5.000%, 5/20/49 (Alternative Minimum Tax)

11/17 at 102.00

Aa1

3,113,580

8,340

Total Housing/Multifamily

8,619,781

Housing/Single Family – 0.1%

550

Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2009C, 5.200%, 9/01/29

9/18 at 100.00

Aaa

585,365

Industrials – 1.9%

500

Cleveland-Cuyahoga County Port Authority, Ohio, Common Bond Fund Revenue Bonds, Cleveland Christian Home Project, Series 2002C, 5.950%, 5/15/22

5/15 at 100.00

BBB+

502,370

3,500

Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40

12/20 at 100.00

BB–

3,875,655


	68			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Industrials (continued)

Ohio State, Economic Development Revenue Bonds, Ohio Enterprise Bond Fund, Shearer’s Foods Inc. Project, Series 2009-5:

1,455

5.000%, 6/01/22

12/19 at 100.00

AA+

1,672,886

1,645

5.000%, 12/01/24

12/19 at 100.00

AA+

1,887,095

1,600

Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc., Series 1992, 6.450%, 12/15/21

No Opt. Call

Baa1

2,006,528

8,700

Total Industrials

9,944,534

Long-Term Care – 1.2%

800

Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2005A, 5.000%, 7/01/26

7/15 at 100.00

BBB–

804,952

1,505

Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26

7/21 at 100.00

BBB–

1,636,221

400

Hamilton County, Ohio, Health Care Revenue Refunding Bonds, Life Enriching Communities Project, Series 2006A, 5.000%, 1/01/27

1/17 at 100.00

BBB

415,100

3,080

Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & Improvement Series 2010, 6.625%, 4/01/40

4/20 at 100.00

BBB–

3,401,706

5,785

Total Long-Term Care

6,257,979

Tax Obligation/General – 14.9%

1,200

Adams County-Ohio Valley School District, Adams and Highland Counties, Ohio, Unlimited Tax School Improvement General Obligation Bonds, Series 1995, 7.000%, 12/01/15 – NPFG Insured

No Opt. Call

AA–

1,237,272

1,000

Beavercreek City School District, Ohio, General Obligation Bonds, Series 2009, 5.000%, 12/01/36

6/19 at 100.00

Aa1

1,119,790

330

Buckeye Valley Local School District, Ohio, Unlimited Tax General Obligation Bonds, Series 1995A, 6.850%, 12/01/15 – NPFG Insured

No Opt. Call

AA–

339,422

1,180

Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B, 0.000%, 12/01/33 – NPFG Insured

No Opt. Call

Aa3

599,995

300

Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, School Improvement, Refunding Series 2010, 5.250%, 6/01/21

6/20 at 100.00

Aa2

354,219

Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Series 2006:

535

5.250%, 12/01/19 – FGIC Insured

No Opt. Call

AA+

636,088

380

5.250%, 12/01/27 – FGIC Insured

No Opt. Call

AA+

480,362

1,000

Clyde-Green Springs Exempt Village School District, Summit County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/27 – AGM Insured

6/18 at 100.00

Aa2

1,103,000

1,000

Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006, 0.000%, 12/01/28 – AGM Insured

No Opt. Call

AA+

646,330

1,100

Cuyahoga County, Ohio, Limited Tax General Obligation Bonds, Series 1993, 5.650%, 5/15/18

No Opt. Call

AAA

1,200,133

6,000

Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/24

12/23 at 100.00

AAA

7,422,240

3,160

Franklin County, Ohio, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 12/01/28

12/17 at 100.00

AAA

3,487,976

400

Gahanna, Ohio, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 12/01/27 – NPFG Insured

12/17 at 100.00

AA+

440,968


Nuveen Investments			69

Nuveen Ohio Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

1,000

Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation Bonds, Refunding School Improvement Series 2014, 5.000%, 11/01/32

11/24 at 100.00

Aa2

1,171,020

Graham Local School District, Champaign and Shelby Counties, Ohio, General Obligation Bonds, School Improvement Series 2013:

500

0.000%, 12/01/29

No Opt. Call

Aa2

283,765

850

0.000%, 12/01/30

No Opt. Call

Aa2

457,377

1,000

Greene County, Ohio, General Obligation Bonds, General Infrastructure Series 2007, 5.250%, 12/01/26 – AMBAC Insured

12/17 at 100.00

Aa2

1,114,440

1,000

Greenville City School District, Drake County, Ohio, General Obligation Bonds, School Improvement Series 2013, 5.250%, 1/01/38

1/22 at 100.00

1,120,690

1,000

Highland Local School District, Morrow and Delaware Counties, Ohio, General Obligation Bonds, School Facilities Construction and Improvement Series 2008, 5.375%, 12/01/33

12/18 at 100.00

Aa2

1,133,290

1,095

Hilliard, Ohio, General Obligation Bonds, Various Purpose Series 2012, 5.000%, 12/01/23

12/22 at 100.00

Aa1

1,301,878

Indian Creek Local School District, Jefferson County, Ohio, General Obligation Bonds, School Facilities Construction and Improvements, Series 2009:

1,750

5.000%, 12/01/34

6/19 at 100.00

Aa2

1,978,078

1,100

5.125%, 12/01/36

6/19 at 100.00

Aa2

1,202,982

1,095

Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, School improvement Series 2012, 0.000%, 12/01/27

6/19 at 100.00

Aa1

698,895

755

Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, Series 2011, 5.000%, 12/01/19

No Opt. Call

Aa1

881,629

1,560

Kettering City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2007, 5.250%, 12/01/31 – AGM Insured

No Opt. Call

1,971,778

340

Lake County, Ohio, Limited Tax Sewer District Improvement Bonds, Series 2000, 5.600%, 12/01/20

No Opt. Call

Aa1

387,450

1,725

Lakewood City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/30 – FGIC Insured

12/17 at 100.00

Aa2

1,886,236

1,000

Lorain, Ohio, General Obligation Bonds, Pellet Terminal Improvement Series 2008, 6.750%, 12/01/28 – AMBAC Insured

12/18 at 100.00

1,197,670

2,380

Lucas County, Ohio, General Obligation Bonds, Various Purpose Series 2010, 5.000%, 10/01/40

10/18 at 100.00

2,637,587

665

Marysville Exempted Village School District, Union County, Ohio, General Obligation Bonds, Series 2006, 5.000%, 12/01/24 – AGM Insured

12/15 at 100.00

696,036

1,000

Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Refunding Series 2013A, 0.000%, 12/01/22

No Opt. Call

Aa1

825,420

1,000

Maumee City School District, Lucas County, Ohio, General Obligation Bonds, Capital Apprication Refunding Series 2012, 0.000%, 12/01/23

No Opt. Call

AA–

764,940

1,000

Milford Exempted Village School District, Ohio, General Obligation Bonds, Series 2008, 5.250%, 12/01/36

12/18 at 100.00

Aa3

1,116,200

1,265

Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20 – AMBAC Insured

No Opt. Call

Baa1

1,498,835

275

Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36

6/22 at 100.00

Aa3

302,506

1,585

New Albany, Ohio, General Obligation Bonds, Series 2012, 5.000%, 12/01/29

6/22 at 100.00

Aa1

1,816,759


	70			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/General (continued)

530

Newark, Ohio, General Obligation Bonds, Storm Sewer Improvement Series 2009, 5.500%, 12/01/34

12/19 at 100.00

593,939

Oak Hills Local School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Series 2005:

3,740

5.000%, 12/01/23 – AGM Insured

12/15 at 100.00

3,912,975

500

5.000%, 12/01/24 – AGM Insured

12/15 at 100.00

522,815

1,000

5.000%, 12/01/25 – AGM Insured

12/15 at 100.00

1,044,800

925

Oakwood City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2012, 0.000%, 12/01/21

No Opt. Call

Aa2

775,511

2,000

Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29

5/24 at 100.00

AAA

2,407,260

3,280

Ohio State, General Obligation Bonds, Refunding Common Schools Series 2012A, 5.000%, 9/15/23

No Opt. Call

AA+

4,048,078

1,000

Ohio, General Obligation Bonds, Infrastructure Improvements, Refunding Series 2002A, 5.500%, 2/01/20

No Opt. Call

AA+

1,200,850

1,000

Olmsted Falls City School District, Cuyahoga County, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/35 – SYNCORA GTY Insured

6/17 at 100.00

A+

1,078,930

1,500

Pettisville Local School District, Fulton County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement Bonds, Series 2009, 5.000%, 12/01/36

6/19 at 100.00

Aa2

1,632,555

Princeton City School District, Hamilton County, Ohio, Certificates of Participation, Series 2013:

610

5.000%, 12/01/33

12/22 at 100.00

AA–

666,517

1,305

5.000%, 12/01/42

12/22 at 100.00

AA–

1,423,063

1,710

South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%, 6/01/32

6/22 at 100.00

Aa2

1,924,314

3,435

Summit County, Ohio, General Obligation Bonds, Series 2002R, 5.500%, 12/01/21 – FGIC Insured

No Opt. Call

AA+

4,269,327

1,300

Sylvania City School District, Lucas County, Ohio, General Obligation Bonds, School Improvement Series 1995, 5.250%, 12/01/36 – AGC Insured

6/17 at 100.00

1,408,550

735

Symmes Township, Hamilton County, Ohio, General Obligation Bonds, Parkland Acquistion & Improvement Series 2010, 5.250%, 12/01/37

12/20 at 100.00

Aa1

870,747

1,000

Vandalia Butler City School District, Montgomery County, Ohio, General Obligation Bonds, School Improvement Series 2009, 5.125%, 12/01/37

6/19 at 100.00

Aa3

1,081,780

500

Wadsworth City School District, Medina County, Ohio, General Obligation Bonds, School Improvement Series 2009, 5.000%, 12/01/37 – AGC Insured

12/17 at 100.00

543,355

2,000

West Clermont Local School District, Clermont County, Ohio, General Obligation Bonds, Series 2008, 5.000%, 12/01/31 – AGM Insured

12/18 at 100.00

2,232,040

70,595

Total Tax Obligation/General

77,150,662

Tax Obligation/Limited – 20.5%

Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006:

950

5.000%, 12/01/25

12/16 at 102.00

N/R

987,934

1,165

5.000%, 12/01/30

12/16 at 102.00

N/R

1,200,567

650

5.000%, 12/01/35

12/16 at 102.00

N/R

663,351

1,150

Cincinnati, Ohio, Economic Development Revenue Bonds, Keystone Parke Project, Series 2008A, 5.000%, 11/01/38

2/15 at 100.00

Aa3

1,153,933


Nuveen Investments			71

Nuveen Ohio Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2:

990

5.000%, 10/01/27

10/23 at 100.00

1,153,390

1,150

5.000%, 10/01/30

10/23 at 100.00

1,324,041

1,205

5.000%, 10/01/31

10/23 at 100.00

1,381,328

2,600

Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, R.I.T.A. Project, Series 2004, 5.000%, 11/15/19 – RAAI Insured

2/15 at 100.00

A–

2,606,396

Columbiana Exempted Village School District, Columbiana County, Ohio, Certificates of Participation, Series 2010:

1,400

5.000%, 12/01/26 – AGM Insured

12/20 at 100.00

1,556,072

1,645

5.000%, 12/01/28 – AGM Insured

12/20 at 100.00

1,824,173

Columbus-Franklin County Finance Authority, Ohio, Development Revenue Bonds, Hubbard Avenue Parking Facility Project, Series 2012A:

500

4.500%, 12/01/27

12/19 at 100.00

BBB

502,875

685

5.000%, 12/01/32

12/19 at 100.00

BBB

696,974

555

5.000%, 12/01/36

12/19 at 100.00

BBB

562,226

Cuyahoga County, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, Medical Mart- Convention Center Project, Series 2010F:

2,710

5.250%, 12/01/25

12/20 at 100.00

Aa2

3,156,202

3,250

5.000%, 12/01/27

12/20 at 100.00

Aa2

3,727,978

1,700

Delaware County District Library, Delaware, Franklin, Marion, Morrow and Union Counties, Ohio, Library Fund Library Facilities Special Obligation Notes, Series 2009, 5.000%, 12/01/34

12/19 at 100.00

Aa2

1,869,881

5,615

Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Anticipation Bonds, Series 2005, 5.000%, 12/01/25 – AMBAC Insured

12/15 at 100.00

Aaa

5,877,052

Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Refunding Anticipation Bonds, Series 2007:

2,215

5.000%, 12/01/26

12/17 at 100.00

Aaa

2,447,376

2,000

5.000%, 12/01/27

12/17 at 100.00

Aaa

2,209,820

10,345

Franklin County Convention Facilities Authority, Ohio, Tax and Lease Revenue Anticipation and Refunding Bonds, Columbus City & Franklin County Lessees, Series 2014, 5.000%, 12/01/35 (WI/DD, Settling 12/01/14)

12/24 at 100.00

Aaa

11,876,370

1,675

Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2014A, 5.000%, 12/01/25

No Opt. Call

AAA

2,083,248

5,800

Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 5.000%, 12/01/32 – AMBAC Insured

12/16 at 100.00

A+

6,177,986

Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B:

500

0.000%, 12/01/26 – AMBAC Insured

No Opt. Call

A+

334,885

3,300

0.000%, 12/01/28 – AMBAC Insured

No Opt. Call

A+

2,001,912

1,750

0.000%, 12/01/28 – AGM Insured

No Opt. Call

1,061,620

Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A:

1,235

5.000%, 12/01/25

12/21 at 100.00

A+

1,422,275

5,375

5.000%, 12/01/31

12/21 at 100.00

A+

6,044,510

26,700

JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (Mandatory put 1/01/23)

1/23 at 100.00

29,969,949


	72			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B:

435

0.000%, 9/01/27

No Opt. Call

Aa2

287,344

855

0.000%, 9/01/28

No Opt. Call

Aa2

542,053

2,635

5.000%, 9/01/31

9/19 at 100.00

Aa2

2,831,228

2,015

Milton Union Exempt Village School District, Ohio, Special Limited Obligation Bonds, Series 2009, 5.000%, 12/01/32

12/19 at 100.00

A+

2,185,973

1,100

New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/23

10/22 at 100.00

1,276,000

400

Riversouth Authority, Ohio, Lazarus Building Redevelopment Bonds, Series 2007A, 5.750%, 12/01/27

12/17 at 100.00

N/R

434,432

Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Refunding Series 2012A:

1,400

5.000%, 12/01/23

12/22 at 100.00

AA+

1,664,124

800

5.000%, 12/01/24

12/22 at 100.00

AA+

943,272

98,455

Total Tax Obligation/Limited

106,038,750

Transportation – 5.6%

Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A:

7,000

5.000%, 1/01/29

No Opt. Call

A–

7,633,500

1,000

5.000%, 1/01/30

1/22 at 100.00

A–

1,085,280

3,450

5.000%, 1/01/31 – AGM Insured

1/22 at 100.00

3,814,596

1,000

Columbus Regional Airport Authority, Ohio, Revenue Bonds, Refunding Series 2007, 5.000%, 1/01/28 – NPFG Insured

1/17 at 100.00

AA–

1,072,330

10,000

Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/24 – FGIC Insured

No Opt. Call

12,332,600

2,450

Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/39

2/23 at 100.00

A+

2,814,903

24,900

Total Transportation

28,753,209

U.S. Guaranteed – 8.2% (5)

3,590

Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B, 5.000%, 12/01/27 (Pre-refunded 6/01/15) – NPFG Insured

6/15 at 100.00

Aa3 (5)

3,678,242

2,515

Canton City School District, Stark County, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/19 (Pre-refunded 6/01/15) – NPFG Insured

6/15 at 100.00

AA– (5)

2,577,196

1,235

Dayton, Ohio, Airport Revenue Bonds, James M. Cox International Airport, Series 2005B, 5.000%, 12/01/14 – SYNCORA GTY Insured (ETM)

No Opt. Call

A– (5)

1,235,506

1,000

Fairview Park, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/25
(Pre-refunded 12/01/15) – NPFG Insured

12/15 at 100.00

Aa2 (5)

1,048,850

Hamilton County Convention Facilities Authority, Ohio, First Lien Revenue Bonds, Series 2004:

2,300

5.000%, 12/01/20 (Pre-refunded 1/05/15) – FGIC Insured

1/15 at 100.00

AA– (5)

2,311,500

2,535

5.000%, 12/01/22 (Pre-refunded 1/05/15) – FGIC Insured

1/15 at 100.00

AA– (5)

2,547,675

930

Hamilton County, Ohio, Sewer System Revenue Bonds, Metropolitan Sewer District of Greater Cincinnati, Improvement Series 2006A, 5.000%, 12/01/26 (Pre-refunded 12/01/16) – NPFG Insured

12/16 at 100.00

AA+ (5)

1,016,174

2,500

Hubbard Exempt Village School District, Trumbull County, Ohio, General Obligation Bonds, Classroom Facilities Improvements, Series 2007, 5.000%, 12/01/34 (Pre-refunded 6/01/17) – CIFG Insured

6/17 at 100.00

A+ (5)

2,771,675


Nuveen Investments			73

Nuveen Ohio Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

U.S. Guaranteed (5) (continued)

Kings Local School District, Warren County, Ohio, General Obligation Bonds, School Improvement Series 2005:

1,000

5.000%, 12/01/22 (Pre-refunded 12/01/15) – NPFG Insured

12/15 at 100.00

Aaa

1,048,660

1,480

5.000%, 12/01/24 (Pre-refunded 12/01/15) – NPFG Insured

12/15 at 100.00

Aaa

1,552,017

1,190

Marysville Exempted Village School District, Union County, Ohio, General Obligation Bonds, Series 2006, 5.000%, 12/01/24 (Pre-refunded 12/01/15) – AGM Insured

12/15 at 100.00

AA (5)

1,247,905

1,000

Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Series 2007, 5.000%, 12/01/31 (Pre-refunded 6/01/17)

6/17 at 100.00

Aa1 (5)

1,111,050

Ohio Higher Education Facilities Commission, Revenue Bonds, Ohio Northern University, Series 2005:

760

5.000%, 5/01/20 (Pre-refunded 5/01/15)

5/15 at 100.00

Baa2 (5)

775,557

1,000

5.000%, 5/01/26 (Pre-refunded 5/01/15)

5/15 at 100.00

Baa2 (5)

1,020,470

1,900

Ohio State Building Authority, State Facilities Bonds, Administrative Building Fund Projects, Series 2005A, 5.000%, 4/01/25 (Pre-refunded 4/01/15) – AGM Insured

4/15 at 100.00

AA (5)

1,931,559

3,135

Ohio State Building Authority, State Facilities Bonds, Adult Correctional Building Fund Project, Series 2005A, 5.000%, 4/01/23 (Pre-refunded 4/01/15) – AGM Insured

4/15 at 100.00

AA (5)

3,187,072

1,650

Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University Hospitals Health System, Series 2009, 6.750%, 1/15/39 (Pre-refunded 1/15/15)

1/15 at 100.00

A (5)

1,664,289

1,195

Ohio Water Development Authority, Loan Revenue Bonds, Pure Water Development, Series 1990I, 6.000%, 12/01/16 – AMBAC Insured (ETM)

No Opt. Call

Aaa

1,248,405

530

Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, State Match, Series 2008, 5.000%, 6/01/28 (Pre-refunded 6/01/18) – AGM Insured

6/18 at 100.00

AAA

606,723

Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water Quality Project, Series 2005B:

1,000

5.000%, 6/01/25 (Pre-refunded 6/01/15)

6/15 at 100.00

AAA

1,024,730

645

5.000%, 6/01/25 (Pre-refunded 6/01/15)

6/15 at 100.00

AAA

660,951

1,845

Ohio, General Obligation Bonds, Infrastructure Improvement Series 2005A, 5.000%, 9/01/16 (Pre-refunded 3/01/15)

3/15 at 100.00

AA+ (5)

1,868,284

Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities,
Series 2005A-II:

1,000

5.250%, 2/01/19 (Pre-refunded 2/01/15) – AGM Insured

2/15 at 100.00

AA (5)

1,008,970

1,000

5.250%, 2/01/20 (Pre-refunded 2/01/15) – AGM Insured

2/15 at 100.00

AA (5)

1,008,970

3,235

Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 5.250%, 11/15/36 (Pre-refunded 11/15/16)

11/16 at 100.00

A– (5)

3,538,281

600

Saint Marys City School District, Auglaize County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Series 2008, 5.000%, 12/01/28 (Pre-refunded 6/01/18) – AGM Insured

6/18 at 100.00

Aa2 (5)

686,856

40,770

Total U.S. Guaranteed

42,377,567

Utilities – 4.3%

American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A:

1,000

5.000%, 2/15/31

2/18 at 100.00

1,096,920

5,000

5.250%, 2/15/43

2/18 at 100.00

5,475,450

Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B:

4,740

0.000%, 11/15/34 – NPFG Insured

No Opt. Call

AA–

2,039,195

2,000

5.000%, 11/15/38 – NPFG Insured

5/18 at 100.00

AA–

2,192,140

7,500

0.000%, 11/15/38 – NPFG Insured

No Opt. Call

AA–

2,557,725


	74			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Utilities (continued)

2,800

Ohio Air Quality Development Authority, Air Quality Revenue Refunding Bonds, Columbus Southern Power Company Project, Series 2009B, 5.800%, 12/01/38
(Mandatory put 12/01/19)

12/19 at 100.00

Baa1

3,119,480

500

Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2010A, 3.375%, 7/01/33
(Mandatory put 7/01/15)

No Opt. Call

BBB–

506,540

500

Ohio Air Quality Development Authority, Ohio, Revenue Bonds, FirstEnergy Generation Corp. Project, Series 2009A, 5.700%, 8/01/20

No Opt. Call

BBB–

576,705

4,400

Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19

No Opt. Call

BBB–

4,968,480

28,440

Total Utilities

22,532,635

��

Water and Sewer – 10.7%

1,390

Akron, Ohio, Waterworks System Mortgage Revenue Improvement Bonds, Refunding Series 2009, 5.000%, 3/01/34 – AGC Insured

3/19 at 100.00

1,478,821

1,730

Butler County, Ohio, Sewerage System Revenue Bonds, Series 2005, 5.000%, 12/01/23 – AGM Insured

No Opt. Call

Aa3

2,029,532

4,355

Cincinnati, Ohio, Water System Revenue Bonds, Series 2007B, 5.000%, 12/01/32

12/17 at 100.00

AAA

4,828,301

865

City of Marysville, Ohio, Water System Mortgage Revenue Bonds, Series 2007, 5.000%, 12/01/32 – AMBAC Insured

12/17 at 100.00

945,324

Cleveland, Ohio, Water Revenue Bonds, Second Lien Series 2012A:

1,500

5.000%, 1/01/24

1/22 at 100.00

Aa2

1,771,650

775

5.000%, 1/01/26

1/22 at 100.00

Aa2

904,286

1,000

5.000%, 1/01/27

1/22 at 100.00

Aa2

1,162,580

10,280

Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured

No Opt. Call

Aa1

11,863,531

450

Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured

12/20 at 100.00

495,797

1,745

Lebanon, Ohio, Waterworks System Revenue Bonds, Improvement and Refunding Series 2012, 5.000%, 12/01/31

12/21 at 100.00

Aa3

1,944,855

Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006:

1,755

5.250%, 12/01/25 – SYNCORA GTY Insured

12/16 at 100.00

A–

1,911,581

4.750%, 12/01/46 – SYNCORA GTY Insured

12/16 at 100.00

A–

84,722

5,590

Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2007, 4.750%, 12/01/47 – SYNCORA GTY Insured

12/17 at 100.00

A–

6,015,231

8,500

Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38

5/23 at 100.00

AA+

9,697,479

3,125

Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Tender Option Bond Trust 3A, 18.360%, 11/15/43 (IF)

5/23 at 100.00

AA+

4,766,750

Ohio Water Development Authority, Revenue Bonds, Water Development Community Assistance Program, Refunding Series 2009:

1,405

5.000%, 12/01/25

12/19 at 100.00

Aa1

1,626,329

1,475

5.000%, 12/01/26

12/19 at 100.00

Aa1

1,705,055


Nuveen Investments			75

Nuveen Ohio Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Water and Sewer (continued)

2,060

Springboro, Ohio, Sewer System Mortgage Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/27

6/22 at 100.00

Aa3

2,352,746

48,080

Total Water and Sewer

55,584,570

470,430

Total Long-Term Investments (cost $470,463,642)

506,035,402

Other Assets Less Liabilities – 2.2% (6)

11,630,792

Net Assets – 100%

517,666,194

Investments in Derivatives as of November 30, 2014

Credit Default Swaps outstanding:


Counterparty	Reference Entity		Buy/Sell Protection (7)		Current Credit Spread (8)			Notional Amount		Fixed Rate (Annualized)			Termination Date		Value		Unrealized Appreciation (Depreciation) (6)
Goldman Sachs		Commonwealth of Puerto Rico		Buy		25.0	%	$	4,180,000		5.000	%		12/20/19	$	1,012,467	$	2,764

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(3)

(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(5)

(6)	Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.

(7)	The Fund entered into the credit default swaps to gain investment exposure to the referenced entity. Selling protection has a similar credit risk position to owning the referenced entity. Buying protection has a similar credit risk position to selling the referenced entity short.

(8)

WI/DD

Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

(IF)	Inverse floating rate investment.

(ETM)

Escrowed to maturity.

See accompanying notes to financial statements.


	76			Nuveen Investments

Nuveen Wisconsin Municipal Bond Fund


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

LONG-TERM INVESTMENTS – 99.2%

MUNICIPAL BONDS – 99.2%

Education and Civic Organizations – 5.8%

Madison Community Development Authority, Wisconsin, Revenue Bonds, The Wisconsin Alumni Research Foundation, Series 2009:

300

5.000%, 10/01/28

10/19 at 100.00

AAA

345,366

1,000

5.000%, 10/01/34

10/19 at 100.00

AAA

1,145,960

1,000

Milwaukee Redevelopment Authority, Wisconsin, Milwaukee Science Education Consortium, Inc Project, Series 2013A, 6.000%, 8/01/33

8/23 at 100.00

BBB–

1,121,940

1,300

Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Milwaukee School of Engineering Project, Series 2012, 4.100%, 4/01/32 – AGM Insured

4/22 at 100.00

1,370,486

250

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31

2/15 at 100.00

BBB–

216,850

550

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, University of the Sacred Heart Project, Series 2012, 5.000%, 10/01/42

No Opt. Call

BBB

430,386

1,060

3/16 at 100.00

BBB–

825,231

5,460

Total Education and Civic Organizations

5,456,219

Health Care – 16.3%

Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., Series 2009:

1,150

5.500%, 2/15/29

2/19 at 100.00

1,249,659

2,550

5.875%, 2/15/39

2/19 at 100.00

2,783,121

750

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beaver Dam Community Hospitals Inc., Series 2013A, 5.250%, 8/15/34

8/23 at 100.00

BBB–

807,488

1,230

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior Healthcare, Series 2006, 5.000%, 5/01/32

5/16 at 100.00

BBB

1,249,569

1,000

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 18.165%, 4/01/17 (IF) (4)

No Opt. Call

AA–

1,322,400

250

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Tender Option Bond Trust 3592, 14.163%, 10/01/20 (IF) (4)

No Opt. Call

AA–

261,720

665

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Howard Young Health Care, Inc., Refunding Series 2012, 5.000%, 8/15/22

No Opt. Call

748,970

1,000

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.375%, 2/15/34

2/16 at 100.00

A–

1,022,880

890

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40

2/22 at 100.00

A–

953,884

1,350

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32

8/22 at 100.00

1,501,227


Nuveen Investments			77

Nuveen Wisconsin Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)


Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value


		Health Care (continued)

$	1,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ThedaCare, Inc., Series 2009A, 5.500%, 12/15/38		12/19 at 100.00		AA–	$	1,119,000

	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/19		8/16 at 100.00		A–		2,138,720
	13,835	Total Health Care						15,158,638

		Housing/Multifamily – 8.9%

	2,000	Hudson Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Cedar Ridge Apartments Project, Series 2013A, 5.125%, 6/01/30		6/23 at 100.00		N/R		2,105,600

	1,500	Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin – Platteville Real Estate Foundation Project, Series 2012A, 5.000%, 7/01/42		7/22 at 100.00		BBB–		1,569,045

	1,380	Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27		12/18 at 100.00		A+		1,476,503

	2,000	Wisconsin Housing and Economic Development Authority Multi Family Housing Bonds,Western Technical College Student Housing Project, Series 2013B, 4.700%, 4/01/38		No Opt. Call		A		2,183,880

	970	Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2006A, 4.550%, 5/01/27 (Alternative Minimum Tax)		5/16 at 100.00		AA		981,815
	7,850	Total Housing/Multifamily						8,316,843

		Housing/Single Family – 2.6%

		Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2005E:
	1,000	4.900%, 11/01/35		5/15 at 100.00		AA		1,005,580
	1,375	4.900%, 11/01/35 – AMBAC Insured		5/15 at 100.00		AA		1,383,250
	2,375	Total Housing/Single Family						2,388,830

		Long-Term Care – 9.1%

	1,000	New Richmond Community Development Authority, Wisconsin, Health Care Facilities Revenue Bonds, PHM/New Richmond Senior Housing, Inc., Series 2011, 6.650%, 9/01/43		9/18 at 101.00		N/R		1,047,130

	1,750	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44		7/24 at 100.00		BBB+		1,911,543

	1,500	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43		8/23 at 100.00		A–		1,582,245

	2,000	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014, 5.000%, 12/01/44		12/22 at 102.00		N/R		1,969,420

	2,000	Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.375%, 10/01/44		10/22 at 102.00		N/R		2,022,320
	8,250	Total Long-Term Care						8,532,658

		Materials – 0.4%

	385	Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)		11/24 at 100.00		N/R		390,278

		Tax Obligation/General – 1.7%

		Guam Government, General Obligation Bonds, Series 2007A:
	1,000	5.000%, 11/15/23		11/17 at 100.00		BB–		1,031,620
	500	5.125%, 11/15/27		11/17 at 100.00		BB–		513,315
	1,500	Total Tax Obligation/General						1,544,935


	78			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited – 39.7%

650

Beloit Community Development Authority, Rock County, Wisconsin, Lease Revenue Bonds, Series 2009, 5.000%, 3/01/25

3/18 at 100.00

N/R

692,055

Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Refunding Bonds, Tax Increment District 7, Series 2011B:

1,000

3.850%, 9/01/20

9/18 at 100.00

1,069,310

500

3.700%, 9/01/21

9/18 at 100.00

526,000

Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Refunding Bonds, Tax Increment District 7, Series 2012:

100

1.850%, 9/01/18

No Opt. Call

102,092

500

2.750%, 9/01/22

9/20 at 100.00

509,840

Government of Guam, Business Privilege Tax Bonds, Series 2011A:

1,000

5.000%, 1/01/31

1/22 at 100.00

1,112,360

440

5.125%, 1/01/42

1/22 at 100.00

480,647

675

Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I LLC Project Revenue Bonds, Series 2008, 5.125%, 6/01/29

6/16 at 100.00

709,398

1,300

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Neighborhood Public Schools Initiative, Series 2007A, 4.000%, 8/01/23 – AMBAC Insured

8/17 at 100.00

Aa3

1,358,279

275

Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2005A, 4.600%, 8/01/22

8/15 at 100.00

279,516

Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2008A:

500

4.625%, 12/01/28

12/18 at 100.00

550,785

1,000

4.750%, 12/01/32

12/18 at 100.00

1,093,090

Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A:

895

5.500%, 2/01/21

No Opt. Call

AA–

1,012,675

2,500

6.500%, 2/01/31

2/19 at 102.00

AA–

2,939,425

500

Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 5.000%, 7/01/31 – AMBAC Insured

7/16 at 100.00

452,275

Saint Francis Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2007:

400

4.150%, 3/01/20

3/17 at 100.00

420,812

300

4.350%, 3/01/22

3/17 at 100.00

312,387

280

4.500%, 3/01/24

3/17 at 100.00

290,587

520

4.600%, 3/01/27

3/17 at 100.00

538,346

1,935

Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/26 – NPFG Insured

No Opt. Call

AA–

2,383,533

1,220

Sturgeon Bay Waterfront Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Series 2006A, 4.500%, 10/01/21

10/16 at 100.00

N/R

1,266,189

1,250

Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured

No Opt. Call

1,395,263

1,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2012C, 5.000%, 10/01/42

No Opt. Call

BBB+

1,050,540

1,145

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29

10/20 at 100.00

Baa2

1,266,862

Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A:

1,130

6.625%, 10/01/29

10/19 at 100.00

Baa3

1,285,951

240

6.750%, 10/01/37

10/19 at 100.00

Baa3

274,447


Nuveen Investments			79

Nuveen Wisconsin Municipal Bond Fund (continued)


Portfolio of Investments		November 30, 2014 (Unaudited)

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Tax Obligation/Limited (continued)

1,000

Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2004A, 5.250%, 10/01/21

2/15 at 100.00

1,002,950

1,000

Weston Community Development Authority, Wisconsin, Lease Revenue Bonds, Series 2005A, 5.000%, 10/01/21

10/15 at 100.00

1,020,220

320

Winnebago County Housing Authority, Wisconsin, Housing Revenue Bonds, Group Home III Project, Series 1992A, 7.125%, 3/01/22

3/15 at 100.00

N/R

321,645

Wisconsin Center District, Junior Dedicated Tax Revenue Bonds, Refunding Series 2013A:

785

4.000%, 12/15/25

12/22 at 100.00

Baa1

807,255

3,170

5.000%, 12/15/28

12/22 at 100.00

Baa1

3,542,155

Wisconsin Center District, Junior Dedicated Tax Revenue Refunding Bonds, Series 1999:

2,985

5.250%, 12/15/23 – AGM Insured

No Opt. Call

3,510,808

865

5.250%, 12/15/27 – AGM Insured

No Opt. Call

1,028,554

Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A:

2,035

0.000%, 12/15/28 – AGM Insured

No Opt. Call

1,295,644

1,945

0.000%, 12/15/31

No Opt. Call

1,062,223

35,360

Total Tax Obligation/Limited

36,964,118

Transportation – 3.4%

1,000

Public Finance Authority, Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/42 (Alternative Minimum Tax)

7/22 at 100.00

BBB

1,029,220

610

Virgin Islands Port Authority, Marine Revenue Bonds, Refunding Series 2014A, 5.000%, 9/01/33 (Alternative Minimum Tax)

9/24 at 100.00

BBB+

670,488

1,000

Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)

1/22 at 100.00

BBB–

1,045,470

355

Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (Alternative Minimum Tax)

7/22 at 100.00

BBB–

388,072

2,965

Total Transportation

3,133,250

U.S. Guaranteed – 5.6% (5)

Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A:

900

5.500%, 12/15/18 – NPFG Insured (ETM)

No Opt. Call

AA– (5)

1,057,680

1,220

5.500%, 12/15/20 – NPFG Insured (ETM)

No Opt. Call

AA– (5)

1,494,244

1,305

Sun Prairie Community Development Authority, Wisconsin, Lease Revenue Bonds, Tax Increment District 8, Series 2006, 4.250%, 8/01/25 (Pre-refunded 8/01/16)

8/16 at 100.00

A1 (5)

1,389,120

1,000

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21)

5/21 at 100.00

A2 (5)

1,254,210

4,425

Total U.S. Guaranteed

5,195,254

Utilities – 3.0%

1,375

Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured

10/22 at 100.00

1,577,730

1,200

Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/25

7/17 at 100.00

BB+

1,204,572

2,575

Total Utilities

2,782,302

Water and Sewer – 2.7%

1,000

Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40

7/20 at 100.00

A–

1,109,450


	80			Nuveen Investments

Principal
Amount (000)

Description (1)

Optional Call
Provisions (2)

Ratings (3)

Value

Water and Sewer (continued)

1,250

Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43

7/23 at 100.00

A–

1,431,588

2,250

Total Water and Sewer

2,541,038

87,230

Total Long-Term Investments (cost $86,473,486)

92,404,363

Other Assets Less Liabilities – 0.8%

776,864

Net Assets – 100%

93,181,227

(1)	All percentages shown in the Portfolio of Investments are based on net assets.

(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.

(3)

(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(5)

(ETM)

Escrowed to maturity.

(IF)	Inverse floating rate investment.

144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

See accompanying notes to financial statements.


Nuveen Investments			81

Statement of


		Assets and Liabilities		November 30, 2014 (Unaudited)


	Kansas			Kentucky			Michigan		Missouri			Ohio			Wisconsin
Assets
Long-term investments, at value (cost $194,122,643, $344,134,102, $146,399,485, $398,243,172, $470,463,643 and $86,473,486 respectively)	$	208,944,611		$	371,787,129		$	157,459,906	$	429,609,452		$	506,035,402		$	92,404,363
Credit default swaps premiums paid		—			730,619			313,768		—			1,009,703			—
Unrealized appreciation on credit default swaps		—			3,299			1,114		—			2,764			—
Cash		—			4,228,657			1,942,920		2,016,866			4,086,949			—
Receivable for:
Interest		2,273,906			5,405,281			1,759,119		5,079,571			8,801,159			1,280,989
Investments sold		512,955			1,798,764			1,420,833		86,271			10,715,065			—
Shares sold		479,559			467,446			151,669		1,473,305			254,284			99,929
Other assets		1,355			62,068			35,059		30,598			76,676			6,465
Total assets		212,212,386			384,483,263			163,084,388		438,296,063			530,982,002			93,791,746
Liabilities
Cash overdraft		695,826			—			—		—			—			123,652
Floating rate obligations		9,420,000			5,650,000			—		2,225,000			—			—
Payable for:
Dividends		123,647			192,816			162,575		535,076			505,444			69,200
Investments purchased		—			3,500,000			—		4,668,905			11,804,162			—
Shares redeemed		631,061			482,500			262,892		1,394,796			497,655			323,477
Accrued expenses:
Management fees		84,176			153,983			68,045		180,041			212,581			38,847
Trustees fees		2,069			64,677			34,220		30,913			80,768			931
12b-1 distribution and service fees		52,784			81,710			33,037		59,471			87,863			18,416
Other		55,232			80,670			52,156		77,253			127,335			35,996
Total liabilities		11,064,795			10,206,356			612,925		9,171,455			13,315,808			610,519
Net assets	$	201,147,591		$	374,276,907		$	162,471,463	$	429,124,608		$	517,666,194		$	93,181,227
Class A Shares
Net assets	$	130,304,025		$	299,677,730		$	105,532,767	$	215,481,252		$	282,692,958		$	52,030,712
Shares outstanding		11,859,627			26,784,681			8,995,181		18,900,513			24,357,226			4,806,136
Net asset value (“NAV”) per share	$	10.99		$	11.19		$	11.73	$	11.40		$	11.61		$	10.83
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price)	$	11.47		$	11.68		$	12.24	$	11.90		$	12.12		$	11.30
Class C Shares
Net assets	$	2,865,625		$	2,343,156		$	1,348,170	$	3,648,861		$	3,609,816		$	1,555,921
Shares outstanding		261,196			209,524			115,151		321,187			312,477			143,653
NAV and offering price per share	$	10.97		$	11.18		$	11.71	$	11.36		$	11.55		$	10.83
Class C2 Shares
Net assets	$	46,443,278		$	50,069,499		$	23,981,716	$	31,132,640		$	62,425,176		$	14,312,328
Shares outstanding		4,232,130			4,475,582			2,047,373		2,737,398			5,397,499			1,321,328
NAV and offering price per share	$	10.97		$	11.19		$	11.71	$	11.37		$	11.57		$	10.83
Class I Shares
Net assets	$	21,534,663		$	22,186,522		$	31,608,810	$	178,861,855		$	168,938,244		$	25,282,266
Shares outstanding		1,951,798			1,983,030			2,696,415		15,698,489			14,600,152			2,329,418
NAV and offering price per share	$	11.03		$	11.19		$	11.72	$	11.39		$	11.57		$	10.85
Net assets consist of:
Capital paid-in	$	190,754,058		$	354,545,825		$	149,802,466	$	403,498,607		$	485,305,830		$	90,926,220
Undistributed (Over-distribution of) net investment income		1,032,586			681,253			451,879		1,229,750			1,440,165			371,195
Accumulated net realized gain (loss)		(5,461,021	)		(8,606,497	)		1,155,583		(6,970,029	)		(4,654,324	)		(4,047,065	)
Net unrealized appreciation (depreciation)		14,821,968			27,656,326			11,061,535		31,366,280			35,574,523			5,930,877
Net assets	$	201,147,591		$	374,276,907		$	162,471,463	$	429,124,608		$	517,666,194		$	93,181,227
Authorized shares – per class		Unlimited			Unlimited			Unlimited		Unlimited			Unlimited			Unlimited
Par value per share	$	0.01		$	0.01		$	0.01	$	0.01		$	0.01		$	0.01

See accompanying notes to financial statements.


	82			Nuveen Investments

Statement of


		Operations		Six Months Ended November 30, 2014 (Unaudited)


	Kansas		Kentucky			Michigan		Missouri			Ohio		Wisconsin
Investment Income	$	4,629,415	$	8,492,560		$	3,655,347	$	9,656,775		$	11,458,630	$	2,043,851
Expenses
Management fees		509,327		944,991			413,878		1,079,349			1,291,077		230,012
12b-1 service fees – Class A Shares		131,190		304,167			106,764		221,358			286,066		49,811
12b-1 distribution and service fees – Class C Shares		9,213		6,683			3,650		11,503			13,933		5,977
12b-1 distribution and service fees – Class C2 Shares		180,859		193,447			91,127		118,826			237,975		55,179
Interest expense		26,501		15,328			—		2,578			—		—
Shareholder servicing agent fees and expenses		35,307		59,681			34,948		60,584			106,343		18,514
Custodian fees and expenses		17,934		30,270			15,689		37,282			44,851		9,508
Trustees fees and expenses		3,533		6,449			2,907		7,138			8,692		1,717
Professional fees		14,613		17,099			32,867		19,598			18,748		13,461
Shareholder reporting expenses		16,738		26,867			15,197		22,188			39,905		8,486
Federal and state registration fees		3,625		4,272			5,061		5,713			4,873		5,370
Other expenses		3,750		5,754			3,460		6,789			8,631		2,521
Total expenses		952,590		1,615,008			725,548		1,592,906			2,061,094		400,556
Net investment income (loss)		3,676,825		6,877,552			2,929,799		8,063,869			9,397,536		1,643,295
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		1,025,216		(1,042	)		421,642		(1,413,993	)		1,614,141		—
Swaps		—		8,550			4,111		—			13,474		—
Change in net unrealized appreciation (depreciation) of:
Investments		1,116,586		2,253,216			1,685,201		3,749,755			3,038,536		1,245,909
Swaps		—		3,299			1,114		—			2,764		—
Net realized and unrealized gain (loss)		2,141,802		2,264,023			2,112,068		2,335,762			4,668,915		1,245,909
Net increase (decrease) in net assets from operations	$	5,818,627	$	9,141,575		$	5,041,867	$	10,399,631		$	14,066,451	$	2,889,204

See accompanying notes to financial statements.


Nuveen Investments			83

Statement of


		Changes in Net Assets		(Unaudited)


	Kansas						Kentucky
	Six Months Ended 11/30/14			Year Ended 5/31/14			Six Months Ended 11/30/14			Year Ended 5/31/14
Operations
Net investment income (loss)	$	3,676,825		$	8,000,337		$	6,877,552		$	14,842,567
Net realized gain (loss) from:
Investments		1,025,216			(6,410,276	)		(1,042	)		(5,289,277	)
Swaps		—			—			8,550			—
Change in net unrealized appreciation (depreciation) of:
Investments		1,116,586			(629,259	)		2,253,216			(5,181,117	)
Swaps		—			—			3,299			—
Net increase (decrease) in net assets from operations		5,818,627			960,802			9,141,575			4,372,173
Distributions to Shareholders
From net investment income:
Class A⁽¹⁾		(2,411,333	)		(5,110,228	)		(5,469,012	)		(11,805,338	)
Class C⁽²⁾		(26,614	)		(5,910	)		(18,604	)		(4,053	)
Class C2⁽³⁾		(755,398	)		(1,627,406	)		(789,570	)		(1,831,539	)
Class I		(357,305	)		(665,875	)		(365,154	)		(627,212	)
From accumulated net realized gains:
Class A⁽¹⁾		—			—			—			—
Class C⁽²⁾		—			—			—			—
Class C2⁽³⁾		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(3,550,650	)		(7,409,419	)		(6,642,340	)		(14,268,142	)
Fund Share Transactions
Proceeds from sale of shares		13,188,261			19,492,391			16,526,175			19,906,293
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,799,362			5,747,147			5,474,232			11,829,046
		15,987,623			25,239,538			22,000,407			31,735,339
Cost of shares redeemed		(15,099,568	)		(70,375,954	)		(29,600,434	)		(107,069,891	)
Net increase (decrease) in net assets from Fund share transactions		888,055			(45,136,416	)		(7,600,027	)		(75,334,552	)
Net increase (decrease) in net assets		3,156,032			(51,585,033	)		(5,100,792	)		(85,230,521	)
Net assets at the beginning of period		197,991,559			249,576,592			379,377,699			464,608,220
Net assets at the end of period	$	201,147,591		$	197,991,559		$	374,276,907		$	379,377,699
Undistributed (Over-distribution of) net investment income at the end of period	$	1,032,586		$	906,411		$	681,253		$	446,041

(1)	Includes distributions to shareholders of Kentucky’s Class B Shares during the fiscal year ended May 31, 2014. Class B Shares of Kentucky converted to Class A Shares at the close of business on October 28, 2013 and are no longer available through an exchange from other Nuveen mutual funds.

(2)	Class C Shares were established and commenced operations on February 10, 2014.

(3)

Class C2 Shares (formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014) are available only through exchanges from other Nuveen municipal bond funds or for purposes of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts.

See accompanying notes to financial statements.


	84			Nuveen Investments


	Michigan						Missouri
	Six Months Ended 11/30/14			Year Ended 5/31/14			Six Months Ended 11/30/14			Year Ended 5/31/14
Operations
Net investment income (loss)	$	2,929,799		$	6,820,947		$	8,063,869		$	17,332,656
Net realized gain (loss) from:
Investments		421,642			1,482,602			(1,413,993	)		(4,911,530	)
Swaps		4,111			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		1,685,201			(6,399,762	)		3,749,755			(4,636,149	)
Swaps		1,114			—			—			—
Net increase (decrease) in net assets from operations		5,041,867			1,903,787			10,399,631			7,784,977
Distributions to Shareholders
From net investment income:
Class A⁽¹⁾		(2,055,696	)		(4,650,286	)		(4,264,335	)		(9,043,327	)
Class C⁽²⁾		(11,168	)		(1,328	)		(34,527	)		(3,690	)
Class C2⁽³⁾		(406,552	)		(913,835	)		(528,294	)		(1,159,713	)
Class I		(606,456	)		(1,105,433	)		(3,369,254	)		(6,747,777	)
From accumulated net realized gains:
Class A⁽¹⁾		—			(212,661	)		—			—
Class C⁽²⁾		—			—			—			—
Class C2⁽³⁾		—			(49,067	)		—			—
Class I		—			(49,322	)		—			—
Decrease in net assets from distributions to shareholders		(3,079,872	)		(6,981,932	)		(8,196,410	)		(16,954,507	)
Fund Share Transactions
Proceeds from sale of shares		9,820,830			22,439,091			36,923,944			54,335,220
Proceeds from shares issued to shareholders due to reinvestment of distributions		2,104,294			4,829,487			5,030,275			10,158,050
		11,925,124			27,268,578			41,954,219			64,493,270
Cost of shares redeemed		(12,697,310	)		(72,769,885	)		(32,508,415	)		(112,898,208	)
Net increase (decrease) in net assets from Fund share transactions		(772,186	)		(45,501,307	)		9,445,804			(48,404,938	)
Net increase (decrease) in net assets		1,189,809			(50,579,452	)		11,649,025			(57,574,468	)
Net assets at the beginning of period		161,281,654			211,861,106			417,475,583			475,050,051
Net assets at the end of period	$	162,471,463		$	161,281,654		$	429,124,608		$	417,475,583
Undistributed (Over-distribution of) net investment income at the end of period	$	451,879		$	601,952		$	1,229,750		$	1,362,291

(1)	Includes distributions to shareholders of Missouri’s Class B Shares during the fiscal year ended May 31, 2014. Class B Shares of Missouri converted to Class A Shares at the close of business on October 28, 2013 and are no longer available through an exchange from other Nuveen mutual funds.

(2)	Class C Shares were established and commenced operations on February 10, 2014.

(3)

See accompanying notes to financial statements.


Nuveen Investments			85

Statement of Changes in Net Assets (Unaudited) (continued)


	Ohio						Wisconsin
	Six Months Ended 11/30/14			Year Ended 5/31/14			Six Months Ended 11/30/14			Year Ended 5/31/14
Operations
Net investment income (loss)	$	9,397,536		$	21,835,134		$	1,643,295		$	3,587,086
Net realized gain (loss) from:
Investments		1,614,141			(4,273,553	)		—			(3,485,950	)
Swaps		13,474			—			—			—
Change in net unrealized appreciation (depreciation) of:
Investments		3,038,536			(10,813,011	)		1,245,909			(1,858,849	)
Swaps		2,764			—			—			—
Net increase (decrease) in net assets from operations		14,066,451			6,748,570			2,889,204			(1,757,713	)
Distributions to Shareholders
From net investment income:
Class A⁽¹⁾		(5,577,296	)		(12,109,435	)		(937,128	)		(1,955,633	)
Class C⁽²⁾		(43,109	)		(6,459	)		(17,628	)		(1,895	)
Class C2⁽³⁾		(1,060,750	)		(2,466,152	)		(240,116	)		(554,005	)
Class I		(3,329,276	)		(6,779,459	)		(468,418	)		(950,536	)
From accumulated net realized gains:
Class A⁽¹⁾		—			—			—			—
Class C⁽²⁾		—			—			—			—
Class C2⁽³⁾		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(10,010,431	)		(21,361,505	)		(1,663,290	)		(3,462,069	)
Fund Share Transactions
Proceeds from sale of shares		37,768,585			66,020,153			10,540,405			15,614,994
Proceeds from shares issued to shareholders due to reinvestment of distributions		6,801,513			14,317,138			1,245,831			2,593,371
		44,570,098			80,337,291			11,786,236			18,208,365
Cost of shares redeemed		(41,541,928	)		(168,924,167	)		(6,105,071	)		(46,606,606	)
Net increase (decrease) in net assets from Fund share transactions		3,028,170			(88,586,876	)		5,681,165			(28,398,241	)
Net increase (decrease) in net assets		7,084,190			(103,199,811	)		6,907,079			(33,618,023	)
Net assets at the beginning of period		510,582,004			613,781,815			86,274,148			119,892,171
Net assets at the end of period	$	517,666,194		$	510,582,004		$	93,181,227		$	86,274,148
Undistributed (Over-distribution of) net investment income at the end of period	$	1,440,165		$	2,053,060		$	371,195		$	391,190

(1)	Includes distributions to shareholders of Ohio’s Class B Shares during the fiscal year ended May 31, 2014. Class B Shares of Ohio converted to Class A Shares at the close of business on February 20, 2014 and are no longer available through an exchange from other Nuveen mutual funds.

(2)	Class C Shares were established and commenced operations on February 10, 2014.

(3)

See accompanying notes to financial statements.


	86			Nuveen Investments

THIS PAGE INTENTIONALLY LEFT BLANK


Nuveen Investments			87

Financial

Highlights (Unaudited)

Kansas

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended May 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (01/92)
2015(g)	$	10.86	$	0.21	$	0.12		$	0.33	$	(0.20	)	$	—		$	(0.20	)	$	10.99
2014		11.08		0.42		(0.25	)		0.17		(0.39	)		—			(0.39	)		10.86
2013		11.21		0.40		(0.05	)		0.35		(0.40	)		(0.08	)		(0.48	)		11.08
2012		10.37		0.44		0.83			1.27		(0.43	)		—			(0.43	)		11.21
2011		10.48		0.43		(0.11	)		0.32		(0.43	)		—			(0.43	)		10.37
2010		10.03		0.44		0.44			0.88		(0.43	)		—			(0.43	)		10.48
Class C (02/14)
2015(g)		10.85		0.16		0.12			0.28		(0.16	)		—			(0.16	)		10.97
2014(e)		10.49		0.05		0.41			0.46		(0.10	)		—			(0.10	)		10.85
Class C2 (02/97)(f)
2015(g)		10.85		0.18		0.11			0.29		(0.17	)		—			(0.17	)		10.97
2014		11.06		0.36		(0.24	)		0.12		(0.33	)		—			(0.33	)		10.85
2013		11.20		0.34		(0.06	)		0.28		(0.34	)		(0.08	)		(0.42	)		11.06
2012		10.36		0.37		0.84			1.21		(0.37	)		—			(0.37	)		11.20
2011		10.48		0.37		(0.12	)		0.25		(0.37	)		—			(0.37	)		10.36
2010		10.03		0.38		0.44			0.82		(0.37	)		—			(0.37	)		10.48
Class I (02/97)
2015(g)		10.91		0.22		0.11			0.33		(0.21	)		—			(0.21	)		11.03
2014		11.13		0.44		(0.25	)		0.19		(0.41	)		—			(0.41	)		10.91
2013		11.26		0.42		(0.04	)		0.38		(0.43	)		(0.08	)		(0.51	)		11.13
2012		10.42		0.46		0.83			1.29		(0.45	)		—			(0.45	)		11.26
2011		10.53		0.45		(0.11	)		0.34		(0.45	)		—			(0.45	)		10.42
2010		10.07		0.46		0.45			0.91		(0.45	)		—			(0.45	)		10.53


	88			Nuveen Investments


			Ratios/Supplemental Data
					Ratios to Average Net Assets

Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(d)

	3.07	%	$	130,304		0.84	%*		0.81	%*		3.80	%*		6	%
	1.72			132,188		0.86			0.83			4.00			15
	3.13			166,022		0.84			0.81			3.53			10
	12.43			151,334		0.86			0.83			4.03			36
	3.10			122,629		0.83			0.82			4.12			16
	8.67			120,162		0.84			0.84			4.27			18

	2.59			2,866		1.63	*		1.60	*		2.97	*		6
	4.37			1,177		1.66	*		1.63	*		3.08	*		15

	2.70			46,443		1.39	*		1.36	*		3.26	*		6
	1.24			48,520		1.41			1.38			3.45			15
	2.50			63,429		1.39			1.36			2.98			10
	11.86			52,451		1.40			1.37			3.47			36
	2.47			36,864		1.38			1.37			3.58			16
	8.10			33,948		1.39			1.39			3.71			18

	3.08			21,535		0.64	*		0.61	*		4.01	*		6
	1.95			16,106		0.66			0.63			4.19			15
	3.34			20,126		0.64			0.61			3.73			10
	12.62			14,368		0.65			0.62			4.22			36
	3.32			10,648		0.63			0.62			4.29			16
	8.96			7,960		0.64			0.64			4.47			18

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.

(c)

The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.

(d)

Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(e)

For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(f)

Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(g)

For the six months ended November 30, 2014.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			89

Financial Highlights (Unaudited) (continued)

Kentucky

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended May 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (05/87)
2015(g)	$	11.11	$	0.21	$	0.07		$	0.28	$	(0.20	)	$	—		$	(0.20	)	$	11.19
2014		11.30		0.42		(0.21	)		0.21		(0.40	)		—			(0.40	)		11.11
2013		11.40		0.42		(0.09	)		0.33		(0.43	)		—			(0.43	)		11.30
2012		10.69		0.46		0.70			1.16		(0.45	)		—			(0.45	)		11.40
2011		10.85		0.46		(0.18	)		0.28		(0.44	)		—			(0.44	)		10.69
2010		10.39		0.44		0.46			0.90		(0.44	)		—	**		(0.44	)		10.85
Class C (02/14)
2015(g)		11.11		0.16		0.07			0.23		(0.16	)		—			(0.16	)		11.18
2014(e)		10.83		0.04		0.34			0.38		(0.10	)		—			(0.10	)		11.11
Class C2 (10/93)(f)
2015(g)		11.11		0.18		0.07			0.25		(0.17	)		—			(0.17	)		11.19
2014		11.30		0.36		(0.21	)		0.15		(0.34	)		—			(0.34	)		11.11
2013		11.40		0.36		(0.09	)		0.27		(0.37	)		—			(0.37	)		11.30
2012		10.70		0.39		0.71			1.10		(0.40	)		—			(0.40	)		11.40
2011		10.85		0.40		(0.16	)		0.24		(0.39	)		—			(0.39	)		10.70
2010		10.39		0.38		0.46			0.84		(0.38	)		—	**		(0.38	)		10.85
Class I (02/97)
2015(g)		11.11		0.22		0.07			0.29		(0.21	)		—			(0.21	)		11.19
2014		11.30		0.44		(0.20	)		0.24		(0.43	)		—			(0.43	)		11.11
2013		11.40		0.45		(0.10	)		0.35		(0.45	)		—			(0.45	)		11.30
2012		10.70		0.48		0.70			1.18		(0.48	)		—			(0.48	)		11.40
2011		10.85		0.48		(0.16	)		0.32		(0.47	)		—			(0.47	)		10.70
2010		10.39		0.47		0.45			0.92		(0.46	)		—	**		(0.46	)		10.85


	90			Nuveen Investments


			Ratios/Supplemental Data
					Ratios to Average Net Assets

Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(d)

	2.55	%	$	299,678		0.79	%*		0.78	%*		3.72	%*		2	%
	2.14			309,200		0.80			0.79			3.87			12
	2.78			370,392		0.78			0.77			3.71			11
	11.10			360,084		0.80			0.80			4.12			16
	2.68			334,809		0.80			0.80			4.26			7
	8.81			376,621		0.81			0.81			4.15			9

	2.07			2,343		1.59	*		1.58	*		2.83	*		2
	3.49			814		1.60	*		1.59	*		2.83	*		12

	2.27			50,069		1.34	*		1.33	*		3.18	*		2
	1.66			53,886		1.35			1.34			3.32			12
	2.16			72,984		1.33			1.32			3.15			11
	10.44			63,378		1.35			1.35			3.56			16
	2.22			51,820		1.35			1.35			3.71			7
	8.20			55,515		1.36			1.36			3.59			9

	2.66			22,187		0.59	*		0.58	*		3.92	*		2
	2.36			15,477		0.60			0.59			4.07			12
	3.00			20,609		0.58			0.57			3.90			11
	11.24			15,992		0.60			0.60			4.30			16
	3.01			10,967		0.60			0.60			4.46			7
	9.00			7,453		0.61			0.61			4.35			9

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

(d)

(e)

For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(f)

Formerly Class C Shares and renamed to Class C2 on February 10, 2014.

(g)

For the six months ended November 30, 2014.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			91

Financial Highlights (Unaudited) (continued)

Michigan

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended May 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains			Total			Ending NAV
Class A (06/85)
2015(g)	$	11.59	$	0.21	$	0.16		$	0.37	$	(0.23	)	$	—		$	(0.23	)	$	11.73
2014		11.77		0.46		(0.17	)		0.29		(0.45	)		(0.02	)		(0.47	)		11.59
2013		11.77		0.45		—	**		0.45		(0.45	)		—			(0.45	)		11.77
2012		11.08		0.47		0.67			1.14		(0.45	)		—			(0.45	)		11.77
2011		11.19		0.47		(0.12	)		0.35		(0.46	)		—			(0.46	)		11.08
2010		10.83		0.46		0.36			0.82		(0.46	)		—			(0.46	)		11.19
Class C (02/14)
2015(g)		11.57		0.16		0.16			0.32		(0.18	)		—			(0.18	)		11.71
2014(e)		11.22		0.03		0.43			0.46		(0.11	)		—			(0.11	)		11.57
Class C2 (06/93)(f)
2015(g)		11.57		0.18		0.16			0.34		(0.20	)		—			(0.20	)		11.71
2014		11.76		0.40		(0.18	)		0.22		(0.39	)		(0.02	)		(0.41	)		11.57
2013		11.76		0.39		—	**		0.39		(0.39	)		—			(0.39	)		11.76
2012		11.08		0.41		0.66			1.07		(0.39	)		—			(0.39	)		11.76
2011		11.18		0.41		(0.11	)		0.30		(0.40	)		—			(0.40	)		11.08
2010		10.83		0.40		0.35			0.75		(0.40	)		—			(0.40	)		11.18
Class I (02/97)
2015(g)		11.58		0.23		0.15			0.38		(0.24	)		—			(0.24	)		11.72
2014		11.77		0.48		(0.18	)		0.30		(0.47	)		(0.02	)		(0.49	)		11.58
2013		11.76		0.48		—	**		0.48		(0.47	)		—			(0.47	)		11.77
2012		11.08		0.49		0.66			1.15		(0.47	)		—			(0.47	)		11.76
2011		11.18		0.49		(0.11	)		0.38		(0.48	)		—			(0.48	)		11.08
2010		10.83		0.48		0.36			0.84		(0.49	)		—			(0.49	)		11.18


	92			Nuveen Investments


			Ratios/Supplemental Data
					Ratios to Average Net Assets

Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(d)

	3.17	%	$	105,533		0.85	%*		0.85	%*		3.68	%*		11	%
	2.70			109,053		0.84			0.84			4.11			10
	3.85			149,466		0.81			0.81			3.80			15
	10.48			153,467		0.84			0.84			4.12			12
	3.16			148,020		0.84			0.84			4.22			6
	7.73			159,191		0.85			0.85			4.18			11

	2.78			1,348		1.65	*		1.65	*		2.80	*		11
	4.11			388		1.64	*		1.64	*		2.96	*		10

	2.91			23,982		1.40	*		1.40	*		3.13	*		11
	2.05			24,872		1.40			1.40			3.57			10
	3.33			32,084		1.36			1.36			3.25			15
	9.81			30,129		1.38			1.38			3.58			12
	2.70			29,681		1.39			1.39			3.67			6
	7.05			30,655		1.40			1.40			3.63			11

	3.28			31,609		0.65	*		0.65	*		3.87	*		11
	2.84			26,969		0.65			0.65			4.31			10
	4.15			30,311		0.61			0.61			4.00			15
	10.59			23,887		0.63			0.63			4.32			12
	3.46			19,397		0.64			0.64			4.42			6
	7.87			19,888		0.65			0.65			4.38			11

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

(d)

(e)

For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(f)

Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(g)

For the six months ended November 30, 2014.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			93

Financial Highlights (Unaudited) (continued)

Missouri

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended May 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (08/87)
2015(g)	$	11.34	$	0.22	$	0.06		$	0.28	$	(0.22	)	$	—	$	(0.22	)	$	11.40
2014		11.51		0.45		(0.18	)		0.27		(0.44	)		—		(0.44	)		11.34
2013		11.50		0.45		0.01			0.46		(0.45	)		—		(0.45	)		11.51
2012		10.70		0.48		0.79			1.27		(0.47	)		—		(0.47	)		11.50
2011		10.82		0.48		(0.13	)		0.35		(0.47	)		—		(0.47	)		10.70
2010		10.14		0.48		0.66			1.14		(0.46	)		—		(0.46	)		10.82
Class C (02/14)
2015(g)		11.31		0.16		0.06			0.22		(0.17	)		—		(0.17	)		11.36
2014(e)		10.98		0.05		0.39			0.44		(0.11	)		—		(0.11	)		11.31
Class C2 (02/94)(f)
2015(g)		11.31		0.18		0.07			0.25		(0.19	)		—		(0.19	)		11.37
2014		11.48		0.39		(0.18	)		0.21		(0.38	)		—		(0.38	)		11.31
2013		11.48		0.38		0.01			0.39		(0.39	)		—		(0.39	)		11.48
2012		10.68		0.41		0.80			1.21		(0.41	)		—		(0.41	)		11.48
2011		10.80		0.42		(0.13	)		0.29		(0.41	)		—		(0.41	)		10.68
2010		10.13		0.42		0.66			1.08		(0.41	)		—		(0.41	)		10.80
Class I (02/97)
2015(g)		11.33		0.23		0.06			0.29		(0.23	)		—		(0.23	)		11.39
2014		11.50		0.47		(0.18	)		0.29		(0.46	)		—		(0.46	)		11.33
2013		11.50		0.47		—	**		0.47		(0.47	)		—		(0.47	)		11.50
2012		10.70		0.48		0.81			1.29		(0.49	)		—		(0.49	)		11.50
2011		10.82		0.50		(0.13	)		0.37		(0.49	)		—		(0.49	)		10.70
2010		10.14		0.50		0.67			1.17		(0.49	)		—		(0.49	)		10.82


	94			Nuveen Investments


			Ratios/Supplemental Data
					Ratios to Average Net Assets

Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)				Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(d)

	2.48	%	$	215,481		0.79	%*			0.79	%*		3.80	%*		3	%
	2.53			226,753		0.80				0.80			4.09			16
	4.01			248,317		0.79				0.79			3.87			9
	12.08			233,521		0.83				0.83			4.28			8
	3.30			187,844		0.82				0.82			4.48			6
	11.49			196,974		0.83				0.83			4.52			6

	2.00			3,649		1.59	*			1.59	*		2.85	*		3
	3.98			847		1.59	*			1.59	*		3.07	*		16

	2.22			31,133		1.34	*			1.34	*		3.25	*		3
	1.97			32,308		1.35				1.35			3.54			16
	3.39			37,936		1.34				1.34			3.31			9
	11.50			33,690		1.38				1.38			3.73			8
	2.74			26,958		1.37		��		1.37			3.93			6
	10.83			26,957		1.38				1.38			3.97			6

	2.59			178,862		0.59	*			0.59	*		3.99	*		3
	2.75			157,568		0.60				0.60			4.28			16
	4.14			188,399		0.59				0.59			4.07			9
	12.28			187,304		0.63				0.63			4.34			8
	3.52			11,115		0.62				0.62			4.67			6
	11.74			9,235		0.63				0.63			4.72			6

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

(d)

(e)

For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(f)

Formerly Class C Shares and renamed Class C2 Shares on February 10, 2014.

(g)

For the six months ended November 30, 2014.

Annualized.

Rounds to less than $0.01 per share.

See accompanying notes to financial statements.


Nuveen Investments			95

Financial Highlights (Unaudited) (continued)

Ohio

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended May 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (06/85)
2015(g)	$	11.51	$	0.21	$	0.12		$	0.33	$	(0.23	)	$	—	$	(0.23	)	$	11.61
2014		11.72		0.47		(0.22	)		0.25		(0.46	)		—		(0.46	)		11.51
2013		11.70		0.45		0.03			0.48		(0.46	)		—		(0.46	)		11.72
2012		11.01		0.49		0.67			1.16		(0.47	)		—		(0.47	)		11.70
2011		11.18		0.48		(0.18	)		0.30		(0.47	)		—		(0.47	)		11.01
2010		10.77		0.48		0.39			0.87		(0.46	)		—		(0.46	)		11.18
Class C (02/14)
2015(g)		11.46		0.16		0.11			0.27		(0.18	)		—		(0.18	)		11.55
2014(e)		11.15		0.05		0.37			0.42		(0.11	)		—		(0.11	)		11.46
Class C2 (08/93)(f)
2015(g)		11.47		0.18		0.11			0.29		(0.19	)		—		(0.19	)		11.57
2014		11.67		0.40		(0.21	)		0.19		(0.39	)		—		(0.39	)		11.47
2013		11.65		0.39		0.03			0.42		(0.40	)		—		(0.40	)		11.67
2012		10.97		0.42		0.67			1.09		(0.41	)		—		(0.41	)		11.65
2011		11.15		0.42		(0.19	)		0.23		(0.41	)		—		(0.41	)		10.97
2010		10.74		0.42		0.39			0.81		(0.40	)		—		(0.40	)		11.15
Class I (02/97)
2015(g)		11.48		0.22		0.11			0.33		(0.24	)		—		(0.24	)		11.57
2014		11.68		0.49		(0.21	)		0.28		(0.48	)		—		(0.48	)		11.48
2013		11.66		0.48		0.03			0.51		(0.49	)		—		(0.49	)		11.68
2012		10.98		0.51		0.67			1.18		(0.50	)		—		(0.50	)		11.66
2011		11.15		0.51		(0.19	)		0.32		(0.49	)		—		(0.49	)		10.98
2010		10.75		0.50		0.38			0.88		(0.48	)		—		(0.48	)		11.15


	96			Nuveen Investments


			Ratios/Supplemental Data
					Ratios to Average Net Assets(h)

Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(d)

	2.85	%	$	282,693		0.79	%*		0.79	%*		3.67	%*		7	%
	2.31			290,868		0.81			0.81			4.18			16
	4.16			339,849		0.79			0.79			3.83			9
	10.77			317,442		0.82			0.82			4.28			13
	2.75			292,694		0.82			0.82			4.40			10
	8.18			330,410		0.82			0.82			4.33			10

	2.38			3,610		1.59	*		1.59	*		2.82	*		7
	3.79			1,648		1.59	*		1.59	*		3.11	*		16

	2.57			62,425		1.34	*		1.34	*		3.12	*		7
	1.80			65,008		1.36			1.36			3.63			16
	3.60			83,753		1.34			1.34			3.27			9
	10.13			68,344		1.37			1.37			3.73			13
	2.11			60,016		1.37			1.37			3.85			10
	7.62			63,181		1.37			1.37			3.78			10

	2.88			168,938		0.59	*		0.59	*		3.87	*		7
	2.58			153,057		0.60			0.60			4.38			16
	4.38			188,571		0.59			0.59			4.03			9
	10.94			168,949		0.62			0.62			4.48			13
	2.98			109,802		0.62			0.62			4.60			10
	8.33			115,162		0.62			0.62			4.54			10

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

(d)

(e)

For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(f)

Formerly Class C Shares and renamed Class C2 Shares on February 10, 2014.

(g)

For the six months ended November 30, 2014.

(h)

The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver and/or expense reimbursement during the periods presented herein.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			97

Financial Highlights (Unaudited) (continued)

Wisconsin

Selected data for a share outstanding throughout each period:



			Investment Operations							Less Distributions

Class (Commencement Date) Year Ended May 31,	Beginning NAV		Net Investment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Total			Ending NAV
Class A (06/94)
2015(g)	$	10.68	$	0.20	$	0.15		$	0.35	$	(0.20	)	$	—	$	(0.20	)	$	10.83
2014		11.02		0.41		(0.35	)		0.06		(0.40	)		—		(0.40	)		10.68
2013		11.09		0.40		(0.07	)		0.33		(0.40	)		—		(0.40	)		11.02
2012		10.28		0.43		0.78			1.21		(0.40	)		—		(0.40	)		11.09
2011		10.39		0.39		(0.12	)		0.27		(0.38	)		—		(0.38	)		10.28
2010		9.95		0.38		0.44			0.82		(0.38	)		—		(0.38	)		10.39
Class C (02/14)
2015(g)		10.69		0.16		0.14			0.30		(0.16	)		—		(0.16	)		10.83
2014(e)		10.27		0.04		0.48			0.52		(0.10	)		—		(0.10	)		10.69
Class C2 (02/97)(f)
2015(g)		10.69		0.17		0.15			0.32		(0.18	)		—		(0.18	)		10.83
2014		11.03		0.36		(0.36	)		—		(0.34	)		—		(0.34	)		10.69
2013		11.10		0.34		(0.07	)		0.27		(0.34	)		—		(0.34	)		11.03
2012		10.30		0.36		0.78			1.14		(0.34	)		—		(0.34	)		11.10
2011		10.41		0.33		(0.11	)		0.22		(0.33	)		—		(0.33	)		10.30
2010		9.96		0.33		0.45			0.78		(0.33	)		—		(0.33	)		10.41
Class I (02/97)
2015(g)		10.71		0.21		0.14			0.35		(0.21	)		—		(0.21	)		10.85
2014		11.05		0.44		(0.36	)		0.08		(0.42	)		—		(0.42	)		10.71
2013		11.12		0.43		(0.08	)		0.35		(0.42	)		—		(0.42	)		11.05
2012		10.31		0.44		0.79			1.23		(0.42	)		—		(0.42	)		11.12
2011		10.42		0.42		(0.12	)		0.30		(0.41	)		—		(0.41	)		10.31
2010		9.97		0.40		0.46			0.86		(0.41	)		—		(0.41	)		10.42


	98			Nuveen Investments


			Ratios/Supplemental Data
					Ratios to Average Net Assets

Total Return(b)			Ending Net Assets (000)		Expenses Including Interest(c)			Expenses Excluding Interest			Net Investment Income (Loss)			Portfolio Turnover Rate(d)

	3.33	%	$	52,031		0.85	%*		0.85	%*		3.73	%*		2	%
	0.76			49,057		0.89			0.89			4.02			14
	2.94			62,029		0.84			0.84			3.60			9
	11.96			51,124		0.87			0.87			3.94			19
	2.71			45,101		0.87			0.87			3.81			14
	8.42			50,270		0.90			0.90			3.75			6

	2.83			1,556		1.64	*		1.64	*		2.90	*		2
	5.07			656		1.68	*		1.68	*		2.70	*		14

	2.97			14,312		1.40	*		1.40	*		3.18	*		2
	0.21			15,196		1.44			1.44			3.48			14
	2.39			20,924		1.39			1.39			3.04			9
	11.27			12,542		1.41			1.41			3.38			19
	2.17			9,105		1.42			1.42			3.26			14
	7.94			9,329		1.45			1.45			3.19			6

	3.34			25,282		0.65	*		0.65	*		3.92	*		2
	0.99			21,365		0.68			0.68			4.21			14
	3.15			36,939		0.65			0.65			3.81			9
	12.16			32,782		0.66			0.66			4.13			19
	2.92			18,236		0.67			0.67			4.14			14
	8.73			2,605		0.70			0.70			3.94			6

(a)

Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b)

(c)

(d)

(e)

For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(f)

Formerly Class C Shares and renamed Class C2 Shares on February 10, 2014.

(g)

For the six months ended November 30, 2014.

Annualized.

See accompanying notes to financial statements.


Nuveen Investments			99

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust Information

The Nuveen Multistate Trust IV (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Kansas Municipal Bond Fund (“Kansas”), Nuveen Kentucky Municipal Bond Fund (“Kentucky”), Nuveen Michigan Municipal Bond Fund (“Michigan”), Nuveen Missouri Municipal Bond Fund (“Missouri”), Nuveen Ohio Municipal Bond Fund (“Ohio”) and Nuveen Wisconsin Municipal Bond Fund (“Wisconsin”) (each a “Fund” and collectively, the “Funds”), as diversified funds. The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as a series of predecessor trusts or corporations prior to that date.

Investment Adviser

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

Purchase and Sale Agreement

On October 1, 2014, TIAA-CREF, a national financial services organization, completed its previously announced acquisition of Nuveen, the parent company of the Adviser. The transaction has not resulted in any change in the portfolio management of the Funds or in the Funds’ investment objectives or policies.

Because the consummation of the acquisition resulted in the “assignment” (as defined in the Investment Company Act of 1940) and automatic termination of the Funds’ investment management agreements and investment sub-advisory agreements, Fund shareholders were asked to approve new investment management agreements with the Adviser and new investment sub-advisory agreements with each Fund’s Sub-Adviser. These new agreements were approved by shareholders of each of the Funds, and went into effect on October 1, 2014. The terms of the new agreements, including the fees payable to each Fund’s Adviser and Sub-Adviser, are substantially identical to those of the investment management agreements and investment sub-advisory agreements in place immediately prior to the closing.

Investment Objectives and Principal Investment Strategies

Each Fund’s investment objective is to provide as high a level of current interest income exempt from regular federal, its respective state and, in some cases, local income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and its respective state personal income tax. These municipal bonds include obligations issued by its respective state and its subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal and its respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years.

Under normal market conditions, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Sub-Adviser to be of comparable quality. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. Each Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.

Each Fund may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in each Fund’s portfolio.

The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies, and principal risks.


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Significant Accounting Policies

Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.

As of November 30, 2014, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Outstanding when-issued/delayed delivery purchase commitments	$	—	$	3,500,000	$	—	$	4,668,905	$	11,804,162	$	—

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydowns gains and losses, if any.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.

Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a 0.20% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. The Funds will issue Class C2 Shares upon the exchange of Class C2 Shares from another Nuveen mutual fund or for the purpose of dividend reinvestment, but Class C2 Shares are not available for new accounts or for additional investment into existing accounts. Class C2 Shares incur a 0.55% annual 12b-1 distribution fee and a 0.20% annual 12b-1 service fee. Class C and Class C2 Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.


Nuveen Investments			101

Notes to Financial Statements (Unaudited) (continued)

Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Netting Agreements

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.

The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Investment Valuation and Fair Value Measurements

The fair valuation input levels as described below are for fair value measurement purposes.

Investment Valuation

Prices of fixed income securities are provided by a pricing service approved by the Funds’ Board of Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above and are generally classified as Level 2.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board or its appointee.

Fair Value Measurements

Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs


	102			Nuveen Investments

reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.


Level 1 –		Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –		Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –		Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:


Kansas	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	208,944,611	$	—	$	208,944,611

Kentucky
Long-Term Investments*:
Municipal Bonds	$	—	$	371,787,129	$	—	$	371,787,129
Investments in Derivatives:
Credit Default Swaps**		—		3,299		—		3,299
Total	$	—	$	371,790,428	$	—	$	371,790,428

Michigan
Long-Term Investments*:
Municipal Bonds	$	—	$	157,459,906	$	—	$	157,459,906
Investments in Derivatives:
Credit Default Swaps**		—		1,114		—		1,114
Total	$	—	$	157,461,020	$	—	$	157,461,020

Missouri
Long-Term Investments*:
Municipal Bonds	$	—	$	429,609,452	$	—	$	429,609,452

Ohio
Long-Term Investments*:
Municipal Bonds	$	—	$	506,035,402	$	—	$	506,035,402
Investments in Derivatives:
Credit Default Swaps**		—		2,764		—		2,764
Total	$	—	$	506,038,166	$	—	$	506,038,166

Wisconsin
Long-Term Investments*:
Municipal Bonds	$	—	$	92,404,363	$	—	$	92,404,363

*	Refer to the Fund’s Portfolio of Investments for industry classifications.

**	Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.


Nuveen Investments			103

Notes to Financial Statements (Unaudited) (continued)

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i)

If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.

(ii)

If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.

A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”).

An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” The Fund’s Statement of Assets and Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in “Investment Income” only the net amount of earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the Statement of Operations.

An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense” on the Statement of Operations.


	104			Nuveen Investments

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended November 30, 2014, were as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Average floating rate obligations outstanding	$	9,420,000	$	5,650,000	$	—	$	2,225,000	$	—	$	—
Average annual interest rate and fees		0.56%		0.54%		—%		0.23%		—%		—%

As of November 30, 2014, the total amount of floating rate obligations issued by each Fund’s self-deposited inverse floaters and externally-deposited inverse floaters was as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Floating rate obligations: self-deposited inverse floaters	$	9,420,000	$	5,650,000	$	—	$	2,225,000	$	—	$	—
Floating rate obligations: externally-deposited inverse floaters		5,250,000		22,500,000		3,150,000		—		32,100,000		3,750,000
Total	$	14,670,000	$	28,150,000	$	3,150,000	$	2,225,000	$	32,100,000	$	3,750,000

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements are referred to herein as “Recourse Trusts”), with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is denoted as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

As of November 30, 2014, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Maximum exposure to Recourse Trusts	$	5,250,000	$	15,000,000	$	3,150,000	$	—	$	13,125,000	$	3,750,000

Zero Coupon Securities

A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Investments in Derivatives

Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Credit Default Swaps

A Fund may enter into a credit default swap contract to seek to maintain a total return on a particular investment or portion of its portfolio, or to take an active long or short position with respect to the likelihood of a particular issuer’s default. Credit default swap contracts involve one party making a stream of payments to another party in exchange for the right to receive a specified return if/ when there is a credit event by a third party. Generally, a credit event means bankruptcy, failure to pay, or restructuring. The specific credit events applicable for each credit default swap are stated in the terms of the particular swap agreement. As a purchaser of a credit default swap contract, the Fund pays to the counterparty a periodic interest fee based on the notional amount of the credit default swap. This interest fee is accrued daily and, for over-the-counter swaps, is recognized with the daily change in the market value of the contract as a component of “Unrealized appreciation or depreciation on credit default swaps (, net)” on the Statement of Assets and Liabilities. This interest fee is recorded as a realized loss upon payment. Credit default swap contracts are valued daily.

Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund is obligated to deliver that security, or an equivalent amount of cash, to the counterparty in exchange for receipt of the notional amount from the counterparty. The difference between the value of the security delivered and the notional amount received is recorded as a realized gain or loss. Payments received or made at the beginning of the measurement period are recognized as a component of “Credit default swaps premiums paid and/or received” on the Statement of Assets and Liabilities, when applicable. As a seller of a credit default swap contract, the Fund generally receives from the counterparty a periodic interest fee


Nuveen Investments			105

Notes to Financial Statements (Unaudited) (continued)

based on the notional amount of the credit default swap. Upon occurrence of a specific credit event with respect to the underlying referenced entity, the Fund will either receive that security, or an equivalent amount of cash, from the counterparty in exchange for payment of the notional amount to the counterparty, or pay a net settlement amount of the credit default swap contract less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The difference between the value of the security received and the notional amount paid is recorded as a realized loss.

Changes in the value of a credit default swap during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of swaps,” and realized gains and losses are recognized as a component of “Net realized gain (loss) from swaps” on the Statement of Operations. Investments in swaps cleared through an exchange obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the swap. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit a Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on swap contracts” on the Statement of Assets and Liabilities. The maximum potential amount of future payments the Fund could incur as a buyer of protection in a credit default swap contract is limited to the notional amount of the contract. The maximum potential amount would be offset by the recovery value, if any, of the respective referenced entity.

During the six months ended November 30, 2014, Kentucky, Michigan and Ohio managed credit risk by investing in credit default swaps to purchase credit protection.

The average notional amount of credit default swap contracts outstanding during the six months ended November 30, 2014, was as follows:


	Kentucky		Michigan		Ohio
Average notional amount of credit default swap contracts outstanding*	$	1,010,000	$	433,333	$	1,393,333

*	The average notional amount is calculated based on the outstanding notional the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

The following table presents the fair value of all swap contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.


		Location on the Statement of Asset and Liabilities
		Asset Derivatives			(Liability) Derivatives
Underlying Risk Exposure	Derivative Instrument	Location	Value		Location	Value
Kentucky
Credit	Swaps	Unrealized appreciation on credit default swaps**	$	3,299	—	$	—
Michigan
Credit	Swaps	Unrealized appreciation on credit default swaps**	$	1,114	—	$	—
Ohio
Credit	Swaps	Unrealized appreciation on credit default swaps**	$	2,764	—	$	—

**	Some swap contracts require a counterparty to pay or receive a premium, which is disclosed on the Statement of Assets and Liabilities and not reflected in the cumulative unrealized appreciation (depreciation) presented above.

The following table presents the swap contracts, which are subject to netting agreements, as well as the collateral delivered related to those swap contracts as of the end of the reporting period.


Fund	Counterparty	Gross Unrealized Appreciation on Credit Default Swaps***	Gross Unrealized (Depreciation) on Credit Default Swaps***		Amounts Netted on Statement of Assets and Liabilities		Net Unrealized Appreciation (Depreciation) on Credit Default Swaps		Collateral Pledged to (from) Counterparty		Net Exposure
Kentucky	Citibank N.A.	$3,299	$	—	$	—	$	3,299	$	—	$	3,299
Michigan	Goldman Sachs	$1,114	$	—	$	—	$	1,114	$	—	$	1,114
Ohio	Goldman Sachs	$2,764	$	—	$	—	$	2,764	$	—	$	2,764

***	Represents gross unrealized appreciation (depreciation) for the counterparty as reported in the Fund’s Portfolio of Investments.


	106			Nuveen Investments

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.


Fund	Underlying Risk Exposure	Derivative Instrument	Net Realized Gain (Loss) from Swaps		Change in Net Unrealized Appreciation (Depreciation) of Swaps
Kentucky	Credit	Swaps	$	8,550	$	3,299
Michigan	Credit	Swaps	$	4,111	$	1,114
Ohio	Credit	Swaps	$	13,474	$	2,764

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

4. Fund Shares

Transactions in Fund shares were as follows:


	Six Months Ended 11/30/14						Year Ended 5/31/14
Kansas	Shares			Amount			Shares			Amount
Shares sold:
Class A		501,270		$	5,465,208			939,239		$	9,898,414
Class C		152,128			1,660,424			108,045			1,145,606
Class C2		33,859			367,677			317,111			3,313,077
Class I		519,511			5,694,952			484,255			5,135,294
Shares issued to shareholders due to reinvestment of distributions:
Class A		180,122			1,967,300			390,601			4,096,341
Class C		2,237			24,433			488			5,235
Class C2		55,531			605,796			122,392			1,281,911
Class I		18,382			201,833			34,543			363,660
		1,463,040			15,987,623			2,396,674			25,239,538
Shares redeemed:
Class A		(991,105	)		(10,800,128	)		(4,144,768	)		(43,723,654	)
Class C		(1,673	)		(18,129	)		(29	)		(315	)
Class C2		(329,343	)		(3,594,528	)		(1,700,002	)		(17,761,711	)
Class I		(62,644	)		(686,783	)		(850,901	)		(8,890,274	)
		(1,384,765	)		(15,099,568	)		(6,695,700	)		(70,375,954	)
Net increase (decrease)		78,275		$	888,055			(4,299,026	)	$	(45,136,416	)


Nuveen Investments			107

Notes to Financial Statements (Unaudited) (continued)


	Six Months Ended 11/30/14						Year Ended 5/31/14
Kentucky	Shares			Amount			Shares			Amount
Shares sold:
Class A		601,251		$	6,700,281			1,060,852		$	11,434,756
Class A – automatic conversion of Class B Shares		—			—			30,733			329,407
Class B – exchanges		—			—			28			301
Class C		135,886			1,516,303			73,048			795,972
Class C2		8,323			92,760			205,588			2,216,611
Class I		737,725			8,216,831			477,087			5,129,246
Shares issued to shareholders due to reinvestment of distributions:
Class A		409,558			4,572,960			927,501			10,003,818
Class B		—			—			373			4,001
Class C		1,446			16,150			325			3,571
Class C2		58,268			650,374			138,724			1,496,218
Class I		21,002			234,748			29,787			321,438
		1,973,459			22,000,407			2,944,046			31,735,339
Shares redeemed:
Class A		(2,047,602	)		(22,821,968	)		(6,978,185	)		(75,334,822	)
Class B		—			—			(24,744	)		(266,517	)
Class B – automatic conversion to Class A Shares		—			—			(30,705	)		(329,407	)
Class C		(1,076	)		(12,010	)		(105	)		(1,157	)
Class C2		(439,870	)		(4,890,748	)		(1,955,587	)		(21,046,628	)
Class I		(168,314	)		(1,875,708	)		(938,011	)		(10,091,360	)
		(2,656,862	)		(29,600,434	)		(9,927,337	)		(107,069,891	)
Net increase (decrease)		(683,403	)	$	(7,600,027	)		(6,983,291	)	$	(75,334,552	)

	Six Months Ended 11/30/14						Year Ended 5/31/14
Michigan	Shares			Amount			Shares			Amount
Shares sold:
Class A		244,176		$	2,839,739			1,359,650		$	15,426,687
Class C		81,608			951,573			33,481			383,198
Class C2		16,613			193,999			117,725			1,308,163
Class I		501,961			5,835,519			474,548			5,321,043
Shares issued to shareholders due to reinvestment of distributions:
Class A		122,165			1,426,227			311,728			3,490,115
Class C		798			9,312			84			966
Class C2		19,211			223,961			46,875			524,105
Class I		38,109			444,794			72,764			814,301
		1,024,641			11,925,124			2,416,855			27,268,578
Shares redeemed:
Class A		(780,894	)		(9,080,673	)		(4,957,261	)		(55,628,547	)
Class C		(782	)		(9,161	)		(38	)		(441	)
Class C2		(137,534	)		(1,595,352	)		(744,566	)		(8,312,002	)
Class I		(172,494	)		(2,012,124	)		(794,583	)		(8,828,895	)
		(1,091,704	)		(12,697,310	)		(6,496,448	)		(72,769,885	)
Net increase (decrease)		(67,063	)	$	(772,186	)		(4,079,593	)	$	(45,501,307	)


	108			Nuveen Investments


	Six Months Ended 11/30/14						Year Ended 5/31/14
Missouri	Shares			Amount			Shares			Amount
Shares sold:
Class A		590,684		$	6,688,366			2,197,180		$	24,025,849
Class A – automatic conversion of Class B Shares		—			—			26,783			291,932
Class B – exchanges		—			—			26			285
Class C		249,067			2,814,587			74,940			833,909
Class C2		33,009			372,194			286,088			3,113,786
Class I		2,382,948			27,048,797			2,365,960			26,069,459
Shares issued to shareholders due to reinvestment of distributions:
Class A		316,894			3,597,440			681,060			7,474,470
Class B		—			—			325			3,537
Class C		2,536			28,749			291			3,267
Class C2		35,418			401,090			78,574			860,322
Class I		88,364			1,002,996			165,619			1,816,454
		3,698,920			41,954,219			5,876,846			64,493,270
Shares redeemed:
Class A		(2,003,621	)		(22,699,879	)		(4,490,053	)		(49,088,779	)
Class B		—			—			(8,067	)		(87,083	)
Class B – automatic conversion to Class A Shares		—			—			(26,734	)		(291,932	)
Class C		(5,329	)		(60,343	)		(318	)		(3,554	)
Class C2		(186,735	)		(2,110,157	)		(813,335	)		(8,890,960	)
Class I		(674,044	)		(7,638,036	)		(5,007,763	)		(54,535,900	)
		(2,869,729	)		(32,508,415	)		(10,346,270	)		(112,898,208	)
Net increase (decrease)		829,191		$	9,445,804			(4,469,424	)	$	(48,404,938	)


	Six Months Ended 11/30/14						Year Ended 5/31/14
Ohio	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,114,818		$	12,840,652			3,965,505		$	44,306,775
Class A – automatic conversion of Class B Shares		—			—			50,160			562,082
Class B – exchanges		—			—			64			703
Class C		167,061			1,914,240			146,215			1,654,627
Class C2		16,339			188,058			410,663			4,545,422
Class I		1,985,394			22,825,635			1,348,924			14,950,544
Shares issued to shareholders due to reinvestment of distributions:
Class A		355,590			4,106,795			797,043			8,880,056
Class B		—			—			2,122			23,357
Class C		2,892			33,282			412			4,696
Class C2		63,264			728,164			152,609			1,693,380
Class I		167,806			1,933,272			334,458			3,715,649
		3,873,164			44,570,098			7,208,175			80,337,291
Shares redeemed:
Class A		(2,373,517	)		(27,355,800	)		(8,555,058	)		(94,780,640	)
Class B		—			—			(89,635	)		(988,940	)
Class B – automatic conversion to Class A Shares		—			—			(50,295	)		(562,082	)
Class C		(1,269	)		(14,596	)		(2,834	)		(32,243	)
Class C2		(347,705	)		(3,992,788	)		(2,072,634	)		(22,894,120	)
Class I		(884,172	)		(10,178,744	)		(4,493,982	)		(49,666,142	)
		(3,606,663	)		(41,541,928	)		(15,264,438	)		(168,924,167	)
Net increase (decrease)		266,501		$	3,028,170			(8,056,263	)	$	(88,586,876	)


Nuveen Investments			109

Notes to Financial Statements (Unaudited) (continued)


	Six Months Ended 11/30/14						Year Ended 5/31/14
Wisconsin	Shares			Amount			Shares			Amount
Shares sold:
Class A		443,126		$	4,758,163			574,468		$	5,938,441
Class C		81,228			870,254			61,282			643,775
Class C2		2,922			31,859			86,348			899,574
Class I		455,420			4,880,129			776,912			8,133,204
Shares issued to shareholders due to reinvestment of distributions:
Class A		81,339			874,511			175,832			1,808,409
Class C		1,601			17,238			156			1,656
Class C2		19,614			210,918			46,290			476,396
Class I		13,279			143,164			29,763			306,910
		1,098,529			11,786,236			1,751,051			18,208,365
Shares redeemed:
Class A		(311,676	)		(3,337,547	)		(1,787,153	)		(18,255,428	)
Class C		(571	)		(6,147	)		(43	)		(451	)
Class C2		(122,924	)		(1,317,946	)		(608,645	)		(6,241,038	)
Class I		(134,542	)		(1,443,431	)		(2,154,953	)		(22,109,689	)
		(569,713	)		(6,105,071	)		(4,550,794	)		(46,606,606	)
Net increase (decrease)		528,816		$	5,681,165			(2,799,743	)	$	(28,398,241	)

5. Investment Transactions

Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the six months ended November 30, 2014, were as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Purchases	$	17,007,300	$	7,506,571	$	16,929,888	$	22,955,343	$	33,063,010	$	8,648,932
Sales and maturities		12,456,420		11,790,481		18,199,624		11,802,844		37,962,547		2,000,000

6. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

As of November 30, 2014, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:


	Kansas			Kentucky			Michigan			Missouri			Ohio			Wisconsin
Cost of investments	$	184,258,951		$	338,393,375		$	146,184,854		$	395,041,403		$	471,128,077		$	86,272,741
Gross unrealized:
Appreciation	$	15,287,438		$	27,819,833		$	11,582,763		$	34,261,822		$	36,110,230		$	6,621,855
Depreciation		(21,424	)		(75,805	)		(307,711	)		(1,918,937	)		(1,202,905	)		(490,233	)
Net unrealized appreciation (depreciation) of investments	$	15,266,014		$	27,744,028		$	11,275,052		$	32,342,885		$	34,907,325		$	6,131,622


	110			Nuveen Investments

Permanent differences, primarily due to federal taxes paid and taxable market discount, resulted in reclassifications among the Funds’ components of net assets as of May 31, 2014, the Funds’ last tax year end, as follows:


	Kansas			Kentucky			Michigan			Missouri			Ohio			Wisconsin
Capital paid-in	$	(7	)	$	—		$	—		$	(5	)	$	166		$	—
Undistributed (Over-distribution of) net investment income		(13,140	)		(16,076	)		(6,763	)		(28,202	)		(102,883	)		(14,881	)
Accumulated net realized gain (loss)		13,147			16,076			6,763			28,207			102,717			14,881

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2014, the Funds’ last tax year end, were as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Undistributed net tax-exempt income¹	$	1,057,806	$	1,539,557	$	909,461	$	1,839,402	$	3,363,049	$	486,236
Undistributed net ordinary income²		13,888		—		6,967		23,365		47,834		13,918
Undistributed net long-term capital gains		—		—		730,036		—		—		—

¹	Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2014 through May 31, 2014, and paid on June 2, 2014.

²	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended May 31, 2014 was designated for purposes of the dividends paid deduction as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Distributions from net tax-exempt income	$	7,476,513	$	14,481,803	$	6,806,977	$	17,128,858	$	21,630,756	$	3,539,588
Distributions from net ordinary income²		27,386		5,142		13,885		—		32,338		2,512
Distributions from net long-term capital gains		—		—		311,050		—		—		—

²	Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

As of May 31, 2014, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.


	Kansas		Kentucky		Missouri³		Ohio³		Wisconsin
Expiration:
May 31, 2016	$	—	$	—	$	—	$	224,658	$	—
May 31, 2017		—		—		9,357		204,682		—
May 31, 2018		—		3,377,319		663,355		30,607		40,757
May 31, 2019		—		—		—		1,552,586		—
Not subject to expiration		4,391,458		3,225,239		3,212,313		2,917,052		3,185,605
Total	$	4,391,458	$	6,602,558	$	3,885,025	$	4,929,585	$	3,226,362

³	A portion of Missouri’s and Ohio’s capital loss carryforward is subject to an annual limitation under Internal Revenue Code and related regulations.

During the Funds’ last tax year ended May 31, 2014, the following Fund utilized capital loss carryforwards as follows:


	Michigan
Utilized capital loss carryforwards	$	448,279

The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:


	Kansas		Kentucky		Missouri		Ohio		Wisconsin
Post-October capital losses⁴	$	2,172,285	$	2,047,962	$	1,671,010	$	350,076	$	820,701
Late-year ordinary losses⁵		—		—		—		—		—

⁴	Capital losses incurred from November 1, 2013 through May 31, 2014, the Funds’ last tax year end.

⁵	Ordinary losses incurred from January 1, 2014 through May 31, 2014 and specified losses incurred from November 1, 2013 through May 31, 2014.

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.


Nuveen Investments			111

Notes to Financial Statements (Unaudited) (continued)

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:


Average Daily Net Assets	Fund-Level Fee Rate
For the first $125 million		0.3500	%
For the next $125 million		0.3375
For the next $250 million		0.3250
For the next $500 million		0.3125
For the next $1 billion		0.3000
For the next $3 billion		0.2750
For net assets over $5 billion		0.2500

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:


Complex-Level Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion		0.2000	%
$56 billion		0.1996
$57 billion		0.1989
$60 billion		0.1961
$63 billion		0.1931
$66 billion		0.1900
$71 billion		0.1851
$76 billion		0.1806
$80 billion		0.1773
$91 billion		0.1691
$125 billion		0.1599
$200 billion		0.1505
$250 billion		0.1469
$300 billion		0.1445

The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of November 30, 2014, the complex-level fee rate for each Fund was as follows:


Fund	Complex-Level Fee Rate
Kansas		0.1639	%
Kentucky		0.1639
Michigan		0.1639
Missouri		0.1756
Ohio		0.1679
Wisconsin		0.1639

The Adviser has agreed to waive fees and/or reimburse expenses so that total annual Fund operating expenses, (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) for Ohio do not exceed 0.750% of the average daily net assets of any class of Fund shares.

The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the six months ended November 30, 2014, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Sales charges collected	$	113,284	$	127,126	$	29,782	$	112,499	$	167,331	$	88,473
Paid to financial intermediaries		95,920		108,044		25,872		96,499		146,042		78,611

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.


	112			Nuveen Investments

During the six months ended November 30, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
Commission advances	$	19,085	$	15,425	$	7,960	$	32,406	$	55,854	$	26,575

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C and Class C2 Shares during the first year following a purchase are retained by the Distributor. During the six months ended November 30, 2014, the Distributor retained such 12b-1 fees as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
12b-1 fees retained	$	15,206	$	10,564	$	8,141	$	16,397	$	21,661	$	7,077

The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also collected and retained CDSC on share redemptions during the six months ended November 30, 2014, as follows:


	Kansas		Kentucky		Michigan		Missouri		Ohio		Wisconsin
CDSC retained	$	148	$	31	$	401	$	136	$	—	$	62


Nuveen Investments			113

Additional

Fund Information

Fund Manager

Nuveen Fund Advisors, LLC

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Independent Registered
Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL 60606

Custodian

State Street Bank & Trust
Company

Boston, MA 02111

Legal Counsel

Chapman and Cutler LLP

Chicago, IL 60603

Transfer Agent and
Shareholder Services

Boston Financial
Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.

Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.


	114			Nuveen Investments

Glossary of Terms

Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or fund’s duration, the more the price of the bond or fund will change as interest rates change.

Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.

Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.

Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Lipper Ohio Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Ohio Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

Lipper Other States Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Other States Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States Average represents the overall average of returns for funds from multiple states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.


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Glossary of Terms Used in this Report (continued)

Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.

S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.

Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.


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Notes


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Notes


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Notes


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LOGO

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long- term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates- Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed $229 billion as of September 30, 2014.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/mf

Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com/mf

MSA-MS6-1114D 5389-INV-B01/16

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Multistate Trust IV

(Signature and Title)

/s/ Kevin J. McCarthy

Kevin J. McCarthy

Vice President and Secretary

Date: February 5, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

(Signature and Title)

/s/ Gifford R. Zimmerman

Gifford R. Zimmerman

Chief Administrative Officer

(principal executive officer)

Date: February 5, 2015

(Signature and Title)

/s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller

(principal financial officer)

Date: February 5, 2015

Nuveen Multistate Trust Iv N-CSRSCertified semi-annual shareholder report (management investment company)