Nuveen Small Cap Value Fund (FSCAX) N-CSRS 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 811-05309

Nuveen Investment Funds, Inc.

(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 C1	Class C2	Class I
Nuveen Minnesota Intermediate Municipal Bond Fund	FAMAX	NIBCX	FACMX	NIBMX	FAMTX
Nuveen Minnesota Municipal Bond Fund	FJMNX	NTCCX	FCMNX	NMBCX	FYMNX
Nuveen Nebraska Municipal Bond Fund	FNTAX	NAAFX	FNTCX	NCNBX	FNTYX
Nuveen Oregon Intermediate Municipal Bond Fund	FOTAX	NAFOX	—	NIMOX	FORCX

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

Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	9
Fund Performance, Expense Ratios and Effective Leverage Ratios	11
Yields	20
Holding Summaries	21
Expense Examples	25
Shareholder Meeting Report	28
Portfolios of Investments	31
Statement of Assets and Liabilities	61
Statement of Operations	62
Statement of Changes in Net Assets	63
Financial Highlights	66
Notes to Financial Statements	74
Additional Fund Information	85
Glossary of Terms Used in this Report	86

Nuveen Investments 3

Chairman’s Letter

to Shareholders

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,

William J. Schneider

Chairman of the Board

January 23, 2015

4 Nuveen Investments

Portfolio Managers’

Comments

Nuveen Minnesota Intermediate Municipal Bond Fund

Nuveen Minnesota Municipal Bond Fund

Nuveen Nebraska Municipal Bond Fund

Nuveen Oregon Intermediate Municipal Bond Fund

These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Christopher L. Drahn, CFA, Michael Hamilton and Douglas J. White, CFA, review key investment strategies and the performance of the Nuveen Minnesota Municipal Bond Fund, Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund. Doug has managed the Minnesota Fund since 1988 and the Nebraska Fund since 2011, Chris has managed the Minnesota Intermediate Fund since 1994 and Michael has managed the Oregon Intermediate Fund since 1997.

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 the Minnesota and Nebraska Funds outperformed the S&P Municipal Bond Index. The Class A Shares at NAV of the Minnesota Intermediate Fund modestly outpaced the S&P Municipal Bond Intermediate Index, while the Oregon Intermediate Fund slightly underperformed S&P Municipal Bond Intermediate Index. All four Funds surpassed the results of its 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 Minnesota Municipal Bond Fund

Nuveen Nebraska Municipal Bond Fund

During the six-month reporting period ended November 30, 2014, the Nuveen Minnesota Municipal Bond Fund outpaced the S&P Municipal Bond Index. Duration and yield curve positioning were the main drivers of the relative outperformance. The portfolio’s

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)

duration, meaning its sensitivity to changes in interest rates, remained longer than the benchmark. This allowed the Fund to benefit disproportionately from declining rates. More specifically, we had greater exposure to longer maturity bonds than the benchmark and these bonds fared particularly well amid favorable market conditions. Tempering that positive result, however, was the Fund’s modest overweighting in the 10-year portion of the yield curve, which slightly lagged the benchmark.

Sector positioning also contributed positively to relative performance. We overweighted the health care sector, which performed especially well during the reporting period. Also adding to results was our significant underweightings in state and local general obligation (GO) bonds and pre-refunded debt. Both are high quality categories that lagged the benchmark, as investors favored higher risk, lower rated credits. In contrast, we overweighted the lagging public power sector and underweighted water/sewer bonds. Both were minor negatives for relative performance.

Our credit rating stance also proved beneficial. We maintained the Fund’s typical overweighting in lower rated and non-rated bonds. As investors remained willing to accept more credit risk in exchange for yield, our increased allocation to these areas, coupled with our corresponding underweighting in lagging higher rated bonds, was helpful.

As municipal bonds rallied during the reporting period, we wanted to reduce the Fund’s duration and bring it more in line with our internal benchmark. In light of the improving U.S. economy, we saw the potential for higher interest rates down the road, which we believed would make the Fund’s long-duration stance too risky. Accordingly, we took advantage of opportunities throughout the reporting period to make the portfolio somewhat less sensitive to rate movements. This involved buying a few suitable short dated bonds as they became available, as well as selling selected longer dated holdings though the rally in the bond market was a bigger contributor to shortening the Fund’s duration. In addition, we allowed the Fund’s position in cash and cash equivalent securities to drift upward. Because these holdings have little or no interest rate risk, they served as useful placeholders in the Fund, helping us to accomplish our duration objectives when we were unable to do so through conventional purchases and sales.

New purchases targeted the lower investment grade segment of the Minnesota municipal bond market. It was fortunate that the available secondary market supply of bonds during the reporting period tended to coincide with the types of securities we preferred to add since the new issue Minnesota market offered few attractive opportunities. For example, coming into the reporting period, we were targeting transportation bonds, given that these securities’ performance has historically been positively correlated with economic growth. In fact, A-rated Minneapolis-St. Paul Metropolitan Airport Commission debt became available in the secondary municipal bond market during the reporting period and we took advantage of the opportunity to buy these bonds. The Fund’s other purchases included education, charter school and electric utility bonds. To finance these acquisitions, we used the proceeds of bond calls and also sold certain GO bonds whose performance prospects we saw as relatively limited.

The Nuveen Nebraska Municipal Bond Fund outperformed the S&P Municipal Bond Index due largely to favorable duration positioning. The Fund was especially well situated on the long end of the yield curve, with a significant overweighting in bonds with maturities of 22 years and longer.

Favorable security selection also added value. In particular, the Fund benefited from its allocation to certain health care and higher education bonds that outpaced the national municipal bond market. That outperformance was tempered, however, by an overweighting in public power bonds, which lagged. In addition, the Fund was relatively underexposed to corporate-backed industrial development revenue bonds and airport issues, two areas of typically limited supply within Nebraska. Given that both categories outperformed the national market, our reduced allocation there modestly hampered the Fund’s results.

The Fund continued to experience investment outflows during much of the reporting period, though these slowed significantly and turned slightly to inflows by the end of the reporting period. This meant we were selling securities more often than buying them. With the portfolio’s elevated duration, we wanted to reduce interest rate risk and this led us to sell certain longer dated holdings. We also maintained a larger than usual cash position, which enabled us to keep duration lower as we awaited suitable longer term investment opportunities to come to market

Our limited purchase activity included acquiring a handful of shorter maturity investments as well as selected longer dated utility revenue and health care bonds. We also bought a lower rated Ohio tobacco securitization bond issue that we believed was priced attractively enough to compensate for its lack of a tax advantage for Nebraska residents. This credit is owned widely across our mutual fund complex and is therefore followed very closely by our research analysts.

6 Nuveen Investments

Nuveen Minnesota Intermediate Municipal Bond Fund

The Nuveen Minnesota Intermediate Municipal Bond Fund outperformed the S&P Municipal Bond Intermediate Index during the six-month reporting period, with the Fund’s sector positioning the main driver of its relative results. The Fund’s overweightings in higher education and health care bonds were beneficial as these sectors performed well, reflecting investor demand for higher yielding securities in an environment of scarce income. That said, the Fund was underweighted in the industrial development revenue sector, another predominantly lower rated, higher yielding sector. Having less exposure to these corporate-backed securities tempered the Fund’s sector related outperformance.

Credit quality positioning bolstered results on a relative basis, to a lesser extent. Specifically, the Fund had overweightings in A-rated and non-rated bonds, which outpaced their higher quality counterparts as investors favored bonds offering more income. An underweighting in AAA-rated bonds was also helpful, as returns for this rating category generally did not match lower quality debt for the reporting period.

Duration and yield curve positioning were modestly beneficial. The Fund’s duration, a measure of its sensitivity to interest rate changes, was slightly longer than the benchmark through most of the reporting period. This helped the Fund benefit from declining interest rates further out the yield curve more fully than the index. From a yield curve perspective, the portfolio was lifted by its larger allocation to longer intermediate bonds with good call protection, as well as by a related underweighting in securities with very short durations. Shorter term rates generally either rose slightly or were little changed, causing short-term securities to underperform, while longer term bond prices generally appreciated in response to declining long-term rates.

The Fund experienced shareholder inflows during the reporting period. We reinvested these inflows, along with the proceeds from called and maturing bonds, predominantly in various new issues that came to market. Supply was up during the reporting period and much of our buying was concentrated in bonds with maturities in the 15-year range, reflecting both the available issuance and our assessment of value opportunities in the marketplace. Among our most notable purchases were utility bonds issued by the Western Minnesota Municipal Power Agency, transportation bonds of the Minneapolis/St. Paul Metropolitan Airports Authority and higher education debt of the University of Minnesota. We also selectively added a number of general obligation bonds.

Nuveen Oregon Intermediate Municipal Bond Fund

The Nuveen Oregon Intermediate Municipal Bond Fund slightly underperformed the S&P Municipal Intermediate Bond Index during the six-month reporting period.

The portfolio’s sector positioning had the most meaningful positive impact on performance, driven partly by the portfolio’s smaller allocation to the underperforming utilities group, which proved beneficial. More specifically, the Fund was helped by having no exposure to Puerto Rico utility bonds, which were among the municipal bond market’s worst performers during the reporting period and hindered the entire utilities sector.

The Fund also benefited from its relatively larger exposure to health care bonds, which outperformed amid comparatively strong investor demand for higher yielding securities. The Fund’s underweighting in general obligation bonds issued by the state of Oregon was also helpful, given that these securities lagged.

During the reporting period, the Fund slightly benefitted from being underweight six year and shorter duration securities. Thanks largely to investors’ appetite for higher yielding securities, longer term bonds generally outpaced their shorter term counterparts. In contrast, credit quality was a slight detractor to performance. The Funds overweight to BBB-rated securities was beneficial, however, the index was impacted by Puerto Rico during the reporting period thus influencing a negative contribution overall to the portfolio. The Fund did not own Puerto Rico credits during the reporting period. The Fund also benefitted from an underweighting to AAA-rated and AA-rated bonds. Participants in the tax exempt market remained focused on higher yielding, lower quality securities during the reporting period.

The Fund experienced significant investment inflows during the reporting period. When we invested these assets, we typically focused on bonds with durations of 10 to 14 years to help keep the Fund’s duration close to our internal target. We were particularly active early in the period, when supply was more ample and we could purchase securities at what we felt were relatively attractive valuations. We took advantage of investment opportunities across a variety of sectors, including school district, health care, water and sewer and lottery bonds.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

Strong investor demand for municipal bonds also afforded us opportunities to sell some securities when we felt market prices rewarded us for doing so, and we used the proceeds to help fund our purchases. We sold some smaller holdings that were in demand by banks, which often benefit from certain community development related incentives to hold municipal bonds. We also sold some short-maturity bonds, which helped further support our desired duration positioning.

An Update Regarding Puerto Rico

We continued to monitor the broader municipal market for any impact on the Funds’ holdings and performance regarding the ongoing economic problems of Puerto Rico. 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 had 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.

8 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 9

THIS PAGE INTENTIONALLY LEFT BLANK

10 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 11

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

Nuveen Minnesota Intermediate 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		1.87%		6.23%		4.44%		4.16%
Class A Shares at maximum Offering Price		(1.14)%		3.01%		3.81%		3.84%
S&P Municipal Bond Intermediate Index		1.80%		6.33%		4.90%		4.87%
Lipper Other States Intermediate Municipal Debt Funds Classification Average		1.37%		4.91%		3.42%		3.52%
Class I Shares		2.07%		6.55%		4.62%		4.30%

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class C Shares		1.57%		N/A		N/A		3.80%
Class C1 Shares		1.63%		5.83%		3.96%		4.14%
Class C2 Shares		1.69%		5.75%		N/A		4.66%

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		2.36%		6.96%		4.52%		4.11%
Class A Shares at maximum Offering Price		(0.68)%		3.79%		3.89%		3.79%
Class I Shares		2.55%		7.28%		4.71%		4.26%

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception
Class C Shares		1.96%		N/A		N/A		4.20%
Class C1 Shares		2.12%		6.45%		4.03%		4.16%
Class C2 Shares		2.07%		6.37%		N/A		4.67%

Since inception returns for Class C, Class C1 and Class C2 Shares are from 2/10/14, 10/28/09 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 3.00% 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, Class C1, 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.

12 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C1		Class C2		Class I
Expense Ratios		0.84%		1.64%		1.29%		1.39%		0.64%

Effective Leverage Ratio as of November 30, 2014

Effective Leverage Ratio 0.00%

Nuveen Investments 13

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

Nuveen Minnesota 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		3.00%		10.55%		5.99%		4.86%
Class A Shares at maximum Offering Price		(1.33)%		5.87%		5.08%		4.42%
S&P Municipal Bond Index		2.35%		8.35%		5.34%		4.84%
Lipper Minnesota Municipal Debt Funds Classification Average		2.26%		7.90%		4.69%		4.12%
Class C1 Shares		2.77%		9.98%		5.50%		4.39%
Class I Shares		3.11%		10.66%		6.17%		5.06%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class C Shares		2.52%		N/A		6.49%
Class C2 Shares		2.71%		9.92%		7.24%

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		3.52%		11.33%		6.00%		4.82%
Class A Shares at maximum Offering Price		(0.83)%		6.68%		5.09%		4.37%
Class C1 Shares		3.39%		10.96%		5.53%		4.35%
Class I Shares		3.72%		11.65%		6.22%		5.03%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class C Shares		3.13%		N/A		7.66%
Class C2 Shares		3.32%		10.79%		7.26%

Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. 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, Class C1, 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.

14 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C1		Class C2		Class I
Expense Ratios		0.86%		1.66%		1.31%		1.41%		0.66%

Effective Leverage Ratio as of November 30, 2014

Effective Leverage Ratio 0.00%

Nuveen Investments 15

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

Nuveen Nebraska 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		3.12%		10.18%		4.89%		4.34%
Class A Shares at maximum Offering Price		(1.22)%		5.51%		4.00%		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 C1 Shares		2.98%		9.70%		4.44%		3.92%
Class I Shares		3.21%		10.36%		5.11%		4.57%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class C Shares		2.72%		N/A		6.17%
Class C2 Shares		2.83%		9.56%		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		4.01%		11.35%		4.96%		4.28%
Class A Shares at maximum Offering Price		(0.39)%		6.70%		4.07%		3.83%
Class C1 Shares		3.69%		10.77%		4.51%		3.85%
Class I Shares		4.10%		11.42%		5.18%		4.51%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class C Shares		3.52%		N/A		6.79%
Class C2 Shares		3.63%		10.61%		5.69%

Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. 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, Class C1, 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.

16 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C1		Class C2		Class I
Gross Expense Ratios		0.92%		1.72%		1.37%		1.47%		0.72%
Net Expense Ratios		0.89%		1.69%		1.34%		1.44%		0.69%

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through September 30, 2016, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.90%, 1.70%, 1.35%, 1.45% and 0.70% for Class A, Class C, Class C1, Class C2 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.

Effective Leverage Ratio as of November 30, 2014

Effective Leverage Ratio 0.00%

Nuveen Investments 17

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

Nuveen Oregon Intermediate 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		1.79%		5.68%		3.78%		3.71%
Class A Shares at maximum Offering Price		(1.26)%		2.54%		3.15%		3.39%
S&P Municipal Bond Intermediate Index		1.80%		6.33%		4.90%		4.87%
Lipper Other States Intermediate Municipal Debt Funds Classification Average		1.37%		4.91%		3.42%		3.52%
Class I Shares		1.88%		5.76%		3.95%		3.88%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class C Shares		1.39%		N/A		3.31%
Class C2 Shares		1.50%		5.08%		4.08%

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		2.23%		6.35%		3.84%		3.65%
Class A Shares at maximum Offering Price		(0.85)%		3.17%		3.21%		3.33%
Class I Shares		2.22%		6.43%		4.01%		3.82%

	Cumulative		Average Annual
	6-Month		1-Year		Since Inception
Class C Shares		1.73%		N/A		3.62%
Class C2 Shares		1.94%		5.75%		4.08%

Since inception returns for Class C and Class C2 Shares are from 2/10/14 and 1/18/11, respectively. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 3.00% 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.

18 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

	Share Class
	Class A		Class C		Class C2		Class I
Expense Ratios		0.85%		1.65%		1.40%		0.65%

Effective Leverage Ratio as of November 30, 2014

Effective Leverage Ratio 0.00%

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 Minnesota Intermediate Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C1		Class C2		Class I
Dividend Yield		3.04%		2.35%		2.67%		2.58%		3.32%
SEC 30-Day Yield		1.57%		0.83%		1.16%		1.07%		1.82%
Taxable-Equivalent Yield (35.1%)2		2.42%		1.28%		1.79%		1.65%		2.80%

Nuveen Minnesota Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C1		Class C2		Class I
Dividend Yield		3.52%		2.91%		3.23%		3.11%		3.88%
SEC 30-Day Yield		2.36%		1.66%		2.02%		1.91%		2.66%
Taxable-Equivalent Yield (35.1%)2		3.64%		2.56%		3.11%		2.94%		4.10%

Nuveen Nebraska Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C1		Class C2		Class I
Dividend Yield		2.81%		2.11%		2.45%		2.38%		3.10%
SEC 30-Day Yield		1.82%		1.09%		1.47%		1.36%		2.10%
Taxable-Equivalent Yield (32.9%)2		2.71%		1.62%		2.19%		2.03%		3.13%

Nuveen Oregon Intermediate Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		2.69%		1.97%		2.20%		2.95%
SEC 30-Day Yield		1.21%		0.48%		0.71%		1.45%
Taxable-Equivalent Yield (35.1%)2		1.86%		0.74%		1.09%		2.23%

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

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

20 Nuveen Investments

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 Minnesota Intermediate Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	98.9%
Short-Term Investments	1.8%
Other Assets Less Liabilities	(0.7)%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	24.2%
Health Care	17.9%
Tax Obligation/General	15.5%
Utilities	15.3%
Transportation	7.5%
Long-Term Care	6.6%
Tax Obligation/Limited	5.1%
Short-Term Investments	1.8%
Other	6.1%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	3.6%
AA	39.9%
A	32.9%
BBB	12.0%
BB or Lower	1.9%
N/R (not rated)	9.7%

Nuveen Investments 21

Holding Summaries as of November 30, 2014(continued)

Nuveen Minnesota Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	98.8%
Short-Term Investments	1.7%
Other Assets Less Liabilities	(0.5)%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	24.7%
Health Care	20.9%
Utilities	16.5%
Long-Term Care	10.2%
Tax Obligation/General	9.2%
Transportation	6.3%
Short-Term Investments	1.7%
Other	10.5%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	4.0%
AA	30.2%
A	23.7%
BBB	18.2%
BB or Lower	7.3%
N/R (not rated)	16.6%

22 Nuveen Investments

Nuveen Nebraska Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	93.9%
Short-Term Investments	7.6%
Other Assets Less Liabilities	(1.5)%

Portfolio Composition

(% of total investments)

Utilities	27.2%
Health Care	12.8%
Education and Civic Organizations	12.5%
Tax Obligation/Limited	11.1%
Tax Obligation/General	9.6%
Long-Term Care	9.3%
Short-Term Investments	7.5%
Other	10.0%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	13.0%
AA	41.7%
A	39.5%
BBB	2.4%
BB or Lower	0.8%
N/R (not rated)	2.6%

Nuveen Investments 23

Holding Summaries as of November 30, 2014(continued)

Nuveen Oregon Intermediate Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	97.9%
Short-Term Investments	1.3%
Other Assets Less Liabilities	0.8%

Portfolio Composition

(% of total investments)

Tax Obligation/General	27.9%
Health Care	17.7%
Tax Obligation/Limited	16.2%
Education and Civic Organizations	9.1%
U.S. Guaranteed	7.4%
Water and Sewer	7.4%
Housing/Multifamily	5.3%
Short-Term Investments	1.3%
Other	7.7%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	13.7%
AA	42.4%
A	26.3%
BBB	14.5%
BB or Lower	0.7%
N/R (not rated)	2.4%

24 Nuveen Investments

Expense

Examples

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

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period 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 Minnesota Intermediate Municipal Bond Fund

	Share Class
	Class A		Class C		Class C1		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,018.70	$	1,015.70	$	1,016.30	$	1,016.90	$	1,020.70
Expenses Incurred During Period	$	4.15	$	8.19	$	6.42	$	6.98	$	3.19
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.96	$	1,016.90	$	1,018.70	$	1,018.15	$	1,021.91
Expenses Incurred During Period	$	4.15	$	8.19	$	6.43	$	6.98	$	3.19

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.82%, 1.62%, 1.27%, 1.38% and 0.63% for Classes A, C, C1, 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 25

Expense Examples (continued)

Nuveen Minnesota Municipal Bond Fund

	Share Class
	Class A		Class C		Class C1		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,030.00	$	1,025.20	$	1,027.70	$	1,027.10	$	1,031.10
Expenses Incurred During Period	$	4.27	$	8.28	$	6.56	$	7.06	$	3.26
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.86	$	1,016.90	$	1,018.60	$	1,018.10	$	1,021.86
Expenses Incurred During Period	$	4.26	$	8.24	$	6.53	$	7.03	$	3.24

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.84%, 1.63%, 1.29%, 1.39% and 0.64% for Classes A, C, C1, 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 Nebraska Municipal Bond Fund

	Share Class
	Class A		Class C		Class C1		Class C2		Class I
Actual Performance
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,031.20	$	1,027.20	$	1,029.80	$	1,028.30	$	1,032.10
Expenses Incurred During Period	$	4.53	$	8.59	$	6.82	$	7.32	$	3.51
Hypothetical Performance (5% annualized return before expenses)
Beginning Account Value	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value	$	1,020.61	$	1,016.60	$	1,018.35	$	1,017.85	$	1,021.61
Expenses Incurred During Period	$	4.51	$	8.54	$	6.78	$	7.28	$	3.50

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.89%, 1.69%, 1.34%, 1.44% and 0.69% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

26 Nuveen Investments

Nuveen Oregon Intermediate 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	$	1,017.90	$	1,013.90	$	1,015.00	$	1,018.80
Expenses Incurred During Period	$	4.25	$	8.28	$	7.02	$	3.24
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	$	1,020.86	$	1,016.85	$	1,018.10	$	1,021.86
Expenses Incurred During Period	$	4.26	$	8.29	$	7.03	$	3.24

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.84%, 1.64%, 1.39% and 0.64% 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 27

Shareholder Meeting Report

A special shareholder meeting was held in the offices of Nuveen Investments on August 5, 2014 for Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Minnesota Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate 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 Minnesota Intermediate Municipal Bond Fund		Nuveen Minnesota Municipal Bond Fund		Nuveen Nebraska Municipal Bond Fund		Nuveen Oregon Intermediate Municipal Bond Fund
To approve a new investment management agreement between each Trust and Nuveen Advisors, LLC.
For		17,433,481		9,467,996		2,824,597		7,999,712
Against		81,865		284,442		43,423		21,734
Abstain		18,208		517,035		35,697		56,567
Broker Non-Votes		5,966,322		4,077,007		1,965,213		5,099,940
Total		23,499,876		14,346,480		4,868,930		13,177,953
To approve a new sub-advisory agreement between Nuveen Fund Advisors and Nuveen Asset Management, LLC.
For		17,424,765		9,466,142		2,817,200		8,005,598
Against		82,186		271,269		47,855		21,734
Abstain		26,602		532,061		38,662		50,681
Broker Non-Votes		5,966,323		4,077,008		1,965,213		5,099,940
Total		23,499,876		14,346,480		4,868,930		13,177,953
To approve revisions to, or elimination of, certain fundamental investment policies:
a. Revise the fundamental policy related to the purchase and sale of commodities.
For		17,371,985		9,362,784		2,821,130		8,011,899
Against		133,548		352,394		40,933		22,932
Abstain		28,020		554,295		41,654		43,181
Broker Non-Votes		5,966,323		4,077,007		1,965,213		5,099,941
Total		23,499,876		14,346,480		4,868,930		13,177,953
b. Eliminate the fundamental policy related to investing for control.
For		17,408,972		9,340,230		2,810,151		7,984,248
Against		95,093		353,643		48,330		24,412
Abstain		29,488		575,599		45,236		69,352
Broker Non-Votes		5,966,323		4,077,008		1,965,213		5,099,941
Total		23,499,876		14,346,480		4,868,930		13,177,953

28 Nuveen Investments

	Nuveen Minnesota Intermediate Municipal Bond Fund		Nuveen Minnesota Municipal Bond Fund		Nuveen Nebraska Municipal Bond Fund		Nuveen Oregon Intermediate Municipal Bond Fund
c. Revise the fundamental policy related to alternative minimum tax.
For		17,318,007		9,343,344		2,825,033		7,984,248
Against		190,580		370,320		40,933		45,288
Abstain		24,966		555,809		37,750		48,476
Broker Non-Votes		5,966,323		4,077,007		1,965,214		5,099,941
Total		23,499,876		14,346,480		4,868,930		13,177,953
Approval of the Board Members was reached as follows:
William Adams IV
For		875,153,250		875,153,250		875,153,250		875,153,250
Withhold		6,616,294		6,616,294		6,616,294		6,616,294
Total		881,769,544		881,769,544		881,769,544		881,769,544
Robert P. Bremner
For		767,672,659		767,672,659		767,672,659		767,672,659
Withhold		114,096,885		114,096,885		114,096,885		114,096,885
Total		881,769,544		881,769,544		881,769,544		881,769,544
Jack B. Evans
For		767,867,187		767,867,187		767,867,187		767,867,187
Withhold		113,902,357		113,902,357		113,902,357		113,902,357
Total		881,769,544		881,769,544		881,769,544		881,769,544
William C. Hunter
For		875,066,364		875,066,364		875,066,364		875,066,364
Withhold		6,703,180		6,703,180		6,703,180		6,703,180
Total		881,769,544		881,769,544		881,769,544		881,769,544
David J. Kundert
For		767,748,278		767,748,278		767,748,278		767,748,278
Withhold		114,021,266		114,021,266		114,021,266		114,021,266
Total		881,769,544		881,769,544		881,769,544		881,769,544
John K. Nelson
For		875,059,020		875,059,020		875,059,020		875,059,020
Withhold		6,710,524		6,710,524		6,710,524		6,710,524
Total		881,769,544		881,769,544		881,769,544		881,769,544
William J. Schneider
For		874,871,626		874,871,626		874,871,626		874,871,626
Withhold		6,897,918		6,897,918		6,897,918		6,897,918
Total		881,769,544		881,769,544		881,769,544		881,769,544
Thomas S. Schreier, Jr.
For		874,799,740		874,799,740		874,799,740		874,799,740
Withhold		6,969,804		6,969,804		6,969,804		6,969,804
Total		881,769,544		881,769,544		881,769,544		881,769,544

Nuveen Investments 29

Shareholder Meeting Report (continued)

	Nuveen Minnesota Intermediate Municipal Bond Fund		Nuveen Minnesota Municipal Bond Fund		Nuveen Nebraska Municipal Bond Fund		Nuveen Oregon Intermediate Municipal Bond Fund
Judith M. Stockdale
For		874,933,639		874,933,639		874,933,639		874,933,639
Withhold		6,835,905		6,835,905		6,835,905		6,835,905
Total		881,769,544		881,769,544		881,769,544		881,769,544
Carole E. Stone
For		767,948,250		767,948,250		767,948,250		767,948,250
Withhold		113,821,294		113,821,294		113,821,294		113,821,294
Total		881,769,544		881,769,544		881,769,544		881,769,544
Virginia L. Stringer
For		875,081,812		875,081,812		875,081,812		875,081,812
Withhold		6,687,732		6,687,732		6,687,732		6,687,732
Total		881,769,544		881,769,544		881,769,544		881,769,544
Terence J. Toth
For		767,738,756		767,738,756		767,738,756		767,738,756
Withhold		114,030,788		114,030,788		114,030,788		114,030,788
Total		881,769,544		881,769,544		881,769,544		881,769,544

30 Nuveen Investments

Nuveen Minnesota Intermediate 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 – 98.9%
		MUNICIPAL BONDS – 98.9%
		Education and Civic Organizations – 24.4%
$	395	Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/32		No Opt. Call		BBB–	$	409,694
	210	City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/27		No Opt. Call		BBB–		224,505
	500	Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.500%, 8/01/36		8/22 at 100.00		BBB–		546,290
		Itasca County, Minnesota, Revenue Bonds, Charles K. Blandin Foundation, Series 2010:
	635	4.000%, 5/01/18		No Opt. Call		A2		676,440
	255	4.000%, 5/01/19		No Opt. Call		A2		274,161
	1,300	Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School, Series 2013A, 6.000%, 7/01/33		7/23 at 100.00		BB		1,391,702
		Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refundinjg Series 2010:
	550	4.000%, 9/01/19		No Opt. Call		A2		610,539
	315	4.000%, 9/01/21		9/20 at 100.00		A2		348,223
	3,495	Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.250%, 8/01/20		8/18 at 100.00		BBB+		3,643,957
	815	Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Refunding Series 2010-7-G, 4.000%, 10/01/21		10/18 at 100.00		Baa3		849,377
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2006-J-1:
	375	5.000%, 5/01/16		5/15 at 100.00		Baa3		381,011
	1,295	5.000%, 5/01/20		5/15 at 100.00		Baa3		1,307,678
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R:
	1,125	5.500%, 5/01/18		5/17 at 100.00		N/R		1,179,000
	1,185	5.500%, 5/01/19		5/17 at 100.00		N/R		1,238,787
	1,050	5.500%, 5/01/24		5/17 at 100.00		N/R		1,087,517
	1,585	Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2008-V, 4.500%, 3/01/17		No Opt. Call		Baa1		1,696,600
	300	Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2011-7M, 5.000%, 3/01/31		3/20 at 100.00		Baa1		326,763
	150	Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J , 6.000%, 12/01/28		12/19 at 100.00		Baa2		165,676
		Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R:
	200	4.000%, 12/01/20		No Opt. Call		Baa2		213,946
	310	3.375%, 12/01/22		No Opt. Call		Baa2		316,095
		Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 2007-6S:
	360	4.375%, 12/01/16		No Opt. Call		Baa2		385,052
	380	4.500%, 12/01/17		No Opt. Call		Baa2		418,084

Nuveen Investments 31

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments November 30, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	750	Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 20107H, 5.125%, 12/01/30		12/19 at 100.00		Baa2	$	813,608
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B:
	1,530	5.000%, 10/01/18		No Opt. Call		A3		1,748,530
	1,040	5.000%, 10/01/23		10/19 at 100.00		A3		1,173,650
	175	4.250%, 10/01/24		10/19 at 100.00		A3		188,962
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W:
	350	4.000%, 10/01/21		No Opt. Call		A3		385,945
	250	5.000%, 10/01/22		No Opt. Call		A3		291,680
	500	5.000%, 10/01/23		No Opt. Call		A3		587,425
	990	4.250%, 10/01/28		10/23 at 100.00		A3		1,071,447
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University of Minnesota, Refunding Series 2010E:
	1,000	4.125%, 10/01/18		No Opt. Call		Baa2		1,081,440
	1,385	4.375%, 10/01/20		No Opt. Call		Baa2		1,535,217
	500	4.500%, 10/01/21		10/20 at 100.00		Baa2		550,240
	250	5.000%, 10/01/29		10/20 at 100.00		Baa2		272,195
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1:
	1,000	4.250%, 10/01/18		No Opt. Call		Baa2		1,076,620
	625	6.000%, 10/01/32		10/21 at 100.00		Baa2		701,319
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Minneapolis College of Art and Design, Refunding Series 2006-6-K:
	340	5.000%, 5/01/15		No Opt. Call		Baa2		345,566
	355	5.000%, 5/01/16		5/15 at 100.00		Baa2		360,410
	370	5.000%, 5/01/17		5/15 at 100.00		Baa2		375,173
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Series 2012-7Q:
	740	5.000%, 10/01/23		10/22 at 100.00		Baa1		844,088
	490	5.000%, 10/01/24		10/22 at 100.00		Baa1		552,985
	500	Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Refunding Series 2007-6O, 5.000%, 10/01/16		No Opt. Call		A1		539,985
		Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-6X:
	500	4.500%, 4/01/21		4/17 at 100.00		A2		538,805
	1,250	5.000%, 4/01/24		4/17 at 100.00		A2		1,364,463
		Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A:
	1,125	4.500%, 10/01/18		No Opt. Call		A2		1,268,696
	1,975	4.500%, 10/01/19		No Opt. Call		A2		2,259,084
		Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2013-7U:
	2,000	4.000%, 4/01/25		4/23 at 100.00		A2		2,203,620
	775	4.000%, 4/01/26		4/23 at 100.00		A2		844,502
	300	4.000%, 4/01/27		4/23 at 100.00		A2		323,712

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
		Minnesota Higher Education Facilities Authority, Saint John’s University Revenue Bonds, Series 2008-6U:
$	290	4.200%, 10/01/19		10/18 at 100.00		A2	$	320,317
	385	4.300%, 10/01/20		10/18 at 100.00		A2		422,176
	145	4.500%, 10/01/22		10/18 at 100.00		A2		160,893
		Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2009A:
	985	4.000%, 10/01/22		10/19 at 100.00		Aa2		1,073,433
	1,755	4.000%, 10/01/23		10/19 at 100.00		Aa2		1,896,769
		Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A:
	1,515	4.250%, 10/01/24		10/21 at 100.00		Aa2		1,696,664
	880	4.375%, 10/01/25		10/21 at 100.00		Aa2		983,875
	905	4.500%, 10/01/26		10/21 at 100.00		Aa2		1,012,559
		Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2005A:
	500	4.100%, 12/15/14		No Opt. Call		A3		500,835
	880	4.200%, 12/15/15		No Opt. Call		A3		911,935
	925	4.300%, 12/15/16		12/15 at 100.00		A3		955,904
	1,005	5.000%, 12/15/18		12/15 at 100.00		A3		1,038,466
	1,060	5.000%, 12/15/19		12/15 at 100.00		A3		1,092,277
	500	Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/34		9/24 at 100.00		BB+		511,990
	400	Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A, 5.000%, 12/01/26		12/21 at 100.00		BBB–		436,975
	960	Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 5.700%, 9/01/21		No Opt. Call		BBB–		1,057,536
		Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A:
	250	4.000%, 7/01/23		No Opt. Call		BB+		247,128
	700	5.000%, 7/01/33		7/23 at 100.00		BB+		711,704
	500	Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of Peace Academy Project, Series 2006A, 5.000%, 12/01/36		12/15 at 100.00		BBB–		503,955
	200	Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.000%, 3/01/28		3/23 at 100.00		BBB–		194,368
	2,395	Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Minnesota Public Radio Project, Refunding Series 2010, 5.000%, 12/01/25		12/20 at 100.00		A2		2,657,827
		University of Minnesota, General Obligation Bonds, Series 2014B:
	1,000	4.000%, 1/01/31		1/24 at 100.00		Aa1		1,082,760
	1,000	4.000%, 1/01/32		1/24 at 100.00		Aa1		1,076,970
	1,020	University of Minnesota, General Revenue Bonds, Series 2009C, 5.000%, 12/01/19		6/19 at 100.00		Aa1		1,193,094
		University of Minnesota, General Revenue Bonds, Series 2013A:
	990	4.000%, 2/01/25		2/23 at 100.00		Aa1		1,110,750
	2,000	4.000%, 2/01/27		2/23 at 100.00		Aa1		2,203,660
	60,995	Total Education and Civic Organizations						66,045,284
		Health Care – 18.0%
	735	Aitkin, Minnesota Health Care Revenue Bonds, Riverwood Healthcare Center, Series 2006, 5.250%, 2/01/15		No Opt. Call		N/R		739,704

Nuveen Investments 33

Nuveen Minnesota Intermediate 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)
$	1,340	Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/17		No Opt. Call		N/R	$	1,419,274
	400	Fergus Falls, Minnesota, Health Care Facilities Revenue Bonds, Lake Region Healthcare Corporation Project, Series 2010, 4.750%, 8/01/25		8/17 at 100.00		BBB–		411,880
		Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013:
	660	4.000%, 4/01/25		4/22 at 100.00		BBB		689,456
	400	4.000%, 4/01/26		4/22 at 100.00		BBB		414,744
		Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007:
	1,000	5.000%, 5/01/17		No Opt. Call		Baa1		1,076,910
	585	4.500%, 5/01/23		5/17 at 100.00		Baa1		599,256
	1,730	Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2005, 4.500%, 9/01/17		9/15 at 100.00		Baa1		1,766,780
	1,000	Meeker County, Minnesota, Gross Revenue Hospital Facilities Bonds, Meeker County Memorial Hospital Project, Series 2007, 5.625%, 11/01/22		11/17 at 100.00		N/R		1,062,000
	4,550	Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.375%, 11/15/23		11/18 at 100.00		A		5,307,120
	680	Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured		11/18 at 100.00		AA		797,184
	1,000	Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2010A, 5.250%, 8/15/25		8/20 at 100.00		A+		1,152,950
	1,035	Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008C-1, 5.500%, 2/15/25 – AGC Insured		2/20 at 100.00		AA		1,197,029
		Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 1997A:
	190	5.500%, 11/15/17 – NPFG Insured		5/15 at 100.00		AA–		190,800
	10	5.750%, 11/15/26 – NPFG Insured		5/15 at 100.00		AA–		10,022
		Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A:
	275	4.000%, 12/01/25		12/20 at 100.00		N/R		279,395
	250	4.050%, 12/01/26		12/20 at 100.00		N/R		253,720
	250	4.150%, 12/01/27		12/20 at 100.00		N/R		254,772
	500	Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C, 5.400%, 12/01/33		12/20 at 100.00		N/R		529,525
	1,080	Northfield, Minnesota, Hospital Revenue Bonds, Refunding Series 2006, 5.500%, 11/01/17		11/16 at 100.00		BBB		1,158,084
	1,015	Redwood Falls, Minnesota, Gross Revenue Hospital Facilities Bonds, Redwood Area Hospital Project, Series 2006, 5.000%, 12/01/21		12/16 at 100.00		N/R		1,056,798
	2,075	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 4.500%, 11/15/38 (Mandatory put 11/15/21)		No Opt. Call		AA		2,409,199
	1,000	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.125%, 7/01/20		No Opt. Call		A–		1,124,240
	500	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 3.000%, 7/01/25		7/23 at 100.00		A–		504,540
	1,000	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D, 5.375%, 5/01/31 – AGC Insured		5/19 at 100.00		A1		1,114,600

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	1,020	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21		5/20 at 100.00		A1	$	1,135,974
	2,500	Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2008C, 5.625%, 7/01/26		7/18 at 100.00		A		2,773,525
	1,455	Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2009, 5.500%, 7/01/29		7/19 at 100.00		A		1,646,245
	1,350	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/19		11/16 at 100.00		A		1,448,185
	1,200	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2007A, 5.000%, 11/15/19 – NPFG Insured		11/17 at 100.00		AA–		1,341,144
	3,075	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24		11/19 at 100.00		AA–		3,484,375
	1,025	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2009, 5.000%, 2/01/19		No Opt. Call		A–		1,140,569
		Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2010:
	1,560	5.000%, 2/01/19		2/15 at 100.00		A–		1,565,694
	500	5.000%, 2/01/20		2/15 at 100.00		A–		501,770
		Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A:
	160	5.250%, 5/01/15		No Opt. Call		BB+		163,150
	2,000	5.750%, 5/01/25		5/15 at 100.00		BB+		2,023,680
		Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014:
	1,200	5.000%, 9/01/27		9/24 at 100.00		A		1,406,112
	815	5.000%, 9/01/29		9/24 at 100.00		A		943,754
	1,850	St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 5.150%, 11/15/20		11/15 at 100.00		BBB–		1,900,931
	1,000	Winona Health Care Facilities Revenue Refunding Bonds, Minnesota, Winona Health Obligated Group, Series 2007, 5.000%, 7/01/20		7/17 at 100.00		BBB–		1,073,290
		Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012:
	485	4.500%, 7/01/24		7/21 at 100.00		BBB–		516,554
	250	5.000%, 7/01/34		7/21 at 100.00		BBB–		268,697
	44,705	Total Health Care						48,853,631
		Housing/Multifamily – 0.2%
	500	Anoka Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Woodland Park Apartments Project, Series 2011A, 5.000%, 4/01/27		4/19 at 100.00		Aaa		532,745
		Housing/Single Family – 0.9%
	840	Dakota County Community Development Agency, Minnesota, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program, Series 2011A, 4.400%, 12/01/26		12/20 at 100.00		AA+		899,959
	835	Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26		7/21 at 100.00		Aaa		875,848
	530	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (Alternative Minimum Tax)		1/22 at 100.00		AA+		560,963

Nuveen Investments 35

Nuveen Minnesota Intermediate 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)
$	175	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (Alternative Minimum Tax)		No Opt. Call		AA+	$	188,307
	2,380	Total Housing/Single Family						2,525,077
		Industrials – 1.4%
	505	Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2006-1A, 4.625%, 12/01/14 (Alternative Minimum Tax)		No Opt. Call		A+		505,152
	2,020	Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2010-2A, 4.625%, 12/01/20		No Opt. Call		A+		2,300,962
	1,000	Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1, 4.000%, 6/01/28		6/21 at 100.00		A+		1,048,760
	3,525	Total Industrials						3,854,874
		Long-Term Care – 6.7%
	1,000	Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 5.000%, 11/01/25		11/24 at 100.00		A3		1,187,860
	565	Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 4.550%, 11/01/26		11/19 at 100.00		A3		602,714
	800	Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/33		8/23 at 100.00		N/R		883,528
	1,435	Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen – Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory put 9/01/24) (WI/DD, Settling 12/18/14)		9/18 at 100.00		N/R		1,445,275
		Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:
	1,400	5.000%, 11/15/24		11/22 at 100.00		N/R		1,483,874
	1,650	4.750%, 11/15/28		11/22 at 100.00		N/R		1,680,640
	1,500	Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.000%, 5/01/33		5/23 at 100.00		N/R		1,547,805
	1,000	Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 4.000%, 11/01/22		No Opt. Call		N/R		1,007,330
	2,000	Saint Paul Port Authority, Minnesota, Revenue Bonds, Amherst H. Wilder Foundation Project, Series 2010-3, 5.000%, 12/01/24		12/20 at 100.00		A1		2,221,020
	1,000	Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/27		9/22 at 100.00		N/R		1,061,360
	2,270	Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 5.125%, 1/01/39		1/23 at 100.00		N/R		2,293,109
		Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A:
	625	5.100%, 5/01/24 – AGM Insured		5/19 at 102.00		N/R		684,806
	310	5.300%, 5/01/27		5/19 at 102.00		N/R		338,749
	500	5.300%, 11/01/27		5/19 at 102.00		N/R		546,370
	515	5.500%, 11/01/32		5/19 at 102.00		N/R		561,705
	445	Worthington, Minnesota, Housing Revenue Refunding Bonds, Meadows of Worthington Project, Series 2007A, 5.000%, 11/01/17		5/15 at 100.00		N/R		450,153
	17,015	Total Long-Term Care						17,996,298

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General – 15.6%
$	500	Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2007D, 5.000%, 2/01/24		2/17 at 100.00		Aa1	$	544,340
	1,000	Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008A, 5.000%, 2/01/20		2/18 at 100.00		Aa1		1,121,740
		Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008C:
	285	4.100%, 2/01/18		No Opt. Call		Aa1		314,985
	595	4.200%, 2/01/19		2/18 at 100.00		Aa1		653,649
		Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011:
	635	5.500%, 2/01/23		2/21 at 100.00		Aa3		757,498
	750	5.500%, 2/01/24		2/21 at 100.00		Aa3		888,218
	875	5.500%, 2/01/25		2/21 at 100.00		Aa3		1,030,277
	1,010	5.500%, 2/01/26		2/21 at 100.00		Aa3		1,185,548
	1,150	5.500%, 2/01/27		2/21 at 100.00		Aa3		1,346,351
	2,835	Buffalo-Hanover-Montrose Independent School District 877, Minnesota, General Obligation Bonds, Refunding Series 2012A, 4.000%, 2/01/23		2/22 at 100.00		Aa2		3,198,645
	350	Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2007A, 4.200%, 2/01/25 – AGM Insured		2/17 at 100.00		Aa2		371,360
	1,200	Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2008A, 4.250%, 2/01/20		2/18 at 100.00		Aa2		1,312,572
	1,000	Chaska Independent School District 112, Carver County, Minnesota, General Obligation Bonds, Series 2007A, 4.250%, 2/01/19 – NPFG Insured		2/17 at 100.00		Aa2		1,067,400
	450	Chatfield Independent School District 227, Olmstead County, Minnesota, General Obligation Bonds, Series 2007A, 4.000%, 2/01/18 – AGM Insured		No Opt. Call		AA+		494,892
		Dakota County Community Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Senior Housing Facilities, Series 2007A:
	510	4.375%, 1/01/19		7/17 at 100.00		AAA		552,983
	215	4.500%, 1/01/20		7/17 at 100.00		AAA		233,460
	1,185	Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2008A, 4.250%, 2/01/22 – AGM Insured		2/18 at 100.00		Aa2		1,269,265
		Duluth, Minnesota, General Obligation Bonds, DECC Improvement Series 2008A:
	1,160	4.500%, 2/01/21		2/18 at 100.00		AA		1,274,770
	465	4.500%, 2/01/22		2/18 at 100.00		AA		511,007
	1,100	4.625%, 2/01/24		2/18 at 100.00		AA		1,207,327
	455	Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Alternate Facilities, Series 2011C, 4.250%, 2/01/25		2/19 at 100.00		AA+		486,723
	2,025	Independent School District 833, South Washington County, Minnesota, General Obligation Bonds, Crossover Refunding School Building Series 2010A, 4.000%, 2/01/22		2/19 at 100.00		AA+		2,206,825
		Jordan Independent School District 717, Scott County, Minnesota, General Obligation Bonds, School Building Series 2014A:
	1,000	4.000%, 2/01/26		2/23 at 100.00		Aa2		1,105,640
	1,275	4.000%, 2/01/27		2/23 at 100.00		Aa2		1,400,894
	1,000	Mahtomedi Independent School District 832, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 5.000%, 2/01/28		2/25 at 100.00		AA+		1,210,660
	1,135	Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Series 2007, 4.000%, 2/01/18		2/15 at 100.00		AA+		1,141,958
	1,000	Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2007-2A, 5.125%, 6/01/22 (Alternative Minimum Tax)		6/17 at 100.00		A+		1,053,700

Nuveen Investments 37

Nuveen Minnesota Intermediate 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	Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F, 4.000%, 10/01/25		10/23 at 100.00		AA+	$	1,137,210
	2,000	Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25		8/23 at 100.00		AA+		2,449,600
	2,000	Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28		10/23 at 100.00		AA+		2,087,380
		Minnetonka Independent School District 276, Hennepin County, Minnesota, General Obligation Bonds, Refunding Series 2013H:
	525	4.000%, 2/01/25		2/23 at 100.00		Aaa		589,034
	600	4.000%, 2/01/26		2/23 at 100.00		Aaa		667,128
	620	OtterTail County, Minnesota, General Obligation Bonds, Disposal System – Prairie Lakes Municipal Authority, Series 2011, 4.750%, 5/01/27 (Alternative Minimum Tax)		5/21 at 100.00		AA+		694,053
	500	Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Series 2008B, 4.500%, 2/01/21		2/18 at 100.00		Aa2		543,330
	1,140	Rochester, Minnesota, General Obligation Bonds, Waste Water Series 2007A, 4.000%, 12/01/18		6/17 at 100.00		AAA		1,229,080
	1,000	Saint Cloud, Minnesota, General Obligation Bonds, Library Sales Tax Series 2006B, 4.000%, 2/01/18 – AGM Insured		2/16 at 100.00		AA+		1,037,470
	600	Saint Louis County Independent School District 2142, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 3.500%, 2/01/23		2/22 at 100.00		AA+		647,898
	1,000	Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 5.000%, 2/01/23		No Opt. Call		Aa2		1,215,350
	1,230	South Washington County Independent School District 833, Minnesota, General Obligation Bonds, Alternate Facilities Series 2014A, 3.500%, 2/01/27		2/24 at 100.00		Aa2		1,289,200
	640	Wright County, Minnesota, General Obligation Bonds, Jail Series 2007A, 4.500%, 12/01/20		12/17 at 100.00		AA+		700,525
	38,015	Total Tax Obligation/General						42,229,945
		Tax Obligation/Limited – 5.1%
	1,910	Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19		No Opt. Call		AA+		2,129,956
	780	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31		1/22 at 100.00		A		867,641
		Hennepin County, Minnesota, Sales Tax Revenue Bonds, Ballpark Project, Second Lien Series 2008B:
	690	4.375%, 12/15/22		12/17 at 100.00		AA+		755,433
	1,000	5.000%, 12/15/29		12/17 at 100.00		AA+		1,103,000
		Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Series 2006:
	1,000	5.200%, 2/01/22		2/15 at 100.00		N/R		1,000,300
	400	5.350%, 2/01/30		2/15 at 100.00		N/R		400,032
	810	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2004, 5.000%, 2/01/17		2/15 at 100.00		N/R		811,588
	570	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2005, 5.300%, 2/01/21		2/15 at 100.00		N/R		570,632
	1,185	Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27		8/21 at 100.00		AA		1,362,750
		Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008:
	190	4.500%, 12/01/19		12/17 at 100.00		AA+		207,662
	290	4.500%, 12/01/20		12/17 at 100.00		AA+		314,461

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	500	Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 5.000%, 11/01/29 (WI/DD, Settling 12/09/14)		11/24 at 100.00		A+	$	583,175
		Stevens County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2009A:
	325	4.000%, 2/01/19		No Opt. Call		AA–		356,505
	340	4.100%, 2/01/20		No Opt. Call		AA–		378,821
	1,895	University of Minnesota, Special Purpose Revenue Bonds, State Supported Biomedical Science Research Facilities Funding Program, Series 2011B, 5.000%, 8/01/23		8/21 at 100.00		AA		2,224,389
	640	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/20		No Opt. Call		BBB		724,851
	12,525	Total Tax Obligation/Limited						13,791,196
		Transportation – 7.6%
		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009A:
	1,000	4.000%, 1/01/19		No Opt. Call		AA–		1,118,050
	1,000	5.000%, 1/01/20		1/19 at 100.00		AA–		1,151,060
	500	5.000%, 1/01/21		1/19 at 100.00		AA–		575,530
	2,145	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2005B, 5.000%, 1/01/20 (Alternative Minimum Tax)		1/15 at 100.00		A		2,154,331
	1,510	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax)		1/20 at 100.00		A		1,603,136
	2,330	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2011A, 5.000%, 1/01/25		1/21 at 100.00		A		2,673,512
		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2012B:
	2,550	5.000%, 1/01/29		1/22 at 100.00		A		2,900,599
	2,750	5.000%, 1/01/30		1/22 at 100.00		A		3,122,433
	1,500	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A, 5.000%, 1/01/30		1/24 at 100.00		A		1,742,970
		St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A:
	805	4.000%, 8/01/21		8/18 at 102.00		A+		876,645
	895	4.125%, 8/01/23		8/18 at 102.00		A+		971,863
	935	4.250%, 8/01/24		8/18 at 102.00		A+		1,027,874
	575	4.250%, 8/01/25		8/18 at 102.00		A+		625,048
	18,495	Total Transportation						20,543,051
		U.S. Guaranteed – 1.8% (4)
	500	Bemidji, Minnesota, Health Care Facilities First Mortgage Revenue Bonds, North Country Health Services, Refunding Series 2006, 5.000%, 9/01/17 (Pre-refunded 9/01/16)		9/16 at 100.00		N/R (4)		539,930
	1,155	Marshall, Minnesota, Revenue Bonds, Avera Marshall Regional Medical Center, Series 2006, 4.750%, 11/01/20 (Pre-refunded 11/01/15)		11/15 at 100.00		N/R (4)		1,198,682
	2,000	Moorhead, Minnesota, Senior Housing Facility Revenue Bonds, Sheyenne Crossings Project, Series 2006, 5.600%, 4/01/25 (Pre-refunded 12/31/14)		12/14 at 101.00		N/R (4)		2,022,340
	465	Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2005A, 4.500%, 2/01/16 (ETM)		No Opt. Call		AA– (4)		487,097

Nuveen Investments 39

Nuveen Minnesota Intermediate 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)
$	385	Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2005A, 4.500%, 2/01/17 (Pre-refunded 2/01/16)		2/16 at 100.00		AA– (4)	$	403,295
	200	Zumbrota-Mazeppa Independent School District 2805, Wabasha County, Minnesota, General Obligation Bonds, Alternate Facilities Series 2008A, 4.000%, 2/01/19 (Pre-refunded 2/01/18)		2/18 at 100.00		AA+ (4)		217,868
	4,705	Total U.S. Guaranteed						4,869,212
		Utilities – 15.4%
		Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A:
	475	4.000%, 12/01/28		12/24 at 100.00		AA		507,951
	495	4.000%, 12/01/29		12/24 at 100.00		AA		525,413
	1,010	Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Refunding Series 2005A, 4.200%, 10/01/15		No Opt. Call		A2		1,041,997
	1,140	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured		10/22 at 100.00		AA		1,338,884
		Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A:
	500	5.000%, 12/01/25		12/22 at 100.00		A1		580,495
	670	5.000%, 12/01/26		12/22 at 100.00		A1		771,063
	500	Litchfield, Minnesota, Electric Utility Revenue Bonds, Series 2009C, 5.000%, 2/01/29 – AGC Insured		2/18 at 100.00		AA		549,555
	340	Marshall, Minnesota, Public Utility Revenue Bonds, Series 2009A, 3.750%, 7/01/18 – AGC Insured		No Opt. Call		AA		369,322
		Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2007:
	420	4.125%, 10/01/17		No Opt. Call		A2		459,215
	1,000	5.250%, 10/01/22		10/17 at 100.00		A2		1,116,170
		Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A:
	600	5.000%, 10/01/27 (WI/DD, Settling 12/17/14)		10/24 at 100.00		A2		704,100
	1,000	3.500%, 10/01/28 (WI/DD, Settling 12/17/14)		10/24 at 100.00		A2		1,003,100
	600	5.000%, 10/01/29 (WI/DD, Settling 12/17/14)		10/24 at 100.00		A2		696,312
		Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014:
	500	5.000%, 10/01/29		10/24 at 100.00		A2		580,260
	500	5.000%, 10/01/30		10/24 at 100.00		A2		577,050
		Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A:
	460	5.000%, 1/01/17 – AMBAC Insured		No Opt. Call		A–		501,349
	1,050	5.000%, 1/01/19 – AGC Insured		1/18 at 100.00		AA		1,170,561
		Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A:
	1,715	5.000%, 1/01/18 – AGC Insured		No Opt. Call		AA		1,930,867
	2,155	5.000%, 1/01/21 – AGC Insured		1/18 at 100.00		AA		2,390,628
	2,940	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2010A-1, 5.000%, 1/01/20		No Opt. Call		A–		3,443,357
	1,430	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30		1/23 at 100.00		A–		1,628,026
		Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B:
	570	5.000%, 12/01/33		12/23 at 100.00		Aa3		665,036
	625	5.000%, 12/01/43		12/23 at 100.00		Aa3		713,756

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	295	Shakopee Public Utilities Commission, Minnesota, Public Utilities Crossover Refunding Revenue Bonds, Series 2006A, 4.250%, 2/01/18 – AGM Insured		2/15 at 100.00		A2	$	296,959
		Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:
	3,500	0.000%, 1/01/20 – NPFG Insured		No Opt. Call		AA–		3,180,310
	5,000	0.000%, 1/01/21 – NPFG Insured		No Opt. Call		AA–		4,381,350
	1,250	Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Refunding Series 2012A, 5.000%, 1/01/29		1/23 at 100.00		Aa3		1,456,213
		Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A:
	2,850	5.000%, 1/01/29		1/24 at 100.00		Aa3		3,371,465
	2,750	5.000%, 1/01/30		1/24 at 100.00		Aa3		3,233,780
	1,000	5.000%, 1/01/31		1/24 at 100.00		Aa3		1,172,420
	1,250	5.000%, 1/01/32		1/24 at 100.00		Aa3		1,462,250
	38,590	Total Utilities						41,819,214
		Water and Sewer – 1.8%
		Buffalo, Minnesota, Water and Sewer Revenue Bonds, Refunding Series 2014A:
	1,905	4.000%, 11/01/24 – BAM Insured		11/23 at 100.00		AA		2,132,514
	2,000	4.000%, 11/01/28 – BAM Insured		11/23 at 100.00		AA		2,145,020
	500	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/16 – AGC Insured		No Opt. Call		AA		511,365
	4,405	Total Water and Sewer						4,788,899
$	245,855	Total Long-Term Investments (cost $250,902,521)						267,849,426
Shares		Description (1)					Value
		SHORT-TERM INVESTMENTS – 1.8%
		Money Market Funds – 1.8%
	4,970,532	Federated Minnesota Municipal Cash Trust, 0.010% (5)					$	4,970,532
		Total Short-Term Investments (cost $4,970,532)						4,970,532
		Total Investments (cost $255,873,053) – 100.7%						272,819,958
		Other Assets Less Liabilities – (0.7)%						(1,942,931	)
		Net Assets – 100%					$	270,877,027

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

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(ETM) Escrowed to maturity.

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

See accompanying notes to financial statements.

Nuveen Investments 41

Nuveen Minnesota 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 – 98.8%
		MUNICIPAL BONDS – 98.8%
		Consumer Staples – 0.9%
$	1,800	Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27		7/20 at 100.00		BBB+	$	2,012,616
		Education and Civic Organizations – 24.8%
	660	Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43		No Opt. Call		BBB–		674,810
	1,600	Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2014A, 5.000%, 6/01/47		6/20 at 102.00		BBB–		1,630,832
	1,500	Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008A, 7.000%, 8/01/38		8/16 at 102.00		BB		1,573,995
	2,000	Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008, 5.750%, 8/01/42		8/16 at 102.00		BB		2,031,040
	800	Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43		12/21 at 100.00		BB+		947,176
	1,350	City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/43		No Opt. Call		BBB–		1,394,591
	1,135	Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy PRoject, Series 2013A, 5.500%, 7/01/43		7/23 at 100.00		BBB–		1,211,272
		Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A:
	1,750	5.600%, 11/01/30		11/18 at 102.00		BBB–		1,865,500
	875	5.875%, 11/01/40		11/20 at 100.00		BBB–		932,347
	950	Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44		8/22 at 100.00		BBB–		1,040,241
	375	Granite Falls, Minnesota, General Obligation Bonds, Series 2014C, 3.250%, 2/01/29		2/24 at 100.00		A+		381,405
	500	Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44		7/24 at 100.00		BBB–		517,755
		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School, Series 2013A:
	2,675	6.000%, 7/01/43		7/23 at 100.00		BB		2,848,313
	1,260	6.125%, 7/01/48		7/23 at 100.00		BB		1,336,394
		Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010:
	150	4.250%, 8/01/20		8/18 at 100.00		BBB+		156,393
	4,100	4.875%, 8/01/25		8/18 at 100.00		BBB+		4,258,670
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2014-8-C:
	440	3.350%, 5/01/22		5/21 at 100.00		Baa3		447,093
	395	3.500%, 5/01/23		5/21 at 100.00		Baa3		400,953
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R:
	1,725	5.500%, 5/01/26		5/17 at 100.00		N/R		1,784,616
	820	5.500%, 5/01/27		5/17 at 100.00		N/R		848,339
	1,500	5.500%, 5/01/37		5/17 at 100.00		N/R		1,543,440

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	1,835	Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J , 6.300%, 12/01/40		12/19 at 100.00		Baa2	$	2,072,302
	1,000	Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B, 5.000%, 10/01/31		10/19 at 100.00		A3		1,120,820
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1:
	625	6.000%, 10/01/32		10/21 at 100.00		Baa2		701,319
	2,000	6.000%, 10/01/40		10/21 at 100.00		Baa2		2,226,480
	30	Minnesota Higher Education Facilities Authority, Revenue Bonds, Minneapolis College of Art and Design, Refunding Series 2006-6-K, 5.000%, 5/01/26		5/15 at 100.00		Baa2		30,177
	1,485	Moorhead, Minnesota, Golf Course Revneue Refunding Bonds, Series 1998B, 5.875%, 12/01/21		12/14 at 100.00		N/R		1,485,460
	1,130	Otsego, Minnesota, Charter School Lease Revenue Bonds, Kaleidoscope Charter School Project, Series 2014A, 5.000%, 9/01/44		9/24 at 100.00		BB+		1,135,119
	550	Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33		12/21 at 100.00		BBB–		604,532
		Saint Paul Housing & Redevelopment Authority , Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A:
	1,560	5.250%, 9/01/32		No Opt. Call		BB+		1,617,065
	1,695	5.500%, 9/01/43		9/20 at 101.00		BB+		1,756,444
	1,500	Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.625%, 9/01/42		9/21 at 100.00		BBB–		1,703,715
	1,450	Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44		No Opt. Call		BB+		1,441,068
	2,000	Saint Paul Housing and Redevelopment Authority, Minnesota, Educational Facility Revenue Refunding Bonds, Saint Paul Academy and Summit School Project, Series 2007, 5.000%, 10/01/24		10/17 at 100.00		A3		2,122,120
	2,920	Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of Peace Academy Project, Series 2006A, 5.000%, 12/01/36		12/15 at 100.00		BBB–		2,943,097
		Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A:
	185	2.400%, 3/01/17		No Opt. Call		BBB–		183,590
	185	2.600%, 3/01/18		No Opt. Call		BBB–		183,294
	1,300	St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33		12/22 at 100.00		BBB–		1,351,805
		St. Paul Housing and Redevelopment Authority, Minnesota, Perfromaing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012:
	330	1.950%, 7/01/16		No Opt. Call		N/R		330,155
	200	2.050%, 7/01/17		No Opt. Call		N/R		200,064
	1,035	2.200%, 7/01/18		No Opt. Call		N/R		1,035,217
	1,540	University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29		12/20 at 100.00		Aa1		1,827,518
	51,115	Total Education and Civic Organizations						53,896,536
		Health Care – 21.1%
	2,470	Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Series 2007, 5.500%, 3/01/37		3/17 at 100.00		N/R		2,569,146

Nuveen Investments 43

Nuveen Minnesota 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)
		Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013:
$	375	4.000%, 4/01/22		No Opt. Call		BBB	$	399,098
	500	4.000%, 4/01/27		4/22 at 100.00		BBB		515,065
	760	4.000%, 4/01/31		4/22 at 100.00		BBB		780,915
	2,500	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010B, 5.750%, 7/01/40		7/20 at 100.00		A		2,799,500
		Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007:
	25	5.000%, 5/01/20		5/17 at 100.00		Baa1		26,323
	1,800	4.500%, 5/01/23		5/17 at 100.00		Baa1		1,843,866
	1,000	5.250%, 5/01/25		5/17 at 100.00		Baa1		1,047,290
		Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A:
	70	6.000%, 11/15/18		No Opt. Call		A		77,020
	3,225	6.625%, 11/15/28		11/18 at 100.00		A		3,799,792
	245	6.750%, 11/15/32		11/18 at 100.00		A		288,625
	685	Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured		11/18 at 100.00		AA		803,046
	130	Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured		8/20 at 100.00		AA		141,796
	2,435	Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2010A, 5.250%, 8/15/35		8/20 at 100.00		A+		2,741,713
	1,005	Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008C-1, 5.000%, 2/15/30 – AGC Insured		2/20 at 100.00		AA		1,103,339
	125	Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29		5/15 at 100.00		A		125,540
	1,700	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.875%, 7/01/30		7/20 at 100.00		A–		1,915,781
		Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D:
	25	5.375%, 5/01/31 – AGC Insured		5/19 at 100.00		A1		27,865
	60	5.500%, 5/01/39 – AGC Insured		5/19 at 100.00		A1		66,604
	1,045	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30		5/20 at 100.00		A1		1,171,226
	1,235	Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2008C, 5.750%, 7/01/30		7/18 at 100.00		A		1,376,309
		Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2009:
	15	5.500%, 7/01/29		7/19 at 100.00		A		16,972
	2,625	5.750%, 7/01/39		7/19 at 100.00		A		2,957,010
	2,060	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36		11/16 at 100.00		A		2,154,348
	3,060	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29		11/19 at 100.00		AA–		3,493,908

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Health Care (continued)
$	2,060	Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2009, 5.000%, 2/01/29		2/19 at 100.00		A–		$	2,175,669
	900	Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A, 5.875%, 5/01/30		5/15 at 100.00		BB+			910,080
	1,800	Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30		5/15 at 100.00		N/R			1,821,186
	1,375	Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36		8/16 at 100.00		N/R			1,386,110
		Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Refunding Series 2014:
	1,980	4.000%, 9/01/31		9/24 at 100.00		A			2,061,160
	1,365	5.000%, 9/01/34		9/24 at 100.00		A			1,542,586
		St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005:
	170	6.000%, 11/15/25		11/15 at 100.00		BBB–			176,768
	1,100	6.000%, 11/15/30		11/15 at 100.00		BBB–			1,144,099
		Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012:
	500	3.750%, 7/01/21		No Opt. Call		BBB–			527,645
	350	4.000%, 7/01/22		7/21 at 100.00		BBB–			368,116
	1,270	4.500%, 7/01/24		7/21 at 100.00		BBB–			1,352,626
	42,045	Total Health Care							45,708,142
		Housing/Multifamily – 1.6%
	840	Minneapolis, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Vantage Flats Project, Series 2007, 5.200%, 10/20/48 (Alternative Minimum Tax)		10/15 at 100.00		Aa1			847,602
	2,500	Rochester, Minnesota, Multifamily Housing Revenue Bonds, Essex Place Apartments Project, Series 2012A, 3.750%, 6/01/29		6/22 at 100.00		Aaa			2,607,250
	3,340	Total Housing/Multifamily							3,454,852
		Housing/Single Family – 2.0%
	105	Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Home Program, Market Series 2011B, 4.100%, 12/01/29		6/21 at 100.00		AA+			111,750
	83	Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax)		7/16 at 100.00		AA+			85,389
	410	Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2007A-2, 5.520%, 3/01/41 (Alternative Minimum Tax)		5/17 at 102.00		AA+			437,486
		Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B:					��
	80	4.000%, 7/01/21		No Opt. Call		Aaa			88,225
	5	5.000%, 1/01/31		7/21 at 100.00		Aaa			5,458
		Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D:
	45	4.375%, 7/01/26		7/21 at 100.00		Aaa			47,201
	625	4.700%, 1/01/31		7/21 at 100.00		Aaa			682,050
	25	Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011E, 4.000%, 7/01/26		7/21 at 100.00		Aaa			25,246

Nuveen Investments 45

Nuveen Minnesota 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)
$	20	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2006Q, 5.250%, 7/01/33 (Alternative Minimum Tax)		7/17 at 100.00		AA+	$	20,624
	2,665	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007D, 4.700%, 7/01/27 (Alternative Minimum Tax)		7/16 at 100.00		AA+		2,711,104
	60	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%, 7/01/38 (Alternative Minimum Tax)		7/16 at 100.00		AA+		60,537
	5	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007L, 5.100%, 7/01/38 (Alternative Minimum Tax)		1/17 at 100.00		AA+		5,176
	4,128	Total Housing/Single Family						4,280,246
		Long-Term Care – 10.2%
	1,500	Anoka County Housing and Redevelopment Authority, Minnesota, Health Care Facility Care Center Project, Series 2010D, 6.750%, 11/01/36		11/15 at 102.00		N/R		1,535,520
	375	Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Betty Ford Foundation Project, Series 2014, 4.000%, 11/01/39		11/24 at 100.00		A3		382,076
	1,600	Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41		11/19 at 100.00		A3		1,709,168
	1,500	Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/43		8/23 at 100.00		N/R		1,628,595
	1,125	Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43		7/20 at 100.00		N/R		1,147,961
	785	Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project, Series 2006A, 5.000%, 12/01/31		12/14 at 100.00		N/R		785,377
	1,185	Lake Crystal, Minnesota, Housing and Health Care Revenue Bonds, Ecumen-Second Century & Owatonna Senior Living Project, Refunding Series 2014A, 4.500%, 9/01/44 (Mandatory put 9/01/24) (WI/DD, Settling 12/18/14)		9/18 at 100.00		N/R		1,193,485
		Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:
	450	5.000%, 11/15/24		11/22 at 100.00		N/R		476,959
	1,500	4.750%, 11/15/28		11/22 at 100.00		N/R		1,527,855
	1,000	Oak Park Heights, Minnesota, Senior Housing Revenue Bonds, Oakgreen Commons Project ? Memory Care Building, Series 2013, 6.500%, 8/01/43		8/20 at 102.00		N/R		1,088,340
	1,100	Saint Paul Housing & Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42		10/17 at 100.00		N/R		1,111,044
	2,001	Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revneue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33		4/17 at 100.00		N/R		2,050,220
	1,000	Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42		No Opt. Call		N/R		1,019,320
	700	Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/30		9/22 at 100.00		N/R		735,182
	2,365	Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 5.125%, 1/01/39		1/23 at 100.00		N/R		2,389,076
		Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A:
	260	5.000%, 5/01/23		5/19 at 102.00		N/R		284,926
	680	5.000%, 11/01/23		5/19 at 102.00		N/R		745,192
	700	5.500%, 11/01/32		5/19 at 102.00		N/R		763,483
	330	6.000%, 5/01/47		5/19 at 102.00		N/R		362,713

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
$	1,200	West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46		9/19 at 100.00		N/R	$	1,285,632
	21,356	Total Long-Term Care						22,222,124
		Materials – 0.9%
	2,000	Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax)		10/22 at 100.00		BBB–		2,005,800
		Tax Obligation/General – 9.3%
	10,000	Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011, 6.000%, 2/01/41		2/21 at 100.00		Aa3		11,787,100
	1,000	Buffalo-Hanover-Montrose Independent School District 877, Minnesota, General Obligation Bonds, Refunding Series 2012A, 4.000%, 2/01/23		2/22 at 100.00		Aa2		1,128,270
	400	Hinckley, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2014A, 4.000%, 2/01/44 (WI/DD, Settling 12/01/14)		2/22 at 100.00		A+		409,132
		Mahtomedi Independent School District 832, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A:
	615	5.000%, 2/01/22		No Opt. Call		AA+		742,323
	1,000	5.000%, 2/01/26		2/25 at 100.00		AA+		1,225,430
	2,000	Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/28		2/24 at 100.00		AA+		2,202,020
	2,150	Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/21		No Opt. Call		AA+		2,610,530
	17,165	Total Tax Obligation/General						20,104,805
		Tax Obligation/Limited – 2.7%
	2,000	Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19		No Opt. Call		AA+		2,230,320
	585	Lakeville Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Ice Arena Project, Series 2006, 4.625%, 2/01/32		2/17 at 100.00		Aa3		606,803
	400	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2005, 5.650%, 2/01/27		2/15 at 100.00		N/R		400,308
	1,015	Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2013A, 4.000%, 2/01/22		No Opt. Call		A1		1,122,935
	500	Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 4.750%, 12/01/26		12/17 at 100.00		AA+		538,355
		Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012:
	150	5.000%, 9/01/26		No Opt. Call		N/R		156,936
	800	5.000%, 3/01/29		No Opt. Call		N/R		831,928
	25	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/25		10/19 at 100.00		BBB		27,302
	5,475	Total Tax Obligation/Limited						5,914,887
		Transportation – 6.4%
	1,000	Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41		1/21 at 100.00		N/R		1,009,570
	4,000	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009B, 5.000%, 1/01/20 (Alternative Minimum Tax)		1/19 at 100.00		AA–		4,562,960

Nuveen Investments 47

Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments November 30, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	100	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax)		1/20 at 100.00		A	$	106,168
	110	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2011A, 3.500%, 1/01/24		1/21 at 100.00		A		116,019
	275	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2012B, 5.000%, 1/01/28		No Opt. Call		A		313,376
		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014A:
	2,000	5.000%, 1/01/31		1/24 at 100.00		A		2,311,860
	1,400	5.000%, 1/01/32		1/24 at 100.00		A		1,614,704
	750	Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2014B, 5.000%, 1/01/26 (Alternative Minimum Tax)		1/24 at 100.00		A		868,890
		St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A:
	1,070	5.000%, 8/01/30		8/18 at 102.00		A+		1,199,598
	1,500	5.000%, 8/01/35		8/18 at 102.00		A+		1,681,680
	12,205	Total Transportation						13,784,825
		U.S. Guaranteed – 2.3% (4)
		Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2005A:
	1,000	5.000%, 2/01/28 (Pre-refunded 2/01/16)		2/16 at 100.00		AA– (4)		1,053,980
	1,890	5.000%, 2/01/31 (Pre-refunded 2/01/16)		2/16 at 100.00		AA– (4)		1,992,022
	1,620	Moorhead, Minnesota, Senior Housing Facility Revenue Bonds, Sheyenne Crossings Project, Series 2006, 5.650%, 4/01/41 (Pre-refunded 12/31/14)		12/14 at 101.00		N/R (4)		1,637,204
	410	Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 1983A, 9.750%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		Aaa		436,810
	4,920	Total U.S. Guaranteed						5,120,016
		Utilities – 16.6%
	250	Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A, 3.250%, 12/01/27		12/24 at 100.00		AA		254,680
	15	Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Refunding Series 2005A, 5.000%, 10/01/30		10/15 at 100.00		A2		15,471
	45	Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Series 2000A, 6.100%, 10/01/30		4/15 at 100.00		A2		45,188
	235	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34		10/22 at 100.00		BBB		261,109
	5,045	Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/30		10/20 at 100.00		A2		5,637,687
		Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A:
	1,000	4.000%, 10/01/31 (WI/DD, Settling 12/17/14)		10/24 at 100.00		A2		1,038,330
	1,000	4.000%, 10/01/32 (WI/DD, Settling 12/17/14)		10/24 at 100.00		A2		1,033,280
	2,000	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 1/01/26 – AMBAC Insured		1/18 at 100.00		A–		2,214,840
		Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B:
	805	5.000%, 12/01/20		No Opt. Call		Aa3		960,969
	250	5.000%, 12/01/26		12/23 at 100.00		Aa3		300,560

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
		Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:
$	1,510	0.000%, 1/01/19 – NPFG Insured		No Opt. Call		AA–	$	1,410,672
	1,825	0.000%, 1/01/21 – NPFG Insured		No Opt. Call		AA–		1,599,193
	65	0.000%, 1/01/22 – NPFG Insured		No Opt. Call		AA–		55,114
	3,055	0.000%, 1/01/23 – NPFG Insured		No Opt. Call		AA–		2,486,678
	10,530	0.000%, 1/01/24 – NPFG Insured		No Opt. Call		AA–		8,221,929
	4,795	0.000%, 1/01/25 – NPFG Insured		No Opt. Call		AA–		3,600,230
	6,230	0.000%, 1/01/26 – NPFG Insured		No Opt. Call		AA–		4,531,827
	2,000	Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46		1/24 at 100.00		Aa3		2,272,700
	40,655	Total Utilities						35,940,457
$	206,204	Total Long–Term Investments (cost $197,056,305)						214,445,306
Shares		Description (1)					Value
		SHORT-TERM INVESTMENTS – 1.7%
		Money Market Funds – 1.7%
	3,790,004	Federated Minnesota Municipal Cash Trust, 0.010% (5)					$	3,790,004
		Total Short-Term Investments (cost $3,790,004)						3,790,004
		Total Investments (cost $200,846,309 ) – 100.5%						218,235,310
		Other Assets Less Liabilities – (0.5)%						(1,174,945	)
		Net Assets – 100%					$	217,060,365

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

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

(ETM) Escrowed to maturity.

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

See accompanying notes to financial statements.

Nuveen Investments 49

Nuveen Nebraska 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 – 93.9%
		MUNICIPAL BONDS – 93.9%
		Consumer Staples – 0.8%
$	500	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24		6/17 at 100.00		B–	$	425,750
		Education and Civic Organizations – 12.7%
	990	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools Project, Series 2008, 5.625%, 5/01/40		5/18 at 100.00		A		1,101,791
	1,000	Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2010A, 5.500%, 7/01/30		7/20 at 100.00		A2		1,157,900
		Lincoln, Nebraska, Educational Facilities Revenue and Refunding Bonds, Nebraska Wesleyan University Project, Series 2012:
	685	3.300%, 4/01/25		4/22 at 100.00		A–		701,467
	410	4.000%, 4/01/32		4/22 at 100.00		A–		425,121
	500	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2008A, 5.375%, 3/15/39		3/18 at 100.00		AAA		556,635
	525	Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.450%, 9/01/35		5/21 at 100.00		Aa3		601,445
		University of Nebraska, Revenue Bonds, Lincoln Student Fees and Facilities Refunding Series 2011:
	30	4.000%, 7/01/32		1/22 at 100.00		Aa1		31,755
	1,000	5.000%, 7/01/42		1/22 at 100.00		Aa1		1,114,370
	1,020	University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008, 5.000%, 5/15/33		5/18 at 100.00		Aa1		1,120,858
	350	University of Nebraska, Revenue Bonds, Omaha Student Facilities Project, Series 2007, 5.000%, 5/15/32		5/17 at 100.00		Aa1		380,562
	6,510	Total Education and Civic Organizations						7,191,904
		Health Care – 13.0%
	565	Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Refunding Series 2008B, 6.000%, 8/15/28		1/20 at 100.00		A2		616,161
	775	Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation Hospital Project, Series 2014, 5.000%, 5/15/44		5/24 at 100.00		BBB+		838,728
		Douglas County Hospital Authority 3, Nebraska, Health Facilities Refunding and Revenue Bonds, Nebraska Methodist Health System, Series 2008:
	345	5.750%, 11/01/28		11/18 at 100.00		A–		377,064
	1,210	5.500%, 11/01/38		11/18 at 100.00		A–		1,295,704
		Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012:
	1,220	4.000%, 11/01/37		No Opt. Call		A–		1,226,576
	2,775	5.000%, 11/01/42		No Opt. Call		A–		2,979,490
	6,890	Total Health Care						7,333,723

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Single Family – 1.3%
		Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C:
$	540	2.550%, 1/01/22		No Opt. Call		AA+	$	552,161
	185	2.750%, 7/01/23		1/23 at 100.00		AA+		187,285
	725	Total Housing/Single Family						739,446
		Long-Term Care – 9.5%
	100	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A, 5.750%, 1/01/26		1/17 at 100.00		N/R		102,705
	900	Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40		1/20 at 100.00		AA–		999,090
	240	Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26		2/16 at 100.00		N/R		243,994
	3,385	Lancaster County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40		1/20 at 100.00		AA–		3,757,688
	220	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/23		No Opt. Call		A–		249,680
	4,845	Total Long-Term Care						5,353,157
		Tax Obligation/General – 9.7%
	705	Adams County School District 18, Nebraska, General Obligation Bonds, Hastings Public Schools, Series 2014, 4.000%, 12/15/44		7/19 at 100.00		Aa3		744,790
	350	Douglas County School District 059, Nebraska, General Obligation Bonds, School Building Series 2011B, 4.700%, 12/15/32		5/16 at 100.00		Aa2		362,652
	1,350	Douglas County School District 1, Nebraska, General Obligation Bonds, Refunding Series 2012, 5.000%, 6/15/24		No Opt. Call		AAA		1,680,290
	400	Hall County School District 2, Grand Island Public Schools, Nebraska, General Obligation Bonds, Series 2014, 3.000%, 12/15/15 (WI/DD, Settling 12/01/14)		No Opt. Call		AA–		411,620
		Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004:
	50	5.250%, 4/01/24		No Opt. Call		AA+		62,394
	220	5.250%, 4/01/26		No Opt. Call		AA+		280,298
		Omaha, Nebraska, General Obligation Bonds, Various Purpose & Refunding Series 2013A:
	715	4.500%, 11/15/28		11/23 at 100.00		AA+		814,106
	365	4.500%, 11/15/29		11/23 at 100.00		AA+		413,421
	650	Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2008, 5.250%, 10/15/28		10/18 at 100.00		AA+		733,837
	4,805	Total Tax Obligation/General						5,503,408
		Tax Obligation/Limited – 11.2%
	265	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42		1/22 at 100.00		A		289,481
	2,460	Lincoln- West Haymarket Joint Public Agency, Nebraska, General Obligation Facility Bonds, Series 2011, 5.000%, 12/15/42		12/21 at 100.00		AAA		2,777,906
		Nebraska Cooperative Republican Platte Enhancement, Middle Republica Natural Resources District, Platte River Flow Revenue, Series 2013:
	2,000	5.125%, 12/15/33		9/18 at 100.00		A+		2,199,860
	520	5.000%, 12/15/38		9/18 at 100.00		A+		561,631
	500	Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2013, 4.250%, 12/15/33		7/18 at 100.00		AA–		517,895
	5,745	Total Tax Obligation/Limited						6,346,773

Nuveen Investments 51

Nuveen Nebraska Municipal Bond Fund (continued)

Portfolio of Investments November 30, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation – 0.3%
$	165	Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)		10/23 at 100.00		BBB	$	189,950
		U.S. Guaranteed – 3.4% (4)
	250	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan, Series 2009B, 5.000%, 6/01/39 (Pre-refunded 12/01/14)		12/14 at 100.00		A3 (4)		250,100
	435	Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Children’s Hospital Obligated Group, Refunding Series 2008B, 6.000%, 8/15/28 (Pre-refunded 8/15/17)		8/17 at 100.00		A2 (4)		497,979
		Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Jackson County, Schneck Memorial Hospital, Series 2006A:
	250	5.250%, 2/15/30 (Pre-refunded 2/15/16)		2/16 at 100.00		A (4)		263,795
	350	5.250%, 2/15/30 (Pre-refunded 2/15/16)		2/16 at 100.00		A (4)		360,255
	450	Omaha, Nebraska, General Obligation Bonds, Refunding Series 2008, 5.750%, 10/15/28 (Pre-refunded 10/15/18)		10/18 at 100.00		AA+ (4)		532,877
	1,735	Total U.S. Guaranteed						1,905,006
		Utilities – 27.6%
		Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A:
	20	5.250%, 12/01/19		No Opt. Call		A		22,868
	800	5.250%, 12/01/21		No Opt. Call		A		926,696
	2,550	Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42		9/22 at 100.00		A		2,752,011
	585	Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2006, 4.650%, 8/01/23 – AMBAC Insured		8/16 at 100.00		A1		620,773
	1,500	Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34		7/21 at 100.00		AA–		1,713,855
	235	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34		10/22 at 100.00		BBB		261,109
	75	Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.000%, 4/01/19 – BHAC Insured		No Opt. Call		AA+		87,247
		Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A:
	100	5.000%, 4/01/22		No Opt. Call		A		119,373
	110	5.000%, 4/01/31		4/22 at 100.00		A		122,669
	500	Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2013A, 5.000%, 4/01/19		No Opt. Call		A		576,480
	520	Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/33		1/18 at 100.00		A1		566,124
	1,850	Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34		1/22 at 100.00		A1		2,077,827
	500	Nebraska Utility Corporation, Facilities Revenue Refunding Bonds, Series 2010, 5.000%, 1/01/22		1/21 at 100.00		Aa1		588,600
		Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A:
	1,010	5.500%, 2/01/33		2/18 at 100.00		AA		1,126,281
	1,200	5.500%, 2/01/35		2/18 at 100.00		AA		1,338,156
	10	Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Subordinate Lien Series 2005, 4.250%, 2/01/35 – BHAC Insured		8/15 at 100.00		AA+		10,075
	1,500	Southern Nebraska Public Power District, Electric System Revenue Bonds, Series 2008, 5.250%, 12/15/28		12/18 at 100.00		AA–		1,707,990

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	1,000	Twin Valleys Public Power District, Nebraska, Electric System Revenue Bonds, Series 2011, 5.000%, 9/15/35		6/16 at 100.00		N/R	$	1,025,060
	14,065	Total Utilities						15,643,194
		Water and Sewer – 4.4%
	1,395	Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41		11/21 at 100.00		AA		1,475,505
	1,000	Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2014, 4.000%, 11/15/44 (WI/DD, Settling 12/04/14)		11/24 at 100.00		AA		1,021,870
	2,395	Total Water and Sewer						2,497,375
$	48,380	Total Long-Term Investments (cost $49,437,232)						53,129,686
Shares		Description (1)					Value
		SHORT-TERM INVESTMENTS – 7.6%
		Money Market Funds – 7.6%
	4,283,590	First American Tax Free Obligations Fund, Class Z, 0.000% (5)					$	4,283,590
		Total Short-Term Investments (cost $4,283,590)						4,283,590
		Total Investments (cost $53,720,822 ) – 101.5%						57,413,276
		Other Assets Less Liabilities – (1.5)%						(823,737	)
		Net Assets – 100%					$	56,589,539

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

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

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

See accompanying notes to financial statements.

Nuveen Investments 53

Nuveen Oregon Intermediate 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 – 97.9%
		MUNICIPAL BONDS – 97.9%
		Education and Civic Organizations – 9.0%
$	2,350	Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2005A, 5.000%, 5/01/22 – RAAI Insured		5/15 at 100.00		BBB	$	2,375,615
	940	Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 4.500%, 5/01/29		5/22 at 100.00		BBB		1,012,765
	1,250	Oregon Department of Administrative Services, State Lottery Revenue Bonds, Refunding Series 2014B, 5.000%, 4/01/27		4/24 at 100.00		AAA		1,522,263
	1,040	Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30		9/20 at 100.00		BB+		1,112,987
		Oregon State Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A:
	625	4.000%, 10/01/17		No Opt. Call		A–		669,919
	500	5.250%, 10/01/24		10/21 at 100.00		A–		582,625
	1,000	Oregon State Facilities Authority, Revenue Bonds, Linfield College, Refunding Series 2005A, 5.000%, 10/01/25		10/15 at 100.00		Baa1		1,033,020
	500	Oregon State Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28		10/20 at 100.00		Baa1		544,450
	1,000	Oregon State Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29		7/20 at 100.00		Aa2		1,145,990
		Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2007A:
	250	5.000%, 4/01/17		No Opt. Call		BBB+		269,668
	2,000	4.500%, 4/01/21		4/18 at 100.00		BBB+		2,115,740
	210	Oregon State Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24		4/20 at 100.00		A		224,406
	1,085	Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 4.300%, 10/01/21		10/17 at 100.00		A		1,134,194
	12,750	Total Education and Civic Organizations						13,743,642
		Health Care – 17.6%
	1,035	Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/23		8/22 at 100.00		BBB–		1,140,974
	1,000	Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Legacy Health System, Series 2009A, 5.000%, 7/15/21		7/19 at 100.00		A+		1,137,570
	250	Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Cascade Healthcare Community, Inc., Series 2005B, 5.000%, 1/01/16 – AMBAC Insured		No Opt. Call		A2		259,130
	1,500	Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Refunding Bonds, Cascade Healthcare Community, Inc., Series 2008, 7.375%, 1/01/23		1/19 at 100.00		A2		1,789,125
	750	Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Merle West Medical Center Project, Series 2006, 4.750%, 9/01/20 – AGC Insured		9/16 at 100.00		AA		782,647
	500	Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/24		No Opt. Call		A–		521,440

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	1,900	Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2010, 5.500%, 8/15/28 – AGM Insured		8/20 at 100.00		AA	$	2,197,825
		Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Adventist Health System/West, Series 2009A:
	1,940	5.000%, 9/01/21		9/19 at 100.00		A		2,212,783
	855	4.500%, 9/01/21		9/19 at 100.00		A		941,184
		Oregon Health and Science University, Revenue Bonds, Series 2012A:
	1,225	5.000%, 7/01/25		7/22 at 100.00		A+		1,439,265
	1,195	5.000%, 7/01/26		7/22 at 100.00		A+		1,396,358
	1,000	Oregon Health and Science University, Revenue Bonds, Series 2012E, 4.000%, 7/01/29		No Opt. Call		A+		1,061,490
		Oregon State Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A:
	2,000	4.250%, 3/15/17		No Opt. Call		A+		2,146,260
	1,020	4.750%, 3/15/24		3/20 at 100.00		A+		1,107,608
	1,000	Oregon State Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2009A, 5.000%, 11/01/20		11/19 at 100.00		A+		1,165,270
	690	Oregon State Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A, 5.000%, 11/15/25		5/24 at 100.00		A+		830,456
	375	Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2011C, 5.000%, 10/01/20		No Opt. Call		AA		438,919
	1,815	Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A, 5.000%, 10/01/23		No Opt. Call		AA		2,147,998
		Oregon State Facilities Authority, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A:
	1,250	5.000%, 10/01/19		No Opt. Call		BBB+		1,429,638
	500	5.000%, 10/01/24		10/20 at 100.00		BBB+		555,960
	450	Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2006A, 5.000%, 8/15/27		8/16 at 100.00		A		467,627
	1,500	Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2008A, 5.750%, 8/15/23		8/18 at 100.00		A		1,686,645
	23,750	Total Health Care						26,856,172
		Housing/Multifamily – 5.3%
		Clackamas County Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Easton Ridge Apartments Project, Series 2013A:
	285	4.000%, 9/01/22		No Opt. Call		Aa3		313,523
	195	4.000%, 9/01/23		3/23 at 100.00		Aa3		212,614
		Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A:
	750	4.000%, 7/01/19 (Alternative Minimum Tax)		No Opt. Call		Aaa		804,247
	500	4.250%, 7/01/21 (Alternative Minimum Tax)		1/20 at 100.00		Aaa		534,065
		Oregon State Facilities Authority, Revenue Bonds, CHF Ashland Southern Oregon University Project Series 2012:
	1,185	4.350%, 7/01/27 – AGM Insured		7/22 at 100.00		AA		1,268,756
	400	4.700%, 7/01/33 – AGM Insured		7/22 at 100.00		AA		428,852
	1,000	Oregon State Facilities Authority, Revenue Bonds, College Housing Northwest Projects, Refunding Series 2013, 5.000%, 10/01/24		10/23 at 100.00		BBB–		1,102,260

Nuveen Investments 55

Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments November 30, 2014 (Unaudited)

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	705	Portland Housing Authority, Oregon, Housing Revenue Refundign Bonds, Yards at Union Station Project, Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax)		5/17 at 100.00		Aa2	$	733,531
		Portland, Oregon, Economic Development Revenue Refunding Bonds, Broadway Project, Series 2008A:
	880	5.125%, 4/01/16		No Opt. Call		A1		933,187
	1,455	6.250%, 4/01/23		4/18 at 100.00		A1		1,688,047
	7,355	Total Housing/Multifamily						8,019,082
		Housing/Single Family – 0.1%
	150	Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds, Series 2008D, 4.750%, 7/01/22		1/18 at 100.00		Aa2		159,245
		Long-Term Care – 4.0%
	1,000	Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Robison Jewish Home, DBA Cedar Sinia Park, Series 2005, 5.125%, 10/01/24		10/15 at 100.00		N/R		1,005,090
		Medford Hospital Facilities Authority, Oregon, Revenue Bonds, Rogue Valley Manor, Series 2013:
	250	5.000%, 10/01/19		No Opt. Call		A–		284,002
	450	5.000%, 10/01/24		10/23 at 100.00		A–		512,951
	500	Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South Waterfront, Refunding Series 2014A, 5.000%, 10/01/24		No Opt. Call		N/R		529,875
	1,000	Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Terwilliger Plaza Project, Series 2009, 5.250%, 12/01/26		12/16 at 100.00		BBB		1,032,180
	1,500	Multnomah County Hospital Facilities Authority, Oregon, Revenue Refunding Bond, Terwilliger Plaza, Inc., Series 2012, 5.000%, 12/01/29		12/22 at 100.00		BBB		1,620,045
		Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012:
	550	5.000%, 5/15/22		No Opt. Call		N/R		589,210
	550	5.750%, 5/15/27		5/22 at 100.00		N/R		606,347
	5,800	Total Long-Term Care						6,179,700
		Tax Obligation/General – 27.7%
	1,105	Beaverton School District 48J, Washington and Multnomah Counties, Oregon, General Obligation Bonds, Series 2014B, 5.000%, 6/15/27		6/24 at 100.00		AA+		1,346,387
		Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010:
	605	4.250%, 2/01/19		No Opt. Call		Baa3		661,828
	655	4.500%, 2/01/20		No Opt. Call		Baa3		731,963
	280	5.000%, 2/01/21		No Opt. Call		Baa3		321,031
		Central Oregon Community College District, Crook, Jefferson, Deschutes, Klamath, Lake, and Wasco Counties, Oregon, General Obligation Bonds, Series 2010:
	1,000	4.000%, 6/15/19		No Opt. Call		AA+		1,126,650
	810	4.500%, 6/15/20		No Opt. Call		AA+		944,525
	500	Central Oregon Community College District, Crook, Jefferson, Deschutes, Klamath, Lake, and Wasco Counties, Oregon, General Obligation Bonds, Series 2014, 5.000%, 6/01/29		6/24 at 100.00		AA–		589,210
	1,100	Chemeketa Community College District, Oregon, General Obligation Bonds, Series 2014, 5.000%, 6/15/26		6/24 at 100.00		AA+		1,339,822

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	1,145	Clackamas Community College District, Oregon, General Obligation Bonds, Series 2006, 5.000%, 5/01/19 – NPFG Insured		5/16 at 100.00		AA	$	1,218,429
		Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B:
	685	5.000%, 6/15/19 – AGM Insured		6/17 at 100.00		AA+		757,240
	3,665	5.000%, 6/15/21 – AGM Insured		6/17 at 100.00		AA+		4,042,678
	3,135	5.000%, 6/15/22 – AGM Insured		6/17 at 100.00		AA+		3,453,046
	1,000	Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Series 2009A, 5.000%, 6/15/24		6/19 at 100.00		AA+		1,149,290
	580	Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/29 (WI/DD, Settling 12/04/14) – AGM Insured		6/24 at 100.00		AA		677,173
	525	Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25		6/22 at 100.00		AA+		620,429
	1,000	David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25		No Opt. Call		AA+		737,200
	1,770	Deschutes County Administrative School District 1, Bend-La Pine, Oregon, General Obligation Bonds, Refunding Series 2013, 4.000%, 6/15/21		No Opt. Call		Aa1		2,028,385
	3,055	Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Deffered Imterest Series 2008, 0.000%, 6/15/22		No Opt. Call		Aa1		2,600,752
	965	Forest Grove School District 15, Washington County, Oregon, General Obligation Bonds, Series 2012, 0.000%, 6/15/25		No Opt. Call		AA+		714,785
	1,000	Josephine County Unit School District Three Rivers, Oregon, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/15/19 – FGIC Insured		No Opt. Call		Aa1		1,179,890
	660	Keizer, Oregon, General Obligation Assessment Bonds, Keizer Station Area A Local Improvement District, Series 2008, 5.200%, 6/01/31		6/18 at 100.00		A1		727,333
	200	Lake Oswego School District 7J, Clackamas County, Oregon, General Obligation Bonds, Refunding Series 2005, 5.250%, 6/01/25 – AGM Insured		No Opt. Call		Aa1		255,140
	300	Marion-Clackamas Counties School District 4J Silver Falls, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 6/15/24		6/23 at 100.00		Aa1		361,338
	1,015	Multnomah-Clackamas Counties, Oregon, School District 10JT, General Obligation Bonds, Series 2005, 5.250%, 6/15/17 – AGM Insured		No Opt. Call		AA+		1,135,034
	125	North Lincoln Fire and Rescue District 1, Oregon, General Obligation Bonds, Series 2007, 4.250%, 2/01/18 – AGM Insured		2/17 at 100.00		AA		133,199
	1,500	Oregon Department of Administrative Services, General Obligation Bonds, Oregon Opportunity, Refunding Series 2010F, 5.000%, 12/01/20		6/20 at 100.00		AA+		1,771,830
		Oregon State, General Obligation Bonds, Alterrnative Energy Series 2011B:
	540	5.000%, 1/01/20 (Alternative Minimum Tax)		No Opt. Call		AA+		622,712
	560	5.000%, 1/01/21 (Alternative Minimum Tax)		No Opt. Call		AA+		651,179
	100	5.000%, 1/01/23 (Alternative Minimum Tax)		1/21 at 100.00		AA+		113,589
	455	Pacific City Joint Water-Sanitary Authority, Tilamook County, Oregon, General Obligation Bonds, Series 2007, 4.650%, 7/01/22		7/17 at 100.00		N/R		475,279
	2,535	Portland, Oregon, General Obligation Bonds, Sellwood Bridge Project, Series 2014A, 5.000%, 6/01/28		6/24 at 100.00		Aa1		3,050,923
	340	Redmond, Oregon, Full Faith and Credit Obligations, Refunding Series 2012A, 4.000%, 6/01/25		6/22 at 100.00		A1		371,049

Nuveen Investments 57

Nuveen Oregon Intermediate 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)
$	350	Redmond, Oregon, Full Faith and Credit Obligations, Series 2014A, 5.000%, 6/01/25		6/24 at 100.00		A1	$	419,170
		Redmond, Oregon, Full Faith and Credit Obligations, Terminal Expansion Project, Series 2009:
	240	4.000%, 6/01/21		6/19 at 100.00		A1		261,420
	200	4.250%, 6/01/23		6/19 at 100.00		A1		216,412
	500	4.625%, 6/01/29		6/19 at 100.00		A1		531,960
	655	Salem-Keizer School District 24J, Marion and Polk Counties, Oregon, General Obligation Bonds, Series 2009B, 0.000%, 6/15/22		No Opt. Call		AA+		557,608
	1,525	Washington County, Oregon, General Obligation Bonds, Refunding Series 2006, 5.000%, 6/01/22		6/16 at 102.00		Aa1		1,658,163
	1,200	Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2012, 4.000%, 6/15/23		No Opt. Call		Aa1		1,357,596
	1,300	Yamhill County School District 29J Newberg, Oregon, General Obligation Bonds, Refunding Series 2005, 5.250%, 6/15/16 – FGIC Insured		No Opt. Call		Aa1		1,398,514
	38,880	Total Tax Obligation/General						42,310,161
		Tax Obligation/Limited – 16.1%
		Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Oregon, Series 2013A:
	975	4.000%, 9/15/19		No Opt. Call		Baa2		1,046,877
	1,105	4.250%, 9/15/23		9/21 at 100.00		Baa2		1,159,289
	1,500	Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 4.700%, 5/01/25		5/19 at 100.00		AA		1,638,630
	1,055	Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25		11/19 at 100.00		AA		1,213,915
		Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2014A:
	1,980	5.000%, 11/15/26		11/24 at 100.00		AAA		2,440,469
	1,000	5.000%, 11/15/27		11/24 at 100.00		AAA		1,227,210
	1,000	Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23		6/22 at 100.00		A1		1,161,980
	2,030	Portland, Oregon, South Park Blocks Urban Renewal and Redevelopment Bonds, Series 2008B, 5.000%, 6/15/21		6/18 at 101.00		Aa3		2,304,821
	2,655	Portland, Oregon, Urban Renewal and Redevelopment Revenue Bonds, North Macadam Series 2010B, 5.000%, 6/15/24		6/20 at 100.00		A1		2,952,944
		Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A:
	1,000	5.000%, 10/01/25		10/21 at 100.00		A		1,145,460
	1,715	5.000%, 10/01/26		10/21 at 100.00		A		1,949,235
	2,305	Tri-County Metropolitan Transportation District, Oregon, Revenue Bonds, Senior Lien Payroll Tax Series 2012A, 5.000%, 9/01/24		9/22 at 100.00		AAA		2,802,327
	2,085	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22		No Opt. Call		BBB+		2,192,106
		Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A:
	1,020	5.000%, 10/01/20		No Opt. Call		BBB		1,155,232
	180	5.000%, 10/01/29		10/20 at 100.00		BBB		197,786
	21,605	Total Tax Obligation/Limited						24,588,281

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation – 2.9%
$	1,005	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–	$	1,113,731
	350	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/17 (Alternative Minimum Tax)		No Opt. Call		AA–		397,341
	1,030	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011, 5.000%, 7/01/23 (Alternative Minimum Tax)		7/21 at 100.00		AA–		1,206,758
	1,500	Port of Portland, Oregon, Portland International Airport Passenger Facility Charge Revenue Bonds, Series 2011A, 5.000%, 7/01/26		7/21 at 100.00		A		1,674,390
	3,885	Total Transportation						4,392,220
		U.S. Guaranteed – 7.3% (4)
	1,000	Chemeketa Community College District, Oregon, General Obligation Bonds, Series 2008, 5.500%, 6/15/24 (Pre-refunded 6/15/18)		6/18 at 100.00		AA+ (4)		1,164,610
	1,305	Marion-Clackamas Counties School District 4J, Oregon, General Obligation Bonds, Series 2007, 4.500%, 6/15/22 (Pre-refunded 6/15/16) – NPFG Insured		6/16 at 100.00		Aa1 (4)		1,388,559
	1,635	Metro, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/01/20 (Pre-refunded 6/01/17)		6/17 at 100.00		AAA		1,817,809
	1,060	Oregon Department of Administrative Services, Certificates of Participation, Series 2006A, 5.000%, 11/01/18 (Pre-refunded 11/01/16) – NPFG Insured		11/16 at 100.00		AA (4)		1,153,725
	1,055	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/21 (Pre-refunded 5/15/19)		5/19 at 100.00		AAA		1,232,683
	500	Portland, Oregon, Water System Revenue Bonds, Second Lien Series 2006A, 4.375%, 10/01/24 (Pre-refunded 10/01/16) – NPFG Insured		10/16 at 100.00		Aa1 (4)		536,670
	2,490	Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2006, 5.000%, 6/15/19 (Pre-refunded 6/15/17) – NPFG Insured		6/17 at 100.00		Aa2 (4)		2,772,167
	1,040	Yamhill County School District 40, McMinnville, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/23 (Pre-refunded 6/15/17) – AGM Insured		6/17 at 100.00		Aa1 (4)		1,157,291
	10,085	Total U.S. Guaranteed						11,223,514
		Utilities – 0.5%
	500	Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/22 – AGM Insured		No Opt. Call		A1		595,345
	175	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured		No Opt. Call		AA		207,854
	675	Total Utilities						803,199
		Water and Sewer – 7.4%
	1,295	Albany, in the Counties of Linn and Benton, Oregon, General Obligation and Water Revenue Bonds, Series 2013, 5.000%, 8/01/25		8/23 at 100.00		A1		1,534,303
	820	Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2006, 5.000%, 11/01/21 – FGIC Insured		11/16 at 100.00		AA		889,552
	1,500	Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2008, 5.000%, 11/01/22		11/18 at 100.00		AA		1,713,390
	1,000	Portland, Oregon, Sewer System Revenue Bonds, Refunding First Lien Series 2008A, 4.750%, 6/15/24		6/18 at 100.00		AA		1,114,640
	1,175	Portland, Oregon, Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/23 – NPFG Insured		6/16 at 100.00		AA–		1,256,216

Nuveen Investments 59

Nuveen Oregon Intermediate 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)
		Redmond, Oregon, Water Revenue Bonds, Series 2010:
$	450	4.500%, 6/01/25		6/20 at 100.00		A1	$	507,402
	5	4.500%, 6/01/30		6/20 at 100.00		A1		5,562
	1,000	Sunrise Water Authority, Oregon, Water Revenue Bonds, Refunding Series 2014, 4.000%, 3/01/23		No Opt. Call		AA–		1,138,230
	325	The Dalles, Oregon, Water Revenue Bonds, Series 200, 4.250%, 6/01/20 – AMBAC Insured		6/17 at 100.00		N/R		340,376
	1,435	Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/26		8/22 at 100.00		AA–		1,680,342
	900	Woodburn, Marion County, Oregon, Wastewater Revenue Bonds, Refunding Series 2011A, 5.000%, 3/01/20		No Opt. Call		A2		1,042,245
	9,905	Total Water and Sewer						11,222,258
$	134,840	Total Long-Term Investments (cost $140,114,977)						149,497,474
Shares		Description (1)					Value
		SHORT-TERM INVESTMENTS – 1.3%
		Money Market Funds – 1.3%
	1,919,582	First American Tax Free Obligations Fund, Class Z, 0.000% (5)					$	1,919,582
		Total Short-Term Investments (cost $1,919,582)						1,919,582
		Total Investments (cost $142,034,559 ) – 99.2%						151,417,056
		Other Assets Less Liabilities – 0.8%						1,250,944
		Net Assets – 100%					$	152,668,000

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

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

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

See accompanying notes to financial statements.

60 Nuveen Investments

Statement of

Assets and Liabilities November 30, 2014 (Unaudited)

	Minnesota Intermediate			Minnesota			Nebraska			Oregon Intermediate
Assets
Long-term investments, at value (cost $250,902,521, $197,056,305, $49,437,232 and $140,114,977, respectively)	$	267,849,426		$	214,445,306		$	53,129,686		$	149,497,474
Short-term investments, at value (cost approximates value)		4,970,532			3,790,004			4,283,590			1,919,582
Receivable for:
Interest		3,176,604			2,621,783			701,901			1,966,127
Shares sold		149,531			399,567			49,280			314,429
Other assets		12,131			10,699			7,637			6,149
Total assets		276,158,224			221,267,359			58,172,094			153,703,761
Liabilities
Payable for:
Dividends		458,061			203,993			46,747			185,571
Investments purchased		4,462,972			3,649,097			1,419,564			673,635
Shares redeemed		155,101			153,826			52,299			53,363
Accrued expenses:
Management fees		118,118			94,332			22,772			67,827
Directors fees		6,849			2,267			605			1,585
12b-1 distribution and service fees		20,109			34,894			8,502			14,223
Other		59,987			68,585			32,066			39,557
Total liabilities		5,281,197			4,206,994			1,582,555			1,035,761
Net assets	$	270,877,027		$	217,060,365		$	56,589,539		$	152,668,000
Class A Shares
Net assets	$	66,734,664		$	109,308,565		$	23,017,826		$	45,482,864
Shares outstanding		6,341,587			9,295,450			2,121,491			4,378,052
Net asset value (“NAV”) per share	$	10.52		$	11.76		$	10.85		$	10.39
Offering price per share (NAV per share plus maximum sales charge of 3.00%, 4.20%, 4.20% and 3.00%, respectively, of offering price)	$	10.85		$	12.28		$	11.33		$	10.71
Class C Shares
Net assets	$	3,889,427		$	3,789,717		$	528,628		$	1,348,292
Shares outstanding		371,874			322,505			48,866			130,530
NAV and offering price per share	$	10.46		$	11.75		$	10.82		$	10.33
Class C1 Shares
Net assets	$	2,479,006		$	13,931,091		$	2,954,559		$	—
Shares outstanding		234,934			1,189,590			274,449			—
NAV and offering price per share	$	10.55		$	11.71		$	10.77		$	—
Class C2 Shares
Net assets	$	7,682,974		$	11,027,840		$	4,567,403		$	9,253,478
Shares outstanding		733,019			937,438			420,803			893,342
NAV and offering price per share	$	10.48		$	11.76		$	10.85		$	10.36
Class I Shares
Net assets	$	190,090,956		$	79,003,152		$	25,521,123		$	96,583,366
Shares outstanding		18,162,507			6,723,097			2,351,494			9,292,205
NAV and offering price per share	$	10.47		$	11.75		$	10.85		$	10.39
Net assets consist of:
Capital paid-in	$	254,290,229		$	205,370,832		$	55,209,042		$	144,689,680
Undistributed (Over-distribution of) net investment income		328,588			698,068			13,689			153,491
Accumulated net realized gain (loss)		(688,695	)		(6,397,536	)		(2,325,646	)		(1,557,668	)
Net unrealized appreciation (depreciation)		16,946,905			17,389,001			3,692,454			9,382,497
Net assets	$	270,877,027		$	217,060,365		$	56,589,539		$	152,668,000
Authorized shares – per class		2 billion			2 billion			2 billion			2 billion
Par value per share	$	0.0001		$	0.0001		$	0.0001		$	0.0001

See accompanying notes to financial statements.

Nuveen Investments 61

Statement of

Operations Six Months Ended November 30, 2014 (Unaudited)

	Minnesota Intermediate		Minnesota		Nebraska			Oregon Intermediate
Investment Income	$	5,148,753	$	4,799,570	$	1,128,788		$	2,687,767
Expenses
Management fees		706,488		560,217		150,722			398,186
12b-1 service fees – Class A Shares		65,545		108,509		23,074			44,300
12b-1 distribution and service fees – Class C Shares		13,061		12,195		1,750			4,480
12b-1 distribution and service fees – Class C1 Shares		8,630		45,398		9,729			—
12b-1 distribution and service fees – Class C2 Shares		29,458		42,893		17,631			37,296
Shareholder servicing agent fees and expenses		37,415		35,993		11,327			18,299
Custodian fees and expenses		36,839		28,088		11,176			21,198
Directors fees and expenses		4,710		3,781		1,198			2,718
Professional fees		11,082		10,391		8,662			9,292
Shareholder reporting expenses		16,270		22,459		9,681			9,999
Federal and state registration fees		8,096		8,625		7,314			5,247
Other expenses		3,930		3,241		1,858			2,831
Total expenses before fee waiver/expense reimbursement		941,524		881,790		254,122			553,846
Fee waiver/expense reimbursement		—		—		(9,199	)		—
Net expenses		941,524		881,790		244,923			553,846
Net investment income (loss)		4,207,229		3,917,780		883,865			2,133,921
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		1,404		26,745		(36,189	)		237,479
Change in net unrealized appreciation (depreciation) of investments		1,034,574		2,282,549		866,017			269,624
Net realized and unrealized gain (loss)		1,035,978		2,309,294		829,828			507,103
Net increase (decrease) in net assets from operations	$	5,243,207	$	6,227,074	$	1,713,693		$	2,641,024

See accompanying notes to financial statements.

62 Nuveen Investments

Statement of

Changes in Net Assets (Unaudited)

	Minnesota Intermediate						Minnesota
	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)	$	4,207,229		$	8,453,186		$	3,917,780		$	8,185,379
Net realized gain (loss) from investments		1,404			(687,524	)		26,745			(6,283,207	)
Change in net unrealized appreciation (depreciation) of investments		1,034,574			(2,243,083	)		2,282,549			(465,861	)
Net increase (decrease) in net assets from operations		5,243,207			5,522,579			6,227,074			1,436,311
Distributions to Shareholders
From net investment income:
Class A		(1,025,055	)		(1,749,127	)		(2,000,022	)		(4,265,355	)
Class C(1)		(30,269	)		(4,538	)		(35,087	)		(5,922	)
Class C1		(35,468	)		(83,087	)		(226,363	)		(501,353	)
Class C2(2)		(101,207	)		(209,259	)		(178,691	)		(427,998	)
Class I		(3,080,404	)		(6,085,893	)		(1,432,770	)		(2,748,471	)
From accumulated net realized gains:
Class A		—			(93,033	)		—			(479,801	)
Class C(1)		—			—			—			—
Class C1		—			(5,413	)		—			(62,324	)
Class C2(2)		—			(14,521	)		—			(56,190	)
Class I		—			(328,246	)		—			(277,828	)
Decrease in net assets from distributions to shareholders		(4,272,403	)		(8,573,117	)		(3,872,933	)		(8,825,242	)
Fund Share Transactions
Proceeds from sale of shares		37,775,949			54,016,934			26,262,617			31,542,304
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,549,679			2,616,752			2,657,235			6,051,857
		39,325,628			56,633,686			28,919,852			37,594,161
Cost of shares redeemed		(23,113,232	)		(88,705,382	)		(20,171,741	)		(83,359,560	)
Net increase (decrease) in net assets from Fund share transactions		16,212,396			(32,071,696	)		8,748,111			(45,765,399	)
Net increase (decrease) in net assets		17,183,200			(35,122,234	)		11,102,252			(53,154,330	)
Net assets at the beginning of period		253,693,827			288,816,061			205,958,113			259,112,443
Net assets at the end of period	$	270,877,027		$	253,693,827		$	217,060,365		$	205,958,113
Undistributed (Over-distribution of) net investment income at the end of period	$	328,588		$	393,762		$	698,068		$	653,221

(1) Class C Shares were established and commenced operations on February 10, 2014.

(2) 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.

Nuveen Investments 63

Statement of Changes in Net Assets (Unaudited) (continued)

	Nebraska						Oregon Intermediate
	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)	$	883,865		$	2,138,311		$	2,133,921		$	4,667,045
Net realized gain (loss) from investments		(36,189	)		(1,645,327	)		237,479			(1,470,676	)
Change in net unrealized appreciation (depreciation) of investments		866,017			(683,070	)		269,624			(1,794,293	)
Net increase (decrease) in net assets from operations		1,713,693			(190,086	)		2,641,024			1,402,076
Distributions to Shareholders
From net investment income:
Class A		(345,336	)		(826,833	)		(613,520	)		(1,322,552	)
Class C(1)		(3,777	)		(624	)		(8,729	)		(1,277	)
Class C1		(37,590	)		(87,032	)		—			—
Class C2(2)		(57,311	)		(170,990	)		(109,548	)		(260,088	)
Class I		(393,750	)		(1,068,631	)		(1,336,056	)		(2,885,290	)
From accumulated net realized gains:
Class A		—			—			—			—
Class C(1)		—			—			—			—
Class C1		—			—			—			—
Class C2(2)		—			—			—			—
Class I		—			—			—			—
Decrease in net assets from distributions to shareholders		(837,764	)		(2,154,110	)		(2,067,853	)		(4,469,207	)
Fund Share Transactions
Proceeds from sale of shares		3,588,164			5,291,415			20,920,999			21,931,008
Proceeds from shares issued to shareholders due to reinvestment of distributions		561,096			1,426,704			954,586			1,892,820
		4,149,260			6,718,119			21,875,585			23,823,828
Cost of shares redeemed		(6,706,772	)		(27,321,623	)		(12,707,575	)		(66,885,818	)
Net increase (decrease) in net assets from Fund share transactions		(2,557,512	)		(20,603,504	)		9,168,010			(43,061,990	)
Net increase (decrease) in net assets		(1,681,583	)		(22,947,700	)		9,741,181			(46,129,121	)
Net assets at the beginning of period		58,271,122			81,218,822			142,926,819			189,055,940
Net assets at the end of period	$	56,589,539		$	58,271,122		$	152,668,000		$	142,926,819
Undistributed (Over-distribution of) net investment income at the end of period	$	13,689		$	(32,412	)	$	153,491		$	87,423

(1) Class C Shares were established and commenced operations on February 10, 2014.

(2) 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.

64 Nuveen Investments

THIS PAGE INTENTIONALLY LEFT BLANK

Nuveen Investments 65

Financial

Highlights (Unaudited)

Minnesota Intermediate

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date)	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 (02/94)
Year Ended 5/31
2015(j)	$	10.49	$	0.16	$	0.04		$	0.20	$	(0.17	)	$	—		$	(0.17	)	$	10.52
2014		10.56		0.33		(0.06	)		0.27		(0.32	)		(0.02	)		(0.34	)		10.49
2013		10.67		0.32		(0.08	)		0.24		(0.34	)		(0.01	)		(0.35	)		10.56
2012		10.20		0.36		0.47			0.83		(0.35	)		(0.01	)		(0.36	)		10.67
2011(d)		10.12		0.33		0.07			0.40		(0.32	)		—			(0.32	)		10.20
Year Ended 6/30
2010		9.67		0.36		0.46			0.82		(0.36	)		(0.01	)		(0.37	)		10.12
2009		9.75		0.38		(0.05	)		0.33		(0.38	)		(0.03	)		(0.41	)		9.67
Class C (02/14)
Year Ended 5/31
2015(j)		10.42		0.12		0.04			0.16		(0.12	)		—			(0.12	)		10.46
2014(f)		10.27		0.06		0.16			0.22		(0.07	)		—			(0.07	)		10.42
Class C1 (10/09)
Year Ended 5/31
2015(j)		10.52		0.14		0.03			0.17		(0.14	)		—			(0.14	)		10.55
2014		10.59		0.29		(0.07	)		0.22		(0.27	)		(0.02	)		(0.29	)		10.52
2013		10.69		0.28		(0.08	)		0.20		(0.29	)		(0.01	)		(0.30	)		10.59
2012		10.22		0.31		0.48			0.79		(0.31	)		(0.01	)		(0.32	)		10.69
2011(d)		10.14		0.28		0.07			0.35		(0.27	)		—			(0.27	)		10.22
Year Ended 6/30
2010(g)		9.94		0.21		0.20			0.41		(0.20	)		(0.01	)		(0.21	)		10.14
Class C2 (01/11)(h)
Year Ended 5/31
2015(j)		10.44		0.13		0.05			0.18		(0.14	)		—			(0.14	)		10.48
2014		10.51		0.28		(0.07	)		0.21		(0.26	)		(0.02	)		(0.28	)		10.44
2013		10.62		0.26		(0.09	)		0.17		(0.27	)		(0.01	)		(0.28	)		10.51
2012		10.14		0.29		0.49			0.78		(0.29	)		(0.01	)		(0.30	)		10.62
2011(i)		9.77		0.11		0.36			0.47		(0.10	)		—			(0.10	)		10.14
Class I (02/94)
Year Ended 5/31
2015(j)		10.43		0.17		0.04			0.21		(0.17	)		—			(0.17	)		10.47
2014		10.50		0.35		(0.06	)		0.29		(0.34	)		(0.02	)		(0.36	)		10.43
2013		10.61		0.34		(0.08	)		0.26		(0.36	)		(0.01	)		(0.37	)		10.50
2012		10.13		0.37		0.49			0.86		(0.37	)		(0.01	)		(0.38	)		10.61
2011(d)		10.06		0.34		0.06			0.40		(0.33	)		—			(0.33	)		10.13
Year Ended 6/30
2010		9.62		0.36		0.45			0.81		(0.36	)		(0.01	)		(0.37	)		10.06
2009		9.69		0.39		(0.04	)		0.35		(0.39	)		(0.03	)		(0.42	)		9.62

66 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	1.87	%	$	66,735		0.82	%*		3.07	%*		0.82	%*		3.07	%*		4	%
	2.68			65,375		0.84			3.25			0.84			3.25			12
	2.25			62,493		0.82			3.03			0.82			3.03			11
	8.32			52,039		0.80			3.41			0.76			3.44			9
	4.00			37,175		0.92	*		3.40	*		0.74	*		3.60	*		12
	8.51			34,957		1.08			3.28			0.75			3.61			9
	3.53			23,019		1.07			3.68			0.75			4.00			18
	1.57			3,889		1.62	*		2.24	*		1.62	*		2.24	*		4
	2.19			1,052		1.64	*		2.29	*		1.64	*		2.29	*		12
	1.63			2,479		1.27	*		2.62	*		1.27	*		2.62	*		4
	2.20			2,836		1.29			2.81			1.29			2.81			12
	1.88			3,804		1.27			2.60			1.27			2.60			11
	7.81			5,448		1.29			2.94			1.29			2.94			9
	3.46			6,242		1.37	*		2.99	*		1.31	*		3.05	*		12
	4.15			3,965		1.48	*		2.87	*		1.35	*		3.00	*		9
	1.69			7,683		1.38	*		2.53	*		1.38	*		2.53	*		4
	2.09			8,021		1.39			2.70			1.39			2.70			12
	1.63			8,795		1.36			2.44			1.36			2.44			11
	7.79			3,768		1.40			2.74			1.40			2.74			9
	4.88			623		1.41	*		3.10	*		1.37	*		3.14	*		12
	2.07			190,091		0.63	*		3.28	*		0.63	*		3.28	*		4
	2.88			176,410		0.64			3.45			0.64			3.45			12
	2.42			213,723		0.62			3.23			0.62			3.23			11
	8.60			196,568		0.64			3.58			0.64			3.58			9
	4.00			191,516		0.72	*		3.60	*		0.66	*		3.67	*		12
	8.50			193,443		0.83			3.53			0.70			3.66			9
	3.71			172,440		0.82			3.92			0.70			4.04			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) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

(d) For the eleven months ended May 31, 2011.

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f) For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(g) For the period October 28, 2009 (commencement of operations) through June 30, 2010.

(h) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(i) For the period January 18, 2011 (commencement of operations) through May 31, 2011.

(j) For the six months ended November 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 67

Financial Highlights (Unaudited) (continued)

Minnesota

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date)	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 (07/88)
Year Ended 5/31
2015(i)	$	11.63	$	0.22	$	0.13		$	0.35		$	(0.22	)	$	—		$	(0.22	)	$	11.76
2014		11.87		0.44		(0.21	)		0.23			(0.42	)		(0.05	)		(0.47	)		11.63
2013		11.87		0.43		0.04			0.47			(0.45	)		(0.02	)		(0.47	)		11.87
2012		10.83		0.47		1.02			1.49			(0.45	)		—			(0.45	)		11.87
2011(d)		10.87		0.39		(0.08	)		0.31			(0.35	)		—			(0.35	)		10.83
Year Ended 6/30
2010		9.98		0.41		0.89			1.30			(0.41	)		—			(0.41	)		10.87
2009		10.48		0.43		(0.44	)		(0.01	)		(0.43	)		(0.06	)		(0.49	)		9.98
Class C (02/14)
Year Ended 5/31
2015(i)		11.63		0.17		0.12			0.29			(0.17	)		—			(0.17	)		11.75
2014(f)		11.25		0.08		0.40			0.48			(0.10	)		—			(0.10	)		11.63
Class C1 (02/99)
Year Ended 5/31
2015(i)		11.58		0.19		0.13			0.32			(0.19	)		—			(0.19	)		11.71
2014		11.81		0.38		(0.19	)		0.19			(0.37	)		(0.05	)		(0.42	)		11.58
2013		11.82		0.38		0.02			0.40			(0.39	)		(0.02	)		(0.41	)		11.81
2012		10.78		0.41		1.03			1.44			(0.40	)		—			(0.40	)		11.82
2011(d)		10.82		0.34		(0.08	)		0.26			(0.30	)		—			(0.30	)		10.78
Year Ended 6/30
2010		9.94		0.36		0.88			1.24			(0.36	)		—			(0.36	)		10.82
2009		10.44		0.38		(0.44	)		(0.06	)		(0.38	)		(0.06	)		(0.44	)		9.94
Class C2 (01/11)(g)
Year Ended 5/31
2015(i)		11.63		0.19		0.12			0.31			(0.18	)		—			(0.18	)		11.76
2014		11.86		0.37		(0.19	)		0.18			(0.36	)		(0.05	)		(0.41	)		11.63
2013		11.87		0.35		0.04			0.39			(0.38	)		(0.02	)		(0.40	)		11.86
2012		10.82		0.39		1.05			1.44			(0.39	)		—			(0.39	)		11.87
2011(h)		10.23		0.15		0.56			0.71			(0.12	)		—			(0.12	)		10.82
Class I (08/97)
Year Ended 5/31
2015(i)		11.62		0.23		0.13			0.36			(0.23	)		—			(0.23	)		11.75
2014		11.85		0.46		(0.20	)		0.26			(0.44	)		(0.05	)		(0.49	)		11.62
2013		11.86		0.45		0.03			0.48			(0.47	)		(0.02	)		(0.49	)		11.85
2012		10.82		0.49		1.02			1.51			(0.47	)		—			(0.47	)		11.86
2011(d)		10.86		0.41		(0.08	)		0.33			(0.37	)		—			(0.37	)		10.82
Year Ended 6/30
2010		9.97		0.42		0.90			1.32			(0.43	)		—			(0.43	)		10.86
2009		10.47		0.44		(0.44	)		—			(0.44	)		(0.06	)		(0.50	)		9.97

68 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	3.00	%	$	109,309		0.84	%*		3.73	%*		0.84	%*		3.73	%*		7	%
	2.19			110,265		0.86			3.88			0.86			3.88			15
	4.01			132,705		0.84			3.57			0.84			3.57			7
	14.03			100,185		0.90			4.06			0.86			4.11			17
	2.94			85,183		1.00	*		3.77	*		0.85	*		3.94	*		25
	13.19			91.922		1.11			3.60			0.85			3.86			34
	0.07			87,218		1.11			4.06			0.85			4.32			28
	2.52			3,790		1.63	*		2.88	*		1.63	*		2.88	*		7
	4.32			1,242		1.66	*		2.75	*		1.66	*		2.75	*		15
	2.77			13,931		1.29	*		3.29	*		1.29	*		3.29	*		7
	1.79			14,398		1.31			3.43			1.31			3.43			15
	3.43			19,234		1.30			3.15			1.30			3.15			7
	13.56			21,453		1.35			3.63			1.35			3.64			17
	2.48			22,190		1.43	*		3.33	*		1.33	*		3.43	*		25
	12.58			26,772		1.51			3.19			1.35			3.35			34
	(0.42	)		20,489		1.51			3.66			1.35			3.82			28
	2.71			11,028		1.39	*		3.18	*		1.39	*		3.18	*		7
	1.67			12,473		1.41			3.33			1.41			3.33			15
	3.32			16,833		1.39			2.96			1.39			2.96			7
	13.48			4,927		1.47			3.37			1.45			3.39			17
	6.99			618		1.50	*		3.91	*		1.43	*		3.98	*		25
	3.11			79,003		0.64	*		3.93	*		0.64	*		3.93	*		7
	2.45			67,580		0.66			4.07			0.66			4.07			15
	4.08			90,341		0.65			3.78			0.65			3.78			7
	14.23			66,016		0.71			4.26			0.70			4.27			17
	3.09			51,116		0.77	*		4.01	*		0.68	*		4.11	*		25
	13.37			52,639		0.86			3.84			0.70			4.00			34
	0.23			42,093		0.86			4.31			0.70			4.47			28

(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) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

(d) For the eleven months ended May 31, 2011.

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f) For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(g) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(h) For the period January 18, 2011 (commencement of operations) through May 31, 2011.

(i) For the six months ended November 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 69

Financial Highlights (Unaudited) (continued)

Nebraska

Selected data for a share outstanding throughout each period:

			Investment Operations								Less Distributions
Class (Commencement Date)	Beginning NAV		Net Investment Income (Loss)(a)			Net Realized/ Unrealized Gain (Loss)			Total		From Net Investment Income			From Accumulated Net Realized Gains		Return of Capital			Total			Ending NAV
Class A (02/01)
Year Ended 5/31
2015(i)	$	10.68	$	0.17		$	0.16		$	0.33	$	(0.16	)	$	—	$	—		$	(0.16	)	$	10.85
2014		10.87		0.34			(0.19	)		0.15		(0.34	)		—		—			(0.34	)		10.68
2013		11.01		0.36			(0.13	)		0.23		(0.36	)		—		(0.01	)		(0.37	)		10.87
2012		10.28		0.41			0.75			1.16		(0.43	)		—		—			(0.43	)		11.01
2011(d)		10.34		0.39			(0.06	)		0.33		(0.39	)		—		—			(0.39	)		10.28
Year Ended 6/30
2010		9.84		0.41			0.49			0.90		(0.40	)		—		—			(0.40	)		10.34
2009		10.06		0.43			(0.21	)		0.22		(0.44	)		—		—			(0.44	)		9.84
Class C (02/14)
Year Ended 5/31
2015(i)		10.65		0.12			0.17			0.29		(0.12	)		—		—			(0.12	)		10.82
2014(f)		10.38		0.03			0.32			0.35		(0.08	)		—		—			(0.08	)		10.65
Class C1 (02/01)
Year Ended 5/31
2015(i)		10.59		0.14			0.17			0.31		(0.13	)		—		—			(0.13	)		10.77
2014		10.78		0.29			(0.19	)		0.10		(0.29	)		—		—			(0.29	)		10.59
2013		10.92		0.32			(0.14	)		0.18		(0.31	)		—		(0.01	)		(0.32	)		10.78
2012		10.19		0.38	��		0.73			1.11		(0.38	)		—		—			(0.38	)		10.92
2011(d)		10.26		0.34			(0.06	)		0.28		(0.35	)		—		—			(0.35	)		10.19
Year Ended 6/30
2010		9.76		0.38			0.48			0.86		(0.36	)		—		—			(0.36	)		10.26
2009		9.99		0.39			(0.22	)		0.17		(0.40	)		—		—			(0.40	)		9.76
Class C2 (01/11)(g)
Year Ended 5/31
2015(i)		10.68		0.14			0.16			0.30		(0.13	)		—		—			(0.13	)		10.85
2014		10.88		0.28			(0.20	)		0.08		(0.28	)		—		—			(0.28	)		10.68
2013		11.02		0.30			(0.13	)		0.17		(0.30	)		—		(0.01	)		(0.31	)		10.88
2012		10.28		0.34			0.77			1.11		(0.37	)		—		—			(0.37	)		11.02
2011(h)		9.86		0.14			0.42			0.56		(0.14	)		—		—			(0.14	)		10.28
Class I (02/01)
Year Ended 5/31
2015(i)		10.68		0.18			0.16			0.34		(0.17	)		—		—			(0.17	)		10.85
2014		10.88		0.36			(0.20	)		0.16		(0.36	)		—		—			(0.36	)		10.68
2013		11.01		0.39			(0.13	)		0.26		(0.38	)		—		(0.01	)		(0.39	)		10.88
2012		10.27		0.45			0.74			1.19		(0.45	)		—		—			(0.45	)		11.01
2011(d)		10.34		0.41			(0.07	)		0.34		(0.41	)		—		—			(0.41	)		10.27
Year Ended 6/30
2010		9.83		0.44			0.50			0.94		(0.43	)		—		—			(0.43	)		10.34
2009		10.06		0.45			(0.22	)		0.23		(0.46	)		—		—			(0.46	)		9.83

70 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(e)
	3.12	%	$	23,018		0.92	%*		3.11	%*		0.89	%*		3.14	%*		14	%
	1.55			23,740		0.92			3.23			0.89			3.27			11
	2.11			31,576		0.90			3.25			0.88			3.27			18
	11.51			19,021		0.97			3.79			0.88			3.88			25
	3.28			7,099		1.21	*		3.62	*		0.72	*		4.11	*		21
	9.26			6,333		1.46			3.30			0.75			4.01			18
	2.33			5,847		1.50			3.66			0.75			4.41			34
	2.72			529		1.71	*		2.27	*		1.69	*		2.30	*		14
	3.36			172		1.72	*		1.96	*		1.69	*		1.98	*		11
	2.98			2,955		1.37	*		2.67	*		1.34	*		2.70	*		14
	1.03			3,013		1.37			2.78			1.34			2.81			11
	1.63			3,897		1.36			2.85			1.33			2.87			18
	11.08			4,132		1.43			3.49			1.33			3.59			25
	2.80			4,201		1.64	*		3.19	*		1.14	*		3.69	*		21
	8.91			4,181		1.86			2.91			1.15			3.62			18
	1.84			2,585		1.90			3.27			1.15			4.02			34
	2.83			4,567		1.47	*		2.56	*		1.44	*		2.59	*		14
	0.87			4,946		1.47			2.69			1.44			2.73			11
	1.56			8,693		1.45			2.66			1.43			2.68			18
	10.98			2,800		1.51			3.10			1.43			3.19			25
	5.70			321		1.60	*		3.37	*		1.24	*		3.73	*		21
	3.21			25,521		0.72	*		3.31	*		0.69	*		3.34	*		14
	1.64			26,400		0.72			3.43			0.69			3.47			11
	2.37			37,054		0.70			3.49			0.68			3.51			18
	11.80			36,406		0.78			4.13			0.68			4.23			25
	3.39			31,470		0.99	*		3.83	*		0.49	*		4.34	*		21
	9.65			31,757		1.21			3.55			0.50			4.26			18
	2.48			30,689		1.25			3.92			0.50			4.67			34

(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) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

(d) For the eleven months ended May 31, 2011.

(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.

(f) For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(g) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(h) For the period January 18, 2011 (commencement of operations) through May 31, 2011.

(i) For the six months ended November 30, 2014.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 71

Financial Highlights (Unaudited) (continued)

Oregon Intermediate

Selected data for a share outstanding throughout each period:

			Investment Operations							Less Distributions
Class (Commencement Date)	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 (02/99)
Year Ended 5/31
2015(i)	$	10.35	$	0.15	$	0.03		$	0.18	$	(0.14	)	$	—		$	(0.14	)	$	10.39
2014		10.46		0.30		(0.12	)		0.18		(0.29	)		—			(0.29	)		10.35
2013		10.60		0.30		(0.13	)		0.17		(0.31	)		—	**		(0.31	)		10.46
2012		10.17		0.33		0.44			0.77		(0.34	)		—	**		(0.34	)		10.60
2011(d)		10.11		0.29		0.05			0.34		(0.28	)		—			(0.28	)		10.17
Year Ended 6/30
2010		9.77		0.35		0.33			0.68		(0.34	)		—			(0.34	)		10.11
2009		9.68		0.36		0.09			0.45		(0.36	)		—			(0.36	)		9.77
Class C (02/14)
Year Ended 5/31
2015(i)		10.29		0.10		0.04			0.14		(0.10	)		—			(0.10	)		10.33
2014(g)		10.16		0.04		0.15			0.19		(0.06	)		—			(0.06	)		10.29
Class C2 (01/11)(h)
Year Ended 5/31
2015(i)		10.32		0.12		0.03			0.15		(0.11	)		—			(0.11	)		10.36
2014		10.43		0.24		(0.12	)		0.12		(0.23	)		—			(0.23	)		10.32
2013		10.56		0.24		(0.12	)		0.12		(0.25	)		—	**		(0.25	)		10.43
2012		10.15		0.27		0.43			0.70		(0.29	)		—	**		(0.29	)		10.56
2011(e)		9.78		0.09		0.40			0.49		(0.12	)		—			(0.12	)		10.15
Class I (08/97)
Year Ended 5/31
2015(i)		10.35		0.16		0.03			0.19		(0.15	)		—			(0.15	)		10.39
2014		10.47		0.32		(0.13	)		0.19		(0.31	)		—			(0.31	)		10.35
2013		10.60		0.32		(0.12	)		0.20		(0.33	)		—	**		(0.33	)		10.47
2012		10.17		0.35		0.44			0.79		(0.36	)		—	**		(0.36	)		10.60
2011(d)		10.11		0.31		0.05			0.36		(0.30	)		—			(0.30	)		10.17
Year Ended 6/30
2010		9.77		0.35		0.35			0.70		(0.36	)		—			(0.36	)		10.11
2009		9.68		0.37		0.10			0.47		(0.38	)		—			(0.38	)		9.77

72 Nuveen Investments

			Ratios/Supplemental Data
					Ratios to Average Net Assets Before Waiver/Reimbursement						Ratios to Average Net Assets After Waiver/Reimbursement(c)
Total Return(b)			Ending Net Assets (000)		Expenses			Net Investment Income (Loss)			Expenses			Net Investment Income (Loss)			Portfolio Turnover Rate(f)
	1.79	%	$	45,483		0.84	%*		2.84	%*		0.84	%*		2.84	%*		5	%
	1.79			45,231		0.85			2.94			0.85			2.94			4
	1.61			57,578		0.83			2.81			0.83			2.81			9
	7.71			42,819		0.85			3.18			0.85			3.18			9
	3.46			31,399		0.97	*		3.04	*		0.82	*		3.18	*		12
	7.05			31,043		1.10			3.12			0.85			3.37			19
	4.77			10,963		1.12			3.43			0.85			3.70			19
	1.39			1,348		1.64	*		2.01	*		1.64	*		2.01	*		5
	1.89			545		1.65	*		2.04	*		1.65	*		2.04	*		4
	1.50			9,253		1.39	*		2.30	*		1.39	*		2.30	*		5
	1.20			10,632		1.40			2.39			1.40			2.39			4
	1.14			15,663		1.38			2.24			1.38			2.24			9
	6.98			7,345		1.40			2.58			1.40			2.58			9
	5.04			632		1.40	*		2.50	*		1.36	*		2.53	*		12
	1.88			96,583		0.64	*		3.04	*		0.64	*		3.04	*		5
	1.87			86,520		0.65			3.14			0.65			3.14			4
	1.88			115,815		0.63			3.02			0.63			3.02			9
	7.90			110,708		0.65			3.40			0.65			3.40			9
	3.62			113,827		0.74	*		3.26	*		0.65	*		3.35	*		12
	7.21			133.,816		0.85			3.37			0.70			3.52			19
	4.92			119,959		0.87			3.67			0.70			3.84			19

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Total return is the combination of changes in 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) After fee waiver and/or expense reimbursement from the Adviser, where applicable.

(d) For the eleven months ended May 31, 2011.

(e) For the period January 18, 2011 (commencement of operations) through May 31, 2011.

(f) 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.

(g) For the period February 10, 2014 (commencement of operations) through May 31, 2014.

(h) Formerly Class C Shares and renamed to Class C2 Shares on February 10, 2014.

(i) For the six months ended November 30, 2014.

* Annualized.

** Round to less than $0.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 73

Notes to

Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

Trust Information

Nuveen Investment Funds, Inc. (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 Minnesota Intermediate Municipal Bond Fund (“Minnesota Intermediate”), Nuveen Minnesota Municipal Bond Fund (“Minnesota”), Nuveen Nebraska Municipal Bond Fund (“Nebraska”) and Nuveen Oregon Intermediate Municipal Bond Fund (“Oregon Intermediate”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

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

The investment objective of each Fund is to provide maximum current income that is exempt from both federal income tax and its respective state income tax to the extent consistent with prudent investment risk. 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 each Fund’s 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 the Fund’s respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund normally may invest up to 20% of its net assets in taxable obligations. Each Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Sub-Adviser. However, each Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality (securities commonly referred to as “high yield” securities or “junk bonds”). If the rating of a security is reduced or discontinued after purchase, the Funds are not required to sell the security, but may consider doing so.

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 Funds’ income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished.

Minnesota Intermediate and Oregon Intermediate will each attempt to maintain the weighted average maturity of their portfolio securities at three to ten years under normal market conditions, while Minnesota and Nebraska will each attempt to maintain the weighted average maturity of their portfolio securities at ten to twenty-five years under normal market conditions.

74 Nuveen Investments

Each Fund may utilize futures contracts and options on futures 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 the Fund’s portfolio. The Funds may not use such instruments to gain exposure to a security or type of security that they would be prohibited by their investment restrictions from purchasing directly.

The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

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:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermeditate
Outstanding when-issued/delayed delivery purchase commitments	$	4,396,176	$	3,649,097	$	1,419,564	$	673,635

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 0.20% annual 12b-1 service fee. Class C1 Shares of the Funds (except for Oregon Intermediate, which does not offer Class C1 Shares) are not available for new accounts or for additional investment into existing accounts, but Class C1 Shares can be issued for purposes of dividend reinvestment. Class C1 Shares were sold without an up-front sales charge, but incur a 0.40% 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, Class C1 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.

Nuveen Investments 75

Notes to Financial Statements (Unaudited) (continued)

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Indemnifications

Under the 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 have entered 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 Directors (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.

Investments in investment companies are valued at their respective NAV on valuation date and are generally classified as Level 1.

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.

76 Nuveen Investments

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 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:

Minnesota Intermediate	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	267,849,426	$	—	$	267,849,426
Short-Term Investments:
Money Market Funds		4,970,532		—		—		4,970,532
Total	$	4,970,532	$	267,849,426	$	—	$	272,819,958
Minnesota
Long-Term Investments*:
Municipal Bonds	$	—	$	214,445,306	$	—	$	214,445,306
Short-Term Investments:
Money Market Funds		3,790,004		—		—		3,790,004
Total	$	3,790,004	$	214,445,306	$	—	$	218,235,310
Nebraska
Long-Term Investments*:
Municipal Bonds	$	—	$	53,129,686	$	—	$	53,129,686
Short-Term Investments:
Money Market Funds		4,283,590		—		—		4,283,590
Total	$	4,283,590	$	53,129,686	$	—	$	57,413,276
Oregon Intermediate
Long-Term Investments*:
Municipal Bonds	$	—	$	149,497,474	$	—	$	149,497,474
Short-Term Investments:
Money Market Funds		1,919,582		—		—		1,919,582
Total	$	1,919,582	$	149,497,474	$	—	$	151,417,056

* Refer to the Fund’s Portfolio of Investments for industry classifications.

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 77

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.

During the six months ended November 30, 2014, the Funds did not have any transactions in self-deposited inverse floaters and/or externally-deposited inverse floaters.

78 Nuveen Investments

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 records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended November 30, 2014.

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 11/30/2014						Year Ended 5/31/2014
Minnesota Intermediate	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,269,539		$	13,305,339			2,150,102		$	22,158,961
Class C		276,607			2,880,539			102,694			1,058,079
Class C1 – exchanges		66			690			6,768			69,320
Class C2		3,565			37,014			225,667			2,300,130
Class I		2,068,975			21,552,367			2,781,911			28,430,444
Shares issued to shareholders due to reinvestment of distributions:
Class A		95,166			999,789			175,051			1,799,955
Class C		2,867			29,971			420			4,356
Class C1		3,279			34,546			8,075			83,165
Class C2		9,379			98,142			21,128			216,168
Class I		37,044			387,231			50,223			513,108
		3,766,487			39,325,628			5,522,039			56,633,686
Shares redeemed:
Class A		(1,256,561	)		(13,158,085	)		(2,008,275	)		(20,599,301	)
Class C		(8,514	)		(88,750	)		(2,200	)		(22,776	)
Class C1		(38,148	)		(400,900	)		(104,465	)		(1,073,549	)
Class C2		(47,886	)		(500,385	)		(315,370	)		(3,209,497	)
Class I		(858,799	)		(8,965,112	)		(6,267,033	)		(63,800,259	)
		(2,209,908	)		(23,113,232	)		(8,697,343	)		(88,705,382	)
Net increase (decrease)		1,556,579		$	16,212,396			(3,175,304	)	$	(32,071,696	)

Nuveen Investments 79

Notes to Financial Statements (Unaudited) (continued)

	Six Months Ended 11/30/2014						Year Ended 5/31/2014
Minnesota	Shares			Amount			Shares			Amount
Shares sold:
Class A		727,624		$	8,525,165			1,288,452		$	14,454,975
Class C		216,597			2,530,139			111,289			1,268,646
Class C1 – exchanges		1,007			11,737			2,443			27,242
Class C2		2,999			35,204			110,375			1,232,580
Class I		1,297,875			15,160,372			1,300,089			14,558,861
Shares issued to shareholders due to reinvestment of distributions:
Class A		164,379			1,923,771			406,108			4,544,281
Class C		2,945			34,497			493			5,692
Class C1		17,962			209,322			46,772			521,014
Class C2		14,672			171,721			41,332			462,337
Class I		27,155			317,924			46,377			518,533
		2,473,215			28,919,852			3,353,730			37,594,161
Shares redeemed:
Class A		(1,080,094	)		(12,618,998	)		(3,394,828	)		(37,833,422	)
Class C		(3,860	)		(45,314	)		(4,959	)		(56,399	)
Class C1		(72,979	)		(843,751	)		(433,604	)		(4,829,436	)
Class C2		(152,724	)		(1,777,711	)		(498,561	)		(5,570,309	)
Class I		(418,473	)		(4,885,967	)		(3,150,499	)		(35,069,994	)
		(1,728,130	)		(20,171,741	)		(7,482,451	)		(83,359,560	)
Net increase (decrease)		745,085		$	8,748,111			(4,128,721	)	$	(45,765,399	)
	Six Months Ended 11/30/2014						Year Ended 5/31/2014
Nebraska	Shares			Amount			Shares			Amount
Shares sold:
Class A		111,920		$	1,201,888			173,830		$	1,802,032
Class C		32,433			346,537			16,145			169,221
Class C1 – exchanges		53			562			116			1,179
Class C2		75			814			90,607			928,259
Class I		189,739			2,038,363			231,279			2,390,724
Shares issued to shareholders due to reinvestment of distributions:
Class A		31,779			341,709			79,463			817,686
Class C		325			3,491			42			438
Class C1		3,262			34,810			7,937			81,069
Class C2		5,253			56,516			16,429			168,932
Class I		11,582			124,570			34,815			358,579
		386,421			4,149,260			650,663			6,718,119
Shares redeemed:
Class A		(245,196	)		(2,627,847	)		(934,443	)		(9,537,832	)
Class C		(60	)		(640	)		(19	)		(197	)
Class C1		(13,316	)		(141,754	)		(84,953	)		(866,076	)
Class C2		(47,539	)		(508,030	)		(443,051	)		(4,547,662	)
Class I		(321,441	)		(3,428,501	)		(1,201,321	)		(12,369,856	)
		(627,552	)		(6,706,772	)		(2,663,787	)		(27,321,623	)
Net increase (decrease)		(241,131	)	$	(2,557,512	)		(2,013,124	)	$	(20,603,504	)

80 Nuveen Investments

	Six Months Ended 11/30/2014						Year Ended 5/31/2014
Oregon Intermediate	Shares			Amount			Shares			Amount
Shares sold:
Class A		480,323		$	4,974,709			937,271		$	9,508,175
Class C		88,995			916,775			53,807			550,732
Class C2		130			1,347			203,948			2,057,461
Class I		1,448,420			15,028,168			964,857			9,814,640
Shares issued to shareholders due to reinvestment of distributions:
Class A		57,331			594,522			125,282			1,272,776
Class C		822			8,478			110			1,125
Class C2		10,175			105,195			24,807			251,143
Class I		23,743			246,391			36,183			367,776
		2,109,939			21,875,585			2,346,265			23,823,828
Shares redeemed:
Class A		(530,540	)		(5,478,078	)		(2,194,436	)		(22,221,275	)
Class C		(12,216	)		(126,173	)		(988	)		(10,112	)
Class C2		(147,641	)		(1,523,323	)		(700,401	)		(7,069,278	)
Class I		(538,243	)		(5,580,001	)		(3,709,297	)		(37,585,153	)
		(1,228,640	)		(12,707,575	)		(6,605,122	)		(66,885,818	)
Net increase (decrease)		881,299		$	9,168,010			(4,258,857	)	$	(43,061,990	)

5. Investment Transactions

Long-term purchases and sales (including maturities) during the six months ended November 30, 2014, were as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Purchases	$	29,021,572	$	23,738,825	$	7,378,729	$	15,323,228
Sales and maturities		10,260,572		13,457,146		10,341,590		7,167,038

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, as determined on a federal income tax basis, were as follows:

	Minnesota Intermediate			Minnesota			Nebraska			Oregon Intermediate
Cost of investments	$	255,738,598		$	200,140,959		$	53,662,311		$	142,025,402
Gross unrealized:
Appreciation	$	17,121,427		$	18,149,336		$	3,764,173		$	9,429,893
Depreciation		(40,067	)		(54,985	)		(13,208	)		(38,239	)
Net unrealized appreciation (depreciation) of investments	$	17,081,360		$	18,094,351		$	3,750,965		$	9,391,654

Nuveen Investments 81

Notes to Financial Statements (Unaudited) (continued)

Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of net assets as of May 31, 2014, the Funds’ last tax year end, as follows:

	Minnesota Intermediate			Minnesota			Nebraska			Oregon Intermediate
Capital paid-in	$	—		$	—		$	—		$	2
Undistributed (Over-distribution of) net investment income		5,865			(13,349	)		(31,032	)		(1,079	)
Accumulated net realized gain (loss)		(5,865	)		13,349			31,032			1,077

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:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Undistributed net tax-exempt income1	$	949,363	$	592,919	$	—	$	358,985
Undistributed net ordinary income2		—		—		73,598		68,340
Undistributed net long-term capital gains		—		—		—		—

¹  Undistributed net tax exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 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:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Distributions from net tax-exempt income	$	8,190,118	$	8,039,302	$	2,096,287	$	4,568,666
Distributions from net ordinary income2		126,897		211,734		115,522		—
Distributions from net long-term capital gains		320,180		688,918		—		—

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 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.

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Expiration:
May 31, 2017	$	—	$	—	$	199,025	$	—
May 31, 2018		—		—		36,230		—
Not subject to expiration		560,283		5,152,998		1,977,541		1,351,021
Total	$	560,283	$	5,152,998	$	2,212,796	$	1,351,021

The Funds have elected to defer late-year loses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The Funds have elected to defer losses as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Post-October capital losses3	$	129,826	$	1,113,871	$	76,672	$	446,271
Late-year ordinary losses4		—		—		—		—

³  Capital losses incurred from November 1, 2013 through May 31, 2014, the Funds’ last tax year end.

⁴  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.

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.

82 Nuveen Investments

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 net assets over $2 billion		0.2750

The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level free rate, which is based on the aggregate

amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate

based upon the percentage of the particular fund’s assets that are not “eligible assets”. The complex-level fee schedule for each Fund is as follows:

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 of these Funds was as follows:

Fund	Complex-Level Fee Rate
Minnesota Intermediate		0.1913	%
Minnesota		0.1876
Nebraska		0.1872
Oregon Intermediate		0.1960

The Adviser has agreed to waive fees and/or reimburse expenses of Nebraska through September 30, 2016 so that total annual Fund operating expenses (excluding acquired fund fees and expenses), do not exceed 0.90%, 1.70%, 1.35%, 1.45% and 0.70% for Class A, Class C, Class C1, Class C2 and Class I Shares, respectively.

The Trust pays no compensation directly to those of its directors 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 directors that enable directors 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:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Sales charges collected	$	63,498	$	83,828	$	35,798	$	14,513
Paid to financial intermediaries		53,453		71,274		30,793		11,457

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.

Nuveen Investments 83

Notes to Financial Statements (Unaudited) (continued)

During the six months ended November 30, 2014, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Commission advances	$	43,238	$	26,219	$	3,395	$	9,196

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C, Class C1 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:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
12b-1 fees retained	$	16,477	$	12,496	$	3,387	$	9,921

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:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
CDSC retained	$	—	$	729	$	—	$	393

84 Nuveen Investments

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.

Nuveen Investments 85

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 Minnesota Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Minnesota 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 Intermediate Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Other States Intermediate Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States Intermediate Municipal Debt Funds Classification 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.

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 Municipal Debt Funds Classification 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.

86 Nuveen Investments

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.

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 Intermediate Index: Contains all bonds in the S&P Municipal Bond Index that mature between 3 and 14.999 years. Index returns assume reinvestment of dividends but do not reflect any applicable sales charges or management fees.

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.

Nuveen Investments 87

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-FTFI-1114D        5390-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 Investment Funds, Inc.

By	(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.

By	(Signature and Title)	/s/ Gifford R. Zimmerman
		Gifford R. Zimmerman Chief Administrative Officer (principal executive officer)

Date: February 5, 2015

By	(Signature and Title)	/s/ Stephen D. Foy
		Stephen D. Foy Vice President and Controller (principal financial officer)

Date: February 5, 2015