0001193125-11-285732.txt : 20111028 0001193125-11-285732.hdr.sgml : 20111028 20111028132440 ACCESSION NUMBER: 0001193125-11-285732 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110831 FILED AS OF DATE: 20111028 DATE AS OF CHANGE: 20111028 EFFECTIVENESS DATE: 20111028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000820892 IRS NUMBER: 411418224 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05309 FILM NUMBER: 111164452 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SECURAL MUTUAL FUNDS INC DATE OF NAME CHANGE: 19910627 0000820892 S000005557 Nuveen Missouri Tax Free Fund C000015131 Class A ARMOX C000015132 Class C1 FFMCX C000015133 Class I ARMIX 0000820892 S000005558 Nuveen Minnesota Intermediate Municipal Bond Fund C000015134 Class A FAMAX C000015135 Class I FAMTX C000081082 Class C1 FACMX C000096214 Class C NIBMX 0000820892 S000005559 Nuveen Minnesota Municipal Bond Fund C000015136 Class A FJMNX C000015137 Class C1 FCMNX C000015138 Class I FYMNX C000096215 Class C NMBCX 0000820892 S000005560 Nuveen Nebraska Municipal Bond Fund C000015139 Class A FNTAX C000015140 Class C1 FNTCX C000015141 Class I FNTYX C000096216 Class C NCNBX 0000820892 S000005561 Nuveen Ohio Tax Free Fund C000015142 Class A FOFAX C000015143 Class C1 FOTCX C000015144 Class I FOTYX 0000820892 S000005562 Nuveen Oregon Intermediate Municipal Bond Fund C000015145 Class A FOTAX C000015146 Class I FORCX C000096217 Class C NIMOX 0000820892 S000005577 Nuveen Colorado Tax Free Fund C000015200 Class A FCOAX C000015201 Class C1 FCCOX C000015202 Class I FCOYX N-Q 1 d231117dnq.htm NUVEEN INVESTMENT FUNDS, INC. Nuveen Investment Funds, Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

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, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 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: August 31, 2011

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.

Item 1. Schedule of Investments.

Portfolio of Investments (Unaudited)

Nuveen Colorado Tax Free Fund

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

MUNICIPAL BONDS – 98.0%

                 
 

Education and Civic Organizations – 19.6%

                 
 

Adams State College, Alamosa, Colorado, Auxiliary Facilities Revenue Bonds, Improvement Series 2009A:

                 
$ 1,340     

5.500%, 5/15/34

          5/19 at 100.00           Aa2         $ 1,438,517   
  1,000     

5.500%, 5/15/39

          5/19 at 100.00           Aa2           1,064,100   
  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           1,009,030   
  500     

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Parker Core Knowledge Charter School, Series 2010, 5.000%, 11/01/37

          11/20 at 100.00           A           445,830   
  1,000     

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29

          12/19 at 100.00           N/R           1,010,700   
  1,000     

Colorado Educational and Cultural Facilities Authority, Independent School Revenue Refunding Bonds, Vail Mountain School Project, Series 2010, 6.125%, 5/01/40

          5/20 at 100.00           BBB–           971,650   
 

Colorado Educational and Cultural Facilities Authority, School Revenue Bonds, Ave Maria School, Refunding Series 2007:

                 
  220     

4.750%, 12/01/14 – RAAI Insured

          No Opt. Call           N/R           229,744   
  230     

4.750%, 12/01/15 – RAAI Insured

          No Opt. Call           N/R           240,417   
  250     

4.850%, 12/01/25 – RAAI Insured

          12/17 at 100.00           N/R           228,068   
 

Colorado Educational and Cultural Facility Authority, Charter School Revenue Bonds, Cheyenne Mountain Charter Academy, Series 2007A:

                 
  240     

5.000%, 6/15/18

          6/17 at 100.00           A           257,158   
  255     

5.000%, 6/15/19

          6/17 at 100.00           A           269,530   
  265     

5.000%, 6/15/20

          6/17 at 100.00           A           277,304   
  500     

5.250%, 6/15/29

          6/17 at 100.00           A           490,890   
  600     

Colorado Educational and Cultural Facility Authority, Charter School Revenue Bonds, Twin Peaks Charter Academy, Series 2011B, 7.500%, 3/15/35

          3/21 at 100.00           BBB–           628,026   
 

University of Colorado, Enterprise System Revenue Bonds, Series 2009A:

                 
  335     

5.750%, 6/01/28

          No Opt. Call           Aa2           383,434   
  500     

5.375%, 6/01/32

          No Opt. Call           Aa2           544,180   
  345     

University of Northern Colorado at Greeley, Institutional Enterprise System Revenue Refunding Bonds, Series 2011A, 5.000%, 6/01/30

          6/21 at 100.00           Aa2           371,306   
  1,000     

Western State College of Colorado Board of Trustees, Revenue Bonds, Series 2009, 5.000%, 5/15/34

            5/19 at 100.00           Aa2           1,040,450   
  10,580     

Total Education and Civic Organizations

                                  10,900,334   
 

Health Care – 11.3%

                 
  500     

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.000%, 7/01/39

          7/19 at 100.00           AA           499,220   
  400     

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28

          5/18 at 100.00           BBB+           396,088   
  1,000     

Colorado Health Facilities Authority, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003A, 5.250%, 5/15/26 – AGM Insured

          5/19 at 100.00           AA+           1,061,750   
 

Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2008D:

                 
  500     

5.125%, 10/01/17

          No Opt. Call           AA           588,130   
  500     

6.250%, 10/01/33

          10/18 at 100.00           AA           548,105   
  325     

Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2007B, 4.625%, 12/01/24 – RAAI Insured

          12/16 at 100.00           Baa2           306,140   
  855     

Colorado Health Facilities Authority, Revenue Bonds, National Jewish Medical and Research Center, Series 1998, 5.375%, 1/01/16

          11/11 at 100.00           BBB+           855,718   
  750     

Colorado Springs, Colorado, Hospital Revenue Bonds, Refunding Series 2009, 6.250%, 12/15/33

          12/19 at 100.00           A–           806,070   

 

Nuveen Investments     1   

Portfolio of Investments (Unaudited)

Nuveen Colorado Tax Free Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Health Care (continued)

                 
$ 515     

Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010, 5.500%, 9/01/25

          3/20 at 100.00           BBB         $ 507,842   
  500     

Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Series 2002, 5.350%, 9/01/17

          9/13 at 100.00           BBB           507,765   
  250     

Denver Health and Hospitals Authority, Colorado, Revenue Bonds, Refunding Series 2007A, 4.750%, 12/01/27

            12/16 at 100.00           BBB           228,748   
  6,095     

Total Health Care

                                  6,305,576   
 

Housing/Multifamily – 5.5%

                 
 

Colorado Educational and Cultural Facilities Authority, Student Housing Revenue Refunding Bonds Campus Village Apratments Project, Series 2008:

                 
  810     

5.000%, 6/01/22

          8/18 at 100.00           A           874,897   
  50     

5.500%, 6/01/38

          8/18 at 100.00           A           50,026   
 

Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007:

                 
  1,500     

4.550%, 11/01/17 – AGM Insured (Alternative Minimum Tax)

          No Opt. Call           Aa3           1,588,065   
  500     

5.200%, 11/01/27 – AGM Insured (Alternative Minimum Tax)

            11/17 at 100.00           Aa3           514,565   
  2,860     

Total Housing/Multifamily

                                  3,027,553   
 

Housing/Single Family – 0.2%

                 
  25     

Colorado Housing and Finance Authority, Single Family Program Senior Bonds, Series 2000E, 7.000%, 2/01/30 (Alternative Minimum Tax)

          11/11 at 105.00           AA           25,689   
  10     

Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-2, 7.100%, 4/01/17 (Alternative Minimum Tax)

          4/12 at 100.00           AA           10,377   
  95     

Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000B-4, 5.900%, 4/01/31

            11/11 at 100.00           AAA           95,083   
  130     

Total Housing/Single Family

                                  131,149   
 

Industrials – 0.5%

                 
  250     

Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax)

            No Opt. Call           BBB           276,563   
 

Long-Term Care – 6.0%

                 
  195     

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan, Series 2000, 6.900%, 12/01/25

          11/11 at 102.00           A–           199,187   
  780     

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Longterm Care National Obligated Group Project, Series 2010A, 6.250%, 11/15/40

          11/20 at 100.00           N/R           791,349   
  500     

Colorado Health Facilities Authority, Health and Residential Care Facilities Revenue Bonds, Volunteers of America Care Facilities Obligated Group Projects, Series 2007A, 5.000%, 7/01/15

          7/14 at 101.00           N/R           492,780   
 

Colorado Health Facilities Authority, Revenue Bonds, Christian Living Communities Project, Series 2006A:

                 
  250     

5.250%, 1/01/14

          No Opt. Call           N/R           250,308   
  100     

5.750%, 1/01/26

          1/17 at 100.00           N/R           93,995   
  350     

Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2002B, 6.125%, 12/01/33

          12/12 at 101.00           BBB–           344,327   
 

Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2005:

                 
  500     

5.000%, 12/01/16

          12/15 at 100.00           BBB–           512,980   
  200     

5.250%, 12/01/25

          12/15 at 100.00           BBB–           186,928   
  230     

Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2004A, 5.250%, 6/01/34

          6/14 at 100.00           A–           219,696   
  225     

Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/37

          5/17 at 100.00           N/R           172,350   

 

  2       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Long-Term Care (continued)

                 
$ 100     

Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26

            2/16 at 100.00           N/R         $ 95,365   
  3,430     

Total Long-Term Care

                                  3,359,265   
 

Tax Obligation/General – 18.4%

                 
 

Adams and Arapahoe Counties Joint School District 28J, Aurora, Colorado, General Obligation Bonds, Series 2008:

                 
  300     

5.500%, 12/01/21

          12/18 at 100.00           Aa2           359,877   
  165     

5.500%, 12/01/25

          12/18 at 100.00           Aa2           189,800   
  1,000     

Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, Series 2010, 6.250%, 12/01/35

          12/20 at 100.00           Aa2           1,156,960   
  1,000     

Denver City & County School District 1, Colorado, General Obligation Bonds, Series 2009A, 5.000%, 12/01/28

          No Opt. Call           Aa2           1,101,350   
 

Gunnison Watershed School District RE1J, Gunnison and Saguache Counties, Colorado, General Obligation Bonds, Series 2009:

                 
  1,000     

5.250%, 12/01/26

          12/18 at 100.00           Aa2           1,129,930   
  1,800     

5.250%, 12/01/33

          12/18 at 100.00           Aa2           1,968,120   
  500     

Puerto Rico, General Obligation Bonds, Public Improvement Series 2008A, 5.500%, 7/01/18

          No Opt. Call           Baa1           557,100   
  375     

Puerto Rico, General Obligation Bonds, Public Improvment Refunding Series 2008A, 5.250%, 7/01/26

          7/18 at 100.00           Baa1           379,804   
  250     

Puerto Rico, General Obligation Bonds, Refunding Series 2003C-7, 6.000%, 7/01/27 – NPFG Insured

          7/18 at 100.00           Baa1           262,458   
  250     

Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 4.500%, 11/01/21

          No Opt. Call           Baa1           240,310   
 

Rio Blanco County School District RE-001 Meeker, Colorado, General Obligation Bonds, Series 2008:

                 
  500     

5.250%, 12/01/22

          12/18 at 100.00           Aa2           572,860   
  150     

5.250%, 12/01/24

          12/18 at 100.00           Aa2           168,305   
  2,000     

St. Vrain Valley School District RE-1J, Boulder, Larimer and Weld Counties, Colorado, General Obligation Bonds, Series 2009, 5.000%, 12/15/33

            No Opt. Call           Aa2           2,144,200   
  9,290     

Total Tax Obligation/General

                                  10,231,074   
 

Tax Obligation/Limited – 17.3%

                 
  670     

Belle Creek Metropolitan District 1, Adams County, Colorado, General Obligation Refunding Bonds, Series 2011, 6.000%, 12/01/26

          No Opt. Call           BBB+           724,491   
 

Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series 2008:

                 
  425     

5.500%, 11/01/19

          No Opt. Call           Aa2           495,214   
  1,255     

5.500%, 11/01/27

          No Opt. Call           Aa2           1,347,355   
 

Eagle River Fire Protection District, Colorado, Certificates of Participation, Series 2010:

                 
  225     

6.125%, 12/01/19

          No Opt. Call           N/R           241,324   
  220     

6.625%, 12/01/24

          No Opt. Call           N/R           231,697   
  400     

6.875%, 12/01/30

          12/19 at 100.00           N/R           412,884   
  835     

Garfield County Public Library District, Colorado, Certificates of Participation, Regional Lease Purchase Finanacing Program, Series 2009, 5.375%, 12/01/27

          12/19 at 100.00           A           909,741   
  370     

High Plains Metropolitan District, Colorado, General Obligation Bonds, Series 2005B, 4.375%, 12/01/15

          No Opt. Call           A           381,603   
  340     

Lone Tree, Colorado, Sales & Use Tax Revenue Bonds, Recreation Projects Series 2008A, 5.000%, 12/01/20

          12/18 at 100.00           AA           393,224   
  295     

North Range Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 4.250%, 12/15/18 – ACA Insured

          12/16 at 100.00           N/R           254,290   

 

Nuveen Investments     3   

Portfolio of Investments (Unaudited)

Nuveen Colorado Tax Free Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

Tax Obligation/Limited (continued)

              
$ 1,000     

Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured

          12/20 at 100.00           AA+      $ 1,074,750   
 

Park Meadows Business Improvement District, Colorado, Sales Tax Revenue Bonds, Series 2007:

              
  225     

5.000%, 12/01/17

          No Opt. Call           N/R        228,602   
  475     

5.300%, 12/01/27

          12/17 at 100.00           N/R        430,212   
 

Pueblo County Capital Construction Corporation, Colorado, Certificates of Participation, Desert Hawk Golf Course At Pueblo West Project, Series 2005:

              
  210     

4.400%, 12/01/16

          12/15 at 100.00           A        227,044   
  200     

5.000%, 12/01/24

          12/15 at 100.00           A        206,628   
  500     

Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 5.500%, 7/01/35 – AMBAC Insured

          No Opt. Call           Baa1        538,920   
  550     

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42

          8/19 at 100.00           A+        582,252   
  1,000     

Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010B, 5.000%, 12/01/40

            12/20 at 100.00           N/R        918,770   
  9,195     

Total Tax Obligation/Limited

                               9,599,001   
 

Transportation – 8.9%

              
  1,000     

Denver City and County, Colorado, Airport System Revenue Bonds, Series 2009A, 5.000%, 11/15/31

          11/19 at 100.00           A+        1,045,440   
  500     

E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004C, 5.000%, 9/01/17 – NPFG Insured

          No Opt. Call           Baa1        530,870   
  300     

E-470 Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2007D-1, 5.500%, 9/01/24 – NPFG Insured

          9/15 at 100.00           Baa1        296,439   
 

E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:

              
  1,575     

0.000%, 9/01/17 – NPFG Insured

          No Opt. Call           Baa1        1,179,360   
  960     

0.000%, 9/01/19 – NPFG Insured

          No Opt. Call           Baa1        627,312   
  1,000     

0.000%, 9/01/22 – NPFG Insured

          No Opt. Call           Baa1        515,410   
  370     

Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Improvement Series 2006B, 5.250%, 5/01/20 (Alternative Minimum Tax)

          5/16 at 100.00           N/R        354,316   
  400     

Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 6.000%, 5/01/27 (Alternative Minimum Tax)

            5/21 at 100.00           Baa2        407,656   
  6,105     

Total Transportation

                               4,956,803   
 

U.S. Guaranteed – 1.4% (4)

              
  65     

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley East Charter School, Series 2000A, 6.250%, 9/15/11 (ETM)

          No Opt. Call           BBB–  (4)      65,142   
  100     

Colorado Health Facilities Authority, Revenue Bonds, PorterCare Adventist Health System, Series 2001, 6.500%, 11/15/23 (Pre-refunded 11/15/11)

          11/11 at 101.00           A2  (4)      102,289   
  465     

Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series 2008, 5.500%, 11/01/27 (Pre-refunded 11/01/18)

            11/18 at 100.00           Aa2  (4)      579,757   
  630     

Total U.S. Guaranteed

                               747,188   
 

Utilities – 5.8%

              
  1,255     

Arkansas River Power Authority, Colorado, Power Revenue Bonds, Improvement Series 2010, 6.125%, 10/01/40

          10/20 at 100.00           BBB        1,254,925   
  225     

Arkansas River Power Authority, Colorado, Power Revenue Bonds, Improvement Series 2008, 6.000%, 10/01/40

          10/18 at 100.00           BBB        224,372   
  1,200     

Colorado Springs, Colorado, Utility System Revenue Bonds, Improvement Series 2008C, 5.500%, 11/15/48

          11/18 at 100.00           AA        1,291,327   

 

  4       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Utilities (continued)

                 
$ 425     

Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.250%, 11/15/28

            No Opt. Call           A         $ 439,204   
  3,105     

Total Utilities

                                  3,209,828   
 

Water and Sewer – 3.1%

                 
  500     

Broomfield, Colorado, Water Activity Enterprise, Water Revenue Bonds, Series 2000, 5.500%, 12/01/17 – NPFG Insured

          11/11 at 101.00           Aa3           506,815   
  350     

Colorado Water Resources and Power Development Authority, Small Water Resources Program Revenue Bonds, City of Fountain, Colorado Utility Enterprise Project, Series 2011A, 5.000%, 9/01/36 – AGM Insured

          9/21 at 100.00           AA+           361,830   
  800     

Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Water Revenue Bonds, Series 2009, 5.000%, 12/01/34 – AGC Insured

            12/19 at 100.00           AA+           843,328   
  1,650     

Total Water and Sewer

                                  1,711,973   
$ 53,320     

Total Municipal Bonds (cost $51,895,496)

                                  54,456,307   
Shares     Description (1)                               Value  
 

SHORT-TERM INVESTMENTS – 1.1%

                 
 

Money Market Funds – 1.1%

                 
  627,389     

First American Tax Free Obligations Fund, Class Z, 0.002% (5)

                                $ 627,388   
 

Total Short-Term Investments (cost $627,388)

                                  627,388   
 

Total Investments (cost $52,522,884) – 99.1%

                                  55,083,695   
 

Other Assets Less Liabilities – 0.9%

                                  523,141   
 

Net Assets – 100%

                                $ 55,606,836   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 –   Quoted prices in active markets for identical securities.
Level 2 –   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2011:

 

      Level 1      Level 2      Level 3      Total  

Investments:

            

Municipal Bonds

    $ —       $ 54,456,307       $ —       $ 54,456,307   

Short-Term Investments

      627,388         —         —         627,388   

Total

    $ 627,388       $ 54,456,307       $ —       $ 55,083,695   

 

Nuveen Investments     5   

Portfolio of Investments (Unaudited)

Nuveen Colorado Tax Free Fund (continued)

August 31, 2011

 

During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2011, the cost of investments was $52,522,884.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:

 

Gross unrealized:

         

Appreciation

    $ 3,008,705   

Depreciation

      (447,894 ) 

Net unrealized appreciation (depreciation) of investments

    $ 2,560,811   

 

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

 

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

 

  (3)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

 

  (5)   The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 

  N/R   Not rated.

 

  (ETM)   Escrowed to maturity.

 

  6       Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Minnesota Intermediate Municipal Bond Fund

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

MUNICIPAL BONDS – 99.1%

                 
 

Education and Civic Organizations – 21.0%

                 
 

Itasca County, Minnesota, Revenue Bonds, Charles K. Blandin Foundation, Series 2010:

                 
$ 635     

4.000%, 5/01/18

          No Opt. Call           A3         $ 666,661   
  255     

4.000%, 5/01/19

          No Opt. Call           A3           265,975   
 

Minneapolis, Minnesota, Revenue Bonds, Blake School Project, Refunding Series 2010:

                 
  550     

4.000%, 9/01/19

          No Opt. Call           A2           610,115   
  315     

4.000%, 9/01/21

          9/20 at 100.00           A2           343,004   
  3,025     

Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.250%, 8/01/20

          8/18 at 100.00           BBB           2,999,439   
  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           818,374   
  1,075     

Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2005-6-C, 4.750%, 5/01/18

          5/14 at 100.00           Baa3           1,111,733   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Series 2006-J-1:

                 
  320     

5.000%, 5/01/13

          No Opt. Call           Baa3           337,274   
  375     

5.000%, 5/01/16

          5/15 at 100.00           Baa3           406,406   
  1,295     

5.000%, 5/01/20

          5/15 at 100.00           Baa3           1,350,815   
 

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           1,176,638   
  1,185     

5.500%, 5/01/19

          5/17 at 100.00           N/R           1,233,395   
  1,050     

5.500%, 5/01/24

          5/17 at 100.00           N/R           1,059,566   
  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           1,729,061   
  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           162,131   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 2007-6S:

                 
  360     

4.375%, 12/01/16

          No Opt. Call           Baa2           386,219   
  380     

4.500%, 12/01/17

          No Opt. Call           Baa2           407,098   
  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           761,025   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7-B:

                 
  1,500     

5.000%, 10/01/18

          No Opt. Call           A3           1,739,910   
  1,040     

5.000%, 10/01/23

          10/19 at 100.00           A3           1,137,105   
  150     

4.250%, 10/01/24

          10/19 at 100.00           A3           154,308   
 

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           1,056,370   
  1,370     

4.375%, 10/01/20

          No Opt. Call           Baa2           1,432,897   
  500     

4.500%, 10/01/21

          10/20 at 100.00           Baa2           521,500   
  250     

5.000%, 10/01/29

          10/20 at 100.00           Baa2           252,810   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1:

                 
  1,000     

4.250%, 10/01/18

          No Opt. Call           Baa2           1,049,550   
  625     

6.000%, 10/01/32

          10/21 at 100.00           Baa2           672,456   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Minneapolis College of Art and Design, Refunding Series 2006-6-K:

                 
  310     

5.000%, 5/01/13

          No Opt. Call           Baa2           326,734   
  320     

5.000%, 5/01/14

          No Opt. Call           Baa2           345,555   
  340     

5.000%, 5/01/15

          No Opt. Call           Baa2           374,194   
  355     

5.000%, 5/01/16

          5/15 at 100.00           Baa2           387,461   
  370     

5.000%, 5/01/17

          5/15 at 100.00           Baa2           398,701   

 

Nuveen Investments     7   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Education and Civic Organizations (continued)

                 
$ 500     

Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Olaf College, Refunding Series 2007-6O, 5.000%, 10/01/16

          No Opt. Call           A1         $ 581,080   
  500     

Minnesota Higher Education Facilities Authority, Revenue Bonds, St. Catherine College, Series 2002-5N1, 5.250%, 10/01/22

          10/12 at 100.00           Baa1           506,145   
 

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           537,295   
  1,250     

5.000%, 4/01/24

          4/17 at 100.00           A2           1,338,613   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-7A:

                 
  1,000     

4.000%, 10/01/17

          No Opt. Call           A2           1,114,490   
  1,000     

4.500%, 10/01/18

          No Opt. Call           A2           1,140,220   
  1,845     

4.500%, 10/01/19

          No Opt. Call           A2           2,094,001   
  1,045     

Minnesota Higher Education Facilities Authority, Revenue Bonds, University of St. Thomas, Series 2006-6I, 4.000%, 4/01/14

          No Opt. Call           A2           1,120,167   
 

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           318,556   
  385     

4.300%, 10/01/20

          10/18 at 100.00           A2           418,895   
  145     

4.500%, 10/01/22

          10/18 at 100.00           A2           156,049   
 

Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2009A:

                 
  985     

4.000%, 10/01/22

          10/19 at 100.00           Aa2           1,064,401   
  1,755     

4.000%, 10/01/23

          10/19 at 100.00           Aa2           1,870,110   
 

Minnesota State Colleges and University, General Fund Revenue Bonds, Series 2011A:

                 
  1,415     

4.250%, 10/01/24

          10/21 at 100.00           Aa2           1,529,091   
  750     

4.375%, 10/01/25

          10/21 at 100.00           Aa2           807,975   
  870     

4.500%, 10/01/26

          10/21 at 100.00           Aa2           937,608   
 

Moorhead, Minnesota, Educational Facilities Revenue Bonds, The Concordia College Corporation Project, Series 2005A:

                 
  500     

4.100%, 12/15/14

          No Opt. Call           A3           535,445   
  880     

4.200%, 12/15/15

          No Opt. Call           A3           957,282   
  925     

4.300%, 12/15/16

          12/15 at 100.00           A3           1,000,906   
  1,005     

5.000%, 12/15/18

          12/15 at 100.00           A3           1,087,852   
  1,060     

5.000%, 12/15/19

          12/15 at 100.00           A3           1,135,854   
  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           2,577,547   
  1,000     

University of Minnesota, General Revenue Bonds, Series 2009C, 5.000%, 12/01/19

            6/19 at 100.00           Aa1           1,215,560   
  46,375     

Total Education and Civic Organizations

                                  49,719,622   
 

Health Care – 23.7%

                 
  735     

Aitkin, Minnesota Health Care Revenue Bonds, Riverwood Healthcare Center, Series 2006, 5.250%, 2/01/15

          No Opt. Call           N/R           719,705   
 

Bemidji, Minnesota, Health Care Facilities First Mortgage Revenue Bonds, North Country Health Services, Refunding Series 2006:

                 
  500     

5.000%, 9/01/17

          9/16 at 100.00           BBB+           538,815   
  1,050     

5.000%, 9/01/18

          9/16 at 100.00           BBB+           1,123,311   
  1,110     

5.000%, 9/01/19

          9/16 at 100.00           BBB+           1,174,436   
  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           1,353,226   
 

Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Series 2005:

                 
  425     

5.000%, 6/01/16

          6/13 at 101.00           N/R           429,305   
  1,320     

5.000%, 6/01/19

          6/13 at 101.00           N/R           1,311,539   

 

  8       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Health Care (continued)

                 
$ 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         $ 400,496   
 

Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2005:

                 
  500     

5.000%, 4/01/13

          No Opt. Call           BBB           520,980   
  800     

5.000%, 4/01/14

          4/13 at 101.00           BBB           838,344   
  845     

5.000%, 4/01/15

          4/13 at 101.00           BBB           883,540   
  1,815     

5.000%, 4/01/17

          4/13 at 101.00           BBB           1,874,423   
  1,000     

Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007, 5.000%, 5/01/17

          No Opt. Call           Baa1           1,105,830   
  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           1,814,286   
  1,155     

Marshall, Minnesota, Revenue Bonds, Avera Marshall Regional Medical Center, Series 2006, 4.750%, 11/01/20

          11/15 at 100.00           BBB+           1,324,080   
  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           1,012,110   
  4,000     

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           4,556,600   
  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+           1,097,160   
  1,000     

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+           1,108,280   
 

Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 1997A:

                 
  305     

5.500%, 11/15/17 – NPFG Insured

          11/11 at 100.00           A           306,034   
  10     

5.750%, 11/15/26 – NPFG Insured

          11/11 at 100.00           A           10,008   
  2,320     

Monticello-Big Lake Community Hospital District, Minnesota, Gross Revenue Health Care Facilities Bonds, Series 2003C, 5.750%, 12/01/15

          12/12 at 100.00           N/R           2,310,720   
 

Northfield, Minnesota, Hospital Revenue Bonds, Refunding Series 2006:

                 
  515     

5.000%, 11/01/13

          No Opt. Call           BBB–           542,038   
  920     

5.000%, 11/01/14

          No Opt. Call           BBB–           984,234   
  1,080     

5.500%, 11/01/17

          11/16 at 100.00           BBB–           1,186,747   
  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           1,013,315   
  1,140     

Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2011, 4.500%, 11/15/38 (Mandatory put 11/15/21)

          No Opt. Call           AA           1,282,283   
  1,000     

Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.125%, 7/01/20

          No Opt. Call           N/R           1,060,800   
  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           Aa3           1,057,800   
  1,000     

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 4.250%, 5/01/21

          5/20 at 100.00           A2           1,053,850   
  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           2,593,700   
  1,300     

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           1,323,894   
  1,350     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/19

          11/16 at 100.00           A3           1,439,087   
  3,000     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009-A1, 5.000%, 11/15/24

          11/19 at 100.00           AA–           3,174,540   

 

Nuveen Investments     9   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Health Care (continued)

                 
$ 1,000     

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–         $ 1,094,270   
 

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2010:

                 
  1,560     

5.000%, 2/01/19

          2/14 at 100.00           A–           1,618,828   
  500     

5.000%, 2/01/20

          2/14 at 100.00           A–           516,365   
  1,785     

Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Series 2004, 5.000%, 9/01/17

          9/14 at 100.00           BBB           1,891,797   
 

St. Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2007A:

                 
  500     

5.000%, 11/15/15 – NPFG Insured

          No Opt. Call           AA–           564,900   
  1,200     

5.000%, 11/15/19 – NPFG Insured

          11/17 at 100.00           AA–           1,319,652   
  1,840     

St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 5.150%, 11/15/20

          11/15 at 100.00           BB+           1,786,051   
 

St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A:

                 
  1,230     

5.250%, 5/01/15

          No Opt. Call           BB           1,226,261   
  2,000     

5.750%, 5/01/25

          5/15 at 100.00           BB           1,942,740   
  525     

Winona Health Care Facilities Revenue Bonds, Minnesota, Winona Health Obligated Group, Series 2004A, 5.300%, 7/01/17

          7/12 at 102.00           BBB–           542,294   
  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–           1,027,920   
  53,320     

Total Health Care

                                  56,056,594   
 

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           518,660   
 

Housing/Single Family – 1.0%

                 
  1,170     

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+           1,195,740   
  1,000     

Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.375%, 7/01/26

            7/21 at 100.00           Aaa           1,027,570   
  2,170     

Total Housing/Single Family

                                  2,223,310   
 

Long-Term Care – 2.5%

                 
 

Minnesota Agricultural and Economic Development Board, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2002:

                 
  200     

5.500%, 2/01/12

          No Opt. Call           A–           203,356   
  730     

5.500%, 2/01/15

          2/12 at 101.00           A–           746,644   
  2,000     

Moorhead, Minnesota, Senior Housing Facility Revenue Bonds, Sheyenne Crossings Project, Series 2006, 5.600%, 4/01/25

          4/14 at 101.00           N/R           1,868,840   
  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           2,156,300   
  885     

Worthington, Minnesota, Housing Revenue Refunding Bonds, Meadows of Worthington Project, Series 2007A, 5.000%, 11/01/17

            11/14 at 101.00           N/R           850,874   
  5,815     

Total Long-Term Care

                                  5,826,014   
 

Materials – 0.9%

                 
  2,000     

Seaway Port Authority of Duluth, Minnesota, Industrial Development Dock and Wharf Revenue Refunding Bonds, Cargill, Inc Project, Series 2004, 4.200%, 5/01/13

            No Opt. Call           A           2,100,380   

 

  10       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Tax Obligation/General – 17.8%

                 
$ 610     

Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2007A, 4.100%, 2/01/18

          2/15 at 100.00           Aa1         $ 660,166   
  500     

Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2007D, 5.000%, 2/01/24

          2/17 at 100.00           Aa1           550,165   
  1,000     

Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008A, 5.000%, 2/01/20

          2/18 at 100.00           Aa1           1,168,970   
 

Anoka County, Minnesota, General Obligation Bonds, Capital Improvement, Series 2008C:

                 
  285     

4.100%, 2/01/18

          No Opt. Call           Aa1           327,984   
  595     

4.200%, 2/01/19

          2/18 at 100.00           Aa1           677,104   
 

Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011:

                 
  635     

5.500%, 2/01/23

          2/21 at 100.00           Aa3           770,122   
  750     

5.500%, 2/01/24

          2/21 at 100.00           Aa3           898,043   
  875     

5.500%, 2/01/25

          2/21 at 100.00           Aa3           1,034,513   
  1,010     

5.500%, 2/01/26

          2/21 at 100.00           Aa3           1,180,993   
  1,150     

5.500%, 2/01/27

          2/21 at 100.00           Aa3           1,333,621   
  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           364,161   
  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           1,347,588   
  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           1,120,130   
  450     

Chatfield Independent School District 227, Olmstead County, Minnesota, General Obligation Bonds, Series 2007A, 4.000%, 2/01/18 – AGM Insured

          No Opt. Call           AAA           515,133   
 

Dakota County Community Agency, Minnesota, Governmental Housing Development General Obligation Bonds, Senior Housing Facilities, Series 2007A:

                 
  510     

4.375%, 1/01/19

          7/17 at 100.00           AAA           571,440   
  215     

4.500%, 1/01/20

          7/17 at 100.00           AAA           239,000   
  1,150     

Duluth Independent School District 709, Saint Louis County, Minnesota, General Obligation Bonds, Series 2008A, 4.250%, 2/01/22 – AGM Insured

          2/18 at 100.00           Aa2           1,253,500   
 

Duluth, Minnesota, General Obligation Bonds, DECC Improvement Series 2008A:

                 
  1,160     

4.500%, 2/01/21

          2/18 at 100.00           Aa2           1,289,247   
  465     

4.500%, 2/01/22

          2/18 at 100.00           Aa2           510,207   
  1,100     

4.625%, 2/01/24

          2/18 at 100.00           Aa2           1,185,679   
  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           AAA           478,997   
 

Independent School Distirct 621, Mounds View, Minnesota, General Obligation Bonds, Crossover Refunding Series 2009A:

                 
  625     

3.250%, 2/01/17

          No Opt. Call           Aa2           695,263   
  1,000     

4.000%, 2/01/21

          2/19 at 100.00           Aa2           1,118,910   
  750     

4.000%, 2/01/22

          2/19 at 100.00           Aa2           831,608   
  2,000     

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           AAA           2,190,280   
 

Mankato, Minnesota, General Obligation Bonds, Improvement Series 2009A:

                 
  765     

3.500%, 2/01/18

          No Opt. Call           AA           850,236   
  775     

3.500%, 2/01/19

          2/18 at 100.00           AA           847,455   
  1,135     

Minneapolis Special School District 1, Hennepin County, Minnesota, General Obligation Bonds, Series 2007, 4.000%, 2/01/18

          2/15 at 100.00           AAA           1,228,955   
  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+           1,021,630   

 

Nuveen Investments     11   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Tax Obligation/General (continued)

                 
$ 500     

Minnesota State, General Obligation Bonds, Refunding Series 2008C, 5.000%, 8/01/19

          No Opt. Call           AAA         $ 618,595   
  1,180     

Osseo Independent School District 279 Hennepin County, Minnesota, General Obligation Bonds, Series 2010A, 4.000%, 2/01/21

          8/18 at 100.00           AAA           1,301,788   
  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           AAA           647,584   
  1,000     

Puerto Rico Government Development Bank, Senior Note Revenue Bonds, Senior Lien, Series 2006B, 5.000%, 12/01/14

          No Opt. Call           Baa1           1,082,120   
  1,605     

Puerto Rico, General Obligation and Public Improvement Bonds, Series 1998, 6.000%, 7/01/14 – NPFG Insured

          No Opt. Call           Baa1           1,770,235   
  1,000     

Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/17 – SYNCORA GTY Insured

          No Opt. Call           Baa1           1,116,950   
  1,000     

Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%, 7/01/18

          No Opt. Call           Baa1           1,114,200   
  575     

Puerto Rico, General Obligation Bonds, Public Improvement Series 2008A, 5.500%, 7/01/18

          No Opt. Call           Baa1           640,665   
  520     

Ramsey County, Minnesota, General Obligation Bonds, Capital Improvement, Refunding Series 2010A, 4.000%, 2/01/18

          No Opt. Call           AAA           600,548   
  500     

Robbinsdale Independent School District, Hennepin County, Minnesota, General Obligation Bonds, Series 2008B, 4.500%, 2/01/21

          2/18 at 100.00           Aa2           561,995   
  1,140     

Rochester, Minnesota, General Obligation Waste Water Bonds, Series 2007A, 4.000%, 12/01/18

          6/17 at 100.00           AAA           1,293,398   
  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+           1,103,470   
 

Saint Peter, Minnesota, General Obligation Bonds, Hospital Crossover, Refunding Series 2010A:

                 
  550     

3.000%, 9/01/18 – AGM Insured

          No Opt. Call           AA+           572,770   
  515     

3.150%, 9/01/19 – AGM Insured

          No Opt. Call           AA+           535,909   
  585     

3.300%, 9/01/20 – AGM Insured

          9/19 at 100.00           AA+           604,603   
  400     

Todd, Morrison, Cass and Wadena Counties United Hospital District, Minnesota, General Obligation Bonds, Lakewood Health System, Series 2004, 4.000%, 12/01/13

          No Opt. Call           A2           429,012   
 

Wadena-Deer Creek Independent School District2155, Wadena, Otter Tail, and Todd Counties, Minnesota, General Obligation bonds, Series 2010:

                 
  430     

4.000%, 2/01/18

          2/17 at 100.00           AAA           483,053   
  410     

4.000%, 2/01/19

          2/17 at 100.00           AAA           454,272   
  640     

Wright County, Minnesota, General Obligation Bonds, Jail Series 2007A, 4.500%, 12/01/20

          12/17 at 100.00           AAA           725,696   
  200     

Zumbrota-Mazeppa Independent School District 2805, Wabasha County, Minnesota, General Obligation Bonds, Alternate Facilities Series 2008A, 4.000%, 2/01/19

            2/18 at 100.00           AAA           225,192   
  37,885     

Total Tax Obligation/General

                                  42,143,155   
 

Tax Obligation/Limited – 7.5%

                 
  1,890     

Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19

          No Opt. Call           AAA           2,155,621   
 

Hennepin County, Minnesota, Sales Tax Revenue Bonds, Ballpark Project, Second Lien Series 2008B:

                 
  555     

4.375%, 12/15/22

          12/17 at 100.00           AA+           606,032   
  1,000     

5.000%, 12/15/29

          No Opt. Call           AA+           1,075,490   
 

Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2006-1A:

                 
  480     

4.550%, 12/01/13 (Alternative Minimum Tax)

          No Opt. Call           A+           507,667   
  505     

4.625%, 12/01/14 (Alternative Minimum Tax)

          No Opt. Call           A+           543,951   

 

  12       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

Tax Obligation/Limited (continued)

              
$ 2,000     

Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2010-2A, 4.625%, 12/01/20

          No Opt. Call           A+      $ 2,153,280   
  1,000     

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Series 2006, 5.200%, 2/01/22

          2/14 at 100.00           N/R        932,620   
  1,040     

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2004, 5.000%, 2/01/17

          3/12 at 102.00           N/R        1,030,245   
  570     

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2005, 5.300%, 2/01/21

          2/14 at 100.00           N/R        539,226   
  1,185     

Minnesota Housing Finance Agency, Nonprofit Housing Bonds, State Appropriation Series 2011, 5.250%, 8/01/27

          8/21 at 100.00           AA+        1,287,029   
  1,000     

Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Particpation, Series 2004, 4.250%, 1/01/15

          1/14 at 100.00           A2        1,062,210   
 

Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2005A:

              
  465     

4.500%, 2/01/16

          No Opt. Call           BBB+        506,906   
  385     

4.500%, 2/01/17

          2/16 at 100.00           BBB+        414,660   
  885     

Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1993X, 5.500%, 7/01/13 – NPFG Insured

          No Opt. Call           A3        927,878   
 

Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008:

              
  180     

4.500%, 12/01/19

          12/17 at 100.00           AA+        199,222   
  290     

4.500%, 12/01/20

          12/17 at 100.00           AA+        316,599   
  2,415     

St. Paul Port Authority, Minnesota, Lease Revenue Bonds, Building at Cedar Street, Series 2002, 5.000%, 12/01/19

          12/12 at 100.00           AA+        2,519,014   
 

Stevens County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2009A:

              
  315     

4.000%, 2/01/18

          No Opt. Call           A+        343,451   
  325     

4.000%, 2/01/19

          No Opt. Call           A+        351,153   
  340     

4.100%, 2/01/20

            No Opt. Call           A+        366,972   
  16,825     

Total Tax Obligation/Limited

                               17,839,226   
 

Transportation – 4.9%

              
 

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–        1,101,670   
  1,000     

5.000%, 1/01/20

          1/19 at 100.00           AA–        1,156,740   
  500     

5.000%, 1/01/21

          1/19 at 100.00           AA–        570,845   
 

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2003A:

              
  1,000     

5.000%, 1/01/19 – NPFG Insured

          1/13 at 100.00           A        1,036,030   
  2,200     

5.000%, 1/01/20 – NPFG Insured

          1/13 at 100.00           A        2,251,634   
  2,125     

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2005B, 5.000%, 1/01/20 – AMBAC Insured (Alternative Minimum Tax)

          1/15 at 100.00           A        2,213,485   
 

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+        854,016   
  895     

4.125%, 8/01/23

          8/18 at 102.00           A+        927,292   
  935     

4.250%, 8/01/24

          8/18 at 102.00           A+        963,686   
  575     

4.250%, 8/01/25

            8/18 at 102.00           A+        587,190   
  11,035     

Total Transportation

                               11,662,588   
 

U.S. Guaranteed – 9.8% (4)

              
 

Andover Economic Development Authority, Minnesota, Public Facility Lease Revenue Bonds, Andover Community Center, Series 2004:

              
  730     

5.000%, 2/01/19 (Pre-refunded 2/01/14)

          2/14 at 100.00           AA  (4)      789,342   
  495     

5.000%, 2/01/19 (Pre-refunded 2/01/14)

          2/14 at 100.00           AA  (4)      535,239   

 

Nuveen Investments     13   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

U.S. Guaranteed (4) (continued)

              
$ 2,045     

Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, Benedictine Health System – St. Mary’s Duluth Clinic, Series 2004, 5.375%, 2/15/22 (Pre-refunded 2/15/14)

          2/14 at 100.00           N/R  (4)    $ 2,292,977   
 

Independent School District 621, Mounds View, Minnesota, General Obligation Bonds, Series 2001A:

              
  2,340     

5.000%, 2/01/18 (Pre-refunded 2/01/12) – NPFG Insured

          2/12 at 100.00           Aa2  (4)      2,386,894   
  2,565     

5.000%, 2/01/19 (Pre-refunded 2/01/12)

          2/12 at 100.00           Aa2  (4)      2,616,403   
  1,030     

Independent School District 833, South Washington County, Minnesota, General Obligation Bonds, Series 2001B, 5.000%, 2/01/15 (Pre-refunded 2/01/12) – AGM Insured

          2/12 at 100.00           Aa1  (4)      1,046,768   
  1,260     

Lakeville Independent School District 194, Dakota County, Minnesota, General Obligation Bonds, Series 2002A, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – FGIC Insured

          2/13 at 100.00           Aa2  (4)      1,329,678   
  345     

Marshall, Minnesota, Revenue Bonds, Avera Marshall Regional Medical Center, Series 2006, 4.500%, 11/01/13 (ETM)

          No Opt. Call           N/R  (4)      371,417   
  445     

Minneapolis, Minnesota, Blake School Project, Series 2001, 5.000%, 9/01/12 (Pre-refunded 9/01/11)

          9/11 at 100.00           Aa2  (4)      445,000   
 

Minneapolis, Minnesota, Health Care System Revenue Bonds, Allina Health System, Series 2002A:

              
  2,500     

6.000%, 11/15/23 (Pre-refunded 11/15/12)

          11/12 at 100.00           AA+  (4)      2,672,275   
  1,300     

5.750%, 11/15/32 (Pre-refunded 11/15/12)

          11/12 at 100.00           AA+  (4)      1,385,683   
  605     

Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series 2002A, 5.000%, 5/15/12 (ETM)

          No Opt. Call           A  (4)      625,667   
 

Moorhead Independent School District 152, Clay County, Minnesota, General Obligation Bonds, Series 2002:

              
  3,450     

5.000%, 4/01/15 (Pre-refunded 4/01/12) – FGIC Insured

          4/12 at 100.00           Aa2  (4)      3,532,800   
  2,510     

5.000%, 4/01/16 (Pre-refunded 4/01/12) – FGIC Insured

          4/12 at 100.00           Aa2  (4)      2,570,240   
  500     

Pequot Lakes Independent School District 186, Minnesota, General Obligation Bonds, Series 2002, 5.125%, 2/01/18 (Pre-refunded 2/01/12) – FGIC Insured

            2/12 at 100.00           AAA        509,010   
  22,120     

Total U.S. Guaranteed

                               23,109,393   
 

Utilities – 9.6%

              
  1,000     

Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Refunding Series 2005A, 4.200%, 10/01/15

          No Opt. Call           A3        1,109,610   
  2,230     

Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22 – RAAI Insured

          7/14 at 100.00           A2        2,308,117   
  500     

Litchfield, Minnesota, Electric Utility Revenue Bonds, Series 2009C, 5.000%, 2/01/29 – AGC Insured

          2/18 at 100.00           AA+        530,210   
 

Marshall, Minnesota, Public Utility Revenue Bonds, Series 2009A:

              
  315     

3.500%, 7/01/16 – AGC Insured

          No Opt. Call           AA+        343,725   
  275     

3.500%, 7/01/17 – AGC Insured

          No Opt. Call           AA+        300,295   
  340     

3.750%, 7/01/18 – AGC Insured

          No Opt. Call           AA+        372,378   
 

Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2007:

              
  420     

4.125%, 10/01/17

          No Opt. Call           A3        466,880   
  1,000     

5.250%, 10/01/22

          10/17 at 100.00           A3        1,111,190   
 

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A:

              
  380     

5.000%, 1/01/13 – AMBAC Insured

          No Opt. Call           A2        401,618   
  460     

5.000%, 1/01/17 – AMBAC Insured

          No Opt. Call           A2        535,417   
  1,000     

5.000%, 1/01/19 – AGC Insured

          1/18 at 100.00           AA+        1,158,570   
  2,000     

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A, 5.000%, 1/01/21 – AGC Insured

          No Opt. Call           AA+        2,256,760   
  2,830     

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2010A-1, 5.000%, 1/01/20

          No Opt. Call           A2        3,268,169   

 

  14       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Utilities (continued)

                 
$ 295     

Shakopee Public Utilities Commission, Minnesota, Public Utilities Crossover Refunding Revenue Bonds, Series 2006A, 4.250%, 2/01/18 – AGM Insured

          2/15 at 100.00           Aa3         $ 317,450   
 

Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:

                 
  3,500     

0.000%, 1/01/20 – NPFG Insured

          No Opt. Call           A+           2,604,035   
  5,000     

0.000%, 1/01/21 – NPFG Insured

          No Opt. Call           A+           3,534,900   
  2,000     

Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 2002A, 5.250%, 1/01/14 – AMBAC Insured

            No Opt. Call           A+           2,194,789   
  23,545     

Total Utilities

                                  22,814,113   
 

Water and Sewer – 0.2%

                 
  500     

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/16 – AGC Insured

            No Opt. Call           AA+           564,215   
$ 222,090     

Total Municipal Bonds (cost $220,561,811)

                                  234,577,270   
Shares     Description (1)                               Value  
 

SHORT-TERM INVESTMENTS – 0.1%

                 
 

Money Market Funds – 0.1%

                 
  229,134     

Federated Minnesota Municipal Cash Trust, 0.010% (5)

                                $ 229,135   
 

Total Short-Term Investments (cost $229,135)

                                  229,135   
 

Total Investments (cost $220,790,946) – 99.2%

                                  234,806,405   
 

Other Assets Less Liabilities – 0.8%

                                  1,951,946   
 

Net Assets – 100%

                                $ 236,758,351   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 –   Quoted prices in active markets for identical securities.
Level 2 –   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2011:

 

      Level 1      Level 2      Level 3      Total  

Investments:

            

Municipal Bonds

    $ —       $ 234,577,270       $ —       $ 234,577,270   

Short-Term Investments

      229,135         —         —         229,135   

Total

    $ 229,135       $ 234,577,270       $ —       $ 234,806,405   

 

Nuveen Investments     15   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2011, the cost of investments was $220,790,946.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:

 

Gross unrealized:

         

Appreciation

    $ 14,425,015   

Depreciation

      (409,556 ) 

Net unrealized appreciation (depreciation) of investments

    $ 14,015,459   

 

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

 

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

 

  (3)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

 

  (5)   The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 

  N/R   Not rated.

 

  (ETM)   Escrowed to maturity.

 

  16       Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Minnesota Municipal Bond Fund

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

MUNICIPAL BONDS – 98.9%

                 
 

Consumer Staples – 1.1%

                 
$ 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+         $ 1,851,102   
 

Education and Civic Organizations – 15.3%

                 
  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           N/R           1,483,755   
  1,750     

Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A, 5.600%, 11/01/30

          11/18 at 102.00           BBB–           1,600,078   
  4,000     

Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010, 4.875%, 8/01/25

          8/18 at 100.00           BBB           3,800,320   
 

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           1,732,349   
  820     

5.500%, 5/01/27

          5/17 at 100.00           N/R           821,509   
  1,500     

5.500%, 5/01/37

          5/17 at 100.00           N/R           1,444,035   
  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           1,951,633   
  1,000     

Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2010-7-B, 5.000%, 10/01/31

          10/19 at 100.00           A3           1,040,750   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University, Series 2011-7K1:

                 
  625     

6.000%, 10/01/32

          10/21 at 100.00           Baa2           672,456   
  2,000     

6.000%, 10/01/40

          10/21 at 100.00           Baa2           2,101,780   
  30     

Minnesota Higher Education Facilities Authority, Revenue Bonds, Minneapolis College of Art and Design, Refunding Series 2006-6-K, 5.000%, 5/01/26

          5/15 at 100.00           Baa2           30,500   
  155     

Minnesota Higher Education Facilities Authority, Revenue Bonds, Vermillion Community College, Series 1993-3-T, 6.000%, 1/01/13

          1/12 at 100.00           N/R           156,321   
  1,885     

Moorhead, Minnesota, Golf Course Revneue Refunding Bonds, Series 1998B, 5.875%, 12/01/21

          11/11 at 100.00           N/R           1,851,409   
  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           2,139,280   
  2,550     

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–           2,014,883   
  1,540     

University of Minnesota, General Revenue Bonds, Series 2011A, 5.250%, 12/01/29

            12/20 at 100.00           Aa1           1,757,186   
  24,915     

Total Education and Civic Organizations

                                  24,598,244   
 

Health Care – 23.1%

                 
  2,470     

Chippewa County, Minnesota, Gross Revenue Hospital Bonds, Montevideo Hospital Project, Series 2007, 5.500%, 3/01/37

          3/17 at 100.00           N/R           2,315,872   
  2,000     

Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2005, 5.000%, 4/01/31

          4/12 at 101.00           BBB           1,903,940   
  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           A3           2,431,225   
 

Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital Corporation, Series 2007:

                 
  1,500     

4.500%, 5/01/23

          5/17 at 100.00           Baa1           1,503,645   
  1,000     

5.250%, 5/01/25

          5/17 at 100.00           Baa1           1,019,740   
  3,000     

Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28

          11/18 at 100.00           A           3,327,990   
  2,275     

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+           2,372,302   

 

Nuveen Investments     17   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Health Care (continued)

                 
$ 1,000     

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+         $ 1,036,600   
  125     

Minnesota Agricultural and Economic Development Board, Healthcare System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2000A, 6.375%, 11/15/29

          11/11 at 100.00           A           125,271   
  1,000     

Monticello-Big Lake Community Hospital District, Minnesota, Gross Revenue Health Care Facilities Bonds, Series 2003C, 6.200%, 12/01/22

          12/12 at 100.00           N/R           978,530   
  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           N/R           1,723,205   
  1,000     

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2010A, 5.125%, 5/01/30

          5/20 at 100.00           A2           1,034,220   
  1,000     

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           1,032,370   
  2,000     

Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2009, 5.750%, 7/01/39

          7/19 at 100.00           A           2,022,420   
  2,000     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36

          11/16 at 100.00           A3           1,906,760   
  3,050     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009-A1, 5.250%, 11/15/29

          11/19 at 100.00           AA–           3,152,419   
  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–           2,073,864   
  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           1,229,250   
  2,000     

Shakopee, Minnesota, Health Care Facilities Revenue Bonds, Saint Francis Regional Medical Center, Series 2004, 5.250%, 9/01/34

          9/14 at 100.00           BBB           1,976,320   
  500     

St. Paul Housing and Redevelopment Authority, Minnesota, Healthcare Revenue Bonds, Regions Hospital, Series 1998, 5.250%, 5/15/18

          11/11 at 100.00           A3           500,675   
  800     

St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005, 6.000%, 11/15/30

          11/15 at 100.00           BB+           782,096   
  900     

St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005A, 5.875%, 5/01/30

          5/15 at 100.00           BB           846,990   
  1,800     

St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 2005B, 6.000%, 5/01/30

            5/15 at 100.00           N/R           1,718,262   
  37,055     

Total Health Care

                                  37,013,966   
 

Housing/Multifamily – 3.8%

                 
  1,980     

Dakota County Community Development Agency, Minnesota, GNMA Collateralized Mortgage Loan Multifamily Housing Revenue Bonds, Ebenezer Project, Series 2000, 5.900%, 4/20/42

          10/11 at 100.00           Aaa           2,015,680   
  2,000     

Maplewood, Minnesota, Mutifamily Housing Revenue Refunding Bonds, Carefree Cottages of Maplewood III Project, Series 2004, 4.800%, 4/15/34 (Mandatory put 4/15/19) (Alternative Minimum Tax)

          4/14 at 100.00           Aaa           2,038,120   
  865     

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           Aaa           866,730   
  1,350     

Minneapolis, Minnesota, Multifamily Housing Revenue Bonds, Keeler Apartments, Series 2007A, 5.000%, 10/01/37

            10/15 at 102.00           N/R           1,123,605   
  6,195     

Total Housing/Multifamily

                                  6,044,135   
 

Housing/Single Family – 3.2%

                 
  568     

Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006 A4, 5.000%, 11/01/38 (Alternative Minimum Tax)

          7/16 at 100.00           AA+           566,902   

 

  18       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Housing/Single Family (continued)

                 
$ 750     

Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D, 4.700%, 1/01/31

          7/21 at 100.00           Aaa         $ 767,760   
  350     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2002B, 5.650%, 7/01/33 (Alternative Minimum Tax)

          11/11 at 100.00           AA+           350,161   
  3,465     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007D, 4.700%, 7/01/27 (Alternative Minimum Tax)

            7/16 at 100.00           AA+           3,424,771   
  5,133     

Total Housing/Single Family

                                  5,109,594   
 

Industrials – 0.5%

                 
  340     

Little Canada, Minnesota, Commercial Development Revenue Refunding Bonds, RLF Minnesota Project, Series 1993, 7.100%, 4/01/13

          4/12 at 100.00           N/R           340,449   
  500     

Minnesota Agricultural and Economic Development Board, Small Business Development Loan Program Revenue Bonds, Refunding Series 2002A-1, 5.550%, 8/01/16 (Alternative Minimum Tax)

            11/11 at 100.00           N/R           497,935   
  840     

Total Industrials

                                  838,384   
 

Long-Term Care – 6.6%

                 
  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           1,477,515   
  850     

Cottage Grove, Minnesota, Senior Housing Revenue Bonds, PHS/Cottage Grove, Inc., Project, Series 2006A, 5.000%, 12/01/31

          12/14 at 100.00           N/R           729,683   
  1,450     

Golden Valley, Minnesota, Revenue Bonds, Covenant Retirement Communities, Inc., Series 1999A, 5.500%, 12/01/29

          12/11 at 100.00           BBB+           1,376,253   
  1,620     

Moorhead, Minnesota, Senior Housing Facility Revenue Bonds, Sheyenne Crossings Project, Series 2006, 5.650%, 4/01/41

          4/14 at 101.00           N/R           1,365,158   
  1,600     

New Hope, Minnesota, Housing and Health Care Facilities Revenue Bonds, Minnesota Masonic Home North Ridge Project, Series 1999, 5.750%, 3/01/15

          11/11 at 100.00           N/R           1,562,720   
  1,100     

Rochester, Minnesota, Health Care and Housing Revenue Refunding Bonds, Samaritan Bethany, Inc. Project, Series 2009A, 7.375%, 12/01/41

          12/19 at 100.00           N/R           1,117,787   
  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           893,783   
  2,190     

Saint Paul Housing and Redevelopment Authority, Minnesota, Nursing Home Revneue Bonds, Episcopal Homes of Minnesota, Series 2006, 5.630%, 10/01/33

            No Opt. Call           N/R           1,996,530   
  11,410     

Total Long-Term Care

                                  10,519,429   
 

Materials – 0.7%

                 
  1,130     

Seaway Port Authority of Duluth, Minnesota, Industrial Development Dock and Wharf Revenue Refunding Bonds, Cargill, Inc Project, Series 2004, 4.200%, 5/01/13

            No Opt. Call           A           1,186,715   
 

Tax Obligation/General – 10.0%

                 
  10,000     

Bemidji, Minnesota, General Obligation Bonds, Refunding Sales Tax Series 2011, 6.000%, 2/01/41

          2/21 at 100.00           Aa3           11,766,500   
  1,430     

Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2008A, 4.500%, 2/01/22

          2/18 at 100.00           Aa2           1,584,068   
 

Independent School District 625, St. Paul, Minnesota, General Obligation Bonds, School Building Series 2011A:

                 
  795     

4.000%, 2/01/31

          2/21 at 100.00           AAA           805,892   
  1,880     

4.000%, 2/01/32

            2/21 at 100.00           AAA           1,894,213   
  14,105     

Total Tax Obligation/General

                                  16,050,673   
 

Tax Obligation/Limited – 4.2%

                 
  2,000     

Duluth Independent School District 709, Minnesota, Certificates of Participation, Series 2008B, 4.000%, 2/01/19

          No Opt. Call           AAA           2,281,080   

 

Nuveen Investments     19   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

Tax Obligation/Limited (continued)

              
$ 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      $ 595,384   
  400     

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Village at St. Anthony Falls Project, Refunding Series 2005, 5.650%, 2/01/27

          2/14 at 100.00           N/R        364,276   
 

Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2005A:

              
  1,000     

5.000%, 2/01/28

          2/16 at 100.00           BBB+        1,014,990   
  1,890     

5.000%, 2/01/31

          2/16 at 100.00           BBB+        1,903,306   
  500     

Saint Paul Housing and Redevelopment Authority, Minnesota, Recreational Faility Lease Revenue Bonds, Jimmy Lee Recreational Center, Series 2008, 4.750%, 12/01/26

            12/17 at 100.00           AA+        524,645   
  6,375     

Total Tax Obligation/Limited

                               6,683,681   
 

Transportation – 9.1%

              
  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        1,025,790   
  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–        4,456,080   
  6,000     

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Series 2007A, 5.000%, 1/01/24 – AMBAC Insured

          1/17 at 100.00           AA–        6,453,780   
 

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+        1,118,899   
  1,500     

5.000%, 8/01/35

            8/18 at 102.00           A+        1,524,210   
  13,570     

Total Transportation

                               14,578,759   
 

U.S. Guaranteed – 3.3% (4)

              
  1,065     

Duluth Economic Development Authority, Minnesota, Healthcare Facilities Revenue Bonds, Benedictine Health System - St. Mary’s Duluth Clinic, Series 2004, 5.250%, 2/15/28 (Pre-refunded 2/15/14)

          2/14 at 100.00           N/R  (4)      1,190,894   
 

Marshall, Minnesota, Revenue Bonds, Weiner Memorial Medical Center, Series 2003A:

              
  305     

5.250%, 11/01/16 (Pre-refunded 11/01/13)

          11/13 at 100.00           N/R  (4)      333,249   
  875     

5.850%, 11/01/23 (Pre-refunded 11/01/13)

          11/13 at 100.00           N/R  (4)      967,278   
  2,000     

St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health Services, Series 2003B, 5.500%, 7/01/25 (Pre-refunded 7/01/14)

          7/14 at 100.00           N/R  (4)      2,269,140   
  410     

Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Series 1983A, 9.750%, 1/01/16 – NPFG Insured (ETM)

            No Opt. Call           Aaa        536,657   
  4,655     

Total U.S. Guaranteed

                               5,297,218   
 

Utilities – 17.1%

              
  45     

Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Series 2000A, 6.100%, 10/01/30

          11/11 at 100.00           A3        45,063   
  5,000     

Minnesota Municipal Power Agency, Electric Revenue Bonds, Refunding Series 2010A, 5.000%, 10/01/30

          10/20 at 100.00           A3        5,232,000   
  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           A2        2,113,680   
  2,000     

Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005SS, 5.000%, 7/01/24 – NPFG Insured

          7/15 at 100.00           A3        2,057,780   

 

  20       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Utilities (continued)

                 
 

Southern Minnesota Municipal Power Agency, Power Supply System Revenue Bonds, Series 1994A:

                 
$ 2,000     

0.000%, 1/01/19 – NPFG Insured

          No Opt. Call           A+         $ 1,573,220   
  1,765     

0.000%, 1/01/21 – NPFG Insured

          No Opt. Call           A+           1,247,820   
  3,000     

0.000%, 1/01/23 – NPFG Insured

          No Opt. Call           A+           1,860,570   
  11,000     

0.000%, 1/01/24 – NPFG Insured

          No Opt. Call           A+           6,407,610   
  4,770     

0.000%, 1/01/25 – NPFG Insured

          No Opt. Call           A+           2,618,156   
  6,100     

0.000%, 1/01/26 – NPFG Insured

          No Opt. Call           A+           3,156,381   
  2,300     

0.000%, 1/01/27 – NPFG Insured

            No Opt. Call           A+           1,123,089   
  39,980     

Total Utilities

                                  27,435,369   
 

Water and Sewer – 0.9%

                 
  1,500     

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38

            7/18 at 100.00           Baa2           1,505,685   
$ 168,663     

Total Municipal Bonds (cost $152,469,421)

                                  158,712,954   
Shares     Description (1)                               Value  
 

SHORT-TERM INVESTMENTS – 0.2%

                 
 

Money Market Funds – 0.2%

                 
  362,053     

Federated Minnesota Municipal Cash Trust, 0.010% (5)

                                $ 362,053   
 

Total Short-Term Investments (cost $362,053)

                                  362,053   
 

Total Investments (cost $152,831,474) – 99.1%

                                  159,075,007   
 

Other Assets Less Liabilities – 0.9%

                                  1,384,704   
 

Net Assets – 100%

                                $ 160,459,711   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 –   Quoted prices in active markets for identical securities.
Level 2 –   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2011:

 

      Level 1      Level 2      Level 3      Total  

Investments:

            

Municipal Bonds

    $ —       $ 158,712,954       $ —       $ 158,712,954   

Short-Term Investments

      362,053         —         —         362,053   

Total

    $ 362,053       $ 158,712,954       $   —       $ 159,075,007   

 

Nuveen Investments     21   

Portfolio of Investments (Unaudited)

Nuveen Minnesota Municipal Bond Fund (continued)

August 31, 2011

 

During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2011, the cost of investments was $152,831,474.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:

 

Gross unrealized:

         

Appreciation

    $ 8,409,027   

Depreciation

      (2,165,494 ) 

Net unrealized appreciation (depreciation) of investments

    $ 6,243,533   

 

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

 

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

 

  (3)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

 

  (5)   The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 

  N/R   Not rated.

 

  (ETM)   Escrowed to maturity.

 

  22       Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Missouri Tax Free Fund

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

MUNICIPAL BONDS – 98.3%

                 
 

Education and Civic Organizations – 7.2%

                 
$ 1,000     

Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2007A, 5.000%, 11/01/33

          No Opt. Call           AA+         $ 1,053,280   
  1,025     

Kansas City Metropolitan Junior College District Certificates of Participation, Missouri, Series 2008, 4.500%, 7/01/21

          7/17 at 100.00           Aa2           1,122,765   
  1,000     

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

          6/17 at 100.00           AA+           1,017,850   
  1,185     

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

          No Opt. Call           Baa2           1,302,765   
 

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

                 
  1,000     

6.500%, 10/01/30

          10/18 at 103.00          BBB           1,071,750   
  1,300     

6.500%, 10/01/35

          10/18 at 103.00           BBB           1,371,708   
  3,000     

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

          3/18 at 100.00           AAA           3,277,590   
  1,000     

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

          11/21 at 100.00           AAA           1,093,150   
  600     

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

            4/21 at 100.00           A2           615,132   
  11,110     

Total Education and Civic Organizations

                                  11,925,990   
 

Health Care – 21.3%

                 
  2,000     

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

          8/18 at 100.00           A3           2,032,500   
  1,025     

Boone County, Missouri, Hospital Revenue Bonds, Series 2002, 5.050%, 8/01/20

          8/12 at 100.00           A3           1,036,911   
 

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

                 
  250     

5.125%, 6/01/23

          6/19 at 100.00           A+           266,595   
  200     

5.125%, 6/01/24

          6/19 at 100.00           A+           210,266   
  500     

5.500%, 6/01/29

          6/19 at 100.00           A+           515,860   
  2,000     

5.750%, 6/01/39

          6/19 at 100.00           A+           2,070,540   
  245     

Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2002, 5.625%, 6/01/22

          6/12 at 100.00           N/R           246,551   
  2,000     

Cass County, Missouri, Hospital Revenue Bonds, Series 2007, 5.500%, 5/01/27

          11/16 at 100.00           N/R           1,899,160   
  1,000     

Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional Medical Center, Series 2007, 5.000%, 12/01/37

          12/17 at 100.00           N/R           769,950   
  495     

Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.250%, 1/01/25

          1/20 at 100.00           AA           534,813   
 

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

                 
  1,120     

5.650%, 9/01/22

          9/19 at 100.00           N/R           1,145,290   
  1,000     

5.750%, 9/01/23

          9/19 at 100.00           N/R           1,021,840   
  850     

Hannibal Industrial Development Authority, Missouri, Health Facilities Refunding Revenue Bonds, Hannibal Regional Hospital, Refunding Series 2010, 5.375%, 9/01/19

          9/13 at 102.00           BBB+           888,378   
  1,835     

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

          3/16 at 100.00           BBB+           1,865,278   
  2,000     

Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2004, 5.500%, 2/15/24

          2/15 at 102.00           BBB+           2,037,160   
  2,500     

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

          5/19 at 100.00           A+           2,563,350   
  2,000     

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

          11/18 at 100.00           AA+           2,136,360   

 

Nuveen Investments     23   

Portfolio of Investments (Unaudited)

Nuveen Missouri Tax Free Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Health Care (continued)

                 
 

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

                 
$ 485     

5.250%, 11/15/25

          11/20 at 100.00           A+         $ 519,159   
  500     

5.000%, 11/15/30

          11/20 at 100.00           A+           513,325   
  2,310     

Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 1994A, 6.750%, 5/15/12

          No Opt. Call           Aaa           2,404,133   
  2,300     

Missouri Health and Educational Facilities Authority, Revenue Bonds, Jefferson Memorial Hospital Obligated Group, Refunding and Improvement Series 2004, 5.000%, 8/15/19 – RAAI Insured

          8/14 at 100.00           Baa2           2,348,346   
  2,000     

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

          6/18 at 100.00           AA–           2,036,540   
  1,500     

Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30

          6/20 at 100.00           AA–           1,563,570   
  1,000     

Missouri Health and Educational Facilities Authority, Revenue Bonds, St. Luke’s Episcopal and Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 (WI/DD, Settling 9/08/11)

          12/21 at 100.00           A+           1,051,880   
  1,000     

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

          12/15 at 100.00           N/R           831,390   
  1,000     

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

          12/20 at 100.00           N/R           960,390   
 

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

                 
  125     

4.250%, 11/15/14

          No Opt. Call           N/R           118,575   
  670     

5.000%, 11/15/27

          11/16 at 100.00           N/R           564,455   
  1,300     

5.000%, 11/15/35

            11/16 at 100.00           N/R           1,017,536   
  35,210     

Total Health Care

                                  35,170,101   
 

Housing/Multifamily – 0.8%

                 
  1,290     

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

            11/19 at 100.00           Aaa           1,333,112   
 

Housing/Single Family – 0.7%

                 
  485     

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

          9/15 at 100.00           AA+           483,458   
  245     

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

          9/15 at 100.00           AA+           246,012   
  360     

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

            9/17 at 100.00           AA+           364,702   
  1,090     

Total Housing/Single Family

                                  1,094,172   
 

Industrials – 1.0%

                 
 

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

                 
  1,500     

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

          3/15 at 100.00           Ba2           1,277,745   
  500     

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

            3/15 at 100.00           Ba2           407,705   
  2,000     

Total Industrials

                                  1,685,450   
 

Long-Term Care – 6.8%

                 
  2,000     

Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.250%, 2/01/24

          2/14 at 100.00           N/R           2,001,560   
  500     

Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/27

          5/17 at 100.00           N/R           419,100   

 

  24       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Long-Term Care (continued)

                 
 

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

                 
$ 500     

5.500%, 5/15/17

          No Opt. Call           N/R         $ 512,960   
  500     

5.750%, 5/15/31

          5/17 at 100.00           N/R           457,575   
  1,500     

Kirkwood Industrial Development Authority, Missouri Retirement Community Revenue Bonds, Aberdeen Heights Project, Series 2010C, 7.000%, 11/15/15

          5/12 at 100.00           N/R           1,504,575   
  1,035     

Lees Summit Industrial Development Authority, Missouri, Revenue Bonds, John Knox Village Obligated Group, Series 2007A, 5.000%, 8/15/14

          No Opt. Call           N/R           1,089,006   
  1,250     

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

          2/20 at 100.00           N/R           1,163,013   
  1,500     

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

          No Opt. Call           N/R           1,386,345   
  325     

Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services, Series 2007A, 4.875%, 2/01/18

          2/17 at 100.00           N/R           338,829   
 

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

                 
  500     

5.375%, 9/01/21

          9/17 at 100.00           N/R           503,770   
  2,000     

5.500%, 9/01/28

            9/17 at 100.00           N/R           1,888,240   
  11,610     

Total Long-Term Care

                                  11,264,973   
 

Materials – 0.5%

                 
  1,000     

Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)

            6/13 at 101.00           BB+           890,320   
 

Tax Obligation/General – 7.9%

                 
 

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

                 
  680     

5.000%, 3/01/30

          3/21 at 100.00           A+           729,694   
  1,000     

4.750%, 3/01/31

          3/21 at 100.00           A+           1,050,320   
  850     

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

          2/19 at 100.00           AA–           907,987   
  2,000     

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

          No Opt. Call           AA           2,150,680   
  1,000     

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

          3/18 at 100.00           Aa1           1,069,410   
  1,015     

Missouri School Boards Association, Lease Participation Certificates, Clay County School District 53 Liberty, Series 2007, 5.250%, 3/01/25 – AGM Insured

          3/17 at 100.00           AA+           1,105,924   
  685     

Platte County Reorganized School District R3, Missouri, General Obligation Bonds, Series 2004, 5.000%, 3/01/24 – NPFG Insured

          3/14 at 100.00           AA           718,017   
  200     

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

          3/18 at 100.00           AA–           211,994   
  1,000     

Puerto Rico, General Obligation Bonds, Public Improvment Refunding Series 2008A, 5.250%, 7/01/26

          7/18 at 100.00           Baa1           1,012,810   
  690     

Richmond Heights, Missouri, General Obligation Bonds, Manhasset Village Nieghboorhood, Series 2006, 4.500%, 4/01/26

          4/14 at 100.00           N/R           697,266   
  1,000     

Saint Charles County Francis Howell School District, Missouri, General Obligation Bonds, Series 2009, 5.000%, 3/01/27

          3/19 at 100.00           AA+           1,098,540   
  5,000     

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

            3/19 at 66.11           AA+           2,329,650   
  15,120     

Total Tax Obligation/General

                                  13,082,292   

 

Nuveen Investments     25   

Portfolio of Investments (Unaudited)

Nuveen Missouri Tax Free Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Tax Obligation/Limited – 31.4%

                 
 

Belton, Missouri, Certificates of Participation, Series 2007:

                 
$ 600     

4.375%, 3/01/19 – NPFG Insured

          3/17 at 100.00           Baa1         $ 631,026   
  250     

4.500%, 3/01/22 – NPFG Insured

          3/17 at 100.00           Baa1           256,303   
  355     

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

          3/18 at 100.00           A           367,233   
  1,000     

Cape Girardeau County Building Corporation, Missouri, Leasehold Revenue Bonds, Reorganized School District R-02, Jackson R-II School District High School Project, Series 2005, 5.250%, 3/01/26 – NPFG Insured

          3/16 at 100.00           A           1,052,910   
  1,975     

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

          5/20 at 100.00           A           2,021,452   
  1,425     

Clay County Public Building Authority, Leasehold Revenue Refunding Bonds, Clay County, Missouri, Series 1998A, 5.125%, 5/15/14 – AGM Insured

          11/11 at 100.00           AA+           1,430,287   
 

Cottleville, Missouri, Certificates of Participation, Series 2006:

                 
  200     

5.125%, 8/01/26

          8/14 at 100.00           N/R           194,106   
  1,700     

5.250%, 8/01/31

          8/14 at 100.00           N/R           1,591,285   
  1,000     

Fenton, Missouri, Tax Increment Revenue Bonds, Gravois Bluffs Redevelopment Project, Series 2006, 5.000%, 4/01/14

          No Opt. Call           N/R           1,074,890   
 

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

                 
  340     

4.375%, 11/01/17

          11/13 at 100.00           A+           352,624   
  715     

4.500%, 11/01/22

          11/13 at 100.00           A+           724,981   
 

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

                 
  515     

4.500%, 3/01/17

          3/16 at 100.00           A+           566,160   
  445     

4.500%, 3/01/18

          3/16 at 100.00           A+           483,190   
  1,745     

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

          No Opt. Call           BBB+           1,894,424   
  3,000     

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

          12/16 at 100.00           Aa3           3,089,730   
 

Kansas City Industrial Development Authority, Missouri, Infrastructure Revenue Bonds, NNSA National Security Campus Project, MoDot Funded Transportation Improvements, Series 2010:

                 
  1,250     

4.000%, 9/01/13

          No Opt. Call           N/R           1,276,675   
  1,115     

4.000%, 9/01/14

          No Opt. Call           N/R           1,142,351   
  2,000     

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

          No Opt. Call           AA–           864,720   
  500     

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

          No Opt. Call           N/R           491,375   
  280     

Kansas City Tax Increment Financing Commission, Missouri, Tax Increment Revenue Bonds, Shoal Creek Parkway Project, Series 2011, 5.000%, 6/01/21

          6/16 at 100.00           N/R           282,450   
  200     

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

          9/21 at 100.00           AA–           202,830   
 

Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson City, Series 2003A:

                 
  1,000     

5.000%, 12/01/17

          12/12 at 100.00           A           1,027,920   
  750     

5.375%, 12/01/22

          12/12 at 100.00           A           763,920   
  1,000     

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

          4/17 at 100.00           A–           1,038,620   
  1,000     

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

          3/18 at 100.00           A–           1,023,500   
  1,010     

Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, City of Independence, Eastland Center Project, Refunding Series 2007A, 4.250%, 4/01/15

          No Opt. Call           A–           1,086,558   
  1,000     

Missouri State Board of Public Building, Special Obligation Bonds, Series 2003A, 5.000%, 10/15/27

          10/13 at 100.00           AA+           1,035,680   

 

  26       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

Tax Obligation/Limited (continued)

              
 

Missouri State Board of Public Building, State Office Buildings Special Obligation Bonds, Series 2001A:

              
$ 3,000     

5.000%, 5/01/24 – NPFG Insured

          9/11 at 100.00           AA+      $ 3,010,050   
  5,000     

5.125%, 5/01/26

          9/11 at 100.00           AA+        5,015,000   
  1,000     

Monarch-Chesterfield Levee District, St. Louis County, Missouri, Levee District Improvement Bonds, Series 2010, 3.000%, 3/01/18

          3/17 at 100.00           A–        1,041,280   
  1,455     

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

          5/12 at 102.00           N/R        1,234,742   
  1,000     

Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005K, 5.000%, 7/01/17

          7/15 at 100.00           Baa1        1,061,440   
  1,500     

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42

          8/19 at 100.00           A+        1,587,960   
 

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C:

              
  1,530     

6.000%, 8/01/39

          8/20 at 100.00           A+        1,628,731   
  1,000     

5.250%, 8/01/41

          8/20 at 100.00           A+        994,720   
  1,000     

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

          6/17 at 100.00           A+        1,010,580   
  1,400     

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

          5/17 at 100.00           A        1,416,422   
  1,000     

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

          5/15 at 100.00           A        1,037,340   
 

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

              
  500     

4.750%, 4/01/20

          4/17 at 100.00           A        536,155   
  390     

4.750%, 4/01/21

          4/17 at 100.00           A        414,925   
 

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

              
  1,000     

0.000%, 7/15/26 – AGC Insured

          No Opt. Call           AA+        437,280   
  1,000     

0.000%, 7/15/27 – AGC Insured

          No Opt. Call           AA+        407,290   
  1,000     

0.000%, 7/15/28 – AGC Insured

          No Opt. Call           AA+        379,860   
  1,000     

0.000%, 7/15/29 – AGC Insured

          No Opt. Call           AA+        348,250   
  2,000     

Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Series 2004, 5.000%, 3/01/24 – AMBAC Insured

          3/14 at 100.00           Aa2        2,151,940   
  1,595     

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

          12/16 at 100.00           AA+        1,646,455   
  520     

Union, Missouri, Certificates of Participation, Series 2006A, 5.200%, 7/01/23

            7/14 at 100.00           N/R        528,856   
  54,260     

Total Tax Obligation/Limited

                               51,856,476   
 

Transportation – 2.0%

              
  2,000     

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

          7/19 at 100.00           A–        2,203,960   
  1,000     

St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 2007A, 5.000%, 7/01/20 – AGM Insured

            No Opt. Call           AA+        1,073,290   
  3,000     

Total Transportation

                               3,277,250   
 

U.S. Guaranteed – 3.9% (4)

              
  1,255     

Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeast Missouri Hospital Association, Series 2002, 5.625%, 6/01/22 (Pre-refunded 6/01/12)

          6/12 at 100.00           N/R  (4)      1,304,347   
  4,000     

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

          9/15 at 100.00           AA–  (4)      4,566,600   

 

Nuveen Investments     27   

Portfolio of Investments (Unaudited)

Nuveen Missouri Tax Free Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

U.S. Guaranteed (4) (continued)

              
$ 500     

St. Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Series 2003, 6.625%, 11/15/35 (Pre-refunded 11/15/13)

            11/13 at 100.00           N/R  (4)    $ 566,435   
  5,755     

Total U.S. Guaranteed

                               6,437,382   
 

Utilities – 5.3%

              
  1,000     

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

          1/16 at 100.00           A3        1,034,740   
 

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

              
  1,500     

5.000%, 1/01/16 – NPFG Insured

          No Opt. Call           Baa1        1,655,655   
  375     

5.000%, 1/01/17 – NPFG Insured

          1/16 at 100.00           Baa1        407,633   
  2,545     

5.000%, 1/01/34 – NPFG Insured

          1/16 at 100.00           Baa1        2,545,814   
  2,000     

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

          1/16 at 100.00           A3        2,123,260   
  1,000     

Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.250%, 7/01/25

            7/18 at 100.00           A3        1,025,590   
  8,420     

Total Utilities

                               8,792,692   
 

Water and Sewer – 9.5%

              
  500     

Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2009, 6.000%, 3/01/39

          3/18 at 100.00           A        532,445   
 

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

              
  400     

5.000%, 10/01/21

          10/17 at 100.00           AA        454,724   
  445     

5.000%, 10/01/23

          10/17 at 100.00           AA        495,321   
  500     

5.125%, 10/01/30

          10/17 at 100.00           AA        535,525   
  1,370     

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

          7/20 at 100.00           Ba2        1,263,798   
 

Jefferson County Consolidated Public Water Supply District C1, Missouri, Waterworks Revenue Bonds, Refunding Series 2010:

              
  745     

4.125%, 12/01/24

          12/17 at 100.00           AA–        772,215   
  500     

4.250%, 12/01/25

          12/17 at 100.00           AA–        518,445   
  2,000     

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

          1/19 at 100.00           AA        2,131,897   
  500     

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

          No Opt. Call           AA+        544,709   
  1,500     

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

          6/16 at 100.00           A–        1,570,139   
  500     

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

          5/17 at 100.00           AA+        548,324   
  1,000     

Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series 2004, 5.000%, 11/01/24 – AMBAC Insured

          11/14 at 100.00           A–        1,024,630   
  500     

Missouri Development Finance Board, Independence, Infrastructure Facilities Revenue Bonds, Water System Improvement Projects, Series 2009C, 5.750%, 11/01/29

          No Opt. Call           A–        517,625   
  470     

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

          11/11 at 100.00           Aaa        471,612   
  410     

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

          1/16 at 100.00           Aaa        445,190   
  1,000     

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

          1/19 at 100.00           Aaa        1,161,560   

 

  28       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Water and Sewer (continued)

                 
$ 110     

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

          11/11 at 100.00           Aaa         $ 110,440   
  2,070     

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

          1/17 at 100.00           N/R           1,893,657   
  590     

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

            7/15 at 101.00           A+           601,953   
  15,110     

Total Water and Sewer

                                  15,594,209   
$ 164,975     

Total Municipal Bonds (cost $157,982,766)

                                  162,404,419   
Shares     Description (1)                               Value  
 

SHORT-TERM INVESTMENTS – 1.3%

                 
 

Money Market Funds – 1.3%

                 
  2,190,594     

First American Tax Free Obligations Fund, Class Z, 0.002% (5)

                                $ 2,190,594   
 

Total Short-Term Investments (cost $2,190,594)

                                  2,190,594   
 

Total Investments (cost $160,173,360) – 99.6%

                                  164,595,013   
 

Other Assets Less Liabilities – 0.4%

                                  579,485   
 

Net Assets – 100%

                                $ 165,174,498   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 –   Quoted prices in active markets for identical securities.
Level 2 –   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2011:

 

      Level 1      Level 2      Level 3      Total  

Investments:

            

Municipal Bonds

    $ —       $ 162,404,419       $ —       $ 162,404,419   

Short-Term Investments

      2,190,594         —         —         2,190,594   

Total

    $ 2,190,594       $ 162,404,419       $   —       $ 164,595,013   

 

Nuveen Investments     29   

Portfolio of Investments (Unaudited)

Nuveen Missouri Tax Free Fund (continued)

August 31, 2011

 

During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2011, the cost of investments was $160,173,360.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:

 

Gross unrealized:

         

Appreciation

    $ 6,753,726   

Depreciation

      (2,332,073 ) 

Net unrealized appreciation (depreciation) of investments

    $ 4,421,653   

 

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

 

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

 

  (3)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

 

  (5)   The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 

  N/R   Not rated.

 

  WI/DD   Purchased on a when-issued or delayed delivery basis.

 

  30       Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Nebraska Municipal Bond Fund

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

MUNICIPAL BONDS – 98.6%

                 
 

Education and Civic Organizations – 28.3%

                 
$ 990     

Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools Project, Series 2008, 5.625%, 5/01/40

          5/18 at 100.00           A         $ 998,940   
  1,000     

Douglas County Hospital Authority 2, Nebraska, Healthcare Revenue Bonds, Boys Town Project, Series 2008, 4.750%, 9/01/28

          9/18 at 100.00           AA+           1,037,670   
 

Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2010A:

                 
  1,000     

5.600%, 7/01/25

          7/20 at 100.00           A3           1,104,310   
  1,000     

5.500%, 7/01/30

          7/20 at 100.00           A3           1,060,190   
  665     

Douglas County, Nebraska, Zoo Facilities Revenue Bonds, O’Maha’s Henry Doory Zoo Project, Refunding Series 2005, 4.750%, 9/01/24

          4/15 at 100.00           A–           685,229   
  500     

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

          3/18 at 100.00           AAA           546,265   
  500     

Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.450%, 9/01/35

          5/21 at 100.00           Aa3           521,995   
  2,690     

Nebraska Educational Finance Authority, Revenue Bonds, Concordia University Project, Refunding Series 2007, 5.000%, 10/01/37

          10/15 at 100.00           N/R           2,244,859   
  605     

Nebraska Educational Finance Authority, Revenue Bonds, Wesleyan University, Refunding Series 2002, 5.000%, 4/01/17 – RAAI Insured

          4/12 at 100.00           N/R           610,003   
  500     

University of Nebraska Facilities Corporation, Medical Center Facilities Revenue Bonds, Series 2002, 5.000%, 2/15/15

          2/12 at 100.00           Aa1           510,190   
  500     

University of Nebraska, Lincoln, Athletic Revenue Bonds, Lincoln Memorial Stadium Project, Series 2004A, 5.000%, 11/01/15

          5/14 at 100.00           Aa3           547,715   
  750     

University of Nebraska, Revenue Bonds, Lincoln Student Fees and Facilities, Series 2003, 5.000%, 7/01/22

          1/13 at 100.00           Aa1           783,945   
  1,000     

University of Nebraska, Revenue Bonds, Omaha Health & Recreation Project, Series 2008, 5.000%, 5/15/33

          5/18 at 100.00           Aa1           1,050,740   
  350     

University of Nebraska, Revenue Bonds, Omaha Student Facilities Project, Series 2007, 5.000%, 5/15/32

          5/17 at 100.00           Aa1           366,314   
  500     

University of Nebraska, Revenue Bonds, Omaha Student Housing Project, Series 2003, 5.000%, 5/15/23

            11/13 at 100.00           Aa1           538,525   
  12,550     

Total Education and Civic Organizations

                                  12,606,890   
 

Health Care – 10.2%

                 
  1,000     

Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Refunding Bonds, Children’s Hospital Obligated Group, Series 2008B, 6.000%, 8/15/28

          8/17 at 100.00           A2           1,063,090   
 

Douglas County Hospital Authority 3, Nebraska, Health Facilities Refunding and Revenue Bonds, Nebraska Methodist Health System, Series 2008:

                 
  275     

5.750%, 11/01/28

          11/18 at 100.00           A–           284,262   
  1,000     

5.500%, 11/01/38

          11/18 at 100.00           A–           994,330   
  600     

Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.000%, 6/01/38

          6/16 at 100.00           A–           541,128   
  600     

Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Jackson County, Schneck Memorial Hospital, Series 2006A, 5.250%, 2/15/30

          2/16 at 100.00           A–           601,872   
 

Nebraska Investment Finance Authority, Hospital Revenue Bonds, Great Plains Regional Medical Center Project, Series 2002:

                 
  250     

5.200%, 11/15/16 – RAAI Insured

          5/12 at 100.00           A           255,240   
  805     

5.300%, 11/15/17 – RAAI Insured

            5/12 at 100.00           A           820,480   
  4,530     

Total Health Care

                                  4,560,402   
 

Housing/Multifamily – 1.2%

                 
  520     

Omaha Housing Authority, Nebraska, Multifamily Housing Revenue Bonds, GNMA Mortgage Backed Securities Program – Timbercreek Apartments Project, Series 2001, 5.150%, 11/20/22

            10/11 at 100.00           N/R           520,515   

 

Nuveen Investments     31   

Portfolio of Investments (Unaudited)

Nuveen Nebraska Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Housing/Single Family – 4.8%

                 
$ 2,000     

Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Series 2010A, 5.700%, 9/01/31

            9/20 at 100.00           AA+         $ 2,160,640   
 

Long-Term Care – 10.1%

                 
  250     

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan, Series 2009B, 5.000%, 6/01/39 (Mandatory put 12/01/14)

          No Opt. Call           A–           268,743   
  100     

Colorado Health Facilities Authority, Revenue Bonds, Christian Living Communities Project, Series 2006A, 5.750%, 1/01/26

          1/17 at 100.00           N/R           93,995   
  275     

Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/37

          5/17 at 100.00           N/R           210,650   
  200     

Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%, 2/15/26

          2/16 at 100.00           N/R           190,730   
  3,090     

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           N/R           3,121,456   
  600     

South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community Project, Series 2006, 5.000%, 9/01/25

            9/14 at 100.00           A–           596,838   
  4,515     

Total Long-Term Care

                                  4,482,412   
 

Materials – 0.7%

                 
  300     

Washington County, Nebraska, Wastewater Facilities Revenue Bonds, Cargill Inc., Series 2002, 5.900%, 11/01/27 (Alternative Minimum Tax)

            11/12 at 101.00           A           307,341   
 

Tax Obligation/General – 8.8%

                 
  195     

Buffalo County, Nebraska, General Obligation Bonds, Series 2008, 6.000%, 12/15/28 – AGC Insured

          11/13 at 102.00           AA+           207,946   
  350     

Douglas County School District 059, Nebraska, General Obligation Bonds, School Building Series 2011B, 4.700%, 12/15/32

          12/11 at 100.00           Aa2           360,546   
  500     

Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2009, 6.000%, 6/15/28

          1/14 at 100.00           AA–           525,485   
  450     

Omaha, Nebraska, General Obligation Bonds, Refunding Series 2008, 5.750%, 10/15/28

          10/18 at 100.00           AAA           523,949   
  1,000     

Puerto Rico, General Obligation Bonds, Public Improvement, Series 2011A, 5.750%, 7/01/41

          7/21 at 100.00           Baa1           987,960   
  375     

Puerto Rico, General Obligation Bonds, Public Improvment Refunding Series 2008A, 5.250%, 7/01/26

          7/18 at 100.00           Baa1           379,804   
  250     

Puerto Rico, General Obligation Bonds, Refunding Series 2003C-7, 6.000%, 7/01/27 – NPFG Insured

          7/18 at 100.00           Baa1           262,458   
  650     

Saunders County, Nebraska, General Obligation Bonds, Series 2006, 5.000%, 11/01/30 – AGM Insured

            1/12 at 100.00           AA+           652,802   
  3,770     

Total Tax Obligation/General

                                  3,900,950   
 

Tax Obligation/Limited – 5.7%

                 
  500     

Lincoln-West Haymarket Joint Public Agency, Nebraska, General Obligation Facility Bonds, Series 2011, 5.000%, 12/15/42

          12/21 at 100.00           AAA           536,785   
  750     

Lincoln-Lancaster County, Nebraska, Public Building Commission Tax Supported Lease Rental Revenue Building Bonds, Refunding Series 2005, 4.500%, 10/15/26

          4/15 at 100.00           Aaa           770,265   
  500     

Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2002A, 5.125%, 2/01/32

          2/12 at 101.00           AA+           506,845   
  650     

Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2008, 5.250%, 10/15/28

            10/18 at 100.00           AA+           710,632   
  2,400     

Total Tax Obligation/Limited

                                  2,524,527   

 

  32       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

U.S. Guaranteed – 1.1% (4)

              
$ 500     

Madison County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Faith Regional Health Services Project, Series 2002, 5.500%, 7/01/21 (Pre-refunded 1/01/12) – RAAI Insured

            1/12 at 100.00           N/R  (4)    $ 508,475   
 

Utilities – 25.4%

              
  1,000     

Arkansas River Power Authority, Colorado, Power Revenue Bonds, Improvement Series 2010, 6.125%, 10/01/40

          10/20 at 100.00           BBB        999,940   
  750     

Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 12/01/21

          No Opt. Call           Ba3        745,200   
  750     

City of Grand Island, Nebraska, Electric System Revenue Bonds, Series 2001, 5.125%, 8/15/16 – NPFG Insured

          11/11 at 100.00           AA        752,858   
  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           A2        612,571   
  250     

Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2003, 5.000%, 9/01/26

          9/13 at 100.00           AA        263,145   
  150     

Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A, 5.375%, 4/01/39 – BHAC Insured

          4/19 at 100.00           AA+        159,786   
  500     

Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/33

          1/18 at 100.00           A1        518,495   
  100     

Nebraska Public Power District, Power Supply System Revenue Bonds, Series 2006A, 5.000%, 1/01/41 – FGIC Insured

          1/16 at 100.00           A1        101,687   
  1,045     

Nebraska Utility Corporation, Revenue Bonds, University of Nebraksa Lincoln Project, Series 2001, 5.250%, 1/01/15

          1/12 at 100.00           Aa1        1,062,807   
 

Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A:

              
  1,000     

5.500%, 2/01/33

          No Opt. Call           Aa1        1,092,690   
  1,200     

5.500%, 2/01/35

          No Opt. Call           Aa1        1,303,415   
  1,000     

Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.250%, 7/01/25

          7/18 at 100.00           A3        1,025,589   
  1,500     

Southern Nebraska Public Power District, Electric System Revenue Bonds, Series 2008, 5.250%, 12/15/28

          12/18 at 100.00           AA–        1,656,839   
  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        1,012,559   
  10,830     

Total Utilities

                               11,307,581   
 

Water and Sewer – 2.3%

              
 

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A:

              
  500     

5.000%, 7/01/25 – AGC Insured

          No Opt. Call           AA+        519,305   
  500     

6.000%, 7/01/38

            7/18 at 100.00           Baa2        501,895   
  1,000     

Total Water and Sewer

                               1,021,200   
$ 42,915     

Total Municipal Bonds (cost $42,215,489)

                               43,900,933   
Shares     Description (1)                            Value  
 

SHORT-TERM INVESTMENTS – 0.1%

              
 

Money Market Funds – 0.1%

              
  59,497     

First American Tax Free Obligations Fund, Class Z, 0.002% (5)

                             $ 59,497   
 

Total Short-Term Investments (cost $59,497)

                               59,497   
 

Total Investments (cost $42,274,986) – 98.7%

                               43,960,430   
 

Other Assets Less Liabilities – 1.3%

                               576,324   
 

Net Assets – 100%

                             $ 44,536,754   

 

Nuveen Investments     33   

Portfolio of Investments (Unaudited)

Nuveen Nebraska Municipal Bond Fund (continued)

August 31, 2011

 

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 –   Quoted prices in active markets for identical securities.
Level 2 –   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2011:

 

      Level 1      Level 2      Level 3      Total  

Investments:

            

Municipal Bonds

    $ —       $ 43,900,933       $ —       $ 43,900,933   

Short-Term Investments

      59,497         —         —         59,497   

Total

    $ 59,497       $ 43,900,933       $   —       $ 43,960,430   

During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2011, the cost of investments was $42,274,986.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:

 

Gross unrealized:

         

Appreciation

    $ 1,915,872   

Depreciation

      (230,428 ) 

Net unrealized appreciation (depreciation) of investments

    $ 1,685,444   

 

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

 

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

 

  (3)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

 

  (5)   The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 

  N/R   Not rated.

 

  34       Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Ohio Tax Free Fund

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

MUNICIPAL BONDS – 98.3%

                 
 

Consumer Staples – 0.3%

                 
$ 200     

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/30

            6/17 at 100.00           Baa3         $ 151,022   
 

Education and Civic Organizations – 13.5%

                 
  400     

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

          9/15 at 100.00           A1           428,464   
  1,000     

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

          4/16 at 100.00           A3           1,083,240   
  1,000     

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

          10/16 at 100.00           A3           1,021,540   
 

Ohio Higher Education Facilities Commission, Revenue Bonds, Ohio Northern University, Series 2005:

                 
  250     

5.000%, 5/01/20

          5/15 at 100.00           Baa2           252,315   
  1,000     

5.000%, 5/01/26

          5/15 at 100.00           Baa2           950,040   
  505     

Ohio Higher Education Facilities Commission, Revenue Bonds, Wittenberg University, Series 2005, 5.000%, 12/01/24

          12/15 at 100.00           Ba1           436,320   
  645     

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

          12/18 at 100.00           A           687,957   
  500     

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

          5/20 at 100.00           A–           508,940   
  750     

Ohio State, Higher Educational Facility Revenue Bonds, Baldwin-Wallace College Project, Series 2004, 5.000%, 12/01/13

          No Opt. Call           A–           808,815   
  500     

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

          12/18 at 100.00           A3           537,000   
  250     

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

            10/16 at 100.00           N/R           251,683   
  6,800     

Total Education and Civic Organizations

                                  6,966,314   
 

Health Care – 23.6%

                 
 

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

                 
  100     

5.250%, 6/01/38

          6/20 at 100.00           AA–           100,409   
  250     

5.000%, 6/01/38

          6/20 at 100.00           AA–           243,153   
  500     

Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 2010B, 4.125%, 9/01/20

          No Opt. Call           AA–           521,200   
  750     

Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.500%, 11/01/22

          11/20 at 100.00           BBB+           795,368   
  345     

Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2003, 5.000%, 6/15/22 – RAAI Insured

          6/12 at 100.00           Baa2           339,135   
  750     

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Improvement Series 2009, 5.000%, 11/01/34

          11/19 at 100.00           Aa2           757,965   
  365     

Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, Series 2005, 4.750%, 11/01/23

          11/18 at 100.00           Aa2           385,852   
  640     

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

          11/21 at 100.00           AA           640,461   
  500     

Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2010C, 4.500%, 12/01/37

          12/20 at 100.00           AA           459,535   
  750     

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

          8/18 at 100.00           Baa1           733,815   
  350     

Lorain County, Ohio, Hospital Revenue Refunding and Improvement Bonds, Catholic Healthcare Partners, Refunding Series 2002, 5.500%, 10/01/17

          10/12 at 100.00           AA–           365,953   

 

Nuveen Investments     35   

Portfolio of Investments (Unaudited)

Nuveen Ohio Tax Free Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Health Care (continued)

                 
$ 400     

Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2008D, 5.000%, 11/15/38

          11/18 at 100.00           AA–         $ 396,444   
  575     

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

          11/21 at 100.00           AA–           620,477   
  500     

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

          5/16 at 100.00           A–           506,820   
  750     

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

          5/19 at 100.00           AA           754,223   
  100     

Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.250%, 10/01/33

          10/18 at 100.00           AA           109,117   
  500     

Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University Hospitals Health System, Series 2009, 6.750%, 1/15/39

          1/15 at 100.00           A           518,955   
  1,990     

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

          1/19 at 100.00           Aa2           2,073,859   
  535     

Richland County, Ohio, Hospital Revenue Bonds, MidCentral Health System Group, Series 2006, 5.250%, 11/15/36

          11/16 at 100.00           A–           535,920   
  500     

Ross County, Ohio, Hospital Revenue Refunding Bonds, Adena Health System Series 2008, 5.500%, 12/01/28

          12/18 at 100.00           A           511,345   
  800     

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

            2/18 at 100.00           A2           808,992   
  11,950     

Total Health Care

                                  12,178,998   
 

Housing/Multifamily – 1.0%

                 
  500     

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

            6/20 at 100.00           BBB–           487,855   
 

Housing/Single Family – 3.9%

                 
  440     

Ohio Housing Finance Agency, GNMA Mortgage-Backed Securities Program Residential Mortgage Revenue Bonds, Series 2006E, 4.850%, 9/01/26 (Alternative Minimum Tax)

          3/16 at 100.00           Aaa           444,338   
  600     

Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities Program, Series 2008F, 5.450%, 9/01/33

          3/18 at 100.00           Aaa           630,090   
  880     

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

            9/18 at 100.00           Aaa           914,927   
  1,920     

Total Housing/Single Family

                                  1,989,355   
 

Long-Term Care – 4.1%

                 
  500     

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

          7/21 at 100.00           BBB           503,935   
  800     

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

          7/15 at 100.00           BBB           758,960   
  400     

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

          1/17 at 100.00           BBB           373,536   
  500     

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

            4/20 at 100.00           BBB–           497,740   
  2,200     

Total Long-Term Care

                                  2,134,171   
 

Tax Obligation/General – 22.2%

                 
  300     

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

          6/20 at 100.00           Aa2           357,138   
 

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

                 
  535     

5.250%, 12/01/19 – NPFG Insured

          No Opt. Call           Aa2           648,752   
  380     

5.250%, 12/01/27 – NPFG Insured

          No Opt. Call           Aa2           448,104   

 

  36       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Tax Obligation/General (continued)

                 
$ 150     

Cincinnati, Ohio, Various Purpose General Obligation Bonds, Series 2009A, 4.500%, 12/01/29

          6/19 at 100.00           AA+         $ 157,446   
  1,320     

Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2009B, 5.000%, 12/01/27

          12/19 at 100.00           AA           1,444,410   
  750     

Cuyahoga Falls, Ohio, General Obligation Bonds, Various Purpose Refunding Series 2009, 4.250%, 12/01/34

          12/17 at 100.00           Aa2           765,023   
  500     

Dayton City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2003D, 5.000%, 12/01/11 – NPFG Insured

          No Opt. Call           A1           505,835   
  690     

Franklin County, Ohio, General Obligation Bonds, Series 2007, 4.500%, 12/01/27

          12/17 at 100.00           AAA           725,432   
  400     

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

          12/17 at 100.00           Aa1           428,872   
  1,000     

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

          12/17 at 100.00           Aa2           1,093,020   
 

Highland Local School District, Morrow and Delaware Counties, Ohio, General Obligation Bonds, School Facilities Construction and Improvement Series 2008:

                 
  100     

0.000%, 12/01/22

          No Opt. Call           Aa2           63,807   
  1,000     

5.375%, 12/01/33

          12/18 at 100.00           Aa2           1,091,980   
  1,000     

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

          No Opt. Call           AA+           1,250,090   
  600     

Saint Marys City School District, Auglaize County, Ohio, General Obligation Bonds, School Facilities Construction and Improvement, Series 2008, 5.000%, 12/01/28 – AGM Insured

          6/18 at 100.00           Aa2           636,426   
  755     

Sidney City School District, Shelby County, Ohio, General Obligation Bonds, Refunding Series 2007, 4.375%, 12/01/27 – NPFG Insured

          12/17 at 100.00           Aa3           774,683   
  1,000     

Solon, Ohio, General Obligation Refunding and Improvement Bonds, Series 2002, 5.000%, 12/01/21

            12/12 at 100.00           AAA           1,052,060   
  10,480     

Total Tax Obligation/General

                                  11,443,078   
 

Tax Obligation/Limited – 9.5%

                 
  750     

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

          11/14 at 100.00           N/R           771,855   
  475     

Mahoning Career and Technology Center, Ohio, Certificate of Participation, Series 2009B, 4.750%, 12/01/36

          12/17 at 100.00           AA–           485,403   
 

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

                 
  435     

0.000%, 9/01/27

          No Opt. Call           Aa2           196,163   
  855     

0.000%, 9/01/28

          No Opt. Call           Aa2           361,409   
  1,000     

Ohio, State Appropriation Lease Bonds, Parks and Recreation Capital Facilities, Series 2005A-II, 5.250%, 2/01/20 – AGM Insured

          2/15 at 100.00           AA+           1,121,270   
  500     

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.375%, 8/01/39

          2/20 at 100.00           A+           504,355   
  400     

Riversouth Authority, Ohio, Lazarus Building Redevelopment Bonds, Series 2007A, 5.750%, 12/01/27

          12/17 at 100.00           N/R           363,960   
  1,000     

Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Series 2004A, 5.250%, 12/01/17

            6/14 at 100.00           AA+           1,099,500   
  5,415     

Total Tax Obligation/Limited

                                  4,903,915   
 

Transportation – 2.0%

                 
  1,000     

Columbus Regional Airport Authority, Ohio, Revenue Bonds, Refunding Series 2007, 5.000%, 1/01/28 – NPFG Insured

            1/17 at 100.00           A+           1,035,160   

 

Nuveen Investments     37   

Portfolio of Investments (Unaudited)

Nuveen Ohio Tax Free Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

U.S. Guaranteed – 4.0% (4)

              
$ 1,000     

Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water Quality Project, Series 2002, 5.050%, 12/01/21 (Pre-refunded 6/01/12)

          6/12 at 100.00           AAA      $ 1,036,570   
  1,000     

Ohio, Common Schools General Obligation Bonds, Series 2002A, 5.125%, 9/15/22 (Pre-refunded 3/15/12)

            3/12 at 100.00           AA+  (4)      1,026,760   
  2,000     

Total U.S. Guaranteed

                               2,063,330   
 

Utilities – 7.1%

              
  1,000     

American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.000%, 2/15/31

          2/18 at 100.00           A1        1,039,930   
  1,000     

Hamilton, Ohio, Electric System Revenue Bonds, Refunding Series 2002A, 4.300%, 10/15/16 – AGM Insured

          10/15 at 101.00           Aa3        1,129,240   
  500     

Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Corp. Project, Series 2010A, 3.375%, 7/01/33 (Mandatory put 7/01/15)

          No Opt. Call           BBB–        516,720   
  500     

Ohio Air Quality Development Authority, Ohio, Revenue Bonds, FirstEnergy Generation Corp. Project, Series 2009A, 5.700%, 8/01/20

          No Opt. Call           BBB–        540,975   
  400     

Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.375%, 7/01/23

            7/18 at 100.00           A3        423,140   
  3,400     

Total Utilities

                               3,650,005   
 

Water and Sewer – 7.1%

              
  930     

Hamilton County, Ohio, Sewer System Revenue and Improvement Bonds, Metropolitan Sewer District of Greater Cincinnati, Series 2006A, 5.000%, 12/01/26 – NPFG Insured

          No Opt. Call           AA+        997,016   
  450     

Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured

          12/20 at 100.00           Aa3        464,440   
  250     

Marysville, Ohio, Wastewater Treatment System Revenue Bonds, Series 2006, 5.250%, 12/01/25 – SYNCORA GTY Insured

          12/16 at 100.00           A–        264,224   
  1,000     

Montgomery County, Ohio, Water System Revenue Bonds, Greater Moraine Beaver District, Series 2002 Refunding, 5.375%, 11/15/16 – AMBAC Insured

          11/12 at 100.00           N/R        1,034,729   
  700     

Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2007, 4.500%, 11/15/37 – NPFG Insured

          No Opt. Call           AA+        685,705   
  200     

Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Water Quality Project, Series 2010A, 5.000%, 6/01/30

            12/19 at 100.00           AAA        217,957   
  3,530     

Total Water and Sewer

                               3,664,071   
$ 49,395     

Total Municipal Bonds (cost $48,779,955)

                               50,667,274   
Shares     Description (1)                            Value  
 

SHORT-TERM INVESTMENTS – 0.8%

              
 

Money Market Funds – 0.8%

              
  412,405     

First American Tax Free Obligations Fund, Class Z, 0.002% (5)

                             $ 412,405   
 

Total Short-Term Investments (cost $412,405)

                               412,405   
 

Total Investments (cost $49,192,360) – 99.1%

                               51,079,679   
 

Other Assets Less Liabilities – 0.9%

                               441,033   
 

Net Assets – 100%

                             $ 51,520,712   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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

 

  38       Nuveen Investments

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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 –   Quoted prices in active markets for identical securities.
Level 2 –   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2011:

 

      Level 1      Level 2      Level 3      Total  

Investments:

            

Municipal Bonds

    $ —       $ 50,667,274       $   —       $ 50,667,274   

Short-Term Investments

      412,405         —         —         412,405   

Total

    $ 412,405       $ 50,667,274       $ —       $ 51,079,679   

During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2011, the cost of investments was $49,192,360.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:

 

Gross unrealized:

         

Appreciation

    $ 2,275,400   

Depreciation

      (388,081 ) 

Net unrealized appreciation (depreciation) of investments

    $ 1,887,319   

 

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

 

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

 

  (3)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

 

  (5)   The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 

  N/R   Not rated.

 

Nuveen Investments     39   

Portfolio of Investments (Unaudited)

Nuveen Oregon Intermediate Municipal Bond Fund

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

MUNICIPAL BONDS – 98.4%

                 
 

Education and Civic Organizations – 8.3%

                 
$ 2,350     

Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2005A, 5.000%, 5/01/22 – RAAI Insured

          5/15 at 100.00           BBB         $ 2,359,988   
  250     

Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Series 2009, 5.750%, 5/01/24

          5/14 at 100.00           BBB           258,325   
  1,140     

Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30

          9/20 at 100.00           BB+           1,160,896   
 

Oregon State Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A:

                 
  625     

4.000%, 10/01/17

          No Opt. Call           A–           683,131   
  500     

5.250%, 10/01/24

          10/21 at 100.00           A–           552,300   
  1,000     

Oregon State Facilities Authority, Revenue Bonds, Linfield College, Refunding Series 2005A, 5.000%, 10/01/25

          10/15 at 100.00           Baa1           1,031,520   
  500     

Oregon State Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28

          10/20 at 100.00           Baa1           508,100   
  1,000     

Oregon State Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29

          7/20 at 100.00           Aa2           1,103,890   
 

Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2007A:

                 
  1,000     

4.250%, 4/01/14

          No Opt. Call           BBB+           1,062,730   
  250     

5.000%, 4/01/17

          No Opt. Call           BBB+           282,098   
  2,000     

4.500%, 4/01/21

          4/18 at 100.00           BBB+           2,115,440   
  200     

Oregon State Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24

          4/20 at 100.00           A           203,636   
  1,085     

Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 4.300%, 10/01/21

            10/17 at 100.00           A           1,131,557   
  11,900     

Total Education and Civic Organizations

                                  12,453,611   
 

Health Care – 13.9%

                 
  1,000     

Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Legacy Health System, Series 2009A, 5.000%, 7/15/21

          7/19 at 100.00           A+           1,073,130   
  1,200     

Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Willamette Falls Hospital, Series 2002, 5.500%, 4/01/22 – RAAI Insured

          4/12 at 100.00           Baa2           1,205,232   
  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           A3           270,378   
  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           A3           1,819,965   
  960     

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+           1,006,301   
  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+           2,087,948   
 

Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Adventist Health System/West, Series 2009A:

                 
  1,875     

5.000%, 9/01/21

          9/19 at 100.00           A           2,078,456   
  440     

4.500%, 9/01/21

          9/19 at 100.00           A           472,472   
  1,000     

Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence Health System, Series 2004, 5.250%, 10/01/22

          10/14 at 100.00           AA           1,096,220   
  1,000     

Oregon Health Sciences University, Revenue Bonds, Series 2002A, 5.250%, 7/01/22 – NPFG Insured

          1/13 at 100.00           A1           1,022,820   
  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+           1,136,890   

 

  40       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Health Care (continued)

                 
 

Oregon State Facilities Authority, Oregon, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A:

                 
$ 1,250     

5.000%, 10/01/19

          No Opt. Call           A–         $ 1,385,625   
  500     

5.000%, 10/01/24

          10/20 at 100.00           A–           525,685   
 

Oregon State Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A:

                 
  2,000     

4.250%, 3/15/17

          No Opt. Call           A+           2,162,320   
  1,000     

4.750%, 3/15/24

          3/20 at 100.00           A+           1,032,730   
  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+           1,659,225   
  690     

Umatilla County Health Facility Authority, Oregon, Revenue Bonds, Catholic Health Initiatives, Series 2002A, 5.000%, 3/01/12

            No Opt. Call           AA           706,367   
  19,065     

Total Health Care

                                  20,741,764   
 

Housing/Multifamily – 3.0%

                 
 

Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A:

                 
  750     

4.000%, 7/01/19 (Alternative Minimum Tax)

          No Opt. Call           Aaa           754,230   
  500     

4.250%, 7/01/21 (Alternative Minimum Tax)

          1/20 at 100.00           Aaa           502,590   
  705     

Portland Housing Authority, Oregon, Housing Revenue Refundign Bonds, Yards at Union Station Project, Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax)

          5/17 at 100.00           Aa2           721,300   
 

Portland, Oregon, Economic Development Revenue Refunding Bonds, Broadway Project, Series 2008A:

                 
  880     

5.125%, 4/01/16

          No Opt. Call           A+           1,016,884   
  1,355     

6.250%, 4/01/23

            4/18 at 100.00           A+           1,573,833   
  4,190     

Total Housing/Multifamily

                                  4,568,837   
 

Housing/Single Family – 1.0%

                 
  230     

Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds, Series 2004A, 4.050%, 1/01/18

          7/13 at 100.00           Aa2           235,055   
  1,170     

Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds, Series 2008D, 4.750%, 7/01/22

            1/18 at 100.00           Aa2           1,227,950   
  1,400     

Total Housing/Single Family

                                  1,463,005   
 

Long-Term Care – 3.1%

                 
  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           876,000   
  1,000     

Illinois Finance Authority, Revenue Bonds, Franciscan Communities Inc., Refunding Series 2007A, 5.500%, 5/15/27

          5/17 at 100.00           N/R           838,200   
 

Multnomah County Hospital Facility Authority, Oregon, Revenue Bonds, Terwillger Plaza Project, Series 2009:

                 
  1,000     

5.250%, 12/01/26

          12/16 at 100.00           N/R           989,580   
  1,900     

6.500%, 12/01/29

            12/11 at 100.00           N/R           1,904,503   
  4,900     

Total Long-Term Care

                                  4,608,283   
 

Tax Obligation/General – 44.0%

                 
 

Beaverton School District 48J, Washington County, Oregon, General Obligation Bonds, Series 2004A:

                 
  1,600     

5.000%, 6/01/14 – AGM Insured

          No Opt. Call           AA+           1,799,904   
  1,500     

5.000%, 6/01/16 – AGM Insured

          12/14 at 100.00           AA+           1,696,890   
 

Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010:

                 
  605     

4.250%, 2/01/19

          No Opt. Call           Baa1           656,576   
  655     

4.500%, 2/01/20

          No Opt. Call           Baa1           716,616   
  255     

5.000%, 2/01/21

          No Opt. Call           Baa1           285,452   

 

Nuveen Investments     41   

Portfolio of Investments (Unaudited)

Nuveen Oregon Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Tax Obligation/General (continued)

                 
 

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+         $ 1,149,090   
  800     

4.500%, 6/15/20

          No Opt. Call           AA+           946,992   
  1,000     

Chemeketa Community College District, Oregon, General Obligation Bonds, Series 2008, 5.500%, 6/15/24

          6/18 at 100.00           AA+           1,154,340   
 

City of The Dalles, Wasco County, Oregon, General Obligation Bonds, Series 2008:

                 
  130     

4.000%, 6/01/17

          No Opt. Call           A+           146,090   
  140     

4.000%, 6/01/18

          No Opt. Call           A+           156,580   
  75     

4.000%, 6/01/19

          6/18 at 100.00           A+           82,671   
  1,145     

Clackamas Community College District, Oregon, General Obligation Bonds, Series 2006, 5.000%, 5/01/19 – NPFG Insured

          5/16 at 100.00           AA           1,289,236   
  1,975     

Clackamas County School District 115, Oregon, General Obligation Bond, Series 2006B, 4.500%, 6/15/21 – NPFG Insured

          6/16 at 100.00           AA+           2,151,703   
 

Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B:

                 
  685     

5.000%, 6/15/19 – AGM Insured

          No Opt. Call           AA+           800,909   
  3,665     

5.000%, 6/15/21 – AGM Insured

          6/17 at 100.00           AA+           4,188,509   
  3,135     

5.000%, 6/15/22 – AGM Insured

          No Opt. Call           AA+           3,543,835   
  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+           1,141,010   
 

Clackamas County School District 86, Oregon, General Obligation Bonds, Series 2005:

                 
  1,000     

5.000%, 6/15/18 – AGM Insured

          6/15 at 100.00           AA+           1,127,440   
  1,305     

5.000%, 6/15/21 – AGM Insured

          6/15 at 100.00           AA+           1,471,309   
  1,755     

Deschutes County, Oregon, General Obligation Bonds, Series 2002, 5.000%, 12/01/14 – AGM Insured

          12/12 at 100.00           Aa2           1,855,842   
  3,030     

Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Deffered Imterest Series 2008, 0.000%, 6/15/22

          No Opt. Call           Aa1           2,022,495   
  1,000     

Hillsboro School District 1J, Washington, Multnomah and Yamhill Counties, Oregon, General Obligation Refunding Bonds, Series 1998, 5.000%, 11/01/14

          No Opt. Call           Aa2           1,141,570   
  1,000     

Josephine County Unit School District Three Rivers, Oregon, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/15/19 – NPFG Insured

          No Opt. Call           Aa1           1,219,530   
  905     

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           940,395   
  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           245,636   
  1,305     

Marion-Clackamas Counties School District 4J, Oregon, General Obligation Bonds, Series 2007, 4.500%, 6/15/22 – NPFG Insured

          6/16 at 100.00           Aa1           1,407,012   
  1,000     

McMinnville School District 40, Yamhill County, Oregon, General Obligation Bonds, Series 2001, 5.500%, 6/15/13 – AGM Insured

          No Opt. Call           Aa3           1,093,400   
  1,000     

Metro, Oregon, General Obligation Bonds, Series 2002, 5.250%, 9/01/14

          9/11 at 101.00           AAA           1,014,090   
  1,635     

Metro, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/01/20

          6/17 at 100.00           AAA           1,903,500   
  1,000     

Multnomah-Clackamas Counties Centennial School District 28JT, Oregon, General Obligation Bonds, Series 2006, 0.000%, 6/01/16 – AMBAC Insured

          12/11 at 83.27           A1           827,260   
  1,000     

Multnomah-Clackamas Counties, Oregon, School District 10JT, General Obligation Bonds, Series 2005, 5.250%, 6/15/17 – AGM Insured

          No Opt. Call           AA+           1,219,690   
  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+           139,969   

 

  42       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Tax Obligation/General (continued)

                 
$ 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+         $ 1,833,255   
 

Oregon State, General Obligation Bonds, Alterrnative Energy Series 2011B:

                 
  540     

5.000%, 1/01/20 (Alternative Minimum Tax)

          No Opt. Call           AA+           617,593   
  535     

5.000%, 1/01/21 (Alternative Minimum Tax)

          No Opt. Call           AA+           610,061   
  100     

5.000%, 1/01/23 (Alternative Minimum Tax)

          1/21 at 100.00           AA+           110,717   
  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           472,267   
  1,000     

Puerto Rico Government Development Bank, Senior Note Revenue Bonds, Senior Lien, Series 2006B, 5.000%, 12/01/14

          No Opt. Call           Baa1           1,082,120   
  1,250     

Redmond School District 2J, Deshutes and Jefferson Counties, Oregon, General Obligation Bonds, Series 2004A, 5.000%, 6/15/13 – NPFG Insured

          No Opt. Call           Aa1           1,352,013   
 

Redmond, Oregon, General Obligation Bonds,Terminal Expansion Project, Series 2009:

                 
  240     

4.000%, 6/01/21

          6/19 at 100.00           A1           255,264   
  200     

4.250%, 6/01/23

          6/19 at 100.00           A1           208,742   
  500     

4.625%, 6/01/29

          6/19 at 100.00           A1           510,255   
  635     

Salem-Keizer School District 24J, Marion and Polk Counties, Oregon, General Obligation Bonds, Series 2009B, 0.000%, 6/15/22

          No Opt. Call           AA+           423,856   
  1,150     

Salem-Keizer School District 24J, Marion County, Oregon, General Obligation Bonds, Series 2004, 5.000%, 6/15/14 – AGM Insured

          No Opt. Call           AA+           1,293,819   
 

Sandy, Clackamas County, Oregon, General Obligation Bonds, Series 2010:

                 
  190     

4.000%, 6/01/15

          6/14 at 100.00           AA           206,416   
  150     

4.000%, 6/01/16

          6/14 at 100.00           AA           161,678   
  210     

4.000%, 6/01/17

          6/14 at 100.00           AA           224,505   
  240     

4.000%, 6/01/18

          6/14 at 100.00           AA           254,047   
  100     

4.000%, 6/01/19

          6/14 at 100.00           AA           105,180   
  1,030     

Tigard-Tualatin School District 23J, Washington and Clackamas Counties, Oregon, General Obligation Bonds, Series 2000, 0.000%, 6/15/14

          No Opt. Call           Aa3           983,403   
  1,000     

Tigard-Tualatin School District 23J, Washington and Clackamas Counties, Oregon, General Obligation Refunding Bonds, Series 2001, 5.500%, 6/01/13 – FGIC Insured

          No Opt. Call           Aa2           1,089,360   
  870     

Tualatin Hills Park and Recreation District, Oregon, General Obligation Bonds, Series 1998, 5.750%, 3/01/13 – NPFG Insured

          No Opt. Call           Aa1           941,297   
  1,540     

Umatilla County School District 016R Pendleton, Oregon, General Obligation Bonds, Series 1998, 5.250%, 7/01/14 – NPFG Insured

          No Opt. Call           Aa3           1,719,148   
  1,080     

Wasco County School District 012, Oregon, General Obligation Bonds, Series 2001 Refunding, 5.500%, 6/15/14 – AGM Insured

          No Opt. Call           AA+           1,231,632   
  1,525     

Washington County, Oregon, General Obligation Bonds, Series 2006, 5.000%, 6/01/22

          6/16 at 102.00           Aa1           1,710,959   
  2,490     

Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2006, 5.000%, 6/15/19 – NPFG Insured

          No Opt. Call           Aa2           2,900,950   
 

West Valley Fire District, Oregon, General Obligation Bonds, Series 2010:

                 
  120     

2.000%, 2/01/12

          No Opt. Call           N/R           120,253   
  120     

3.000%, 2/01/13

          No Opt. Call           N/R           122,263   
  125     

3.000%, 2/01/14

          No Opt. Call           N/R           128,581   
  125     

3.000%, 2/01/15

          No Opt. Call           N/R           129,371   
  130     

3.500%, 2/01/16

          No Opt. Call           N/R           137,002   
  135     

4.000%, 2/01/17

          No Opt. Call           N/R           144,970   
  140     

4.000%, 2/01/18

          No Opt. Call           N/R           149,666   
  145     

4.000%, 2/01/19

          No Opt. Call           N/R           152,984   
 

Yamhill County School District 29J Newberg, Oregon, General Obligation Bonds, Refunding Series 2005:

                 
  1,260     

5.250%, 6/15/15 – FGIC Insured

          No Opt. Call           Aa1           1,467,900   
  1,835     

5.250%, 6/15/16 – FGIC Insured

          No Opt. Call           Aa1           2,186,531   

 

Nuveen Investments     43   

Portfolio of Investments (Unaudited)

Nuveen Oregon Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)     Value  
               
 

Tax Obligation/General (continued)

              
$ 1,005     

Yamhill County School District 40, McMinnville, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/23 – AGM Insured

            6/17 at 100.00           Aa1      $ 1,120,253   
  60,295     

Total Tax Obligation/General

                               65,693,852   
 

Tax Obligation/Limited – 9.7%

              
  1,010     

Medford Urban Renewal Agency, Jackson County, Oregon, Tax Revenue Bonds, Urban Redevelopment Refunding Series 2002, 4.500%, 6/01/13

          1/13 at 101.00           A–        1,059,005   
  1,060     

Oregon Department of Administrative Services, Certificates of Participation, Series 2006A, 5.000%, 11/01/18 – NPFG Insured

          11/16 at 100.00           AA        1,212,979   
  1,500     

Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 4.700%, 5/01/25

          5/19 at 100.00           AA        1,606,095   
  1,055     

Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25

          11/19 at 100.00           AA        1,160,067   
  700     

Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2005A, 5.000%, 11/15/24

          11/14 at 100.00           AAA        744,723   
  1,000     

Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/21

          No Opt. Call           AAA        1,187,760   
  2,655     

Portland, Oregon, Renewal and Redevelopment Revenue Bonds, North Macadam Series 2010B, 5.000%, 6/15/24

          6/20 at 100.00           A1        2,865,887   
  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        2,234,340   
  1,000     

Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 5.500%, 7/01/35 – AMBAC Insured

          No Opt. Call           Baa1        1,077,840   
  280     

Seaside Urban Renewal Agency, Clatsop County, Oregon, Greater Seaside Urban Renewal Area Revenue Bonds, Series 2006, 4.750%, 6/01/15

          No Opt. Call           N/R        297,839   
  1,000     

Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A, 5.000%, 10/01/25

            10/21 at 100.00           A1        1,106,330   
  13,290     

Total Tax Obligation/Limited

                               14,552,865   
 

Transportation – 1.8%

              
  1,000     

Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/17 (Alternative Minimum Tax)

          No Opt. Call           AA–        1,136,920   
  250     

Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/17 (Alternative Minimum Tax)

          No Opt. Call           AA–        283,898   
  1,000     

Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011, 5.000%, 7/01/23 (Alternative Minimum Tax)

          7/21 at 100.00           AA–        1,074,690   
  215     

Redmond, Oregon, Airport Revenue Bonds, Series 2009, 5.500%, 6/01/24

            6/19 at 100.00           Baa3        222,097   
  2,465     

Total Transportation

                               2,717,605   
 

U.S. Guaranteed – 3.7% (4)

              
  2,170     

Chemeketa Community College District, Oregon, General Obligation Bonds, Refunding Series 1998, 5.500%, 6/01/13 – FGIC Insured (ETM)

          No Opt. Call           N/R  (4)      2,367,687   
  1,000     

Linn County Community School District 9, Lebanon, Oregon, General Obligation Bonds, Series 2001, 5.550%, 6/15/21 (Pre-refunded 6/15/13) – FGIC Insured

          6/13 at 100.00           AA+  (4)      1,094,140   
  1,000     

Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2002A, 5.500%, 11/15/16 (Pre-refunded 11/15/12)

          11/12 at 100.00           AAA        1,063,400   
  1,000     

Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2004J, 5.000%, 7/01/36 (Mandatory put 7/01/12) – AMBAC Insured

            No Opt. Call           Baa1  (4)      1,023,930   
  5,170     

Total U.S. Guaranteed

                               5,549,157   
 

Utilities – 0.6%

              
  800     

Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.375%, 7/01/23

            7/18 at 100.00           A3        846,280   

 

  44       Nuveen Investments

Principal
Amount (000)		     Description (1)           Optional Call
Provisions (2)		        Ratings (3)        Value  
                  
 

Water and Sewer – 9.3%

                 
$ 820     

Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2006, 5.000%, 11/01/21 – NPFG Insured

          11/16 at 100.00           Aa2         $ 904,526   
  1,500     

Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2008, 5.000%, 11/01/22

          11/18 at 100.00           Aa2           1,688,805   
 

Lebanon, Oregon, Wastewater Revenue Bonds, Refunding Series 2010:

                 
  165     

4.000%, 3/01/17 – AGM Insured

          No Opt. Call           AA+           185,622   
  435     

4.000%, 3/01/18 – AGM Insured

          No Opt. Call           AA+           488,431   
  1,000     

Portland, Oregon, Sewer System Revenue Bonds, Refunding First Lien Series 2008A, 4.750%, 6/15/24

          No Opt. Call           AA           1,101,430   
  1,175     

Portland, Oregon, Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/23 – NPFG Insured

          6/16 at 100.00           AA           1,289,116   
  2,000     

Portland, Oregon, Water System Revenue Bonds, Refunding Series 2010A, 5.000%, 5/01/15

          No Opt. Call           Aaa           2,325,380   
  500     

Portland, Oregon, Water System Revenue Bonds, Second Lien Series 2006A, 4.375%, 10/01/24 – NPFG Insured

          10/16 at 100.00           Aa1           527,589   
  1,500     

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/25 – AGC Insured

          No Opt. Call           AA+           1,557,914   
  450     

Redmond, Oregon, Water Revenue Bonds, Series 2010, 4.500%, 6/01/25

          6/20 at 100.00           A1           488,056   
  325     

The Dalles, Oregon, Water Revenue Bonds, Series 200, 4.250%, 6/01/20 – AMBAC Insured

          6/17 at 100.00           N/R           355,182   
  1,790     

Washington County, Oregon, Clean Water Services Sewer Revenue Bonds, Senior Lien Series 2001, 5.125%, 10/01/14 – NPFG Insured

          10/11 at 100.00           AA           1,796,908   
  1,000     

Washington County, Oregon, Clean Water Services Sewer Revenue Bonds, Senior Lien Series 2004, 5.000%, 10/01/14 – NPFG Insured

            No Opt. Call           AA           1,138,169   
  12,660     

Total Water and Sewer

                                  13,847,128   
$ 136,135     

Total Municipal Bonds (cost $137,771,613)

                                  147,042,387   
Shares     Description (1)                               Value  
 

SHORT-TERM INVESTMENTS – 0.6%

                 
 

Money Market Funds – 0.6%

                 
  822,429     

First American Tax Free Obligations Fund, Class Z, 0.002% (5)

                                $ 822,429   
 

Total Short-Term Investments (cost $822,429)

                                  822,429   
 

Total Investments (cost $138,594,042) – 99.0%

                                  147,864,816   
 

Other Assets Less Liabilities – 1.0%

                                  1,424,023   
 

Net Assets – 100%

                                $ 149,288,839   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:

 

Level 1 –   Quoted prices in active markets for identical securities.
Level 2 –   Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

Nuveen Investments     45   

Portfolio of Investments (Unaudited)

Nuveen Oregon Intermediate Municipal Bond Fund (continued)

August 31, 2011

 

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2011:

 

      Level 1      Level 2      Level 3      Total  

Investments:

            

Municipal Bonds

    $ —       $ 147,042,387       $   —       $ 147,042,387   

Short-Term Investments

      822,429         —         —         822,429   

Total

    $ 822,429       $ 147,042,387       $   —       $ 147,864,816   

During the period ended August 31, 2011, the Fund recognized no significant transfers to or from Level 1, Level 2 or Level 3.

Income Tax Information

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 certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2011, the cost of investments was $138,594,042.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2011, were as follows:

 

Gross unrealized:

         

Appreciation

    $ 9,616,912   

Depreciation

      (346,138 ) 

Net unrealized appreciation (depreciation) of investments

    $ 9,270,774   

 

 

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

 

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

 

  (3)   Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.

 

  (5)   The rate shown is the annualized seven-day effective yield as of August 31, 2011.

 

  N/R   Not rated.

 

  (ETM)   Escrowed to maturity.

 

  46       Nuveen Investments

Item 2. 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 (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 registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form 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)), exactly as set forth below: See Ex-99. 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
   Vice President and Secretary

Date: October 28, 2011

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
  

Chief Administrative Officer

(principal executive officer)

Date: October 28, 2011

 

 

By (Signature and Title)

    /s/ Stephen D. Foy
  

Vice President and Controller

(principal financial officer)

Date: October 28, 2011

EX-99.CERT 2 d231117dex99cert.htm CERTIFICATIONS Certifications

CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:

 

1. I have reviewed this report on Form N-Q of Nuveen Investment Funds, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 28, 2011

 

/S/ GIFFORD R. ZIMMERMAN

 

Chief Administrative Officer

(principal executive officer)

CERTIFICATIONS

I, Stephen D. Foy, certify that:

 

1. I have reviewed this report on Form N-Q of Nuveen Investment Funds, Inc.;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 28, 2011

 

/S/ STEPHEN D. FOY

 

Vice President and Controller

(principal financial officer)