UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811- 07747

Nuveen Multistate Trust I

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-917-7700

Date of fiscal year end: May 31

Date of reporting period: August 31, 2010

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

Portfolio of Investments (Unaudited)

Nuveen Arizona Municipal Bond Fund

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Staples – 1.8%
$	765	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		5/12 at 100.00		BBB	$	761,458
	420	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37		10/19 at 100.00		BBB		475,999
	1,185	Total Consumer Staples						1,237,457
		Education and Civic Organizations – 7.2%
	1,000	Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/21 – AMBAC Insured		7/15 at 100.00		Aa3		1,062,460
	1,335	Northern Arizona University, System Revenue Refunding Bonds, Series 2006, 5.000%, 6/01/25 – FGIC Insured		6/17 at 100.00		A+		1,445,218
	1,025	Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004, 6.125%, 12/15/34		12/14 at 100.00		BBB–		1,008,979
	290	Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy Traditional School Project, Series 2009, 8.500%, 7/01/39		No Opt. Call		N/R		315,665
	1,000	Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008, 6.500%, 7/01/38		7/18 at 100.00		Baa3		1,016,430
	145	Yavapai County Community College District, Arizona, Revenue Bonds, Series 1993, 6.000%, 7/01/12		1/11 at 100.00		A–		146,734
	4,795	Total Education and Civic Organizations						4,995,486
		Energy – 1.7%
	1,250	Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax)		1/15 at 100.00		Baa3		1,165,013
		Health Care – 18.3%
	1,335	Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007A, 5.000%, 1/01/25		1/17 at 100.00		A+		1,386,998
	1,000	Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007B, 1.004%, 1/01/37		1/17 at 100.00		A+		622,430
	1,770	Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2008D, 5.500%, 1/01/38		1/18 at 100.00		A+		1,843,490
	700	Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2005B, 5.000%, 12/01/37		12/15 at 100.00		BBB		672,770
	1,035	Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network, Series 2007, 5.000%, 12/01/42		12/17 at 100.00		BBB		981,056
	1,315	Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 1998A, 5.000%, 7/01/16		1/11 at 100.00		A		1,317,472
	900	Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2004A, 5.375%, 7/01/23		7/14 at 100.00		A		947,610
	1,290	Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32		7/17 at 100.00		A		1,335,550
	1,500	University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Series 2005, 5.000%, 7/01/35		7/15 at 100.00		BBB+		1,466,505
	950	Winslow Industrial Development Authority, Arizona, Hospital Revenue Bonds, Winslow Memorial Hospital, Series 1998, 5.500%, 6/01/22		12/10 at 100.00		N/R		945,849
	1,250	Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2003A, 6.000%, 8/01/33		8/13 at 100.00		Baa2		1,272,613
	13,045	Total Health Care						12,792,343
		Housing/Multifamily – 3.4%
	2,415	Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Western Groves Apartments Project, Series 2001B, Pass through Certificates Series 2002-4, 5.800%, 11/01/34 (Mandatory put 11/01/21) (Alternative Minimum Tax)		12/11 at 100.00		N/R		2,360,518

Nuveen Investments 1

Portfolio of Investments (Unaudited)

Nuveen Arizona Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	2,080	Phoenix Industrial Development Authority, Arizona, Subordinate Lien Multifamily Housing Revenue Bonds, Arborwood Apartments, Series 2003B, 0.000%, 6/01/43 (5), (6)		No Opt. Call		N/R	$	52,021
	4,495	Total Housing/Multifamily						2,412,539
		Tax Obligation/General – 14.5%
	2,000	Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 2006, Series 2008B, 5.750%, 7/01/28		7/18 at 100.00		Aa3		2,257,640
	1,000	Maricopa County Unified School District 11, Peoria, Arizona, General Obligation Bonds, Second Series 2005, 5.000%, 7/01/20 – FGIC Insured		7/15 at 100.00		Aa2		1,130,630
	2,715	Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, Series 2008C, 5.000%, 7/01/27		7/18 at 100.00		Aa3		2,930,001
	2,000	Tucson, Arizona, General Obligation Bonds, Series 2001B, 5.750%, 7/01/16		No Opt. Call		Aa2		2,463,580
	1,250	Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Series 2006, 5.000%, 7/01/25 – NPFG Insured		7/16 at 100.00		Aa2		1,354,275
	8,965	Total Tax Obligation/General						10,136,126
		Tax Obligation/Limited – 35.9%
	2,000	Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/26 – AGC Insured		4/20 at 100.00		AAA		2,154,540
	785	Bullhead City, Arizona, Special Assessment Bonds, East Branch Sewer Improvement District, Series 1993, 6.100%, 1/01/13		1/11 at 100.00		A3		789,427
	710	Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2005, 5.500%, 7/15/29		7/15 at 100.00		N/R		601,292
	519	Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, Montecito Assessment District, Series 2007, 5.550%, 7/01/22		7/17 at 100.00		N/R		438,296
	665	Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2007, 6.125%, 7/15/27		7/17 at 100.00		N/R		649,585
	377	Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%, 7/01/25		7/12 at 100.00		N/R		384,928
	3,000	Glendale Western Loop 101 Public Facilities Corporation, Arizona, Third Lien Excise Tax Revenue Bonds, Series 2008B, 6.250%, 7/01/38		1/14 at 100.00		AA		3,184,920
	1,182	Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 4.600%, 1/01/26		7/16 at 100.00		A2		1,171,669
	1,115	Maricopa County Stadium District, Arizona, Revenue Refunding Bonds, Series 2002, 5.375%, 6/01/17 – AMBAC Insured		6/12 at 100.00		N/R		1,180,930
	590	Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A, 7.400%, 7/15/33		7/18 at 100.00		N/R		602,101
	1,600	Mesa, Arizona, Street and Highway User Tax Revenue Bonds, Series 2005, 5.000%, 7/01/24 – AGM Insured		7/15 at 100.00		AAA		1,738,784
		Peoria Improvement District, Arizona, Special Assessment District 8801 Bonds, North Valley Power Center, Series 1992:
	425	7.300%, 1/01/12		1/11 at 101.00		A+		436,879
	285	7.300%, 1/01/13		1/11 at 101.00		A+		292,949
	1,000	Pinetop Fire District of Navajo County, Arizona, Certificates of Participation, Series 2008, 7.750%, 6/15/29		6/16 at 102.00		A3		1,036,400
	3,000	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/26 – AMBAC Insured		No Opt. Call		A3		3,333,327
	1,000	Queen Creek, Arizona, Improvement District 1 Improvement Bonds, Series 2006, 5.000%, 1/01/21		7/11 at 100.00		A3		1,007,730
	1,670	San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue Bonds, Series 2005, 5.000%, 7/01/25 – SYNCORA GTY Insured		7/15 at 100.00		A+		1,751,997

2 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Tax Obligation/Limited (continued)
		Scottsdale, Arizona, Waterfront Commercial Community Facilities District General Obligation Bonds, Series 2007:
$	265	6.000%, 7/15/27		7/17 at 100.00		N/R		$	245,136
	310	6.050%, 7/15/32		7/17 at 100.00		N/R			276,923
	2,770	Tempe, Arizona, Excise Tax Revenue Bonds, Series 2004, 5.250%, 7/01/18 – AMBAC Insured		7/14 at 100.00		AAA			3,151,041
	555	Vistancia Community Facilities District, Arizona, Restricted General Obligation Bonds, Series 2005, 5.750%, 7/15/24		7/15 at 100.00		A1			595,548
	23,823	Total Tax Obligation/Limited							25,024,402
		U.S. Guaranteed – 4.7% (4)
	35	Arizona Health Facilities Authority, Hospital System Revenue Refunding Bonds, Phoenix Baptist Hospital and Medical Center Inc. and Medical Environments Inc., Series 1992, 6.250%, 9/01/11 – NPFG Insured (ETM)		9/10 at 100.00		A	(4)		35,707
	1,525	Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds, Samaritan Health Services, Series 1990A, 7.000%, 12/01/16 – NPFG Insured (ETM)		No Opt. Call		A	(4)		1,872,731
	370	Maricopa County, Arizona, Hospital Revenue Bonds, Sun Health Corporation, Series 2005, 5.000%, 4/01/16 (Pre-refunded 4/01/15)		4/15 at 100.00		N/R	(4)		433,507
	850	Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2001, 5.800%, 12/01/31 (Pre-refunded 12/01/11)		12/11 at 101.00		N/R	(4)		916,241
	2,780	Total U.S. Guaranteed							3,258,186
		Utilities – 2.7%
	1,000	Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, Hoover Project, Series 2001, 5.250%, 10/01/15		No Opt. Call		AA			1,194,220
	665	Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding Series 2008, 5.750%, 9/01/29		1/15 at 100.00		BBB–			688,767
	1,665	Total Utilities							1,882,987
		Water and Sewer – 9.4%
	1,005	Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation, Series 2004, 5.000%, 7/01/24 – SYNCORA GTY Insured		7/14 at 100.00		A			1,022,276
	1,000	Cottonwood, Arizona, Water Revenue Bonds, Series 2006, 5.000%, 7/01/30 – SYNCORA GTY Insured		7/16 at 100.00		A			1,010,260
	1,000	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds, Series 2004, 5.000%, 7/01/24 – NPFG Insured		7/14 at 100.00		AA+			1,069,810
	1,415	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2003, 4.500%, 7/01/22		7/14 at 100.00		AAA			1,500,494
		Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
	555	4.700%, 4/01/22		4/14 at 100.00		N/R			565,417
	645	4.900%, 4/01/32		4/17 at 100.00		N/R			619,400
	830	Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water & Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)		12/17 at 100.00		N/R			791,231
	6,450	Total Water and Sewer							6,578,888
$	68,453	Total Investments (cost $66,729,776) – 99.6%							69,483,427
		Other Assets Less Liabilities – 0.4%							282,534
		Net Assets – 100%						$	69,765,961

Nuveen Investments 3

Portfolio of Investments (Unaudited)

Nuveen Arizona Municipal Bond Fund (continued)

August 31, 2010

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	69,431,406	$	52,021	$	69,483,427

The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:

	Level 3 Investments
Balance at the beginning of period	$	51,979
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		(3,898	)
Net purchases at cost (sales at proceeds)		—
Net discounts (premiums)		3,940
Net transfers in to (out of) at end of period fair value		—
Balance at the end of period	$	52,021

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2010, the cost of investments was $66,663,595.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	4,369,126
Depreciation		(1,549,294	)
Net unrealized appreciation (depreciation) of investments	$	2,819,832

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

(5) Non-income producing security, in the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

(6) For fair value measurement disclosure purposes, investment categorized as Level 3.

N/R Not rated.

(ETM) Escrowed to maturity.

4 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Colorado Municipal Bond Fund

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations – 15.5%
$	430	Boulder County, Colorado, Development Revenue Bonds, University Corporation for Atmospheric Research, Series 2003, 5.000%, 9/01/23 –AMBAC Insured		9/13 at 100.00		A+	$	450,631
	1,440	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools - Adams County School District 12, Series 2004, 5.250%, 5/01/17 – SYNCORA GTY Insured		5/14 at 100.00		A		1,545,739
	1,130	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Aurora Academy, Series 2004, 5.375%, 2/15/19 – SYNCORA GTY Insured		2/14 at 100.00		A		1,199,552
	1,000	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Charter School, Series 2007A, 4.625%, 3/15/37 – CIFG Insured		3/17 at 100.00		A		927,200
	500	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Series 2008A, 7.000%, 8/01/38		8/18 at 100.00		N/R		513,070
	1,000	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Ridgeview Classical Schools, Series 2005A, 5.500%, 8/15/25 – SYNCORA GTY Insured		8/15 at 100.00		A		1,049,610
	1,355	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, University of Northern Colorado Lab School, Series 2004, 5.250%, 6/01/24 – SYNCORA GTY Insured		6/14 at 100.00		A		1,391,260
	6,855	Total Education and Civic Organizations						7,077,062
		Health Care – 25.1%
	1,500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health, Sunbelt Obligated Group, Series 2006D, 5.125%, 11/15/29		11/16 at 100.00		AA–		1,550,175
	1,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A, 5.000%, 7/01/39		7/19 at 100.00		AA		1,043,460
	1,000	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%, 5/15/28		5/18 at 100.00		BBB		1,036,740
	750	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007, 5.125%, 9/15/29		9/17 at 100.00		BBB		750,638
	500	Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2008D, 6.250%, 10/01/33		10/18 at 100.00		AA		569,365
	1,000	Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25		9/14 at 100.00		A3		1,012,960
	560	Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25		3/15 at 100.00		A		568,719
	1,400	Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 2005A, 5.200%, 3/01/31 – AGM Insured		9/18 at 102.00		AAA		1,501,654
	500	Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001, 5.800%, 1/15/27		1/12 at 100.00		BBB+		504,945
	885	Colorado Springs, Colorado, Hospital Revenue Bonds, Memorial Hospital of Colorado Springs, Series 2000, 6.375%, 12/15/30		12/10 at 101.00		A–		897,691
	600	Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010, 5.500%, 9/01/30		3/12 at 100.00		BBB		611,556
	385	Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007, 6.100%, 1/01/17		No Opt. Call		N/R		379,610
	500	Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 6.375%, 12/01/23		12/13 at 102.00		BBB–		522,880
	500	University of Colorado Hospital Authority, Revenue Bonds, Series 2006A, 5.000%, 11/15/37		5/16 at 100.00		A3		503,415
	11,080	Total Health Care						11,453,808

Nuveen Investments 5

Portfolio of Investments (Unaudited)

Nuveen Colorado Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily – 2.8%
$	1,315	Colorado Housing Finance Authority, Multifamily Housing Revenue Bonds, Castle Highlands Apartments Project, Series 2001B, Pass Though Certificates 2001-2, 6.000%, 11/01/33 (Mandatory put 11/01/22) (Alternative Minimum Tax)		12/10 at 100.00		N/R	$	1,293,723
		Housing/Single Family – 0.5%
	70	Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 1999C-3, 6.750%, 10/01/21		10/10 at 105.00		Aa2		77,152
	95	Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000A-2, 7.450%, 10/01/16 (Alternative Minimum Tax)		10/10 at 105.00		Aa2		98,783
	30	Colorado Housing Finance Authority, Single Family Program Senior Bonds, Series 2000C-3, 7.150%, 10/01/30		10/10 at 105.00		AA		30,646
	195	Total Housing/Single Family						206,581
		Long-Term Care – 3.3%
	500	Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%, 8/01/39		No Opt. Call		N/R		535,640
	1,000	Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2002A, 5.500%, 12/01/33 – RAAI Insured		12/12 at 100.00		BBB–		956,950
	1,500	Total Long-Term Care						1,492,590
		Tax Obligation/General – 5.7%
	1,650	Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2004, 5.750%, 12/15/23 – FGIC Insured		12/14 at 100.00		Aa1		1,986,996
	500	El Paso County School District 38, Lewis Palmer, Colorado, General Obligation Refunding Bonds, Series 2001, 6.000%, 12/01/21		No Opt. Call		AAA		635,330
	2,150	Total Tax Obligation/General						2,622,326
		Tax Obligation/Limited – 28.2%
	500	Bowles Metropolitan District, Colorado, General Obligation Bonds, Series 2003, 5.500%, 12/01/28 – AGM Insured		12/13 at 100.00		AAA		524,090
	2,000	Colorado, Certificates of Participation, UCDHSC Fitzsimons Academic Projects, Series 2005B, 5.250%, 11/01/24 – NPFG Insured		11/15 at 100.00		AA–		2,173,880
	2,000	Conservatory Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.125%, 12/01/37 – RAAI Insured		12/17 at 100.00		N/R		1,580,600
	1,000	Eagle Bend Metropolitan District 2, Colorado, General Obligation Bonds, Series 2003, 5.250%, 12/01/23 – RAAI Insured		No Opt. Call		A–		1,014,220
		Eagle River Fire Protection District, Colorado, Certificates of Participation, Series 2010:
	220	6.625%, 12/01/24		No Opt. Call		N/R		235,297
	400	6.875%, 12/01/30		12/19 at 100.00		N/R		415,320
	500	Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40		3/20 at 100.00		N/R		517,135
	1,000	Larimer County, Colorado, Sales and Use Tax Revenue Bonds, Fairgrounds and Events Center, Series 2002, 5.500%, 12/15/18 – NPFG Insured		12/12 at 100.00		A		1,079,110
	1,200	Pinery West Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.000%, 12/01/27 – RAAI Insured		12/17 at 100.00		N/R		1,099,788
	1,000	Pueblo, Colorado, Certificates of Participation, Police Complex Project, Series 2008, 5.500%, 8/15/23 – AGC Insured		8/18 at 100.00		AAA		1,151,680
	1,500	Regional Transportation District, Colorado, Master Lease Purchase Agreement II, Fixed Rate Certificates of Participation, Transit Vehicles Project, Series 2002A, 5.000%, 12/01/22 – AMBAC Insured		12/17 at 100.00		Aa3		1,657,560
	1,460	Tower Metropolitan District, Adams County, Colorado, General Obligation Limited Tax Bonds, Series 2005, 5.000%, 12/01/29 – RAAI Insured		12/15 at 100.00		N/R		1,398,928
	12,780	Total Tax Obligation/Limited						12,847,608

6 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Transportation – 6.0%
$	1,440	Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/29		No Opt. Call		A+		$	1,553,342
	700	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007B-1, 5.500%, 9/01/24 – NPFG Insured		9/15 at 100.00		A			722,806
	385	Eagle County Air Terminal Corporation, Colorado, Airport Terminal Revenue Bonds, Series 2001, 7.000%, 5/01/21 (Alternative Minimum Tax)		5/11 at 101.00		N/R			385,389
	100	Eagle County Air Terminal Corporation, Colorado, Airport Terminal Revenue Bonds, Series 2006, 5.250%, 5/01/20 (Alternative Minimum Tax)		5/16 at 100.00		N/R			96,416
	2,625	Total Transportation							2,757,953
		U.S. Guaranteed – 8.8% (4)
	500	Arapahoe County, Colorado, Single Family Mortgage Revenue Bonds, Series 1984A, 0.000%, 9/01/10 (ETM)		No Opt. Call		AAA			500,000
	600	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy Charter School – Douglas County School District Re. 1, Series 2000, 6.875%, 12/15/20 (Pre-refunded 12/15/10)		12/10 at 101.00		N/R	(4)		616,056
	600	Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Bromley East Charter School, Series 2000A, 7.250%, 9/15/30 (Pre-refunded 9/15/11)		9/11 at 100.00		Ba1	(4)		642,552
	500	Colorado Health Facilities Authority, Revenue Bonds, PorterCare Adventist Health System, Series 2001, 6.500%, 11/15/23 (Pre-refunded 11/15/11)		11/11 at 101.00		A2	(4)		541,520
	850	Colorado Springs, Colorado, Utility System Revenue Bonds, Series 1978B, 6.600%, 11/15/18 (ETM)		No Opt. Call		AAA			1,036,065
	560	Denver Health and Hospitals Authority, Colorado, Revenue Bonds, Series 2004A, 6.250%, 12/01/33 (Pre-refunded 12/01/14)		12/14 at 100.00		AAA			681,789
	3,610	Total U.S. Guaranteed							4,017,982
		Utilities – 2.9%
	750	Arkansas River Power Authority, Colorado, Power Improvement Bonds, Series 2008, 6.000%, 10/01/40		10/18 at 100.00		BBB			781,860
	485	Platte River Power Authority, Colorado, Power Revenue Refunding Bonds, Series 2002EE, 5.375%, 6/01/17		6/12 at 100.00		AA			520,681
	1,235	Total Utilities							1,302,541
$	43,345	Total Investments (cost $43,204,690) – 98.8%							45,072,174
		Other Assets Less Liabilities – 1.2%							536,611
		Net Assets – 100%						$	45,608,785

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Nuveen Investments 7

Portfolio of Investments (Unaudited)

Nuveen Colorado Municipal Bond Fund (continued)

August 31, 2010

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	45,072,174	$	—	$	45,072,174

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2010, the cost of investments was $43,172,624.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	2,429,114
Depreciation		(529,564	)
Net unrealized appreciation (depreciation) of investments	$	1,899,550

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

N/R Not rated.

(ETM) Escrowed to maturity.

8 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen New Mexico Municipal Bond Fund

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations – 11.4%
$	1,500	New Mexico Educational Assistance Foundation, Education Loan Bonds, First Subordinate Series 2001B-1, 5.900%, 9/01/31		9/11 at 100.00		A2	$	1,512,060
	750	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31		12/12 at 101.00		BBB–		752,805
	2,500	University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21		No Opt. Call		AA		3,041,000
	2,000	University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series 2002A, 5.000%, 6/01/22		6/12 at 100.00		AA		2,133,100
	750	University of New Mexico, Subordinate Lien Revenue Refunding Bonds, Series 2003A, 5.250%, 6/01/18		6/13 at 100.00		AA		832,103
	1,000	University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A, 5.000%, 6/01/25 – AGM Insured		6/17 at 100.00		AAA		1,110,690
	8,500	Total Education and Civic Organizations						9,381,758
		Health Care – 10.4%
	2,000	Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2004A, 5.000%, 6/01/23		6/14 at 100.00		A3		2,072,700
	1,000	Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc., Series 2007A, 5.250%, 6/01/27		6/17 at 100.00		A3		1,034,350
	2,000	New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2008A, 6.375%, 8/01/32		8/18 at 100.00		AA–		2,278,760
	2,000	New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2009, 5.000%, 8/01/39		8/19 at 100.00		AA–		2,063,800
	1,000	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39		6/19 at 100.00		AA		1,052,020
	8,000	Total Health Care						8,501,630
		Housing/Multifamily – 5.9%
	2,000	New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, Las Palomas Apartments, Series 2006C, 4.700%, 9/01/22 (Alternative Minimum Tax)		3/20 at 100.00		AAA		2,059,960
	1,000	New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series 2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)		9/17 at 100.00		AAA		1,021,720
	1,845	New Mexico Mortgage Finance Authority, Multifamily Housing Subordinate Revenue Bonds, Manzano Mesa Apartments Project, Series 2001F, Pass through Certificates 2002-2, 5.950%, 11/01/34 (Mandatory put 11/01/23) (Alternative Minimum Tax)		11/11 at 100.00		N/R		1,781,218
	4,845	Total Housing/Multifamily						4,862,898
		Housing/Single Family – 7.2%
	1,485	New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds CL 1, Series 2009-B2, 5.250%, 9/01/34		3/19 at 100.00		AAA		1,550,147
	1,475	New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2007A-1, 4.800%, 1/01/33 (Alternative Minimum Tax)		7/17 at 100.00		AAA		1,483,717
	1,000	New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2007B-2, 4.850%, 7/01/38 (Alternative Minimum Tax)		1/17 at 100.00		AAA		1,005,350
	815	New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2007E, 5.000%, 7/01/28 (Alternative Minimum Tax)		7/17 at 100.00		AAA		846,956
	1,000	New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2008-D2., 5.500%, 7/01/39		7/18 at 100.00		AAA		1,055,200
	5,775	Total Housing/Single Family						5,941,370
		Information Technology – 0.7%
	500	Sandoval County, New Mexico, Incentive Payment Revenue Bonds, Intel Corporation Project, Series 2005, 5.000%, 6/01/20		6/15 at 100.00		A+		547,605

Nuveen Investments 9

Portfolio of Investments (Unaudited)

Nuveen New Mexico Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Long-Term Care – 1.2%
$	1,000	New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project, Series 2010A, 5.875%, 7/01/30		7/20 at 100.00		N/R		$	1,011,440
		Tax Obligation/General – 2.6%
	1,970	Sandoval County, New Mexico, General Obligation Bonds, Series 2004, 5.000%, 4/15/23 – NPFG Insured		4/14 at 100.00		Aa2			2,122,537
		Tax Obligation/Limited – 23.7%
	1,500	Albuquerque, New Mexico, Gross Receipts Lodgers Tax Revenue Refunding Bonds, Series 2004A, 5.000%, 7/01/37 – AGM Insured		7/14 at 100.00		AAA			1,552,470
	1,300	Bernalillo County, New Mexico, Gross Receipts Tax Revenue Bonds, Series 1996B, 5.700%, 4/01/27 – NPFG Insured		No Opt. Call		AAA			1,630,434
	1,125	Cibola County, New Mexico, Gross Receipts Tax Revenue Bonds, Series 2006B, 5.000%, 6/01/25 – AMBAC Insured		6/16 at 100.00		A2			1,189,609
		Dona Ana County, New Mexico, Gross Receipts Tax Revenue Refunding and Improvement Bonds, Series 2003:
	360	5.250%, 5/01/25 – AMBAC Insured		5/13 at 100.00		N/R			367,826
	545	5.250%, 5/01/28 – AMBAC Insured		5/13 at 100.00		N/R			551,235
	1,160	Gallup, New Mexico, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 6/01/24 – AMBAC Insured		6/13 at 100.00		Aa3			1,227,176
	1,510	Lincoln County, New Mexico, Gross Receipts Tax Revenue Refunding Bonds, Series 2002, 5.125%, 6/01/30 – AMBAC Insured		6/12 at 100.00		A1			1,534,764
	500	Montecito Estates Public Improvement District, New Mexico, Special Levee Revenue Bonds, Series 2007, 7.000%, 10/01/37		10/17 at 100.00		N/R			461,435
	4,000	Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 – AGM Insured		No Opt. Call		AAA			4,904,119
		Santa Fe County, New Mexico, Gross Receipts Tax Revenue Bonds, Capital Outlay Series 2010A:
	1,135	5.000%, 6/01/23		6/20 at 100.00		Aa1			1,347,461
	1,095	5.000%, 6/01/24		6/20 at 100.00		Aa1			1,290,764
	1,255	5.000%, 6/01/25		6/20 at 100.00		Aa1			1,467,497
	1,245	Santa Fe, New Mexico, Gross Receipts Sales Tax Revenue Bonds, Series 2006B, 5.000%, 6/01/23 – AGM Insured		6/16 at 100.00		AAA			1,365,006
	600	The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.750%, 10/01/38		10/18 at 100.00		N/R			569,514
	17,330	Total Tax Obligation/Limited							19,459,310
		U.S. Guaranteed – 9.2% (4)
	3,750	Albuquerque, New Mexico, Gross Receipts Lodgers Tax Improvement and Revenue Refunding Bonds, Series 1991B, 0.000%, 7/01/11 – AGM Insured (ETM)		No Opt. Call		AAA			3,736,275
	600	Bernalillo County, New Mexico, Multifamily Housing Revenue Bonds, Vista Montana Apartments Project, Series 2001A, 5.400%, 12/01/31 (Pre-refunded 6/01/11) – NPFG Insured		6/11 at 100.00		Aaa			623,250
	2,000	New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2001A, 5.750%, 8/01/15 (Pre-refunded 8/01/11)		8/11 at 101.00		AA–	(4)		2,119,020
	1,000	San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2001A, 5.125%, 9/15/26 (Pre-refunded 9/15/11) – AMBAC Insured		9/11 at 101.00		Aa3	(4)		1,060,930
	7,350	Total U.S. Guaranteed							7,539,475
		Utilities – 3.3%
	1,000	Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of New Mexico San Juan Project, Series 2010D, 5.900%, 6/01/40		6/20 at 100.00		Baa3			1,041,270
	1,560	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX, 5.250%, 7/01/40		7/20 at 100.00		A3			1,635,613
	2,560	Total Utilities							2,676,883

10 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer – 19.8%
$	2,000	Albuquerque and Benralillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Series 2006A, 5.000%, 7/01/26 – AMBAC Insured		7/16 at 100.00		AAA	$	2,209,700
	4,000	Albuquerque and Bernalillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Series 2008A, 5.000%, 7/01/33		7/18 at 100.00		AAA		4,366,240
	1,000	New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C, 5.000%, 6/01/24 – AMBAC Insured		6/14 at 100.00		AA+		1,063,340
	1,000	New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005C, 5.000%, 6/15/25 – AMBAC Insured		6/15 at 100.00		Aa3		1,120,530
	4,000	New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2006B, 5.000%, 6/01/36 – NPFG Insured		6/16 at 100.00		AA+		4,231,840
	1,000	New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2007E, 5.000%, 6/01/29 – NPFG Insured		6/17 at 100.00		AA+		1,096,040
	1,000	Roswell, New Mexico, Joint Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 6/01/23 – NPFG Insured		6/15 at 100.00		Aa3		1,074,260
	1,000	Santa Fe, New Mexico Water Utility System Capital Outlay Gross Receipts Tax Revenue Bonds, Series 2009, 5.000%, 6/01/27		6/19 at 100.00		AA+		1,131,080
	15,000	Total Water and Sewer						16,293,030
$	72,830	Total Investments (cost $73,944,973) – 95.4%						78,337,936
		Other Assets Less Liabilities – 4.6%						3,746,020
		Net Assets – 100%					$	82,083,956

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	78,337,936	$	—	$	78,337,936

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2010, the cost of investments was $73,943,131.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	4,495,357
Depreciation		(100,552	)
Net unrealized appreciation (depreciation) of investments	$	4,394,805

Nuveen Investments 11

Portfolio of Investments (Unaudited)

Nuveen New Mexico Municipal Bond Fund (continued)

August 31, 2010

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

N/R Not rated.

(ETM) Escrowed to maturity.

12 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Florida Preference Municipal Bond Fund

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Discretionary – 1.1%
$	1,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37		12/17 at 100.00		N/R	$	737,470
	1,370	Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27		10/17 at 100.00		BBB		1,310,378
	2,370	Total Consumer Discretionary						2,047,848
		Consumer Staples – 4.1%
	1,000	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47		6/17 at 100.00		BBB		730,230
	5,300	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47		6/17 at 100.00		BBB		3,970,071
	2,000	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/41		6/17 at 100.00		BBB		1,375,820
	1,240	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37		10/19 at 100.00		BBB		1,405,329
	9,540	Total Consumer Staples						7,481,450
		Education and Civic Organizations – 0.9%
	500	Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Series 2009, 7.125%, 2/01/34		2/19 at 100.00		Baa2		564,905
	1,000	Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt University, Series 2009B, 5.000%, 10/01/39		10/19 at 100.00		AA		1,093,430
	1,500	Total Education and Civic Organizations						1,658,335
		Health Care – 17.0%
		Brevard County Health Facilities Authority, Florida, Revenue Bonds, Health First Inc. Project, Series 2005:
	500	5.000%, 4/01/34		4/16 at 100.00		A–		491,815
	750	5.000%, 4/01/36		4/16 at 100.00		A–		740,370
	1,000	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured		7/18 at 100.00		AA–		1,054,200
	1,000	Colorado Health Facilities Authority, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003A, 5.500%, 5/15/30 – AGM Insured		5/19 at 100.00		AAA		1,077,650
		Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
	2,250	5.250%, 6/01/26		6/16 at 100.00		A–		2,305,395
	3,850	5.500%, 6/01/38 – AGM Insured		6/18 at 100.00		AAA		4,016,051
	5,000	Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2003B, 5.250%, 10/01/28		10/13 at 100.00		A3		5,076,450
	1,000	Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 5.500%, 2/01/40 – AMBAC Insured		2/18 at 100.00		A+		1,023,160
	1,000	Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34		8/19 at 100.00		BBB+		1,184,630
	1,000	Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 6.875%, 8/15/38		8/19 at 100.00		BBB		1,091,010
	1,750	Lakeland, Florida, Hospital System Revenue Refunding Bonds, Lakeland Regional Medical Center, Series 1996A, 5.250%, 11/15/25 – NPFG Insured		11/10 at 100.00		A		1,751,208
	1,635	Leesburg, Florida, Hospital Revenue Refunding Bonds, Leesburg Regional Medical Center Project, Series 2003, 5.000%, 7/01/17		7/13 at 100.00		BBB+		1,662,517
		Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH Corporation Obligated Group, Series 2001:
	20	5.500%, 12/01/21		12/11 at 101.00		BBB–		19,734
	4,000	5.625%, 12/01/31		12/11 at 101.00		BBB–		3,721,040
	2,095	Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial Healthcare Inc., Series 2000, 6.375%, 12/01/30		12/10 at 100.00		Baa1		2,099,546

Nuveen Investments 13

Portfolio of Investments (Unaudited)

Nuveen Florida Preference Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	3,000	Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33		7/17 at 100.00		Baa1	$	2,850,930
	1,000	West Virginia Hospital Finance Authority , Hospital Revenue Bonds, Charleston Area Medical Center, Series 2009A, 5.625%, 9/01/32		9/19 at 100.00		A2		1,061,970
	30,850	Total Health Care						31,227,676
		Housing/Multifamily – 4.0%
	3,500	Florida Housing Finance Agency, FNMA Collateralized Housing Revenue Bonds, Villas of Capri, Series 1996H, 6.100%, 4/01/17 (Alternative Minimum Tax)		10/10 at 100.00		AA+		3,506,510
	1,115	Florida Housing Finance Agency, Housing Revenue Bonds, Brittany of Rosemont Apartments Phase II, Series 1995C-1, 6.875%, 8/01/26 – AMBAC Insured (Alternative Minimum Tax)		2/11 at 100.00		N/R		1,115,513
	1,000	Florida Housing Finance Agency, Housing Revenue Bonds, Leigh Meadows Apartments, Series 1996N, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax)		9/10 at 100.00		N/R		1,000,100
	1,000	Florida Housing Finance Agency, Housing Revenue Bonds, Stoddert Arms Apartments, Series 1996O, 6.300%, 9/01/36 – AMBAC Insured (Alternative Minimum Tax)		9/10 at 100.00		N/R		1,000,100
	735	Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Affordable Housing Guarantee Program, Windsor Park Apartments, Series 1998A, 5.900%, 6/01/38 (Alternative Minimum Tax)		12/10 at 100.00		N/R		735,221
	7,350	Total Housing/Multifamily						7,357,444
		Housing/Single Family – 0.2%
	350	Orange County Housing Finance Authority, Florida, Homeowner Revenue Bonds, Series 2002A, 5.550%, 9/01/33 (Alternative Minimum Tax)		3/11 at 101.00		Aaa		366,146
		Long-Term Care – 3.1%
	3,000	Pell City, Alabama, Special Care Facilities Financing Authority, Revenue Bonds, Noland Health Services, Series 2007A, 5.250%, 12/01/34		12/17 at 100.00		A–		2,987,520
		St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds, Presbyterian Retirement Communities, Series 2004A:
	1,130	5.850%, 8/01/24		8/14 at 101.00		N/R		1,151,154
	1,565	5.625%, 8/01/34		8/14 at 101.00		N/R		1,529,725
	5,695	Total Long-Term Care						5,668,399
		Materials – 2.2%
	1,000	Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32		11/17 at 100.00		BB+		1,049,290
	3,000	St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37		6/17 at 100.00		BBB+		3,005,850
	4,000	Total Materials						4,055,140
		Tax Obligation/General – 0.8%
	1,280	Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 1985, 9.125%, 6/01/14		No Opt. Call		AAA		1,444,915
		Tax Obligation/Limited – 28.1%
	1,820	Aberdeen Community Development District, Florida, Special Assessment Bonds, Series 2005, 5.500%, 5/01/36		5/14 at 100.00		N/R		1,003,894
	500	Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B, 5.400%, 1/01/20		7/15 at 100.00		A–		528,030
	495	Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31		1/16 at 100.00		N/R		459,528

14 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,000	Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series 2008, 6.750%, 8/01/24		8/18 at 100.00		N/R	$	967,580
	1,095	Century Gardens Community Development District, Miami-Dade County, Florida, Special Assessment Revenue Bonds, Series 2007, 5.050%, 5/01/37		5/17 at 100.00		N/R		980,058
	2,145	Florida State Department of Management Services, Certificates of Participation, Series 2006A, 5.000%, 8/01/23 – NPFG Insured		8/15 at 101.00		AA+		2,320,032
	5,000	Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series 1986, 7.650%, 7/01/16 – FGIC Insured		No Opt. Call		A		6,158,050
	3,040	Kalkaska County Hospital Authority, Michigan, Hospital Revenue Bonds, Series 2007, 5.375%, 5/01/17		No Opt. Call		N/R		3,195,131
		Lake County School District, Florida, Sales Tax Revenue Bonds, Series 2004:
	975	5.000%, 10/01/15 – AMBAC Insured		10/14 at 100.00		A		1,092,868
	1,860	5.000%, 10/01/17 – AMBAC Insured		10/14 at 100.00		A		2,039,248
	1,500	Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30		6/19 at 100.00		A		1,782,600
	2,015	Manatee County, Florida, Revenue Bonds, Series 2004, 5.000%, 10/01/21 – FGIC Insured		10/14 at 100.00		Aa2		2,263,490
	3,760	Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, BAC Funding Corporation, Series 2000A, 5.375%, 10/01/30 – AMBAC Insured		10/10 at 102.00		Aa3		3,846,630
	3,550	Okaloosa County, Florida, Fourth Cent Tourist Development Tax Revenue Bonds, Series 2000, 5.625%, 10/01/30 – AMBAC Insured		10/10 at 101.00		N/R		3,598,813
	1,910	Old Palm Community Development District, Florida, Special Assessment Bonds, Palm Beach Gardens, Series 2004A, 5.900%, 5/01/35		5/15 at 101.00		N/R		1,711,838
	4,000	Orange County, Florida, Sales Tax Revenue Bonds, Series 2002A, 5.125%, 1/01/23 – FGIC Insured		1/13 at 100.00		AA		4,298,680
	1,400	Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 5.250%, 5/01/39		5/19 at 100.00		Aa2		1,514,772
	2,000	Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 – AGC Insured		No Opt. Call		AAA		2,291,620
	2,050	St. John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/25 – AMBAC Insured		10/14 at 100.00		A+		2,160,413
	990	Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007, 6.750%, 5/01/38		5/18 at 100.00		N/R		1,011,226
	1,000	Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 6.650%, 5/01/40		5/18 at 100.00		N/R		749,820
	975	University Square Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2007A-1, 5.875%, 5/01/38		5/17 at 100.00		N/R		913,702
		Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004:
	2,925	5.000%, 12/01/25 – AGM Insured		12/14 at 100.00		Aa3		3,088,420
	3,065	5.000%, 12/01/26 – AGM Insured		12/14 at 100.00		Aa3		3,218,955
	485	Waters Edge Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.300%, 5/01/36		5/15 at 101.00		N/R		388,766
	49,555	Total Tax Obligation/Limited						51,584,164
		Transportation – 9.0%
	3,000	Broward County, Florida, Airport System Revenue Bonds, Series 2001-J1, 5.250%, 10/01/26 – AMBAC Insured (Alternative Minimum Tax)		10/11 at 101.00		A+		3,034,920
	2,000	Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas Monorail Project, First Tier, Series 2000, 0.000%, 1/01/21 – AMBAC Insured		No Opt. Call		N/R		210,080

Nuveen Investments 15

Portfolio of Investments (Unaudited)

Nuveen Florida Preference Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Transportation (continued)
$	1,000	Los Angeles Department of Harbors, California, Revenue Bonds, Series 2009B, 5.250%, 8/01/39		8/19 at 100.00		AA		$	1,078,540
		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appriciation Series 2009B-2:
	3,745	0.000%, 10/01/31 – AGC Insured		No Opt. Call		AAA			1,171,211
	10,000	0.000%, 10/01/40 – AGC Insured		No Opt. Call		AAA			1,754,400
	2,500	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002, 5.750%, 10/01/20 – FGIC Insured (Alternative Minimum Tax)		10/12 at 100.00		A			2,634,650
	2,000	North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 5.750%, 1/01/39 – AGC Insured		1/19 at 100.00		AAA			2,197,500
	3,000	Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured		6/26 at 100.00		AAA			2,439,510
	1,900	Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41		7/20 at 100.00		Baa3			1,993,632
	29,145	Total Transportation							16,514,443
		U.S. Guaranteed – 7.3% (4)
	335	Florida State Board of Education, Full Faith and Credit Public Education Capital Outlay Bonds, Series 1985, 9.125%, 6/01/14 (ETM)		No Opt. Call		AAA			425,624
	800	Florida, Full Faith and Credit General Obligation Bonds, Broward County Expressway Authority, Series 1984, 10.000%, 7/01/14 (ETM)		No Opt. Call		AAA			961,024
		North Broward Hospital District, Florida, Revenue and Improvement Bonds, Series 2001:
	4,545	6.000%, 1/15/31 (Pre-refunded 1/15/11)		1/11 at 101.00		A2	(4)		4,686,259
	455	6.000%, 1/15/31 (Pre-refunded 1/15/11)		1/11 at 101.00		A2	(4)		469,141
	3,250	Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist Health System/Sunbelt Obligated Group, Series 2002, 6.250%, 11/15/24 (Pre-refunded 11/15/12)		11/12 at 100.00		N/R	(4)		3,637,953
		Orange County Health Facilities Authority, Florida, Revenue Bonds, Nemours Foundation, Series 2005:
	1,010	5.000%, 1/01/21 (Pre-refunded 1/01/15)		1/15 at 100.00		AAA			1,185,356
	295	5.000%, 1/01/21 (Pre-refunded 1/01/15)		1/15 at 100.00		N/R	(4)		341,583
	935	5.000%, 1/01/22 (Pre-refunded 1/01/15)		1/15 at 100.00		AAA			1,097,335
	275	5.000%, 1/01/22 (Pre-refunded 1/01/15)		1/15 at 100.00		N/R	(4)		318,425
	145	Orange County, Florida, Sales Tax Revenue Bonds, Series 1989, 6.125%, 1/01/19 – FGIC Insured (ETM)		11/10 at 100.00		AAA			181,340
	12,045	Total U.S. Guaranteed							13,304,040
		Utilities – 15.8%
	1,000	Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39		7/19 at 100.00		A+			1,120,060
	2,000	Clark County, Nevada, Industrial Development Revenue Bonds, Nevada Power Company Project, Series 1995C, 5.500%, 10/01/30		1/11 at 100.00		BB+			1,999,820
	500	Clark County, Nevada, Industrial Development Revenue Bonds, Nevada Power Company, Series 1995A, 5.600%, 10/01/30 (Alternative Minimum Tax)		1/11 at 100.00		BB+			487,565
	1,005	JEA, Florida, Electric System Revenue Bonds, Series 2006A, 5.000%, 10/01/41 – AGM Insured		4/15 at 100.00		AAA			1,035,843
	1,270	Leesburg, Florida, Electric System Revenue Bonds, Series 2004, 5.000%, 10/01/22 – FGIC Insured		10/14 at 100.00		A+			1,349,566
	2,305	Leesburg, Florida, Utilities Revenue Bonds, Series 2004, 5.000%, 10/01/22 – FGIC Insured		10/14 at 100.00		Aa3			2,449,408
	1,000	Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)		12/10 at 100.00		BB+			1,000,160

16 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	2,500	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39		No Opt. Call		A	$	2,913,675
	1,000	Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19		No Opt. Call		BBB–		1,084,630
	500	Orlando Utilities Commission, Florida, Water and Electric Revenue Bonds, Series 2009A-1, 5.250%, 10/01/39		4/19 at 100.00		Aa1		547,865
	1,000	Paducah, Kentucky, Electric Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 – AGC Insured		4/19 at 100.00		Aa3		1,076,850
	8,000	Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 10/01/15 – AMBAC Insured		No Opt. Call		AA		7,211,357
	650	Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		A1		689,117
	1,000	Sweetwater County, Wyoming, Pollution Control Revenue Refunding Bonds, Idaho Power Company Project, Series 2006, 5.250%, 7/15/26 (Mandatory put 8/21/19)		8/19 at 100.00		A2		1,091,870
	1,000	Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 – AMBAC Insured		10/15 at 100.00		AA+		1,069,510
	2,820	Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured		10/15 at 100.00		AA		2,957,729
	920	The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26		No Opt. Call		N/R		898,684
	28,470	Total Utilities						28,983,709
		Water and Sewer – 3.8%
	1,000	Clearwater, Florida, Water and Sewer Revenue Bonds, Series 2009A, 5.250%, 12/01/39 – AGC Insured		12/19 at 100.00		AA–		1,080,530
	1,000	Illinois Finance Authority, Water Facilities Revenue Bonds, American Water Capital Corp., Project, Series 2009, 5.250%, 10/01/39		10/19 at 100.00		BBB+		1,026,110
	1,000	Manteca Financing Authority, California, Sewer Revenue Bonds, Series 2009, 5.750%, 12/01/36		12/19 at 100.00		AAA		1,069,050
	2,700	Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/33 – NPFG Insured		10/13 at 100.00		Aa3		2,736,045
	1,000	South Blount County Utility District, Tennessee, Waterworks Revenue Bonds, Improvement anf Refunding Series 2009, 5.250%, 12/01/39 – AGM Insured		12/19 at 100.00		AAA		1,068,660
	6,700	Total Water and Sewer						6,980,395
$	188,850	Total Investments (cost $169,852,150) – 97.4%						178,674,104
		Other Assets Less Liabilities – 2.6%						4,826,982
		Net Assets – 100%					$	183,501,086

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Nuveen Florida Preference Municipal Bond Fund (continued)

August 31, 2010

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	178,674,104	$	—	$	178,674,104

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2010, the cost of investments was $169,729,081.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	12,250,162
Depreciation		(3,305,139	)
Net unrealized appreciation (depreciation) of investments	$	8,945,023

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

N/R Not rated.

(ETM) Escrowed to maturity.

18 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Maryland Municipal Bond Fund

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Discretionary – 2.9%
		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
$	845	5.000%, 9/01/15 – SYNCORA GTY Insured		No Opt. Call		Baa3	$	869,446
	10	5.250%, 9/01/25 – SYNCORA GTY Insured		9/16 at 100.00		Baa3		9,580
	4,105	5.250%, 9/01/39 – SYNCORA GTY Insured		9/16 at 100.00		Baa3		3,757,716
	35	Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.250%, 9/01/22 – SYNCORA GTY Insured		9/16 at 100.00		Baa3		34,179
	1,000	Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference Center, Series 2006A, 5.000%, 12/01/31		12/16 at 100.00		N/R		753,220
	5,995	Total Consumer Discretionary						5,424,141
		Consumer Staples – 2.7%
	3,390	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		5/12 at 100.00		BBB		3,374,304
	125	Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%, 5/15/31		5/11 at 100.00		Baa3		105,064
	1,500	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note –Diageo Project, Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		BBB		1,700,610
	5,015	Total Consumer Staples						5,179,978
		Education and Civic Organizations – 8.6%
	1,000	District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43		4/15 at 100.00		AA–		1,025,460
	625	Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Mary’s College, Series 2006, 5.625%, 9/01/38		9/16 at 100.00		BBB–		624,563
	645	Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34		4/14 at 100.00		A+		653,791
		Maryland Economic Development Corporation, Utility Infrastructure Revenue Bonds, University of Maryland – College Park, Series 2001:
	980	5.375%, 7/01/15 – AMBAC Insured		7/11 at 100.00		N/R		1,012,428
	725	5.375%, 7/01/16 – AMBAC Insured		7/11 at 100.00		N/R		748,990
	255	Maryland Health and HIgher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40		7/20 at 100.00		BBB–		264,708
	500	Maryland Health and Higher Educational Facilities Authority, Educational Facilities Leasehold Mortgage Revenue Bonds, McLean School, Series 2001, 6.000%, 7/01/31		1/11 at 100.00		BBB–		500,120
		Maryland Health and Higher Educational Facilities Authority, Mortgage Revenue Bonds, Green Acres School, Series 1998:
	665	5.300%, 7/01/18		1/11 at 100.00		BBB–		665,505
	1,000	5.300%, 7/01/28		1/11 at 100.00		BBB–		999,990
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Bullis School, Series 2000:
	250	5.250%, 7/01/25 – AGM Insured		1/11 at 101.00		AAA		253,833
	500	5.250%, 7/01/30 – AGM Insured		1/11 at 101.00		AAA		506,840
	625	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34		7/14 at 100.00		A–		633,738
	1,870	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%, 6/01/36		6/17 at 100.00		Baa1		1,863,137
	815	Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel High School, Series 2005A, 5.500%, 5/01/20		5/15 at 100.00		N/R		823,941
	815	Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts Center Project, Series 2005A, 5.000%, 5/01/20		5/15 at 100.00		Aa3		898,603
	550	Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2003A, 5.000%, 7/01/20 – FGIC Insured		7/13 at 100.00		Aa3		601,425

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen Maryland Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	1,500	Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993, 6.100%, 7/01/20 – NPFG Insured		No Opt. Call		Aa3	$	1,826,775
	1,100	University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%, 10/01/22		10/16 at 100.00		AA+		1,256,277
	1,250	Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006, 4.500%, 11/01/36		11/16 at 100.00		BBB+		1,155,825
	15,670	Total Education and Civic Organizations						16,315,949
		Energy – 0.2%
	400	Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax)		1/15 at 100.00		Baa3		372,804
		Health Care – 23.6%
	1,100	Charlotte County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007, 5.000%, 9/01/27		9/17 at 100.00		A–		1,142,075
	895	Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series 2010, 5.125%, 7/01/39		7/19 at 100.00		A		932,697
	675	Maryland Health and Higher Education Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2006, 5.000%, 7/01/36		7/16 at 100.00		A		691,409
	2,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2009A, 6.750%, 7/01/39		7/19 at 100.00		A–		2,326,460
	1,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%, 7/01/32		7/19 at 100.00		A–		1,047,940
	820	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial Hospital, Series 2004, 5.500%, 7/01/36		7/14 at 100.00		A3		850,274
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll County General Hospital, Series 2002:
	500	6.000%, 7/01/20		7/12 at 100.00		A3		521,075
	1,500	5.800%, 7/01/32		7/12 at 100.00		A3		1,532,520
	725	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2006, 5.000%, 7/01/40		7/16 at 100.00		A3		731,518
	2,285	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37 – RAAI Insured		7/14 at 100.00		N/R		1,952,258
	950	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%, 7/01/29		7/17 at 100.00		Baa3		936,263
	800	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital, Series 2002, 5.125%, 7/01/35		7/12 at 100.00		Baa1		794,936
	750	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Greater Baltimore Medical Center, Series 2001, 5.000%, 7/01/34		7/11 at 100.00		A+		752,258
	2,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kaiser Permanente System, Series 1998A, 5.375%, 7/01/15		1/11 at 100.50		A+		2,014,680
	1,785	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kennedy Krieger Institute, Series 2003, 5.500%, 7/01/33		7/13 at 100.00		Baa3		1,794,603
	765	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28 – AGC Insured		7/17 at 100.00		AAA		818,565
	850	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.375%, 8/15/24		8/14 at 100.00		A2		890,137
	2,280	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46 – BHAC Insured		5/16 at 100.00		AA+		2,360,872
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project, Series 2007A:
	635	5.000%, 7/01/37		7/17 at 100.00		BBB		612,242
	440	5.500%, 7/01/42		7/17 at 100.00		BBB		443,700

20 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	1,050	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%, 7/01/36		7/16 at 100.00		A	$	1,082,582
	2,450	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins Health System Obligated Group Issue, Series 2010, 5.000%, 5/15/40		5/20 at 100.00		Aa3		2,596,731
	800	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of Cecil County, Series 2002, 5.625%, 7/01/32		7/12 at 100.00		A3		813,784
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of Cecil County, Series 2005:
	1,405	5.000%, 7/01/35		7/15 at 100.00		A3		1,427,803
	900	5.000%, 7/01/40		7/15 at 100.00		A3		912,276
	645	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 1991B, 7.000%, 7/01/22 – FGIC Insured		No Opt. Call		A		783,939
	500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2004B, 5.000%, 7/01/24 – AMBAC Insured		7/13 at 100.00		A		510,685
	1,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Upper Chesapeake Hospitals Issue C, Series 2007, 6.000%, 1/01/38		1/18 at 100.00		Baa1		1,074,010
		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital, Series 2008:
	1,500	5.750%, 1/01/33		No Opt. Call		BBB–		1,544,130
	3,385	5.750%, 1/01/38		1/18 at 100.00		BBB–		3,463,903
	1,935	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A, 5.000%, 7/01/34 – NPFG Insured		7/16 at 100.00		A		1,970,623
	1,500	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39		7/19 at 100.00		AA		1,552,980
	1,000	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39		6/19 at 100.00		AA		1,052,020
	1,665	Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26		10/19 at 100.00		A		1,720,861
	245	Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994, 5.375%, 7/01/14 (5)		1/11 at 100.00		B3		224,138
	795	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Hospital Revenue Bonds, Auxilio Mutuo Hospital, Series 1995A, 6.250%, 7/01/16 – NPFG Insured		1/11 at 100.00		A		798,466
	43,530	Total Health Care						44,675,413
		Housing/Multifamily – 4.2%
	500	Maryland Community Development Administration, Housing Revenue Bonds, Series 1999A, 5.350%, 7/01/41 (Alternative Minimum Tax)		1/11 at 100.00		Aa2		500,750
	1,000	Maryland Community Development Administration, Housing Revenue Bonds, Series 1999B, 6.250%, 7/01/32 (Alternative Minimum Tax)		1/11 at 100.00		Aa2		1,001,160
	1,000	Maryland Community Development Administration, Multifamily Development Revenue Bonds, Auburn Manor, Series 1998A, 5.300%, 10/01/28 (Alternative Minimum Tax)		9/10 at 101.00		Aa2		1,000,580
	100	Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, University of Maryland – Baltimore, Series 2003A, 5.625%, 10/01/23		10/13 at 100.00		B3		76,570
	1,500	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Frostburg State University Project, Series 2002A , 6.250%, 10/01/33		10/12 at 101.00		Ba3		1,487,235
	600	Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2001, 5.875%, 7/01/21 – ACA Insured		7/11 at 101.00		N/R		581,046

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen Maryland Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	570	Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/33 – CIFG Insured		6/16 at 100.00		Baa2	$	567,652
	1,420	Montgomery County Housing Opportunities Commission, Maryland, FNMA/FHA-Insured Multifamily Housing Development Bonds, Series 1998A, 5.250%, 7/01/29 (Alternative Minimum Tax)		1/11 at 100.00		Aaa		1,420,625
	200	Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily Housing Revenue Bonds, Series 1995A, 6.000%, 7/01/20		1/11 at 100.00		Aa2		200,348
	1,000	Prince George’s County Housing Authority, Maryland, GNMA Collateralized Mortgage Revenue Bonds, University Landing Apartments, Series 1999, 6.100%, 3/20/41 (Alternative Minimum Tax)		9/10 at 101.00		AAA		1,011,170
	7,890	Total Housing/Multifamily						7,847,136
		Housing/Single Family – 5.2%
	1,695	Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2008C, 5.375%, 9/01/39		9/18 at 100.00		Aa2		1,805,429
	1,195	Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006F, 4.900%, 9/01/26 (Alternative Minimum Tax)		9/15 at 100.00		Aa2		1,215,279
	1,500	Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006I, 4.875%, 9/01/26 (Alternative Minimum Tax)		3/16 at 100.00		Aa2		1,527,135
	980	Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006L, 4.900%, 9/01/31 (Alternative Minimum Tax)		9/16 at 100.00		Aa2		997,836
	920	Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006P, 4.700%, 3/01/37 (Alternative Minimum Tax)		3/16 at 100.00		Aa2		911,738
	780	Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007D, 4.850%, 9/01/37 (Alternative Minimum Tax)		3/17 at 100.00		Aa2		785,616
	1,125	Maryland Community Development Administration, Residential Revenue Bonds, Series 2005E, 4.900%, 9/01/36 (Alternative Minimum Tax)		9/14 at 100.00		Aa2		1,128,926
	1,200	Maryland Community Development Administration, Residential Revenue Bonds, Series 2006B, 4.750%, 9/01/25 (Alternative Minimum Tax)		9/15 at 100.00		Aa2		1,218,132
	225	Puerto Rico Housing Finance Authority, Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax)		6/13 at 100.00		AAA		225,585
	9,620	Total Housing/Single Family						9,815,676
		Industrials – 4.2%
	2,855	Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35		6/20 at 100.00		Baa3		2,998,150
	4,360	Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)		4/12 at 101.00		BBB		4,429,890
	500	Northeast Maryland Waste Disposal Authority, Baltimore, Resource Recovery Revenue Bonds, RESCO Retrofit Project, Series 1998, 4.750%, 1/01/12 (Alternative Minimum Tax)		1/11 at 100.00		BBB		503,575
	7,715	Total Industrials						7,931,615

22 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care – 3.2%
$	2,285	Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37		1/17 at 100.00		BBB+	$	2,157,177
		Carroll County, Maryland, Revenue Refunding Bonds, EMA Obligated Group, Series 1999A:
	500	5.500%, 1/01/19 – RAAI Insured		1/11 at 100.00		BB–		475,570
	500	5.625%, 1/01/25 – RAAI Insured		1/11 at 100.00		BB–		450,580
	950	Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., Series 2009B, 6.000%, 1/01/23		1/20 at 100.00		N/R		1,021,554
	1,965	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge Retirement Community, Series 2007, 4.750%, 7/01/34		7/17 at 100.00		A–		1,915,600
	6,200	Total Long-Term Care						6,020,481
		Materials – 0.8%
	1,500	Baltimore, Maryland, Port Facilities Revenue Bonds, Consolidation Coal Sales Company, Series 1984B, 6.500%, 10/01/11		10/10 at 100.00		A		1,504,770
		Tax Obligation/General – 13.6%
	435	Anne Arundel County, Maryland, General Obligation Bonds, Series 2006, 5.000%, 3/01/21		3/16 at 100.00		AAA		501,181
	400	Anne Arundel County, Maryland, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 3/01/17		3/16 at 100.00		AAA		472,348
	1,000	Baltimore County, Maryland, Metropolitan District Special Assessment Bonds, 67th Issue, 5.000%, 6/01/25		6/11 at 101.00		AAA		1,046,230
	400	Carroll County, Maryland, Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16		12/15 at 100.00		AA+		475,112
	300	Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006, 5.000%, 3/01/16		No Opt. Call		Aa1		359,352
	1,500	Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 – NPFG Insured		8/15 at 100.00		AA		1,761,765
	9,000	Maryland, General Obligation Bonds, State and Local Facilities Loan, First Series 2001, 5.500%, 3/01/15		No Opt. Call		AAA		10,819,977
	1,800	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2005A, 5.000%, 7/01/15		No Opt. Call		AAA		2,142,162
	1,000	Montgomery County, Maryland, Consolidated General Obligation Public Improvement Refunding Bonds, Series 2001, 5.250%, 10/01/13		10/11 at 101.00		AAA		1,062,080
	2,000	Prince George’s County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2003A, 5.000%, 10/01/18		10/13 at 100.00		AAA		2,235,820
	2,500	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 – FGIC Insured		No Opt. Call		A3		2,825,350
	500	Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16		6/15 at 100.00		AAA		591,575
	1,230	Washington Suburban Sanitary District, Montgomery and Prince George’s Counties, Maryland, Water Supply Bonds, Series 2005, 5.000%, 6/01/16		6/15 at 100.00		AAA		1,455,275
	22,065	Total Tax Obligation/General						25,748,227
		Tax Obligation/Limited – 14.4%
	300	Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park – North Project, Series 2010, 6.100%, 7/01/40		7/18 at 102.00		N/R		306,645
	200	Anne Arundel County, Maryland, Tax Increment Financing Revenue Bonds, Parole Town Center Project, Series 2002, 5.000%, 7/01/12		No Opt. Call		N/R		203,882
	1,200	Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 – NPFG Insured		9/10 at 100.00		A		1,203,960
	200	Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 5.500%, 9/01/34		9/15 at 101.00		N/R		192,028

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen Maryland Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:
$	310	5.600%, 7/01/20 – RAAI Insured		7/12 at 100.00		N/R	$	313,035
	115	5.700%, 7/01/29 – RAAI Insured		7/12 at 100.00		N/R		114,726
	450	Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004, 5.750%, 7/01/34		7/14 at 102.00		N/R		435,236
	1,110	Maryland Community Development Administration, Infrastructure Financing Bonds, Series 2000A, 5.875%, 6/01/30 – NPFG Insured		12/10 at 101.00		Baa1		1,124,730
	830	Maryland Department of Transportation, Certificates of Participation, Mass Transit Administration Project, Series 2000, 5.500%, 10/15/18 (Alternative Minimum Tax)		10/10 at 101.00		AA+		840,209
	1,750	Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16		No Opt. Call		AAA		2,135,263
	935	Maryland Economic Development Corporation, Lease Revenue Bonds, Department of Transportation Headquarters Building, Series 2002, 5.375%, 6/01/19		6/12 at 100.50		AAA		1,013,157
		Maryland Economic Development Corporation, Lease Revenue Bonds, Montgomery County Town Square Parking Garage, Series 2002A:
	430	5.000%, 9/15/13		9/12 at 100.00		AA+		469,573
	650	5.000%, 9/15/16		9/12 at 100.00		AA+		703,183
	1,540	Maryland Stadium Authority, Lease Revenue Bonds, Montgomery County Conference Center Facilities, Series 2003, 5.000%, 6/15/22		6/13 at 100.00		AA+		1,689,981
	1,470	Montgomery County, Maryland, Lease Revenue Bonds, Metrorail Garage, Series 2002, 5.000%, 6/01/21		6/12 at 100.00		AA		1,576,075
	500	Montgomery County, Maryland, Special Obligation Bonds, West Germantown Development District, Senior Series 2002A, 5.375%, 7/01/20 – RAAI Insured		7/12 at 101.00		A2		508,720
	500	New Baltimore City Board of School Commissioners, Maryland, School System Revenue Bonds, Series 2000, 5.125%, 11/01/15		11/10 at 100.00		AA+		504,060
	1,000	Prince George’s County, Maryland, Lease Revenue Bonds, Upper Marlboro Justice Center, Series 2003A, 5.000%, 6/30/14 – NPFG Insured		6/13 at 100.00		AA+		1,116,970
	2,000	Prince George’s County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34		7/15 at 100.00		N/R		1,855,620
	7,030	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/43 – AMBAC Insured		No Opt. Call		A3		848,451
	1,000	Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 – AGM Insured		8/12 at 100.00		AAA		1,068,360
	1,500	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42		8/19 at 100.00		A+		1,647,510
	1,300	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.375%, 8/01/39		2/20 at 100.00		A+		1,373,190
	4,310	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41		8/20 at 100.00		A+		4,513,431
	450	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57		8/17 at 100.00		Aa2		459,923
	1,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/28 – FGIC Insured		10/16 at 100.00		A		1,028,990
	32,080	Total Tax Obligation/Limited						27,246,908
		Transportation – 0.8%
	1,000	District of Columbia Metropolitan Area Transit Authority, Gross Revenue Bonds, Series 2009A, 5.125%, 7/01/32		7/19 at 100.00		Aa3		1,095,440
	500	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)		12/10 at 100.00		CCC+		429,125
	1,500	Total Transportation						1,524,565

24 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		U.S. Guaranteed – 7.8% (4)
$	1,250	Baltimore County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2002, 5.000%, 8/01/18 (Pre-refunded 8/01/12)		8/12 at 100.00		AAA		$	1,361,138
	865	Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 – FGIC Insured (ETM)		No Opt. Call		AA	(4)		1,016,038
	1,250	Frederick County, Maryland, General Obligation Public Facilities Bonds, Series 2002, 5.000%, 11/01/21 (Pre-refunded 11/01/12)		11/12 at 101.00		Aaa			1,386,738
	815	Gaithersburg, Maryland, Nursing Home Revenue Refunding Bonds, Shady Grove Adventist Nursing and Rehabilitation Center, Series 1995, 6.500%, 9/01/12 – AGM Insured (ETM)		No Opt. Call		AAA			863,061
	1,000	Howard County, Maryland, General Obligation Consolidated Public Improvement Refunding Bonds, Series 2002A, 5.250%, 8/15/18 (Pre-refunded 2/15/12)		2/12 at 100.00		AAA			1,072,750
		Maryland Economic Development Corporation, Health and Mental Hygiene Providers Revenue Bonds, Series 1996A:
	755	7.625%, 4/01/21 (Pre-refunded 4/01/11)		4/11 at 102.00		N/R	(4)		799,628
	535	7.625%, 4/01/21 (Pre-refunded 4/01/11)		4/11 at 102.00		N/R	(4)		566,624
	1,610	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/27 – AMBAC Insured (ETM)		No Opt. Call		N/R	(4)		1,929,070
	525	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34 (Pre-refunded 7/01/14)		7/14 at 100.00		A2	(4)		608,927
	625	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2001, 5.500%, 6/01/32 (Pre-refunded 6/01/11)		6/11 at 100.00		Baa1	(4)		649,169
	500	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2002, 6.000%, 7/01/22 (Pre-refunded 7/01/12)		7/12 at 100.00		A	(4)		551,045
	1,095	Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16 (ETM)		No Opt. Call		AAA			1,291,443
	1,175	Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A, 5.500%, 10/01/40 (Pre-refunded 10/01/10)		10/10 at 101.00		AAA			1,191,944
	1,500	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10)		10/10 at 101.00		BBB+	(4)		1,522,770
	13,500	Total U.S. Guaranteed							14,810,345
		Utilities – 2.1%
	2,500	Maryland Economic Development Corporation, Pollution Control Revenue Bonds, Potomac Electric Power Company, Series 2006, 6.200%, 9/01/22		No Opt. Call		A			2,970,325
	1,060	Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)		9/10 at 100.00		N/R			1,060,657
	3,560	Total Utilities							4,030,982
		Water and Sewer – 2.4%
		Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2009A:
	500	5.375%, 7/01/34		7/19 at 100.00		AA–			548,950
	1,020	5.750%, 7/01/39		7/19 at 100.00		AA–			1,146,419
	855	Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 – AMBAC Insured		7/16 at 100.00		AA			925,614
	1,000	Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/25 – AGM Insured		7/17 at 100.00		AAA			1,132,930
	760	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa1			824,585
	4,135	Total Water and Sewer							4,578,498
$	180,375	Total Investments (cost $173,712,568) – 96.7%							183,027,488
		Other Assets Less Liabilities – 3.3%							6,226,517
		Net Assets – 100%						$	189,254,005

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen Maryland Municipal Bond Fund (continued)

August 31, 2010

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	182,803,350	$	224,138	$	183,027,488

The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:

	Level 3 Investments
Balance at the beginning of period	$	273,945
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		5,172
Net purchases at cost (sales at proceeds)		(55,000	)
Net discounts (premiums)		21
Net transfers in to (out of) at end of period fair value		—
Balance at the end of period	$	224,138

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2010, the cost of investments was $173,627,603.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	11,270,760
Depreciation		(1,870,875	)
Net unrealized appreciation (depreciation) of investments	$	9,399,885

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

(5) For fair value measurement disclosure purposes, investment categorized as Level 3.

N/R Not rated.

(ETM) Escrowed to maturity.

26 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Pennsylvania Municipal Bond Fund

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Staples – 0.0%
$	65	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)		No Opt. Call		AA–	$	71,503
		Education and Civic Organizations – 14.3%
	1,190	Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series 1998A, 5.500%, 5/01/15		No Opt. Call		Baa3		1,284,141
	2,500	Allegheny County Higher Education Building Authority, Pennsylvania, University Revenue Bonds, Robert Morris University, Series 2008A, 5.900%, 10/15/28		10/18 at 100.00		Baa3		2,612,875
		Chester County Health and Education Facilities Authority, Pennsylvania, College Revenue Bonds, Immaculata College, Series 1998:
	1,300	5.600%, 10/15/18		10/10 at 100.00		BB+		1,300,507
	550	5.625%, 10/15/27		10/10 at 100.00		BB+		532,642
	1,445	Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%, 12/15/37		12/17 at 100.00		BB+		1,448,988
	1,200	Cumberland County, Pennsylvania, Municipal Authority College Revenue Bonds, Dickinson College, Series 2009H-H1, 5.000%, 11/01/39		11/19 at 100.00		A		1,221,120
		Delaware County Authority, Pennsylvania, College Revenue Refunding Bonds, Neumann College, Series 1998A:
	2,400	5.375%, 10/01/18		10/10 at 100.00		BBB		2,403,000
	1,815	5.375%, 10/01/26		10/10 at 100.00		BBB		1,815,780
	920	Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern Univsersity, Series 2006, 4.500%, 10/01/27 – RAAI Insured		10/16 at 100.00		N/R		837,918
	925	Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.250%, 10/01/38		10/11 at 100.00		BBB		1,004,263
		Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
	800	5.000%, 8/01/23 – AMBAC Insured		8/16 at 100.00		A1		873,752
	330	5.000%, 8/01/24 – AMBAC Insured		8/16 at 100.00		A1		358,628
	1,000	Delaware County Authority, Pennsylvania, Revenue Refunding Bonds, Villanova University, Series 2003, 5.250%, 8/01/20 – FGIC Insured		8/13 at 100.00		A1		1,098,840
	1,000	District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43		4/15 at 100.00		AA–		1,025,460
	375	Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University, Series 2007-GG3, 5.000%, 5/01/32 – RAAI Insured		5/17 at 100.00		N/R		361,984
	1,280	Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Mercyhurst College Project, Series 2008, 5.500%, 3/15/38		9/18 at 100.00		BBB		1,317,645
	2,000	Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of Pennsylvania – Student Union Project, Series 2004, 5.000%, 11/01/24 – AMBAC Insured		11/14 at 100.00		N/R		1,894,780
	1,500	Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 5.000%, 4/01/36 – RAAI Insured		4/16 at 100.00		BBB+		1,470,225
		Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010:
	530	5.250%, 4/01/30		4/20 at 100.00		BBB+		547,305
	220	5.625%, 4/01/40		4/20 at 100.00		BBB+		228,659
	2,500	Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Hill School, Series 2005, 5.000%, 8/15/26 – NPFG Insured		8/15 at 100.00		A1		2,668,625
	165	New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 – RAAI Insured		5/17 at 100.00		N/R		164,878

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen Pennsylvania Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	3,090	Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%, 6/15/33		6/18 at 100.00		Aa2	$	3,319,463
	715	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006, 4.750%, 5/01/31		5/16 at 100.00		A–		723,458
	1,280	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 – NPFG Insured		11/17 at 100.00		A+		1,340,314
	1,205	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2007 GG5, 5.000%, 5/01/27 – RAAI Insured		5/17 at 100.00		BBB–		1,181,551
	1,000	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2003, 5.250%, 5/01/23		5/13 at 100.00		BBB		1,029,480
	1,700	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21 – NPFG Insured		4/16 at 100.00		Aa3		1,903,507
	2,250	Pennsylvania HIgher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%, 3/01/40		3/20 at 100.00		AA–		2,380,770
	1,000	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%, 7/15/38		7/15 at 100.00		AA+		1,047,210
	1,250	Pennsylvania Higher Educational Facilities Authority, University of the Sciences in Philadelphia Revenue Bonds, Series 2005, 4.750%, 11/01/33 – SYNCORA GTY Insured		5/15 at 100.00		A3		1,274,550
	500	Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds, Bucknell University, Series 2002A, 5.250%, 4/01/22		4/13 at 100.00		Aa2		548,600
	39,935	Total Education and Civic Organizations						41,220,918
		Health Care – 19.3%
	3,980	Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35		4/15 at 100.00		Baa3		3,549,125
	2,000	Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34		No Opt. Call		Aa3		2,099,400
	5,000	Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2006, 5.000%, 11/01/35 – CIFG Insured		5/16 at 100.00		BBB+		4,860,150
	2,000	Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 – CIFG Insured		11/17 at 100.00		BBB+		1,927,920
	1,660	Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%, 7/01/42		No Opt. Call		A2		1,712,987
	4,000	Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2003A, 5.250%, 7/01/32		7/13 at 101.00		A+		4,080,000
	750	Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24		11/14 at 100.00		A		781,050
	2,820	Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 – AGC Insured		11/17 at 100.00		AAA		2,908,886
		Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009:
	1,500	5.500%, 7/01/28		7/19 at 100.00		BBB+		1,564,890
	1,610	5.750%, 7/01/39		7/19 at 100.00		BBB+		1,668,491
	1,500	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39		7/19 at 100.00		AA		1,552,980
	840	Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%, 1/01/37		1/17 at 100.00		A–		846,485
	1,000	Montgomery County Higher Education and Health Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009E, 6.250%, 11/15/34		5/19 at 100.00		A1		1,108,860
	495	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38		8/20 at 100.00		AA		524,849

28 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	5,750	Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A, 5.500%, 8/15/35		8/18 at 100.00		A3	$	5,917,670
	6,000	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania Health Services, Series 2005B, 5.000%, 8/15/16 – FGIC Insured		8/15 at 100.00		AA–		6,828,120
	2,085	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40		5/20 at 100.00		AA		2,139,690
	3,000	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Hospital, Series 1993A, 6.625%, 11/15/23		11/10 at 100.00		BBB		3,000,840
		Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic, Series 1998:
	50	5.500%, 7/01/18		1/11 at 100.00		N/R		49,402
	1,000	5.625%, 7/01/24		1/11 at 100.00		N/R		929,640
	510	Sayre Healthcare Facility Authority, Pennsylvania, Revenue Bonds, Guthrie Healthcare System, Series 2007, 1.191%, 12/01/31 – AMBAC Insured		12/17 at 100.00		A+		319,938
	1,612	South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital,, 5.500%, 7/01/29		7/20 at 100.00		Baa1		1,640,049
		Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
	430	5.000%, 12/01/27 – RAAI Insured		12/15 at 100.00		BBB–		394,091
	300	5.000%, 12/01/29 – RAAI Insured		12/15 at 100.00		BBB–		272,682
	1,000	5.000%, 12/01/30 – RAAI Insured		12/15 at 100.00		BBB–		906,420
	1,155	St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%, 11/15/34		5/19 at 100.00		A1		1,294,755
	2,000	St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%, 11/15/40		11/20 at 100.00		A1		2,057,860
	425	Westmoreland County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Excela Health Project, Series 2010A, 5.125%, 7/01/30		7/20 at 100.00		A3		435,697
	54,472	Total Health Care						55,372,927
		Housing/Multifamily – 1.8%
	595	Delaware County Industrial Development Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Darby Townhouses Project, Series 2002A, 4.850%, 4/01/12 (Alternative Minimum Tax)		No Opt. Call		AAA		616,289
	650	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43		No Opt. Call		BBB–		677,385
	1,565	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Series 2007A, 5.000%, 7/01/39 – SYNCORA GTY Insured		7/17 at 100.00		BBB+		1,505,968
	1,800	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured		7/15 at 100.00		BBB+		1,740,528
	240	Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35		5/15 at 102.00		Baa3		213,458
	385	Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion Apartments, Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax)		10/13 at 100.00		A		403,607
	5,235	Total Housing/Multifamily						5,157,235

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen Pennsylvania Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Single Family – 3.7%
$	1,500	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A, 4.950%, 10/01/26 (Alternative Minimum Tax)		4/15 at 100.00		AA+	$	1,522,650
	1,620	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A, 5.150%, 10/01/37 (Alternative Minimum Tax)		10/15 at 100.00		AA+		1,643,053
	2,000	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A, 4.900%, 10/01/37 (Alternative Minimum Tax)		10/15 at 100.00		AA+		2,015,120
	1,315	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum Tax)		10/16 at 100.00		AA+		1,316,052
	385	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum Tax)		10/16 at 100.00		AA+		384,985
	2,760	Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2008-103-C, 5.400%, 10/01/33		10/17 at 100.00		AA+		2,922,868
	765	Pittsburgh Urban Redevelopment Authority, Pennsylvania, Mortgage Revenue Bonds, Series 1997A, 6.200%, 10/01/21 (Alternative Minimum Tax)		10/10 at 100.00		AAA		766,262
	10,345	Total Housing/Single Family						10,570,990
		Industrials – 0.4%
	1,000	Pennsylvania Industrial Development Authority, Economic Development Revenue Bonds, Series 2002, 5.500%, 7/01/19 – AMBAC Insured		7/12 at 101.00		A1		1,063,790
		Long-Term Care – 3.9%
		Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center, Series 2007:
	530	5.750%, 1/01/27		1/17 at 100.00		N/R		479,189
	840	5.750%, 1/01/37		1/17 at 100.00		N/R		714,412
		Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007:
	1,000	5.000%, 1/01/27		1/17 at 100.00		N/R		963,180
	630	5.000%, 1/01/36		1/17 at 100.00		N/R		580,709
	510	Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project, Series 2006, 5.000%, 11/01/36		11/16 at 100.00		A		519,716
	630	Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A, 6.375%, 7/01/30		7/17 at 100.00		N/R		637,043
	2,620	Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26		12/14 at 100.00		N/R		2,531,077
	1,000	Montgomery County Industrial Development Authority, Pennsylvania, Retirement Community Revenue Bonds, ACTS Inc, Series 1998, 5.250%, 11/15/28		11/23 at 100.00		BBB+		1,000,210
	2,310	Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human Services Inc., Series 1998A, 5.250%, 6/01/14		12/10 at 100.00		BB		2,299,328
	1,580	Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/23 – AMBAC Insured		7/11 at 101.00		Baa1		1,604,127
	11,650	Total Long-Term Care						11,328,991
		Materials – 0.4%
	560	Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)		12/15 at 100.00		BBB		572,068
	440	Bucks County Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, USX Corporation Project, Series 1995, 5.400%, 11/01/17 (Mandatory put 11/01/11)		No Opt. Call		BBB+		460,649
	1,000	Total Materials						1,032,717

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General – 19.0%
$	1,225	Bentworth School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2006B, 5.000%, 3/15/25 – AGM Insured		3/16 at 100.00		AAA	$	1,336,414
	1,000	Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.100%, 8/01/33		8/19 at 100.00		Aa2		1,057,940
	5,250	Butler Area School District, Butler County, Pennsylvania, General Obligation Bonds, Series 2008, 5.250%, 10/01/25		10/18 at 100.00		A+		5,868,345
	420	Centre County, Pennsylvania, General Obligation Bonds, Series 2003, 5.250%, 7/01/17 – NPFG Insured		7/13 at 100.00		Aa2		467,985
	3,125	Chichester School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 1999, 0.000%, 3/01/26 – FGIC Insured		No Opt. Call		AA		1,643,031
	950	Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002, 5.750%, 7/01/17		No Opt. Call		AA–		1,084,435
	1,635	Girard School District, Erie County, Pennsylvania, General Obligation Bonds, Series 1999B, 0.000%, 11/15/28 – FGIC Insured		No Opt. Call		A		706,811
	4,875	McKeesport Area School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 1997D, 0.000%, 10/01/24 – NPFG Insured		No Opt. Call		A		2,850,071
	2,195	Montour School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 1993B, 0.000%, 1/01/14 – NPFG Insured		No Opt. Call		A		2,043,984
	1,500	Owen J. Roberts School District, Pennsylvania, General Obligation Bonds, Series 2008, 5.000%, 11/15/37		5/18 at 100.00		Aa2		1,592,910
	2,000	Oxford Area School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2007D, 5.375%, 2/01/27 – FGIC Insured		8/15 at 100.00		AA–		2,184,020
	1,075	Palmyra Area School District, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/20 – SYNCORA GTY Insured		6/14 at 100.00		Aa3		1,154,539
	5,000	Pennsylvania State Public School Building Authority, Lease Revenue Bonds, Philadelphia School District Project, Series 2006A, 5.000%, 6/01/31 – AGM Insured		12/16 at 100.00		AAA		5,153,750
	3,750	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 – FGIC Insured		No Opt. Call		Aa3		4,078,650
	3,000	Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2008E, 6.000%, 9/01/38		9/18 at 100.00		Aa2		3,314,370
	2,585	Pine-Richland School District, Pennsylvania, School Improvement General Obligation Bonds, Series 2005, 5.000%, 7/15/35 – AGM Insured		7/15 at 100.00		AAA		2,684,936
	1,575	Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured		No Opt. Call		AAA		1,827,882
	2,500	Reading, Berks County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 11/01/29 – AGM Insured		11/19 at 100.00		Aa3		2,614,875
	2,000	Reading, Pennsylvania, General Obligation Bonds, Series 2008, 6.000%, 11/01/28 – AGM Insured		11/18 at 100.00		Aa3		2,299,500
	380	Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 – FGIC Insured		9/13 at 100.00		A		376,656
	6,775	Southmoreland School District, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 2005, 5.000%, 4/01/25 – NPFG Insured		4/15 at 100.00		A		7,228,311
	2,900	York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured		12/15 at 100.00		AA		3,047,842
	55,715	Total Tax Obligation/General						54,617,257
		Tax Obligation/Limited – 8.1%
	1,500	Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series 2005, 5.000%, 1/15/36 – FGIC Insured		1/15 at 100.00		AA–		1,545,585
	1,000	Harrisburg Parking Authority, Pennsylvania, Guaranteed Revenue Refunding Bonds, Series 2001J, 5.000%, 9/01/22 – NPFG Insured		9/11 at 100.00		Baa1		1,001,060

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen Pennsylvania Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Tax Obligation/Limited (continued)
$	3,000	Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27		12/19 at 100.00		N/R		$	3,062,670
	2,500	Pennsylvania Turnpike Commission, Oil Franchise Tax Senior Lien Revenue Bonds, Series 2003A, 5.000%, 12/01/32 – NPFG Insured		12/18 at 100.00		AA			2,673,150
	1,300	Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 – AGM Insured		No Opt. Call		AAA			1,573,104
	1,300	Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%, 11/15/17 – AGM Insured		11/13 at 100.00		AAA			1,434,095
	1,250	Philadelphia Municipal Authority, Philadelphia, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34		No Opt. Call		A1			1,382,250
	1,000	Philadelphia Redevelopment Authority, Pennsylvania, Revenue Bonds, Philadelphia Neighborhood Transformation Initiative, Series 2002A, 5.500%, 4/15/22 – FGIC Insured		4/12 at 100.00		A1			1,047,090
	2,420	Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 (WI/DD, Settling 9/08/10) – AGM Insured		8/20 at 100.00		AAA			2,565,539
	5,000	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 – NPFG Insured		No Opt. Call		A			5,404,200
	450	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57		8/17 at 100.00		Aa2			459,923
	1,000	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/20 – NPFG Insured		No Opt. Call		A			1,123,500
	21,720	Total Tax Obligation/Limited							23,272,166
		Transportation – 7.4%
	2,480	Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40		1/20 at 100.00		A–			2,600,503
	3,500	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Motor License Special Fund, Series 2010A-2, 0.000%, 12/01/34		12/20 at 100.00		Aa3			2,763,250
	4,300	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38		12/27 at 100.00		A–			3,269,935
	2,000	Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%, 6/01/33 – AGM Insured		6/26 at 100.00		AAA			1,626,340
	1,900	Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 – FGIC Insured		12/15 at 100.00		A			2,023,120
	4,535	Pittsburgh Public Parking Authority, Pennsylvania, Parking System Revenue Refunding Bonds, Series 2002, 5.000%, 12/01/11 – AMBAC Insured		No Opt. Call		N/R			4,764,154
	2,000	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2003B, 5.000%, 1/01/33 – AMBAC Insured		1/13 at 100.00		Baa3			1,809,040
	2,000	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2008A, 6.500%, 1/01/38 (Alternative Minimum Tax)		1/18 at 100.00		Baa3			2,028,480
	350	Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Subordinate Lien Series 2003D, 5.375%, 1/01/18		1/13 at 100.00		Ba1			327,887
	23,065	Total Transportation							21,212,709
		U.S. Guaranteed – 7.4% (4)
	1,550	Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds, Allegheny Valley Hospital – Sublessee, Series 1982Q, 7.000%, 8/01/15 (ETM)		No Opt. Call		AAA			1,886,645
	4,500	Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, Guaranteed County Building Project, Series 2002A, 5.000%, 11/01/29 (Pre-refunded 11/01/12) – NPFG Insured		11/12 at 100.00		A+	(4)		4,934,565
	1,000	Allegheny County Redevelopment Authority, Pennsylvania, Tax Increment Finance Bonds, Waterfront Project, Series 2000A, 6.300%, 12/15/18 (Pre-refunded 12/15/10)		12/10 at 101.00		N/R	(4)		1,027,370

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		U.S. Guaranteed (4) (continued)
$	85	Bucks County Water and Sewerage Authority, Pennsylvania, Sewerage System Revenue Bonds, Neshaminy Interceptor Project, Series 2004, 5.250%, 6/01/14 – AGM Insured (ETM)		No Opt. Call		AAA		$	99,468
	2,995	Deer Lakes School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 1995, 6.350%, 1/15/14 – NPFG Insured (ETM)		11/10 at 100.00		AAA			3,278,147
	1,320	Delaware County Authority, Pennsylvania, Health Facilities Revenue Bonds, Mercy Health Corporation of Southeastern Pennsylvania Obligation Group, Series 1996, 6.000%, 12/15/26 (ETM)		11/10 at 100.00		Aaa			1,484,327
	900	Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, St. Luke’s Hospital of Bethlehem, Series 2003, 5.375%, 8/15/33 (Pre-refunded 8/15/13)		8/13 at 100.00		AAA			1,028,133
		Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series 2006A:
	245	5.250%, 1/01/27 (Pre-refunded 1/01/17)		1/17 at 100.00		N/R	(4)		293,346
	440	5.375%, 1/01/32 (Pre-refunded 1/01/17)		1/17 at 100.00		N/R	(4)		530,090
	845	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 – NPFG Insured (ETM)		No Opt. Call		Aaa			1,059,968
		Plum Borough School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2001:
	1,745	5.200%, 9/15/23 (Pre-refunded 9/15/11) – FGIC Insured		9/11 at 100.00		A+	(4)		1,834,152
	2,700	5.250%, 9/15/30 (Pre-refunded 9/15/11) – FGIC Insured		9/11 at 100.00		A+	(4)		2,839,347
	260	St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)		11/14 at 100.00		A1	(4)		305,412
	540	West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds, Series 1985A, 9.500%, 11/15/14 (ETM)		No Opt. Call		AAA			665,231
	19,125	Total U.S. Guaranteed							21,266,201
		Utilities – 3.1%
	1,875	Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured		No Opt. Call		BBB			1,998,169
	3,000	Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%, 7/01/19		1/11 at 100.00		BB+			3,000,270
	1,345	Lehigh County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, Pennsylvania Power and Light Company, Series 2005, 4.750%, 2/15/27 – FGIC Insured		2/15 at 100.00		A			1,375,572
	1,000	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Exelon Generation Company, LLC Project, Series 2009A, 5.000%, 12/01/42 (Mandatory put 6/01/12)		No Opt. Call		A3			1,057,710
	315	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 – AGM Insured		9/14 at 100.00		AAA			326,831
	1,000	Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003, 5.375%, 7/01/19 – AGM Insured		7/13 at 100.00		AAA			1,065,690
	8,535	Total Utilities							8,824,242
		Water and Sewer – 9.2%
	1,000	Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/21 – NPFG Insured		12/15 at 100.00		A			1,064,900
	180	Bucks County Water and Sewerage Authority, Pennsylvania, Sewerage System Revenue Bonds, Neshaminy Interceptor Project, Series 2004, 5.250%, 6/01/14 – AGM Insured		No Opt. Call		AAA			208,589
	5,000	Delaware County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Philadelphia Water Company, Series 2001, 5.350%, 10/01/31 – AMBAC Insured (Alternative Minimum Tax)		10/12 at 100.00		AA–			5,093,850
	3,000	Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 – AGM Insured		12/18 at 100.00		AAA			3,145,440

Nuveen Investments 33

Portfolio of Investments (Unaudited)

Nuveen Pennsylvania Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer (continued)
$	1,930	Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 – AGM Insured		7/14 at 100.00		AAA	$	1,986,163
	3,000	Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2008, 5.250%, 7/15/31		7/18 at 100.00		A1		3,070,680
	3,000	Montgomery County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project, Series 2007A, 5.250%, 7/01/42		7/18 at 100.00		AA–		3,117,840
	900	Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32		1/20 at 100.00		Baa3		974,637
	2,000	Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Refunding Series 2010A, 5.000%, 8/01/30 – AGM Insured		8/20 at 100.00		AAA		2,155,540
	1,250	Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A, 5.250%, 1/01/32		1/19 at 100.00		A1		1,347,788
	1,140	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa1		1,236,877
	3,000	Unity Township Municipal Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.000%, 12/01/34 – AGM Insured		12/14 at 100.00		AAA		3,104,730
	25,400	Total Water and Sewer						26,507,034
$	277,262	Total Investments (cost $265,114,516) – 98.0%						281,518,680
		Other Assets Less Liabilities – 2.0%						5,792,344
		Net Assets – 100%					$	287,311,024

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

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

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	281,518,680	$	—	$	281,518,680

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2010, the cost of investments was $264,834,378.

34 Nuveen Investments

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	18,343,783
Depreciation		(1,659,481	)
Net unrealized appreciation (depreciation) of investments	$	16,684,302

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

N/R Not rated.

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

(ETM) Escrowed to maturity.

Nuveen Investments 35

Portfolio of Investments (Unaudited)

Nuveen Virginia Municipal Bond Fund

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Staples – 3.3%
$	19,220	Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47		6/17 at 100.00		BBB	$	12,981,763
		Education and Civic Organizations – 4.1%
	1,000	District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43		4/15 at 100.00		AA–		1,025,460
	1,000	Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, VMI Development Board Project, Series 2006C, 5.000%, 12/01/36		6/19 at 100.00		Aa2		1,086,620
		Prince William County Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Catholic Diocese of Arlington, Series 2003:
	600	4.375%, 10/01/13		No Opt. Call		A2		626,544
	1,135	5.500%, 10/01/33		10/13 at 101.00		A2		1,161,264
	300	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, University of the Sacred Heart, Series 2001, 5.250%, 9/01/31		9/11 at 100.00		BBB		300,723
	800	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.375%, 12/01/21		12/12 at 101.00		BBB–		815,552
	4,500	The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2005, 5.000%, 6/01/37		6/15 at 100.00		AAA		4,769,550
	4,500	The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2008, 5.000%, 6/01/40		6/18 at 100.00		AAA		4,905,045
	1,250	Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University, Series 1998, 5.125%, 7/01/28 – RAAI Insured		1/11 at 100.00		N/R		1,250,275
	15,085	Total Education and Civic Organizations						15,941,033
		Energy – 0.1%
	500	Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project Hovensa LLC, Series 2007, 4.700%, 7/01/22 (Alternative Minimum Tax)		1/15 at 100.00		Baa3		466,005
		Health Care – 17.5%
	1,525	Albemarle County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Martha Jefferson Hospital, Series 2002, 5.250%, 10/01/35		10/12 at 100.00		A3		1,539,594
	4,250	Charlotte County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series 2007, 5.000%, 9/01/37		9/17 at 100.00		A–		4,322,760
	3,000	Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System, Series 2009C, 5.000%, 5/15/25		5/19 at 100.00		AA+		3,318,420
	400	Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%, 8/15/23		No Opt. Call		AA+		456,900
	2,500	Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%, 6/15/21		No Opt. Call		A3		2,842,000
	1,375	Fredericksburg Industrial Development Authority, Virginia, Revenue Bonds, MediCorp Health System, Series 2002B, 5.125%, 6/15/33		6/12 at 100.00		A3		1,383,759
	3,250	Hanover County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Memorial Regional Medical Center, Series 1995, 6.375%, 8/15/18 – NPFG Insured		No Opt. Call		A		3,687,353
	3,380	Harrisonburg Industrial Development Authority, Virginia, Hospital Facilities Revenue Bonds, Rockingham Memorial Hospital, Series 2006, 5.000%, 8/15/31 – AMBAC Insured		8/16 at 100.00		Baa1		3,383,380
	1,915	Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30		11/12 at 100.00		A–		1,955,387
	2,325	Manassas Industrial Development Authority, Virginia, Hospital Revenue Bonds, Prince William Hospital, Series 2002, 5.250%, 4/01/33		4/13 at 100.00		A3		2,353,412

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	4,500	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39		7/19 at 100.00		AA	$	4,658,940
	2,000	Medical College of Virginia Hospital Authority, General Revenue Bonds, Series 1998, 5.125%, 7/01/23 – NPFG Insured		1/11 at 100.00		A+		2,001,560
	1,665	Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26		10/19 at 100.00		A		1,720,861
	2,785	Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System, Series 2002A, 5.500%, 7/01/19 – NPFG Insured		7/12 at 100.00		A+		2,917,845
	4,925	Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health System, Series 2003B, 0.520%, 7/01/33 – AMBAC Insured (5)		No Opt. Call		A+		4,071,793
		Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006:
	3,040	5.250%, 6/15/24		6/16 at 100.00		A3		3,213,523
	1,475	5.250%, 6/15/31		6/16 at 100.00		A3		1,517,097
	3,360	5.250%, 6/15/37		6/16 at 100.00		A3		3,428,578
	2,450	Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Refunding Sentara Healthcare, Series 2010, 5.000%, 11/01/40		5/20 at 100.00		AA		2,580,365
		Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A:
	1,000	5.125%, 9/01/22		9/17 at 100.00		BBB+		1,022,110
	5,055	5.250%, 9/01/37		9/17 at 100.00		BBB+		4,954,911
	5,000	Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.500%, 7/01/29		1/19 at 100.00		BBB+		5,861,548
	1,980	Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds Valley Health System Obligated Group, Series 2009E, 5.625%, 1/01/44		1/19 at 100.00		A+		2,088,187
	2,145	Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds, Winchester Medical Center, Series 2007, 5.125%, 1/01/31		1/17 at 100.00		A+		2,270,718
	980	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc., Series 2010A, 5.625%, 4/15/39		4/20 at 100.00		A3		1,027,030
	66,280	Total Health Care						68,578,031
		Housing/Multifamily – 3.2%
	1,105	Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Berkeley Apartments, Series 2000, 5.850%, 12/01/20 (Alternative Minimum Tax)		11/10 at 102.00		AAA		1,132,492
	885	Arlington County Industrial Development Authority, Virginia, Multifamily Housing Revenue Bonds, Patrick Henry Apartments, Series 2000, 6.050%, 11/01/32 (Mandatory put 11/01/20) (Alternative Minimum Tax)		11/10 at 100.00		Aaa		888,974
	940	Chesterfield County Industrial Development Authority, Virginia, GNMA Mortgage-Backed Securities Program Multifamily Housing Revenue Bonds, Fore Courthouse Senior Apartments, Series 2002A, 5.600%, 10/20/31 (Alternative Minimum Tax)		4/12 at 102.00		Aa2		971,086
		Danville Industrial Development Authority, Virginia, Student Housing Revenue Bonds, Collegiate Housing Foundation, Averett College, Series 1999A:
	680	6.875%, 6/01/20		12/10 at 101.00		N/R		684,699
	1,910	7.000%, 6/01/30		12/10 at 101.00		N/R		1,915,501
	1,200	Fairfax County Redevelopment and Housing Authority, Virginia, FHA – Insured Elderly Housing Mortgage Revenue Refunding Bonds, Little River Glen, Series 1996, 6.100%, 9/01/26		9/10 at 100.00		AA+		1,201,728
	1,000	Lynchburg Redevelopment and Housing Authority, Virginia, Vistas GNMA Mortgage-Backed Revenue Bonds, Series 2000A, 6.200%, 1/20/40 (Alternative Minimum Tax)		10/10 at 102.00		N/R		1,021,070

Nuveen Investments 37

Portfolio of Investments (Unaudited)

Nuveen Virginia Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	2,810	Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)		10/14 at 102.00		N/R	$	2,849,312
	610	Virginia Housing Development Authority, Rental Housing Bonds, Series 2001L, 5.000%, 12/01/20		12/10 at 100.00		AA+		610,665
	600	Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45		10/19 at 100.00		AA+		615,390
	490	Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32		2/20 at 100.00		AA+		498,477
	12,230	Total Housing/Multifamily						12,389,394
		Housing/Single Family – 5.7%
	750	Puerto Rico Housing Finance Authority, Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax)		6/13 at 100.00		AAA		751,950
	3,820	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2001H-1, 5.350%, 7/01/31 – NPFG Insured		7/11 at 100.00		AAA		3,855,679
	2,400	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2005C-2, 4.750%, 10/01/32 (Alternative Minimum Tax)		1/15 at 100.00		AAA		2,402,640
	6,545	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006 D1, 4.900%, 1/01/33 (Alternative Minimum Tax)		7/15 at 100.00		AAA		6,617,517
	2,310	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006, 4.800%, 7/01/29 (Alternative Minimum Tax)		7/15 at 100.00		AAA		2,327,695
	6,500	Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2007B, 4.750%, 7/01/32 (Alternative Minimum Tax)		7/16 at 100.00		AAA		6,509,423
	22,325	Total Housing/Single Family						22,464,904
		Industrials – 1.2%
	2,000	Henrico County Industrial Development Authority, Virginia, Solid Waste Disposal Revenue Bonds, Browning-Ferris Industries of South Atlantic Inc., Series 1996A, 5.450%, 1/01/14 (Alternative Minimum Tax)		No Opt. Call		BBB		2,060,260
	2,000	Henrico County Industrial Development Authority, Virginia, Solid Waste Revenue Bonds, Browning-Ferris Industries of South Atlantic Inc., Series 1997A, 5.875%, 3/01/17 (Alternative Minimum Tax)		9/10 at 100.00		BBB		2,001,980
	500	James City County Industrial Development Authority, Virginia, Sewerage and Solid Waste Disposal Facilities Revenue Bonds, Anheuser Busch, Series 1997, 6.000%, 4/01/32 (Alternative Minimum Tax)		10/10 at 100.00		BBB+		500,360
	4,500	Total Industrials						4,562,600
		Long-Term Care – 6.4%
		Chesterfield County Health Center Commission, Virginia, Residential Care Facility First Mortgage Revenue Bonds, Lucy Corr Village, Series 2008A:
	2,000	6.125%, 12/01/30		12/18 at 100.00		N/R		2,018,320
	2,500	6.250%, 12/01/38		11/18 at 100.00		N/R		2,489,825
		Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A:
	3,860	5.125%, 10/01/37		10/17 at 100.00		N/R		3,845,834
	3,000	5.125%, 10/01/42		10/17 at 100.00		N/R		2,960,310
	1,200	Fairfax County Economic Development Authority, Virginia, Retirement Center Revenue Bonds, Greenspring Village, Series 2006A, 4.875%, 10/01/36		10/16 at 100.00		BBB+		1,075,332
	500	Fairfax County Redevelopment and Housing Authority, Virginia, FHA – Insured Multifamily Housing Revenue Refunding Bonds, Paul Spring Retirement Center, Series 1996A, 6.000%, 12/15/28		12/10 at 100.00		AA+		500,610
	3,665	Henrico County Economic Development Authority, Virginia, GNMA Mortgage-Backed Securities Program Assisted Living Revenue Bonds, Beth Sholom, Series 1999A, 6.000%, 7/20/39		1/11 at 101.00		AAA		3,705,865

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
		Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond, Series 2006:
$	1,350	5.000%, 10/01/27		10/11 at 103.00		BBB–	$	1,371,155
	3,500	5.000%, 10/01/35		No Opt. Call		BBB–		3,484,985
	4,210	Suffolk Industrial Development Authority, Virginia, Retirement Facilities First Mortgage Revenue Bonds, Lake Prince Center, Series 2006, 5.300%, 9/01/31		9/16 at 100.00		N/R		3,795,778
	25,785	Total Long-Term Care						25,248,014
		Materials – 0.6%
	2,500	Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue Refunding Bonds, Nekoosa Packaging Corporation, Series 1998, 5.600%, 12/01/25 (Alternative Minimum Tax)		2/11 at 100.00		Ba3		2,376,775
		Tax Obligation/General – 4.4%
	2,500	Bristol, Virginia, General Obligation Bonds, Series 2003, 5.000%, 3/01/25 – AGM Insured		3/13 at 100.00		AAA		2,604,550
	1,000	Chesapeake, Virginia, General Obligation Bonds, Series 2004, 5.000%, 12/01/20		12/14 at 101.00		AA+		1,156,400
	1,000	Harrisonburg, Virginia, General Obligation Public Recreational Facility Revenue Bonds, Series 2000, 5.750%, 12/01/29 – AGM Insured		12/10 at 102.00		AAA		1,033,930
	5	Loudoun County, Virginia, General Obligation Bonds, Series 2006B, 5.000%, 12/01/24		12/16 at 100.00		AAA		6,080
	375	Loudoun County, Virginia, General Obligation Public Improvement Bonds, Series 2002A, 5.250%, 5/01/20		5/12 at 100.00		AAA		400,755
	1,000	Pittsylvania County, Virginia, General Obligation Bonds, Series 2001B, 5.125%, 3/01/23		3/11 at 102.00		Aa3		1,044,670
	3,000	Pittsylvania County, Virginia, General Obligationl Bonds, Series 2008B, 5.750%, 2/01/30		2/19 at 100.00		Aa3		3,436,530
	2,000	Portsmouth, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 4/01/15 – NPFG Insured		No Opt. Call		Aa2		2,354,060
	1,415	Roanoke, Virginia, General Obligation Bonds, Series 2006A, 5.000%, 2/01/21 – NPFG Insured		2/16 at 100.00		AA		1,693,033
	1,000	Roanoke, Virginia, General Obligation Public Improvement Bonds, Series 2002A, 5.000%, 10/01/17		10/12 at 101.00		AA		1,105,810
	1,170	Suffolk, Virginia, General Obligation Bonds, Series 2005, 5.000%, 12/01/25		12/15 at 100.00		AA		1,290,908
	1,000	Virginia Beach, Virginia, General Obligation Public Improvement Bonds, Series 2001, 5.000%, 6/01/20		6/11 at 101.00		AAA		1,046,370
	15,465	Total Tax Obligation/General						17,173,096
		Tax Obligation/Limited – 20.9%
		Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project, Series 2005A:
	670	5.250%, 7/15/25 – ACA Insured		7/15 at 100.00		N/R		611,422
	520	5.500%, 7/15/35 – ACA Insured		7/15 at 100.00		N/R		460,096
	1,000	Caroline County Industrial Development Authority, Virginia, Lease Revenue Bonds, Series 2002, 5.125%, 6/15/34 – AMBAC Insured		6/12 at 102.00		N/R		1,007,450
	1,000	Culpeper Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities Project, Series 2005, 5.000%, 1/01/18 – NPFG Insured		1/15 at 100.00		Aa3		1,108,110
	1,090	Dinwiddie County Industrial Development Authority, Virginia, Lease Revenue Bonds, Series 2004B, 5.125%, 2/15/15 – NPFG Insured		2/14 at 100.00		A		1,209,453
	2,895	Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Joint Public Uses Community Project, Series 2006, 5.000%, 5/15/18		5/16 at 100.00		AA+		3,344,130
	1,500	Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Laurel Hill Public Facilities Projects, Series 2003, 5.000%, 6/01/14		6/13 at 101.00		AA+		1,692,855

Nuveen Investments 39

Portfolio of Investments (Unaudited)

Nuveen Virginia Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	2,000	Fairfax County Economic Development Authority, Virginia, Transportation Contract Revenue Bonds, Route 23, Series 2004, 5.000%, 4/01/33 – NPFG Insured		4/14 at 100.00		AA+	$	2,090,200
	3,000	Fairfax County Economic Development Authority, Virginia, Transportation Contract Revenue Bonds, Route 23, Series 2007A, 4.250%, 4/01/34 – NPFG Insured		4/17 at 100.00		AA+		3,056,010
	1,915	Front Royal and Warren County Industrial Development Authority, Virginia, Lease Revenue Bonds, Series 2004B, 5.000%, 4/01/17 – AGM Insured		4/14 at 100.00		AAA		2,116,879
		Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
	3,950	5.000%, 6/15/17 – NPFG Insured		6/15 at 100.00		A		4,398,799
	1,130	5.000%, 6/15/22 – NPFG Insured		6/15 at 100.00		A		1,208,343
	2,900	5.000%, 6/15/25 – NPFG Insured		6/15 at 100.00		A		3,057,383
	1,770	5.000%, 6/15/30 – NPFG Insured		6/15 at 100.00		A		1,839,296
		Hampton Roads Regional Jail Authority, Virginia, Revenue Bonds, Regional Jail Facility, Series 2004:
	2,020	5.000%, 7/01/17 – NPFG Insured		7/14 at 100.00		Aa2		2,197,639
	1,625	5.000%, 7/01/18 – NPFG Insured		7/14 at 100.00		Aa2		1,756,170
		James City County Economic Development Authority, Virginia, Revenue Bonds, County Government Projects, Series 2005:
	1,155	5.000%, 7/15/17		7/15 at 100.00		AA		1,320,846
	1,210	5.000%, 7/15/18		7/15 at 100.00		AA		1,370,180
	1,840	Loudoun County Industrial Development Authority, Virginia, Lease Revenue Refunding Bonds, Public Facility Project, Series 2003, 5.000%, 3/01/19		3/13 at 100.00		AA+		1,997,780
	135	Loudoun County, Virginia, Certificates of Participation, Series 1990E, 7.200%, 10/01/10 – AMBAC Insured		No Opt. Call		N/R		135,622
	1,845	Manassas Park Economic Development Authority, Virginia, Lease Revenue Bond, Series 2010A, 6.000%, 7/15/35		7/20 at 100.00		N/R		1,900,239
	860	Montgomery County Industrial Development Authority, Virginia, Public Facility Lease Revnue Bonds, Public Projects Series 2008, 5.000%, 2/01/29		2/18 at 100.00		AA–		935,104
	3,585	New Kent County Economic Development Authority, Virginia, Lease Revenue Bonds, School and Governmental Projects, Series 2006, 5.000%, 2/01/26 – AGM Insured		2/17 at 100.00		AAA		3,911,988
	675	Norfolk Redevelopment and Housing Authority, Virginia, Educational Facility Revenue Bonds, Community College System – Tidewater Community College Downtown Campus, Series 1999, 5.500%, 11/01/19		11/10 at 101.00		AA+		691,315
	1,000	Northampton County and Town Joint Industrial Development Authority, Virginia, Lease Revenue Bonds, County Capital Projects, Series 2002, 5.000%, 2/01/33 – RAAI Insured		2/13 at 101.00		N/R		1,000,270
		Prince William County, Virginia, Certificates of Participation, County Facilities, Series 2005:
	1,100	5.000%, 6/01/20 – AMBAC Insured		6/15 at 100.00		Aa1		1,214,620
	1,930	5.000%, 6/01/21 – AMBAC Insured		6/15 at 100.00		Aa1		2,117,808
		Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
	3,000	5.250%, 7/01/31 – AMBAC Insured		No Opt. Call		A3		3,280,560
	5,000	5.250%, 7/01/33 – NPFG Insured		No Opt. Call		A		5,404,200
	5,000	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/44 – AMBAC Insured		No Opt. Call		A3		562,100
		Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D:
	135	5.250%, 7/01/27		7/12 at 100.00		A3		136,588
	480	5.250%, 7/01/36		7/12 at 100.00		A3		483,211
	750	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57		8/17 at 100.00		Aa2		766,538

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,500	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured		No Opt. Call		A	$	1,702,395
	1,645	Spotsylvania County Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities, Series 2003B, 5.125%, 8/01/23 – AMBAC Insured		8/13 at 100.00		N/R		1,771,336
	2,000	Spotsylvania County Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities, Series 2003, 5.000%, 1/15/23 – AMBAC Insured		1/13 at 100.00		N/R		2,124,680
	2,475	Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 – NPFG Insured		8/16 at 100.00		A+		2,690,672
	1,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/28 – FGIC Insured		10/16 at 100.00		A		1,028,990
	1,525	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29		10/20 at 100.00		BBB		1,574,959
	1,945	Virginia Port Authority, General Fund Revenue Bonds, Series 2005A, 5.250%, 7/01/19 – AGM Insured (Alternative Minimum Tax)		7/15 at 100.00		AAA		2,127,169
	2,750	Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2005A, 5.000%, 8/01/15		No Opt. Call		AA+		3,269,310
	1,000	Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2001A, 5.000%, 8/01/16		8/11 at 101.00		AA+		1,054,320
	1,360	Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2005C, 5.000%, 8/01/17		8/15 at 100.00		AA+		1,588,154
		Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2002A:
	735	5.000%, 5/01/20		5/11 at 101.00		AA		763,731
	280	5.000%, 5/01/21		5/11 at 101.00		AA		290,945
	1,500	Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program, Series 2004B, 5.000%, 5/15/15		5/14 at 100.00		AA+		1,717,770
	1,500	Westmoreland County Industrial Development Authority, Virginia, Lease Revenue Bonds, Northumberland County School Project, Series 2006, 5.000%, 11/01/31 – NPFG Insured		11/16 at 100.00		Aa3		1,572,825
	79,900	Total Tax Obligation/Limited						81,660,460
		Transportation – 15.3%
		Capital Region Airport Authority, Richmond, Virginia, Revenue Bonds, Richmond International Airport, Series 2005A:
	2,310	5.000%, 7/01/22 – AGM Insured		7/15 at 100.00		AAA		2,502,816
	2,700	5.000%, 7/01/23 – AGM Insured		7/15 at 100.00		AAA		2,911,518
	6,800	Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38 – AGM Insured		7/18 at 100.00		AAA		7,166,518
	1,000	Chesapeake, Virginia, Toll Road Revenue Bonds, Chesapeake Expressway, Series 1999A, 5.625%, 7/15/19		1/11 at 100.50		Baa1		1,007,240
	1,000	District of Columbia Metropolitan Area Transit Authority, Gross Revenue Bonds, Series 2009A, 5.125%, 7/01/32		7/19 at 100.00		Aa3		1,095,440
	3,025	Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series 2008-A, 5.375%, 10/01/29 (Alternative Minimum Tax)		10/18 at 100.00		AA–		3,261,011
	13,000	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital Appriciation Series 2009B-2, 0.000%, 10/01/36 – AGC Insured		No Opt. Call		AAA		2,948,400
		Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2001B:
	1,475	5.000%, 10/01/26 – NPFG Insured		10/11 at 101.00		AA–		1,512,804
	1,250	5.000%, 10/01/31 – NPFG Insured		10/11 at 101.00		AA–		1,275,863

Nuveen Investments 41

Portfolio of Investments (Unaudited)

Nuveen Virginia Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		Transportation (continued)
		Metropolitan Washington D.C. Airports Authority, System Revenue Bonds, Series 2007B:
$	5,000	5.000%, 10/01/25 – AMBAC Insured (Alternative Minimum Tax)		1/17 at 100.00		AA–		$	5,291,400
	2,500	5.000%, 10/01/35 – AMBAC Insured (Alternative Minimum Tax)		10/17 at 100.00		AA–			2,569,650
	3,000	Metropolitan Washington DC Airports Authority, District of Columbia, Airport System Revenue Bonds, Series 2009C, 5.625%, 10/01/39		10/18 at 100.00		AA–			3,290,340
	3,700	Metropolitan Washington DC Airports Authority, District of Columbia, Airport System Revenue Bonds, Series 2010A, 5.000%, 10/01/35		10/20 at 100.00		AA–			3,955,300
	5,000	Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Raod Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured		10/26 at 100.00		AAA			3,904,100
	3,300	Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44		10/28 at 100.00		BBB+			2,152,854
	3,000	Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series 2001A, 5.125%, 7/01/31 – FGIC Insured		7/11 at 100.00		A			3,021,840
	2,610	Norfolk, Virginia, Parking System Revenue Bonds, Series 2005A, 5.000%, 2/01/23 – NPFG Insured		2/15 at 100.00		A			2,688,196
	1,750	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax)		12/10 at 100.00		CCC+			1,501,938
	1,730	Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 1998, 5.250%, 7/15/22 – FGIC Insured		No Opt. Call		A			1,990,538
	1,485	Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 – FGIC Insured		No Opt. Call		A			1,675,050
	940	Virginia Port Authority, Port Facilities Revenue Refunding Bonds Series 2010, 5.000%, 7/01/40		7/19 at 100.00		Aa3			1,002,830
	2,155	Virginia Port Authority, Revenue Bonds, Port Authority Facilities, Series 2006, 5.000%, 7/01/36 – FGIC Insured (Alternative Minimum Tax)		7/13 at 100.00		Aa3			2,177,240
	1,000	Virginia Resources Authority, Airports Revolving Fund Revenue Bonds, Series 2001A, 5.250%, 8/01/23		2/11 at 100.00		Aa2			1,018,920
	69,730	Total Transportation							59,921,806
		U.S. Guaranteed – 5.5% (4)
	1,500	Alexandria Industrial Development Authority, Virginia, Fixed Rate Revenue Bonds, Institute for Defense Analyses, Series 2000A, 5.900%, 10/01/30 (Pre-refunded 10/01/10) – AMBAC Insured		10/10 at 101.00		N/R	(4)		1,522,050
	750	Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 – AGM Insured (ETM)		No Opt. Call		AAA			896,520
	85	Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health System Inc., Series 2002A, 5.600%, 11/15/30 (Pre-refunded 11/15/12)		11/12 at 100.00		A3	(4)		94,556
	1,450	Loudoun County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Loudoun Hospital Center, Series 2002A, 6.000%, 6/01/22 (Pre-refunded 6/01/12)		6/12 at 101.00		N/R	(4)		1,600,496
		Puerto Rico Infrastructure Financing Authority, Special Obligation Bonds, Series 2000A:
	500	5.500%, 10/01/32 (Pre-refunded 10/01/10)		10/10 at 101.00		AAA			507,210
	1,500	5.500%, 10/01/40 (Pre-refunded 10/01/10)		10/10 at 101.00		AAA			1,521,630
		Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D:
	365	5.250%, 7/01/27 (Pre-refunded 7/01/12)		7/12 at 100.00		A3	(4)		396,843
	1,320	5.250%, 7/01/36 (Pre-refunded 7/01/12)		7/12 at 100.00		A3	(4)		1,435,157
	1,260	Rockbridge County Industrial Development Authority, Virginia, Horse Center Revenue Refunding Bonds, Series 2001C, 6.850%, 7/15/21 (Pre-refunded 7/15/11)		7/11 at 100.00		B2	(4)		1,323,428

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
		U.S. Guaranteed (4) (continued)
		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005:
$	790	5.250%, 6/01/19 (Pre-refunded 6/01/12)		6/12 at 100.00		AAA		$	821,774
	5,125	5.500%, 6/01/26 (Pre-refunded 6/01/15)		6/15 at 100.00		AAA			5,802,525
	2,000	Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 1999A, 6.500%, 10/01/24 (Pre-refunded 10/01/10)		10/10 at 101.00		BBB+	(4)		2,030,360
	2,000	Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Series 2002A, 5.000%, 2/01/22 (Pre-refunded 2/01/12)		2/12 at 100.00		AA+	(4)		2,131,360
		Virginia Resources Authority, Infrastructure Revenue Bonds, Pooled Loan Bond Program, Series 2002A:
	915	5.000%, 5/01/20 (Pre-refunded 5/01/11)		5/11 at 101.00		AA	(4)		953,732
	340	5.000%, 5/01/21 (Pre-refunded 5/01/11)		5/11 at 101.00		AA	(4)		354,392
	19,900	Total U.S. Guaranteed							21,392,033
		Utilities – 3.5%
		Bristol, Virginia, Utility System Revenue Refunding Bonds, Series 2003:
	1,115	5.000%, 7/15/17 – NPFG Insured		7/13 at 100.00		A			1,200,922
	2,000	5.250%, 7/15/23 – NPFG Insured		7/13 at 100.00		A			2,105,620
	3,000	Chesterfield County Economic Development Authority, Virginia, Solid Waste and Sewerage Disposal Revenue Bonds, Virginia Electric and Power Company Projects, Series 2007A, 5.600%, 11/01/31 (Alternative Minimum Tax)		11/17 at 100.00		A–			3,055,530
	3,000	Chesterfield County Economic Development Authority, Virginia, Solid Waste and Sewerage Disposal Revenue Bonds, Virginia Electric and Power Company Projects, Series 2009A, 5.000%, 5/01/23		5/19 at 100.00		A–			3,331,410
	2,000	Mecklenburg County Industrial Development Authority, Virginia, Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax)		10/12 at 100.00		Baa1			2,032,580
	2,000	Richmond, Virginia, Public Utility Revenue Bonds, Series 2009A, 5.000%, 1/15/40		1/19 at 100.00		AA			2,166,920
	13,115	Total Utilities							13,892,982
		Water and Sewer – 5.1%
		Fairfax County Water Authority, Virginia, Water Revenue Refunding Bonds, Series 2002:
	115	5.375%, 4/01/21		4/12 at 100.00		AAA			123,393
	800	5.000%, 4/01/27		4/12 at 100.00		AAA			841,616
	1,395	Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001, 5.500%, 11/15/19 – AGM Insured		No Opt. Call		AAA			1,704,802
	1,015	James City Service Authority, Virginia, Water and Sewerage Revenue Bonds, Series 2003, 5.000%, 1/15/15 – AGM Insured		1/13 at 101.00		AAA			1,120,022
	3,000	Loudoun County Sanitation Authority, Virginia, Water and Sewer System Revenue Bonds, Series 2007, 4.500%, 1/01/32		1/17 at 100.00		AAA			3,124,800
	2,325	Loudoun County Sanitation Authority, Virginia, Water and Sewerage System Revenue Bonds, Series 2004, 5.000%, 1/01/26		1/15 at 100.00		AAA			2,523,857
	1,750	Newport News, Virginia, Water Revenue Bonds, Series 2007, 4.750%, 6/01/31 – AGM Insured		6/17 at 100.00		AAA			1,836,905
	1,400	Norfolk, Virginia, Water Revenue Refunding Bonds, Series 1998, 5.125%, 11/01/28 – AGM Insured		11/10 at 100.00		AAA			1,403,710
	1,520	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa1			1,649,170
	750	Virginia Beach, Virginia, Storm Water Utility Revenue Bonds, Series 2000, 6.000%, 9/01/20		9/10 at 101.00		Aa2			760,958

Nuveen Investments 43

Portfolio of Investments (Unaudited)

Nuveen Virginia Municipal Bond Fund (continued)

August 31, 2010

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer (continued)
$	2,485	Virginia Resources Authority, Water and Sewerage System Revenue Bonds, Caroline County Public Improvements Project, Series 2001, 5.250%, 5/01/21		5/11 at 101.00		AA	$	2,593,296
	1,000	Virginia State Resources Authority, Clean Water Revenue Bonds, Series 2007, 4.750%, 10/01/27		10/17 at 100.00		AAA		1,108,550
	1,135	York County, Virginia, Sewer System Revenue Bonds, Series 2005, 5.000%, 6/01/29 – AMBAC Insured		6/15 at 101.00		Aa2		1,212,044
	18,690	Total Water and Sewer						20,003,123
$	385,225	Total Investments (cost $363,740,478) – 96.8%						379,052,019
		Other Assets Less Liabilities – 3.2%						12,612,023
		Net Assets – 100%					$	391,664,042

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of August 31, 2010:

	Level 1		Level 2		Level 3		Total
Investments:
Municipal Bonds	$	—	$	374,980,226	$	4,071,793	$	379,052,019

The following is a reconciliation of the Fund’s Level 3 investments held at the beginning and end of the measurement period:

	Level 3 Municipal Bonds
Balance at the beginning of period	$	4,368,377
Gains (losses):
Net realized gains (losses)		—
Net change in unrealized appreciation (depreciation)		(296,584	)
Net purchases at cost (sales at proceeds)		—
Net discounts (premiums)		—
Net transfers in to (out of) at end of period fair value		—
Balance at the end of period	$	4,071,793

Income Tax Information

The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.

At August 31, 2010, the cost of investments was $363,487,149.

Gross unrealized appreciation and gross unrealized depreciation of investments at August 31, 2010, were as follows:

Gross unrealized:
Appreciation	$	20,976,159
Depreciation		(5,411,289	)
Net unrealized appreciation (depreciation) of investments	$	15,564,870

44 Nuveen Investments

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities.

(5) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3.

N/R Not rated.

(ETM) Escrowed to maturity.

Nuveen Investments 45

Item 2. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See Ex-99. CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Multistate Trust I

By (Signature and Title)	/s/ Kevin J. McCarthy
	Vice President and Secretary

Date: October 29, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

Date: October 29, 2010

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

Date: October 29, 2010