SEC Info  
    Home      Search      My Interests      Help      Sign In      Please Sign In

Nuveen Investment Funds Inc – ‘N-Q’ for 2/28/14

On:  Tuesday, 4/29/14, at 12:13pm ET   ·   Effective:  4/29/14   ·   For:  2/28/14   ·   Accession #:  1193125-14-165990   ·   File #:  811-05309

Previous ‘N-Q’:  ‘N-Q/A’ on 4/17/14 for 1/31/14   ·   Next:  ‘N-Q’ on 5/30/14 for 3/31/14   ·   Latest:  ‘N-Q’ on 4/29/19 for 2/28/19

Find Words in Filings emoji
 
  in    Show  and   Hints

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 4/29/14  Nuveen Investment Funds Inc       N-Q         2/28/14    2:1.2M                                   RR Donnelley/FANuveen Minnesota Intermediate Municipal Bond Fund 5 Classes/ContractsNuveen Minnesota Municipal Bond Fund 5 Classes/ContractsNuveen Nebraska Municipal Bond Fund 5 Classes/ContractsNuveen Oregon Intermediate Municipal Bond Fund 4 Classes/Contracts

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Nuveen Investment Funds, Inc.                       HTML    855K 
 2: EX-99.CERT  Certifications                                      HTML     20K 


N-Q   —   Nuveen Investment Funds, Inc.


This is an HTML Document rendered as filed.  [ Alternative Formats ]



  Nuveen Investment Funds, Inc.  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy—Vice President and Secretary

333 West Wacker Drive, Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: February 28, 2014

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.


Nuveen Minnesota Intermediate Municipal Bond Fund

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

LONG-TERM INVESTMENTS – 98.9%

       
 

MUNICIPAL BONDS – 98.9%

       
 

Education and Civic Organizations – 26.5%

       
$ 330     

Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/32

      No Opt. Call        BBB–      $ 319,981   
  210     

City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A, 5.000%, 12/01/27

      No Opt. Call        BBB–        212,566   
  500     

Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.500%, 8/01/36

      8/22 at 100.00        BBB–        504,715   
 

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

       
  635     

4.000%, 5/01/18

      No Opt. Call        A2        683,203   
  255     

4.000%, 5/01/19

      No Opt. Call        A2        276,142   
  1,300     

Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School, Series 2013A, 6.000%, 7/01/33

      7/23 at 100.00        BB        1,302,639   
 

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

       
  550     

4.000%, 9/01/19

      No Opt. Call        A2        618,228   
  315     

4.000%, 9/01/21

      9/20 at 100.00        A2        345,429   
  3,495     

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

      8/18 at 100.00        BBB        3,623,546   
  815     

Minnesota Higher Education Facilities Authority, Revenue Bonds, Augsburg College, Refunding Series 2010-7-G, 4.000%, 10/01/21

      10/18 at 100.00        Baa3        841,300   
  1,075     

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

      5/14 at 100.00        Baa3        1,079,838   
 

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

       
  375     

5.000%, 5/01/16

      5/15 at 100.00        Baa3        389,768   
  1,295     

5.000%, 5/01/20

      5/15 at 100.00        Baa3        1,325,523   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R:

       
  1,125     

5.500%, 5/01/18

      5/17 at 100.00        N/R        1,187,561   
  1,185     

5.500%, 5/01/19

      5/17 at 100.00        N/R        1,245,802   
  1,050     

5.500%, 5/01/24

      5/17 at 100.00        N/R        1,076,985   
  1,585     

Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2008-V, 4.500%, 3/01/17

      No Opt. Call        Baa1        1,730,519   
  300     

Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Benedict, Series 2011-7M, 5.000%, 3/01/31

      3/20 at 100.00        Baa1        308,058   
  150     

Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J , 6.000%, 12/01/28

      12/19 at 100.00        Baa2        162,993   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2012-7R:

       
  200     

4.000%, 12/01/20

      No Opt. Call        Baa2        212,446   
  310     

3.375%, 12/01/22

      No Opt. Call        Baa2        306,950   

 

Nuveen Investments     1   


Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Education and Civic Organizations (continued)

       
 

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

       
$ 360     

4.375%, 12/01/16

      No Opt. Call        Baa2      $ 393,055   
  380     

4.500%, 12/01/17

      No Opt. Call        Baa2        425,292   
  750     

Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Series 20107H, 5.125%, 12/01/30

      12/19 at 100.00        Baa2        783,743   
 

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

       
  1,530     

5.000%, 10/01/18

      No Opt. Call        A3        1,786,703   
  1,040     

5.000%, 10/01/23

      10/19 at 100.00        A3        1,165,934   
  175     

4.250%, 10/01/24

      10/19 at 100.00        A3        185,924   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Gustavus Adolfus College, Series 2013-7W:

       
  350     

4.000%, 10/01/21

      No Opt. Call        A3        380,912   
  250     

5.000%, 10/01/22

      No Opt. Call        A3        288,075   
  500     

5.000%, 10/01/23

      No Opt. Call        A3        574,930   
  990     

4.250%, 10/01/28

      10/23 at 100.00        A3        1,034,006   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Hamline University of Minnesota, Refunding Series 2010E:

       
  1,000     

4.125%, 10/01/18

      No Opt. Call        Baa2        1,084,290   
  1,370     

4.375%, 10/01/20

      No Opt. Call        Baa2        1,489,765   
  500     

4.500%, 10/01/21

      10/20 at 100.00        Baa2        537,185   
  250     

5.000%, 10/01/29

      10/20 at 100.00        Baa2        262,210   
 

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

       
  1,000     

4.250%, 10/01/18

      No Opt. Call        Baa2        1,087,430   
  625     

6.000%, 10/01/32

      10/21 at 100.00        Baa2        676,550   
 

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

       
  320     

5.000%, 5/01/14

      No Opt. Call        Baa2        322,109   
  340     

5.000%, 5/01/15

      No Opt. Call        Baa2        354,243   
  355     

5.000%, 5/01/16

      5/15 at 100.00        Baa2        369,402   
  370     

5.000%, 5/01/17

      5/15 at 100.00        Baa2        383,646   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Saint Catherine University, Series 2012-7Q:

       
  740     

5.000%, 10/01/23

      10/22 at 100.00        Baa1        827,993   
  490     

5.000%, 10/01/24

      10/22 at 100.00        Baa1        540,764   
  500     

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

      No Opt. Call        A1        555,870   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2009-6X:

       
  500     

4.500%, 4/01/21

      4/17 at 100.00        A2        547,400   
  1,250     

5.000%, 4/01/24

      4/17 at 100.00        A2        1,395,500   
 

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

       
  1,075     

4.500%, 10/01/18

      No Opt. Call        A2        1,234,552   
  1,975     

4.500%, 10/01/19

      No Opt. Call        A2        2,284,700   

 

  2       Nuveen Investments


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

Education and Civic Organizations (continued)

       
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, University of Saint Thomas, Series 2013-7U:

       
$ 2,000     

4.000%, 4/01/25

      4/23 at 100.00        A2      $ 2,130,640   
  775     

4.000%, 4/01/26

      4/23 at 100.00        A2        817,152   
  300     

4.000%, 4/01/27

      4/23 at 100.00        A2        312,660   
 

Minnesota Higher Education Facilities Authority, Saint John’s University Revenue Bonds, Series 2008-6U:

       
  290     

4.200%, 10/01/19

      10/18 at 100.00        A2        324,197   
  385     

4.300%, 10/01/20

      10/18 at 100.00        A2        424,054   
  145     

4.500%, 10/01/22

      10/18 at 100.00        A2        158,684   
 

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

       
  985     

4.000%, 10/01/22

      10/19 at 100.00        Aa2        1,065,918   
  1,755     

4.000%, 10/01/23

      10/19 at 100.00        Aa2        1,874,989   
 

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

       
  1,515     

4.250%, 10/01/24

      10/21 at 100.00        Aa2        1,661,273   
  880     

4.375%, 10/01/25

      10/21 at 100.00        Aa2        964,084   
  905     

4.500%, 10/01/26

      10/21 at 100.00        Aa2        989,943   
 

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

       
  500     

4.100%, 12/15/14

      No Opt. Call        A3        513,175   
  880     

4.200%, 12/15/15

      No Opt. Call        A3        931,788   
  925     

4.300%, 12/15/16

      12/15 at 100.00        A3        977,707   
  1,005     

5.000%, 12/15/18

      12/15 at 100.00        A3        1,060,808   
  1,060     

5.000%, 12/15/19

      12/15 at 100.00        A3        1,112,682   
  400     

Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Refunding Series 2013A, 5.000%, 12/01/26

      12/21 at 100.00        BBB–        407,612   
  1,000     

Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 5.700%, 9/01/21

      No Opt. Call        BBB–        1,062,650   
 

Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A:

       
  250     

4.000%, 7/01/23

      No Opt. Call        BB+        234,355   
  700     

5.000%, 7/01/33

      7/23 at 100.00        BB+        641,438   
  500     

Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of Peace Academy Project, Series 2006A, 5.000%, 12/01/36

      12/15 at 100.00        BBB–        481,545   
  200     

Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A, 4.000%, 3/01/28

      3/23 at 100.00        BBB–        178,166   
  2,395     

Saint Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Minnesota Public Radio Project, Refunding Series 2010, 5.000%, 12/01/25

      12/20 at 100.00        A2        2,602,144   
  1,020     

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

      6/19 at 100.00        Aa1        1,218,053   
 

University of Minnesota, General Revenue Bonds, Series 2013A:

       
  800     

4.000%, 2/01/25

      2/23 at 100.00        Aa1        877,752   
  2,000     

4.000%, 2/01/27

        2/23 at 100.00        Aa1        2,150,940   
  59,610     

Total Education and Civic Organizations

                        63,900,784   
 

Health Care – 20.7%

       
  735     

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

      No Opt. Call        N/R        749,854   

 

Nuveen Investments     3   


Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Health Care (continued)

       
$ 1,340     

Cuyuna Range Hospital District, Minnesota, Health Care Facilities Gross Revenue Bonds, Refunding Series 2007, 5.000%, 6/01/17

      No Opt. Call        N/R      $ 1,388,146   
  400     

Fergus Falls, Minnesota, Health Care Facilities Revenue Bonds, Lake Region Healthcare Corporation Project, Series 2010, 4.750%, 8/01/25

      8/17 at 100.00        BBB        408,068   
 

Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013:

       
  660     

4.000%, 4/01/25

      4/22 at 100.00        BBB        665,207   
  400     

4.000%, 4/01/26

      4/22 at 100.00        BBB        399,324   
 

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

       
  1,000     

5.000%, 5/01/17

      No Opt. Call        Baa1        1,097,980   
  585     

4.500%, 5/01/23

      5/17 at 100.00        Baa1        595,126   
  1,730     

Maple Grove, Minnesota, Health Care Facility Revenue Bonds, North Memorial Health Care, Series 2005, 4.500%, 9/01/17

      9/15 at 100.00        Baa1        1,801,830   
  1,000     

Meeker County, Minnesota, Gross Revenue Hospital Facilities Bonds, Meeker County Memorial Hospital Project, Series 2007, 5.625%, 11/01/22

      11/17 at 100.00        N/R        1,052,000   
  4,550     

Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.375%, 11/15/23

      11/18 at 100.00        A        5,353,846   
  680     

Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured

      11/18 at 100.00        AA–        788,317   
  1,000     

Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2010A, 5.250%, 8/15/25

      8/20 at 100.00        A+        1,110,060   
  1,035     

Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008C-1, 5.500%, 2/15/25 – AGC Insured

      2/20 at 100.00        AA–        1,161,363   
 

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

       
  250     

5.500%, 11/15/17 – NPFG Insured

      5/14 at 100.00        A        251,010   
  10     

5.750%, 11/15/26 – NPFG Insured

      5/14 at 100.00        A        10,015   
  1,215     

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

      5/14 at 100.00        N/R        1,217,223   
 

Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Refunding Series 2013A:

       
  275     

4.000%, 12/01/25

      12/20 at 100.00        N/R        268,714   
  250     

4.050%, 12/01/26

      12/20 at 100.00        N/R        243,418   
  250     

4.150%, 12/01/27

      12/20 at 100.00        N/R        244,533   
  500     

Northern Itasca Hospital District, Minnesota, Health Facilities Gross Revenue Bonds, Series 2013C, 5.400%, 12/01/33

      12/20 at 100.00        N/R        511,740   
 

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

       
  920     

5.000%, 11/01/14

      No Opt. Call        BBB        938,777   
  1,080     

5.500%, 11/01/17

      11/16 at 100.00        BBB        1,167,361   
  1,015     

Redwood Falls, Minnesota, Gross Revenue Hospital Facilities Bonds, Redwood Area Hospital Project, Series 2006, 5.000%, 12/01/21

      12/16 at 100.00        N/R        1,041,065   
  1,490     

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

      No Opt. Call        AA        1,715,899   
  1,000     

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

      No Opt. Call        A–        1,120,030   

 

  4       Nuveen Investments


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

Health Care (continued)

       
$ 500     

Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2013, 3.000%, 7/01/25

      7/23 at 100.00        A–      $ 472,700   
  1,000     

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D, 5.375%, 5/01/31 – AGC Insured

      5/19 at 100.00        A1        1,077,440   
  1,020     

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

      5/20 at 100.00        A1        1,126,049   
  2,500     

Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2008C, 5.625%, 7/01/26

      7/18 at 100.00        A        2,700,125   
  1,455     

Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2009, 5.500%, 7/01/29

      7/19 at 100.00        A        1,546,010   
  1,350     

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

      11/16 at 100.00        A        1,460,835   
  1,200     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2007A, 5.000%, 11/15/19 – NPFG Insured

      11/17 at 100.00        AA–        1,363,380   
  3,075     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.000%, 11/15/24

      11/19 at 100.00        AA–        3,435,113   
  1,025     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2009, 5.000%, 2/01/19

      No Opt. Call        A–        1,154,324   
 

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

       
  1,560     

5.000%, 2/01/19

      5/14 at 100.00        A–        1,565,179   
  500     

5.000%, 2/01/20

      5/14 at 100.00        A–        501,490   
 

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

       
  485     

5.250%, 5/01/15

      No Opt. Call        BB+        510,341   
  2,000     

5.750%, 5/01/25

      5/15 at 100.00        BB+        2,048,780   
  1,785     

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

      9/14 at 100.00        A–        1,815,506   
  1,850     

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

      11/15 at 100.00        BBB–        1,926,997   
  1,000     

Winona Health Care Facilities Revenue Refunding Bonds, Minnesota, Winona Health Obligated Group, Series 2007, 5.000%, 7/01/20

      7/17 at 100.00        BBB–        1,084,330   
 

Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012:

       
  485     

4.500%, 7/01/24

      7/21 at 100.00        BBB–        500,898   
  250     

5.000%, 7/01/34

        7/21 at 100.00        BBB–        253,510   
  46,410     

Total Health Care

                        49,843,913   
 

Housing/Multifamily – 0.2%

       
  500     

Anoka Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, Woodland Park Apartments Project, Series 2011A, 5.000%, 4/01/27

        4/19 at 100.00        Aaa        525,750   
 

Housing/Single Family – 1.1%

       
  895     

Dakota County Community Development Agency, Minnesota, Single Family Mortgage Revenue Bonds, Mortgage Backed Securities Program, Series 2011A, 4.400%, 12/01/26

      12/20 at 100.00        AA+        939,893   
  880     

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

      7/21 at 100.00        Aaa        930,310   

 

Nuveen Investments     5   


Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Housing/Single Family (continued)

       
$ 550     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012A, 3.750%, 7/01/22 (Alternative Minimum Tax)

      1/22 at 100.00        AA+      $ 567,171   
  185     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2012C, 3.750%, 1/01/22 (Alternative Minimum Tax)

        No Opt. Call        AA+        194,098   
  2,510     

Total Housing/Single Family

                        2,631,472   
 

Industrials – 1.6%

       
  505     

Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2006-1A, 4.625%, 12/01/14 (Alternative Minimum Tax)

      No Opt. Call        A+        518,175   
  2,020     

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

      No Opt. Call        A+        2,295,265   
  1,000     

Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2013-1, 4.000%, 6/01/28

        6/21 at 100.00        A+        1,019,860   
  3,525     

Total Industrials

                        3,833,300   
 

Long-Term Care – 6.9%

       
  565     

Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 4.550%, 11/01/26

      11/19 at 100.00        A3        588,668   
  800     

Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/33

      8/23 at 100.00        N/R        822,560   
 

Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:

       
  1,400     

5.000%, 11/15/24

      11/22 at 100.00        N/R        1,422,638   
  1,650     

4.750%, 11/15/28

      11/22 at 100.00        N/R        1,572,549   
  2,000     

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

      4/14 at 101.00        N/R        2,020,840   
  1,500     

Saint Paul Housing and Redevelopment Authority Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Series 2013, 5.000%, 5/01/33

      5/23 at 100.00        N/R        1,376,730   
  1,000     

Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 4.000%, 11/01/22

      No Opt. Call        N/R        934,270   
  2,000     

Saint Paul Port Authority, Minnesota, Revenue Bonds, Amherst H. Wilder Foundation Project, Series 2010-3, 5.000%, 12/01/24

      12/20 at 100.00        A1        2,160,820   
  1,000     

Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/27

      9/22 at 100.00        N/R        988,570   
  2,270     

Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 5.125%, 1/01/39

      1/23 at 100.00        N/R        2,058,413   
 

Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A:

       
  625     

5.100%, 5/01/24 – AGM Insured

      5/19 at 102.00        N/R        645,494   
  310     

5.300%, 5/01/27

      5/19 at 102.00        N/R        318,271   
  500     

5.300%, 11/01/27

      5/19 at 102.00        N/R        513,340   
  515     

5.500%, 11/01/32

      5/19 at 102.00        N/R        524,116   
  575     

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

        11/14 at 101.00        N/R        577,248   
  16,710     

Total Long-Term Care

                        16,524,527   

 

  6       Nuveen Investments


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

Tax Obligation/General – 15.6%

       
$ 500     

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

      2/17 at 100.00        Aa1      $ 557,200   
  1,000     

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

      2/18 at 100.00        Aa1        1,138,360   
 

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

       
  285     

4.100%, 2/01/18

      No Opt. Call        Aa1        322,383   
  595     

4.200%, 2/01/19

      2/18 at 100.00        Aa1        667,031   
 

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

       
  635     

5.500%, 2/01/23

      2/21 at 100.00        Aa3        752,094   
  750     

5.500%, 2/01/24

      2/21 at 100.00        Aa3        881,070   
  875     

5.500%, 2/01/25

      2/21 at 100.00        Aa3        1,021,353   
  1,010     

5.500%, 2/01/26

      2/21 at 100.00        Aa3        1,172,105   
  1,150     

5.500%, 2/01/27

      2/21 at 100.00        Aa3        1,327,894   
  2,835     

Buffalo-Hanover-Montrose Independent School District 877, Minnesota, General Obligation Bonds, Refunding Series 2012A, 4.000%, 2/01/23

      2/22 at 100.00        Aa2        3,135,708   
  350     

Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2007A, 4.200%, 2/01/25 – AGM Insured

      2/17 at 100.00        Aa2        362,632   
  1,200     

Burnsville Independent School District 191, Dakota and Scott Counties, Minnesota, General Obligation Bonds, Series 2008A, 4.250%, 2/01/20

      2/18 at 100.00        Aa2        1,324,488   
  1,000     

Chaska Independent School District 112, Carver County, Minnesota, General Obligation Bonds, Series 2007A, 4.250%, 2/01/19 – NPFG Insured

      2/17 at 100.00        Aa2        1,089,400   
  450     

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

      No Opt. Call        AA+        505,985   
 

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

       
  510     

4.375%, 1/01/19

      7/17 at 100.00        AAA        560,623   
  215     

4.500%, 1/01/20

      7/17 at 100.00        AAA        237,263   
  1,185     

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

      2/18 at 100.00        Aa2        1,271,683   
 

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

       
  1,160     

4.500%, 2/01/21

      2/18 at 100.00        AA        1,284,804   
  465     

4.500%, 2/01/22

      2/18 at 100.00        AA        515,029   
  1,100     

4.625%, 2/01/24

      2/18 at 100.00        AA        1,204,632   
  455     

Greenway Independent School District 316, Itasca County, Minnesota, General Obligation Bonds, Alternate Facilities, Series 2011C, 4.250%, 2/01/25

      2/19 at 100.00        AA+        482,705   
  2,025     

Independent School District 833, South Washington County, Minnesota, General Obligation Bonds, Crossover Refunding School Building Series 2010A, 4.000%, 2/01/22

      2/19 at 100.00        AA+        2,205,063   
  1,135     

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

      2/15 at 100.00        AA+        1,169,084   
  1,000     

Minneapolis, Minnesota, Limited Tax Supported Development Revenue Bonds, Common Bond Fund Series 2007-2A, 5.125%, 6/01/22 (Alternative Minimum Tax)

      6/17 at 100.00        A+        1,049,260   
  2,000     

Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/25

      8/23 at 100.00        AA+        2,396,460   
  2,000     

Minnesota State, General Obligation Bonds, Various Purpose Series 2013D, 3.500%, 10/01/28

      10/23 at 100.00        AA+        2,035,500   
 

Minnetonka Independent School District 276, Hennepin County, Minnesota, General Obligation Bonds, Refunding Series 2013H:

       
  525     

4.000%, 2/01/25

      2/23 at 100.00        Aaa        575,153   
  600     

4.000%, 2/01/26

      2/23 at 100.00        Aaa        650,448   

 

Nuveen Investments     7   


Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Tax Obligation/General (continued)

       
$ 620     

OtterTail County, Minnesota, General Obligation Bonds, Disposal System – Prairie Lakes Municipal Authority, Series 2011, 4.750%, 5/01/27 (Alternative Minimum Tax)

      5/21 at 100.00        AA+      $ 673,351   
  1,605     

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

      No Opt. Call        A        1,605,321   
  500     

Robbinsdale Independent School District 281, Hennepin County, Minnesota, General Obligation Bonds, Series 2008B, 4.500%, 2/01/21

      2/18 at 100.00        Aa2        547,855   
  1,140     

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

      6/17 at 100.00        AAA        1,253,840   
  1,000     

Saint Cloud, Minnesota, General Obligation Bonds, Library Sales Tax Series 2006B, 4.000%, 2/01/18 – AGM Insured

      2/16 at 100.00        AA+        1,062,280   
  600     

Saint Louis County Independent School District 2142, Minnesota, General Obligation Bonds, Refunding School Building Series 2014A, 3.500%, 2/01/23

      2/22 at 100.00        AA+        632,922   
  1,000     

Shakopee Independent School District 720, Scott County, Minnesota, General Obligation Bonds, Series 2013A, 5.000%, 2/01/23

      No Opt. Call        Aa2        1,194,860   
  640     

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

        12/17 at 100.00        AA+        704,890   
  34,115     

Total Tax Obligation/General

                        37,570,729   
 

Tax Obligation/Limited – 5.6%

       
  1,910     

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

      No Opt. Call        AA+        2,166,589   
  780     

Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.000%, 1/01/31

      1/22 at 100.00        A        802,628   
 

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

       
  690     

4.375%, 12/15/22

      12/17 at 100.00        AA+        763,264   
  1,000     

5.000%, 12/15/29

      12/17 at 100.00        AA+        1,105,680   
 

Minneapolis, Minnesota, Tax Increment Revenue Bonds, Grant Park Project, Series 2006:

       
  1,000     

5.200%, 2/01/22

      5/14 at 100.00        N/R        1,000,460   
  400     

5.350%, 2/01/30

      5/14 at 100.00        N/R        382,392   
  810     

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

      5/14 at 100.00        N/R        811,490   
  570     

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

      5/14 at 100.00        N/R        570,234   
  1,185     

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

      8/21 at 100.00        AA        1,309,887   
 

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

       
  180     

4.500%, 12/01/19

      12/17 at 100.00        AA+        199,168   
  290     

4.500%, 12/01/20

      12/17 at 100.00        AA+        316,196   
 

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

       
  315     

4.000%, 2/01/18

      No Opt. Call        A+        344,878   
  325     

4.000%, 2/01/19

      No Opt. Call        A+        358,517   
  340     

4.100%, 2/01/20

      No Opt. Call        A+        375,737   
  1,895     

University of Minnesota, Special Purpose Revenue Bonds, State Supported Biomedical Science Research Facilities Funding Program, Series 2011B, 5.000%, 8/01/23

      8/21 at 100.00        AA        2,199,583   

 

  8       Nuveen Investments


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

Tax Obligation/Limited (continued)

       
$ 640     

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/20

        No Opt. Call        BBB      $ 725,120   
  12,330     

Total Tax Obligation/Limited

                        13,431,823   
 

Transportation – 7.6%

       
 

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009A:

       
  1,000     

4.000%, 1/01/19

      No Opt. Call        AA–        1,125,030   
  1,000     

5.000%, 1/01/20

      1/19 at 100.00        AA–        1,136,520   
  500     

5.000%, 1/01/21

      1/19 at 100.00        AA–        564,075   
  2,145     

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

      1/15 at 100.00        A        2,221,040   
  1,510     

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien Series 2010D, 4.000%, 1/01/23 (Alternative Minimum Tax)

      1/20 at 100.00        A        1,562,850   
  2,330     

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2011A, 5.000%, 1/01/25

      1/21 at 100.00        A        2,606,268   
 

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2012B:

       
  2,550     

5.000%, 1/01/29

      1/22 at 100.00        A        2,798,294   
  2,750     

5.000%, 1/01/30

      1/22 at 100.00        A        3,000,085   
 

St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A:

       
  805     

4.000%, 8/01/21

      8/18 at 102.00        A+        872,242   
  895     

4.125%, 8/01/23

      8/18 at 102.00        A+        954,294   
  935     

4.250%, 8/01/24

      8/18 at 102.00        A+        996,476   
  575     

4.250%, 8/01/25

        8/18 at 102.00        A+        604,963   
  16,995     

Total Transportation

                        18,442,137   
 

U.S. Guaranteed – 1.2% (4)

       
  500     

Bemidji, Minnesota, Health Care Facilities First Mortgage Revenue Bonds, North Country Health Services, Refunding Series 2006, 5.000%, 9/01/17 (Pre-refunded 9/01/16)

      9/16 at 100.00        N/R (4)        554,355   
  1,155     

Marshall, Minnesota, Revenue Bonds, Avera Marshall Regional Medical Center, Series 2006, 4.750%, 11/01/20 (Pre-refunded 11/01/15)

      11/15 at 100.00        BBB+ (4)        1,231,438   
  465     

Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2005A, 4.500%, 2/01/16 (ETM)

      No Opt. Call        AA– (4)        500,633   
  385     

Pine County Housing and Redevelopment Authority, Minnesota, Public Project Revenue Bonds, Series 2005A, 4.500%, 2/01/17 (Pre-refunded 2/01/16)

      2/16 at 100.00        AA– (4)        414,503   
  200     

Zumbrota-Mazeppa Independent School District 2805, Wabasha County, Minnesota, General Obligation Bonds, Alternate Facilities Series 2008A, 4.000%, 2/01/19
(Pre-refunded 2/01/18)

        2/18 at 100.00        AA+ (4)        221,334   
  2,705     

Total U.S. Guaranteed

                        2,922,263   
 

Utilities – 11.7%

       
  1,010     

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

      No Opt. Call        A3        1,068,257   
  2,230     

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

      7/14 at 100.00        A1        2,243,893   

 

Nuveen Investments     9   


Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Utilities (continued)

       
$ 1,140     

Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/25 – AGM Insured

      10/22 at 100.00        AA–      $ 1,262,117   
 

Hutchinson, Minnesota, Public Utility Revenue Bonds, Refunding Series 2012A:

       
  500     

5.000%, 12/01/25

      12/22 at 100.00        A1        567,935   
  670     

5.000%, 12/01/26

      12/22 at 100.00        A1        754,407   
  500     

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

      2/18 at 100.00        AA–        542,450   
  340     

Marshall, Minnesota, Public Utility Revenue Bonds, Series 2009A, 3.750%, 7/01/18 – AGC Insured

      No Opt. Call        AA–        375,275   
 

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

       
  420     

4.125%, 10/01/17

      No Opt. Call        A3        468,468   
  1,000     

5.250%, 10/01/22

      10/17 at 100.00        A3        1,141,730   
 

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

       
  460     

5.000%, 1/01/17 – AMBAC Insured

      No Opt. Call        A–        514,653   
  1,050     

5.000%, 1/01/19 – AGC Insured

      1/18 at 100.00        AA–        1,193,199   
  2,155     

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

      1/18 at 100.00        AA–        2,411,079   
  2,940     

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

      No Opt. Call        A–        3,435,390   
  1,430     

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Series 2013A, 5.000%, 1/01/30

      1/23 at 100.00        A–        1,560,573   
 

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B:

       
  350     

5.000%, 12/01/25

      12/23 at 100.00        Aa3        413,147   
  570     

5.000%, 12/01/33

      12/23 at 100.00        Aa3        636,388   
  615     

5.000%, 12/01/43

      12/23 at 100.00        Aa3        670,215   
  295     

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

      2/15 at 100.00        A2        304,269   
 

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

       
  3,500     

0.000%, 1/01/20 – NPFG Insured

      No Opt. Call        A+        3,083,605   
  5,000     

0.000%, 1/01/21 – NPFG Insured

      No Opt. Call        A+        4,195,650   
  1,250     

Western Minnesota Municipal Power Agency, Power Supply Revenue Bonds, Refunding Series 2012A, 5.000%, 1/01/29

        1/23 at 100.00        Aa3        1,417,400   
  27,425     

Total Utilities

                        28,260,100   
 

Water and Sewer – 0.2%

       
  500     

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

        No Opt. Call        AA–        496,550   
$ 223,335     

Total Long-Term Investments (cost $225,243,710)

                        238,383,348   

 

  10       Nuveen Investments


Shares     Description (1)                  Value  
 

SHORT-TERM INVESTMENTS – 0.3%

       
 

Money Market Funds – 0.3%

       
  761,506    

Federated Minnesota Municipal Cash Trust, 0.010% (5)

              $ 761,506   
 

Total Short-Term Investments (cost $761,506)

                761,506   
 

Total Investments (cost $226,005,216) – 99.2%

                239,144,854   
 

Other Assets Less Liabilities – 0.8%

                2,042,523   
 

Net Assets – 100%

              $ 241,187,377   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

 

        Level 1        Level 2        Level 3        Total  
Long-Term Investments:                    

Municipal Bonds

     $         $ 238,383,348         $  —         $ 238,383,348   
Short-Term Investments:                    

Money Market Funds

       761,506                               761,506   
Total      $ 761,506         $ 238,383,348         $  —         $ 239,144,854   

Income Tax Information

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

As of February 28, 2014, the cost of investments was $225,924,731.

Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2014, were as follows:

 

Gross unrealized:           

Appreciation

     $ 14,402,652   

Depreciation

       (1,182,529
Net unrealized appreciation (depreciation) of investments      $ 13,220,123   

 

Nuveen Investments     11   


Nuveen Minnesota Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

 

 

 

 

 

 

 

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

 

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.

 

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

 

(ETM) Escrowed to maturity.

 

  12       Nuveen Investments


Nuveen Minnesota Municipal Bond Fund

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

LONG-TERM INVESTMENTS – 98.4%

       
 

MUNICIPAL BONDS – 98.4%

       
 

Consumer Staples – 1.0%

       
$ 1,800     

Moorhead, Minnesota, Recovery Zone Facility Revenue Bonds, American Crystal Sugar Company Project, Series 2010, 5.650%, 6/01/27

        7/20 at 100.00        BBB+      $ 1,938,096   
 

Education and Civic Organizations – 23.2%

       
  660     

Anoka County, Minnesota, Charter School Lease Revenue Bonds, Spectrum Building Company, Series 2012A, 5.000%, 6/01/43

      No Opt. Call        BBB–        611,312   
  1,500     

Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008A, 7.000%, 8/01/38

      8/16 at 102.00        BB        1,554,510   
  2,000     

Baytown Township, Minnesota, Lease Revenue Bonds, Saint Croix Preparatory Academy Project, Series 2008, 5.750%, 8/01/42

      8/16 at 102.00        BB        1,885,400   
  800     

Chaska, Minnesota, Lease Revenue Bonds, World Learner School Project, Series, 8.000%, 12/01/43

      12/21 at 100.00        BB+        896,928   
 

City of Woodbury, Minnesota, Charter School Lease Revenue Bonds, Math and Science Academy Building Company, Series 2012A:

       
  220     

5.000%, 12/01/32

      No Opt. Call        BBB–        216,823   
  785     

5.000%, 12/01/43

      No Opt. Call        BBB–        742,021   
  1,135     

Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy PRoject, Series 2013A, 5.500%, 7/01/43

      7/23 at 100.00        BBB–        1,117,044   
 

Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public Schools Academy, Series 2010A:

       
  1,750     

5.600%, 11/01/30

      11/18 at 102.00        BBB–        1,773,170   
  875     

5.875%, 11/01/40

      11/20 at 100.00        BBB–        882,359   
  950     

Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language Academy, Series 2014A, 5.750%, 8/01/44

      8/22 at 100.00        BBB–        958,854   
 

Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Yinghua Academy Charter School, Series 2013A:

       
  2,675     

6.000%, 7/01/43

      7/23 at 100.00        BB        2,660,127   
  1,260     

6.125%, 7/01/48

      7/23 at 100.00        BB        1,248,269   
 

Minneapolis, Minnesota, Revenue Bonds, National Marrow Donor Program Project, Series 2010:

       
  150     

4.250%, 8/01/20

      8/18 at 100.00        BBB        155,517   
  4,100     

4.875%, 8/01/25

      8/18 at 100.00        BBB        4,165,600   
 

Minnesota Higher Education Facilities Authority, Revenue Bonds, Bethel University, Refunding Series 2007-6-R:

       
  1,725     

5.500%, 5/01/26

      5/17 at 100.00        N/R        1,765,244   
  820     

5.500%, 5/01/27

      5/17 at 100.00        N/R        837,917   
  1,500     

5.500%, 5/01/37

      5/17 at 100.00        N/R        1,516,470   
  1,835     

Minnesota Higher Education Facilities Authority, Revenue Bonds, College of St. Scholastica, Inc., Series 2011-7J , 6.300%, 12/01/40

      12/19 at 100.00        Baa2        1,963,799   
  1,000     

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

      10/19 at 100.00        A3        1,073,180   

 

Nuveen Investments     13   


Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Education and Civic Organizations (continued)

       
 

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

       
$ 625     

6.000%, 10/01/32

      10/21 at 100.00        Baa2      $ 676,550   
  2,000     

6.000%, 10/01/40

      10/21 at 100.00        Baa2        2,139,940   
  30     

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

      5/15 at 100.00        Baa2        30,309   
  1,485     

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

      5/14 at 100.00        N/R        1,485,757   
  550     

Ramsey, Anoka County, Minnesota, Lease Revenue Bonds, PACT Charter School Project, Series 2004A, 5.500%, 12/01/33

      12/21 at 100.00        BBB–        562,491   
 

Saint Paul Housing & Redevelopment Authority , Minnesota, Charter School Lease Revenue Bonds, Hmong Education Reform Company, Series 2012A:

       
  500     

5.250%, 9/01/32

      No Opt. Call        BB+        471,745   
  1,695     

5.500%, 9/01/43

      9/20 at 101.00        BB+        1,580,638   
  1,500     

Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Nova Classical Academy, Series 2011A, 6.625%, 9/01/42

      9/21 at 100.00        BBB–        1,578,420   
  1,450     

Saint Paul Housing and Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, Twin Cities German Immersion School, Series 2013A, 5.000%, 7/01/44

      No Opt. Call        BB+        1,250,219   
  2,000     

Saint Paul Housing and Redevelopment Authority, Minnesota, Educational Facility Revenue Refunding Bonds, Saint Paul Academy and Summit School Project, Series 2007, 5.000%, 10/01/24

      10/17 at 100.00        A3        2,120,640   
  2,550     

Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of Peace Academy Project, Series 2006A, 5.000%, 12/01/36

      12/15 at 100.00        BBB–        2,455,880   
 

Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Saint Paul Conservatory for Performing Artists Charter School Project, Series 2013A:

       
  185     

2.400%, 3/01/17

      No Opt. Call        BBB–        182,362   
  185     

2.600%, 3/01/18

      No Opt. Call        BBB–        181,219   
  640     

4.625%, 3/01/43

      3/23 at 100.00        BBB–        552,653   
  1,300     

St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher Ground Academy Charter School, Series 2013A, 5.000%, 12/01/33

      12/22 at 100.00        BBB–        1,258,673   
 

St. Paul Housing and Redevelopment Authority, Minnesota, Perfromaing Arts Facility Revenue Bonds, Ordway Center for the Performing Arts, Series 2012:

       
  330     

1.950%, 7/01/16

      No Opt. Call        N/R        330,152   
  200     

2.050%, 7/01/17

      No Opt. Call        N/R        200,058   
  1,035     

2.200%, 7/01/18

      No Opt. Call        N/R        1,035,135   
  1,540     

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

        12/20 at 100.00        Aa1        1,829,689   
  45,540     

Total Education and Civic Organizations

                        45,947,074   
 

Health Care – 21.4%

       
  2,470     

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

      3/17 at 100.00        N/R        2,488,327   
 

Glencoe, Minnesota, Health Care Facilities Revenue Bonds, Glencoe Regional Health Services Project, Series 2013:

       
  375     

4.000%, 4/01/22

      No Opt. Call        BBB        389,449   
  500     

4.000%, 4/01/27

      4/22 at 100.00        BBB        491,230   
  760     

4.000%, 4/01/31

      4/22 at 100.00        BBB        723,718   

 

  14       Nuveen Investments


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

Health Care (continued)

       
$ 2,500     

Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health Obligated Group, Series 2010B, 5.750%, 7/01/40

      7/20 at 100.00        A2      $ 2,670,575   
 

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

       
  25     

5.000%, 5/01/20

      5/17 at 100.00        Baa1        26,531   
  1,800     

4.500%, 5/01/23

      5/17 at 100.00        Baa1        1,831,158   
  1,000     

5.250%, 5/01/25

      5/17 at 100.00        Baa1        1,034,560   
 

Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A:

       
  70     

6.000%, 11/15/18

      No Opt. Call        A        79,174   
  3,225     

6.625%, 11/15/28

      11/18 at 100.00        A        3,812,756   
  245     

6.750%, 11/15/32

      11/18 at 100.00        A        286,003   
  685     

Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 2008B, 6.500%, 11/15/38 – AGC Insured

      11/18 at 100.00        AA–        794,114   
  130     

Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured

      8/20 at 100.00        AA–        136,855   
  2,435     

Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Children’s Health Care, Series 2010A, 5.250%, 8/15/35

      8/20 at 100.00        A+        2,608,250   
  1,005     

Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008C-1, 5.000%, 2/15/30 – AGC Insured

      2/20 at 100.00        AA–        1,058,928   
  135     

Minnesota Agricultural and Economic Development Board, Health Care Facilities Revenue Bonds, Essentia Health Obligated Group, Series 2008E, 5.000%, 2/15/37 – AGC Insured

      2/18 at 100.00        AA–        138,854   
  125     

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

      5/14 at 100.00        A        125,568   
  1,000     

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

      5/14 at 100.00        N/R        1,000,900   
  1,700     

Rochester, Minnesota, Health Care Facilities Revenue Bonds, Olmsted Medical Center Project, Series 2010, 5.875%, 7/01/30

      7/20 at 100.00        A–        1,873,383   
 

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare Health System Project, Series 2008D:

       
  25     

5.375%, 5/01/31 – AGC Insured

      5/19 at 100.00        A1        26,936   
  60     

5.500%, 5/01/39 – AGC Insured

      5/19 at 100.00        A1        63,978   
  1,045     

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

      5/20 at 100.00        A1        1,130,972   
  1,235     

Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2008C, 5.750%, 7/01/30

      7/18 at 100.00        A        1,318,251   
 

Saint Louis Park, Minnesota, Health Care Facilities Revenue Refunding Bonds, Park Nicollet Health Services, Series 2009:

       
  15     

5.500%, 7/01/29

      7/19 at 100.00        A        15,938   
  2,625     

5.750%, 7/01/39

      7/19 at 100.00        A        2,789,325   
  2,060     

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

      11/16 at 100.00        A        2,107,359   
  3,060     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-1, 5.250%, 11/15/29

      11/19 at 100.00        AA–        3,334,972   

 

Nuveen Investments     15   


Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Health Care (continued)

       
$ 300     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Allina Health System, Series 2009A-2, 5.500%, 11/15/24

      No Opt. Call        AA–      $ 345,222   
  2,060     

Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue Bonds, Gillette Children’s Specialty Healthcare Project, Series 2009, 5.000%, 2/01/29

      2/19 at 100.00        A–        2,124,251   
  900     

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

      5/15 at 100.00        BB+        918,810   
  1,800     

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

      5/15 at 100.00        N/R        1,840,392   
  1,375     

Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp Project, Series 2007-1, 5.000%, 8/01/36

      8/16 at 100.00        N/R        1,322,943   
 

St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc., Series 2005:

       
  170     

6.000%, 11/15/25

      11/15 at 100.00        BBB–        175,602   
  1,100     

6.000%, 11/15/30

      11/15 at 100.00        BBB–        1,126,466   
 

Winona, Minnesota, Health Care Facilities Revenue Bonds, Winona Health Obligated Group, Refunding Series 2012:

       
  500     

3.750%, 7/01/21

      No Opt. Call        BBB–        519,025   
  350     

4.000%, 7/01/22

      7/21 at 100.00        BBB–        356,689   
  1,270     

4.500%, 7/01/24

        7/21 at 100.00        BBB–        1,311,631   
  40,135     

Total Health Care

                        42,399,095   
 

Housing/Multifamily – 3.2%

       
  1,975     

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

      4/14 at 100.00        Aaa        1,981,458   
  845     

Minneapolis, Minnesota, GNMA Collateralized Multifamily Housing Revenue Bonds, Vantage Flats Project, Series 2007, 5.200%, 10/20/48 (Alternative Minimum Tax)

      10/15 at 100.00        Aa1        852,309   
  1,050     

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

      10/15 at 102.00        N/R        948,948   
  2,500     

Rochester, Minnesota, Multifamily Housing Revenue Bonds, Essex Place Apartments Project, Series 2012A, 3.750%, 6/01/29

        6/22 at 100.00        Aaa        2,516,700   
  6,370     

Total Housing/Multifamily

                        6,299,415   
 

Housing/Single Family – 2.3%

       
  110     

Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Home Program, Market Series 2011B, 4.100%, 12/01/29

      6/21 at 100.00        AA+        113,801   
  104     

Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2006A-4, 5.000%, 11/01/38 (Alternative Minimum Tax)

      7/16 at 100.00        AA+        107,722   
  570     

Minneapolis-Saint Paul Housing Finance Board, Minnesota, Single Family Mortgage Revenue Bonds, City Living Series 2007A-2, 5.520%, 3/01/41 (Alternative Minimum Tax)

      5/17 at 102.00        AA+        612,277   
 

Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011B:

       
  80     

4.000%, 7/01/21

      No Opt. Call        Aaa        87,052   
  5     

5.000%, 1/01/31

      7/21 at 100.00        Aaa        5,297   
 

Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011D:

       
  45     

4.375%, 7/01/26

      7/21 at 100.00        Aaa        47,573   
  660     

4.700%, 1/01/31

      7/21 at 100.00        Aaa        698,795   

 

  16       Nuveen Investments


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

Housing/Single Family (continued)

       
$ 25     

Minnesota Housing Finance Agency, Homeownership Finance Bonds, Mortgage-Backed Securities Program, Series 2011E, 4.000%, 7/01/26

      7/21 at 100.00        Aaa      $ 25,967   
  30     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2006Q, 5.250%, 7/01/33 (Alternative Minimum Tax)

      7/17 at 100.00        AA+        30,698   
  2,800     

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

      7/16 at 100.00        AA+        2,837,632   
  65     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007-I, 4.850%, 7/01/38 (Alternative Minimum Tax)

      7/16 at 100.00        AA+        65,410   
  5     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2007L, 5.100%, 7/01/38 (Alternative Minimum Tax)

      1/17 at 100.00        AA+        5,263   
  5     

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2008B, 5.650%, 7/01/33 (Alternative Minimum Tax)

        1/18 at 100.00        AA+        5,260   
  4,504     

Total Housing/Single Family

                        4,642,747   
 

Long-Term Care – 10.3%

       
  1,500     

Anoka County Housing and Redevelopment Authority, Minnesota, Health Care Facility Care Center Project, Series 2010D, 6.750%, 11/01/36

      11/15 at 102.00        N/R        1,532,490   
  1,600     

Center City, Minnesota, Health Care Facilities Revenue Bonds, Hazelden Foundation Project, Series 2011, 5.000%, 11/01/41

      11/19 at 100.00        A3        1,650,896   
  1,500     

Chisago City, Minnesota, Housing and Health Care Revenue Bonds, CDL Homes, LLC Project, Series 2013B, 6.000%, 8/01/43

      8/23 at 100.00        N/R        1,521,465   
  1,125     

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds, Assumption Home, Inc., Refunding Series 2013, 5.200%, 3/01/43

      7/20 at 100.00        N/R        1,053,945   
  805     

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

      12/14 at 100.00        N/R        784,593   
 

Minneapolis, Minnesota, Revenue Bonds, Walker Minneapolis Campus Project, Refunding Series 2012:

       
  450     

5.000%, 11/15/24

      11/22 at 100.00        N/R        457,277   
  1,500     

4.750%, 11/15/28

      11/22 at 100.00        N/R        1,429,590   
  1,620     

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

      4/14 at 101.00        N/R        1,610,118   
  1,000     

Oak Park Heights, Minnesota, Senior Housing Revenue Bonds, Oakgreen Commons Project ? Memory Care Building, Series 2013, 6.500%, 8/01/43

      8/20 at 102.00        N/R        1,028,640   
  1,100     

Saint Paul Housing & Redevelopment Authority, Minnesota, Revenue Bonds, Rossy & Richard Shaller Family Sholom East Campus, Series 2007A, 5.250%, 10/01/42

      10/17 at 100.00        N/R        991,254   
  2,059     

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

      4/17 at 100.00        N/R        2,047,742   
  1,000     

Saint Paul Housing and Redevelopment Authority, Minnesota, Senior Housing and Health Care Revenue Bonds, Episcopal Homes Project, Refunding Series 2012A, 5.150%, 11/01/42

      No Opt. Call        N/R        899,200   
  700     

Sartell, Minnesota, Health Care and Housing Facilities Revenue Bonds, Country Manor Campus LLC Project, Series 2012A, 5.250%, 9/01/30

      9/22 at 100.00        N/R        672,007   
  1,715     

Sauk Rapids, Minnesota, Health Care and Housing Facilities Revenue Bonds, Good Shepherd Luthran Home, Refunding Series 2013, 5.125%, 1/01/39

      1/23 at 100.00        N/R        1,555,145   
 

Wayzata, Minnesota, Senior Housing Revenue Bonds, Folkestone Senior Living Community, Series 2012A:

       
  260     

5.000%, 5/01/23

      5/19 at 102.00        N/R        269,009   

 

Nuveen Investments     17   


Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Long-Term Care (continued)

       
$ 680     

5.000%, 11/01/23

      5/19 at 102.00        N/R      $ 703,562   
  700     

5.500%, 11/01/32

      5/19 at 102.00        N/R        712,390   
  330     

6.000%, 5/01/47

      5/19 at 102.00        N/R        341,157   
  1,200     

West St. Paul, Minnesota, Health Care Facilities Revenue Bonds, Walker Thompson Hill LLC Project, Series 2011A, 7.000%, 9/01/46

        9/19 at 100.00        N/R        1,227,864   
  20,844     

Total Long-Term Care

                        20,488,344   
 

Materials – 1.8%

       
  4,500     

Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax)

        10/22 at 100.00        BBB–        3,610,215   
 

Tax Obligation/General – 8.0%

       
  1,000     

Bemidji Independent School District 31, Beltrami County, Minnesota, General Obligation Bonds, Refunding Series 2013A, 5.000%, 4/01/19

      No Opt. Call        AA+        1,191,510   
  10,000     

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

      2/21 at 100.00        Aa3        11,502,097   
  1,000     

Buffalo-Hanover-Montrose Independent School District 877, Minnesota, General Obligation Bonds, Refunding Series 2012A, 4.000%, 2/01/23

      2/22 at 100.00        Aa2        1,106,070   
  2,000     

Mankato Independent School District 77, Minnesota, General Obligation Bonds, School Building Series 2014A, 4.000%, 2/01/28

        2/24 at 100.00        AA+        2,130,560   
  14,000     

Total Tax Obligation/General

                        15,930,237   
 

Tax Obligation/Limited – 4.9%

       
 

Duluth Independent School District 709, Minnesota, Certificates of Participation, Capital Appreciation Series 2012A:

       
  2,000     

0.000%, 2/01/27 – AGM Insured

      2/22 at 100.00        Aa2        1,178,500   
  2,840     

0.000%, 2/01/28 – AGM Insured

      2/22 at 77.70        Aa2        1,588,582   
  2,000     

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

      No Opt. Call        AA+        2,268,680   
  585     

Lakeville Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Ice Arena Project, Series 2006, 4.625%, 2/01/32

      2/17 at 100.00        Aa3        597,835   
  400     

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

      5/14 at 100.00        N/R        390,664   
 

Northeast Metropolitan Intermediate School District 916, White Bear Lake, Minnesota, Certificates of Participation, Series 2013A:

       
  1,015     

4.000%, 2/01/22

      No Opt. Call        A1        1,101,184   
  1,055     

4.000%, 2/01/23

      No Opt. Call        A1        1,129,768   
  500     

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

      12/17 at 100.00        AA+        525,990   
 

Saint Paul Housing and Redevelopment Authority, Minnesota, Upper Landing Project Tax Increment Revenue Refunding Bonds, Series 2012:

       
  150     

5.000%, 9/01/26

      No Opt. Call        N/R        149,861   
  800     

5.000%, 3/01/29

      No Opt. Call        N/R        790,848   
  25     

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2009B, 5.000%, 10/01/25

        10/19 at 100.00        BBB        26,520   
  11,370     

Total Tax Obligation/Limited

                        9,748,432   

 

  18       Nuveen Investments


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

Transportation – 4.4%

       
$ 1,000     

Minneapolis, Minnesota, Recovery Zone Facility Revenue Bonds, Mozaic Parking, LLC Project, Series 2010A, 8.500%, 1/01/41

      1/21 at 100.00        N/R      $ 1,022,620   
  4,000     

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Senior Lien Series 2009B, 5.000%, 1/01/20 (Alternative Minimum Tax)

      1/19 at 100.00        AA–        4,599,880   
  110     

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2011A, 3.500%, 1/01/24

      1/21 at 100.00        A        112,999   
  275     

Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Subordinate Lien, Refunding Series 2012B, 5.000%, 1/01/28

      No Opt. Call        A        303,757   
 

St Paul Housing and Redevelopment Authority, Minnesota, Parking Revenue Bonds, Parking Facilities Project, Refunding Series 2010A:

       
  1,070     

5.000%, 8/01/30

      8/18 at 102.00        A+        1,161,325   
  1,500     

5.000%, 8/01/35

        8/18 at 102.00        A+        1,591,200   
  7,955     

Total Transportation

                        8,791,781   
 

U.S. Guaranteed – 1.8% (4)

       
 

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

       
  1,000     

5.000%, 2/01/28 (Pre-refunded 2/01/16)

      2/16 at 100.00        AA– (4)        1,087,610   
  1,890     

5.000%, 2/01/31 (Pre-refunded 2/01/16)

      2/16 at 100.00        AA– (4)        2,055,583   
  410     

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

        No Opt. Call        Aaa        464,005   
  3,300     

Total U.S. Guaranteed

                        3,607,198   
 

Utilities – 16.1%

       
  1,110     

Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities Transmission Project, Series 2012, 5.000%, 1/01/42

      1/22 at 100.00        A–        1,160,072   
  15     

Chaska, Minnesota, Electric Revenue Bonds, Generating Facility Project, Refunding Series 2005A, 5.000%, 10/01/30

      10/15 at 100.00        A3        15,725   
  45     

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

      5/14 at 100.00        A3        45,194   
  235     

Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34

      10/22 at 100.00        BBB        234,539   
  5,045     

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

      10/20 at 100.00        A3        5,451,425   
  2,000     

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 1/01/26 – AMBAC Insured

      1/18 at 100.00        A–        2,229,780   
 

Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 2008A:

       
  945     

5.000%, 1/01/18 – AGC Insured

      No Opt. Call        AA–        1,088,838   
  75     

5.000%, 1/01/20 – AGC Insured

      1/18 at 100.00        AA–        83,883   
 

Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2013B:

       
  805     

5.000%, 12/01/20

      No Opt. Call        Aa3        969,188   
  250     

5.000%, 12/01/26

      12/23 at 100.00        Aa3        292,533   
 

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

       
  1,510     

0.000%, 1/01/19 – NPFG Insured

      No Opt. Call        A+        1,383,855   
  1,825     

0.000%, 1/01/21 – NPFG Insured

      No Opt. Call        A+        1,531,412   
  65     

0.000%, 1/01/22 – NPFG Insured

      No Opt. Call        A+        51,903   

 

Nuveen Investments     19   


Nuveen Minnesota Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Utilities (continued)

       
$ 3,055     

0.000%, 1/01/23 – NPFG Insured

      No Opt. Call        A+      $ 2,317,370   
  10,530     

0.000%, 1/01/24 – NPFG Insured

      No Opt. Call        A+        7,615,401   
  4,795     

0.000%, 1/01/25 – NPFG Insured

      No Opt. Call        A+        3,291,672   
  6,230     

0.000%, 1/01/26 – NPFG Insured

        No Opt. Call        A+        4,087,877   
  38,535     

Total Utilities

                        31,850,667   
$ 198,853     

Total Long-Term Investments (cost $185,851,287)

                        195,253,301   
Shares     Description (1)                      Value  
 

SHORT-TERM INVESTMENTS – 0.7%

       
 

Money Market Funds – 0.7%

       
  1,449,276    

Federated Minnesota Municipal Cash Trust, 0.010% (5)

                      $ 1,449,276   
 

Total Short-Term Investments (cost $1,449,276)

                        1,449,276   
 

Total Investments (cost $187,300,563) – 99.1%

                        196,702,577   
 

Other Assets Less Liabilities – 0.9%

                        1,871,473   
 

Net Assets – 100%

                      $ 198,574,050   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

 

        Level 1        Level 2        Level 3        Total  
Long-Term Investments:                    

Municipal Bonds

     $         $ 195,253,301         $  —         $ 195,253,301   
Short-Term Investments:                    

Money Market Funds

       1,449,276                               1,449,276   
Total      $ 1,449,276         $ 195,253,301         $  —         $ 196,702,577   

Income Tax Information

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

 

  20       Nuveen Investments


As of February 28, 2014, the cost of investments was $186,844,161.

Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2014, were as follows:

 

Gross unrealized:           

Appreciation

     $ 12,070,226   

Depreciation

       (2,211,810
Net unrealized appreciation (depreciation) of investments      $ 9,858,416   

 

 

 

 

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

 

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.

 

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

 

(ETM) Escrowed to maturity.

 

Nuveen Investments     21   


Nuveen Nebraska Municipal Bond Fund

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

LONG-TERM INVESTMENTS – 95.9%

       
 

MUNICIPAL BONDS – 95.9%

       
 

Education and Civic Organizations – 15.6%

       
$ 990     

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

      5/18 at 100.00        A      $ 1,030,560   
  1,000     

Douglas County, Nebraska, Educational Facilities Revenue Bonds, Creighton University Projects, Refunding Series 2010A, 5.500%, 7/01/30

      7/20 at 100.00        A3        1,092,890   
 

Lincoln, Nebraska, Educational Facilities Revenue and Refunding Bonds, Nebraska Wesleyan University Project, Series 2012:

       
  685     

3.300%, 4/01/25

      4/22 at 100.00        A–        673,766   
  410     

4.000%, 4/01/32

      4/22 at 100.00        A–        409,098   
  500     

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

      3/18 at 100.00        AAA        551,855   
  525     

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

      5/21 at 100.00        Aa3        565,451   
  750     

Saline County, Nebraska, Educational Facilities Revenue and Refunding Bonds, Doane College Project, Series 2013A, 3.300%, 2/15/33

      2/18 at 100.00        A        658,125   
 

University of Nebraska, Revenue Bonds, Lincoln Student Fees and Facilities Refunding Series 2011:

       
  85     

4.000%, 7/01/32

      1/22 at 100.00        Aa1        87,039   
  1,125     

5.000%, 7/01/42

      1/22 at 100.00        Aa1        1,208,250   
  1,170     

University of Nebraska, Revenue Bonds, Lincoln Student Fees and Facilities, Refunding Series 2012, 4.000%, 7/01/33

      7/22 at 100.00        Aa1        1,198,747   
  1,020     

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

      5/18 at 100.00        Aa1        1,091,543   
  350     

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

      5/17 at 100.00        Aa1        380,629   
  500     

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

        5/14 at 100.00        Aa1        502,080   
  9,110     

Total Education and Civic Organizations

                        9,450,033   
 

Health Care – 13.3%

       
  1,000     

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

      8/17 at 100.00        A2        1,063,410   
 

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

       
  345     

5.750%, 11/01/28

      11/18 at 100.00        BBB+        363,420   
  1,210     

5.500%, 11/01/38

      11/18 at 100.00        BBB+        1,241,436   
  610     

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

      6/16 at 100.00        A–        594,884   
 

Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great Plains Regional Medical Center Project, Series 2012:

       
  2,220     

4.000%, 11/01/37

      No Opt. Call        A–        1,990,541   
  2,775     

5.000%, 11/01/42

        No Opt. Call        A–        2,836,910   
  8,160     

Total Health Care

                        8,090,601   

 

  22       Nuveen Investments


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

Housing/Single Family – 1.2%

       
 

Minnesota Housing Finance Agency, Residential Housing Finance Bonds, Series 2013C:

       
$ 550     

2.550%, 1/01/22

      No Opt. Call        AA+      $ 541,706   
  195     

2.750%, 7/01/23

        1/23 at 100.00        AA+        194,124   
  745     

Total Housing/Single Family

                        735,830   
 

Long-Term Care – 9.8%

       
  100     

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A, 5.750%, 1/01/26

      1/17 at 100.00        N/R        101,665   
  250     

Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan, Series 2009B, 5.000%, 6/01/39 (Mandatory put 12/01/14)

      No Opt. Call        A–        257,028   
  900     

Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40

      1/20 at 100.00        AA–        950,031   
  240     

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

      2/16 at 100.00        N/R        241,591   
  3,385     

Lancaster County Hospital Authority 1, Nebraska, Health Facilities Revenue Bonds, Immanuel Obligated Group, Refunding Series 2010, 5.625%, 1/01/40

      1/20 at 100.00        AA–        3,573,169   
  600     

South Dakota Health and Educational Facilities Authority, Revenue Bonds, Westhills Village Retirement Community Project, Series 2006, 5.000%, 9/01/25

      9/14 at 100.00        A        601,986   
  220     

Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/23

        No Opt. Call        A–        242,752   
  5,695     

Total Long-Term Care

                        5,968,222   
 

Tax Obligation/General – 14.2%

       
  350     

Douglas County School District 059, Nebraska, General Obligation Bonds, School Building Series 2011B, 4.700%, 12/15/32

      5/16 at 100.00        Aa2        365,008   
  2,400     

Douglas County School District 1, Nebraska, General Obligation Bonds, Refunding Series 2012, 5.000%, 6/15/24

      No Opt. Call        AAA        2,923,392   
  1,025     

Douglas County School District 10 Elkhorn, Nebraska, General Obligation Bonds, Public Schools Series 2012, 3.500%, 1/15/33

      1/22 at 100.00        AA–        978,076   
  1,545     

Morrill County School District 63, Nebraska, General Obligation Bonds, Bridgeport Public Schools Series 2014, 4.000%, 12/01/34

      2/19 at 100.00        A1        1,552,354   
 

Omaha, Nebraska, General Obligation Bonds, Convention Center Project, Series 2004:

       
  50     

5.250%, 4/01/24

      No Opt. Call        AA+        61,844   
  220     

5.250%, 4/01/26

      No Opt. Call        AA+        273,687   
  450     

Omaha, Nebraska, General Obligation Bonds, Refunding Series 2008, 5.750%, 10/15/28

      10/18 at 100.00        AA+        522,131   
 

Omaha, Nebraska, General Obligation Bonds, Various Purpose & Refunding Series 2013A:

       
  715     

4.500%, 11/15/28

      11/23 at 100.00        AA+        784,920   
  365     

4.500%, 11/15/29

      11/23 at 100.00        AA+        397,175   
  650     

Omaha, Nebraska, Special Tax Redevelopment Bonds, Redevelopment 2008, 5.250%, 10/15/28

        10/18 at 100.00        AA+        732,882   
  7,770     

Total Tax Obligation/General

                        8,591,469   
 

Tax Obligation/Limited – 10.0%

       
  265     

Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42

      1/22 at 100.00        A        269,256   
  2,510     

Lincoln- West Haymarket Joint Public Agency, Nebraska, General Obligation Facility Bonds, Series 2011, 5.000%, 12/15/42

      12/21 at 100.00        AAA        2,700,057   

 

Nuveen Investments     23   


Nuveen Nebraska Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Tax Obligation/Limited (continued)

       
 

Nebraska Cooperative Republican Platte Enhancement, Middle Republica Natural Resources District, Platte River Flow Revenue, Series 2013:

       
$ 2,000     

5.125%, 12/15/33

      9/18 at 100.00        A+      $ 2,075,200   
  520     

5.000%, 12/15/38

      9/18 at 100.00        A+        534,087   
  500     

Papio-Missouri River Natural Resources District, Nebraska, Flood Protection and Water Quality Enhancement Revenue Bonds, Series 2013, 4.250%, 12/15/33

        7/18 at 100.00        AA–        507,520   
  5,795     

Total Tax Obligation/Limited

                        6,086,120   
 

Transportation – 0.3%

       
  165     

Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)

        10/23 at 100.00        BBB        174,067   
 

U.S. Guaranteed – 1.0% (4)

       
 

Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Jackson County, Schneck Memorial Hospital, Series 2006A:

       
  250     

5.250%, 2/15/30 (Pre-refunded 2/15/16)

      2/16 at 100.00        A (4)        272,045   
  350     

5.250%, 2/15/30 (Pre-refunded 2/15/16)

        2/16 at 100.00        A (4)        354,022   
  600     

Total U.S. Guaranteed

                        626,067   
 

Utilities – 26.2%

       
 

Central Plains Energy Project, Nebraska, Gas Project 1 Revenue Bonds, Series 2007A:

       
  20     

5.250%, 12/01/19

      No Opt. Call        A        23,176   
  800     

5.250%, 12/01/21

      No Opt. Call        A        913,616   
  2,900     

Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42

      9/22 at 100.00        A        2,936,076   
  585     

Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Northwestern Corporation Colstrip Project, Series 2006, 4.650%, 8/01/23 – AMBAC Insured

      8/16 at 100.00        A1        629,156   
  235     

Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34

      10/22 at 100.00        BBB        234,539   
 

Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 2009A:

       
  555     

5.000%, 4/01/18 – BHAC Insured

      No Opt. Call        AA+        646,825   
  75     

5.000%, 4/01/19 – BHAC Insured

      No Opt. Call        AA+        88,792   
 

Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2012A:

       
  100     

5.000%, 4/01/22

      No Opt. Call        A        117,393   
  110     

5.000%, 4/01/31

      4/22 at 100.00        A        118,363   
 

Municipal Energy Agency of Nebraska, Power Supply System Revenue Bonds, Refunding Series 2013A:

       
  500     

5.000%, 4/01/18

      No Opt. Call        A        579,005   
  500     

5.000%, 4/01/19

      No Opt. Call        A        585,880   
  520     

Nebraska Public Power District, General Revenue Bonds, Series 2008B, 5.000%, 1/01/33

      1/18 at 100.00        A1        553,254   
  2,205     

Nebraska Public Power District, General Revenue Bonds, Series 2012A, 5.000%, 1/01/34

      1/22 at 100.00        A1        2,391,433   
  500     

Nebraska Utility Corporation, Facilities Revenue Refunding Bonds, Series 2010, 5.000%, 1/01/22

      1/21 at 100.00        Aa1        586,550   
 

Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A:

       
  1,010     

5.500%, 2/01/33

      2/18 at 100.00        AA        1,117,262   
  1,200     

5.500%, 2/01/35

      2/18 at 100.00        AA        1,327,440   

 

  24       Nuveen Investments


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

Utilities (continued)

       
 

Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2011A:

       
$ 200     

4.000%, 2/01/18

      No Opt. Call        AA      $ 225,212   
  50     

5.000%, 2/01/20

      No Opt. Call        AA        59,798   
  10     

Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Subordinate Lien Series 2005, 4.250%, 2/01/35 – BHAC Insured

      8/15 at 100.00        AA+        10,066   
  1,500     

Southern Nebraska Public Power District, Electric System Revenue Bonds, Series 2008, 5.250%, 12/15/28

      12/18 at 100.00        AA–        1,706,160   
  1,000     

Twin Valleys Public Power District, Nebraska, Electric System Revenue Bonds, Series 2011, 5.000%, 9/15/35

        6/16 at 100.00        N/R        1,019,040   
  14,575     

Total Utilities

                        15,869,036   
 

Water and Sewer – 4.3%

       
  1,000     

Lincoln, Nebraska, Water Revenue Bonds, Refunding Series 2013, 5.000%, 8/15/20

      No Opt. Call        Aa1        1,204,390   
  1,395     

Omaha, Nebraska, Sanitary Sewage System Revenue Bonds, Series 2011, 4.250%, 11/15/41

        11/21 at 100.00        AA        1,420,195   
  2,395     

Total Water and Sewer

                        2,624,585   
$ 55,010     

Total Long-Term Investments (cost $56,768,929)

                        58,216,030   
Shares     Description (1)                      Value  
 

SHORT-TERM INVESTMENTS – 3.3%

       
 

Money Market Funds – 3.3%

       
  1,984,314    

First American Tax Free Obligations Fund, Class Z, 0.000% (5)

                      $ 1,984,314   
 

Total Short-Term Investments (cost $1,984,314)

                        1,984,314   
 

Total Investments (cost $58,753,243) – 99.2%

                        60,200,344   
 

Other Assets Less Liabilities – 0.8%

                        485,921   
 

Net Assets – 100%

                      $ 60,686,265   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

 

Nuveen Investments     25   


Nuveen Nebraska Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

 

        Level 1        Level 2        Level 3        Total  
Long-Term Investments:                    

Municipal Bonds

     $         $ 58,216,030         $  —         $ 58,216,030   
Short-Term Investments:                    

Money Market Funds

       1,984,314                               1,984,314   
Total      $ 1,984,314         $ 58,216,030         $  —         $ 60,200,344   

Income Tax Information

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

As of February 28, 2014, the cost of investments was $58,537,074.

Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2014, were as follows:

 

Gross unrealized:           

Appreciation

     $ 2,163,269   

Depreciation

       (499,999
Net unrealized appreciation (depreciation) of investments      $ 1,663,270   

 

 

 

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

 

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.

 

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

 

  26       Nuveen Investments


Nuveen Oregon Intermediate Municipal Bond Fund

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

LONG-TERM INVESTMENTS – 99.3%

       
 

MUNICIPAL BONDS – 99.3%

       
 

Education and Civic Organizations – 8.8%

       
$ 2,350     

Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2005A, 5.000%, 5/01/22 – RAAI Insured

      5/15 at 100.00        BBB      $ 2,389,856   
  940     

Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 4.500%, 5/01/29 (WI/DD, Settling 3/20/14)

      5/22 at 100.00        BBB        939,944   
  1,140     

Oregon State Facilities Authority, Revenue Bonds, Concordia University Project, Series 2010A, 6.125%, 9/01/30

      9/20 at 100.00        BB+        1,178,566   
 

Oregon State Facilities Authority, Revenue Bonds, Lewis & Clark College Project, Refunding Series 2011A:

       
  625     

4.000%, 10/01/17

      No Opt. Call        A–        680,794   
  500     

5.250%, 10/01/24

      10/21 at 100.00        A–        566,060   
  1,000     

Oregon State Facilities Authority, Revenue Bonds, Linfield College, Refunding Series 2005A, 5.000%, 10/01/25

      10/15 at 100.00        Baa1        1,017,050   
  500     

Oregon State Facilities Authority, Revenue Bonds, Linfield College, Series 2010A, 4.750%, 10/01/28

      10/20 at 100.00        Baa1        517,275   
  1,000     

Oregon State Facilities Authority, Revenue Bonds, Reed College, Refunding Series 2011A, 5.000%, 7/01/29

      7/20 at 100.00        Aa2        1,101,020   
 

Oregon State Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2007A:

       
  250     

5.000%, 4/01/17

      No Opt. Call        BBB+        275,220   
  2,000     

4.500%, 4/01/21

      4/18 at 100.00        BBB+        2,112,720   
  210     

Oregon State Facilities Authority, Revenue Bonds, Willamette University, Refunding Series 2010A, 4.000%, 10/01/24

      4/20 at 100.00        A        220,204   
  1,085     

Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 4.300%, 10/01/21

      10/17 at 100.00        A        1,133,792   
  400     

Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Fin Authority, Higher Ed Rev and Rev Refunding Bonds, University of the Sacred Heart Project, Series 2012, 5.000%, 10/01/22

        No Opt. Call        BBB        372,664   
  12,000     

Total Education and Civic Organizations

                        12,505,165   
 

Health Care – 19.3%

       
  1,035     

Astoria Hospital Facilities Authority, Oregon, Hospital Revenue and Refunding Bonds, Columbia Memorial Hospital, Series 2012, 5.000%, 8/01/23

      8/22 at 100.00        BBB–        1,114,260   
  1,000     

Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Legacy Health System, Series 2009A, 5.000%, 7/15/21

      7/19 at 100.00        A+        1,110,260   
  250     

Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Bonds, Cascade Healthcare Community, Inc., Series 2005B, 5.000%, 1/01/16 – AMBAC Insured

      No Opt. Call        A2        264,423   
  1,500     

Deschutes County Hospital Facility Authority, Oregon, Hospital Revenue Refunding Bonds, Cascade Healthcare Community, Inc., Series 2008, 7.375%, 1/01/23

      1/19 at 100.00        A2        1,766,220   
  810     

Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Merle West Medical Center Project, Series 2006, 4.750%, 9/01/20 – AGC Insured

      9/16 at 100.00        AA–        854,510   

 

Nuveen Investments     27   


Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Health Care (continued)

       
$ 500     

Klamath Falls Intercommunity Hospital Authority, Oregon, Revenue Bonds, Sky Lakes Medical Center Project, Series 2012, 4.000%, 9/01/24

      No Opt. Call        BBB+      $ 504,305   
  1,900     

Medford Hospital Facilities Authority, Oregon, Hospital Revenue Bonds, Asante Health System, Refunding Series 2010, 5.500%, 8/15/28 – AGM Insured

      8/20 at 100.00        AA–        2,104,193   
 

Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Adventist Health System/West, Series 2009A:

       
  1,925     

5.000%, 9/01/21

      9/19 at 100.00        A        2,157,174   
  845     

4.500%, 9/01/21

      9/19 at 100.00        A        925,376   
 

Oregon Health and Science University, Revenue Bonds, Series 2012A:

       
  1,225     

5.000%, 7/01/25

      7/22 at 100.00        A+        1,392,972   
  1,195     

5.000%, 7/01/26

      7/22 at 100.00        A+        1,347,625   
  2,000     

Oregon Health and Science University, Revenue Bonds, Series 2012E, 4.000%, 7/01/29

      No Opt. Call        A+        2,037,600   
 

Oregon State Facilities Authority, Oregon, Revenue Bonds, Samaritan Health Services, Refunding Series 2010A:

       
  1,250     

5.000%, 10/01/19

      No Opt. Call        BBB+        1,439,925   
  500     

5.000%, 10/01/24

      10/20 at 100.00        BBB+        545,175   
 

Oregon State Facilities Authority, Revenue Bonds, Legacy Health System, Refunding Series 2010A:

       
  2,000     

4.250%, 3/15/17

      No Opt. Call        A+        2,185,480   
  1,020     

4.750%, 3/15/24

      3/20 at 100.00        A+        1,084,801   
  1,000     

Oregon State Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2009A, 5.000%, 11/01/20

      11/19 at 100.00        A+        1,147,800   
  690     

Oregon State Facilities Authority, Revenue Bonds, Peacehealth System, Refunding Series 2014A, 5.000%, 11/15/25 (WI/DD, Settling 3/18/14)

      5/24 at 100.00        A+        772,414   
  375     

Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2011C, 5.000%, 10/01/20

      No Opt. Call        AA        440,599   
  1,815     

Oregon State Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2013A, 5.000%, 10/01/23

      No Opt. Call        AA        2,116,399   
  450     

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2006A, 5.000%, 8/15/27

      8/16 at 100.00        A        464,054   
  1,520     

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Salem Hospital Project, Series 2008A, 5.750%, 8/15/23

        8/18 at 100.00        A        1,681,698   
  24,805     

Total Health Care

                        27,457,263   
 

Housing/Multifamily – 6.1%

       
 

Clackamas County Housing Authority, Oregon, Multifamily Housing Revenue Bonds, Easton Ridge Apartments Project, Series 2013A:

       
  265     

4.000%, 9/01/20

      No Opt. Call        Aa3        292,332   
  275     

4.000%, 9/01/21

      No Opt. Call        Aa3        297,041   
  285     

4.000%, 9/01/22

      No Opt. Call        Aa3        305,189   
  195     

4.000%, 9/01/23

      3/23 at 100.00        Aa3        206,261   
 

Oregon Housing and Community Services Department, Multifamily Housing Revenue Bonds, Refunding Series 2010A:

       
  750     

4.000%, 7/01/19 (Alternative Minimum Tax)

      No Opt. Call        Aaa        803,025   
  500     

4.250%, 7/01/21 (Alternative Minimum Tax)

      1/20 at 100.00        Aaa        526,545   

 

  28       Nuveen Investments


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

Housing/Multifamily (continued)

       
 

Oregon State Facilities Authority, Revenue Bonds, CHF Ashland Southern Oregon University Project Series 2012:

       
$ 1,185     

4.350%, 7/01/27

      7/22 at 100.00        AA–      $ 1,227,660   
  525     

4.700%, 7/01/33

      7/22 at 100.00        AA–        537,894   
  1,000     

Oregon State Facilities Authority, Revenue Refunding Bonds, College Housing Northwest Projects, Series 2013, 5.000%, 10/01/24

      10/23 at 100.00        BBB–        1,037,080   
  705     

Portland Housing Authority, Oregon, Housing Revenue Refundign Bonds, Yards at Union Station Project, Series 2007, 4.750%, 5/01/22 (Alternative Minimum Tax)

      5/17 at 100.00        Aa2        730,888   
 

Portland, Oregon, Economic Development Revenue Refunding Bonds, Broadway Project, Series 2008A:

       
  880     

5.125%, 4/01/16

      No Opt. Call        A1        961,866   
  1,455     

6.250%, 4/01/23

        4/18 at 100.00        A1        1,715,576   
  8,020     

Total Housing/Multifamily

                        8,641,357   
 

Housing/Single Family – 0.2%

       
  285     

Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds, Series 2008D, 4.750%, 7/01/22

        1/18 at 100.00        Aa2        301,690   
 

Long-Term Care – 3.9%

       
  1,000     

Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Robison Jewish Home, DBA Cedar Sinia Park, Series 2005, 5.125%, 10/01/24

      10/15 at 100.00        N/R        976,800   
 

Medford Hospital Facilities Authority, Oregon, Revenue Bonds, Rogue Valley Manor, Series 2013:

       
  250     

5.000%, 10/01/19

      No Opt. Call        A–        282,768   
  450     

5.000%, 10/01/24

      10/23 at 100.00        A–        490,973   
  1,000     

Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Terwilliger Plaza Project, Series 2009, 5.250%, 12/01/26

      12/16 at 100.00        BBB        1,026,810   
  1,660     

Multnomah County Hospital Facilities Authority, Oregon, Revenue Refunding Bond, Terwilliger Plaza, Inc., Series 2012, 5.000%, 12/01/29

      12/22 at 100.00        BBB        1,710,929   
 

Salem Hospital Facility Authority, Oregon, Revenue Bonds, Capital Manor, Inc., Refunding Series 2012:

       
  550     

5.000%, 5/15/22

      No Opt. Call        N/R        560,346   
  550     

5.750%, 5/15/27

        5/22 at 100.00        N/R        570,895   
  5,460     

Total Long-Term Care

                        5,619,521   
 

Tax Obligation/General – 26.5%

       
 

Blue Mountain Hospital District, Grant County, Oregon, General Obligation Bonds, Refunding Series 2010:

       
  605     

4.250%, 2/01/19

      No Opt. Call        Baa1        670,872   
  655     

4.500%, 2/01/20

      No Opt. Call        Baa1        732,919   
  280     

5.000%, 2/01/21

      No Opt. Call        Baa1        318,629   
 

Central Oregon Community College District, Crook, Jefferson, Deschutes, Klamath, Lake, and Wasco Counties, Oregon, General Obligation Bonds, Series 2010:

       
  1,000     

4.000%, 6/15/19

      No Opt. Call        AA+        1,147,420   
  810     

4.500%, 6/15/20

      No Opt. Call        AA+        951,872   
  1,000     

Chemeketa Community College District, Oregon, General Obligation Bonds, Series 2008, 5.500%, 6/15/24

      6/18 at 100.00        AA+        1,163,610   

 

Nuveen Investments     29   


Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Tax Obligation/General (continued)

       
 

City of The Dalles, Wasco County, Oregon, General Obligation Bonds, Series 2008:

       
$ 130     

4.000%, 6/01/17

      No Opt. Call        A+      $ 142,646   
  140     

4.000%, 6/01/18

      No Opt. Call        A+        155,935   
  75     

4.000%, 6/01/19

      6/18 at 100.00        A+        82,580   
  1,145     

Clackamas Community College District, Oregon, General Obligation Bonds, Series 2006, 5.000%, 5/01/19 – NPFG Insured

      5/16 at 100.00        AA        1,253,500   
 

Clackamas County School District 12, North Clackamas, Oregon, General Obligation Bonds, Series 2007B:

       
  685     

5.000%, 6/15/19 – AGM Insured

      6/17 at 100.00        AA+        769,741   
  3,665     

5.000%, 6/15/21 – AGM Insured

      6/17 at 100.00        AA+        4,113,995   
  3,135     

5.000%, 6/15/22 – AGM Insured

      6/17 at 100.00        AA+        3,506,592   
  1,000     

Clackamas County School District 46 Oregon Trail, Oregon, General Obligation Bonds, Series 2009A, 5.000%, 6/15/24

      6/19 at 100.00        AA+        1,134,410   
  525     

Clackamas County School District 86, Oregon, General Obligation Bonds, Refunding Series 2012A, 5.000%, 6/15/25

      6/22 at 100.00        AA+        609,110   
  1,000     

David Douglas School District 40, Multnomah County, Oregon, General Obligation Bonds, Series 2012B, 0.000%, 6/15/25

      No Opt. Call        AA+        674,230   
  3,055     

Deshutes and Jefferson Counties School District 2J Redmond, Oregon, General Obligation Bonds, Deffered Imterest Series 2008, 0.000%, 6/15/22

      No Opt. Call        Aa1        2,447,727   
  965     

Forest Grove School District 15, Washington County, Oregon, General Obligation Bonds, Series 2012, 0.000%, 6/15/25

      No Opt. Call        AA+        653,932   
  1,000     

Josephine County Unit School District Three Rivers, Oregon, General Obligation Bonds, Refunding Series 2005, 5.000%, 12/15/19 – FGIC Insured

      No Opt. Call        Aa1        1,199,030   
  810     

Keizer, Oregon, General Obligation Assessment Bonds, Keizer Station Area A Local Improvement District, Series 2008, 5.200%, 6/01/31

      6/18 at 100.00        A1        829,958   
  200     

Lake Oswego School District 7J, Clackamas County, Oregon, General Obligation Bonds, Refunding Series 2005, 5.250%, 6/01/25 – AGM Insured

      No Opt. Call        Aa1        248,508   
  100     

Marion and Linn Counties School District 29J, Salem-Kreizer, Oregon, General Obligation Bonds, Series 2013, 4.000%, 6/15/21

      No Opt. Call        Aa1        113,157   
  300     

Marion-Clackamas Counties School District 4J Silver Falls, Oregon, General Obligation Bonds, Refunding Series 2013, 5.000%, 6/15/24

      6/23 at 100.00        Aa1        353,817   
  1,635     

Metro, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/01/20

      6/17 at 100.00        AAA        1,848,204   
  1,015     

Multnomah-Clackamas Counties, Oregon, School District 10JT, General Obligation Bonds, Series 2005, 5.250%, 6/15/17 – AGM Insured

      No Opt. Call        AA+        1,171,188   
  125     

North Lincoln Fire and Rescue District 1, Oregon, General Obligation Bonds, Series 2007, 4.250%, 2/01/18 – AGM Insured

      2/17 at 100.00        AA–        136,401   
  1,500     

Oregon Department of Administrative Services, General Obligation Bonds, Oregon Opportunity, Refunding Series 2010F, 5.000%, 12/01/20

      6/20 at 100.00        AA+        1,788,450   
 

Oregon State, General Obligation Bonds, Alterrnative Energy Series 2011B:

       
  540     

5.000%, 1/01/20 (Alternative Minimum Tax)

      No Opt. Call        AA+        624,532   
  560     

5.000%, 1/01/21 (Alternative Minimum Tax)

      No Opt. Call        AA+        648,474   
  100     

5.000%, 1/01/23 (Alternative Minimum Tax)

      1/21 at 100.00        AA+        112,185   
  455     

Pacific City Joint Water-Sanitary Authority, Tilamook County, Oregon, General Obligation Bonds, Series 2007, 4.650%, 7/01/22

      7/17 at 100.00        N/R        473,792   
  340     

Redmond, Oregon, Full Faith and Credit Obligations, Refunding Series 2012A, 4.000%, 6/01/25

      6/22 at 100.00        A1        359,023   

 

  30       Nuveen Investments


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

Tax Obligation/General (continued)

       
 

Redmond, Oregon, Full Faith and Credit Obligations, Terminal Expansion Project, Series 2009:

       
$ 240     

4.000%, 6/01/21

      6/19 at 100.00        A1      $ 258,737   
  200     

4.250%, 6/01/23

      6/19 at 100.00        A1        212,022   
  500     

4.625%, 6/01/29

      6/19 at 100.00        A1        519,225   
  655     

Salem-Keizer School District 24J, Marion and Polk Counties, Oregon, General Obligation Bonds, Series 2009B, 0.000%, 6/15/22

      No Opt. Call        AA+        526,954   
  1,525     

Washington County, Oregon, General Obligation Bonds, Series 2006, 5.000%, 6/01/22

      6/16 at 102.00        Aa1        1,704,416   
  1,200     

Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2012, 4.000%, 6/15/23

      No Opt. Call        Aa1        1,319,976   
 

Yamhill County School District 29J Newberg, Oregon, General Obligation Bonds, Refunding Series 2005:

       
  1,260     

5.250%, 6/15/15 – FGIC Insured

      No Opt. Call        Aa1        1,341,812   
  1,300     

5.250%, 6/15/16 – FGIC Insured

        No Opt. Call        Aa1        1,445,535   
  35,430     

Total Tax Obligation/General

                        37,765,116   
 

Tax Obligation/Limited – 16.0%

       
 

Local Oregon Capital Assets Program, Certificates of Participation, City of Cottage Grove, Oregon, Series 2013A:

       
  975     

4.000%, 9/15/19

      No Opt. Call        Baa2        1,049,617   
  1,105     

4.250%, 9/15/23

      9/21 at 100.00        Baa2        1,130,802   
  1,500     

Oregon Department of Administrative Services, Certificates of Participation, Series 2009A, 4.700%, 5/01/25

      5/19 at 100.00        AA        1,622,730   
  1,055     

Oregon Department of Administrative Services, Certificates of Participation, Series 2009C, 5.000%, 11/01/25

      11/19 at 100.00        AA        1,166,229   
  1,055     

Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Series 2009A, 5.000%, 11/15/21

      5/19 at 100.00        AAA        1,221,289   
  1,000     

Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012B, 5.000%, 6/15/23

      6/22 at 100.00        A1        1,134,940   
  2,030     

Portland, Oregon, South Park Blocks Urban Renewal and Redevelopment Bonds, Series 2008B, 5.000%, 6/15/21

      6/18 at 101.00        Aa3        2,316,656   
  2,655     

Portland, Oregon, Urban Renewal and Redevelopment Revenue Bonds, North Macadam Series 2010B, 5.000%, 6/15/24

      6/20 at 100.00        A1        2,916,730   
 

Tri-County Metropolitan Transportation District, Oregon, Capital Grant Receipt Revenue Bonds, Series 2011A:

       
  1,000     

5.000%, 10/01/25

      10/21 at 100.00        A        1,126,000   
  1,715     

5.000%, 10/01/26

      10/21 at 100.00        A        1,918,176   
  2,305     

Tri-County Metropolitan Transportation District, Oregon, Revenue Bonds, Senior Lien Payroll Tax Series 2012A, 5.000%, 9/01/24

      9/22 at 100.00        AAA        2,711,625   
  3,085     

Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22

      No Opt. Call        BBB+        3,246,747   
 

Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A:

       
  1,015     

5.000%, 10/01/20

      No Opt. Call        BBB        1,149,995   
  30     

5.000%, 10/01/29

        10/20 at 100.00        BBB        30,786   
  20,525     

Total Tax Obligation/Limited

                        22,742,322   

 

Nuveen Investments     31   


Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

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

Transportation – 3.1%

       
$ 1,005     

Port of Portland, Oregon, International Airport Revenue Bonds, Series 2010-20C, 5.000%, 7/01/17 (Alternative Minimum Tax)

      No Opt. Call        AA–      $ 1,143,720   
  350     

Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011-21, 5.000%, 7/01/17 (Alternative Minimum Tax)

      No Opt. Call        AA–        407,145   
  1,030     

Port of Portland, Oregon, International Airport Revenue Bonds, Series 2011, 5.000%, 7/01/23 (Alternative Minimum Tax)

      7/21 at 100.00        AA–        1,163,014   
  1,500     

Port of Portland, Oregon, Portland International Airport Passenger Facility Charge Revenue Bonds, Series 2011A, 5.000%, 7/01/26

        7/21 at 100.00        A        1,641,465   
  3,885     

Total Transportation

                        4,355,344   
 

U.S. Guaranteed – 7.7% (4)

       
  1,975     

Clackamas County School District 115, Oregon, General Obligation Bond, Series 2006B, 4.500%, 6/15/21 (Pre-refunded 6/15/16) – NPFG Insured

      6/16 at 100.00        AA+ (4)        2,161,894   
  1,305     

Clackamas County School District 86, Oregon, General Obligation Bonds, Series 2005, 5.000%, 6/15/21 (Pre-refunded 6/15/15) – AGM Insured

      6/15 at 100.00        AA+ (4)        1,386,615   
  250     

Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Series 2009, 5.750%, 5/01/24 (Pre-refunded 5/01/14)

      5/14 at 100.00        BBB (4)        252,450   
  1,305     

Marion-Clackamas Counties School District 4J, Oregon, General Obligation Bonds, Series 2007, 4.500%, 6/15/22 (Pre-refunded 6/15/16) – NPFG Insured

      6/16 at 100.00        Aa1 (4)        1,430,071   
  1,060     

Oregon Department of Administrative Services, Certificates of Participation, Series 2006A, 5.000%, 11/01/18 (Pre-refunded 11/01/16) – NPFG Insured

      11/16 at 100.00        AA (4)        1,190,550   
  500     

Portland, Oregon, Water System Revenue Bonds, Second Lien Series 2006A, 4.375%, 10/01/24 (Pre-refunded 10/01/16) – NPFG Insured

      10/16 at 100.00        Aa1 (4)        551,460   
  2,490     

Washington Multnomah & Yamhill Counties School District 1J Hillsboro, Oregon, General Obligation Bonds, Series 2006, 5.000%, 6/15/19 (Pre-refunded 6/15/17) – NPFG Insured

      6/17 at 100.00        Aa2 (4)        2,858,869   
  1,040     

Yamhill County School District 40, McMinnville, Oregon, General Obligation Bonds, Series 2007, 5.000%, 6/15/23 (Pre-refunded 6/15/17) – AGM Insured

        6/17 at 100.00        Aa1 (4)        1,193,327   
  9,925     

Total U.S. Guaranteed

                        11,025,236   
 

Utilities – 0.6%

       
  500     

Emerald Peoples Utility District, Oregon, Electric System Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/22 – AGM Insured

      No Opt. Call        A1        588,380   
  175     

Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/21 – AGM Insured

        No Opt. Call        AA–        201,355   
  675     

Total Utilities

                        789,735   
 

Water and Sewer – 7.1%

       
  1,295     

Albany, in the Counties of Linn and Benton, Oregon, General Obligation and Water Revenue Bonds, Series 2013, 5.000%, 8/01/25

      8/23 at 100.00        A1        1,496,657   
  820     

Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2006, 5.000%, 11/01/21 – FGIC Insured

      11/16 at 100.00        AA        914,038   
  1,500     

Lane County Metropolitan Wastewater Management Commission, Oregon, Wastewater Revenue Bonds, Series 2008, 5.000%, 11/01/22

      11/18 at 100.00        AA        1,732,230   
  1,000     

Portland, Oregon, Sewer System Revenue Bonds, Refunding First Lien Series 2008A, 4.750%, 6/15/24

      6/18 at 100.00        AA        1,122,810   
  1,175     

Portland, Oregon, Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/23 – NPFG Insured

      6/16 at 100.00        AA–        1,291,924   

 

  32       Nuveen Investments


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

Water and Sewer (continued)

       
 

Redmond, Oregon, Water Revenue Bonds, Series 2010:

       
$ 450     

4.500%, 6/01/25

      6/20 at 100.00        A1      $ 488,061   
  5     

4.500%, 6/01/30

      6/20 at 100.00        A1        5,312   
  325     

The Dalles, Oregon, Water Revenue Bonds, Series 200, 4.250%, 6/01/20 – AMBAC Insured

      6/17 at 100.00        N/R        341,458   
  1,435     

Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/26

      8/22 at 100.00        AA–        1,642,932   
  900     

Woodburn, Marion County, Oregon, Wastewater Revenue Bonds, Refunding Series 2011A, 5.000%, 3/01/20

        No Opt. Call        A2        1,045,899   
  8,905     

Total Water and Sewer

                        10,081,321   
$ 129,915     

Total Long-Term Investments (cost $133,532,628)

                        141,284,070   
Shares     Description (1)                      Value  
 

SHORT-TERM INVESTMENTS – 0.7%

       
 

Money Market Funds – 0.7%

       
  761,506    

First American Tax Free Obligations Fund, Class Z, 0.000% (5)

  

          $ 964,602   
 

Total Short-Term Investments (cost $964,602)

                        964,602   
 

Total Investments (cost $134,497,230) – 100.0%

                        142,248,672   
 

Other Assets Less Liabilities – 0.0%

                        53,792   
 

Net Assets – 100%

                      $ 142,302,464   

Fair Value Measurements

Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

 

Level 1 –   Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 –   Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 –   Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:

 

        Level 1        Level 2        Level 3        Total  
Long-Term Investments:                    

Municipal Bonds

     $         $ 141,284,070         $  —         $ 141,284,070   
Short-Term Investments:                    

Money Market Funds

       964,602                               964,602   
Total      $ 964,602         $ 141,284,070         $  —         $ 142,248,672   

 

Nuveen Investments     33   


Nuveen Oregon Intermediate Municipal Bond Fund (continued)

Portfolio of Investments February 28, 2014 (Unaudited)

 

Income Tax Information

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

As of February 28, 2014, the cost of investments was $134,370,611.

Gross unrealized appreciation and gross unrealized depreciation of investments as of February 28, 2014, were as follows:

 

Gross unrealized:           

Appreciation

     $ 8,469,920   

Depreciation

       (591,859
Net unrealized appreciation (depreciation) of investments      $ 7,878,061   

 

 

 

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

 

(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.

 

(5) The rate shown is the annualized seven-day effective yield as of the end of the reporting period.

 

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

 

  34       Nuveen Investments


Item 2. Controls and Procedures.

 

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

 

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

Item 3. Exhibits.

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


SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

 

 

 

By (Signature and Title)

   /s/ Kevin J. McCarthy
   Kevin J. McCarthy
   Vice President and Secretary

Date: April 29, 2014

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

 

 

By (Signature and Title)

   /s/ Gifford R. Zimmerman
   Gifford R. Zimmerman
  

Chief Administrative Officer

(principal executive officer)

Date: April 29, 2014

 

 

By (Signature and Title)

   /s/ Stephen D. Foy
   Stephen D. Foy
  

Vice President and Controller

(principal financial officer)

Date: April 29, 2014


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-Q’ Filing    Date    Other Filings
Filed on / Effective on:4/29/14
For Period End:2/28/14485BPOS,  497J,  497K
 List all Filings
Top
Filing Submission 0001193125-14-165990   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
AboutPrivacyRedactionsHelp — Sun., Apr. 28, 8:37:47.3am ET