Nuveen Investment Funds, Inc.

0001193125-12-421902.txt : 20121012 0001193125-12-421902.hdr.sgml : 20121012 20121012142132 ACCESSION NUMBER: 0001193125-12-421902 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 INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000820892 IRS NUMBER: 411418224 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-16905 FILM NUMBER: 121141710 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SECURAL MUTUAL FUNDS INC DATE OF NAME CHANGE: 19910627 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000820892 IRS NUMBER: 411418224 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05309 FILM NUMBER: 121141711 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SECURAL MUTUAL FUNDS INC DATE OF NAME CHANGE: 19910627

0000820892 S000005558 Nuveen Minnesota Intermediate Municipal Bond Fund

C000015134 Class A FAMAX

C000015135 Class I FAMTX

C000081082 Class C1 FACMX

C000096214 Class C NIBMX

0000820892 S000005559 Nuveen Minnesota Municipal Bond Fund

C000015136 Class A FJMNX

C000015137 Class C1 FCMNX

C000015138 Class I FYMNX

C000096215 Class C NMBCX

0000820892 S000005560 Nuveen Nebraska Municipal Bond Fund

C000015139 Class A FNTAX

C000015140 Class C1 FNTCX

C000015141 Class I FNTYX

C000096216 Class C NCNBX

0000820892 S000005562 Nuveen Oregon Intermediate Municipal Bond Fund

C000015145 Class A FOTAX

C000015146 Class I FORCX

C000096217 Class C NIMOX

485BPOS 1 d362259d485bpos.htm NUVEEN INVESTMENT FUNDS, INC. Nuveen Investment Funds, Inc.

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

1933 Act Registration No. 033-16905

1940 Act Registration No. 811-05309

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. 132		þ

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 132		þ

Nuveen Investment Funds, Inc.

(Exact Name of Registrant as Specified in Charter)

333 West Wacker Drive

Chicago, IL 60606

(Address of Principal Executive Offices) (Zip Code)

(312) 917-7700

(Registrant’s Telephone Number, Including Area Code):

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), 2012 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 Minnesota Intermediate Municipal Bond Fund
Nuveen Minnesota Municipal Bond Fund
Nuveen Nebraska Municipal Bond Fund
Nuveen Oregon Intermediate 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 INVESTMENT FUNDS, INC.

		/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 Director	ü 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*	Director
JACK B. EVANS*	Director
WILLIAM C. HUNTER*	Director
DAVID J. KUNDERT*	Director
WILLIAM J. SCHNEIDER*	Director
JUDITH M. STOCKDALE*	Director
CAROLE E. STONE*	Director
VIRGINIA L. STRINGER*	Director
TERENCE J. TOTH*	Director

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 directors 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.

EX-101.INS 2 nifi1-20120928.xml XBRL INSTANCE DOCUMENT 0000820892 nifi1:S000005558Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member nifi1:C000015134Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member nifi1:C000096214Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member nifi1:C000081082Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member nifi1:C000015135Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member nifi1:C000015136Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member nifi1:C000096215Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member nifi1:C000015137Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member nifi1:C000015138Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member nifi1:C000015139Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member nifi1:C000096216Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member nifi1:C000015140Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member nifi1:C000015141Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member nifi1:C000015145Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member nifi1:C000015146Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member nifi1:C000096217Member 2011-10-01 2012-09-30 0000820892 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member rr:AfterTaxesOnDistributionsMember nifi1:C000015134Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member rr:AfterTaxesOnDistributionsAndSalesMember nifi1:C000015134Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member nifi1:SAndPMunicipalBondIntermediateIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member nifi1:LipperOtherStatesIntermediateMunicipalDebtFundsClasificationAverageMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member rr:AfterTaxesOnDistributionsMember nifi1:C000015136Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member rr:AfterTaxesOnDistributionsAndSalesMember nifi1:C000015136Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member nifi1:BarclaysMunicipalBondIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member nifi1:LipperMinnesotaMunicipalDebtFundsClassificationAverageMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005559Member nifi1:SAndPMunicipalBondIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member rr:AfterTaxesOnDistributionsMember nifi1:C000015139Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member rr:AfterTaxesOnDistributionsAndSalesMember nifi1:C000015139Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member nifi1:SAndPMunicipalBondIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member nifi1:BarclaysMunicipalBondIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005560Member nifi1:LipperOtherStatesIntermediateMunicipalDebtFundsClasificationAverageMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005558Member nifi1:BarclaysFifteenYearBlendMunicipalBondIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member rr:AfterTaxesOnDistributionsMember nifi1:C000015145Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member rr:AfterTaxesOnDistributionsAndSalesMember nifi1:C000015145Member 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member nifi1:SAndPMunicipalBondIntermediateIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member nifi1:BarclaysFifteenYearBlendMunicipalBondIndexMember 2011-10-01 2012-09-30 0000820892 nifi1:S000005562Member nifi1:LipperOtherStatesIntermediateMunicipalDebtFundsClasificationAverageMember 2011-10-01 2012-09-30 pure iso4217:USD Redemption Redemption 752 766 Redemption Redemption 708 357 892 797 734 390 911 802 757 408 <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenMinnesotaMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenNebraskaMunicipalBondFund column period compact * ~</div> Example Example 2012-06-30 <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenMinnesotaIntermediateMunicipalBondFund column period compact * ~</div> 2012-06-30 Example 2012-06-30 752 357 761 <div style="display:none">~ http://www.nuveen.com/role/ScheduleShareholderFeesNuveenOregonIntermediateMunicipalBondFund column period compact * ~</div> 2012-06-30 752 766 708 357 0.0399 892 797 390 734 0.0518 911 802 757 408 0.0497 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 9% 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 17% 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 25% of the average value of its portfolio. www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx 0.0274 www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx 0.0564 www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx 0.0495 752 761 357 0.0425 Example 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 9% of the average value of its portfolio. www.nuveen.com/MutualFunds/PricingPerformance/Performance.aspx 0.025 0.03 0 0 0 383 143 131 65 0.042 0 0 0 1994-02-25 2009-10-28 1994-02-25 507 149 136 72 0.042 0 0 0 507 147 136 70 <a name="toc362259_7"></a>Nuveen Minnesota Intermediate Municipal Bond Fund Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenMinnesotaMunicipalBondFund column period compact * ~</div> During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 5.42% and -2.76%, respectively, for the quarters ended September 30, 2009 and December 31, 2010. <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenNebraskaMunicipalBondFund column period compact * ~</div> Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Nuveen Minnesota Municipal Bond Fund Nuveen Nebraska Municipal Bond Fund Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of 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. 50000 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 9.94% and -5.32%, respectively, for the quarters ended September 30, 2009 and December 31, 2010. <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenMinnesotaIntermediateMunicipalBondFund 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. 50000 During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 7.44% and -4.48%, respectively, for the quarters ended September 30, 2009 and September 30, 2008. The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. 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. 50000 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. 0.03 0 0 383 142 65 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualFundOperatingExpensesNuveenOregonIntermediateMunicipalBondFund column period compact * ~</div> Nuveen Oregon Intermediate 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. 50000 The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. 485BPOS NUVEEN INVESTMENT FUNDS INC 2012-09-28 0 0.01 0.01 0 0 0 0 0 560 443 409 205 383 143 131 65 1306 1680 1556 798 0.0823 0.0944 0 0.01 0.01 0 0 0 0 0 692 462 425 224 0 0.01 0.01 0 0 0 0 0 507 1470 1746 1613 871 -0.0005 -0.0004 -0.0006 -0.0006 149 136 0.0856 700 462 434 231 507 147 136 70 1520 1763 1672 922 0.1019 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 31 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 33 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-57 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: <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. Previously, the Fund used Barclays 1-15 Year Blend Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Intermediate Index because it more closely reflects the Fund’s investment universe. 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. Class C shares have not been offered for a full calendar year, and thus do not have any performance to report. 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. <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenMinnesotaMunicipalBondFundBarChart column period compact * ~</div> Principal Investment Strategies Principal Investment Strategies <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenNebraskaMunicipalBondFundBarChart column period compact * ~</div> 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 31 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 33 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-57 of the Fund’s statement of additional information. <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> 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: 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 31 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 33 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-57 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, that the Fund’s operating expenses remain the same, and the contractual fee waivers currently in place are not renewed beyond March 31, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. (800) 257-8787. 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. Previously, the Fund used Barclays Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Index because it more closely reflects the Fund’s investment universe. 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. Class C shares have not been offered for a full calendar year, and thus do not have any performance to report. 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. <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenMinnesotaIntermediateMunicipalBondFundBarChart column period compact * ~</div> 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. Previously, the Fund used Barclays Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Index because it more closely reflects the Fund’s investment universe. 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. Class C shares have not been offered for a full calendar year, and thus do not have any performance to report. 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 on Class C and Class C1 shares applies only to redemptions within 12 months of purchase. 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. (800) 257-8787 72 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. (800) 257-8787 0 0.01 0 0 0 0 560 440 205 383 142 65 1306 1669 798 0.0856 Principal Investment Strategies <center>Average Annual Total Returns for the Periods Ended December 31, 2011</center> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAnnualTotalReturnsNuveenOregonIntermediateMunicipalBondFundBarChart 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 31 of the Fund’s prospectus, “How to Reduce Your Sales Charge” on page 33 of the prospectus and “Purchase and Redemption of Fund Shares” on page S-57 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: During the ten-year period ended December 31, 2011, the Fund’s highest and lowest quarterly returns were 5.20% and -3.22%, respectively, for the quarters ended September 30, 2009 and December 31, 2010. 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. Previously, the Fund used Barclays 1-15 Year Blend Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Intermediate Index because it more closely reflects the Fund’s investment universe. 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. Class C shares have not been offered for a full calendar year, and thus do not have any performance to report. 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 on Class C shares applies only to redemptions within 12 months of purchase. (800) 257-8787 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. The contingent deferred sales charge on Class C and Class C1 shares applies only to redemptions within 12 months of purchase. Previously, the Fund used Barclays 1-15 Year Blend Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Intermediate Index because it more closely reflects the Fund’s investment universe. Previously, the Fund used Barclays Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Index because it more closely reflects the Fund’s investment universe. The contingent deferred sales charge on Class C and Class C1 shares applies only to redemptions within 12 months of purchase. Previously, the Fund used Barclays Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Index because it more closely reflects the Fund’s investment universe. Previously, the Fund used Barclays 1-15 Year Blend Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to Standard & Poor’s (S&P) Municipal Bond Intermediate Index because it more closely reflects the Fund’s investment universe. 2012-05-31 0000820892 false 2012-09-28 2012-09-30 15 15 15 15 0.002 0.0075 0.0065 0 0.001 0.0011 0.001 0.001 0.0084 0.014 0.0129 0.0064 560 443 409 205 0.0214 0.0264 -0.0221 0.1253 0.0317 15 15 15 15 0.0614 0.0612 0.0523 0.089 0.0963 0.1016 0.0825 0.0429 0.0424 0.042 0.0473 0.0557 0.041 0.0586 0.0582 0.0965 0.002 0.0075 0.0065 0 0.0015 0.0017 0.0015 0.0016 0.0089 0.0146 0.0134 0.007 692 462 425 224 0.002 0.0075 0.0065 0 0.002 0.0019 0.0021 0.0021 0.0094 0.0148 0.014 0.0075 0.0089 0.0144 0.0134 0.0069 0.0426 -0.0002 -0.0893 0.2044 0.0215 0.1263 0.0792 0.0791 0.0651 0.1213 0.1284 0.107 0.1043 0.1062 0.0456 0.0449 0.0445 0.0522 0.0535 0.0458 0.0538 0.0455 700 462 434 231 0.0302 0.0167 -0.0643 0.1698 0.0226 0.0983 0.0524 0.0524 0.0486 0.093 0.1014 0.1062 0.107 0.0987 0.0444 0.0441 0.0437 0.0447 0.0514 0.0535 0.0538 0.0443 Investment Objective Fees and Expenses of the Fund No Redemption <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenMinnesotaMunicipalBondFund column period compact * ~</div> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenMinnesotaMunicipalBondFund column period compact * ~</div> Under normal market conditions, as a fundamental policy, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal and Minnesota income tax, including the federal and state alternative minimum tax. The Fund normally may invest up to 20% of its net assets in taxable obligations, including obligations the interest on which is subject to the federal and state alternative minimum tax. The Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Fund’s sub-adviser. However, the Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality (securities commonly referred to as “high yield” securities or “junk bonds”). If the rating of a security is reduced or discontinued after purchase, the Fund is not required to sell the security, but may consider doing so. 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 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 Fund will attempt to maintain the weighted average maturity of its portfolio securities at three to ten years under normal market conditions. The Fund may utilize futures contracts and options on futures contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio. The Fund may not use such instruments to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly. Investment Objective Fees and Expenses of the Fund Portfolio Turnover Fund Performance <center>Class A Annual Total Return</center> <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenNebraskaMunicipalBondFund column period compact * ~</div> 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: 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. Futures Contract Risk—The use of futures contracts involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Futures contracts may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in futures contracts could have a large impact on performance. 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 Minnesota, 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. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. 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. <center>Class A Annual Total Return</center> Investment Objective Fees and Expenses of the Fund Portfolio Turnover <center>Class A Annual Total Return</center> Fund Performance No Redemption The price and yield of this Fund will change daily, which means you could lose money. Fund Performance The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. year-to-date total return 2009-09-30 0.0542 lowest 2010-12-31 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/ScheduleExpenseExampleNoRedemptionNuveenMinnesotaIntermediateMunicipalBondFund column period compact * ~</div> Other Expenses have been restated to reflect current contractual fees. Under normal market conditions, as a fundamental policy, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal and Nebraska income tax, including the federal alternative minimum tax. The Fund normally may invest up to 20% of its net assets in taxable obligations, including obligations the interest on which is subject to the federal alternative minimum tax. The Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Fund’s sub-adviser. However, the Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality (securities commonly referred to as “high yield” securities or “junk bonds”). If the rating of a security is reduced or discontinued after purchase, the Fund is not required to sell the security, but may consider doing so. 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 Fund will attempt to maintain the weighted average maturity of its portfolio securities at ten to twenty-five years under normal market conditions. The Fund may utilize futures contracts and options on futures contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio. The Fund may not use such instruments to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly. 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: 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. Futures Contract Risk—The use of futures contracts involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Futures contracts may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in futures contracts could have a large impact on performance. 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 Nebraska, 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. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. 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. 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 2009-09-30 0.0994 lowest 2010-12-31 0.088 0.0512 0.0595 <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenMinnesotaIntermediateMunicipalBondFund column period compact * ~</div> 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: 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. Futures Contract Risk—The use of futures contracts involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Futures contracts may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in futures contracts could have a large impact on performance. 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 Minnesota, 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. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. 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. Portfolio Turnover March 31, 2014 Under normal market conditions, as a fundamental policy, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal and Minnesota income tax, including the federal and state alternative minimum tax. The Fund normally may invest up to 20% of its net assets in taxable obligations, including obligations the interest on which is subject to the federal and state alternative minimum tax. The Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Fund’s sub-adviser. However, the Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality (securities commonly referred to as “high yield” securities or “junk bonds”). If the rating of a security is reduced or discontinued after purchase, the Fund is not required to sell the security, but may consider doing so. 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 Fund will attempt to maintain the weighted average maturity of its portfolio securities at ten to twenty-five years under normal market conditions. The Fund may utilize futures contracts and options on futures contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio. The Fund may not use such instruments to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly. No Redemption The price and yield of this Fund will change daily, which means you could lose money. 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 2009-09-30 0.0744 lowest 2008-09-30 <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenNebraskaMunicipalBondFund column period compact * ~</div> 0.002 0.0075 0 0.0009 0.0009 0.0009 0.0084 0.0139 0.0064 560 440 205 0.0154 -0.0018 0.1017 0.0209 0.0904 0.0573 0.057 0.0923 0.0485 0.1016 0.088 0.0825 0.0406 0.0401 0.0397 0.0557 0.041 0.0512 0.0453 Under normal market conditions, as a fundamental policy, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in municipal securities that pay interest that is exempt from federal and Oregon income tax, including the federal alternative minimum tax. The Fund normally may invest up to 20% of its net assets in taxable obligations, including obligations the interest on which is subject to the federal alternative minimum tax. The Fund invests mainly in securities that, at the time of purchase, are either rated investment grade or are unrated and determined to be of comparable quality by the Fund’s sub-adviser. However, the Fund may invest up to 20% of its total assets in securities that, at the time of purchase, are rated lower than investment grade or are unrated and of comparable quality (securities commonly referred to as “high yield” securities or “junk bonds”). If the rating of a security is reduced or discontinued after purchase, the Fund is not required to sell the security, but may consider doing so. 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 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 Fund will attempt to maintain the weighted average maturity of its portfolio securities at three to ten years under normal market conditions. The Fund may utilize futures contracts and options on futures contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in the Fund’s portfolio. The Fund may not use such instruments to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly. 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: 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. Futures Contract Risk—The use of futures contracts involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Futures contracts may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in futures contracts could have a large impact on performance. 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 Oregon, 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. In addition, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax. 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 Portfolio Turnover Fund Performance <center>Class A Annual Total Return</center> <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNoRedemptionNuveenOregonIntermediateMunicipalBondFund column period compact * ~</div> Other Expenses have been restated to reflect current contractual fees. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. The price and yield of this Fund will change daily, which means you could lose money. No Redemption year-to-date total return lowest 2009-09-30 0.052 2010-12-31 <div style="display:none">~ http://www.nuveen.com/role/ScheduleAverageAnnualTotalReturnsTransposedNuveenOregonIntermediateMunicipalBondFund column period compact * ~</div> Other Expenses have been restated to reflect current contractual fees. 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. 15 15 15 15 15 15 15 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 0 0 0 0 0.0054 0.0054 0.0054 0.0054 1306 1680 1556 798 0.0302 0.039 0 0 0 0 0.0435 0.0432 0.0424 0.0507 0.0596 0.0435 0.0054 0.0054 0.0054 0.0054 1470 1746 1613 871 0 0 0 0 0.0054 0.0054 0.0054 0.0054 0.0373 0.0461 1520 1763 1672 922 0.0387 0.0382 0.0383 0.0427 0.0494 0.0486 0.0407 0.0522 0.0396 0.0407 0.0367 0.0365 0.037 0.0413 0.0483 0.0486 0.0522 0.0391 The investment objective of the Fund is to provide maximum current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with prudent investment risk. <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenMinnesotaMunicipalBondFund column period compact * ~</div> 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. Principal Risks Principal Risks The investment objective of the Fund is to provide maximum current income that is exempt from both federal income tax and Minnesota state income tax to the extent consistent with prudent investment risk. Principal Risks 0.09 The investment objective of the Fund is to provide maximum current income that is exempt from both federal income tax and Nebraska state income tax to the extent consistent with prudent investment risk. 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 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. highest -0.0276 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 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/ScheduleExpenseExampleNuveenMinnesotaIntermediateMunicipalBondFund column period compact * ~</div> 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. 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 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. highest -0.0532 0.0548 0.25 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 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. highest -0.0448 <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenNebraskaMunicipalBondFund column period compact * ~</div> 0 0 0 0.0055 0.0055 0.0055 1669 798 1306 0.0275 0.033 0.0283 0.0407 0.0405 0.0395 0.0485 0.0596 0.0548 0.0435 Principal Risks <div style="display:none">~ http://www.nuveen.com/role/ScheduleExpenseExampleNuveenOregonIntermediateMunicipalBondFund column period compact * ~</div> The investment objective of the Fund is to provide maximum current income that is exempt from both federal income tax and Oregon state income tax to the extent consistent with prudent investment risk. 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. 0.09 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. highest -0.0322 0.17 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 contingent deferred sales charge on Class C and Class C1 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. The Fund's investment adviser has contractually agreed to waive fees and reimburse other Fund expenses through March 31, 2014 so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding Acquired Fund Fees and Expenses, do not exceed 0.90%, 1.45%, 1.35%, and 0.70% for Class A, Class C, Class C1, and Class I shares, respectively. Fee waivers and expense reimbursements will not be terminated prior to that time without the approval of the Fund's board of directors. Class A year-to-date total return as of June 30, 2012 was 5.64%. Class A year-to-date total return as of June 30, 2012 was 4.95%. Class A year-to-date total return as of June 30, 2012 was 2.74%. The contingent deferred sales charge 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 2.50%. 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