Nuveen Multistate Trust I

0001193125-12-421872.txt : 20121012 0001193125-12-421872.hdr.sgml : 20121012 20121012135629 ACCESSION NUMBER: 0001193125-12-421872 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121012 DATE AS OF CHANGE: 20121012 EFFECTIVENESS DATE: 20121012 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN MULTISTATE TRUST I CENTRAL INDEX KEY: 0001018972 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-16617 FILM NUMBER: 121141644 BUSINESS ADDRESS: STREET 1: C/O JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE 32ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE 32ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN FLAGSHIP MULTISTATE TRUST I DATE OF NAME CHANGE: 19960716 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN MULTISTATE TRUST I CENTRAL INDEX KEY: 0001018972 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07747 FILM NUMBER: 121141645 BUSINESS ADDRESS: STREET 1: C/O JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE 32ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178200 MAIL ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE 32ND FLOOR CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN FLAGSHIP MULTISTATE TRUST I DATE OF NAME CHANGE: 19960716

0001018972 S000000545 Nuveen Arizona Municipal Bond Fund

C000001474 Nuveen Arizona Municipal Bond Fund - Class A FAZTX

C000001476 Nuveen Arizona Municipal Bond Fund - Class C FAZCX

C000001477 Nuveen Arizona Municipal Bond Fund - Class I NMARX

0001018972 S000000546 Nuveen Colorado Municipal Bond Fund

C000001478 Nuveen Colorado Municipal Bond Fund - Class A FCOTX

C000001479 Nuveen Colorado Municipal Bond Fund - Class B FCOBX

C000001480 Nuveen Colorado Municipal Bond Fund - Class C FCOCX

C000001481 Nuveen Colorado Municipal Bond Fund - Class I FCORX

0001018972 S000000548 Nuveen Maryland Municipal Bond Fund

C000001486 Nuveen Maryland Municipal Bond Fund - Class A NMDAX

C000001487 Nuveen Maryland Municipal Bond Fund - Class B NBMDX

C000001488 Nuveen Maryland Municipal Bond Fund - Class C NMDCX

C000001489 Nuveen Maryland Municipal Bond Fund - Class I NMMDX

0001018972 S000000549 Nuveen New Mexico Municipal Bond Fund

C000001490 Nuveen New Mexico Municipal Bond Fund - Class A FNMTX

C000001492 Nuveen New Mexico Municipal Bond Fund - Class C FNMCX

C000001493 Nuveen New Mexico Municipal Bond Fund - Class I FNMRX

0001018972 S000000550 Nuveen Pennsylvania Municipal Bond Fund

C000001494 Nuveen Pennsylvania Municipal Bond Fund - Class A FPNTX

C000001495 Nuveen Pennsylvania Municipal Bond Fund - Class B FPMMX

C000001496 Nuveen Pennsylvania Municipal Bond Fund - Class C FPMBX

C000001497 Nuveen Pennsylvania Municipal Bond Fund - Class I NBPAX

0001018972 S000000551 Nuveen Virginia Municipal Bond Fund

C000001498 Nuveen Virginia Municipal Bond Fund - Class A FVATX

C000001499 Nuveen Virginia Municipal Bond Fund - Class B NFVBX

C000001500 Nuveen Virginia Municipal Bond Fund - Class C FVACX

C000001501 Nuveen Virginia Municipal Bond Fund - Class I NMVAX

485BPOS 1 d362251d485bpos.htm NUVEEN MULTISTATE TRUST I Nuveen Multistate Trust I

As filed with the Securities and Exchange Commission on October 12, 2012.

1933 Act Registration No. 333-16617

1940 Act Registration No. 811-07747

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-1A


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		¨

Pre-Effective Amendment No.		¨

Post-Effective Amendment No. 23		x

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		¨

Amendment No. 26		x

Nuveen Multistate Trust I

(Exact Name of Registrant as Specified in Declaration of Trust)


333 West Wacker Drive, Chicago, Illinois		60606
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s Telephone Number, Including Area Code: (312) 917-7700

Kevin J. McCarthy
Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and Address of Agent for Service)

Copies to:

Eric F. Fess

Chapman and Cutler LLP

111 West Monroe Street

Chicago, Illinois 60603

Approximate Date of Proposed Public Offering: As soon as practicable after effectiveness.

It is proposed that this filing will become effective (check appropriate box):


x	immediately upon filing pursuant to paragraph (b)	¨	on (date) pursuant to paragraph (a)(1)

¨	on (date) pursuant to paragraph (b)	¨	75 days after filing pursuant to paragraph (a)(2)

¨	60 days after filing pursuant to paragraph (a)(1)	¨	on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

¨	This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This filing relates solely to the following Funds, each a series of the Registrant:


Nuveen Arizona Municipal Bond Fund
Nuveen Colorado Municipal Bond Fund
Nuveen Maryland Municipal Bond Fund
Nuveen New Mexico Municipal Bond Fund
Nuveen Pennsylvania Municipal Bond Fund
Nuveen Virginia Municipal Bond Fund

EXHIBIT INDEX


Exhibit Number		Exhibit
101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

101.LAB		XBRL Taxonomy Extension Labels Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused this post-effective amendment to its registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Chicago and State of Illinois, on the 12th day of October, 2012.

NUVEEN MULTISTATE TRUST I

/S/ KEVIN J. MCCARTHY

Kevin J. McCarthy

Vice President and Secretary

Pursuant to the requirements of the Securities Act of 1933, as amended, this post-effective amendment to the registration statement has been signed below by the following persons in the capacities and on the date indicated.


Signature	Title			Date
/S/ STEPHEN D. FOY STEPHEN D. FOY	Vice President and Controller (principal financial and accounting officer)			October 12, 2012

/S/ GIFFORD R. ZIMMERMAN GIFFORD R. ZIMMERMAN	Chief Administrative Officer (principal executive officer)			October 12, 2012

ROBERT P. BREMNER*	Chairman of the Board and Trustee	ý ï ï ï ï ï ï ï ï ï ï ï ï þ ï ï ï ï ï ï ï ï ï ï ï ï ï ï þ	By:	/S/ KEVIN J. MCCARTHY KEVIN J. MCCARTHY Attorney-in-Fact October 12, 2012
JOHN P. AMBOIAN*	Trustee
JACK B. EVANS*	Trustee
WILLIAM C. HUNTER*	Trustee
DAVID J. KUNDERT*	Trustee
WILLIAM J. SCHNEIDER*	Trustee
JUDITH M. STOCKDALE*	Trustee
CAROLE E. STONE*	Trustee
VIRGINIA L. STRINGER*	Trustee
TERENCE J. TOTH*	Trustee

An original power of attorney authorizing, among others, Kevin J. McCarthy and Gifford R. Zimmerman to execute this registration statement, and amendments thereto, for each of the trustees of the Registrant on whose behalf this registration statement is filed, has been executed and has previously been filed with the Securities and Exchange Commission and is incorporated by reference herein.

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0001018972 nmst:S000000549Member rr:AfterTaxesOnDistributionsAndSalesMember nmst:C000001490Member 2011-09-29 2012-09-28 0001018972 nmst:S000000549Member nmst:SAndPMunicipalBondIndexMember 2011-09-29 2012-09-28 0001018972 nmst:S000000549Member nmst:LipperOtherStatesMunicipalDebtFundsClassificationAverageMember 2011-09-29 2012-09-28 0001018972 nmst:S000000551Member rr:AfterTaxesOnDistributionsMember nmst:C000001498Member 2011-09-29 2012-09-28 0001018972 nmst:S000000551Member rr:AfterTaxesOnDistributionsAndSalesMember nmst:C000001498Member 2011-09-29 2012-09-28 0001018972 nmst:S000000551Member nmst:SAndPMunicipalBondIndexMember 2011-09-29 2012-09-28 0001018972 nmst:S000000551Member nmst:LipperVirginiaMunicipalDebtFundsClassificationAverageMember 2011-09-29 2012-09-28 pure iso4217:USD Redemption Redemption Redemption Redemption Redemption Redemption 384 787 892 866 866 761 357 856 2012-06-30 855 750 346 882 776 373 913 913 813 395 2012-06-30 846 845 739 335 384 787 892 <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenArizonaMunicipalBondFund column period compact * ~</div> Example 966 761 866 357 856 955 750 346 Example <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenPennsylvaniaMunicipalBondFund column period compact * ~</div> 913 1013 813 395 Example 882 Example <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenMarylandMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenNewMexicoMunicipalBondFund column period compact * ~</div> 2012-06-30 2012-06-30 <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenVirginiaMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenColoradoMunicipalBondFund column period compact * ~</div> 2012-06-30 Example Example 2011-06-30 0 0 0.042 0.0398 <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenArizonaMunicipalBondFund column period compact * ~</div> Nuveen Arizona Municipal Bond Fund The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 4% of the average value of its portfolio. Shareholder Fees (fees paid directly from your investment) You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx 0.0554 0.042 0 0 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 10% of the average value of its portfolio. Nuveen New Mexico Municipal Bond Fund Shareholder Fees (fees paid directly from your investment) 0.042 0 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 15% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 8% of the average value of its portfolio. 0.0508 Nuveen Colorado Municipal Bond Fund Shareholder Fees (fees paid directly from your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 5% of the average value of its portfolio. <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenPennsylvaniaMunicipalBondFund column period compact * ~</div> Nuveen Virginia Municipal Bond Fund You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx Shareholder Fees (fees paid directly from your investment) Shareholder Fees (fees paid directly from your investment) 776 373 www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx 0.0394 0.0418 0.0477 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 6% of the average value of its portfolio. 846 945 739 335 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. 0.0529 www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenMarylandMunicipalBondFund column period compact * ~</div> 0.0608 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenNewMexicoMunicipalBondFund column period compact * ~</div> www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx 0.0465 Nuveen Pennsylvania Municipal Bond Fund 0.0503 Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenVirginiaMunicipalBondFund column period compact * ~</div> Nuveen Maryland Municipal Bond Fund <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenColoradoMunicipalBondFund column period compact * ~</div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. 0.04 0.0437 485BPOS NUVEEN MULTISTATE TRUST I 507 147 70 1470 1724 859 <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenArizonaMunicipalBondFundBarChart column period compact * ~</div> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “What Share Classes We Offer” on page 42 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 44 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-62 of the Fund’s statement of additional information. The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> The table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. During the ten-year period ended December 31, 2011, the Fund's highest and lowest quarterly returns were 8.70% and -4.48%, respectively, for the quarters ended September 30, 2009 and December 31, 2010. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. (800) 257-8787 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “What Share Classes We Offer” on page 42 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 44 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-62 of the Fund’s statement of additional information. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “What Share Classes We Offer” on page 42 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 44 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-62 of the Fund’s statement of additional information. The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “What Share Classes We Offer” on page 42 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 44 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-62 of the Fund’s statement of additional information. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0 The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Principal Investment Strategies 502 562 142 65 1414 1688 1669 798 500 560 139 63 The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1391 1666 1646 774 The table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. Principal Investment Strategies This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “What Share Classes We Offer” on page 42 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 44 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-62 of the Fund’s statement of additional information. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 9.20% and -5.02%, respectively, for the quarters ended September 30, 2009 and September 30, 2008. <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> The table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. 0.042 0 0 0 <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenPennsylvaniaMunicipalBondFundBarChart column period compact * ~</div> During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 6.59% and -4.86%, respectively, for the quarters ended September 30, 2009 and September 30, 2008. <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> The table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 9.23% and -4.59%, respectively, for the quarters ended September 30, 2009 and December 31, 2010. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> (800) 257-8787 0.042 0 0 50000 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. (800) 257-8787 511 571 152 73 During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 8.58% and -4.56%, respectively, for the quarters ended September 30, 2009 and December 31, 2008. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 505 145 68 <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> 1448 1702 835 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. 1515 1788 1779 883 (800) 257-8787 0.042 0 0 0 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “What Share Classes We Offer” on page 42 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 44 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-62 of the Fund’s statement of additional information. The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 498 558 137 61 1368 1643 1624 750 50000 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. (800) 257-8787 During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 8.40% and -5.15%, respectively, for the quarters ended September 30, 2009 and December 31, 2010. 50000 The table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers were not in place, returns would be reduced. The contingent deferred sales charge (“CDSC”) on Class B shares declines over a six-year period from purchase. The CDSC on Class C shares applies only to redemptions within 12 months of purchase. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. (800) 257-8787 <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenNewMexicoMunicipalBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenMarylandMunicipalBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenVirginiaMunicipalBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenColoradoMunicipalBondFundBarChart column period compact * ~</div> The contingent deferred sales charge (“CDSC”) on Class B shares declines over a six-year period from purchase. The CDSC on Class C shares applies only to redemptions within 12 months of purchase. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. The contingent deferred sales charge (“CDSC”) on Class B shares declines over a six-year period from purchase. The CDSC on Class C shares applies only to redemptions within 12 months of purchase. The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. The contingent deferred sales charge (“CDSC”) on Class B shares declines over a six-year period from purchase. The CDSC on Class C shares applies only to redemptions within 12 months of purchase. 0001018972 2012-05-31 2012-09-28 0.01 0 0 0 0 0 15 15 15 0.0089 0.0144 0.0069 456 692 221 507 147 70 0.04 0.0394 0.0399 0.0387 0.0465 0.0535 0.0441 0.0774 0.0981 The price and yield of this Fund will change daily, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include: Alternative Minimum Tax Risk—The Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund's otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. Call Risk—If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Credit Risk—Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer's ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations. Also, the Fund's investments in inverse floaters will increase the Fund's credit risk. High Yield Securities Risk—High yield securities are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid, and have more volatile prices than investment grade securities. Income Risk—The Fund's income could decline during periods of falling interest rates. Also, if the Fund invests in inverse floaters, the Fund's income may decrease if short-term interest rates rise. Interest Rate Risk—Interest rate risk is the risk that the value of the Fund's portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Interest rate risk may be increased by the Fund's investment in inverse floaters because of the leveraged nature of these investments. Inverse Floaters Risk—The use of inverse floaters by the Fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the Fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the Fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment. Market Risk—The market values of the Fund's investments may decline, at times sharply and unpredictably. Municipal Lease Obligations Risk—Participation interests in municipal leases pose special risks because many leases and contracts contain "non-appropriation" clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body. Political and Economic Risks—The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Because the Fund primarily purchases municipal bonds from Arizona, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. Tax Risk—Income from municipal bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Zero Coupon Bonds Risk—Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. In addition, while such bonds generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause the Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by tax laws. Investment Objective Fees and Expenses of the Fund No Redemption The price and yield of this Fund will change daily, which means you could lose money. 2009-09-30 0.087 lowest 2010-12-31 Investment Objective Fees and Expenses of the Fund 0 0.05 0.01 0 Investment Objective 0 0 0 0 Fees and Expenses of the Fund 15 15 15 15 Investment Objective 0.0084 0.0159 0.0139 0.0064 Fees and Expenses of the Fund 0 0.05 0.01 0 0 0 0 0 15 15 15 15 0.0082 0.0157 0.0137 0.0062 802 440 677 205 142 65 162 502 671 796 434 199 500 160 139 63 0.0747 0.106 0.0447 0.0447 0.0443 0.0429 0.0433 0.0512 0.0535 0.0442 Investment Objective Fees and Expenses of the Fund Principal Investment Strategies The price and yield of this Fund will change daily, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include: Alternative Minimum Tax Risk—The Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. Call Risk—If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Credit Risk—Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations. Also, the Fund’s investments in inverse floaters will increase the Fund’s credit risk. High Yield Securities Risk—High yield securities are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid, and have more volatile prices than investment grade securities. Income Risk—The Fund’s income could decline during periods of falling interest rates. Also, if the Fund invests in inverse floaters, the Fund’s income may decrease if short-term interest rates rise. Interest Rate Risk—Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Interest rate risk may be increased by the Fund’s investment in inverse floaters because of the leveraged nature of these investments. Inverse Floaters Risk—The use of inverse floaters by the Fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the Fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the Fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment. Market Risk—The market values of the Fund’s investments may decline, at times sharply and unpredictably. Municipal Lease Obligations Risk—Participation interests in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body. Political and Economic Risks—The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Because the Fund primarily purchases municipal bonds from Colorado, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. Tax Risk—Income from municipal bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Zero Coupon Bonds Risk—Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. In addition, while such bonds generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause the Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by tax laws. 0.0453 0.0452 0.0447 0.0434 0.0439 0.0519 0.0535 0.0432 0 0.05 0.01 0 0 0 0 0 15 15 15 15 No Redemption The price and yield of this Fund will change daily, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include: Alternative Minimum Tax Risk—The Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. Call Risk—If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Credit Risk—Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations. Also, the Fund’s investments in inverse floaters will increase the Fund’s credit risk. High Yield Securities Risk—High yield securities are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid, and have more volatile prices than investment grade securities. Income Risk—The Fund’s income could decline during periods of falling interest rates. Also, if the Fund invests in inverse floaters, the Fund’s income may decrease if short-term interest rates rise. Interest Rate Risk—Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Interest rate risk may be increased by the Fund’s investment in inverse floaters because of the leveraged nature of these investments. Inverse Floaters Risk—The use of inverse floaters by the Fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the Fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the Fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment. Market Risk—The market values of the Fund’s investments may decline, at times sharply and unpredictably. Municipal Lease Obligations Risk—Participation interests in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body. Non-Diversification Risk—As a non-diversified fund, the Fund may invest a larger portion of its assets in the securities of a limited number of issuers and may be more sensitive to any single economic, political or regulatory occurrence than a diversified fund. Political and Economic Risks—The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Because the Fund primarily purchases municipal bonds from New Mexico, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. Tax Risk—Income from municipal bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Zero Coupon Bonds Risk—Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. In addition, while such bonds generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause the Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by tax laws. The price and yield of this Fund will change daily, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include: Alternative Minimum Tax Risk—The Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. Call Risk—If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Credit Risk—Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations. Also, the Fund’s investments in inverse floaters will increase the Fund’s credit risk. High Yield Securities Risk—High yield securities are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid, and have more volatile prices than investment grade securities. Income Risk—The Fund’s income could decline during periods of falling interest rates. Also, if the Fund invests in inverse floaters, the Fund’s income may decrease if short-term interest rates rise. Interest Rate Risk—Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Interest rate risk may be increased by the Fund’s investment in inverse floaters because of the leveraged nature of these investments. Inverse Floaters Risk—The use of inverse floaters by the Fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the Fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the Fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment. Market Risk—The market values of the Fund’s investments may decline, at times sharply and unpredictably. Municipal Lease Obligations Risk—Participation interests in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body. Political and Economic Risks—The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Because the Fund primarily purchases municipal bonds from Virginia, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. Tax Risk—Income from municipal bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Zero Coupon Bonds Risk—Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. In addition, while such bonds generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause the Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by tax laws. The price and yield of this Fund will change daily, which means you could lose money. Non-Diversification Risk—As a non-diversified fund, the Fund may invest a larger portion of its assets in the securities of a limited number of issuers and may be more sensitive to any single economic, political or regulatory occurrence than a diversified fund. 0.0093 0.0168 0.0149 0.0071 No Redemption 0 0.01 0 0 0 0 The price and yield of this Fund will change daily, which means you could lose money. 15 15 15 0.0087 0.0142 0.0067 704 830 471 227 No Redemption The price and yield of this Fund will change daily, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include: Alternative Minimum Tax Risk—The Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. Call Risk—If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Credit Risk—Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations. Also, the Fund’s investments in inverse floaters will increase the Fund’s credit risk. High Yield Securities Risk—High yield securities are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid, and have more volatile prices than investment grade securities. Income Risk—The Fund’s income could decline during periods of falling interest rates. Also, if the Fund invests in inverse floaters, the Fund’s income may decrease if short-term interest rates rise. Interest Rate Risk—Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Interest rate risk may be increased by the Fund’s investment in inverse floaters because of the leveraged nature of these investments. Inverse Floaters Risk—The use of inverse floaters by the Fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the Fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the Fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment. Market Risk—The market values of the Fund’s investments may decline, at times sharply and unpredictably. Municipal Lease Obligations Risk—Participation interests in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body. Political and Economic Risks—The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Because the Fund primarily purchases municipal bonds from Pennsylvania, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. Tax Risk—Income from municipal bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Zero Coupon Bonds Risk—Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. In addition, while such bonds generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause the Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by tax laws. Investment Objective 449 214 686 Fees and Expenses of the Fund Principal Investment Strategies 505 145 68 511 171 152 73 The price and yield of this Fund will change daily, which means you could lose money. 0 0.05 0.01 0 0 0 0 0 15 15 15 15 0.0755 0.0742 2009-09-30 0.0858 lowest 2008-12-31 0.008 0.0155 0.0135 0.006 0.1122 0.0419 0.0419 0.042 0.0401 0.0407 0.0485 0.0535 0.0448 665 790 428 192 498 158 137 61 0.101 0.0414 0.0414 0.0413 0.0402 0.048 0.0535 0.0443 0.0942 0.0925 0.0459 0.0456 0.0453 0.0441 0.0446 0.0523 0.0535 0.0431 No Redemption The price and yield of this Fund will change daily, which means you could lose money. The price and yield of this Fund will change daily, which means you could lose money. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund include: Alternative Minimum Tax Risk—The Fund has no limit as to the amount that can be invested in alternative minimum tax bonds. Therefore, all or a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. Call Risk—If an issuer calls higher-yielding debt instruments held by the Fund, performance could be adversely impacted. Credit Risk—Credit risk is the risk that an issuer of a debt security may be unable or unwilling to make interest and principal payments when due and the related risk that the value of a debt security may decline because of concerns about the issuer’s ability or willingness to make such payments. In addition, parties to other financial contracts with the Fund could default on their obligations. Also, the Fund’s investments in inverse floaters will increase the Fund’s credit risk. High Yield Securities Risk—High yield securities are high risk investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid, and have more volatile prices than investment grade securities. Income Risk—The Fund’s income could decline during periods of falling interest rates. Also, if the Fund invests in inverse floaters, the Fund’s income may decrease if short-term interest rates rise. Interest Rate Risk—Interest rate risk is the risk that the value of the Fund’s portfolio will decline because of rising interest rates. When interest rates change, the values of longer-duration debt securities usually change more than the values of shorter-duration debt securities. Interest rate risk may be increased by the Fund’s investment in inverse floaters because of the leveraged nature of these investments. Inverse Floaters Risk—The use of inverse floaters by the Fund creates effective leverage. Due to the leveraged nature of these investments, they will typically be more volatile and involve greater risk than the fixed rate municipal bonds underlying the inverse floaters. An investment in certain inverse floaters will involve the risk that the Fund could lose more than its original principal investment. Distributions on inverse floaters bear an inverse relationship to short-term municipal bond interest rates. Thus, distributions paid to the Fund on its inverse floaters will be reduced or even eliminated as short-term municipal interest rates rise and will increase when short-term municipal interest rates fall. Inverse floaters generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment. Market Risk—The market values of the Fund’s investments may decline, at times sharply and unpredictably. Municipal Lease Obligations Risk—Participation interests in municipal leases pose special risks because many leases and contracts contain “non-appropriation” clauses that provide that the governmental issuer has no obligation to make future payments under the lease or contract unless money is appropriated for this purpose by the appropriate legislative body. Political and Economic Risks—The values of municipal securities held by the Fund may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Because the Fund primarily purchases municipal bonds from Maryland, the Fund is more susceptible to adverse economic, political or regulatory changes affecting municipal bond issuers in that state. Tax Risk—Income from municipal bonds held by the Fund could be declared taxable because of, among other things, unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a bond issuer. Zero Coupon Bonds Risk—Zero coupon bonds do not pay interest on a current basis and may be highly volatile as interest rates rise or fall. In addition, while such bonds generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause the Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by tax laws. 0.0748 0.1038 The price and yield of this Fund will change daily, which means you could lose money. 2009-09-30 0.084 lowest 2010-12-31 2009-09-30 0.092 lowest 2008-09-30 2009-09-30 0.0659 lowest 2008-09-30 lowest 0.0923 2009-09-30 2010-12-31 Other Expenses have been restated to reflect current contractual fees. No Redemption Other Expenses have been restated to reflect current contractual fees. Other Expenses have been restated to reflect current contractual fees. Other Expenses have been restated to reflect current contractual fees. Other Expenses have been restated to reflect current contractual fees. Other Expenses have been restated to reflect current contractual fees. 2012-09-28 false 2012-09-28 0.0053 0.0053 0.0053 0.0075 0 0.002 0.0016 0.0016 0.0016 1724 1470 859 456 221 692 0.0524 0.0524 0.0493 0.0919 0.1 0.1062 0.102 0.0334 0.0335 0.0345 0.0368 0.0446 0.0486 0.0367 0.0394 0.0296 0.0462 0.0193 -0.0966 0.1775 0.0338 <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenArizonaMunicipalBondFund column period compact * ~</div> Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and Arizona personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Fund's sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as "high yield" or "junk" bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates ("inverse floaters"). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund's investments in inverse floaters are designed to increase the Fund's income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund's sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer above-average total return. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds. The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal, Arizona state and, in some cases, Arizona local income taxes as is consistent with preservation of capital. Portfolio Turnover Principal Risks Fund Performance <center>Class A Annual Total Return </center> The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx or by calling (800) 257-8787. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. 0.04 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. year-to-date total return highest -0.0448 The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal, Maryland state and, in some cases, Maryland local income taxes as is consistent with preservation of capital. The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal, Virginia state and, in some cases, Virginia local income taxes as is consistent with preservation of capital. 0.0052 0.0052 0.0052 0.0052 0.002 0.0095 0.0075 0 Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and Virginia personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer above-average total return. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds. The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal, New Mexico state and, in some cases, New Mexico local income taxes as is consistent with preservation of capital. 0.0012 0.0012 Principal Risks 0.0012 0.0012 0.0052 0.0052 0.0052 0.0052 0.002 0.0095 0.0075 0 0.001 0.001 0.001 0.001 1414 1688 1669 Fund Performance 798 677 502 440 205 Principal Risks 1391 1666 1646 774 671 496 434 199 Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and Maryland personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer above-average total return. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds. Principal Risks 0.0544 0.0376 0.0454 0.0236 -0.0891 0.1947 0.0157 Fund Performance 0.0599 0.0597 0.0535 0.1001 0.0577 0.1084 The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx or by calling (800) 257-8787. 0.1062 0.1017 0.037 0.0369 0.0372 0.0363 0.0401 0.0479 0.0486 0.0372 Fund Performance The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx or by calling (800) 257-8787. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal, Colorado state and, in some cases, Colorado local income taxes as is consistent with preservation of capital. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. Portfolio Turnover Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and Colorado personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer above-average total return. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds. 0.047 0.0468 0.0451 0.0434 0.0856 0.0944 0.1062 0.0941 0.0365 0.0364 0.0367 0.0358 0.0396 0.0486 0.0474 0.0367 Principal Risks Fund Performance The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx or by calling (800) 257-8787. <center>Class A Annual Total Return </center> Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and Pennsylvania personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer above-average total return. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenPennsylvaniaMunicipalBondFund column period compact * ~</div> 0 0 0 0 <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenPennsylvaniaMunicipalBondFund column period compact * ~</div> Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and New Mexico personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Fund’s sub-adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds. The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. The Fund’s investments in inverse floaters are designed to increase the Fund’s income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. The Fund’s sub-adviser uses a value-oriented strategy and looks for higher-yielding and undervalued long-term municipal bonds that offer above-average total return. The sub-adviser may choose to sell municipal bonds with deteriorating credit or limited upside potential compared to other available bonds. <center>Class A Annual Total Return</center> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenPennsylvaniaMunicipalBondFund column period compact * ~</div> 0.15 The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx or by calling (800) 257-8787. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. <center>Class A Annual Total Return </center> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. 0 0 0 0 All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 0.0053 0.0053 0.0053 0.0053 0.002 0.0095 0.0075 0 0.002 0.002 0.0021 0.0018 0.1 0 0 0 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0.0053 0.0053 0.0053 0.002 0.0075 0 The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0014 0.0014 0.0014 After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 1515 1788 1779 883 Portfolio Turnover <center>Class A Annual Total Return</center> Portfolio Turnover 1448 1702 835 Principal Risks Fund Performance <center>Class A Annual Total Return</center> 0.08 686 449 214 704 530 471 227 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. 0 0 0 0 0.0051 0.0051 0.0051 0.0051 highest 0.0609 0.002 0.0095 0.0075 0.0355 0 0.0452 0.0098 0.0009 0.0009 0.0009 0.0009 -0.0934 0.177 0.0217 -0.0456 year-to-date total return 0.066 0.066 0.0582 0.0636 0.1066 0.1145 0.1062 0.1029 0.0324 0.0324 0.0336 0.0317 0.0358 0.0436 0.0393 0.0486 0.0479 0.0381 0.0448 1368 1643 1624 750 0.0222 665 490 428 192 -0.0668 0.1548 0.0167 0.06 0 0 0 0 0.0545 0.0545 0.049 0.0951 0.1019 0.1062 0.0987 0.0339 0.0339 0.0345 0.037 0.0449 0.0486 0.0391 0.0475 0.031 0.0457 0.0108 -0.0842 0.2087 0.0218 0.0574 0.0572 0.0523 0.0556 0.0968 0.1051 0.1062 0.0947 The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx or by calling (800) 257-8787. 0.0375 0.0372 0.0376 0.0369 0.0406 0.0485 0.0486 0.0317 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The performance of the other share classes will differ due to their different expense structures. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenMarylandMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenMarylandMunicipalBondFund column period compact * ~</div> The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. 0.0517 0.0388 0.0459 0.0187 -0.0943 0.205 0.0226 All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenNewMexicoMunicipalBondFund column period compact * ~</div> 0.05 An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenNewMexicoMunicipalBondFund column period compact * ~</div> The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. highest -0.0515 year-to-date total return <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenNewMexicoMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenMarylandMunicipalBondFund column period compact * ~</div> year-to-date total return highest -0.0502 <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenVirginiaMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenVirginiaMunicipalBondFund column period compact * ~</div> highest -0.0486 year-to-date total return <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenColoradoMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenVirginiaMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenColoradoMunicipalBondFund column period compact * ~</div> Portfolio Turnover Portfolio Turnover year-to-date total return highest -0.0459 <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenArizonaMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenArizonaMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenColoradoMunicipalBondFund column period compact * ~</div> The investment objective of the Fund is to provide you with as high a level of current interest income exempt from regular federal, Pennsylvania state and, in some cases, Pennsylvania local income taxes as is consistent with preservation of capital. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown. 0 0 0 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase. Fee applies to the following types of accounts under $1,000 held directly with the Fund: accounts established pursuant to the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act (UGMA). Other Expenses have been restated to reflect current contractual fees. Class A year-to-date total return as of June 30, 2012 was 5.54%. The contingent deferred sales charge ("CDSC") on Class B shares declines over a six-year period from purchase. The CDSC on Class C shares applies only to redemptions within 12 months of purchase. Class A year-to-date total return as of June 30, 2012 was 4.65%. Class A year-to-date total return as of June 30, 2012 was 4.77%. Class A year-to-date total return as of June 30, 2012 was 5.03%. Class A year-to-date total return as of June 30, 2012 was 4.00%. Class A year-to-date total return as of June 30, 2012 was 4.37%. 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