Nuveen Small Cap Value Fund (FSCAX) N-CSR Certified 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: May 31, 2015

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.^®

Annual Report  May 31, 2015

	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

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Table

of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Risk Considerations and Dividend Information	12
Fund Performance, Expense Ratios and Effective Leverage Ratios	13
Yields	22
Holding Summaries	23
Expense Examples	27
Report of Independent Registered Public Accounting Firm	30
Portfolios of Investments	31
Statement of Assets and Liabilities	64
Statement of Operations	65
Statement of Changes in Net Assets	66
Financial Highlights	68
Notes to Financial Statements	76
Additional Fund Information	87
Glossary of Terms Used in this Report	88
Annual Investment Management Agreement Approval Process	90
Directors and Officers	96

Nuveen Investments 3

Chairman’s Letter

to Shareholders

Dear Shareholders,

A pattern of divergence has emerged in the past year. Steady and moderate growth in the U.S. economy helped sustain the stock market’s bull run another year. U.S. bonds also performed well, amid subdued inflation, interest rates that remained unexpectedly low and concerns about the economic well-being of the rest of the world. The stronger domestic economy enabled the U.S. Federal Reserve (Fed) to gradually reduce its large scale bond purchases, known as quantitative easing (QE), without disruption to the markets, as well as beginning to set expectations for a transition into tightening mode.

The economic story outside the U.S. holds much uncertainty. The escalating drama over Greece’s debt negotiations has the European economy on edge, while China’s economy has decelerated and experienced a great deal of turmoil in its stock markets. Other areas of concern include a surprisingly steep decline in oil prices, the U.S. dollar’s rally and an increase in geopolitical tensions, involving the Russia-Ukraine crisis and terrorist attacks across the Middle East and Africa, as well as more recently in Europe.

While a backdrop of healthy economic growth in the U.S. and the continuation of accommodative monetary policy (with the central banks of Japan and Europe stepping in where the Fed has left off) bodes well for the markets, the global outlook has become more uncertain. Indeed, volatility is likely to feature more prominently in the investment landscape going forward. Such conditions underscore the importance of professional investment management. Experienced investment teams have weathered the market’s ups and downs in the past and emerged with a better understanding of the sensitivities of their asset class and investment style, particularly in times of turbulence. We recognize the importance of maximizing gains, while striving to minimize volatility.

And, the same is true for investors like you. Maintaining an appropriate time horizon, diversification and relying on practiced investment teams are among your best strategies for achieving your long-term investment objectives. Additionally, I encourage you to communicate with your financial consultant if you have 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

July 24, 2015

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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 Drahn, CFA, Michael Hamilton and Douglas J. White, CFA, review economic and market conditions, 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.

What factors affected the U.S. economy and the national municipal bond market during the twelve-month reporting period ended May 31, 2015?

During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the outlook for the labor market since the inception of the current asset purchase program as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions. Additionally, the Fed stated that it would likely maintain the current target range for the fed funds rate for a considerable time after the end of the asset purchase program, especially if projected inflation continues to run below the Fed’s 2% longer run goal. However, if economic data shows faster progress, the Fed indicated that it could raise the fed funds rate sooner than expected.

The Fed changed its language slightly in December, indicating it would be “patient” in normalizing monetary policy. This shift helped ease investors’ worries that the Fed might raise rates too soon. However, as employment data released early in the year continued to look strong, anticipation began building that the Fed could raise its main policy rate as soon as June. As widely expected, after its March meeting, the Fed eliminated “patient” from its statement but also highlighted the policy makers’ less optimistic view of the economy’s overall health as well as downgraded their inflation projections. The Fed’s April meeting seemed to further signal that a June rate hike was off the table. While the Fed attributed the first quarter’s economic weakness to temporary factors, the

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)

meeting minutes from April revealed that many Committee members believed the economic data available in June would be insufficient to meet the Fed’s criteria for initiating a rate increase. The June meeting bore out that presumption, and the Fed decided to keep the target rate near zero. But the Committee also continued to telegraph the likelihood of at least one rate increase in 2015, which many analysts forecasted for September.

According to the government’s most recent estimate, the U.S. economy contracted at a 0.7% annualized rate in the first quarter of 2015, as measured by gross domestic product (GDP), compared with an increase of 2.2% in the fourth quarter of 2014 and 5.0% in the third quarter of 2014. The decline in the real GDP growth rate from the fourth quarter to the first quarter primarily reflected a downturn in both state and local government spending as well as declines in exports and consumer spending. These were partly offset by an upturn in federal government spending. The Consumer Price Index (CPI) was unchanged on a year-over-year basis as of May 2015. The core CPI figure (which excludes food and energy) increased 1.7% during the same period, which was below the Fed’s unofficial longer term inflation objective of 2.0%. As of May 2015, the U.S. unemployment rate was 5.5%, a level not seen since mid-2008 and nearly 1% lower than one year ago. This figure is also considered “full employment” by some Fed officials. The housing market continued to post consistent gains as of its most recent reading in April 2015. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 4.9% for the twelve months ended April 2015 (most recent data available at the time this report was prepared).

Municipal bonds enjoyed strong performance during the twelve-month reporting period, buoyed by a backdrop of low interest rates, improving investor sentiment and favorable supply-demand dynamics. Interest rates were widely expected to rise in 2014, as the economy improved and the Fed wound down its asset purchases. However, the 10-year Treasury yield ended the year even lower than where it began. As a result, fixed income asset classes performed surprisingly well (as yields fall, prices rise and vice versa). At the same time, investors grew more confident that the Fed’s tapering would proceed at a measured pace and that the credit woes of Detroit and Puerto Rico would be contained. In addition, credit fundamentals for state and local governments were generally stabilizing, although pockets of trouble remained. California and New York showed marked improvements during 2014, whereas Illinois, New Jersey and Puerto Rico, for example, still face considerable challenges.

Investors’ declining risk aversion bolstered demand for higher yielding assets, including municipal bonds, which reversed the tide of outflows municipal bond funds suffered in 2013. While demand and inflows rose, supply continued to be subdued in 2014. More municipal bonds left the market than were added, a condition known as net negative issuance. Part of the reason for net negative issuance was that a significant portion of issuer activity focused on current refundings, in which a new bond is issued to replace the called bond (in contrast to an advanced refunding, where the called bond remains in the market as a pre-refunded bond).

These factors helped drive municipal bond yields lower and tightened yield spreads relative to Treasuries in 2014 overall. However, as 2015 began, market conditions turned more volatile. A series of disappointing economic data underscored the fragility of the U.S. recovery, as well as cast further uncertainty on the timing of the Fed’s first rate hike. Issuance was unusually strong at the beginning of 2015, fueling concerns about potential oversupply conditions. Over the twelve months ended May 31, 2015, municipal bond issuance nationwide totaled $397.8 billion, an increase of 34.4% from the issuance for the twelve-month period ended May 31, 2014. The surge in gross issuance is due mostly to increased refunding deals as issuers have been actively and aggressively refunding their outstanding debt given the very low interest rate environment. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this has been an overall positive technical factor on municipal bond investment performance. At the same time, regulatory changes, increased risk aversion and expectations for rising interest rates have encouraged bond dealers, typically brokers and banks, to reduce the size of their inventories in recent years. By holding smaller amounts of bonds on their books, dealers seek to mitigate their exposure to bonds that could potentially be worth less or be more difficult to sell in the future. As a result, there has been less liquidity in the marketplace, which contributed to periods of increased price volatility in early 2015. The municipal bond market also experienced some seasonal weakness in the first few months of 2015 due to tax-related selling. Finally, divergence in economic growth and central bank policies around the world have reinforced an interest rate differential that favors demand for U.S. Treasuries, maintaining downward pressure on yields.

How were the economic and market environments in Minnesota, Nebraska and Oregon during the twelve-month reporting period ended May 31, 2015?

For 2014, Minnesota’s economic growth trailed the national growth rate with Minnesota’s GDP growing 1.4%, compared with the national rate of 2.2% and ranking Minnesota’s GDP growth 27^th fastest among all states. Minnesota’s modest GDP growth was driven

6 Nuveen Investments

by gains in the manufacturing and health care sectors. Education, health care services, trade and transportation, and professional and business services sectors experienced the strongest employment gains in 2014. Minnesota’s manufacturing firms continue to expand and reported a 2.9% increase in exports for 2014. As of May 2015, Minnesota’s seasonally adjusted unemployment rate of 3.8% remained well below the national unemployment rate of 5.5% and was down from 4.1% in May 2014. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Minnesota rose a fairly modest 3.2% during the twelve months ended April 2015 (most recent data available at the time this report was prepared), compared with a 4.9% price increase nationally. In June 2015, Minnesota passed a balanced $42 billion biennium budget for Fiscal 2016 and 2017. During the 2015 legislative session, strong tax collections gave Governor Dayton and the Legislature the luxury of a nearly $2 billion budget surplus which allowed the state to increase per pupil state aid payments by nearly 2% and fund economic development and energy program projects. The Governor and Legislature used a special session to negotiate the final budget agreement and avoided another painful government shutdown like the state experienced in 2011 when a budget gap lead to an eight day government shutdown. Minnesota’s structural imbalance led S&P to downgrade the rating on the state’s general obligation bonds to AA+ from AAA in September 2011. Moody’s revised its outlook for the state from negative in July 2013, while maintaining its Aa1 rating. Throughout all this, Minnesota retained an otherwise solid credit profile reflective of its well-balanced economy, above-average wealth levels, moderate debt burden and strong debt management. For the twelve months ended May 31, 2015, municipal issuance in Minnesota totaled $7.0 billion, representing a 40.2% gross issuance increase from the twelve months ended May 31, 2014.

For 2014, Nebraska’s economic growth trailed the national growth rate with Nebraska’s GDP growing 0.7%, compared with the national rate of 2.2%. State GDP growth was largely driven by gains in utilities and real estate sectors being partially offset by declines in the agriculture sector. As of May 2015, Nebraska’s seasonally adjusted unemployment rate was a low 2.6%, well below the national unemployment rate of 5.5% for the same period and down from 3.6% in May 2014. Nebraska’s job growth was driven by gains in the education and health services and government sectors. Nebraska’s economy remains less diverse than other states, with a high dependence on agriculture and food processing. The state’s chief farm products were beef, pork, corn, soybeans and wheat and Nebraska continued to rank as one of the nation’s top exporters of corn and soybeans. Nebraska’s state exports rebounded in 2014 by increasing 6.4% compared to 2013 and export gains were driven by growth in meat and soybean exports and trade with Mexico and Japan. In May 2015, Nebraska passed a two-year budget for Fiscal 2016 and 2017 totaling approximately $8.7 billion that increases state spending by an average of 3.2% annually over the next two years. The budget for Fiscal 2016 and 2017 included increases to funding for the K-12 school aid formula, prisons, and the University of Nebraska. Nebraska’s constitution prohibits the issuance of general obligation debt, leading Nebraska to have the lowest debt burden of any state as measured on a per-capita basis and as a percentage of per capita income. Nebraska held general obligation credit ratings of Aa2 from Moody’s and AAA from S&P. For the twelve months ended May 31, 2015, municipal issuance in Nebraska totaled $4.4 billion, representing a 113.8% gross issuance increase from the twelve months ended May 31, 2014.

Oregon’s economic recovery has continued to outpace the national average. In 2014, the state’s economy expanded at a rate of 3.6% compared with the national growth rate of 2.2%. Computer and electronics manufacturing accounted for the majority of this growth as global demand for semiconductors increased. Intel, with more than 16,000 employees, ranked as the state’s largest private employer. As of May 2015, the state’s unemployment rate was 5.3%. Professional and business services, transportation and utilities, and manufacturing sectors led the way in adding jobs. Oregon’s housing market is also expanding faster than the national rate. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, housing prices in Portland increased 7.1% during the twelve months ended April 2015 (most recent data available at the time this report was prepared), compared with a price increase of 4.9% nationally. In 2013, Oregon enacted a $15.6 billion 2013-2015 biennium budget, closing an estimated $960 million budget gap relying in part on savings from program changes in its pension benefits, changes to sentencing requirements affecting prison population and a 2% holdback of appropriations. Subsequently, based on increased revenue projections, the legislature amended the budget including increased spending for education and partially restoring the 2% holdback. Oregon has no sales tax and personal income taxes make up a substantial percentage of the state’s revenues, accounting for 87% of general fund revenues in Fiscal 2014. The governor’s balanced budget proposal for Fiscal Year 2016 and 2017 totaled $18.6 billion, including increased spending for education and assumes continued savings from pension reforms. In April 2015, the Oregon Supreme Court overturned a large portion of the pension reforms enacted by the state in 2013. The state expects to include higher pension contributions in its upcoming budgets beginning in the 2017-2019 biennium. As of June 2015 (subsequent to the close of this reporting period), Oregon’s general obligation bonds were rated Aa1 with a stable outlook from Moody’s and AA+ with a stable outlook by S&P. For the twelve months ended May 31, 2015, Oregon issued $5.9 billion in municipal bonds, a gross issuance increase of 122% from the twelve months ended May 31, 2014.

Nuveen Investments 7

Portfolio Managers’ Comments (continued)

How did the Funds perform during the twelve-month reporting period ended May 31, 2015?

The tables in the Fund Performance, Expense Ratios and Effective Leverage Ratios section of this report provide each Fund’s total return performance information for the applicable one-year, five-year, ten-year and since-inception periods ended May 31, 2015. The returns for each Fund’s Class A Shares at net asset value (NAV) are compared to the performance of a corresponding market index and Lipper classification average.

For the twelve-month reporting period, the Class A Shares at NAV of the Minnesota and Nebraska Funds outperformed the S&P Municipal Bond Index. The Minnesota Intermediate Fund outperformed the S&P Municipal Bond Intermediate Index, while the Oregon Intermediate Fund underperformed this performance measure. All four Funds outperformed their respective Lipper classification averages to varying degrees.

What strategies were used to manage the Funds during the reporting period ended May 31, 2015 and how did these strategies influence performance?

All of the Funds continued to employ the same fundamental investment strategies and tactics long relied upon by Nuveen Asset Management. Our municipal bond portfolios are managed with a value-oriented approach and close input from Nuveen Asset 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

For the twelve months ended May 31, 2015, the Nuveen Minnesota Municipal Bond Fund’s Class A Shares at NAV outperformed the S&P Municipal Bond Index. Favorable sector positioning was the leading factor behind the Fund’s relative outperformance. A significant overweighting in health care bonds was especially helpful, as this was one of the strongest performing groups during the reporting period. An overweighting in utility bonds also contributed, as did maintaining limited exposure to general obligation and pre-refunded bonds, two higher quality categories that did not keep pace with the national index. In contrast, due to no availability in the Minnesota marketplace, the Fund lacked exposure to tobacco bonds. In light of the tobacco sector’s strong gains, this detracted from performance.

The portfolio’s duration and yield curve stance also added value. By maintaining duration longer than the benchmark, the Fund was able to benefit to a greater extent from the drop in interest rates seen across much of the yield curve during the reporting period. More specifically, the Fund was overweight in longer dated bonds, where rates declined the most.

Our credit quality allocation further contributed to performance. Credit spreads narrowed for the reporting period, indicating that investors were willing to assume more credit risk in exchange for scarce income. Against this backdrop, lower rated bonds tended to outpace their higher rated counterparts. As with most Nuveen Funds, we regularly overweight the lower rated tiers of the municipal bond marketplace, and our decision to do so with this portfolio left it well positioned to capitalize on the favorable backdrop for lower quality bonds. Throughout the reporting period, the Fund’s duration remained longer than the benchmark. Over time, however, in recognition of continued historically low interest rates, we did allow duration to drift downward naturally along with the market, making the Fund less vulnerable to a potential future rise in rates. By the final two months of the reporting period, the Fund’s duration did begin to rise again, as we participated in a couple of large, longer dated bond deals in the health care and utility sectors. In a state such as Minnesota, in which new issue supply tends to be limited, one must sometimes buy bonds on the state’s timetable. We acquired these longer maturity bonds, knowing they would make the Fund somewhat more interest rate sensitive in a time of rising rates. We believed that the long term benefits to our shareholders of buying these bonds outweighed the modestly negative short-term performance impact we saw in recent months.

Other notable purchases included airport bonds, which enabled us to achieve our goal of increasing exposure to the economically sensitive transportation sector. To finance these and our other acquisitions during the reporting period, we used the proceeds of bond calls and maturities, as well as the funds supplied by new investments from shareholders. The Fund held no Puerto Rico bonds during the reporting period.

8 Nuveen Investments

Nuveen Nebraska Municipal Bond Fund

For the twelve months ended May 31, 2015, the Nuveen Nebraska Municipal Bond Fund’s Class A Shares at NAV outperformed the S&P Municipal Bond Index. Favorable yield curve positioning was a primary factor behind the Fund’s strong relative performance. Most notably, the Fund was overweighted in bonds with maturities of 15 years and beyond. This elevated exposure to longer dated issues was very helpful, given those securities’ better results compared with shorter bonds.

Favorable security selection also contributed to performance. The Fund’s pre-refunded and general obligation bonds, for example, not only performed better than comparable securities in the index, they outperformed the overall index as well. A partly offsetting negative factor, however, was having lower than desired exposure to tobacco and corporate-backed bonds, both categories, which performed well this reporting period, tend to be poorly represented in the Nebraska municipal bond marketplace. In fact, there are no tobacco bonds available in Nebraska.

Throughout the reporting period, the Fund’s duration remained longer than the benchmark, indicating increased sensitivity to changes in interest rates. A long duration was desirable for the first half of the reporting period, as rates fell, but undesirable for much of the subsequent six months. We did allow the Fund’s duration to drift downward along with the market as the period progressed and while it decreased somewhat more than the index duration decreased, it remained longer than the index throughout the reporting period.

Given unlimited availability of new Nebraska bonds in the marketplace, our preference would have been to further reduce the Fund’s duration relative to the benchmark. We remained mindful of other management goals and weighed them against the incrementally higher interest rate risk we were assuming by keeping duration slightly longer than our target. Looking at the full reporting period, the Fund’s duration positioning remained helpful on balance, given that rates fell overall.

Buying and selling activity for the Fund was relatively limited through the course of the reporting period, partly reflecting the limited supply of Nebraska bonds for purchase. Toward the end of the reporting period, we acquired some utility bonds, as well as health care and airport issues. In addition, we purchased some high quality general obligation bonds that we believed were highly liquid and could be sold relatively quickly should attractive investment alternatives come to market in the future.

At period end, the Fund maintained a small cash allocation totaling about 3% of the portfolio. By balancing out some of our longer dated holdings, this cash stake helped us keep the portfolio’s duration closer to our desired level. It also provided us with some liquid assets that we would be able to use to purchase bonds that were scheduled to come to market shortly after the close of the reporting period. The Fund held no Puerto Rico bonds during the reporting period.

Nuveen Minnesota Intermediate Municipal Bond Fund

For the twelve months ended May 31, 2015, the Nuveen Minnesota Intermediate Municipal Bond Fund’s Class A Shares at NAV outperformed the S&P Municipal Intermediate Bond Index. Favorable yield curve positioning helped drive the relative outperformance. During the reporting period, longer dated securities generally outperformed their shorter dated counterparts. This was a positive development for the Fund, given our overweighting in bonds at the longer end of our intermediate maturity investment universe. Our quality positioning was also helpful, most notably a relative overweighting in BBB rated and non-rated securities. Throughout the reporting period, lower rated bonds tended generally to outperform higher rated issues, as investors proved willing to accept more credit risk in exchange for greater income.

On a sector basis, the Fund benefited from overweightings in health care and higher education bonds, two sectors that outperformed the index. In contrast, limited availability in the Minnesota marketplace left the Fund underweighted in corporate-backed industrial development revenue bonds. Lacking much exposure to this strong performing category was a modest negative for results on a relative basis.

The Fund received investment inflows during the reporting period, which, along with bond calls and maturities, provided the proceeds for most of our purchases. To a limited extent, we also sold certain bonds with undesirable structural characteristics but that nevertheless were benefiting from strong demand on the part of individual investors.

Nuveen Investments 9

Portfolio Managers’ Comments (continued)

New purchases included electric utility bonds issued by both the Minnesota Municipal Power Agency and the Western Minnesota Municipal Power Agency. We also purchased various general obligation bonds, as well as a number of lower rated issues, although the latter were harder to come by, given the limited supply of these types of bonds during the reporting period. Many of our new purchases emphasized maturities of 10 to 15 years, as we believed that this range provided value for intermediate fund shareholders.

As of May 31, 2015, the Fund had negligible exposure to the municipal debt of Puerto Rico, a U.S. territory experiencing significant credit challenges. Our largest holding, an insured Puerto Rico Aqueduct and Sewerage Authority bond issue, matures in July 2016. At period end, just 0.2% of the portfolio’s net assets were held in these securities, which did not have a material impact on the Fund’s results.

Nuveen Oregon Intermediate Municipal Bond Fund

For the twelve-month period ended May 31, 2015, the Nuveen Oregon Intermediate Municipal Bond Fund’s Class A Shares at NAV underperformed the S&P Municipal Intermediate Bond Index. Yield curve positioning was a main driver of the Fund’s relative results. Our modest overweighting in short-term bonds detracted from performance, as these securities lagged their longer term counterparts as short-term rates rose. Apart from this yield curve positioning, the portfolio’s duration, a measure of its sensitivity to interest rate changes, remained in line with the benchmark, and had little direct impact on the Fund’s relative performance.

Our credit rating positioning also detracted from performance. Specifically, the Fund was underweighted in bonds with credit ratings below investment grade, of which Oregon has a limited supply relative to the nationally focused benchmark. This underweighting hurt because non-investment grade bonds were among the best performing securities in the municipal marketplace, reflecting investors’ desire for income in an environment of low interest rates. We benefited from being underweighted in AAA and AA rated securities, the worst performing of the credit tiers, and overweighted in BBB rated bonds, a strong performing category in the investment grade universe.

In contrast, sector positioning was helpful. The Fund was overweighted in health care bonds, which fared comparatively well as investors favored higher yielding securities. The Fund’s underweighting in public power bonds and general obligation bonds issued by the state of Oregon was also helpful, given that these securities lagged.

We were active buyers during the reporting period. A significant increase in the supply of newly issued Oregon bonds during the reporting period afforded us opportunities to make purchases of larger bond deals that we felt would be sufficiently liquid to enable us to accomplish our future management goals. In buying new bonds, we typically focused on debt with maturities between 12-15 years as a means to bolster the Fund’s income and keep duration close to our internal target. We found opportunities across a variety of sectors, including local general obligation bonds, state agency debt, water and sewer securities, and health care bonds.

Also of note, we shifted some of our U.S. Virgin Islands holdings, replacing those that carried yields below prevailing rates with higher yielding bonds from this U.S. territory. Our holdings there reflected our view that they would benefit from investors’ desire for a tax-exempt, higher yielding alternative to Puerto Rico debt, which struggled due to concerns about that island’s economic and fiscal prospects. The Fund held no Puerto Rico bonds throughout the reporting period. Other sales included certain holdings that had performed well but that we believed were no longer as attractive as other opportunities available in the marketplace.

An Update Involving Puerto Rico

As noted in the previous Shareholder Fund Report we continue to monitor the ongoing economic problems of Puerto Rico for any impact on the Funds’ holdings and performance. 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. Puerto Rico general obligation debt currently is rated Caa3/CCC-/CC (below investment grade) by Moody’s, S&P and Fitch, respectively, with negative outlooks.

Puerto Rico’s Governor, Alejandro García Padilla, recently announced a major shift in his administration’s long-standing position on the government’s commitment to debt repayment, declaring the Commonwealth’s “debt is not payable” and Puerto Rico will no longer borrow to address annual budget deficits. The Commonwealth plans to meet with various creditors and bondholders over the

10 Nuveen Investments

next few months to attempt to negotiate a comprehensive debt restructuring or postponement of debt service payments. The likelihood of reaching consensus is questionable and the process will likely take several months to unfold. Puerto Rico commenced discussions with creditors with a public presentation in mid-July, but no details were provided. The governor has appointed a working group to develop a comprehensive five-year fiscal plan, which will include recommendations for fiscal adjustments (budget cuts), structural and institutional reforms and debt restructuring. The plan must be presented to the governor by August 30, 2015 and legislative measures to enact the plan are to be passed by October 1. A Puerto Rico public corporation failed to make a scheduled transfer on July 15, 2015 (subsequent to the close of this reporting period), for an annual appropriation debt service payment due August 1, 2015. The payment was not included in the FY2016 budget, so the failure to make the transfer was somewhat expected. The August 1 debt service payment from the trustee to bondholders is expected to be missed.

On July 12, 2015, a federal appeals court confirmed a lower court’s decision finding Puerto Rico’s Debt Recovery Act to be unconstitutional. This eliminates a path to debt restructuring the Commonwealth had hoped to be able to pursue. Puerto Rico’s non-voting Representative in Congress introduced legislation that would make chapter 9 bankruptcy available to the Commonwealth’s public corporations earlier this year and a congressional committee hearing was held on February 26, 2015. A companion bill was introduced in the U.S. Senate on July 15, 2015. Thus far, authorizing chapter 9 for Puerto Rico has gained support from Democrats in the House and Senate, but Republican support has not yet materialized.

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 restructuring of public corporations and we adjusted our portfolios to prepare for such an outcome, although no such default or restructuring has occurred to date. The Nuveen complex’s entire exposure to obligations of the government of Puerto Rico and other Puerto Rico issuers totaled 0.34% of assets under management as of May 31, 2015. As of May 31, 2015, Nuveen’s limited exposure to Puerto Rico generally was invested in bonds that were insured, pre-refunded (and therefore backed by securities such as U.S. Treasuries), or tobacco settlement bonds. Overall, the small size of our exposures meant that our Puerto Rico holdings had a negligible impact on performance.

Nuveen Investments 11

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 each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a 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 a 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 May 31, 2015, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.

All monthly dividends paid by the Funds during the current reporting period, were paid from net investment income. If a portion of the 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, shareholders would have received a notice to that effect. For financial reporting purposes the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6—Income Tax Information within the Notes to Financial Statements of this report.

12 Nuveen Investments

Fund Performance, Expense Ratios

and Effective Leverage Ratios

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

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

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

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

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

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

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

Nuveen Investments 13

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

Nuveen 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 May 31, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.52%		3.97%		4.00%
Class A Shares at maximum Offering Price		(0.51)%		3.35%		3.68%
S&P Municipal Bond Intermediate Index		2.43%		4.39%		4.65%
Lipper Other States Intermediate Municipal Debt Funds Classification Average		1.66%		3.04%		3.34%
Class I Shares		2.71%		4.14%		4.13%

	Average Annual
	1-Year		5-Year		Since Inception
Class C Shares		1.82%		N/A		3.10%
Class C1 Shares		2.05%		3.51%		3.84%
Class C2 Shares		2.05%		N/A		4.20%

Average Annual Total Returns as of June 30, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.50%		3.92%		3.94%
Class A Shares at maximum Offering Price		(0.54)%		3.30%		3.62%
Class I Shares		2.69%		4.09%		4.08%

	Average Annual
	1-Year		5-Year		Since Inception
Class C Shares		1.70%		N/A		2.83%
Class C1 Shares		2.03%		3.44%		3.77%
Class C2 Shares		1.92%		N/A		4.10%

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.

N/A Not Applicable

14 Nuveen Investments

Expense Ratios as of Most Recent Prospectus

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

Effective Leverage Ratio as of May 31, 2015

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of May 31, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.

Nuveen Investments 15

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 May 31, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		4.18%		5.39%		4.61%
Class A Shares at maximum Offering Price		(0.19)%		4.48%		4.17%
S&P Municipal Bond Index		3.25%		4.72%		4.51%
Lipper Minnesota Municipal Debt Funds Classification Average		3.20%		4.19%		3.85%
Class C1 Shares		3.81%		4.92%		4.14%
Class I Shares		4.49%		5.61%		4.82%

	Average Annual
	1-Year		Since Inception
Class C Shares		3.39%		5.98%
Class C2 Shares		3.69%		6.62%

Average Annual Total Returns as of June 30, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		4.00%		5.38%		4.54%
Class A Shares at maximum Offering Price		(0.37)%		4.47%		4.09%
Class C1 Shares		3.54%		4.89%		4.06%
Class I Shares		4.22%		5.56%		4.73%

	Average Annual
	1-Year		Since Inception
Class C Shares		3.13%		5.48%
Class C2 Shares		3.51%		6.47%

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
Expense Ratios		0.86%		1.66%		1.31%		1.41%		0.66%

Effective Leverage Ratio as of May 31, 2015

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of May 31, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.

Nuveen Investments 17

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 May 31, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		4.00%		4.42%		4.09%
Class A Shares at maximum Offering Price		(0.38)%		3.52%		3.64%
S&P Municipal Bond Index		3.25%		4.72%		4.51%
Lipper Other States Municipal Debt Funds Classification Average		3.25%		3.81%		3.66%
Class C1 Shares		3.61%		3.97%		3.66%
Class I Shares		4.27%		4.65%		4.32%

	Average Annual
	1-Year		Since Inception
Class C Shares		3.17%		5.06%
Class C2 Shares		3.52%		5.13%

Average Annual Total Returns as of June 30, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		4.18%		4.44%		4.04%
Class A Shares at maximum Offering Price		(0.22)%		3.56%		3.60%
Class C1 Shares		3.70%		3.97%		3.62%
Class I Shares		4.36%		4.63%		4.27%

	Average Annual
	1-Year		Since Inception
Class C Shares		3.35%		4.75%
Class C2 Shares		3.51%		5.01%

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.

18 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 May 31, 2015

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of May 31, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.

Nuveen Investments 19

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 May 31, 2015

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.32%		3.39%		3.56%
Class A Shares at maximum Offering Price		(0.75)%		2.77%		3.25%
S&P Municipal Bond Intermediate Index		2.43%		4.39%		4.65%
Lipper Other States Intermediate Municipal Debt Funds Classification Average		1.66%		3.04%		3.34%
Class I Shares		2.50%		3.57%		3.72%

	Average Annual
	1-Year		Since Inception
Class C Shares		1.51%		2.62%
Class C2 Shares		1.74%		3.66%

Average Annual Total Returns as of June 30, 2015 (Most Recent Calendar Quarter)

	Average Annual
	1-Year		5-Year		10-Year
Class A Shares at NAV		2.11%		3.30%		3.48%
Class A Shares at maximum Offering Price		(0.96)%		2.68%		3.16%
Class I Shares		2.29%		3.50%		3.65%

	Average Annual
	1-Year		Since Inception
Class C Shares		1.20%		2.22%
Class C2 Shares		1.53%		3.52%

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.

20 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 May 31, 2015

Effective Leverage Ratio 0.00%

Growth of an Assumed $10,000 Investment as of May 31, 2015 – Class A Shares

The graphs do not reflect the deduction of taxes, such as state and local income taxes or capital gains taxes that a shareholder may pay on Fund distributions or the redemptions of Fund shares.

Nuveen Investments 21

Yields as of May 31, 2015

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. Subsidized yields reflect fee waivers and/or expense reimbursements from the investment adviser during the period. If any such waivers and/or reimbursements had not been in place, yields would have been reduced. Unsubsidized yields do not reflect waivers and/or reimbursements from the investment adviser during the period. Refer to the Fund Performance and Expense Ratios page for further details on the investment adviser’s most recent agreement with the Fund to waive fees and/or reimburse expenses, where applicable. 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. If the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the Fund’s Taxable-Equivalent Yield would be lower.

Nuveen Minnesota Intermediate Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C1		Class C2		Class I
Dividend Yield		2.79%		2.08%		2.41%		2.31%		3.07%
SEC 30-Day Yield		1.63%		0.89%		1.23%		1.14%		1.88%
Taxable-Equivalent Yield (35.1%)2		2.51%		1.37%		1.90%		1.76%		2.90%

Nuveen Minnesota Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C1		Class C2		Class I
Dividend Yield		3.54%		2.93%		3.25%		3.13%		3.90%
SEC 30-Day Yield		2.28%		1.59%		1.94%		1.84%		2.58%
Taxable-Equivalent Yield (35.1%)2		3.51%		2.45%		2.99%		2.84%		3.98%

Nuveen Nebraska Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C1		Class C2		Class I
Dividend Yield		2.83%		2.12%		2.47%		2.39%		3.12%
SEC 30-Day Yield-Subsidized		1.75%		1.03%		1.39%		1.28%		2.02%
SEC 30-Day Yield-Unsubsidized		1.74%		1.03%		1.38%		1.27%		2.02%
Taxable-Equivalent Yield-Subsidized (32.9%)2		2.61%		1.54%		2.07%		1.91%		3.01%
Taxable-Equivalent Yield-Unsubsidized (32.9%)2		2.59%		1.54%		2.06%		1.89%		3.01%

Nuveen Oregon Intermediate Municipal Bond Fund

	Share Class
	Class A1		Class C		Class C2		Class I
Dividend Yield		2.60%		1.88%		2.10%		2.85%
SEC 30-Day Yield		1.28%		0.53%		0.78%		1.52%
Taxable-Equivalent Yield (35.1%)2		1.97%		0.82%		1.20%		2.34%

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.

22 Nuveen Investments

Holding

Summaries as of May 31, 2015

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	97.2%
Money Market Funds	2.6%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	22.1%
Tax Obligation/General	21.1%
Health Care	16.7%
Utilities	14.0%
Long-Term Care	6.6%
Transportation	6.3%
Tax Obligation/Limited	4.3%
Money Market Funds	2.6%
Other	6.3%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	2.6%
AA	46.4%
A	30.2%
BBB	10.3%
BB or Lower	1.7%
N/R (not rated)	8.8%
Total	100%

Nuveen Investments 23

Holding Summaries as of May 31, 2015(continued)

Nuveen Minnesota Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	98.8%
Money Market Funds	3.1%
Other Assets Less Liabilities	(1.9)%
Net Assets	100%

Portfolio Composition

(% of total investments)

Education and Civic Organizations	21.4%
Health Care	19.3%
Tax Obligation/General	15.5%
Utilities	14.1%
Long-Term Care	10.6%
Transportation	5.9%
Tax Obligation/Limited	3.0%
Money Market Funds	3.1%
Other	7.1%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	3.8%
AA	33.3%
A	23.2%
BBB	16.6%
BB or Lower	6.6%
N/R (not rated)	16.5%
Total	100%

24 Nuveen Investments

Nuveen Nebraska Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	95.6%
Money Market Funds	3.1%
Other Assets Less Liabilities	1.3%
Net Assets	100%

Portfolio Composition

(% of total investments)

Utilities	21.4%
Tax Obligation/General	13.3%
Health Care	12.9%
Education and Civic Organizations	12.6%
Tax Obligation/Limited	11.1%
U.S. Guaranteed	10.6%
Long-Term Care	9.3%
Money Market Funds	3.1%
Other	5.7%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	20.0%
AA	34.3%
A	40.1%
BBB	2.3%
BB or Lower	0.8%
N/R (not rated)	2.5%
Total	100%

Nuveen Investments 25

Holding Summaries as of May 31, 2015(continued)

Nuveen Oregon Intermediate Municipal Bond Fund

Fund Allocation

(% of net assets)

Long-Term Municipal Bonds	98.5%
Money Market Funds	1.3%
Other Assets Less Liabilities	0.2%
Net Assets	100%

Portfolio Composition

(% of total investments)

Tax Obligation/General	24.1%
Health Care	16.1%
Tax Obligation/Limited	15.6%
U.S. Guaranteed	14.8%
Education and Civic Organizations	8.7%
Water and Sewer	6.7%
Housing/Multifamily	4.8%
Money Market Funds	1.3%
Other	7.9%
Total	100%

Bond Credit Quality

(% of total investment exposure)

AAA/U.S. Guaranteed	21.4%
AA	41.8%
A	21.7%
BBB	12.2%
BB or Lower	0.7%
N/R (not rated)	2.2%
Total	100%

26 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 May 31, 2015.

The beginning of the period is December 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	$	1,006.40	$	1,002.40	$	1,004.10	$	1,003.60	$	1,006.30
Expenses Incurred During Period	$	4.15	$	8.14	$	6.35	$	6.89	$	3.15
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	$	1,020.79	$	1,016.80	$	1,018.60	$	1,018.05	$	1,021.79
Expenses Incurred During Period	$	4.18	$	8.20	$	6.39	$	6.94	$	3.18

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.83%, 1.63%, 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 182/365 (to reflect the one-half year period).

Nuveen Investments 27

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	$	1,011.50	$	1,008.50	$	1,010.10	$	1,009.50	$	1,013.40
Expenses Incurred During Period	$	4.26	$	8.21	$	6.51	$	7.01	$	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	$	1,020.69	$	1,016.75	$	1,018.45	$	1,017.95	$	1,021.69
Expenses Incurred During Period	$	4.28	$	8.25	$	6.54	$	7.04	$	3.28

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.85%, 1.64%, 1.30%, 1.40% and 0.63% for Classes A, C, C1, C2 and I, respectively, multiplied by the average account value over the period, multiplied by 182/365 (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	$	1,008.50	$	1,004.40	$	1,006.10	$	1,006.70	$	1,010.30
Expenses Incurred During Period	$	4.46	$	8.45	$	6.70	$	7.20	$	3.46
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	$	1,020.49	$	1,016.50	$	1,018.25	$	1,017.75	$	1,021.49
Expenses Incurred During Period	$	4.48	$	8.50	$	6.74	$	7.24	$	3.48

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 182/365 (to reflect the one-half year period).

28 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	$	1,005.20	$	1,001.20	$	1,002.30	$	1,006.10
Expenses Incurred During Period	$	4.20	$	8.18	$	6.94	$	3.20
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	$	1,020.74	$	1,016.75	$	1,018.00	$	1,021.74
Expenses Incurred During Period	$	4.23	$	8.25	$	6.99	$	3.23

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 182/365 (to reflect the one-half year period).

Nuveen Investments 29

Report of

Independent Registered Public Accounting Firm

To the Board of Trustees/ Directors and Shareholders of

Nuveen Investment Funds, Inc.:

In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Minnesota Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund (each a series of Nuveen Investment Funds, Inc., hereafter referred to as the “Funds”) at May 31, 2015, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the four years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at May 31, 2015 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion. The financial statements of Nuveen Minnesota Intermediate Municipal Bond Fund, Nuveen Minnesota Municipal Bond Fund, Nuveen Nebraska Municipal Bond Fund and Nuveen Oregon Intermediate Municipal Bond Fund for the periods ended May 31, 2011 and prior were audited by other independent auditors whose report dated July 28, 2011 expressed an unqualified opinion on those statements.

PricewaterhouseCoopers LLP

Chicago, IL

July 28, 2015

30 Nuveen Investments

Nuveen Minnesota Intermediate Municipal Bond Fund

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 97.2%
		MUNICIPAL BONDS – 97.2%
		Education and Civic Organizations – 22.1%
$	395	Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/32		No Opt. Call		BBB–	$	410,093
	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–		224,389
	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–		547,560
		Itasca County, Minnesota, Revenue Bonds, Charles K. Blandin Foundation, Series 2010:
	635	4.000%, 5/01/18		No Opt. Call		A2		662,534
	255	4.000%, 5/01/19		No Opt. Call		A2		268,977
	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		1,398,085
		Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refunding Series 2010:
	550	4.000%, 9/01/19		No Opt. Call		A2		597,454
	315	4.000%, 9/01/21		9/20 at 100.00		A2		343,586
	3,495	Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.250%, 8/01/20		8/18 at 100.00		BBB+		3,616,486
	1,040	Minneapolis, Minnesota, Revenue Bonds, University Gateway Project, Refunding Series 2015, 4.000%, 12/01/28		12/24 at 100.00		Aa1		1,108,089
	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		842,123
		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		1,175,197
	1,185	5.500%, 5/01/19		5/17 at 100.00		N/R		1,237,638
	1,050	5.500%, 5/01/24		5/17 at 100.00		N/R		1,088,482
	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		1,670,574
	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		322,671
	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		166,005
		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		212,242
	310	3.375%, 12/01/22		No Opt. Call		Baa2		315,131
		Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 2007-6S:
	360	4.375%, 12/01/16		No Opt. Call		Baa2		378,644
	380	4.500%, 12/01/17		No Opt. Call		Baa2		409,990
	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		803,947

Nuveen Investments 31

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7B:
$	1,530	5.000%, 10/01/18		No Opt. Call		A3	$	1,706,623
	1,040	5.000%, 10/01/23		10/19 at 100.00		A3		1,175,408
	175	4.250%, 10/01/24		10/19 at 100.00		A3		187,327
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W:
	350	4.000%, 10/01/21		No Opt. Call		A3		382,470
	250	5.000%, 10/01/22		No Opt. Call		A3		288,580
	500	5.000%, 10/01/23		No Opt. Call		A3		581,485
	990	4.250%, 10/01/28		10/23 at 100.00		A3		1,061,389
		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		1,057,310
	1,385	4.375%, 10/01/20		No Opt. Call		Baa2		1,511,090
	500	4.500%, 10/01/21		10/20 at 100.00		Baa2		543,285
	250	5.000%, 10/01/29		10/20 at 100.00		Baa2		268,485
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1:
	1,000	4.250%, 10/01/18		No Opt. Call		Baa2		1,060,640
	625	6.000%, 10/01/32		10/21 at 100.00		Baa2		711,200
		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		836,163
	490	5.000%, 10/01/24		10/22 at 100.00		Baa1		549,217
	500	Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Refunding Series 2007-6O, 5.000%, 10/01/16		No Opt. Call		A1		528,905
		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		531,555
	1,250	5.000%, 4/01/24		4/17 at 100.00		A2		1,341,675
		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		1,240,087
	1,975	4.500%, 10/01/19		No Opt. Call		A2		2,215,417
		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		2,186,260
	775	4.000%, 4/01/26		4/23 at 100.00		A2		837,201
	300	4.000%, 4/01/27		4/23 at 100.00		A2		320,919
		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		314,757
	385	4.300%, 10/01/20		10/18 at 100.00		A2		415,815
	145	4.500%, 10/01/22		10/18 at 100.00		A2		158,459
		Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2009A:
	985	4.000%, 10/01/22		10/19 at 100.00		Aa2		1,063,475
	1,755	4.000%, 10/01/23		10/19 at 100.00		Aa2		1,882,939

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
		Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A:
$	1,515	4.250%, 10/01/24		10/21 at 100.00		Aa2	$	1,681,680
	880	4.375%, 10/01/25		10/21 at 100.00		Aa2		976,149
	905	4.500%, 10/01/26		10/21 at 100.00		Aa2		998,604
	1,185	Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2015A, 3.000%, 10/01/26		4/25 at 100.00		Aa2		1,212,160
		Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2005A:
	880	4.200%, 12/15/15		No Opt. Call		A3		897,046
	925	4.300%, 12/15/16		12/15 at 100.00		A3		940,882
	1,005	5.000%, 12/15/18		12/15 at 100.00		A3		1,021,402
	1,060	5.000%, 12/15/19		12/15 at 100.00		A3		1,076,303
	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+		517,190
	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–		435,864
	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–		1,057,277
		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+		249,308
	700	5.000%, 7/01/33		7/23 at 100.00		BB+		716,807
	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–		502,255
	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–		194,912
	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		2,725,390
		University of Minnesota, General Obligation Bonds, Series 2014B:
	1,000	4.000%, 1/01/31		1/24 at 100.00		Aa1		1,062,730
	1,000	4.000%, 1/01/32		1/24 at 100.00		Aa1		1,052,720
	1,020	University of Minnesota, General Revenue Bonds, Series 2009C, 5.000%, 12/01/19 University of Minnesota, General Revenue Bonds, Series 2013A:		6/19 at 100.00		Aa1		1,167,472
	1,005	4.000%, 2/01/25		2/23 at 100.00		Aa1		1,121,691
	2,000	4.000%, 2/01/27		2/23 at 100.00		Aa1		2,182,500
	60,000	Total Education and Civic Organizations						64,548,375
		Health Care – 16.6%
	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		1,406,745
	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–		409,568
		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		686,321
	400	4.000%, 4/01/26		4/22 at 100.00		BBB		412,244

Nuveen Investments 33

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	4,500	Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A, 5.000%, 7/01/32 (WI/DD, Settling 6/11/15)		7/25 at 100.00		A	$	4,983,435
		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		1,066,890
	585	4.500%, 5/01/23		5/17 at 100.00		Baa1		613,419
	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		1,742,076
	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		1,054,390
	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+		5,260,346
	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		787,426
	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+		1,142,670
	1,085	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		1,238,039
		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		11/15 at 100.00		AA–		190,802
	10	5.750%, 11/15/26 – NPFG Insured		11/15 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		278,847
	250	4.050%, 12/01/26		12/20 at 100.00		N/R		252,623
	250	4.150%, 12/01/27		12/20 at 100.00		N/R		252,760
	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		525,955
	1,080	Northfield, Minnesota, Hospital Revenue Bonds, Refunding Series 2006, 5.500%, 11/01/17		11/16 at 100.00		BBB		1,143,029
	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		1,048,231
	2,085	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011C, 4.500%, 11/15/38 (Mandatory Put 11/15/21)		No Opt. Call		AA		2,404,589
	1,000	Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.125%, 7/01/20		No Opt. Call		A–		1,127,750
	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–		503,220
	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		1,096,950
	1,045	Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21		5/20 at 100.00		A1		1,150,848
	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		2,766,150

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	1,470	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	$	1,667,921
	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		1,427,153
	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–		1,319,412
	3,135	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–		3,512,517
	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–		1,124,599
		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		1,383,732
	815	5.000%, 9/01/29		9/24 at 100.00		A		924,340
	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–		1,883,966
	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–		1,057,790
		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–		514,386
	250	5.000%, 7/01/34		7/21 at 100.00		BBB–		264,560
	44,410	Total Health Care						48,635,721
		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		527,715
		Housing/Single Family – 1.0%
	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+		894,734
	810	Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26		7/21 at 100.00		Aaa		838,472
	505	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (Alternative Minimum Tax)		1/22 at 100.00		AA+		532,285
	170	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (Alternative Minimum Tax)		No Opt. Call		AA+		181,713
	375	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2014C, 3.100%, 7/01/26		7/24 at 100.00		AA+		375,296
	2,700	Total Housing/Single Family						2,822,500
		Industrials – 1.1%
	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+		2,272,197
	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+		1,042,280
	3,020	Total Industrials						3,314,477

Nuveen Investments 35

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care – 6.6%
$	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	$	1,177,130
	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		597,561
	815	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		894,259
	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)		9/18 at 100.00		N/R		1,443,337
		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		1,487,668
	1,650	4.750%, 11/15/28		11/22 at 100.00		N/R		1,687,422
	750	Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015, 5.250%, 11/01/45		5/23 at 100.00		N/R		754,552
	425	Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015, 4.750%, 11/01/28		5/23 at 100.00		N/R		433,704
	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		1,552,500
	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		1,013,120
	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		2,203,120
	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		1,063,730
		Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013:
	180	5.000%, 1/01/21		No Opt. Call		N/R		194,161
	2,270	5.125%, 1/01/39		1/23 at 100.00		N/R		2,282,644
		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		677,581
	310	5.300%, 5/01/27		5/19 at 102.00		N/R		335,284
	500	5.300%, 11/01/27		5/19 at 102.00		N/R		540,780
	515	5.500%, 11/01/32		5/19 at 102.00		N/R		555,690
	375	Worthington, Minnesota, Housing Revenue Refunding Bonds, Meadows of Worthington Project, Series 2007A, 5.000%, 11/01/17		11/15 at 100.00		N/R		378,266
	18,315	Total Long-Term Care						19,272,509
		Tax Obligation/General – 21.1%
	500	Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2007D, 5.000%, 2/01/24		2/17 at 100.00		Aa1		534,670
	1,000	Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008A, 5.000%, 2/01/20		2/18 at 100.00		Aa1		1,101,590
		Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008C:
	285	4.100%, 2/01/18		No Opt. Call		Aa1		308,507
	595	4.200%, 2/01/19		2/18 at 100.00		Aa1		641,868

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
		Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011:
$	635	5.500%, 2/01/23		2/21 at 100.00		Aa3	$	756,660
	750	5.500%, 2/01/24		2/21 at 100.00		Aa3		888,157
	875	5.500%, 2/01/25		2/21 at 100.00		Aa3		1,032,500
	1,010	5.500%, 2/01/26		2/21 at 100.00		Aa3		1,184,771
	1,150	5.500%, 2/01/27		2/21 at 100.00		Aa3		1,345,051
	2,410	Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 5.000%, 2/01/19		No Opt. Call		AA+		2,734,699
	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		3,174,094
	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		367,042
	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		1,293,000
	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		1,053,650
	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+		484,943
	700	Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/33		2/25 at 73.25		AA+		360,073
	1,000	Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B, 4.000%, 2/01/36 (WI/DD, Settling 6/11/15)		2/25 at 100.00		Aa2		1,025,800
	1,000	Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2015B, 4.000%, 2/01/25		No Opt. Call		Aa2		1,108,470
		Duluth, Minnesota, General Obligation Bonds, DECC Improvement Series 2008A:
	1,160	4.500%, 2/01/21		2/18 at 100.00		AA		1,255,897
	465	4.500%, 2/01/22		2/18 at 100.00		AA		503,442
	1,100	4.625%, 2/01/24		2/18 at 100.00		AA		1,190,002
	3,405	Farmington Independent School District 192, Dakota County, Minnesota, General Obligation Bonds, School Building Refunding Series 2015A, 4.000%, 2/01/27		2/24 at 100.00		Aa2		3,707,943
	665	Goodhue County, Minnesota, General Obligation Bonds, Capital Improvement Plan, Series 2015A, 3.000%, 2/01/27		2/23 at 100.00		Aa2		671,085
	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+		482,978
	650	Howard Lake-Waverly-Winsted Independent School District 2687, Minnesota, General Obligation Bonds, Refunding School Building Series 2014B, 3.000%, 2/01/28		2/24 at 100.00		AA+		649,636
	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+		2,174,607
		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		1,095,620
	1,275	4.000%, 2/01/27		2/23 at 100.00		Aa2		1,386,817
	1,815	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+		2,148,670

Nuveen Investments 37

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	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+	$	1,044,640
	1,000	Minnesota State, General Obligation Bonds, Various Purpose Refunding Series 2013F., 4.000%, 10/01/25		10/23 at 100.00		AA+		1,126,080
	2,000	Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25		8/23 at 100.00		AA+		2,435,380
	2,000	Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28		10/23 at 100.00		AA+		2,082,620
		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		585,601
	600	4.000%, 2/01/26		2/23 at 100.00		Aaa		660,438
		Moose Lake Independent School District 97, Carlton and Pine Counties, Minnesota, General Obligation Bonds, School Building Series 2015A:
	1,505	4.000%, 2/01/27		2/25 at 100.00		Aa2		1,645,687
	1,830	4.000%, 2/01/28		2/25 at 100.00		Aa2		1,973,801
	1,900	4.000%, 2/01/29		2/25 at 100.00		Aa2		2,025,514
	1,475	4.000%, 2/01/30		2/25 at 100.00		Aa2		1,553,603
	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+		682,825
	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		535,130
	1,140	Rochester, Minnesota, General Obligation Waste Water Bonds, Series 2007A, 4.000%, 12/01/18		6/17 at 100.00		AAA		1,210,258
	1,595	Rushford Peterson Independent School District 239, Minnesota, General Obligation Bonds, School Building Series 2015A, 4.000%, 2/01/29		2/25 at 100.00		Aa2		1,700,366
	1,100	Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A, 4.000%, 2/01/30		2/25 at 100.00		Aa2		1,177,396
	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+		1,023,350
	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+		645,402
	1,565	Saint Michael Independent School District 885, Wright County, Minnesota, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/01/26		2/24 at 100.00		Aa2		1,725,647
	1,000	Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 5.000%, 2/01/23		No Opt. Call		Aa2		1,202,040
	1,240	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		1,301,008
	640	Wright County, Minnesota, General Obligation Bonds, Jail Series 2007A, 4.500%, 12/01/20		12/17 at 100.00		AA+		692,800
	56,595	Total Tax Obligation/General						61,691,828
		Tax Obligation/Limited – 4.3%
	1,910	Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19		No Opt. Call		AA+		2,092,481
	780	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31		1/22 at 100.00		A		856,955

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		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+	$	745,158
	1,000	5.000%, 12/15/29		12/17 at 100.00		AA+		1,087,480
		Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015:
	215	3.050%, 3/01/21		No Opt. Call		N/R		214,125
	495	3.650%, 3/01/24		3/23 at 100.00		N/R		491,817
	200	3.800%, 3/01/25		3/23 at 100.00		N/R		198,554
	200	4.000%, 3/01/27		3/23 at 100.00		N/R		199,804
	340	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2015, 4.000%, 3/01/24		3/23 at 100.00		N/R		341,713
	1,185	Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27		8/21 at 100.00		AA		1,365,464
	190	Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 4.500%, 12/01/19		12/17 at 100.00		AA+		203,948
	290	Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 4.500%, 12/01/20		12/17 at 100.00		AA+		309,581
	735	Saint Paul, Minnesota, Sales Tax Revenue Bonds, Series 2014G, 5.000%, 11/01/29		11/24 at 100.00		A+		844,449
		Stevens County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2009A:
	325	4.000%, 2/01/19		No Opt. Call		AA–		349,346
	340	4.100%, 2/01/20		No Opt. Call		AA–		371,729
	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		2,243,244
	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		718,880
	11,430	Total Tax Obligation/Limited						12,634,728
		Transportation – 6.2%
		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–		1,095,470
	1,000	5.000%, 1/01/20		1/19 at 100.00		AA–		1,131,570
	500	5.000%, 1/01/21		1/19 at 100.00		AA–		565,035
	1,620	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		1,711,012
	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		2,641,125
		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		2,856,025
	2,750	5.000%, 1/01/30		1/22 at 100.00		A		3,069,577
	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		1,701,315

Nuveen Investments 39

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
		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+	$	869,867
	895	4.125%, 8/01/23		8/18 at 102.00		A+		963,011
	935	4.250%, 8/01/24		8/18 at 102.00		A+		1,022,909
	575	4.250%, 8/01/25		8/18 at 102.00		A+		619,551
	16,460	Total Transportation						18,246,467
		U.S. Guaranteed – 2.4% (4)
	600	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)		633,936
		Dakota County Community Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Senior Housing Facilities, Series 2007A:
	510	4.375%, 1/01/19 (Pre-refunded 7/01/17)		7/17 at 100.00		Aaa		545,108
	215	4.500%, 1/01/20 (Pre-refunded 7/01/17)		7/17 at 100.00		Aaa		230,353
	1,185	Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2008A, 4.250%, 2/01/22 (Pre-refunded 2/01/18) – AGM Insured		2/18 at 100.00		Aa2 (4)		1,286,484
	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)		1,175,513
	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)		477,825
	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)		395,618
	2,000	Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A, 5.750%, 5/01/25 (Pre-refunded 7/06/15)		7/15 at 100.00		BB+ (4)		2,011,220
	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)		213,468
	6,715	Total U.S. Guaranteed						6,969,525
		Utilities – 14.0%
		Brainerd, Minnesota, Electric Utility Revenue Bonds, Series 2014A:
	475	4.000%, 12/01/28		12/24 at 100.00		AA		498,869
	495	4.000%, 12/01/29		12/24 at 100.00		AA		515,681
	1,010	Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Refunding Series 2005A, 4.200%, 10/01/15		No Opt. Call		A2		1,022,928
	1,140	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured		10/22 at 100.00		AA		1,339,580
		Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A:
	500	5.000%, 12/01/25		12/22 at 100.00		A1		578,665
	670	5.000%, 12/01/26		12/22 at 100.00		A1		767,565
	500	Litchfield, Minnesota, Electric Utility Revenue Bonds, Series 2009C, 5.000%, 2/01/29 – AGC Insured		2/18 at 100.00		AA		539,645
	340	Marshall, Minnesota, Public Utility Revenue Bonds, Series 2009A, 3.750%, 7/01/18 – AGC Insured		No Opt. Call		AA		360,567
		Minnesota Municipal Power Agency Electric Revenue Bonds Series 2014:
	500	5.000%, 10/01/29		10/24 at 100.00		A2		577,815
	500	5.000%, 10/01/30		10/24 at 100.00		A2		574,315

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
		Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2007:
$	420	4.125%, 10/01/17		No Opt. Call		A2	$	450,715
	1,000	5.250%, 10/01/22		10/17 at 100.00		A2		1,098,020
	1,000	Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A, 3.500%, 10/01/28		10/24 at 100.00		A2		996,300
		Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A:
	460	5.000%, 1/01/17 – AMBAC Insured		No Opt. Call		A–		490,820
	1,050	5.000%, 1/01/19 – AGC Insured		1/18 at 100.00		AA		1,144,920
		Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A:
	1,740	5.000%, 1/01/18 – AGC Insured		No Opt. Call		AA		1,912,243
	2,155	5.000%, 1/01/21 – AGC Insured		1/18 at 100.00		AA		2,350,976
	2,940	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2010A-1, 5.000%, 1/01/20		No Opt. Call		A–		3,373,503
	1,430	Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30		1/23 at 100.00		A–		1,607,291
		Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B:
	570	5.000%, 12/01/33		12/23 at 100.00		Aa3		651,345
	625	5.000%, 12/01/43		12/23 at 100.00		Aa3		702,250
	295	Shakopee Public Utilities Commission, Minnesota, Public Utilities Crossover Refunding Revenue Bonds, Series 2006A, 4.250%, 2/01/18 – AGM Insured		8/15 at 100.00		A2		295,944
		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–		3,193,820
	5,000	0.000%, 1/01/21 – NPFG Insured		No Opt. Call		AA–		4,415,950
	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		1,430,375
		Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A:
	2,850	5.000%, 1/01/29		1/24 at 100.00		Aa3		3,302,067
	2,750	5.000%, 1/01/30		1/24 at 100.00		Aa3		3,174,902
	1,000	5.000%, 1/01/31		1/24 at 100.00		Aa3		1,149,600
	2,150	5.000%, 1/01/32		1/24 at 100.00		Aa3		2,462,889
	38,315	Total Utilities						40,979,560
		Water and Sewer – 1.6%
		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		2,115,655
	2,000	4.000%, 11/01/28 – BAM Insured		11/23 at 100.00		AA		2,121,540
	500	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/16 – AGC Insured		No Opt. Call		AA		510,540
	4,405	Total Water and Sewer						4,747,735
$	262,865	Total Long-Term Investments (cost $270,053,902)						284,391,140

Nuveen Investments 41

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 2.6%
		Money Market Funds – 2.6%
	7,496,949	Federated Minnesota Municipal Cash Trust, 0.010% (5)	$	7,496,949
		Total Short-Term Investments (cost $7,496,949)		7,496,949
		Total Investments (cost $277,550,851) – 99.8%		291,888,089
		Other Assets Less Liabilities – 0.2%		675,605
		Net Assets – 100%	$	292,563,694

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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.

42 Nuveen Investments

Nuveen Minnesota Municipal Bond Fund

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.8%
		MUNICIPAL BONDS – 98.8%
		Consumer Staples – 0.8%
$	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+	$	1,987,758
		Education and Civic Organizations – 21.8%
	1,630	Anoka County Housing and Redevelopment Authority, Minnesota, Health Care Facility Care Center Project, Series 2010A, 5.000%, 5.000%, 6/01/47		6/20 at 102.00		BBB–		1,668,566
	660	Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43		No Opt. Call		BBB–		677,602
	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		2,032,320
	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		1,564,110
	800	Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43		12/21 at 100.00		BB+		947,488
	1,405	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–		1,459,978
	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–		1,214,825
		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–		1,861,685
	875	5.875%, 11/01/40		11/20 at 100.00		BBB–		933,082
	1,000	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–		1,096,740
	500	Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble Academy Project, Series 2014A, 5.000%, 7/01/44		7/24 at 100.00		BBB–		526,190
		Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School, Series 2013A:
	2,740	6.000%, 7/01/43		7/23 at 100.00		BB		2,916,566
	1,260	6.125%, 7/01/48		7/23 at 100.00		BB		1,342,832
		Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010:
	150	4.250%, 8/01/20		8/18 at 100.00		BBB+		155,214
	4,100	4.875%, 8/01/25		8/18 at 100.00		BBB+		4,234,562
		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		445,034
	395	3.500%, 5/01/23		5/21 at 100.00		Baa3		399,855
		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		1,783,995
	820	5.500%, 5/01/27		5/17 at 100.00		N/R		847,117
	1,520	5.500%, 5/01/37		5/17 at 100.00		N/R		1,563,715

Nuveen Investments 43

Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

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	$	2,040,171
	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		1,116,010
		Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1:
	625	6.000%, 10/01/32		10/21 at 100.00		Baa2		711,200
	2,000	6.000%, 10/01/40		10/21 at 100.00		Baa2		2,251,680
	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+		1,150,024
	625	Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33		12/21 at 100.00		BBB–		685,375
	1,695	Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A, 5.500%, 9/01/43		9/20 at 101.00		BB+		1,768,224
	1,560	Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A., 5.250%, 9/01/32		No Opt. Call		BB+		1,623,476
	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–		1,707,225
	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+		1,463,383
	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		2,100,960
	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–		2,933,169
		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–		184,020
	185	2.600%, 3/01/18		No Opt. Call		BBB–		183,590
	1,425	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–		1,484,465
		St. Paul Housing and Redevelopment Authority, Minnesota, Performing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012:
	300	1.950%, 7/01/16		No Opt. Call		N/R		300,156
	200	2.050%, 7/01/17		No Opt. Call		N/R		200,048
	1,035	2.200%, 7/01/18		No Opt. Call		N/R		1,035,052
	1,540	University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29		12/20 at 100.00		Aa1		1,803,556
	49,615	Total Education and Civic Organizations						52,413,260
		Health Care – 19.7%
	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		2,552,399
		Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013:
	375	4.000%, 4/01/22		No Opt. Call		BBB		397,489
	500	4.000%, 4/01/27		4/22 at 100.00		BBB		511,100
	760	4.000%, 4/01/31		4/22 at 100.00		BBB		769,280

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	2,824,675
	4,500	Housing and Redevelopment Authority of the City of Saint Paul, Minnesota, Health Care Facilities Revenue Refunding Bonds, HealthPartners Obligated Group, Series 2015A, 4.000%, 7/01/35 (WI/DD, Settling 6/11/15)		7/25 at 100.00		A		4,432,725
		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		26,739
	1,800	4.500%, 5/01/23		5/17 at 100.00		Baa1		1,887,444
	1,000	5.250%, 5/01/25		5/17 at 100.00		Baa1		1,057,990
		Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A:
	120	6.000%, 11/15/18		No Opt. Call		A+		132,007
	3,225	6.625%, 11/15/28		11/18 at 100.00		A+		3,744,902
	245	6.750%, 11/15/32		11/18 at 100.00		A+		286,111
	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		793,216
	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		139,564
	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+		2,726,055
	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		1,107,510
	125	Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29		11/15 at 100.00		A+		125,560
	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–		1,969,008
		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		27,424
	60	5.500%, 5/01/39 – AGC Insured		5/19 at 100.00		A1		65,650
	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		1,152,938
	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		1,373,419
		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		17,020
	2,625	5.750%, 7/01/39		7/19 at 100.00		A		2,979,716
	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		2,133,542
	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–		3,459,024
	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–		2,226,015

Nuveen Investments 45

Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	1,379,799
		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		2,022,214
	1,365	5.000%, 9/01/34		9/24 at 100.00		A		1,509,130
		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–		173,509
	1,100	6.000%, 11/15/30		11/15 at 100.00		BBB–		1,122,759
		Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012:
	500	3.750%, 7/01/21		No Opt. Call		BBB–		524,140
	350	4.000%, 7/01/22		7/21 at 100.00		BBB–		366,957
	1,270	4.500%, 7/01/24		7/21 at 100.00		BBB–		1,346,949
	43,895	Total Health Care						47,363,979
		Housing/Multifamily – 1.4%
	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		843,066
	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		2,565,125
	3,340	Total Housing/Multifamily						3,408,191
		Housing/Single Family – 1.7%
	100	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+		104,770
	71	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+		73,111
	340	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+		359,036
		Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B:
	75	4.000%, 7/01/21		No Opt. Call		Aaa		82,542
	5	5.000%, 1/01/31		7/21 at 100.00		Aaa		5,346
		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		46,582
	605	4.700%, 1/01/31		7/21 at 100.00		Aaa		645,511
	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		25,120
	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+		20,441
	2,650	Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007D, 4.700%, 7/01/27 (Alternative Minimum Tax)		7/16 at 100.00		AA+		2,678,938
	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+		60,352

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Single Family (continued)
$	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+	$	5,145
	4,001	Total Housing/Single Family						4,106,894
		Long-Term Care – 10.8%
	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		1,533,885
	1,100	Anoka, Minnesota, Health Care and Housing Facility Revenue Bonds, The Homestead at Anoka, Inc. Project, Series 2014, 5.125%, 11/01/49		11/24 at 100.00		N/R		1,108,371
	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		377,186
	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		1,689,104
	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		1,626,705
	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		1,145,756
	775	Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project, Series 2006A, 5.000%, 12/01/31		6/15 at 100.00		N/R		775,442
	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)		9/18 at 100.00		N/R		1,191,885
		Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:
	450	5.000%, 11/15/24		11/22 at 100.00		N/R		478,179
	1,500	4.750%, 11/15/28		11/22 at 100.00		N/R		1,534,020
	1,500	Minneapolis, Minnesota, Senior Housing and Healthcare Revenue Bonds, Ecumen ? Abiitan Mill City Project, Series 2015, 5.250%, 11/01/45		5/23 at 100.00		N/R		1,509,105
	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		1,091,650
	1,055	Owatonna, Minnesota, Housing and Health Care Revenue Bonds, Ecumen, Second Century & Owatonna Senior Living Project, Refunding Series 2014B, 4.500%, 9/01/44 (Mandatory Put 9/01/24)		9/18 at 100.00		N/R		1,061,130
	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		1,116,225
	1,970	Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revenue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33		4/17 at 100.00		N/R		2,011,488
	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		1,024,600
	800	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		842,048
	2,365	Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Lutheran Home, Refunding Series 2013, 5.125%, 1/01/39		1/23 at 100.00		N/R		2,378,173

Nuveen Investments 47

Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
		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	$	281,908
	680	5.000%, 11/01/23		5/19 at 102.00		N/R		737,297
	700	5.500%, 11/01/32		5/19 at 102.00		N/R		755,307
	330	6.000%, 5/01/47		5/19 at 102.00		N/R		359,462
	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		1,279,416
	25,070	Total Long-Term Care						25,908,342
		Materials – 0.9%
	2,135	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–		2,144,159
		Tax Obligation/General – 15.8%
		Alexandria Independent School District 206, Douglas County, Minnesota, General Obligation Bonds, Refunding School Building Series 2015B:
	1,710	5.000%, 2/01/25		No Opt. Call		Aa2		2,079,018
	955	5.000%, 2/01/26		2/25 at 100.00		Aa2		1,147,509
	10,000	Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011, 6.000%, 2/01/41		2/21 at 100.00		Aa3		11,672,800
	2,410	Bloomington Independent School District 271, Hennepin County, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 5.000%, 2/01/19		No Opt. Call		AA+		2,734,699
	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		1,119,610
	2,485	Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, School Building Series 2015A, 3.250%, 2/01/35		2/25 at 100.00		Aa2		2,366,441
	800	Circle Pines Independent School District 12, Centennial, Minnesota, General Obligation Bonds, School Building Series 2015A, 0.000%, 2/01/34		2/25 at 70.20		AA+		394,608
		Cloquet Independent School District 94, Carlton and Saint Louis Counties, Minnesota, General Obligation Bonds, School Building Series 2015B:
	1,000	5.000%, 2/01/26 (WI/DD, Settling 6/11/15)		2/25 at 100.00		Aa2		1,201,580
	1,000	5.000%, 2/01/27 (WI/DD, Settling 6/11/15)		2/25 at 100.00		Aa2		1,192,240
	1,000	4.000%, 2/01/36 (WI/DD, Settling 6/11/15)		2/25 at 100.00		Aa2		1,025,800
	1,100	Dakota County Community Development Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Series 2015A, 4.000%, 1/01/42		1/23 at 100.00		Aaa		1,123,089
	1,000	Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2015B, 3.000%, 2/01/28		2/25 at 100.00		Aa2		965,130
	1,000	Farmington Independent School District 192, Dakota County, Minnesota, General Obligation Bonds, School Building Refunding Series 2015A, 4.000%, 2/01/27		2/24 at 100.00		Aa2		1,088,970
	1,000	Mahtomedi Independent School District 832, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 5.000%, 2/01/26		2/25 at 100.00		AA+		1,203,480
	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+		2,174,740
	1,160	Metropolitan Council Minneapolis-Saint Paul Metropolitan Area, Minnesota, General Obligation Bonds, Park Series 2012D, 5.000%, 3/01/16		No Opt. Call		AAA		1,201,679
	2,160	Minnesota State, General Obligation Bonds, Various Purpose Series 2013A., 5.000%, 8/01/21		No Opt. Call		AA+		2,575,498

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	1,880	Rushford Peterson Independent School District 239, Minnesota, General Obligation Bonds, School Building Series 2015A, 3.000%, 2/01/33		2/25 at 100.00		Aa2	$	1,738,530
		Saint Cloud Independent School District 742, Stearns County, Minnesota, General Obligation Bonds, Series 2015A:
	450	3.125%, 2/01/33		2/25 at 100.00		Aa2		431,181
	525	3.125%, 2/01/35		2/25 at 100.00		Aa2		495,652
	34,635	Total Tax Obligation/General						37,932,254
		Tax Obligation/Limited – 3.0%
	2,000	Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19		No Opt. Call		AA+		2,191,080
	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		601,052
	135	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Refunding Series 2015, 4.000%, 3/01/30		3/23 at 100.00		N/R		131,828
	325	Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2015, 4.000%, 3/01/27		3/23 at 100.00		N/R		322,576
	1,335	Moorhead, Minnesota, Golf Course Revenue Refunding Bonds, Series 1998B, 5.875%, 12/01/21		6/15 at 100.00		N/R		1,335,481
	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		1,111,252
	500	Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Facility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 4.750%, 12/01/26		12/17 at 100.00		AA+		534,070
		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		158,883
	800	5.000%, 3/01/29		No Opt. Call		N/R		840,120
	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		27,478
	6,870	Total Tax Obligation/Limited						7,253,820
		Transportation – 6.0%
	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		1,012,710
	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–		4,493,280
	120	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		126,742
	130	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		136,323
	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		309,403
		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		2,255,620
	1,400	5.000%, 1/01/32		1/24 at 100.00		A		1,574,468
	800	5.000%, 1/01/33		1/24 at 100.00		A		899,064

Nuveen Investments 49

Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	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	$	855,495
		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+		1,191,220
	1,500	5.000%, 8/01/35		8/18 at 102.00		A+		1,669,935
	13,045	Total Transportation						14,524,260
		U.S. Guaranteed – 2.5% (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)		1,031,090
	1,890	5.000%, 2/01/31 (Pre-refunded 2/01/16)		2/16 at 100.00		AA– (4)		1,948,760
	900	Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A, 5.875%, 5/01/30 (Pre-refunded 7/06/15)		7/15 at 100.00		BB+ (4)		905,166
	1,800	Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30 (Pre-refunded 7/06/15)		7/15 at 100.00		N/R (4)		1,810,566
	255	Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 1983A, 9.750%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		Aaa		268,385
	5,845	Total U.S. Guaranteed						5,963,967
		Utilities – 14.4%
	15	Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Refunding Series 2005A, 5.000%, 10/01/30		10/15 at 100.00		A2		15,206
	45	Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Series 2000A, 6.100%, 10/01/30		10/15 at 100.00		A2		45,196
	235	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34		10/22 at 100.00		BBB		251,812
	5,045	Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/30		10/20 at 100.00		A2		5,667,502
		Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2014A:
	1,000	4.000%, 10/01/31		10/24 at 100.00		A2		1,035,470
	1,000	4.000%, 10/01/32		10/24 at 100.00		A2		1,029,050
	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–		2,178,680
	250	Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B, 5.000%, 12/01/26		12/23 at 100.00		Aa3		295,222
		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–		1,411,170
	1,825	0.000%, 1/01/21 – NPFG Insured		No Opt. Call		AA–		1,611,822
	65	0.000%, 1/01/22 – NPFG Insured		No Opt. Call		AA–		55,203
	3,055	0.000%, 1/01/23 – NPFG Insured		No Opt. Call		AA–		2,493,338
	10,530	0.000%, 1/01/24 – NPFG Insured		No Opt. Call		AA–		8,254,467
	4,805	0.000%, 1/01/25 – NPFG Insured		No Opt. Call		AA–		3,626,910
	6,230	0.000%, 1/01/26 – NPFG Insured		No Opt. Call		AA–		4,495,693

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	2,000	Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 2014A, 5.000%, 1/01/46		1/24 at 100.00		Aa3	$	2,227,100
	39,610	Total Utilities						34,693,841
$	229,861	Total Long-Term Investments (cost $221,868,367)						237,700,725
Shares		Description (1)					Value
		SHORT-TERM INVESTMENTS – 3.1%
		Money Market Funds – 3.1%
	7,560,993	Federated Minnesota Municipal Cash Trust, 0.010% (5)					$	7,560,993
		Total Short-Term Investments (cost $7,560,993)						7,560,993
		Total Investments (cost $229,429,360) – 101.9%						245,261,718
		Other Assets Less Liabilities – (1.9)%						(4,678,248	)
		Net Assets – 100%					$	240,583,470

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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 51

Nuveen Nebraska Municipal Bond Fund

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 95.6%
		MUNICIPAL BONDS – 95.6%
		Consumer Staples – 0.7%
$	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–	$	421,825
		Education and Civic Organizations – 12.4%
	1,000	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		1,101,990
	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		1,146,880
		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–		699,056
	410	4.000%, 4/01/32		4/22 at 100.00		A–		420,800
	500	Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2008A, 5.375%, 3/15/39		3/18 at 100.00		AAA		550,705
	525	Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.450%, 9/01/35		5/21 at 100.00		Aa3		593,103
		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		31,397
	1,000	5.000%, 7/01/42		1/22 at 100.00		Aa1		1,101,150
	1,020	University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008, 5.000%, 5/15/33		5/18 at 100.00		Aa1		1,111,912
	350	University of Nebraska, Revenue Bonds, Omaha Student Facilities Project, Series 2007, 5.000%, 5/15/32		5/17 at 100.00		Aa1		375,389
	6,520	Total Education and Civic Organizations						7,132,382
		Health Care – 12.7%
	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		612,341
	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+		827,158
		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–		374,536
	1,210	5.500%, 11/01/38		11/18 at 100.00		A–		1,288,384
		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–		1,203,066
	2,775	5.000%, 11/01/42		No Opt. Call		A–		2,991,533
	6,890	Total Health Care						7,297,018
		Housing/Single Family – 0.9%
	500	Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2015A, 3.850%, 3/01/38		No Opt. Call		AA+		481,595

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care – 9.2%
$	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	$	102,246
	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		984,591
	240	Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26		2/16 at 100.00		N/R		242,525
	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		3,703,156
	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–		248,879
	4,845	Total Long-Term Care						5,281,397
		Tax Obligation/General – 13.1%
	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		739,961
	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		357,840
	1,350	Douglas County School District 1, Nebraska, General Obligation Bonds, Refunding Series 2012, 5.000%, 6/15/24		No Opt. Call		AAA		1,662,093
	1,440	Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2015, 4.000%, 12/15/35		12/24 at 100.00		AA–		1,497,974
	1,000	Kearney County School District 503, Nebraska, General Obligation Bonds, Series 2014, 4.000%, 12/15/39		12/19 at 100.00		A+		1,010,420
		Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004:
	50	5.250%, 4/01/24		No Opt. Call		AA+		61,545
	220	5.250%, 4/01/26		No Opt. Call		AA+		275,466
		Omaha, Nebraska, General Obligation Bonds, Various Purpose & Refunding Series 2013A:
	715	4.500%, 11/15/28		11/23 at 100.00		AA+		800,071
	365	4.500%, 11/15/29		11/23 at 100.00		AA+		406,508
	650	Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2008, 5.250%, 10/15/28		10/18 at 100.00		AA+		724,275
	6,845	Total Tax Obligation/General						7,536,153
		Tax Obligation/Limited – 11.0%
	265	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42		1/22 at 100.00		A		287,700
	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		2,767,451
	2,000	Nebraska Cooperative Republican Platte Enhancement, Middle Republican Natural Resources District, Platte River Flow Revenue, Series 2013, 5.125%, 12/15/33		9/18 at 100.00		A+		2,185,440
	520	Nebraska Cooperative Republican Platte Enhancement, Middle Republican Natural Resources District, Platte River Flow Revenue, Series 2013, 5.000%, 12/15/38		9/18 at 100.00		A+		557,050
	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–		512,755
	5,745	Total Tax Obligation/Limited						6,310,396

Nuveen Investments 53

Nuveen Nebraska Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation – 1.5%
$	165	Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)		10/23 at 100.00		BBB	$	194,208
		Lincoln, Nebraska, Airport Revenue Bonds, Series 2014C:
	225	3.000%, 7/01/27		12/19 at 100.00		Aa1		221,567
	235	3.000%, 7/01/28		12/19 at 100.00		Aa1		228,260
	235	3.000%, 7/01/29		12/19 at 100.00		Aa1		225,922
	860	Total Transportation						869,957
		U.S. Guaranteed – 10.4% (4)
	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)		484,655
		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)		258,545
	350	5.250%, 2/15/30 (Pre-refunded 2/15/16)		2/16 at 100.00		A (4)		357,353
	150	Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/33 (Pre-refunded 1/01/18)		1/18 at 100.00		N/R (4)		165,477
		Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A:
	1,010	5.500%, 2/01/33 (Pre-refunded 2/01/18)		2/18 at 100.00		AA (4)		1,130,564
	1,200	5.500%, 2/01/35 (Pre-refunded 2/01/18)		2/18 at 100.00		AA (4)		1,343,244
	10	Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Subordinate Lien Series 2005, 4.250%, 2/01/35 – BHAC Insured (Pre-refunded 8/01/15)		8/15 at 100.00		AA+ (4)		10,069
	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)		518,724
	1,500	Southern Nebraska Public Power District, Electric System Revenue Bonds, Series 2008, 5.250%, 12/15/28 (Pre-refunded 12/15/18)		12/18 at 100.00		AA– (4)		1,712,130
	5,355	Total U.S. Guaranteed						5,980,761
		Utilities – 21.1%
		Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A:
	20	5.250%, 12/01/19		No Opt. Call		A		22,612
	800	5.250%, 12/01/21		No Opt. Call		A		914,296
	2,350	Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42		9/22 at 100.00		A		2,517,978
	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		611,465
	1,500	Fremont, Nebraska, Combined Utilities System Revenue Bonds, Series 2014B, 5.000%, 7/15/34		7/21 at 100.00		AA–		1,688,010
	235	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34		10/22 at 100.00		BBB		251,812
	1,000	Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2015A, 5.000%, 9/01/20		No Opt. Call		AA		1,172,520
	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+		85,509
		Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A:
	100	5.000%, 4/01/22		No Opt. Call		A		117,618
	110	5.000%, 4/01/31		4/22 at 100.00		A		122,142

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	370	Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/33		1/18 at 100.00		A1	$	399,323
	1,850	Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34		1/22 at 100.00		A1		2,063,804
	1,000	Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Refunding Series 2015A, 5.000%, 1/01/31		1/25 at 100.00		A2		1,120,400
	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		1,017,000
	10,995	Total Utilities						12,104,489
		Water and Sewer – 2.6%
	1,395	Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41		11/21 at 100.00		AA		1,457,482
$	50,450	Total Long-Term Investments (cost $51,658,567)						54,873,455
Shares		Description (1)					Value
		SHORT-TERM INVESTMENTS – 3.1%
		Money Market Funds – 3.1%
	1,781,611	First American Tax Free Obligations Fund, Class Z, 0.000% (5)					$	1,781,611
		Total Short-Term Investments (cost $1,781,611)						1,781,611
		Total Investments (cost $53,440,178) – 98.7%						56,655,066
		Other Assets Less Liabilities – 1.3%						764,180
		Net Assets – 100%					$	57,419,246

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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.

See accompanying notes to financial statements.

Nuveen Investments 55

Nuveen Oregon Intermediate Municipal Bond Fund

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		LONG-TERM INVESTMENTS – 98.5%
		MUNICIPAL BONDS – 98.5%
		Education and Civic Organizations – 8.7%
$	1,190	Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A., 4.500%, 5/01/29		5/22 at 100.00		BBB	$	1,270,111
	300	Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2015A, 5.000%, 5/01/30		5/25 at 100.00		BBB		330,822
	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		1,499,175
		Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2015A:
	1,500	5.000%, 4/01/27		4/25 at 100.00		AAA		1,817,250
	1,500	5.000%, 4/01/29		4/25 at 100.00		AAA		1,784,880
	1,040	Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30		9/20 at 100.00		BB+		1,110,917
		Oregon State Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A:
	625	4.000%, 10/01/17		No Opt. Call		A–		660,094
	500	5.250%, 10/01/24		10/21 at 100.00		A–		577,350
	1,000	Oregon State Facilities Authority, Revenue Bonds, Linfield College, Refunding Series 2005A, 5.000%, 10/01/25		10/15 at 100.00		Baa1		1,013,650
	500	Oregon State Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28		10/20 at 100.00		Baa1		538,180
	1,000	Oregon State Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29		7/20 at 100.00		Aa2		1,140,560
		Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A:
	450	5.000%, 4/01/29		4/25 at 100.00		A–		506,952
	700	5.000%, 4/01/30		4/25 at 100.00		A–		784,252
	210	Oregon State Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24		4/20 at 100.00		A		222,789
	1,085	Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 4.300%, 10/01/21		10/17 at 100.00		A		1,124,624
	12,850	Total Education and Civic Organizations						14,381,606
		Health Care – 16.1%
	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–		1,137,672
	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		AA–		1,133,140
	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		255,040
	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		1,757,640

56 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	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	$	772,725
	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–		520,155
	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		2,168,812
		Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Adventist Health System/West, Series 2009A:
	855	4.500%, 9/01/21		9/19 at 100.00		A		930,625
	1,940	5.000%, 9/01/21		9/19 at 100.00		A		2,196,002
		Oregon Health and Science University, Revenue Bonds, Series 2012A:
	1,225	5.000%, 7/01/25		7/22 at 100.00		A+		1,422,813
	1,195	5.000%, 7/01/26		7/22 at 100.00		A+		1,378,313
	1,000	Oregon Health and Science University, Revenue Bonds, Series 2012E, 4.000%, 7/01/29		No Opt. Call		A+		1,051,010
	1,000	Oregon State Facilities Authority, Auction Rate Revenue Bonds, Peacehealth System, Refunding Series 2009A, 5.000%, 11/01/20		11/19 at 100.00		A+		1,143,730
		Oregon State Facilities Authority, Oregon, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A:
	1,250	5.000%, 10/01/19		No Opt. Call		BBB+		1,405,900
	500	5.000%, 10/01/24		10/20 at 100.00		BBB+		551,440
		Oregon State Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A:
	2,000	4.250%, 3/15/17		No Opt. Call		AA–		2,113,020
	1,020	4.750%, 3/15/24		3/20 at 100.00		AA–		1,100,009
	690	Oregon State Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A., 5.000%, 11/15/25		5/24 at 100.00		A+		816,242
	375	Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2011C, 5.000%, 10/01/20		No Opt. Call		AA		430,560
	1,815	Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A, 5.000%, 10/01/23		No Opt. Call		AA		2,128,850
	450	Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2006A, 5.000%, 8/15/27		8/16 at 100.00		A		463,050
	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		1,685,340
	23,750	Total Health Care						26,562,088
		Housing/Multifamily – 4.7%
		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		311,941
	195	4.000%, 9/01/23		3/23 at 100.00		Aa3		212,006
		Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A:
	710	4.000%, 7/01/19 (Alternative Minimum Tax)		No Opt. Call		Aaa		755,561
	475	4.250%, 7/01/21 (Alternative Minimum Tax)		1/20 at 100.00		Aaa		504,255

Nuveen Investments 57

Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
		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	$	1,259,596
	400	4.700%, 7/01/33 – AGM Insured		7/22 at 100.00		AA		424,728
	1,000	Oregon State Facilities Authority, Revenue Refunding Bonds, College Housing Northwest Projects, Series 2013, 5.000%, 10/01/24		10/23 at 100.00		BBB–		1,100,410
	705	Portland Housing Authority, Oregon, Housing Revenue Refunding Bonds, Yards at Union Station Project, Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax)		5/17 at 100.00		Aa2		727,581
		Portland, Oregon, Economic Development Revenue Refunding Bonds, Broadway Project, Series 2008A:
	880	5.125%, 4/01/16		No Opt. Call		A1		913,563
	1,455	6.250%, 4/01/23		4/18 at 100.00		A1		1,652,589
	7,290	Total Housing/Multifamily						7,862,230
		Housing/Single Family – 0.1%
	95	Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds, Series 2008D, 4.750%, 7/01/22		1/18 at 100.00		Aa2		100,252
		Long-Term Care – 3.7%
	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		1,002,280
		Medford Hospital Facilities Authority, Oregon, Revenue Bonds, Rogue Valley Manor, Series 2013:
	250	5.000%, 10/01/19		No Opt. Call		A–		279,468
	450	5.000%, 10/01/24		10/23 at 100.00		A–		509,733
	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		561,490
	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		1,023,380
	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		1,593,930
		Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012:
	550	5.000%, 5/15/22		No Opt. Call		N/R		602,707
	550	5.750%, 5/15/27		5/22 at 100.00		N/R		619,349
	5,800	Total Long-Term Care						6,192,337
		Tax Obligation/General – 24.1%
	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+		1,318,762
		Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010:
	605	4.250%, 2/01/19		No Opt. Call		Baa3		647,876
	655	4.500%, 2/01/20		No Opt. Call		Baa3		717,349
	280	5.000%, 2/01/21		No Opt. Call		Baa3		315,818
		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+		1,106,300
	810	4.500%, 6/15/20		No Opt. Call		AA+		928,130

58 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	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–	$	579,260
	1,100	Chemeketa Community College District, Oregon, General Obligation Bonds, Series 2014, 5.000%, 6/15/26		6/24 at 100.00		AA+		1,316,271
	1,250	Clackamas and Washington Counties School District 3JT, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/15/28		6/25 at 100.00		AA+		1,496,900
		Clackamas Community College District, Oregon, General Obligation Bonds, Deferred Interest Series 2015B:
	600	0.000%, 6/15/29 (WI/DD, Settling 6/02/15)		6/25 at 84.95		AA+		344,196
	660	0.000%, 6/15/30 (WI/DD, Settling 6/02/15)		6/25 at 81.08		AA+		360,571
	1,115	Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/15/28		6/24 at 100.00		AA+		1,311,998
	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+		1,142,360
	580	Clackamas County School District 62, Oregon City, Oregon, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/29 – AGM Insured		6/24 at 100.00		AA		663,566
	525	Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25		6/22 at 100.00		AA+		616,460
	1,000	David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25		No Opt. Call		AA+		747,340
	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		1,997,781
	3,055	Deschutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Defered Interest Series 2008, 0.000%, 6/15/22		No Opt. Call		Aa1		2,620,884
	965	Forest Grove School District 15, Washington County, Oregon, General Obligation Bonds, Series 2012, 0.000%, 6/15/25		No Opt. Call		AA+		724,474
	1,250	Jackson County School District 549C, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/15/28		6/25 at 100.00		AA+		1,499,325
	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		1,154,560
	645	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		703,805
	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		252,518
	1,720	Lane County School District 1 Pleasant Hill, Oregon, General Obligation Bonds, Deferred Interest Series 2014B, 0.000%, 6/15/28		No Opt. Call		AA+		1,102,744
	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		357,276
	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+		1,108,116
	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		131,053
	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+		1,743,255

Nuveen Investments 59

Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
		Oregon State, General Obligation Bonds, Alternative Energy Series 2011B:
$	540	5.000%, 1/01/20 (Alternative Minimum Tax)		No Opt. Call		AA+	$	611,188
	560	5.000%, 1/01/21 (Alternative Minimum Tax)		No Opt. Call		AA+		640,125
	100	5.000%, 1/01/23 (Alternative Minimum Tax)		1/21 at 100.00		AA+		112,352
	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		470,570
	2,235	Portland, Oregon, General Obligation Bonds, Sellwood Bridge Project, Series 2014A, 5.000%, 6/01/28		6/24 at 100.00		Aa1		2,628,852
	350	Redmond, Oregon, Full Faith and Credit Obligations, Series 2014A, 5.000%, 6/01/25		6/24 at 100.00		A1		414,670
		Redmond, Oregon, Full Faith and Credit Obligations, Terminal Expansion Project, Series 2009:
	240	4.000%, 6/01/21		6/19 at 100.00		A1		258,062
	200	4.250%, 6/01/23		6/19 at 100.00		A1		212,632
	500	4.625%, 6/01/29		6/19 at 100.00		A1		539,780
	340	Redmond, Oregon, Full Faith and Credit Refunding Obligations, Series 2012A, 4.000%, 6/01/25		6/22 at 100.00		A1		368,234
	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+		561,925
	1,385	Tualatin Hills Park and Recreation District, Oregon, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/26		6/25 at 100.00		Aa1		1,681,764
	1,525	Washington County, Oregon, General Obligation Bonds, Series 2006, 5.000%, 6/01/22		6/16 at 102.00		Aa1		1,627,068
	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		1,347,816
	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		1,367,431
	37,915	Total Tax Obligation/General						39,851,417
		Tax Obligation/Limited – 15.6%
		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		1,035,167
	1,105	4.250%, 9/15/23		9/21 at 100.00		Baa2		1,153,277
	1,055	Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25		11/19 at 100.00		AA		1,199,841
		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		2,404,057
	1,000	5.000%, 11/15/27		11/24 at 100.00		AAA		1,206,550
	2,500	Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2015A, 5.000%, 11/15/28		11/24 at 100.00		AAA		2,990,225
	2,655	Portland, Oregon, Renewal and Redevelopment Revenue Bonds, North Macadam Series 2010B, 5.000%, 6/15/24		6/20 at 100.00		A1		2,971,582
	1,000	Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23		6/22 at 100.00		A1		1,161,890
	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		2,264,973

60 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		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	$	1,135,790
	1,715	5.000%, 10/01/26		10/21 at 100.00		A		1,930,833
	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		2,784,186
	2,085	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22		No Opt. Call		BBB+		2,174,113
		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		1,145,715
	180	5.000%, 10/01/29		10/20 at 100.00		BBB		195,226
	22,605	Total Tax Obligation/Limited						25,753,425
		Transportation – 3.5%
	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–		1,090,073
	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–		1,192,874
	350	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/18 (Alternative Minimum Tax)		No Opt. Call		AA–		388,969
	1,250	Port of Portland, Oregon, International Airport Revenue Bonds, Series 2015-23, 5.000%, 7/01/28		7/25 at 100.00		AA–		1,473,975
	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		1,683,990
	5,135	Total Transportation						5,829,881
		U.S. Guaranteed – 14.8% (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)		1,134,110
	1,145	Clackamas Community College District, Oregon, General Obligation Bonds, Series 2006, 5.000%, 5/01/19 – NPFG Insured (Pre-refunded 5/01/16)		5/16 at 100.00		AA (4)		1,194,327
		Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B:
	685	5.000%, 6/15/19 – AGM Insured (Pre-refunded 6/15/17)		6/17 at 100.00		AA+ (4)		745,033
	3,665	5.000%, 6/15/21 – AGM Insured (Pre-refunded 6/15/17)		6/17 at 100.00		AA+ (4)		3,986,201
	3,135	5.000%, 6/15/22 – AGM Insured (Pre-refunded 6/15/17)		6/17 at 100.00		AA+ (4)		3,409,751
	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)		1,361,298
	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		1,775,855
	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)		1,128,147
	1,500	Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 4.700%, 5/01/25 (Pre-refunded 5/01/19)		5/19 at 100.00		AA (4)		1,695,945
	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		1,207,015

Nuveen Investments 61

Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments May 31, 2015

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed (4) (continued)
$	250	Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2007A, 5.000%, 4/01/17 (ETM)		No Opt. Call		BBB+ (4)	$	269,488
	2,000	Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2007A, 4.500%, 4/01/21 (Pre-refunded 4/01/18)		4/18 at 100.00		BBB+ (4)		2,191,300
	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)		526,300
	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)		2,708,224
	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)		1,130,927
	22,465	Total U.S. Guaranteed						24,463,921
		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		587,885
	175	Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured		No Opt. Call		AA		204,573
	675	Total Utilities						792,458
		Water and Sewer – 6.7%
	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		1,516,561
	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		873,915
	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		1,681,350
	1,000	Portland, Oregon, Sewer System Revenue Bonds, Refunding First Lien Series 2008A, 4.750%, 6/15/24		6/18 at 100.00		AA		1,097,810
	1,175	Portland, Oregon, Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/23 – NPFG Insured		6/16 at 100.00		AA–		1,232,293
		Redmond, Oregon, Water Revenue Bonds, Series 2010:
	450	4.500%, 6/01/25		6/20 at 100.00		Aa3		501,138
	5	4.500%, 6/01/30		6/20 at 100.00		Aa3		5,473
	1,000	Sunrise Water Authority, Oregon, Water Revenue Bonds, Refunding Series 2014, 4.000%, 3/01/23		No Opt. Call		AA–		1,127,200
	325	The Dalles, Oregon, Water Revenue Bonds, Series 200, 4.250%, 6/01/20 – AMBAC Insured		6/17 at 100.00		N/R		341,159
	1,435	Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/26		8/22 at 100.00		AA–		1,671,144
	900	Woodburn, Marion County, Oregon, Wastewater Revenue Bonds, Refunding Series 2011A, 5.000%, 3/01/20		No Opt. Call		A2		1,022,697
	9,905	Total Water and Sewer						11,070,740
$	148,485	Total Long-Term Investments (cost $154,930,332)						162,860,355

62 Nuveen Investments

Shares		Description (1)	Value
		SHORT-TERM INVESTMENTS – 1.3%
		Money Market Funds – 1.3%
	2,174,103	First American Tax Free Obligations Fund, Class Z, 0.000% (5)	$	2,174,103
		Total Short-Term Investments (cost $2,174,103)		2,174,103
		Total Investments (cost $157,104,435) – 99.8%		165,034,458
		Other Assets Less Liabilities – 0.2%		250,842
		Net Assets – 100%	$	165,285,300

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

(2) Optional Call Provisions (not covered by the report of independent registered public accounting firm): 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 (not covered by the report of independent registered public accounting firm): 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 63

Statement of

Assets and Liabilities May 31, 2015

	Minnesota Intermediate				Minnesota			Nebraska			Oregon Intermediate
Assets
Long-term investments, at value (cost $270,053,902, $221,868,367, $51,658,567 and $154,930,332, respectively)	$	284,391,140			$	237,700,725		$	54,873,455		$	162,860,355
Short-term investments, at value (cost approximates value)		7,496,949				7,560,993			1,781,611			2,174,103
Receivable for:
Interest		3,354,827				2,854,913			743,145			2,097,481
Investments sold		3,610,486				—			—			—
Shares sold		503,969				1,101,508			159,811			33,946
Other assets		15,609				12,481			12,946			8,929
Total assets		299,372,980				249,230,620			57,570,968			167,174,814
Liabilities
Payable for:
Dividends		445,508				226,384			44,577			195,932
Investments purchased		5,997,830				7,871,926			—			689,702
Shares redeemed		141,652				336,633			38,748			869,479
Accrued expenses:
Management fees		131,253				107,107			25,466			75,799
Directors fees		7,359				846			208			599
Professional fees		17,845				17,608			17,357			17,330
12b-1 distribution and service fees		24,321				40,675			9,154			16,026
Other		43,518				45,971			16,212			24,647
Total liabilities		6,809,286				8,647,150			151,722			1,889,514
Net assets	$	292,563,694			$	240,583,470		$	57,419,246		$	165,285,300
Class A Shares
Net assets	$	74,086,199			$	118,334,661		$	23,741,087		$	48,822,263
Shares outstanding		7,104,156				10,127,228			2,203,906			4,741,695
Net asset value (“NAV”) per share	$	10.43			$	11.68		$	10.77		$	10.30
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)	$	10.75			$	12.19		$	11.24		$	10.62
Class C Shares
Net assets	$	7,066,504			$	8,622,618		$	1,142,048		$	2,505,400
Shares outstanding		681,571				738,522			106,334			244,687
NAV and offering price per share	$	10.37			$	11.68		$	10.74		$	10.24
Class C1 Shares
Net assets	$	2,414,937			$	13,296,330		$	2,783,647		$	—
Shares outstanding		230,939				1,142,581			260,371			—
NAV and offering price per share	$	10.46			$	11.64		$	10.69		$	—
Class C2 Shares
Net assets	$	7,092,855			$	10,199,035		$	4,183,049		$	8,601,999
Shares outstanding		682,816				872,483			388,167			837,799
NAV and offering price per share	$	10.39			$	11.69		$	10.78		$	10.27
Class I Shares
Net assets	$	201,903,199			$	90,130,826		$	25,569,415		$	105,355,638
Shares outstanding		19,464,190				7,718,994			2,372,516			10,225,949
NAV and offering price per share	$	10.37			$	11.68		$	10.78		$	10.30
Net assets consist of:
Capital paid-in	$	278,683,168			$	230,569,382		$	56,449,565		$	158,814,406
Undistributed (Over-distribution of) net investment income		184,675				583,801			9,727			103,359
Accumulated net realized gain (loss)		(641,387	)			(6,402,071	)		(2,254,934	)		(1,562,488	)
Net unrealized appreciation (depreciation)		14,337,238		��		15,832,358			3,214,888			7,930,023
Net assets	$	292,563,694			$	240,583,470		$	57,419,246		$	165,285,300
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.

64 Nuveen Investments

Statement of

Operations Year Ended May 31, 2015

	Minnesota Intermediate			Minnesota		Nebraska			Oregon Intermediate
Investment Income	$	10,455,989		$	9,861,362	$	2,272,471		$	5,552,430
Expenses
Management fees		1,463,976			1,168,165		302,765			835,629
12b-1 service fees – Class A Shares		136,647			222,263		46,488			92,552
12b-1 distribution and service fees – Class C Shares		40,573			42,281		5,893			14,205
12b-1 distribution and service fees – Class C1 Shares		16,594			90,013		19,063			—
12b-1 distribution and service fees – Class C2 Shares		57,150			82,903		34,111			70,717
Shareholder servicing agent fees		77,144			74,566		22,530			37,887
Custodian fees		77,482			58,886		22,863			45,029
Directors fees		8,634			6,915		1,972			4,944
Professional fees		36,770			33,081		22,800			28,069
Shareholder reporting expenses		30,154			46,762		15,270			16,966
Federal and state registration fees		17,979			19,051		16,155			12,168
Other		7,131			5,610		3,336			4,870
Total expenses before fee waiver/expense reimbursement		1,970,234			1,850,496		513,246			1,163,036
Fee waiver/expense reimbursement		—			—		(20,432	)		—
Net expenses		1,970,234			1,850,496		492,814			1,163,036
Net investment income (loss)		8,485,755			8,010,866		1,779,657			4,389,394
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		48,700			22,199		34,512			232,647
Change in net unrealized appreciation (depreciation) of investments		(1,575,093	)		725,906		388,451			(1,182,850	)
Net realized and unrealized gain (loss)		(1,526,393	)		748,105		422,963			(950,203	)
Net increase (decrease) in net assets from operations	$	6,959,362		$	8,758,971	$	2,202,620		$	3,439,191

See accompanying notes to financial statements.

Nuveen Investments 65

Statement of

Changes in Net Assets

	Minnesota Intermediate						Minnesota
	Year Ended 5/31/15			Year Ended 5/31/14			Year Ended 5/31/15			Year Ended 5/31/14
Operations
Net investment income (loss)	$	8,485,755		$	8,453,186		$	8,010,866		$	8,185,379
Net realized gain (loss) from investments		48,700			(687,524	)		22,199			(6,283,207	)
Change in net unrealized appreciation (depreciation) of investments		(1,575,093	)		(2,243,083	)		725,906			(465,861	)
Net increase (decrease) in net assets from operations		6,959,362			5,522,579			8,758,971			1,436,311
Distributions to Shareholders
From net investment income:
Class A Shares		(2,092,552	)		(1,749,127	)		(4,085,067	)		(4,265,355	)
Class C Shares(1)		(90,612	)		(4,538	)		(121,604	)		(5,922	)
Class C1 Shares		(66,646	)		(83,087	)		(447,662	)		(501,353	)
Class C2 Shares		(191,608	)		(209,259	)		(344,567	)		(427,998	)
Class I Shares		(6,253,424	)		(6,085,893	)		(3,081,386	)		(2,748,471	)
From accumulated net realized gains:
Class A Shares		—			(93,033	)		—			(479,801	)
Class C Shares(1)		—			—			—			—
Class C1 Shares		—			(5,413	)		—			(62,324	)
Class C2 Shares		—			(14,521	)		—			(56,190	)
Class I Shares		—			(328,246	)		—			(277,828	)
Decrease in net assets from distributions to shareholders		(8,694,842	)		(8,573,117	)		(8,080,286	)		(8,825,242	)
Fund Share Transactions
Proceeds from sale of shares		78,242,798			54,016,934			68,964,450			31,542,304
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,218,200			2,616,752			5,559,397			6,051,857
		81,460,998			56,633,686			74,523,847			37,594,161
Cost of shares redeemed		(40,855,651	)		(88,705,382	)		(40,577,175	)		(83,359,560	)
Net increase (decrease) in net assets from Fund share transactions		40,605,347			(32,071,696	)		33,946,672			(45,765,399	)
Net increase (decrease) in net assets		38,869,867			(35,122,234	)		34,625,357			(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	$	292,563,694		$	253,693,827		$	240,583,470		$	205,958,113
Undistributed (Over-distribution of) net investment income at the end of period	$	184,675		$	393,762		$	583,801		$	653,221

(1) Established and commenced operations on February 10, 2014.

See accompanying notes to financial statements.

66 Nuveen Investments

	Nebraska						Oregon Intermediate
	Year Ended 5/31/15			Year Ended 5/31/14			Year Ended 5/31/15			Year Ended 5/31/14
Operations
Net investment income (loss)	$	1,779,657		$	2,138,311		$	4,389,394		$	4,667,045
Net realized gain (loss) from investments		34,512			(1,645,327	)		232,647			(1,470,676	)
Change in net unrealized appreciation (depreciation) of investments		388,451			(683,070	)		(1,182,850	)		(1,794,293	)
Net increase (decrease) in net assets from operations		2,202,620			(190,086	)		3,439,191			1,402,076
Distributions to Shareholders
From net investment income:
Class A Shares		(717,920	)		(826,833	)		(1,285,499	)		(1,322,552	)
Class C Shares(1)		(13,052	)		(624	)		(27,608	)		(1,277	)
Class C1 Shares		(76,614	)		(87,032	)		—			—
Class C2 Shares		(115,424	)		(170,990	)		(208,550	)		(260,088	)
Class I Shares		(814,508	)		(1,068,631	)		(2,851,801	)		(2,885,290	)
From accumulated net realized gains:
Class A Shares		—			—			—			—
Class C Shares(1)		—			—			—			—
Class C1 Shares		—			—			—			—
Class C2 Shares		—			—			—			—
Class I Shares		—			—			—			—
Decrease in net assets from distributions to shareholders		(1,737,518	)		(2,154,110	)		(4,373,458	)		(4,469,207	)
Fund Share Transactions
Proceeds from sale of shares		9,578,458			5,291,415			46,688,446			21,931,008
Proceeds from shares issued to shareholders due to reinvestment of distributions		1,162,415			1,426,704			2,070,564			1,892,820
		10,740,873			6,718,119			48,759,010			23,823,828
Cost of shares redeemed		(12,057,851	)		(27,321,623	)		(25,466,262	)		(66,885,818	)
Net increase (decrease) in net assets from Fund share transactions		(1,316,978	)		(20,603,504	)		23,292,748			(43,061,990	)
Net increase (decrease) in net assets		(851,876	)		(22,947,700	)		22,358,481			(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	$	57,419,246		$	58,271,122		$	165,285,300		$	142,926,819
Undistributed (Over-distribution of) net investment income at the end of period	$	9,727		$	(32,412	)	$	103,359		$	87,423

(1) Established and commenced operations on February 10, 2014.

See accompanying notes to financial statements.

Nuveen Investments 67

Financial

Highlights

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	$	10.49	$	0.31	$	(0.05	)	$	0.26	$	(0.32	)	$	—		$	(0.32	)	$	10.43
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
Class C (02/14)
Year Ended 5/31
2015		10.42		0.22		(0.03	)		0.19		(0.24	)		—			(0.24	)		10.37
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		10.52		0.27		(0.05	)		0.22		(0.28	)		—			(0.28	)		10.46
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		10.44		0.26		(0.05	)		0.21		(0.26	)		—			(0.26	)		10.39
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		10.43		0.33		(0.05	)		0.28		(0.34	)		—			(0.34	)		10.37
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

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)
	2.52	%	$	74,086		0.82	%		2.97	%		0.82	%		2.97	%		11	%
	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
	1.82			7,067		1.62			2.13			1.62			2.13			11
	2.19			1,052		1.64	*		2.29	*		1.64	*		2.29	*		12
	2.05			2,415		1.27			2.53			1.27			2.53			11
	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
	2.05			7,093		1.38			2.44			1.38			2.44			11
	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
	2.71			201,903		0.63			3.19			0.63			3.19			11
	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

(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.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 69

Financial Highlights (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	$	11.63	$	0.43	$	0.05		$	0.48	$	(0.43	)	$	—		$	(0.43	)	$	11.68
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
Class C (02/14)
Year Ended 5/31
2015		11.63		0.33		0.06			0.39		(0.34	)		—			(0.34	)		11.68
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		11.58		0.38		0.06			0.44		(0.38	)		—			(0.38	)		11.64
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
Class C2 (01/11)(g)
Year Ended 5/31
2015		11.63		0.36		0.07			0.43		(0.37	)		—			(0.37	)		11.69
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		11.62		0.45		0.07			0.52		(0.46	)		—			(0.46	)		11.68
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

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)
	4.18	%	$	118,335		0.84	%		3.65	%		0.84	%		3.65	%		10	%
	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
	3.39			8,623		1.64			2.77			1.64			2.77			10
	4.32			1,242		1.66	*		2.75	*		1.66	*		2.75	*		15
	3.81			13,296		1.29			3.21			1.29			3.21			10
	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
	3.69			10,199		1.39			3.10			1.39			3.10			10
	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
	4.49			90,131		0.64			3.85			0.64			3.85			10
	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

(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.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 71

Financial Highlights (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	$	10.68	$	0.34	$	0.08		$	0.42	$	(0.33	)	$	—	$	—		$	(0.33	)	$	10.77
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
Class C (02/14)
Year Ended 5/31
2015		10.65		0.25		0.09			0.34		(0.25	)		—		—			(0.25	)		10.74
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		10.59		0.29		0.09			0.38		(0.28	)		—		—			(0.28	)		10.69
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
Class C2 (01/11)(g)
Year Ended 5/31
2015		10.68		0.28		0.09			0.37		(0.27	)		—		—			(0.27	)		10.78
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		10.68		0.36		0.09			0.45		(0.35	)		—		—			(0.35	)		10.78
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

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(e)
	4.00	%	$	23,741		0.92	%		3.11	%		0.89	%		3.15	%		27	%
	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
	3.17			1,142		1.72			2.28			1.69			2.31			27
	3.36			172		1.72	*		1.96	*		1.69	*		1.98	*		11
	3.61			2,784		1.38			2.68			1.34			2.72			27
	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
	3.52			4,183		1.47			2.56			1.44			2.60			27
	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
	4.27			25,569		0.72			3.31			0.69			3.34			27
	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

(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.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 73

Financial Highlights (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	$	10.35	$	0.29	$	(0.05	)	$	0.24	$	(0.29	)	$	—		$	(0.29	)	$	10.30
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
Class C (02/14)
Year Ended 5/31
2015		10.29		0.20		(0.05	)		0.15		(0.20	)		—			(0.20	)		10.24
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		10.32		0.23		(0.05	)		0.18		(0.23	)		—			(0.23	)		10.27
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		10.35		0.31		(0.05	)		0.26		(0.31	)		—			(0.31	)		10.30
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

74 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)
	2.32	%	$	48,822		0.84	%		2.77	%		0.84	%		2.77	%		7	%
	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
	1.51			2,505		1.64			1.94			1.64			1.94			7
	1.89			545		1.65	*		2.04	*		1.65	*		2.04	*		4
	1.74			8,602		1.39			2.24			1.39			2.24			7
	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
	2.50			105,356		0.64			2.97			0.64			2.97			7
	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

(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.

* Annualized.

** Round to less than $0.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 75

Notes to

Financial Statements

1. General Information and Significant Accounting Policies

General Information

Trust and Fund Information

Nuveen Investment Funds, Inc. (the “Trust”), is an open-end management 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.

The end of the reporting period for the Funds is May 31, 2015, and the period covered by these Notes to Financial Statements is the fiscal year ended May 31, 2015 (“the current fiscal period”).

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.

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 net 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.

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”).

76 Nuveen Investments

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 the end of the reporting period, the Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Outstanding when-issued/delayed delivery purchase commitments	$	5,997,830	$	7,819,090	$	—	$	689,702

Investment Income

Dividend income is recorded on the ex-dividend date. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydowns gains and losses, if any.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.

Dividends and Distributions to Shareholders

Dividends from net investment income are declared daily and distributed to shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the transfer agent.

Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Share Classes and Sales Charges

Class A Shares are generally sold with an up-front sales charge and incur a 0.20% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. 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.

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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.

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.

Nuveen Investments 77

Notes to Financial Statements (continued)

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.

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).

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 and/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 and/or its appointee.

78 Nuveen 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	$	—	$	284,391,140	$	—	$	284,391,140
Short-Term Investments:
Money Market Funds		7,496,949		—		—		7,496,949
Total	$	7,496,949	$	284,391,140	$	—	$	291,888,089
Minnesota
Long-Term Investments*:
Municipal Bonds	$	—	$	237,700,725	$	—	$	237,700,725
Short-Term Investments:
Money Market Funds		7,560,993		—		—		7,560,993
Total	$	7,560,993	$	237,700,725	$	—	$	245,261,718
Nebraska
Long-Term Investments*:
Municipal Bonds	$	—	$	54,873,455	$	—	$	54,873,455
Short-Term Investments:
Money Market Funds		1,781,611		—		—		1,781,611
Total	$	1,781,611	$	54,873,455	$	—	$	56,655,066
Oregon Intermediate
Long-Term Investments*:
Municipal Bonds	$	—	$	162,860,355	$	—	$	162,860,355
Short-Term Investments:
Money Market Funds		2,174,103		—		—		2,174,103
Total	$	2,174,103	$	162,860,355	$	—	$	165,034,458

* 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.

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.

Nuveen Investments 79

Notes to Financial Statements (continued)

3. Portfolio Securities and Investments in Derivatives

Portfolio Securities

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose trust (referred to as the “Trust”) created by or at the direction of one or more Funds. In turn, the Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the Trust from a third party liquidity provider, or by the sale of assets from the Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, 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 value of an Inverse Floater 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 Floaters, and because the Inverse Floater 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 to (a) cause the holders of the Floaters to tender their certificates at par, and (b) have the trustee of the Trust transfer the Underlying Bond held by the Trust to the Fund, thereby collapsing the Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a Trust created at its direction, and in return receives the Inverse Floater of the Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).

An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing the Floaters issued by the Trust as liabilities, at their liquidation value on the Statement of Assets and Liabilities as “Floating rate obligations.” In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond and recognizes the related interest paid to the holders of the Floaters as a component of “Interest expense” on the Statement of Operations.

In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the inverse floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters 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.

During the current fiscal period, the Funds did not have any transactions in self-deposited Inverse Floaters and/or externally-deposited Inverse Floaters.

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

In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.

Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.

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

80 Nuveen Investments

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 during the current and prior fiscal period were as follows:

	Year Ended 5/31/2015						Year Ended 5/31/2014
Minnesota Intermediate	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,490,552		$	26,179,889			2,150,102		$	22,158,961
Class C		645,225			6,739,281			102,694			1,058,079
Class C1 – exchanges		66			690			6,768			69,320
Class C2		4,096			42,573			225,667			2,300,130
Class I		4,328,653			45,280,365			2,781,911			28,430,444
Shares issued to shareholders due to reinvestment of distributions:
Class A		194,176			2,043,003			175,051			1,799,955
Class C		8,571			89,695			420			4,356
Class C1		6,229			65,725			8,075			83,165
Class C2		17,725			185,776			21,128			216,168
Class I		79,681			834,001			50,223			513,108
		7,774,974			81,460,998			5,522,039			56,633,686
Shares redeemed:
Class A		(1,814,015	)		(19,035,863	)		(2,008,275	)		(20,599,301	)
Class C		(73,139	)		(768,115	)		(2,200	)		(22,776	)
Class C1		(45,092	)		(474,378	)		(104,465	)		(1,073,549	)
Class C2		(106,966	)		(1,120,173	)		(315,370	)		(3,209,497	)
Class I		(1,859,431	)		(19,457,122	)		(6,267,033	)		(63,800,259	)
		(3,898,643	)		(40,855,651	)		(8,697,343	)		(88,705,382	)
Net increase (decrease)		3,876,331		$	40,605,347			(3,175,304	)	$	(32,071,696	)

Nuveen Investments 81

Notes to Financial Statements (continued)

	Year Ended 5/31/2015						Year Ended 5/31/2014
Minnesota	Shares			Amount			Shares			Amount
Shares sold:
Class A		2,467,622		$	29,072,048			1,288,452		$	14,454,975
Class C		655,957			7,713,678			111,289			1,268,646
Class C1 – exchanges		2,023			23,680			2,443			27,242
Class C2		10,328			122,043			110,375			1,232,580
Class I		2,725,316			32,033,001			1,300,089			14,558,861
Shares issued to shareholders due to reinvestment of distributions:
Class A		335,009			3,938,827			406,108			4,544,281
Class C		9,991			117,572			493			5,692
Class C1		35,533			416,061			46,772			521,014
Class C2		28,085			330,219			41,332			462,337
Class I		64,340			756,718			46,377			518,533
		6,334,204			74,523,847			3,353,730			37,594,161
Shares redeemed:
Class A		(2,158,944	)		(25,355,640	)		(3,394,828	)		(37,833,422	)
Class C		(34,249	)		(404,875	)		(4,959	)		(56,399	)
Class C1		(138,575	)		(1,615,484	)		(433,604	)		(4,829,436	)
Class C2		(238,421	)		(2,788,124	)		(498,561	)		(5,570,309	)
Class I		(887,202	)		(10,413,052	)		(3,150,499	)		(35,069,994	)
		(3,457,391	)		(40,577,175	)		(7,482,451	)		(83,359,560	)
Net increase (decrease)		2,876,813		$	33,946,672			(4,128,721	)	$	(45,765,399	)
	Year Ended 5/31/2015						Year Ended 5/31/2014
Nebraska	Shares			Amount			Shares			Amount
Shares sold:
Class A		304,910		$	3,305,688			173,830		$	1,802,032
Class C		107,425			1,161,420			16,145			169,221
Class C1 – exchanges		111			1,194			116			1,179
Class C2		156			1,694			90,607			928,259
Class I		471,540			5,108,462			231,279			2,390,724
Shares issued to shareholders due to reinvestment of distributions:
Class A		65,586			710,063			79,463			817,686
Class C		1,133			12,265			42			438
Class C1		6,638			71,317			7,937			81,069
Class C2		10,501			113,716			16,429			168,932
Class I		23,556			255,054			34,815			358,579
		991,556			10,740,873			650,663			6,718,119
Shares redeemed:
Class A		(389,578	)		(4,200,785	)		(934,443	)		(9,537,832	)
Class C		(18,392	)		(199,487	)		(19	)		(197	)
Class C1		(30,828	)		(330,812	)		(84,953	)		(866,076	)
Class C2		(85,504	)		(921,850	)		(443,051	)		(4,547,662	)
Class I		(594,194	)		(6,404,917	)		(1,201,321	)		(12,369,856	)
		(1,118,496	)		(12,057,851	)		(2,663,787	)		(27,321,623	)
Net increase (decrease)		(126,940	)	$	(1,316,978	)		(2,013,124	)	$	(20,603,504	)

82 Nuveen Investments

	Year Ended 5/31/2015						Year Ended 5/31/2014
Oregon Intermediate	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,159,114		$	12,039,504			937,271		$	9,508,175
Class C		221,130			2,285,017			53,807			550,732
Class C2		17,568			182,242			203,948			2,057,461
Class I		3,098,291			32,181,683			964,857			9,814,640
Shares issued to shareholders due to reinvestment of distributions:
Class A		120,251			1,248,740			125,282			1,272,776
Class C		2,631			27,164			110			1,125
Class C2		19,376			200,593			24,807			251,143
Class I		57,171			594,067			36,183			367,776
		4,695,532			48,759,010			2,346,265			23,823,828
Shares redeemed:
Class A		(908,608	)		(9,396,538	)		(2,194,436	)		(22,221,275	)
Class C		(32,003	)		(329,960	)		(988	)		(10,112	)
Class C2		(229,823	)		(2,374,144	)		(700,401	)		(7,069,278	)
Class I		(1,287,798	)		(13,365,620	)		(3,709,297	)		(37,585,153	)
		(2,458,232	)		(25,466,262	)		(6,605,122	)		(66,885,818	)
Net increase (decrease)		2,237,300		$	23,292,748			(4,258,857	)	$	(43,061,990	)

5. Investment Transactions

Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Purchases	$	68,793,787	$	55,998,296	$	14,812,149	$	33,435,912
Sales and maturities		30,481,149		21,194,359		15,545,653		10,005,795

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 May 31, 2015, 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	$	277,350,077		$	228,419,742		$	53,340,065		$	157,091,891
Gross unrealized:
Appreciation	$	14,860,259		$	17,273,537		$	3,365,663		$	8,394,761
Depreciation		(322,247	)		(431,561	)		(50,662	)		(452,194	)
Net unrealized appreciation (depreciation) of investments	$	14,538,012		$	16,841,976		$	3,315,001		$	7,942,567

Nuveen Investments 83

Notes to Financial Statements (continued)

Permanent differences, primarily due to federal taxes paid, resulted in reclassifications among the Funds’ components of net assets as of May 31, 2015, the Funds’ tax year end, as follows:

	Minnesota Intermediate			Minnesota			Nebraska			Oregon Intermediate
Capital paid-in	$	(23	)	$	(22	)	$	(22	)	$	(2,157	)
Undistributed (Over-distribution of) net investment income		—			—			—			—
Accumulated net realized gain (loss)		23			22			22			2,157

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2015, the Funds’ tax year end, were as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Undistributed net tax-exempt income1	$	720,504	$	318,802	$	59,687	$	479,661
Undistributed net ordinary income2		—		—		—		—
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, 2015 through May 31, 2015 and paid on June 1, 2015.

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’ tax years ended May 31, 2015 and May 31, 2014, was designated for purposes of the dividends paid deduction as follows:

2015	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Distributions from net tax-exempt income3	$	8,650,751	$	7,980,716	$	1,678,368	$	4,265,331
Distributions from net ordinary income2		—		—		73,598		68,340
Distributions from net long-term capital gains		—		—		—		—
2014	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.

³  The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2015, as Exempt Interest Dividends.

As of May 31, 2015, the Funds’ 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		641,387		6,244,648		2,019,679		1,562,488
Total	$	641,387	$	6,244,648	$	2,254,934	$	1,562,488

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.

84 Nuveen Investments

The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Average Daily Net Assets	Minnesota Intermediate Fund-Level Fee			Minnesota Fund-Level Fee			Nebraska Fund-Level Fee			Oregon Intermediate Fund-Level Fee
For the first $125 million		0.3500	%		0.3500	%		0.3500	%		0.3500	%
For the next $125 million		0.3375			0.3375			0.3375			0.3375
For the next $250 million		0.3250			0.3250			0.3250			0.3250
For the next $500 million		0.3125			0.3125			0.3125			0.3125
For the next $1 billion		0.3000			0.3000			0.3000			0.3000
For net assets over $2 billion		0.2750			0.2750			0.2750			0.2750

The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee 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 May 31, 2015, the complex-level fee for each Fund was as follows:

Fund	Complex-Level Fee Rate
Minnesota Intermediate		0.1894	%
Minnesota		0.1851
Nebraska		0.1869
Oregon Intermediate		0.1935

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 current fiscal period, 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 (Unaudited)	$	150,767	$	329,090	$	81,468	$	27,622
Paid to financial intermediaries (Unaudited)		130,614		292,699		69,866		22,049

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 85

Notes to Financial Statements (continued)

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
Commission advances (Unaudited)	$	118,480	$	176,363	$	11,142	$	19,492

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 current fiscal period, the Distributor retained such 12b-1 fees as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
12b-1 fees retained (Unaudited)	$	44,848	$	46,777	$	8,210	$	19,513

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 current fiscal period, as follows:

	Minnesota Intermediate		Minnesota		Nebraska		Oregon Intermediate
CDSC retained (Unaudited)	$	7,970	$	3,356	$	2,490	$	—

86 Nuveen Investments

Additional

Fund Information (Unaudited)

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 U.S. Bank National
Association Milwaukee, WI 53202 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 87

Glossary of Terms

Used in this Report (Unaudited)

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

88 Nuveen Investments

returns for funds from multiple states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.

Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.

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 89

Annual Investment Management Agreement

Approval Process (Unaudited)

The Board of Directors of each Fund (each, a “Board” and each Director, a “Board Member”), including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund’s advisory agreement (the “Investment Management Agreement”) between the Fund and Nuveen Fund Advisors, LLC (the “Adviser”) and the sub-advisory agreement (the “Sub-Advisory Agreement” and, together with the Investment Management Agreement, the “Advisory Agreements”) between the Adviser and Nuveen Asset Management, LLC (the “Sub-Adviser”). Following an initial term with respect to each Fund upon its commencement of operations, the Board is required to consider the continuation of the Advisory Agreements on an annual basis pursuant to the requirements of the Investment Company Act of 1940, as amended (the “1940 Act”). Accordingly, at an in-person meeting held on May 11-13, 2015 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.

In preparation for its considerations at the May Meeting, the Board received in advance of the meeting extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, including, among other things, the nature, extent and quality of services provided by the Adviser and Sub-Adviser (the Adviser and Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser”); Fund performance including performance assessments against peers and the appropriate benchmark(s); fee and expense information of the Funds compared to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and profitability information of the Fund Advisers as described in further detail below. As part of its annual review, the Board also held a separate meeting on April 14-15, 2015 to review the Funds’ investment performance and consider an analysis by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser’s investment team, investment mandate, organizational structure and history, investment philosophy and process, and the performance of the Funds, and any significant changes to the foregoing. During the review, the Independent Board Members asked questions of and requested additional information from management.

The Board considered that the evaluation process with respect to the Fund Advisers is an ongoing process that encompassed the information and knowledge gained throughout the year. The Board, acting directly or through its committees, met regularly during the course of the year and received information and considered factors at each meeting that would be relevant to its annual consideration of the Advisory Agreements, including information relating to Fund performance; Fund expenses; investment team evaluations; and valuation, compliance, regulatory and risk matters. In addition to regular reports, the Adviser provided special reports to the Board to enhance the Board’s understanding on topics that impact some or all of the Nuveen funds and the Adviser (such as presentations on risk and stress testing; the new governance, risk and compliance system; cybersecurity developments; Nuveen fund accounting and reporting matters; regulatory developments impacting the investment company industry and the business plans or other matters impacting the Adviser). The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.

The Board had created several standing committees including the Open-End Funds Committee and the Closed-End Funds Committee to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These Committees met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.

The Board also continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made site visits to multiple equity and fixed-income investment teams of the Sub-Adviser in June 2014.

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. The Independent Board Members also received a memorandum from independent legal counsel outlining the legal standards for their consideration of the proposed continuation of the Advisory Agreements. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and Fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

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The Board took into account all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers; (b) the investment performance of the Funds and Fund Advisers; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any economies of scale; (e) any benefits derived by the Fund Advisers from the relationship with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements applicable to the respective Fund. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund. The Board reviewed information regarding, among other things, each Fund Adviser’s organization and business, the types of services that each Fund Adviser or its affiliates provided to the Funds, the performance record of the Funds (as described in further detail below), and any initiatives that had been undertaken on behalf of the open-end product line. The Board recognized the high quality of services the Adviser had provided to the Funds over the years and the conscientiousness with which the Adviser provided these services. The Board also considered the improved capital structure of Nuveen Investments, Inc. (“Nuveen”) (the parent of the Adviser) following the acquisition of Nuveen by TIAA-CREF in 2014 (the “TIAA-CREF Transaction”).

With respect to the services, the Board noted the Funds were registered investment companies that operated in a regulated industry and considered the myriad of investment management, administrative, compliance, oversight and other services the Adviser provided to manage and operate the Funds. Such services included, among other things: (a) product management (such as analyzing ways to better position a Nuveen fund in the marketplace, setting dividends; maintaining relationships to gain access to distribution platforms; and providing shareholder communications); (b) fund administration (such as preparing tax returns and other tax compliance services, preparing regulatory filings and shareholder reports; managing fund budgets and expenses; overseeing a fund’s various service providers and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund’s investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of the funds’ sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing the funds’ sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; evaluating brokerage transactions and securities lending, overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; reporting to the Board on various matters including performance, risk and valuation; and participating in fund development, leverage management, and the developing or interpreting of investment policies and parameters).

In its review, the Board considered information highlighting the various initiatives that the Adviser had implemented or continued during the last year to enhance its services to the Nuveen funds. The Board recognized that some of these initiatives are a result of a multi-year process. In reviewing the activities of 2014, the Board recognized the Adviser’s continued focus on fund rationalization for open-end funds through mergers, fund closures or repositioning the funds in seeking to enhance shareholder value, reduce costs, improve performance, eliminate fund overlap and better meet shareholder needs. The Board noted the Adviser’s investment in additional staffing to strengthen and improve its services to the Nuveen funds, including with respect to risk management and valuation. The Board recognized that expanding the depth and range of its risk oversight activities had been a major priority for the Adviser in recent years, and the Adviser continued to add to the risk management team, develop additional risk management programs and create committees or other teams designated to oversee or evaluate certain risks, such as liquidity risk, enterprise risk, investment risk and cybersecurity risk. The Adviser had also continued to add to the valuation team, launched its centralized securities valuation system which is intended to provide for uniform pricing and reporting across the complex as the system continues to develop, continued to refine its valuation analysis and updated related policies and procedures and evaluated and assessed pricing services. The Board considered the Adviser’s ongoing investment in information technology and operations and the various projects of the information technology team to support the continued growth and complexity of the Nuveen funds and increase efficiencies in their operations. The Board also recognized the Adviser’s strong commitment to compliance and reviewed information reflecting the compliance group’s ongoing activities to enhance its compliance system and refine its compliance procedures as well as the Chief Compliance Officer’s report regarding the compliance team, the initiatives the team had undertaken in 2014 and proposed for 2015, the compliance functions and reporting process, the record of compliance with the policies and procedures and its supervision activities of other service providers.

With respect to the open-end fund product line, the Adviser had also, among other things: developed new funds in seeking to enhance the product line; enhanced the reporting to the Board and its committees regarding payments to intermediaries; and continued to explore opportunities for potential funds.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. In considering the Sub-Advisory Agreements and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser’s investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of each Fund.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the Funds under each respective Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds’ performance and the applicable investment team. The Board reviewed, among other things, each Fund’s investment performance both on an absolute basis and in comparison to peer funds (the “Performance Peer Group”) and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2014, as well as performance information reflecting the first quarter of 2015. In its review, the Board noted that it also reviewed Fund performance results at each of its quarterly meetings.

In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

• The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.

• Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.

• The investment experience of a particular shareholder in a fund would vary depending on when such shareholder invested in the fund, the class held (if multiple classes are offered in the fund) and the performance of the fund (or respective class) during that shareholder’s investment period.

• Open-end funds offer multiple classes and the performance data provided for open-end funds was based on Class A shares. The performance of the other classes of a fund, however, should be substantially similar on a relative basis because all of the classes would be invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.

• The Board recognized that the funds in the Performance Peer Group may differ somewhat from the Fund with which it is being compared and due to these differences, performance comparisons between the Funds and their Performance Peer Group may be inexact and the relevancy limited. The Board considered that management had classified the Performance Peer Group as low, medium and high in relevancy. The Board took the analysis of the relevancy of the Performance Peer Group into account when considering the comparative performance data. The Board also considered comparative performance of an applicable benchmark. While the Board was cognizant of the relative performance of a Fund’s peer set and/or benchmark(s), the Board evaluated Fund performance in light of the respective Fund’s investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the Fund with its peers and/or benchmarks result in differences in performance results.

With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund’s fee structure.

In considering the performance data, the Independent Board Members noted the following with respect to the Funds:

For Nuveen Minnesota Intermediate Municipal Bond Fund, the Board noted that the Fund ranked in its Performance Peer Group in the first quartile for the one-, three- and five-year periods. Although the Fund underperformed its benchmark in the three- and five-year periods, it provided comparable performance to its benchmark in the one-year period.

For Nuveen Minnesota Municipal Bond Fund, the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one-, three- and five-year periods and outperformed its benchmark in each of such periods.

For Nuveen Nebraska Municipal Bond Fund (the “Nebraska Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the first quartile in the one- and five-year periods and the second quartile in the three-year period. Although the Fund underperformed its benchmark in the three- and five-year periods, the Fund outperformed its benchmark in the one-year period.

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For Nuveen Oregon Intermediate Municipal Bond Fund, the Board noted that, although the Fund underperformed its benchmark in the one-, three- and five-year periods, the Fund ranked in its Performance Peer Group in the first quartile in each of such periods.

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and other fees and expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and in comparison to the fee and expense levels of a comparable universe of funds (the “Peer Universe”) and, with respect to open-end funds, to a more focused subset in the Peer Universe (the “Peer Group”), each selected by an independent third-party fund data provider. The Independent Board Members reviewed the methodology regarding the construction of the Peer Universe and Peer Group for each Fund. The Board reviewed, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe and Peer Group. The Board noted that the net total expense ratios paid by investors in the Funds were the most representative of an investor’s net experience. The Board Members also considered any fee waivers and/or expense reimbursement arrangements currently in effect for the Funds.

In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; the timing of information used; differences in services provided and differences in the states reflected in the Peer Universe or Peer Group (with respect to state municipal funds) can impact the comparative data limiting the usefulness of the data to help make a conclusive assessment of the Funds’ fees and expenses.

In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the majority of the Nuveen funds had a net expense ratio near or below their peer average.

The Board noted that the Funds each had a net management fee slightly higher than the peer average but a net expense ratio in line with the peer average.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Board considered information regarding the fees a Fund Adviser assessed to the Nuveen funds compared to that of other clients as described in further detail below. With respect to municipal funds, such other clients of a Fund Adviser may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser.

The Board recognized that each Fund had an affiliated sub-adviser and therefore the overall Fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. The Board considered the range of advisory fee rates for retail and institutional managed accounts advised by Nuveen-affiliated sub-advisers. The Board also reviewed, among other things, the average fee the affiliated sub-advisers assessed such clients as well as the range of fee rates assessed to the different types of clients (such as retail, institutional and wrap accounts as well as non-Nuveen funds) applicable to such sub-advisers.

In reviewing the comparative information, the Board also reviewed information regarding the differences between the Funds and the other clients, including differences in services provided, investment policies, investor profiles, compliance and regulatory requirements and account sizes. The Board recognized the breadth of services necessary to operate a registered investment company (as described above) and that, in general terms, the Adviser provided the administrative and other support services to the Funds and, although the Sub-Adviser may provide some of these services, the Sub-Adviser essentially provided the portfolio management services. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Independent Board Members considered the differences in structure and operations of separately managed accounts and hedge funds from registered funds and noted that the range of day-to-day services was not generally of the breadth required for the registered funds. Many of the additional administrative services provided by the Adviser were not required for institutional clients or funds sub-advised by a Nuveen-affiliated sub-adviser that were offered by other fund groups. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the

Nuveen Investments 93

Annual Investment Management Agreement Approval Process (Unaudited) (continued)

client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believed such facts justify the different levels of fees.

3. Profitability of Fund Advisers

In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years, the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen’s managed fund advisory activities for the last two calendar years, the allocation methodology used by Nuveen in preparing the profitability data and a history of the adjustments to the methodology due to changes in the business over time. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described in further detail below, each affiliated sub-adviser for the 2014 calendar year. In reviewing the profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have been employed but yield different results. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2014. The Independent Board Members recognized that Nuveen’s net revenue margin from advisory activities for 2014 was consistent with 2013. The Independent Board Members also considered the profitability of Nuveen in comparison to the adjusted operating margins of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members noted that Nuveen’s adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, recognized the difficulty of making comparisons of profitability from fund investment advisory contracts as the information is not generally publicly available, the information for the investment advisers that was publicly available may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed.

The Independent Board Members noted this information supplemented the profitability information requested and received during the year and noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes during the year.

The Independent Board Members determined that Nuveen appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Independent Board Members noted the Adviser’s continued expenditures to upgrade its investment technology and increase personnel and recognized the Adviser’s continued commitment to its business to enhance the Adviser’s capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Independent Board Members also noted that the sub-advisory fees for the Nuveen funds are paid by the Adviser, however, the Board recognized that many of the sub-advisers, including the Sub-Adviser, are affiliated with Nuveen. The Independent Board Members also noted the increased resources and support available to Nuveen as well as an improved capital structure as a result of the TIAA-CREF Transaction.

With respect to the Sub-Adviser, the Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.

Based on their review, the Independent Board Members determined that the Adviser’s and the Sub-Adviser’s level of profitability was reasonable in light of the respective services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized, and the Independent Board Members considered the extent to which the funds benefit from such economies of scale. Although the Independent Board Members recognized that economies of scale are difficult to measure, the Board recognized that one method to help ensure the shareholders share in these benefits is to include breakpoints in the management fee schedule reducing fee rates as asset levels grow. The Independent Board Members noted that, subject to certain exceptions, the management fees of the funds in the Nuveen complex are generally comprised of a fund-level component and complex-level component. Each component of the management fee for each Fund included breakpoints to reduce management fee rates of the Fund as the Fund grows and, as described below, as the Nuveen complex grows. In addition to fund-specific breakpoint schedules which reduce the fee rates of a particular fund as its assets increase, the Independent Board Members recognized

94 Nuveen Investments

that the Adviser also passed on the benefits of economies of scale through the complex-wide fee arrangement which reduced management fee rates as assets in the fund complex reached certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflected the notion that some of Nuveen’s costs were attributable to services provided to all its funds in the complex, and therefore all funds benefit if these costs were spread over a larger asset base. The Independent Board Members reviewed the breakpoint and complex-wide schedules and the fee reductions achieved as a result of such structures for the 2014 calendar year.

The Independent Board Members also noted that additional economies of scale were shared with shareholders of the Nebraska Fund through the adoption of a temporary expense cap. The Independent Board Members further considered that as part of the TIAA-CREF Transaction, Nuveen agreed, for a period of two years from the date of the closing of the TIAA-CREF Transaction, not to increase contractual management fees for any Nuveen fund and, with respect to funds with expense caps, not to raise expense cap levels for such funds from levels in effect at that time or scheduled to go into effect prior to the closing of the TIAA-CREF Transaction. The commitment would not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.

Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

The Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Funds. In this regard, the Independent Board Members recognized that an affiliate of the Adviser served as the Funds’ principal underwriter and may receive compensation therefore from, among other things, sales charges, distribution fees and shareholder services fees (which included fees received pursuant to any 12b-1 plan). The Independent Board Members therefore took into account, among other things, the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. The Funds’ portfolio transactions are allocated by the Sub-Adviser. The Independent Board Members considered that the Sub-Adviser may benefit from research provided by broker-dealers executing portfolio transactions on behalf of the Funds. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that any research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and shareholders to the extent the research enhanced the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser’s profitability may be somewhat lower if it had to acquire any such research services directly.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Nuveen Investments 95

Directors

and Officers (Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of directors of the Funds. The number of directors of the Funds is currently set at eleven. None of the directors who are not “interested” persons of the Funds (referred to herein as “independent directors”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the directors and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

The Funds’ Statement of Additional Information (“SAI”) includes more information about the directors. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Independent Trustee:
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606	Chairman of the Board and Trustee	1996	Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; owner in several other Miller-Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio Station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.	194
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	1999	President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.	194
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606	Trustee	2004	Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since 2012) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.	194
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606	Trustee	2005	Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.	194

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Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
John K. Nelson 1962 333 West Wacker Drive Chicago, IL 60606	Trustee	2013	Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets—the Americas (2006-2007), CEO of Wholesale Banking—North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading—North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.	194
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	1997	Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).	194
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606	Trustee	2007	Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009) Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).	194
Virginia L. Stringer 1944 333 W. Wacker Drive Chicago, IL 60606	Trustee	2011	Board Member, Mutual Fund Directors Forum; non-profit board member; former governance consultant; former Owner and President, Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).	194
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Trustee	2008	Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).	194

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Directors and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (1)	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee
Interested Trustee:
William Adams IV(2) 1955 333 W. Wacker Drive Chicago, IL 60606	Trustee	2013	Senior Executive Vice President, Global Structured Products (since 2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); Executive Vice President of Nuveen Securities, LLC; President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda’s Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).	194
Thomas S. Schreier, Jr.(2) 1962 333 W. Wacker Drive Chicago, IL 60606	Trustee	2013	Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman’s Council of the Investment Company Institute; Director of Allina Health and a Member of its Finance, Audit and Investment Committees, formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).	194

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Officers of the Funds:
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer	1988	Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.	195
Margo L. Cook 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2009	Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011); Co-Chief Executive Officer (since 2015) of Nuveen Securities, LLC; previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Chartered Financial Analyst.	195
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606	Vice President	1998	Managing Director (since 2005) of Nuveen Fund Advisors, LLC and Nuveen Securities, LLC (since 2004).	195

98 Nuveen Investments

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606	Vice President and Controller	1998	Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.	195
Scott S. Grace 1970 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2009	Managing Director, Head of Business Development and Strategy, Global Structured Products Group (since November 2014); Managing Director (since 2009) and, formerly, Treasurer, of Nuveen Investments Advisers Inc., Nuveen Investments, Inc., Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and (since 2011) Nuveen Asset Management LLC; Vice President and, formerly, Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; Chartered Accountant Designation.	195
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606	Chief Compliance Officer and Vice President	2003	Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc.	195
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC	195
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2007	Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary, Nuveen Investments, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.	195
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2011	Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).	195
Joel T. Slager 1978 333 West Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2013	Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).	195

Nuveen Investments 99

Directors and Officers (Unaudited) (continued)

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed (2)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Officer
Jeffery M. Wilson 1956 333 West Wacker Drive Chicago, IL 60606	Vice President	2011	Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010).	107

(1) Directors serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex.

(2) Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex.

100 Nuveen Investments

Notes

Nuveen Investments 101

Notes

102 Nuveen Investments

Notes

Nuveen Investments 103

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 $230 billion as of June 30, 2015.
		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

MAN-FTFI-0515D        9151-INV-Y-07/16

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.

Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE AUDITOR BILLED TO THE FUNDS

Fiscal Year Ended May 31, 2015	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to  Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Minnesota Municipal Bond Fund		17,609		0		0		0
Nuveen Minnesota Intermediate Municipal Bond Fund		17,846		0		0		0
Nuveen Nebraska Municipal Bond Fund		16,901		0		0		0
Nuveen Oregon Intermediate Municipal Bond Fund		17,331		0		0		0
Total	$	69,687	$	0	$	0	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval  Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Minnesota Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Minnesota Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Nebraska Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Oregon Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%
May 31, 2014	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Minnesota Municipal Bond Fund		16,995			0			2,323			0
Nuveen Minnesota Intermediate Municipal Bond Fund		17,182			0			2,323			0
Nuveen Nebraska Municipal Bond Fund		16,390			0			2,323			0
Nuveen Oregon Intermediate Municipal Bond Fund		16,741			0			2,323			0
Total	$	67,308		$	0		$	9,292		$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴ “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval  Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Minnesota Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Minnesota Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Nebraska Municipal Bond Fund		0	%		0	%		0	%		0	%
Nuveen Oregon Intermediate Municipal Bond Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended May 31, 2015	Audit-Related Fees Billed to Adviser  and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended May 31, 2014	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended May 31, 2015	Total Non-Audit Fees Billed to Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Minnesota Municipal Bond Fund		0		0		0		0
Nuveen Minnesota Intermediate Municipal Bond Fund		0		0		0		0
Nuveen Nebraska Municipal Bond Fund		0		0		0		0
Nuveen Oregon Intermediate Municipal Bond Fund		0		0		0		0
Total	$	0	$	0	$	0	$	0

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Fiscal Year Ended May 31, 2014	Total Non-Audit Fees Billed to  Trust		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Minnesota Municipal Bond Fund		2,323		0		0		2,323
Nuveen Minnesota Intermediate Municipal Bond Fund		2,323		0		0		2,323
Nuveen Nebraska Municipal Bond Fund		2,323		0		0		2,323
Nuveen Oregon Intermediate Municipal Bond Fund		2,323		0		0		2,323
Total	$	9,292	$	0	$	0	$	9,292

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

        Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

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 of Trustees 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 because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(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: August 7, 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: August 7, 2015

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

Date: August 7, 2015