N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07755

Nuveen Multistate Trust II

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kevin J. McCarthy

Nuveen Investments

333 West Wacker Drive Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: February 28

Date of reporting period: August 31, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

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

Item 1. Reports to Stockholders.

Mutual Funds

Nuveen Municipal Bond Funds

Dependable, tax-free income because it’s not what you earn, it’s what you keep.^®

Semi-Annual Report

August 31, 2012

	Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class I
Nuveen Connecticut Municipal Bond Fund	FCTTX	FCTBX	FCTCX	FCTRX
Nuveen Massachusetts Municipal Bond Fund	NMAAX	NMABX	NMACX	NBMAX
Nuveen New Jersey Municipal Bond Fund	NNJAX	NNJBX	NNJCX	NMNJX
Nuveen New York Municipal Bond Fund	NNYAX	NNYBX	NNYCX	NTNYX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance and Expense Ratios	11
Yields	16
Holding Summaries	17
Expense Examples	18
Portfolios of Investments	20
Statement of Assets and Liabilities	57
Statement of Operations	58
Statement of Changes in Net Assets	59
Financial Highlights	62
Notes to Financial Statements	70
Annual Investment Management Agreement Approval Process	81
Glossary of Terms Used in this Report	86
Additional Fund Information	87

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates and announced on September 13, 2012 (after the close of this reporting period) another program of quantitative easing (QE3) to continue until mid-2015. Pre-election maneuvering has added to the already highly partisan atmosphere in Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board

October 22, 2012

4 Nuveen Investments

Portfolio Managers’ Comments

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Portfolio managers Michael Hamilton, Paul Brennan and Scott Romans examine key investment strategies and the Funds’ performance during the six months ending August 31, 2012. Michael manages both the Nuveen Connecticut Municipal Bond Fund and the Nuveen Massachusetts Municipal Bond Fund, Paul manages the Nuveen New Jersey Municipal Bond Fund and Scott manages the Nuveen New York Municipal Bond Fund. They have managed their respective Funds since 2011.

How did the Funds perform during the six-month period ending August 31, 2012?

The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the six-month, one-year, five-year and ten-year periods ending August 31, 2012. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of the S&P Municipal Bond Index and their corresponding Lipper averages.

During the six-month period, the Massachusetts and New Jersey Funds surpassed the S&P Index, while the Connecticut and New York Funds lagged that performance benchmark. Connecticut, Massachusetts and New Jersey Funds exceeded the results of their respective Lipper average, with only the New York Fund falling short of this measure.

Nuveen Connecticut Municipal Bond Fund

The Connecticut Fund trailed the S&P Municipal Bond Index by a modest degree. The primary factor behind this relative underperformance was negative sector and security selection. In states such as Connecticut, with its relatively high state income tax, the demand for tax-exempt securities can often outstrip the supply of bonds meeting our management objectives. During the past six months, we took advantage of what we saw as the best opportunities among Connecticut bonds, but they were not necessarily the most attractive securities compared to bonds available from other states. Given that the S&P Index consists of bonds from around the country, our emphasis on the Connecticut municipal market put the Fund at a comparative disadvantage.

Our credit rating positioning was especially helpful to the Fund’s performance. Relative to the S&P Index, the Fund was underweight in AAA-rated and AA-rated bonds, while maintaining overweightings in securities with weaker credit ratings of BBB-rated and BB-rated, as well as in non-rated bonds. This strategy proved advantageous in an environment in which investors were more willing to take on greater credit risk in exchange for higher levels of income.

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Another positive impact on performance was the Fund’s duration stance, meaning its sensitivity to interest rate movements. The Fund had less exposure than the Index in short duration bonds, especially those with durations of six years and shorter, which was favorable as these securities did not benefit significantly from falling interest rates. Simultaneously, the Fund was overweight in bonds on the longer end of the yield curve, which gained the most as rates declined. Of final note, the Fund was supported by a modest degree of leverage in a small tender option bond trust position, which remained in the portfolio to provide additional income.

Nuveen Massachusetts Municipal Bond Fund

The Massachusetts Fund enjoyed strong results relative to the S&P Municipal Bond Index, with the largest source of outperformance coming from favorable interest rate positioning. Specifically, a constructive overweighting in longer dated issues, especially bonds with durations of 10 to 14 years, heightened the Fund’s sensitivity to the effects of falling interest rates and gave a significant boost to results. Additionally, the Fund was underweighted in bonds with durations of eight years and shorter, which underperformed longer bonds in this rate environment.

The Fund’s credit rating allocation provided a meaningful measure of positive performance. Compared with the Index, the Fund’s elevated exposure to bonds with credit ratings of A and below helped lift returns, as lower rated bonds benefited disproportionately from investors’ willingness to accept more credit risk in exchange for increased income in a low interest rate environment. The Fund’s corresponding underweighting in AAA-rated and AA-rated debt, the two top rating categories, also contributed to performance relative to the Index.

The Fund’s sector allocation proved favorable with overweighting in health care, higher education, utility and corporate backed industrial development revenue bonds, four categories which provided solid results during the six-month period. A small leveraged position in an inverse floating rate security also added value. While very little detracted in an otherwise excellent period of performance, the Fund’s exposure to Puerto Rico general obligation debt, hindered results, as did an underweight in tobacco and transportation bonds.

Nuveen New Jersey Municipal Bond Fund

A favorable interest rate backdrop contributed to the positive performance of the New Jersey Fund relative to the S&P Municipal Bond Index. Rates continued to decline from already low levels, providing a very supportive environment for municipal securities in general and even more so for this Fund, given that the portfolio’s duration was longer than the index, meaning that it was more sensitive to the beneficial effects of falling rates. Although the Fund’s duration did shorten modestly over the past six months, it was longer than the overall municipal bond market at period end, which proved helpful. More specifically, the Fund had solid exposure to intermediate and longer maturity bonds. This situation was advantageous because this was where the best performance on the yield curve could be found in the municipal bond market over the past six months, as investors were willing to take on more interest rate risk through longer dated securities in exchange for a higher level of income in a low interest rate environment.

6 Nuveen Investments

Another important factor leading the Fund’s relative outperformance was its credit quality allocation. A combination of improving credit quality from many municipal borrowers, especially at the state level, and investors’ desire to stretch for yield lifted the performance of many bonds with lower credit ratings and higher coupons. The Fund maintained meaningful overweightings in bonds with ratings of A and below, especially in the BBB and A credit quality segments, and this positioning was very effective in driving the Fund’s results. The portfolio also had significant exposure to high quality debt, especially AA-rated bonds.

Solid sector and security selection also added value to the overall Fund performance. The Fund was helped by an overweighting among health care bonds, where many of the credits were A-rated and lower, thereby getting a boost from investors’ preference for lower rated securities. The Fund’s tobacco holdings also continued to do relatively well.

Nuveen New York Municipal Bond Fund

The New York Fund, which modestly trailed the S&P Municipal Bond Index during the six-month reporting period, was helped by the Fund’s slightly longer than average duration, which suggested that the Fund was a bit more sensitive to the beneficial effects of falling interest rates. Offsetting those favorable results, however, was the portfolio’s positioning along the yield curve. Specifically, the Fund was slightly overweight in the 0–2-year duration category, which did not perform as well as the overall market because interest rates on the short end of the yield curve were already extremely low. At the same time, the Fund was slightly underweight in the best performing segment of the yield curve, namely, bonds with durations of 14 years and longer, and this further limited the Fund’s performance.

The most significant factor supporting the Fund’s results was our credit quality allocation, primarily an overweighting in BBB-rated bonds and, to a lesser extent, BB-rated issues. Lower rated bonds outperformed their higher quality counterparts, as investors were willing to own riskier securities in exchange for the prospect of obtaining a higher level of income. The Fund also benefited from a corresponding underweight in AAA-rated and AA-rated securities, as these high quality bonds did not enjoy strong demand during the six-month period.

In contrast, the Fund’s sector allocation had a small negative impact on relative performance. Most notably, we were underweight in corporate backed industrial development revenue bonds and would have liked greater exposure to this favorable category. Similarly, an underweight in water/sewer bonds, another outperforming class, had a drag on relative performance. The Fund was slightly overweight in pre-refunded and escrowed bonds which also hampered results, as these securities tended to lag because of their very high credit quality and very short maturities. Some of our sector allocations worked out well, however, including the Fund’s exposure to dedicated tax and tobacco bonds, both of which added value compared with the S&P Index.

Nuveen Investments 7

What strategies were used to manage the Funds during the six-month reporting period ended August 31, 2012?

All four Funds invest primarily in investment-grade municipal bonds and are designed to provide as high a level of current income exempt from regular federal, state and, in some cases, local income taxes as is consistent with preservation of capital.

Nuveen Connecticut Municipal Bond Fund

When making new purchases for the Connecticut portfolio, we used the proceeds of new investment inflows and called bonds. Although the supply of new Connecticut bonds during the six-month reporting period was up compared to the same six months in 2011, in practice the availability of new Connecticut tax-exempt debt was significantly lower, because a large proportion of the new supply came from issuers refinancing their outstanding debt to take advantage of attractive interest rates. The resulting modest supply available for purchase, coupled with strong demand for tax-exempt bonds within Connecticut, sometimes made it challenging to find the right investment opportunities and then purchase as much as we wished. Our approach in such an environment was to be aware of as many individual issuers and bonds as possible so that we could maximize our ability to submit accurate bids for those suitable securities as they came available.

We actively managed the Connecticut portfolio. We looked to add longer dated bonds with credit ratings of A or lower, as we believed that lower investment-grade bonds in Connecticut continued to provide good income and attractive value relative to their higher grade counterparts. During the period, for example, we added two relatively large A-rated hospital deals to the portfolio, bonds issued for Stamford Hospitals and Hartford Health Care. Other purchases included charter school and utility securities, as well as U.S. territorial bonds, which are generally fully tax-exempt for residents of all 50 states.

Nuveen Massachusetts Municipal Bond Fund

For the Massachusetts Fund, we faced a relatively limited supply of those types of bonds we wanted to purchase, coupled with strong demand for tax-exempt securities. In this challenging management environment, we sought to add suitable longer dated, lower rated bonds to the portfolio whenever attractive opportunities were available in the primary municipal bond market.

Our purchases during the period covered several sectors and included Puerto Rico sales tax bonds (which are generally fully tax exempt for Massachusetts residents), as well as health care and higher education issues. The proceeds for our purchases were supplied by called bonds and new investments into the Fund.

Another source of investable cash during the period came from the financial restructuring of North Berkshire Community Hospital bonds, a bankrupt hospital bond issuer that we discussed in our report to shareholders six months ago. As part of the terms of the arrangement, the transaction provided restructured bonds in the portfolio as well as cash that we put to work in other opportunities during the period.

8 Nuveen Investments

Nuveen New Jersey Municipal Bond Fund

As we mentioned earlier, market conditions favored lower rated and longer dated bonds during the six-month reporting period. In such an environment, with riskier bonds displaying outperformance, we continued to find value from our disciplined approach to selecting investments. Careful research and security selection remains essential to identify bonds that have the potential to perform well without exposing shareholders to undue investment risk. Accordingly, during the past six months we tried to take advantage of timely investment opportunities in the market without increasing the risk characteristics of the portfolio.

Therefore, we did not make substantial changes to the composition of the portfolio on a duration, sector or credit quality basis. The Fund’s allocation to A-rated and AA-rated bonds increased modestly, as we favored these types of securities more than their lower grade counterparts. Because strong investor demand for lower rated bonds pushed up prices, we generally found that securities with higher credit quality were offering a better value and, therefore, a better risk/reward tradeoff.

On a sector basis, we added a handful of hospital bonds, many of which replaced hospital credits in the portfolio that matured or were called during the period. We also replaced some of our higher education debt that had been called out of the portfolio with new bonds in the same category, and we bought a variety of securities from the tax-backed group. In general, however, our purchases included multiple sectors, as we sought to invest the proceeds of bond calls and new shareholder investments into the Fund. New purchases tended to be longer in duration, with an emphasis on maturities of 10 years and longer, as we saw better compensation available further out on the yield curve, and because we wished to preserve the Fund’s existing interest rate exposure.

Nuveen New York Municipal Bond Fund

Management changes were relatively limited in the New York portfolio throughout the six-month reporting period. In general, our management approach typically focuses on bonds at the lower end of the investment-grade spectrum, because we believe the capabilities and resources of Nuveen’s municipal credit research team allow us to identify lower rated securities with excellent potential for long-term value. During the past six months, however, most of our purchases were focused on higher grade debt. While new bond issuance was robust within the state, much of it was higher quality bonds rated AAA and AA, and they often consisted of refinancings of existing debt. This situation we believed, in conjunction with the strong demand for lower rated bonds, often left higher rated issues as the better value opportunity. There was significantly less issuance of the lower rated securities we typically favor, and those lower quality bonds that did come to market often appeared to provide less compelling value than their higher rated counterparts.

New purchases tended to focus on general obligation and dedicated tax bonds. These purchases included New York City general obligation debt, which we believed was offering good value compared to other areas of the market, in part because of the market’s general concerns about the financial health of municipalities (concerns we did not see with respect to New York City). To a lesser extent, we added health care,

Nuveen Investments 9

transportation and water/sewer bonds. Our purchases generally reflected which sectors were available when we had cash to invest and where new issues could be found at lower than normal prices. The vast majority of our new additions during the period were funded by applying the proceeds of bond calls. Consequently, we engaged in very few bond sales during the period, as we typically found the securities we already owned were more attractive than many of the newer opportunities available in the marketplace.

Risk Considerations

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. Each Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that a Fund could lose more than its original investment and also increases a Fund’s exposure to volatility and interest rate risk.

Dividend Information

All share classes of the Connecticut Fund and New Jersey Fund experienced one monthly dividend cut. All share classes of the New York Fund experienced two monthly dividend reductions. In the Massachusetts Fund, the Class B Shares experienced two monthly dividend reduction, while Share Classes A, C and I experienced one monthly dividend reduction. Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of August 31, 2012, all four Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

10 Nuveen Investments

Fund Performance and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following four pages.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

Nuveen Investments 11

Fund Performance and Expense Ratios (continued)

Nuveen Connecticut Municipal Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of August 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.96%		9.03%		5.74%		4.83%
Class A Shares at maximum Offering Price		-1.35%		4.49%		4.84%		4.39%
S&P Municipal Bond Index**		3.24%		9.35%		6.00%		5.28%
Lipper Connecticut Municipal Debt Funds Classification Average**		2.69%		9.23%		5.26%		4.30%
Class B Shares w/o CDSC		2.60%		8.26%		4.97%		4.20%
Class B Shares w/CDSC		-2.40%		4.26%		4.80%		4.20%
Class C Shares		2.69%		8.46%		5.18%		4.26%
Class I Shares		3.06%		9.23%		5.96%		5.04%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.88%		8.17%		5.49%		4.61%
Class A Shares at maximum Offering Price		-0.50%		3.62%		4.58%		4.16%
Class B Shares w/o CDSC		3.52%		7.41%		4.72%		3.99%
Class B Shares w/CDSC		-1.48%		3.41%		4.55%		3.99%
Class C Shares		3.60%		7.61%		4.93%		4.05%
Class I Shares		3.98%		8.38%		5.71%		4.82%

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		0.81%
Class B Shares		1.56%
Class C Shares		1.36%
Class I Shares		0.61%

* Six-month returns are cumulative; all other returns are annualized.

** Refer to the Glossary of Terms Used in the Report for definitions. Indexes and Lipper averages are not available for direct investment.

12 Nuveen Investments

Nuveen Massachusetts Municipal Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of August 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		3.94%		10.81%		5.98%		4.97%
Class A Shares at maximum Offering Price		-0.44%		6.14%		5.07%		4.53%
S&P Municipal Bond Index**		3.24%		9.35%		6.00%		5.28%
Lipper Massachusetts Municipal Debt Funds Classification Average**		3.08%		10.54%		5.26%		4.50%
Class B Shares w/o CDSC		3.47%		9.90%		5.20%		4.35%
Class B Shares w/CDSC		-1.53%		5.90%		5.03%		4.35%
Class C Shares		3.57%		10.16%		5.41%		4.41%
Class I Shares		4.04%		10.91%		6.20%		5.19%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.04%		9.92%		5.78%		4.79%
Class A Shares at maximum Offering Price		0.67%		5.34%		4.88%		4.34%
Class B Shares w/o CDSC		4.66%		9.13%		4.98%		4.16%
Class B Shares w/CDSC		-0.34%		5.13%		4.81%		4.16%
Class C Shares		4.78%		9.27%		5.18%		4.21%
Class I Shares		5.24%		10.24%		5.99%		5.00%

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios		Net Expense Ratios
Class A Shares		0.94%		0.92%
Class B Shares		1.66%		1.66%
Class C Shares		1.48%		1.47%
Class I Shares		0.73%		0.72%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.75% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified only with the approval of shareholders of the Fund.

* Six-month returns are cumulative; all other returns are annualized.

** Refer to the Glossary of Terms Used in the Report for definitions. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments 13

Fund Performance and Expense Ratios (continued)

Nuveen New Jersey Municipal Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of August 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.30%		12.19%		6.32%		5.09%
Class A Shares at maximum Offering Price		-0.04%		7.47%		5.41%		4.64%
S&P Municipal Bond Index**		3.24%		9.35%		6.00%		5.28%
Lipper New Jersey Municipal Debt Funds Classification Average**		3.57%		11.13%		5.38%		4.59%
Class B Shares w/o CDSC		3.92%		11.37%		5.53%		4.45%
Class B Shares w/CDSC		-1.08%		7.37%		5.37%		4.45%
Class C Shares		3.95%		11.64%		5.73%		4.52%
Class I Shares		4.40%		12.49%		6.53%		5.30%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		5.30%		11.20%		6.15%		4.93%
Class A Shares at maximum Offering Price		0.89%		6.58%		5.23%		4.48%
Class B Shares w/o CDSC		4.82%		10.39%		5.34%		4.31%
Class B Shares w/CDSC		-0.18%		6.39%		5.18%		4.31%
Class C Shares		4.95%		10.65%		5.57%		4.36%
Class I Shares		5.30%		11.40%		6.34%		5.13%

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		0.82%
Class B Shares		1.57%
Class C Shares		1.37%
Class I Shares		0.62%

* Six-month returns are cumulative; all other returns are annualized.

** Refer to the Glossary of Terms Used in the Report for definitions. Indexes and Lipper averages are not available for direct investment.

14 Nuveen Investments

Nuveen New York Municipal Bond Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of August 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		2.94%		8.90%		5.92%		5.04%
Class A Shares at maximum Offering Price		-1.39%		4.36%		5.02%		4.59%
S&P Municipal Bond Index**		3.24%		9.35%		6.00%		5.28%
Lipper New York Municipal Debt Funds Classification Average**		3.40%		10.06%		5.26%		4.45%
Class B Shares w/o CDSC		2.58%		8.14%		5.14%		4.40%
Class B Shares w/CDSC		-2.42%		4.14%		4.97%		4.40%
Class C Shares		2.66%		8.31%		5.34%		4.47%
Class I Shares		3.04%		9.11%		6.15%		5.25%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.10%		8.21%		5.77%		4.86%
Class A Shares at maximum Offering Price		-0.31%		3.65%		4.86%		4.42%
Class B Shares w/o CDSC		3.74%		7.36%		4.96%		4.25%
Class B Shares w/CDSC		-1.26%		3.36%		4.80%		4.25%
Class C Shares		3.83%		7.54%		5.16%		4.28%
Class I Shares		4.21%		8.34%		5.97%		5.07%

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		0.84%
Class B Shares		1.59%
Class C Shares		1.39%
Class I Shares		0.64%

* Six-month returns are cumulative; all other returns are annualized.

** Refer to the Glossary of Terms Used in the Report for definitions. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments 15

Yields as of August 31, 2012

Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.

The SEC 30-Day Yield is a standardized measure of a Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.

Nuveen Connecticut Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares5		3.42%		2.02%		2.98%
Class B Shares		2.87%		1.37%		2.02%
Class C Shares		3.03%		1.57%		2.32%
Class I Shares		3.77%		2.31%		3.41%

Nuveen Massachusetts Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield2
Class A Shares5		3.42%		2.02%		2.96%
Class B Shares		2.82%		1.36%		1.99%
Class C Shares		3.02%		1.57%		2.30%
Class I Shares		3.75%		2.31%		3.39%

Nuveen New Jersey Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield3
Class A Shares5		3.58%		2.36%		3.50%
Class B Shares		3.01%		1.71%		2.54%
Class C Shares		3.23%		1.91%		2.83%
Class I Shares		3.93%		2.66%		3.95%

Nuveen New York Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield4
Class A Shares5		3.31%		1.68%		2.50%
Class B Shares		2.71%		1.01%		1.50%
Class C Shares		2.92%		1.21%		1.80%
Class I Shares		3.66%		1.95%		2.90%

1 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.3%

2 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 31.8%.

3 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.6%

4 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.8%

5 The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table.

16 Nuveen Investments

Holding Summaries as of August 31, 2012

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.

Nuveen Connecticut Municipal Bond Fund

Bond Credit Quality¹

Nuveen Massachusetts Municipal Bond Fund

Bond Credit Quality¹

Nuveen New Jersey Municipal Bond Fund

Bond Credit Quality¹

Nuveen New York Municipal Bond Fund

Bond Credit Quality¹

Portfolio Composition1
Education and Civic Organizations	19.4%
Tax Obligation/General	18.2%
Health Care	16.4%
Tax Obligation/Limited	12.1%
Utilities	9.9%
Water and Sewer	9.0%
U.S. Guaranteed	6.7%
Other	8.3%

Portfolio Composition1
Education and Civic Organizations	26.3%
Health Care	16.4%
Tax Obligation/Limited	13.0%
Water and Sewer	8.9%
Tax Obligation/General	8.6%
Transportation	7.8%
Housing/Multifamily	4.7%
Other	14.3%

Portfolio Composition1
Tax Obligation/Limited	25.0%
Health Care	18.5%
Transportation	14.1%
Education and Civic Organizations	11.1%
Tax Obligation/General	7.8%
U.S. Guaranteed	7.1%
Consumer Staples	3.8%
Other	12.6%

Portfolio Composition1
Tax Obligation/Limited	29.3%
Transportation	12.7%
Health Care	11.0%
Education and Civic Organizations	9.9%
Utilities	8.4%
Water and Sewer	7.1%
Tax Obligation/General	6.8%
U.S. Guaranteed	5.9%
Other	8.9%

1 As a percentage of total investments as of August 31, 2012. Holdings are subject to change.

Nuveen Investments 17

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held for the period.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen Connecticut Municipal Bond Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (3/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/12)	$	1,029.60	$	1,026.00	$	1,026.90	$	1,030.60	$	1,021.12	$	1,017.34	$	1,018.35	$	1,022.13
Expenses Incurred During Period	$	4.14	$	7.97	$	6.95	$	3.12	$	4.13	$	7.93	$	6.92	$	3.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .81%, 1.56%, 1.36% and .61% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Massachusetts Municipal Bond Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (3/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/12)	$	1,039.40	$	1,034.70	$	1,035.70	$	1,040.40	$	1,021.02	$	1,017.29	$	1,018.25	$	1,022.03
Expense Incurred During Period	$	4.27	$	8.05	$	7.08	$	3.24	$	4.23	$	7.98	$	7.02	$	3.21

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .83%, 1.57%, 1.38% and .63% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

18 Nuveen Investments

Nuveen New Jersey Municipal Bond Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (3/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/12)	$	1,043.00	$	1,039.20	$	1,039.50	$	1,044.00	$	1,021.02	$	1,017.24	$	1,018.25	$	1,022.03
Expenses Incurred During Period	$	4.27	$	8.12	$	7.09	$	3.25	$	4.23	$	8.03	$	7.02	$	3.21

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .83%, 1.58%, 1.38% and .63% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen New York Municipal Bond Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (3/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/12)	$	1,029.40	$	1,025.80	$	1,026.60	$	1,030.40	$	1,021.17	$	1,017.39	$	1,018.40	$	1,022.18
Expenses Incurred During Period	$	4.09	$	7.91	$	6.90	$	3.07	$	4.08	$	7.88	$	6.87	$	3.06

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .80%, 1.55%, 1.35% and .60% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen Connecticut Municipal Bond Fund

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Staples – 1.9%
$	3,760	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		11/12 at 100.00		BBB+	$	3,759,925
	3,000	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		BBB		3,534,090
	6,760	Total Consumer Staples						7,294,015
		Education and Civic Organizations – 19.4%
	210	Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/20		4/17 at 100.00		BBB–		215,170
	1,185	Connecticut Health and Education Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41		7/21 at 100.00		A2		1,333,872
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Brunswick School, Series 2012C:
	1,000	5.000%, 7/01/31		7/22 at 100.00		A+		1,168,720
	500	5.000%, 7/01/32		7/22 at 100.00		A+		581,120
	1,490	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, Series 1998A, 5.000%, 7/01/18 – RAAI Insured		1/13 at 100.00		N/R		1,492,503
	1,435	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Canterbury School, Series 2006B, 5.000%, 7/01/36 – RAAI Insured		7/16 at 100.00		N/R		1,461,935
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Chase Collegiate School, Series 2007A:
	960	5.000%, 7/01/27 – RAAI Insured		7/17 at 100.00		N/R		997,478
	400	5.000%, 7/01/32 – RAAI Insured		7/17 at 100.00		N/R		411,200
	2,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College, Series 2007G, 4.500%, 7/01/37 – NPFG Insured		7/17 at 100.00		A2		2,082,260
	3,205	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2010-O, 5.000%, 7/01/35		7/20 at 100.00		A–		3,542,134
	650	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Kent School, Series 2004D, 5.000%, 7/01/16 – NPFG Insured		1/15 at 100.00		Baa2		700,791
	4,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2006H, 5.000%, 7/01/36 – AMBAC Insured		7/16 at 100.00		A–		4,230,240
	4,450	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-I, 5.000%, 7/01/25 – NPFG Insured		7/17 at 100.00		A–		4,880,048
	4,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2007-K2, 5.000%, 7/01/31 – NPFG Insured		7/18 at 100.00		A–		4,403,680
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G:
	1,000	5.125%, 7/01/26		7/21 at 100.00		BBB		1,107,290
	2,500	5.625%, 7/01/41		7/21 at 100.00		BBB		2,804,600
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2012H:
	1,255	5.000%, 7/01/26 – AGM Insured		7/22 at 100.00		AA–		1,430,035
	1,750	5.000%, 7/01/27 – AGM Insured		7/22 at 100.00		AA–		1,984,640
	650	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2004H, 5.000%, 7/01/17 – NPFG Insured		7/14 at 100.00		A+		700,135
	2,010	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2007J, 4.500%, 7/01/37 – NPFG Insured		7/17 at 100.00		A1		2,104,510
	1,400	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2010M, 4.250%, 7/01/28		7/20 at 100.00		A+		1,542,366
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of Hartford, Series 2006G:
	4,995	5.250%, 7/01/26 – RAAI Insured		7/16 at 100.00		BBB–		5,220,025
	2,250	5.250%, 7/01/36 – RAAI Insured		7/16 at 100.00		BBB–		2,299,928
	685	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2003X-1, 5.000%, 7/01/42		7/13 at 100.00		AAA		706,886

20 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	10,050	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42		7/16 at 100.00		AAA	$	11,319,306
	3,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-3, 5.050%, 7/01/42		7/17 at 100.00		AAA		3,456,840
	2,000	Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, Family Education Loan Program, Series 2010A, 4.000%, 11/15/30		11/20 at 100.00		Aa3		2,114,140
	2,670	University of Connecticut, General Obligation Bonds, Series 2005A, 5.000%, 2/15/17 – AGM Insured		2/15 at 100.00		AA		2,961,484
		University of Connecticut, General Obligation Bonds, Series 2009A:
	1,000	5.000%, 2/15/27		2/19 at 100.00		AA		1,163,320
	1,000	5.000%, 2/15/28		2/19 at 100.00		AA		1,159,480
	630	University of Connecticut, Student Fee Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/27		11/19 at 100.00		Aa2		738,045
	3,120	University of Connecticut, Student Fee Revenue Refunding Bonds, Series 2002A, 5.250%, 11/15/20 – FGIC Insured		11/12 at 101.00		Aa2		3,181,027
	67,450	Total Education and Civic Organizations						73,495,208
		Health Care – 16.4%
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bristol Hospital, Series 2002B:
	920	5.500%, 7/01/21 – RAAI Insured		7/13 at 100.50		N/R		929,770
	4,025	5.500%, 7/01/32 – RAAI Insured		7/14 at 100.00		N/R		4,063,761
	640	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2000A, 6.000%, 7/01/25 – RAAI Insured		1/13 at 100.00		N/R		640,826
	2,240	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Eastern Connecticut Health Network, Series 2005, 5.000%, 7/01/25 – RAAI Insured		7/15 at 100.00		N/R		2,264,595
	9,075	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41		7/21 at 100.00		A		9,768,784
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hospital For Special Care, Series 2007C:
	500	5.250%, 7/01/22 – RAAI Insured		7/17 at 100.00		BBB–		529,670
	1,055	5.250%, 7/01/32 – RAAI Insured		7/17 at 100.00		BBB–		1,090,585
	1,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36		7/21 at 100.00		A+		1,099,920
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N:
	495	5.000%, 7/01/25		7/21 at 100.00		A2		552,173
	500	5.000%, 7/01/27		7/21 at 100.00		A2		555,340
	90	Connecticut Health and Educational Facilities Authority, Revenue Bonds, St. Francis Hospital and Medical Center, Series 2002D, 5.000%, 7/01/22 – RAAI Insured		7/13 at 100.00		N/R		90,241
	4,020	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30		7/20 at 10.00		A		4,345,379
	5,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2012-J, 5.000%, 7/01/42		7/22 at 100.00		A		5,405,050
	2,590	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41		7/21 at 100.00		A		2,938,226
	2,000	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29		7/21 at 100.00		A		2,198,240
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, William W. Backus Hospital, Series 2005F:
	2,000	5.000%, 7/01/28 – AGM Insured		7/18 at 100.00		AA–		2,192,880
	20	5.125%, 7/01/35 – AGM Insured		7/18 at 100.00		AA–		21,783

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen Connecticut Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	11,460	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2006J-1, 5.000%, 7/01/31 – AMBAC Insured		7/16 at 100.00		Aa3	$	12,290,162
	1,305	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40		7/20 at 100.00		Aa3		1,505,096
	2,500	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Series 2010A, 5.000%, 11/15/40		11/19 at 100.00		AA+		2,752,775
	590	Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare System, Series 2010J, 5.000%, 7/01/39		7/19 at 100.00		AA		643,159
	3,900	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40		2/21 at 100.00		Aa2		4,505,163
	1,670	Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue Bonds, Series 2009, 5.125%, 10/01/26		10/19 at 100.00		A		1,842,762
	57,595	Total Health Care						62,226,340
		Housing/Multifamily – 0.8%
	2,875	Connecticut Housing Finance Authority, Multifamily Housing Mortgage Finance Program Bonds, Series 2006G-2, 4.800%, 11/15/27 (Alternative Minimum Tax)		11/15 at 100.00		AAA		2,972,779
		Housing/Single Family – 3.2%
	5,000	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2004-A5, 5.050%, 11/15/34		5/13 at 100.00		AAA		5,060,050
		Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006-A1:
	1,610	4.700%, 11/15/26 (Alternative Minimum Tax)		11/15 at 100.00		AAA		1,663,082
	1,735	4.800%, 11/15/31 (Alternative Minimum Tax)		11/15 at 100.00		AAA		1,781,168
	3,410	Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2006D, 4.650%, 11/15/27		5/16 at 100.00		AAA		3,580,227
	11,755	Total Housing/Single Family						12,084,527
		Long-Term Care – 2.0%
		Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Connecticut Baptist Homes Inc., Series 1999:
	560	5.500%, 9/01/15 – RAAI Insured		3/13 at 100.00		BBB–		561,316
	500	5.625%, 9/01/22 – RAAI Insured		3/13 at 100.00		BBB–		500,705
	1,525	Connecticut Development Authority, First Mortgage Gross Revenue Refunding Healthcare Bonds, Elim Park Baptist Home Inc., Series 1998A, 5.375%, 12/01/18		12/12 at 100.00		BBB		1,549,827
	3,200	Connecticut Housing Finance Authority, State Supported Special Obligation Bonds, Refunding Series 2010-16, 5.000%, 6/15/30		6/20 at 100.00		AA		3,617,728
		Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A:
	830	7.625%, 1/01/30		1/20 at 100.00		N/R		922,479
	350	7.750%, 1/01/43		1/20 at 100.00		N/R		386,085
	85	Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009B, 6.125%, 1/01/14		11/12 at 100.00		N/R		85,125
	7,050	Total Long-Term Care						7,623,265
		Tax Obligation/General – 18.2%
	5,000	Connecticut State, General Obligation Bonds, Refunding Series 2012C, 5.000%, 6/01/22		No Opt. Call		AA		6,350,000
		Connecticut State, General Obligation Bonds, Series 2001C:
	5,000	5.500%, 12/15/13 (UB)		No Opt. Call		AA		5,336,300
	10,000	5.500%, 12/15/14 (UB)		No Opt. Call		AA		11,152,700

22 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	5,000	Connecticut State, General Obligation Bonds, Series 2006A, 4.750%, 12/15/24		12/16 at 100.00		AA	$	5,724,650
	2,200	Connecticut State, General Obligation Bonds, Series 2006C, 5.000%, 6/01/23 – AGM Insured		6/16 at 100.00		AA		2,525,600
	1,000	Connecticut State, General Obligation Bonds, Series 2006E, 5.000%, 12/15/20		12/16 at 10.00		AA		1,168,700
		Connecticut State, General Obligation Bonds, Series 2008C:
	1,000	5.000%, 11/01/26		11/18 at 100.00		AA		1,188,850
	1,000	5.000%, 11/01/27		11/18 at 100.00		AA		1,191,430
	1,000	5.000%, 11/01/28		11/18 at 100.00		AA		1,191,040
	1,000	Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31		11/21 at 100.00		AA		1,190,550
		Hartford, Connecticut, General Obligation Bonds, Series 2005A:
	1,195	5.000%, 8/01/20 – AGM Insured		8/15 at 100.00		AA–		1,338,006
	595	5.000%, 8/01/21 – AGM Insured		8/15 at 100.00		AA–		665,287
	1,210	4.375%, 8/01/24 – AGM Insured		8/15 at 100.00		AA–		1,278,873
	2,000	New Haven, Connecticut, General Obligation Bonds, Refunding Series 2012A, 5.000%, 11/01/18		No Opt. Call		A1		2,358,880
	485	North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24		No Opt. Call		Aa1		635,680
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A:
	700	5.500%, 7/01/14 – AGM Insured		No Opt. Call		AA–		755,671
	2,125	5.500%, 7/01/16 – AGM Insured		No Opt. Call		AA–		2,413,639
	2,500	5.500%, 7/01/17 – AGM Insured		No Opt. Call		AA–		2,878,850
	2,870	5.500%, 7/01/18 – AGM Insured		No Opt. Call		AA–		3,333,017
	1,875	5.500%, 7/01/19 – AGM Insured		No Opt. Call		AA–		2,171,363
	1,700	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 – FGIC Insured		No Opt. Call		Baa1		1,917,362
	1,000	Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.125%, 12/01/33		12/20 at 100.00		Aa2		1,160,500
	3,000	Waterbury, Connecticut, General Obligation Bonds, Series 2012A, 5.000%, 8/01/30		8/22 at 100.00		A1		3,498,690
	2,000	West Haven, Connecticut, General Obligation Bonds, Series 2012, 5.000%, 8/01/24 – AGM Insured		No Opt. Call		AA–		2,238,440
		Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011:
	1,280	7.000%, 12/01/24 – AGM Insured		12/20 at 100.00		AA–		1,570,906
	1,415	7.000%, 12/01/25 – AGM Insured		12/20 at 100.00		AA–		1,726,031
	1,725	7.000%, 12/01/27 – AGM Insured		12/20 at 100.00		AA–		2,093,167
	59,875	Total Tax Obligation/General						69,054,182
		Tax Obligation/Limited – 12.2%
	2,600	Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue Bonds, Series 2006F, 5.000%, 7/01/36 – AGC Insured		7/16 at 100.00		AA–		2,763,124
	1,250	Connecticut Health and Educational Facilities Authority, Child Care Facilities Program Revenue Bonds, Series 2008G, 6.000%, 7/01/28 – AGC Insured		7/18 at 100.00		AA–		1,456,888
		Connecticut, Certificates of Participation, Juvenile Training School, Series 2001:
	1,275	5.000%, 12/15/20		12/13 at 100.00		AA–		1,290,504
	1,000	5.000%, 12/15/30		12/13 at 100.00		AA–		1,006,000
	5,000	Connecticut, Special Tax Obligation Transportation Infrastructure Bonds, Series 2008A, 5.000%, 11/01/28		11/18 at 100.00		AA		5,747,050

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen Connecticut Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	410	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 1992B, 6.125%, 9/01/12		No Opt. Call		AA	$	410,000
	5,000	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Revenue Bonds, Series 2007A, 5.000%, 8/01/26 – AMBAC Insured		8/17 at 100.00		AA		5,767,900
	800	Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37		1/22 at 100.00		A		885,072
	2,200	Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34		12/19 at 100.00		BBB+		2,473,196
		Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
	200	5.250%, 7/01/31 – AMBAC Insured		No Opt. Call		Baa1		214,284
	4,100	5.250%, 7/01/33 – NPFG Insured		No Opt. Call		Baa1		4,405,737
	4,650	Puerto Rico Municipal Finance Agency, Series 2005C, 5.000%, 8/01/16 – AGM Insured		8/15 at 100.00		AA–		5,089,658
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A:
	13,230	0.000%, 8/01/33		No Opt. Call		A+		4,272,893
	5,000	5.500%, 8/01/37		2/20 at 100.00		A+		5,415,350
	1,050	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57		8/17 at 100.00		AA–		1,117,127
	305	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured		No Opt. Call		A3		347,035
	1,720	Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41		4/21 at 100.00		N/R		1,835,137
	1,370	Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%, 10/01/29		10/20 at 100.00		BBB+		1,496,917
	51,160	Total Tax Obligation/Limited						45,993,872
		Transportation – 0.4%
	1,360	New Haven, Connecticut, Revenue Refunding Bonds, Air Rights Parking Facility, Series 2002, 5.375%, 12/01/14 – AMBAC Insured		No Opt. Call		N/R		1,438,540
	250	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (4)		12/12 at 100.00		N/R		156,810
	1,610	Total Transportation						1,595,350
		U.S. Guaranteed – 6.7% (5)
	1,440	Bridgeport, Connecticut, General Obligation Bonds, Series 2003A, 5.250%, 9/15/22 (Pre-refunded 9/15/13) – AGM Insured		9/13 at 100.00		AA– (5)		1,515,542
	3,000	Connecticut Development Authority, Pollution Control Revenue Refunding Bonds, Western Massachusetts Electric Company, Series 1993A, 5.850%, 9/01/28 (Pre-refunded 10/01/12)		10/12 at 100.00		A– (5)		3,014,100
	1,540	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Brunswick School, Series 2003B, 5.000%, 7/01/33 (Pre-refunded 7/01/13) – NPFG Insured		7/13 at 100.00		BBB (5)		1,601,046
	775	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lutheran General Healthcare System – Parkside Lodges Projects, Series 1989, 7.375%, 7/01/19 (ETM)		11/12 at 100.00		Aaa		955,591
		Connecticut Health and Educational Facilities Authority, Revenue Bonds, Renbrook School, Series 2007A:
	395	5.000%, 7/01/30 (Pre-refunded 7/01/17) – AMBAC Insured		7/17 at 100.00		N/R (5)		473,392
	965	5.000%, 7/01/37 (Pre-refunded 7/01/17) – AMBAC Insured		7/17 at 100.00		N/R (5)		1,156,514
	2,330	Connecticut State, General Obligation Bonds, Series 2004C, 5.000%, 4/01/23 (Pre-refunded 4/01/14) – FGIC Insured		4/14 at 100.00		AA (5)		2,504,004

24 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed (5) (continued)
$	4,000	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2002B, 5.000%, 12/01/20 (Pre-refunded 12/01/12) – AMBAC Insured		12/12 at 100.00		AA (5)	$	4,048,240
	1,000	Connecticut, Special Tax Obligation Transportation Infrastructure Purpose Bonds, Series 2003B, 5.000%, 1/01/23 (Pre-refunded 1/01/14) – FGIC Insured		1/14 at 100.00		AA (5)		1,063,250
	1,550	Connecticut, State Revolving Fund General Revenue Bonds, Series 2003A, 5.000%, 10/01/16 (Pre-refunded 10/01/13)		10/13 at 100.00		AAA		1,630,213
	1,395	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 – NPFG Insured (ETM)		No Opt. Call		A3 (5)		1,787,386
	3,955	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A, 5.000%, 8/01/33 (Pre-refunded 8/01/13) – NPFG Insured		8/13 at 100.00		Aa3 (5)		4,128,466
	1,435	University of Connecticut, General Obligation Bonds, Series 2004A, 5.000%, 1/15/16 (Pre-refunded 1/15/14) – NPFG Insured		1/14 at 100.00		AA (5)		1,528,749
	23,780	Total U.S. Guaranteed						25,406,493
		Utilities – 9.9%
	3,740	Connecticut Development Authority, Solid Waste Disposal Facilities Revenue Bonds, PSEG Power LLC Project, Series 2007A, 5.750%, 11/01/37 (Alternative Minimum Tax)		11/12 at 100.00		Baa1		3,746,994
		Connecticut Municipal Electric Energy Cooperative, Transmission Services Revenue Bonds, Series 2012A:
	955	5.000%, 1/01/24		1/22 at 100.00		Aa3		1,161,939
	880	5.000%, 1/01/25		1/22 at 100.00		Aa3		1,060,875
	5,250	Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut LP, Series 1992A, 6.450%, 11/15/22 (Alternative Minimum Tax)		11/12 at 100.00		Ba1		5,259,030
	1,000	Connecticut Resource Recovery Authority, Revenue Bonds, American Ref-Fuel Company of Southeastern Connecticut LP, Series 1998A-II, 5.500%, 11/15/15 (Alternative Minimum Tax)		12/12 at 101.00		Ba1		1,013,030
	3,170	Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System Revenue Bonds, Series 2012A, 5.000%, 1/01/42		1/22 at 100.00		Aa3		3,595,636
		Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A:
	500	5.500%, 1/01/14 (Alternative Minimum Tax)		1/13 at 100.00		BBB		501,850
	6,685	5.500%, 1/01/20 (Alternative Minimum Tax)		1/13 at 100.00		BBB		6,711,272
		Guam Power Authority, Revenue Bonds, Series 1999A:
	2,280	5.125%, 10/01/29 – NPFG Insured		10/12 at 100.00		BBB		2,280,684
	1,000	5.125%, 10/01/29 – AMBAC Insured		10/12 at 100.00		Ba1		1,000,060
		Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series 2002:
	5,000	5.000%, 7/01/19 – NPFG Insured		No Opt. Call		BBB+		5,616,800
	5,000	5.000%, 7/01/20 – NPFG Insured		No Opt. Call		BBB+		5,626,400
	35,460	Total Utilities						37,574,570
		Water and Sewer – 9.0%
	160	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Refunding Series 2005B, 4.400%, 8/01/29 – SYNCORA GTY Insured		8/14 at 100.00		N/R		162,147
	5,625	Connecticut Development Authority, Water Facility Revenue Bonds, Aquarion Water Company Project, Series 2007, 5.100%, 9/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)		9/17 at 100.00		N/R		5,860,181
		Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A:
	3,840	5.000%, 11/15/30 – NPFG Insured		11/15 at 100.00		A1		4,221,504
	4,670	5.000%, 8/15/35 – NPFG Insured		11/15 at 100.00		A1		5,143,164

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen Connecticut Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer (continued)
$	2,350	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40		7/20 at 100.00		Ba2	$	2,414,461
	1,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43		12/20 at 100.00		AA+		1,173,500
	1,140	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa2		1,215,058
	3,000	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Eighteenth Series 2003A, 5.000%, 8/01/20 – NPFG Insured		8/13 at 100.00		Aa3		3,116,400
	2,760	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth Series, 2007A, 5.000%, 8/01/30 – NPFG Insured		8/16 at 100.00		Aa3		3,060,040
	2,000	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Seventh Series, 2012, 5.000%, 8/01/30 – FGIC Insured		8/22 at 100.00		Aa3		2,394,940
	4,130	South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41		8/21 at 100.00		Aa3		4,690,606
	550	Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2003A, 5.000%, 11/15/32		11/13 at 100.00		AA+		576,120
	31,225	Total Water and Sewer						34,028,121
$	356,595	Total Investments (cost $352,749,344) – 100.1%						379,348,722
		Floating Rate Obligations – (2.6)%						(10,000,000)
		Other Assets Less Liabilities – 2.5%						9,676,085
		Net Assets – 100%					$	379,024,807

(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) At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(5) 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.

N/R Not rated.

(ETM) Escrowed to maturity.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

26 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen Massachusetts Municipal Bond Fund

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Discretionary – 0.5%
$	1,425	Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds, Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)		3/13 at 102.00		Caa3	$	1,116,416
		Consumer Staples – 0.8%
	730	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		11/12 at 100.00		BBB+		729,985
	1,000	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		BBB		1,178,030
	1,730	Total Consumer Staples						1,908,015
		Education and Civic Organizations – 25.2%
	1,270	Massachusetts Development Finance Agency, Revenue Bonds, Bentley University, Series 2010, 5.000%, 7/01/28		7/20 at 100.00		A3		1,411,884
	1,500	Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2010R-1, 5.000%, 7/01/40		7/20 at 100.00		AA–		1,685,145
	865	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2005T-1, 5.000%, 10/01/39 – AMBAC Insured		10/15 at 100.00		A		899,885
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2008U-4, 5.600%, 10/01/35		10/19 at 100.00		A2		1,142,360
	750	Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2009V-1, 5.000%, 10/01/29		10/19 at 100.00		A		848,895
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Brandeis University, Series 2008N, 5.000%, 10/01/39		10/18 at 100.00		A1		3,242,010
	6,000	Massachusetts Development Finance Agency, Revenue Bonds, Draper Laboratory, Series 2008, 5.875%, 9/01/30		9/18 at 100.00		Aa3		6,992,698
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2010A, 5.000%, 1/01/40		1/20 at 100.00		BBB+		1,047,740
	3,000	Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2010B-1, 5.000%, 10/15/40		10/20 at 100.00		AAA		3,513,270
	1,350	Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2012A, 5.250%, 7/01/42		7/22 at 100.00		BBB–		1,458,635
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2011A, 5.000%, 7/01/41		7/21 at 100.00		AA		1,129,710
	3,500	Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37		4/21 at 100.00		AA–		3,960,320
	1,000	Massachusetts Development Finance Agency, Revenue Bonds, The Sabis International Charter School, Series 2009A, 8.000%, 4/15/39		10/19 at 100.00		BBB		1,238,710
		Massachusetts Development Finance Agency, Revenue Bonds, Williston Northampton School, Series 2005B:
	100	5.000%, 10/01/25 – SYNCORA GTY Insured		10/15 at 100.00		Baa2		104,301
	3,090	5.000%, 10/01/37 – SYNCORA GTY Insured		10/15 at 100.00		Baa2		3,153,067
	895	Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2007, 5.000%, 9/01/37 – NPFG Insured		9/17 at 100.00		A+		958,849
	3,000	Massachusetts Development Finance Authority, Revenue Bonds, Curry College, Series 1999A, 5.500%, 3/01/29 – ACA Insured		3/13 at 100.00		BBB		3,003,090
		Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004:
	1,000	5.625%, 10/01/24		10/14 at 100.00		BBB		1,035,990
	1,000	5.700%, 10/01/34		10/14 at 100.00		BBB		1,030,590
	3,075	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2005D, 5.000%, 7/01/27 – AGC Insured		7/15 at 100.00		AA–		3,265,681

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen Massachusetts Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	2,100	Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured		No Opt. Call		A	$	2,764,083
	1,840	Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2008H, 6.350%, 1/01/30 – AGC Insured (Alternative Minimum Tax)		1/18 at 100.00		AA		2,059,291
	1,840	Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2009I, 6.000%, 1/01/28		1/20 at 100.00		AA		2,143,563
	1,500	Massachusetts Educational Financing Authority, Educational Loan Revenue, Series 2011J, 5.625%, 7/01/33 (Alternative Minimum Tax)		7/21 at 100.00		AA		1,606,530
	800	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Tender Option Bond Trust 2010-20W, 13.815%, 12/15/34 (IF) (4)		12/19 at 100.00		AAA		1,210,808
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lesley University, Series 2009A, 5.000%, 7/01/29 – AGC Insured		7/19 at 100.00		AA–		1,120,400
	3,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Tufts University, Series 2008O, 5.375%, 8/15/38		8/18 at 100.00		Aa2		3,645,630
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, University of Massachusetts, Series 2005D, 5.250%, 10/01/24 – FGIC Insured		10/14 at 100.00		AA		1,086,210
	500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Wellesley College, Series 2003H, 5.000%, 7/01/26		7/13 at 100.00		AA+		515,510
	610	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Williams College, Series 2007L, 5.000%, 7/01/31		7/16 at 100.00		AA+		686,561
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39		7/19 at 100.00		BBB		1,672,110
	53,085	Total Education and Civic Organizations						59,633,526
		Health Care – 15.7%
		Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, Series 2012G:
	3,005	5.000%, 10/01/28		10/21 at 100.00		A3		3,346,879
	500	5.000%, 10/01/30		10/21 at 100.00		A3		554,015
	2,410	Massachusetts Development Finance Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 1999A, 6.250%, 8/15/29 – ACA Insured (5)		2/13 at 100.00		N/R		1,340,201
	1,500	Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.500%, 1/15/38 (6)		1/18 at 100.00		N/R		7,560
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Baystate Medical Center, Series 2009I, 5.750%, 7/01/36		7/19 at 100.00		A+		2,235,840
	3,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston Medical Center, Series 2008B, 5.250%, 7/01/38		7/18 at 100.00		BBB+		3,154,170
	3,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured		11/12 at 100.50		BBB+		3,032,100
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2004D, 5.125%, 11/15/35 – AGC Insured		11/19 at 100.00		AA–		1,092,990
	1,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Auction Rate Series 2004D, 5.250%, 7/01/24 – NPFG Insured		7/18 at 100.00		A–		1,128,100
	350	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B1 Capital Asset Program Converted June 13,2008, 5.375%, 2/01/28 – NPFG Insured		8/18 at 100.00		A–		392,431

28 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc., Series B2, Capital Asset Program, Converted June 9, 2009:
$	500	5.000%, 2/01/25 – NPFG Insured		8/18 at 100.00		A–	$	555,290
	100	5.375%, 2/01/27 – NPFG Insured		8/18 at 100.00		A–		112,578
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Dartmouth-Hitchcock Obligated Group, Series 2002, 5.125%, 8/01/22 – AGM Insured		2/13 at 100.00		AA–		2,004,120
	1,450	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 – RAAI Insured		8/15 at 100.00		N/R		1,387,027
	1,500	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard Pilgrim Healthcare, Series 1998A, 4.750%, 7/01/22 – AGM Insured		1/13 at 100.00		AA–		1,502,535
	3,400	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Clinic Medical Center, Series 2005C, 5.000%, 8/15/21 – FGIC Insured		8/15 at 100.00		A+		3,590,332
	2,000	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Lahey Medical Center, Series 2007D, 5.250%, 8/15/28		8/17 at 100.00		A+		2,146,180
		Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E:
	2,040	5.000%, 7/15/32		7/17 at 100.00		BBB–		2,057,870
	1,000	5.000%, 7/15/37		7/17 at 100.00		BBB–		1,002,730
	115	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Millford-Whitinsville Regional Hospital, Series 1998C, 5.750%, 7/15/13		1/13 at 100.00		BBB–		115,273
	1,400	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital Project, Series 2005D, 5.250%, 7/01/30		7/15 at 100.00		BB–		1,414,560
	954	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.375%, 7/01/34		7/14 at 100.00		D		821,709
	741	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 7/01/34		7/14 at 100.00		D		74,152
	1,152	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43		11/12 at 103.00		N/R		12
	4,065	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial Health Care, Series 2005D, 5.000%, 7/01/33		7/15 at 100.00		A–		4,171,014
	40,182	Total Health Care						37,239,668
		Housing/Multifamily – 4.5%
	1,535	Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 5.000%, 4/01/20 – AGM Insured		4/18 at 100.00		AA–		1,744,328
	3,170	Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor Project, Series 2007, 4.800%, 7/20/48		7/17 at 100.00		BB		3,296,388
	2,535	Massachusetts Development Financing Authority, Assisted Living Revenue Bonds, Prospect House Apartments, Series 1999, 7.000%, 12/01/31		12/12 at 100.00		N/R		2,539,563
	500	Massachusetts Housing Finance Agency, Housing Revenue Bonds, Series 2003S, 5.050%, 12/01/23 (Alternative Minimum Tax)		6/13 at 100.00		AA–		504,890
	2,575	Somerville Housing Authority, Massachusetts, GNMA Collateralized Mortgage Revenue Bonds, Clarendon Hill Towers, Series 2002, 5.200%, 11/20/22		5/13 at 102.00		N/R		2,657,246
	10,315	Total Housing/Multifamily						10,742,415
		Housing/Single Family – 0.6%
	925	Massachusetts Housing Finance Agency, Single Family Housing Revenue Bonds, Series 2008, Trust 3145, 15.369%, 6/01/16 (IF)		No Opt. Call		AA		1,116,873

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen Massachusetts Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Single Family (continued)
$	245	Puerto Rico Housing Finance Authority, Mortgage-Backed Securities Program Home Mortgage Revenue Bonds, Series 2003A, 4.875%, 6/01/34 (Alternative Minimum Tax)		6/13 at 100.00		Aaa	$	246,708
	1,170	Total Housing/Single Family						1,363,581
		Industrials – 0.3%
	245	Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)		No Opt. Call		N/R		243,344
	400	Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2003, 5.450%, 6/01/14		No Opt. Call		BBB		430,540
	645	Total Industrials						673,884
		Long-Term Care – 3.6%
	1,500	Massachusetts Development Finance Agency, Human Service Provider Revenue Bonds, Seven Hills Foundation and Affiliates Issue, Series 2005, 5.000%, 9/01/35 – RAAI Insured		9/15 at 100.00		BBB–		1,456,110
	240	Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2010, 5.625%, 12/01/30		12/19 at 100.00		A–		262,502
	4,220	Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 5.250%, 10/01/26		10/12 at 102.00		N/R		4,272,327
	45	Massachusetts Development Finance Authority, First Mortgage Revenue Bonds, Berkshire Retirement Community – Edgecombe Project, Series 2001A, 6.750%, 7/01/21		1/13 at 101.00		BBB		45,537
	1,790	Massachusetts Development Finance Authority, Revenue Bonds, May Institute, Series 1999, 5.750%, 9/01/24 – RAAI Insured		3/13 at 100.00		BBB–		1,791,074
	75	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cable Housing and Health Services, Series 1993A, 5.625%, 7/01/13 – NPFG Insured		1/13 at 100.00		BBB		75,257
	610	Massachusetts Industrial Finance Agency, First Mortgage Revenue Bonds, Berkshire Retirement Community, Series 1994B, 4.750%, 7/01/17		1/13 at 100.00		BBB		610,598
	8,480	Total Long-Term Care						8,513,405
		Tax Obligation/General – 8.2%
	500	Ashland, Massachusetts, General Obligation Bonds, Series 2004, 5.250%, 5/15/23 – AMBAC Insured		5/15 at 100.00		Aa2		559,430
		Fall River, Massachusetts, General Obligation Bonds, Series 2003:
	1,520	5.250%, 2/01/17 – AGM Insured		2/13 at 101.00		AA–		1,564,658
	1,000	5.000%, 2/01/21 – AGM Insured		2/13 at 101.00		AA–		1,021,870
	1,750	Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32		2/20 at 100.00		AA		2,010,593
	1,200	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21		No Opt. Call		AA+		1,593,984
	1,000	North Reading, Massachusetts, General Obligation Bonds, Series 2012, 5.000%, 5/15/35 – AMBAC Insured		5/22 at 100.00		Aa2		1,168,660
	1,350	Norwell, Massachusetts, General Obligation Bonds, Series 2005, 5.000%, 2/15/25 – AMBAC Insured		2/15 at 101.00		AAA		1,493,478
		Puerto Rico, General Obligation and Public Improvement Bonds, Series 2001A:
	275	5.500%, 7/01/16 – AGM Insured		No Opt. Call		AA–		312,353
	1,490	5.500%, 7/01/17 – AGM Insured		No Opt. Call		AA–		1,715,795
	980	5.500%, 7/01/19 – AGM Insured		No Opt. Call		AA–		1,134,899
	4,300	Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 – FGIC Insured		No Opt. Call		Baa1		4,849,797
	1,000	Quincy, Massachusetts, General Obligation Bonds, Series 2011, 5.125%, 12/01/33		12/20 at 100.00		Aa2		1,160,500

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	690	Westfield, Massachusetts, General Obligation Bonds, Series 2004, 5.000%, 8/01/19 – AMBAC Insured		8/14 at 100.50		A+	$	743,972
	120	Worcester, Massachusetts, General Obligation Bonds, Series 2001A, 5.500%, 8/15/18 – FGIC Insured		2/13 at 100.00		AA–		120,373
	17,175	Total Tax Obligation/General						19,450,362
		Tax Obligation/Limited – 12.4%
	800	Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37		1/22 at 100.00		A		885,072
	680	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 – AMBAC Insured		5/13 at 100.00		A–		696,538
	395	Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2004, 5.000%, 5/01/26 – AMBAC Insured		5/14 at 100.00		A–		418,708
	2,500	Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%, 5/01/33 – AGC Insured		5/18 at 100.00		Aa2		2,784,175
		Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003B:
	2,025	5.375%, 5/01/22 – SYNCORA GTY Insured		No Opt. Call		Aa2		2,579,020
	1,125	5.375%, 5/01/23 – SYNCORA GTY Insured		No Opt. Call		Aa2		1,442,183
	1,145	Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/01/37		5/22 at 100.00		AA		1,325,990
	3,200	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 5.000%, 8/15/20 – AGM Insured		8/15 at 100.00		AA+		3,600,800
	1,350	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2007A, 5.000%, 8/15/22 – AMBAC Insured		8/17 at 100.00		AA+		1,580,756
	2,000	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2011B, 5.000%, 10/15/41		10/21 at 100.00		AA+		2,311,040
	1,130	Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%, 1/01/20 – FGIC Insured		No Opt. Call		A1		1,347,808
	1,650	Massachusetts, Special Obligation Refunding Notes, Federal Highway Grant Anticipation Note Program, Series 2003A, 5.000%, 12/15/13 – AGM Insured		No Opt. Call		AAA		1,750,766
	475	Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured		7/16 at 100.00		BBB+		469,837
	1,650	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/18 – NPFG Insured		7/14 at 100.00		Baa1		1,718,739
	5,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/37		2/20 at 100.00		A+		5,415,349
	1,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1, 5.000%, 8/01/43		8/21 at 100.00		A+		1,050,980
	26,125	Total Tax Obligation/Limited						29,377,761
		Transportation – 7.5%
	1,765	Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior Lien Series 2010B, 5.000%, 1/01/32		1/20 at 100.00		A+		1,971,734
	2,000	Massachusetts Port Authority, Airport System Revenue Bonds, Series 2010A, 5.000%, 7/01/30		7/20 at 100.00		AA		2,321,980
	1,000	Massachusetts Port Authority, Revenue Bonds, Series 2003C, 5.000%, 7/01/18 – NPFG Insured		7/13 at 100.00		AA		1,035,570
	1,650	Massachusetts Port Authority, Revenue Bonds, Series 2012A, 5.000%, 7/01/42 (Alternative Minimum Tax)		7/22 at 100.00		AA		1,830,411
	2,600	Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2007, 5.000%, 7/01/32 – FGIC Insured (Alternative Minimum Tax)		7/17 at 100.00		A2		2,711,358

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen Massachusetts Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	500	Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41		7/21 at 100.00		A	$	557,835
	4,055	Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)		1/13 at 100.00		N/R		3,922,564
	820	Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking Revenue Bonds, Series 2011, 5.000%, 7/01/41		7/21 at 100.00		A+		904,534
	2,250	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/32 – AGM Insured		7/15 at 100.00		AA–		2,480,468
	16,640	Total Transportation						17,736,454
		U.S. Guaranteed – 4.0% (7)
	850	Beverly, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 11/01/21 (Pre-refunded 11/01/13) – NPFG Insured		11/13 at 100.00		Aa2 (7)		897,294
	1,115	Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 (Pre-refunded 3/01/17)		3/17 at 100.00		N/R (7)		1,283,945
	75	Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2006C, 5.000%, 7/01/26 (Pre-refunded 7/01/18)		7/18 at 100.00		AAA		92,845
	1,375	Massachusetts College Building Authority, Project Revenue Bonds, Series 2006A, 5.000%, 5/01/31 (Pre-refunded 5/01/16) – AMBAC Insured		5/16 at 100.00		Aa2 (7)		1,600,720
	50	Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy and Allied Health Sciences, Series 2003C, 6.375%, 7/01/23 (Pre-refunded 7/01/13)		7/13 at 101.00		A (7)		53,053
	750	Massachusetts Development Finance Authority, Revenue Bonds, Milton Academy, Series 2003A, 5.000%, 9/01/19 (Pre-refunded 9/01/13)		9/13 at 100.00		AA– (7)		785,235
	295	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured		7/21 at 100.00		BBB (7)		361,239
	100	Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 (ETM)		11/12 at 100.00		AAA		109,618
	3,835	Massachusetts Port Authority, Revenue Bonds, Series 2003A, 5.000%, 7/01/24 (Pre-refunded 7/01/13) – NPFG Insured		7/13 at 100.00		AA (7)		3,987,019
	350	Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 7/01/18 (Pre-refunded 7/01/14)		7/14 at 100.00		Baa1 (7)		380,086
	8,795	Total U.S. Guaranteed						9,551,054
		Utilities – 3.9%
	1,435	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured		10/20 at 100.00		AA–		1,575,300
	2,500	Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, SEMass System, Series 2001A, 5.625%, 1/01/16 – NPFG Insured		1/13 at 100.00		BBB		2,525,850
	500	Massachusetts Development Finance Agency, Solid Waste Disposal Revenue Bonds, Dominion Energy Brayton Point Project, Refunding Series 2009, 5.750%, 12/01/42 (Mandatory put 5/01/19)		No Opt. Call		A–		600,015
	1,000	Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.600%, 12/01/19 (Alternative Minimum Tax)		12/12 at 100.00		A–		1,005,000
	485	Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A, 5.000%, 7/01/42		7/22 at 100.00		BBB+		496,514
	2,900	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – FGIC Insured		7/14 at 100.00		BBB+		3,063,038
	8,820	Total Utilities						9,265,717

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer – 8.5%
$	1,700	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – AGM Insured		11/19 at 100.00		AA–	$	1,942,658
	1,000	Boston Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Senior Lien Refunding Series 2010A, 5.000%, 11/01/30		11/19 at 100.00		AA		1,177,790
	60	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22		8/13 at 100.00		AAA		62,407
	380	Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2004-10, 5.000%, 8/01/26		8/14 at 100.00		AAA		408,667
	1,000	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%, 8/01/19 – AGM Insured		No Opt. Call		AA+		1,253,170
		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A:
	1,650	5.000%, 8/01/27 – NPFG Insured		8/17 at 100.00		AA+		1,922,036
	750	5.000%, 8/01/28 – NPFG Insured		8/17 at 100.00		AA+		858,705
	2,080	5.000%, 8/01/29 – NPFG Insured		8/17 at 100.00		AA+		2,381,475
	2,500	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005B, 5.000%, 8/01/35 – NPFG Insured		8/17 at 100.00		AA+		2,873,000
		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A:
	1,500	5.000%, 8/01/31 – AMBAC Insured		8/16 at 100.00		AA+		1,692,000
	2,000	4.000%, 8/01/46		8/16 at 100.00		AA+		2,022,300
	760	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa2		810,038
	1,500	Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 – AGC Insured		11/20 at 100.00		AA–		1,758,975
	1,000	Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – NPFG Insured		7/14 at 100.00		A+		1,066,890
	17,880	Total Water and Sewer						20,230,111
$	212,467	Total Investments (cost $209,913,412) – 95.7%						226,802,369
		Other Assets Less Liabilities – 4.3%						10,144,001
		Net Assets – 100%					$	236,946,370

(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(5) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(6) At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(7) 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.

N/R Not rated.

(ETM) Escrowed to maturity.

     (IF) Inverse floating rate investment.

See accompanying notes to financial statements.

Nuveen Investments 33

Portfolio of Investments (Unaudited)

Nuveen New Jersey Municipal Bond Fund

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Discretionary – 0.1%
		Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A:
$	280	5.000%, 1/01/32		1/15 at 100.00		B3	$	180,317
	240	5.125%, 1/01/37		1/15 at 100.00		B3		154,608
	520	Total Consumer Discretionary						334,925
		Consumer Staples – 3.8%
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	4,215	4.500%, 6/01/23		6/17 at 100.00		B1		4,046,484
	7,010	4.750%, 6/01/34		6/17 at 100.00		B2		5,768,107
	1,715	5.000%, 6/01/41		6/17 at 100.00		B2		1,430,293
	12,940	Total Consumer Staples						11,244,884
		Education and Civic Organizations – 11.0%
	2,000	District of Columbia, Revenue Bonds, National Public Radio, Series 2010A, 5.000%, 4/01/43		4/15 at 100.00		AA–		2,156,860
	375	New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Series 2005, 5.000%, 12/01/24 – AMBAC Insured		6/15 at 100.00		N/R		398,539
	2,500	New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2002D, 5.250%, 7/01/32 – ACA Insured		7/13 at 100.00		BBB		2,516,425
	1,000	New Jersey Educational Facilities Authority, Revenue Bonds, Fairleigh Dickinson University, Series 2004C, 5.500%, 7/01/23		7/14 at 100.00		BBB		1,031,750
	1,495	New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2007D, 5.000%, 7/01/32 – FGIC Insured		7/17 at 100.00		A2		1,607,962
	45	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2004L, 5.125%, 7/01/21 – NPFG Insured		7/14 at 100.00		AA–		48,444
	1,400	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F, 5.000%, 7/01/16 – FGIC Insured		7/15 at 100.00		A1		1,555,414
	1,035	New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2006A, 5.000%, 7/01/36 – AMBAC Insured		7/16 at 100.00		AA–		1,093,809
		New Jersey Educational Facilities Authority, Revenue Bonds, Princeton University, Series 2005A:
	465	5.000%, 7/01/23		7/15 at 100.00		AAA		518,140
	465	5.000%, 7/01/24		7/15 at 100.00		AAA		518,140
		New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Series 2012B:
	450	5.000%, 7/01/37		7/22 at 100.00		A		508,329
	100	5.000%, 7/01/42		7/22 at 100.00		A		113,229
	2,000	New Jersey Educational Facilities Authority, Revenue Bonds, Richard Stockton College of New Jersey, Refunding Series 2008A, 5.375%, 7/01/38		7/18 at 100.00		A+		2,221,280
		New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
	350	5.000%, 7/01/32		7/21 at 100.00		BBB+		386,638
	230	5.000%, 7/01/37		7/21 at 100.00		BBB+		249,904
	500	New Jersey Educational Facilities Authority, Revenue Bonds, Rowan College, Series 2007B, 4.250%, 7/01/34 – FGIC Insured		7/17 at 100.00		A+		515,490
	1,840	New Jersey Educational Facilities Authority, Revenue Refunding Bonds, Kean University, Series 2009A, 5.500%, 9/01/36 – AGC Insured		9/19 at 100.00		AA–		2,096,717
	2,500	New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32		6/19 at 100.00		A–		3,138,275
	510	New Jersey Higher Education Assistance Authority Student Loan Revenue Bonds Series 2010-2, 5.000%, 12/01/30		12/20 at 100.00		Aa3		566,115

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	4,000	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)		6/18 at 100.00		AA–	$	4,464,000
	630	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25		12/19 at 100.00		AA		693,743
	2,125	New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.375%, 12/01/26 (Alternative Minimum Tax)		12/22 at 100.00		AA		2,207,323
	1,425	New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A, 5.000%, 7/01/42		7/22 at 100.00		A+		1,622,462
	550	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Ana G. Mendez University System Project, Refunding Series 2012, 5.125%, 4/01/32		4/22 at 100.00		BBB–		560,192
	150	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/31		10/22 at 100.00		A–		166,349
	1,500	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31		12/12 at 101.00		BBB–		1,509,570
	29,640	Total Education and Civic Organizations						32,465,099
		Financials – 0.6%
	750	New Jersey Economic Development Authority, Industrial Development Revenue Refunding Bonds, Newark Airport Marriott Hotel, Series 1996, 7.000%, 10/01/14		10/12 at 100.00		Ba1		753,690
	1,000	New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002, 5.750%, 10/01/21		No Opt. Call		Ba2		1,110,030
	1,750	Total Financials						1,863,720
		Health Care – 18.4%
	2,530	Camden County Improvement Authority, New Jersey, Healthcare Revenue Bonds, Cooper Health System, Series 2005B, 5.250%, 2/15/27		2/15 at 100.00		BBB		2,630,492
	350	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2004A, 5.750%, 2/15/34		8/14 at 100.00		BBB		357,273
	2,955	Camden County Improvement Authority, New Jersey, Revenue Bonds, Cooper Health System, Series 2005A, 5.000%, 2/15/25		2/15 at 100.00		BBB		3,057,598
	4,225	New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27		7/18 at 100.00		A1		4,554,254
		New Jersey Health Care Facilities Financing Authority, FHA-Insured Mortgage Revenue Bonds, Jersey City Medical Center, Series 2001:
	3,080	5.000%, 8/01/31 – AMBAC Insured		2/13 at 100.00		N/R		3,083,111
	155	5.000%, 8/01/41 – AMBAC Insured		2/13 at 100.00		N/R		155,119
		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011:
	800	6.000%, 7/01/26		7/21 at 100.00		BBB–		908,784
	75	6.250%, 7/01/35		7/21 at 100.00		BBB–		85,798
	1,160	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Atlanticare Regional Medical Center, Series 2007, 5.000%, 7/01/37		7/17 at 100.00		A+		1,223,232
	1,500	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, CentraState Medical Center, Series 2006A, 5.000%, 7/01/30 – AGC Insured		7/17 at 100.00		Aa3		1,607,805
	140	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Children’s Specialized Hospital, Series 2005A, 5.500%, 7/01/36		7/15 at 100.00		BBB		143,695

Nuveen Investments 35

Portfolio of Investments (Unaudited)

Nuveen New Jersey Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	2,000	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006B, 5.000%, 7/01/26		7/16 at 100.00		A	$	2,079,340
	1,710	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Series 2006, 5.125%, 7/01/35		7/16 at 100.00		A		1,775,493
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012:
	625	5.000%, 7/01/31		7/22 at 100.00		A3		686,300
	1,500	5.000%, 7/01/42		7/22 at 100.00		A3		1,631,700
	5,410	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health, Series 2007-I, 5.000%, 7/01/38 – AGC Insured		7/18 at 100.00		AA–		5,797,680
	305	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center of New York Presbyterian Healthcare System, Series 2002, 6.625%, 7/01/31		7/13 at 100.00		BB+		308,026
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Health Care Corporation, Series 2005B:
	2,500	5.000%, 7/01/25 – RAAI Insured		7/15 at 100.00		N/R		2,526,125
	900	5.000%, 7/01/35 – RAAI Insured		7/15 at 100.00		N/R		906,669
	15,250	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/35		1/17 at 39.39		BBB+		4,670,618
	360	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37		7/21 at 100.00		BBB		399,334
	750	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Series 2006A, 5.000%, 7/01/29		1/17 at 100.00		BBB		771,255
	3,050	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38		7/18 at 100.00		BBB–		3,530,497
	1,315	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Shore Memorial Health System, Series 2003, 5.000%, 7/01/23 – RAAI Insured		7/13 at 100.00		N/R		1,321,088
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Somerset Medical Center, Series 2003:
	1,125	5.500%, 7/01/23		7/13 at 100.00		Ba2		1,135,035
	1,785	5.500%, 7/01/33		7/13 at 100.00		Ba2		1,794,371
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, South Jersey Hospital System, Refunding Series 2006:
	855	5.000%, 7/01/25		7/16 at 100.00		A2		902,478
	100	5.000%, 7/01/26		7/16 at 100.00		A2		105,131
	810	5.000%, 7/01/36		7/16 at 100.00		A2		841,250
		New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, Bayshore Community Hospital, Series 2002:
	1,710	5.000%, 7/01/22 – RAAI Insured		1/13 at 100.00		N/R		1,710,137
	1,000	5.125%, 7/01/32 – RAAI Insured		1/13 at 100.00		N/R		1,000,080
	445	New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds, St. Barnabas Healthcare System, Series 1998B, 4.750%, 7/01/28 – NPFG Insured		1/13 at 100.00		BBB+		445,205
	2,000	North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2009A, 5.000%, 6/01/39		6/19 at 100.00		AA		2,216,260
	62,475	Total Health Care						54,361,233
		Housing/Multifamily – 3.5%
	1,000	Essex County Improvement Authority, New Jersey, FNMA Enhanced Multifamily Housing Revenue Bonds, Ballantyne House Project, Series 2002, 4.750%, 11/01/22 (Alternative Minimum Tax)		11/12 at 100.00		Aaa		1,002,580

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
		New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
$	2,055	5.750%, 6/01/31		6/20 at 100.00		Baa3	$	2,299,751
	1,100	5.875%, 6/01/42		6/20 at 100.00		Baa3		1,220,725
	1,500	New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2000A-1, 6.350%, 11/01/31 – AGM Insured (Alternative Minimum Tax)		3/13 at 100.00		AA–		1,502,880
	530	New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2000E-1, 5.750%, 5/01/25 – AGM Insured		2/13 at 100.00		AA–		531,044
	3,000	New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2009A, 4.950%, 5/01/41		11/19 at 100.00		A+		3,204,810
	655	Newark Housing Authority, New Jersey, GNMA Collateralized Housing Revenue Bonds, Fairview Apartments Project, Series 2000A, 6.300%, 10/20/19 (Alternative Minimum Tax)		10/12 at 100.00		Aaa		656,762
	9,840	Total Housing/Multifamily						10,418,552
		Housing/Single Family – 1.6%
	1,900	New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2007T, 4.700%, 10/01/37 (Alternative Minimum Tax)		4/17 at 100.00		AA		1,949,134
	2,490	New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2008AA, 6.375%, 10/01/28		10/18 at 100.00		AA		2,794,726
	50	Virgin Islands Housing Finance Corporation, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue Refunding Bonds, Series 1995A, 6.450%, 3/01/16 (Alternative Minimum Tax)		3/13 at 100.00		N/R		50,146
	4,440	Total Housing/Single Family						4,794,006
		Long-Term Care – 3.2%
	735	Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The Evergreens Project, Series 2007, 5.625%, 1/01/38		1/18 at 100.00		N/R		761,783
	855	New Jersey Economic Development Authority, First Mortgage Fixed Rate Revenue Bonds, Cadbury Corporation, Series 1998A, 5.500%, 7/01/18 – ACA Insured		1/13 at 100.00		N/R		855,043
	1,975	New Jersey Economic Development Authority, First Mortgage Revenue Bonds, Winchester Gardens at Wards Homestead, Series 2004A, 5.750%, 11/01/24		11/14 at 100.00		BBB–		2,029,885
	600	New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2001, 5.875%, 6/01/18		6/13 at 100.00		A–		607,584
	140	New Jersey Economic Development Authority, Revenue Bonds, Masonic Charity Foundation of New Jersey, Series 2002, 5.250%, 6/01/32		6/13 at 102.00		A–		144,047
		New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group, Series 1998:
	1,500	5.125%, 7/01/25		1/13 at 100.00		BB+		1,500,195
	1,150	6.625%, 7/01/38		1/14 at 100.00		BB+		1,169,113
		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, House of the Good Shepherd Obligated Group, Series 2001:
	1,000	5.100%, 7/01/21 – RAAI Insured		1/13 at 100.00		N/R		1,000,040
	1,350	5.200%, 7/01/31 – RAAI Insured		1/13 at 100.00		N/R		1,286,334
	9,305	Total Long-Term Care						9,354,024
		Tax Obligation/General – 7.8%
		Jefferson Township School District, Morris County, New Jersey, General Obligation Bonds, Refunding Series 2012:
	755	4.000%, 9/15/26		9/22 at 100.00		AA–		848,922
	1,270	4.000%, 9/15/27		9/22 at 100.00		AA–		1,422,032

Nuveen Investments 37

Portfolio of Investments (Unaudited)

Nuveen New Jersey Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	525	Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27		8/20 at 100.00		AA	$	618,109
	620	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2006, 5.000%, 12/01/15 – AMBAC Insured		No Opt. Call		N/R		678,695
	2,500	Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 8/01/24		8/22 at 100.00		AA–		2,857,250
	2,750	Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward Police Facility, Series 2009A, 6.750%, 12/01/38 – AGC Insured		12/19 at 100.00		Aa3		3,466,348
		Readington Township, New Jersey, General Obligation Bonds, General Improvement Series 2011:
	875	5.125%, 1/15/28		1/21 at 100.00		AA		1,015,595
	875	5.250%, 1/15/30		1/21 at 100.00		AA		1,018,719
		South Brunswick Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2012:
	500	4.000%, 12/01/22		6/22 at 100.00		AA		585,950
	450	4.000%, 12/01/23		6/22 at 100.00		AA		521,231
	305	4.000%, 12/01/24		6/22 at 100.00		AA		350,881
	3,685	Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative Minimum Tax)		12/21 at 100.00		AA+		4,111,944
	2,515	Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011, 5.000%, 6/15/41		6/21 at 100.00		AA+		2,887,346
	300	Upper Freehold Township, New Jersey, General Obligation Bonds, Series 2012, 3.000%, 12/15/14		No Opt. Call		AA		313,944
	2,110	Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, Series 2005, 5.000%, 1/01/21 – AGM Insured		1/16 at 100.00		Aa3		2,332,858
	20,035	Total Tax Obligation/General						23,029,824
		Tax Obligation/Limited – 24.8%
	650	Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26		No Opt. Call		Aaa		867,133
		Burlington County Bridge Commission, New Jersey, Guaranteed Pooled Loan Bonds, Series 2003:
	1,000	5.000%, 12/01/20 – NPFG Insured		12/13 at 100.00		AA		1,053,790
	695	5.000%, 12/01/21 – NPFG Insured		12/13 at 100.00		AA		732,384
	825	Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Series 2007, 5.250%, 12/15/22 – AMBAC Insured		No Opt. Call		Aa2		1,032,991
	2,300	Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured		No Opt. Call		AAA		3,087,106
	900	Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005C, 5.125%, 11/01/18 – AGM Insured		No Opt. Call		AAA		1,115,271
	1,395	Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36		1/22 at 100.00		A		1,575,429
		Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, County Services Building Project, Series 2005:
	395	5.000%, 4/01/25 – AMBAC Insured		4/15 at 100.00		AA–		419,498
	920	5.000%, 4/01/35 – AMBAC Insured		4/15 at 100.00		AA–		959,210
	2,255	New Jersey Building Authority, State Building Revenue Bonds, Series 2007A, 5.000%, 6/15/27		6/16 at 100.00		A+		2,404,033
		New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
	1,100	5.000%, 6/15/19		No Opt. Call		BBB+		1,266,243
	700	5.000%, 6/15/21		No Opt. Call		BBB+		811,293
	1,600	5.000%, 6/15/25		6/22 at 100.00		BBB+		1,804,032

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,000	New Jersey Economic Development Authority, Lease Revenue Bonds, Liberty State Park Project, Series 2005C, 5.000%, 3/01/27 – AGM Insured		3/15 at 100.00		AA–	$	1,049,920
		New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
	2,600	5.250%, 7/01/15 – NPFG Insured		7/14 at 100.00		A		2,817,828
	1,000	5.000%, 7/01/29 – NPFG Insured		7/14 at 100.00		A		1,062,480
		New Jersey Economic Development Authority, Revenue Bonds, Newark Downtown District Management Corporation Project, Series 2007:
	85	5.125%, 6/15/27		6/17 at 100.00		Baa3		89,162
	145	5.125%, 6/15/37		6/17 at 100.00		Baa3		149,991
	830	New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2007U, 5.000%, 9/01/37 – AMBAC Insured		9/17 at 100.00		A+		897,529
	700	New Jersey Educational Facilities Authority, Revenue Bonds, Higher Education Capital Improvement Fund, Refunding Series 2005A, 5.000%, 9/01/15 – AGM Insured		No Opt. Call		AA–		784,049
		New Jersey Health Care Facilities Financing Authority, Lease Revenue Bonds, Department of Human Services – Greystone Park Psychiatric Hospital, Series 2005:
	1,050	5.000%, 9/15/18 – AMBAC Insured		9/15 at 100.00		A+		1,149,803
	1,875	5.000%, 9/15/24 – AMBAC Insured		9/15 at 100.00		A+		1,988,438
	4,495	5.000%, 9/15/26 – AMBAC Insured		9/15 at 100.00		A+		4,735,213
	1,325	5.000%, 9/15/28 – AMBAC Insured		9/15 at 100.00		A+		1,391,754
		New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformatiom Program, Series 2008A:
	3,145	5.000%, 10/01/28		10/18 at 100.00		A+		3,451,040
	1,950	5.250%, 10/01/38		10/18 at 100.00		A+		2,123,765
	2,000	New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset Transformatiom Program, Series 2009A, 5.750%, 10/01/31		10/19 at 100.00		A+		2,346,480
		New Jersey Transportation Trust Fund Authority, Federal Highway Aid Grant Anticipation Bonds, Series 2006:
	695	5.000%, 6/15/17 – FGIC Insured		6/16 at 100.00		Aa3		795,330
	1,000	5.000%, 6/15/18 – FGIC Insured		6/16 at 100.00		Aa3		1,136,540
	14,635	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30		No Opt. Call		A+		6,776,002
	1,900	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22		No Opt. Call		A+		2,421,949
	1,500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.500%, 12/15/16 – NPFG Insured		No Opt. Call		A+		1,787,475
		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
	4,000	0.000%, 12/15/32 – AGM Insured		No Opt. Call		AA–		1,636,160
	4,000	0.000%, 12/15/33 – AGM Insured		No Opt. Call		AA–		1,552,640
	5,450	0.000%, 12/15/34 – AGM Insured		No Opt. Call		AA–		2,010,287
	500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A, 5.000%, 12/15/26 – AMBAC Insured		12/17 at 100.00		A+		577,110
	5,500	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 0.000%, 12/15/39		No Opt. Call		A+		1,517,450
	2,750	New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24		No Opt. Call		A+		3,345,540
		Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012:
	1,465	5.000%, 5/01/21		No Opt. Call		Aa3		1,743,086
	2,000	3.500%, 5/01/35		5/22 at 100.00		Aa3		1,973,700

Nuveen Investments 39

Portfolio of Investments (Unaudited)

Nuveen New Jersey Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	485	Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 4.500%, 7/01/36 – CIFG Insured		7/16 at 100.00		BBB+	$	479,728
	2,000	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42		8/19 at 100.00		A+		2,245,320
	1,495	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A, 5.500%, 8/01/42		2/20 at 100.00		A+		1,616,215
	450	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57		8/17 at 100.00		AA–		478,769
	86,760	Total Tax Obligation/Limited						73,259,166
		Transportation – 14.0%
		Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2005:
	1,335	5.000%, 1/01/26 – NPFG Insured		1/15 at 100.00		A1		1,432,949
	500	5.000%, 1/01/27 – NPFG Insured		1/15 at 100.00		A1		536,685
	570	New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/30		9/22 at 100.00		A+		660,123
	400	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.400%, 9/15/23 (Alternative Minimum Tax)		9/12 at 100.00		B		405,344
	800	New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)		9/12 at 100.00		B		817,256
	1,295	New Jersey Transit Corporation, Certificates of Participation, Federal Transit Administration Grants, Series 2005A, 5.000%, 9/15/18 – FGIC Insured		9/15 at 100.00		A1		1,418,906
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	45	6.500%, 1/01/16		No Opt. Call		A+		53,939
	485	6.500%, 1/01/16 – NPFG Insured		No Opt. Call		A+		581,340
	5,000	New Jersey Turnpike Authority, Revenue Bonds, Series 2003A, 5.000%, 1/01/19 – FGIC Insured		7/13 at 100.00		A+		5,180,399
	1,300	New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured		No Opt. Call		AA–		1,674,478
	3,500	New Jersey Turnpike Authority, Revenue Bonds, Series 2009I, 5.000%, 1/01/35		1/20 at 100.00		A+		3,939,180
	2,380	New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 (WI/DD, Settling 9/20/12)		1/23 at 100.00		A+		2,826,916
	900	Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42		5/20 at 100.00		Aa3		1,009,656
	2,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Third Series 2008, 5.000%, 7/15/38		7/18 at 100.00		Aa2		2,213,260
		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
	2,500	5.000%, 12/01/28 – SYNCORA GTY Insured		6/15 at 101.00		Aa2		2,762,025
	500	5.000%, 12/01/34		6/15 at 101.00		Aa2		549,265
	420	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.244%, 8/15/32 – AGM Insured (IF)		8/17 at 100.00		AA–		600,953
	6,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Thirty-Fourth Series 2004, 5.000%, 7/15/34		1/14 at 101.00		Aa2		6,348,239
		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997:
	1,000	7.000%, 12/01/12 – NPFG Insured (Alternative Minimum Tax)		No Opt. Call		BBB		1,008,600
	2,000	5.750%, 12/01/22 – NPFG Insured (Alternative Minimum Tax)		12/12 at 100.00		BBB		2,000,700
	3,125	5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)		12/12 at 100.00		BBB		3,125,781

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	1,810	South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series 2012., 5.000%, 11/01/22		No Opt. Call		A–	$	2,123,383
	37,865	Total Transportation						41,269,377
		U.S. Guaranteed – 7.0% (4)
	735	Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series 2005, 4.000%, 12/01/17 (Pre-refunded 12/01/15) – AMBAC Insured		12/15 at 100.00		N/R (4)		767,759
		New Jersey Economic Development Authority, Cigarette Tax Revenue Bonds, Series 2004:
	1,595	5.750%, 6/15/29 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		1,750,241
	2,560	5.750%, 6/15/34 (Pre-refunded 6/15/14)		6/14 at 100.00		Aaa		2,809,165
	460	New Jersey Economic Development Authority, Revenue Bonds, Yeshiva Ktana of Passaic, Series 1993, 8.000%, 9/15/18 (ETM)		No Opt. Call		N/R (4)		559,185
	420	New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Series 2005B, 5.000%, 7/01/30 (Pre-refunded 7/01/16) – NPFG Insured		7/16 at 100.00		A– (4)		492,106
		New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2005F:
	1,825	5.000%, 7/01/24 (Pre-refunded 7/01/15) – FGIC Insured		7/15 at 100.00		A1 (4)		2,062,104
	525	5.000%, 7/01/32 (Pre-refunded 7/01/15) – FGIC Insured		7/15 at 100.00		A1 (4)		593,208
		New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey Institute of Technology, Series 2004B:
	125	5.000%, 7/01/18 (Pre-refunded 1/01/14) – AMBAC Insured		1/14 at 100.00		A+ (4)		132,855
	265	5.000%, 7/01/19 (Pre-refunded 1/01/14) – AMBAC Insured		1/14 at 100.00		A+ (4)		281,653
	815	4.250%, 7/01/24 (Pre-refunded 1/01/14) – AMBAC Insured		1/14 at 100.00		A+ (4)		858,081
	290	New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2004A, 5.500%, 7/01/23 (Pre-refunded 7/01/14) – RAAI Insured		7/14 at 100.00		BBB+ (4)		317,408
	500	New Jersey Educational Facilities Authority, Revenue Bonds, Rowan University, Series 2003I, 5.125%, 7/01/21 (Pre-refunded 7/01/13) – FGIC Insured		7/13 at 100.00		A+ (4)		520,125
	1,195	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Capital Health System Obligated Group, Series 2003A, 5.375%, 7/01/33 (Pre-refunded 7/01/13)		7/13 at 100.00		N/R (4)		1,244,557
	845	New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St. Clare’s Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM)		No Opt. Call		N/R (4)		1,067,303
		New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
	15	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		18,041
	255	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		A+ (4)		306,689
	650	6.500%, 1/01/16 (ETM)		No Opt. Call		AA+ (4)		712,420
	145	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		158,924
	90	6.500%, 1/01/16 – NPFG Insured (ETM)		No Opt. Call		A+ (4)		98,643
	5	6.500%, 1/01/16 – AMBAC Insured (ETM)		No Opt. Call		A3 (4)		5,480
	375	Newark Housing Authority, New Jersey, Port Authority Terminal Revenue Bonds, Series 2004, 5.250%, 1/01/21 (Pre-refunded 1/01/14) – NPFG Insured		1/14 at 100.00		BBB (4)		399,810
	4,000	Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured (ETM)		No Opt. Call		Aaa		4,922,400
	640	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.375%, 6/01/32 (Pre-refunded 6/01/13)		6/13 at 100.00		Aaa		667,686
	18,330	Total U.S. Guaranteed						20,745,843
		Utilities – 0.4%
	1,195	New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A, 5.125%, 6/15/43 (Alternative Minimum Tax)		6/22 at 100.00		Baa3		1,215,614

Nuveen Investments 41

Portfolio of Investments (Unaudited)

Nuveen New Jersey Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer – 3.1%
$	1,380	Bayonne Municipal Utilities Authority, New Jersey, Water System Revenue Refunding Bonds, Series 2003A, 5.000%, 4/01/18 – SYNCORA GTY Insured		4/13 at 100.00		N/R	$	1,393,924
	960	New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc. Project, Refunding Series 2010D, 4.875%, 11/01/29 (Alternative Minimum Tax)		11/20 at 100.00		A		1,049,808
	1,770	New Jersey Environmental Infrastructure Trust, Environmental Infrastructure Bonds, Tender Option Bond Trust 4729, 7.205%, 9/01/21 (IF) (5)		No Opt. Call		AAA		2,446,370
		North Hudson Sewerage Authority, New Jersey, Gross Revenue Senior Lien Lease Certificates, Series 2012A:
	1,500	5.000%, 6/01/27 – NPFG Insured		6/22 at 100.00		A		1,750,110
	1,500	5.000%, 6/01/42 – NPFG Insured		6/22 at 100.00		A		1,671,435
	760	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa2		810,038
	7,870	Total Water and Sewer						9,121,685
$	302,965	Total Investments (cost $268,043,533) – 99.3%						293,477,952
		Other Assets Less Liabilities – 0.7%						1,997,389
		Net Assets – 100%					$	295,475,341

(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

N/R Not rated.

WI/DD Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

See accompanying notes to financial statements.

42 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Discretionary – 0.1%
$	665	New York City Industrial Development Agency, New York, Liberty Revenue Bonds, IAC/InterActiveCorp, Series 2005, 5.000%, 9/01/35		9/15 at 100.00		BBB–	$	678,120
		Consumer Staples – 2.1%
	465	New York Counties Tobacco Trust II, Tobacco Settlement Pass-Through Bonds, Series 2001, 5.250%, 6/01/25		12/12 at 100.00		A3		452,329
	1,085	Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33		11/12 at 100.00		BBB+		1,084,978
	205	Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25		12/12 at 100.00		A3		197,671
	6,650	Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2008C, 0.000%, 6/01/44		6/22 at 100.00		B+		6,199,995
		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:
	1,890	4.750%, 6/01/22		6/16 at 100.00		BBB		1,893,723
	1,225	5.000%, 6/01/26		6/16 at 100.00		BB–		1,162,831
	4,410	5.125%, 6/01/42		6/16 at 100.00		B+		3,249,112
	1,500	Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.625%, 10/01/29		10/19 at 100.00		BBB		1,767,045
	17,430	Total Consumer Staples						16,007,684
		Education and Civic Organizations – 9.8%
	660	Albany Industrial Development Agency, New York, Revenue Bonds, Albany Law School, Series 2007A, 5.000%, 7/01/31		7/17 at 100.00		BBB		684,301
		Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A:
	520	5.000%, 4/01/20		4/17 at 100.00		BBB–		532,802
	1,000	5.000%, 4/01/27		4/17 at 100.00		BBB–		1,001,580
	290	5.000%, 4/01/37		4/17 at 100.00		BBB–		279,653
	1,000	Allegany County Industrial Development Agency, New York, Revenue Bonds, Alfred University, Series 1998, 5.000%, 8/01/28 – NPFG Insured		2/13 at 100.00		Baa1		1,001,190
	2,190	Buffalo and Erie County Industrial Land Development Corporation, New York, Tax-Exempt Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40		12/20 at 100.00		BBB		2,582,141
	215	Cattaraugus County Industrial Development Agency, New York, Revenue Bonds, St. Bonaventure University, Series 2006, 5.000%, 5/01/23		5/16 at 100.00		BBB–		223,518
	1,750	Dormitory Authority of the State of New York, Brooklyn Law School Revenue Bonds, Series 2009, 5.750%, 7/01/33		7/19 at 100.00		BBB+		2,014,338
		Dormitory Authority of the State of New York, General Revenue Bonds, Manhattan College, Series 2007A:
	2,655	5.000%, 7/01/32 – RAAI Insured		7/17 at 100.00		N/R		2,730,508
	2,820	5.000%, 7/01/41 – RAAI Insured		7/17 at 100.00		N/R		2,875,554
	1,000	Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 – AMBAC Insured		No Opt. Call		AA–		1,361,950
	1,880	Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured		7/17 at 100.00		A–		2,072,042
		Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007:
	1,670	5.250%, 7/01/29 – FGIC Insured		No Opt. Call		BBB		1,972,437
	735	5.250%, 7/01/34 – FGIC Insured		No Opt. Call		BBB		869,696
	605	Dormitory Authority of the State of New York, Insured Revenue Bonds, Fordham University, Series 2002, 5.000%, 7/01/21 – FGIC Insured		1/13 at 100.00		A2		606,434
	1,850	Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured		1/13 at 100.00		BBB		1,855,698
	60	Dormitory Authority of the State of New York, Insured Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/30 – AMBAC Insured		1/13 at 100.00		A2		60,094

Nuveen Investments 43

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
		Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B:
$	1,250	5.250%, 7/01/31 (Mandatory put 7/01/13) – FGIC Insured		No Opt. Call		Aa2	$	1,300,975
	2,000	5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured		No Opt. Call		Aa2		2,081,560
	2,120	Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured		7/15 at 100.00		Aa2		2,314,213
	435	Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured		7/17 at 100.00		BBB		460,291
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2000, 5.250%, 7/01/30 – NPFG Insured		1/13 at 100.00		BBB		1,001,260
	750	Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.625%, 11/01/32 – AGM Insured		5/21 at 100.00		AA–		899,550
	350	Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30		7/20 at 100.00		A–		397,145
	585	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured		7/17 at 100.00		AA–		646,261
	1,500	Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39		7/19 at 100.00		AA–		1,690,470
	1,200	Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37		7/20 at 100.00		Aa1		1,367,736
	1,845	Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bard College Project, Series 2007-A2, 4.500%, 8/01/36		8/17 at 100.00		Baa1		1,883,690
	615	Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University, Civic Facility Project, Series 2005, 5.000%, 10/01/35		10/15 at 100.00		A		642,546
	250	Hempstead Town Local Development Corporation, New York, Revenue Bonds, Adelphi University Project, Series 2009B, 5.250%, 2/01/39		2/19 at 100.00		A		277,443
	1,175	Hempstead Town Local Development Corporation, New York, Revenue Bonds, Molloy College Project, Series 2009, 5.750%, 7/01/39		7/19 at 100.00		BBB+		1,337,820
	940	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate University, Tender Option Bond Trust 3127, 12.949%, 1/01/14 – AMBAC Insured (IF)		No Opt. Call		AA+		1,075,078
	1,315	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, American Council of Learned Societies, Series 2002, 5.250%, 7/01/27		1/13 at 100.00		A1		1,317,236
	2,500	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Polytechnic University, Series 2007, 5.250%, 11/01/37 – ACA Insured		11/17 at 100.00		BBB–		2,686,550
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, YMCA of Greater New York, Series 2006:
	5,520	5.000%, 8/01/26		8/16 at 100.00		A–		5,876,426
	2,000	5.000%, 8/01/36		8/16 at 100.00		A–		2,096,540
		New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
	1,060	5.000%, 1/01/39 – AMBAC Insured		1/17 at 100.00		BB+		1,078,508
	2,845	4.750%, 1/01/42 – AMBAC Insured		1/17 at 100.00		BB+		2,845,939
	2,000	5.000%, 1/01/46 – AMBAC Insured		1/17 at 100.00		BB+		2,030,200
		New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
	720	5.000%, 3/01/31 – FGIC Insured		9/16 at 100.00		BBB		758,203
	1,350	5.000%, 3/01/36 – NPFG Insured		9/16 at 100.00		BBB		1,407,807
	3,550	4.500%, 3/01/39 – FGIC Insured		9/16 at 100.00		BBB		3,595,760
	1,150	4.750%, 3/01/46 – NPFG Insured		9/16 at 100.00		BBB		1,174,978

44 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	2,000	New York City Trust for Cultural Resources, New York, Revenue Bonds, Carnegie Hall, Series 2009A, 5.000%, 12/01/39		12/19 at 100.00		A+	$	2,211,440
	600	New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31		1/21 at 100.00		A		677,256
	430	Seneca County Industrial Development Authority, New York, Revenue Bonds, New York Chiropractic College, Series 2007, 5.000%, 10/01/27		10/17 at 100.00		BBB		452,214
	1,600	Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40		9/20 at 100.00		A–		1,771,232
	895	Utica Industrial Development Agency, New York, Revenue Bonds, Utica College, Series 1998A, 5.750%, 8/01/28		2/13 at 100.00		N/R		895,600
		Yonkers Economic Development Corporation, New York, Revenue Bonds, Charter School Educational Excellence Project, Series 2010A:
	1,340	6.000%, 10/15/30		10/20 at 100.00		BB		1,397,566
	1,200	6.250%, 10/15/40		10/20 at 100.00		BB		1,255,032
	1,000	Yonkers Industrial Development Agency, New York, Civic Facility Revenue Bonds, Sarah Lawrence College Project, Series 2001A Remarketed, 6.000%, 6/01/41		6/19 at 100.00		BBB+		1,129,520
	69,990	Total Education and Civic Organizations						74,757,981
		Financials – 0.6%
	500	Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35		No Opt. Call		A		583,210
	3,475	Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37		No Opt. Call		A		4,211,075
	3,975	Total Financials						4,794,285
		Health Care – 10.9%
	1,000	Albany Capital Resource Corporation, New York, St. Peter’s Hospital Project, Series 2011, 6.125%, 11/15/30		11/20 at 100.00		A3		1,194,030
	3,575	Albany Industrial Development Agency, New York, Revenue Bonds, Saint Peter’s Hospital, Series 2008A, 5.250%, 11/15/32		11/17 at 100.00		A3		3,851,669
		Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A:
	1,910	5.125%, 2/01/22 – AMBAC Insured		2/13 at 100.00		N/R		1,915,787
	245	5.000%, 2/01/31 – AMBAC Insured		2/13 at 100.00		N/R		245,760
	1,405	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured		8/17 at 100.00		AA–		1,548,788
	1,910	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured		2/15 at 100.00		BBB		2,047,998
	3,410	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 1999, 4.750%, 2/15/37		2/17 at 100.00		N/R		3,540,876
		Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005:
	3,000	5.000%, 2/01/22 – FGIC Insured		2/15 at 100.00		BBB		3,285,180
	1,775	5.000%, 2/01/28 – FGIC Insured		2/15 at 100.00		BBB		1,926,088
	8,400	Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, St. Lukes Roosevelt Hospital, Series 2005, 4.900%, 8/15/31		8/15 at 100.00		N/R		8,895,180
	550	Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32		7/20 at 100.00		A2		608,113
	3,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, Franciscan Health Partnership Obligated Group – Frances Shervier Home and Hospital, Series 1997, 5.500%, 7/01/27 – RAAI Insured		1/13 at 100.00		A3		3,003,360

Nuveen Investments 45

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	3,310	Dormitory Authority of the State of New York, North Shore Long Island Jewish Obligated Group Revenue Bonds, Series 2011A, 5.000%, 5/01/41		5/21 at 100.00		A–	$	3,635,406
	2,015	Dormitory Authority of the State of New York, Orange Regional Medical Center Obligated Group Revenue Bonds, Series 2008, 6.250%, 12/01/37		12/18 at 100.00		Ba1		2,193,650
	1,250	Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long Island, Series 2004, 5.100%, 7/01/34		7/14 at 100.00		A–		1,279,450
	3,855	Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured		8/14 at 100.00		AA–		4,220,570
	600	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2005A, 5.000%, 11/01/34		11/16 at 100.00		A3		634,944
	500	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2006B, 5.000%, 11/01/34		11/16 at 100.00		A3		530,315
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2009A, 5.500%, 5/01/37		5/19 at 100.00		A–		1,138,660
	2,000	Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2006A, 5.000%, 7/01/20		7/16 at 100.00		A–		2,233,540
	5,600	Dormitory Authority of the State of New York, Revenue Bonds, NYU Hospitals Center, Series 2007B, 5.625%, 7/01/37		7/17 at 100.00		A–		6,115,536
	1,500	Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23		7/13 at 100.00		Baa1		1,524,600
	2,360	Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured		8/14 at 100.00		AA–		2,439,202
	5,000	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/31 – AMBAC Insured		1/13 at 100.00		Baa1		5,005,250
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Winthrop-South Nassau University Hospital Association, Series 2003A, 5.500%, 7/01/32		7/13 at 100.00		Baa1		1,012,810
		Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vassar Brothers Medical Center Facility, Series 2005:
	545	5.500%, 4/01/30		10/20 at 100.00		AA–		619,709
	950	5.500%, 4/01/34		10/20 at 100.00		AA–		1,079,514
		Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Oneida Health System, Series 2007A:
	275	4.500%, 2/01/17		No Opt. Call		BBB–		284,199
	710	5.250%, 2/01/27		2/17 at 100.00		BBB–		722,666
	635	5.500%, 2/01/32		2/17 at 100.00		BBB–		651,078
	2,720	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.750%, 8/15/35		2/21 at 100.00		Aa2		3,321,528
		New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A:
	2,000	5.250%, 2/15/21 – AMBAC Insured		2/13 at 100.00		Aa3		2,035,920
	4,300	5.250%, 2/15/22 – AMBAC Insured		2/13 at 100.00		Aa3		4,389,010
		Saratoga County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Saratoga Hospital Project, Series 2007B:
	1,000	5.125%, 12/01/27		12/17 at 100.00		A–		1,054,480
	500	5.250%, 12/01/32		12/17 at 100.00		A–		530,395
	1,965	Suffolk County Economic Development Corp / Nassau County Local Economic Assistance & Financing Corp., New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Series 2011, 5.000%, 7/01/28		7/21 at 100.00		A–		2,237,644
	2,000	Yonkers Industrial Development Agency, New York, Revenue Bonds, St. John’s Riverside Hospital, Series 2001A, 7.125%, 7/01/31		1/13 at 100.00		B+		2,002,980
	77,770	Total Health Care						82,955,885

46 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily – 2.9%
$	1,600	Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40		5/20 at 100.00		AA–	$	1,704,112
	285	East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21		10/12 at 100.00		AA+		285,844
	1,000	Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Morrisville State College Foundation, Series 2005A, 5.000%, 6/01/37 – CIFG Insured		6/15 at 101.00		BBB–		1,006,030
		New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
	400	5.000%, 7/01/14 – FGIC Insured		No Opt. Call		AA–		431,464
	400	5.000%, 7/01/16 – FGIC Insured		7/15 at 100.00		AA–		444,404
	4,030	5.000%, 7/01/25 – FGIC Insured		7/15 at 100.00		AA–		4,294,126
	290	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 – AMBAC Insured		9/12 at 105.00		N/R		305,889
	5	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A, 5.500%, 11/01/34 (Alternative Minimum Tax)		11/12 at 100.00		AA		5,036
	2,000	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004A, 5.250%, 11/01/30		5/14 at 100.00		AA		2,059,700
	540	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2004-H2, 5.125%, 11/01/34 (Alternative Minimum Tax)		11/14 at 100.00		AA		553,160
	855	New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42		5/20 at 100.00		AA		930,351
	2,500	New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax)		11/17 at 100.00		Aa2		2,635,300
	705	New York State Housing Finance Agency, Affordable Housing Revenue, Series 2007A, 5.250%, 11/01/38 (Alternative Minimum Tax)		11/17 at 100.00		Aa2		737,783
		New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
	220	6.100%, 11/01/15 – AGM Insured		11/12 at 100.00		AA–		221,014
	305	6.125%, 11/01/20 – AGM Insured		11/12 at 100.00		AA–		305,744
	1,760	New York State Housing Finance Agency, Multifamily Housing Revenue Bonds, Cannon Street Senior Housing Project, Series 2007A, 5.300%, 2/15/39 (Alternative Minimum Tax)		2/17 at 100.00		Aa1		1,848,581
	1,000	New York State Housing Finance Agency, Secured Mortgage Program Multifamily Housing Revenue Bonds, Series 2001G, 5.400%, 8/15/33 (Alternative Minimum Tax)		2/13 at 100.00		Aa1		1,001,080
	3,030	Westchester County Industrial Development Agency, New York, GNMA Collateralized Mortgage Loan Revenue Bonds, Living Independently for the Elderly Inc., Series 2001A, 5.400%, 8/20/32		2/13 at 101.00		Aaa		3,065,603
	20,925	Total Housing/Multifamily						21,835,221
		Housing/Single Family – 0.7%
	2,375	New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 130, 4.650%, 4/01/27 (Alternative Minimum Tax)		4/15 at 100.00		Aa1		2,428,438
	760	New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 145, 5.125%, 10/01/37 (Alternative Minimum Tax)		4/17 at 100.00		Aa1		789,169
	860	New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 148, 5.200%, 10/01/32 (Alternative Minimum Tax)		10/17 at 100.00		Aa1		909,648
	1,660	New York State Mortgage Agency, Mortgage Revenue Bonds, Thirty-Third Series A, 4.750%, 4/01/23 (Alternative Minimum Tax)		4/13 at 101.00		Aaa		1,690,129
	5,655	Total Housing/Single Family						5,817,384

Nuveen Investments 47

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care – 2.3%
$	370	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, W.K. Nursing Home Corporation, Series 1996, 5.950%, 2/01/16		2/13 at 100.00		AAA	$	375,191
	1,070	Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of Westchester Project, Series 2006, 5.200%, 2/15/41		2/17 at 103.00		AA+		1,171,222
		Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc Projects, Series 2007B:
	290	6.000%, 7/01/26 – AMBAC Insured		7/19 at 100.00		A–		337,441
	310	6.000%, 7/01/27 – AMBAC Insured		7/19 at 100.00		A–		360,198
	330	6.000%, 7/01/28 – AMBAC Insured		7/28 at 100.00		A–		383,107
	350	6.000%, 7/01/29 – AMBAC Insured		7/19 at 100.00		A–		405,402
	1,460	6.000%, 7/01/36 – AMBAC Insured		7/19 at 100.00		A–		1,675,744
	1,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc Projects, Series 2009A, 6.000%, 7/01/38		7/19 at 100.00		Aa3		1,170,920
	2,000	Dormitory Authority of the State of New York, Insured Revenue Bonds, NYSARC Inc., Series 2005A, 5.000%, 7/01/34 – AGM Insured		7/15 at 100.00		AA		2,095,300
	650	Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31		11/16 at 100.00		Ba3		625,144
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Miriam Osborn Memorial Home Association, Series 2000B, 6.375%, 7/01/29 – ACA Insured		1/13 at 100.00		BBB		1,001,250
		Dormitory Authority of the State of New York, Revenue Bonds, Providence Rest, Series 2005:
	50	5.125%, 7/01/30 – ACA Insured		7/15 at 100.00		N/R		47,610
	415	5.000%, 7/01/35 – ACA Insured		7/15 at 100.00		N/R		371,313
	1,120	East Rochester Housing Authority, New York, GNMA Secured Revenue Refunding Bonds, Genesee Valley Presbyterian Nursing Center, Series 2001, 5.200%, 12/20/24		12/13 at 100.00		Aaa		1,133,440
	1,700	East Rochester Housing Authority, New York, Senior Living Revenue Bonds, Woodland Village Project, Series 2006, 5.500%, 8/01/33		8/16 at 101.00		N/R		1,693,642
	265	New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2000, 8.125%, 7/01/19		1/13 at 100.00		N/R		265,580
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1:
	1,000	5.800%, 7/01/23		7/16 at 101.00		N/R		977,610
	1,175	6.100%, 7/01/28		7/16 at 101.00		N/R		1,139,656
	800	6.200%, 7/01/33		7/16 at 101.00		N/R		771,408
	1,225	Suffolk County Economic Development Corporation, New York, Revenue Refunding Bonds, Peconic Landing At Southold, Inc. Project, Series 2010, 6.000%, 12/01/40		12/20 at 100.00		BBB–		1,359,726
	190	Suffolk County Industrial Development Agency, New York, Revenue Bonds, Special Needs Facilities Pooled Program, Series 2001C-1, 7.250%, 7/01/16		1/13 at 100.50		N/R		192,044
	16,770	Total Long-Term Care						17,552,948
		Materials – 0.1%
	700	Essex County Industrial Development Agency, New York, Environmental Improvement Revenue Bonds, International Paper Company, Series 1999A, 6.450%, 11/15/23 (Alternative Minimum Tax)		11/12 at 100.00		BBB		702,639
		Tax Obligation/General – 6.7%
	1,000	Erie County, New York, General Obligation Bonds, Series 2003A, 5.250%, 3/15/16 – NPFG Insured		3/13 at 100.00		A2		1,024,450

48 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	3,000	Erie County, New York, General Obligation Bonds, Series 2005A, 5.000%, 12/01/18 – NPFG Insured		12/15 at 100.00		A2	$	3,288,480
	2,000	Monroe-Woodbury Central School District, Orange County, New York, General Obligation Bonds, Series 2004A, 4.250%, 5/15/22 – FGIC Insured		5/14 at 100.00		Aa3		2,059,960
		Mount Sinai Union Free School District, Suffolk County, New York, General Obligation Refunding Bonds, Series 1992:
	500	6.200%, 2/15/15 – AMBAC Insured		No Opt. Call		Aa3		568,360
	1,035	6.200%, 2/15/16 – AMBAC Insured		No Opt. Call		Aa3		1,226,972
	1,505	Nassau County, North Hempstead, New York, General Obligation Refunding Bonds, Series 1992B, 6.400%, 4/01/14 – FGIC Insured		No Opt. Call		Aa1		1,642,346
	10,000	New York City, New York, General Obligation Bonds, Fiscal 2008 Series D, 5.125%, 12/01/26		12/17 at 100.00		AA		11,816,700
	400	New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28		8/19 at 100.00		AA		467,156
	1,000	New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23		8/19 at 100.00		AA		1,194,160
	1,000	New York City, New York, General Obligation Bonds, Fiscal 2012 Series I, 5.000%, 8/01/30		No Opt. Call		AA		1,193,630
		New York City, New York, General Obligation Bonds, Fiscal Series 2004E:
	1,600	5.000%, 11/01/19 – AGM Insured		11/14 at 100.00		AA		1,755,616
	925	5.000%, 11/01/20 – AGM Insured		11/14 at 100.00		Aa2		1,014,966
	3,620	New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/19 – SYNCORA GTY Insured		9/15 at 100.00		AA		4,068,409
	600	New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured		3/15 at 100.00		AA		662,394
	1,725	New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 – AGM Insured		8/15 at 100.00		AA		1,953,080
	1,500	New York City, New York, General Obligation Bonds, Series 2011D-I, 5.000%, 10/01/29		No Opt. Call		AA		1,779,555
	6,670	New York City, New York, General Obligation Bonds, Subseries G-1 Fiscal Series 2012, 5.000%, 4/01/29		No Opt. Call		AA		7,973,185
		Rensselaer County, New York, General Obligation Bonds, Series 1991:
	960	6.700%, 2/15/13 – AMBAC Insured		No Opt. Call		AA–		987,744
	960	6.700%, 2/15/14 – AMBAC Insured		No Opt. Call		AA–		1,044,826
	960	6.700%, 2/15/15 – AMBAC Insured		No Opt. Call		AA–		1,098,461
		Yonkers, New York, General Obligation Bonds, Series 2005B:
	1,985	5.000%, 8/01/17 – NPFG Insured		8/15 at 100.00		BBB+		2,152,157
	2,085	5.000%, 8/01/18 – NPFG Insured		8/15 at 100.00		BBB+		2,243,689
	45,030	Total Tax Obligation/General						51,216,296
		Tax Obligation/Limited – 29.0%
	1,500	Albany Parking Authority, New York, Revenue Refunding Bonds, Series 1992A, 0.000%, 11/01/17		No Opt. Call		N/R		1,199,445
		Canton Human Services Initiative Inc., New York, Facility Revenue Bonds, Series 2001:
	865	5.700%, 9/01/24		3/13 at 101.00		Baa1		874,437
	1,155	5.750%, 9/01/32		3/13 at 101.00		Baa1		1,170,385
	1,100	Dormitory Authority of the State of New York, Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/13 – NPFG Insured		No Opt. Call		Aa3		1,149,093
	80	Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.250%, 8/15/30 – AGM Insured		2/13 at 100.00		AA–		80,274

Nuveen Investments 49

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,000	Dormitory Authority of the State of New York, Lease Revenue Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 – AGM Insured		8/14 at 100.00		AA–	$	1,077,770
		Dormitory Authority of the State of New York, Residential Institutions for Children Revenue Bonds, Series 2008-A1:
	2,000	5.000%, 6/01/33		6/18 at 100.00		Aa1		2,202,500
	2,500	5.000%, 6/01/38		6/18 at 100.00		Aa1		2,722,850
	2,410	Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured		7/14 at 100.00		AA–		2,575,760
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1, 5.000%, 8/15/23 – FGIC Insured		2/15 at 100.00		AA–		1,094,990
		Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D:
	5,675	5.250%, 10/01/23 – NPFG Insured		10/12 at 100.00		A+		5,696,395
	875	5.000%, 10/01/30 – NPFG Insured		10/12 at 100.00		A+		878,089
	1,500	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009C, 5.125%, 10/01/36 – AGC Insured		10/19 at 100.00		AA–		1,681,170
	4,000	Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 – AGM Insured		No Opt. Call		AA–		4,738,400
	1,000	Dormitory Authority of the State of New York, Revenue Bonds, State University Educational Facilities, Series 1993C, 5.250%, 5/15/19		5/14 at 100.00		AA–		1,147,940
	4,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Education Series 2008A, 5.000%, 3/15/28		3/18 at 100.00		AAA		4,630,520
	10,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012A, 5.000%, 12/15/29		12/22 at 100.00		AAA		12,088,800
	3,000	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2009A, 5.000%, 2/15/34		2/19 at 100.00		AAA		3,529,770
	35	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured		No Opt. Call		AAA		38,694
	1,460	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2008A, 5.750%, 5/01/27 – AGM Insured		5/18 at 100.00		AA–		1,720,610
	14,675	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured		2/17 at 100.00		A		15,547,574
		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A:
	7,400	5.250%, 11/15/25 – AGM Insured		11/12 at 100.00		AA		7,463,048
	2,000	5.000%, 11/15/30		11/12 at 100.00		AA		2,016,700
	1,825	Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18		No Opt. Call		AA–		2,268,731
	1,680	Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, 1/01/34		1/13 at 102.00		BBB		1,699,522
		New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
	5,570	5.000%, 10/15/25 – NPFG Insured		10/14 at 100.00		AAA		6,045,455
	3,095	5.000%, 10/15/26 – NPFG Insured		10/14 at 100.00		AAA		3,355,320
	5,875	5.000%, 10/15/29 – AMBAC Insured		10/14 at 100.00		AAA		6,388,064
	500	5.000%, 10/15/32 – AMBAC Insured		10/14 at 100.00		AAA		542,450
	10,000	5.000%, 10/15/32 – AGM Insured		10/14 at 100.00		AAA		10,849,000
	7,800	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured		1/17 at 100.00		AA–		8,707,218

50 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	4,500	New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2009-S1, 5.500%, 7/15/31		7/18 at 100.00		AA–	$	5,298,795
	5,925	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2012 Series E-1, 5.000%, 2/01/42		2/22 at 100.00		AAA		6,804,211
		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E:
	25	5.250%, 2/01/22 – NPFG Insured		2/13 at 100.00		AAA		25,485
	310	5.000%, 2/01/23 – FGIC Insured		2/13 at 100.00		AAA		315,627
	3,705	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007C-1, 5.000%, 11/01/27		11/17 at 100.00		AAA		4,339,629
		New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option Bonds Trust 3095:
	440	13.153%, 11/15/30 – AMBAC Insured (IF)		11/15 at 100.00		AA+		532,875
	1,395	13.139%, 11/15/44 – AMBAC Insured (IF)		11/15 at 100.00		AA+		1,627,114
	180	New York State Environmental Facilities Corporation, Infrastructure Revenue Bonds, Series 2003A, 5.000%, 3/15/21		3/14 at 100.00		AA–		190,480
		New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, Series 2008A:
	5,050	5.000%, 12/15/26 (UB)		12/17 at 100.00		AAA		5,967,080
	60	5.000%, 12/15/27 (UB)		12/17 at 100.00		AAA		70,762
	2,100	New York State Housing Finance Agency, State Personal Income Tax Revenue Bonds, Economic Development and Housing, Series 2006A, 5.000%, 3/15/36		9/15 at 100.00		AAA		2,327,115
	1,625	New York State Local Government Assistance Corporation, Revenue Bonds, Series 1993E, 5.250%, 4/01/16 – AGM Insured		No Opt. Call		AAA		1,833,341
		New York State Municipal Bond Bank Agency, Buffalo, Special Program Revenue Bonds, Series 2001A:
	1,185	5.250%, 5/15/25 – AMBAC Insured		11/12 at 100.00		A1		1,189,005
	1,250	5.250%, 5/15/26 – AMBAC Insured		11/12 at 100.00		A1		1,254,413
	1,000	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004A, 5.000%, 4/01/23 – NPFG Insured		4/14 at 100.00		AA		1,067,340
		New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B:
	5,385	5.500%, 4/01/20 – AMBAC Insured		No Opt. Call		AA		6,851,766
	1,500	5.000%, 4/01/21 – AMBAC Insured		10/15 at 100.00		AA		1,701,075
	2,750	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2007, 5.000%, 4/01/27		10/17 at 100.00		AA		3,157,000
	5,500	New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (4)		No Opt. Call		AA		6,998,090
	5,000	New York State Thruway Authority, Second General Highway and Bridge Trust Fund Bonds, Series 2011A-1, 5.000%, 4/01/31		4/21 at 100.00		AA		5,831,950
	1,500	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 – AMBAC Insured		9/14 at 100.00		AAA		1,623,300
		New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1:
	7,200	5.250%, 6/01/20 – AMBAC Insured		6/13 at 100.00		AA–		7,461,432
	3,005	5.250%, 6/01/21 – AMBAC Insured		6/13 at 100.00		AA–		3,114,112
	10,345	5.250%, 6/01/22 – AMBAC Insured		6/13 at 100.00		AA–		10,720,627
	3,000	New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21		6/13 at 100.00		AA–		3,114,540
	960	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 – AGM Insured		3/15 at 100.00		AAA		1,011,763

Nuveen Investments 51

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	7,000	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2011A, 5.000%, 3/15/29		3/21 at 100.00		AAA	$	8,270,150
	675	Niagara Falls City School District, Niagara County, New York, Certificates of Participation, High School Facility, Series 2005, 5.000%, 6/15/28 – AGM Insured		6/15 at 100.00		AA–		713,522
	4,000	Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 – AGM Insured		No Opt. Call		AA–		4,645,320
	5,000	Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/44 – AMBAC Insured		No Opt. Call		BBB+		718,300
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C:
	1,810	5.250%, 8/01/41		8/20 at 100.00		A+		1,924,899
	1,055	5.125%, 8/01/42 – AGM Insured		8/20 at 100.00		AA–		1,153,917
	1,850	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57		8/17 at 100.00		AA–		1,968,271
	2,235	Syracuse Industrial Development Authority, New York, PILOT Mortgage Revenue Bonds, Carousel Center Project, Series 2007A, 5.000%, 1/01/36 – SYNCORA GTY Insured (Alternative Minimum Tax)		1/17 at 100.00		A+		2,291,680
	204,095	Total Tax Obligation/Limited						221,295,960
		Transportation – 12.6%
		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2003A:
	3,000	5.000%, 11/15/15 – FGIC Insured		No Opt. Call		A		3,407,550
	2,605	5.000%, 11/15/25 – AGM Insured		11/13 at 100.00		AA–		2,723,762
	1,180	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2005A, 4.750%, 11/15/27 – NPFG Insured		11/15 at 100.00		AA–		1,302,095
	7,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006A, 5.000%, 11/15/31		11/16 at 100.00		A		7,556,150
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A:
	4,250	5.500%, 11/15/18 – AMBAC Insured		11/12 at 100.00		A		4,293,520
	1,500	5.500%, 11/15/19 – AMBAC Insured		11/12 at 100.00		A		1,514,880
	1,000	5.125%, 11/15/22 – FGIC Insured		11/12 at 100.00		A		1,008,690
		New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007:
	2,800	5.750%, 10/01/37		10/17 at 100.00		N/R		1,494,556
	2,000	5.875%, 10/01/46		10/17 at 102.00		N/R		1,066,540
	500	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, British Airways PLC, Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax)		12/12 at 100.00		BB		493,820
	3,670	New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, Terminal One Group JFK Project, Series 2005, 5.500%, 1/01/24 (Alternative Minimum Tax)		1/16 at 100.00		A3		3,874,015
	3,040	New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44		11/21 at 100.00		A+		3,367,043
	580	New York State Thruway Authority, General Revenue Bonds, Refunding Series 2007H, 5.000%, 1/01/25 – FGIC Insured		1/18 at 100.00		A+		663,015
		New York State Thruway Authority, General Revenue Bonds, Series 2005F:
	5,265	5.000%, 1/01/20 – AMBAC Insured		1/15 at 100.00		A+		5,756,488
	295	5.000%, 1/01/30 – AMBAC Insured		1/15 at 100.00		A+		318,901
		New York State Thruway Authority, General Revenue Bonds, Series 2005G:
	1,600	5.000%, 1/01/30 – AGM Insured		7/15 at 100.00		AA–		1,763,888
	3,000	5.000%, 1/01/32 – AGM Insured		7/15 at 100.00		AA–		3,307,290

52 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	2,110	New York State Thruway Authority, General Revenue Bonds, Series 2012I, 5.000%, 1/01/42		1/22 at 100.00		A+	$	2,373,476
		Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1998:
	1,000	5.000%, 4/01/18 – FGIC Insured (Alternative Minimum Tax)		10/12 at 100.00		BBB		1,000,420
	1,500	5.000%, 4/01/28 – FGIC Insured (Alternative Minimum Tax)		10/12 at 100.00		BBB		1,475,235
	4,000	Niagara Frontier Airport Authority, New York, Airport Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 – NPFG Insured (Alternative Minimum Tax)		10/12 at 100.00		BBB		4,046,000
	5,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fifty Second Series 2007, 5.000%, 11/01/28 (Alternative Minimum Tax)		5/18 at 100.00		Aa2		5,576,700
		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Fortieth Series 2005:
	500	5.000%, 12/01/19 – AGM Insured		6/15 at 101.00		Aa2		561,865
	2,000	5.000%, 12/01/28 – SYNCORA GTY Insured		6/15 at 101.00		Aa2		2,209,620
	1,725	5.000%, 12/01/31 – SYNCORA GTY Insured		6/15 at 101.00		Aa2		1,894,964
	1,535	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust 2920, 17.244%, 8/15/32 – AGM Insured (IF)		8/17 at 100.00		AA–		2,196,339
	3,485	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/36		12/20 at 100.00		BBB–		4,063,649
	4,545	Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/25 – NPFG Insured (Alternative Minimum Tax)		12/12 at 100.00		BBB		4,546,136
	250	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (5)		12/12 at 100.00		N/R		156,810
	15,000	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Bonds, Series 2011A, 5.000%, 1/01/28		1/22 at 100.00		AA–		17,959,046
	1,560	Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 – NPFG Insured		No Opt. Call		A+		1,971,793
	1,500	Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Tender Option Bond Trust 1184, 9.091%, 5/15/16 (IF)		No Opt. Call		AA–		1,925,760
	88,995	Total Transportation						95,870,016
		U.S. Guaranteed – 5.8% (6)
	2,000	Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 (Pre-refunded 7/01/13) – NPFG Insured		7/13 at 100.00		Aa2 (6)		2,079,620
	1,250	Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)		5/13 at 100.00		Aaa		1,293,113
	650	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 (Pre-refunded 3/15/15) – AGM Insured		3/15 at 100.00		AA– (6)		726,947
	220	Dormitory Authority of the State of New York, Suffolk County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 – FGIC Insured (ETM)		10/12 at 102.34		Baa1 (6)		239,549
	1,100	Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 (Pre-refunded 5/01/14) – AGM Insured		5/14 at 100.00		AA– (6)		1,200,320
	500	Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 – AMBAC Insured (ETM)		No Opt. Call		N/R (6)		537,415

Nuveen Investments 53

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed (6) (continued)
$	6,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 (Pre-refunded 9/01/13) – CIFG Insured		9/13 at 100.00		A (6)	$	6,286,200
		Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997B:
	855	5.000%, 7/01/20 – AMBAC Insured (ETM)		1/13 at 100.00		N/R (6)		893,338
	1,295	5.125%, 7/01/24 – AMBAC Insured (ETM)		1/13 at 100.00		N/R (6)		1,332,594
		Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002E:
	3,185	5.500%, 11/15/18 (Pre-refunded 11/15/12) – NPFG Insured		11/12 at 100.00		A (6)		3,219,653
	7,155	5.500%, 11/15/19 (Pre-refunded 11/15/12) – NPFG Insured		11/12 at 100.00		A (6)		7,232,846
	575	New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.000%, 2/01/23 (Pre-refunded 2/01/13) – FGIC Insured		2/13 at 100.00		Aaa		586,621
	1,000	New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 (Pre-refunded 2/01/13) – NPFG Insured		2/13 at 100.00		Aaa		1,020,210
	125	New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/20 (Pre-refunded 11/01/14) – AGM Insured		11/14 at 100.00		Aa2 (6)		137,673
	240	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 (Pre-refunded 3/15/15) – AGM Insured		3/15 at 100.00		AA– (6)		268,411
		Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, Series 2002C:
	850	6.000%, 11/01/22 (Pre-refunded 11/01/12)		11/12 at 100.00		A– (6)		858,305
	1,220	5.875%, 11/01/32 (Pre-refunded 11/01/12)		11/12 at 100.00		A– (6)		1,231,663
	15,000	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Refunding Bonds, Series 2002B, 5.250%, 11/15/19 (Pre-refunded 11/15/12)		11/12 at 100.00		AA–		15,155,548
	43,220	Total U.S. Guaranteed						44,300,026
		Utilities – 8.3%
	3,000	Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42		2/20 at 100.00		Baa3		3,378,090
	1,200	Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured		10/20 at 100.00		AA–		1,317,324
	6,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A, 0.000%, 12/01/19 – AGM Insured		No Opt. Call		AA–		5,241,480
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A:
	2,350	0.000%, 6/01/20 – AGM Insured		No Opt. Call		AA–		1,991,249
	2,000	0.000%, 6/01/24 – AGM Insured		No Opt. Call		AA–		1,447,260
	2,000	0.000%, 6/01/25 – AGM Insured		No Opt. Call		AA–		1,387,760
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A:
	8,800	5.000%, 12/01/23 – FGIC Insured		6/16 at 100.00		A		9,836,552
	1,200	5.000%, 12/01/24 – FGIC Insured		6/16 at 100.00		A		1,337,184
	2,615	5.000%, 12/01/25 – FGIC Insured		6/16 at 100.00		A		2,913,947
	750	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 – CIFG Insured		6/16 at 100.00		A		795,000
	5,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C, 5.000%, 9/01/35 – BHAC Insured		9/16 at 100.00		AA+		5,482,200
		Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A:
	10,000	6.000%, 5/01/33		5/19 at 100.00		A		12,112,698
	5,000	5.500%, 5/01/33 – BHAC Insured		5/19 at 100.00		AA+		5,877,050

54 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	2,400	Nassau County Industrial Development Authority, New York, Keyspan Glenwood Energy Project, Series 2003, 5.250%, 6/01/27 (Alternative Minimum Tax)		6/13 at 100.00		A–	$	2,467,992
	1,000	New York State Energy Research and Development Authority, Electric Facilities Revenue Bonds, Long Island Lighting Company, Series 1995A, 5.300%, 8/01/25 – NPFG Insured (Alternative Minimum Tax)		3/13 at 100.00		A–		1,001,430
	1,500	Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001A, 5.450%, 11/15/26 (Mandatory put 11/15/12) (Alternative Minimum Tax)		11/12 at 100.00		Baa2		1,511,070
	400	Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Bonds, American Ref-Fuel Company of Niagara LP, Series 2001C, 5.625%, 11/15/24 (Mandatory put 11/15/14) (Alternative Minimum Tax)		11/12 at 100.00		Baa2		404,172
	200	Niagara County Industrial Development Agency, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, American Ref-Fuel Company of Niagara LP, Series 2001D, 5.550%, 11/15/24 (Mandatory put 11/15/15)		11/12 at 100.00		Baa2		202,074
	520	Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%, 11/15/19 – FGIC Insured		11/15 at 100.00		Aa2		590,398
		Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998:
	480	5.300%, 1/01/13 (Alternative Minimum Tax)		No Opt. Call		N/R		480,134
	4,000	5.500%, 1/01/23 (Alternative Minimum Tax)		1/13 at 100.00		N/R		4,000,080
	60,415	Total Utilities						63,775,144
		Water and Sewer – 7.0%
	8,000	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2012 Series BB, 5.000%, 6/15/44		12/21 at 100.00		AA+		9,110,960
		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2011HH:
	10,500	5.000%, 6/15/29		6/21 at 100.00		AA+		12,563,878
	4,500	5.000%, 6/15/31		6/21 at 100.00		AA+		5,302,845
	2,000	5.000%, 6/15/32		6/21 at 100.00		AA+		2,336,380
	2,105	New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Series 2006B, 5.000%, 6/15/36 – NPFG Insured		6/16 at 100.00		AAA		2,362,252
	3,340	New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 – NPFG Insured		6/15 at 100.00		AAA		3,714,815
	3,000	New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Series 2006A, 4.750%, 6/15/29		No Opt. Call		AAA		3,376,890
	4,000	New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, Pooled Loan Issue, Series 2002F, 5.250%, 11/15/18		11/12 at 100.00		AAA		4,041,320
	2,950	Niagara Falls Public Water Authority, New York, Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/27 – SYNCORA GTY Insured		7/15 at 100.00		BBB–		3,092,367
	1,520	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38		7/18 at 100.00		Baa2		1,620,077
	4,000	Suffolk County Water Authority, New York, Waterworks Revenue Bonds, Series 2005C, 5.000%, 6/01/28 – NPFG Insured		6/15 at 100.00		AAA		4,257,960

Nuveen Investments 55

Portfolio of Investments (Unaudited)

Nuveen New York Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Water and Sewer (continued)
$	1,455	Western Nassau County Water Authority, New York, Water System Revenue Bonds, Series 2005, 5.000%, 5/01/18 – AMBAC Insured		5/15 at 100.00		AA–	$	1,591,290
	47,370	Total Water and Sewer						53,371,034
$	703,005	Total Investments (cost $700,828,782) – 98.9%						754,930,623
		Floating Rate Obligations – (1.0)%						(7,955,000)
		Other Assets Less Liabilities – 2.1%						16,017,265
		Net Assets – 100%					$	762,992,888

(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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(5) At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(6) 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.

N/R Not rated.

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

See accompanying notes to financial statements.

56 Nuveen Investments

Statement of Assets and Liabilities(Unaudited)

August 31, 2012

	Connecticut		Massachusetts			New Jersey			New York
Assets
Investments, at value (cost $352,749,344, $209,913,412, $268,043,533 and 700,828,782, respectively)	$	379,348,722	$	226,802,369		$	293,477,952		$	754,930,623
Cash		6,234,586		5,304,535			181,840			9,304,429
Receivables:
Interest		3,633,287		2,649,467			2,976,310			8,779,321
Investments sold		160,000		2,625,000			2,694,167			95,139
Shares sold		806,787		226,771			522,992			789,181
Deferred Trustees’ compensation		31,782		—			580			85,157
Other assets		816		589			689			1,314
Total assets		390,215,980		237,608,731			299,854,530			773,985,164
Liabilities
Floating rate obligations		10,000,000		—			—			7,955,000
Payables:
Dividends		373,176		151,249			249,504			484,848
Investments purchased		—		—			3,385,369			—
Shares redeemed		405,257		207,451			436,606			1,652,349
Accrued expenses:
Management fees		162,077		133,700			127,323			344,400
Trustees’ fees		33,487		929			1,687			95,908
12b-1 distribution and service fees		86,041		38,755			60,926			119,818
Other		131,135		130,277			117,774			339,953
Total liabilities		11,191,173		662,361			4,379,189			10,992,276
Net assets	$	379,024,807	$	236,946,370		$	295,475,341		$	762,992,888
Class A Shares
Net assets	$	267,121,370	$	99,415,377		$	154,601,191		$	330,938,901
Shares outstanding		24,060,353		9,539,939			13,384,125			29,305,938
Net asset value per share	$	11.10	$	10.42		$	11.55		$	11.29
Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering price)	$	11.59	$	10.88		$	12.06		$	11.78
Class B Shares
Net assets	$	1,483,855	$	1,173,597		$	2,289,634		$	3,944,206
Shares outstanding		133,826		112,490			198,118			349,765
Net asset value and offering price per share	$	11.09	$	10.43		$	11.56		$	11.28
Class C Shares
Net assets	$	62,413,040	$	33,167,840		$	52,360,472		$	95,338,715
Shares outstanding		5,628,544		3,209,665			4,548,776			8,445,207
Net asset value and offering price per share	$	11.09	$	10.33		$	11.51		$	11.29
Class I Shares
Net assets	$	48,006,542	$	103,189,556		$	86,224,044		$	332,771,066
Shares outstanding		4,308,370		9,918,594			7,439,450			29,425,536
Net asset value and offering price per share	$	11.14	$	10.40		$	11.59		$	11.31
Net assets consist of:
Capital paid-in	$	351,647,165	$	220,693,589		$	270,411,050		$	707,658,158
Undistrubuted (Over-distribution of) net investment income		519,066		495,574			1,246,838			1,277,434
Accumulated net realized gain (loss)		259,198		(1,131,750	)		(1,616,966	)		(44,545	)
Net unrealized appreciation (depreciation)		26,599,378		16,888,957			25,434,419			54,101,841
Net assets	$	379,024,807	$	236,946,370		$	295,475,341		$	762,992,888
Authorized shares		Unlimited		Unlimited			Unlimited			Unlimited
Par value per share	$	0.01	$	0.01		$	0.01		$	0.01

See accompanying notes to financial statements.

Nuveen Investments 57

Statement of Operations (Unaudited)

Six Months Ended August 31, 2012

	Connecticut			Massachusetts			New Jersey			New York
Investment Income	$	8,365,821		$	5,398,039		$	6,583,713		$	16,640,063
Expenses
Management fees		945,632			596,210			730,897			1,876,039
12b-1 service fees – Class A		264,248			96,296			149,409			323,288
12b-1 distribution and service fees – Class B		7,480			5,947			12,314			20,438
12b-1 distribution and service fees – Class C		228,210			120,411			183,122			350,491
Shareholders’ servicing agent fees and expenses		93,409			70,035			86,685			221,597
Interest expense on floating rate obligations		20,519			—			—			18,700
Custodian’s fees and expenses		30,592			20,587			27,367			72,009
Trustees’ fees and expenses		4,811			2,986			3,702			9,723
Professional fees		25,536			11,981			22,068			34,186
Shareholders’ reports – printing and mailing expenses		18,097			17,382			18,447			40,621
Federal and state registration fees		4,083			4,262			4,385			7,664
Other expenses		8,868			—			8,157			10,225
Total expenses before custodian fee credit		1,651,485			946,097			1,246,553			2,984,981
Custodian fee credit		(4,599	)		(2,702	)		(2,744	)		(1,760	)
Net expenses		1,646,886			943,395			1,243,809			2,983,221
Net investment income (loss)		6,718,935			4,454,644			5,339,904			13,656,842
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		197,500			(989,450	)		573,368			322,046
Net change in unrealized appreciation (depreciation) of investments		3,704,535			5,401,803			5,938,805			7,739,849
Net realized and unrealized gain (loss)		3,902,035			4,412,353			6,512,173			8,061,895
Net increase (decrease) in net assets from operations	$	10,620,970		$	8,866,997		$	11,852,077		$	21,718,737

See accompanying notes to financial statements.

58 Nuveen Investments

Statement of Changes in Net Assets (Unaudited)

	Connecticut						Massachusetts
	Six Months Ended 8/31/12			Year Ended 2/29/12			Six Months Ended 8/31/12			Year Ended 2/29/12
Operations
Net investment income (loss)	$	6,718,935		$	13,734,242		$	4,454,644		$	6,683,318
Net realized gain (loss) from investments		197,500			588,911			(989,450	)		(33,141	)
Change in net unrealized appreciation (depreciation) of investments		3,704,535			25,523,194			5,401,803			13,449,045
Net increase (decrease) in net assets from operations		10,620,970			39,846,347			8,866,997			20,099,222
Distributions to Shareholders
From net investment income:
Class A		(4,810,976	)		(10,035,318	)		(1,753,991	)		(3,073,723	)
Class B		(23,201	)		(61,062	)		(18,422	)		(27,301	)
Class C		(943,396	)		(1,877,113	)		(495,956	)		(738,745	)
Class I		(849,310	)		(1,441,986	)		(1,936,539	)		(3,001,123	)
From accumulated net realized gains:
Class A		—			(644,935	)		—			—
Class B		—			(4,411	)		—			—
Class C		—			(138,191	)		—			—
Class I		—			(89,001	)		—			—
Decrease in net assets from distributions to shareholders		(6,626,883	)		(14,292,017	)		(4,204,908	)		(6,840,892	)
Fund Share Transactions
Proceeds from Fund reorganization		—			—			—			76,804,893
Proceeds from sale of shares		28,789,075			38,469,721			18,836,354			19,763,480
Proceeds from shares issued to shareholders due to reinvestment of distributions		4,120,914			7,926,102			2,972,423			4,149,780
		32,909,989			46,395,823			21,808,777			100,718,153
Cost of shares redeemed		(19,059,453	)		(53,476,672	)		(13,431,127	)		(20,495,726	)
Net increase (decrease) in net assets from Fund share transactions		13,850,536			(7,080,849	)		8,377,650			80,222,427
Net increase (decrease) in net assets		17,844,623			18,473,481			13,039,739			93,480,757
Net assets at the beginning of period		361,180,184			342,706,703			223,906,631			130,425,874
Net assets at the end of period	$	379,024,807		$	361,180,184		$	236,946,370		$	223,906,631
Undistributed (Over-distribution of) net investment income at the end of period	$	519,066		$	427,014		$	495,574		$	245,838

See accompanying notes to financial statements.

Nuveen Investments 59

Statement of Changes in Net Assets (Unaudited) (continued)

	New Jersey						New York
	Six Months Ended 8/31/12			Year Ended 2/29/12			Six Months Ended 8/31/12			Year Ended 2/29/12
Operations
Net investment income (loss)	$	5,339,904		$	10,556,399		$	13,656,842		$	21,013,989
Net realized gain (loss) from investments		573,368			(2,016,875	)		322,046			2,538,571
Change in net unrealized appreciation (depreciation) of investments		5,938,805			26,493,162			7,739,849			38,017,753
Net increase (decrease) in net assets from operations		11,852,077			35,032,686			21,718,737			61,570,313
Distributions to Shareholders
From net investment income:
Class A		(2,876,696	)		(5,494,799	)		(5,866,819	)		(9,958,747	)
Class B		(40,442	)		(116,421	)		(63,321	)		(155,056	)
Class C		(814,144	)		(1,424,614	)		(1,448,342	)		(2,546,077	)
Class I		(1,692,494	)		(3,115,912	)		(6,344,658	)		(8,518,271	)
From accumulated net realized gains:
Class A		—			—			—			(568,910	)
Class B		—			—			—			(9,586	)
Class C		—			—			—			(173,146	)
Class I		—			—			—			(395,675	)
Decrease in net assets from distributions to shareholders		(5,423,776	)		(10,151,746	)		(13,723,140	)		(22,325,468	)
Fund Share Transactions
Proceeds from Fund reorganization		—			—			—			271,199,012
Proceeds from sale of shares		27,489,552			47,720,256			47,109,961			76,284,317
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,458,857			5,275,139			10,022,137			13,807,037
		30,948,409			52,995,395			57,132,098			361,290,366
Cost of shares redeemed		(15,355,752	)		(42,220,748	)		(40,410,916	)		(79,266,235	)
Net increase (decrease) in net assets from Fund share transactions		15,592,657			10,774,647			16,721,182			282,024,131
Net increase (decrease) in net assets		22,020,958			35,655,587			24,716,779			321,268,976
Net assets at the beginning of period		273,454,383			237,798,796			738,276,109			417,007,133
Net assets at the end of period	$	295,475,341		$	273,454,383		$	762,992,888		$	738,276,109
Undistributed (Over-distribution of) net investment income at the end of period	$	1,246,838		$	1,330,710		$	1,277,434		$	1,343,732

See accompanying notes to financial statements.

60 Nuveen Investments

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Nuveen Investments 61

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
CONNECTICUT
Year Ended February 28/29,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
Class A (7/87)
2013(f)	$	10.98	$	.20	$	.12		$	.32		$	(.20	)	$	—		$	(.20	)	$	11.10		2.96	%
2012		10.19		.43		.81			1.24			(.42	)		(.03	)		(.45	)		10.98		12.40
2011		10.49		.42		(.30	)		.12			(.42	)		—	**		(.42	)		10.19		1.13
2010		9.77		.43		.71			1.14			(.42	)		—			(.42	)		10.49		11.86
2009		10.01		.42		(.21	)		.21			(.42	)		(.03	)		(.45	)		9.77		2.20
2008		10.67		.42		(.65	)		(.23	)		(.42	)		(.01	)		(.43	)		10.01		(2.24	)
Class B (2/97)
2013(f)		10.97		.16		.12			.28			(.16	)		—			(.16	)		11.09		2.60
2012		10.19		.35		.80			1.15			(.34	)		(.03	)		(.37	)		10.97		11.48
2011		10.48		.34		(.29	)		.05			(.34	)		—	**		(.34	)		10.19		.48
2010		9.77		.35		.71			1.06			(.35	)		—			(.35	)		10.48		10.97
2009		10.00		.35		(.21	)		.14			(.34	)		(.03	)		(.37	)		9.77		1.53
2008		10.66		.34		(.65	)		(.31	)		(.34	)		(.01	)		(.35	)		10.00		(2.97	)
Class C (10/93)
2013(f)		10.97		.17		.12			.29			(.17	)		—			(.17	)		11.09		2.69
2012		10.19		.37		.81			1.18			(.37	)		(.03	)		(.40	)		10.97		11.72
2011		10.48		.36		(.28	)		.08			(.37	)		—	**		(.37	)		10.19		.71
2010		9.77		.37		.71			1.08			(.37	)		—			(.37	)		10.48		11.17
2009		10.00		.37		(.21	)		.16			(.36	)		(.03	)		(.39	)		9.77		1.73
2008		10.66		.36		(.65	)		(.29	)		(.36	)		(.01	)		(.37	)		10.00		(2.80	)
Class I (2/97)
2013(f)		11.02		.22		.11			.33			(.21	)		—			(.21	)		11.14		3.06
2012		10.23		.45		.81			1.26			(.44	)		(.03	)		(.47	)		11.02		12.60
2011		10.53		.45		(.31	)		.14			(.44	)		—	**		(.44	)		10.23		1.36
2010		9.81		.45		.71			1.16			(.44	)		—			(.44	)		10.53		12.07
2009		10.05		.44		(.21	)		.23			(.44	)		(.03	)		(.47	)		9.81		2.44
2008		10.71		.44		(.65	)		(.21	)		(.44	)		(.01	)		(.45	)		10.05		(2.01	)

62 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets(d)
Ending Net Assets (000)		Expenses Including Interest(e)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	267,121		.82	%*		.81	%*		3.69	%*		6	%
	259,183		.82			.81			4.08			9
	255,092		.81			.80			4.01			10
	257,989		.85			.83			4.20			4
	241,958		.93			.83			4.22			14
	247,654		1.07			.81			3.96			16
	1,484		1.57	*		1.56	*		2.95	*		6
	1,692		1.57			1.56			3.34			9
	2,537		1.56			1.55			3.28			10
	5,784		1.60			1.58			3.45			4
	9,341		1.68			1.58			3.46			14
	13,256		1.82			1.56			3.21			16
	62,413		1.37	*		1.36	*		3.14	*		6
	58,829		1.37			1.36			3.53			9
	53,317		1.36			1.35			3.48			10
	54,948		1.40			1.38			3.65			4
	45,761		1.48			1.38			3.68			14
	39,561		1.62			1.36			3.41			16
	48,007		.62	*		.61	*		3.89	*		6
	41,475		.62			.61			4.27			9
	31,761		.61			.60			4.22			10
	25,590		.65			.63			4.40			4
	17,875		.73			.63			4.43			14
	17,518		.87			.61			4.17			16

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

(d) Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.

(f) For the six months ended August 31, 2012.

* Annualized.

** Rounds to less than $.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 63

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
MASSACHUSETTS
Year Ended February 28/29	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
Class A (9/94)
2013(g)	$	10.21	$	.20	$	.20		$	.40		$	(.19	)	$	—		$	(.19	)	$	10.42		3.94	%
2012		9.47		.42		.75			1.17			(.43	)		—			(.43	)		10.21		12.66
2011		9.75		.44		(.27	)		.17			(.45	)		—			(.45	)		9.47		1.69
2010		8.81		.45		.94			1.39			(.45	)		—			(.45	)		9.75		16.03
2009		9.34		.41		(.51	)		(.10	)		(.39	)		(.04	)		(.43	)		8.81		(1.05	)
2008		10.11		.39		(.74	)		(.35	)		(.38	)		(.04	)		(.42	)		9.34		(3.61	)
Class B (3/97)
2013(g)		10.23		.16		.19			.35			(.15	)		—			(.15	)		10.43		3.47
2012		9.48		.35		.76			1.11			(.36	)		—			(.36	)		10.23		11.93
2011		9.76		.37		(.27	)		.10			(.38	)		—			(.38	)		9.48		.94
2010		8.83		.38		.93			1.31			(.38	)		—			(.38	)		9.76		15.04
2009		9.35		.34		(.50	)		(.16	)		(.32	)		(.04	)		(.36	)		8.83		(1.69	)
2008		10.13		.31		(.74	)		(.43	)		(.31	)		(.04	)		(.35	)		9.35		(4.41	)
Class C (10/94)
2013(g)		10.13		.17		.19			.36			(.16	)		—			(.16	)		10.33		3.57
2012		9.39		.36		.76			1.12			(.38	)		—			(.38	)		10.13		12.14
2011		9.67		.39		(.27	)		.12			(.40	)		—			(.40	)		9.39		1.14
2010		8.74		.39		.93			1.32			(.39	)		—			(.39	)		9.67		15.37
2009		9.26		.36		(.50	)		(.14	)		(.34	)		(.04	)		(.38	)		8.74		(1.53	)
2008		10.04		.33		(.75	)		(.42	)		(.32	)		(.04	)		(.36	)		9.26		(4.27	)
Class I (12/86)
2013(g)		10.19		.21		.20			.41			(.20	)		—			(.20	)		10.40		4.04
2012		9.45		.44		.75			1.19			(.45	)		—			(.45	)		10.19		12.89
2011		9.73		.46		(.27	)		.19			(.47	)		—			(.47	)		9.45		1.91
2010		8.80		.47		.92			1.39			(.46	)		—			(.46	)		9.73		16.15
2009		9.32		.43		(.50	)		(.07	)		(.41	)		(.04	)		(.45	)		8.80		(.74	)
2008		10.09		.41		(.74	)		(.33	)		(.40	)		(.04	)		(.44	)		9.32		(3.45	)

64 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement(e)									Ratios to Average Net Assets After Reimbursement(d)(e)
Ending Net Assets (000)		Expenses Including Interest(f)			Expenses Excluding Interest			Net Invest- ment Income (loss)			Expenses Including Interest(f)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	99,415		.83	%*		.83	%*		3.85	%*		.83	%*		.83	%*		3.85	%*		6	%
	92,565		.95			.95			4.21			.89			.89			4.26			3
	61,883		.85			.85			4.54			.85			.85			4.54			7
	61,382		.91			.91			4.77			.91			.91			4.77			5
	45,433		.91			.91			4.47			.91			.91			4.47			20
	67,297		.88			.88			3.90			.88			.88			3.90			12
	1,174		1.57	*		1.57	*		3.11	*		1.57	*		1.57	*		3.11	*		6
	1,384		1.67			1.67			3.43			1.64			1.64			3.47			3
	741		1.60			1.60			3.80			1.60			1.60			3.80			7
	1,402		1.65			1.65			4.03			1.65			1.65			4.03			5
	2,741		1.67			1.67			3.71			1.67			1.67			3.71			20
	3,519		1.63			1.63			3.15			1.63			1.63			3.15			12
	33,168		1.38	*		1.38	*		3.30	*		1.38	*		1.38	*		3.30	*		6
	30,815		1.49			1.49			3.63			1.44			1.44			3.68			3
	14,872		1.40			1.40			3.98			1.40			1.40			3.98			7
	12,550		1.46			1.46			4.23			1.46			1.46			4.23			5
	10,944		1.47			1.47			3.91			1.47			1.47			3.91			20
	11,661		1.44			1.44			3.35			1.44			1.44			3.35			12
	103,190		.63	*		.63	*		4.05	*		.63	*		.63	*		4.05	*		6
	99,142		.74			.74			4.39			.69			.69			4.44			3
	52,930		.65			.65			4.74			.65			.65			4.74			7
	53,698		.71			.71			4.98			.71			.71			4.98			5
	47,238		.72			.72			4.67			.72			.72			4.67			20
	52,832		.69			.69			4.10			.69			.69			4.10			12

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

(d) After expense reimbursement from the Adviser, where applicable. The Fund did not receive an expense reimbursement from the Adviser during the six months ended August 31, 2012, and the fiscal years ended 2008 through 2011.

(e) Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(f) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.

(g) For the six months ended August 31, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 65

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
NEW JERSEY
Year Ended February 28/29,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
Class A (9/94)
2013(f)	$	11.29	$	.22	$	.26		$	.48		$	(.22	)	$	—		$	(.22	)	$	11.55		4.30	%
2012		10.22		.46		1.05			1.51			(.44	)		—			(.44	)		11.29		15.13
2011		10.64		.46		(.44	)		.02			(.44	)		—			(.44	)		10.22		.14
2010		9.81		.45		.81			1.26			(.43	)		—	**		(.43	)		10.64		13.14
2009		10.09		.43		(.26	)		.17			(.42	)		(.03	)		(.45	)		9.81		1.66
2008		10.82		.42		(.72	)		(.30	)		(.41	)		(.02	)		(.43	)		10.09		(2.82	)
Class B (2/97)
2013(f)		11.30		.18		.26			.44			(.18	)		—			(.18	)		11.56		3.92
2012		10.23		.38		1.06			1.44			(.37	)		—			(.37	)		11.30		14.28
2011		10.65		.38		(.43	)		(.05	)		(.37	)		—			(.37	)		10.23		(.59	)
2010		9.83		.37		.81			1.18			(.36	)		—	**		(.36	)		10.65		12.21
2009		10.10		.36		(.26	)		.10			(.34	)		(.03	)		(.37	)		9.83		.98
2008		10.83		.34		(.72	)		(.38	)		(.33	)		(.02	)		(.35	)		10.10		(3.58	)
Class C (9/94)
2013(f)		11.26		.18		.26			.44			(.19	)		—			(.19	)		11.51		3.95
2012		10.19		.40		1.05			1.45			(.38	)		—			(.38	)		11.26		14.54
2011		10.61		.40		(.43	)		(.03	)		(.39	)		—			(.39	)		10.19		(.41	)
2010		9.79		.39		.81			1.20			(.38	)		—	**		(.38	)		10.61		12.48
2009		10.05		.38		(.25	)		.13			(.36	)		(.03	)		(.39	)		9.79		1.28
2008		10.79		.36		(.73	)		(.37	)		(.35	)		(.02	)		(.37	)		10.05		(3.47	)
Class I (2/92)
2013(f)		11.33		.23		.26			.49			(.23	)		—			(.23	)		11.59		4.40
2012		10.26		.48		1.06			1.54			(.47	)		—			(.47	)		11.33		15.30
2011		10.68		.48		(.43	)		.05			(.47	)		—			(.47	)		10.26		.36
2010		9.85		.47		.81			1.28			(.45	)		—	**		(.45	)		10.68		13.32
2009		10.11		.45		(.25	)		.20			(.43	)		(.03	)		(.46	)		9.85		2.05
2008		10.85		.44		(.73	)		(.29	)		(.43	)		(.02	)		(.45	)		10.11		(2.74	)

66 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets(d)
Ending Net Assets (000)		Expenses Including Interest(e)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	154,601		.83	%*		.83	%*		3.80	%*		6	%
	145,946		.83			.83			4.30			7
	125,945		.82			.82			4.29			7
	121,371		.85			.85			4.36			8
	91,348		.87			.85			4.31			21
	83,210		.96			.84			3.91			11
	2,290		1.58	*		1.58	*		3.05	*		6
	3,101		1.58			1.58			3.59			7
	4,275		1.57			1.57			3.53			7
	8,442		1.60			1.60			3.64			8
	11,881		1.62			1.60			3.52			21
	14,539		1.71			1.59			3.16			11
	52,360		1.38	*		1.38	*		3.24	*		6
	45,046		1.38			1.38			3.75			7
	37,511		1.37			1.37			3.74			7
	37,482		1.40			1.40			3.81			8
	29,143		1.42			1.40			3.75			21
	28,363		1.51			1.39			3.37			11
	86,224		.63	*		.63	*		3.99	*		6
	79,361		.63			.63			4.51			7
	70,068		.62			.62			4.49			7
	77,172		.65			.65			4.57			8
	66,899		.67			.65			4.48			21
	68,499		.76			.64			4.11			11

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

(d) Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.

(f) For the six months ended August 31, 2012.

* Annualized.

** Rounds to less than $.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 67

Financial Highlights (Unaudited)(continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
NEW YORK
Year Ended February 28/29,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
Class A (9/94)
2013(f)	$	11.17	$	.20	$	.13		$	.33		$	(.21	)	$	—		$	(.21	)	$	11.29		2.94	%
2012		10.39		.46		.81			1.27			(.46	)		(.03	)		(.49	)		11.17		12.45
2011		10.72		.47		(.34	)		.13			(.46	)		—			(.46	)		10.39		1.12
2010		9.84		.46		.88			1.34			(.46	)		—	**		(.46	)		10.72		13.87
2009		10.15		.45		(.28	)		.17			(.44	)		(.04	)		(.48	)		9.84		1.67
2008		10.86		.44		(.70	)		(.26	)		(.44	)		(.01	)		(.45	)		10.15		(2.53	)
Class B (2/97)
2013(f)		11.16		.16		.13			.29			(.17	)		—			(.17	)		11.28		2.58
2012		10.38		.38		.81			1.19			(.38	)		(.03	)		(.41	)		11.16		11.66
2011		10.71		.39		(.34	)		.05			(.38	)		—			(.38	)		10.38		.39
2010		9.84		.38		.87			1.25			(.38	)		—	**		(.38	)		10.71		12.96
2009		10.14		.38		(.28	)		.10			(.36	)		(.04	)		(.40	)		9.84		1.00
2008		10.86		.36		(.71	)		(.35	)		(.36	)		(.01	)		(.37	)		10.14		(3.34	)
Class C (9/94)
2013(f)		11.17		.17		.13			.30			(.18	)		—			(.18	)		11.29		2.66
2012		10.39		.40		.81			1.21			(.40	)		(.03	)		(.43	)		11.17		11.83
2011		10.72		.41		(.34	)		.07			(.40	)		—			(.40	)		10.39		.58
2010		9.84		.41		.87			1.28			(.40	)		—	**		(.40	)		10.72		13.28
2009		10.15		.40		(.28	)		.12			(.39	)		(.04	)		(.43	)		9.84		1.12
2008		10.87		.39		(.71	)		(.32	)		(.39	)		(.01	)		(.40	)		10.15		(3.12	)
Class I (12/86)
2013(f)		11.19		.22		.12			.34			(.22	)		—			(.22	)		11.31		3.04
2012		10.41		.48		.81			1.29			(.48	)		(.03	)		(.51	)		11.19		12.65
2011		10.73		.49		(.33	)		.16			(.48	)		—			(.48	)		10.41		1.44
2010		9.86		.48		.87			1.35			(.48	)		—	**		(.48	)		10.73		14.00
2009		10.17		.48		(.29	)		.19			(.46	)		(.04	)		(.50	)		9.86		1.91
2008		10.88		.47		(.71	)		(.24	)		(.46	)		(.01	)		(.47	)		10.17		(2.31	)

68 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets(d)
Ending Net Assets (000)		Expenses Including Interest(e)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	330,939		.80	%*		.80	%*		3.62	%*		3	%
	316,904		.85			.84			4.19			16
	209,283		.83			.81			4.38			7
	226,162		.87			.84			4.46			3
	181,049		.97			.84			4.49			30
	190,598		1.12			.83			4.13			17
	3,944		1.55	*		1.55	*		2.88	*		3
	4,666		1.60			1.59			3.48			16
	5,114		1.58			1.56			3.62			7
	8,898		1.62			1.59			3.73			3
	12,094		1.72			1.59			3.71			30
	19,133		1.87			1.58			3.38			17
	95,339		1.35	*		1.35	*		3.07	*		3
	91,281		1.40			1.39			3.65			16
	61,439		1.38			1.36			3.82			7
	60,840		1.42			1.39			3.91			3
	51,978		1.52			1.39			3.95			30
	49,910		1.67			1.38			3.58			17
	332,771		.60	*		.60	*		3.82	*		3
	325,424		.65			.64			4.35			16
	141,171		.63			.61			4.58			7
	150,977		.67			.64			4.66			3
	132,815		.77			.64			4.69			30
	137,731		.92			.63			4.33			17

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

(d) Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. The Fund did not receive an expense reimbursement from the Adviser during the periods presented herein.

(e) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.

(f) For the six months ended August 31, 2012.

* Annualized.

** Rounds to less than $.01 per share.

See accompanying notes to financial statements.

Nuveen Investments 69

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

The Nuveen Multistate Trust II (the “Trust”) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen Connecticut Municipal Bond Fund (“Connecticut”), Nuveen Massachusetts Municipal Bond Fund (“Massachusetts”), Nuveen New Jersey Municipal Bond Fund (“New Jersey”) and Nuveen New York Municipal Bond Fund (“New York”) (each a “Fund” and collectively, the “Funds”), among others. The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as a series of predecessor trusts or corporations prior to that date.

The Funds’ investment objective is to provide as high a level of current interest income exempt from regular federal, state and, in some cases, local income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least 80% of their net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and its respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. Under normal market conditions, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of Nuveen Fund Advisors, Inc., (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), to be of comparable quality. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds.

Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). Inverse floaters are derivative securities that provide leveraged exposure to underlying municipal bonds. Each Fund’s investments in inverse floaters are designed to increase the Funds’ income and returns through this leveraged exposure. These investments are speculative, however, and also create the possibility that income and returns will be diminished. Each Fund may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in each Fund’s portfolio.

The Funds’ most recent prospectus provides further description of each Fund’s investment objective, principal investment strategies, and principal risks.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Prices of municipal bonds are provided by a pricing service approved by the Funds’ Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Trustees or its designee.

70 Nuveen Investments

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At August 31, 2012, New Jersey had outstanding delayed delivery purchase commitments of $2,779,935. There were no such outstanding purchase commitments in any of the other Funds.

Investment Income

Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders

The Funds declare dividends from their net investment income daily and pay shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the Funds’ transfer agent.

Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge and incur a .20% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .55% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate

Nuveen Investments 71

Notes to Financial Statements (Unaudited) (continued)

security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as “Interest expense on floating rate obligations” on the Statement of Operations.

During the six months ended August 31, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

At August 31, 2012, each Fund’s maximum exposure to externally-deposited Recourse Trusts was as follows:

	Connecticut		Massachusetts		New Jersey		New York
Maximum exposure to Recourse Trusts	$	—	$	1,600,000	$	1,770,000	$	3,670,000

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters for the following Funds during the six months ended August 31, 2012, were as follows:

	Connecticut			New York
Average floating rate obligations outstanding	$	10,000,000		$	7,955,000
Average annual interest rate and fees		.41	%		.47	%

Derivative Financial Instruments

Each Fund is authorized to invest in certain derivative instruments, including foreign currency exchange contracts, futures, options and swap contracts. Although each Fund is authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the six months ended August 31, 2012.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original

72 Nuveen Investments

purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and shareholder service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

Fair value is defined as the price that the Funds 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 risk associated with investing in those securities.

The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

Connecticut	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	379,348,722	$	—	$	379,348,722
Massachusetts	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	225,462,168	$	1,340,201	$	226,802,369
New Jersey	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	293,477,952	$	—	$	293,477,952
New York	Level 1		Level 2		Level 3		Total
Long-Term Investments*:
Municipal Bonds	$	—	$	754,930,623	$	—	$	754,930,623

* Refer to the Fund’s Portfolio of Investments for industry classifications.

Nuveen Investments 73

Notes to Financial Statements(Unaudited) (continued)

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended August 31, 2012.

4. Fund Shares

Transactions in Fund shares were as follows:

	Connecticut
	Six Months Ended 8/31/12						Year Ended 2/29/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		1,337,899		$	14,718,710			1,720,104		$	18,238,586
Class A – automatic conversion of Class B Shares		9,115			100,079			34,580			356,260
Class B		414			4,548			1,125			11,870
Class C		563,494			6,194,352			769,189			8,178,708
Class I		703,297			7,771,386			1,096,864			11,684,297
Shares issued to shareholders due to reinvestment of distributions:
Class A		295,997			3,259,852			600,365			6,355,193
Class B		1,270			13,966			3,263			34,445
Class C		45,858			504,378			96,884			1,024,538
Class I		31,005			342,718			48,085			511,926
		2,988,349			32,909,989			4,370,459			46,395,823
Shares redeemed:
Class A		(1,179,819	)		(12,975,370	)		(3,781,861	)		(39,657,269	)
Class B		(12,979	)		(142,848	)		(64,570	)		(670,940	)
Class B – automatic conversion to Class A Shares		(9,123	)		(100,079	)		(34,614	)		(356,260	)
Class C		(343,061	)		(3,765,177	)		(738,238	)		(7,728,440	)
Class I		(188,249	)		(2,075,979	)		(486,729	)		(5,063,763	)
		(1,733,231	)		(19,059,453	)		(5,106,012	)		(53,476,672	)
Net increase (decrease)		1,255,118		$	13,850,536			(735,553	)	$	(7,080,849	)

74 Nuveen Investments

	Massachusetts
	Six Months Ended 8/31/12						Year Ended 2/29/12
	Shares			Amount			Shares			Amount
Shares issued from reorganization (1):
Class A		—		$	—			2,427,261		$	23,874,084
Class B		—			—			97,752			962,788
Class C		—			—			1,349,215			13,159,703
Class I		—			—			3,952,842			38,808,318
Shares sold:
Class A		912,848			9,392,507			828,446			8,110,454
Class A – automatic conversion of Class B Shares		1,137			11,586			4,993			48,251
Class B		332			3,418			491			4,861
Class C		291,514			2,972,480			439,588			4,280,548
Class I		628,113			6,456,363			743,869			7,319,366
Shares issued to shareholders due to reinvestment of distributions:
Class A		120,690			1,244,816			154,319			1,516,902
Class B		1,087			11,212			1,702			16,730
Class C		29,335			299,633			41,092			400,923
Class I		137,790			1,416,762			226,162			2,215,225
		2,122,846			21,808,777			10,267,732			100,718,153
Shares redeemed:
Class A		(558,402	)		(5,745,469	)		(889,098	)		(8,657,165	)
Class B		(23,109	)		(237,518	)		(37,830	)		(363,920	)
Class B – automatic conversion to Class A Shares		(1,136	)		(11,586	)		(4,986	)		(48,251	)
Class C		(153,960	)		(1,567,973	)		(371,208	)		(3,601,323	)
Class I		(572,091	)		(5,868,581	)		(800,341	)		(7,825,067	)
		(1,308,698	)		(13,431,127	)		(2,103,463	)		(20,495,726	)
Net increase (decrease)		814,148		$	8,377,650			8,164,269		$	80,222,427
	New Jersey
	Six Months Ended 8/31/12						Year Ended 2/29/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		938,002		$	10,690,290			2,457,556		$	26,517,220
Class A – automatic conversion of Class B Shares		35,386			400,178			40,304			421,209
Class B		298			3,405			740			7,902
Class C		670,262			7,589,097			765,501			8,258,655
Class I		773,361			8,806,582			1,153,202			12,515,270
Shares issued to shareholders due to reinvestment of distributions:
Class A		180,346			2,058,578			279,301			3,003,065
Class B		2,735			31,183			7,764			83,090
Class C		45,870			521,496			77,168			825,878
Class I		74,068			847,600			126,513			1,363,106
		2,720,328			30,948,409			4,908,049			52,995,395
Shares redeemed:
Class A		(691,210	)		(7,850,916	)		(2,175,078	)		(23,282,340	)
Class B		(43,918	)		(500,578	)		(111,719	)		(1,176,905	)
Class B – automatic conversion to Class A Shares		(35,364	)		(400,178	)		(40,266	)		(421,209	)
Class C		(168,756	)		(1,907,478	)		(522,603	)		(5,543,996	)
Class I		(410,960	)		(4,696,602	)		(1,108,764	)		(11,796,298	)
		(1,350,208	)		(15,355,752	)		(3,958,430	)		(42,220,748	)
Net increase (decrease)		1,370,120		$	15,592,657			949,619		$	10,774,647

(1) – Refer to Footnote 8 – Fund Reorganizations for further details.

Nuveen Investments 75

Notes to Financial Statements (Unaudited) (continued)

	New York
	Six Months Ended 8/31/12						Year Ended 2/29/12
	Shares			Amount			Shares			Amount
Shares issued from reorganization (1):
Class A		—		$	—			7,732,611		$	83,804,432
Class B		—			—			143,786			1,556,846
Class C		—			—			1,842,680			19,966,920
Class I		—			—			15,282,356			165,870,814
Shares sold:
Class A		2,333,582		$	26,145,803			4,194,452			45,511,005
Class A – automatic conversion of Class B Shares		10,864			121,289			81,913			883,759
Class B		683			7,679			1,242			13,558
Class C		744,318			8,330,438			1,346,785			14,599,411
Class I		1,116,813			12,504,752			1,406,462			15,276,584
Shares issued to shareholders due to reinvestment of distributions:
Class A		375,560			4,208,919			528,882			5,733,214
Class B		4,113			46,004			9,260			99,893
Class C		82,596			924,896			149,611			1,618,959
Class I		431,655			4,842,318			583,994			6,354,971
		5,100,184			57,132,098			33,304,034			361,290,366
Shares redeemed:
Class A		(1,777,344	)		(19,891,772	)		(4,312,417	)		(46,290,843	)
Class B		(62,252	)		(695,477	)		(146,738	)		(1,568,908	)
Class B – automatic conversion to Class A Shares		(10,875	)		(121,289	)		(82,006	)		(883,759	)
Class C		(553,207	)		(6,191,155	)		(1,081,180	)		(11,565,747	)
Class I		(1,205,650	)		(13,511,223	)		(1,755,622	)		(18,956,978	)
		(3,609,328	)		(40,410,916	)		(7,377,963	)		(79,266,235	)
Net increase (decrease)		1,490,856		$	16,721,182			25,926,071		$	282,024,131

(1) – Refer to Footnote 8 – Fund Reorganizations for further details.

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended August 31, 2012, were as follows:

	Connecticut		Massachusetts		New Jersey		New York
Purchases	$	37,637,001	$	17,702,430	$	39,355,085	$	46,492,380
Sales and maturities		21,939,650		13,242,301		15,867,040		24,518,938

6. Income Tax Information

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

At August 31, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

	Connecticut			Massachusetts			New Jersey			New York
Cost of investments	$	342,314,407		$	209,717,982		$	267,327,737		$	692,354,684
Gross unrealized:
Appreciation	$	27,225,798		$	18,838,357		$	26,407,303		$	56,726,211
Depreciation		(191,483	)		(1,753,970	)		(257,088	)		(2,106,338	)
Net unrealized appreciation (depreciation) of investments	$	27,034,315		$	17,084,387		$	26,150,215		$	54,619,873

76 Nuveen Investments

Permanent differences, primarily due to federal taxes paid, taxable market discount, paydowns, nondeductible reorganization expenses and capital loss carryforward from reorganization resulted in reclassifications among the Funds’ components of net assets at February 29, 2012, the Funds’ last tax year end, as follows:

	Connecticut			Massachusetts			New Jersey			New York
Capital paid-in	$	4,230		$	(46,903	)	$	13,805		$	1,342,864
Undistributed (Over-distribution of) net investment income		(5,464	)		45,283			(30,426	)		103,393
Accumulated net realized gain (loss)		1,234			1,620			16,621			(1,446,257	)

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at February 29, 2012, the Funds’ last tax year end, were as follows:

	Connecticut		Massachusetts		New Jersey		New York
Undistributed net tax-exempt income*	$	1,156,707	$	758,101	$	1,583,800	$	3,252,541
Undistributed net ordinary income**		17,073		—		5,028		—
Undistributed net long-term capital gains		36,425		—		—		397,242

* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period on February 1, 2012, through February 29, 2012 and paid on March 1, 2012.

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended February 29, 2012, was designated for purposes of the dividends paid deduction as follows:

	Connecticut		Massachusetts		New Jersey		New York
Distributions from net tax-exempt income	$	13,439,511	$	6,649,266	$	10,126,225	$	20,234,370
Distributions from net ordinary income**		—		—		—		83,130
Distributions from net long-term capital gains		876,538		—		—		1,147,317

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

At February 29, 2012, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	Massachusetts		New Jersey		New York*
Expiration:
February 28, 2017	$	12,497	$	—	$	763,829
February 28, 2018		98,330		—		—
February 28, 2019		—		80,823		—
Total	$	110,827	$	80,823	$	763,829

* A portion of New York’s capital loss carryforward is subject to an annual limitation under Internal Revenue Code and related regulations.

During the Fund’s last tax year ended February 29, 2012, New York utilized $876,646 of its capital loss carryforwards.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”), capital losses incurred by the Funds after December 31, 2010 will not be subject to expiration. Capital losses incurred that will be carried forward under the provisions of the Act are as follows:

	Massachusetts		New Jersey
Post-enactment losses
Short-term	$	21,278	$	30,675
Long-term		—		2,079,784

The Funds have elected to defer losses incurred from November 1, 2011 through February 29, 2012, the Funds’ last tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:

	Massachusetts
Post-October capital losses	$	10,243
Late-year ordinary losses		—

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

Nuveen Investments 77

Notes to Financial Statements (Unaudited) (continued)

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Average Daily Net Assets	Fund-Level Fee Rate
For the first $125 million		.3500	%
For the next $125 million		.3375
For the next $250 million		.3250
For the next $500 million		.3125
For the next $1 billion		.3000
For the next $3 billion		.2750
For net assets over $5 billion		.2500

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Asset Breakpoint Level*	Effective Rate at  Breakpoint Level
$55 billion		.2000	%
$56 billion		.1996
$57 billion		.1989
$60 billion		.1961
$63 billion		.1931
$66 billion		.1900
$71 billion		.1851
$76 billion		.1806
$80 billion		.1773
$91 billion		.1691
$125 billion		.1599
$200 billion		.1505
$250 billion		.1469
$300 billion		.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of August 31, 2012, the complex-level fee rate for these Funds was .1702%.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with the Sub-Adviser under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

The Adviser has agreed to waive fees and/or reimburse expenses of Massachusetts and New York so that total annual fund operating expenses (excluding 12b-1 distribution and service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed .750% and .750%, respectively, of the average daily net assets of any class of Fund shares. The Adviser may also voluntarily reimburse additional expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the six months ended August 31, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	Connecticut		Massachusetts		New Jersey		New York
Sales charges collected	$	180,824	$	77,708	$	108,372	$	331,351
Paid to financial intermediaries		162,805		65,872		95,169		288,860

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

78 Nuveen Investments

During the six months ended August 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	Connecticut		Massachusetts		New Jersey		New York
Commission advances	$	122,245	$	32,548	$	82,679	$	138,005

To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended August 31, 2012, the Distributor retained such 12b-1 fees as follows:

	Connecticut		Massachusetts		New Jersey		New York
12b-1 fees retained	$	42,308	$	20,239	$	43,966	$	68,031

The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also collected and retained CDSC on share redemptions during the six months ended August 31, 2012, as follows:

	Connecticut		Massachusetts		New Jersey		New York
CDSC retained	$	1,214	$	768	$	2,687	$	3,922

8. Fund Reorganizations

During the fiscal period end February 29, 2012, the following Nuveen open-end funds were reorganized into the following Funds included in this report as follows (each the “Reorganization” and collectively, the “Reorganizations”):

• Nuveen Massachusetts Municipal Bond Fund 2 (“Massachusetts 2”) into Massachusetts; and

• Nuveen New York Municipal Bond Fund 2 (“New York 2”) into New York.

Massachusetts 2 and New York 2 are collectively the “Acquired Funds.” Massachusetts and New York are collectively the “Acquiring Funds.”

The Adviser proposed the Reorganizations of the Acquired Funds into the Acquiring Funds, as well as a number of other fund reorganizations between funds with similar investment objectives and policies, as part of an initiative to eliminate certain redundancies among the products it offers and in an effort to achieve certain operating efficiencies. The Acquired Funds’ Board of Trustees has determined that the Reorganizations were in the best interest of the Acquired Funds and that the interests of existing shareholders will not be diluted as a result of the Reorganizations. The Board of Trustees unanimously approved the Reorganizations on July 25, 2011.

A special meeting of the Acquired Funds’ shareholders was held on November 7, 2011, for the purpose of voting on the Reorganizations, at which time, each of the Reorganizations was approved. The Reorganizations were consummated at the close of business on November 18, 2011.

Upon consummation of each Fund’s Reorganization, the Acquired Funds transferred all of their assets and liabilities to the Acquiring Funds in exchange for the Acquiring Funds’ shares of equal value. The Acquiring Funds’ shares were then distributed to the Acquired Funds’ shareholders and the Acquired Funds were terminated. As a result of the Reorganizations, the Acquired Funds’ shareholders became shareholders of the Acquiring Funds and the Acquired Funds’ shareholders received the Acquiring Funds’ shares with a total value equal to the total value of their Acquired Funds’ shares immediately prior to the closing of their Reorganization.

The Reorganizations were structured to qualify as tax-free reorganizations under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result of the Reorganizations. Prior to the closing of each of the Reorganizations, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.

The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of their respective Reorganization were as follows:

	Massachusetts 2		New York 2
Cost of investments	$	73,289,208	$	259,335,054
Fair value of investments		75,981,201		271,526,604
Net unrealized appreciation (depreciation) of investments		2,691,993		12,191,550

For financial reporting purposes, assets received and shares issued by the Acquiring Funds were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds were carried forward to align ongoing reporting of the Acquiring Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Nuveen Investments 79

Notes to Financial Statements (Unaudited) (continued)

For accounting and performance reporting purposes, the Acquiring Funds are the survivors. The shares outstanding, net assets and NAV per share immediately before and after the Reorganizations are as follows:

Acquired Funds – Prior to Reorganizations	Shares Outstanding		Net Assets		NAV per Share
Massachusetts 2
Class A		2,330,540	$	23,874,084	$	10.24
Class B		93,821		962,788		10.26
Class C		1,283,761		13,159,703		10.25
Class I		3,767,642		38,808,318		10.30
New York 2
Class A		8,174,772	$	83,804,433	$	10.25
Class B		151,405		1,556,846		10.28
Class C		1,944,842		19,966,920		10.27
Class I		16,116,725		165,870,814		10.29
Acquiring Funds – Prior to Reorganizations	Shares Outstanding		Net Assets		NAV per Share
Massachusetts
Class A		6,541,304	$	64,338,693	$	9.84
Class B		44,501		438,299		9.85
Class C		1,598,047		15,586,736		9.75
Class I		5,746,796		56,421,142		9.82
New York
Class A		19,685,275	$	213,345,066	$	10.84
Class B		329,194		3,564,354		10.83
Class C		5,971,043		64,700,880		10.84
Class I		13,612,569		147,746,231		10.85
Acquiring Funds – Post Reorganizations	Shares Outstanding		Net Assets		NAV per Share
Massachusetts
Class A		8,968,565	$	88,212,776	$	9.84
Class B		142,253		1,401,087		9.85
Class C		2,947,262		28,746,440		9.75
Class I		9,699,638		95,229,459		9.82
New York
Class A		27,417,886	$	297,149,499	$	10.84
Class B		472,980		5,121,200		10.83
Class C		7,813,723		84,667,800		10.84
Class I		28,894,925		313,617,045		10.85

The beginning of the Acquired Funds’ fiscal period was March 1, 2011.

The net investment income (loss), net realized and unrealized gains (losses) and change in net assets resulting from operations for the period March 1, 2011 through November 18, 2011, each Acquired Fund’s Reorganization date, were as follows:

	Massachusetts 2			New York 2
Net investment income (loss)	$	2,050,603		$	7,777,893
Net realized and unrealized gains (losses)		2,934,464			13,313,948
Change in net assets resulting from operations		(2,598,940	)		(4,364,395	)

Because the combined investment portfolios for each Reorganization have been managed as a single integrated portfolio since each Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations since November 18, 2011.

9. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

80 Nuveen Investments

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Board visited with the Sub-Advisor’s municipal team in Minneapolis in September 2011, and with the Sub-Advisor’s municipal team in Chicago in November 2011. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the

Nuveen Investments 81

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012. In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen New Jersey Municipal Bond Fund (the “New Jersey Fund”) and the Nuveen New York Municipal Bond Fund (the “New York Fund”) had

82 Nuveen Investments

demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. In addition the Independent Board Members considered that the Nuveen Connecticut Municipal Bond Fund (the “Connecticut Fund”) and the Nuveen Massachusetts Municipal Bond Fund (the “Massachusetts Fund”) lagged their peers somewhat in the short term, but demonstrated more favorable performance in the longer three- and/or five-year periods. In this regard, they noted that although the Massachusetts Fund lagged its peers in the short one-year period, it was in the first quartile over the three-year period.

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; the timing of information used; and differences in the states reflected in the Peer Universe or Peer Group may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio. The Independent Board Members noted that the Massachusetts Fund, the Connecticut Fund and the New Jersey Fund each had net management fees slightly higher or higher than the peer average, but net expense ratios below or in line with the peer average, while the New York Fund had net management fees and a net expense ratio (including fee waivers and expense reimbursements) below or in line with its peer average.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review

Nuveen Investments 83

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit

84 Nuveen Investments

from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Nuveen Investments 85

Glossary of Terms Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or Fund’s duration, the more the price of the bond or Fund will change as interest rates change.

Effective Leverage: Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.

Inverse Floaters: Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Lipper Connecticut Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Connecticut Municipal Debt Funds Classification Average. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

Lipper Massachusetts Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Massachusetts Municipal Debt Funds Classification Average. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

Lipper New Jersey Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper New Jersey Municipal Debt Funds Classification Average. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

Lipper New York Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper New York Municipal Debt Funds Classification Average. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.

S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

86 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 87

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed $212 billion as of June 30, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/mf

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-MS3-0812D

Mutual Funds

Nuveen Municipal Bond Funds

Dependable, tax-free income because it’s not what you earn, it’s what you keep.^®

Semi-Annual Report

August 31, 2012

	Share Class / Ticker Symbol
Fund Name	Class A	Class B	Class C	Class I
Nuveen California High Yield Municipal Bond Fund	NCHAX	—	NCHCX	NCHRX
Nuveen California Municipal Bond Fund	NCAAX	NCBBX	NCACX	NCSPX

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Table of Contents

Chairman’s Letter to Shareholders	4
Portfolio Managers’ Comments	5
Fund Performance, Expense and Effective Leverage Ratios	11
Yields	14
Holding Summaries	15
Expense Examples	16
Portfolios of Investments	17
Statement of Assets and Liabilities	46
Statement of Operations	47
Statement of Changes in Net Assets	48
Financial Highlights	50
Notes to Financial Statements	54
Annual Investment Management Agreement Approval Process	65
Glossary of Terms Used in this Report	70
Additional Fund Information	71

Chairman’s

Letter to Shareholders

Dear Shareholders,

Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.

In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates and announced on September 13, 2012 (after the close of this reporting period) another program of quantitative easing (QE3) to continue until mid-2015. Pre-election maneuvering has added to the already highly partisan atmosphere in Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.

During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.

As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.

Sincerely,

Robert P. Bremner

Chairman of the Board

October 22, 2012

4 Nuveen Investments

Portfolio Managers’ Comments

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Portfolio managers John Miller and Scott Romans examine key investment strategies and the Funds’ performance during the six months ending August 31, 2012. John has managed the Nuveen California High Yield Municipal Bond Fund since 2006 and Scott has managed the Nuveen California Municipal Bond Fund since 2003.

How did the Funds perform during the six-month period ending August 31, 2012?

The tables in the Fund Performance, Expense and Effective Leverage Ratios section of this report provide total return performance information for the six-month, one-year, five-year and ten-year periods ending August 31, 2012. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of their benchmark index and corresponding Lipper average.

During the six-month period, the Nuveen California High Yield Municipal Bond Fund at NAV surpassed the results of both the S&P Municipal Yield Index and the S&P High Yield Municipal Bond Index, as well as the Fund’s peer group average, the Lipper California Municipal Debt Funds Average. Meanwhile, the Nuveen California Municipal Bond Fund at NAV outpaced the national S&P Municipal Bond Index, as well as the Lipper California Municipal Debt Funds Classification Average.

During the reporting period, the Nuveen California High Yield Municipal Bond Fund’s primary index was changed. Previously, the Fund used Standard & Poor’s (S&P) High Yield Municipal Bond Index as its benchmark. Going forward, the Fund’s performance will be compared to S&P Municipal Yield Index because it more closely reflects the Fund’s investment universe.

Nuveen California High Yield Municipal Bond Fund

The California High Yield Fund performed well compared with the S&P Municipal Yield Index. The Fund, like the index, benefited in absolute terms from the generally favorable market backdrop for municipal bonds. For instance, the decline in rates on the long end of the yield curve created a tailwind for bonds with extended maturities, which describes many of the positions in our portfolio. In addition, lower rated bonds generally outperformed high rated bonds in the low interest- rate environment, as investors were more willing to take on additional credit risk in exchange for a higher level of income. Given the Fund’s focus on lower rated, higher yielding issues, this, too provided favorable conditions for performance.

Relative to the national Index, the Fund was helped by its focus on California issued bonds, especially those secured by real estate taxes, of which there is significant supply in

Nuveen Investments 5

the California market. These include special taxing district, or land-backed, bonds, which are repaid by property tax revenues. These bonds performed relatively well compared with the overall high yield market, and because they make up a substantial percentage of California supply, we owned a sizeable amount. Among all of the special taxing district bonds in the portfolio, we entered the reporting period with only one issue experiencing any financial difficulty, and that bond’s credit did not worsen during the period. As a result, a large portion of the portfolio was able to benefit from the continued stabilization of the real estate market during the past six months. One notable outperformer in this sector was Moreno Valley special taxing district bonds, which were priced at 80 cents on the dollar entering into the reporting period. As the reporting period progressed, the market came to share our assessment that these bonds were priced too cheaply relative to their underlying potential, and the securities’ prices moved considerably higher by period end, while their yields declined accordingly from 6.75% to 5.25% (bond yields and prices move in opposite directions).

The Fund also enjoyed contributions from several hospital bond issues, including those of Children’s Hospital Los Angeles and the Kaiser Permanente Hospital System, as well as the San Buenaventura Community Memorial Health System. Even as none of these issues experienced a material change in their credit ratings or financial results, they did benefit from market conditions that encouraged investors to bid up prices in exchange for the extra yield provided by these securities. Of final note, the Fund was supported by its near total lack of local general obligation bonds in its portfolio. As these types of issues were hurt in sympathy with a few well publicized bankruptcies among California municipalities, which subsequently dragged down the entire sector, the Fund’s minimal exposure to this category proved advantageous for results on a relative basis.

Nuveen California Municipal Bond Fund

The California Fund surpassed the results of the S&P Municipal Bond Index during the six-month reporting period, due largely to the Fund’s longer than average duration, which allowed the Fund to be more sensitive to the beneficial effects of falling interest rates. More specifically, the Fund was underweight in very short maturity bonds, which did not see their prices rise to the same degree as longer bonds. The Fund was generally overweight in most categories of long dated debt, a very helpful factor, although an underweighting in the longest maturity segment of the yield curve (14 years and longer) limited the otherwise strong performance impact.

A secondary factor contributing to the Fund’s positive results was credit-quality allocation, primarily an overweighting in BBB-rated and BB-rated bonds. Lower rated bonds such as these outperformed their higher quality counterparts during the reporting period, as investors were willing to own riskier securities in exchange for the prospect of obtaining a higher level of income. The Fund also benefited from a corresponding underweight in AAA-rated and AA-rated securities, as these high quality bonds did not enjoy similarly high demand during the six-month period. Modestly tempering favorable performance, however, was a slight overweight in A-rated bonds, a category that did not see quite as much upside as the overall market.

6 Nuveen Investments

Sector positioning also added to the Fund’s results on a relative basis, led by a significant overweight in redevelopment district bonds, an area of substantial supply in the California market that we have long favored and one that generated very strong returns during the six-month period. The Fund was also overweight in the health care sector, which added to our results.

What strategies were used to manage the Funds during the six-month reporting period ended August 31, 2012?

Nuveen California High Yield Municipal Bond Fund

The Fund invests primarily in municipal bonds that pay interest exempt from regular federal, California state and, in some cases, California local income taxes. The Fund seeks to identify below investment-grade or medium to lower rated, high yielding municipal bonds that offer attractive value in terms of current yields, prices, credit quality, liquidity or future prospects.

Throughout the six-month reporting period, we continued to follow our established investment strategy, conducting thorough bond-by-bond analysis to select securities across various sectors that we believed could add value over time. For example, we added charter school bonds and hospital bond issues. We also increased the Fund’s existing holdings in two toll road bond issues, the Foothill Eastern toll road and the San Joaquin Hills toll road, whose prices were depressed because the roads were not yet generating the level of usage (and therefore revenues) that was originally projected. In both cases, we anticipate that the currently sluggish traffic growth is likely to catch up to projections over time.

Three California municipalities declared bankruptcy. Stockton, San Bernardino and Mammoth Lakes declared bankruptcy within several weeks of one another during the summer of 2012. Worries about their bonds specifically, as well as the financial positions of local issuers generally, resulted in a volatile marketplace. However, this situation opened up timely opportunities for municipal bond investors with the resources and patience to find securities offering good value at undeservedly low prices. During the reporting period, we added bonds issued by San Bernardino County (as opposed to the bankrupt city) to finance a local courthouse project secured by a dedicated tax unaffected by the bankruptcy filing. In the case of Stockton, we took a position in Stockton Community Facilities District special tax bonds secured by the revenue stream of a local parking lot that we believed would continue to cover its debt obligations. In both cases, we concluded that the risk/reward tradeoff was highly favorable for our shareholders, and we assessed that the bonds would not be vulnerable to the financial pressures faced by the municipalities themselves.

Redevelopment agency bonds contributed as another source of opportunistic investing. Pricing of these bonds was erratic during the past six months because of legal uncertainties surrounding the sector. These concerns meant that, at times, the bonds were attractively priced, and we applied our methodical research to our selections from this sector. We also bought land secured, special taxing-district bonds, which are a large component of issuance in the California tax exempt bond market, and we took advantage

Nuveen Investments 7

of several good value opportunities. To fund our purchases, we used the proceeds of a consistent level of new investment activity, as well as a number of bond calls during the period. Given these inflows, we did not need to rely on the sales of existing holdings to finance our new purchases.

California has faced many financial challenges in recent years. The state has cut spending, which in turn has pressured the resources of local communities. In response to these challenges, we will continue to adhere to our systematic investment and research process, which thus far has enabled us to avoid exposure to any of the publicized financial troubles experienced by various municipal issuers. Considering multiple sources of uncertainty is an essential part of our research process as we seek to reduce the risk while maximizing the reward potential of owning high yield bonds.

To manage the duration of the Fund’s portfolio and to reduce sensitivity to movements in U.S. interest rates, we continued to utilizes swaps contracts. During this period, swap contracts were utilized to shorten the duration of the Fund’s portfolio. Due to generally lower interest rates during the period, the swap positions detracted mildly from performance.

Nuveen California Municipal Bond Fund

The Fund invests primarily in investment-grade bonds in an effort to provide interest income exempt from regular federal, California state and, in some cases, California local income taxes.

Throughout the six-month reporting period, we continued to identify multiple opportunities among redevelopment district bonds, which raise tax exempt money for community development projects and are backed by property tax revenues. Recently, some negative news affecting this sector resulted in essentially the entire category seeing its credit ratings downgraded to below investment grade. This situation resulted in an abundance of bonds available for purchase, in part because a number of investors that are ineligible to own bonds below a certain credit rating had to quickly liquidate their positions at lower than usual prices. Given Nuveen’s significant resources and experience in conducting careful credit research, we were able to analyze these bonds on a case by case basis and select those that we believed provided exceptional long-term value for our shareholders at an acceptable level of risk.

In addition, during May and June, 2012, we sought to capitalize on investors’ concern, coupled with elevated supply in the California bond market, to obtain bonds at prices we found unusually favorable. These included California state general obligation debt and essential service utility revenue bonds, which we believed would be less vulnerable than other California bonds amid the serious pension and other financial challenges faced by several local bond issuers. We also made a variety of purchases in the health care sector.

To fund our purchases during the reporting period, we primarily relied on the proceeds of called bonds and new investment inflows into the Fund. We made selective sales as well, including some of our local general obligation debt and appropriation bonds, whose prospects we believed would be uncertain given the market’s heightened concern about issuers’ financial challenges.

8 Nuveen Investments

Impact of the Fund’s Leveraging Strategy on Performance

One important factor impacting the returns of Nuveen California High Yield Municipal Bond Fund relative to its comparative benchmarks was the Fund’s use of leverage through its investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. The Fund uses leverage because the manager believes that, over time, leveraging provides opportunities for additional income and total return, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional volatility. For example, the value of an inverse floating rate security will increase or decrease in value by a multiple of the increase or decrease of the market value of the underlying bond due to changes in market interest rates or the bond’s creditworthiness. Thus, when investing in an inverse floating rate security rather than directly in the underlying bond, the Fund will experience a greater increase in its net asset value if the underlying municipal bond increases in value, but will also experience a correspondingly larger decline in its net asset value if the underlying bond declines in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. As a consequence, although investments in inverse floating rate securities offer the opportunity for higher income than the underlying bond at times of low short-term market interest rates, those investments would serve to reduce the Fund’s income if short-term interest rates rise such that they exceed the net income on the underlying bond.

The Fund’s use of leverage through inverse floating rate securities made a positive contribution to the performance of the Fund over this reporting period, largely because of the income differential between the higher rates earned on the Fund’s long-term bond investments and the lower rates paid on its leveraging instruments.

Risk Considerations

Nuveen California High Yield Municipal Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due.

The Fund concentrates in non-investment-grade and unrated bonds with long maturities and durations which carry heightened credit risk, liquidity risk, and potential for default. In addition, the Fund oftentimes engages in a significant amount of portfolio leverage and in doing so, assumes a high level of risk in pursuit of its objectives. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility, interest rate risk and credit risk.

Nuveen Investments 9

Nuveen California Municipal Bond Fund

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, state concentration risk, tax risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or high yield debt securities are subject to liquidity risk and heightened credit risk. The Fund’s use of inverse floaters creates effective leverage. Leverage involves the risk that the Fund could lose more than its original investment and also increases the Fund’s exposure to volatility and interest rate risk.

Dividend Information

All class shares of the Nuveen California High Yield Municipal Bond Fund and the Nuveen California Municipal Bond Fund had one monthly dividend decrease during the six-month reporting period ended August 31, 2012. Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of August 31, 2012, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.

10 Nuveen Investments

Fund Performance, Expense and Effective Leverage Ratios

The Fund Performance, Expense and Effective Leverage Ratios for each Fund are shown on the following two pages.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.

Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.

Leverage is created whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.

Nuveen Investments 11

Fund Performance, Expense and Effective Leverage Ratios(continued)

Nuveen California High Yield Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of August 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception**
Class A Shares at NAV		8.48%		20.59%		5.20%		4.09%
Class A Shares at maximum Offering Price		3.97%		15.48%		4.29%		3.40%
S&P Municipal Yield Index***		6.95%		15.29%		5.27%		5.08%
S&P High Yield Municipal Bond Index***		8.17%		17.35%		5.21%		4.84%
S&P Municipal Bond California Index***		3.53%		10.79%		6.12%		5.35%
Lipper California Municipal Debt Funds Classification Average***		4.10%		12.44%		5.42%		4.65%
Class C Shares		8.08%		19.84%		4.61%		3.52%
Class I Shares		8.60%		20.87%		5.40%		4.29%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		Since Inception**
Class A Shares at NAV		8.66%		18.76%		5.11%		4.22%
Class A Shares at maximum Offering Price		4.04%		13.83%		4.21%		3.53%
Class C Shares		8.50%		18.15%		4.57%		3.66%
Class I Shares		8.78%		19.03%		5.32%		4.42%

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Gross Expense Ratios	Net Expense Ratios
Class A Shares	0.89%	0.88%
Class C Shares	1.44%	1.43%
Class I Shares	0.69%	0.68%

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2013 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.70% (1.00% after July 31, 2013) of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2013 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.

Effective Leverage Ratio as of August 31, 2012

Effective Leverage Ratio 14.61%

* Six-month returns are cumulative; all other returns are annualized.

** Since inception returns are from 3/28/06.

*** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

12 Nuveen Investments

Nuveen California Municipal Bond Fund

Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this page.

Fund Performance

Average Annual Total Returns as of August 31, 2012*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		4.82%		13.54%		6.23%		5.10%
Class A Shares at maximum Offering Price		0.44%		8.74%		5.32%		4.65%
S&P Municipal Bond Index**		3.22%		9.36%		6.00%		5.28%
S&P Municipal Bond California Index**		3.53%		10.79%		6.12%		5.35%
Lipper California Municipal Debt Funds Classification Average**		4.10%		12.44%		5.42%		4.52%
Class B Shares w/o CDSC		4.45%		12.64%		5.43%		4.48%
Class B Shares w/CDSC		-0.55%		8.64%		5.27%		4.48%
Class C Shares		4.55%		12.86%		5.62%		4.52%
Class I Shares		4.92%		13.65%		6.43%		5.30%

Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)*

	Cumulative		Average Annual
	6-Month		1-Year		5-Year		10-Year
Class A Shares at NAV		6.09%		12.23%		6.03%		4.96%
Class A Shares at maximum Offering Price		1.62%		7.55%		5.12%		4.51%
Class B Shares w/o CDSC		5.62%		11.34%		5.22%		4.34%
Class B Shares w/CDSC		0.62%		7.34%		5.05%		4.34%
Class C Shares		5.72%		11.55%		5.43%		4.38%
Class I Shares		6.19%		12.55%		6.25%		5.17%

Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

	Expense Ratios
Class A Shares		0.81%
Class B Shares		1.56%
Class C Shares		1.36%
Class I Shares		0.61%

Effective Leverage Ratio as of August 31, 2012

Effective Leverage Ratio 1.25%

* Six-month returns are cumulative; all other returns are annualized.

** Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.

Nuveen Investments 13

Yieldsas of August 31, 2012

Dividend Yield is the most recent dividend per share (annualized) divided by the offering price per share.

The SEC 30-Day Yield is a standardized measure of the Fund’s yield that accounts for the future amortization of premiums or discounts of bonds held in the Fund’s portfolio. The SEC 30-Day Yield is computed under an SEC standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC 30-Day Yield because the Fund may be paying out more or less than it is earning and it may not include the effect of amortization of bond premium.

The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the Taxable-Equivalent Yield is lower.

Nuveen California High Yield Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		5.38%		4.38%		6.71%
Class C Shares		5.08%		3.99%		6.11%
Class I Shares		5.82%		4.73%		7.24%

Nuveen California Municipal Bond Fund

	Dividend Yield		SEC 30-Day Yield		Taxable- Equivalent Yield1
Class A Shares2		4.04%		2.84%		4.35%
Class B Shares		3.50%		2.20%		3.37%
Class C Shares		3.68%		2.42%		3.71%
Class I Shares		4.39%		3.16%		4.84%

1 The Taxable-Equivalent Yield is based on the Fund’s SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 34.7%.

2 The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield effectively applicable to them would be higher than the figure quoted in the table.

14 Nuveen Investments

Holding Summariesas of August 31, 2012

This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.

Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Nuveen California High Yield Municipal Bond Fund

Bond Credit Quality¹

Nuveen California Municipal Bond Fund

Bond Credit Quality²

Portfolio Composition1
Tax Obligation/Limited	50.8%
Health Care	11.0%
Education and Civic Organizations	9.2%
Transportation	6.2%
Housing/Multifamily	5.5%
Consumer Staples	4.3%
Other	13.0%

Portfolio Composition2
Tax Obligation/Limited	35.0%
Tax Obligation/General	20.5%
Health Care	14.5%
Water and Sewer	5.6%
Education and Civic Organizations	5.0%
U.S. Guaranteed	3.9%
Utilities	3.7%
Other	11.8%

1 As a percentage of total investments (excluding investments in derivatives) as of August 31, 2012. Holdings are subject to change.

2 As a percentage of total investments as of August 31, 2012. Holdings are subject to change.

Nuveen Investments 15

Expense Examples

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held for the period.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.

Nuveen California High Yield Municipal Bond Fund

							Hypothetical Performance
	Actual Performance						(5% annualized return before expenses)
	A Shares		C Shares		I Shares		A Shares		C Shares		I Shares
Beginning Account Value (3/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/12)	$	1,084.80	$	1,080.80	$	1,080.60	$	1,020.82	$	1,018.05	$	1,021.83
Expenses Incurred During Period	$	4.57	$	7.45	$	3.52	$	4.43	$	7.22	$	3.41

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .87%, 1.42% and .67% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Nuveen California Municipal Bond Fund

									Hypothetical Performance
	Actual Performance								(5% annualized return before expenses)
	A Shares		B Shares		C Shares		I Shares		A Shares		B Shares		C Shares		I Shares
Beginning Account Value (3/01/12)	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00	$	1,000.00
Ending Account Value (8/31/12)	$	1,048.20	$	1,044.50	$	1,045.50	$	1,049.20	$	1,021.07	$	1,017.39	$	1,018.25	$	1,022.13
Expenses Incurred During Period	$	4.23	$	7.99	$	7.11	$	3.15	$	4.18	$	7.88	$	7.02	$	3.11

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .82%, 1.55%, 1.38% and .61% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

16 Nuveen Investments

Portfolio of Investments (Unaudited)

Nuveen California High Yield Municipal Bond Fund

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Discretionary – 0.9%
$	275	Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Third Tier Series 2001C, 9.750%, 1/01/26		1/13 at 100.00		N/R	$	279,128
	1,000	Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured		1/16 at 100.00		CCC		645,510
	1,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (5)		12/17 at 100.00		N/R		455,720
	500	Morongo Band of Mission Indians, California, Enterprise Revenue Bonds, Series 2008B, 6.500%, 3/01/28		3/18 at 100.00		N/R		534,565
	260	Norfolk Economic Development Authority, Virginia, Empowerment Zone Facility Revenue Bonds, BBL Old Dominion University LLC Project Revenue Bonds, Series 2006B, 5.625%, 11/01/15 (Alternative Minimum Tax)		No Opt. Call		N/R		240,773
	3,035	Total Consumer Discretionary						2,155,696
		Consumer Staples – 4.2%
	1,000	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/47		6/17 at 100.00		BB		764,840
	50	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 5.250%, 6/01/45		6/15 at 100.00		B–		41,159
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	1,000	4.500%, 6/01/27		6/17 at 100.00		BB–		865,320
	2,750	5.000%, 6/01/33		6/17 at 100.00		BB–		2,255,000
	1,845	5.750%, 6/01/47		6/17 at 100.00		BB–		1,571,257
	1,305	5.125%, 6/01/47		6/17 at 100.00		BB–		1,006,468
	1,000	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-2, 0.000%, 6/01/37		6/22 at 100.00		BB–		794,330
		Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A:
	1,000	5.000%, 6/01/37		6/14 at 100.00		BB+		815,990
	2,000	5.125%, 6/01/46		6/14 at 100.00		B+		1,580,480
	11,950	Total Consumer Staples						9,694,844
		Education and Civic Organizations – 9.1%
	2,000	California Educational Facilities Authority, Revenue Bonds, California College of the Arts, Series 2005, 5.000%, 6/01/35		6/15 at 100.00		BBB–		2,022,360
	1,065	California Educational Facilities Authority, Revenue Bonds, Dominican University, Series 2006, 5.000%, 12/01/36		12/16 at 100.00		Baa3		1,080,794
	75	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2005A, 5.000%, 10/01/35		10/15 at 100.00		A3		78,315
	1,250	California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 18.193%, 10/01/16 (IF)		No Opt. Call		Aa1		1,980,400
	100	California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006, 5.000%, 11/01/36		11/15 at 100.00		A2		104,409
		California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006:
	1,165	5.000%, 1/01/30		1/15 at 100.00		Baa3		1,172,817
	500	5.000%, 1/01/36		1/15 at 100.00		Baa3		501,165
	1,000	California Municipal Finance Authority, Education Revenue Bonds, American Heritage Education Foundation Project, Series 2006A, 5.250%, 6/01/36		6/16 at 100.00		BB+		929,470

Nuveen Investments 17

Portfolio of Investments (Unaudited)

Nuveen California High Yield Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	1,335	California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A, 7.000%, 10/01/39		10/18 at 100.00		N/R	$	1,361,300
	300	California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.625%, 1/01/32		1/22 at 100.00		N/R		309,243
	1,500	California Municipal Finance Authority, Revenue Refunding Bonds, Biola University, Series 2008A, 5.875%, 10/01/34		4/18 at 100.00		Baa1		1,621,515
	750	California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46		7/21 at 100.00		BBB		823,950
	1,000	California Statewide Communitities Development Authority, Charter School Revenue Bonds, Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41		12/21 at 100.00		N/R		1,089,330
	815	California Statewide Community Development Authority, Charter School Revenue Bonds, Rocklin Academy Charter, Series 2011A, 8.250%, 6/01/41		6/21 at 100.00		BB+		951,007
	500	California Statewide Community Development Authority, Revenue Bonds, California Baptist University, Series 2007A, 5.500%, 11/01/38		11/17 at 102.00		N/R		519,750
	2,135	California Statewide Community Development Authority, Revenue Bonds, Drew School, Series 2007, 5.300%, 10/01/37		10/15 at 102.00		N/R		2,170,996
	200	California Statewide Community Development Authority, Revenue Bonds, International School of the Peninsula, Palo Alto, California, Series 2006, 5.000%, 11/01/29		11/16 at 100.00		N/R		197,266
	395	California Statewide Community Development Authority, Revenue Bonds, Montessori in Redlands School, Series 2007A, 5.125%, 12/01/36		12/16 at 100.00		N/R		342,054
	200	Hawaii Department of Budget and Finance, Private School Revenue Bonds, Montessori of Maui, Series 2007, 5.500%, 1/01/37		2/17 at 100.00		N/R		189,224
	600	La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk Education Foundation, Series 2007A, 5.450%, 8/15/36		2/13 at 100.00		N/R		538,026
	2,000	Los Alamitos Unified School District, Orange County, California, Certificates of Participation, Series 2012, 0.000%, 8/01/42		8/29 at 100.00		A+		1,183,860
	100	Pima County Industrial Development Authority, Arizona, Choice Education and Development Charter School Revenue Bonds, Series 2006, 6.375%, 6/01/36		6/16 at 100.00		N/R		101,448
	65	Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series 2006, 6.000%, 6/01/36		6/16 at 100.00		BBB–		65,665
	385	Pingree Grove Village, Illinois, Charter School Revenue Bonds, Cambridge Lakes Learning Center, Series 2007, 6.000%, 6/01/36		6/16 at 102.00		N/R		343,940
	1,060	San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34		9/15 at 102.00		Baa3		1,079,695
	20,495	Total Education and Civic Organizations						20,757,999
		Health Care – 10.9%
	50	California Health Facilities Financing Authority, Health Facility Revenue Bonds, Adventist Health System/West, Series 2003A, 5.000%, 3/01/33		3/13 at 100.00		A		50,291
	1,220	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Series 2012A, 5.000%, 8/15/51 (UB) (7)		8/22 at 100.00		AA		1,324,054
	695	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital, Tender Option Bond Trust 4726, 17.670%, 8/15/51 (IF)		8/22 at 100.00		AA		932,106
	1,000	California Municipal Financing Authority, Certificates of Participation, Community Hospitals of Central California, Series 2007, 5.250%, 2/01/27		2/17 at 100.00		BBB		1,044,100
	1,500	California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31		7/17 at 100.00		N/R		1,544,370

18 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	490	California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008A, 5.500%, 7/01/30		7/17 at 100.00		A+	$	543,435
		California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007:
	250	5.000%, 8/15/39 – NPFG Insured		8/17 at 100.00		BBB		256,105
	2,500	5.000%, 8/15/47		8/17 at 100.00		BBB+		2,549,475
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	1,000	5.250%, 7/01/24		7/15 at 100.00		BBB		1,054,370
	750	5.250%, 7/01/30		7/15 at 100.00		BBB		783,938
	515	5.250%, 7/01/35		7/15 at 100.00		BBB		537,315
	495	5.000%, 7/01/39		7/15 at 100.00		BBB		510,182
	1,000	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Tender Option Bond Trust 1065, 17.267%, 4/01/42 (IF) (7)		4/22 at 100.00		A+		1,370,100
	715	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3048, 18.232%, 11/15/32 (IF)		5/18 at 100.00		AA–		927,441
	1,285	California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3102, 18.442%, 11/15/48 (IF) (7)		5/18 at 100.00		AA–		1,666,799
	1,000	California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health System, Trust 2554, 18.234%, 7/01/47 – AGM Insured (IF)		7/18 at 100.00		AA–		1,361,400
	1,490	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38		12/17 at 100.00		BBB		1,744,343
	1,060	Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 7.000%, 11/01/35		11/20 at 100.00		BB+		1,143,125
	500	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39		11/19 at 100.00		Baa3		562,525
	500	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41		11/20 at 100.00		Baa3		536,440
		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:
	1,000	8.000%, 12/01/26		12/21 at 100.00		BB		1,285,140
	500	7.500%, 12/01/41		12/21 at 100.00		BB		607,350
	2,500	Tulare Local Health Care District, California, Revenue Bonds, Series 2007, 5.200%, 11/01/32		11/17 at 100.00		BB+		2,462,975
	60	Weatherford Hospital Authority, Oklahoma, Sales Tax Revenue Bonds, Series 2006, 6.000%, 5/01/31		5/16 at 103.00		N/R		59,861
	22,075	Total Health Care						24,857,240
		Housing/Multifamily – 5.4%
	1,400	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010B, 7.250%, 8/15/45		8/20 at 100.00		N/R		1,471,890
	295	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47		8/22 at 100.00		BBB		310,470
	480	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47		8/22 at 100.00		A1		500,885
	400	California Municipal Finance Authority, Revenue Bonds, University Students Coop Association, Series 2007, 4.750%, 4/01/27		4/17 at 100.00		BBB–		406,904
	120	California Statewide Communities Development Authority, Multifamily Housing Revenue Subordinate Bonds Stanford Arms Seniors Apartments Series 2001-P2, Pass-Through Certificates of Beneficial Ownership, 5.750%, 11/01/34 (Mandatory put 11/01/16) (Alternative Minimum Tax)		12/12 at 100.00		N/R		120,168

Nuveen Investments 19

Portfolio of Investments (Unaudited)

Nuveen California High Yield Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Housing/Multifamily (continued)
$	1,000	California Statewide Community Development Authority, Lancer Educational Student Housing Revenue Bonds, California Baptist University, Series 2007, 5.625%, 6/01/33		6/17 at 102.00		N/R	$	1,034,770
	350	California Statewide Community Development Authority, Multifamily Housing Revenue Bonds, Magnolia City Lights, Series 1999X, 6.650%, 7/01/39		11/12 at 100.00		N/R		350,109
	740	Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A, 5.000%, 5/15/39		5/22 at 100.00		A–		765,841
	1,000	Independent Cities Lease Finance Authority, California, Mobile Home Park Revenue Bonds, San Juan Mobile Estates Project, Series 2006A, 5.125%, 5/15/41		5/16 at 100.00		BBB+		1,018,990
	1,250	Richmond, California, Joint Powers Financing Agency Multifamily Housing Revenue Bonds, Westridge Hilltop Apartments, Series 2007, 5.000%, 12/15/33		12/12 at 100.00		Ba1		1,170,575
	4,037	San Jose, California, Multifamily Housing Revenue Bonds, Almaden Family Apartments Project, Series 2007B, 4.720%, 11/15/37 (Alternative Minimum Tax)		No Opt. Call		N/R		3,799,367
	495	Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, 6.500%, 9/01/39		11/12 at 100.00		N/R		494,985
	720	Ventura County Area Housing Authority, California, Mira Vista Senior Apartments Project, Junior Subordinate Series 2006C, 6.500%, 12/01/39 (Mandatory put 7/01/16) (Alternative Minimum Tax)		No Opt. Call		N/R		701,503
	485	Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place, Series 2007A, 6.300%, 7/01/37		7/17 at 100.00		N/R		299,837
	12,772	Total Housing/Multifamily						12,446,294
		Housing/Single Family – 0.4%
	500	California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax)		2/17 at 100.00		BBB		463,990
	600	California Housing Finance Agency, Home Mortgage Revenue Bonds, Tender Option Bond Trust 3206, 7.876%, 8/01/25 (Alternative Minimum Tax) (IF)		2/16 at 100.00		BBB		515,352
	1,100	Total Housing/Single Family						979,342
		Industrials – 0.1%
	65	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002A, 5.000%, 1/01/22 (Alternative Minimum Tax)		1/16 at 102.00		BBB		71,250
	1,000	California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5)		No Opt. Call		D		79,700
	250	Kootenai County Industrial Development Corporation, Idaho, Industrial Development Revenue Bonds, Coer d’Alene Fiber Fuels, Inc., Series 2006, 6.750%, 12/01/26 (6), (8)		12/16 at 100.00		N/R		11,865
	750	Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5)		7/17 at 102.00		N/R		105,120
	2,065	Total Industrials						267,935
		Long-Term Care – 2.4%
		California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009:
	500	8.000%, 11/01/29		11/19 at 100.00		Baa1		598,690
	1,040	8.500%, 11/01/39		11/19 at 100.00		AA		1,256,185
	520	California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.250%, 10/01/39		10/19 at 100.00		BBB+		565,614

20 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Long-Term Care (continued)
$	1,000	California Statewide Community Development Authority, Revenue Bonds, Hollenbeck Palms, Magnolia Assisted Living, Series 2007A, 4.600%, 2/01/37 – RAAI Insured (Alternative Minimum Tax)		2/17 at 100.00		N/R	$	924,020
	1,000	Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, Lenbrook Square Project, Series 2006A, 5.125%, 7/01/37		7/17 at 100.00		N/R		960,970
	50	Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36		6/16 at 101.00		N/R		50,940
	1,000	Wisconsin Public Finance Authority, Revenue Bonds, SearStone Retirement Community of Cary North Carolina, Series 2012A, 8.625%, 6/01/47		6/22 at 100.00		N/R		1,054,010
	5,110	Total Long-Term Care						5,410,429
		Tax Obligation/General – 2.2%
		Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C:
	1,100	0.000%, 5/01/37		No Opt. Call		Aa2		369,105
	5,250	0.000%, 5/01/42		5/40 at 100.00		Aa2		1,763,528
	385	Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37		2/17 at 102.00		N/R		352,221
	1,000	Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39		11/19 at 100.00		B+		1,130,960
	500	Guam, General Obligation Bonds, Series 2007A, 5.250%, 11/15/37		11/17 at 100.00		B+		508,490
	250	Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683, 17.458%, 8/01/37 – NPFG Insured (IF) (7)		8/17 at 100.00		A+		325,360
	500	Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Series 2006, 4.550%, 9/01/30 – FGIC Insured		9/15 at 100.00		A		508,790
	8,985	Total Tax Obligation/General						4,958,454
		Tax Obligation/Limited – 50.2%
	4,305	Anaheim Public Finance Authority, California, Subordinate Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured		No Opt. Call		AA–		1,323,357
	1,000	Azusa Redevelopment Agency, California, Tax Allocation Refunding Bonds, Merged West End Development, Series 2007B, 5.300%, 8/01/36		8/17 at 100.00		N/R		898,110
	695	Azusa, California, Special Tax Bonds, Community Facilities District 2005-1 Rosedale Improvement Area 1, Series 2007, 5.000%, 9/01/27		9/17 at 100.00		N/R		673,608
	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 20 Series 2012B, 5.950%, 9/01/35		9/22 at 100.00		N/R		1,034,260
	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 8C, Series 2007E, 6.250%, 9/01/38		11/12 at 100.00		N/R		1,010,610
		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 8D & 17B, Series 2009B:
	60	8.875%, 9/01/34		9/15 at 100.00		N/R		61,960
	125	8.625%, 9/01/39		9/16 at 100.00		N/R		129,046
	300	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Series 2006B, 5.050%, 9/01/37		9/13 at 100.50		N/R		285,687
	1,000	Borrego Water District, California, Community Facilities District 2007-1 Montesoro, Special Tax Bonds, Series 2007, 5.750%, 8/01/32 (5)		8/17 at 102.00		N/R		270,090
	1,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2012A, 5.000%, 4/01/37		4/22 at 100.00		A2		1,085,970
	1,000	California Statewide Communities Development Authority, Recovery Zone Facility Bonds, SunEdison Huntington Beach Solar Projects, Series 2010, 7.500%, 1/01/31		1/21 at 100.00		N/R		1,079,240

Nuveen Investments 21

Portfolio of Investments (Unaudited)

Nuveen California High Yield Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,415	California Statewide Communities Development Authority, Recovery Zone Facility Bonds, SunEdison Irvine Unified School District Solar Projects, Series 2010, 7.500%, 7/01/30		1/20 at 100.00		N/R	$	1,516,399
	1,000	California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41		9/21 at 100.00		N/R		1,067,330
	250	California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series 2004A, 7.750%, 3/01/34		3/14 at 102.00		N/R		261,460
		Chino Public Financing Authority, California, Revenue Refunding Bonds, Series 2012:
	1,160	5.000%, 9/01/34		9/22 at 100.00		N/R		1,183,803
	315	5.000%, 9/01/38		9/22 at 100.00		N/R		318,960
	1,000	Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Housing Second Lien Series 2010A, 5.500%, 8/01/30		8/20 at 100.00		BBB–		993,200
	990	Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36		12/21 at 100.00		A+		1,200,157
	1,610	Desert Hot Springs Redevelopment Agency, California, Merged Redevelopment Project Tax Allocation Bonds, Series 2008A-2, 5.000%, 9/01/23		9/18 at 100.00		B		1,247,154
	85	Eastern Municipal Water District, California, Special Tax Bonds, Community Facility District 2005-38 Improvement Area A, Series 2006, 5.200%, 9/01/36		3/13 at 102.00		N/R		86,163
	950	El Dorado County, California, Special Tax Bonds, Blackstone Community Facilities District 2005-1, Series 2005, 5.250%, 9/01/35		9/14 at 102.00		N/R		890,967
	250	El Dorado County, California, Special Tax Bonds, Community Facilities District 2005-2, Series 2006, 5.100%, 9/01/36		9/14 at 102.00		N/R		247,270
		Elk Grove Community Facilities District 2005-1, California, Special Tax Bonds, Series 2007:
	80	5.000%, 9/01/18		9/17 at 100.00		N/R		77,070
	10	5.000%, 9/01/20		9/17 at 100.00		N/R		9,291
	50	5.125%, 9/01/22		3/13 at 103.00		N/R		45,603
	980	5.200%, 9/01/27		9/15 at 102.00		N/R		805,119
	1,200	5.250%, 9/01/37		9/15 at 102.00		N/R		959,676
	500	Fairfield, California, Community Facilities District 2007-1 Special Tax Bonds, Fairfield Commons Project, Series 2008, 6.875%, 9/01/38		9/18 at 100.00		N/R		525,105
	710	Fillmore Redevelopment Agency, Ventura County, California, Central City Redevelopment Project, Subordinate Lien Tax Allocation Bonds, Series 2006A, 5.375%, 5/01/31		11/16 at 100.00		N/R		509,631
	500	Folsom Public Financing Authority, California, Subordinate Special Tax Revenue Bonds, Series 2007B, 5.200%, 9/01/32		9/17 at 100.00		N/R		505,700
	1,000	Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North, Series 2006, 5.000%, 9/01/36		9/14 at 102.00		N/R		954,300
		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011:
	500	17.091%, 6/01/29 – AMBAC Insured (IF) (7)		11/12 at 100.00		A2		502,140
	750	17.091%, 6/01/45 (IF) (7)		6/15 at 100.00		A2		812,700
	1,000	17.070%, 6/01/45 – AMBAC Insured (IF) (7)		6/15 at 100.00		A2		1,083,490
	1,000	Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.000%, 9/01/26 – SYNCORA GTY Insured		9/16 at 100.00		A–		1,031,700
	1,000	Hawthorne, California, Special Tax Bonds, Community Facilities District 2006-1, Three Sixty Degrees @ South Bay, Series 2006, 5.000%, 9/01/36		9/16 at 102.00		N/R		928,790
	1,000	Hemet Unified School District Community Facilities District 2005-3, Riverside County, California, Special Tax Bonds, Series 2007, 5.750%, 9/01/39		9/13 at 100.50		N/R		989,190

22 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	200	Hemet Unified School District, California, Community Facilities District 2005-1 Special Tax Bonds, Series 2006, 5.125%, 9/01/36		9/13 at 100.00		N/R	$	200,588
		Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005:
	1,000	5.000%, 8/01/25 – AMBAC Insured		8/15 at 100.00		CC		705,710
	500	4.750%, 8/01/35 – AMBAC Insured		8/15 at 100.00		CC		321,845
		Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax Allocation Bonds, Series 2007A:
	500	5.500%, 9/01/17 – SYNCORA GTY Insured		No Opt. Call		Ba1		520,805
	1,250	5.500%, 9/01/22 – SYNCORA GTY Insured		9/17 at 100.00		Ba1		1,241,475
	1,250	5.000%, 9/01/37 – SYNCORA GTY Insured		9/17 at 100.00		Ba1		1,056,450
	295	Hesperia Unified School District, San Bernardino County, California, Community Facilities District 2006-5 Special Tax Bonds, Series 2007, 5.000%, 9/01/37		9/17 at 100.00		N/R		282,817
	240	Hesperia, California, Improvement Act of 1915, Assessment District, 91-1, Joshua West Main Street, Series 1992, 8.500%, 9/02/24		3/13 at 103.00		N/R		249,648
	870	Imperial, California, Community Facilities District 2006-2 Savanna Ranch Special Tax Bonds, Improvement Area 1, Series 2006, 5.000%, 9/01/26		9/14 at 102.00		N/R		881,319
	150	Indio, California, Special Tax Bonds, Community Facilities District 2006-1 Sonora Wells, Series 2006, 5.050%, 9/01/26		9/16 at 100.00		N/R		150,000
	120	Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A, 5.125%, 9/01/36		9/16 at 100.00		N/R		122,190
	1,000	Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 23 Eastvale, Series 2012A, 5.000%, 9/01/42		3/13 at 103.00		N/R		1,010,980
	1,115	Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 25 Eastvale Area, Series 2008A, 8.375%, 9/01/28		9/18 at 100.00		N/R		1,302,030
	500	Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 34 Eastvale Area , Series 2010A, 6.500%, 9/01/40		9/20 at 100.00		N/R		517,965
	500	Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 38 Eastvale Improvement Area 2, Series 2010A, 6.375%, 9/01/40		3/13 at 103.00		N/R		518,065
	750	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area C, Series 2010A, 6.250%, 9/01/40		9/18 at 100.00		N/R		772,785
	1,000	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2004-3, Rosetta Canyon Improvement Area 2, Series 2006, 5.250%, 9/01/37		9/14 at 100.00		N/R		1,009,810
	815	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2006A, 5.350%, 9/01/36		9/14 at 100.00		N/R		838,260
	1,500	Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2005-2 Improvement Area A, Series 2005A, 5.450%, 9/01/36		9/14 at 100.00		N/R		1,495,230
	2,000	Lammersville School District, California, Special Tax Refunding Bonds, Community Facilities District 2002 Mountain House, Series 2012, 0.000%, 9/01/32		9/22 at 100.00		N/R		1,741,500
	1,335	Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39		8/19 at 100.00		BBB+		1,520,245
		Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Subordinate Refunding Series 2003:
	500	4.750%, 8/01/27 – NPFG Insured		8/15 at 102.00		BBB+		500,200
	1,000	4.750%, 8/01/33 – NPFG Insured		8/15 at 102.00		BBB+		951,560
	1,000	Los Angeles Community Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Bunker Hill Redevelopment Project, Series 2004L, 5.000%, 3/01/18		3/13 at 100.00		BBB–		1,006,980

Nuveen Investments 23

Portfolio of Investments (Unaudited)

Nuveen California High Yield Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	250	Los Banos Redevelopment Agency, California, Tax Allocation Bonds, Los Banos Redevelopment Project, Series 2006, 5.000%, 9/01/36 – RAAI Insured		9/16 at 100.00		BBB	$	251,078
	1,275	Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 2011A, 7.250%, 9/01/38		9/21 at 100.00		A–		1,521,713
		March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Tax Allocation Revenue Bonds, Series 2011A:
	300	7.250%, 8/01/31		8/21 at 100.00		BBB+		351,603
	1,550	7.500%, 8/01/41		8/21 at 100.00		BBB+		1,814,988
	500	March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment Project Tax Allocation Revenue Bonds, Series 2011B, 7.500%, 8/01/41		8/21 at 100.00		BBB+		585,480
	130	Merced, California, Community Facilities District 2005-1, Special Tax Bonds, Bellevue Ranch West, Series 2006, 5.300%, 9/01/36		9/13 at 103.00		N/R		84,452
	65	Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-5, Series 2006, 5.200%, 9/01/36		3/16 at 100.00		N/R		65,579
	1,000	Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2004-6, Series 2005, 5.200%, 9/01/36		3/13 at 103.00		N/R		1,013,280
	1,000	Moreno Valley, California, Special Tax Bonds, Community Facilities District 5, Series 2007, 5.000%, 9/01/37		9/17 at 100.00		N/R		965,420
	1,000	Murrieta Public Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/31		9/22 at 100.00		BBB–		1,084,760
	125	Murrieta Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2002-4, Series 2006B, 5.450%, 9/01/38		9/16 at 100.00		N/R		125,249
	330	Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40		9/21 at 100.00		A–		380,754
	830	Oakley Public Financing Authority, Contra Costa County, California, Revenue Bonds, Refunding Series 2012, 5.300%, 9/02/34		9/22 at 100.00		BBB–		866,952
	1,000	Oxnard Financing Authority, California, Local Obligation Revenue Bonds, Special District Bond Refinancings, Subordinate Lien Series 2012B, 5.000%, 9/02/33		9/22 at 100.00		N/R		973,380
	1,000	Pacifica, California, Certificates of Participation, Series 2008, 5.375%, 1/01/37 – AMBAC Insured		1/16 at 102.00		A–		1,071,190
	2,000	Palm Desert Finance Authority, California, Tax Allocation Revenue Bonds, Project Area 3, Series 2006A, 4.750%, 4/01/36 – NPFG Insured		4/16 at 100.00		BBB+		2,002,540
		Palm Desert, California, Special Tax Bonds, Community Facilities District 2005-1 University Park, Series 2006:
	350	5.300%, 9/01/32		3/13 at 103.00		N/R		283,500
	100	5.450%, 9/01/32		9/16 at 100.00		N/R		86,792
	1,500	5.500%, 9/01/36		9/16 at 100.00		N/R		1,266,180
	1,600	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35		4/13 at 102.00		BB		1,640,816
	1,000	Palm Drive Health Care District, Sonoma County, California, Parcel Tax Revenue Bonds, Series 2005, 5.250%, 4/01/30		4/13 at 102.00		BB		901,560
	1,000	Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Refunding Series 2004A, 5.000%, 9/01/34 – NPFG Insured		9/14 at 102.00		A		1,025,240
	1,100	Perris Public Finance Authority, California, Local Agency Revenue Bonds, Perris Vally Vistas IA3, Series 2008B, 6.625%, 9/01/38		9/16 at 100.00		N/R		1,155,143
	485	Perris Public Financing Authority, California, Local Agency Revenue Bonds, Series 2007D, 5.800%, 9/01/38		9/14 at 100.00		N/R		488,448

24 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	220	Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011, 6.125%, 9/01/41		3/13 at 103.00		N/R	$	227,568
	570	Perris, California, Special Tax Bonds, Community Facilities District 2001-1, Improvement Area 5-A, Series 2006, 5.000%, 9/01/37		9/13 at 100.50		N/R		554,929
	1,500	Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28		9/18 at 100.00		BBB		1,619,670
	550	Pittsburg Redevelopment Agency, California, Tax Allocation Refunding Bonds, Los Medanos Community Development Project, Series 2006C, 4.250%, 9/01/34 – AMBAC Insured		9/16 at 100.00		BBB		484,627
	250	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bond Trust 1081, 20.699%, 8/01/57 (IF) (7)		8/19 at 100.00		AA–		366,240
	500	Rancho Cardova, California, Special Tax Bonds, Sunridge Anatolia Area Community Facilities District 2003-1, Series 2005, 5.500%, 9/01/37		9/13 at 102.00		N/R		502,330
	2,000	Rancho Cardova, California, Special Tax Bonds, Sunridge Park Area Community Facilities District 2004-1, Series, 6.125%, 9/01/37		9/17 at 100.00		N/R		2,094,860
	500	Redwood City, California, Special Tax Bonds, Community Facilities District 2010-1 One Marina, Series 2011, 7.500%, 9/01/31		9/16 at 103.00		N/R		548,305
	1,710	Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2004, 5.000%, 10/01/35 – SYNCORA GTY Insured		10/14 at 100.00		BBB		1,698,355
	500	Riverside County Redevelopment Agency, California, Interstate 215 Corridor Redevelopment Project Area Tax Allocation Bonds, Series 2010E, 6.500%, 10/01/40		10/20 at 100.00		A–		554,955
	205	Riverside County Redevelopment Agency, California, Tax Allocation Housing Bonds, Series 2011A, 7.125%, 10/01/42		10/21 at 100.00		A–		243,655
	875	Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012, 5.000%, 9/01/35		9/22 at 100.00		N/R		890,855
	2,000	Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2008, 7.250%, 9/01/38		9/17 at 100.00		N/R		2,069,380
	125	Riverside Unified School District, Riverside County, California, Community Facilities District 24 Special Tax Bonds, Series 2006, 5.100%, 9/01/36		9/14 at 102.00		N/R		125,134
	1,000	Riverside, California, Improvement Bond Act of 1915, Special Assessment Bonds, Hunter Park Assessment District, Series 2006, 5.200%, 9/02/36		9/16 at 101.00		N/R		1,006,650
		Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 2, Series 2007:
	1,010	0.000%, 9/01/34 – NPFG Insured		No Opt. Call		AA–		283,143
	1,155	0.000%, 9/01/35 – NPFG Insured		No Opt. Call		AA–		296,662
	1,000	Roseville Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2007B, 5.000%, 9/01/33		9/17 at 100.00		N/R		973,380
	1,700	Roseville, California, Special Tax Bonds, Community Facilities District 1 – Westpark, Series 2005, 5.200%, 9/01/36		9/15 at 100.00		N/R		1,668,006
	1,800	Roseville, California, Special Tax Bonds, Community Facilities District 1, Fiddyment Ranch, Series 2006, 5.125%, 9/01/26		9/16 at 100.00		N/R		1,821,060
	1,510	Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 4698, 18.405%, 12/01/33 – AMBAC Insured (IF) (7)		No Opt. Call		Aa3		2,646,245
	1,490	Sacramento, California, Community Facilities District 05-1, College Square Special Tax Bonds, Series 2007, 5.900%, 9/01/37		9/17 at 100.00		N/R		1,495,751
	459	Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 3/27/26		12/12 at 100.00		N/R		419,549
	500	San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007, 5.500%, 6/01/37 – NPFG Insured		No Opt. Call		BBB		525,365

Nuveen Investments 25

Portfolio of Investments (Unaudited)

Nuveen California High Yield Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	100	San Jacinto Unified School District, Riverside County, California, Community Facilities District 2006-1 Special Tax Bonds, Infrastructure Projects, Series 2006, 5.200%, 9/01/36		9/16 at 100.00		N/R	$	100,071
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
	500	5.000%, 8/01/24 – NPFG Insured		8/17 at 100.00		BBB		506,060
	1,000	3.750%, 8/01/28 – NPFG Insured		8/17 at 100.00		BBB		880,980
	2,120	3.750%, 8/01/28 – BHAC Insured		8/17 at 100.00		AA+		2,065,304
	2,000	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2007B, 4.250%, 8/01/36 – SYNCORA GTY Insured		8/17 at 100.00		BBB		1,728,060
	1,470	San Marcos Public Facilities Authority, California, Revenue Refunding Bonds, Series 2012C, 5.000%, 9/01/35 – AGM Insured		9/22 at 100.00		N/R		1,473,440
	500	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured		No Opt. Call		BBB		576,385
	1,000	Santa Cruz County Redevelopment Agency, California, Tax Allocation Bonds, Live Oak-Sequel Community Development Project, Series 2005A, 5.000%, 9/01/32 – NPFG Insured		No Opt. Call		A		1,029,290
	1,000	South Gate, California, Certificates of Participation, Series 2002A, 5.000%, 9/01/24 – AMBAC Insured		3/13 at 103.00		BB+		998,210
		Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004:
	305	5.125%, 9/01/30 – FGIC Insured		9/14 at 100.00		BBB		271,252
	235	5.250%, 9/01/34 – FGIC Insured		9/14 at 100.00		BBB		209,681
	2,500	Stockton, California, Special Tax Bonds, Arch Road Community Facilities District 99-02, Refunding Series 2007, 5.875%, 9/01/37		9/17 at 102.00		N/R		2,545,150
	570	Sulphur Springs Union School District, California, Special Tax Bonds, Community Facilities District 2002-1, Refunding Series 2012A, 5.000%, 9/01/33		9/22 at 100.00		BBB+		613,434
		Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2000-1, Tejon Industrial Complex Public Improvements, Refunding Series 2012:
	1,635	5.500%, 9/01/30		9/22 at 100.00		N/R		1,753,243
	500	5.500%, 9/01/33		9/22 at 100.00		N/R		528,760
	500	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-01 Crowne Hill, Series 2012, 5.000%, 9/01/33		9/22 at 100.00		BBB+		520,570
	1,000	Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured		11/12 at 100.00		A–		1,000,710
	530	Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.250%, 9/01/29		3/21 at 100.00		BBB+		598,831
	1,220	Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, Series 2010, 5.000%, 9/01/35		9/18 at 102.00		A		1,273,521
	650	Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.650%, 9/01/42		9/21 at 100.00		BBB+		762,801
	500	Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33		12/21 at 100.00		A		587,550
	500	Val Verde Unified School District Financing Authority, California, Special Tax Revenue, Junior Lien Refunding Series 2003, 6.250%, 10/01/28		10/13 at 102.00		N/R		515,855
	500	Victor Elementary School District, Los Angeles County, California, Community Facilities District 2005-1 Special Tax Bonds, Series 2007A, 5.500%, 9/01/37		9/15 at 102.00		N/R		494,640

26 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	600	West Hollywood Community Development Commission, California, East Side Redevelopment Project Series 2011 Tax Allocation Bonds Series 2011A, 7.500%, 9/01/42		9/21 at 100.00		BBB	$	687,504
	590	West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 01-1, Refunding Series 2009B, 10.000%, 9/01/32		9/14 at 105.00		N/R		649,035
	965	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 1999F, 6.100%, 9/01/29		3/13 at 100.00		N/R		970,742
	500	Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Subordinate Lien Series 2011A, 5.875%, 11/01/41		11/21 at 100.00		A		556,905
		Westside Union School District, California, Special Tax Bonds, Community Facilities District 2005-3, Series 2006:
	700	5.000%, 9/01/26		9/14 at 102.00		N/R		707,574
	295	5.000%, 9/01/36		9/14 at 102.00		N/R		285,392
	1,000	Woodland Finance Authority, California, Lease Revenue Bonds, Series 2002, 5.000%, 3/01/32 – SYNCORA GTY Insured		3/13 at 102.00		A1		1,026,750
	290	Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 6.000%, 1/01/27		1/17 at 102.00		N/R		198,488
	135	Yuba County, California, Special Tax Bonds, Community Facilities District 2004-1, Edgewater, Series 2005, 5.125%, 9/01/35		3/15 at 100.00		N/R		120,060
	118,709	Total Tax Obligation/Limited						114,881,782
		Transportation – 6.1%
	1,125	Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bond Trust 2985, 17.286%, 4/01/17 (IF)		No Opt. Call		AA		1,701,405
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
	8,275	0.000%, 1/15/30		11/12 at 35.92		BBB–		2,938,618
	1,315	0.000%, 1/15/32 – NPFG Insured		11/12 at 31.77		BBB		412,897
	1,535	0.000%, 1/15/34 – NPFG Insured		11/12 at 28.13		BBB		426,699
	1,125	Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Tender Option Bond Trust 10-27B, 18.269%, 5/15/40 (IF) (7)		5/20 at 100.00		AA		1,682,235
		Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006:
	35	5.450%, 7/01/20 (Alternative Minimum Tax)		7/14 at 102.00		N/R		35,177
	45	5.550%, 7/01/28 (Alternative Minimum Tax)		7/14 at 102.00		N/R		43,841
		Palm Springs, California, Airport Passenger Facility Charge Subordinate Refunding Revenue Bonds, Palm Springs International Airport, Series 2008:
	250	6.400%, 7/01/23 (Alternative Minimum Tax)		7/14 at 102.00		N/R		254,465
	515	6.500%, 7/01/27 (Alternative Minimum Tax)		7/14 at 102.00		N/R		522,416
	140	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Revenue Bonds, American Airlines Inc., Series 1985A, 6.450%, 12/01/25 (5)		11/12 at 100.00		C		65,649
	35	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1993A, 6.300%, 6/01/23 (Alternative Minimum Tax) (5)		12/12 at 100.00		C		21,944
	2,320	Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (5)		12/12 at 100.00		N/R		1,455,197
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
	2,000	0.000%, 1/15/25 – NPFG Insured		No Opt. Call		BBB		1,026,420
	6,500	0.000%, 1/15/26 – NPFG Insured		No Opt. Call		BBB		3,160,755
	240	5.250%, 1/15/30 – NPFG Insured		1/13 at 100.00		BBB		239,988
	25,455	Total Transportation						13,987,706

Nuveen Investments 27

Portfolio of Investments (Unaudited)

Nuveen California High Yield Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		U.S. Guaranteed – 0.7% (4)
$	500	Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue Bonds, Series 2002A, 5.000%, 8/01/32 (Pre-refunded 10/22/12) – AMBAC Insured		10/12 at 100.00		N/R (4)	$	500,025
	1,000	California Statewide Community Development Authority, Revenue Bonds, Live Oak School, Series 2000, 6.750%, 10/01/30 (Pre-refunded 10/01/12)		10/12 at 100.00		N/R (4)		1,005,180
	100	California Statewide Community Development Authority, Revenue Bonds, Viewpoint School, Series 2004, 5.000%, 10/01/28 (Pre-refunded 10/01/14) – ACA Insured		10/14 at 100.00		BBB (4)		109,512
	10	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)		6/13 at 100.00		Aaa		10,433
	100	Sierra Kings Health Care District, Fresno County, California, Revenue Bonds, Series 2006A, 5.750%, 12/01/36 (Pre-refunded 12/01/16)		12/16 at 100.00		N/R (4)		120,065
	1,710	Total U.S. Guaranteed						1,745,215
		Utilities – 3.9%
		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A:
	25	5.500%, 11/15/30		No Opt. Call		A		27,530
	700	5.000%, 11/15/35		No Opt. Call		A		719,481
	2,150	5.500%, 11/15/37		No Opt. Call		A		2,351,821
	7,890	Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B, 0.000%, 9/01/33		9/16 at 32.62		A		2,075,465
	1,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009B, 6.500%, 11/01/39		No Opt. Call		A		1,285,140
	1,000	M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39		No Opt. Call		A		1,285,138
	1,000	Sacramento Municipal Utility District Financing Authority, California, Consumnes Power Plant Project Revenue Bonds, Series 2006, 5.125%, 7/01/29 – NPFG Insured		7/16 at 100.00		A3		1,066,838
	13,765	Total Utilities						8,811,413
		Water and Sewer – 2.3%
	500	Dinuba Financing Authority, California, Wastewater System Revenue Bonds, Series 2007, 5.375%, 9/01/38		9/17 at 100.00		N/R		481,380
	1,000	Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.500%, 7/01/30		7/20 at 100.00		Ba2		1,040,880
	2,000	Oxnard, California, Financing Authority, Wastewater Revenue Bonds, Redwood Trunk Sewer and Headworks Projects, Series 2004A, 5.250%, 6/01/34 – FGIC Insured		6/14 at 100.00		BBB		2,061,718
	1,500	Pico Rivera Water Authority, California, Water System Project, Revenue Refunding Bonds, Series 1999A, 5.500%, 5/01/29 – NPFG Insured		No Opt. Call		BBB		1,625,173
	5,000	Total Water and Sewer						5,209,151
$	252,226	Total Investments (cost $209,515,043) – 98.8%						226,163,500
		Floating Rate Obligations – (0.4)%						(915,000)
		Other Assets Less Liabilities – 1.6% (9)						3,614,343
		Net Assets – 100%					$	228,862,843

Investments in Derivatives at August 31, 2012:

Forward Swaps outstanding:

Counterparty

Notional Amount

Fund Pay/Receive Floating Rate

Floating Rate Index

Fixed Rate (Annualized)

Fixed Rate Payment Frequency

Effective Date (10)

Termination Date

Unrealized Appreciation (Depreciation)

Barclays Bank PLC

$

4,600,000

Receive

3-Month USD-LIBOR

2.670

%

Semi-Annually

6/26/14

6/26/42

$

(7,073

)

28 Nuveen Investments

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.

(6) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees.

(7) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.

(8) For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.

(9) Other Assets Less Liabilities includes the net Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at August 31, 2012.

(10) Effective date represents the date on which both the Fund and counterparty commence interest payment accrual on each forward swap contract.

N/R Not rated.

(IF) Inverse floating rate investment.

(UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.

USD-LIBOR United States Dollar-London Inter-Bank Offered Rate.

See accompanying notes to financial statements.

Nuveen Investments 29

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Consumer Staples – 3.3%
$	3,500	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29		11/12 at 100.00		BBB+	$	3,497,795
	400	California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21		6/15 at 100.00		BB+		389,280
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	5,635	5.750%, 6/01/47		6/17 at 100.00		BB–		4,798,935
	16,950	5.125%, 6/01/47		6/17 at 100.00		BB–		13,072,516
	26,485	Total Consumer Staples						21,758,526
		Education and Civic Organizations – 5.0%
	1,015	ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson Laboratory, Series 2007, 5.750%, 7/01/37		7/15 at 102.00		A1		1,107,284
	240	California Educational Facilities Authority, Revenue Bonds, Claremont Graduate University, Series 2007A, 5.000%, 3/01/20		3/17 at 100.00		A3		266,726
		California Educational Facilities Authority, Revenue Bonds, Claremont Graduate University, Series 2008A:
	865	5.000%, 3/01/23		3/18 at 100.00		A3		945,557
	500	5.125%, 3/01/28		3/18 at 100.00		A3		535,805
	430	California Educational Facilities Authority, Revenue Bonds, Golden Gate University, Series 2005, 5.000%, 10/01/20		10/15 at 100.00		Baa3		442,470
	1,000	California Educational Facilities Authority, Revenue Bonds, Pitzer College, Refunding Series 2009, 5.375%, 4/01/34		4/20 at 100.00		A		1,107,410
	1,000	California Educational Facilities Authority, Revenue Bonds, University of Redlands, Series 2008A, 5.000%, 8/01/28		8/18 at 100.00		A3		1,069,850
		California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2006:
	105	5.000%, 11/01/21		11/15 at 100.00		A2		113,427
	1,000	5.000%, 11/01/30		11/15 at 100.00		A2		1,053,910
		California Educational Facilities Authority, Revenue Bonds, Woodbury University, Series 2006:
	450	4.400%, 1/01/15		No Opt. Call		Baa3		457,866
	470	4.500%, 1/01/16		1/15 at 100.00		Baa3		479,579
	2,960	5.000%, 1/01/36		1/15 at 100.00		Baa3		2,966,897
	750	California Educational Facilities Authority, Student Loan Revenue Bonds, Cal Loan Program, Series 2001A, 5.400%, 3/01/21 – NPFG Insured (Alternative Minimum Tax)		3/13 at 100.00		Baa2		751,028
	400	California Municipal Finance Authority, Education Revenue Bonds, American Heritage Education Foundation Project, Series 2006A, 5.250%, 6/01/26		6/16 at 100.00		BB+		390,028
		California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A:
	1,000	6.750%, 10/01/28		10/18 at 100.00		N/R		1,017,080
	1,500	7.000%, 10/01/39		10/18 at 100.00		N/R		1,529,550
	855	California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 5.750%, 1/01/22		No Opt. Call		N/R		882,403
	1,500	California Municipal Finance Authority, Revenue Bonds, University of La Verne, Series 2010A, 6.125%, 6/01/30		6/20 at 100.00		BBB+		1,699,815
		California Municipal Finance Authority, Revenue Refunding Bonds, Biola University, Series 2008A:
	1,000	5.000%, 10/01/18		No Opt. Call		Baa1		1,118,100
	500	5.625%, 10/01/23		4/18 at 100.00		Baa1		541,580

30 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Education and Civic Organizations (continued)
$	695	California State Public Works Board, Lease Revenue Bonds, California State University, J. Paul Leonard & Sutro Library, Series 2009J, 5.500%, 11/01/26		11/19 at 100.00		Aa3	$	817,786
	500	California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2010B-1, 5.400%, 3/01/26		3/20 at 100.00		Aa3		570,580
	1,000	California State Public Works Board, Lease Revenue Bonds, University of California Department of Education Riverside Campus Project, Series 2009B, 5.750%, 4/01/23		4/19 at 100.00		A2		1,195,320
	1,250	California State Public Works Board, Lease Revenue Bonds, University of California Regents, Series 2009E, 5.000%, 4/01/34		4/19 at 100.00		Aa2		1,377,513
	2,500	California State Public Works Board, Lease Revenue Bonds, University of California, Institute Projects, Series 2005C, 5.000%, 4/01/30 – AMBAC Insured		4/15 at 100.00		Aa2		2,708,600
	1,035	California State Public Works Board, Lease Revenue Refunding Bonds, Community College Projects, Series 2004B, 5.500%, 6/01/19		6/14 at 100.00		A2		1,112,045
	200	California State Public Works Board, Lease Revenue Refunding Bonds, Community Colleges Projects, Series 1999A, 4.875%, 12/01/18		11/12 at 100.00		A2		200,478
	1,000	California State University, Systemwide Revenue Bonds, Series 2005C, 5.000%, 11/01/25 – NPFG Insured		11/15 at 100.00		Aa2		1,125,430
	1,600	California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46		7/21 at 100.00		BBB		1,757,760
	1,500	California Statewide Community Development Authority, Certificates of Participation, San Diego Space and Science Foundation, Series 1996, 7.500%, 12/01/26		6/12 at 100.00		N/R		1,598,310
	2,000	San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006, 5.000%, 9/01/34		9/15 at 102.00		Baa3		2,037,160
	30,820	Total Education and Civic Organizations						32,977,347
		Health Care – 14.4%
	2,000	Antelope Valley Healthcare District, California, Insured Revenue Refunding Bonds, Series 1997A, 5.200%, 1/01/27 – AGM Insured		1/13 at 100.00		AA–		2,002,620
	1,000	California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2010A, 5.000%, 11/15/25		11/20 at 100.00		AA–		1,149,260
	2,000	California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital and Clinics, Series 2010B, 5.750%, 11/15/31		11/20 at 100.00		AA–		2,425,680
	500	California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2009C, 5.250%, 3/01/21		3/19 at 100.00		A		570,650
	150	California Health Facilities Financing Authority, Revenue Bonds, Casa Colina Inc., Series 2001, 5.500%, 4/01/13		11/12 at 100.00		BBB		150,395
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2008G, 5.500%, 7/01/25		7/18 at 100.00		A+		1,126,560
	3,000	California Health Facilities Financing Authority, Revenue Bonds, Catholic Healthcare West, Series 2009F, 5.625%, 7/01/25		7/19 at 100.00		A+		3,455,130
	1,000	California Health Facilities Financing Authority, Revenue Bonds, Childrens Hospital of Orange County, Series 2009A, 6.500%, 11/01/38		11/19 at 100.00		A		1,213,720
	1,760	California Health Facilities Financing Authority, Revenue Bonds, Marshall Medical Center, Series 2004A, 4.750%, 11/01/19		11/14 at 100.00		A–		1,828,024
	6,000	California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital - San Diego, Series 2011, 5.000%, 8/15/31		8/21 at 100.00		A+		6,516,000
	200	California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Refunding Series 2008A, 5.000%, 10/01/22		10/18 at 100.00		AA–		229,534
	250	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2008A, 5.000%, 8/15/38		8/18 at 100.00		AA–		266,605

Nuveen Investments 31

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	2,000	California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2011B, 6.000%, 8/15/42		8/20 at 100.00		AA–	$	2,400,660
	2,000	California Municipal Finance Authority, Certificates of Participation, Community Hospitals of Central California Obligated Group, Series 2009, 5.500%, 2/01/39		2/19 at 100.00		BBB		2,117,740
	2,000	California Statewide Communities Development Authority, Health Facility Revenue Bonds, Community Hospital of the Monterey Peninsula, Series 2011A, 6.000%, 6/01/33		6/21 at 100.00		AA–		2,384,740
		California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System West, Series 2005A:
	300	5.000%, 3/01/30		3/15 at 100.00		A		310,938
	440	5.000%, 3/01/35		3/15 at 100.00		A		455,294
	2,610	California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, Series 2012A, 5.000%, 4/01/42		4/22 at 100.00		A+		2,851,843
	5,500	California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health System, Series 2007A, 5.125%, 7/15/31		7/17 at 100.00		N/R		5,662,690
	1,000	California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2008C, 5.625%, 7/01/35		7/18 at 100.00		A+		1,132,890
		California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2008A:
	125	5.250%, 8/15/19		8/18 at 100.00		A–		141,179
	500	5.500%, 8/15/23		8/18 at 100.00		A–		553,955
	500	California Statewide Community Development Authority, Hospital Revenue Bonds, Redlands Community Hospital, Series 2005A, 5.000%, 4/01/15 – RAAI Insured		No Opt. Call		BBB		532,235
		California Statewide Community Development Authority, Insured Health Facility Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2007A:
	500	5.000%, 10/01/20		10/17 at 100.00		A–		555,780
	400	5.000%, 10/01/27		10/17 at 100.00		A–		427,092
	1,000	California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los Angeles, Series 2007, 5.000%, 8/15/39 – NPFG Insured		8/17 at 100.00		BBB		1,024,420
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A:
	2,150	5.250%, 7/01/30		7/15 at 100.00		BBB		2,247,288
	655	5.250%, 7/01/35		7/15 at 100.00		BBB		683,381
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G:
	400	5.250%, 7/01/13		No Opt. Call		BBB		412,928
	3,670	5.000%, 7/01/22		7/15 at 100.00		BBB		3,872,914
	1,615	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2001C, 5.250%, 8/01/31		8/16 at 100.00		A+		1,808,267
	3,000	California Statewide Community Development Authority, Revenue Bonds, Kaiser Permanente System, Series 2007B, 1.089%, 4/01/36		4/17 at 100.00		A+		2,025,540
	2,250	California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38		8/19 at 100.00		Aa2		2,750,603
	8,225	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured		7/18 at 100.00		AA–		9,207,641
	1,100	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007B, 5.500%, 7/01/27 – FGIC Insured		7/18 at 100.00		AA–		1,242,967
	500	California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007C, 5.500%, 7/01/27 – FGIC Insured		7/18 at 100.00		AA–		564,985

32 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Health Care (continued)
$	3,065	Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series 2008A, 8.250%, 12/01/38		12/17 at 100.00		BBB	$	3,588,196
		Marysville, California, Revenue Bonds, The Fremont-Rideout Health Group, Series 2011:
	2,015	5.250%, 1/01/27		1/21 at 100.00		A		2,237,879
	3,700	5.250%, 1/01/35		1/21 at 100.00		A		4,037,144
	1,335	Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2010, 6.375%, 12/01/25		12/20 at 100.00		BBB–		1,449,263
	1,580	Oak Valley Hospital District, Stanislaus County, California, Revenue Bonds, Series 2010A, 7.000%, 11/01/35		11/20 at 100.00		BB+		1,703,904
	3,625	Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41		11/20 at 100.00		Baa3		3,889,190
	4,500	Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital, Series 2007A, 5.750%, 2/01/41 – AMBAC Insured		8/17 at 100.00		A+		4,886,865
		Sierra View Local Health Care District, California, Revenue Bonds, Series 2007:
	1,000	5.250%, 7/01/24		7/17 at 100.00		A		1,052,810
	1,000	5.300%, 7/01/26		7/17 at 100.00		A		1,048,280
	1,000	5.250%, 7/01/37		9/17 at 100.00		A		1,033,730
	3,000	Upland, California, Certificates of Participation, San Antonio Community Hospital, Series 2011, 6.500%, 1/01/41		1/21 at 100.00		A		3,511,800
	87,120	Total Health Care						94,741,209
		Housing/Multifamily – 2.6%
	1,290	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45		8/20 at 100.00		BBB		1,412,447
	1,580	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47		8/22 at 100.00		BBB		1,662,855
	1,000	California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47		8/22 at 100.00		A1		1,043,510
	410	California Statewide Communities Development Authority, Student Housing Revenue Bonds, CHF-Irvine, LLC-UCI East Campus Apartments, Phase II, Series 2008, 5.500%, 5/15/26		5/18 at 100.00		Baa2		443,460
	4,180	California Statewide Community Development Authority, Multifamily Housing Revenue Senior Bonds, Westgate Courtyards Apartments, Series 2001X-1, 5.420%, 12/01/34 – AMBAC Insured (Alternative Minimum Tax)		12/12 at 100.00		N/R		4,180,627
	3,865	Los Angeles, California, GNMA Mortgage-Backed Securities Program Multifamily Housing Revenue Bonds, Park Plaza West Senior Apartments, Series 2001B, 5.400%, 1/20/31 (Alternative Minimum Tax)		1/13 at 101.00		AA+		3,908,211
	2,055	San Dimas Housing Authority, California, Mobile Home Park Revenue Bonds, Charter Oak Mobile Home Estates Acquisition Project, Series 1998A, 5.700%, 7/01/28		1/13 at 100.00		N/R		2,056,377
	1,750	San Jose, California, Multifamily Housing Senior Lien Revenue Bonds, Fallen Leaves Apartments, Series 2002J1, 4.950%, 12/01/22 – AMBAC Insured (Alternative Minimum Tax)		12/12 at 100.00		N/R		1,767,518
	1,000	Ventura County Area Housing Authority, California, Multifamily Revenue Bonds, Mira Vista Senior Apartments Project, Series 2006A, 5.150%, 12/01/31 – AMBAC Insured (Alternative Minimum Tax)		12/16 at 100.00		N/R		951,830
	17,130	Total Housing/Multifamily						17,426,835
		Housing/Single Family – 0.5%
	3,000	California Department of Veteran Affairs, Home Purchase Revenue Bonds, Series 2007, 5.000%, 12/01/42 (Alternative Minimum Tax)		12/16 at 100.00		AA		3,078,810
	310	California Housing Finance Agency, Home Mortgage Revenue Bonds, Series 2006H, 5.750%, 8/01/30 – FGIC Insured (Alternative Minimum Tax)		2/16 at 100.00		BBB		323,578
	3,310	Total Housing/Single Family						3,402,388

Nuveen Investments 33

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Industrials – 0.2%
$	500	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2002B, 5.000%, 7/01/27 (Alternative Minimum Tax)		7/15 at 101.00		BBB	$	535,075
	500	California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Waste Management Inc., Series 2005A-2, 5.400%, 4/01/25 (Alternative Minimum Tax)		4/15 at 101.00		BBB		541,520
	1,000	Total Industrials						1,076,595
		Long-Term Care – 2.0%
		ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Revenue Bonds, Elder Care Alliance of Union City, Series 2004:
	1,850	5.400%, 8/15/24		8/14 at 100.00		A–		1,899,266
	2,130	5.600%, 8/15/34		8/14 at 100.00		A–		2,182,994
	3,000	ABAG Finance Authority for Non-Profit Corporations, California, Health Facility Revenue Bonds, The Insitute on Aging, Series 2008A, 5.650%, 8/15/38		8/18 at 100.00		A–		3,209,610
	1,000	California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29		11/19 at 100.00		Baa1		1,197,380
	2,000	California Municipal Finance Authority, Senior Living Revenue Bonds, Pilgrim Place at Claremont, Series 2009A, 6.125%, 5/15/39		5/19 at 100.00		A–		2,233,960
	560	California Statewide Community Development Authority, Revenue Bonds, Los Angeles Jewish Home for the Aging, Series 2008, 4.500%, 11/15/19		5/18 at 100.00		A–		610,876
	1,000	Eden Township Healthcare District, California, Certificates of Participation, Installment Sale Agreement with Eden Hospital Health Services Corporation, Series 2010, 6.000%, 6/01/30		6/20 at 100.00		BBB		1,098,180
	500	La Verne, California, Certificates of Participation, Brethren Hillcrest Homes, Series 2003A, 5.600%, 2/15/33 – ACA Insured		2/13 at 101.00		BB		502,140
	12,040	Total Long-Term Care						12,934,406
		Tax Obligation/General – 20.4%
	1,000	Acalanes Union High School District, Contra Costa County, California, General Obligation Bonds, Refunding Series 2010A, 0.000%, 8/01/26		No Opt. Call		Aa1		578,240
	1,000	Baldwin Park Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2002 Series 2006, 0.000%, 8/01/20 – AMBAC Insured		8/16 at 83.04		A+		724,030
		California State, General Obligation Bonds, Various Purpose Series 2009:
	600	5.625%, 4/01/26		4/19 at 100.00		A1		710,952
	5,000	5.500%, 11/01/34		11/19 at 100.00		A1		5,784,750
	4,060	6.000%, 11/01/39		11/19 at 100.00		A1		4,844,351
		California State, General Obligation Bonds, Various Purpose Series 2010:
	5,000	5.250%, 3/01/30		3/20 at 100.00		A1		5,756,000
	10,000	5.500%, 3/01/40		3/20 at 100.00		A1		11,476,198
	4,000	5.250%, 11/01/40		11/20 at 100.00		A1		4,531,240
		California State, General Obligation Bonds, Various Purpose Series 2011:
	11,515	5.250%, 9/01/25		9/21 at 100.00		A1		13,723,460
	2,500	5.250%, 10/01/27		10/21 at 100.00		A1		2,947,550
	4,000	5.250%, 10/01/32		10/21 at 100.00		A1		4,606,080
	2,480	5.000%, 9/01/41		9/21 at 100.00		A1		2,723,883
	1,000	5.000%, 10/01/41		10/21 at 100.00		A1		1,099,080
		California State, General Obligation Bonds, Various Purpose Series 2012:
	4,500	5.250%, 2/01/28		No Opt. Call		A1		5,298,885
	2,000	5.250%, 4/01/35		4/22 at 100.00		A1		2,283,700
	855	Central Unified School District, Fresno County, California, General Obligation Bonds, Election 2008 Series 2009A, 5.625%, 8/01/33 – AGC Insured		8/19 at 100.00		AA–		987,012

34 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	6,900	Central Unified School District, Fresno County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/31 – AGM Insured		8/16 at 100.00		AA–	$	7,375,893
	1,000	College of the Sequoias Visalia Area Improvement District 2, Tulare County, California, General Obligation Bonds, Sequoias Community College District, Election 2008 Series 2009A, 5.250%, 8/01/29 – AGC Insured		8/19 at 100.00		AA–		1,133,900
	500	Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured		8/27 at 100.00		Aa2		487,285
	500	Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2006 Series 2009B, 5.375%, 2/01/34 – AGC Insured		8/18 at 100.00		Aa2		560,905
	1,705	Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Series 2010D, 0.000%, 8/01/30		8/20 at 52.75		Aa1		644,405
	350	Desert Sands Unified School District, Riverside County, California, General Obligation Bonds, Election 2001, Series 2008, 5.250%, 8/01/23		8/18 at 100.00		Aa2		413,557
	1,185	Folsom Cordova Unified School District, Sacramento County, California, General Obligation Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/27 – AGM Insured		10/14 at 100.00		AA–		1,273,093
		Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A:
	670	5.700%, 2/01/13 – NPFG Insured		No Opt. Call		BBB		682,114
	770	5.750%, 2/01/14 – NPFG Insured		No Opt. Call		BBB		815,245
	320	5.800%, 8/01/22 – NPFG Insured		No Opt. Call		BBB		392,685
	345	5.800%, 8/01/23 – NPFG Insured		No Opt. Call		BBB		425,868
	950	Grossmont Union High School District, San Diego County, California, General Obligation Bonds, Series 2009A, 5.500%, 8/01/31		8/19 at 100.00		Aa2		1,109,277
	600	Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.000%, 8/01/30 – AGC Insured		8/16 at 102.00		AA–		652,944
		Jefferson Union High School District, San Mateo County, California, General Obligation Bonds, Series 2000A:
	300	6.250%, 2/01/14 – NPFG Insured		No Opt. Call		A+		318,942
	460	6.250%, 8/01/20 – NPFG Insured		No Opt. Call		A+		570,460
	1,460	Jurupa Unified School District, Riverside County, California, General Obligation Bonds, Series 2004, 5.000%, 8/01/24 – FGIC Insured		8/13 at 100.00		AA–		1,512,545
	500	Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2009A, 5.500%, 8/01/29		8/19 at 100.00		Aa2		592,105
	100	Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2009D, 5.000%, 1/01/34		7/19 at 100.00		Aa2		112,962
	100	Lucia Mar Unified School District, San Luis Obispo County, California, General Obligation Bonds, Refunding Series 2005, 5.250%, 8/01/22 – FGIC Insured		No Opt. Call		Aa2		130,537
	2,405	Oak Valley Hospital District, Stanislaus County, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/31 – FGIC Insured		7/14 at 101.00		A1		2,469,021
	1,155	Pittsburg Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2009B, 5.500%, 8/01/34 – AGM Insured		8/18 at 100.00		AA–		1,318,178
	855	Pomona Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001A, 5.950%, 2/01/17 – NPFG Insured		No Opt. Call		A		994,587
	5,000	Poway Unified School District, San Diego County, California, School Facilities Improvement District 2007-1 General Obligation Bonds, Series 2009A, 0.000%, 8/01/29		No Opt. Call		Aa2		2,295,600
	50	Puerto Rico Government Development Bank, Senior Note Revenue Bonds, Senior Lien, Series 2006B, 5.000%, 12/01/14		No Opt. Call		Baa1		53,392
	1,000	Puerto Rico, General Obligation and Public Improvement Bonds, Series 1996, 6.500%, 7/01/15 – AGM Insured		No Opt. Call		AA		1,139,390

Nuveen Investments 35

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/General (continued)
$	545	Roseville Joint Union High School District, Placer County, California, General Obligation Bonds, Series 2006B, 5.000%, 8/01/27 – FGIC Insured		8/15 at 100.00		AA+	$	600,628
	4,070	San Benito Health Care District, California, General Obligation Bonds, Series 2005, 5.000%, 7/01/31 – SYNCORA GTY Insured		7/14 at 101.00		BBB+		4,142,283
	1,265	San Bernardino Community College District, California, General Obligation Bonds, Series 2008A, 6.500%, 8/01/27		8/18 at 100.00		Aa2		1,556,911
	2,000	San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series 2009A, 0.000%, 7/01/33		7/24 at 100.00		Aa2		1,572,240
	1,000	Santa Ana Unified School District, Orange County, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/28		8/18 at 100.00		Aa2		1,120,260
	1,000	Santa Barbara Community College District, California, General Obligation Bonds, Series 2008A, 5.250%, 8/01/27		8/18 at 100.00		AA+		1,193,100
	5,000	Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C, 5.250%, 8/01/36		8/21 at 100.00		Aa2		5,821,150
	3,040	Sulphur Springs Union School District, Los Angeles County, California, General Obligation Bonds, Series 1991A, 0.000%, 9/01/15 – NPFG Insured		No Opt. Call		BBB		2,886,723
	8,500	Tahoe Forest Hospital District, Placer and Nevada Counties, California, General Obligation Bonds, Series 2010B, 5.500%, 8/01/35		8/18 at 100.00		Aa3		9,480,473
		Tulare Local Health Care District, California, General Obligation Bonds, Series 2009B-1:
	500	6.375%, 8/01/25		8/19 at 100.00		A1		599,020
	1,005	6.500%, 8/01/26		8/19 at 100.00		A1		1,206,874
	1,530	Victor Valley Community College District, San Bernardino County, California, General Obligation Bonds, Election of 2008 Series 2009A, 5.000%, 8/01/31		8/19 at 100.00		Aa2		1,691,124
	2,000	Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/31 – AGC Insured		8/26 at 100.00		AA–		1,502,280
	1,000	Washington Unified School District, Yolo County, California, General Obligation Bonds, Series 2004A, 5.000%, 8/01/22 – FGIC Insured		8/13 at 100.00		AA–		1,035,990
	1,100	West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2008B, 6.000%, 8/01/24		No Opt. Call		Aa3		1,413,489
	770	West Covina Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2002A Refunding, 5.350%, 2/01/20 – NPFG Insured		No Opt. Call		A+		902,009
	1,000	Whittier Union High School District, Los Angeles County, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/34		8/19 at 38.81		AA–		270,630
	3,500	Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42		No Opt. Call		Aa2		1,474,480
	127,515	Total Tax Obligation/General						134,019,965
		Tax Obligation/Limited – 34.8%
	4,915	Alameda County Redevelopment Agency, California, Eden Area Redevelopment Project, Tax Allocation Bonds, Series 2006A, 5.000%, 8/01/36 – NPFG Insured		8/16 at 100.00		A–		4,978,404
	1,000	Anitoch Area Public Facilities Financing Agency, California, Special Tax Bonds, Community Facilities District 1989-1, Refunding Series 2006, 4.000%, 8/01/18 – AMBAC Insured		8/16 at 100.00		A1		1,035,620
		Apple Valley Public Financing Authority, California, Lease Revenue Bonds, Town Hall Annex Project, Series 2007A:
	485	4.500%, 9/01/17 – AMBAC Insured		No Opt. Call		A–		554,709
	500	5.000%, 9/01/27 – AMBAC Insured		9/17 at 100.00		A–		546,400
	105	Barstow Redevelopment Agency, California, Tax Allocation Bonds, Central Redevelopment Project, Series 1994A, 7.000%, 9/01/14 – NPFG Insured		No Opt. Call		BBB		110,473

36 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,000	Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17B, Series 2011A, 6.125%, 9/01/31		9/21 at 100.00		N/R	$	1,072,500
	1,655	Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured		10/15 at 100.00		N/R		1,233,703
	2,250	Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured		11/12 at 100.00		AA–		2,257,718
		Brea Public Finance Authority, California, Revenue Bonds, Series 2008A:
	2,105	7.000%, 9/01/23		9/16 at 102.00		BBB+		2,293,692
	2,000	7.125%, 9/01/26		9/16 at 102.00		BBB+		2,170,020
	1,960	California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004, 5.000%, 12/01/25 – AMBAC Insured		12/13 at 100.00		AA+		2,063,900
	540	California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.500%, 6/01/16		6/14 at 100.00		A2		583,438
	2,500	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009G-1, 5.750%, 10/01/30		10/19 at 100.00		A2		2,948,825
	2,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2009-I, 6.375%, 11/01/34		11/19 at 100.00		A2		2,428,680
	3,000	California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35		3/20 at 100.00		A2		3,550,680
	685	Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community Facilities District, Series 2005, 5.000%, 9/01/24 – FGIC Insured		9/15 at 100.00		BBB		703,988
	225	Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside, Series 2002D, 5.000%, 8/01/26 – NPFG Insured		8/14 at 100.00		A		228,573
	740	Cerritos Public Financing Authority, California, Tax Allocation Revenue Bonds, Los Cerritos Redevelopment Projects, Series 2002A, 5.000%, 11/01/15 – AMBAC Insured		No Opt. Call		A–		802,315
		Chino Public Financing Authority, California, Revenue Refunding Bonds, Series 2012:
	1,000	5.000%, 9/01/30		9/22 at 100.00		N/R		1,039,090
	1,160	5.000%, 9/01/34		9/22 at 100.00		N/R		1,183,803
	310	5.000%, 9/01/38		9/22 at 100.00		N/R		313,897
	1,400	Chula Vista Public Financing Authority, California, Pooled Community Facility District Assessment Revenue Bonds, Series 2005A, 5.000%, 9/01/29 – NPFG Insured		9/15 at 100.00		BBB		1,413,958
	635	Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Housing Second Lien Series 2010A, 5.500%, 8/01/30		8/20 at 100.00		BBB–		630,682
	1,420	Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B, 5.000%, 8/01/25		8/20 at 100.00		BBB–		1,407,944
	1,060	Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36		12/21 at 100.00		A+		1,285,017
	6,265	Escondido Joint Powers Financing Authority, California, Lease Revenue Bonds, Water System Financing, Series 2012, 5.000%, 9/01/41		No Opt. Call		AA–		6,973,446
	1,650	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 4.550%, 6/01/22 – AGM Insured		6/18 at 100.00		AA–		1,735,503
	6,715	Hawthorne Community Redevelopment Agency, California, Project Area 2 Tax Allocation Bonds, Series 2006, 5.000%, 9/01/26 – SYNCORA GTY Insured		9/16 at 100.00		A–		6,927,866
	2,075	Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured		9/15 at 100.00		BB+		1,843,970

Nuveen Investments 37

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	1,660	Highland, California, Special Tax Bonds, Communitiy Facilities District 01-1, Refunding, Series 2011, 5.500%, 9/01/28		9/21 at 100.00		BBB	$	1,797,714
		Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project, Subordinate Lien Series 2007A-1:
	430	5.000%, 5/01/24 – AMBAC Insured		5/17 at 100.00		BBB+		438,751
	1,155	5.000%, 5/01/25 – AMBAC Insured		5/17 at 100.00		BBB+		1,175,109
	740	Irvine, California, Unified School District, Community Facilities District 06-1 Special Tax Bonds, Series 2010, 6.700%, 9/01/35		9/20 at 100.00		N/R		849,439
		Irvine, California, Unified School District, Community Facilities District Special Tax Bonds, Series 2006A:
	170	5.000%, 9/01/26		9/16 at 100.00		N/R		175,719
	395	5.125%, 9/01/36		9/16 at 100.00		N/R		402,209
	335	Irwindale Community Redevelopment Agency, California, Tax Allocation Bonds, City Industrial Development Project, Subordinate Lien Refunding Series 2006, 5.000%, 12/01/18 – AMBAC Insured		No Opt. Call		BBB+		363,364
		Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 25 Eastvale Area, Series 2008A:
	1,000	8.375%, 9/01/28		9/18 at 100.00		N/R		1,167,740
	3,205	8.875%, 9/01/38		9/18 at 100.00		N/R		3,742,575
	1,300	Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area C, Series 2010A, 6.250%, 9/01/40		9/18 at 100.00		N/R		1,339,494
	500	Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39		8/19 at 100.00		BBB+		569,380
	2,500	Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment Project Areas, Subordinate Lien Series 2003B, 5.000%, 8/01/34 – FGIC Insured		8/13 at 100.00		BBB+		2,454,175
	1,870	Lancaster Redevelopment Agency, California, Tax Allocation Refunding Bonds, Combined Area Sheriff’s Facilities Projects, Series 2004, 5.000%, 12/01/23 – SYNCORA GTY Insured		12/14 at 100.00		A		1,961,069
		Lancaster Redevelopment Agency, California, Tax Allocation Refunding Bonds, Combined Fire Protection Facilities Project, Series 2004:
	800	5.250%, 12/01/17 – SYNCORA GTY Insured		12/14 at 100.00		A		854,872
	1,120	5.000%, 12/01/23 – SYNCORA GTY Insured		12/14 at 100.00		A		1,179,315
	4,555	Long Beach Bond Finance Authority, California, Multiple Project Tax Allocation Bonds, Housing and Gas Utility Financing Project Areas, Series 2005A-1, 5.000%, 8/01/35 – AMBAC Insured		8/15 at 100.00		BBB+		4,590,438
		Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Manchester Social Services Project, Series 2005:
	1,200	5.000%, 9/01/16 – AMBAC Insured		9/15 at 100.00		A1		1,341,432
	2,460	5.000%, 9/01/37 – AMBAC Insured		9/15 at 100.00		A1		2,519,458
	2,565	Los Angeles Community Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Bunker Hill Redevelopment Project, Series 2004L, 5.000%, 3/01/17		3/13 at 100.00		BBB–		2,585,802
	1,000	Los Angeles Community Redevelopment Agency, California, Tax Allocation Bonds, Bunker Hill Project, Series 2004A, 5.000%, 12/01/20 – AGM Insured		12/14 at 100.00		AA–		1,083,440
	330	Los Angeles, California, Certificates of Participation, Department of Public Social Services, Sonnenblick Del Rio West LA, Senior Lien Series 2000, 6.000%, 11/01/19 – AMBAC Insured		11/12 at 100.00		A2		331,010
	325	Maywood Community Development Commission, California, Tax Allocation Bonds, Merged Maywood Redevelopement Project Area, Series 2007, 4.500%, 8/01/37 – RAAI Insured		8/17 at 102.00		N/R		257,065
	970	Milpitas, California, Local Improvement District 20 Limited Obligation Bonds, Series 1998A, 5.700%, 9/02/18		3/13 at 103.00		N/R		1,007,277

38 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2003-1, Series 2004:
$	805	5.550%, 9/01/29		9/14 at 100.00		N/R	$	826,429
	1,250	5.650%, 9/01/34		9/14 at 100.00		N/R		1,280,138
	7,100	Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 5.000%, 8/01/37 – NPFG Insured		8/17 at 100.00		A–		7,206,287
	350	Murrieta, California, Special Tax Bonds, Community Facilities District 2000-2, The Oaks Improvement Area A, Series 2004A, 5.750%, 9/01/20		9/14 at 100.00		N/R		361,592
		National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011:
	625	6.500%, 8/01/24		8/21 at 100.00		A–		772,063
	2,705	7.000%, 8/01/32		8/21 at 100.00		A–		3,378,788
	1,000	Norco Redevelopment Agency, California, Tax Allocation Refunding Bonds, Project Area 1, Refunding Series 2010, 6.000%, 3/01/36		3/20 at 100.00		A		1,100,270
	300	Norco, California, Community Facilities District 97-1, Norco Hills, Special Tax Refunding Series 2005, 4.875%, 10/01/30 – AGC Insured		10/15 at 100.00		AA–		309,600
	230	Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40		9/21 at 100.00		A–		265,374
	2,070	Oakland Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Central District Redevelopment Project, Series 2003, 5.500%, 9/01/16 – FGIC Insured		3/13 at 100.00		A–		2,107,922
	1,000	Palm Desert Finance Authority, California, Tax Allocation Revenue Bonds, Project Area 4, Refunding Series 2006A, 5.000%, 10/01/29 – NPFG Insured		10/16 at 100.00		A–		1,023,480
	2,350	Palm Desert Financing Authority, California, Housing Set Aside Tax Allocation Bonds, Refunding Series 2007, 5.000%, 10/01/22 – NPFG Insured		10/17 at 100.00		Baa2		2,454,857
	2,500	Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.500%, 4/01/35		4/13 at 102.00		BB		2,563,775
	14,050	Paramount Redevelopment Agency, California, Tax Allocation Refunding Bonds, Redevelopment Project Area 1, Series 1998, 0.000%, 8/01/26 – NPFG Insured		No Opt. Call		A–		6,536,341
		Perris Union High School District Financing Authority, Riverside County, California, Revenue Bonds, Series 2011:
	225	6.000%, 9/01/33		3/13 at 103.00		N/R		232,853
	490	6.125%, 9/01/41		3/13 at 103.00		N/R		506,856
	3,355	Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Refunding Series 2008A, 6.500%, 9/01/28		9/18 at 100.00		BBB		3,622,662
	1,600	Pomona Public Financing Authority, California, Merged Projects Revenue Bonds, Series 2007AS, 5.000%, 2/01/31 – AMBAC Insured		2/17 at 100.00		A		1,651,376
	750	Poway Redevelopment Agency, California, Tax Allocation Bonds, Paugay Redevelopment Project, Series 2003A, 5.250%, 6/15/20 – NPFG Insured		6/13 at 100.00		A		761,730
	2,300	Poway Redevelopment Agency, California, Tax Allocation Bonds, Paugay Redevelopment Project, Series 2007, 5.000%, 6/15/30 – NPFG Insured		6/17 at 100.00		A		2,356,350
	650	Poway Unified School District, San Diego County, California, Special Tax Bonds, Community Facilities District 6, Series 2005, 5.000%, 9/01/23		3/13 at 103.00		BBB+		668,207
	25	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1993X, 5.500%, 7/01/15 – NPFG Insured		No Opt. Call		A3		27,330
	500	Ramona Unified School District, San Diego County, California, Certificates of Participation, Refunding Series 2007, 5.000%, 5/01/32 – NPFG Insured		5/17 at 100.00		A		515,585
		Rancho Cucamonga Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Series 2007A:
	310	4.125%, 9/01/18 – NPFG Insured		9/17 at 100.00		A+		320,760
	500	5.000%, 9/01/34 – NPFG Insured		9/17 at 100.00		A+		507,060

Nuveen Investments 39

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
$	630	Rancho Cucamonga Redevelopment Agency, California, Tax Allocation Revenue Bonds, Rancho Redevelopment Project, Series 2004, 4.500%, 9/01/32 – AMBAC Insured		9/14 at 100.00		A+	$	630,655
	1,645	Rancho Cucamonga, California, Limited Obligation Improvement Bonds, Masi Plaza Assessment District 93-1, Series 1997, 6.250%, 9/02/22		3/13 at 100.00		N/R		1,662,256
	1,045	Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30		9/21 at 100.00		BBB+		1,148,915
	595	Rialto Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005A, 5.000%, 9/01/35 – SYNCORA GTY Insured		9/15 at 100.00		A–		601,182
	2,345	Richmond Redevelopment Agency, California, Harbour Project Tax Allocation Bonds, Series 1998A Refunding, 5.500%, 7/01/18 – NPFG Insured		11/12 at 100.00		AA–		2,353,512
	260	Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple Projects, Series 2005A, 5.000%, 10/01/24 – SYNCORA GTY Insured		No Opt. Call		BBB		261,685
	2,950	Riverside County Redevelopment Agency, California, Interstate 215 Corridor Redevelopment Project Area Tax Allocation Bonds, Series 2010E, 6.250%, 10/01/30		10/20 at 100.00		A–		3,285,887
	100	Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25		10/21 at 100.00		A–		111,690
	1,250	Riverside Unified School District Finance Authority, Riverside County, California, Revenue Bonds Series 2012A, 5.000%, 9/01/32		9/22 at 100.00		A–		1,371,100
	740	Roseville, California, Certificates of Participation, Public Facilities, Series 2003A, 5.000%, 8/01/25 – AMBAC Insured		8/13 at 100.00		AA–		752,069
	3,560	Roseville, California, Special Tax Bonds, Community Facilities District 1 – Woodcreek West, Series 2005, 5.000%, 9/01/30 – AMBAC Insured		9/15 at 100.00		A–		3,621,908
	1,700	Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A, 5.400%, 11/01/20 – AMBAC Insured		No Opt. Call		A1		1,941,502
	500	Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B, 5.400%, 11/01/20		No Opt. Call		A1		573,950
	850	San Bernardino County Redevelopment Agency, California, Tax Allocation Refunding Bonds, San Sevaine Project, Series 2005A, 5.000%, 9/01/16 – RAAI Insured		9/15 at 100.00		BBB		887,494
	1,955	San Francisco City and County Redevelopment Agency, California, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/25 – AGM Insured		6/21 at 100.00		AA–		2,226,100
	5,180	San Francisco City and County, California, Certificates of Participation, Refunding Series 2010A, 5.000%, 10/01/30		10/20 at 100.00		AA–		5,904,630
		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2006B:
	325	4.100%, 8/01/14 – RAAI Insured		No Opt. Call		A–		335,036
	250	4.250%, 8/01/16 – RAAI Insured		No Opt. Call		A–		262,595
	380	4.375%, 8/01/18 – RAAI Insured		8/16 at 100.00		A–		392,133
	1,185	San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41		2/21 at 100.00		A–		1,387,149
		San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D:
	80	7.000%, 8/01/33		2/21 at 100.00		BBB		92,485
	105	7.000%, 8/01/41		2/21 at 100.00		BBB		119,975
	3,500	San Jose Redevelopment Agency, California, Housing Set-Aside Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2010A-1, 5.500%, 8/01/35		8/20 at 100.00		A		3,549,140

40 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006C:
$	590	5.000%, 8/01/25 – NPFG Insured		8/17 at 100.00		BBB	$	595,859
	1,560	5.000%, 8/01/26 – NPFG Insured		8/17 at 100.00		BBB		1,576,864
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2006D:
	1,900	5.000%, 8/01/18 – AMBAC Insured		8/17 at 100.00		BBB		1,955,765
	645	5.000%, 8/01/19 – AMBAC Insured		8/17 at 100.00		BBB		655,926
	540	5.000%, 8/01/21 – AMBAC Insured		8/17 at 100.00		BBB		549,148
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Series 2008B:
	1,025	6.375%, 8/01/21		8/18 at 100.00		BBB		1,119,925
	480	6.500%, 8/01/23		8/18 at 100.00		BBB		525,451
	6,245	San Marcos Redevelopment Agency, California, Tax Allocation Bonds, Affordable Housing Project, Series 1997A, 6.000%, 10/01/27 (Alternative Minimum Tax)		10/12 at 100.00		AA–		6,256,928
	315	Sand City Redevelopment Agency, Monterrey County, California, Tax Allocation Revenue Bonds, Redevelopment Project, Series 2008A, 4.000%, 11/01/19 – AGC Insured		11/18 at 100.00		Aa3		329,673
	2,140	Santa Ana Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2011A, 6.750%, 9/01/28		3/21 at 100.00		A+		2,511,675
	3,500	Santa Clara Redevelopment Agency, California, Tax Allocation Bonds, Bayshore North Project, Series 1999A, 5.500%, 6/01/23 – AMBAC Insured		12/12 at 100.00		A		3,538,255
		Santa Cruz County Redevelopment Agency, California, Tax Allocation Bonds, Live Oak-Soquel Community Improvement Project Area, Series 2009A:
	1,860	6.625%, 9/01/29		9/19 at 100.00		A		2,198,483
	500	7.000%, 9/01/36		9/19 at 100.00		A		602,135
	1,500	Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 6.500%, 8/01/26		2/21 at 100.00		A		1,749,585
	3,425	Shafter Joint Powers Financing Authority, California, Lease Revenue Bonds, Community Correctional Facility Acquisition Project, Series 1997A, 6.050%, 1/01/17		1/13 at 100.00		A3		3,435,857
	180	Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26		4/21 at 100.00		N/R		198,394
	205	Soledad Redevelopment Agency, California, Tax Allocation Bonds, Soledad Redevelopment Project, Series 2007A, 4.500%, 12/01/16 – SYNCORA GTY Insured		No Opt. Call		BB+		193,231
		South Tahoe Redevelopment Agency, California, Community Facilities District 2001-1 , Heavenly Village, Special Tax Refunding Bonds, Series 2007:
	120	4.400%, 10/01/15		No Opt. Call		N/R		127,700
	125	4.500%, 10/01/16		10/15 at 102.00		N/R		134,595
	280	4.600%, 10/01/18		10/15 at 102.00		N/R		297,466
	1,300	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 03-01 Crowne Hill, Series 2012, 5.000%, 9/01/30		9/22 at 100.00		BBB+		1,365,247
	500	Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 6.750%, 8/01/31		8/21 at 100.00		A		601,210
	1,000	Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured		11/12 at 100.00		A–		1,000,710

Nuveen Investments 41

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Tax Obligation/Limited (continued)
		Travis Unified School District, Solano County, California, Certificates of Participation, Series 2006:
$	300	4.500%, 9/01/16 – FGIC Insured		No Opt. Call		N/R	$	321,639
	6,700	5.000%, 9/01/31 – FGIC Insured		9/16 at 100.00		N/R		6,721,641
	2,500	Tulare Public Financing Authority, California, Lease Revenue Bonds, Series 2008, 5.250%, 4/01/27 – AGC Insured		4/18 at 100.00		AA–		2,814,500
	1,225	Turlock Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2011, 7.000%, 9/01/25		3/21 at 100.00		BBB+		1,384,826
	2,000	Tustin, California, Community Facilities District 2007-1, Legacy-Retail Center Special Tax Bonds, 6.000%, 9/01/37		9/17 at 100.00		N/R		2,092,920
	1,045	Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28		6/21 at 100.00		A		1,195,355
	240	Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.375%, 12/01/23		12/21 at 100.00		A		286,375
		Upland, California, Special Tax Bonds, Community Facilities District 2003-2 Improvement Area 1 The Colonies at San Antonio, Series 2012:
	350	5.000%, 9/01/31		9/22 at 100.00		BBB		364,543
	1,000	5.000%, 9/01/34		9/22 at 100.00		BBB		1,028,540
	25	Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured		9/15 at 100.00		BBB		25,083
		Vista Community Development Commission, California, Taxable Non-Housing Tax Allocation Revenue Bonds, Vista Redevlopment Project, Series 2011:
	7,600	6.000%, 9/01/33		9/21 at 100.00		A–		8,540,728
	7,920	6.125%, 9/01/37		9/21 at 100.00		A–		8,842,126
	400	West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2006A, 5.000%, 9/01/34 – SYNCORA GTY Insured		No Opt. Call		BBB+		408,060
	320	Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32		9/21 at 100.00		A–		366,554
	1,965	Yuba City Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A, 6.000%, 9/01/31		9/14 at 100.00		N/R		1,997,855
	223,635	Total Tax Obligation/Limited						229,247,221
		Transportation – 3.2%
	1,000	Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 2004A, 0.000%, 10/01/14 – AMBAC Insured		No Opt. Call		BBB+		947,990
	6,500	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 5.000%, 1/01/35 – NPFG Insured		1/13 at 100.00		BBB		6,486,545
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding Bonds, Series 1999:
	2,750	5.875%, 1/15/28		1/14 at 101.00		BBB–		2,855,518
	3,255	5.750%, 1/15/40 – NPFG Insured		1/13 at 100.00		BBB		3,256,758
		Palm Springs Financing Authority, California, Palm Springs International Airport Revenue Bonds, Series 2006:
	285	5.450%, 7/01/20 (Alternative Minimum Tax)		7/14 at 102.00		N/R		286,442
	215	5.550%, 7/01/28 (Alternative Minimum Tax)		7/14 at 102.00		N/R		209,462
	4,000	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2002, Issue 32G, 5.000%, 5/01/24 – FGIC Insured		5/16 at 100.00		A+		4,462,080
	1,290	San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 1997A, 5.250%, 1/01/22 – AMBAC Insured (Alternative Minimum Tax)		1/13 at 100.00		A3		1,291,922

42 Nuveen Investments

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Transportation (continued)
$	1,320	San Francisco Airports Commission, California, Special Facilities Lease Revenue Bonds, San Francisco International Airport, SFO Fuel Company LLC, Series 2000A, 6.100%, 1/01/20 – AGM Insured (Alternative Minimum Tax)		1/13 at 100.00		AA–	$	1,323,973
	20,615	Total Transportation						21,120,690
		U.S. Guaranteed – 3.9% (4)
	210	Barstow Redevelopment Agency, California, Tax Allocation Bonds, Central Redevelopment Project, Series 1994A, 7.000%, 9/01/14 – NPFG Insured (ETM)		No Opt. Call		BBB (4)		223,396
	500	Bonita Unified School District, San Diego County, California, General Obligation Bonds, Series 2004A, 5.250%, 8/01/20 (Pre-refunded 8/01/14) – NPFG Insured		8/14 at 100.00		AA (4)		547,640
	7,740	California Statewide Community Development Authority, Health Facility Revenue Refunding Bonds, Memorial Health Services, Series 2003A, 6.000%, 10/01/23 (Pre-refunded 4/01/13)		4/13 at 100.00		AA– (4)		8,003,237
		Central Unified School District, Fresno County, California, General Obligation Bonds, Series 2004A:
	1,000	5.500%, 7/01/22 (Pre-refunded 7/01/14) – FGIC Insured		7/14 at 100.00		A (4)		1,087,560
	1,500	5.500%, 7/01/24 (Pre-refunded 7/01/14) – FGIC Insured		7/14 at 100.00		A (4)		1,631,340
	2,500	Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds, Franciscan Mobile Home Park Project, Series 2002A, 5.800%, 12/15/25 (Pre-refunded 12/15/13)		12/13 at 102.00		A (4)		2,724,450
	2,525	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.250%, 6/01/33 (Pre-refunded 6/01/13)		6/13 at 100.00		Aaa		2,634,408
	2,500	Los Angeles County Schools, California, Certificates of Participation, Pooled Financing Program, Regionalized Business Services Corporation, Series 2003A, 5.000%, 9/01/22 (Pre-refunded 9/01/13) – AGM Insured		9/13 at 100.00		AA– (4)		2,616,150
	1,495	Los Angeles Harbors Department, California, Revenue Bonds, Series 1988, 7.600%, 10/01/18 (ETM)		No Opt. Call		AA+ (4)		1,795,689
	2,000	Murrieta Valley Unified School District, Riverside County, California, General Obligation Bonds, Series 2003A, 5.000%, 9/01/26 (Pre-refunded 9/01/13) – FGIC Insured		9/13 at 100.00		A+ (4)		2,095,600
	435	Oakland, California, General Obligation Bonds, Series 2003A, 5.000%, 1/15/26 (Pre-refunded 1/15/13) – NPFG Insured		1/13 at 100.00		Aa2 (4)		442,673
	75	Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 1993X, 5.500%, 7/01/15 – NPFG Insured (ETM)		No Opt. Call		A3 (4)		83,308
	1,505	San Mateo Union High School District, San Mateo County, California, Certificates of Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured		12/17 at 100.00		AA– (4)		1,838,674
	23,985	Total U.S. Guaranteed						25,724,125
		Utilities – 3.7%
	2,445	California Statewide Community Development Authority, Certificates of Participation Refunding, Rio Bravo Fresno Project, Series 1999A, 6.500%, 12/01/18		12/12 at 100.00		N/R		2,382,066
	500	Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2003A-2, 5.000%, 7/01/21 – NPFG Insured		7/13 at 100.00		AA–		518,770
		Merced Irrigation District, California, Certificates of Participation, Water and Hydroelectric Series 2008B:
	4,535	0.000%, 9/01/23		9/16 at 64.56		A		2,407,450
	27,110	0.000%, 9/01/33		9/16 at 32.62		A		7,131,286
	12,000	0.000%, 9/01/38		9/16 at 23.21		A		2,235,480
	1,210	Merced Irrigation District, California, Electric System Revenue Bonds, Series 2005, 5.125%, 9/01/31 – SYNCORA GTY Insured		9/15 at 100.00		N/R		1,240,553

Nuveen Investments 43

Portfolio of Investments (Unaudited)

Nuveen California Municipal Bond Fund (continued)

August 31, 2012

Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)		Value
		Utilities (continued)
$	3,470	Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 (Alternative Minimum Tax)		12/12 at 100.00		Ba1	$	3,483,984
	1,950	Salinas Valley Solid Waste Authority, California, Revenue Bonds, Series 2002, 5.250%, 8/01/27 – AMBAC Insured (Alternative Minimum Tax)		11/12 at 100.00		A+		1,953,939
	2,700	Santa Clara, California, Subordinate Electric Revenue Bonds, Series 2003A, 5.000%, 7/01/23 – NPFG Insured		7/13 at 100.00		A+		2,796,039
	55,920	Total Utilities						24,149,567
		Water and Sewer – 5.5%
		Banning Utility Authority, California, Water Revenue Bonds, Series 2005:
	1,025	5.000%, 11/01/20 – FGIC Insured		11/16 at 100.00		A+		1,135,874
	1,040	5.000%, 11/01/23 – FGIC Insured		11/16 at 100.00		A+		1,133,933
	3,000	Brentwood Infrastructure Financing Authority, California, Water Revenue Bonds, Series 2008, 5.750%, 7/01/38		7/18 at 100.00		AA		3,401,430
	2,000	California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured		10/13 at 100.00		AA–		2,081,980
	1,680	Castaic Lake Water Agency, California, Certificates of Participation, Series 2004A, 5.000%, 8/01/20 – AMBAC Insured		8/14 at 100.00		AA		1,809,175
	1,150	Compton, California, Sewer Revenue Bonds, Series 1998 Refunding, 5.375%, 9/01/23 – NPFG Insured		11/12 at 100.00		BBB		1,150,219
	1,250	Cucamonga Valley Water District, California, Certificates of Participation, Series 2006, 5.000%, 9/01/36 – NPFG Insured		9/16 at 100.00		AA–		1,330,225
	3,745	Los Angeles, California, Wastewater System Revenue Bonds, Refunding Series 2009A, 5.750%, 6/01/26		6/19 at 100.00		AA+		4,535,607
	1,000	Norco Financing Authority, California, Enterprise Revenue Refunding Bonds, Series 2009, 5.625%, 10/01/34 – AGM Insured		10/19 at 100.00		AA–		1,142,030
	805	Oakdale Irrigation District, California, Certificates of Participation, Water Facilities Project, Series 2009, 5.500%, 8/01/34		8/19 at 100.00		AA		913,965
	1,770	Pomona Public Finance Authority, California, Revenue Bonds, Water Facilities Project, Series 2007AY, 5.000%, 5/01/27 – AMBAC Insured		5/17 at 100.00		A+		1,896,307
		Rowland Water District, California, Certificates of Participation, Recycled Water Project, Series 2008:
	565	5.750%, 12/01/24		12/18 at 100.00		AA–		662,333
	480	5.750%, 12/01/25		12/18 at 100.00		AA–		560,587
	500	6.250%, 12/01/39		12/18 at 100.00		AA–		578,075
	8,275	San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, Series 2012A, 5.000%, 11/01/35		No Opt. Call		AA–		9,620,513
	2,780	West Basin Municipal Water District, California, Revenue Bonds, Tender Option Bonds Trust 1035, 17.699%, 8/01/36 (IF) (5)		8/21 at 100.00		Aa2		4,298,658
	250	Yuba Levee Financing Authority, California, Revenue Bonds, Yuba County Levee Financing Project, Series 2008A, 5.000%, 9/01/38 – AGC Insured		9/17 at 100.00		AA–		266,298
	31,315	Total Water and Sewer						36,517,209
$	660,890	Total Investments (cost $606,571,947) – 99.5%						655,096,083
		Other Assets Less Liabilities – 0.5%						2,991,722
		Net Assets – 100%					$	658,087,805

44 Nuveen Investments

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

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

(3) Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s 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) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

N/R Not rated.

(ETM) Escrowed to maturity.

(IF) Inverse floating rate investment.

See accompanying notes to financial statements.

Nuveen Investments 45

Statement of Assets and Liabilities (Unaudited)

August 31, 2012

	California High Yield			California
Assets
Investments, at value (cost $209,515,043 and $606,571,947, respectively)	$	226,163,500		$	655,096,083
Receivables:
Interest		4,234,385			8,969,874
Investments sold		2,473,250			984,181
Shares sold		2,510,219			1,697,881
Deferred Trustees’ compensation		—			50,351
Other assets		571			1,166
Total assets		235,381,925			666,799,536
Liabilities
Cash overdraft		4,244,164			6,064,666
Floating rate obligations		915,000			—
Unrealized depreciation on forward swaps		7,073			—
Payables:
Dividends		337,848			746,826
Investments purchased		283,758			—
Shares redeemed		491,400			1,056,223
Accrued expenses:
Management fees		119,016			320,745
Trustees’ fees		778			31,687
12b-1 distribution and service fees		47,113			83,681
Other		72,932			407,903
Total liabilities		6,519,082			8,711,731
Net assets	$	228,862,843		$	658,087,805
Class A Shares
Net assets	$	111,545,467		$	249,953,722
Shares outstanding		12,423,522			23,131,559
Net asset value per share	$	8.98		$	10.81
Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering price)	$	9.37		$	11.28
Class B Shares
Net assets		N/A		$	1,453,316
Shares outstanding		N/A			134,698
Net asset value and offering price per share		N/A		$	10.79
Class C Shares
Net assets	$	46,767,098		$	64,962,197
Shares outstanding		5,213,534			6,031,777
Net asset value and offering price per share	$	8.97		$	10.77
Class I Shares
Net assets	$	70,550,278		$	341,718,570
Shares outstanding		7,867,316			31,660,868
Net asset value and offering price per share	$	8.97		$	10.79
Net assets consist of:
Capital paid-in	$	220,712,201		$	616,623,435
Undistributed (Over-distribution of ) net investment income		865,150			1,321,492
Accumulated net realized gain (loss)		(9,355,892	)		(8,381,258	)
Net unrealized appreciation (depreciation)		16,641,384			48,524,136
Net assets	$	228,862,843		$	658,087,805
Authorized shares		Unlimited			Unlimited
Par value per share	$	0.01		$	0.01

N/A – Fund does not offer Class B Shares.

See accompanying notes to financial statements.

46 Nuveen Investments

Statement of Operations (Unaudited)

Six Months Ended August 31, 2012

	California High Yield			California
Investment Income	$	6,096,059		$	14,374,819
Expenses
Management fees		541,323			1,443,755
12b-1 service fees – Class A		88,342			218,061
12b-1 distribution and service fees – Class B		N/A			7,439
12b-1 distribution and service fees – Class C		145,826			207,838
Shareholders’ servicing agent fees and expenses		48,323			130,264
Interest expense		2,213			—
Custodian’s fees and expenses		22,353			56,904
Trustees’ fees and expenses		2,495			7,496
Professional fees		20,286			24,926
Shareholders’ reports – printing and mailing expenses		9,879			32,629
Federal and state registration fees		11,052			41,560
Reorganization expense		—			39,000
Other expenses		7,565			9,870
Total expenses before custodian fee credit and expense reimbursement		899,657			2,219,742
Custodian fee credit		(2,125	)		(1,275	)
Expense reimbursement		(22,317	)		(35,078	)
Net expenses		875,215			2,183,389
Net investment income (loss)		5,220,844			12,191,430
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		473,484			1,147,235
Forward swaps		(2,180,247	)		—
Change in net unrealized appreciation (depreciation) of:
Investments		9,962,890			15,908,661
Forward swaps		1,678,700			—
Net realized and unrealized gain (loss)		9,934,827			17,055,896
Net increase (decrease) in net assets from operations	$	15,155,671		$	29,247,326

N/A – Fund does not offer Class B Shares.

See accompanying notes to financial statements.

Nuveen Investments 47

Statement of Changes in Net Assets (Unaudited)

	California High Yield						California
	Six Months Ended 8/31/12			Year Ended 2/29/12			Six Months Ended 8/31/12			Year Ended 2/29/12
Operations
Net investment income (loss)	$	5,220,844		$	8,349,996		$	12,191,430		$	14,945,301
Net realized gain (loss) from:
Investments		473,484			(220,767	)		1,147,235			(585,707	)
Forward swaps		(2,180,247	)		(125,800	)		—			—
Change in net unrealized appreciation (depreciation) of:
Investments		9,962,890			20,140,766			15,908,661			33,614,974
Forward swaps		1,678,700			(1,618,139	)		—			—
Net increase (decrease) in net assets from operations		15,155,671			26,526,056			29,247,326			47,974,568
Distributions to Shareholders
From net investment income:
Class A		(2,525,143	)		(3,709,279	)		(4,720,599	)		(6,333,633	)
Class B		N/A			N/A			(28,346	)		(57,279	)
Class C		(1,010,935	)		(1,404,921	)		(1,047,495	)		(1,337,867	)
Class I		(1,888,645	)		(2,865,593	)		(6,661,880	)		(6,916,880	)
Decrease in net assets from distributions to shareholders		(5,424,723	)		(7,979,793	)		(12,458,320	)		(14,645,659	)
Fund Share Transactions
Proceeds from Fund reorganization		—			—			272,324,630			—
Proceeds from sale of shares		75,840,532			58,678,825			57,283,397			56,746,893
Proceeds from shares issued to shareholders due to reinvestment of distributions		3,467,117			5,188,983			7,485,834			7,638,135
		79,307,649			63,867,808			337,093,861			64,385,028
Cost of shares redeemed		(16,483,742	)		(42,322,661	)		(38,444,082	)		(52,219,474	)
Net increase (decrease) in net assets from Fund share transactions		62,823,907			21,545,147			298,649,779			12,165,554
Net increase (decrease) in net assets		72,554,855			40,091,410			315,438,785			45,494,463
Net assets at the beginning of period		156,307,988			116,216,578			342,649,020			297,154,557
Net assets at the end of period	$	228,862,843		$	156,307,988		$	658,087,805		$	342,649,020
Undistributed (Over-distribution of) net investment income at the end of period	$	865,150		$	1,069,029		$	1,321,492		$	1,588,382

N/A – Fund does not offer Class B Shares.

See accompanying notes to financial statements.

48 Nuveen Investments

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Nuveen Investments 49

Financial Highlights (Unaudited)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
CALIFORNIA HIGH YIELD
Year Ended February 28/29,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)			Total			Ending Net Asset Value		Total Return(c)
Class A (3/06)
2013(g)	$	8.52	$	.24	$	.47		$	.71		$	(.25	)	$	—		$	(.25	)	$	8.98		8.48	%
2012		7.36		.53		1.14			1.67			(.51	)		—			(.51	)		8.52		23.45
2011		7.87		.52		(.54	)		(.02	)		(.49	)		—			(.49	)		7.36		(.56	)
2010		6.51		.51		1.34			1.85			(.49	)		—			(.49	)		7.87		29.23
2009		8.24		.48		(1.76	)		(1.28	)		(.45	)		—			(.45	)		6.51		(16.06	)
2008		10.43		.45		(2.19	)		(1.74	)		(.45	)		—	*		(.45	)		8.24		(17.19	)
Class C (3/06)
2013(g)		8.52		.22		.46			.68			(.23	)		—			(.23	)		8.97		8.08
2012		7.36		.49		1.14			1.63			(.47	)		—			(.47	)		8.52		22.84
2011		7.87		.48		(.54	)		(.06	)		(.45	)		—			(.45	)		7.36		(1.07	)
2010		6.51		.47		1.34			1.81			(.45	)		—			(.45	)		7.87		28.56
2009		8.24		.44		(1.76	)		(1.32	)		(.41	)		—			(.41	)		6.51		(16.55	)
2008		10.42		.40		(2.19	)		(1.79	)		(.39	)		—	*		(.39	)		8.24		(17.61	)
Class I (3/06)
2013(g)		8.51		.25		.47			.72			(.26	)		—			(.26	)		8.97		8.60
2012		7.35		.55		1.14			1.69			(.53	)		—			(.53	)		8.51		23.76
2011		7.86		.53		(.53	)		—			(.51	)		—			(.51	)		7.35		(.34	)
2010		6.50		.52		1.34			1.86			(.50	)		—			(.50	)		7.86		29.54
2009		8.24		.50		(1.77	)		(1.27	)		(.47	)		—			(.47	)		6.50		(16.01	)
2008		10.43		.47		(2.19	)		(1.72	)		(.47	)		—	*		(.47	)		8.24		(17.04	)

50 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement(d)									Ratios to Average Net Assets After Reimbursement(d)(e)
Ending Net Assets (000)		Expenses Including Interest(f)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Expenses Including Interest(f)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	111,545		.90	%**		.90	%**		5.48	%**		.87	%**		.87	%**		5.51	%**		3	%
	70,416		.89			.89			6.77			.88			.88			6.77			19
	60,178		.90			.90			6.53			.90			.90			6.53			17
	40,864		.94			.94			6.91			.94			.94			6.91			23
	32,290		1.01			.92			6.13			1.01			.92			6.13			55
	42,252		1.43			.99			4.58			1.37			.93			4.64			25
	46,767		1.44	**		1.44	**		4.94	**		1.42	**		1.42	**		4.96	**		3
	32,156		1.44			1.44			6.17			1.43			1.43			6.17			19
	19,035		1.45			1.45			6.00			1.45			1.45			6.00			17
	15,971		1.49			1.49			6.25			1.49			1.49			6.25			23
	6,718		1.56			1.47			5.69			1.56			1.47			5.69			55
	6,382		1.97			1.53			4.02			1.92			1.48			4.08			25
	70,550		.70	**		.70	**		5.72	**		.67	**		.67	**		5.74	**		3
	53,736		.69			.69			6.97			.68			.68			6.97			19
	37,004		.70			.70			6.74			.70			.70			6.74			17
	32,212		.74			.74			7.09			.74			.74			7.09			23
	16,146		.81			.72			6.80			.81			.72			6.80			55
	4,889		1.21			.77			4.89			1.17			.73			4.92			25

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

(d) Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) After expense reimbursement from the Adviser, where applicable.

(f) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.

(g) For the six months ended August 31, 2012.

* Rounds to less than $.01 per share.

** Annualized.

See accompanying notes to financial statements.

Nuveen Investments 51

Financial Highlights (Unaudited) (continued)

Selected data for a share outstanding throughout each period:
Class (Commencement Date)
			Investment Operations								Less Distributions
CALIFORNIA
Year Ended February 28/29,	Beginning Net Asset Value		Net Invest- ment Income (Loss)(a)		Net Realized/ Unrealized Gain (Loss)			Total			Net Invest- ment Income			Capital Gains(b)		Total			Ending Net Asset Value		Total Return(c)
Class A (9/94)
2013(g)	$	10.54	$	.23	$	.27		$	.50		$	(.23	)	$	—	$	(.23	)	$	10.81		4.82	%
2012		9.46		.48		1.07			1.55			(.47	)		—		(.47	)		10.54		16.79
2011		9.80		.47		(.36	)		.11			(.45	)		—		(.45	)		9.46		1.05
2010		8.96		.46		.82			1.28			(.44	)		—		(.44	)		9.80		14.56
2009		9.50		.44		(.55	)		(.11	)		(.43	)		—		(.43	)		8.96		(1.25	)
2008		10.50		.43		(1.00	)		(.57	)		(.43	)		—		(.43	)		9.50		(5.65	)
Class B (3/97)
2013(g)		10.52		.19		.27			.46			(.19	)		—		(.19	)		10.79		4.45
2012		9.45		.40		1.07			1.47			(.40	)		—		(.40	)		10.52		15.85
2011		9.80		.39		(.36	)		.03			(.38	)		—		(.38	)		9.45		.19
2010		8.96		.39		.82			1.21			(.37	)		—		(.37	)		9.80		13.75
2009		9.50		.37		(.55	)		(.18	)		(.36	)		—		(.36	)		8.96		(1.99	)
2008		10.49		.36		(1.00	)		(.64	)		(.35	)		—		(.35	)		9.50		(6.28	)
Class C (9/94)
2013(g)		10.50		.20		.27			.47			(.20	)		—		(.20	)		10.77		4.55
2012		9.43		.42		1.07			1.49			(.42	)		—		(.42	)		10.50		16.10
2011		9.78		.41		(.36	)		.05			(.40	)		—		(.40	)		9.43		.39
2010		8.94		.41		.82			1.23			(.39	)		—		(.39	)		9.78		14.00
2009		9.48		.39		(.55	)		(.16	)		(.38	)		—		(.38	)		8.94		(1.80	)
2008		10.47		.38		(1.00	)		(.62	)		(.37	)		—		(.37	)		9.48		(6.07	)
Class I (7/86)
2013(g)		10.52		.24		.27			.51			(.24	)		—		(.24	)		10.79		4.92
2012		9.45		.50		1.06			1.56			(.49	)		—		(.49	)		10.52		16.91
2011		9.79		.49		(.36	)		.13			(.47	)		—		(.47	)		9.45		1.23
2010		8.95		.48		.82			1.30			(.46	)		—		(.46	)		9.79		14.80
2009		9.49		.46		(.55	)		(.09	)		(.45	)		—		(.45	)		8.95		(1.02	)
2008		10.49		.45		(1.00	)		(.55	)		(.45	)		—		(.45	)		9.49		(5.43	)

52 Nuveen Investments

Ratios/Supplemental Data
		Ratios to Average Net Assets Before Reimbursement(d)									Ratios to Average Net Assets After Reimbursement(d)(e)
Ending Net Assets (000)		Expenses Including Interest(f)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Expenses Including Interest(f)			Expenses Excluding Interest			Net Invest- ment Income (Loss)			Portfolio Turnover Rate
$	249,954		.83	%*		.83	%*		4.21	%*		.82	%*		.82	%*		4.22	*		9	%
	142,844		.82			.82			4.82			.82			.82			4.82			20
	136,513		.81			.81			4.77			.81			.81			4.77			18
	128,672		.86			.85			4.86			.86			.85			4.86			14
	106,117		.90			.85			4.66			.90			.85			4.66			40
	107,241		.97			.82			4.23			.97			.82			4.23			50
	1,453		1.57	*		1.57	*		3.48	*		1.55	*		1.55	*		3.50	*		9
	1,302		1.57			1.57			4.09			1.57			1.57			4.09			20
	1,960		1.56			1.56			4.00			1.56			1.56			4.00			18
	3,276		1.61			1.60			4.13			1.61			1.60			4.13			14
	4,337		1.65			1.60			3.87			1.65			1.60			3.87			40
	7,175		1.72			1.57			3.46			1.72			1.57			3.46			50
	64,962		1.39	*		1.39	*		3.66	*		1.38	*		1.38	*		3.67	*		9
	40,317		1.37			1.37			4.25			1.37			1.37			4.25			20
	26,338		1.36			1.36			4.21			1.36			1.36			4.21			18
	25,552		1.41			1.40			4.31			1.41			1.40			4.31			14
	20,484		1.45			1.40			4.10			1.45			1.40			4.10			40
	25,306		1.52			1.37			3.68			1.52			1.37			3.68			50
	341,719		.62	*		.62	*		4.41	*		.61	*		.61	*		4.42	*		9
	158,186		.62			.62			5.02			.62			.62			5.02			20
	132,344		.61			.61			4.96			.61			.61			4.96			18
	144,962		.66			.65			5.07			.66			.65			5.07			14
	151,650		.70			.65			4.87			.70			.65			4.87			40
	164,365		.77			.62			4.43			.77			.62			4.43			50

(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.

(b) Distributions from Capital Gains include short-term capital gains, if any.

(c) Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized.

(d) Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.

(e) After expense reimbursement from the Adviser, where applicable.

(f) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.

(g) For the six months ended August 31, 2012.

* Annualized.

See accompanying notes to financial statements.

Nuveen Investments 53

Notes to Financial Statements (Unaudited)

1. General Information and Significant Accounting Policies

General Information

The Nuveen Multistate Trust II (the “Trust”) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen California High Yield Municipal Bond Fund (“California High Yield”) and Nuveen California Municipal Bond Fund (“California”) (each a “Fund” and collectively the “Funds”), among others. The Trust was organized as a Massachusetts business trust on July 1, 1996. California was organized as a series of predecessor trusts or corporations prior to that date.

California High Yield’s investment objective is to provide high current income exempt from regular federal, California state and, in some cases, California local income taxes. Total return is a secondary objective when consistent with the Fund’s primary objective. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and California personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. The Fund invests significantly in lower-quality long-term municipal bonds and may employ effective leverage through investments in inverse floaters. These investment strategies should be considered high risk relative to strategies employed by investment grade municipal bond funds. Under normal market conditions, the Fund invests at least 65% of its net assets in low-to medium-quality bonds rated BBB/Baa or lower by at least one independent rating agency or, if unrated, judged by Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly owned subsidiary of Nuveen Fund Advisors, Inc., (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), to be of comparable quality. Below investment grade municipal bonds (those rated BB/Ba or lower) are commonly referred to as “high yield” or “junk” bonds. The Fund may invest up to 10% of its net assets in defaulted municipal bonds (i.e., bonds on which the issuer has not paid principal or interest on time).

California’s investment objective is to provide as high a level of current interest income exempt from regular federal, California state and, in some cases, California local income taxes as is consistent with preservation of capital. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and California personal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax. The Fund is a long-term bond fund and, as such, will generally maintain, under normal market conditions, an investment portfolio with an overall weighted average maturity of greater than 10 years. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent rating agency, or, if unrated, judged by the Fund’s Sub-Adviser to be of comparable quality. The Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as “high yield” or “junk” bonds.

The Funds may invest up to 15% of their net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (“inverse floaters”). California High Yield may invest in inverse floaters that create effective leverage of up to 30% of the Fund’s total investment exposure. The Funds may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. The Funds may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature. The Funds may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective maturity or duration of securities in each Fund’s portfolio.

The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.

Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).

Investment Valuation

Prices of municipal bonds and forward swaps are provided by a pricing service approved by the Funds’ Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.

Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Trustees or its designee at fair value. These securities generally include, but are not limited to,

54 Nuveen Investments

restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Trustees or its designee.

Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At August 31, 2012, there were no such outstanding purchase commitments in either of the Funds.

Investment Income

Investment income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.

Professional Fees

Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.

Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and California state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.

For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Dividends and Distributions to Shareholders

The Funds declare dividends from their net investment income daily and pay shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the Funds’ transfer agent.

Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.

Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Flexible Sales Charge Program

Class A Shares are generally sold with an up-front sales charge and incur a .20% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within eighteen months of purchase. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5%

Nuveen Investments 55

Notes to Financial Statements (Unaudited)(continued)

depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .55% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.

Inverse Floating Rate Securities

Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.

A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense” on the Statement of Operations.

During the six months ended August 31, 2012, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.

Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.

At August 31, 2012, the Funds’ maximum exposure to externally-deposited Recourse Trusts were as follows:

	California High Yield		California
Maximum exposure to Recourse Trusts	$	35,250,000	$	8,340,000

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters for the following Fund during the six months ended August 31, 2012, was as follows:

	California High Yield
Average floating rate obligations outstanding	$	636,522
Average annual interest rate and fees		0.69	%

Forward Swap Contracts

Each Fund is authorized to enter into forward interest rate swap contracts consistent with its investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).

Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives. Each Fund’s use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund’s interest rate sensitivity with that of the broader market. Forward interest rate swap transactions involve a

56 Nuveen Investments

Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying a Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on forward swaps (, net)” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of forward swaps.”

Each Fund may terminate a forward swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to a Fund upon termination.

During the six months ended August 31, 2012, California High Yield continued to invest in forward interest rate swap contracts to manage the duration of the Fund’s portfolio and to reduce sensitivity to movements in U.S. interest rates. During the six months ended August 31, 2012, forward interest rate swap contracts were utilized to shorten the duration of the Fund’s portfolio. The average notional amount of forward interest rate swap contracts outstanding during the six months ended August 31, 2012, was as follows:

	California High Yield
Average notional amount of forward interest rate swap contracts outstanding*	$	5,266,667

* The average notional amount is calculated based on the outstanding notional amount at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.

Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on forward interest rate swap contract activity.

Market and Counterparty Credit Risk

In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

Zero Coupon Securities

Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.

Multiclass Operations and Allocations

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only include 12b-1 distribution and service fees, are recorded to the specific class.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Custodian Fee Credit

Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.

Nuveen Investments 57

Notes to Financial Statements (Unaudited)(continued)

Indemnifications

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

2. Fair Value Measurements

Fair value is defined as the price that the Funds 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 risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:

California High Yield	Level 1		Level 2			Level 3		Total
Long-Term Investments:
Municipal Bonds	$	—	$	226,151,635		$	11,865	$	226,163,500
Derivatives:
Forward Swaps*		—		(7,073	)		—		(7,073	)
Total	$	—	$	226,144,562		$	11,865	$	226,156,427

* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.

California	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Municipal Bonds	$	—	$	655,096,083	$	—	$	655,096,083

The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.

58 Nuveen Investments

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.

3. Derivative Instruments and Hedging Activities

The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolio of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.

The following table presents the fair value of all derivative instruments held by the Funds as of August 31, 2012, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.

California High Yield
		Location on the Statement of Assets and Liabilities
Underlying Risk Exposure	Derivative Instrument	Asset Derivatives			Liability Derivatives
		Location	Value		Location	Value
Interest Rate	Forward Swaps	—	$	—	Unrealized depreciation on forward swaps	$	(7,073	)

The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended August 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.

Net Realized Gain (Loss) from Forward Swaps	California High Yield
Risk Exposure
Interest Rate	$	(2,180,247	)

Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps	California High Yield
Risk Exposure
Interest Rate	$	1,678,700

4. Fund Shares

Transactions in Fund shares were as follows:

	California High Yield
	Six Months Ended 8/31/12						Year Ended 2/29/12
	Shares			Amount			Shares			Amount
Shares sold:
Class A		5,013,120		$	44,185,517			3,669,201		$	29,304,307
Class C		1,595,092			14,013,460			1,615,927			12,891,273
Class I		2,025,385			17,641,555			2,053,356			16,483,245
Shares issued to shareholders due to reinvestment of distributions:
Class A		179,203			1,578,786			309,896			2,435,422
Class C		74,352			653,414			113,714			899,946
Class I		140,561			1,234,917			234,844			1,853,615
		9,027,713			79,307,649			7,996,938			63,867,808
Shares redeemed:
Class A		(1,028,950	)		(9,108,328	)		(3,895,852	)		(30,041,348	)
Class C		(230,756	)		(2,030,098	)		(541,712	)		(4,231,349	)
Class I		(609,508	)		(5,345,316	)		(1,009,466	)		(8,049,964	)
		(1,869,214	)		(16,483,742	)		(5,447,030	)		(42,322,661	)
Net increase (decrease)		7,158,499		$	62,823,907			2,549,908		$	21,545,147

Nuveen Investments 59

Notes to Financial Statements (Unaudited)(continued)

	California
	Six Months Ended 8/31/12						Year Ended 2/29/12
	Shares			Amount			Shares			Amount
Shares issued from reorganization(1):		8,288,342		$	87,094,810			—		$	—
Class A		49,760			522,187			—			—
Class B		1,237,442			12,960,367			—			—
Class C		16,364,973			171,747,266			—			—
Class I
Shares sold:
Class A		2,658,171			28,363,321			1,900,030			19,128,914
Class A – automatic conversion of Class B Shares		—			—			12,960			128,935
Class B		179			1,896			477			4,726
Class C		1,094,926			11,640,559			1,390,108			13,886,600
Class I		1,622,001			17,277,621			2,344,517			23,597,718
Shares issued to shareholders due to reinvestment of distributions:
Class A		271,256			2,905,207			208,274			2,080,140
Class B		1,440			15,357			2,838			28,005
Class C		56,523			601,770			70,514			702,701
Class I		371,473			3,963,500			485,311			4,827,289
		32,016,486			337,093,861			6,415,029			64,385,028
Shares redeemed:
Class A		(1,643,225	)		(17,515,438	)		(2,995,016	)		(29,413,959	)
Class B		(40,406	)		(429,136	)		(74,026	)		(714,440	)
Class B – automatic conversion to Class A Shares		—			—			(12,974	)		(128,935	)
Class C		(196,132	)		(2,083,213	)		(414,551	)		(4,111,493	)
Class I		(1,729,992	)		(18,416,295	)		(1,806,967	)		(17,850,647	)
		(3,609,755	)		(38,444,082	)		(5,303,534	)		(52,219,474	)
Net increase (decrease)		28,406,731		$	298,649,779			1,111,495		$	12,165,554

(1) Refer to Footnote 8 – Fund Reorganization for further details.

5. Investment Transactions

Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the six months ended August 31, 2012, were as follows:

	California High Yield		California
Purchases	$	68,948,220	$	82,088,680
Sales and maturities		6,356,750		49,894,694

6. Income Tax Information

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

At August 31, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:

	California High Yield			California
Cost of investments	$	207,957,483		$	606,323,674
Gross unrealized:
Appreciation	$	22,332,374		$	49,861,780
Depreciation		(5,041,357	)		(1,089,371	)
Net unrealized appreciation (depreciation) of investments	$	17,291,017		$	48,772,409

60 Nuveen Investments

Permanent differences, primarily due to federal taxes paid, expiration of capital loss carryforwards and taxable market discount, resulted in reclassifications among the Funds’ components of net assets at February 29, 2012, the Funds’ last tax year end, as follows:

	California High Yield			California
Capital paid-in	$	23,880		$	(4,991,231	)
Undistributed (Over-distribution of) net investment income		(43,383	)		(19,751	)
Accumulated net realized gain (loss)		19,503			5,010,982

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at February 29, 2012, the Funds’ last tax year end, were as follows:

	California High Yield		California
Undistributed net tax-exempt income*	$	1,145,207	$	2,548,898
Undistributed net ordinary income**		46,214		93,336
Undistributed net long-term capital gains		—		—

* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period February 1, 2012, through February 29, 2012, and paid on March 1, 2012.

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

The tax character of distributions paid during the Funds’ last tax year ended February 29, 2012, was designated for purposes of the dividends paid deduction as follows:

	California High Yield		California
Distributions from net tax-exempt income	$	7,880,279	$	14,433,657
Distributions from net ordinary income**		—		149,695
Distributions from net long-term capital gains		—		—

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.

At February 29, 2012, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:

	California High Yield		California
Expiration:
February 28, 2013	$	—	$	84,061
February 29, 2016		320,899		—
February 28, 2017		3,792,828		3,965,451
February 28, 2018		2,097,482		4,898,247
Total	$	6,211,209	$	8,947,759

At February 29, 2012, the Funds’ last tax year end, $5,007,429 of California’s capital loss carryforward expired.

Under the Regulated Investment Company Modernization Act of 2010 (the “Act”) capital losses incurred by the Funds after December 31, 2010 will not be subject to expiration. Capital losses incurred that will be carried forward under the provisions of the Act are as follows:

	California High Yield		California
Post-enactment losses:
Short-term	$	1,066,105	$	—
Long-term		221,806		594,405

7. Management Fees and Other Transactions with Affiliates

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.

Nuveen Investments 61

Notes to Financial Statements (Unaudited)(continued)

The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Average Daily Net Assets	California High Yield			California
For the first $125 million		.4000	%		.3500	%
For the next $125 million		.3875			.3375
For the next $250 million		.3750			.3250
For the next $500 million		.3625			.3125
For the next $1 billion		.3500			.3000
For net assets over $2 billion		.3250			.2750
For net assets over $5 billion		N/A			.2500

The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:

Complex-Level Asset Breakpoint Level*	Effective Rate at Breakpoint Level
$55 billion		.2000	%
$56 billion		.1996
$57 billion		.1989
$60 billion		.1961
$63 billion		.1931
$66 billion		.1900
$71 billion		.1851
$76 billion		.1806
$80 billion		.1773
$91 billion		.1691
$125 billion		.1599
$200 billion		.1505
$250 billion		.1469
$300 billion		.1445

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of August 31, 2012, the complex-level fee rate for California High Yield and California were .1702% and .1742%, respectively.

The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with the Sub-Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, fees incurred in acquiring and disposing of portfolio securities, and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table.

Fund	Temporary Expense Cap			Temporary Expense Cap Expiration Date		Permanent Expense Cap
California High Yield		0.700	%		July 31, 2013		1.000	%
California		N/A			N/A		0.750

The Adviser may also voluntarily reimburse additional expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.

The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

During the six months ended August 31, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:

	California High Yield		California
Sales charges collected	$	518,669	$	321,338
Paid to financial intermediaries		463,738		290,583

62 Nuveen Investments

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

During the six months ended August 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:

	California High Yield		California
Commission advances	$	304,896	$	238,967

To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended August 31, 2012, the Distributor retained such 12b-1 fees as follows:

	California High Yield		California
12b-1 fees retained	$	56,024	$	67,261

The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

The Distributor also collected and retained CDSC on share redemptions during the six months ended August 31, 2012, as follows:

	California High Yield		California
CDSC retained	$	16,833	$	1,900

8. Fund Reorganization

During the current fiscal period, the Nuveen California Municipal Bond Fund 2 (“California 2”) and the Nuveen California Tax Free Fund (“California Tax Free”) (collectively, the “Acquired Funds”) were reorganized (the “Reorganization”) into California (the “Acquiring Fund.”)

The Adviser proposed the Reorganization of the Acquired Funds into the Acquiring Fund, as well as a number of other fund reorganizations between funds with similar investment objectives and policies, as part of an initiative to eliminate certain redundancies among the products it offers and in an effort to achieve certain operating efficiencies. The Acquired Funds’ Board of Directors/Trustees determined that the Reorganization was in the best interest of the Acquired Funds and that the interests of existing shareholders will not be diluted as a result of the Reorganization. The Board of Directors/Trustees unanimously approved the Reorganization on November 14, 2011.

A special meeting of the Acquiring Fund’s shareholders was held on March 30, 2012, for the purpose of voting on the Reorganization, at which time, the Reorganization was approved. The Reorganization was consummated at the close of business on April 13, 2012.

Upon consummation of the Reorganization, the Acquired Funds transferred all of their assets and liabilities to the Acquiring Fund in exchange for the Acquiring Fund’s shares of equal value. The Acquiring Fund’s shares were then distributed to the Acquired Funds’ shareholders and the Acquired Funds were terminated. As a result of the Reorganization, the Acquired Funds’ shareholders became shareholders of the Acquiring Fund and the Acquired Funds’ shareholders received the Acquiring Fund’s shares with a total value equal to the total value of their Acquired Funds’ shares immediately prior to the closing of its Reorganization.

The Reorganization was structured to qualify as tax-free reorganization under the Internal Revenue Code for federal income tax purposes, and the Acquired Funds’ shareholders will recognize no gain or loss for federal income tax purposes as a result of the Reorganization. Prior to the closing of the Reorganization, the Acquired Funds distributed all of their net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Funds’ shareholders for federal income tax purposes.

The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Funds as of the date of the Reorganization was as follows:

	California 2		California Tax Free
Cost of investments	$	150,198,133	$	107,366,610
Fair value of investments		154,411,212		115,950,618
Unrealized appreciation (depreciation) of investments		4,213,079		8,584,008

For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Funds was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Nuveen Investments 63

Notes to Financial Statements (Unaudited)(continued)

For accounting and performance reporting purposes, the Acquiring Fund is the survivor. The shares outstanding, net assets and NAV per share immediately before and after the Reorganization are as follows:

Acquired Funds - Prior to Reorganization	Shares Outstanding		Net Assets		NAV per Share
California 2
Class A Shares		5,038,266	$	53,154,321	$	10.55
Class B Shares		49,349		522,187		10.58
Class C Shares		1,234,519		12,960,367		10.50
Class I Shares		8,402,982		88,829,130		10.57
California Tax Free
Class A Shares		2,445,880	$	28,244,756	$	11.55
Class C1 Shares		492,737		5,695,733		11.56
Class I Shares		7,183,930		82,918,136		11.54
Acquiring Fund - Prior to Reorganization	Shares Outstanding		Net Assets		NAV per Share
California
Class A Shares		13,592,579	$	142,831,503	$	10.51
Class B Shares		119,630		1,255,404		10.49
Class C Shares		4,028,327		42,190,767		10.47
Class I Shares		15,032,440		157,762,201		10.49
Acquiring Fund - Post Reorganization	Shares Outstanding		Net Assets		NAV per Share
California
Class A Shares		21,880,921	$	229,926,313	$	10.51
Class B Shares		169,391		1,777,591		10.49
Class C Shares		5,265,769		55,151,134		10.47
Class I Shares		31,397,412		329,509,467		10.49

The beginning of the current fiscal period for the Acquired Funds’ was March 1, 2012.

Assuming the Reorganization had been completed on March 1, 2012, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the six months ended August 31, 2012, are as follows:

	California
Net investment income (loss)	$	12,938,947
Net realized and unrealized gains (losses)		16,747,601
Change in net assets resulting from operations		29,686,548

Because the combined investment portfolios for the Reorganization have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations since the Reorganization was consummated.

In connection with the Reorganization, the Acquiring Fund has established a reserve for certain associated costs and expenses. The amount of such reserve is included as a component of “Accrued other expenses” on the Statement of Assets and Liabilities and “Reorganization expense” on the Statement of Operations.

9. New Accounting Pronouncements

Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities

In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.

64 Nuveen Investments

Annual Investment Management Agreement Approval Process

(Unaudited)

The Board of Trustees (each, a “Board” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.

In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.

The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.

In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Board visited with the Sub-Advisor’s municipal team in Minneapolis in September 2011, and with the Sub-Advisor’s municipal team in Chicago in November 2011. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.

The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.

The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A. Nature, Extent and Quality of Services

In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the

Nuveen Investments 65

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.

In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.

In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.

Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.

B. The Investment Performance of the Funds and Fund Advisers

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).

The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012. In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.

In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. In this regard, the Independent Board Members noted that the Performance Peer Group of the Nuveen California High Yield Municipal Bond Fund (the “California High Yield Fund”) was classified as having significant differences from such Fund based on various considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers). The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.

66 Nuveen Investments

In considering the results of the comparisons, the Independent Board Members observed, among other things, that the Nuveen California Municipal Bond Fund (the “California Fund”) had demonstrated generally favorable performance in comparison to its peers, for although such Fund was in the third quartile for the five-year period, such Fund performed in the first quartile in the one- and three-year periods. With respect to the California High Yield Fund which, as noted above, had significant differences from its Performance Peer Group, the Independent Board Members considered the performance of such Fund compared to its benchmark and noted that such Fund outperformed its benchmark in the one- and three-year periods.

Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.

C. Fees, Expenses and Profitability

1. Fees and Expenses

The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.

The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; the timing of information used; and differences in the states reflected in the Peer Universe or Peer Group may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.

In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio. The Independent Board Members noted that the California High Yield Fund had net management fees higher than the peer average but a net expense ratio in line with the peer average, while the California Fund had net management fees in line with and a net expense ratio (including fee waivers and expense reimbursements) below its peer average.

Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.

2. Comparisons with the Fees of Other Clients

The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.

In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).

3. Profitability of Fund Advisers

In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this

Nuveen Investments 67

Annual Investment Management Agreement Approval Process

(Unaudited) (continued)

regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).

In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.

With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.

In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.

In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.

Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.

E. Indirect Benefits

In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.

In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good

68 Nuveen Investments

faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.

Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.

F. Other Considerations

The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

Nuveen Investments 69

Glossary of Terms Used in this Report

Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.

Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.

Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s (or bond fund’s) value to changes when market interest rates change. Generally, the longer a bond or Fund’s duration, the more the price of the bond or Fund will change as interest rates change.

Effective Leverage (Effective Leverage Ratio): Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.

Inverse Floaters: Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.

Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.

Lipper California Municipal Debt Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper California Municipal Debt Funds Classification Average. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.

Net Asset Value (NAV): The net market value of all securities held in a portfolio.

Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.

Pre-Refundings: Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.

S&P Municipal Bond California Index (formerly S&P California Municipal Bond Index): An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade California municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P High Yield Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. high yield municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

S&P Municipal Yield Index: Comprises all of the bonds in the S&P Municipal Bond Index that are non-rated or rated BB+ by S&P and/or Ba1 or lower by Moody’s Investor Services, Inc. The index does not contain bonds that are pre-refunded or escrowed to maturity. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.

Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.

70 Nuveen Investments

Additional Fund Information

Fund Manager

Nuveen Fund Advisors, Inc.

333 West Wacker Drive

Chicago, IL 60606

Sub-Adviser

Nuveen Asset Management, LLC

333 West Wacker Drive

Chicago, IL 60606

Legal Counsel

Chapman and Cutler LLP

Chicago, IL

Independent Registered

Public Accounting Firm

PricewaterhouseCoopers LLP

Chicago, IL

Custodian

State Street Bank & Trust Company

Boston, MA

Transfer Agent and Shareholder Services

Boston Financial

Data Services, Inc.

Nuveen Investor Services

P.O. Box 8530

Boston, MA 02266-8530

(800) 257-8787

Quarterly Portfolio of Investments and Proxy Voting Information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.

The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.

Nuveen Investments 71

Nuveen Investments:

Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed $212 billion as of June 30, 2012.

Find out how we can help you.

To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.

Learn more about Nuveen Funds at: www.nuveen.com/mf

Distributed by

Nuveen Securities, LLC

333 West Wacker Drive

Chicago, IL 60606

www.nuveen.com

MSA-CA-0812P

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.

Item 11. 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, as amended (the “Exchange Act”) (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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) 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)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Multistate Trust II

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

Date: November 8, 2012

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: November 8, 2012

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

Date: November 8, 2012

EX-99.CERT

EX-99.CERT

CERTIFICATIONS

I, Gifford R. Zimmerman, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2012

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

I, Stephen D. Foy, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Multistate Trust II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 8, 2012

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)

EX-99.906CERT

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Multistate Trust II (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

1. The Form N-CSR of the Registrant for the period ended August 31, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: November 8, 2012

/S/ GIFFORD R. ZIMMERMAN

Chief Administrative Officer

(principal executive officer)

/S/ STEPHEN D. FOY

Vice President and Controller

(principal financial officer)